The markets continued to gyrate this week as investors remained fearful of issues related to European debt specifically the debt related to Greece and Spain. The Euro after facing heaving selling pressure mid week was able to bounce and finish up the week with a slight gain. The S&P 500 Index as well faced a large push to the downside, only to finish the week with a small loss.
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Archive for February, 2010
Daily Market Review 02/26/10
The Euro experience a relief rally as Greek and Spanish bonds rallied relative to bunds and currency traders pushed the Eurozone currency higher. Today was a light volume day for the US equity markets as most of the Eastern half of the US was covered in a blanket of snow. The S&P 500 index move up 2.77 points to close at 1105. The EUR/USD rallied 65 points to close about 1.36 at 1.3612. Oil rallied $1.5 per barrel to close at $79.70. The EUR?USD is now trading in a 3 big figure range with strong resistance close to 1.37 and support near 1.3430.
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Daily Market Review 02/25/10
New fears of additional downgrades of Greek debt hit the markets today, which cause elevated volatility and whipsaw movements throughout the trading day. The S&P 500 Index finished the day down 2 points to 1103, after being down as many as 19 points to 1086at the low of the trading session.
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Trading Opportunities 02/26/10
- Monday – March 1 EMU – PMI 900 GMT Release
The Manufacturing Purchasing Managers Index (PMI) released by the Markit Economics captures business conditions in the manufacturing sector. As the manufacturing sector dominates a large part of total GDP, the manufacturing PMI is an important indicator of business conditions and the overall economic condition in the Euro Zone. A result above 50 signals is bullish for the EUR, whereas a result below 50 is seen as bearish. Last Month the PMI was 52.4 and the market expects a similar number. Given how weak the Euro is and the debt of Greece, Portugal and Spain, this number will be a market mover if it comes in worse than expected.
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Daily Market Review 02/24/10
The US equity markets receive a lift today after dovish comments from Ben Bernanke in his testimony before congress. The S&P 500 Index increased by 10.6 points today to 1105. The crude oil market rallied $1.25 and the Euro moved up slightly to 1.3525. The S&P 500 Index is having a difficult time with strong resistance in the form of the 50 day moving average.
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Daily Market Review 02/22/10
With very little economic or political news today, the markets consolidated and settled almost unchanged across the board. The S&P 500 Index closed down 1 point to 1108, after being up as much as 3 points and down as much as 4 points on the day. The equity markets where helped out today by the banking sector which was offset by the oil sector which weighed on the indexes today.
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Daily Market Review 02/19/10
In a day where the markets needed to absorb the new technical change to US interest rates, riskier assets were able to hold up and continue higher. The S&P 500 Index closed higher for the 4th straight day edging up 2.5 points or .22%. The dollar was mixed but was still able to show strength against the Euro and the Pound. The S&P 500 Index tested the 50 day moving average for the first time in 20 trading sessions.
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Trading Opportunities 02/18/10
Next week’s trading opportunities for binary options traders :
There will be a number of opportunities next week, and this article will touch on the economic and monetary events that can give a trader specific opportunities. The specific events listed, will create binary option opportunities, where a trader can either purchase above or below options or hit or miss options around the specific time of the events.
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Daily Market Review 02/18/10
The equity markets continued its recent rally with the S&P 500 Index reclaiming the 11 hundred point level closing up 7 points to 1106. The dollar was mostly softer most currencies except the Euro.
The euro cannot seem to get out of its own way. After a brief period of calm, euro zone credibility issues have come back to haunt the euro. Greek bonds are under pressure again after Greece was ordered by EU Economic and Monetary Affairs Commissioner Rehn to hand over information on the swaps by Friday making the market nervous about the possibility of still concealed debt. In addition,
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Daily Market Review 02/17/10
The equity markets rallied for a second consecutive day while the dollar was able to mount a late day rally, regaining some of yesterday’s losses. The S&P 500 consolidated most of the day and was able to gain 4 points to close at 1099.
The pound modestly weaker after disappointing jobs data and even though the MPC voted unanimously to pause on the QE front and to leave rates on hold in February.
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Daily Market Review 02/16/10
The gloom is lifting a bit from the Japanese economy, as sharp growth from China and other Asian neighbors is lifting exports and spurring more capital spending by the nation’s manufacturers, though Beijing’s recent moves to prevent overheating could limit Tokyo’s recovery.While the spotlight in recent weeks has been on the travails of two corporate icons—quality problems at Toyota Motor Corp. and the bankruptcy of Japan Airlines Corp.—profits for most Japanese companies surged at the end of 2009, while the economy grew faster than a 4% annualized pace for the three months ended Dec. 31.
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Daily Market Review 02/12/10
The markets where on the defensive from the beginning of the trading session based on the news that the PBOC (China’s central bank) raised reserve requirements further signaling that a tightening of interest rate policy is on the horizon. The S&P 500 Index fell 3 points to 1075 and the dollar rallied against the Euro.
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Daily Market Review 02/11/10
The market rebounded today on news that EU leaders pledged they would back Greece. The S&P 500 Index rallied 10 point to 1078 and the Dow moved up 106 points to solidly reclaim the 10,000 level. Euro-zone countries have pledged to support Greece through its debt crisis, but don’t need to provide financial support right now,
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Daily Market Review 02/10/10
The equity markets consolidated today as a large snow storm hit the north eastern seaboard of the United States keeping many market participants on the sidelines for the trading session. The petroleum markets where relatively quiet with crude oil rising 76 cents while gasoline decline slightly.
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Daily Market Review 02/09/10
Riskier asset rebounded today as market participants celebrated the potential assistance by the EU to the European countries that are having fiscal issues. Yields on Greek and Portuguese debt narrowed relative to German yields and the Euro rallied 1.5 big figures to end the trading session at 1.3786.
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Daily Market Review 02/08/10
The markets were on the defensive today, and the equity markets where not able to hold on to the late day short covering rally from Friday afternoon. The S&P 500 index closed down 9 points to 1057. Again the markets were very concerned about the European fiscal issues which are creating havoc in the European debt markets. Additionally, Investors weighed a report in The Wall Street Journal that Federal Reserve Chairman Ben Bernanke will begin laying the groundwork for credit tightening later in the year, bringing to a close a period of historically low interest rates that have made it easier for ailing banks to book big profits.
The markets had an opportunity to rally as China’s tightening of money market conditions has eased. The PBOC has been injecting extra funds for the last few days. The yield on the benchmark money market rate fell 18 basis points. Expectations for Yuan appreciation have moderated in recent days as well.
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Daily Market Review 02/05/10
The equity markets finished a very volatile day on an up note after the market gyrated violently for most of the trading session. At approximately 2pm EST, the US equity S&P 500 Index was down nearly 19 points but managed to finish the day up 3 points to 1066. Crude Oil slammed down to $69.70 but was able to finish the trading session at $71.60. The turnaround in the market was impressive, as the outlook for the close was very bleak.
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Daily Market Review 02/04/10
Sovereign debt was the term that struck a bell for investors today as European country debt worries spilled over into all asset classes. The equity indexes were hammered with the S&P 500 Index down 34 points or 3% today. The commodity markets were also down sharply with Crude Oil losing $4 dollars per barrel and gold losing 40 dollars per ounce. The Euro reached its lowest level since May of 2009. Volatility also returned to the market with the VIX volatility index rising 4 points to 25.5%.
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Daily Market Review 02/03/10
The markets consolidated today after two days of strong activity to the upside. Gasoline continued to climb, while the dollar softened and the equity indexes treaded water. The S&P 500 Index was down 6 points on the day at 1097.
On the economic front, private-sector jobs in the U.S. fell by 22,000 in January, the smallest drop since February 2008, and service jobs continued to rise, according to a national employment report published Wednesday by payroll giant ADP Inc.
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Daily Market Review 02/02/10
The Petroleum markets lead the charge today rebounding from support levels after OPEC Secretary General stated that the cartel is unlikely to change oil-production quotas at its meeting next month with the market as it stands. OPEC Secretary-General Abdalla el-Badri said. “If things stay as they are, with prices at this level, ministers will be reluctant to do anything,” el-Badri told reporters in London today.
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Daily Market Review 02/01/10
The equity and commodity markets rebounded today and the dollar gave back some of its recent gains. The US equity markets began the week on a positive note, as strong economic indicators in both US and Europe eased some of the pressure on riskier assets. For today’s trading session the S&P 500 Index was up 14 points to 1087.
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