Data from the Conference Board:
- Prior was +0.9%
No one trades on the leading index.
Data from the Conference Board:
No one trades on the leading index.
The S&P 500 opened 7 points higher to a record 2019.
There could be some skews today because of quadruple witching and because the SPY ETF goes ex-divided.
Technically stocks look good but if this IPO flops or once it’s done and the hype train dies off there’s the chance of a reversal. Tread carefully.
CNBC: Do you realize he is a fictional character.
You never know what you are going to get…..
Overall, he is saying the right things in his interview on CNBC.
I’m sure it’s all a big misunderstanding unless Putin’s a bit peed off that Scotland didn’t secure independence and is taking matters into his own hands !
I can’t see it noted anywhere else at present so posting for info
Pound unmoved at present with GBPUSD 1.6356 EURGBP 0.7860
How much do you love CNBC right now if you got in on the Alibaba IPO?
The shares have been distributed to some 0.1%ers and giant hedge funds and now they have CNBC running a 24-hour hype machine so they can dump the stocks on the public and cash in on a one-day 20% gain — at least.
They bought the shares at $68 and I suspect the shares will open somewhere around $80 but who knows how the technology will work at the New York Stock Exchange after the Facebook fiasco proved that massive IPOs are tough to up and running. It will probably take until 10:30 am for the first trades.
Here’s the playbook: Whatever it opens at (so long as it runs smoothly) add $10 and that’s the time to sell.
The USDJPY moved to new 6 year highs over night. The price peaked against the underside of the broken trend line at the 109.448 level. This line was outlined first a few days ago in this POST. Sometimes, these old solid trend lines come back “into play”- especially in a market that is searching for a level to lean against, and there is not much there. This line was good support in early September before a small correction led to the break. Today the sellers used it to define and limit risk. Nice. Nice.
The price decline as taken the pair below the 109.09 level. This too was a strong trend line in early September (see blue circles). Recently, the price has consolidated around the level (well yesterday). Today, the price move above, tried to stay above, but broke back below. That line should now be a resistance area on rallies today for patient sellers. I don’t expect the price to move above this area in the near term (risk level).
Looking at the 5 minute chart below, the price shot up in the Asian session and has been rotating lower since that move found the sellers. The price is back below the 100 and 200 bar MAs. Those MA are converged and come in between the 38.2-50% of the move down today. This area should find patient sellers if there is a correction higher today. The 109.09 level should be the stop on sales in this area. Targets below would be the 108.436, the 108.124 and the 100 hour MA (blue line) which is rising but is at 107.86 ( do not expect to get all the way there though today).
The trend has been up in this pair and the targets talked about at the 110.00 to 110.67 area are still a possibility going forward (2008 high is at 110.67 and 110.00 is just 110.00). However, looking at the high reached today, and the subsequent sell off, it could be time for a breather (let the 100 hour MA catch up). Be patient though. It is a Friday.
Here’s a quick round up of my usual others
USDCHF currently 0.9383 on the rise amidst some cross-play action
Sellers 0.9400-10 0.9420-30 0.9455-65 0.9480 0.9500
Buyers 0.9330-40 0.9320 0.9300 0.9280-85 0.9240 0.9200-10
EURCHF currently steady around 1.2070 and still being capped on the rallies. Bids looming though again
Sellers 1.2085 1.2100-10 1.2125 1.2135 1.2150 1.2165 1.2185 1.2200
Buyers 1.2060 1.2040-50 1.2020 1.2000 (SNB CHF cap)
USDCAD currently 1.0904 having just tested the bids at 1.0885 after the CPI release
Sellers 1.0950-60 1.0980 1.1000 1.1025-35 1.1050 1.1075-85 1.1100 1.1125 1.1140-50
Buyers 1.080-85 1.0850 1.0830 1.0800 1.0785
NZDUSD currently 0.8158 having failed to hold above 0.8200
Sellers 0.8175 0.8200 0.8230 0.8250
Buyers 0.8125 0.8100 0.8085 0.8065 0.8050
Belgian consumer confidence remained at -11 in September, the same as August.
It’s a good leading indicator for IFO.
The market didn’t really get a chance to digest the weak take-up on the TLTRO because of all the Fed and referendum talk but it’s quickly coming back into focus.
Barclays is out with a note to clients saying an ECB sovereign QE program is now its baseline — most likely by Q1 2015.
They say Draghi’s stated intention to expand its balance sheet 1 trillion euros is unlikely to be achieved via TLTROs, ABS and covered bond purchases. They also say the risk of a too-long period of low inflation is worse than the ECB projections imply and that growth risks are rising.
For me, the December TLTRO is now huge. Some banks said they’re waiting until after the stress tests to get involved. If the Dec TLTRO headline cross and there isn’t a much stronger takeup, the market will immediately price in QE and the euro will plunge.
Founded in 2008, ForexLive.com is the premier forex trading news site offering interesting commentary, opinion and analysis for true FX trading professionals. Get the latest breaking foreign exchange trade news and current updates from active traders daily. ForexLive.com blog posts feature leading edge technical analysis charting tips, forex analysis, and currency pair trading tutorials. Find out how to take advantage of swings in global foreign exchange markets and see our real-time forex news analysis and reactions to central bank news, economic indicators and world events.
Our authors have years of experience in financial markets and provide diverse, thought-provoking updates relating to news about global macro events and the worldwide forex economic calendar, with frequently updated content that is educational for traders at all levels from beginner to novice that can help traders make better decisions about forex trading. Our forex news focuses on G10 events, macroeconomic indicators, major equities indexes, treasury and bond yields from around the world, politics as it relates to forex trading and news from the FOMC as well as global central banks in, Europe and Asia.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
ADVISORY WARNING: FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.