S&P Finishes Higher but Erases Most Day-Session Gains
All three major stock indices finished higher but intra-day
trading action suggests that the markets may be getting expensive at current
levels.This morning the three indices
surged to the upside mostly on strong buying in Asia and Europe
overnight.These markets were buoyed by
the weaker Dollar and strong demand for higher yielding assets.
Overnight, stock indices got a boost when the Dollar
weakened following bearish comments from St. Louis Fed President Bullard.He suggested that the Fed consider extending
its mortgage buyback program beyond the March 2010 ending date.This put pressure on the Dollar because it
told traders that interest rates would remain low for a long time.It also offered hints at how Bullard feels
about the economic recovery.This caused
traders to pile on the Dollar and drive up stocks and commodities.
After an initial surge following the U.S. opening,
traders got a dose of reality with a better than expected U.S. Existing Home
Sales Report.The Dollar strengthened on
the friendly report triggering a profit-taking break in stocks.
Treasury futures started the day weak and traded lower until
the existing home sales number was released.The strengthening Dollar and the weakening intra-day stock market helped
drive down yields throughout the day.Trading was light because of tomorrowâ€™s U.S. GDP number and a
After early morning weakness plunged the Dollar toward last
weekâ€™s low at 74.75, shorts began covering their positions when the U.S.
reported better than expected existing home sales.
The Dollar was trading sharply lower overnight and had
retraced more than 50% of last weekâ€™s rally following bearish comments over the
weekend by St. Louis Fed President James Bullard who restated his case for
extending the central bankâ€™s mortgage buyback program.Bullard said, â€śunemployment is high, and
labor markets are lagging.â€ťThis comment
triggered a sell-off in the Dollar because it strongly supported the Fedâ€™s
stance that interest rates would remain low for a â€śprolonged periodâ€ť.
The December Euro once again took a run at the psychological
resistance at $1.5000 before sellers stepped in.The rally in the Euro is being triggered by
Bullardâ€™s bearish Dollar comments and last Fridayâ€™s news that European Central
Bank would take steps to make it tougher for banks to make loans.
Traders are starting to look at the fundamentals which drive
currency markets, namely the interest rate differential.If the ECB is getting ready to exit its
stimulus programs then this is a sign that interest rates will remain at 1% and
possibly move higher by early next year.This would make the Euro a more attractive investment than the Dollar
because the Fed is not set to raise interest rates until at least mid-2010.
This morningâ€™s U.S. existing home sales report
came out better than expected.This
stopped the decline in the Dollar as it indicated the economy may be stronger
than previously thought. Rather than take the risk of holding large positions
into tomorrowâ€™s U.S. GDP Report, many traders used todayâ€™s housing report as an
excuse to lighten up on the long side.
The December British Pound was able to hold onto its
gains.Traders are now beginning to
think that the U.K. economy
is in a position to recover faster than the U.S. economy.
December Gold posted a new all-time high overnight, but the
market fell from the high as the Dollar strengthened throughout the day.Central bank buying by Russia helped
boost the market this morning as well as the weaker Dollar.Look for this rally to continue until the
Dollar begins to clearly show signs of a bottom or when central banks stop
buying gold. Cautious traders should watch trading activity in January Platinum
and December Silver for signs of a divergence from the gold market. These two
markets may be in a position to take over the leadership in the metals complex
because of overbought technical conditions in gold.
January Crude Oil tried to rally along with other higher
risk assets but failed to hold on to early gains.The supply/demand picture is still bearish as
a faltering U.S.
economy is leading consumers to drive less and use fewer gallons of gasoline.
This market went up early in the session on geopolitical news from Iran, higher
equity prices and a lower Dollar.Once
traders realized that the Iranian situation was a non-event and stocks began to
give back gains, crude oil turned lower.
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."
Actionable trading levels delivered to YOUR charts in real-time.
Tue 19 June 2018 A 12:30 US- House Permits/Starts Wed 20 June 2018 A 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude Thu 21 June 2018 AA 11:00 GB- Bank of England Decision A 12:30 US- Weekly Jobless Fri 22 June 2018 AFlash PMIs
John M. Bland, MBA co-founding Partner, Global-View.com
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
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.