Squawk Morning Briefing: Busy News Cycle

This week’s disruptions have delayed several reports scheduled for earlier in this week. This includes a number of earnings releases, notably DJIA component PFE which is currently trading down about 0.60 as of 7:15 EDT. PFE has among the lowest share prices in the index and is unlikely to move the index dramatically. Perhaps greater impact will come from the heavy slate of reports on economic and business activity, including:

• ADP report
• Weekly jobless claims
• Manufacturing PMI
• ISM manufacturing
• Consumer confidence
• Construction spending
• Natural gas
• Crude oil
• Vehicle sales

If that continuing stream of reports through the day isn’t enough to introduce some volatility then we just have to look forward to the all-important BLS report on Friday, ISM services on Monday, and a presidential election on Tuesday.

For now, we continue to trade in a range.  We know what we need to see to suggest that we’re leaving the area where we’ve been trading for a week and update the latest view in today’s individual briefings.

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Elliott Squawk delivers thorough market preparation every morning in time to take action during the trading day. By combining up-to-the-minute futures activity with traditional end-of-day analysis from cash indices, you receive analysis based on the latest conditions as the trading day sets to open. Each issue of Elliott Squawk goes beyond traditional Elliott Wave analysis because we recognize that trading Elliott Waves is much more than just looking at the most likely current count. Squawk will prepare traders to assess the market action as it unfolds by answering questions that any Elliott Wave trader should consider:

• What price levels and wave motions would confirm an expected move?
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• What technical indicators should be watched throughout the day to interpret wave action?
• What intermarket movements merit special attention to understand likely price trends?

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From time-to-time when circumstances warrant, Squawk will present analyses of other markets that help interpret wave action in a covered market. For example:

• If S&P 500 and Dow counts are ambiguous and NASDAQ behavior helps identify the likely next move then NASDAQ analysis will be presented.
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