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November 2nd, 2017 – A Potentially Volatile Day on Wall Street

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Photo of a heart monitor which looks like a stock chart (Image: Ian Murphy)

Apart from the over-bought technical signals I mentioned in yesterday’s vlog, the next three days (and especially tomorrow, November 2nd) have the potential to move the market significantly.

Today, November 1st, Facebook (1.9% of the weight of the S&P500) is due to release earnings after the close (16:30ET) and there is also a Fed announcement at 14:00ET.

Tomorrow, November 2nd, there are four major events planned:

1. The House Ways and Means Committee plans to release it’s long awaited tax reform bill.
2. President Trump is due to announce his nominee for head of the Fed.
3. A total of 269 firms are due to release earnings before the open and another 296 after the close (I believe this is the biggest earnings 'data dump' of the season).
4. Apple (AAPL) which currently makes up 3.8% of the weight of the S&P500 is one of the firms due to report after the close.

And, if all that wasn’t enough to keep us busy, on Friday November 3rd, the employment situation (non-farms payroll) is due to announced at 08:30ET.

There is a high probability the market will react strongly to this confluence of events, we just don't know in which direction!

Remember to trade carefully and always use robust risk management.
© Ian Murphy 2018
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