On Wednesday, investors await what will be a closely watched press conference by President-elect Donald Trump. This is Trump's first official news conference since clinching the presidency on Nov. 8. A Senate confirmation hearing for former Exxon Mobil (XOM) CEO Rex Tillerson will also be held Wednesday. Tillerson is Trump's pick for Secretary of State. Tillerson's ties to Russia will likely be a topic of conversation. As for the markets, investors await quarterly earnings from KB Home (KBH) released after the markets close. As for economic data, the EIA Petroleum Status Report is out at 10:30 a.m. EST.
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How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.