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Merkel doesn’t seem eager to renegotiate austerity measures
Market News
5.08.2012
 
Top Day Market News

Yesterday, the day was spent largely short covering after sellers sold into the hole on news of the European election results. This returned levels back to almost unchanged.

Overnight, we’ve slumped back again as market observers attempt to recalculate the French/German dynamic. Merkel doesn’t seem eager to renegotiate austerity measures. Gold just fell through daily support at 1626 and traded as low as 1611 as stops were hit. As far as a news item to trigger the selling, I can’t find it.

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
-
 
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
-
 
Date
ET
Release
For
Actual
Briefing.com Briefing.com
Prior
Revised
 
 
 
 
 
Forecast
Consensus
 
From
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
1328.50
1347.00
1348.75
 
1376.50
1395.0
1428.50
 
 
 
 
 
0
 
ES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June
U
2540.50
2597.50
2599.25
 
2661.00
2710.0
2795.00
 
 
 
 
 
 
 
Nasda
 
 
 
 
 
 
 
 
q
 
 
 
 
 
 
 
 
June
D
123.46
124.35
124.90
 
125.50
125.87
126.50
 
 
 
 
 
 
 
Yen
 
 
 
 
 
 
 
 
June
D
129.47
130.18
129.84
 
130.95
132.23
133.57
 
 
 
 
 
 
 
EC
 
 
 
 
 
 
 
 
June
U
131.17
132.03
132.15
 
132.29
132.03
133.07
 
 
 
 
 
 
 
10
 
 
 
 
 
 
 
 
Year
 
 
 
 
 
 
 
 
June
U
141.09
142.16
143.12
 
144.12
144.11
144.31
 
 
 
 
 
 
 
30
 
 
 
 
 
 
 
 
Year
 
 
 
 
 
 
 
 
July
D
14.28
14.53
14.57
 
14.76
15.07
15.37
 
 
 
 
 
 
 
Soybea
 
 
 
 
 
 
 
 
ns
 
 
 
 
 
 
 
 
July
U
5.88
6.04
6.14
 
6.27
6.35
6.50
 
 
 
 
 
 
 
Corn
 
 
 
 
 
 
 
 
June
D
1601.9
1622.5
1626.6
 
1644.6
1668.0
1692.9
 
 
 
 
 
 
 
Gold
 
 
 
 
 
 
0
 
 
 
 
 
 
 
 
 
July
D
28.85
29.58
29.34
 
30.44
31.25
32.18
 
 
 
 
 
 
 
Silver
 
 
 
 
 
 
 
 
July
D
360
366
362
 
381
382
392
 
 
 
 
 
 
 
Coppe
 
 
 
 
 
 
 
r
 
 
 
 
 
 
 
July
D
92.36
95.70
96.54
99.34
104.50
110.10
 
 
 
 
 
 
Crude
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
News