Year-End Rally Gaining Momentum

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Well, I had it right about selling the open and the early rally, but I didn't catch the rip — although @TheRealTraderDave from the MTS chat did and he totally killed it. 

I could kick myself because, after the low and subsequent pop, I tried to sell it a few times and gave up. That is not something I generally do, but I had a decent week and didn't want to chase.

I also did not think the ES would rally almost 70 points, but that's the great thing about the MTS trading room…if I don't have it right, someone else does. It truly is a collective of great traders that are all sharing.

This week has a busy economy and earnings schedule. It will be a test of consumer spending as we go into the holiday shopping season. Tuesday starts out with the October Consumer Price Index (CPI) report, which traders will be paying close attention to after last week's Fed speak about future rate hikes. 

Wednesday is the October retail sales number, which is a key read on the state of the consumer. It is also a big week for earnings. Some of the big-box retailers reporting this week include: Home Depot (HD), Target (TGT), and Walmart (WMT), Macy's (M), TJX Companies (TJX), and BJ's Wholesale (BJ).