We need your forecast! Yes you.
The Dec S&P contract hit a new contract high during yesterday's session. The contract is up 129 points from it's October 9th low. Consumer Confidence came in way under last months number and below expectations at 71.2. That data set the markets back for a moment but everyone knew Big Daddy was watching, so maybe bad is good. WTI struggled through the session in spite of the reduction in Libyan output. The expectations for another build in today's Crude Inventories weighed on traders minds. Dec WTI settled down -.48 at 98.20.
GDP Q3 Forecast 2.3% Prior 2.5%
CPI Forecast 0.1% Prior 0.1%
Crude Inventories Forecast 2.7M Prior 5.246M
FOMC Rate Decision Forecast .25%
Lots to look at in the early morning numbers to see if any big jumps in GDP or CPI might make Big Daddy a little less dovish before the vote. At this point it's not what Big Daddy is going to do - everyone knows that. It's about what they say. Traders are going to be reading the tea leaves for things to come. There will be one more FOMC meeting this year and the markets want to know how long the party is going to last. Trade Strong