Good morning Traders, DOW Snapshot from previous trading...

Good morning Traders,

DOW Snapshot from previous trading session

"After an initial boost at the market's open, stocks held steady throughout the day as investors sat on their hands to wait for the outcome of two major events: the mid-term elections and a two-day Fed meeting.

Early in the morning, stocks got an upward jolt from optimism about rapid growth overseas, after both Australia and India raised their key interest rates in an effort to fight off inflation. The rate hikes weakened the U.S. dollar increasing demand for riskier assets like stocks.

As investors refocused on the mid-term elections later in the day, stocks held on to those gains rather steadily on light trading volume.

"People are just holding on to their positions, waiting to see what happens overnight and tomorrow, said Brian Lazorishak, portfolio manager at Chase Investment Counsel of Charlottesville, Va.

Stocks are coming off a lackluster trading day Monday, which was dominated by jitters about the elections and Fed.

Elections and the Fed: Many on Wall Street expect Republicans to win the 39 seats needed to take control of the House. In the Senate, the GOP would need to win 10 of the 37 seats up for grabs to get the majority. A Republican majority could be perceived as pro-business and therefore give a boost to the market. "Most of the people I'm dealing with are hoping Republicans get a firm grip on things, and the thinking is that that ultimately helps out the economy," said Phil Streible, a senior market strategist with futures broker Lind-Waldock. "Spending won't be as loose, budgets will be more in line and fiscal responsibility will kick in." "[Source: cnnmoney.com]

The DJIA Index finished the trading session Up 64.10; and
The SPI Futures are currently: Up 13 pts atm.

Of note in the US this evening:

FOMC Meeting Announcement (ie; Fed Interest Rate Decision) [Market moving indicator]

Motor Vehicle Sales [Merits extra attention]

ADP Employment Report [Merits extra attention]

ISM Non-Mfg Index [Merits extra attention]

Factory Orders (Sep) [Moderate volatility expected]

EIA Petroleum Status Report [Merits extra attention]

...AND...

Of note in Australia today:

Building Permits (MoM) (Sep) (YoY)
[The Building Permits released by the Australian Bureau of Statistics shows the number of permits for new construction projects. It implies the movement of corporate investments (the Australian economic development). It tends to cause some volatility to the AUD. The more growing number of permits, the more positive (or bullish) for the AUD.]

Gold is currently trading Down $1.40 & is sitting at US$1,356.10/oz atm [Source: Kitco]
Oil is currently trading Up $0.51 & is sitting at US$84.41/oz atm [Source: Bloomberg]
The Dollar: The AUD/US is currently trading @ 0.9993 cents [Source: Forex. Live]

Have a great day trading today all.

Cheers, Tweets

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