Jobless Claims

10-31-2013 5-11-38 PMToday’s E-mini S&P opening price was (1756.50). The market price dipped to (1750.25) for the day’s low at 10:40 a.m. US/Eastern time. The market day’s high of (1764) was hit at 2:35 p.m. US/Eastern time. In the week of October 26 jobless claims at 340,000, which is 10,000 below the previous week. Government contractors who were filing claims during the government shutdown in the first half of the month and California, with counting problems that were tied to a computer changeover, are no longer inflating these factors. The 4-week average has risen to 356,250 in the latest week, which is the highest reading since April. In the latest data which is for the October 19 week continuing claims are up 31,000 to 2.881 million. The 4-week average is down 10,000 in the latest week to 2.879 million which, is a bit above the month-ago trend. For insured workers, the unemployment rate is unchanged at 2.2 percent which is just up from the recovery low.

Treasury Budget

10-30-2013 chartThe opening price on the E-mini S&P today was (1769). About five minutes after the opening around 9:35 a.m. US/Eastern time, the day’s high was reached at (1770.50). The day’s low of (1751.75) was hit at 2:30 p.m. Eastern time. There was a big improvement in the deficit announced with the Treasury’s post of a $75.1 billion surplus in the month of September. In the fiscal year of 2013, the deficit fell 37 percent to $680 billion. Individual taxes led the 13.3 percent rise of receipts. Defense spending is down 6.3 percent, bringing The total decline of 2.3 percent.

Pending Home Sales

10-28chartToday’s opening price on the E-mini S&P was (1753.50). The lowest price point today was (1754) at 11 a.m. Eastern time. The high today was (1760) at 2:45 p.m. Eastern. The economy is usually strengthened by sales on the housing market, but for four months in a row it has been hard to tell since pending sales have been down. The index level of pending home sales has fallen to 101.6 vs 107.6 in August, for a 5.6 percent decline. In nearly 2-1/2 years this has been the first negative reading of the year-on-year index, which is down 1.2 percent. According to the National Association of Realtors (NAR), the recent government shutdown has pushed government workers and contractors to the sidelines of the housing market. Sales of existing homes had been slightly stronger, but not my much. The NAR says that today’s report points to a no better than a flat trend for final sales through the 4th quarter. This report had little effect on the the market following today’s results.

Retail Sales Report

oct11chart1The opening price on the E-mini S&P today was (1683). A few minutes right after opening, there was a low of (1682.50). Today’s high was (1698.75) at 1:10 p.m. US/Eastern time. There was a Retail Sales report schedule for be released today that would have a significant impact on the market. The release was delayed due to the temporary shutdown of the US government. The previous data reports that there was an increase of 0.2 percent in the month of August after gaining 0.4 percent the month before. This has been the weakest gain in four months.

Trading Charts and Candles

1017chart2When day trading using a charting platform, the price is determined by candles on your chart. The candles are a visual representation of the fluctuation of the price during a given time frame. When using the NinjaTrader platform, a green candle indicates a price that closed higher than when it opened. Red, being the opposite, represents a price that closed lower than when it opened. A doji occurs when the opening and closing price are the same. On the E-mini, today’s opening price was (1669.25). Today’s low was (1167.25) at 9:35 a.m US/Eastern time and the high for the day (1679.50) was reached at around 2:05 p.m. US/Eastern.