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Stability has returned and currency markets are fairly restrained

Market News

Top Day Market News

5.07

Hollande wins in France and Greek voters migrate to anti- bail out parties leaving the country without a ruling majority. Even Merkel loses some traction with party loses in two voting districts. The first reaction last night was probably an over-reaction. Compared to prices last night, stability has returned and currency markets are fairly restrained heading into the NY opening. There are no economic releases of consequence scheduled over the next two days so the markets will have enough time to reconnoiter the new political landscape. The vote in France and Greece are against austerity as a way out of the sovereign debt crisis and express a desire to emphasize increased growth as the best way to restore prosperity.

Week of May 07 - May 11

Date
ET
Release
For
Actual
Briefing.com Briefing.com
Prior
Revised
         
Forecast
Consensus
 
From
May
15:00
Consumer Credit
Mar
 
$10.0B
$11.0B
$8.7B
 
07
   
               
May
07:00
MBA Mortgage Index
05/05
 
NA
NA
0.9%
 
09
   
               
May
10:00
Wholesale
Mar
 
0.6%
0.6%
0.9%
 
09
Inventories
   
             
May
10:30
Crude Inventories
05/05
 
NA
NA
2.840M
 
09
   
               
May
08:30
Initial Claims
05/05
 
365K
365K
365K
 
10
   
               
May
08:30
Continuing Claims
04/28
 
3300K
3288K
3276K
 
10
   
               
May
08:30
Trade Balance
Mar
 
-$49.5B
-$49.9B
-
 
Date
ET
Release
For
Actual
Briefing.com Briefing.com
Prior
Revised
         
Forecast
Consensus
 
From
10
           
$46.0B
 
May
08:30
Export Prices ex-ag.
Apr
 
NA
NA
0.5%
 
10
   
               
May
08:30
Import Prices ex-oil
Apr
 
NA
NA
0.5%
 
10
   
               
May
14:00
Treasury Budget
Apr
 
NA
NA
-
 
10
 
$40.4B
 
             
May
08:30
PPI
Apr
 
0.1%
0.0%
0.0%
 
11
   
               
May
08:30
Core PPI
Apr
 
0.2%
0.2%
0.3%
 
11
   
               
May
09:55
Mich Sentiment
May
 
75.0
76.2
76.4
 
11
   
               

MARKET PLACE

Numbers are good up until the close of business today. These are strictly technical in nature, not fundamentally based or biased.

Legend

U is Up

D is Down

PRD is Potential Reversal Day

S2 is Weekly strong support

S1 is Weekly good support

DS is Daily Support

DR is Daily Resistance

R1 is Weekly Good Resistance

R2 is Weekly Strong Resistance

Levels are for the most active futures contract

Daily Support and Resistance

 
Trend
WS2
WS1
DS
DR
WR1
WR2
             
               
June
D
1328.
1347.00
1343.50
1380.
1395.0
1428.50
           
ES
 
50
   
50
0
 
             
June
PRD(D)
2540.
2597.50
2575.25
2675.
2710.0
2795.00
           
Nasda
 
50
   
00
   
             
q
             
June
D
123.4
124.35
124.65
125.9
125.87
126.50
           
Yen
 
6
   
6
   
             
June
D
129.4
130.18
130.17
131.1
132.23
133.57
           
EC
 
7
   
7
   
             
June
U
131.1
132.03
132.05
133.0
132.03
133.07
           
10
 
7
   
5
   
             
Year
             
June
U
141.0
142.16
132.05
133.0
144.11
144.31
           
30
 
9
   
5
   
             
Year
             
July
D
14.28
14.53
14.49
14.87
15.07
15.37
           
Soybea
             
ns
             
July
U
5.88
6.04
6.07
6.29
6.35
6.50
           
Corn
             
June
D
1601.
1622.5
1632
1653
1668.0
1692.9
           
Gold
 
9
     
0
 
             
July
D
28.85
29.58
29.98
30.68
31.25
32.18
           
Silver
             
July
D
360
366
367
374
382
392
           
Coppe
             
r
             
July
D
92.36
95.70
96.42
101.6
104.50
110.10
     
3
   
Crude
           
             
               
News