Good morning! Overall, last week was a pretty slow one for the market. The exception came from Thursday's afternoon rally. The excitement waned once more on Friday though as many folks took the day off for the holiday. The prior day's extreme upside left the market exhausted. We did see a little bit of an upside gap on the NASDAQ, but the day began to slow right away. The range that developed was on very light volume and held throughout most of the session.

Although there were some individual stocks able to put in nice moves on Friday, the day contained a lot of added risk for most traders. In the EMini futures the range throughout was very narrow and we saw a lot of divergence between the indices. Even though the NASDAQ had the most relative strength in the morning for instance, it weakened throughout the remainder of the day while the SP500 and Dow Jones Ind. Ave. both headed higher into the close.

The divergence began to manifest itself intraday when the NASDAQ put in a 2T double top out of 11:00 ET and broke morning lows. It hit support at 12:00 ET with the 15 minute 20 sma and held that lower end of the day's range until the end of the day. The SP500 and Dow, however, both broke higher out of the 14:00 ET reversal period. This had them closing near the day's highs, although the breakout was still not anything significant and still lacked any volume to show conviction.

The market is currently becoming overbought once again on the daily charts. I am not seeing much for reversal patterns form, however, so I'll be a bit more bullish on my intraday bias heading into the day. Nevertheless, it will be a day where, if we see upside in the morning, it can more easily turn around mid-day and lead to a very weak afternoon.

Economic Reports and Events
Nov. 14: -
Nov. 15: Core PPI for Oct. (8:30 am), NY Empire State Index for Nov. (8:30 am), PPI for Oct. (8:30 am), Retail Sales for Oct. (8:30 am), Retail Sales ex-auto for Oct. (8:30 am)
Nov. 16: Business Inventories for Sep (8:30 am), Core CPI for Oct. (8:30 am), CPI for Oct. (8:30 am), Net Foreign Purchases (9:00 am), Crude Inventories 11/11 (10:30 am)
Nov. 17: Building Permits fr Oct. (8:30 am), Housing Starts for Oct. (8:30 am), Initial Claims 11/12 (8:30 am), Capacity Utilization for Oct. (9:15 am), Industrial Production for Oct. (9:15 am), Philadelphia Fed for Nov. (12:00 pm)
Nov. 18: Leading Indicators for Oct. (10:00 am)
Nov. 21: -
Nov. 22: Existing Home Sales for Oct. (10:00 am), FOMC Minutes (2:00 pm)

Earnings Announcements of Interest
Only stocks with an average daily volume of 500K+ are listed. List may not be complete so be sure to always check your stocks' earnings dates before holding a position overnight. (A) = Earnings after the close, (B) = Earnings before the open, (?) = Earnings time not specified at the time of this writing
Nov. 14: A (A), BGO (A), BLI (?), BIZ (?), ERJ (B), LOW (?), TSN (?), WMT (?)
Nov. 15: ANF (A), AEOS (B), ADI (A), ARM (B), BJ (B), CNR (?), DKS (B), HMA (B), HD (B), JCP (?), LZB (A), ROST (B), SPLS (B), TJX (B), VOD (?)
Nov. 16: AMAT (4:30 am ET), CHRS (?), DHI (B), GLBL (?), HP (B), HOTT (4:00 pm ET), INTU (A), JLG (?), MW (A), NTAP (A), PETM (A), TLB (?), TYC (B), UGI (?)
Nov. 17: ARO (4:01 pm ET), ADSK (A), BKS (B), BEAS (A), CLE (06:00 am ET), FL (A), GPS (?), HRB (A), HPQ (?), KLIC (B), LTD (?), LTXX (A), MRVL (A), MSCC (A), JWN (?), PSS (?), SBUX (A), PLCE (B), DIS (?), WSM (B)
Nov. 18: ANN (B), CPWM (?)
Nov. 21: CPB (?), CBRL (?)
Nov. 22: ABS (?), CWTR (A), DE (?), DG (B), DLTR (B), HRS (?), MIK (A), OPSW (A), PETC (?)

Toni Hansen is President and Co-founder of the Bastiat Group, Inc., and runs the popular Trading From Main Street. She can be reached at Toni@tradingfrommainstreet.com.