Tuesday, November 03, 2009

When the Music Stops

Tuesday gave us very little in the way of big moves on the tape, but it was an interesting day in oh, so many ways. So far it's been rather easy to navigate the tape via the $USD/$SPX correlation, but today we were left with three major market components all ending the day in the positive. $USD + .14%, $WTIC + 1.68% and $GOLD + 2.38%. So what gives, and who will be left without a chair once the music stops? As we enter into tomorrow's FOMC announcement, the intraday charts are coiled pretty tightly, so trade carefully if you're one of the types that likes the rush post announcement, and perhaps we'll recognize a pattern developing pre-announcement tomorrow that we can trade if so inclined. I wanted to review the chart on oil volatility - $OVX, with you tonight, and also the chart on XLE. The coal sector received quite a boost via the BNI buyout, so it could be a sector play going forward. I'll post some momentum possibles in the comments below with all of you in a few, and you may get sick of my broken record, but thanks for all of the work everyone does around here each day. Our host has a very liberal policy on letting us not only trade our own methods, but he's also very tolerant of many points of view. I consider us blessed to have a place like this every day to work together. ~Keirsten

"A successful team, a winning organization is made up of many individuals, each of whom, in his (or her) own way, has attained a personal greatness" - Billy Cox



On the economic calendar tomorrow: Challenger Job Report, 7.30 AM, ADP Employment, 8:15 AM. ISM Non-manufacturing, 10:00 AM, and Petroleum Status at 10:30 AM. FOMC Announcement at 2:15 PM All times in EST. (it's so good to have that extra hour back!)

Earnings Link
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