Daily Markets - Recent EUR/USD Move Should Now Be Considered Overdone

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• Recent EUR/USD Move Should Now Be Considered Overdone
• Silver Emerges From Under Gold’s Shadow
• Microsoft, Hewlett-Packard, Oracle, Google & Amazon Racing To Take The Lead In The Cloud Computing Industry
• Adobe Drives Investors Away With Weak Forecast And Disappointing Growth Outlook
• Before You Get Bullish About The Stock Market, See This Chart Pattern
• Forex Trading: Dollar Declines To 5-Month Low Against The EUR
• China Steps Up Effort To Derail BHP Billiton’s Bid For Potash
• Bad News For Americans: U.S Government Tops In Google User Data Request – 4,287 in Six Months!
• Forex Trading: Eurozone Flash Manufacturing And Services PMI
• A Warning For The Bulls
• Stock Watchlist For Thursday: Standard Motor Products, Titan International, Commercial Vehicle Group, Amerigon
• Crude Oil Weighed By Inventories, Gold Accelerates To Yet Another Record
• Adobe: Expect More Selling And Downward Price Pressure In The Coming Trading Sessions
• Stock Chart Of The Day: Las Vegas Sands
• Aggressive Growth Stock: Arrow Electronics
• Growth & Income Stock: Millicom International Cellular
• Momentum Stock: Magna International, Inc.
• Bear Of The Day: Wilmington Trust (WL)
• Bull Of The Day: Siemens AG
• Singapore Stock Market Update For Thursday 23 September
• Forex Trading: USD/JPY Finds Support
• Crude Unchanged, Gold Forges Yet Another Record High In FOMC’s Wake

Recent EUR/USD Move Should Now Be Considered Overdone Posted: 23 Sep 2010 03:45 AM PDT In FX, it’s all about the QE2. Tuesday’s FOMC meeting has clearly trigger a mass exodus from the USD. Yesterday’s Portuguese auctions were a situation of a cup half full, at best, with a healthy bid to cover ratio, yet at a high price and overall spreads between peripherals and bonds remain wide. In addition EU industrial new orders fell off a cliff, printing at -2.4% m/m vs. -1.4% exp. So far this EU sovereign risk / weakness has been completely overlooked as traders scramble over each … [visit site to read more]

Silver Emerges From Under Gold’s Shadow Posted: 23 Sep 2010 03:12 AM PDT Gold surged to an all-time record high of $1,298 an ounce yesterday (Wednesday) after a U.S. Federal Reserve plan to jump-start the American economy triggered a slump in the U.S. dollar. The yellow metal has now rallied for five straight trading sessions and is up about 18% for the year. Investors are waking up to the fact that the central bank’s plan to use U.S. Treasury purchases as a means of injecting another $2.3 trillion into the U.S. economy is only going to further debase the … [visit site to read more]

Microsoft, Hewlett-Packard, Oracle, Google & Amazon Racing To Take The Lead In The Cloud Computing Industry Posted: 23 Sep 2010 03:10 AM PDT The cloud computing industry has yet to fully take off, but for an indication of its potential, look at the players getting involved. Microsoft Corp. (NASDAQ:MSFT), Hewlett-Packard Co. (NYSE:HPQ), Oracle Corp. (NASDAQ:ORCL), Google Inc. (NASDAQ:GOOG), and Amazon.com Inc. (NASDAQ:AMZN) – the biggest names in the tech sector – are all racing to take the lead in this burgeoning industry. So what’s all of the excitement about? Cloud-computing effectively lets companies outsource information technology … [visit site to read more]

Adobe Drives Investors Away With Weak Forecast And Disappointing Growth Outlook Posted: 23 Sep 2010 03:08 AM PDT Adobe Systems Inc. (NASDAQ:ADBE) stock yesterday (Wednesday) plunged the most in eight years after forecasting a disappointing fourth quarter, triggering a slew of analyst downgrades and recommendations for investors to move to Adobe’s tech rivals. The software maker fell as much as 21% Wednesday, at one point hitting a new 52-week low of $25.81. It closed at $26.67, a 19.03% drop. The company on Tuesday announced that it’s predicting a flatter fourth quarter than investors and analysts … [visit site to read more]

Before You Get Bullish About The Stock Market, See This Chart Pattern Posted: 23 Sep 2010 03:00 AM PDT The Federal Reserve declared war on deflation Tuesday, stating that they will provide additional accommodations should any deflationary signs occur. I wrote several weeks ago that Washington will provide the relief necessary to rescue markets before the November election. Please click here to see article. President Obama is in the process of changing his entire economic team before the election while voters are expressing concern and outrage over high unemployment and the real … [visit site to read more]

Forex Trading: Dollar Declines To 5-Month Low Against The EUR Posted: 23 Sep 2010 03:00 AM PDT Dollar Declines to 5-Month Low Against the EUR The US dollar traded near a five-month low versus the EUR before a U.S. report today that may show existing home sales are close to a 10-year low, adding to signs the world’s largest economy is struggling to recover. Economic News USD – US Dollar Extends Losses The US dollar fell against most of the major currencies on Wednesday, a day after the Federal Reserve said it was ready to take further action to boost the U.S. economy and fend off any … [visit site to read more]

China Steps Up Effort To Derail BHP Billiton’s Bid For Potash Posted: 23 Sep 2010 02:01 AM PDT China is attempting to derail BHP Billiton Ltd’s (NYSE:BHP) bid for Potash Corp. (NYSE:POT), as Beijing frets over the long-term supply of resources, according to a report yesterday (Wednesday) by the Financial Times. Fearing that it could have a negative impact on Chinese imports, the state-run Sinochem Group has hired Deutsche Bank AG (NYSE:DB) and Citigroup Inc. (NYSE:C) to help disrupt BHP’s bid for the fertilizer company, people familiar the matter told the FT. A Chinese bank, thought to be … [visit site to read more]

Bad News For Americans: U.S Government Tops In Google User Data Request – 4,287 in Six Months! Posted: 23 Sep 2010 01:38 AM PDT In one of my posts published in April this year, I briefly mentioned that Google (NASDAQ:GOOG) unveiled a "transparency tool" that gives information about requests it receives for user data or content removal from government agencies.  The government data is recorded from around the world in an effort to shed light on censorship and flow of information according to Google. As of September 2010, the Google Transparency Report includes information on government requests from the 12 … [visit site to read more]

Forex Trading: Eurozone Flash Manufacturing And Services PMI Posted: 23 Sep 2010 01:03 AM PDT Eurozone Flash Manufacturing PMI came in at 53.6, weaker than the 54.5 expected. Services PMI came in at 53.6, weaker than the 55.5 expected. Eur/Usd is trading just above session lows at … [visit site to read more]

A Warning For The Bulls Posted: 23 Sep 2010 12:41 AM PDT As NBER has declared the recession over and with the SPX decisively rallied through technical resistance at 1130, traders should be tilting towards the bullish side, right? Not necessarily. Barry Ritholz posted on the 10 things that make him nervous about the market. I generally agree with Barry’s assesssments and I would like to add a few more of my own. While I don’t have ten items, here is what is bothering me about stocks at the current levels. Technicals pointing to economic … [visit site to read more]

Stock Watchlist For Thursday: Standard Motor Products, Titan International, Commercial Vehicle Group, Amerigon Posted: 23 Sep 2010 12:30 AM PDT With Auto Parts being one of the best performing industries Wednesday, I thought it might be useful to have a look at the stocks in this industry, and sure enough I found some charts that I like here. The important levels are marked on the charts. Standard Motor Products (NYSE:SMP) – Has consolidated nicely the last couple of days. Watch out for the break of the upper trendline. A stop below Wednesday’s lows should do the trick. Titan International (NYSE:TWI) – Two consecutive doji days … [visit site to read more]

Crude Oil Weighed By Inventories, Gold Accelerates To Yet Another Record Posted: 22 Sep 2010 11:51 PM PDT Commodities – Energy Crude Oil Weighed by Inventories Crude Oil (WTI) – $74.81 // $0.10 // 0.13% Commentary: Oil climbed $1.19, or 1.62%, or Wednesday, but that was merely a function of the October contract rolling off the board and November taking the reigns as the prompt month contract. November itself fell $0.26 on the day. Though crude oil has been underperforming equity markets, global economic optimism has kept declines in check. But with inventory levels continuing to soar, it may only … [visit site to read more]

Adobe: Expect More Selling And Downward Price Pressure In The Coming Trading Sessions Posted: 22 Sep 2010 11:38 PM PDT Adobe Systems Inc. (NASDAQ:ADBE) shares got slammed big time on Wednesday in heavy volume after the company gave a weaker-than-expected guidance for its fiscal fourth quarter.  Price plunged 19% to $26.52 in after hour trading after hitting a 52-week low of $25.81 earlier.  (See the ugly chart from WSJ.com) While some analysts said the company’s longer-term prospects remain solid as the economy recovers, there are warning signs indicating otherwise. Adobe, best known for … [visit site to read more]

Stock Chart Of The Day: Las Vegas Sands Posted: 22 Sep 2010 11:34 PM PDT Today’s Chart of the Day is Las Vegas Sands (NYSE:LVS). After consolidating for almost two weeks, it finally broke out of its trading range Wednesday and it did so on impressive volume.  MACD is also on the verge of giving a bullish signal. To really understand and appreciate the importance of this recent consolidation and move up, one has to look at the monthly chart. These are the levels the stocks found support in 2005 before a massive move up. The level acted as support also twice … [visit site to read more]

Aggressive Growth Stock: Arrow Electronics Posted: 22 Sep 2010 11:05 PM PDT Arrow Electronics Inc (NYSE:ARW) estimates are surging and now projecting earnings to more than double this year. Analysts had no choice but to raise their outlook after the company set records for earnings and revenue last quarter. Company Description Arrow offers industrial and commercial electronics, services and computing solutions. The company works with over 900 suppliers and 125,000 OEMs around the world. Earnings to Double The full-year Zacks Consensus Estimate for this year is $3.84, … [visit site to read more]

Growth & Income Stock: Millicom International Cellular Posted: 22 Sep 2010 11:05 PM PDT Millicom International Cellular (NASDAQ:MICC) recently hit a 52-week high of $102.72. Anyone looking for a play on emerging or frontier markets should consider this stock. Company Description Millicom International Cellular provides prepaid cellphone services in 13 markets throughout Latin America and Africa. Millicom operates in some very intriguing countries, such as Chad, Rwanda, Tanzania, Bolivia, and Paraguay. The company also operates cable and broadband businesses in five Central American … [visit site to read more]

Momentum Stock: Magna International, Inc. Posted: 22 Sep 2010 11:05 PM PDT Magna International, Inc. (NYSE:MGA) recently hit a new multi-year high on an awesome 83% Q2 earnings surprise. With rising estimates and a bullish growth projection, this Zacks #1 rank stock offers some solid upward momentum. Company Description Magna International Inc. is an automotive supplier that specializes in manufacturing automotive systems, modules and components. The company operates primarily in North America and Europe and has a market cap of $8.9 billion. Although MGA has been … [visit site to read more]

Bear Of The Day: Wilmington Trust (WL) Posted: 22 Sep 2010 11:05 PM PDT We are downgrading our long-term recommendation on Wilmington Trust (NYSE:WL) to Underperform based on deteriorating credit quality and its exposure to risky construction loans. Wilmington’s second quarter 2010 loss was substantially higher than the Zacks Consensus Estimate. Results were hurt primarily by higher loan loss provisions, increased non-interest expense and weakness in the commercial construction portfolio. However, strong growth in Corporate Client Services segment, improvement in core … [visit site to read more]

Bull Of The Day: Siemens AG Posted: 22 Sep 2010 11:05 PM PDT We are upgrading our Neutral recommendation on Siemens (NYSE:SI) to Outperform with a $121 target price. Revenue and orders both increased year-over-year in the third quarter of 2010. Revenue also increased sequentially for the second quarter in a row. The order backlog for all sectors hit 89 billion at the end of the third quarter. The company’s pension plan continues to be in an underfunded status. Our long-term Outperform recommendation on the stock indicates that it will outperform the broader … [visit site to read more]

Singapore Stock Market Update For Thursday 23 September Posted: 22 Sep 2010 08:22 PM PDT Morning Highlights Singapore market inched up higher, with STI up slightly at 3.71 points to 3099.81. However, movement is rather erratic, hence, we advise to stay on the sideline for now. If we were to trade the picks, will be in small risks… Be cautious! Please note that Hong Kong is closed today, resume tomorrow. Watch Out For Economic News Today Singapore August CPI U.S August Existing Home Sales Corporate Announcements: Sembcorp Marine’s Jurong Shipyard will receive payment of … [visit site to read more]

Forex Trading: USD/JPY Finds Support Posted: 22 Sep 2010 05:20 PM PDT As we discussed yesterday the USD/JPY pair found support on what was former trendline support, although it happened later in the day and thus lower on the trendline than we at first persumed. As we enter into a long holiday weekend in the Japan and China further intervention seems like a long shot and continuing selling of the pair by Japanese exporters could possibly push lower, with the next support coming from the … [visit site to read more]

Crude Unchanged, Gold Forges Yet Another Record High In FOMC’s Wake Posted: 22 Sep 2010 05:08 PM PDT North American Commodity Update Commodities – Energy Oil Posts a Positive Performance on the Technicality of Rollover Crude Oil (LS Nymex) – $74.71 // $1.19 // 1.62% When we are looking at the performance of crude, it is important to differentiate what we are actually looking at. Are we looking at US or UK crude? Is it spot, a particular futures contract or a continuous contract? If we look at the continuous US futures contract (which we usually do for consistency), we see that oil put up a … [visit site to read more]

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