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Wall Street Strategies has been providing independent stock market research since 1991 to individual, retail and institutional clients through a balanced approach to investing and trading. Charles Payne, our founder and chief analyst, is routinely sought after for his stock market, political,... More
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  • LET THE DATA BEGIN - By WSS Research Desk 0 comments
    Oct 21, 2013 3:05 PM

    By Carlos Guillen

    After an encouraging trading week dominated by the fact that the leaders in Washington finally reached an agreement to avert hitting the debt ceiling time limit and get the government back to work, today it seems that investors are hitting the reset button and are now looking forward to see what earnings season and government data, which is about to start flowing, will tell about the state of the economy.

    For starters, today we got a glimpse into the housing sector, and now it is apparent that the all-awaited cooling is here as a result of surging prices and ramping mortgage rates. According to the National Association of Realtors, Existing Home sales in September slipped to an annual rate of 5.29 million, declining from the 5.39 million reached in the prior month and landing virtually in line with the economists' forecast of 5.30 million. While the decline seemed modest, we should note that the 5.39 million level was revised down from 5.48 million and is now at par with the highest level reached in July 2009.

    Now that Washington is back to work, we got the first bit of data from The Energy Information Administration, and its figures showed that U.S. crude-oil stocks rose by 4 million barrels in the week ended October 11, confirming the theme of earlier industry data released by the American Petroleum Institute, which showed stocks rose 5.9 million barrels in the week. This put pressure on U.S. crude-oil futures, which are trading lower and under $100 a barrel for the first time since early July showing declining demand.

    At the moment stocks, as reflected by the Dow Jones Industrial Average, are trading fairly flat. However, we expect a week of sharp price fluctuations as earnings season unfolds and as government data continues trickling in, and tomorrow we get the highly awaited government jobs report.

    So far most on the Street still see a good earnings and economic growth, but government data sill needs to be accessed to get a clearer view of how the government shutdown will affect the last quarter of this year.


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