Dow -157.14 at 16924.75, Nasdaq -13.76 at 4782.85, S&P -9.45 at 1994.24
The weak opening was partly affected by the disappointing economic data and earnings reports. That gave some reason for profit taking in the market. As we have seen a pullback, we are going to see if the market is still strong to go for another rally.
Global markets were suffering the same fate as we saw red marks across them.
Market Summary
Industry Watch
Strong: Energy, Materials, Utilities
Weak: Consumer Discretionary, Financials, Industrials, Technology
Other Market Moving Factor:
- September PPI (-0.5%; Briefing.com consensus 0.3%) and September Retail Sales (+0.1%; consensus 0.2%) miss expectations
- Intel (INTC) reports better than expected results, but lowers capital expenditures guidance
- JPMorgan Chase (JPM) reports in-line earnings on below-consensus revenue
[BRIEFING.COM] The major averages ended the midweek session on a lower note with the S&P 500 (-0.5%) registering its second consecutive decline. The benchmark index settled near its worst level of the day while the Nasdaq Composite (-0.3%) outperformed.
Equities displayed modest gains in the early going, but relative weakness in several influential sectors prevented the S&P 500 from holding its early gain. The index made another brief appearance above its flat line during the early afternoon, but slid to lows before the closing bell.
The reasons for today's retreat were not particularly difficult to find as economic data reported this morning disappointed while quarterly earnings received since yesterday's closing bell did not inspire confidence either.
Eight sectors registered losses with four falling 1.0% or more. The financial sector (-1.0%) settled among the laggards after showing relative weakness throughout the day. Three major components reported earnings with Bank of America (BAC 15.64, +0.17) adding 0.8% in reaction to a bottom-line beat on in-line revenue while JPMorgan Chase (JPM 59.99, -1.56) and Wells Fargo (WFC 51.50, -0.36) surrendered 2.5% and 0.7%, respectively. JPMorgan Chase reported in-line earnings on below-consensus revenue while Wells Fargo delivered a one-cent beat.
Wells Fargo's report highlighted a quarter-over-quarter decline in mortgage originations, which was roughly in-line with seasonal trends. That being said, the news was met with selling in the homebuilder space that sent the iShares Dow Jones US Home Construction ETF (ITB 26.86, -0.69) lower by 2.5% while the consumer discretionary sector (-1.0%) ended among the laggards.
With the Q3 earnings season heating up, investors have begun receiving reports from the technology sector. Today, the focus was on Intel (INTC 32.80, +0.76) as the stock erased its early loss to end higher by 2.4% after the company reported better than expected results, but lowered its capital expenditures guidance.
Elsewhere among semiconductor names, SanDisk (SNDK 68.70, +6.93) soared 11.2% after Bloomberg reported the company is exploring a sale with Micron (MU 18.82, +0.64) and Western Digital (WDC 83.19, -1.18) identified as potential suitors. A separate report from Bloomberg indicated that Fairchild Semiconductor (FCS 16.35, +2.21) has hired bankers in preparation for a sale.
The M&A speculation was not done there as the late afternoon featured reports indicating Analog Devices (ADI 60.99, +4.94) may merge with Maxim Integrated (MXIM 38.33, +3.62). The two names posted respective gains of 8.8% and 10.4% while the PHLX Semiconductor Index surged 3.8%.
Moving to the countercyclical side, the health care sector (-0.3%) settled a bit ahead of the broader market while the consumer staples sector (-1.1%) struggled with shares of Wal-Mart (WMT 60.03, -6.70) diving 10.0% after the company's Chief Financial Officer said operating expenses are expected to exceed sales growth during fiscal year 2016.
The retreat in stocks lured some money into the Treasury market. The 10-yr note climbed to a high during the late afternoon, sending its yield lower by seven basis points to 1.98%.
Today's session saw the strongest volume of the week as more than 860 million shares changed hands at the NYSE floor.
Economic data included PPI, Retail Sales, Business Inventories, and MBA Mortgage Index:
- Producer prices declined 0.5% in September after being unchanged in August while the Briefing.com consensus expected a decrease of 0.3%
- Final demand for goods declined 1.2% in September after decreasing 0.6% in August, representing the largest decline since a 1.9% drop in January
- Excluding food and energy, core PPI declined 0.3% in September after increasing 0.3% in August while the consensus expected an increase of 0.1%
- Retail sales increased 0.1% in September after a downward revision resulted in no growth (from 0.2%) in August while the Briefing.com consensus expected an increase of 0.2%
- The one bright spot in September was the motor vehicle sector as spending at auto dealers rose 1.8%, which was in-line with the impressive reports from the motor vehicle manufacturers that were released a couple of weeks ago
- Excluding autos, retail sales declined 0.3% in September after declining a downwardly revised 0.1% (from +0.1%) in August while the consensus expected a decline of 0.1%
- Business inventories were flat for a second consecutive month in August following a slight downward revision (from 0.1%) in July. The Briefing.com consensus expected an increase of 0.1%
- Manufacturer (-0.3%) and merchant wholesalers (0.1%) already reported their August results. The only piece of new information was that retailer inventories increased 0.3% in August after increasing 0.7% in July
- The weekly MBA Mortgage Index tumbled 27.6% to follow last week's 25.5% spike
Tomorrow, weekly Initial Claims (Briefing.com consensus 269K), September CPI (consensus -0.2%), and October Empire Manufacturing survey (expected -8.0) will be released at 8:30 ET while the Philadelphia Fed Survey for October will cross the wires at 10:00 ET. Also of note, the September Treasury Budget (consensus $95.00 billion) will be released at 11:00 ET.
Global Market
ASIA
Markets in the Asia-Pacific region were down across-the-board on Wednesday following some unsatisfying consumer price data out of China and the Japanese government lowering its assessment of Japan’s outlook. Declines were held below 1.0% in most instances, yet Japan (-1.9%) was a notable exception.
Economic data
- China
- September CPI +0.1% month-over-month (expected +0.5%; prior +0.5%); +1.6% year-over-year (expected +1.8%; prior +2.0%)
- September PPI -5.9% year-over-year (expected -5.9%; prior -5.9%)
- Japan
- September CGPI -0.5% month-over-month (expected -0.3%; prior -0.6%); -3.9% year-over-year (expected -3.9%; prior -3.6%)
- South Korea
- September Unemployment rate 3.5% (expected 3.6%; prior 3.6%)
- October M2 Money Supply +8.90% (prior +9.00%)
- Australia
- October Westpac Consumer Sentiment 4.2% (expected 3.0%; prior -5.6%)
- Singapore
- Q3 GDP +0.1% quarter-over-quarter (expected -0.1%; prior -4.0%); +1.4% year-over-year (expected +1.3%; prior +1.8%)
- India
- September WPI Inflation -4.54% year-over-year (expected -4.43%; prior -4.95%)
- WPI Food +0.69% (prior -1.13%)
- WPI Fuel -17.71% (prior -16.5%
Equity Markets
- Japan’s Nikkei declined 1.9% and ended near its lows for the session, pressured by the government’s downward assessment of the economy and China’s weak inflation data. Every sector ended with a loss, led by the industrials (-2.9%), materials (-2.9%), technology (-2.6%), and financials (-2.2%) sectors. Sumco Corp (-7.7%), Toho Zinc (-5.5%), and Nippon Steel & Sumitomo Metal (-5.4%) were the biggest losers. Toho Corp (+3.9%) led a very small group of winners. Out of the 225 index members, 7 ended higher, 217 finished lower, and 1 was unchanged.
- Hong Kong’s Hang Seng declined 0.7%, spending the entirety of its session in negative territory as China’s disappointing inflation report set the tone for things. China Mengniu Dairy (-4.4%), Belle International Holdings (-3.6%), and China Merchants holdings Intl. (-2.9%) were the worst-performing issues while Sino Land (+1.8%), New World Development Co (+1.6%), and Hang Lung Properties (+1.6%) sat atop the list of winners. Out of the 50 index members, 19 ended higher and 31 finished lower.
- China’s Shanghai Composite declined 0.9% in a seesaw affair that culminated with a notable downswing in the final hour of trading. The Composite pretty much finished at its lows for the day as the soft September CPI reading failed to ignite a speculative rally based on the idea that it will invite more policy stimulus.
- India’s Sensex declined 0.3% in a tightly-traded affair. The modest loss was driven by weakness in the technology (-2.9%), consumer staples (-1.4%), and consumer discretionary (-0.8%) sectors. Tata Consultancy Services (-4.4%), Tata Motors (-2.4%), and Hindustan Unilever (-1.9%) led individual decliners while Hindalco Industries (+2.8%), Lupin Ltd (+1.9%), and Tata Steel (+1.4%) were the biggest gainers. Out of the 30 index members, 16 ended higher and 14 finished lower.
- Australia’s S&P/ASX 200 declined 0.1%, but finished on an upswing that saw it cut almost all of an early 0.7% decline. Wednesday’s weak links were the energy (-3.3%), resources (-1.2%), and telecom services (-0.7%) sectors. Out of the 200 index members, 81 ended higher, 104 finished lower, and 15 were unchanged.
- Regional advancers: None
- Regional decliners: South Korea -0.5%, Taiwan -0.5%, Singapore -0.03%, Thailand -0.7%, Vietnam -0.2%, Philippines -1.3%
- Closed for holiday: Indonesia (Muslim New Year) and Malaysia (Awal Muharram)
FX
- USD/CNY +0.1% at 6.3482
- USD/INR -0.2% at 65.0300
- USD/JPY -0.2% at 119.50
EUROPE
Major European indices trade lower across the board with France’s CAC (-0.2%) trading a bit ahead of its peers. Elsewhere, the newest Bank of England member, Gertjan Vlieghe, stressed patience, saying the central bank should employ a “wait and see” approach before raising rates due to downside inflation risk.
- Eurozone August Industrial Production -0.5% month-over-month, as expected (prior 0.8%); +0.9% year-over-year (consensus 1.8%; last 1.7%)
- UK’s August Average Earnings Index + Bonus +3.0% (consensus 3.1%; last 2.9%), September Claimant Count Change 4,600 (expected -2,100; prior 1,200), and the Unemployment Rate 5.4% (consensus 5.5%; prior 5.5%)
- France’s September CPI -0.4% month-over-month, as expected
- Italy’s September CPI -0.4% month-over-month (expected -0.3%; prior -0.4%); +0.2% year-over-year (consensus 0.3%; last 0.2%)
- Spain’s September CPI -0.3% month-over-month, as expected; -0.9% year-over-year, as expected
Closing Prices
- UK’s FTSE: -1.2%
- Germany’s DAX: -1.2%
- France’s CAC: -0.7%
- Spain’s IBEX: -0.6%
- Portugal’s PSI: + 0.2%
- Italy’s MIB Index: -1.0%
- Irish Ovrl Index: -0.2%
- Greece ASE General Index: -0.3%
Macroeconomic Data
Economic Data
from Briefing.com
- MBA Mortgage Index : -27.6% (Prior 25.5%)
- PPI : -0.5% vs -0.3% (Prior 0.0%)
- Core PPI : -0.3% vs 0.1% (Prior 0.3%)
- Retail Sales : 0.1% vs 0.2% (Prior 0.0% - Down)
- Retail Sales ex-auto : -0.3% vs -0.1% (Prior -0.1% - Down)
- Business Inventories : 0.0% vs 0.1% (Prior 0.0% - Down)
- Fed's Beige Book
PPI
Highlights
- Producer prices declined 0.5% in September after being unchanged in August. The Briefing.com Consensus expected the PPI to decrease 0.3%.
- Excluding food and energy, core PPI declined 0.3% in September after increasing 0.3% in August. The consensus expected these prices to increase 0.1%.
Key Factors
- Final demand for goods declined 1.2% in September after decreasing 0.6% in August. That was the largest decline in final demand for goods prices since a 1.9% decline in January.
- The entire decline in goods prices can be attributed drops in food and energy costs. After declining 3.3% in August, energy prices fell 5.9% in September. Even though spot crude prices actually increased during the month, gasoline prices – which impact the PPI report – declined 16.6% in September. Food prices declined 0.8% in September.
- Final demand for services, which had contributed significantly to core PPI growth over the past few months, declined 0.4% in September. That was the largest decline since a 0.5% decline in February.
- Trade prices declined 0.4% in September and transportation and warehousing prices declined 0.7%.
- Final demand excluding food, energy, and trade declined 0.3% in September.
- Pipeline pressures continued to weaken. Core processed intermediate goods prices declined 0.6% in September after declining 0.2% in August. That was the largest decline in these prices since January. Core unprocessed intermediate goods prices declined 1.1%, its third consecutive monthly decline.
- Intermediate services prices declined 0.7% in September.
Big Picture
- There are no pricing pressures down the producer pipeline. This should keep both consumer and producer price growth in check.
RETAIL SALES
Highlights
- Retail sales increased 0.1% in September after a downward revision resulted in no growth (from 0.2%) in August. The Briefing.com Consensus expected retail sales to increase 0.2%.
- Excluding autos, retail sales declined 0.3% in September after declining a downwardly revised 0.1% (from +0.1%) in August. The consensus expected these sales to decline 0.1%.
- Core sales, which exclude auto dealers, gasoline stations, and building materials and supply stores, increased 0.1% in September. That was down from a downwardly revised 0.2% increase (from 0.5%) in August. These sales are more closely aligned with the goods consumption data in GDP and make a dismal retail sales report look a little more palatable.
Key Factors
- The story out of the retail sector remains the same. This was another month where falling energy prices should have helped drive up sales of more discretionary and luxury goods. Instead, lackluster income growth has failed to foster an acceleration in consumer demand, and consumers are more willing to pocket their gasoline price savings than spend them.
- Until wage growth picks up, retail demand will continue to look sluggish.To that end, the September employment report showed that aggregate wages actually declined that month. There was very little reason to expect a change in consumption trends at this time.
- The one bright spot in September was the motor vehicle sector. Spending at auto dealers rose 1.8%, which was in-line with the impressive reports from the motor vehicle manufacturers that were released a couple of weeks ago.
- Much of the decline in sales excluding autos stemmed from lower gasoline prices, which helped cause sales at gasoline stations to decline 3.2% in September. Other areas of weakness included electronic stores (-0.2%), building material and supply dealers (-0.3%), and food and beverage stores (-0.3%).
- Sales at clothing and sporting goods stores both increased 0.9% in September.
Big Picture
- Without significant improvements in income growth, retail sales gains will continue to be weak.
BUSINESS INVENTORIES
Highlights
- Business inventories were flat for a second consecutive month in August following a slight downward revision (from 0.1%) in July. The Briefing.com Consensus expected business inventories to increase 0.1%.
Key Factors
- Manufacturer (-0.3%) and merchant wholesalers (0.1%) already reported their August results. The only piece of new information was that retailer inventories increased 0.3% in August after increasing 0.7% in July.
- All major retailer sectors posted positive increases in inventory levels. That included a 0.7% increase in building material and supply store inventories, a 0.4% increase in clothing store inventories, and a 0.2% increase in motor vehicle and parts dealer inventories.
- Total business sales declined 0.6% in August after increasing 0.1% in July. Sales in all three business sectors - manufacturing (-0.7%), retailer (-0.1%), and merchant wholesales (-1.0%) – declined in August.
- The inventory-to-sales ratio increased to 1.37 in August from 1.36 in July.
Big Picture
- Business inventories include wholesale inventories, manufacturing inventories, and retail inventories. Inventories are a component of GDP, and thus are of interest to economists, but the financial markets don't pay much attention to this release. Despite better inventory management techniques, inventory growth has outpaced sales for the past few years.
Market Internals
NYSE:
Higher Volumes than the day before – 886.7M vs 858.2M
Decliners outpaced Advancers (adv/dec): 1246 / 1822
New Lows outpaced New Highs (highs/lows): 18 / 29
NASDAQ:
Higher Volumes than the day before – 1888.0M vs 1536.1M
Decliners outpaced Advancers (adv/dec): 1053 / 1798
New Lows outpaced New Highs (highs/lows): 25 / 50
VOLATILITY S&P500 (VIX)
18.03 +0.36 (+2.04%)
Technical Updates
Volume: 120,111,006 (above average of 114,210,226)
Range: 16,887.67 - 17,111.38
Range: 16,887.67 - 17,111.38
4,782.85 -13.76 (-0.29%)
Volume: 435,242,624 (below average of 476,072,126)
Volume: 435,242,624 (below average of 476,072,126)
Range: 4,771.63 - 4,820.09
1,994.24 -9.45 (-0.47%)
Volume: 629,947,000 (below average of 640,507,451)
Range: 1,990.73 - 2,009.56
DOW seems to find a support at 16,900 area. It will be a nice pullback in the market if we are going to see DOW continue to bounce higher from here. NASDAQ continue to be rejected by its 50MA and move lower from the resistance at 4,820. I would say NASDAQ is the weakest out of the 3 indices. S&P also move down to test the support at 1,990 and likewise it would be good to see if the support might hold. Since S&P could not break above its September's high, if the support holds we might see a potential breakout.
Commodities
- The dollar index has been sliding lower all day, which has been giving a boost to commodities
- Gold and silver were strong today. Gold inching higher all day basically, while silver futures held gains after running higher this morning
- Copper ran higher today along with gold. Dec copper gained +0.4% to end at $2.41/lb
- Dec gold ran +1.2% to $1180.00/oz, while Dec silver +1.3% to $16.13/oz
- WTI crude oil prices recovered off of morning lows, closing the day -0.1% at $46.64/barrel
- Nov nat gas gained +0.8% to $2.52/MMBtu
Energy Closing Prices
- November crude oil futures fell $0.06 (-0.1%) to $46.64/barrel
- November natural gas closed $0.02 higher (+0.8%) at $2.52/MMBtu
- RBOB Gasoline closed $0.03 lower at $1.31/gallon
- Heating oil futures closed $0.01 higher at $1.48/gallon
Agriculture Closing Prices
- December corn closed $0.05 lower at $3.79/bushel
- December wheat closed $0.11 lower at $5.08/bushel
- November soybeans closed $0.02 lower at $9.10/bushel
- Sugar #11 closed $0.26 cents higher at 14.09 cents/lb
Metals Closing Prices
- December gold ended today’s session $14.50 higher (+1.2%) at $1180.00/oz
- December silver closed today’s session $0.21 higher (+1.3%) at $16.13/oz
- December copper closed $0.01 higher (+0.4%) at $2.41/lb
Currencies
Dollar Sinks against All Majors
- The U.S. Dollar Index fell 0.85% to 93.95 today, touching its lowest level since the August 24th panic. Treasury yields moved lower on the session after worse-than-expected retail sales and producer price data for September and declining returns on dollar assets discouraged investment in the U.S.
- EUR/USD: +0.79% to $1.1475
- Industrial production in the eurozone fell 0.5% in August, reversing a 0.8% gain in July. That does not bode well for third quarter GDP growth in the single currency bloc
- France's consumer prices inched up 0.1% in the year to September on an EU harmonized basis, matching expectations and the growth in August
- GBP/USD: +1.52% to $1.5483
- U.K. unemployment hit a post-crisis low of 5.4% in August, edging down from 5.5% in July
- The Average Earnings Index (including bonuses) grew a smaller-than-expected 3.0% y/y in August after climbing 2.9% in July
- U.K. unemployment hit a post-crisis low of 5.4% in August, edging down from 5.5% in July
- USD/CHF: -0.92% to 0.9492
- Switzerland's ZEW Expectations Index for October jumped to 18.3 from 9.7 in September
- USD/JPY: -0.74% 118.87
- Japan's Corporate Goods Price Index (a gauge of producer prices) fell 0.5% in September, more than economists' expectations, after declining 0.6% in August. That reading marked the sixth consecutive decline for the index
- USD/CAD: -0.67% to 1.2935
- AUD/USD: +1.04% to $0.7294
- Westpac Consumer Sentiment rose a better-than-expected 4.2% in October after falling 5.6% in September
- NZD/USD: +2.25% to $0.6795
Bonds
Government Yields Decline
- U.S. Treasury yields moved lower today after a raft of economic data missed economists' expectations. Retail sales and producer prices fell short of projections in September and business inventories for August also came in low. Retail sales growth for August and business inventory growth for July were also revised down. The Fed's Beige Book for the mid-August to early-October period showed modest expansion. The yield curve steepened somewhat today as public comments from Fed Governors Brainard and Tarullo earlier this week indicated that the Fed might maintain zero interest-rate policy until inflation really starts to move higher
- Yield Check:
- 2-yr: -7 bps to 0.54%
- 5-yr: -8 bps to 1.28%
- 10-yr: -6 bps to 1.98%
- 30-yr: -5 bps to 2.84%
- News:
- Retail sales in the U.S. rose only 0.1%m/m in September, falling short of the Briefing.com consensus of 0.2%. The change in August was revised down to 0.0% from 0.2%
- Retail sales ex-auto fell 0.3% m/m, more than the Briefing.com consensus for a decline of 0.1%. The prior reading for the ex-auto number was also revised down to -0.1% from the initial report of 0.1%
- The story out of the retail sector remains the same. This was another month where falling energy prices should have helped drive up sales of more discretionary and luxury goods. Instead, lackluster income growth has failed to foster an acceleration in consumer demand, and consumers are more willing to pocket their gasoline price savings than spend them. Until wage growth picks up, retail demand will continue to look sluggish
- The producer price index (PPI) fell 0.5% in September, missing the Briefing.com consensus of -0.3%. The index was flat in August
- The entire decline in goods prices can be attributed drops in food and energy costs. After declining 3.3% in August, energy prices fell 5.9% in September. Even though spot crude prices actually increased during the month, gasoline prices -- which impact the PPI report -- declined 16.6% in September. Food prices declined 0.8% in September
- The core PPI fell 0.3%, also falling short of the Briefing.com consensus for a change of 0.1% and the prior reading of 0.3%
- The MBA Mortgage Index fell 27.6% for the week ending 10/10 after rising 25.5% in the prior week
- Business inventories were flat for a second consecutive month in August following a slight downward revision (from 0.1%) in July. The Briefing.com Consensus expected business inventories to increase 0.1%
- Reports from the twelve Federal Reserve Districts point to continued modest expansion in economic activity during the reporting period from mid-August through early October
- A number of Districts cite the strong dollar as restraining manufacturing activity
- Retail sales in the U.S. rose only 0.1%m/m in September, falling short of the Briefing.com consensus of 0.2%. The change in August was revised down to 0.0% from 0.2%
- Commodities:
- WTI crude: -0.11% to $46.61/bbl.
- Gold: +2.09% to 1,189.70/troy oz.
- Copper: +1.32% to $2.419/lb.
- Currencies:
- EUR/USD: +0.90% to $1.1488
- USD/JPY: -0.89% to 118.69
- Data Out 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)
- Fed Speakers:
- 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)
Treasury Yields:
- 2 Year Note 0.57% -0.07
- 5 Year Note 1.29% -0.07
- 10 Year Note 1.99% -0.07
- 30 Year Bond 2.84% -0.05
2/30 Spread: 227 bps ( +2 ) … 2/10 Spread: 142 bps ( UNCH )
Preview for Thursday 15 Oct, 2015
Thursday (15 Oct) :
- 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)
Earnings Highlights
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
Summary
It looks to me that the pullback is more or less done with and we might see the market continue to move on from here. There wasn't really a lot of bearishness in the market to deal with. I reckon mostly the slight correction were from profit-taking.
Tomorrow is going to be another heavy economic data session. However one point to note would be the performance of earnings reports. We have more earnings releasing and they might give the market some nudge as well.
It looks to me that the pullback is more or less done with and we might see the market continue to move on from here. There wasn't really a lot of bearishness in the market to deal with. I reckon mostly the slight correction were from profit-taking.
Tomorrow is going to be another heavy economic data session. However one point to note would be the performance of earnings reports. We have more earnings releasing and they might give the market some nudge as well.
Direction for Thursday 15 Oct, 2015: Up
2015 Daily Directional Accuracy: 104/163 (63.80%)
2015 Weekly Directional Accuracy: 23/37 (60.53%)
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