daytrades december 14 morning ...

Good morning Traders,

DOW Snapshot from the previous trading session

"U.S. stocks drifted higher Monday as investors cheered a flurry of corporate deals and awaited a Senate vote on the extension of the Bush tax cuts.

Advances were broad-based, with all but eight of the Dow 30 rising. Caterpillar, Disney, and Chevron led the gains.

Markets churned higher last week, with the S&P 500 reaching its highest level in two years on Friday, amid upbeat economic news and a dividend hike by General Electric.

The S&P 500 is up more than 83% from its 2009 low and is 11% higher for the year, said Sam Stovall, chief investment strategist at S&P.

With no market-moving economic data expected Monday, stocks continued last week's momentum as investors awaited the next steps from Washington.

What's on Washington's agenda

Early last week, policymakers appeared to be on the brink of reaching a compromise to extend Bush-era tax cuts for another two years. But House Democrats voted Thursday against considering the tax package. On Monday, senators were expected to open debate about the deal and a vote was scheduled for 3 p.m. ET.

Despite resistance from House Democrats, investors still seem to be betting that the tax cuts will be extended, said Alan Lancz, president of Alan B. Lancz & Associates.

"Right now the momentum is definitely in the bull's favor," Lancz said. "I think the upward trend will continue as investors feel pressure to jump on the bandwagon." " - [Source: cnnmoney.com]

The DJIA Index finished the last trading session Up 18.24; and
The SPI Futures are currently: Up 11 pts atm.

Of note in the US this evening:

Producer Price Index [High volatility expected]

Retail Sales [High volatility expected]

FOMC Meeting Announcement (Fed Interest Rate Decision, Dec) [High volatility expected]

...AND...

Of note in Australia today:

Housing Starts (QoQ) (Q3)
[The Housing Starts released by the Australian Bureau of Statistics captures how many new single-family homes or buildings were constructed. It shows the strength of the Australian housing market, which can be considered as a whole economy due to Housing Starts' sensitivity to changes in the business cycle. Generally speaking, a high reading is seen as positive, or bullish for the AUD, while a low reading is seen as negative, or bearish.]

National Australia Bank's Business Confidence (Nov)
[The National Australia Bank Business Confidence is a survey of the current business condition in Australia. It indicates the performance of the overall Australian economy in a short-term view. A positive economic growth anticipates bullish movements for the AUD, whereas a negative growth is seen as bearish.]

National Australia Bank's Business Conditions (Nov)
[The NAB�s Business Conditions released by the National Australia Bank looks at trading, profitability and employment conditions in Australia. It serves as an indicator of overall economic situation in the short term. A high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).]

Westpac Consumer Confidence (Dec)
[The Westpac Consumer Confidence released by the Faculty of Economics and Commerce Melbourne Institute captures the level of sentiment that individuals have in economic activity reflecting respondents' evaluations of their family finances over the past and coming year, expectations about the one-year and five-year economic conditions and views about current buying conditions for major household items. Generally speaking, a high reading is seen as positive (or bullish) for the AUD, whereas a low reading is seen as negative (or bearish).]

[Sources Used: bloomberg.com; dailyfx.com; fxstreet.com; nasdaq.com]

Gold is currently trading Up $8.70 & is sitting at US$1,394.50/oz atm [Source: Kitco]
Oil is currently trading Up $0.82 & is sitting at US$88.61/bbl atm [Source: Bloomberg]
The Dollar: The AUD is currently trading @ 0.9959 cents against the US Dollar[Source: Forex. Live]

Have a great day trading today all.

Cheers, Tweets

Please click here to go to the 'Pre-Market thread'