SamTrader1
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By, BinaryOptionStrategy
Markets
Stocks were down for a sixth week, and the Dow and S&P 500 are now down about 7 percent since late April. The Dow lost 1.6 percent for the week to 11,951, below 12,000 for the first time since March 18. The S&P was off 2.2 percent to 1270 Friday. The Nasdaq and the Russell 2000 both turned negative for the year this past week. The Nasdaq is now down 0.3 percent for the year, and the Russell 2000 is off 0.5 percent. In the last week, the Nasdaq was down 3.3 percent at 2643. The Dow is now up 3.2 percent for the year, and the S&P is up just 1 percent.
DJIA
FOREX
It was an interesting ending to the week for the USD. Friday’s 0.8 percent rally for the US Dollar Index was the best run in nearly three weeks while the overall performance for the week was the strongest in a month. This kind of momentum would lead anyone to believe that the currency has positioned itself for a tremendous bull run through the rest of June. It is easy to jump on this bandwagon considering how far the USD has been pushed over the past couple of months and the buildup of fundamental considerations for its recovery. However, we should truly consider the reason behind this move before throwing in our support. Has risk appetite truly collapsed on itself, are US rates finally past the point of recovery or is the situation in the Euro area so bad that capital is fleeing to its most liquid counterpart? If one of these three catalysts has not triggered; bulls may be severely disappointed next week as the Dollar pulls back.
EURUSD
COMMODITIES
NYMEX crude fell $0.93 to $99.29 for the week. Brent crude for July delivery gained $2.94 per barrel this week, or 2.54 percent to $118.78. Copper fell on Friday to its lowest level since late May after another month of disappointing import statistics from China weighed on sentiment, and left the market to pin its hopes on a June revival. Also, gold dropped a bit on the strong US Dollar.
Oil
EQUITIES
Exxon Mobil fell 1.72 percent to $79.78. Chevron was down 1.54 percent at $99.67; Schlumberger declined 2.54 percent to $83.66 and Halliburton was 2 percent lower at $48. Bank of America Corp turned higher to end up 1.4%, while J.P. Morgan Chase & Co. rose 0.2% and Citigroup Inc. edged up 0.4%.
Markets
Stocks were down for a sixth week, and the Dow and S&P 500 are now down about 7 percent since late April. The Dow lost 1.6 percent for the week to 11,951, below 12,000 for the first time since March 18. The S&P was off 2.2 percent to 1270 Friday. The Nasdaq and the Russell 2000 both turned negative for the year this past week. The Nasdaq is now down 0.3 percent for the year, and the Russell 2000 is off 0.5 percent. In the last week, the Nasdaq was down 3.3 percent at 2643. The Dow is now up 3.2 percent for the year, and the S&P is up just 1 percent.
DJIA
FOREX
It was an interesting ending to the week for the USD. Friday’s 0.8 percent rally for the US Dollar Index was the best run in nearly three weeks while the overall performance for the week was the strongest in a month. This kind of momentum would lead anyone to believe that the currency has positioned itself for a tremendous bull run through the rest of June. It is easy to jump on this bandwagon considering how far the USD has been pushed over the past couple of months and the buildup of fundamental considerations for its recovery. However, we should truly consider the reason behind this move before throwing in our support. Has risk appetite truly collapsed on itself, are US rates finally past the point of recovery or is the situation in the Euro area so bad that capital is fleeing to its most liquid counterpart? If one of these three catalysts has not triggered; bulls may be severely disappointed next week as the Dollar pulls back.
EURUSD
COMMODITIES
NYMEX crude fell $0.93 to $99.29 for the week. Brent crude for July delivery gained $2.94 per barrel this week, or 2.54 percent to $118.78. Copper fell on Friday to its lowest level since late May after another month of disappointing import statistics from China weighed on sentiment, and left the market to pin its hopes on a June revival. Also, gold dropped a bit on the strong US Dollar.
Oil
EQUITIES
Exxon Mobil fell 1.72 percent to $79.78. Chevron was down 1.54 percent at $99.67; Schlumberger declined 2.54 percent to $83.66 and Halliburton was 2 percent lower at $48. Bank of America Corp turned higher to end up 1.4%, while J.P. Morgan Chase & Co. rose 0.2% and Citigroup Inc. edged up 0.4%.