But US Equity futures slipped. European stocks fell ahead of a key vote by Slovakia to expand the EFSF bailout fund. 3rd quarter Earnings releases will be the key focus in US session. Alcoa (AA) will be the 1st major US corporation to report earnings for Q3 on Tuesday. Expectations for Alcoa are down 15.7 percent from 3 months ago. Later in the week on Thursday Google will report.
Slovakia is the last of the 17-member bloc to vote on the EFSF expanision - if they say no it doesn't get approved so the markets are staying cautious which is EURO negative. Slovakia Prime Minister threatened to resign if an agreement isn't made today to expand the bailout fund. The vote is not due until the end of October.
Gold slipped due to risk aversion even with India's wedding festival which starts in late October and ends in December. This usually prompts a gold buying spree for the worshiped metal but in this case commodities were weak bringing down Gold as well from short-term highs. India is the #1 consumer of gold and accounts for 1/5 of gold demand overall.
Gold H1 Chart:
Gold hit resistance at the 377 ema - A fibonacci based moving average but was still holding on to higher lows.
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