Summary The Dow Future has advanced 7 points to 15461. The US Dollar Index eased 0.007 points to 79.204. Gold is declining 4.78 dollars to 1339.30. Silver is trending lower 0.3162 dollars to 22.3110. The Dow Industrials edged higher by 95.88 points, at 15509.21, while the S&P 500 advanced 5.69 points, last seen at 1752.07. The Nasdaq Composite advanced 21.16 points to 3928.23. Streaming charts of these markets are available 24/7 at MarketClub Blog Postings and Videos Apples Killer New Strategy And Why Everyone Missed It Thursday Oct 24th Trade with a Plan – Setting Your Limits Thursday Oct 24th Is It All Over For Netflix? Wednesday Oct 23rd Key Events for Friday 0830/1230 U.S. Weekly Export Sales Corn, In Metric Tons Soybeans, In Metric Tons Wheat, In Metric Tons 8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims Weekly Jobless Claims (previous 358K) Weekly Jobless Claims Net Change (previous -15K) Cont Jobless Claims (prior week) (previous 2859000) Cont Jobless Claims Net Chg (prior week) (previous -43K) 9:00 AM ET. Oct US Flash Manufacturing PMI 9:45 AM ET. Bloomberg Consumer Comfort Index 10:00 AM ET. Sept New Residential Sales Overall Sales (previous 421K) Percent Change (previous +7.9%) Months Supply (previous 5) 10:00 AM ET. DJ-BTMU U.S. Business Barometer DJ-BTMU Business Barometer (previous +0.1%) DJ-BTMU Business Barometer (52 Wk) (previous +0.3%) 10:30 AM ET. EIA Weekly Natural Gas Storage Report Total Working Gas in Storage Total Working Gas in Storage (Net Change) 11:00 AM ET. Oct Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing Manufacturing Activity Index (previous 4) Manufacturing Activity Index (6 Mon) (previous 35) Manufacturing Composite Index (previous 2) 6-Month Composite Expectations Index (previous 18) 4:30 PM ET. Federal Discount Window Borrowings 4:30 PM ET. Money Stock Measures 4:30 PM ET. Foreign Central Bank 8:30 AM ET. Sept Advance Report on Durable Goods Total Orders (previous +0.1%) Orders, Ex-Defense (previous +0.5%) Orders, Ex-Transportation (previous -0.1%) 9:55 AM ET. Oct Thomson Reuters / University of Michigan Survey of Consumers - final Sentiment Index End month (previous 77.5) Expectations Index End Month (previous 67.8) 12-Month Inflation Forecast (previous 3.3%) 5-Year Inflation Forecast (previous 3%) Value (Current Period) End Month (previous 92.6) Currencies Snapshot Symbol Last Change % US DOLLAR INDEX 79.204 -0.007 -0.01% POWERSHARES DB US DOLLAR INDEX 21.34 -0.02 -0.09% US Dollar/Canadian Dollar 1.04350 +0.00172 +0.17% Euro/US Dollar 1.37900 +0.00010 +0.01% JAPANESE YEN Dec 2013 0.010279 +0.000004 +0.04% SWISS FRANC Dec 2013 1.1181 -0.0034 -0.30% CURRENCIES The December Euro currency closed up 23 points at 1.3803 today. Prices closed nearer the session high today and scored a fresh contract high. Bulls have the solid near-term technical advantage. The December Japanese yen closed up 4 points at 1.0282 today. Prices closed nearer the session high. Bulls have the slight near-term technical advantage. The December Swiss franc closed down 4 points at 1.1212 today. Prices closed nearer the session low but did hit another fresh contract high. The December Canadian dollar closed down 29 points at .9580 today. Prices closed nearer the session low and hit a fresh six-week low. Bulls have quickly faded. Bears now have the slight near-term technical advantage. The December British pound closed up 35 points at 1.6198 today. Prices closed nearer the session high today. Bulls have the solid overall near-term technical advantage. The December U.S. dollar index closed down 0.079 at 79.250 today. Prices closed near mid-range and hit another 10.5- month low today. The bears have the solid overall near-term technical advantage. Energy Snapshot Symbol Last Change % CRUDE OIL Dec 2013 97.43 +0.32 +0.33% NY HARBOR ULSD HEATING OIL Dec 2013 2.9031 +0.0042 +0.14% NATURAL GAS Jan 2014 3.817 -0.008 -0.21% RBOB GASOLINE Dec 2013 2.5536 -0.0188 -0.73% POWERSHARES DYNAMIC ENERGY 53.4436 +0.3436 +0.64% UNITED STATES GASOLINE 55.0000 +0.3710 +0.67% ENERGIES ENERGIES: December Nymex crude oil closed up $0.23 at $97.10 today. Prices closed nearer the session high today on tepid short covering after hitting a four-month low early on. Crude oil bears still have the overall near-term technical advantage. A two-month-old downtrend is in place on the daily bar chart. December heating oil closed down 233 points at $2.8986 today. Prices closed nearer the session low and hit a fresh nearly four-month low today. Bears have the near-term technical advantage. December (RBOB) unleaded gasoline closed up 240 points at $2.5669 today. Prices closed nearer the session high on short covering after hitting a four-month low early on today. The gasoline bears still have the near-term technical advantage. December natural gas closed up 2.0 cents at $3.753 today. Prices closed nearer the session high and saw more short covering. Prices also scored a bullish outside day up on the daily bar chart today. Food Snapshot Symbol Last Change % COCOA Dec 2013 2682 -4 -0.15% COFFEE Dec 2013 110.85 +0.55 +0.50% ORANGE JUICE-A Jan 2014 121.60 +0.60 +0.50% IPATH DJ-UBS SUGAR TRUST 64.6500 -0.6100 -0.96% IPATH DJ-UBS SOFTS TRUST 46.36 +0.32 +0.67% FOOD & FIBER SOFTS: March sugar closed down 45 points at 18.83 cents today. Prices closed near the session low on heavy profit taking. The sugar bulls still have the near-term technical advantage but may now be exhausted and need to show fresh power soon. Prices are still in a two-month-old uptrend on the daily bar chart, but now just barely. December coffee closed down 20 points at 110.35 cents today. Prices closed nearer the session low and hit another contract low. The coffee bears have the solid overall near- term technical advantage. December cocoa closed down $31 at $2,683 a ton today. Prices closed near the session low on profit taking and hit a fresh two-week low. The cocoa bulls still have the overall near-term technical advantage, but are fading. A bearish broadening pattern has formed on the daily bar chart. December cotton closed down 139 points at 79.30 cents today. Prices closed nearer the session low and hit a fresh nine-month low today. Cotton bears have the solid near-term technical advantage and gained more power today. November orange juice closed down 10 points at $1.2070 today. Prices closed near the session low. The bears have the solid overall near-term technical advantage. November lumber futures closed up $1.20 at $351.40 today. Bulls have the near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $337.50. FREE 3-DAY EMAIL COURSE ($97 VALUE) Learn Secrets Most Traders Will Never Know About Making Consistent Trading Profits... In my free 3-day email course, Ill teach you... 1) One principle that successful traders use to make consistent profits. 2) Why most traders fail even with the right trading systems. And how you can avoid being a trader who fails. 3) Exactly how to identify profitable trades. Click Here For Your Free 3-Day Email Course Grains Snapshot Symbol Last Change % CORN Dec 2013 440.75 +0.50 +0.11% OATS Dec 2013 345.25 +1.00 +0.29% WHEAT Dec 2013 699.25 +2.75 +0.39% TEUCRIUM CORN 33.3646 -0.0754 -0.23% IPATH DJ-UBS GRAINS TRUST 46.8201 +0.2449 +0.52% ELEMENTS MLCX GRAINS INDEX TRUST 6.3010 +0.0698 +1.11% SOYBEANS Jan 2014 1301.00 -2.75 -0.21% SOYBEAN (MINI) Nov 2013 1308.250 -1.500 -0.11% SOYBEAN MEAL Dec 2013 426.7 +0.7 +0.16% TEUCRIUM SOYBEAN 23.50 +0.15 +0.64% GRAINS December corn futures closed down 2 1/4 cents at $4.40 1/2 Thursday. Prices closed nearer the session low and could not find support from hefty weekly USDA export sales for corn announced in the morning. Harvest pressure continues to be a major bearish weight on corn. The bulls are hoping for a harvest low to come soon. January soybeans closed down 1/4 cent at $13.03 3/4 a bushel Thursday. Prices closed near mid-range. Harvest pressure limited gains today, but solid weekly U.S. export sales for soybeans, reported this morning, limited selling interest. Soybean bulls still have some upside technical momentum and have the slight overall near-term technical advantage. December soybean meal closed up $4.60 at $426.00 Thursday. Prices closed nearer the session high and hit another five- week high. Bulls have the near-term technical advantage and have gained upside momentum this week. December bean oil closed down 37 points at 41.13 cents Thursday. Prices closed near the session low. The bears have the overall near-term technical advantage. December Chicago SRW wheat closed down 5 1/4 cents at $6.96 1/2 Thursday. Prices closed near the session low and saw profit taking. Weekly USDA export sales for wheat were on the lower end of expectations, too. The wheat market bulls still have the overall near-term technical advantage. Prices are still in a six-week-old uptrend on the daily bar chart. December HRW wheat closed down 6 1/2 cents at $7.64 1/4 Thursday. Prices closed near the session low after hitting a fresh nearly five-month high early on today. Profit taking was featured. The HRW wheat market still bulls have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. December oats closed down 1/4 cent at $3.44 1/4 Thursday. Prices closed near mid-range and hit another fresh seven- week high. Indexes Snapshot Symbol Last Change % DJ 30 INDUSTRIALS 15509.21 +95.88 +0.62% NASDAQ COMPOSITE INDEX (COMBINED) 3928.23 +21.16 +0.54% S&P 500 CASH 1752.07 +5.69 +0.32% SPDR S&P 500 175.155 +0.585 +0.33% QQQQ VOLATILITY INDEX 12.82 -0.48 -3.75% iShares RUSSELL 2000 INDEX 111.00 +0.61 +0.55% U.S. STOCK INDEXES STOCK MARKET COMMENT: The U.S. stock indexes closed higher today. The market place got some bullish overnight news, with the preliminary HSBC China manufacturing PMI coming in better than expected, hitting a seven-month high of 50.9 in October versus the final PMI reading of 50.2 in September. A reading above 50.0 suggests economic expansion. While the PMI report was deemed upbeat by Asian market watchers, the overhanging worry of rising short-term interest rates in China somewhat muted bullishness. An overheating housing market in China and the rising short- term interest rates are sparking fears the Chinese central bank could tighten monetary policy, which in turn could reduce demand for raw commodities coming from China. In the European Union, its manufacturing and services PMI report came in weaker than expected, at 51.5 in October versus 52.2 in September. The report caused the Euro currency to backed down from its 23-month high scored against the U.S. dollar earlier in the session. Interest Snapshot Symbol Last Change % T-BONDS Dec 2013 135.21875 +0.15625 +0.12% iShares FLOATING RATE NOTE 50.6942 -0.0158 -0.03% 5 YEAR T-NOTES Dec 2013 121.609375 +0.062500 +0.05% ULTRA T-BONDS Dec 2013 144.65625 +0.34375 +0.24% POWERSHARES SENIOR LOAN PORTF 24.75 -0.03 -0.12% INTEREST RATES T-bonds were lower overnight as it consolidates some of the rally off Septembers low. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If December extends this months rally, the 38% retracement level of the May-September decline crossing at 135-28 is the next upside target. Closes below the 20-day moving average crossing at 133-16 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the May-September decline crossing at 135-28. Second resistance is the 50% retracement level of the May-September decline crossing at 138-06. First support is the 20-day moving average crossing at 133-16. Second support is last Wednesdays low crossing at 131-20. Livestock Snapshot Symbol Last Change % FEEDER CATTLE Jan 2014 166.950 +0.250 +0.15% LEAN HOGS Dec 2013 90.375 +0.775 +0.86% LIVE CATTLE Dec 2013 133.225 +0.350 +0.26% IPATH DJ-UBS LIVESTOCK TRUST SUB 28.22 +0.21 +0.74% LIVESTOCK December live cattle closed up $0.15 at $132.90 Thursday. Prices closed near the session low. Cattle futures saw just light support from the record cash cattle prices fetched Wednesday in both Texas and Kansas. Texas saw prices at mostly $132 to $133 while Kansas saw $131 to $133. Gains in futures were mitigated by the slight decline in boxed beef prices Thursday. Trading has been choppy but the cattle futures bulls still have the overall near-term technical advantage. November feeder cattle closed down $0.67 at $166.95 Thursday. Prices closed near the session low on profit taking. The feeder bulls still have the overall near-term technical advantage. December lean hogs closed up $1.57 at $89.72 Thursday. Prices closed near the session high and hit a fresh contract high. The $3.00 discount December futures hold to the cash hog index has helped to boost lean hog futures. Rising U.S. beef prices have also seen better consumer demand for less-expensive pork. Cash hog bids were 50 cents to $1 lower Thursday. The hog market bulls have the solid overall near-term technical advantage. Metals Snapshot Symbol Last Change % GOLD Dec 2013 1340.1 -10.2 -0.76% SPDR GOLD SHARES 129.89 +1.20 +0.92% SILVER Dec 2013 22.390 -0.432 -1.90% PALLADIUM Dec 2013 740.95 -6.85 -0.92% DIREXION DAILY GOLD MINERS BEA 27.750 -3.639 -13.07% POWERSHARES DB PRECIOUS METALS 44.50 +0.40 +0.90% PRECIOUS METALS METALS: December gold futures closed up $15.70 an ounce at $1,349.70. Prices closed nearer the session high today and hit a fresh four-week high. The slumping U.S. dollar index has been bullish for the gold market. The gold market bulls and bears are on a level near-term technical playing field. December silver futures closed up $0.188 an ounce at $22.80 today. Prices closed nearer the session high and hit a fresh five-week high today. The bulls and bears are on a level near-term technical playing field. December N.Y. copper closed down 20 points at 326.55 cents today. Prices closed near mid-range. The bulls have faded. Bulls and bears are on a level near-term technical playing field. Top Stocks # symbol name last net % volume score triangles 1. F FORD MOTOR 17.75 +0.23 +1.30% 70,069,416 +90 Entry Signal 2. GLW CORNING 17.4799 -0.0401 -0.23% 36,337,249 +100 Entry Signal 3. GE GENERAL ELECTRIC 25.95 +0.25 +0.96% 32,084,938 +90 Entry Signal 4. LYG LLOYDS BANKING GROUP 5.355 +0.235 +4.38% 29,492,382 +100 Entry Signal 5. AA ALCOA 9.25 -0.02 -0.22% 27,630,599 +100 Entry Signal 6. AAMRQ AMR 6.922 +0.622 +9.01% 25,064,339 +90 Entry Signal 7. PFE PFIZER 30.61 +0.01 +0.03% 23,803,905 +90 Entry Signal 8. ANR ALPHA NATURAL RESOURCES 6.855 +0.325 +4.74% 17,910,933 +100 Entry Signal 9. STXS STEREOTAXIS 4.81 -0.26 -5.39% 16,759,570 +90 Entry Signal 10. NXPI NXP SEMICONDUCTOR 39.54 +3.51 +8.87% 12,230,727 +90 Entry Signal Top Futures # symbol name last net % volume score triangles 1. TY.Z13 10 YEAR T-NOTES Dec 2013 127.406250 -0.250000 -0.20% 844,838 +100 Entry Signal 2. FV.Z13 5 YEAR T-NOTES Dec 2013 121.546875 -0.125000 -0.10% 429,412 +100 Entry Signal 3. ZN.Z13.E 10 YEAR T-NOTES Dec 2013 127.50000 +0.09375 +0.07% 159,989 +100 Entry Signal 4. ED.U16 EURODOLLAR Sep 2016 98.225 -0.035 -0.04% 87,559 +100 Entry Signal 5. ED.M16 EURODOLLAR Jun 2016 98.490 -0.025 -0.03% 77,571 +100 Entry Signal 6. ED.H16 EURODOLLAR Mar 2016 98.735 -0.020 -0.02% 75,374 +100 Entry Signal 7. ED.Z16 EURODOLLAR Dec 2016 97.965 -0.040 -0.04% 71,538 +100 Entry Signal 8. ZF.Z13.E 5 YEAR T-NOTES Dec 2013 121.609375 +0.062500 +0.05% 53,238 +100 Entry Signal 9. ZB.Z13.E T-BONDS Dec 2013 135.21875 +0.15625 +0.12% 32,617 +100 Entry Signal 10. GE.U15.E EURODOLLAR Sep 2015 99.165 +0.010 +0.01% 12,753 +100 Entry Signal Thank you! Thank you for subscribing to INO Morning Commentary from INO. If you want to subscribe to our other email services, or would like to modify your profile please visit our email services page. 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Posted on: Fri, 25 Oct 2013 13:06:08 +0000
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