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SunBirdFX Daily Market Analysis : 05/25/2012
www.sunbirdfx.com
The US indices closed yesterday on mixed territory, as NASDAQ appears to be the weakest index among the three majors. Nevertheless, the daily charts of the indices show that we might see a bullish correction, as Wednesday low were higher than the previous low, which indicates for a strong supports. The real test for the stock markets is whether they will be able to break-through the weekly high or not, and we will find it out today.
USD/CAD
Yesterday we mentioned that many pairs were oversold or overbought and that the correction was getting close in most of them. The USD completed over 220 pips since it broke-up the 200 SMA two weeks ago and reached the resistance at 1.03. Those who implemented the trade-idea that we brought before the break-up can now take profits ...
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Some frayed nerves as USDA grains data goes 'live'
(Reuters) - CBOT grain traders got their first taste on Thursday of trading without a two-hour cushion between the release of price-sensitive U.S. government data and markets being open, as the new 21-hour trading cycle exposed some frayed nerves.
The U.S. Department of Agriculture issued its weekly export sales report at 7:30 a.m. Central (1230 GMT) when the Chicago Board of Trade grain markets were open for business. The CBOT began a 21-hour trading cycle on Monday.
Rival Intercontinental Exchange (ICE.N) was also open, but its volume was far smaller than that of the world's largest grain exchange, owned by the CME Group (CME.O).
The data moved the corn futures market, with benchmark July slipping slightly lower in a knee-jerk reaction before rebounding after traders dug deeper into ...
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Natural gas futures end up for second day
(Reuters) - Natural gas futures ended higher on Wednesday for a second straight day, as tighter supply-demand fundamentals and forecasts for warm weather offset early selling on the milder outlook for late next week.
Gas prices, which rallied 9 percent last week, are nearly flat so far this week, with investors cautious about prices near 3-1/2 month highs ahead of a three-day weekend.
NYMEX floor trading will be closed on Monday for the U.S. Memorial Day holiday.
Since posting a 10-year low of $1.90 per million British thermal units in April, nearby futures are up nearly 44 percent amid signs that record production was finally slowing while demand was picking up as more electric utilities switch from coal to cheaper gas for power generation.
Technical traders had been expecting Monday' ...
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Baker Hughes expects U.S. rig count surge on oil boom
(Reuters) - Baker Hughes Inc (BHI.N) believes the U.S. oil-directed rig count would have to double to more than 2,500 rigs if analyst estimates of a 2 million-barrel-per-day increase in U.S. oil production by 2017 are correct.
Chief Financial Officer Peter Ragauss said this rapid shift to oil production, which has caused severe short-term disruptions to the U.S. market this year, would ultimately favor Baker Hughes because of its technology.
The move out of natural gas areas to those rich in liquids has squeezed pricing for hydraulic fracturing services, but stronger pricing elsewhere was expected to offset that.
"Frack pricing is declining in the gassy basins, but on the flipside the volumes are declining in the gassy basins, so it has less impact," Ragauss told the UBS Global Oil and ...
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Risky trade getting hammered
Higher yielders remained under pressure as uncertainty continues to surround markets. The lack of assurance of an Imperative action on Greece from the euro leaders in their informal summit today makes things further vague for the destiny of the risky trade. While markets lack a conclusive expectation for the outcome of the summit majors look skeptical around key support levels.
During a teleconference earlier today, the Eurogroup Working Group (EWG); which consists of the officials preparing the meetings of finance minister, and form the board of the ESF as well, agreed that euro zone countries must consider and prepare for the consequences of a Greece exit. The move could have further negative impact on the common currency.
While Later today, the finance ministers are expected to unveil ...
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Existing home sales of the superpower could have climbed in April
U.S existing home sales have most probably climbed up in April since that clear signs of enhancement and stability have been witnessed and detected throughout the housing market lately as stated out by the FOMC members and the Federal Reserve just recently within the last FOMC minutes meeting held.
In fact the FOMC members are convinced and believe strongly that the housing sector is still far from a full healing yet they attested that recently several signs of improvement were detected throughout that sector, having for instance last week only the Commerce department reporting that the country`s housing starts increase cheerfully to 717 thousand; above the market predictions of 685 thousand.
Not forgetting that Douglas Yearly; the chief executive of Toll Brothers Inc., which is the ...
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SunBirdFX Daily Market Analysis : 05/22/2012
www.sunbirdfx.com
Wall Street opened the trading week with the expected short-squeeze that launched NASDAQ 2.4%, mainly because of Apple. The short-positions holders decided to realize their investments and take profits, as the buyers took advantage of that for gaining profits by opening long positions. This momentum might continue in the next few days, and in this point, it is important to remember that the previous bearish session ended with a sharp bullish day, and this might be the signal for this possible turnover. However, it is too soon to know whether the stocks have stopped falling or not and we need to wait few more days.
AUD/USD
The recovery of the US stock markets weakened the USD against most of the currencies, which might start a correcting session against the USD. The ...
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Euro rebound stalls, focus shifts to EU summit
(Reuters) - The euro's rebound from four-month lows stalled on Tuesday, failing to break above technical resistance, though traders said selling could be limited at least until an informal meeting of European leaders this week.
Traders have been reducing their massive bets against the common currency in the past couple of days, taking note of prospects - however slender - that EU leaders may agree measures to bolster investor confidence in the euro zone on Wednesday.
With speculators' short positions on the euro at a record high, traders were wary of the potential for short-squeeze, despite worries about stability of the banking system in Spain and political gridlock in Greece.
"If someone is selling the euro now, I would rather use that as a chance to take profits (from euro short ...
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Crude rebounds slightly on Goldman Sachs, China`s stimulus signs
Crude oil climbs up today after many sessions of declining as the EU oil embargo for Iranian oil is on the verge, but the G8 leaders agreed together to pump the emergency oil reserves and there will be extra supply if sanctions on Iran lead to a surge in prices.
Crude oil opened today’s session at $91.34 and reached so far a high of $92.17 and a low of $90.17, where it is currently trading around $91.95 a barrel.
In fact, crude found a slight support from the summit’s outcome which raised the pressure on European leaders to act more seriously and effectively to fight the crisis and try to keep Greece in the bloc if it meets all the commitments.
The main support which been behind this upside momentum for crude is China, as it could take new steps to stimulate growth. The Chinese ...
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