The market is looking higher this morning as overseas markets are rising on good economic news from China. The market has been in a tighter range over the last week or two which has been more favorable to non directional trading. We are now in the time frame for high probability iron condors for October. As you set them up do not forget to add some insurance as September can often be a volatile month.
On the U.S. treasury bond futures trading side be respectful of seasonality that may take the bonds higher but they do seem over bought here and pullback is very possible. Pullbacks are usually at a slower pace than than upward movements. Great vehicle to trade but manage risk with tight stops.
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Market’s Should Open Slightly Higher – Employment Situation on Friday – House Pricing Inflated?
by Tom Nunamaker
Markets look to open slightly up today but essentially flat. Biggest report due out today is Pending Home Sales Index at 10:00 AM ET. Euro was up overnight but is quiet at the moment. The only potential market moving report left this week is the Employment Situation due out tomorrow at 8:30 AM ET. Consensus Range from Econoday is all over the place from -160,000 to +75,000 with the consensus at =80,000 jobs. Could be a bit of a roller coaster. Since the report is pre-market, you won’t have a chance to make adjustments so do it by COB today if you want to hedge against this report.
Interesting Article
I read an interesting article at zero hedge “Are Existing Home Prices Overrepresented By Up to 40%?” Apparently, the realtor Multiple Listing Service (MLS) is reporting the full asking price for home sales even if it was sold at auction for much less. You have to wonder if the number in the housing reports we see are accurate then. Interesting article if you have time to read it.
Picture of the Day
Early in my US Air Force career, I was in training at George Air Force Base, California (North East of Los Angeles in the desert). I have lots of fond memories of the F-4E and wanted to share a picture taken at George AFB in 1989.. two years after I left.
F-4E at George AFB, California 1989
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