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Friday May 7, 2010 - 03:51:54 GMT
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Morning Briefing : 07-May-2010 - 0341 GMT


GOOD MORNING!


EQUITIES
Yesterday was unusual for the US Equities. In about thirty minutes of trade, the Dow, which was already down 400 points (10460, 2:40 PM EDT), dipped additional 600 points (9869, 2:47 PM EDT), followed by an instant rise of about 700 points (10569, 3.08 PM EDT). Overall, the Dow (10520.32) and the Nasdaq (2319.64) dipped about 10% before recovering to close down 3.20% and 3.44% respectively. At its lowest, the Dow was down about 1000 points, its biggest intraday loss ever. The markets fell after some erroneous trades were entered, triggering further panic selling across the electronic trading paltform. The Dow is at an important Support at current levels.
To see the trendline Support on the Dow charts, please follow the link below:
http://www.kshitij.com/graphgallery/djiacandle.shtml#candle

All Asians are in the Red today, following the US markets. The Nikkei (10295.63) is down 3.74%, the Shanghai (2716.44) is down 0.85% and the Hang Seng (19905.89) is down 1.13%. In India, the Sensex (16987.53) was down 0.59% and the Nifty (5090.85) was down 0.66% yesterday. The Sensex may fall towards 16500 in the coming days/weeks.

In Australia, the All Ordinaries (4557.30) is down 0.90% today.

COMMODITIES
Crude (77.10) price crashed for the third consecutive day and recorded a low of 74.58 yesterday. It has bounced back from yesterday's low. The Eruo zone's debt concerns which is witnessing the continuous strengthening of the dollar pulled down the price. 74.50 is a very important Trendline Support seen on the weekly candles, which if holds might see a bounce back once again towards 80-82 in the coming days. To see the Support on the Crude graph click on the following link
http://www.kshitij.com/graphgallery/nymexcrudecandle.shtml#candle

Gold (1201.70) has risen sharply and is now trading above 1200. If the currrent upside momentum continues we might see 1250 on the upside in the coming days, which is the next significant Resistance level seen on the chart .
To see the Gold graph click on the following link:
http://www.kshitij.com/graphgallery/goldcandle.shtml#candle


CURRENCIES
The Euro Zone's debt crisis is retaining the dollar stronger. The Yen has also strengthened yesterday. The Euro (1.2689) has bounced back from near its significant Support of 1.25. If 1.25 continues to hold we might see a bounce back towards 1.2850-2900 in the coming days. Dollar-Yen (92.30) recorded a low of 87.95 yesterday and has bounced back. Support is seen at 91-90 region. The Euro-Yen (117.08) Cross crashed following the sharp fall in the Euro and Dollar-Yen.

The Pound (1.4806) has broken below the significant Support of 1.50. A strong break below 1.4750 might pull it further down towards 1.46-45. Aussie (0.8920) broke and closed below the 200-DMA (0.8965) for the first time since May-09. The 13-Month-MA (0.8765) and the 55-Week MA (currently at 0.8656) are the next significant Support levels which might be tested if it continues to trade below the 200-DMA. Dollar-Swiss (1.1118), though has come off from yesterday's high of 1.1246, with significant Support at 1.1048 (21-DMA) continues to remain bullish for a rise to 1.13.

In Asia, the Korean-Won is trading near 1156 and USD-SGD is trading near 1.40. Dollar-Rupee has opened higher today at 45.67/68


INTEREST RATES
The 3M USD LIBOR was up 1 bps to be set at 0.37%. The 2Y and 10Y yields were down 8 bps and 14 bps to quote at 0.80% and 3.43% respectively.


DATA TODAY
12:30 GMT 12:30 US NFP
...Expected 198K...Previous 162K
http://www.kshitij.com/fundamentals/funcharts/usnfp.shtml

11:00 GMT CA Lab Force
...Expected 24.3K...Previous 17.9K

DATA YESTERDAY

AU Trade Bal
...Actual -2.08B...Previous -1.70B

ECB Meeting
...Actual 1.00%...Previous 1.00%

 

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