Thursday, October 6, 2005
Issue Contents:
| 09:18 | The Day Ahead Economic releases and news |
| 09:34 | Quick Take: US Dollar |
| 16:15 | TrendVue Trader Talk Today's transcript. |
Good morning, today is Thursday October 6th, the 279th day of 2005.
After a solid multi-day market tumble, our initial targets have been hit. Wither now? Does a bounce form a reversal, or represent a pause to unload upon? All this and more we shall consider in the days to come, but first we should note that its not uncommon for price to bounce and grind a little following a couple of very large down days, only to continue later in the day on day three or four. This is an observation, not a forcast.
Market Statistics for Wednesday October 5, 2005
| Symbols in Up Swings | 133 |
|---|---|
| Symbols in Down Swings | 545 |
| Up/Down Swing Ratio | 0.24 : 1 |
| Up Bars | 5% |
| Down Bars | 85% |
| Inside Bars | 5% |
| Outside Bars | 3% |
| Close > 20EMA | 10% |
| Close > 50SMA | 37% |
| Close > 200SMA | 53% |
| 20EMA > 50SMA > 200SMA (trend up) | 38% |
| 20EMA < 50SMA < 200SMA (trend down) | 25% |
With a swing ratio of 0.24 : 1, yesterday quite possibly has marked at least a short term low, but we can not discount the potential for lower lows in the days to come. Once markets start moving with speed its best not to stand in the way until a turn is detected, therefore that’s our priority now to detect.
The Bank of England and European Central Bank both decided to leave interest rates steady, amid mounting pressure for rate increases. Jobless claims rose another 21,000 to 390,000, as former workers reporting in post-hurricane Rita are added to the roles. Approximately 74,000 claims in all last week were as a result of either hurricane Rita or Katrina.
US Market Calendar
- 7:00 am: BOE Announcement
- 7:45 am: ECB Announcement
- 8:30 am: Initial Jobless Claims – Oct. 1st week
- 11:00 am: Chain-Store Sales – September
- 2:00 pm: Daily MMS Gulf of Mexico Shut-in Report
- 3:00 pm: Daily DOE Office of Energy Reliability Situation Report
Canadian Market Calendar
- 8:30 am: Building Permits – Aug.
- 10:00 am: Ivey Purchasing Managers’ Index – Sep.
Earnings and the Federal Reserve
For earnings highlights, please see today's WSJ Earnings Calendar.
For a list of upcoming speeches, congressional testimony, Federal Open Market Committee material, and statistical releases, please visit the What's Next page of The Federal Reserve Board website. Recently released Federal Reserve Board material, including market moving FOMC decisions and speeches by members, will be found on their What's New page.
The chart says it all: failed below the nearest level of resistance, the hangman topping candle noted two days ago served as warning, anr price is pulling back. Key issue ahead: Does the USD find support nearby at what was former resistance, now tentatively new support, or not.
Today's transcript.
Click on the title above to expand this document.