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Forex Blog - U.S. Market Update
Dow +105 S&P +12.5 NASDAQ +19.5
- Markets started the week
slightly lower, but have traded up across the board by mid-morning. Lowe's
and Cambell Soup have been under some pressure right from the open after
reporting results. PEIX+35% bested analyst estimates thanks to a 63% rise
in sales y/y and offsetting the rising costs of corn feedstock. Solar names
were lead by SOLF+14.5% as options trading in the name reached a record
level on speculation the solar-panel maker will beat profit forecasts for a
third straight quarter. Tech and semiconductor names were rallying as well
after AMZN+6% was added to Goldman Sach's America's Conviction buy list and
Goldman raised semi stocks to â€śAttractiveâ€ť from â€śNeutral.â€ť BCE-6% after
the NYT reported that a takeover bid for the company seems to be in trouble.
Despite beating estimates, PWRD-6.8% opened down and fell further in
morning trading as it announced that it had suspended its game services in
China to observe a period of national mourning for earthquake victims;
Other online game providers with Chinese operations GA SOHU were also
loosing some ground after suspending their own services for the same reason.
In other news, AXL announced it had struck a tentative deal with striking
workers in long-running wage negotiations; GM said it would reopen 10
plants in North America after the strike was finally resolved. And YHOO
opened up a bit, MSFT down a bit after the Yahoo takeover drama entered yet
another round over the weekend, with Microsoft saying it might consider â€śa
transactionâ€ť with Yahoo but not a full acquisition. Despite crude
approaching last week's fresh all-time high above $127 the Dow Jones
Transports made a new all time high above 5500. The July contract has
since backed off towards the unchanged mark helped by a firming U.S. Dollar
throughout the session. June gold has given back a good portion of today's
gains as well to trade at $904. With the major indices at or near session
highs Treasury prices have come off this morning's and overnight levels.
Yields are at or near their best levels of the session. The 10-year has
climbed back towards 4.88% while the 2-year offers 2.45%.
dollar firmed against the European currencies in early trading this morning
as dealers focused on the softer economic growth outlook for the Euro Zone.
The German Bundesbank noted that growth was likely to wind down in coming
months; Currencies seemed to ignore the hawkish tone on the inflation front
for the time being. The Bundesbank noted that it did not see any tangible
easing in CPI before autumn of 2008. Dealers are now focusing on the German
ZEW data scheduled for Tuesday and IFO data on Wednesday. M&A chatter
seemed to be having a positive USD impact. Chatter circulated regarding
European interest in an unnamed US bank, while commentary from Warren
Buffet that he had no interest in the insurance operations of RBS seemed to
weaken the GBP. Other North American currencies were performing well in the
session as CAD hit two-month highs against USD at 0.9905 and firmed by 160+
pips against the euro at 1.5414. the Mexican peso hit fresh five-year highs
as it broke below the 10.38 level.
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Amazing Trader EVENT RISK Calendar:
Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.
- POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
- POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity
- POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
- POTENTIAL PRICE RISK: Medium- Wed --15:30-- US- EIA Crude
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