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Despite the looming holiday weekend, the price action in the NY session was nothing short of spectacular. Better than anticipated US economic data helped risky assets extend and stocks closed up 0.5% on the day. US jobless claims sank to just 466K from 505K on the back of some rather aggressive seasonal factors (because of the Thanksgiving Day holiday). The rub here is that we will likely see a rebound back towards the 500K mark next week. New home sales blew away expectations and rose 6.2% in October as many buyers expected the first-time homebuyer tax credit to expire in late November (this has recently been extended). Furthermore, the University of Michigan showed an improvement in November consumer confidence as the index rose to 67.4 from a 66.0 preliminary read.
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