daytrades june 2 morning ...

Good Morning Traders,

US - Market Reflections - 1st June, 2011

Are we ready for QE3? Slowdown indications took a severe turn with today's data which were led off by an ADP estimate for a private-payroll gain of only 38,000 compared to expectations for 210,000. The ISM manufacturing report followed with the sharpest headline decline since 1984.

Gold surged $20 to a new record of $1,550 on the assumption that economic slowing will be met by new Federal Reserve balance sheet measures, called currency dumping in the gold market. Demand for Treasuries also rose with yields falling 12 basis points for the 10-year note to 2.95 percent. Throw in weak vehicle sales for May and another downgrade for Greece, this time from Moody's, and risk-bearing markets really took a hit with the Dow falling a very severe 2.2 percent to 12,290. Oil slipped a couple of dollars but is still posing economic headwinds at $100.

Market Focus in the US this evening

Another rise in jobless claims would seal expectations for disappointment tomorrow.

[Sources used: bloomberg.com / nasdaq.com]
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The DJIA Index finished the trading session: Down 279.65 points; and
The All Ords are currently: Down 72 points atm.
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Of note in the US this evening:

Jobless Claims [ Market moving indicator]

Productivity and Costs [ Merits extra attention]

Factory Orders [ Merits extra attention]

EIA Petroleum Status Report [ Merits extra attention]

...AND...

Of note in Australia today:

Trade Balance (Apr) [ Merits extra attention]
[The trade balance released by the Australian Bureau of Statistics is the difference in the value of its imports and exports of Australian goods. Export data can give an important reflection of Australian growth, while imports provide an indication of domestic demand. Trade Balance gives an early indication of the net export performance. If a steady demand in exchange for Australian exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the AUD.]

Retail Sales s.a. (MoM) (Apr) [ Merits extra attention]
[The Retail Sales released by the Australian Bureau of Statistics is a survey of goods sold by retailers is based on a sampling of retail stores of different types and sizes and it''s considered as an indicator of the pace of the Australian economy. It shows the performance of the retail sector over the short and mid-term. Positive economic growth anticipates bullish trends for the AUD, while a low reading is seen as negative or bearish.]

...AND...

Of note elsewhere today/this evening:

United Kingdom - PMI Construction (May) [ Merits extra attention]

European Monetary Union - ECB Trichet's Speech [ Merits extra attention]

[Sources used: bloomberg.com; dailyfx.com; fxstreet.com; nasdaq.com]

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Gold is currently trading Up $3.40c atm and is sitting at US$1,542.50/oz;
Oil (Nymex Crude) is currently trading Down $0.31c atm and is sitting at US$99.98/bbl atm
The Dollar: The AUD is currently trading @ $1.0623c against the US Dollar

[Sources used: kitco.com; bloomberg.com; nasdaq.com & fxstreet.com]
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Have a great day.

Cheers, Tweets

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