daytrades october 04 morning ...

Good Morning Traders,

Please note that it is a Labour Day public holiday in NSW / ACT/ SA today, so naturally volumes will be lower today.

DOW Snapshot from previous trading session

" U.S. stocks began the new month higher, clawing out gains Friday as a better-than-expected reading on personal income overshadowed a mixed manufacturing report. A slightly better-than-expected report on the state of the consumer helped push stocks higher Friday, said Alec Young, equity strategist with S&P Equity Research.

"The consumer is a big source of concern right now, so those numbers being strong was a good sign," he said. "Expectations are still so low that the numbers today were able to easily exceed them."

But an early rally lost some momentum after a key reading of U.S. manufacturing activity fell to a 9-month low, reminding investors that the United States is in for a prolonged period of sluggishness, said Peter Boockvar, chief market strategist with Miller Taback & Co.

Additionally, many investors are holding off on big bets ahead of the midterm elections in November, which will determine control of Congress. Boockvar said the darkening economic outlook and recent comments from Fed officials have raised expectations that the central bank will accelerate its purchases of U.S. Treasurys -- a policy called quantitative easing -- later this year. While the move is designed to aid the economy by keeping long-term interest rates low, some investors worry that it could stoke inflation over the long-term. As a result, the U.S. dollar has gone into a tailspin.

The weak dollar has fuelled interest in commodities that are priced in the U.S. currency. Gold, which is considered a hedge against inflation, rose to a record high, and oil prices also rallied."

The DJIA Index finished the trading session Up 41.63; and
The SPI Futures are currently: Up 25 pts atm.

Of note in the US this evening:

Pending Home Sales Index [Market moving indicator]

Factory Orders (Aug) [Moderate volatility expected]

...AND...

Of note in Australia today:

TD Securities Inflation (MoM) (YoY) (Sep) [Moderate volatility expected]
[TD Securities Inflation released by The University of Melbourne - Faculty of Economics and Commerce estimates inflation in the Australian economy. The higher inflation, the stronger the effect it will have on a probability of a rate hike by the RBA. Generally speaking, a high reading should be taken as positive, or bullish, for the AUD, while a low reading is seen as negative or bearish.]


Gold is currently trading Up $1.40 & is sitting at US$1320.00/oz atm [Source: Kitco]
Oil is currently trading Up $0.04 & is sitting at US$81.62/oz atm [Source: Bloomberg]
The Dollar: The AUD/US is currently trading @ 0.9717 cents [Source: Forex. Live]

Have a great day trading today all.

Cheers, Tweets

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