Focus-Points this morning:
· Traders Return to their desks this morning after the Quadruple Witching ‘traders holiday’ last week.
· China’s September PMI readings continue to impress analysts, and suggest the economic expansion will continue into the end of 2013
· The debate over Fed-Tapering continues; silver Futures move sharply lower today.
· Monday is filled with Speakers from the Fed in the US with only minor economic news on the calendar.
· Contract Rollover Alert; All Futures markets have rolled forward to the next front-month contract except for the Mini-Russell.
o Crude Oil = 10-13 (will rollover later today most likely to 11-13)
o Euro = 12-13
o Gold = 12-13
o Mini-Russell = 09-13 (will move to the 12-13 next)
Economic News on the schedule today:
· 8:58am EST PMI Manufacturing Index
· 9:20am EST Dennis Lockhart Speaks
· 9:30am EST William Dudley Speaks
· 1:30pm EST Richard Fisher Speaks
|Crude Oil Anchor 1|
|Crude Oil Anchor 2|
Our 1800-tick anchor chart shows us trading to new lower-lows this morning with 2 important sell-zones overhead at 106.66 and 107.99 where we will look for the high-percentage-trades to the short side today and tomorrow. This chart shows us that we have plenty of room for a counter-trend trade this morning as we move off the lows of this price-channel towards the sell-zone at 106.66.