Australia raises rates, encouraging some market sectors to believe that the jobless recovery is set to continue

Top Day Rec

10.06.09

Nothing in terms of eco releases. Last night, Australia became the first member of G-20 to raise rates since the recession. This encouraged other market sectors to believe that the jobless recovery is set to continue. Freight rates continue to fall however, suggesting at least the possibility of a different conclusion. British manufacturing contracts and that hurts the Pound.   

  

Oct 05	10:00	ISM Services	Sep		49.0	50.0	48.4
Oct 07	10:30	Crude Inventories	10/02		NA	NA	2.80M
Oct 07	14:00	Consumer Credit	Aug		-15.0B	-9.5B	-21.6B
Oct 07	14:00	Treasury Budget	Sep		NA	NA	NA
Oct 08	08:30	Initial Claims	10/03		550K	NA	551K
Oct 08	08:30	Continuing Claims	09/26		6050K	NA	6090K
Oct 08	10:00	Wholesale Inventories	Aug		-1.2%	-1.0%	-1.4%
Oct 09	08:30	Trade Balance	Aug		-31.0B	-32.9B	-32.0B

   

 

Current views, speculations and suggestions

(good till close of business today). These are technical in nature only.

 

 

Dec Yen: neg with res at 112.35    

Dec Swiss: potential reversal day     

Dec EC: pos with support at 146.02

Dec Canadian: pos with support at 92.75

Dec BP:  neg with res at 160.75     

Dec ES: neg with res at 1050.00

Dec NQ: neg with res at 1694    

Dec Mini Dow: neg with res at 9662  

Dec Gold: pos with support at 1006.00

Dec Silver: neg with res at 17.07    

Dec Copper: neg with res at 279

Nov Crude: res at 71.55 and 72.70       

Nov Soybeans: neg with res at 9.06

Dec Wheat: neg with res at 4.57

Dec Ten Year:  potential reversal day   

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International Markets

Dec Bund: pos with support at 122.40  

Dec Dax:  neg with res at 5606

Dec NKD neg with res at 9828  

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N.B.: if you initiate a trade using ANY of these numbers use a STOP at least equivalent to 2 ½%. Repeat: use Stops.  Don’t think about using Stops. Use Stops. Some find it appropriate to look at the margin requirement and use that as a stop or if it’s a steep initial requirement, use half.

 

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Charles Kespert

 

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