Dow jones futures for next week october 22-26 2012

Indonesia stock info ; Dow jones futures for next week october 22-26 2012 : U.S. existing home sales fell in September but in line with expectations, industry data revealed on Friday. In a report, the National Association of Realtors said that home sales fell 1.7% to 4.75 million from 4.83 million in August, whose figure was revised up from 4.82 million. Analysts had expected existing home sales to fall to 4.75 million last month. While in line with expectations, the report stoked bearish sentiments on Wall Street and sent investors chasing the dollar, ditching higher-yielding currencies and gold in the process.


The Dow Jones Industrial Average initially rose during the previous week, but failed to stay above the 13,500 level. However, we do see support at the 13,250 level just below, so this could just simply be a short-term pullback. Ultimately, we need to see the 13,000 level get broken to the downside in order to get aggressively short of this market.

With that being said, we think that this is a short-term correction, and nothing major. We will be looking for supportive candles below in order to start buying the ETFs that follow this index, as well as the mini futures contract.

Other key events to watch will be the results of the Chinese Economy PMI, set for release Tuesday, and European Central Bank President Mario Draghi’s speech to the German parliament on Wednesday. Copper traders who a week ago were the most bearish in four months are now the most bullish in a year after economic reports signaled accelerating growth from China to the US.

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