"There was a time when a fool and his money were soon parted, but now it happens to everybody." Adlai Stevenson

$$ Market Report: Rebound Attempt II? $EUR $GLD

1. September 2010• Stock MarketPhantasmix Comments

Morning Report: 07.45 London

Summary:

  • Stock market futures are indicating a positive start to the day after a weak session yesterday.
  • Chinese Manufacturing numbers came in slightly above expectations, while Australian GDP smashed estimates to come in at 1.2%.
  • The mood has shifted to glass half full again with the yen under pressure and the Aussie dollar in demand. The AUD/JPY is up 1.12% and the AUD/USD up 1%.
  • Traders are also taking some money off the table on the Swiss franc as the currency gives back some of yesterday’s gains. The EUR/CHF is up 0.44% and the USD/CHF up 0.15%.
  • Gold is still in demand, trading above $1,250 briefly this morning. Gold has closed above this level only twice before.

Markets this morning:



$SPX $SPY S&P 500 Chart Update, August 31 – Oversold

1. September 2010• SPX S&P 500, • Stock MarketPhantasmix Tags:  1 comment

I still insist the general market is oversold and is due to go up. Here’s a chart showing what happened every time oscillators I use got to these oversold levels. Every time the market was higher. The duration of the upswing varied, but there was an upswing nonetheless.

Warning, it’s not a huge sample (1 year, 3 months) but good enough for my purpose.

Markets rally on US jobless claims $$

26. August 2010• Stock MarketPhantasmix Comments
Market Report: 15.30 London

This afternoon stock and forex markets have extended their rally on improved US jobless claims.

As some skeptics note, the unemployment levels are still at elevated levels, just slightly less than previously thought:

“The economy is now losing just around 73k jobs per month instead of the expected 100k, truly a miraculous result” ? Zero Hedge

Nevertheless, after days of heavy selling on stock markets, the news is helping to fuel a rebound today. The FTSE 100 is up 0.8% while US markets are higher by around 0.3%.

The US dollar and Japanese yen are firmly on the back foot, though it should be noted that the third member of the safe haven trio, the Swiss franc, is holding up well.

$SPX $SPY Daily and Weekly Charts, August 18 Update

18. August 2010• SPX S&P 500, • Stock MarketPhantasmix Tags:  Comments

These are pretty self-explanatory. I believe S&P 500 has bottomed - clearly oversold on the daily. Weekly chart looks good, too.

As for the patterns, look at the daily – early May to present. Looks like an inverse Head-and-Shoulders. Another point in the bullish camp.

Click to enlarge

Daily

spx-daily

Weekly

spx-weekly

$$ Japanese GDP Hints at Global Weakness

16. August 2010• EconomyPhantasmix Comments
  • Japanese Q/Q GDP came in at +0.1%, well below analyst’s estimates.
  • The news also sees Japan drop to become the third largest economy in the world behind the US and China. — I thought this was interesting.
  • As the global go-to currency in times of fear, the news has ironically increase demand for the Japanese yen.

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