Dow +183 S&P +21.7 NASDAQ +40.9 - Unbridled enthusiasm is sending the major US equity indices through the roof this morning, with the DJIA breaking above 9,000 within the first hour of trade. Solid quarterly results from Dow components and a positive housing report from the National Association of Realtors is fueling this morning's rally. The June existing home sales number was in line with expectations, but the m/m growth trend in overall sales and median prices, coupled with a faint decline in inventory are all good news for housing. The NAR also emphasized that the share of distressed properties in sales is "declining measurably," further indicating a trend toward normalization. Front-month NYMEX crude fell below $65 before the opening bell, but has shot up above $66 along with the equity rally. Treasury prices are declining as investors' risk appetite rebounds with every tick higher in stocks. The 10-year yield is back above 3.6% while the long bond is testing 4.5%.
- Dow components McDonalds, 3M and AT&T reported solid second-quarter results this morning. 3M was the standout, soundly beating top- and bottom-line expectations and boosting its forecast for FY09. 3M's CEO said he expects the US economy has bottomed out, although he also warned the company is not seeing any improvement in demand yet. McDonalds and AT&T both modestly exceeded analysts' estimates and reported healthy gains in major business metrics. Economic bellwether UPS reported in line with the Street, but missed a bit on its guidance for next quarter. On the conference call, UPS executives said that while they are seeing economic stabilization, there have been no signs that growth is returning, noting that the Q3 business environment would remain similar to that in Q2.
- Tech names Qualcomm, eBay and EMC all modestly exceeded expectations. Chipmaker Qualcomm's Q4 results were positive, much better than AMD's disastrous quarter but hardly the blowout quarter seen out of Intel. Qualcomm also raised its FY09 revenue outlook. Online retailer eBay also met consensus estimates and guided slightly above par for next quarter. EMC said the Data Domain merger would boost profits in 2010. Sandisk roared back to profitability, crushing estimates for a $0.16 loss and nearly doubling its margins.
- Ford's Q2 results showed that the automaker is firmly on the highway to stability, with executives insisting the firm would "achieve or exceed" its 2009 financial targets. Even Ford Motor Credit managed to turn a proft. After taking account of its debt reductions, the company was in the black to the tune of $2.3B, although its manufacturing operations are not profitable yet.
- Mid-cap steel makers Nucor and Reliance Steel did not have a good second quarter. Reliance racked up an unexpected quarterly loss and fell $200M short on the top line, making for the company's first net loss since becoming a public company in 1994. Nucor's loss was slightly smaller than expected. Nucor executives are concerned that the marginal uptick in orders is not representative of an increase in "real" demand but more a result of both inventory adjustments and concern over rising prices. Reliance's CEO said he believes the worst is over but still does not anticipate any meaningful improvement in demand for the balance of the year.
- In other earnings, tobacco names Phillip Morris and Reynolds American both beat earnings expectations and raised their FY09 forecasts modestly. Fertilizer company Mosaic was solidly in line with the Street, while competitor Potash Corp. slipped a bit. Mosaic said customer confidence is returning, pipeline inventories have been drawn down and soil nutrients need to be replenished, pointing to recovering crop nutrient markets in 2010. Potash cut its 2009 forecast and limited its qualitative comments to the standard line that buyers have been extremely cautious thanks to the crisis.
- In currency trading, the dollar maintained a soft footing early in the New York session as price action followed in the wake of US earnings. In addition, the euro's inability to take out the recent high of 1.4277 was seen as a good reason to lighten up positions and take profits. EUR/USD briefly tested below the 1.4200 level but headed higher as the Dow Jones tested 9,000. The JPY was broadly weaker against the major pairs ahead of tomorrow's Japanese investment trust launch. USD/JPY probed toward the 95 neighborhood, up over 130 pips, while the EUR/JPY and GBP/JPY pairs were well over two big figures firmer in the session. JPY weakness was initially attributed to rumors that the Japanese MoF might have told some large Japanese accounts that it is safe to buy USD/JPY around the 93 area. AUD/USD struggled to stay above the 0.82 area as chatter circulated that the Australian Central bank (RBA) might conduct more reserve management activity.
Legal disclaimer and risk disclosure
All information provided by Trade The News (a product of Trade The News, Inc. "referred to as TTN hereafter") is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to Buy or Sell securities. Although information is taken from sources deemed reliable, no guarantees or assurances can be made to the accuracy of any information provided. 1. Information can be inaccurate and/or incomplete 2. Information can be mistakenly re-released or be delayed, 3. Information may be incorrect, misread, misinterpreted or misunderstood 4. Human error is a business risk you are willing to assume 5. Technology can crash or be interrupted without notice 6. Trading decisions are the responsibility of traders, not those providing additional information. Trade The News is not liable (financial and/or non-financial) for any losses that may arise from any information provided by TTN. Trading securities involves a high degree of risk, and financial losses can and do occur on a regular basis and are part of the risk of trading and investing.
Forex Trading News
Daily Forex Market News Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Forex News Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Actionable trading levels delivered to YOUR charts in real-time.
looking for your first broker or do you need of a new one? There are
more critical things to consider than you might have thought.
We were trading long before there were online brokers. Global-View
has been directly involved with the industry since its infancy. We've
seen everything and are up-to-data with recent regulatory changes.
The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.
The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.
Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by Global-View.com.
The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.
Forex chart points are in a currency trading table that includes; latest fx tradinghigh-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx trading tools is updated.
Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.
Global-View.com also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at Global-View.com. This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.
WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES
CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN
EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE
PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE
INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC
REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL
SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR
SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.