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Friday 27th of September Market Report

Posted by on in Market Reports
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Friday 27th of September 2013 as of 13:00 CET

The market is softer this morning as traders are scaling back on the bullish bets ahead of the budget votes today and there is now only three days left before the federal spending authority runs out and a few weeks before the US hits the borrowing limit according to Bloomberg.


Credit default swaps have started to move up on the US as well, which is not a good thing.

It is decision time for the S&P500 futures and the market will either bounce good off the current levels or we are seeing the start of a deeper sell off. There is a an open gap at 1683.25 in the S&P500 futures that I am looking to be filled and then we need to see what the price action is off that level.  There is another gap at 1665 in the S&P500 futures that is a good downside target if 1683 support breaks.

Crude oil found some support at 102.40 this morning and is back above the 103 level as I type.
The Euro is testing 1.3550 and a break above this level opens for 1.3650 or so.

Asian equity markets traded mixed overnight Nikkei 225 down 0.26%, Shanghai up 0.44% and S&P/ASX 200 up 0.24%

Full earnings calendar can be found here at Bloomberg: http://www.bloomberg.com/apps/ecal?c=US

VIX closed at 14.40 yesterday, which is not high given the uncertainty we have with the debt ceiling debate on deck in Washington.


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