Dow -80 S&P -7.8 NASDAQ -11 - Markets sold off this morning on equity softness in Asia and Europe, where weak data and another Japanese stimulus package spooked investors. The greenback strengthened after a Moody's report cast a shadow on the Aaa ratings of the US and the UK adding to investors jitters. Front-month NYMEX crude continues to slip lower, extending a now week-long losing streak. The contract is down a buck, below the $73 handle. Government bond prices have found bids on both sides of the Atlantic as investors move some money out of stocks. The US 10-year yield is back below 3.4% ahead of the first of three auctions this week which kicks off with 3-year coupons this afternoon.
- Meredith Whitney offered another round of dark prognostications on CNBC this morning. According to Whitney, underlying corporate earnings power will lag in the beginning of 2010 due to very weak consumer demand, which is being hampered by a lack of access to credit. Mortgage rates should rise meaningfully, said Whitney, who continues to expect spiking credit losses at banks. Recall that back in mid November she warned that banks still face $2.7T in credit line cuts. Wells Fargo's CEO said the bank wants to pay down TARP as soon as possible. The WSJ writes that state insurance regulators have approved $11B capital relief measures that allow more liberal accounting of certain taxes.
- Although earnings season is still a month off, pre announcements and profit warnings are picking up. FedEx increased its earnings guidance for its Q2 yesterday after the close, citing improved volumes, especially in overseas markets. FDX is up 2%. 3M reaffirmed its 2009 outlook and guided 2010 earnings largely in line with expectations. Note that 3M's revenue guidance was a bit above consensus. MMM is down 1.5%. Monsanto reaffirmed its 2010 earnings outlook for at least the fifth time, while its Q1 forecast was for a small loss (analysts expect breakeven results). MON is around unchanged. Semi name Xilinx guided its Q3 revenue well above consensus on broad-based strength across all its markets.
- In earnings, the largest supermarket chain in the US, Kroger, missed earnings expectations and met revenue targets. The firm also cut its 2009 guidance. Executives warned that current conditions will extend at least through the first half of 2010. Tax specialist HR Block's quarterly loss was slightly smaller than expected. Spirits name Brown Forman beat top- and bottom-line expectations and raised its 2010 earnings forecast. AutoZone was largely in line with the Street's expectations.
- Green Mountain Coffee has outbid rival Peet's for Diedrich Coffee, after Peet's decided not to top GMCR's $35/shr cash bid. GreenMountain has paid Peet's a $8M termination fee. Shares of PEET rose as much as 7% in the early going before trading off somewhat, while GMCR is up 5%. DDRX is down 1%. GMCR now has to settle regulators' anti-trust worries.
- In currency trading, sovereign debt concerns remain on the front burner, re-enforcing risk aversion sentiment that developed after Moody's warned the US and UK might lose their Aaa ratings. As the New York session commenced, Fitch downgraded Greece's sovereign debt one notch to BBB+. The Greek finance minister replied that Greece was committed to reducing deficit and dismissed the Fitch downgrade as lacking in credibility. The dollar managed to shrug off sovereign concerns and firmed against European counterparts; given that German October industrial production unexpectedly slumped, reflecting the ECB's repeated warnings about a bumpy economic recovery. EUR-USD tripped sell-stops at 1.4750 after an alleged option barrier failed to hold. Sterling was off its worst levels against the major pairs. GBP/USD tested its quarterly pivot point of 1.6250 and tried to regain a foothold over the 1.63 handle after the Nov NIESR GDP estimate registered its first positive reading since March 2008. The yen benefited from the initial risk aversion sentiment but USD/JPY holding above the pivotal 88.00 level.
- The Bank of Canada maintained its target for the overnight rate at 0.25% (as expected) and retained its commitment to keep the target overnight rate at 0.25% until the end of Q2 2010. The BOC also reiterated that a strong CAD currency could act as a significant further drag on its growth.
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.
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
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
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.