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BOE keeps rates unchanged

Market News

Top Day Market News

5.10.12

Cisco was a miss after the close yesterday and traded some 8% lower. An over-reaction. Made for a good teaching point: don’t sell into holes.

Overnight, BOE keeps rates unchanged and backs away from further quantitative easing citing inflationary pressures.

Initial claims out at 8:30 as is the Balance of Trade.

I like the chart below. It’s a spread between the NASDAQ and the es. Really bad news in the air but we are working on the fourth consecutive day of price rejections.

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 -  
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 1339 1371 1395.0 1428.50
           
ES           0  
             
June PRD(D) 2540.50 2597.50 2591 2659 2710.0 2795.00
           
Nasda              
q              
June PRD(U) 123.46 124.35 129.13 129.95 125.87 126.50
           
Yen              
June D 129.47 130.18 129.04 130.00 132.23 133.57
           
EC              
June U 131.17 132.03 132.18 133.05 132.03 133.07
           
10              
Year              
June U 141.09 142.16 143.18 145.03 144.11 144.31
           
30              
Year              
July D 14.28 14.53 14.15 14.56 15.07 15.37
           
Soybea              
ns              
July U 5.88 6.04 5.94 6.18 6.35 6.50
           
Corn              
June D 1601.9 1622.5 1579.4 1607 1668.0 1692.9
           
Gold           0  
             
July D 28.85 29.58 28.73 30.03 31.25 32.18
           
Silver              
July D 360 366 361 373 382 392
           
Coppe              
r              
July D 92.36 95.70 95.87 99.00 104.50 110.10
           
Crude              
               
News