Gallup U.S. Job Creation Index

11-6-2013 4-45-49 PMToday, the opening price on the E-mini S&P market was (1765.50). At 10:00 a.m. US/Eastern, the day’s high was (1770). The market’s low price point, (1760) was hit today at 11:10 a.m. US/Eastern. For the first time since April, the Gallup’s Job Creation Index has registered below +21, at +19. The index for October 2013 is similar to the October 2012 average, but is still higher than the low levels seen from the second half of 2008 through 2011. Gallup began tracking job creation in 2008. The index score from last month is tied for the most positive for any October since Gallup began tracking job creation. Federal worker reports of net hiring fell six points to minus 10 in the last month, most likely a result of the government shutdown. Net hiring reports among local government workers were just as bad, loosing six points for a score of +9 in October. State government workers net hiring score also dipped from +17 to +14. Overall, net hiring fell slightly in October mostly due to less hiring at all levels of government. Hiring still remains stronger than in recent years, with only federal workers reporting more layoffs than hiring.

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.

Economic Calendar

10-18-2013 chart2Today the opening price on the E-mini S&P was (1733.75). The day’s low was (1730.25) at 10:35 a.m Eastern time. The day’s high of (1740.25) was reached at 2:50 p.m. Eastern time. On the Bloomberg Economic Calendar today, there were no significant reports that would indicate any major market movement. In the morning, Richmond Federal Reserve Bank President Jeffrey Lacker gave a speech where he spoke on the issue of “too big to fail” for financial institutions. He said it would be a “daunting” task to develop a resolution plan for allowing big banks to fail. Later in the day New York Fed President William Dudley was scheduled to speak; however, he did not address monetary policy.

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.

Nonfarm payroll employment

Oct4ChartAThe opening price of  the E-mini  today was (1672). Today’s high price point was (1684) at about 12:45 p.m. US/Eastern, and (1670.25) was the lowest point at about 9:35 a.m. The Employment Situation report to be released today was not due to the government shutdown. Market Consensus data from the previous month was provided.  Nonfarm worker employment gained 169,000 in the month of August, following a revised increase of 104,000 for July (originally up 162,000) and after a revised advance of 172,000 for June (previous estimate was 188,000). Nonfarm payroll employment is a compiled name for goods, construction and manufacturing companies in the US. It does not include farm workers, private household employees, non-profit organization employees, or government employees.