U.S. Market Bounce Likely On Reopen Tomorrow.
Tuesday, October 30, 9:25 a.m. When the U.S. market opens tomorrow a positive bounce is likely to greet nervous investors. There has been calmness in commodity markets, no panic for gold or big jump in oil prices in spite of refineries in NJ being shut down. Global markets have remained calm, down yesterday but back [...]

Tuesday, October 30, 9:25 a.m.

When the U.S. market opens tomorrow a positive bounce is likely to greet nervous investors.

There has been calmness in commodity markets, no panic for gold or big jump in oil prices in spite of refineries in NJ being shut down. Global markets have remained calm, down yesterday but back up today.

Economic reports while the market has been closed have been positive. Yesterday it was reported that consumer spending was up 0.8% in September, after rising 0.5% in August. The Dallas Fed’s Mfg Index improved to +1.8 in October from –0.9 in September. This morning’s Case Shiller Home Price Index showed home prices were up 2.0% year-over-year in August, continuing the recent trend.

And the market will re-open into the monthly pattern in which the market is usually positive the last two days of each month and the first few days of the following month. It’s what I have always called the ‘monthly strength period’. It’s fueled by the extra chunks of money that usually flow into the market automatically at the end of the month from such sources as monthly interest and dividend payments (much of which is designated for automatic re-investment), monthly contributions by employers to employee 401K plans, inflow from those following a monthly dollar-cost averaging strategy, and day-traders buying for a short-term trade on the pattern.

And it will be re-opening with the market somewhat oversold short-term.

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To read my weekend newspaper column click here: Is The Market Plunging Over An Earnings Cliff-

Subscribers to Street Smart Report: The new issue of the newsletter will be out this afternoon in your secure area of the Street Smart Report website.

Yesterday in the U.S. Market.

U.S. markets were closed yesterday due to the severe storm in the northeast.

And will be closed again today.

Yesterday in European Markets.

European markets closed down yesterday. The London FTSE closed down 0.2%. The German DAX closed down 0.4%. France’s CAC closed down 0.8%. Greece plunged a huge 6.3%. Ireland closed down 0.5%. Italy closed down 1.5%. Spain closed down 0.6%. Russia closed down 0.1%.

Asian Markets were down Sunday night and mixed last night.

The Asia Dow closed down 0.4% Sunday night, and up 0.2% last night.

Among individual markets last night:

Australia closed up 0.1%. China closed up 0.2%. Hong Kong closed down 0.4%. India closed down 1.1%. Indonesia closed up 0.8%. Japan closed down 1.0%. Malaysia closed up 0.1%. New Zealand closed down 0.3%. South Korea closed up 0.4%. Singapore closed up 0.3%. Taiwan closed up 1.3%. Thailand closed up 1.2%.

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Markets This Morning:

European markets are bouncing back this morning from yesterday’s declines. The London FTSE is up 0.8%. The German DAX is up 0.9%. France’s CAC is up 0.5%. Spain is up 0.5%.

Oil is down $.74 a barrel at $85.54.

Gold is up $4 an ounce at $1,713.

This Morning in the U.S. Market:

This week is a heavy week for potential market-moving economic reports, including Consumer Confidence, Construction Spending, the ISM Mfg Index, Factory Orders, and culminating on Friday with the Labor Department’s Employment Report for October. To see the full list click here, and look at the left side of the page it takes you to.

Yesterday’s reports were that consumer spending was up 0.8% in September after rising 0.5% in August. But consumer income rose a slower 0.4%. And the Dallas Fed’s MfG Index improved to +1.8 in October from –0.9 in September, better than the consensus forecast of an improvement only to a neutral 0.0.

This morning’s report was the Case-Shiller Home Price Index was up 2.0% year-over-year in August, after officially turning positive year-over-year in June.

The release of the Conference Board’s Consumer Confidence Index, scheduled for this morning has been postponed to Thursday morning because of the storm in the northeast.

Our Pre-Open Indicators:

The U.S. market will be closed again today.

To read my weekend newspaper column click here: Is The Market Plunging Over An Earnings Cliff-

Subscribers to Street Smart Report: The new issue of the newsletter will be out this afternoon in your secure area of the Street Smart Report website.

I’ll be back with the next regular blog post on Thursday morning at 9:25 a.m.

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