The Market's Next Likely Catalyst: Holiday Sales [Video]
The week's economic news -- including leading indicators, inflation, retail sales, production and business inventories -- isn't nearly so important as the slew of retail earnings and outlooks hitting the market. Wal-Mart (WMT), Target (TGT), Gap (GPS) and Sears (SHLD) are just a few of the retailers reporting third-quarter results in the days ahead.
"The market's entitled to take a breather," Weisberg says. "We're up some 2,000 points on the Dow since the July low. It's OK to take a break." What really matters, notes Weisberg, is a strong holiday selling season. That could pole-vault the market to new highs, making Dow 12,000 by year-end well within reach, he says.
"The meaty data point that everyone will be looking at next is holiday sales," Weisberg says. "Not because so much of how Target or Wal-Mart is going to do in the next 12 months, but as a true gauge of whether consumer spending is back."
For more on Weisberg's view from the floor of the New York Stock Exchange (NYX), see the video above.