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Intraday Market Notes: A Sandy Boost To Building Products? -- November 1

|Includes:AMWD, AOS, BLDR, EWM, GXC, Guggenheim China Small Cap ETF (HAO), NX, RXI, TIF, TREX, USG

4:00 pm ET: Well, yesterday's prediction of a lower open today was dashed by the preliminary jobs data showing lower unemployment and increased hiring. The "real" numbers won't be out until tomorrow and many times the preliminary numbers don't hold up meaning that today's rally could be short-lived. But bullish action was very widespread and I think it's going to take some pretty rotten numbers to put out this fire. Adding to the flames are polls showing that Obama has the lead in many key undecided states and the knowledge that quantitative easing could be extended for another four more years is certainly not hurting the risk-on trade (stocks).

Seeing some love globally is the Malaysia etf (NYSEARCA:EWM) which has been rallying slowly but surely since mid-May. Analysts think that China's growth is gaining momentum which is likely the main reason for the breakout in three China etfs: HAO, FXI, and GXC. Investors looking for some Asian exposure to their international stock portfolio may wish to take a look at these funds.

On the homefront, hurricane Sandy certainly didn't hurt the stocks of building products. Shares of USG (NYSE:USG), Quanex (NYSE:NX), Smith A O (NYSE:AOS), Builders Firstsource (NASDAQ:BLDR), Trex (NYSE:TREX), and American Woodmark (NASDAQ:AMWD) all hit new highs. In the luxury market, Tiffany (NYSE:TIF) broke recent resistance, moving up nearly 5% on twice normal volume. Has the Santa Claus rally begun?

Note to Subscribers: There is one new Stock Darling, one new Channeling Stock, and a new Stock of the Day which was added last night.