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Thursday, January 28, 2010

S&P 500 Emini Day Trading Gap Friday January 29, 2010

                              S&P 500 Emini Futures Day Trading THE GAP
S&P 500 Emini Day Trading Gap Friday January 29, 2010
S&P Emini 500 Futures took a dive today from a morning gap up.  The index fell 23.5 points during the morning session, then retraced 61.8% of the drop right on the number.  The last 10 minutes of the session brought the average back 50% of the retracement to close at 1080.75.  Volume was almost twice the average at 3.1 million contracts.  The range today was above average, 23.5 points vs. 18.37 points average,  The close is below the 50 day moving average, and the index may be headed lower.  Most of the big news items are finished for the week, however, there are a couple of news items tomorrow that could still influence the market.  Watch for a sustained break below 1080 with 1050 as next possible support.  There were some encouraging earnings reports from Amazon and Microsoft after the close, so there could be a bullish bounce on the favorable reports.


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Forex day trading system - London close wrap up

Forex day trading DAILY MARKET COMMENTARY

27 January 2010 Wednesday  London desk closing. Fundamental Outlook at 1500 GMT (EDT + 0500) €  Forex day trading Euro The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4020 level and was capped around the $1.4095 level.  The common currency moved lower following talk that Greece was looking to China to purchase as much as €25 billion in debt, a couple of days after Greece raised €8 billion in a sovereign bond offering to refinance its mountain of fiscal debt.  Credit market spreads reacted negatively to the Greece news – later denied by Beijing and Athens – and this story was negative for the euro because it could render it more difficult for Greece to return to the capital markets during a year when it is estimated the country will need to raise upwards of €50 billion.  Additionally, any negative perception about eurozone credit spreads could make it difficult for Portugal, Ireland, and other countries to raise capital this year if necessary.  European Union's Juncker said there is "no risk" of a sovereign bankruptcy in Greece.  Data released in the eurozone today saw the French December jobless rate off 18,700 at 2.61 million while Germnan consumer prices were off more-than-expected in some German states this month.  ECB member Weber said Greece and other governments must address large budget deficits "head-on" and said the ECB will only "gradually" phase our its special liquidity provision programs this year.  In U.S. news, traders will pay very close attention to the Federal Reserve's interest rate decision today.  The Fed is expected to keep interest rates unchanged but there is intense chatter t [...]

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Forex day trading system - Dollar strength

Dealing desk insight

The yen and the dollar dropped against higher-yielding currencies as stocks rose after the Federal Reserve said in its statement that the U.S. economy is in a recovery. The yen weakened most against the New Zealand and Australian dollars while the Dollar Index broke a 2 day advance after yesterday's Fed assessment and President Barack Obama's proposal on tax incentives to boost the economy. The yen weakened to 90.34 per dollar as of 8:12 a.m. in London from 90 in New York yesterday, when it appreciated to 89.14, the strongest level since Dec. 18. Japan's currency was at 126.94 per euro from 126.25.
The euro was little changed against the dollar after dropping below $1.40 for a second day as a former adviser to China's central bank said the nation should not buy Greek debt. The dollar traded at $1.4046 per euro from $1.4015, after strengthening to $1.3938, its highest since July 14th. The Fed's Open Market Committee (FOMC) yesterday upgraded its economic outlook and reaffirmed it will end a $1.25 trillion program to buy mortgage-backed securities. Policy makers reiterated that rates will stay low for an "extended period" and held the target rate at zero to 0.25 percent. The Fed's Kansas City President Thomas Hoenig said yesterday it is time to change the promise to keep interest rates low.


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