Stocks Wednesday trended higher for a second day
International Trading
S&P 500 (Sep 10) INTRADAY
EUR/USD INTRADAY
Crude Oil (Sep 10) INTRADAY
THE TECHNIQUE OF GIVING A GOOD MASSAGE
14 years ago
Thursday, August 19, 2010
, Posted by Usman Ali Minhas at 6:13 AM
Review Stocks Wednesday trended higher for a second day, but the move was much more subdued than Tuesday's push higher. The Dow finished up 9 at 10,415, and the S&P 500 was up 1 at 1094. Of the S&P industry sectors, con-sumer discretionary stocks were the best performers, up 0.9 percent and energy stocks, down 1 percent, were the worst performers.
Strategy Looking ahead we are expecting a quiet session with the main focus on the 1:30 data, Jobless Claims. Consensus is for 480K and this will be closely watched. We see positive sentiment continuing to build with a positive set of European data this morning and look for an entry long. At 1083.75. The market has reacted well to positive news this week and should the jobless claims not disappoint we expect a move back to-wards 1098.50.
Alternative Scenario Economic recovery concerns may resurface leading to a return to the downward trend from last week and a break of Monday’s low at 1066.25
Review This morning euro dropped for a second day against the dollar as signs that Europe’s economic recovery is waning damped demand for the single currency. The euro fell versus 13 of its 16 major counterparts as concern auster-ity measures will hurt the economy helped send the yield difference between German and Greek 10-year government debt close to the widest since May
Strategy Looking ahead we are expecting a quiet session with main focus on the economic data scheduled at 13.30 and 15.00. Our strategy is neutral with a positive bias on the back of this mornings positive German outlook but expect the movement to be unclear on the back of the Jobless Claims data released today at 1:30pm London time. The general resur-gence of risk appetite will help support the Euro going forward.
Alternative Scenario Economic recovery concerns may resurface leading to a return to the downward trend from last week and a move to-wards Monday’s low at 1.2743
Review Inventories of distillate fuel climbed 1.07 million barrels to 174.2 million last week. Supplies were forecast to increase by 1.5 million barrels. Last night Shares in Hong Kong and Shanghai rose, with resources companies out-performing the broader market as news of mega-mergers also whetted appetite in the sector. Oil rose towards $76 on Thursday, boosted by a rally in some equity markets in Asia and Europe on expectations of strong Chinese demand.
Strategy Looking ahead we are neutral with a long bias in line with a general recovery of risk sentiment. We are looking for an entry of 75.00 not withstanding disappointing jobless claims data. We see oil continuing to stay within the range between $70 and $80 until further divergence of macro economic data either confirms or negates a moderate economic re-covery.
Alternative Scenario Surprising negative jobless data moves the market towards yesterdays low of 73.83.
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