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Submitted by BBFX Blogger on Fri, 07/13/2012 - 07:26
The SPX 500 sits about 3 points higher (as of 8:15am ET) than Thursday close on the S&P 500. China's GDP figures came in just a bit lower than expectation (expected 7.7% vs 7.6% actual). We didn't get much of a sell off in riskier currencies as the the declines took place in the previous rate cut.
As 2nd quarter earnings begin, be careful as we could see price action breakout with little follow through.
Submitted by BBFX Blogger on Mon, 07/02/2012 - 08:05
The SPX 500 sits about 2 points higher than Friday’s bullish close on the S&P 500 as of (8:45am ET). At 10:00am we have the release of ISM Manufacturing PMI. The EUR/USD is sitting just above 1.26, we will see if Europe can stay out of the news as it they have been the main driver of sentiment.
Be careful as we have a short week due to US holiday, ECB rate decision schedule for Thursday, and NFP’s on Friday.
Submitted by BBFX Blogger on Wed, 06/20/2012 - 08:44
Today we have an FOMC meeting where we expect rates to remain unchanged. We should see some volatility throughout today as commentary is released. The “wait and see” approach could lead to an extension of Operation Twist, while leaving QE3 for later down the road if needed. It may be best to wait and see where the market sentiment is headed after the release and commentary.
Submitted by BBFX Blogger on Tue, 06/19/2012 - 08:15
The SPX 500 sits about 5 points higher (as of 8:45am ET) than Monday’s close on the S&P 500. US Building Permits came in greater than expected. Even with the Greek volatility, the month of June has remained slightly bullish for equities. Tomorrow we have the FOMC statement, which we will look for commentary of QE3, Operation Twist, and future policy stance.
Submitted by BBFX Blogger on Fri, 06/15/2012 - 08:31
The SPX 500 sits about 3 points higher than Thursday’s close on the S&P 500 as of 9:15am ET. The markets could be extremely volatile as the Greek elections will be held this Sunday. At the moment risk on sentiment appears to be the direction as the USD declines.
We’ve had some commentary on the wire over the last 24 hours that has caused price action to bounce around. Follow through could be short-lived leading to gaps on the Sunday open. Playing the sidelines and minimizing your risk could be the best play as there is still a lot of uncertainty.
Submitted by BBFX Blogger on Thu, 06/14/2012 - 08:10
The SPX 500 sits about 3 points higher than Wednesday’s close (as of 8:45am ET). US Unemployment claims caused some volatility at the release (386k actual vs. 377k expected). As equities bounce higher, Greek uncertainty still remains. Wednesday’s high 1,327 area and should come in as a major resistance point.
The USD has declined prior to the US open and the 10,150 area could come in as the next major support level. Use proper risk management as we approach Greek elections and FOMC next week.
Submitted by BBFX Blogger on Wed, 06/13/2012 - 08:25
The SPX 500 sits about 4 points lower (as of 9:00am ET) than Tuesday’s close on the S&P 500. The market has continued in a range as the Greek elections approach. The US data released this morning came in lower than expected and the USD has pulled back, support should come in at the 10,142 area.
If today's sentiment is risk off for equities we should see support come in at 1,307. Be careful as any rumors will cause volatility.
Submitted by BBFX Blogger on Thu, 06/07/2012 - 07:32
The SPX 500 sits about 10 points higher (as of 8:10am ET) than Wednesdays close on the S&P 500. The PBOC has cut the interest rate by 25 basis points. Sentiment is positive as we head into the opening of the NY session.
At 10:00am ET we have Bernanke testifying. Any hints of more stimulus will cause the USD to decline against commodity pairs as risk-on trading cause equities to rise.
The EUR/USD has corrected for the month of June and has broken above 1.26 this morning. Many will be looking for Bernanke’s commentary as we approach the next Fed meeting.
Submitted by BBFX Blogger on Tue, 06/05/2012 - 08:07
The SPX 500 sits about 4 points lower than Monday’s close on the S&P 500 as of 8:50am ET. This morning we had some commentary by the Japanese Finance Minister Azumi, which caused the Yen to depreciate on hopes of intervention and productive news out of the G7 meeting.
At 10:00am ET we have the release of US ISM Non-Manufacturing PMI. As we begin the month of June the USD seems to have consolidated, so be careful as commentary can cause volatility.