Newsletter - November 2021
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System of the Month: Zenon Mini Dow Jones
Many traders choose to diversify their portfolios with algorithmic trading systems. The following system has been selected as the broker's choice for this month.
REQUIRED CAPITAL: $2,400*
PRODUCT: E-Mini Dow Jones future
SYSTEM TYPE: Intraday
COST: $120 / month
COMMISSION: $7.50 per side 
The performance shown above is hypothetical in that the chart represents returns in a model account. The model account rises or falls by the average single contract profit and loss achieved by clients trading actual money pursuant to the listed system’s trading signals on the appropriate dates (client fills), or if no actual client profit or loss available – by the hypothetical single contract profit and loss of trades generated by the system’s trading signals on that day in real time (real‐time) less slippage, or if no real time profit or loss available – by the hypothetical single contract profit and loss of trades generated by running the system logic backwards on backadjusted data.   
Upcoming Government Reports & Holidays
Nov 01
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Nov 03
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Nov 05
Nov 09
Nov 10
Nov 10
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Nov 12
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Nov 16
Nov 16
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Nov 24
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CONSTRUCTION SPENDING REPORT
HOUSING VACANCIES & HOMEOWNERSHIP
MANUFACTURERS' SHIPMENTS, INVENTORIES & ORDERS - FULL REPORT
US INTERNATIONAL TRADE IN GOODS & SERVICES REPORT
EMPLOYMENT SITUATION REPORT
PRODUCER PRICE INDEX REPORT
CONSUMER PRICE INDEX REPORT
BUSINESS FORMATION STATISTICS
MONTHLY WHOLESALE TRADE: SALES & INVENTORIES
JOB OPENINGS & LABOR TURNOVER SURVEY
VETERANS DAY
ADVANCE MONTHLY SALES FOR RETAIL & FOOD SERVICES REPORT
MANUFACTURING AND TRADE: INVENTORIES & SALES REPORT
NEW RESIDENTIAL CONSTRUCTION REPORT
ADVANCE SERVICES REPORT
NEW RESIDENTIAL SALES REPORT
PRELIMINARY US IMPORTS FOR CONSUMPTION OF STEEL PRODUCTS
ADVANCE ECONOMIC INDICATORS REPORT
ADVANCE REPORT ON DURABLE GOODS - MANUFACTURERS' SHIPMENTS...
THANKSGIVING DAY
Key Events That Moved the Market in Oct. 2021
The following is a review of US and world events from the last month. Please be advised that this content is based upon the opinions and research of GFF Brokers and its staff and should not be treated as trade recommendations.

S&P 500 Index (SPX) - Daily Chart - Oct 1 - 29, 2021 (Source: Tradingview)

October 1
  • Wall Street found some relief as it started strong in a new month.
  • The S&P rose up to 2%, taking back nearly a quarter of its September slide.
  • The big news that might have driven the broader stock market is news of Merck drug that proven successful against Covid 19.
  • The drug added optimism to the recovery narrative that investors are hoping would materialize as we enter October in addition to the Q3 corporate earnings season.

October 4
  • Today’s post-summer pullback was triggered by heavy selling in Facebook and other tech stocks.
  • Whistleblower allegations regarding Facebook’s content practices plunged the stock which led the Nasdaq down 2.46%.
  • Apple, Amazon, Microsoft, and Alphabet were all down more than 2% each.
  • Advances in crude oil, energy stocks, and big banks underscored market sentiment in favor of “old economy” plays.

October 5
  • Stocks bounced, recovering most of yesterday’s drop as the broader market hovers around 4% from its September peak.
  • On one side, the market is concerned about supply chain disruptions, policy concerns, and slowing global growth.
  • On the other hand, US economic numbers are holding up reasonably well with the services sector gauge reporting healthy levels above analyst estimates.

October 6
  • Stocks advanced for a second straight day as energy markets across the globe showed signs of cooling and concerns regarding the Federal debt limit are beginning to ease.
  • Markets have been consolidating over the last week but stand only a few percent from last month’s record highs.
  • Job growth estimates in the private sector came in strong, reinforcing the idea that US economic recovery is well underway.
  • Meanwhile, investors may feel more confusion than conviction as markets bounce back from the most significant pullback of the year.

October 7
  • The Wall Street rebound advanced for a third straight day as investors appear to be less worried about a debt ceiling breach and economic data holding up well ahead of a big jobs report.
  • A decline in weekly jobless claims is setting the stage for tomorrow’s payroll report.
  • Analysts are expecting to see nearly half a million jobs created in September.
  • This would be welcome news even if it clears the way for the Fed to dial back its stimulus policies.

October 8
  • The stock market gave a muted reaction to a mixed job report that revealed higher wages amid strong demand for workers as the economy undergoes a labor shortage.
  • Only 194,000 jobs were created in September; around 300,000 jobs short, according to analyst forecasts.
  • Yet a drop in the unemployment rate to 4.8% from 5.2% indicates a “tight” labor market that may lead the Fed to follow on its plan to start reducing its stimulus efforts.

October 11
  • Wall Street started the week on a cautious note with the Dow dropping 294 points to session lows.
  • Crude oil was back up again above $80, hitting a seven-year high amid inflation anxieties.
  • There seems to be a bit of pessimism surrounding earnings season as it kicks off with big banks and financials.
  • The fear is that high demand won’t be able to offset supply chain issues.

October 12
  • The broader market fell for a third consecutive day as investors gear up for earnings season.
  • Real estate and consumer discretionary sectors were today’s top performers while healthcare and semiconductor stocks lagged behind.
  • The markets appear to be hovering in a “wait and see” mode as the first of the big banks, JP Morgan, kicks off earnings season tomorrow.

October 13
  • The S&P breaks its three-day losing streak as all major US indices pretty much end near the flatline.
  • JP Morgan fell nearly 3% despite topping revenue and earnings expectations.
  • JPM’s CEO Jamie Dimon said that investors’ fears of supply chain disruptions are overblown and sees a strong consumer backdrop.

October 14
  • Today kicked off a raging rally with the Dow rising 533 points—its best day since July.
  • Economic data helped boost optimism in the markers.
  • Jobless claims came in under 300,000 for the first time since the beginning of the pandemic.
  • Producer price rose less last month, allaying inflation fears of runaway inflation, at least for now.
  • Earnings in the banking sector largely topped analyst expectations, seeing a double digit boost in “net” interest income which is the difference between its earned interest and the interest it pays to depositors.

October 15
  • The broader stock market rose for a third straight day.
  • Consumer discretionary stocks were the strongest performer, getting strong support from retail sales in September.
  • However, there are still concerns about supply constraints that can disrupt the holiday shopping season.

October 18
  • Stocks rebounded from morning lows and continued their rally for a fourth straight day.
  • Energy sector stocks led the charge higher with pil touching a multiyear high before pulling back.
  • US factory data intensified demand concerns.
  • Banks showed a strong follow-through after reporting Q3 earnings.

October 19
  • Stocks jumped to a five-day win stream powered by a stream of earnings beats.
  • Bitcoin approached record levels nearing $64,000 as the first Bitcoin futures ETF officially began trading today.

October 20
  • It was another record setting day on Wall Street with the Dow closing at a new all-time high.
  • Tech stocks, on the other hand, got benched by higher interest rates.
  • It’s been an exceptional month for cyclical and economically sensitive sectors as investors believe the economic expansion is still up and running.
  • Traders are still keeping an eye on earnings and inflation, as companies warn of inflationary pressures affecting next-quarter earnings.

October 21
  • The S&P rose for a seventh straight day, hitting another record high.
  • Weighing on the Dow, IBM beat analyst estimates in earnings but not in revenue as its cloud business and client spending pulled back.
  • Tesla posted record earnings and revenue, its stock rising 3% which helped the S&P.
  • Jobless claims fell a third straight week below 300,000, a favorable indication on the economic data front.

October 22
  •  It was another record setting day on Wall Street as the Dow notched a new record gain while the S&P advanced to a new high before fractionally pulling back.
  • Tech stocks tumbled following surprise earnings disappointments from Intel and Snap.
  • An uptick in bold yields didn’t help tech stocks either as Fed chief Jerome Powell announced that it’s time to taper as inflation may be with us longer than expected and supply constraints may linger well into 2022.

October 25
  • Wall Street kicked the week off with a bang as the Dow and S&P both reached record highs.
  • Consumer discretionary led the gain powered by Tesla which hit a new high on news of a big purchase from Hertz; the rental car company ordered 100,000 Tesla vehicles.
  • So far, 80% of all reporting companies have topped estimates but the specter of supply chain constraints, labor shortages, and rising commodity prices loom large in the backdrop. 

October 26
  • The Dow and S&P hit another set of record highs but lost steam toward the end of the day to close in the red.
  • Weakness in Facebook weighed on the broader market.
  • The social media giant beat analyst earnings estimates but its revenue missed due to slowing ad sales amid Apple’s new privacy restrictions.

October 27
  • The record rally in the Dow and S&P took a pause today with the Nasdaq becoming the day’s largest gainer lifted by Microsoft and Alphabet (both rising more than 4%).
  • Alphabet shares hit a new record high.
  • Falling bond yields also helped as the 10-year yield fell below 1.6%. 
  • Washington drama also may have weighed on the markets as the Democrat’s billionaire tax has been axed amid partisan disagreements.

October 28
  • Stocks rebounded from a one-day stumble to real a new record high.
  • Amazon and Apple gained 2% ahead of quarterly results but fell in after hours trading as they fell short of analyst estimates.
  • Weekly jobless claims dropped again to another post-Covid low, boosting market sentiment.
  • US GDP came in at 2%--slower than prior quarters but higher than expected.

October 29
  • The S&P and Nasdaq hit another record high with the Dow just points away from all-time high territory.
  • Contrary to October Effect jitters, the market posted its best month of the year.
  • To date, 82% of reporting S&P 500 companies have delivered positive EPS surprises. 
  • The three-pronged specter of inflation, labor shortage, and supply constraints looms, keeping investors optimistically cautious.
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*Details regarding Zenon Mini Dow Jones 30p.Stop 24p.TProfit Int: Please be aware that the suggested capital to trade this system is $4,000. Please speak to your broker for more information about this trading system. The returns for the systems listed are hypothetical in that they represent returns in a model account. The model account rises or falls by the average single contract profit and loss achieved by clients trading actual money pursuant to the listed system’s trading signals on the appropriate dates (client fills), or if no actual client profit or loss available – by the hypothetical single contract profit and loss of trades generated by the system’s trading signals on that day in real time (real‐time) less slippage, or if no real time profit or loss available – by the hypothetical single contract profit and loss of trades generated by running the system logic backwards on backadjusted data.
 
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.
 
ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

There is a substantial risk of loss in trading futures, options and forex. Past performance is not necessarily indicative of future results. Margins are subject to change at anytime without notice. All material herein was compiled from sources considered reliable. However, there is no expressed or implied warranty as to the accuracy or completeness of this material.