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Fed dominates busy data calendar

David Russell (david.russell@optionmonster.com)

Today is the most important session of the week in terms of news, with at least two key events on the agenda.

It starts early in the morning with the Euro Zone's economic-sentiment survey, which has the potential to impact sentiment. Weekly mortgage applications at 7 a.m. ET are the first set of numbers on this side of the Atlantic, but attention will focus on ADP's private-sector payrolls data at 8:15 a.m.

Economists expect that 125,000 jobs were added, down from 166,000 the previous month. It could draw a lot of attention because it's the first look at hiring in October, more than a week before the Labor Department's report on Nov. 8.

Consumer prices will be released 15 minutes later, but are unlikely to affect trading because inflation is not a major worry for investors now. Economists expect headline and core numbers to rise 0.1 percent, matching the previous month.

Crude-oil inventories will be released at 10:30 a.m.

The most important headline is likely to be the Federal Reserve's monetary announcement at 2 p.m. Investors will pay close attention to the central bank's bond-buying plans. In particular, they will look for indications of how long it will last into 2014 given that the recent government shutdown probably reduced economic growth.

Earnings will come this morning from ADP, Comcast, Hess and Phillips 66. Facebook, Expedia, Computer Sciences, JDS Uniphase, MetLife, Marriott International, Williams and Visa follow in the afternoon.

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