On Friday the FTSE 100 closed down 12 points at 4,241. On Friday the Dow fell 34.01 points (0.4 %) to 8,438.39. The S&P 500 index fell 1.36 (0.2%) to 918.90. Technology stocks did a little better so the Nasdaq rose 8.68 (0.5%) to 1,838.22 led by Palm Inc the smart phone maker. The US markets were largely unaffected by the UoM Consumer Sentiment Index which rose unexpectedly on Friday but was balanced out by the news that US citizens have increased their savings sharply which in the short term will not support hopes for GDP growth. On the one hand the market may have pushed up too quickly since March (35.8% rally in the S&P 500 from a 12-year low on March 9) and in fact an economic recovery may be further away than hoped initially. However, keep in mind that Tuesday is the end of the quarter; portfolio and fund managers may be keen to take the stock markets higher to bolster their performance numbers for the quarter. Forex news: No high news today. The British Pound stuck to its range for another week, failing to breach the magical 1.6660 line. This week’s key British events: Nationwide HPI, Current Account, Manufacturing PMI, Services PMI and American Non-Farm Payrolls could well shake the Pound.
Yesterday – notes Greg Secker – the FTSE 100 closed down 27 points at 4,252 continuing the uncertain week. A mild support level is forming at 4,420, and resistance is being encountered at 4,300. It will be interesting to see if this level of resistance holds because it has proved to be a good level of support over recent weeks. Yesterday – notes Greg Secker – the Dow Jones rose 172.54 points (2.1%). The S&P 500 index rose 19.32 points (2.1%) to 920.26. Positive US corporate news in the Housebuilding and Retail sectors helped traders overlook the unexpected increases in US unemployment benefit claimants. Investors have been dissecting economic and corporate data for signs of whether the economy is starting to recover or whether a stock market rally that began in March was premature. There seems to be a strong underlying sentiment in the market. In the Forex market, huge volume makes even big interventions very hard. The SNB’s (CHF) intervention had a short lived effect last time, and this time is no different – the correction will come. No high news today. Enjoy!
Yesterday – notes Greg Secker – the FTSE 100 closed up 50 at 4,250. Yesterday – notes Greg Secker – the Dow Jones fell 23.05 (0.3%) to 8,299.86, falling four days running and a cumulative loss of 3%. The S&P 500 index rose 5.84 (0.7%) to 900.94, clearing the 900 mark for the first time this week. The Nasdaq rose 27.42 (1.6%) to 1,792.34 following higher than expected earnings from Oracle Corp. US base rates were left unchanged at 0.25% in last nights eagerly awaited FOMC statement. There were no real surprises and indications that the Fed would not step up its spending to purchase Treasuries and other debt to push interest rates lower as the view is that the US economy is stabilizing and on the mend. The FOMC statement last night hinted that rates would remain unchanged in the US. USD is trading lower against major currencies today, amid improving investor interest towards high yielding assets. The Confederation of British Industry reported that UK June retail sales volume remained unchanged from the previous month, in line with market expectations. Today is the BIG unemployment claims high news at 1:30pm and at 3pm Fed Chairman Bernanke testifies.
Yesterday – notes Greg Secker – the FTSE 100 closed down just 4 points at 4,230 and forming a High-Test bar. Yesterday – notes Greg Secker – the Dow Jones fell 16.10 points (or 0.2%) to 8,322.91. The Standard & Poor’s 500 index rose 2.06 (0.2%), to 895.10, and the Nasdaq fell 1.27 points (0.1 percent) to 1,764.92. The market is nervous and watching closely at all US Govt debt auctions looking for signs that the market appetite for US Government debt is waning. Another $104 billion is expected to be auctioned this week. Also watch out for the Feds interest rate decision (expected to remain unchanged), but more importantly, the Feds economic assessment that accompanies the rate decision. Questions about future inflation also still loom. Big day today in the forex market – the FOMC Statement is made. What will Bernanke hint about future interest rates? Apart from tensions towards the statement, the market will move on other important figures. At 11am GBP high news with CBI realized sales followed by Inflation report hearings at 2:30pm and BOE Gov King speaks at 3:45pm. Then at 3pm USD New home sales and at 7:15pm FOMC statement and federal funds rate. If you are in live position at that time, be wary of high volatility.
Yesterday – notes Greg Secker – the FTSE 100 closed down 111 to close at 4,234. Stock indexes fell by more than 2 percent yesterday, sending the after the World Bank estimated the global economy will shrink 2.9 percent in 2009. It had previously predicted a 1.7 percent contraction. Hopes of recovery receded. The Dow fell 200.72 (2.4%) to 8,339.01, its lowest finish since May 27. It was the biggest drop for the blue chips. The Standard & Poor’s 500 index fell 28.19 (3.1%) to 893.04, also leaving the index with its biggest slide since April 20 and erasing its advance for the year. Forex news: Economic indicators gear up today with many European PMI figures but the American Existing Home Sales is the high news for the day at 3pm. After a strong start for the dollar, tension rises towards Wednesday’s FOMC Statement. The escalation in Iran also supports the greenback.
On Friday the FTSE 100 closed up 66 points at 4,345. Positive news from the Mining Sector buoyed the index. More good news was released over the weekend so the FTSE may rally today. On Friday the Dow Jones fell 15.87 (0.2 %) to 8,539.73, with just over half of its 30 stocks posting losses. The S&P 500 index rose 2.86 (0.3%) to 921.23 and the Nasdaq gained 19.75 (1.1%) to 1,827.47. The stock market consensus seems to be one of caution and consolidation rather than a continuing rally this summer. All the major indexes closed the week down on Friday for the first time since the second week of May.
Yesterday – notes Greg Secker – the FTSE 100 closed up 2 points at 4,280 which is indicating a little uncertainty in the markets following the break through 4,300 and the 50ema in recent days. The mining sector is weighted heavily in the FTSE 100 so watch this sector with interest. The Dow Jones went up by 58.42 points yesterday (0.7%), to 8,555.60, the biggest 1-day gain in the last two weeks. The S&P 500 rose 7.66 points (0.8%), to 918.37, and the Nasdaq fell slightly by 0.34 (<0.1%) to 1,807.72. Note that today brings extra volatility as it is the quarterly “quadruple witching,†which marks the simultaneous expiration of a number of different options contracts. Forex news: A rather calm Friday awaits traders, as no American indicators are published today. Still, Canadian Retail Sales appears today at 1:30pm as the only high news for the day.
Yesterday – notes Greg Secker – the FTSE 100 closed down 50 points at 4,279 following a heavy day of selling in the mining sector. The Dow closed 108 points at 8,505 gaining support from 8,500. In Forex news there is another busy day in a busy week: A new Libor Rate in Switzerland at 8:30am, Retail Sales for GBP at 9.30am, Canadian CPI at 12pm and American Unemployment Claims at 1:30pm are the highlights of today. Watch out for high volatility.
Yesterday – notes Greg Secker – the FTSE 100 closed up just 2.5 points at 4,328 and is now looking to test the support levels around 4,300 and the 50ema. The Dow closed down 108 points at 8.504 following heavy falls on Monday. Futures are pointing to a higher open on Wall Street, so it could be an interesting day. Volume has been tailing off over recent weeks but has picked up slightly over the last couple of days. American CPI, Swiss Retail Sales and British employment figures are the highlights of today. In addition, Ben Bernanke will speak at 2pm and may hint something on his speech in Washington regarding interest rates, so watch out for reaction. At 9:30am GBP high news followed by USD Core CPI at 13:30pm. Happy trading!
Yesterday – notes Greg Secker – the FTSE 100 closed down 115 points (2.61%) at 4,326, and the DAX fell 179 points (3.54%) to close at 4,889. All the other major global indices also fell during the heavy selling session as bad economic news was released in the US. The Dow Jones industrials fell 187 points on Monday, their biggest drop since 20 April. Ahead of Monday’s slide, the S&P 500 had jumped 39.9 percent since falling to a 12-year low on 9 March. The unease about the economy’s recovery have kept stocks from rising as quickly in recent weeks as they did in March and April. The Dow and the S&P 500 index are up 12 of the past 14 weeks, and the last four straight weeks. Investors have been betting on an economic recovery but questions about how long that might take are stalling the rally. Questions remain about whether unemployment, still-weak home prices and inflation will trip up resurgence in the economy. Forex news: Alexei Kudrin, Russia’s Finance Minister gave the dollar some strong back wind, by saying that the dollar will remain the world’s reserve currency. This policy shift strengthened the dollar ahead of the TIC Long-Term Purchases. In today’s high news, we start with GBP CPI at 9:30am. Then at 10am, EUR high news with German Zew economic sentiment and finally at 1:30 USD building permits.
