Market Recon Monday

Good Morning,
                       Good ?  Yes…good.  If you’re reading this, then you are still on ths side of the dirt, and that is very, very good.  By the way, if you haven’t already said a prayer for the repose of the souls of those victims in Paris, and the well being of their families….now is a good time.  My note can wait.
                       Global markets seem to be handling the events of Friday night very well.  European equities and debt products are almost all in the “flat zone”, while I type this out.  Not much reaction in US futures markets this morning either.  All traders are trying to figure out if the events of Friday night make the ECB more likely to further ease monetary policy, or  by the same token makes the Fed less likely to normalize.  One thing is certain.  If one of the goals of Friday night’s terrorist attacks was economic disruption, those attacks have clearly failed.
                      Domestically, we’ll see some key data this week, particularly from Tuesday through Thursday.  Though today shapes up as a rather light day, numbers-wise, we’ll still  have the New York Fed print their Empire State Manufacturing Index for November at 08:30 ET.  Expectations are for more contraction, probably something close to -5.1.  Keeping in mind that every Federal Reserve district that prints manufacturing numbers on a monthly basis, has printed in contraction for two consecutive months…..and in the case of New York, this should be their fourth consecutive bolo.
                      I do not see any Fed speakers hiding in the weeds today, and the earnings calendar is light as well, although the retailers will remain in high focus throughout the course of this week, after their colossal beat-down last week.  Today’s highlights would include DDS (1.20) this morning, and A (.47) this afternoon.
                     Gang,  I have no wisdom to pass out at times like this.  If you love somebody, tell them.  If you think something nice about someone, compliment them.  Prepare for every day as if it’s your last…. because one day will be.  I know it’s corny.  I know that I’m corny, but don’t you want to be in a state of grace on that day?  Jut sayin’.
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Sarge’s TRADING LEVELS
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SPX: 2055, 2043, 2035, 2026, 2021, 2012, 2005
RUT: 1170, 1164, 1158, 1154, 1144, 1136, 1131