Russia & Rotation

Lots to Digest

Lots of economic data out this morning - ahead of closed markets Thursday. None were market moving despite over 20 data prints!

Most were in line with consensus (Q3 GDP annualized 2.8%) or expected (Oct Core PCE rising to MoM .3%). Worrisome is Continuing Claims continuing to rise while Jobless Claims haven't for basically two years, at the same time Personal Income rose more than expected as Chicago PMI fell more than expected. Mixed bag. Kinda like the market this week.

Dispersion is still moving value stocks higher past two weeks and growth stocks lower - see NYFANG or MAG7 stocks: weak while small cap plays push up.

Notable are microcap/microcrap stocks rising up from the bottom in what is likely hedge fund factor rotation into year-end.

In my posted trading-room-notes earlier I explained it thusly: