The US stock indices snapped a modest three-day losing streak by the end of the week with the Dow Jones Industrial Average closing above 16,000 for the first time. About an hour into the NY trading session, the stock indices had recovered from Wednesday afternoon’s sell-off following the FOMC minutes. In the commodity markets Gold continued to decline while Copper and Crude Oil bounced from recent support levels. The Grains also bounced from support with Soy finishing the week with strong gains. However, it was Natural Gas that topped the commodity market with an impressive 2.2% rise. The recent talk among trading desks is the colder weather forecast including above normal snowfall for this winter.
The US Dollar closed mixed on the week against its G10 counterparts. It strengthen against the Japanese, Australian, New Zealand and Canadian currencies but weakened against the Euro and British Pound. I will continue to look at the US bond market as a leading indicator for price action in the Currency market. Despite the Thanksgiving holiday, there is noteworthy economic data scheduled in the week ahead. Key housing releases and consumer confidence for November will be reported.. Weekly initial jobless claims will be released on Wednesday rather than the usual Thursday release due to the holiday and durable goods orders for October will be released on Wednesday as well.
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Monday
10:00 AM USD pending home sales
1:30 PM IQ Room – advance concepts with Joe Rios – forecasting trading opportunities in the week ahead
Tuesday
5:00 AM GBP inflation report hearings
8:30 AM USD building permits
10:00 AM USD CB consumer confidence
1:30 PM IQ Room – Introduction to our new stocks and options trading room with Joe Contes
4:45 PM NZD trade balance
Wednesday
4:30 AM GBP second estimate GDP
8:30 AM USD durable goods orders
8:30 AM USD unemployment claims
9:45 AM USD Chicago PMI
9:55 AM USD revised UoM consumer sentiment
10:30 AM USD crude oil inventories
12:00 PM USD natural gas storage
7:00 PM NZD ANZ business confidence
7:30 PM AUD private capital expenditure
Thursday
5:30 AM GBP BOE Gov. Carney speaks
Friday
8:30 AM CAD GDP
Saturday
8:00 PM CNY manufacturing PMI
