ENERGIES
The overnight weakness in the U.S. Dollar is leading to some light buying in the December Crude Oil. The market appears to have made a successful test of the last main bottom at 61.30. A breakout over 70.60 is needed to turn the main trend up.

Seasonal upside pressure could provide support for December Heating Oil. It is going to get cold in the Northeast and consumers will need to heat their homes. Continue to watch December Heating Oil for signs of a bottom.  

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Welcome to Jay Norris' Forex Trend Maps, a recap of the Forex markets daily, posted at approximately 4:30 P.M. (CDT). Contat Jay at: 1-800-971-2154 or at 312-896-3986.

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Last week was filled with volatility, but by the close on Friday, the U.S. Dollar turned out to be the big loser. Following the excessive rally in the Dollar in the week-ending October 24, the Forex markets settled down early last week and began looking for reasons to sell the Dollar. Traders first looked at technical reasons and found that most oversold indicators were screaming for a reversal in the Dollar. The trigger was the strength in the global stock markets. With interest rates so low in the U.S., global traders sought out higher risk, higher-yielding assets. Since most of the major currencies still have rates substantially higher than the U.S., and since money seeks the highest level of return over the long-run, traders flocked to the foreign countries with the higher interest rates.

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FINANCIALS
December Treasury Bonds and Treasury Notes are trading mixed. Treasury Bonds are holding a major support area at 112’16. The Treasury Notes are holding support at 112’28. Trading has been light. This type of trading may continue until after the election on November 4. Also, with the U.S. unemployment report due on Friday, November 7, do not look for much movement in the market until then. Trading could be choppy and directionless.

Today’s reports include Construction Spending and ISM Index at 10:00 a.m. EST.

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