Thursday, November 11, 2010

Veterans Day Review

Today's Volume in the E-Mini ES was 28% less than yesterday.
At this time in the Globex Session price action is testing the Prev Low as the Dollar Index is breaking out above Previous High. SHORT Swing position is working as planned.

Yesterday's Overview:

It was a day of reversals. The market started weak, but gained considerable ground which allowed it to close green. However, after the bell, Cisco came out with a poor earnings report which fell well short of Wall Street's projected sales and profit targets, taking Cisco stock some 12% lower in after-hours trading (and pressuring futures readings as well). Acting as a technology sector bellwether, this poor report by the sixth-largest US technology company (by its market value) weighed on the market today.
Adding to yesterday's positive mood were some encouraging economic data releases. Initial jobless claims for the week ending November 6 were down 24,000 week-over-week, coming in at a total of 435,000 new claims (consensus estimate: 450,000 initial claims). A downward push was also seen for continuing claims: these came in at 4.30 million (prior reading: 4.39 million continuing claims).

September's US trade deficit totaled $44 billion (consensus estimate: a $44.8 billion deficit; August's reading: $46.5 billion). October's Treasury budget showed a deficit of $140.4 billion (consensus estimate; a deficit of $140 billion).

Markets were looking ahead to the G20 meeting on today and Friday to be held in South Korea. The announcement of the US Federal Reserve's second quantitative easing program has resulted in significant international criticism from China, Germany, as well as other countries. As discussed some of the fears yesterday. One major concern is the foreign exchange market, with countries fearing the US is deliberately attempting to push the US dollar lower to aid the export sector. It is anticipated that QE2 will be a major, contentious topic of discussion at the upcoming meeting.


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