Wednesday, June 30, 2010

S&P500 day trading course Bill Fleckstein on market

S&P500 day trading course watch as Bill Fleckstein debunks some of the market myths around the S&P500 and valuations.

S&P 500 day trading course

EURUSD Forex trading

.  Dealers pared exposure to higher-yielding currencies in reaction to renewed European sovereign credit woes and an outlook for weaker economic growth in the U.S. and China.  More economists and market-watchers are starting to suggest the U.S. economy could be headed into a "double dip" recession while others suggest the U.S. economy may simply be moderating to annualized growth of 1.5% or less.  Dealers are also reducing exposure to some U.S. assets as tropical storm Alex develops in the Gulf of Mexico.  The European Central Bank stoked concerns today when it announced the amount it has expended in purchasing covered bonds exceeds the initial €60 billion cap it implemented twelve months ago.  Also, the ECB failed to drain all of the liquidity in one of its regular operations to neutralize the impact of its EMU-16 government bond purchases.  The ECB sought to absorb €55 billion but only absorbed €31.9 billion.  ECB member Nowotny reported the low level of eurozone inflation has given the ECB "room for maneuver," a possible indication the central bank may expand its bond-buying program.  Traders reported Eurosystem central banks increased their purchases of Greek, Irish, and Portuguese securities today.  There is also pessimism ahead of 1 July as banks have to repay €442 billion, the ECB's first twelve-month loan.  Spanish finance minister Salgado said she hopes the "ECB is conscious of the needs of our financial system."  A draft European Union document notes stress tests on European banks need to incorporate sovereign debt risks.  Data released in the eurozone today saw the EMU-16 June business climate indicator remain steady at 0.37 while June industrial confidence and June consumer confidence were also unchanged.  June economic confidence and services confidence ticked marginally higher.  Also, French June consumer confidence ticked lower to -39.  In U.S. news, data released today saw CaseShiller home prices [...]

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Forex day trading Europe open

Forex day trading With no major news releases of note, there won't be much to trigger further selloffs, however the weakness should continue in the buildup to Europe's opening. The markets continue to be weak through the Asian trading session this morning following a dismal US trading session in which the Dow shed 265 pts during trading last night. The markets have failed to find any inspiration or support from relief buying after a day in which worldwide markets experienced sharp selloffs on signs the global economic recovery was running out of steam, triggered first by China's downward revised leading economic index and then couple with the largely uninspiring US consumer confidence number released last night, which came out at 52.96, much lower than analysts expected (62.5). Asian equity markets extended their weakness into trading this morning; the Nikkei 225 broke an important support level of 9350, posting a seven month low of 9347 whilst the Shanghai Composite crashed through 2400, a level not seen since mid 2009. Turning to the currency markets, the Yen continued to benefit and bask in its 'safe-haven' status and was trading firmly around 88.50 levels. AUDUSD was marginally higher this morning after breaking below 0.8490 levels last night. Data from Australia this morning showed that housing prices increased and bank lending continued to be higher for a sixth straight month. For a nation that was one of the flag bearers in increasing rates and tightening cycles (due to inflationary concerns largely inspired by a robust housing market) the figures represent that the housing market down under is holding up rather well despite dampening demand as a result of potential future rate hikes.

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