Friday, October 18, 2013

Morning Prep 10/18/13;

7:30am EST
Focus-Points this morning:

·       (S&P +1.50, DJI +15, NDX +12.8, 10 Year Treasury Yield 2.54%, +13/32).

·       European markets are trading higher for a 7th day to a 2008 high.

·       Asian markets closed higher. Positive data out of China.

·       Gold is Lower

·       Oil is Higher

·       US$: Lower vs. Pound; Lower vs. Yen; Lower vs. Euro;

Economic News on the schedule today:

All-Day Double Witching Options Expiration.
10:00AM: Leading Indicators (September);
10:00AM: Usual Weekly Earnings of Wage and Salary Workers (Q3-2013);
10:30AM: ECRI Weekly Index of Economic Activity (w/e 10/11).
12:00PM: President Obama meets with senior advisors;

Levels this morning:

Euro Currency Futures:
VAH 3679 / VAL 3663
PHOD 3685 / PLOD 3643
Bullish = Open > 3685
Bearish = Open < 3643

EuroVIP Chart
The Euro gapped UP on Thursday morning and never looked back, with a narrow trading-range it closed the session up near the highs of the day.  This price-action suggests that the buyers were able to hold onto the gains from Wednesday to Thursday and with the close near the highs we see that the buyers were just as strong at the end of the session, so we are looking for a bullish opening-print this morning at 820am EST to tell us to keep buying.  Look for an opening-print this morning inside the range from yesterday and we will treat this market personality as a sideways-trading-range for Friday.

Targets above:        3687, 3707, 3733, 3763
Targets below:        3637, 3625, 3611, 3602, 3592

Gold Futures:
VAH 1321.0 / VAL 1315.4
PHOD 1324.2 / PLOD 1312.8
Bullish = Open > 1324.2
Bearish = Open < 1312.8

Gold VIP Chart
Gold also traded higher on Thursday with a large gap UP from Wednesday’s trading session and the buyers never stopped buying.  We saw a narrow trading-range on Thursday with a closing-print near the highs of the day, which suggests that today may be filled with some fireworks.  We will be looking for a bullish opening-print above the PHOD this morning for clues to start buying pullbacks at the open.  If we open inside the range from yesterday we will consider this morning to be a sideways-trading-range and will trade it accordingly.

Targets above:        1328.4, 1330.8, 1333.4, 1339.1, 1340.9
Targets below:        1312.0, 1303.4, 1300.4, 1296.1, 1293.4

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