Daily Delphi

Post: Friday 10/18/2014 | Daily Delphi

BlogsPit Talk › Friday 10/18/2014 October 18, 2013, 6:50 am

THURSDAY RECAP
The Dec S&P rallied to a new contract high, up +14.60 settling at 1720.80. Early morning skepticism about last night's kick the can vote gave way to a more rosy disposition after the Philly Fed report showed much stronger than forecast manufacturing in the mid-Atlantic. Actual 19.8 vs forecast 7.0. Gold also popped yesterday with the belief that Big Daddy won't/can't begin tapering until Q1 2014. Some traders are even talking about inflationary pressures around the bend. Oil was the odd man out Thursday seeing its lowest price levels since August 8th. Private inventory data released yesterday showed yet another build in US supplies. Oil bears and technicians are looking for some down days ahead.
TODAY'S ACTION
9:0 AM CT
Leading Indicators Forecast .06% Prior .07%
All the info for Leading Indicators is already in the market so there shouldn't be any surprises when it's released. There will be a round of Chinese economic data during today's session that oil traders in particular will be watching to gauge global demand. With earnings season in full swing the equities will be watching the wire for any unexpected reports. It's been a good few days to be a bull, markets could see a small consolidation going into the weekend as traders book profits. Trade strong


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