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Category Archives: News

S&P 500 down for 5th straight day amid Europe unrest

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Source: money.cnn.com

U.S. stocks declined Wednesday, with the S&P 500 logging its fifth consecutive daily loss, as investors kept an eye on unrest in Greece and Spain.The Dow Jones industrial average slipped 0.3%, while the S&P 500 lost 0.6% and the Nasdaq dropped 0.8%. The Dow and S&P 500 closed at the lowest levels in two weeks, while the tech-heavy Nasdaq finished at a three-week low. Thousands of demonstrators took to the streets in Greece to protest new austerity measures. Meanwhile, anti-austerity protests in Madrid turned violent ahead of the Spanish government’s release of its 2013 budget … (read more)

USDJPY Technical Analysis Update 26th September 2012

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Source: www.forex-fx-4x.com

BOJ (Bank Of Japan) Sato advised the CB is ready to expand monetary stimulus measures again. This has seen the USDJPY currency pair trade above the highlighted trend line resistance level around 77.70.The breakout has seen little in the way of follow through as price consolidates around the previous breakout level.Longer term charts show the USDJPY trading under the major price pivot area. Downside pressure remains while the USDJPY is caught under this support and resistance flip zone.Any continuation of the recent upside would need to break through the 78.00 level which is closely aligned with the … (read more)

Bank reform held back by lobby group ‘myths’, BoE member Robert…

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Source: www.telegraph.co.uk

Robert Jenkins said: The reform debate has suffered needlessly for having been framed by a series of false choices advanced by lobbyists and accepted as given… Governments and their regulators have been operating on the basis of a series of myths. This has produced sub-optimum reform and complicated international coordination.Lobbyists spread the false claims both to protect their bonuses, and because many bankers are not very smart and simply do not understand the basics, he added.The good news, Mr Jenkins said, is that banks are beginning to accept the myths were wrong and are starting to … (read more)

A Trepidatious Trader

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Source: www.minyanville.com

The Federal Reserve has initiated a program of unintended consequences: Unlimited, open ended, unending unsterilized money printing.Prior to this course of action, the underlining strength of the broader market displayed a significant number of daily, weekly, and monthly divergences against the prior highs established in 2011 and 2012. Yet since I highlighted the price action in July, SPX 1325, as a rather bullish explosive set-up based upon the convergence of moving averages witnessed prior to market tops in 2007 and 2011, the market has reverted itself to a neutral yet bearish undertone. Many of the … (read more)

The Guy Who Called Seattles Touchdown? A BofA Banker

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Source: blogs.wsj.com

Bank of America BAC -0.86% can try as hard as it wants to stay quiet and out of the news, but the news finds it.The latest: One of the banks 275,500 employees found himself in the very center of the most controversial touchdown in America. And his hands were raised.According to an impressive get at the American Banker, Lance Easley, referee No. 26 in the endzone of Monday nights much discussed Seattle-Green Bay game, is a vice president of small-business banking in California.The bank confirmed Wednesday Easley is an employee and declined to comment further.Easley is among the replacement … (read more)

French unemployment tops 3 million as economy struggles

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Source: www.bbc.co.uk

The number of unemployed in France has topped the 3 million for the first time since 1999, Labour Minister Michel Sapin has said.Official figures for August are not due out until later on Wednesday, but they are expected to confirm the 16th consecutive monthly rise."It’s bad. It’s clearly bad," Mr Sapin told France 2 television.The news is also bad for President Francois Hollande, who came to power on a promise to revive the economy.However, Mr Sapin blamed the previous government of Nicolas Sarkozy for the increase. "This is the result of a policy. In reality, these 3 … (read more)

Fed’s Evans: "essential" to do as much as we can now for…

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Source: www.reuters.com

Chicago Federal Reserve Bank President Charles Evans on Tuesday reiterated his support for the U.S. central bank’s bold new push to lower borrowing costs and boost the so far "disappointing" recovery, and said the Fed should do even more."This was the time to act," Evans said in remarks prepared for delivery to the Lakeshore Chamber of Commerce Business Expo in the industrial Chicago suburb of Hammond, Ind. "With the problems we face and the potential dangers lying ahead, it is essential to do as much as we can now to bolster the resiliency and vibrancy of the … (read more)

U.S. sells 5-year debt at 0.647%; yields unchanged

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Source: www.marketwatch.com

The Treasury Department sold $35 billion in 5-year notes 5_YEAR -2.16% on Wednesday at a yield of 0.647%. Bidders offered to buy 3.06 times the amount of debt sold, above the average of 2.81 times at the last four sales of 5-year notes, according to CRT Capital Group. Indirect bidders, a group which includes foreign central banks, purchased 42% versus an average of 40%. Direct bidders, a class which includes domestic money managers, bought another 10.7% compared with 8.4% on average. After the auction, the broader bond market remaind mostly flat.

Anti-cuts protests erupt on streets of Athens and Madrid

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Source: www.reuters.com

Demonstrators clashed with police on the streets of Athens and Madrid on Wednesday in an upsurge of popular anger at new austerity measures being imposed on two of the euro zone’s most vulnerable economies.In some of the most violent confrontations, Greek police fired tear gas at hooded rioters hurling petrol bombs as thousands joined the country’s biggest protest in more than a year.The unrest erupted after nearly 70,000 people marched to the Greek parliament chanting "EU, IMF Out!" on the day of a general strike against further cuts demanded by foreign lenders."We can’t take it … (read more)

French unemployment tops 3 million as economy struggles

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Source: www.bbc.co.uk

The number of unemployed in France has topped the 3 million for the first time since 1999, Labour Minister Michel Sapin has said.Official figures for August are not due out until later on Wednesday, but they are expected to confirm the 16th consecutive monthly rise."It’s bad. It’s clearly bad," Mr Sapin told France 2 television.The news is also bad for President Francois Hollande, who came to power on a promise to revive the economy.However, Mr Sapin blamed the previous government of Nicolas Sarkozy for the increase. "This is the result of a policy. In reality, these 3 … (read more)