SamTrader1
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To read the Weekly technical report click here
To read the Weekly fundamental analysis click here
Equities
The week opened on a bearish tone, as global markets reacted to weak economic data and growing concerns over Europe’s sovereign debt crisis. In Asia, the Nikkei slipped .7%, the Kospi declined 1.1%, and the ASX 200 fell 1.6%. A new carbon tax plan announced in Australia weighed on coal on steel manufacturers, as well as airlines. The Hang Seng shed 1.7%, but China’s Shanghai Composite gained .2%.
Europe was hit with heavy selling, as concerns over Italy’ debt load shook the markets. The CAC40 plunged 2.7%, the DAX dropped 2.3% and the FTSE fell 1%. Italy’s stock market fell 4%.
The Nasdaq led the major US indexes lower,dropping 2% in a broad selloff. The S&P 500 dropped 1.8% and the Dow lost 151 points to 12506.
Nasdaq Tumbles 2%
After the close, Alcoa reported earnings that were in line with estimates, although analysts were disappointed with the outlook.
Treasuries and Commodities
Unsurprisingly, bonds rallied as fear gripped the market. The benchmark 10-year jumped 30/32 to yield 2.92%, and the 30-year note surged 1 13/32 to yield 4.2%.
Economic concerns weighed on oil which fell 1.26 to 94.94, and gasoline futures dropped .8% to 3.0669. Natural gas extended its gains, rising 1.9% to 4.283, as a heat wave hit parts of the US.
Gold advanced 11.90 too 1553.50, but other metals dropped. Silver slumped 2.3% to 35.689, and copper lost 1% to 4.3585.
Currencies
The Euro plunged 2.5 cents to 1.4013, as financial ministers met in Brussels to discuss Italy’s debt issues. Troubles with Italy’s huge debt load pose a significantly greater threat to the Eurozone than Greece. The Pound dropped 1% to 1.5901, and the Australian dollar shed 1.1% to 1.0683. The Yen gained .4%, and the Swiss Franc rose a modest .2%.
Economic Outlook
Tuesday’s economic reports will include the NFIB Small Business Index, International Trade, and the release of the FOMC minutes.
President Obama has made it clear he will not accept any short-term solutions to the dUS budget crisis, as Congress continues to battle over the debt ceiling.
Binary Options analysis written by Bradley Welcher.
To read the Weekly fundamental analysis click here
Equities
The week opened on a bearish tone, as global markets reacted to weak economic data and growing concerns over Europe’s sovereign debt crisis. In Asia, the Nikkei slipped .7%, the Kospi declined 1.1%, and the ASX 200 fell 1.6%. A new carbon tax plan announced in Australia weighed on coal on steel manufacturers, as well as airlines. The Hang Seng shed 1.7%, but China’s Shanghai Composite gained .2%.
Europe was hit with heavy selling, as concerns over Italy’ debt load shook the markets. The CAC40 plunged 2.7%, the DAX dropped 2.3% and the FTSE fell 1%. Italy’s stock market fell 4%.
The Nasdaq led the major US indexes lower,dropping 2% in a broad selloff. The S&P 500 dropped 1.8% and the Dow lost 151 points to 12506.
Nasdaq Tumbles 2%
After the close, Alcoa reported earnings that were in line with estimates, although analysts were disappointed with the outlook.
Treasuries and Commodities
Unsurprisingly, bonds rallied as fear gripped the market. The benchmark 10-year jumped 30/32 to yield 2.92%, and the 30-year note surged 1 13/32 to yield 4.2%.
Economic concerns weighed on oil which fell 1.26 to 94.94, and gasoline futures dropped .8% to 3.0669. Natural gas extended its gains, rising 1.9% to 4.283, as a heat wave hit parts of the US.
Gold advanced 11.90 too 1553.50, but other metals dropped. Silver slumped 2.3% to 35.689, and copper lost 1% to 4.3585.
Currencies
The Euro plunged 2.5 cents to 1.4013, as financial ministers met in Brussels to discuss Italy’s debt issues. Troubles with Italy’s huge debt load pose a significantly greater threat to the Eurozone than Greece. The Pound dropped 1% to 1.5901, and the Australian dollar shed 1.1% to 1.0683. The Yen gained .4%, and the Swiss Franc rose a modest .2%.
Economic Outlook
Tuesday’s economic reports will include the NFIB Small Business Index, International Trade, and the release of the FOMC minutes.
President Obama has made it clear he will not accept any short-term solutions to the dUS budget crisis, as Congress continues to battle over the debt ceiling.
Binary Options analysis written by Bradley Welcher.
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