Stocks Get Ready For A Shortened Holiday Trading Week  Image: Bigstock Stocks ended higher on Friday, but lower for the week. It was a busy week of earnings, economic reports, inflation news, and more. But by the end of the week, while closing lower, it was not that far off from where the week began. On Friday, Existing Home Sales came in at 4.43 million units (annualized). That's down -5.9% from last month's 4.71M, but above the consensus of 4.36M. On a y/y basis, it's down -28.4%. Leading Indicators were down -0.8% m/m vs. last month's -0.5% and views for -0.4%. And E-Commerce Retail Sales were up 3.0% q/q vs. last quarter's pace of 2.7%. Not much in the way of economic reports out today. But things pick up tomorrow with the Richmond Fed Manufacturing Report, and the Richmond Services Index. In spite of a lower week last week, stocks in general continue to enjoy the positive seasonal effects on the market, which includes Q4 typically being the best quarter for socks, and the post-midterm effect which shows that since 1950, stocks have always gone up in the year after midterms, with an average 12-month forward return of 18.6%. So we are at the beginning of one of the best times for stocks. Add in the many positive fundamentals that are supporting the market right now, and it looks like there's a lot more upside to go. Note: markets will be closed on Thursday 11/24 for Thanksgiving, and close early on Friday 11/25. See you tomorrow,  Kevin Matras
Executive Vice President, Zacks Investment Research | 
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