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Day Trading Course, Positive Eurozone auctions boost Euro
Day Trading Course, Positive Eurozone auctions boost Euro while FED extends near 0 interest rates to push Gold.
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This week better than expected US equity earnings were offset by poor economic data. Weak GDP in both the US and the UK, showed that final demand from the consumer is still relatively weak. Supported by the ECB’s supply of low cost funds to European banks, positive auction data in peripheral Europe helped European bourses remain on the offensive. And the FOMC surprised investors by keeping rates low and extending the date that they will remain close to zero.
FOMC and Earnings Drive Riskier Asset Sentiment. The dollar is broadly weaker for most of the week with European markets holding on to a better risk backdrop following another encouraging Italian auction, along with hopes for a Greek debt deal. However, Portugal and Spain still remain a concern with Portuguese yields on the rise and Spanish retail sales and unemployment disappointing expectations.
Discussions between Greece and its private sector creditors over a 100 billion Euros debt write-down edged towards an agreement, with bond holders seemingly willing to accept lower yields on their future holdings of Greek debt. The two sides were discussing a deal that would see Greece pay an average coupon below 4% on newly issued Greek debt. A deals would allow the EU to move closer to fiscal unity.
On Friday, the US released 4th quarter GDP which increased by 2.8% annualized. Output was driven by consumption, net external trade and inventories, with consumption boosted by the increase in real incomes as abating prices pressures should marginally boost real incomes. Expectations were for an increase of 3%, which was slightly disappointing.
On the earnings front, the US witness better than expected numbers from a number of large cap companies. Caterpillar, 3M and Apple all showed much better than expected earnings. Aplle beat expectations handily, selling more than 37 million iPhones. Apple also surged with its sales of its iPad, selling 15.43 million units, which was 4 million more than it sold in the previous quarter. Apple sold 5.2 million Mac computers, beating its mark of 4.9 million.
The FOMC took center stage mid-week by keeping rates unchanged and extending the time frame of when rates could change to the end of 2014. This initially helped riskier assets rally, which seemed to be relatively short lived.
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| The Euro Tests Resistance
The EUR/USD was able to break through the 20-day moving average as investors moved into riskier assets. The currency pair tested horizontal trend line resistance near 1.32, twice before profit taking pushed the currency back. Support on the currency major is seen near the 20-day moving average near 1.30, and then again at the 50-day moving average near 1.2850.
Gold closes 4th week of gains Increasing liquidity from the FOMC pushed gold prices above resistance near 1680, on its way to 1730. Momentum in the yellow metal continues to move higher, with the 20-day moving average crossing above the 50-day moving average. Target resistance for gold prices are 1750. Support is seen near 1650.
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Day Trading Course, Week in review
Day Trading Course, S&P 500 Drops sharply on concerns in Europe….. (Again)
S&P along with other equities markets fell yesterday on concerns of contagion of debt crisis to Italy. The S&P fell some 47 points to close yesterday at the 1225 level of support. Today could see a retracement of that move, or even the continuation. Upside targets include1242.50, 1254.00, 1259.00, and 1273.50. While the continuation to the downside could see prices move to touch 1222.00, 1200.00, 1194.50, and1180.00 over the next little while. 
