After Wall Street stocks closed last week at record highs, it seems like a breather is on the ground.
Investors seem to be cautious on Monday after the violence escalated in Hong Kong (see below) and President Donald Trump talked about slow trade talks going on over the weekend. Of course, it will only require a positive trade-related comment or two to jump-start stocks again.
Meanwhile, the conversation begins to make the rounds in a so-called Santa Claus meeting that typically has – but not last year – driven gains in late December. Today's call from Miller Tabak + Co.'s lead strategist Matt Maley says if you want to know if stocks have some juice again this year, look for a bullish clue sector.
“At its peak from last week, SMH semiconductor ETF
SMH, + 0.21%
[VanEck Vectors Semiconductor ETF] closed 7.8% above its old record highs, so it definitely qualifies as a "meaningful" breakout, "Maley said, in a note to clients. refers to when a stock moves up – in this case, as it may also be down – after a period of moving sideways.
Maley said that chip stocks are starting to look a little overbought, which means a downturn could be on the horizon, though it must be serious before it becomes a problem.
And if these stocks come with yet another higher-low / higher-high sequence – technical features that indicate that a stock or group of stocks is headed up – it will "be very bullish for the entire stock market," says Maley.
Read: Deutsche Bank states that this is the biggest risk for equities in 2020
The bond markets are closed because of the Veterans Day holiday, which means no financial d ata Dow
DJIA, + 0.02% ,
SPX, + 0.26%
COMP, + 0.48%
futures are down, along with European stocks
USA: CLV19 .
Read: Iran discovers massive new oil field
HSI, -2.62% ,
shown in our daily map, after Hong Kong police fired a protest against the state government amid escalating violence.
Plus: Consumer prices in China were 8-year high, thanks to rising pork prices
Nearly $ 60 Billion – that's the amount of Chinese e-commerce giants Alibaba
BABA, + 0.27%
has raced so far for Monday's Singles Day, the world's busiest online shopping day. It started as a protest against Valentine's Day, for people to celebrate their status.
New York regulators are investigating the new Apple Card algorithms for gender bias following a series of viral tweets. The credit card is a joint venture between the technology group Apple
AAPL, + 0.27%
and Goldman Sachs
GS, -0.17% ,
the bank, which rejected the idea of discriminating against credit limits. Apple did not respond to a request for comment.
In its preliminary IPO prospect, Saudi Arabia's state oil group says it will sell up to 0.5% of its shares to individual investors.
After Monday's holiday, the rest of the week's highlights include consumer and producer prices, along with retail sales. Check out a preview here.
"Will it solve any of these problems?" – It was JPMorgan Chase
JPM, + 0.29%
Chairman and CEO James Dimon, who in an interview said that wealth inequality is a big issue, but cutting wages won't help.
Random reader  Sydney declares this week's state of emergency amid furious wildfires.
Start-up of right-wing party set to become Spain's third largest after national election.
CEO of the ride sharing app Uber comments on the murderous Saudi journalist Jamal Khashoggi.
Check how rich you are with this wealth scale.
The man bets everything on a cryptocurrency, ends up with $ 10 million.
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