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Jobless Claims Fall to a Five Week Low

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December 7, 2017


Initial jobless claims fell 2,000 to a five week low to 236,000 in the week ended December 2. Economists predicted claims would total 240,000.

The 2:00 central time October consumer credit report is expected to show a $17.3 billion increase.

Republicans in the House and Senate continue their work on a compromise tax reform plan, which they hopeto have on President Donald Trumps desk by the end of the year.

Efforts to avoid a government shutdown continue, with President Trump scheduled to meet with congressional leaders from both sides of the aisle later today in an effort to negotiate a long term budget agreement.

The main trend for stock index futures is higher.


The U.S. dollar hit a two week high due to stronger risk appetite and on optimism that the U.S. will push through a tax reform plan.

The euro currency is lower on news that German industrial output unexpectedly declined for a second month. Output was down 1.4% in October, which compares to the estimate of a .9% increase. The final reading of third quarter gross domestic product for the euro zone showed anunrevised .6% expansion.

The British pound is higher after a report showed U.K. house prices increased for a fifth month in November, which is partially due to a lack of homes for sale. Prices increased .5% on the month and growth accelerated at the fastest quarterly rate since January.

The Canadian dollar is lower in spite of a report that showed Canadas building permits increased 3.5% in October. Expectations were for a 1% increase.

The Australian dollar is lower on news that Australia's economy grew at a slower pace than expected. The economy increased .6% in the third quarter from the second quarter, when analysts had predicted growth of .7%.


Flight to quality buying came into the market yesterday due to renewed Mideast concerns.

However, futures are mixed today.

According to financial futures markets, the probability that the Federal Open Market Committee will increase its fed funds rate at the December 12-13 meeting is over than 99%.


December 17 S&P 500

Support 2622.00 Resistance 2638.00

December 17 U.S. Dollar Index

Support 93.420 Resistance 93.870

December 17 Euro Currency

Support 1.17720 Resistance 1.18280

December 17 Japanese Yen

Support .88570 Resistance .89290

December 17 Canadian Dollar

Support .77610 Resistance .78320

December 17 Australian Dollar

Support .7501 Resistance .7583

March 18 Thirty Year Treasury Bonds

Support 153^12 Resistance 154^20

February 18 Gold

Support 1252.0 Resistance 1271.0

March 18 Copper

Support 2.9400 Resistance 3.0000

January 18 Crude Oil

Support 55.63 Resistance 56.55

For more information about these markets, please contact Alan at 312.242.7911 or via email at Thank you.

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Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The risk of loss in trading futures and options can be substantial. The views and opinions expressed in this letter are those of the author and do not reflect the views of ADM Investor Services, Inc. or its staff. Research analyst does not currently maintain positions in the commodities specified within this report. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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About the author

Alan Bush has been a commodity analyst since 1976 focusing on the fundamental and technical aspects of stock index, interest rate and foreign currency markets. He has authored several articles for Stocks Futures and Options magazine and produced the “Futures Tech Focus” program, which is a technically based market outlook.

Alan served on the faculty of Oakton College as instructor of a course entitled, “Principles of Technical Analysis.” He has been interviewed on many national television programs, appearing on the Nightly Business Report, CNBC, CNN Moneyline, Reuters Television and Web FN. In addition, he has been frequently quoted in The Wall Street Journal, USA Today, The Bond Buyer and the Chicago Tribune and has been regularly interviewed on Chicago’s WMAQ radio business reports.

Alan can be reached at (312) 242-7911, or via email at

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