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Phone: 312.920.0212
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Merrillville, IN 46410

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Oil has drifted higher on the idea of further stimulus

Market News

9.04.12

Top Day Market News

Here we go. This is a Tuesday which will feel like a Monday. Oil has drifted higher on the idea of further stimulus. The same commentary could be applied to gold. The market is now waiting for the ECB meeting which occurs in two days. The tactical problem remains in place, ECB President Draghi is comfortable with buying maturities of three year duration to bring down borrowing costs while Merkel is opposed to this.

The Institute for Supply Management factory index is out at 10. The Street is looking for a reading of 50.00, up for 49.8 in July.

Week of September 03 - September 07

 

Date

 

ET

 

Release

 

For

 

Actual

Briefing.com

Forecast

Briefing.com

Consensus

 

Prior

Revised

From

Sep

04

 

10:00

 

ISM Index

 

Aug

 

 

49.0

 

50.0

 

49.8

 

Sep

04

 

10:00

Construction

Spending

 

Jul

 

 

0.5%

 

0.5%

 

0.4%

 

Sep

04

 

14:00

 

Auto Sales

 

Aug

 

 

NA

 

NA

 

5.0M

 

Sep

04

 

14:00

 

Truck Sales

 

Aug

 

 

NA

 

NA

 

6.0M

 

Sep

05

 

07:00

 

MBA Mortgage Index

 

09/01

 

 

NA

 

NA

 

-4.3%

 

Sep

05

 

08:30

 

Productivity-Rev.

 

Q2

 

 

1.8%

 

1.8%

 

1.6%

 

Sep

05

 

08:30

Unit Labor Costs - Rev

 

Q2

 

 

1.4%

 

1.4%

 

1.7%

 

Sep

07:30

Challenger Job Cuts

Aug

 

NA

NA

-44.5%

 

 

 

 

Date

 

ET

 

Release

 

For

 

Actual

Briefing.com

Forecast

Briefing.com

Consensus

 

Prior

Revised

From

06

 

 

 

 

 

 

 

 

Sep

06

 

08:15

ADP Employment

Change

 

Aug

 

 

150K

 

140K

 

163K

 

Sep

06

 

08:30

 

Initial Claims

 

09/01

 

 

375K

 

375K

 

374K

 

Sep

06

 

08:30

 

Continuing Claims

 

08/25

 

 

3300K

 

3300K

 

3316K

 

Sep

06

 

10:00

 

ISM Services

 

Aug

 

 

51.0

 

52.2

 

52.6

 

Sep

06

 

11:00

 

Crude Inventories

 

09/01

 

 

NA

 

NA

 

3.778M

 

Sep

07

 

08:30

 

Nonfarm Payrolls

 

Aug

 

 

140K

 

130K

 

163K

 

Sep

07

 

08:30

Nonfarm Private

Payrolls

 

Aug

 

 

155K

 

145K

 

172K

 

Sep

07

 

08:30

 

Unemployment Rate

 

Aug

 

 

8.2%

 

8.3%

 

8.3%

 

Sep

07

 

08:30

 

Hourly Earnings

 

Aug

 

 

0.2%

 

0.2%

 

0.1%

 

Sep

07

 

08:30

 

Average Workweek

 

Aug

 

 

34.5

 

34.5

 

34.5

 

 

  

MARKET PLACE

Numbers are good up until the close of business today. These are strictly technical in nature, not fundamentally based or biased.

Legend

U is Up

D is Down

PRD is Potential Reversal Day

S2 is Weekly strong support 

S1 is Weekly good support

DS is Daily Support

DR is Daily Resistance

R1 is Weekly Good Resistance and is calculated once a week on

Sunday night

R2 is Weekly Strong Resistance and is calculated once a week on

Sunday night

Levels are for the most active futures contract

Daily Support and Resistance

 

 

 

Trend

WS2

WS1

DS

DR

WR1

WR2

Sept ES

D

1384.50

1394.50

1396.25

1413

1415.5

0

1425.25

Sept Nasdaq

D

2702

2745

2749

2789

2796.0

0

2821.00

Sept Yen

 

U

126.39

127.03

127.46

128.01

128.12

128.57

Sept EC

 

U

123.90

124.86

125.05

126.49

126.59

127.36

DEC Sept 10 Year

 

U

132.06

132.30

133.03

134.02

134.18

135.00

Dec 30 Year

 

U

147.29

149.21

150.08

152.05

152.14

153.15

Nov  Soybeans

 

U

16.72

17.14

17.46

17.72

17.84

18.13

 

 

 

 

 

 

 

 

Dec Corn

 

D

7.78

7.89

7.92

8.17

8.14

8.28

DEC Gold

 

U

1630.00

1661.3

1657.90

1706.3

1709.7

1726.8

Dec Silver

 

U

29.74

30.76

30.55

32.70

32.26

32.84

Dec Copper

 

PRD(U)

335

340

342

350

351

356

Oct Crude

 

U

92.30

94.43

95.01

98.37

98.20

98.84

 

 

 

 

 

 

 

 

News