Dow +33.74 at 17084.49, Nasdaq +19.68 at 4830.47, S&P +1.46 at 2014.89
Market was pretty much volatile and lack of direction on Friday. Even so, I think it has set itself up for some upside next week.
Green signs continue to show up across markets in Europe and Asia. Shanghai Composite closed on Friday with almost 3% gain.
Market Summary
Industry Watch
Strong: Consumer Staples, Health Care, Industrials, Technology
Weak: Energy, Financials, Utilities, Telecom Services
Other Market Moving Factor:
- S&P 500 enters Friday +3.2% week-to-date
[BRIEFING.COM] The stock market ended a strong week on a subdued note. The S&P 500 added 0.1% after spending the day in a 13-point range while the Nasdaq Composite (+0.4%) outperformed. For the week, the benchmark index climbed 3.3% while the Nasdaq Composite advanced 2.6%.
The Friday session made for a quiet finish to a week that saw all ten sectors register gains. The S&P 500 began the trading day above its flat line, but slipped into the red around midday. The index traded just below its unchanged level into the afternoon, but turned green during the final hour.
With the benchmark index settling near its flat line, five sectors registered gains while the other five ended lower. Most notably, energy (-0.7%) and financials (-0.6%) spent the day below their flat lines, which prevented the market from stretching its legs.
Even though the energy sector lost 0.7% on Friday, the group still gained 7.8% for the week, finishing well ahead of its peers. To little surprise, the move was supported by strength in crude oil futures as the energy component climbed 0.4% to $49.67/bbl. For the week, WTI crude soared 9.1% to mid-July levels.
On the flip side, the technology sector (+0.5%) finished in the lead, giving a boost to the Nasdaq Composite. Top-weighted sector components like Apple (AAPL 112.09, +2.59), Alphabet (GOOGL 671.24, +4.24), Facebook (FB 93.24, +0.77), and Oracle (ORCL 38.10, +0.36) gained between 0.6% and 2.4% while high-beta chipmakers underperformed with the PHLX Semiconductor Index falling 0.8%. That being said, the SOX Index gained 3.5% for the week.
Elsewhere, the health care sector (+0.4%) settled just behind technology to lock in a weekly gain of 0.3%. The influential group outperformed on Friday, but struggled earlier in the week due to continued volatility in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 308.45, +1.25) climbed 0.4% on Friday, but still lost 2.2% for the week.
Also of note, the industrial sector (+0.3%) finished among the leaders thanks to relative strength among transport stocks. The Dow Jones Transportation Average rallied 0.8%, extending its weekly gain to 4.8%. Only five DJTA components ended in the green while airlines saw broad strength with United Continental (UAL 55.71, +3.45) soaring 6.6% after reporting a 1.4% year-over-year increase in September consolidated traffic.
Similar to stocks, Treasuries spent the day inside narrow ranges, posting slim gains, with the 10-yr yield slipping one basis point to 2.10%.
Economic data was limited to Import/Export Prices and Wholesale Inventories:
- Export prices, excluding agriculture, decreased 0.6% in September after decreasing 1.3% in the prior reading
- Excluding oil, import prices decreased 0.3%, which followed last month's decrease of 0.4%
- Wholesale inventories increased 0.1% in August after a downwardly revised 0.3% decline (from -0.1%) while the Briefing.com consensus expected no change
- Durable wholesale inventories increased 0.3% after declining 0.1% in July with a 0.3% decline in automotive inventories offsetting a 0.9% increase in electrical inventories and a 0.5% increase in machinery inventories
- Nondurable wholesale inventories declined 0.2% in August after declining 0.5% in July with lower oil prices helping reduce petroleum inventories (-1.4%) for the second month in a row. Meanwhile, farm product inventories declined 3.1% after declining 1.2% in July
Monday's session will be free of economic data.
- Nasdaq Composite +2.0% YTD
- S&P 500 -2.1% YTD
- Dow Jones Industrial Average -4.1% YTD
- Russell 2000 -3.3% YTD
Week in Review: Cyclical Sectors Lead Stocks Higher
The stock market enjoyed an upbeat start to the trading week with the S&P 500 returning near its rebound high from the middle of September. The benchmark index climbed 1.8% while the Nasdaq Composite (+1.6%) followed not far behind. The Monday buying frenzy was not fueled by quarterly earnings considering the first busy portion of the reporting period was still a couple weeks away. Instead, the advance was a continuation of the Friday rally, which was predicated on the belief that a disappointing September Nonfarm Payrolls report would prevent the Federal Reserve from raising rates at the October meeting. In that same vein, the bad-is-good dynamic appeared to be on display overseas as Japan's Nikkei (+1.6%), Germany's DAX (+2.7%), and France's CAC (+3.5%) vaulted higher even though Services PMI readings in Japan (51.4; prior 53.7) and the eurozone (53.7; expected 54.0) disappointed.
The market endured a shaky session on Tuesday with the Dow Jones Industrial Average (+0.1%) eking out a slim gain while the S&P 500 (-0.4%) and Nasdaq Composite (-0.7%) underperformed throughout the day. For the second day in a row, the U.S. trading day began after the release of some disappointing economic data overseas. This time, it was Germany's Factory Orders report for August, which showed a 1.8% decline while the market had expected an increase of 0.5%. That being said, European equities were able to register gains after erasing their early losses, but the strength did not carry over the U.S. session as continued weakness in the biotech space kept the broader market under pressure. Specifically, the iShares Nasdaq Biotechnology ETF (IBB 301.91, -11.29) lost 3.6% after surrendering 0.7% on Monday. On a related note, the health care sector tumbled 2.3% while most other influential sectors also struggled.
The Wednesday session ended on a higher note with the S&P 500 climbing 0.8% while the Nasdaq Composite (+0.9%) settled a bit ahead despite showing relative weakness in the early going. Overall, the midweek affair was very quiet, but there was some volatility present in the market as stocks surrendered their opening gains going into the afternoon, but returned into the middle of their ranges by the closing bell. It is worth noting that the pullback from opening highs occurred after the S&P 500 made a brief appearance above its 50-day moving average (1,997), which also served as resistance during afternoon action. Commodity-sensitive energy (+1.3%) and materials (+1.3%) paced the opening move higher, but both sectors surrendered a portion of their gains as the session wore on. The energy sector was up nearly 2.5% at the start, but retreated from its high as crude oil erased its intraday gain. The energy component settled lower by 1.5% at $47.81/bbl after sliding from its intraday high in reaction to the latest Energy Information Administration's inventory report, which showed a 3.07 million barrel build.
Thursday ended on an upbeat note after equities erased their opening losses. The S&P 500 climbed 0.9% while the Nasdaq Composite (+0.4%) underperformed throughout the day. Equity indices struggled at the start of the trading day, responding to a mixed overnight session that featured losses among most Asian indices while European stocks fought to end the day with modest gains. The advance in Europe followed the release of the latest policy meeting minutes from the European Central Bank, which stressed that a lot more stimulus still has to work its way through the financial system. Once the U.S. session got going, stocks spent the first half in the red as heavily-weighted technology (+0.5%) and health care (+0.4%) struggled; however, the two sectors were lifted off their lows during afternoon action as the S&P 500 climbed above its 50-day moving average (1,995). The afternoon rebound accelerated after the release of the September FOMC minutes, which revealed that only one Committee member believed that economic conditions do not warrant a rate hike while other members believed that a rate hike will be appropriate before the end of 2015. Despite the majority view regarding the timing of the first rate hike, several members expressed concern over downside risks to inflation.
Global Market
ASIA
Markets in the Asia-Pacific region were pretty much higher across the board on Friday, bolstered by Wall Street’s rally on Thursday, the continued rebound in commodity prices, and an underlying belief that the Federal Reserve isn’t going to raise the fed funds rate in the near term. Basically, it was more of the same considerations that powered the markets to big gains overall for the week.
Economic data
- Australia
- August Home Loans +2.9% month-over-month (expected +5.0%; prior -0.3%)
- August Invest Housing Finance -0.4% month-over-month (prior +0.5%)
- New Zealand
- September Electronic Card Retail Sales +0.9% month-over-month (prior +0.5%); +6.1% year-over-year (prior +4.2%)
Equity Markets
- Japan’s Nikkei increased 1.6% and ended at its high for the day. The broad-based advance was led by the industrials (+4.1%), materials (+3.8%), and technology (+2.6%) sectors. Obayashi Corp (+9.5%), Toho Zinc (+8.5%), and Toyota Tsusho (+8.1%) were the top-performing issues. Fast Retailing (-9.8%), NTT Data Corp (-2.0%), and Asahi Glass Co (-1.2%) led a small group of losers. Out of the 225 index members, 215 ended higher, 9 finished lower, and 1 was unchanged. For the week, the Nikkei gained 4.0%.
- Hong Kong’s Hang Seng increased 0.5% but faded in the afternoon session after being up as much as 2.0% in early trading. BOC Hong Kong Holdings (+4.3%), CNOOC (+3.6%), and Lenovo Group (+3.5%) were the biggest gainers. Cheung Kong Property Holdings (-2.0%), China Mengniu Dairy (-1.8%), and Sino Land Co (-1.8%) were the biggest laggards. Out of the 50 index members, 30 ended higher, 19 finished lower, and 1 was unchanged. For the week, the Hang Seng increased 4.4%.
- China’s Shanghai Composite increased 1.3%, continuing to build on Thursday’s rally effort and following through with a catch-up trade in its abbreviated week of trading. In its only two trading sessions of the week, the Shanghai Composite managed to increase a combined 4.3%.
- India’s Sensex increased 0.9%, led by gains in the materials (+5.5%), utilities (+1.5%), and technology (+0.9%) sectors. Vedanta (+11.5%), Tata Steel (+5.1%), and Tata Motors (+4.4%) topped the list of winners while Coal India (-3.1%), Maruti Suzuki India (-2.0%), and Bharat Heavy Electricals (-1.1%) brought up the rear. Out of the 30 index members, 19 ended higher and 11 finished lower. For the week, the Sensex increased 3.3%.
- Australia’s S&P/ASX 200 increased 1.3% and ended at its highs for the day and the week. The metals & mining (+2.8%) and resources (+2.6%) sectors continued their winning ways and led the advance. Out of the 200 index members, 171 ended higher, 23 finished lower, and 6 were unchanged. For the week, the S&P/ASX 200 increased 4.5%.
- Regional advancers: Malaysia +0.9%, Indonesia +2.2%, Singapore +1.8%, Thailand +1.6%, Vietnam +0.2%, Philippines +0.5%
- Regional decliners: None
- Closed for holiday: South Korea (Hangul Day), Taiwan (National Day)
FX
- USD/CNY -0.13% at 6.3452
- USD/INR -0.5% at 64.7650
- USD/JPY +0.3% at 120.32
EUROPE
Major European indices trade higher across the board with Germany’s DAX (+1.4%) showing relative strength. On a separate note, the euro has continued this week’s rally, climbing to 1.1360 against the dollar after the pair started the week near 1.1216.
- UK’s August trade deficit narrowed to GBP11.15 billion from GBP12.20 billion (expected deficit of GBP10.00 billion)
- Italy’s August Industrial Production -0.5% month-over-month (expected -0.3%; prior 1.1%); +1.0% year-over-year (consensus 1.6%; last 2.8%)
- France’s August Industrial Production +1.6% month-over-month (consensus 0.5%; last -1.1%) and government budget deficit has widened to EUR89.70 billion from EUR79.80 billion
Closing Prices
- UK’s FTSE: + 0.7%
- Germany’s DAX: + 1.0%
- France’s CAC: + 0.5%
- Spain’s IBEX: + 1.3%
- Portugal’s PSI: + 0.4%
- Italy’s MIB Index: + 0.5%
- Irish Ovrl Index: -0.7%
- Greece ASE General Index: -0.2%
Macroeconomic Data
Economic Data
from Briefing.com
- Export Prices ex-agri : -0.6% (Prior -1.3%)
- Import Prices ex-oil : -0.3% (Prior -0.4%)
- Wholesale Inventories : 0.1% vs 0.0% (Prior -0.1%)
WHOLESALE INVENTORIES
Highlights
- Wholesale inventories increased 0.1% in August after a downwardly revised 0.3% decline (from -0.1%) in July. The Briefing.com Consensus expected no change in wholesale inventories.
Key Factors
- Durable wholesale inventories increased 0.3% after declining 0.1% in July. A 0.3% decline in automotive inventories was offset by a 0.9% increase in electrical inventories and a 0.5% increase in machinery inventories.
- Nondurable wholesale inventories declined 0.2% in August after declining 0.5% in July. For a second consecutive month, lower oil prices helped reduce petroleum inventories (-1.4%). Farm product inventories declined 3.1% after declining 1.2% in July.
- Wholesale sales fell 1.0% in August after decreasing 0.3% in July. Durable wholesale sales fell 1.2% in August after increasing 1.1% in July. A large chunk of the decline came from a 2.7% drop in automotive sales. Nondurable wholesale sales declined 0.7%.
- The inventory-to-sales ratio increased to 1.31 in August from 1.30 in July. That is the largest ratio since May 2009. Prior to the Great Recession, the inventory-to-sales ratio hadn’t been that high since November 2001.
Big Picture
- Wholesale inventories are just one component of total business inventories. Manufacturing and retail inventories make up the rest of total business inventories. The market ignores this release and doesn’t pay much attention to the full business inventory release that comes a few days later. Improved inventory management in recent years has reduced the economic swings associated with inventories and has helped produce a long-term downtrend in the inventory-to-sales ratio
Market Internals
NYSE:
Higher Volumes than the day before – 921.2M vs 919.9M
Advancers outpaced Decliners (adv/dec): 1741 / 1321
New Highs outpaced New Lows (highs/lows): 54 / 12
NASDAQ:
Lower Volumes than the day before – 1796.5M vs 1973.1M
Advancers outpaced Decliners (adv/dec): 1546 / 1245
New Highs outpaced New Lows (highs/lows): 67 / 30
VOLATILITY S&P500 (VIX)
17.08 -0.34 (-1.95%)
Technical Updates
Volume: 103,732,049 (below average of 113,811,517)
Range: 17,027.23 - 17,110.88
Range: 17,027.23 - 17,110.88
4,830.47 +19.68 (+0.41%)
Volume: 404,830,706 (below average of 477,596,400)
Volume: 404,830,706 (below average of 477,596,400)
Range: 4,804.59 - 4,841.38
2,014.89 +1.46 (+0.07%)
Volume: 623,423,000 (below average of 639,232,363)
Range: 2,007.61 - 2,020.13
DOW continue to go higher and approaching a resistance at 17,130. NASDAQ got rejected by its 50MA but it managed to close above the support at around 4,830. S&P could not break above 2,020 which was the August's high. This might indicate some form of pullback in the market.
Commodities
- In commodities, zinc futures soared after Glencore said it would cut annual zinc production, rising as much as 12%.
- Zinc futures rose over 10% today.
- Horsehead Holding (ZINC), a straight zinc play, surged today as well… in late afternoon trade, shares of ZINC are +22% at $5.45/share
- Oil initially rose following the rig count data, but sold off some
- Nov crude ultimately ended today’s session +0.4% at $49.67/barrel
- Following today’s WASDE report, Dec corn ended 2.6% lower at $3.82/bushel. Dec wheat fell 0.6% to $5.08/bu, while Nov beans gained 0.5% to $8.85/bu.
- November crude oil futures rose $0.22 (+0.4%) to $49.67/barrel
- November natural gas closed flat at $2.50/MMBtu
- RBOB Gasoline closed $0.02 higher at $1.41/gallon
- Heating oil futures closed $0.01 lower at $1.59/gallon
Agriculture Closing Prices
- December corn closed $0.10 lower (-2.6%) at $3.82/bushel
- December wheat closed $0.03 lower (-0.6%) at $5.08/bushel
- November soybeans closed $0.04 higher (+0.5%) at $8.85/bushel
- Sugar #11 closed $0.33 cents higher at 14.34 cents/lb
Metals Closing Prices
- December gold ended today’s session $11.80 higher (+1%) at $1156.20/oz
- December silver closed today’s session $0.07 higher (+0.4%) at $15.83/oz
- December copper closed $0.07 higher (+3%) at $2.41/lb
Currencies
U.S. Dollar Index Closes at Multi-Week Low
- U.S. Dollar Index: -0.51% to 94.83
- Wholesale inventories increased 0.1% in August after a downwardly revised 0.3% decline (from -0.1%) in July. The Briefing.com Consensus expected no change in wholesale inventories
- EUR/USD: +0.67% to $1.1367
- French industrial production grew 1.6% m/m in August, reversing a 1.1% decline in July
- Manufacturing production, a subset of industrial production, climbed 2.2% m/m in August versus a 1.3% fall in July
- The euro rallied on the news
- French industrial production grew 1.6% m/m in August, reversing a 1.1% decline in July
- GBP/USD: -0.12% to $1.5333
- The U.K. construction sector shrank year-on-year in August for the first time since May 2013. Construction output fell 1.3% y/y and 4.3% m/m, while economists had expected a gain
- The U.K.'s trade deficit narrowed to GBP 11.15 bln in August from an upwardly-revised GBP 12.20 bln in July?
- The U.K. construction sector shrank year-on-year in August for the first time since May 2013. Construction output fell 1.3% y/y and 4.3% m/m, while economists had expected a gain
- USD/CHF: -0.48% to 0.9608
- USD/JPY: +0.30% to 120.27
- USD/CHF: -0.50% to 96.07
- USD/CAD: -0.42% to 1.2951
- The Canadian economy added 12.1K jobs in September, more than expected and more than the 12.0K jobs created in August
- The unemployment rate unexpectedly rose to 7.1% in September from 7.0% in August
- The Canadian economy added 12.1K jobs in September, more than expected and more than the 12.0K jobs created in August
- AUD/USD: +0.93% to $0.7328
- Home loans in Australia grew by 2.9% m/m in August, worse than expected but better than the 0.3% decline in July
- NZD/USD: +0.59% to $0.6700
- In New Zealand, electronic card retail sales rose 6.1% in the year to September versus 4.2% y/y growth in August
Bonds
Treasuries End Mixed
- The U.S. Treasury market ended the day little-changed after wholesale inventories grew more than expected in August and a few FOMC members opined publicly on the economic outlook and expressed their current thinking for the path of interest rate policy normalization. Oil and metals prices ended higher, although off of their best levels of the session. The U.S. Dollar Index deepened its losses for the week, falling 0.44% to 94.89
- Yield Check:
- 2-yr: +1 bp to 0.65%
- 5-yr: +1 bp to 1.41%
- 10-yr: unch at 2.10%
- 30-yr: -1 bp to 2.93%
- News:
- Wholesale inventories rose 0.1% m/m in August, beating out the Briefing.com consensus of no change. The July change was revised down to -0.3% from -0.1%
- Export prices ex-agriculture fell 0.6% m/m in September after declining 1.3% in August
- Import prices ex-oil fell 0.3% between August and September after dropping 0.4% m/m in August
- Four voting members of the FOMC spoke publicly on monetary policy and the economic outlook today:
- Richmond Fed President Jeffrey Lacker, the most hawkish member of the FOMC, said that the Fed has reached its policy goal of full employment and that “further delay [in hiking rates] would be a departure from a pattern of behavior that has served us well in the past”
- New York Fed President William C. Dudley said that if U.S. economic performance hits his current forecast, he will favor liftoff in 2015
- Atlanta Fed President Lockhart said that "speaking for myself, I see a liftoff decision later this year at the October or December FOMC meetings as likely appropriate"
- He went on to say that he is slightly less confident about that now than he was six weeks ago
- Chicago Fed President Evans, an ultra-dove, said that the path of policy normalization is more important than the liftoff date
- Commodities:
- WTI crude: +0.32% to $49.59/bbl.
- Gold: +1.02% to $1,156.0/troy oz.
- Copper: +2.94% to $2.412/lb.
- Currencies:
- EUR/USD: +0.60% to $1.1358
- USD/JPY: +0.29% to 120.26
- Week Ahead:
- Monday: Atlanta Fed President Lockhart (FOMC voter) (08:10 ET); Chicago Fed President Evans (FOMC voter) (10:30 ET); Fed Governor Lael Brainard (FOMC voter) (16:30 ET)
- Tuesday: St. Louis Fed President Bullard (non-FOMC voter) (08:00 ET); New York Fed President Dudley (FOMC voter) (11:45 ET); September Treasury Budget (14:00 ET)
- Wednesday: MBA Mortgage Index for the week ending 10/10 (07:00 ET); September PPI and core PPI (08:30 ET); September Retail Sales and Retail Sales ex-auto (08:30 ET); August Business Inventories (10:00 ET); Fed’s Beige Book for October (14:00 ET)
- Thursday: Initial Jobless Claims for the week ending 10/10 and Continuing Jobless Claims for the week ending 10/03 (08:30 ET); September CPI and Core CPI (08:30 ET); October Empire Manufacturing (08:30 ET); October Philadelphia Fed (10:00 ET); Natural Gas and Crude Inventories for the week ending 10/10 (10:30 ET); St. Louis Fed President Bullard (non-FOMC voter) gives opening remarks at conference (10:30 ET); New York Fed President Dudley (FOMC voter) in conversation “How the Federal Reserve should decide on the appropriate level of interest rates” (10:30 ET)
- Friday: September Industrial Production and Capacity Utilization (09:15 ET); August JOLTS – Job Openings (10:00 ET); October Michigan Sentiment (10:00 ET); August Net Long-Term TIC Flows (16:00 ET)
Treasury Yields:
- 2 Year Note 0.65% UNCH
- 5 Year Note 1.41% +0.01
- 10 Year Note 2.12% UNCH
- 30 Year Bond 2.94% -0.02
2/30 Spread: 229 bps ( -2 ) … 2/10 Spread: 147 bps ( UNCH )
Preview for the week Monday 12 Oct to Friday 16 Oct, 2015
Economic Data
Monday (12 Oct) :
- No Economic Data
- Treasury Budget : $95.0 (Prior $105.8B)
- MBA Mortgage Index : (Prior 25.5%)
- PPI : -0.3% (Prior 0.0%)
- Core PPI : 0.1% (Prior 0.3%)
- Retail Sales : 0.2% (Prior 0.2%)
- Retail Sales ex-auto : -0.1% (Prior 0.1%)
- Business Inventories : 0.1% (Prior 0.1%)
- Fed's Beige Book
- Initial Claims : 269K (Prior 263K)
- Continuing Claims : 2200K (Prior 2204K)
- CPI : -0.2% (Prior -0.1%)
- Core CPI : 0.1% (Prior 0.1%)
- Empire Manufacturing : -8.0 (Prior -14.7)
- Philadelphia Fed : -1.0 (Prior -6.0)
- Natural Gas Inventories : (Prior 95 bcf)
- Crude Inventories : (Prior 3.073M)
- Industrial Production : -0.2% (Prior -0.4%)
- Capacity Utilization : 77.4% (Prior 77.6%)
- JOLTS - Jobs Openings : (Prior 5.753M)
- Michigan Sentiment : 88.5 (Prior 87.2)
- Net Long-Term TIC Flows : (Prior $7.7B)
Earnings Highlights
Monday (12 Oct) :
Tuesday (13 Oct) :
Wednesday (14 Oct) :
Thursday (15 Oct) :
Friday (16 Oct) :
BMO - INFY SXC SXCP
AMC - None
AMC - None
Tuesday (13 Oct) :
BMO - ASML DFRG FAST JNJ PVTB
AMC - ADTN OZRK HAWK CSX HCSG IDT INTC JPM LLTC VOXX
AMC - ADTN OZRK HAWK CSX HCSG IDT INTC JPM LLTC VOXX
Wednesday (14 Oct) :
BMO - BAC BLK CBSH DAL JBHT LRN PNC WFC
During Mkt Hours - WABC
AMC - CNS DRWI NFLX SURG UFPI WTFC XLNX
During Mkt Hours - WABC
AMC - CNS DRWI NFLX SURG UFPI WTFC XLNX
Thursday (15 Oct) :
BMO - BBT BX SCHW C FCS FRC GS HOMB KEY LNN MTB VAC MTG NORD PSG PM PPG TSM TZOO USB UNH WBS WGO WNS
AMC - AMD ASB CPHD COBZ EGP FFIN MAT MBFI PBCT SLB WDFC WAL
AMC - AMD ASB CPHD COBZ EGP FFIN MAT MBFI PBCT SLB WDFC WAL
Friday (16 Oct) :
BMO - CMA FHN GE HON KSU PGR STI SYF SYRG GWW
AMC - None
AMC - None
Summary
This week has been pretty rewarding for the market. And it looks like we are going to see some more upside.
Moving to next week, we are expecting Fed's Beige book on Wednesday which is likely to be another catalyst to move the market. Also there are other major economic data such as PPI and CPI. Furthermore with Q4 earnings season, market is likely to get more volatile.
This week has been pretty rewarding for the market. And it looks like we are going to see some more upside.
Moving to next week, we are expecting Fed's Beige book on Wednesday which is likely to be another catalyst to move the market. Also there are other major economic data such as PPI and CPI. Furthermore with Q4 earnings season, market is likely to get more volatile.
Direction for Monday 12 Oct, 2015: Up
Direction for the week Monday 12 Oct to Friday 16 Oct, 2015: Up
Direction for the week Monday 12 Oct to Friday 16 Oct, 2015: Up
2015 Daily Directional Accuracy: 101/160 (63.13%)
2015 Weekly Directional Accuracy: 23/37 (60.53%)
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