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November 30, 2012  Fri 1:16 AM CT

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Today's economic calendar is relatively quiet, with personal income and Chicago PMI as the only data scheduled for release.

The Commerce Department will report personal income and personal spending for October at 8:30 a.m. ET. Economists predict an increase of about 0.1 percent for each, compared with gains of 0.4 percent for income and 0.8 percent for spending in September. The report is unlikely to affect market sentiment.

The Chicago Purchasing Managers Index for November follows at 9:45 a.m. ET. Economists anticipate a reading of 50.7, up from October's 49.9. A reading over 50 indicates an expansion.

While the report can provide clues above the overall economy, its focus on one geographic area usually prevents it from swaying broader sentiment.
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Timing the Trade

Both break outs and a break downs need to have a couple things happen before it is considered a confirmed break out or break down by technical definition!  The only problem is that in today's market where things move much more quicker than they did just a few years ago, two days could wind up being the majority of the expected movement, if not the whole movement.

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