Market Recon Wednesday

Good Morning,
                      Scanning global markets, you’ll see that they’re down more than 2% in Shanghai.  Two percent must seem like a walk in the park in Shanghai these days.  You’ll also notice European equities are in the green…pretty much across the board.  S&P futures traded in a wide range over-night, and currently stand just a smidge on the plus side.  September’s global Manufacturing Flash PMI party is the culprit for most of this movement, it’s not too hard to see who did what.
                      In China, the Caixin number showed a manufacturing sector deeper in contraction than anyone thought, in fact….that was the lowest print in that space in over six years.  The numbers in Europe, for the most part…actually missed consensus, but still landed comfortably in expansionary territory.  The big surprise to the upside came for France, a nation that unexpectedly showed expansion.
                     From a domestic macro perspective, think of today as the calm before the storm.  True, you’ve got the Oil Inventories number at 10:30, and it will push the price of oil around upon it’s release, but it still is just a weekly number.  The only other item out there is the 09:45 ET release of the Markit Flash Manufacturing PMI, (Our contribution to today’s theme), but nobody really watches Markit’s numbers in this country.  If there is a reaction, it will only be due to a lack of meaningful data to feast on for today.
                     Fan favorite Dennis Lockhart, aka, the Spider will speak for a third consecutive day.  Today’s lucky city is Columbus, Georgia, at lunchtime.  The Empress doesn’t speak until tomorrow.  Spiders, Empresses…..and you thought we only had to worry about doves, and hawks.  Foolish mortal.  If only the FOMC had a suggestion box.
                     Don’t forget, kids that today is Yom Kippur, the holiest day on the Jewish calendar.  That means that many of our colleagues will be out for the day, and depth of market could be a bit thin.  Other than that, carry on.
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Sarge’s TRADING LEVELS
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SPX: 1962, 1956, 1948, 1939, 1931, 1921
RUT: 1158, 1151, 1144, 1138, 1134, 1129