SamTrader1
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Markets
A difficult week on Wall Street came to a dismal end. This with storm clouds of another recession and a crippling debt crisis circling overhead.
Major averages again sold off into the close, capping a week in which the market lost more than 4 percent. The markets seem to be preparing for the worst that could lie ahead. Washington leaders failed to reach an agreement on raising the $14.3 trillion debt ceiling, setting the table for more troubles when the market reopens next week.
DJIA
FOREX
The Yen advanced more than 1.8% against the USD this week as traders sought refuge amid mounting concerns that the US may default for the first time in the nation’s history. Further supporting the Yen was economic data out of Japan. This was highlighted by stronger than expected retail trade report, small business confidence data, housing starts, and employment figures. The data suggests that the economy may be on proper footing as Japan struggles to recover from the crippling March disaster. Weaker than expected prints on industrial production and overall household spending coupled with a rapidly appreciating Yen, fueled speculation that the underlying foundation of the economy may be under pressure.
USDJPY
COMMODITIES
Gold prices surged to a record close at $1,629 while prices of Treasurys also were sharply higher, sending the 30 year bond price up close to 2 points and the benchmark 10 year yield down to 2.83 percent. These moves reflect investor fear the strongest.
GOLD
EQUITIES
In earnings, Chevron said it earned $3.85 a share, against expectations of $3.56, though revenue was below estimates. This news ended up sending shares slightly lower. Arch Coal posted earnings of 44 cents per share, below estimates of 60 cents, sending shares plummeting 7 percent. Allied Healthcare Shares exploded 57 percent on news that it would be purchased by Saga Group for $3.90 a share.
Binary Options Trading analysis written by David Frank
Markets
A difficult week on Wall Street came to a dismal end. This with storm clouds of another recession and a crippling debt crisis circling overhead.
Major averages again sold off into the close, capping a week in which the market lost more than 4 percent. The markets seem to be preparing for the worst that could lie ahead. Washington leaders failed to reach an agreement on raising the $14.3 trillion debt ceiling, setting the table for more troubles when the market reopens next week.
DJIA
FOREX
The Yen advanced more than 1.8% against the USD this week as traders sought refuge amid mounting concerns that the US may default for the first time in the nation’s history. Further supporting the Yen was economic data out of Japan. This was highlighted by stronger than expected retail trade report, small business confidence data, housing starts, and employment figures. The data suggests that the economy may be on proper footing as Japan struggles to recover from the crippling March disaster. Weaker than expected prints on industrial production and overall household spending coupled with a rapidly appreciating Yen, fueled speculation that the underlying foundation of the economy may be under pressure.
USDJPY
COMMODITIES
Gold prices surged to a record close at $1,629 while prices of Treasurys also were sharply higher, sending the 30 year bond price up close to 2 points and the benchmark 10 year yield down to 2.83 percent. These moves reflect investor fear the strongest.
GOLD
EQUITIES
In earnings, Chevron said it earned $3.85 a share, against expectations of $3.56, though revenue was below estimates. This news ended up sending shares slightly lower. Arch Coal posted earnings of 44 cents per share, below estimates of 60 cents, sending shares plummeting 7 percent. Allied Healthcare Shares exploded 57 percent on news that it would be purchased by Saga Group for $3.90 a share.
Binary Options Trading analysis written by David Frank