Thursday, September 2, 2010

Daily Markets - CFTC Decision On Retail Forex Trading Effective As Of October 18, 2010

Daily Markets - CFTC Decision On Retail Forex Trading Effective As Of October 18, 2010

CFTC Decision On Retail Forex Trading Effective As Of October 18, 2010

Posted: 02 Sep 2010 07:50 AM PDT

After months of speculation, the CFTC finally released the rules regarding retail foreign exchange (Forex) transactions.  The rules implement provisions of the Dodd-Frank legislation and provides the CFTC with broad authority to regulate Forex transactions.  The rules are effective as of October 18, 2010.
In regards to leverage, there was a compromise to address the 10,000+ letters written by the public to the CFTC after they proposed a leverage reduction from 100:1 to 10:1.  Leverage … [visit site to read more]

Factory Produced Rally

Posted: 02 Sep 2010 07:17 AM PDT

Fundamentals
Crude Oil futures posted solid gains yesterday, after the ISM manufacturing index posted a stronger number than analysts had expected. The positive news from the manufacturing sector was a welcome relief for traders, who have been inundated with negative economic data of late. All signs seemed to have begun pointing toward the possibility of a double-dip recession, so the report offers a ray of hope for the economy. Traders even shrugged off the EIA’s report showing another large … [visit site to read more]

Forex Trading: NZDUSD Double Top, But Good Support At 0.7134

Posted: 02 Sep 2010 07:13 AM PDT

What Wall Street Secrets Will FCIC Reveal?

Posted: 02 Sep 2010 07:06 AM PDT

Information is everything.
There is no doubt that the development of the internet and a wide array of websites has led to a significant increase in the amount and quality of information accessed and processed by many. That said, there is also no doubt that there is also an equally aggressive, if not public, effort to protect information, privileged or otherwise. Industry and company specific trade secrets can often be the key to developing and maintaining a hard … [visit site to read more]

Hot Stock News For Thursday 2 September: Ford, Apple, BP, BHP Billiton, Rio Tinto, AstraZeneca, Total

Posted: 02 Sep 2010 06:45 AM PDT

BP (NYSE:BP) - Co. expects to remove a failed blowout preventer atop its ruptured Gulf of Mexico oil well by Saturday or Sunday and later plug the leak for good, the top US official overseeing the spill response said. (RTRS)

UK

Energy Companies - Ofgem has received information suggesting that Npower, Scottish Power, Scottish and Southern Energy, and EDF Energy may have been broken new rules on soliciting customers. (BBC)

BHP Billiton (NYSE:BHP) - China is stepping up attempts to hamper … [visit site to read more]

Swiss Franc: Under Pressure

Posted: 02 Sep 2010 06:18 AM PDT

Update on supports and resistances. … [visit site to read more]

Japanese Yen: The Downside Prevails

Posted: 02 Sep 2010 06:18 AM PDT

Update on supports and resistances. … [visit site to read more]

British Pound: Rebound

Posted: 02 Sep 2010 06:18 AM PDT

Update on supports and resistances. … [visit site to read more]

Euro: Rebound

Posted: 02 Sep 2010 06:18 AM PDT

Update on supports and resistances. … [visit site to read more]

Forex Market Awaits ECB Interest Rate Decision

Posted: 02 Sep 2010 06:10 AM PDT

The rally in risk appetite boosted by strong Chinese and Australian data yesterday was further encouraged after our last article by stronger than expected US ISM numbers. Forex risk correlated currencies, such as the Euro, moved lock-in-step with the data. EURUSD rallied above 1.2800 and the S&P climb above 1080. However, US rates weren’t invited to the party as players remained unsure - 10 yr yields did jump roughly 10 bps, but have since retraced

The divergence between equities … [visit site to read more]

7th Monthly Gain In Monster Employment Index

Posted: 02 Sep 2010 05:42 AM PDT

“The U.S. Monster Employment Index recorded its seventh consecutive month of positive year-over-year in August at a growth rate at 12.4 percent. The annual growth rate eased from July’s 21% growth possibly due to moderation in underlying job market drivers. The Index dropped two points (1 percent) in August to 136 (from 138 in July) as online job demand eased contrary to seasonal patterns traditionally witnessed at this time of the year (see chart above). Highlights include:

1. Online … [visit site to read more]

Docs4PatientCare

Posted: 02 Sep 2010 05:30 AM PDT

Click arrow above to watch Dr. Hal Scherz’s “video for doctors” above from Docs4PatientCare.  See his editorial in yesterday’s WSJ here, about this “Waiting Room Letter for Physicians and Patients,” here’s an excerpt:

“ObamaCare will bring major cost increases, rising insurance premiums, higher taxes, a decline in new medical techniques, a fall-off in the development of miracle drugs as well as rationing by government panels and by bureaucrats like passionate rationing advocate … [visit site to read more]

British Pound Under Pressure Amid IMF Debt Concerns, Weak Housing Data

Posted: 02 Sep 2010 04:30 AM PDT

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Fundamental Headlines
• SEC Investigates Canceled Trades – Wall Street Journal
• European Markets Fall Ahead of ECB – Wall Street Journal
• Rally Pauses as Traders Revisit Mixed Data - Financial Times
• Economy Seen Avoiding Recession Relapse as U.S. Data Can't Get Much Worse- Bloomberg
• Trichet May Say ECB to Keep Emergency Lending Measures in Place Into 2011 – Bloomberg
EUR/USD: During the overnight trade, the IMF warned that Portugal, Italy, and Greece … [visit site to read more]

China Manufacturing PMI: Small Uptick In August

Posted: 02 Sep 2010 03:31 AM PDT

China's CFLP Manufacturing PMI for August increased slightly to 51.7 from 51.2 – the first increase in 4 months. The uptick was in line with my forecast based on the historical seasonal pattern. Although the PMI is still above the critical level of 50, indicating continued growth in the manufacturing sector, the growth is weak and sub-par to previous years, excluding 2008 and 2009 as a result of the debt and liquidity crisis.

Sources: CFLP; Li & Fung; Plexus Asset Management.
The … [visit site to read more]

Faber: Fed And Japan Money Printing

Posted: 02 Sep 2010 03:27 AM PDT

Marc Faber, author of the Gloom Doom & Boom Report,  believes the greatest risk to global economy is the impending inflation that will occur due to easy central bank policy and money printing. Faber says Friday's "key reversal day" was a sign that markets will perceive further government intervention as inflationary and will result in higher prices for commodities, equities and … [visit site to read more]

Technical Talk: Contrarian Buy Signal?

Posted: 02 Sep 2010 03:25 AM PDT

The comments below were provided by Kevin Lane of Fusion IQ.
As seen in the chart below, the American Association of Individual Investors (NASDAQ:AAII) equity allocation is currently 5% below its historical mean of 60%. Typically levels such as this suggest a fair amount of bearishness on the part of investors and com­mensurately a fair slug of cash on the sidelines. The more cash that builds up on the sidelines, the more likely intermediate-term lows can occur as the move to cash was in some part … [visit site to read more]

Shiller: Double-dip Or Just Slow Growth?

Posted: 02 Sep 2010 03:22 AM PDT

Yale economist Robert Shiller says weakness in jobs and housing could cause the U.S. economy to fall back into a … [visit site to read more]

Picture Du Jour: Problem Banks Hit A New High

Posted: 02 Sep 2010 03:20 AM PDT

The chart below of the number of FDIC-insured "problem" institutions (courtesy of Clusterstock – Business Insider) clearly shows the industry still has a long convalescence period ahead. A new high was made in Q2 and a reversal obviously needs to be established before one can talk of a proper recovery in the industry.

Despite the interbank lending rates having normalized, banks are still significantly curtailing the amount of money they are actually lending. The US Depository … [visit site to read more]
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