Monday, October 21, 2013

Morning Prep 10/21/13;

7:30am EST

Focus-Points this morning:
·       Traders prepare for un-released economic news this week
·       European Equity Markets coming off their fresh all-time highs from last Friday
·       Japan’s September trade balance registers 15th straight deficit, a record that dates back to 1979 energy crisis
·       OPEC Spokesperson:  ‘Oil Prices between $100-110 are acceptable to both producers and consumers’
·       Avg price of Gasoline in the US drops to its lowest level in 9 months
·       Gold is moving higher this morning
·       Crude Oil is moving lower, below $100 first time since July 3rd
·       E-Mini S&P is higher this morning
·       USD is higher against the Yen, Pound and Euro

Economic News on the schedule today:

This Week's News
First Friday is now fourth Tuesday for the September jobs report. Employment will be this week’s highlight—especially as the Fed will get new numbers on the labor market ahead of its October 29-30 policy meeting. Manufacturing has been mixed, meaning this week’s durables orders report will be key for an update on this sector. Housing has been wavering and the main reports will be existing home sales and FHFA home prices. New home sales—originally scheduled for this coming week—have been postponed due to the recent government shutdown.

8:00am EST:             Charles Evans Speaks on CNBC
10:00am EST:          Existing Home Sales
10:30am EST:          Crude Oil Inventories
11:25am EST:          President Obama Speaks re:  Affordable Care Act

Existing home sales came in at a 5.480 million annual rate in August consensus for 5.255 million. The monthly 1.7 percent gain was on top of July's giant 6.5 percent surge when "panic" over rising rates moved buyers into the market. Another factor besides higher rates that is holding down sales is lack of homes on the market, at 4.9 months at the current sales rate versus 5.0 and 5.1 months in the two prior months.

Crude Oil Inventories were delayed last week due to the shutdown, and this morning we have the release of last week’s news.  

Charts coming shortly...

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