The markets are switching into full holiday mode with trading weeks interrupted by days off, hyped-up concern about retail sales and end-of-the-year sell offs.
But add heightened concern over conflict in the Middle East and uncertainty about the fiscal cliff and we may get to the New Year without a dull moment.
Look for more earnings reports this week, including Urban Outfitters today and Best Buy tomorrow, to shed some light on the retail climate.
For a wider economic picture, the Commerce Department releases housing starts for October and Eaton Vance Corp. and Hewlett-Packard Co. report quarterly earnings tomorrow.
On Wednesday, the Conference Board releases leading economic indicators for October.
U.S. financial markets are closed for Thanksgiving, but in many states Turkey Day is turning into Black Thursday with some major retailers opening just after dinnertime to get a jump on holiday sales.
In Massachusetts, where the Blue Laws and tradition still preserve some holiday sanity, the shopping madness begins at midnight.
Friday is all about doorbuster and shopping mall craziness.
Despite the looming fiscal cliff — tax increases and federal budget cuts set to kick in Jan. 1 if Congress and President Obama can't reach a deal — and the sputtering recovery, retailers are projecting an increase in holiday sales over last year.
Go ahead, shop till you drop, because the economy could sure use it.
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