Wednesday, December 28, 2011

DailyMarkets.com - Forex Trading: USD/JPY Completes Full Hourly Retracement

DailyMarkets.com - Forex Trading: USD/JPY Completes Full Hourly Retracement


Forex Trading: USD/JPY Completes Full Hourly Retracement

Posted: 28 Dec 2011 03:22 AM PST

Its been a pretty quiet night, with European equities up a touch. With the last hourly candle stick, the pair made a full hourly retracement of the move from the low on December 20th to the high of 78.217 on the 23rd.

From a daily perspective we are testing upward trend line support around 77.71, where we have seen some support over the last two weeks. Downward target is 77.34 with the topside target at 77.89 ( the 61.8% on the move from August 4th highs to the low on November … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – USD/CHF Steady After Italian Auction, Swiss Data

Posted: 28 Dec 2011 02:50 AM PST

Forexpros – The U.S. dollar was steady against the U.S. dollar in thin year-end trade on Wednesday, following a successful Italian bond auction and disappointing Swiss economic data.

USD/CHF hit 0.9331 during European late morning trade, the pair's lowest since December 22; the pair subsequently consolidated at 0.9337, easing 0.04%.

The pair was likely to find support at 0.9266, the low of December 20 and resistance at 0.9414, the high of December 16.

Trading volumes remained low seeing … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Swiss KOF Economic Barometer Drops To New Low

Posted: 28 Dec 2011 02:38 AM PST

Forexpros – Switzerland's leading economic barometer fell significantly more-than-expected in December, falling to a new low for the second consecutive month, industry data showed on Wednesday.

In a report, the KOF Economic Research Agency said its index of 12 leading indicators declined by 0.33 points to 0.01 in December, down from November's reading of 0.34, which was revised down from a previously reported 0.35.

Analysts had expected the index to fall by 0.11 points to 0.23 in … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – EUR/JPY Hits One-week Low, Eyes On Italian Debt Sale

Posted: 28 Dec 2011 02:24 AM PST

Forexpros – The euro fell to a one-week low against the yen in thin trade on Wednesday, as uncertainty over the outcome of Italian bond auctions later in the day added to concerns over the euro zone's debt crisis.

EUR/JPY hit 101.54 during European morning trade, the pair's lowest since December 21; the pair subsequently consolidated at 101.62, shedding 0.16%.

The pair was likely to find support at 101.25, the low of December 19 and resistance at 102.19, the high of December 23.

Italy … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Copper Gains On Freeport Strike Dispute, Italy Auction Eyed

Posted: 28 Dec 2011 02:11 AM PST

Forexpros – Copper futures regained strength in thin year-end trade conditions on Wednesday, as ongoing concerns over a disruption to global supplies supported prices ahead of a closely-watched Italian bond auction later in the day.

On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.429 a pound during European morning trade, gaining 0.59%.

It earlier rose by as much as 0.75% to trade at a session high of USD3.439 a pound.

With most … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Oil Gains On Iran Threat May Not Hold, Gold Outlook Favors Losses

Posted: 28 Dec 2011 01:51 AM PST

Talking Points

Crude Oil Gains from Iran Saber-Rattling Unlikely to Prove Lasting for Now
Gold Outlook Broadly Bearish on Waning Investment Demand, Profit-Taking

WTI Crude Oil (NY Close): $101.34 // +1.66 // +1.67%
Crude prices pushed higher yesterday after Iranian Vice President Mohammad-Reza Rahimi warned that international plans for crippling economic sanctions would be met with a total blockade of oil shipments through the Strait of Hormuz, the route carrying close to 40 percent of global … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – Dollar Mixed To Lower In Subdued Trade

Posted: 28 Dec 2011 01:47 AM PST

Forexpros – The U.S. dollar was mixed to lower against its major counterparts in subdued year-end trade on Wednesday, as markets turned to a series of highly anticipated Italian bond auctions later in the day.

During European morning trade, the dollar was flat against the euro, trading within striking distance of an eleven-month low.

With most investors already away on year-end leave, trading volumes were low, resulting in subdued trade.

Italy was scheduled to sell EUR9 billion euros of … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


European Stocks Mixed As Debt Worries Persist; DAX Down 0.42%

Posted: 28 Dec 2011 01:29 AM PST

Forexpros – European stock markets were mixed on Wednesday, as investors remained concerned over the euro zone's debt crisis ahead of a series of Italian debt auctions later in the day.

During European morning trade, the EURO STOXX 50 eased up 0.03%, France's CAC 40 rose 0.37%, while Germany's DAX 30 declined 0.42%.

While markets in the U.K. returned after an extended holiday break, most investors were already away on year-end leave, resulting in low trading volumes and subdued … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Crude Oil Eases Off 3-week High Ahead Of Italian Auction

Posted: 28 Dec 2011 01:00 AM PST

Forexpros – Crude oil futures edged lower in thin trade on Wednesday, easing off a three-week high as investors were cautious ahead of an Italian bond auction later in the day, while prices remained supported amid concerns over a potential disruption to Iranian oil supplies.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February traded at USD101.02 a barrel during European morning trade, shedding 0.32%.

It earlier fell by as much as 0.45% to trade at a … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – GBP/USD Unchanged Ahead Of Italian Bond Sales

Posted: 28 Dec 2011 12:49 AM PST

Forexpros – The pound remained unchanged against the U.S. dollar in thin year-end trade on Wednesday, as markets eyed a series of Italian bond auctions amid ongoing concerns over the debt crisis in the euro zone.

GBP/USD hit 1.5675 during European morning trade, the daily high; the pair subsequently consolidated at 1.5672, easing up 0.01%.

Cable was likely to find support at 1.5595, Tuesday's low and resistance at 1.5728, the high of December 22.

While markets in the U.K. returned after … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – USD/JPY Hits One-week Low On Japanese Data

Posted: 28 Dec 2011 12:33 AM PST

Forexpros – The U.S. dollar fell to a one-week low against the yen in subdued trade on Wednesday, after a flurry of downbeat Japanese data, while the country's government reiterated its intention to weaken the yen when necessary.

USD/JPY hit 77.76 during early European trade, the pair's lowest since December 21; the pair subsequently consolidated at 77.76, shedding 0.15%.

The pair was likely to find support at 77.63, the low of December 13 and resistance at 78.05, the high of December … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Gold Falls To 1-week Low In Thin Trade, Italian Debt Sale Eyed

Posted: 28 Dec 2011 12:18 AM PST

Forexpros – Gold futures declined in year-end trade conditions on Wednesday, falling further below the key USD1,600-an-ounce level as most traders already closed books for the year and moved to the sidelines, waiting for a fresh start in January.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,588.75 a troy ounce during early European morning trade, shedding 0.42%.

It earlier fell by as much as 0.5% to trade at USD1,587.75 a troy … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – NZD/USD Steady Ahead Of Italian Bond Auctions

Posted: 28 Dec 2011 12:08 AM PST

Forexpros – The New Zealand dollar was unchanged against the U.S. dollar on Wednesday, swinging between small gains and losses as investors turned to highly anticipated Italian bond auctions later in the day.

NZD/USD hit 0.7756 during late Asian trade, the pair's highest since December 23; the pair subsequently consolidated at 0.7732, edging up 0.03%.

The pair was likely to find support at 0.7665, the low of December 22 and resistance at 0.7816, the high of December 6.

With most … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – AUD/USD Steady In Subdued Year-end Trade

Posted: 27 Dec 2011 11:59 PM PST

Forexpros – The Australian dollar was steady against its U.S. counterpart in thin trade on Wednesday, as uncertainty over the outcome of Italian bond auctions later in the day weighed on market sentiment.

AUD/USD hit 1.0140 during late Asian trade, the daily low; the pair subsequently consolidated at 1.0152, easing 0.04%.

The pair was likely to find support at 1.0060, the low of December 22 and resistance at 1.0218, the high of December 21.

With most investors already away on year-end … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Asia Stocks Slump In Post-holiday Trade; Nikkei Dips 0.2%

Posted: 27 Dec 2011 11:48 PM PST

Forexpros – Asian stock markets declined in thin year-end trade on Wednesday, as markets in Hong Kong and Australia reopened after an extended holiday break, while shares in Japan came under pressure ahead of an Italian bond sale later this week.

During late Asian trade, Hong Kong’s Hang Seng Index fell 0.75%, Australia's S&P/ASX200 tumbled 1.25%, while Japan's Nikkei 225 Index dipped 0.2%.

Trading volumes were thin in many markets ahead of the New Year's holiday, resulting in low … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – EUR/USD Unchanged As Markets Eye Italian Bond Sales

Posted: 27 Dec 2011 11:33 PM PST

Forexpros – The euro was unchanged against the U.S. dollar in subdued year-end trade on Wednesday, as concerns over the worsening debt crisis in the euro zone persisted ahead of Italian bond auctions later in the day.

EUR/USD hit 1.3057 during late Asian trade, the daily low; the pair subsequently consolidated at 1.3065, edging down 0.03%.

The pair was likely to find support at 1.2992, the low of December 20 and resistance at 1.3118, the high of December 22.

With most investors already … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Momentum Stock: Churchill Downs, Inc.

Posted: 27 Dec 2011 11:00 PM PST

Churchill Downs, Inc. (CHDN) is charging like Secretariat, recently hitting a new multi-year high after jumping more than 38% since October. With another good quarter in hand and a bullish growth projection, this Zacks #1 Rank stock is burning up the track.
Company Description
Churchill Downs, Inc. is best known for its horse-racing facilities, but the company also operates electronic gaming systems and owns a casino and a hotel. Churchill Downs was founded in 1928 and has a market cap of $872 … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Bull Of The Day: The St. Joe Company (JOE)

Posted: 27 Dec 2011 11:00 PM PST

We are changing our long-term recommendation for The St. Joe Company (NYSE:JOE) from Neutral to Outperform, driven by its future growth prospects. St. Joe is one of the largest real estate developers in Florida.
The company is presently focusing on developing the adjacent area of the Panama City-Bay County Airport, which was opened in late 2010, to increase the future value of its holdings. St. Joe is currently in defensive mode and continues to reduce capital expenditures through stringent … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Bear Of The Day: BHP Billiton

Posted: 27 Dec 2011 11:00 PM PST

We have downgraded our recommendation on BHP Billiton Ltd. – ADS (NYSE:BHP) from Neutral to Underperform based on declining industrial demand on the back of sluggish economic growth in Europe and the U.S. Other headwinds include competition from peers, an upsurge in oil prices and rising inflation in the emerging markets.
Turning toward expenses, the cost of improving ore grades, mining disruptions due to natural calamities, governmental delays as well as currency fluctuations further thwart the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Growth & Income Stock: MTS Systems Corporation

Posted: 27 Dec 2011 11:00 PM PST

MTS Systems Corporation (NASDAQ:MTSC) recently delivered a big 42% positive earnings surprise for its fiscal 2011 fourth quarter and also posted a record backlog of orders. As a result, consensus estimates soared for 2012, sending the stock to a Zacks #1 Rank (Strong Buy).
The company also has a solid balance sheet and recently raised its dividend by 25%. It currently yields 2.5%. Valuation is attractive too, with shares trading at just 11x forward earnings, below both the industry average and its … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Aggressive Growth Stock: PC Connection

Posted: 27 Dec 2011 11:00 PM PST

PC Connection (PCCC) beats earnings for the seventh straight quarter, analysts move estimates higher and the stock is a Zacks #1 Rank (Strong Buy).
Company Description
PC Connection operates under several companies that offer custom- configured computer systems to individuals as well as government agencies and businesses.
Good Earnings Streak
We have to go back to 4Q09 to see the last time the company had a negative earnings surprise, a difficult time for many companies as the recession … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – USD/JPY Down During Asian Trade

Posted: 27 Dec 2011 09:45 PM PST

Forexpros – The U.S. Dollar was lower against the Japanese Yen on Wednesday after the release of Japanese data on Unemployment Rate.

USD/JPY was trading at 77.78, down 0.12% at time of writing.

The pair was likely to find support at 77.76, today's low, and resistance at 78.23, Friday's high.

Earlier in the day, official data showed that Japan's unemployment rate remained unchanged at a seasonally adjusted 4.5% last month from 4.5% in the preceding month.

Analysts had expected the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – USD/JPY Falls On Japanese Output Data

Posted: 27 Dec 2011 08:23 PM PST

Forexpros – The dollar slid against the yen on Wednesday, as weaker-than-expected Japanese industrial production figures and other data sparked demand for Japanese currency.

USD/JPY was trading at 77.80, down 0.09%, not far from a session low of 77.77 and comfortably off from a high of 77.92.

The pair was likely to seek support at 77.77, Wednesday’s low, and resistance at 78.03, Tuesday’s high.

The Japanese Ministry of Economy, Trade and Industry said that industrial production fell to a … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex Trading: Usd/hkd Stuck In The Middle Of This Downward Channel.

Posted: 27 Dec 2011 08:18 PM PST

usd/hkd stuck in the middle of this downward channel and even the 50 moving average showing no … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex Trading: Usd/cnh Continues To Grind Lower

Posted: 27 Dec 2011 08:18 PM PST

usd/cnh continues to grind lower in this downward … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Asia Stocks Mixed On U.S. Data; Nikkei Up 0.09%

Posted: 27 Dec 2011 07:24 PM PST

Forexpros – Asian stock markets opened mixed on Wednesday in thin trading as some investors found a weather vane in healthy U.S. consumer confidence data while others shrugged it off.

During morning Asian trading, Hong Kong’s Hang Seng Index was down 0.60%, Australia’s S&P/ASX200 was down 1.25%, while Japan's Nikkei 225 Index was up 0.09%.

In the U.S., the Confidence Board reported that its consumer confidence index came to 64.5 in December, up from 55.2 in November and beating market … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Twitter

Posted: 27 Dec 2011 07:12 PM PST

Follow me on Twitter for daily updates, news, blog posts, links, economic reports, headlines, re-tweets, data, charts, … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


The Year In Four Charts

Posted: 27 Dec 2011 06:53 PM PST

From NPR’s Planet … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – Dollar Firms On Strong Consumer Confidence Data

Posted: 27 Dec 2011 06:40 PM PST

Forexpros – The dollar was mixed to slightly stronger against the world’s major currencies Wednesday, firming on healthy consumer confidence data as well as on fears that investor confidence in Italy may be eroding.

During Asian morning trade, the greenback was up against the euro, with EUR/USD shedding 0.02% to hit 1.3068.

In the U.S., the Confidence Board reported that its consumer confidence index came to 64.5 in December, up from 55.2 in November and outpacing market forecasts for a … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Gold Slips In Lackluster Post-holiday Trading

Posted: 27 Dec 2011 05:53 PM PST

Forexpros – Gold prices fell Wednesday as investors avoided the precious metal and focused more on U.S. asset classes, which were buoyed by stronger-than-expected consumer confidence numbers.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,589.15 a troy ounce early in Asian trade, down 0.40%.

Gold futures were likely to test support at USD1,587.75 a troy ounce, Wednesday’s low, and resistance at USD1,615.55, Friday’s high.

On … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Crude Oil Futures Retreat From Rally

Posted: 27 Dec 2011 05:11 PM PST

Forexpros – Crude futures fell Wednesday, erasing strong gains made in wake of Iran’s threats to cut off the flow of oil through the Strait of Hormuz.

Strong consumer confidence numbers out of the U.S. helped fuel an earlier rally as well, sending crude futures well above $101.00 barrel before profit-taking kicked in.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February traded at USD101.17 a barrel in early Asian trading, down 0.17%.

The commodity hit a … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


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