Good morning everyone and Happy Monday! As you make preparations for the trading day keep in mind that even though Friday was a very nice rally off of the lows, nothing really changed. We are still trapped between 2 levels and the swift reversals we have seen lately could change everything in about half a heartbeat.
We have several data points that could move the market this morning but I think the one that will receive the most attention is the ISM number. Last month ISM was a surprise showing a contraction in manufacturing. Expectations for this month is a reading a 50.3 which is a weak number but that would at least be on the side of expansion. Another reading below 50 will likely bring out the bears so watch the price action at 10AM eastern. In fact would be a very good idea to wait on starting any new positions until we see the reaction to the ISM.
Friday is Big Kahuna with the monthly reading on employment when the Employment situation number is released. We can expect the market to do a lot of choppy waiting around for that number as we approach mid=week.
Also keep in mind we have begun the last quarter of the year. That means earnings will begin soon and the tension over the presidential election will continue to grow. October could prove to be a volatile and challenging month.
Trade Wisely,
Doug
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Good morning everyone. It’s Friday! Yesterday was one of those ugly whipsaw days starting out good and making us think we might actually get 3 days in a row in one direction but that dream was crushed as the market took back all of the last 2 days positive move.
Today we have a lot of potential market moving data so let’s all hope its positive enough to offset the bearishness created with the DB issues in Europe.
Keep an eye out for possible trades today. Have a great weekend.
Trade Wisely,
Doug
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RICE short | Blue ice failure
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Good Morning, Profit Traders,
T-Line™ below the 34-ema (SPY) — The SPY closed down .90%, tagging the daily 50-sma, dropping back through the 34-ema. The bulls seem to be afraid of the $217.40 area and now they are back below the T-Line™. The SPY chart is not a picture a BULL would be proud of going back to early August.
We still like the $212.40ish area as a price destination and if price approves it a temporary area of support.
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