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Trade the News - U.S. Market Update U.S. Market
Dow -167 S&P -22 NASDAQ -39
- Equity traders have little to be
thankful for in the first session up a holiday-shortened week. Indices are
under pressure again while money continues to finds its way to the bond
market. Decliners have been leading advancers since the open and the
breath has been steadily deteriorating. Financials remain a sore spot as
the XLF has traded off another 3+%. Citigroup is down 5% after another
downgrade while Goldman Sachs cut price targets in several of the brokers.
The Dow Jones Transports have moved through August lows to trade at its
lowest level in more than a year as FDX -3.8% continues to weigh on the
Index. Initially equity futures and indices attempted to hold Friday's
intraday lows but on a third attempt plowed through. As equities slide to
new lows Treasury futures pushed to new session tops above Friday's best
levels. The 30-year yield sits at 4.50% while the 2-year has slipped to 3.
27%. Dec gold -1.4% has followed the equity markets lower as stops were
elected when the contract moved through Friday's intra-day low to trade at
$776. Energy futures are fairly quit giving back some early gains to trade
- In currencies, FX Dealers expressed a continued
concern about the upward pressure on LIBOR rates, citing that 2yr swap
spreads at/near historic levels. The spread managed to widen by another
2bps in today's session. Credit concerns were magnified after Germany's
Deutsche bank CEO noted that Markets Are Nervous Again and such Turbulence
Will Cause Economic Slowdown. The price action among the major currency
pairs and crosses remained contained in recent ranges despite the equity
market and commodity bearish tone. The weekend G20 communiquÃ© provided
little momentum in establishing fresh ranges. Overall, the communiquÃ©s
stressed the downside risks to near-term on the global economic outlook.
In official comments, the ECB's Liebscher noted that the Euro appreciation
has been sharp and substantial. The German Bundesbank remained hawkish in
its price outlook as it reiterated that it is important that European
monetary policy remains a reliable stability anchor. Lastly, ECB's Trichet
noted that now was not the time for complacency, must remain alert to price
pressures from oil and food. The CAD retaining soft tone after weekend
comments from BOC's Dodge and softer Intl Securities data. USD/CAD tested
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Amazing Trader EVENT RISK Calendar:
Wed 18 Oct /ul>
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.
- POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.
- POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.
- POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.
co-founding Partner, Global-View.com
EXCLUSIVE: Global-View Daily Trading Chart Points Updated
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