Jan 14, 2010

Daily Markets - Financial News & Opinions

Daily Markets - Financial News & Opinions

Newly Launched Platinum, Palladium ETFs Seeing Major Interest

Posted: 14 Jan 2010 09:01 PM PST

The long-awaited platinum and palladium exchange traded funds (ETFs) have already seen so much interest that they may soon reach their position limits. In their first few days of trading, hundreds of thousands of shares changed hands.

Although the first physically backed platinum and palladium ETFs were just released last week, they’re already seeing major interest. ETFS Platinum Trust (PPLT) and ETFS Palladium Trust (PALL) hold physical bullion of their namesake metals.

More than … [visit site to read more]


ECB’s Trichet Says Greece Is No California

Posted: 14 Jan 2010 07:01 PM PST

At its monthly press conference, European Central Bank (ECB) President Trichet was assertive in calling for fiscal discipline in its 16 member states that comprise 330 million people using the euro. Asked about bailing out Greece or other member states with severe fiscal challenges, Trichet called the ECB collateral framework crystal clear, applying erga omnes (equally) to every member state; no special treatment will be provided to any one member. In the euro zone, member states may receive … [visit site to read more]

Video: The Day Ahead: Euro-Zone & U.S. CPI

Posted: 14 Jan 2010 07:00 PM PST

The stories, data, and stocks that may have the greatest impact during the next trading session. … [visit site to read more]

On Gold Bugs And The Nightmare Of Deflation

Posted: 14 Jan 2010 06:01 PM PST

I quite often receive many emails and comments from readers all over the world that are something to this effect:
You are (insert preferred insult) for thinking that there could be anything but hyperinflation after the Federal Reserve increased the monetary base by 100%.  You are an even bigger (insert preferred insult) for thinking that gold or silver could dare to go down, because of (insert random exogenous occurrence that said person is attempting to apply to an already existing price … [visit site to read more]

(Still) Not Too Happy

Posted: 14 Jan 2010 05:45 PM PST

Another day, another survey:

The Allstate Corporation (ALL) and National Journal today announced the results of the fourth Heartland Monitor, the latest release in a groundbreaking series of surveys that has delivered new insights on how Americans are navigating the post-recession economy, their faith in key institutions and their concerns about the future.

Like most of the others we’ve seen lately, this latest poll suggests that ordinary Americans are (still) not too happy about what they … [visit site to read more]

Singapore Stock Market: Our Focus For Today Is On Small Cap

Posted: 14 Jan 2010 05:42 PM PST

Morning Highlights
Our Focus For Today Is On Small Cap
Singapore market started firm on Friday, with the STI opened up 9.5 points to 2919.02,  after technology stocks lead Wall Street higher overnight. Intel profit surges to $2.3 billion.
Singapore News Updates:

Ezra announced a Q1FY10 net profit of US$18.4mn, a 93% increase year-on-year. The stock was placed on trading halt yesterday. In a separate announcement, the company said it secured a maiden Subsea Inspection, Maintenance and … [visit site to read more]

Is Crude Oil’s Glass Half Empty Or Filling Quickly?

Posted: 14 Jan 2010 05:01 PM PST

The “next oil spike” started last year!

The folks who expound on crude oil pricing are once again tied up in the usual knots. As I sit to write to you today, these guys don’t know whether to buy on the breakthrough to $83/bbl- or sell on the breakdown to $78 and change.

Judging both from the conflicting newswire headlines and the action on the trading floor in downtown Manhattan, I suspect that some of these clowns are buying, selling, and going stark raving mad - all at the same … [visit site to read more]

Forex Commentary: Employment, Consumer Spending Concerns Pressure US Dollar

Posted: 14 Jan 2010 04:40 PM PST

The U.S. Dollar finished lower against a basket of currencies for the fifth straight day in sluggish trading. Contributing to the weakness were reports that U.S. Jobless Claims rose last week by the largest amount in five weeks and U.S. Retail Sales were down.
Both reports show that employment is still a major issue affecting the economy as well as consumer spending. Traders pressed the Dollar most of the day and wouldn’t allow it to get away by too much on the upside. Today’s economic data … [visit site to read more]

Forex Trading: AUD/USD Tests Resistance

Posted: 14 Jan 2010 04:31 PM PST

Price action on AUD/USD, a daily chart of which is shown, continues to display some robust bullishness on its sustained rebound off the late-December low. This rebound has broken out above several resistance levels, including a short-term downtrend resistance line extending from the 15-month high around 0.9400 that was hit in mid-November.

Currently, price has once again revisited strong resistance in the 0.9325 price region, just short of the noted 0.9400 long-term high. If the current … [visit site to read more]

Key Level To Watch On The Australian All Ordinaries Index

Posted: 14 Jan 2010 04:24 PM PST

A reader from Australia recently asked me to post an update on the Australian All Ordinaries Index (^AORD), and here is such an update on a key level to watch on the weekly frame.

As S&P 500 traders will note, the Australian Index has formed an almost identical pattern on the weekly frame and also is challenging the 50% retracement level of the “Bear Market.”

For the All Ords Index, the key level to watch is the 50% Fibonacci Retracement at 4,962 (where price is now) along … [visit site to read more]

Interesting New ETFs You Should Know About

Posted: 14 Jan 2010 04:05 PM PST

You might think the wild markets of the last year would have made ETF sponsors slow down a bit, but they kept on cranking out new products - some great, some not.

By my count, a total of 136 new exchange-traded products (ETFs, exchange-traded notes, and assorted hybrids) came on the market in 2009. At the same time, 56 ETFs and ETNs were liquidated, leaving a net increase of 80 for the year. (You can see the full list by clicking here.)

Today I want to focus on a handful of these new … [visit site to read more]

The Problem With Democracy

Posted: 14 Jan 2010 04:00 PM PST

The poor Venezuelans. But that's the problem with democracy. Everyone gets what the majority of voters deserve. They voted for Chavez. Now, they have to pay for it.
The lawfully elected (insofar as these things are ever lawful) government of Venezuela cut the value of its currency in half. That was only a week or so ago. Then, there was "chaos" in the streets, according to press reports. "Inflation fear grips nation," says The Washington Post story.
In response, Venezuelans are on a … [visit site to read more]

US Jobless Claims (Four-Week Moving Average) Fall To New 16-Month Low

Posted: 14 Jan 2010 03:59 PM PST

WASHINGTON (MarketWatch) - “First-time jobless claims rose last week by the largest amount in five weeks, surprising economists who had expected a decline. Initial claims rose by 11,000 to 444,000 in the week ended Jan. 9, the Labor Department reported Thursday. This is the highest level since mid-December.

Despite the increase, the trend in jobless claims is still positive. The average number of workers filing claims over the past four weeks fell by 9,000 to 440,750. This is the … [visit site to read more]

Key Engine For US Job Creation Is Broken

Posted: 14 Jan 2010 03:50 PM PST

Entrepreneurs who can take risks and form new businesses are critical to stimulating job creation. This is because new start ups and small businesses are the source of more than half of all new jobs in the US.
Unfortunately, according to the Global Entrepreneurship Monitor, in many developed nations the number of people starting new companies is down substantially, and in the US it's down 24 percent since last year.
As described by The Wall Street Journal:
"Confidence alone isn't … [visit site to read more]

Forex Trading: GBPUSD Comes Under Pressure But Key Support At 1.6309 Beckons

Posted: 14 Jan 2010 03:45 PM PST

The GBPUSD has moved through the 100 bar MA at the 1.6330 level after stalling before the 50% retracement at 1.6354 (high reached 1.6348). See earlier post by clicking here.
The 100 day MA is at 1.6309. The 200 bar MA on the 5 minute chart is at the level too.  The 38.2% of the move up from yesterday comes in at the 1.6310 level.  So market at a key level for the new trading day.  Below 1.6330 keeps bearish bias, with confirmation of break at … [visit site to read more]

JPMorgan Adds 24 Mortgage Centers

Posted: 14 Jan 2010 03:31 PM PST

In an effort to extend its helping hand toward struggling homeowners who have to make their mortgage payments, JPMorgan Chase & Company (JPM) said on Monday that it is almost doubling its nationwide network by adding 24 more Chase Homeownership Centers, including one in Dallas.
The 27 existing centers of JPMorgan have already served 60,000 struggling families who have to make monthly mortgage payments. The new additions will take the total number of JPMorgan mortgage assistance centers … [visit site to read more]

The Number One Lesson For Oil Investors

Posted: 14 Jan 2010 03:00 PM PST

Of course, no one knows what the price of oil will be, but there is no shortage of forecasts. Goldman Sachs says it will be $95 by the end of 2010. Deutsche Bank says $65. They are all guessing.
There is one thing we do know. And fortunately, this is the most important thing to remember as an investor in oil: The market is still pricing proved oil reserves at less than replacement cost. In other words, it is cheaper in today's market to buy proven reserves in the stock market than to drill … [visit site to read more]

Forex Trading: USDJPY Technical Update. Watching The 91.28 Level

Posted: 14 Jan 2010 02:54 PM PST

The USDJPY fell sharply in NY trading, and has gotten off to a slow start in the Asian trading session. The price has tested the 38.2% Fibonacci Resistance level of the move down from the high yesterday to the low (at 93.03 to 90.83). That level comes in at the 91.29 level. Additional resistance comes in at the 200 bar MA target on the 5 minute chart at the 91.40 level currently.
Below, watch the 100 bar MA at the 91.08. If the price can hold upside resistance and move back below this level, … [visit site to read more]

Forex Trading: AUDUSD Bumping The Ceiling In Consolidative Range

Posted: 14 Jan 2010 02:40 PM PST

It's Friday, but it does not mean the AUDUSD has to lie down and die here. 
The pair has been ranging in a narrow 0.9281 to 0.9328 range  for nearly 24 hours with the range getting more narrow and narrow. Now the moving averages are converged and it may be time to provide some directional move before the weekend truly begins.
So watch the 0.9317 level on the topside and a break of the ceiling at the 0.9328 to confirm an upside move.  On the downside, if the 0.9301 level gives … [visit site to read more]

Forex Trading: GBPUSD Remains Above Key Support. 1.6354 Is The Next Target Above.

Posted: 14 Jan 2010 02:22 PM PST

The GBPUSD is starting the new trading day after closing above the 100 day MA at the 1.6308 level.  Ths is positive for the pair but and now has the 1.6354 level as the next upside hurdle (midpoint of the November to December high to low range). 
As far as support, look for the 100 bar MA on the 5 minute chart to provide the support.  The level currently comes in at the 1.6325 level (and moving higher).  the price has remained above this moving average since 8:30 AM New … [visit site to read more]

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