Before the Open (Nov 3)

Posted on by Jason Leavitt

Good morning. Happy Wednesday.
The Asian/Pacific markets closed mixed with a bullish bias. Hong Kong gained 2%. Europe is currently mixed and little changed from yesterday’s close. Futures here in the States are flat.
Republicans gained control of the House, and although they didn’t take control of the Senate, they did pick up some seats.
One major news item out of the way, another coming up. Today at 2:15 ET, the Fed will announce its interest rate policy. Nobody expects the Fed to change rates, but market players will be listening carefully to their statement, assessment of the economy and intentions to either keep rates low and begin to raise them.
There’s no sense over analyzing things right now. The trend is solidly up…we just need to get these major news items out of the way. Here’s an update of the 30-min SPX chart. The trendlines I drew a couple days ago continue to contain the movement.

headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers

0 thoughts on “Before the Open (Nov 3)”

  2. is that called channel trading,-Neal
    i would never make it as a gurru—-i have a devilish bias
    i studied economics on mars and t/a on venus and gambeling on earth
    just call me stupid

  3. Humpty Dumpty and Simple Simon are first cousins,
    and they live at the corner of Broad & Wall Street.
    However, if you go to any 10 minute chart and
    look at the RSI you can feel pretty confident
    about the aforementioned methadology of ‘selling
    the humps and buying the dumps’. Please send me
    check for $3000 dollars for this tid bit of
    information. Thanks, HW

  6. news items –yuk
    as a funny mentalist —if the fed doesnt bailout the big banks and itself with trillions of qe2 today–they may all go bankrupt—well the big ponsi has to stop somewhere

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