Your MUST-READ Morning Stock Futures Cheat Sheet: Holding Pattern

The exclusive Markets Morning Report is supplied by The Precision Report.

The Precise Take – Holding Pattern

Big Picture Analysis:  While we would have liked to have seen a move higher yesterday to support the short term bullish case, overall, it simply appears the markets are consolidating above support, which is 1185-1191 in the ES.  A move below presages material downside potential.  Focus is on the Sunday meeting in Brussels, but our guess is resolution over the EFSF leverage issue will not come until after Trichet’s term ends November 1.  In the US, earnings season continues, Philly Fed is a likely market mover today, tomorrow is opex, and next Thursday is GDP.

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Today’s  Scheduled News (all times EDT)

Major Market Movers
Exhibit Homes Sales at 10:00 am
Philadelphia Fed Survey at 10:00 am

Minor Market Movers
Leading Indicators at 10:00 am

Tomorrow’s Scheduled News

Major Market Movers
None

Minor Market Movers
None