Monday, October 28, 2013

Morning Prep 10/28/13;

7:30am EST

Focus-Points this morning:
·       European clocks ‘Fall back’ over the weekend, US clocks will adjust on November 3rd
·       South Korea’s consumer confidence hits 17-month high
·       The UK battered by the worst storm in 10 years, resulting in low trading volume
·       Moody’s predicts this year to be the worst in last 5 years for Holiday Shopping due to Govt Shutdown
·       Traders prepare for US FOMC Meeting on Wednesday, anticipating some more ‘fed speak’ about tapering, interest rates
·       Gold is lower -.20%
·       Crude Oil is lower -.25%
·       Euro is at breakeven +0.00%
·       E-Mini Dow is higher +.40%
·       E-Mini S&P is higher +.45%
·       FDAX is higher +.02%
·       Hang Seng is higher +.50%

Economic News on the schedule today:

Today we have Red-Star news to kick-off the week ahead, and we start with more news from manufacturing.

Today's industrial production report will offer the first definitive look at manufacturing shipments in September, a month where indications from private reports point to a solid monthly gain.

9:15am EST:             Industrial Production
10:00am EST:           Pending Home Sales Index
10:30am EST:           Dallas Fed Mfg Survey

What to expect this week:
The Fed takes center stage. On Wednesday the Fed will announce whether it is going to start tapering bond purchases. The consumer sector is the next focus. Retail sales and motor vehicle sales softened recently and updates for September and October, respectively, are scheduled. Also, we get an early peek at the possible payroll number with this week’s ADP report. Key numbers for manufacturing and housing also hit the wires.

Markets we are watching this Morning

Euro Anchor
Euro Currency Futures:
The Euro is trading sideways this morning with flat moving-averages on the anchor chart and off the recent highs of 1.3835.  We can see a bullish price-channel and major support levels waiting for us to buy the lows if this price-action heads lower this morning.

Gold Anchor
Gold Futures:
Gold is trading sideways over the last few days, between its recent highs at 1356.0 and recent swing-low at 1346.0.  We can see that price-action is flat on the anchor chart, so we will be looking to fade-the-breakout of the range until the market personality changes.

Crude Oil Anchor
Crude Oil Futures:
Crude Oil has been pushing higher over the last few days, but we can see price-action is about to test some serious resistance levels overhead with a trend-line, and multiple sell-zones above us today.

FDAX Anchor
FDAX Futures:
FDAX is moving higher this morning, and has recently pulled back to test key support levels below it.  We will be watching

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