daytrades october 26 morning ...

Good morning Traders,

DOW Snapshot from previous trading session

"Stocks climbed to 6-month highs Monday after a report on housing sales came in much better than expected. All three indexes had been up nearly 1% earlier in the morning, after the release of a strong report on existing home sales. Gains receded slightly as the day continued, but most sectors were still strong -- 23 of the 30 blue-chip Dow components were higher at the closing bell. It marked the second time in the past week that the Dow has eclipsed its highest closing level this year, only to quickly pull back. It rose as high as 11,247.60 earlier Monday; the year's highest close was 11,205.03 on April 26. The intraday peak for the year was 11,258, also on April 26.

In addition to the strong housing data, stocks have recently gotten a boost from strong corporate earnings and bets that Republicans will win control of the House next week -- a shift that market participants believe will further lift stocks.

"President Obama has come out and said, 'I'm pro-business,'" said Kenny Landgraf, principal and founder at Kenjol Capital Management. "But if you have to keep insisting something over and over, it starts to sound like it isn't true."

Experts thought the election bets were already baked into the market, Landgraf said, but stocks have continued a somewhat steady climb throughout October.

Stocks ended mixed Friday, as investors balanced strong U.S. corporate earnings against currency tensions at the G-20 summit in South Korea." [Source:cnnmoney.com]

The DJIA Index finished the trading session Up 31.49; and
The SPI Futures are currently: Down 18 pts atm.

Of note in the US this evening:

S&P Case-Shiller HPI [Merits extra attention]

Consumer Confidence [Merits extra attention]

Richmond Fed Manufacturing Index (Oct) [Moderate volatility expected]

...AND...

Of note in Australia today:

Please note there is no noteworthy 'Economic news' due to be reported in Australia today.

Gold is currently trading Up $0.40 & is sitting at US$1,340.70/oz atm [Source: Kitco]
Oil is currently trading Down $0.23 & is sitting at US$82.29/oz atm [Source: Bloomberg]
The Dollar: The AUD/US is currently trading @ 0.9898 cents [Source: Forex. Live]

Have a great day trading today all.

Cheers, Tweets

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