Market Recon Monday

Good Morning,
                        Global equities are colored a light shade of red this morning.  Let’s call it pink, sort of.  Planet Earth not following Wall Street’s lead from last week ?  Cages rattled by terrorism fears ?  European Flash PMI’s actually do look pretty good across the board this morning, thus weakening Mario Draghi’s case for throwing a bucket of kerosene on the QE bonfire ??  Probably something to do with all of these.  Whatever comes at us, we will figure it out, adapt to it, and defeat it.  That’s what we do.
                       There’s a short week ahead of us, here in the States… but this week is not short on potentially market moving macro.  I mean who amongst us doesn’t get goose-bumps every time they revise the GDP, or print a new number for the PCE Price Index.  Oh, yeah….get some.  That said, we’ll have to wait for tomorrow, and Wednesday for those most excellent data-point releases.  Hey Jerk, what kind of hair does today have on it ??  Great question, gang.  I’m glad you asked…. Let’s do Monday before we do anything else !!  Wish I thought of that.
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The Fed
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              By now, you’re surely aware that way back on Friday (about 12 minutes ago in real time), Wall Street noticed that the Fed had announced on their website…the “Advanced Notice of a Meeting under Expedited Procedures” for today.  “Hmmm”.  (Hmmm is really what I said, when I noticed. That’s a quote)  Matters to be considered are the review and determination of the advance and discount rates to be charged by Federal Reserve Banks.  In other words, they’re going to talk about what they want to do, going forward, with what is formally know as the Primary Credit Rate.   Will they actually raise an interest rate at a previously unscheduled meeting today??  I’ve reached out to folks smarter, and more in tune with the Fed, than I.  What she…uh, I mean what they said was that the term “expedited process” is probably what got our attention down on the Street.  Bottom line is that this pow-wow is more routine than a lot of us (me, myself, and I) know, and they are very unlikely to raise anything prior to raising the Fed Funds Rate.  Sooooo…. Move it along, nothing to see here.  I think.
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Macro
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           We do have two pieces of domestic macro to take in today.  At 09:45 ET, Markit will release their Manufacturing PMI Flash for November.  Markit has been the only bright spot in the Manufacturing universe over the last few months, and now that Philly, and KC both printed above zero… party time ??  We’ll see.  Expectations are for something close to 54.3, which would be above October’s 54.1 final.  Existing Home Sales are the largest slice of the housing pie, and you’ll get slapped by the October release at 10am ET.  Most economists are looking for a drop of 2% to 3% for this month from September’s lofty 5.55 million units (SAAR).  Something around 5.4 million for today would keep things neat and tidy.  A print below 5.2 million would shake the foundations.
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Monday’s Earnings Highlights: Earnings season is basically running on coffee grinds at this point, but there are a couple of releases that caught my attention for today.  Basically, because video games are fun, and chicken tastes good.  Both GME (.59), and TSN (.88) will report before the opening bell.
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OK, gang.  Get in there, and eat ’em up.  Three days til Turkey.
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Sarge’s TRADING LEVELS
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SPX: 2106, 2098, 2091, 2085, 2075, 2069
RUT: 1187, 1182, 1177, 1171, 1164, 1160