SamTrader1
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To read the Weekly technical report click here
To read the Weekly fundamental analysis click here
Equities
Monday’s rally quickly faded in Asia, as markets dropped on concerns over the health of the global economy. The Nikkei sank 1.2% to 9846, the Kospi tumbled 2.4%, and the ASX declined 1.4% in a broad selloff. In China, the losses were more moderate, as the Shanghai Composite lost .9% and the Hang Seng fell 1.1%.
Germany’s DAX led the region lower, dropping 2.3% on growing debt concerns concerning Italy and Spain, with bond yields spiking to their highest level in decades. The CAC40 lost 1.8%, and the FTSE fell 1%, as banks led the declines.
A sharp selloff hit US markets which dropped for their 8th consecutive day. The Dow tumbled 266 points to 11867, the Nasdaq plunged 2.8%, and the S&P 500 sank 2.6%, despite the successful passage of the last-minute budget deal.
Dow Tumbles 266 Points
Coach shares dropped 6.5% on weak margins, and Pfizer fell 4.6% even as earnings beat expectations.
Treasuries and Commodities
A powerful buying wave sent treasuries soaring, particularly 30-year notes which leaped up 3 6/32 to yield 3.91%/. The benchmark 10-year note rallied 1 6/32 to yield 2.61%.
Energy declined, led by US crude which fell 1.4% to 93.57. Natural gas fell .9% and gasoline futures declined .8%.
Precious metals surged, as investors ran from equities. Gold jumped 2.1% to 1655.40, a new record close, and silver rallied 3.3% to 40.595. Copper fell .6%, as economic weakness weighed on the industrial metal.
Currencies
The Swiss Franc surged an incredible 2.3% to .7656, yet another record high, as currency investors dumped Dollars and Euros. The Australian Dollar, seen as a speculative investment, plunged 1.6% to 1.0801, while the Yen gained .4% to 77.08.
Economic Outlook
Consumer Spending unexpectedly fell .2% in June, dropping for the first time in nearly 2 years, fanning concerns over a double-dip recession. Vehicle Sales were slightly above expectations, but the news did little to reassure investors.
Wednesday’s reports will include the ADP Employment Report, ISM non-manufacturing PMI, Factory Orders, weekly oil inventories, and weekly mortgage applications.
Earnings are due from Comcast and Mastercard.
Binary Options Trading analysis written by Bradley Welcher
To read the Weekly fundamental analysis click here
Equities
Monday’s rally quickly faded in Asia, as markets dropped on concerns over the health of the global economy. The Nikkei sank 1.2% to 9846, the Kospi tumbled 2.4%, and the ASX declined 1.4% in a broad selloff. In China, the losses were more moderate, as the Shanghai Composite lost .9% and the Hang Seng fell 1.1%.
Germany’s DAX led the region lower, dropping 2.3% on growing debt concerns concerning Italy and Spain, with bond yields spiking to their highest level in decades. The CAC40 lost 1.8%, and the FTSE fell 1%, as banks led the declines.
A sharp selloff hit US markets which dropped for their 8th consecutive day. The Dow tumbled 266 points to 11867, the Nasdaq plunged 2.8%, and the S&P 500 sank 2.6%, despite the successful passage of the last-minute budget deal.
Dow Tumbles 266 Points
Coach shares dropped 6.5% on weak margins, and Pfizer fell 4.6% even as earnings beat expectations.
Treasuries and Commodities
A powerful buying wave sent treasuries soaring, particularly 30-year notes which leaped up 3 6/32 to yield 3.91%/. The benchmark 10-year note rallied 1 6/32 to yield 2.61%.
Energy declined, led by US crude which fell 1.4% to 93.57. Natural gas fell .9% and gasoline futures declined .8%.
Precious metals surged, as investors ran from equities. Gold jumped 2.1% to 1655.40, a new record close, and silver rallied 3.3% to 40.595. Copper fell .6%, as economic weakness weighed on the industrial metal.
Currencies
The Swiss Franc surged an incredible 2.3% to .7656, yet another record high, as currency investors dumped Dollars and Euros. The Australian Dollar, seen as a speculative investment, plunged 1.6% to 1.0801, while the Yen gained .4% to 77.08.
Economic Outlook
Consumer Spending unexpectedly fell .2% in June, dropping for the first time in nearly 2 years, fanning concerns over a double-dip recession. Vehicle Sales were slightly above expectations, but the news did little to reassure investors.
Wednesday’s reports will include the ADP Employment Report, ISM non-manufacturing PMI, Factory Orders, weekly oil inventories, and weekly mortgage applications.
Earnings are due from Comcast and Mastercard.
Binary Options Trading analysis written by Bradley Welcher