Futures are up this morning with ISM Manufacturing data and Construction Spending set to be released at 10 Eastern.
The big economic data out this week will be the Employment Situation that comes out this Friday. Also, Factory Orders, Non-Manufacturing ISM on Wednesday, and the Treasury Refunding Announcement… PLUS the usual plethora of Treasury Auctions.
There was another small change in the McClelland Oscillator on Friday which is telling us that today or tomorrow’s move is likely to be a large one.
The 990 pivot area was an area of resistance, if prices remain above that level, it may turn into support and the next pivot point is up at 1,018. Of course the prior high at 997 and the Sethonian 999 must also be overcome if that next higher pivot is going to be reached.
That’s about all I have that’s worthy this morning, unless you believe that the U.K. looking into high frequency trading will actually have any real impact on those who are involved in doing it – you know, the ones with all the money who get the politicians elected… Oh and here’s a little clip that almost makes me feel bad for picking on Goldman, “NEW YORK (Reuters) - Investment bank Goldman Sachs' reputation among both the general public and financially sophisticated Americans has been damaged by the events of the past year, the Financial Times reported Sunday, citing research conducted for the paper.” I’m thinking this survey result will make them feel proud.
I’ll be taking my 86 year old father to the hospital early this morning as he’s scheduled for day surgery, so I’ll try to get more market information up by this evening.
Have a Great Day, and pleas keep each other updated at the data comes out, I appreciate it!
Neil Ty - The Scientism Guy
17 minutes ago