Bigger Picture
Look ahead: Economic Calendar – for Mon Nov 30, 2015
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Monday’s post-open PMI isn’t the session’s highest-profile report, but it’s the most influential. Its institutional subscribers tend to push the market when it’s released 5-7 minutes earlier, which the public release then duplicates.
*Chicago PMI
9:45 AM ET
Pending Home Sales Index
10:00 AM ET
Dallas Fed Mfg Survey
10:30 AM ET
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET
Farm Prices
3:00 PM ET
Look ahead: Economic Calendar – for Fri Nov 27, 2015
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: It’s still Thanksgiving, sort of, as the market closes early… Reminder: Being a holiday weekend, there is no Saturday Review.
Early Close
1:00pm ET
Fed Balance Sheet
4:30 PM ET
Money Supply
4:30 PM ET
Happy Thanksgiving Rally!
U.S. markets are closed today for the Thanksgiving holiday, but futures are trading on Globex for another 90 minutes. Price action is confirming expectations that the corrective window has closed, as the rally has resumed. Flat-to-higher ranging greeted Europe’s opens, which triggered a 10-point rally to fresh recovery highs. Friday’s light volume and early close creates unpredictability.
You can monitor Globex trading in the chaRTroom, which closes at 1:00pm and re-opens at 6:00pm tonight. Meanwhile, have a great Thanksgiving, and I’ll see you to discuss Friday’s likely templates at the pre-Market Tour (8:55am ET).
Daily Spot…
A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.
Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Gapping down Wednesday was shallow enough not to trigger a new downleg. But it also didn’t confirm or resume any previous recovery attempt. The bottoming potential remains intact.
Gold Dec Contract (GC, ETF: (GLD))
Having held 1082.00 resistance again Tuesday, dipping back to the lows Wednesday makes a break lower likely. Probably not a shallow break, but potentially brief to react up sharply into a steep corrective bounce.
Silver Dec Contract (SI, ETF: (SLV))
Neutralizing the attraction below at Monday’s gap down helps to form a bottom, even if only for a corrective rally.
30-year Treasury Dec Contract (US, ETF: (TLT))
Still not extending higher Wednesday is still not a sell signal, which would be triggered under 154-10. The rally can extend higher meanwhile.
Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down slightly Wednesday was not extended and didn’t last long before bouncing back into Tuesday’s range. That must qualify as the entire correction at this stage of the pattern if its basing is going to launch a rally leg.
Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping down Wednesday was recovered again, bouncing back into positive territory but stopping at the 2.23 buy signal that would launch a rally leg.
Look ahead: Economic Calendar – for Thu Nov 26, 2015
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Happy Thanksgiving! US Markets are closed, but Globex trades normally. FTI, one of the biggest moves I’ve ever seen in Gold was during Thanksgiving several years ago. Just saying.
US Markets closed
Globex close
1:00 PM ET
Globex open
6:00 PM ET
Baker-Hughes Rig Count
1:00 PM ET