Interesting session Tuesday as both the NASDAQ and S&P 500 made runs at early November highs but were rejected intraday, thus failing to create a new higher high - reversing the intermediate term pattern of lower new highs. However, the smaller cap oriented Russell 2000 did clear the highs from early November. Reasons cited for today's move was a much better than expected business confidence report out of Germany, more quantitative easing from the Fed to be delivered tomorrow as well as progress on the fiscal cliff.
Wednesday was a typical Thanksgiving week session with a modest upward drift on extremely light volume; the S&P 500 gained 0.2% and NASDAQ 0.3%. Overnight futures were hit over 0.5% on news that European finance ministers did not agree on a deal to release a new package of money to Greece but by today's open those losses were recovered, showing the upward bias in markets. This same news a week ago would have hurt the markets. In economic news, weekly jobless claims were well above 400,000 for the second straight week but Sandy continues to play havoc with the numbers.