ES Emini Day Trading: Pivot-Fed Announcements-Commentary

By , 14 December, 2009, No Comment
ESZ9
For 12/15/2009
How To Use
Symbol R1 R2 Pivot S1 S2
ESZ9 1119.50 1125.50 1112.00 1106.00 1098.50

Fed and Fed Agency Announcements

Redbook
[Bullet8:55 AM ET

Consensus Highlights

Producer Price Index
Released on 12/15/2009 8:30:00 AM For November, 2009
Prior Consensus Consensus Range
PPI – M/M change 0.3 % 1.0 % 0.5 % to 1.2 %
PPI less food & energy – M/M change -0.6 % 0.2 % 0.0 % to 0.4 %

Market Consensus Before Announcement
The producer price index increased 0.3 percent in October after dropping 0.6 percent the month before. The rise in the latest month was led a 1.6 percent boost in energy and a 1.6 percent gain also for food. But at the core level, the PPI rate unexpectedly dropped 0.6 percent, following a 0.1 percent dip in September. The fall at the core level was due mainly to declines in prices for light trucks and passenger cars. Looking ahead, there is still upward pressure on the headline figure from higher oil prices. Imported petroleum prices were up 6.2 percent in November. Also, seasonally adjusted spot prices for West Texas Intermediate increased 6.9 percent for the month.

Housing Starts
Released on 12/16/2009 8:30:00 AM For November, 2009
Prior Consensus Consensus Range
Starts – Level – SAAR 0.529 M 0.575 M 0.540 M to 0.600 M

Market Consensus Before Announcement
Housing starts in October unexpectedly dropped 10.6 percent, following a 1.9 percent gain the month before. The fall in October was led by a 34.6 percent plunge in multifamily starts but the single-family component also slipped-by 6.8 percent.

FOMC Meeting Announcement
Released on 12/16/2009 2:15:00 PM
Prior Consensus
Federal Funds Rate – Target Level 0 to 0.25 % 0 to 0.25 %

Market Consensus Before Announcement
The FOMC announcement for the December 15-16 FOMC policy meeting is expected to leave the fed funds target rate unchanged at a range of zero to 0.25 percent. However, traders will be watching to see if the “extended period” language is qualified with any additional wording regarding the future path of the fed funds rate. Traders also will look for updates on the Fed’s view of the recovery and on the Fed’s plan for unwinding balance sheet expansion.

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