10.11.13
Top Day Market News
And the saga continues. More political maneuvering yesterday was enough to scare the shorts into covering. Shorts are nervous by nature. An uptick can induce cold sweats. On the other hand, longs are complacent by nature. “If it goes lower, double down. Triple down; it will come back. It always comes back.” You never can get a short to think in terms like these. Shorts are perpetually scared of being squeezed into oblivion while longs are complacent until the money runs out.
Yesterday the President rejected a temporary delay to the debt ceiling. Yesterday was also notable for some feisty testimony from the Secretary Treasury whose main point was the government can’t cherry pick which obligations to service after there’s a failure to raise the debt ceiling.
Washington has now managed to commoditize the debt ceiling and shutdown. No small feat.
We do get the University of Michigan consumer sentiment at 9:55
Yesterday’s weekly unemployment numbers were invalidated by a computer snafu in California.
Enjoy the weekend.
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Week of October 07 - October 11 |
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Date |
ET |
Release |
For |
Briefing.com Forecast |
Briefing.com Consensus |
Prior |
|
|
Oct 07 |
15:00 |
Consumer Credit |
Aug |
$12.0B |
$11.8B |
$10.4B |
|
|
Oct 08 |
08:30 |
Trade Balance |
Aug |
-$40.0B |
-$38.6B |
-$39.1B |
|
|
Oct 08 |
10:00 |
JOLTS - Job Openings |
Aug |
NA |
NA |
3.689M |
|
|
Oct 09 |
07:00 |
MBA Mortgage Index |
10/05 |
NA |
NA |
-0.4% |
|
|
Oct 09 |
10:00 |
Wholesale Inventories |
Aug |
0.2% |
0.3% |
0.1% |
|
|
Oct 09 |
10:30 |
Crude Inventories |
10/05 |
NA |
NA |
5.472M |
|
|
Oct 09 |
14:00 |
FOMC Minutes |
9/18 |
|
|
|
|
|
Oct 10 |
08:30 |
Initial Claims |
10/05 |
315K |
318K |
308K |
|
|
Oct 10 |
08:30 |
Continuing Claims |
9/28 |
2900K |
2903K |
2925K |
|
|
Oct 10 |
08:30 |
Export Prices ex- ag. |
Sep |
NA |
NA |
-0.1% |
|
|
Oct 10 |
08:30 |
Import Prices ex-oil |
Sep |
NA |
NA |
-0.2% |
|
|
Oct 10 |
10:30 |
Natural Gas Inventories |
10/05 |
NA |
NA |
101 bcf |
|
|
Oct 10 |
14:00 |
Treasury Budget |
Sep |
NA |
NA |
+$75.180B |
|
|
Oct 11 |
08:30 |
Retail Sales |
Sep |
-0.2% |
-0.1% |
0.2% |
|
|
Oct 11 |
08:30 |
Retail Sales ex- auto |
Sep |
0.2% |
0.2% |
0.1% |
|
|
Oct 11 |
08:30 |
PPI |
Sep |
0.2% |
0.2% |
0.3% |
|
|
Oct 11 |
08:30 |
Core PPI |
Sep |
0.1% |
0.1% |
0.0% |
|
|
Oct 11 |
09:55 |
Mich Sentiment |
Oct |
73.0 |
74.5 |
77.5 |
|
|
Oct 11 |
10:00 |
Business Inventories |
Aug |
0.2% |
0.2% |
0.4% |
|
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 |
|
Dec ES |
PRD(U) |
1650 |
1669 |
1659 |
1699 |
1695 |
1708 |
|
Dec Nasdaq |
D |
3147 |
3190 |
3147 |
3224 |
3263 |
3293 |
|
Dec Yen |
D |
100.53 |
101.60 |
101.19 |
102.53 |
103.47 |
104.27 |
|
Dec EC |
U |
133.93 |
134.75 |
135.01 |
135.63 |
136.44 |
137.31 |
|
DEC 10 Year |
U |
125.13 |
125.25 |
125.22 |
126.14 |
126.22 |
127.07 |
|
Dec 30 Year |
D |
131.30 |
132.15 |
132.04 |
133.15 |
133.22 |
134.13 |
|
Nov Soybeans |
U |
12.38 |
12.65 |
12.75 |
12.98 |
13.20 |
13.45 |
|
Dec Corn |
U |
4.19 |
4.31 |
4.30 |
4.44 |
4.58 |
4.73 |
|
DEC Gold |
D |
1237 |
1274 |
1265.6 |
1312.2 |
1351 |
1390 |
|
Dec Silver |
PRD(D) |
20.01 |
20.87 |
21.54 |
22.24 |
22.35 |
22.97 |
|
Dec Coppe r |
D |
320 |
325 |
322 |
326 |
334 |
338 |
|
Oct Crude |
D |
99.70 |
102.74 |
101.55 |
103.96 |
105.03 |
106.37 |
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