New Quarter, New Money, Market Rallies

SUMMARY:
- New quarter, new money, market rallies, but still no breakout even with financial trying to help.
- Data good enough to support a rally, but stocks just don't.
- Income and spending rise as sentiment climbs
- ISM still expanding, but slower than expected and in prior months
- FOMC member reiterates the Fed stands ready to 'cut' rates.
- SP500 still has 1151 in its sights, then 1175 . . . if it gets support from new sectors or perhaps the testing leaders find renewed strength.

Plenty of reasons to break higher but just a lazy session.

All the data was there, and it was plenty good enough for the market to make a break to the upside. It tried to do it, but it was not very convincing. Once more the SP500 failed to take out the 1151 resistance that is marked by the January 2010 peak. That does not mean it will roll over; indeed, it still looks decent. It salvaged the lateral consolidation after a shaky session on Thursday that saw it surge through 1151 only to reverse and sell off on higher volume. To its credit, it was able to get things under control and move laterally today, and that keeps the break above 1131 alive, and the run back further in the base. I am looking for a move up near 1175 before it runs out of gas, but it may or may not agree with what I think it should do.

The news was certainly good enough. Personal income and spending ticked higher than expected, and china manufacturing improved more than expected. Michigan Sentiment was better than expected at 68.2. That beat expectations as well as the first iteration of the number. The only blemish was the ISM for September. It came in light at 54.4, with 54.8 expected and 56.3 recorded in August. Even construction was better, coming in at +0.4% when -0.5% was expected. Maybe the revision down to -1.4% in August from a -1.0% was a little too heavy for the investor class to take.

Stocks did try to start higher, and they succeeded. Futures were up. SP500 moved higher, but almost within minutes of the open it turned back down and started to sell off and turned negative. It managed to fight back. It moved up during the afternoon session and into the close, although there was weakness in the last hour. The big indices managed to close positive while lesser-known indices were lower. NASDAQ +0.1%, SP500 +0.44%, Dow, +0.4%, SP600 +0.44%, SOX -0.3%, and NASDAQ 100 -0.1%.

The big factor for the day (and one that did not get a lot of headlines) was likely the fact that it is a start of a new quarter. New money came in and, after the profit taking on Thursday, it was not able to sustain a strong move. SP500 closed below the 1151 resistance. It did not challenge it on the session. We did not get that first-of-the-quarter rush higher. That is interesting because many floor traders and fund managers expect there is going to be a lot of playing catch-up in the fourth quarter. A lot of them were under-invested through the year. They did not play the rallies or the ups and down in the summer trading range, and they did not believe in the breakout. They may prove to be right if this thing rolls over and SP500 cannot make the break through 1151, but there are gains out there. A lot of the funds have not participated in them, and if they are going to get any gains, they need to put some money to work in the market. That could send the market higher for another month or so.

I am looking for a move up to 1175 on the SP500, and that is not too far. 1220 is the high hit in April, and that is significantly higher than 1175. It all depends on how it handles the 78% Fibonacci retracement area. Looking at the Fibonacci chart, that is up at 1175, and I have the market down below 1150. There is still a nice run to get to that point, and that is the next critical area. If the retracement holds, it may come back down and then rally again to test it. That would be the key move, but you always watch for a double top at a 78% retracement of a selloff. A double top is very good indication of a selloff, but that is well down the road. I am now looking to see whether it can break through 1151 and get up to the 78% level. If it moves through 78%, it has a good shot at testing the prior peak and retracing the entire level. But first things first: 1151, and then 1175 after that.


OTHER MARKETS

Dollar. The dollar was hammered again. I was wondering if it would be able to bounce. On Wednesday and Thursday, it looked as if it was trying to put in a bounce, but that was not the case on Friday. The dollar sold (1.3791 Euro versus 1.3644 Thursday). There were big moves to the downside as the gutting of the dollar continues. It is due to the Fed's quantitative easing stance because it means more money printing. On Friday Mr. Dudley, one of the Fed's own, came out with a very dovish interview. He was giving numbers and percentages as to what the Fed would do. He said if the economy did not improve, the Fed would have to lower interest rates.

How can the Fed lower interest rates, you might ask, when they are at 0 to 0.25% right now? They will do it in different ways. It is not just dropping of the rates, it is manipulating how many treasuries are sold and how many dollars are sold or purchased. There are a lot of things the Fed can do to monkey around with the money supply. The funny thing is the Fed has all the subtlety of a stampede of elephants. It tries to conduct brain surgery with a sledge hammer. It does not really have the great finesse that we all would like to believe it has. Thus, when Mr. Dudley said the Fed would do what it had to do if the economy did not get better, the dollar decided to avoid the Christmas rush and dive lower immediately.

http://investmenthouse.com/ihmedia/dxy0.jpeg


Bonds. Bonds struggled on the session (10 year flat at 2.51%, off at 2.55% premarket). Bonds continue to work higher though it is a very choppy move. I am still looking for a continued run higher. With the Fed talking about buying bonds, that should be the case.

http://investmenthouse.com/ihmedia/tlt.jpeg


Gold. Gold continued its run, enjoying fresh all-time highs ($1,370.80, +8.20.) gold is on a run, and it should be. It fears inflation. The dollar dives and gold is doing the opposite.

http://investmenthouse.com/ihmedia/xgld.jpeg


Oil. Oil made its decision because the dollar started to dive decisively. It broke below the February and March consolidation range; it did not even try to bounce and is still heading lower. Oil is screaming higher and playing catch up at this point because the dollar is being devalued. Thus as the dollar devalues, oil is worth more. Oil is denominated in dollars, and you need more devalued dollar to pay for a barrel of oil. Thus oil is rising higher, with the past three sessions adding to its gains on Friday ($81.58, +1.61).

http://investmenthouse.com/ihmedia/xoil.jpeg


Other markets definitely show an inflation bias. You can say oil is racing up because the economies are going to be better, but I just explained why that is not true. It is because the US dollar is diving. Gold is surging higher because of that, and oil is feeding off of the dollar's demise.


TECHNICAL SUMMARY

Volume. Volume fell 20% on the NASDAQ to 1.8B shares. There is no real accumulation on this first day of a new quarter. There was maybe some money put to work, but not a lot because volume was down. Looking at SP500, you see the same thing. Volume fell almost 16% to 1.08B shares. It is elevated from where it has been, but still lower on the start of a new quarter. If you were going to see new money put to work, you would expect volume to bump higher.

Breadth. Breadth saw advancers at 1.3:1 on the NASDAQ. They came back late after being slightly lower. It was a decent 2.2:1 advancers over decliners on the NYSE. That was helped by the small caps performing decently.


CHARTS

SP500. SP500 moving flat line, narrowing its range over the 10 day EMA. It is right below 1151 resistance, and that is not bad action. The Thursday reversal had me concerned because it occurred on volume. On Friday was lateral, it was a modest gain, but it was on decent volume nonetheless. Lower, but still decent. That does not tell us a whole lot. We still have to see break higher, and then I am looking for the move up to 1175 as the next key move, at least for the upside of the SP500. I still anticipate a move to the upside because it has not shown it is going to roll. Thursday was bit dicier, but it didn't change anything in and of itself.

NASDAQ. NASDAQ is working laterally, and showed a modest gain on Friday above the 10 day EMA. Tapping it on the lows and holding. It has rallied. It broke through resistance, came back to test and has rallied. It has stalled, moving laterally. It is hand-in-hand with the SP500. Not a bad picture. It could take another few days to just come out flatline laterally and then make a new break. That would be very solid action.

SP600. Small caps put in almost a 0.5% gain, but all they have managed to do is rally up to the June and July peaks. Tried to break through on Thursday and could not quite do it. They reversed and were just hanging out there on Friday. Still in decent shape. The small caps look a bit toppy here, having rallied up to those prior peaks and unable to move through. A lateral move next week would not hurt them at all.

SOX. The semiconductors bolted higher on the week, but they could not finish it out. They stalled at the 200 day EMA. They are at their next resistance. It would not hurt them to fade laterally for a few sessions, let the 10 day EMA rise up beneath them, and maybe give a new break to the upside. Right now many of the indices have rallied and are trying to consolidate a bit. That is fine. I did not necessarily like what I saw Thursday when they tried to reverse, but Friday was a decent session, especially for SP500. It held up, moved laterally, and tightened its range. It is looking as if it wants to make the break to the upside. It is at its next inflection point. I think it is going to go to 1175, but of course the market does not care what I think. It just needs to get support from the rest of the market, and then it can make the move.


LEADERSHIP

Financial. JPM managed a bounce on decent, above-average volume. It still sold off significantly over the past two weeks, and this is just a modest bounce up to the 50 day EMA. GS bounced a bit better, got a bit more volume. It moved through the 50 day EMA. It could actually provide a boost to the upside, and maybe a trade back up to the prior highs. Although it is not a whole lot of room to move for GS, I do note a higher low and maybe something breaks here. It is looking very range-bound at this point, however. Not much has changed with WFC. Up on the day, still a lot of overhead, and still not what you would call the pattern to take home to mom or at least put your mom's money into right now.

Technology. AAPL was one of the reasons NASDAQ 100 was negative on the day, but it is not a bad pattern at all. It is just pulling back on lighter trade. It has room to give, so a little pullback could give another buying opportunity on this market leader. GOOG is doing the same, moving laterally on lighter trade. A nice-looking pattern. We have a play on it, and I am still looking for it to break to the upside. There are some other stocks that have rolled well but may be in trouble near term. AKAM is selling on a little higher volume, but still below average. It has a little ABCD pattern, but it is also a bit toppy. That move is not straight up this has more of an interim head and shoulders. If it cannot bounce on Monday, we will take the rest off and see how it sells. We may be able to pick some up around these tops at just over 46 and get into a new play with AKAM. FFIV has been one of the leaders. It is hanging in there, but it is not making headway right now. Not a bad pattern, however. It does this sometimes. It made this triangle back in August and provided a new position on it. If it comes back a little more over the next few days, you might get a triangle forming again for another break to the upside, or at least for another trade out of that stock. ADTN had a good end of the week on very strong volume. I am pleased with what I saw there. MICC showed a second doji at the 50 day EMA on strong volume. It is very interesting. It is at other support as well, and I am looking for this one to bounce and make a play on it as well.

Healthcare/Biotech. ESRX had a nice flag that has formed after something of a double bottom. CELG is very similar. It has kind of a double bottom. It broke over some resistance, and now it is working laterally the last week and testing that move. There is some upside room here that makes it quite interesting; there is new life in these. That helps support the market even though some of the leaders of late are flagging a bit.

Industrial. CAT has a nice flag pattern and is pulling back to test. It had a gap higher a week ago. If it gaps lower from here after this strong run, you have an island reversal. That is something to watch out for because that would set up downside for this market leader. CMI is continuing to creep higher, but its move has slowed tremendously as it has maintained its upside. DE is diving. We took some gain off the table the other day. We will see where it lands and if we can get a new play on it as well.

Energy. Energy has been interesting. RRC is one of the plays I like. It has been working laterally the past couple of days to test that strong move to start the week. Tapping at the 50 day EMA on the low on Friday and rebounding. Good point to enter if you are not in, or a good point to add to if you are already in. XTEX had strong upside volume on Friday. Could be some money for the new quarter being put into these stocks. Look around for some small energy stocks. They may prove fruitful, particularly with oil moving up.


THE MARKET

MARKET SENTIMENT

VIX. Volatility is holding basically flat. SP500 has moved up to the 1151 resistance and has started to work laterally. As it has done that, volatility is working laterally as well. It tried to jump on Thursday as the SP500 rallied and then reversed. That was a bit of a strange day, and volatility bumped higher on it. It was immediately back down on Friday. Recall that in August, when volatility hit this level, the market peaked. We are at that level again. The market is stalling, but it has not indicated that it has peaked. Still looking for a breakout. It is important to note that volatility is hanging in there. It is not showing a lot, although it is waving a caution flag because it is at the level where the market put in an interim high and rolled over at resistance back in August.

VIX: 22.5; -1.2
VXN: 23.98; -0.98
VXO: 21.05; -1.35

Put/Call Ratio (CBOE): 0.82; -0.02

Bulls versus Bears:

The CROSSOVER from the prior week reverted, but the bulls and bears are still close together. That crossover is a bullish indicator, and the market has rallied off of it. Question is, did it generate the momentum for a range breakout?

This is a reading of the number of bullish investment advisors versus bearish advisors. The reason you look at this is that it gives you an idea of how bullish investors are. If they are too bullish then everyone is in the market and it is heading for a top: if everyone wants to be in the market then all the money is in and there is no more new cash to drive it higher. On the other side of the spectrum if there are a lot of bears then there is a lot of cash on the sideline, and as the market rallies it drags that cash in as the bears give in. That cash provides the market the fuel to move higher. If bears are low it is the same as a lot of bulls: everyone is in and the market does not have the cash to drive it higher.

Bulls: 43.3% versus 41.4%. A more modest rise after the jump from 36.7%. Still on the run upside as investors play catch up with the market. Now we will really see if this rally drags more money back to the stock market. Back above the 35% threshold, below which is considered a bullish indicator. The high on the last leg was 56.0% after starting at 35.6% on the low in February, the lowest it has been since July 2009 . . . until this last leg. 35% is the threshold level suggesting bullishness. After peaking at 53 on this move the bulls lost some nerve, falling to a new low post- July 2009. Once again bulls peaked out near the 50% level. Bulls have bumped at 50ish since late August 2009, falling to 45ish and then rebounding. Hit a high of 47.7% mid-June on the run from the March lows. Again, to be seriously bearish it needs to get up to the 60% to 65% level.

Bears: 27.8% versus 29.3%. Losing a bit more ground as more turn bullish. Below 30% for the first time in four months, continuing the decline from 37.7% four weeks back. Further below the 35% level, above which is considered bullish. Hit 18.7% on the low in April. Hit a high of 27.8% level on the prior leg in February. For reference, cracking above the 35% threshold considered bullish. Hit a high on the prior run at 47.2%. For more reference, bearishness hit a 5 year high at 54.4% the last week of October 2008. The move over 50 took bearish sentiment to its highest level since 1995. Extreme negative sentiment. Prior levels for comparison: Bearishness peaked at 37.4% in September 2007. It topped the June 2006 peak (36%) on that run. That June peak eclipsed the March 2006 high (33%) and well above the 2005 highs that spawned new rallies (30% in May 2005, 29.2% in October 2005). That was a huge turn, unlike any seen in recent history.


NASDAQ

Stats: +2.13 points (+0.09%) to close at 2370.75
Volume: 1.879B (-19.95%)

Up Volume: 1.004B (+222.953M)
Down Volume: 901.842M (-738.081M)

A/D and Hi/Lo: Advancers led 1.35 to 1
Previous Session: Decliners led 1.02 to 1

New Highs: 107 (-28)
New Lows: 15 (-14)


SP500/NYSE

Stats: +5.04 points (+0.44%) to close at 1146.24
NYSE Volume: 1.083B (-15.85%)

Up Volume: 804.87M (+269.024M)
Down Volume: 260.581M (-442.121M)

A/D and Hi/Lo: Advancers led 2.24 to 1
Previous Session: Advancers led 1.01 to 1

New Highs: 302 (-42)
New Lows: 8 (0)

SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg

SP600 CHART: http://investmenthouse.com/ihmedia/SP600.jpeg


DJ30

Stats: +41.63 points (+0.39%) to close at 10829.68
Volume DJ30: 162M shares Friday versus 215M shares Thursday.

DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg


MONDAY

There is a lot of data out, and it is the employment report week. That means Friday we will have the payroll report. Right now they are not too excited about it. They are expected no new nonfarm payrolls, but that is better than the -54K in August. It is just a crapshoot at this point.

We start the week on Monday with some factory orders and pending home sales. Everyone wonders what sales are pending or, in recent times, not pending. Although I have to say that July was a nice bump up 5.2%. ISM services are on Tuesday, but that has really gone by the wayside. Everyone is focusing on the ISM that was out on Friday. NBA mortgage applications are out. Then the ADP will be the warm up for the Friday jobs report. Initial claims will be on deck Thursday for the jobs report, and they are not expected to get any better. Then there are the nonfarm payrolls. I will be watching the average hourly workweek a lot. I will be watching the unemployment rate to see if more people are coming into the market.

I heard some rather discouraging words on Friday about the prospects for employment. They say we could have 9.7-9.8% all the way through 2011. This is based on economic growth, GDP expectations, and what the PMI has been showing. There is no job creation in the pipeline, and that is not very encouraging. Those are the economic reports, and the market will have to deal with them. It will be anticipating the jobs report on Friday, so there might be a slowdown ahead of that.

Technically, the key is what SP500 does near term with 1151. I would not mind seeing it and the other indices move laterally for another couple days and then make a new upside break. SP500 got a little dicey Thursday, but it looks like it is trying to set up for that move if it can continue the lateral trend. That would not be bad at all, and it would benefit all the other indices as well. They have rallied decently over the past week and a half, and now they are just bumping resistance and need a rest in order to recharge for a new break to the upside. Stocks are still setting up just as other big names are coming back down. The big leaders earlier in the rally are not tanking. Some of them are a bit dicier, but they are not rolling over and plunging lower. There are new sectors with healthcare, drug areas, and bio tech. Energy is trying to step up as well, and there are some other techs showing themselves that have been out of play for awhile. There are positions that are trying to set up as new leader areas. They are not that stellar. They have not had a clear-cut rush of volume their way.

We do have a new quarter still, and it was Friday. Maybe it was not an accurate representation of the new money that may be put to work. I am going to watch for how the money and volume moves early next week. That will give more of an idea of what kind of money is being put to work and if there are managers out there trying to play catch up that will start driving things higher. We will see. That seemed to be the pervasive notion in the market on Friday. Again, always be concerned when the majority starts thinking one way because then it typically runs the other way. We will see what happens, but I still see good enough plays where we can put our money.

You have to watch out. You do not want to get caught with your pants down if this thing starts to fall back on us. There are indications that things are not perfect out there in the stock market. If the sellers continue to show up with some downside volume, we will continue to prune gains. The beauty of it is we have already banked a lot of gains on the upside, so we are in decent shape in that regard. We do have new positions we were taking last week in anticipation of a breakout. They are showing us good moves, but the market has not been able to capitalize yet. There has not been a groundswell of new leaders cropping up and shooting the market back to the upside and supporting a breakout. If the market does test a few more days, maybe some of these leaders will turn back up and start to lead once more. AAPL was not in such a bad position to do that. It has pulled back and has had a strong run. We could look for a pullback to the 38% Fibonacci retracement. It is still well above that level. The retracement is at 272 roughly, closed at 282. It does not necessarily have to get back there, but in this range, it has the prior peaks as well. You can find a pullback anywhere from 272 to 277 and it could still move higher.

One thing instructional to note is that AAPL did rally up to the 127% extension of the Fibonacci of this big prior move that took it into this recent range. Notice what happened when it hit that extension: It hit it and rolled over. One of the traders here in the office pointed it out to me the other day and said you usually play these when you have a break like this that moves up to the 127% or even higher. He said we play these back to the downside because it will run, particularly if you have had a move straight up for a long period of time. You will come back and make the test. You can see it hit the 127 and it is coming back up. You would expect it to come back to the 38% retracement of this last move. That would give you a very nice gain indeed. Basically from 295 down to 272 gives a very good short. We talked about selling calls on AAPL, but we could also have played it downside. Looking for too much upside, and I could have also been mixing in some quick hitters to the downside. That is a little instruction. Remember to look for that whenever you see a good move such as this.

There is still plenty of upside out there, and I will be looking for it. If we get a little more pullback to start next week, then that will set up these plays even better. Then we can make some upside gains and log more positions and upside gains. Have an outstanding weekend.

Support and Resistance

NASDAQ: Closed at 2370.75

Resistance:
2382-2395 from 2008
2425 is an interim peak from May 2010
2434 is the May interim peak and the 78% Fibonacci retracement of the April selloff.
2530 is the April 2010 peak (2535.28 intraday)

Support:
2324-2370 is a range of resistance from early 2008
2341 is the June 2010 peak
2320 to 2326.28 is the January 2010 high
2319 from the September 2008 peak
2310 is the August 2010 peak
2292 is a low from January 2008
The 200 day SMA at 2285
2273 to 2282 marks bottom of January 2010 lateral peak
2275 - 2278 from the February 2008 and April 2008 lows. Key lows.
The 50 day EMA at 2274
2245 from July 2008 through 2260 from late 2005.
2236 is the first August gap point.
A series of interim peaks at 2230ish from the May to August trading range
2221 is the gap down upside point from June.
2205 is the November 2009 peak 2210 (from September 2008) to 2212 (the July 2009 closing low)
2185 to 2195 represent support points for years: December 2004 peak, July to October 2005 consolidation, January, March and July 2008 lows, and October 2009 peak.
2184 is the June gap bottom side.
2177 is a low from March 2008
2169 is the March 2008 closing low (double bottom)
2168 is the September 2009, intraday peak
2155 is the August 2010 low and the March 2008 intraday low
2151 is the Tuesday gap down point
2140 from the May and June 2010 lows
2100 is the February 2010 low
2099 is the recent August intraday low


S&P 500: Closed at 1146.24
Resistance:

1151 is the January 2010 peak
1156 is the Sept 2008 low
1170 is the prior March 2010 high
1174 is the May 2010 high, 78% Fibonacci retracement of April peak
1181 is the April selloff low
1185 from late September 2008

Support:

1133 from a September 2008 intraday low
Bottom of the January 2010 consolidation 1131 to 1136
1129 to 1131 is the June and August 2010 peaks
1119 is the early December intraday high
The 200 day SMA at 1118
1114 is the November 2009 peak
The 50 day EMA at 1111
1106 is the September 2008 low
1101 is the October 2009 high and the recent May and June 2010 interim peaks
1084 to 1080 (September 2009 peak)
1078 is the October range low
1070 is the late September 2009 peak as well as several other peaks and valleys even in 2010. Important level.
1065 is the May flash crash intraday low.
1044 is the October 2008 intraday high AND the February 2010 low
1039 to 1040 are the May, June, and August 2010 lows


Dow: Closed at 10,829.68
Resistance:
10,920 is the recent May high
10,963 is the July 2008 low
11,100 from the 7-08 low
11,205 is the April closing high
11258 is the April 2010 peak
11,734 from 11-98 peak

Support:
10,730 is the January 2010 peak
10,609 from the Mid-September 2008 interim low
10,594 is the June 2010 peak
10,496 is the November 2009 high
The 50 day EMA at 10,506
The 200 day SMA at 10,475
10,365 is the late September 2008 low
10,285 is the late December consolidation peak
10,260 from the May and June 2010 interim peaks are breaking
10,209 is recent August 2010 low
10,120 is the October 2009 peak
9938 is the August 2010 low
9918 is the September 2008 peak
9855 is the early September peak in its lateral range
9835 is the late September 2009 peak AND the February 2010 low
9829 is the September 2008 closing high
9774 is the May 2010 intraday low


Economic Calendar

These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.

September 28 - Tuesday
Case-Shiller 20-city, July (09:00): 3.18% actual versus 3.3% expected, 4.21% prior (revised from 4.23%)
Consumer Confidence, September (10:00): 48.5 actual versus 53.0 expected, 53.2 prior (revised from 53.5)

September 29 - Wednesday
MBA Mortgage Applica, 09/24 (07:00): -0.8% actual versus -1.4% prior
Crude Inventories, 09/25 (10:30): -3.47M actual versus 0.970M prior

September 30 - Thursday
GDP - Third Estimate, Q2 (08:30): 1.7% actual versus 1.6% expected, 1.6% prior
GDP - Deflator, Q2 (08:30): 1.9% actual versus 1.9% expected, 1.9% prior
Initial Claims, 09/25 (08:30): 453K actual versus 457K expected, 469K prior (revised from 465K)
Continuing Claims, 09/18 (08:30): 4457K actual versus 4450K expected, 4540K prior (revised from 4489K)
Chicago PMI, September (09:45): 60.4 actual versus 56.0 expected, 56.7 prior

October 01 - Friday
Personal Income, August (08:30): 0.5% actual versus 0.3% expected, 0.2% prior
Personal Spending, August (08:30): 0.4% actual versus 0.3% expected, 0.4% prior
PCE Prices - Core, August (08:30): 0.1% actual versus 0.1% expected, 0.1% prior
U Michigan Consumer , September (09:55): 68.2 actual versus 67.0 expected, 66.6 prior
Construction Spending, August (10:00): 0.4% actual versus -0.5% expected, -1.4% prior (revised from -1.0%)
ISM Index, September (10:00): 54.4 actual versus 54.8 expected, 56.3 prior
Auto Sales, September (14:00): 3.8M expected, 3.7M prior
Truck Sales, September (14:00): 4.9M expected, 4.96M prior


October 04 - Monday
Factory Orders, August (10:00): -0.4% expected, 0.1% prior
Pending Home Sales, August (10:00): 1.0% expected, 5.2% prior

October 05 - Tuesday
ISM Services, September (10:00): 51.8 expected, 51.5 prior

October 06 - Wednesday
MBA Mortgage Application, 10/01 (07:00): -0.8% prior
ADP Employment Change, September (08:15): 18K expected, -10K prior
Crude Inventories, 10/02 (10:30): -0.475M prior

October 07 - Thursday
Initial Claims, 10/02 (08:30): 455K expected, 453K prior
Continuing Claims, 09/25 (08:30): 4450K expected, 4457K prior
Consumer Credit, August (15:00): -$3.0B expected, -$3.6B prior

October 08 - Friday
Nonfarm Payrolls, September (08:30): 0K expected, -54K prior
Nonfarm Private Payrolls, September (08:30): 70K expected, 67K prior
Unemployment Rate, September (08:30): 9.7% expected, 9.6% prior
Hourly Earnings, September (08:30): 0.1% expected, 0.3% prior
Average Workweek, September (08:30): 34.2 expected, 34.2 prior
Wholesale Inventories, August (10:00): 0.4% expected, 1.3% prior

By: Jon Johnson, Editor
Copyright 2010 | All Rights Reserved

Jon Johnson is the Editor of The Daily at InvestmentHouse.com

Technorati tags: stock trading stock market investing Jon Johnson InvestmentHouse.com