ES Emini Daytrading: Pivot-Fed Announcements-Commentary

By , 24 November, 2009, No Comment
ESZ9
For 11/24/2009
How To Use
Symbol R1 R2 Pivot S1 S2
ESZ9 1130.42 1158.08 1083.83 1056.17 1009.58

Fed and Fed Agency Announcements

GDP
[Report][Star]8:30 AM ET
Redbook
[Bullet8:55 AM ET
FOMC Minutes
[Bullet2:00 PM ET

GDP
Released on 11/24/2009 8:30:00 AM For Q3:09
Prior Consensus Consensus Range
Real GDP – Q/Q change – SAAR 3.5 % 2.8 % 2.5 % to 3.4 %
GDP price index – Q/Q change – SAAR 0.8 % 0.8 % 0.8 % to 0.8 %

Market Consensus Before Announcement
GDP for the third quarter in the advance estimate came in stronger than expected with a 3.5 percent gain, following a 0.7 percent dip in the prior quarter. The third quarter boost was the first positive GDP number since a 1.5 percent increase for the second quarter of 2008. Cash for clunkers did add substantially to third quarter growth as motor vehicle output added 1.66 percentage points to the third-quarter change in real GDP after adding 0.19 percentage point to the second-quarter change. Inflation is still subdued as the GDP price index edged up 0.8 percent, following no change in the second quarter. Looking ahead, more recent monthly numbers indicate a downward revision to third quarter growth—including negatives from monthly international trade and business inventories

ICSC-Goldman Store Sales
Released on 11/24/2009 7:45:00 AM For wk11/21, 2009
Prior Actual
Store Sales – W/W change -0.1 % 0 %
Store Sales – Y/Y 2.4 % 3.3 %

Highlights
Easy year-over-year comparisons look to make for strong mid-single-digit gains for November same-store sales, according to ICSC-Goldman. The week-to-week pace in the Nov. 21 week was unchanged but not the year-on-year pace which rose nearly 1 full percentage point to plus 3.3 percent for the best reading in more than two years. The report sees this rate increasing in the Nov. 30 week, predicting strong sales on what it calls “Bargain” Friday and also strong sales on the following Saturday. But year-on-year comparisons are not what the financial markets move on. It’s month-on-month that counts. Redbook, up at 8:55 ET, does offer a November-to-October measure.
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Tags: , , , , Categories: day trading,e-mini,Emini Trading,Fed announcements,GDP,pivot,resistance,support
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