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10/31/2015 Investment House Report
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Targets hit: None issued
Entry alerts: CY; SOHU
Trailing stops: None issued
Stop alerts: None issued
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- SP400, RUTX still not making good on the Wednesday break higher.
- State of the Market, in terms of the Wednesday debate.
- Plenty of leaders, but market once again needs more.
- At the prior resistance, waiting on smaller caps to come around and SOX not to tank.
- FOMC ready to hike but not for its stated reasons.
Friday saw stocks struggle to continue the rally continuation. Yes I know I used a derivation of 'continue' twice in that sentence, but that is the mood I am in; it is, after all, All Hallows Eve.
After another 2-day test of a market surge (this one the prior Thursday/Friday rally), stocks bolted higher Wednesday, this time led by the small and midcaps. Those two indices appeared to break out from the doldrums of their three week lateral consolidations that saw them sit and tend to their knitting versus rally with the large caps. Of course, in the market, not selling off, while not the preferred choice of those long stocks, is not a bad option considering the alternatives. And if you are an option premium seller, holding steady can be a very sweet deal.
It looked as if the textbook fall setup and rally that was not textbook only in that it started a month earlier than usual, was going to accelerate yet another rally out of the book of market lore, i.e. the 'January Effect' (that has become the 'Late December Effect' for many recent years). RUTX, after all, posted a monstrous (as opposed to ghoulish) 2.43% rally Wednesday out of the three week consolidation.
Thursday and Friday, however, it and SP400 showed a notable lack of follow through, giving up half the move and closing the week at the highs in the three week consolidation. Not bad if you are testing, but not any real staying power for the initial move.
Not all blame for the late week stall can be heaped upon RUTX and SP400, but it sure is fun to find such ready scapegoats. No, the other indices had their issues as well. Mind you, none really broke down, though SOX does not show the glow of health as it gapped lower from a gap higher. Kind of island reversal-esque.
SP500 -10.05, -0.48%
NASDAQ -20.52, -0.40%
DJ30 -92.26, -0.52%
VOLUME: NYSE +26%, NASDAQ +4%. Okay, not the best action to see a volume spike as stocks near the old highs hit in the March to August top that led to the August selloff. Always concerned that the recovery slams into a brick wall built after the Fed ended QE.
A/D: NYSE 1.2:1, NASDAQ -1.4:1
The action from Wednesday to Friday with small caps surging then fading of course begs several questions. I note that the breakout came on the same day as the CNBC Republican presidential debate. Given the near universal derision of debate thanks to its three main moderators (HQQ -- Harwood, Quick, and Quintanilla) -- it seems appropriate to view the moves in the same light as the debate.
John 'My Career is over for getting caught in two lies' Harwood, Becky 'not so quick' Quick, and Carl 'where you vetted properly' Quintanilla.
RUTX: You surged higher Wednesday but then quickly squandered those gains. You seem to be in an awful hurry to make up ground and attain new highs. Do you have the maturity to rally in support of the large cap indices and indeed seek a new high yourself?
NASDAQ: You are trying to get back to your old 2000 highs again. Yet back in 2000 and indeed again here in 2015, you were 'fired' by the market, sold off after attaining those levels. What do you say about your ability to 'manage' a new high?
SP500: You present a plan to attain new highs, but I have run the numbers and they just don't add up. Maybe you are showing some earnings beats, but the top line misses just don't get you there.
Buybacks, FOMC, favorable regulations from administration.
DJ30: You have made new highs in the past and you are trying to do so again, i.e. moving to a new all-time high. However, you only contain 30 stocks and many argue that you don't represent the overall market. Yet you want to, with a wave of bids, move to a new high, claim leadership, and by making the move proclaim that the market is healthy and the economy is fine. Is that not more of a cartoon character idea than real leadership?
To the large cap indices: You claim that the moves during the recovery are indicative of a healthy US. The benefits of your moves, however, only appear to show up in the large cap stocks and moreover accrue only to the top 1% of citizenry. Doesn't this say that your moves do not really help lift the common man or reflect the state of the market and economy?
SP400 and RUTX: Does DJ30 have the moral authority to unite the market to new highs?
There you have it. The market moves posed in terms of Wednesday night's debate questions.
The salient points:
The large cap indices are in the early 2015 trading range that led up to the August plunge.
The large cap indices have recovered to a point where new highs become an issue.
The small cap and midcap indices, laggards for good reason due to economic struggles and competitive disadvantage thanks to the stimulus, thousands of regulations favoring large corporations, e.g. the ACA, tried to break higher but could only manage one upside session.
After a seasonal, often typical year end run, who will lead and what is the foundational basis for a further move given the economy and a Fed in tightening mode?
Yes, the Fed can be classified as tightening given the end of QE in October even though it has not raised rates an iota. Even so, bonds are off their 2015 highs and are struggling below key resistance at the 200 day SMA. They are tightening themselves even if the FOMC has not officially moved on rates.
That leads to the December FOMC decision. This past week the FOMC kept rates steady, but removed language in its statement regarding influences of foreign economies and markets. After its joke of saying that those markets and economies had no impact on its decisions outside the decision it made in that same statement, I guess it felt it had some more work to do in the 'get serious' category. So, it takes out the language to show how tough it is. Doesn't raise rates, but takes out language that transferred the blame elsewhere.
Reminds me of a 'Frasier' TV episode where he was going to get back at some station people who were making fun of him on the air by some long-winded scheme, the sum of which would cause them to be sad every time they saw a red balloon. That's getting back at them! But, I digress.
Anyway, I feel this all leads up to a December rate hike of at least 25BP, maybe 50BP. Why? Because the Fed doesn't want to raise rates in 2016 as that is a presidential election year and it wants to appear unbiased. So, it hikes at the last opportunity it has, December.
Of course I could be giving the Fed WAY too much credit. It may not care about election years. It is apparent its members care more for plenty of TV face time and media coverage in order to land those lucrative post-FOMC consulting jobs.
Ironic, isn't it? We have eliminated the concept of 'stepping stone' job in the lowest end of the work scale with the 'livable wage' arguments yet the higher end is rife with them, namely government appointed/elected positions that the so-called public servant then turns into a 7 figure salary after 'selfless service' for 5 years or so. But, I again digress.
For the week some important moves were made. SP500, DJ30 and NASDAQ broke further into the prior 2015 range that led to the selling. SP400 and RUTX broke out from their lateral consolidations, potentially in position to provide support for the large caps hitting new highs. The market move is still dominated by large cap 'name brands' that moved to new highs on the week. SOX is worrisome with its gappy action, gapping sharply lower Wednesday.
Holding the upside break by all indices, especially RUTX and SP400, will be key this week. Will the indices hit new highs? Who knows? If the small and midcap moves hold and their rallies continue, anything is possible, even with the Fed set to hike rates.
You know, that reminds me of that old James Garner movie 'Support Your Local Sheriff' with Bruce Dern playing Joe Danby, a no good bushwhacker who gets jailed for shooting a man by the sheriff Garner (who is, by the way, just stopping over on his way to Australia). Danby tells his pa that the townsfolk laugh and talk about hanging him but he just doesn't believe they will do it. But, I digress again.
How dare you walk into my office and pull a gun on me.
Personal Income and Spending both missed their mark in terms of expectations.
Income: 0.1% versus 0.2% versus 0.4% August (from 0.3%)
Spending: 0.1% versus 0.2% versus 0.1% August
Employment Cost Index: 0.6% versus 0.5% expected versus 0.2% prior
Wages falling, yet costs for employees rising. How? As seen with this week's first read of the Q3 GDP, healthcare costs are surging, making up over 30% of all the 1.9% GDP growth reported. It is clear the ACA (aka Obamacare) is driving costs higher and higher.
Moreover, we learned this past week that the tenth state 'market' for insurance set up under the ACA failed, this one in New York. But . . . NO coverage of this at all. It is as if it does not exist as news.
Nonetheless, even if ignored, it might be that the ACA does simply die of its own accord even with the most favorable enforcement of any law ever written and passed. Lincoln always said if you want a bad law repealed, enforce it stringently.
The ACA has enjoyed every kind of delay and waiver imaginable, and it is still imploding. What a horribly bad idea, what horribly drafted legislation, and what a massive waste of resources and devastation of small businesses, wage growth, and upward mobility as well.
SP500: The big surge off a 2-day pullback could not keep its momentum Thursday or Friday, indeed falling harder Friday with rising NYSE volume. Still not in danger per se, but SP500 is in the pre-August crash trading range/top, and that is a very important level for obvious reasons. Still very overbought after the October run, at resistance, but MACD broke out, the leadership is good, and thus far bids keep returning. 2070 to 2065ish is an important range to hold (closed at 2079)
DJ30: And once again the same action as SP500. The 200 day SMA (17,577) is a good area to watch for DJ30 to hold.
NASDAQ: Thanks to the leadership of the few, the proud, the NASDAQ name brands, NASDAQ has moved. AMZN, GOOG, FB, PCLN, SBUX. NASDAQ blasted to a higher rally high Wednesday, tested Thursday and Friday along with the market. NASDAQ made it to the third tier of highs last week (April and May highs), leaving just the June and August peaks between it and that July 2015 high. Thus far the big names have managed to rally, rest, and rally again without NASDAQ giving up ground. That huge gap from two Fridays back yawns below it, and whenever this move runs out of gas, that could be quite a drop.
RUTX: Big break upside Wednesday, then gave half back to the 50 day EMA as of Friday. Okay, the stage is set: lateral consolidation as refused to sell off, breakout Wednesday, test back to the top of the range Friday. If the bids return, it looks to be a merry holiday season with a further rally toward aforementioned holidays.
SP400: Same action as RUTX though looks a bit more refined with a very modest tst of the top of the range, showing the appropriate doji. Looks solid to continue, but it has to get the bids or it is, alas, just a pretty picture.
SOX: Wild card, as always. After an easy test of the 10 day EMA into Tuesday, SOX resumed the upside with a Wednesday gap and run. Then Thursday it gapped below the 10 day EMA. Friday it recovered some ground but closed at the 10 day EMA. SOX ignited a lot of the last part of the rally with its M&A excitement. If SOX fades the market has to have the small and midcaps step up.
Big Names: After another week of upside and new highs, AMZN, GOOG, SBUX, FB faded Friday. PCLN gapped another 2% upside. AAPL lost some ground as well after a decent two week move. MSFT and INTC are finally in tests. NFLX sported its fourth solid gain in six sessions. Looks as if the leaders may need to take a breather.
NYSE big caps/Industrials: Still some good looking setups, e.g. UTX that we are still watching. MMM is holding its move over the 200 day SMA as is HON. MSFT, INTC struggling as noted. FLR looks really good off an inverted head and shoulders. ETN looks solid.
Financial: Another fade Friday, but we view this as setting up some more entries. JPM is a play we like after it tests this move. BAC is fading its Wednesday surge rather aggressively as has GS. All still look good at this juncture, however.
Energy: Some really good setups. Still like APA. OIS is coming around nicely after earnings. HP looks good as does MRO, but earnings are close. MRO is really interesting. CVX saved itself on the week and is back at the recent highs.
Biotech/Drugs: testing moves as well, e.g. CELG is putting in a great 10 day EMA test. If you are not in, consider this test as your opportunity. AMGN is testing the 200 day SMA it broke through and INFI has rested a week and the 10 day EMA has caught up to it. CLVS is still working at it. CRMD looks very interesting but earnings are very close.
China: Some good moves again. SOHU posted a nice upside break for us. SINA has had a volatile week but is still trending higher. ATHM looks as if it is ready to go again. BIDU gapped and rallied off of good earnings.
Software: Hanging in there as VDSI is still set up well. SPLK is interesting but doesn't look quite there yet. CALD is very interesting but earnings are next week.
Semiconductors: Some are picking up the slack even on a down day. SIMO looks really good. SMTC is in a nice setup. MXWL is attempting to come back around.
Stats: -20.53 points (-0.4%) to close at 5053.75
Volume: 1.939B (+3.84%)
Up Volume: 827.9M (+243.66M)
Down Volume: 1.17B (-140M)
A/D and Hi/Lo: Decliners led 1.37 to 1
Previous Session: Decliners led 1.86 to 1
New Highs: 53 (-51)
New Lows: 87 (+1)
Stats: -10.05 points (-0.48%) to close at 2079.36
NYSE Volume: 1.1B (+26.2%)
A/D and Hi/Lo: Advancers led 1.18 to 1
Previous Session: Decliners led 1.56 to 1
New Highs: 59 (-25)
New Lows: 53 (+14)
Stats: -92.26 points (-0.52%) to close at 17663.54
VIX: 15.07; +0.46
VXN: 17.3; +0.13
VXO: 15.55; +0.37
Put/Call Ratio (CBOE): 0.95; +0.09
Recent history: 32 of 51 sessions at or over 1.0. The past dozen-plus sessions less than 1.0. Did its work in all the selling.
Bulls and Bears: Bulls surge 6.2 points. The 35% level and the crossover with bears is long gone. Bears dropped after two weeks at 31 and change, but still more stubborn than the bulls. They hit bullish extremes, are retracing the move, nothing bearish yet.
Bulls: 43.7 versus 37.5
Bears: 29.2 versus 31.3
Theory: When everyone is bullish and has put all their capital to work, where does the ammunition to drive the market come from? There is always new money to start a new year. After that is used will more money be coming? That is the question.
37.5% versus 36.5% versus 30.2% versus 24.7% versus 26.0% versus 26.8% versus 25.7% versus 27.8% versus 31.6% versus 37.7% versus 40.2% versus 42.2% versus 43.3% versus 49.0% versus 43.7% versus 44.8% versus 49.5
Background: Bulls hit their lowest level since the 2008 and 2009 market plummet.
31.3% versus 31.2% versus 34.4% versus 35.1% versus 30.2% versus 26.8% versus 27.9 versus 26.8% versus 22.5% versus 18.4% versus 18.6% versus 17.5% versus 17.5% versus 15.6% versus 15.6% versus 15.6% versus 15.4% versus 15.4% versus 16.5% versus 16.5% versus 15.8% versus 14.9% versus 15.8% versus 13.9%
Background: Over 35% for bears is the threshold to be really be a good upside indicator. The best indication is when bears cross up through bulls as the two merge. Done.
Bonds (10 year): 2.15% versus 2.17%. Modest recovery but as noted earlier, rates are moving ahead of the FOMC.
Historical: 2.17% versus 2.09% versus 2.03% versus 2.06% versus 2.09% versus 2.03% versus 2.07% versus 2.03% versus 2.03% versus 1.98% versus 2.04% versus 2.10% versus 2.11% versus 2.07% versus 2.04% versus 1.98% versus 2.04% versus 2.05% versus 2.05% versus 2.09% versus 2.17% versus 2.11% versus 2.15% versus 2.14% versus 2.20%
Euro/$: 1.1015 versus 1.0979. Tested the 200 day SMA after the terrible week below that level.
Historical: 1.10979 versus 1.1030 versus 1.1047 versus 1.1049 versus 1.1017 versus 1.1108 versus 1.1339 versus 1.1347 versus 1.1320 versus 1.1351 versus 1.13793 versus 1.1387 versus 1.1387 versus 1.1352 versus 1.1358 versus 1.1289 versus 1.1250 versus 1.1269 versus 1.12106 versus 1.1190 versus 1.1167 versus 1.1254 versus 1.1254 versus 1.1206 versus 1.1223 versus 1.11715
DXY0: Big upside week to a higher rally high, tested the 10 day EMA Thursday to Friday. Nice tap and bounce Friday as dollar remains strong.
USD/JPY: 120.62 versus 121.10 Dollar is stronger versus most currencies but the yen is being pesky.
Historical: 121.10 versus 120.34 versus 120.36 versus 121.10 versus 121.46 versus 120.71 versus 119.925 versus 119.897 versus 119.52 versus 118.87 versus 119.66 versus 119.75 versus 119.89 versus 120.23 versus 119.88 versus 119.92 versus 120.22 versus 120.45 versus 119.91 versus 119.86 versus 120.07 versus 119.76 versus 119.64 versus 120.58
Oil: 46.39, +0.33. Up off the lows Wednesday to Friday after a two week decline. Held at the early September consolidation lows and bounced.
Gold: 1141.70, -3.80. Gold suffered on the week, continuing a three week slid off the recovery high hit in mid-October. Held the 50 day SMA on the Friday close.
The FOMC took out the reference to foreign influences and basically left it as this: if the jobs reports are good enough, we hike. Well, next week there is a jobs report for October. There will be one after that for November as well before that fateful December meeting. So, two times to show how great the economy is via the jobs report.
Crazy is it not? You have over 94M people who could work out of the workforce and thus pushing unemployment to 'full employment' lows. Somehow this is overlooked and the jobs market is termed great. Further, the jobs that are created are mostly, and I apologize for the usage, crap. A Fox Business commentator talked of the 'millions' of jobs created under the Obama administration. While those figures are debatable in themselves, even if they are true they are millions of low end, hourly wage jobs, hardly the kind to fuel a surge in wages and standard of living. INDEED, both have declined under this Administration, and were declining in the administration preceding.
I also find it ironic that GE has those rather clever commercials with the fellow going to work to write code for trains, planes, and automobiles, yet it is GE who is one of the most adamant about hiring overseas versus US workers. Tens of thousands of US citizen STEM degree graduates (Science, Technology, Engineering, Mathematics) unable to find jobs in their field of study and we are told that we have to increase the number of visas allowing those workers to come to the US to fill needed jobs. Or we are blackmailed, saying if we don't revive the Import/Export bank or otherwise give the big corporations more handouts than in the stimulus and the hundreds of thousands of regulations benefitting them over smaller businesses that they will be 'forced' to move jobs overseas. Either way the taxpayer loses.
Okay, yes I digresses again.
This week there are jobs, more earnings, etc. The REAL story is how SP400 and RUTX hold their Wednesday breakout from their ranges. They enter the week tested and rested, and it is very important for a continued rally that they resume the upside. It would not hurt at all of SOX got the Thursday gap and selloff out of its system as well.
Thus we are still looking at technical attributes driving the action. Everything set up, the moves were made, and now the upside continues in the aftermath. With the large cap indices in the prior, pre-August selloff ranges it is a question of whether they can sustain the moves to test the hold highs and, perish the thought, move to new all-time highs.
There is no new QE and the Fed is talking of a December rate hike. It would appear the odds are stacked against new highs. That is why, for the upside to continue, it is very important that SP400 and RUTX continue their moves.
There is still plenty of leadership and plenty of stocks setting up with nice patterns to move higher and aid the rally. As seen before, however, not all stocks that setup make the moves. Thus energy, semiconductors, industrial, financials, etc. all need to not only hold, but to make the next moves higher.
Otherwise the rally most likely runs out of gas somewhere stuck in the February to August range. If that happens, what that likely means is the market has topped post-QE and is going to head lower and form some kind of larger, longer term base. The economy appears heading into some form of more serious slowdown just as the FOMC is set to hike rates. Big stock rallies in the fall back to major resistance. Not a great combination.
That said, we still likely get more of a yearend rally out of this, and you play what the market shows, not what you speculate might happen. That speculation helps you see moves occurring when they do versus scratching your head (or other anatomical parts) with that dull look of a caged animal on your face. You can act instead of wonder.
In any event, there are some great setups out there still, stocks that can really make us money if the move continues. That is necessary but not sufficient. The moves have to be made, and to us that means the small and midcaps have to get in on the action.
Have a great weekend!
SUPPORT AND RESISTANCE
NASDAQ: Closed at 5053.75
5100 from the April peak and early May peak
5164 is the June 2015 peak
5232 is the July high
5042 is the March 2015 high
5008.57 is the early March 2015 post-bear market high
The 10 day EMA at 4996
The June low at 4974
The 200 day SMA at 4936
4920 is the lower gap point from mid-October
4912 the mid-April China dip
4910 is the July 2015 closing low
The 50 day EMA at 4880
4837 is the late August 2015 rebound high
4828 is the late August peak
The March lows at 4843 and 4825
4815 is the December 2014 prior market peak
4811 is the November 2014 peak (intraday)
4774 is the January high
4751 is the January 2015 lower high
4636 is the early September 2015 low testing the recovery from the August selling.
4631 is the October 2014 upside gap point
4614 is the September 1 intraday low
4610 is the September 2014 post-bear market high.
4566 is the lower gap point from late October
4563 and 4567 are the January lows
4547 is the December 2014 low is giving way
4506 is the August 2015 selloff closing low
4370 to 4300 (March 2014 peak to June gap point)
4185 to 4130 (May 2014 gap point to October 3014 low)
4292 is the August 2015 intraday low
S&P 500: Closed at 2070.36
2076 is the all-time high from November
2079 is the intraday all-time high from November
2094 is the December 2014 high, the prior all-time high
2115 is the late March lower high
2119.59 is the February intraday prior all-time high
2126 was the April prior all-time high
2130 is the June 2015 peak
2135 is the May 2015 all-time high
2062 is the January 2015 lower high
The 200 day SMA at 2062
2046 is the July 2015 closing low
2040 is the March 2015 closing low
The 50 day EMA at 2017
2011 is the September prior all-time high
1994 is the late August recovery peak
1991 is the July 2014 high
1989 is the last August closing high
1972 is the December 2014 low
1913 is the early September 2015 closing low testing the bounce from the August selling
1905 is the August 2014 low
1902 from early May was the intraday all-time high.
1897 is the prior all-time high hit in April 2014
1883.57 is the early March high.
1872 is the September 2015 test low of the August low
1867 is the August 2015 low
1862 is the October 2014 closing low
Dow: Closed at 17,663.54
June low at 17,715
The March low at 17,786
17,748 is the mid-April China margin selloff and the bottom of the 5 month trading range
18,110 - 18,120 from December 2014, July 2015 peaks
18,289 from February 2015
18,351 from May 2015 and the all-time high
17,585 to 17,579, the March intraday lows, helping mark the bottom of the Dow's The February to July trading range.
The 200 day SMA at 17,578
The 10 day EMA at 17,524
17,515 is the early July closing low
17,351 is the September 2014 all-time high.
17,152 is the mid-July post bear market high
17,068 is the early July 2014 peak
17067 is the December 2014 low
The 50 day EMA at 17,065
16,970 is the June 2014 former all-time high
16,946 is the June 2014 peak
16,933 is the September 2015 recovery peak
16,736 is a prior all-time high from May 2014
16,670 is the December 2014 peak and the recent August 2015 relief bounce peak.
16,665 is the late August 2015 closing high. Key, key level.
16,632 is the April 2014 all-time high
16,589 is the December 2013 all-time high
16,506 is the March 2014 peak
16,117 is the October 2014 closing low
16,058 is the early September 2015 low
16,026 is the April 2014 low
15,942 is the September 2015 low testing the August low
15,855 is the October 2014 intraday low
15,372 is the February 2014 closing low
15,370 is the August 2015 intraday low
14,803 is the October 2013 low
October 26 - Monday
October 30 - Friday
Personal Income, September (8:30): 0.2% expected, 0.3% prior
Personal Spending, September (8:30): 0.2% expected, 0.4% prior
PCE Prices - Core, September (8:30): 0.1% expected, 0.1% prior
Employment Cost Index, Q3 (8:30): 0.5% expected, 0.2% prior
Chicago PMI, October (9:45): 49.0 expected, 48.7 prior
Michigan Sentiment - Final, October (10:00): 92.6 expected, 92.1 prior
November 2 - Monday
ISM Index, October (10:00): 50.0 expected, 50.2 prior
Construction Spendin, September (10:00): 0.4% expected, 0.7% prior
November 3 - Tuesday
Factory Orders, September (10:00): -0.9% expected, -1.7% prior
Auto Sales, October (17:00): 5.8M prior
Truck Sales, October (17:00): 8.9M prior
November 4 - Wednesday
MBA Mortgage Index, 10/31 (7:00): -3.5% prior
ADP Employment Chang, October (8:15): 180K expected, 200K prior
Trade Balance, September (8:30): -$43.0B expected, -$48.3B prior
ISM Services, October (10:00): 56.6 expected, 56.9 prior
Crude Inventories, 10/31 (10:30): 3.38M prior
November 5 - Thursday
Challenger Job Cuts, October (7:30): 93.2% prior
Initial Claims, 10/31 (8:30): 262K expected, 260K prior
Continuing Claims, 10/24 (8:30): 2145K expected, 2144K prior
Productivity-Prel, Q3 (8:30): -0.2% expected, 3.3% prior
Unit Labor Costs-Pre, Q3 (8:30): 2.2% expected, -1.4% prior
Natural Gas Inventor, 10/31 (10:30): 63 bcf prior
November 6 - Friday
Nonfarm Payrolls, October (8:30): 181K expected, 142K prior
Nonfarm Private Payr, October (8:30): 160K expected, 118K prior
Unemployment Rate, October (8:30): 5.1% expected, 5.1% prior
Hourly Earnings, October (8:30): 0.2% expected, 0.0% prior
Average Workweek, October (8:30): 34.5 expected, 34.5 prior
Consumer Credit, September (15:00): $18.0B expected, $16.0B prior
End part 1 of 3
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