SamTrader1
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To read the Weekly technical report click here
To read the Weekly fundamental analysis click here
Equities
Asian markets ended mixed. The Nikkei fell .5%, and the ASX 200 dropped .8%, while the Kospi rose .3%. The Shanghai Composite advanced .8% as property shares gained after the government announced it will spend more money on housing projects.
Banks led the major European markets lower, as the sector fell 2.2%. The FTSE fell 1.2%, the DAX dropped 1.3% and the CAC40 sank 1.4%. Italy’s banks continued to struggle due to high bond yields, sending UniCredit down more than 4%.
US markets tumbled, as the Dow dropped 199 points to 12306 and the Nasdaq dropped 2.7%. Weak economic data, coupled with Congressional delays in a debt deal weighed on investors nerves, sending stocks down for a 4th straight session.
Nasdaq Falls 2.7% as Selling Intensifies
The IPO of Dunkin Brands was a massive success as shares surged 47.6% on their first day of trading.
Research in Motion fell 6.1% after Moody’s downgraded Nokia, hurting the mobile sector.
Treasuries and Commodities
A $35 billion auction for 5-year notes had a high yield of 1.58% and a bid-to cover ratio of 2.62.
Bonds closed moderately lower, with 10-year notes down 6/32 yielding 2.98%, and 30-year notes easing 1/32 to yield 4.285.
Crude oil inventories unexpectedly rose by 2.3 million barrels sending crude oil down 2.2% to 97.45. Meanwhile, gasoline and natural gas futures both eased .1%,
Gold touched a new record high of $1625 before reversing to end down 2.30 at 1614.50. Copper fell .9% and silver dropped .8% to 40.375.
Cotton extended its rally, rising 2.8%, and wheat gained 1.6%.
Currencies
The Euro tumbled more than 1% to 1.4362, and the Pound fell 1 cent to 1.6322 in a day-long retreat. The Australian Dollar soared to a new record high of 1.1080, and settled up .5% at 1.1010. The Yen and Swiss Franc both eased .1%.
Economic Outlook
Wednesday’s reports indicated economic weakness is likely to continue. Durable goods orders unexpectedly dropped 2.1%, reversing last months gain of 1.9%. The Fed’s Beige Book reported weak growth throughout the nation, and mortgage applications fell last week.
Thursday’s reports will include Pending Home Sales, and weekly jobless claims. Earnings are due from Credit Suisse, ExxonMobil, Bristol-Myers Squibb, Time Warner, and Starbucks.
Binary Options Trading analysis written by Bradley Welcher
To read the Weekly fundamental analysis click here
Equities
Asian markets ended mixed. The Nikkei fell .5%, and the ASX 200 dropped .8%, while the Kospi rose .3%. The Shanghai Composite advanced .8% as property shares gained after the government announced it will spend more money on housing projects.
Banks led the major European markets lower, as the sector fell 2.2%. The FTSE fell 1.2%, the DAX dropped 1.3% and the CAC40 sank 1.4%. Italy’s banks continued to struggle due to high bond yields, sending UniCredit down more than 4%.
US markets tumbled, as the Dow dropped 199 points to 12306 and the Nasdaq dropped 2.7%. Weak economic data, coupled with Congressional delays in a debt deal weighed on investors nerves, sending stocks down for a 4th straight session.
Nasdaq Falls 2.7% as Selling Intensifies
The IPO of Dunkin Brands was a massive success as shares surged 47.6% on their first day of trading.
Research in Motion fell 6.1% after Moody’s downgraded Nokia, hurting the mobile sector.
Treasuries and Commodities
A $35 billion auction for 5-year notes had a high yield of 1.58% and a bid-to cover ratio of 2.62.
Bonds closed moderately lower, with 10-year notes down 6/32 yielding 2.98%, and 30-year notes easing 1/32 to yield 4.285.
Crude oil inventories unexpectedly rose by 2.3 million barrels sending crude oil down 2.2% to 97.45. Meanwhile, gasoline and natural gas futures both eased .1%,
Gold touched a new record high of $1625 before reversing to end down 2.30 at 1614.50. Copper fell .9% and silver dropped .8% to 40.375.
Cotton extended its rally, rising 2.8%, and wheat gained 1.6%.
Currencies
The Euro tumbled more than 1% to 1.4362, and the Pound fell 1 cent to 1.6322 in a day-long retreat. The Australian Dollar soared to a new record high of 1.1080, and settled up .5% at 1.1010. The Yen and Swiss Franc both eased .1%.
Economic Outlook
Wednesday’s reports indicated economic weakness is likely to continue. Durable goods orders unexpectedly dropped 2.1%, reversing last months gain of 1.9%. The Fed’s Beige Book reported weak growth throughout the nation, and mortgage applications fell last week.
Thursday’s reports will include Pending Home Sales, and weekly jobless claims. Earnings are due from Credit Suisse, ExxonMobil, Bristol-Myers Squibb, Time Warner, and Starbucks.
Binary Options Trading analysis written by Bradley Welcher