News that Intel posted its best quarter ever is helping to
stock markets higher in after-market trading. Fundamental and technical factors
stock index futures higher throughout the day. Expectations are for Asian and
European traders to act on the Intel news, leading to the strong possibility of
a higher opening tomorrow morning.
Fundamentally good quarterly results from Dow component
Alcoa and railway giant CSX Corp. fueled investor optimism during Tuesdayâ€™s
trading session.Traders leaned heavily on
the long side of the market due to expectations of better-than-expected
earnings and strong guidance this earnings season. Many traders had feared
ahead of earnings season that European sovereign debt issues and a slow down in
economy would hurt earnings and lower guidance for the third quarter.
After the markets closed today Intel reported its quarterly
earnings. This report proved that there was great demand for computers despite
recent reports indicating a global economic slowdown.
Technically the September E-mini S&P 500 surged
following a breakout over a Fibonacci level at 1081.00. The next resistance
level is 1102.75. The September E-mini NASDAQ is nearing its 62% retracement
level at 1848.00. Watch for an acceleration to the upside if this level is
penetrated. A poor showing from Intel later today could trigger a collapse
under 1819.50. The September E-mini Dow has reached 50% of the entire 11140 to
9506 break. This level is 10323.
The U.S. Dollar plunged into the close, driven sharply lower
late in the session by the news that semiconductor chip maker Intel blew out
quarterly revenue and profit guesses in its second-quarter results.
Investor sentiment turned extremely positive following the
release of the Intel data, driving up demand for higher risk currencies. This
sharp increase in appetite for risk is likely to set the tone for a further
drop in the Dollar overnight and renewed selling pressure when the stock markets
open higher in New York
Tuesdayâ€™s rally was initially led by the British Pound and
the commodity-linked currencies. A turnaround early in the trading session also
underpinned the Euro after a weaker start.
Traders drove up U.S. equity markets throughout the
day in anticipation of Tuesdayâ€™s quarterly earnings report from Intel. Equity
markets opened higher this morning bolstered by good earnings news from Alcoa
and CSX Corp on Monday.
The Euro mounted a strong turnaround after a Moodyâ€™s
downgrade Portuguese debt drove it lower overnight. The initial reaction to the
news was to the downside, but investors decided to ignore this news and focus
earnings instead. The fast about face in the Euro took it through the recent
top at 1.2722 following a two-day set-back, leading to a resumption of the
uptrend and putting the market back on pace to challenge the major retracement
zone at 1.2784 to 1.2998.
A report showing U.K. inflation had risen prompted
the start of a short-covering rally in the British Pound overnight which
carried over into the day session. Traders now believe that inflation could
become the key issue which derails the U.K. recovery unless the central
bank acts upon it. Todayâ€™s initial rally indicates that investors may be
pricing in a possible rate hike by the Bank of England.
After finding support twice this week on an uptrending Gann
angle, the Sterling
closed in a position to challenge the recent top at 1.5240. A drive through
this level will turn the main trend back to up on the daily chart and set up
the market for a further rally to the late April top at 1.5523.
Since the beginning of the month, following a string of
worse than expected U.S.
economic news, Forex investors have been selling the Dollar. Now, expectations
of robust earnings during the second quarter have shifted investor sentiment,
pressuring the Dollar even further. With 10-Year Treasuries hovering near
3.00%, investors are hungry for better returns and are flocking to the stock
market. Although economic reports have been poor, investor sentiment can be a
strong market driver.
After bearish fundamental events in Europe throughout the
Spring and concerns about Chinaâ€™s
growth, foreign investors see great opportunity in the U.S. markets without the high level of risk seen
in Asia and Europe. This could help trigger a
month long rally in U.S.
equities while sending the Dollar spiraling lower until at least the first week
Another key sign in the market today was the turnaround in
the Euro following the downgrade of Portugalâ€™s debt. Although this
event may have been factored into the market, todayâ€™s turnaround served as a
sign that market participants are no longer easily rattled by bearish news. The
next key event, however, will be the release of the European bank stress tests.
Downside momentum may slow in the Dollar a few days leading up to the release
of this data, but it seems like it is going to take a blockbuster surprise to
derail the Euro at this time.
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