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Monday, 16 March 2009 12:14:26 GMT
Written by John Rivera, Analyst
Full Article
What To Watch For In The US Session
• Bernanke Predicts Recovery By Year’s End
• Bullish Sentiment Built from Asian and European Rallies
• Industrial Production on Tap
Will Bernanke’s Forecast of 2010 Recovery Spark Bullish Sentiment
Fed Chairman Ben Bernanke in an interview on 60 minutes forecasted that the U.S. economy could recovery by the end of the year, if we have the “political will”. Expiations are that the Fed and the U.S. treasury will ask law makers for more funds to help beleaguered banks as they view the stabilization of the banking sector as the key to an economic recovery. However, after recent reports that AIG gave out a nearly two thirds of the aide it received to trading partners like Goldman Sachs and that it paid $165 million in bonuses, they may be hard pressed to get the additional funding. Several lawmakers have already been critical of further aide and if markets view this as a negative then we could see another sell off of equities. Today’s economic calendar won’t help the Bulls case as industrial production is expected to have declined by 1.3% in February following a 1.8% drop the month prior. Additionally, the NAHB Housing Market Index is forecasted to remain flat in March as efforts to jump start lending have yet to impact the downtrodden sector.
Dow Jones 7223.98
The DJIA futures were pointing toward a higher open as bullish sentiment from Asia and Europe is carrying over. The ability for finance leaders at the G-20 to come to some consensus on focusing on removing toxic assets from banks balance sheets and instituting global regulation to prevent another similar crisis is helping restore confidence. Additionally, Barclays reported that it had a strong start to 2009 adding to the Citibank and Bank of America positive outlooks. However, oil is down over 4% in overnight trading after OPEC said it would cut production further which could weigh on the energy names.
NASDAQ 1431.50
The Nasdaq managed to finish in positive territory ion Friday as it saw profit taking in tech names. We could see resumed buying n the sector today on the broader bullish sentiment which could lift the index higher.
S&P 500 756.55
The S&P 500 continues to be driven higher by financials as confidence is returning to the sector, we could se that continued today on the positive Barclay’s outlook. However, if markets grow concerned that lawmakers will turn off the spigot for troubled banks then we could see a reverse in sentiment.
Current Snap Shot
CFDTrading provides news on the economic reports and political events that influence the CFD traders.
Written by John Rivera, Analyst
Full Article
What To Watch For In The US Session
• Bernanke Predicts Recovery By Year’s End
• Bullish Sentiment Built from Asian and European Rallies
• Industrial Production on Tap
Will Bernanke’s Forecast of 2010 Recovery Spark Bullish Sentiment
Fed Chairman Ben Bernanke in an interview on 60 minutes forecasted that the U.S. economy could recovery by the end of the year, if we have the “political will”. Expiations are that the Fed and the U.S. treasury will ask law makers for more funds to help beleaguered banks as they view the stabilization of the banking sector as the key to an economic recovery. However, after recent reports that AIG gave out a nearly two thirds of the aide it received to trading partners like Goldman Sachs and that it paid $165 million in bonuses, they may be hard pressed to get the additional funding. Several lawmakers have already been critical of further aide and if markets view this as a negative then we could see another sell off of equities. Today’s economic calendar won’t help the Bulls case as industrial production is expected to have declined by 1.3% in February following a 1.8% drop the month prior. Additionally, the NAHB Housing Market Index is forecasted to remain flat in March as efforts to jump start lending have yet to impact the downtrodden sector.
Dow Jones 7223.98
The DJIA futures were pointing toward a higher open as bullish sentiment from Asia and Europe is carrying over. The ability for finance leaders at the G-20 to come to some consensus on focusing on removing toxic assets from banks balance sheets and instituting global regulation to prevent another similar crisis is helping restore confidence. Additionally, Barclays reported that it had a strong start to 2009 adding to the Citibank and Bank of America positive outlooks. However, oil is down over 4% in overnight trading after OPEC said it would cut production further which could weigh on the energy names.
NASDAQ 1431.50
The Nasdaq managed to finish in positive territory ion Friday as it saw profit taking in tech names. We could see resumed buying n the sector today on the broader bullish sentiment which could lift the index higher.
S&P 500 756.55
The S&P 500 continues to be driven higher by financials as confidence is returning to the sector, we could se that continued today on the positive Barclay’s outlook. However, if markets grow concerned that lawmakers will turn off the spigot for troubled banks then we could see a reverse in sentiment.
Current Snap Shot
CFDTrading provides news on the economic reports and political events that influence the CFD traders.
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