daytrades may 3 morning ...

Good morning Traders (thanks for the handover highlandlad),

Dow Snapshot

"The Dow Jones industrial average broke its 8-week winning streak last week, ending its longest run of gains in six years and setting stocks up for what could be a bigger pullback. Sheer momentum and bets that a bigger economic recovery is taking hold drove markets higher for two months. But the pace began to slow in mid-April and the tone turned negative. With a variety of headwinds on the horizon and the Dow and S&P 500 at 18-month highs, the short-term direction looks to be down. "The sentiment had gotten so bullish and the market so stretched that it's no surprise we had this selloff," said Richard Campagna, chairman at 300 North Capital. "I don't think it's over. I think we could see another few weeks down." He said the recent wave of better-than-expected economic news and first-quarter profit reports distracted from bigger problems going on both in the U.S. and abroad. But that changed last week." [Source: cnnmoney.com]

The DJIA Index finished the session: Down 158.71 pts; and
The SPI Futures are currently: Down 62 pts atm.

Of Note in Australia Today:

Housing Price Index (QoQ (YoY) (1Q) (Moderate volatility expected)
[The House Price Index released by the Australian Bureau of Statistics shows changes in housing prices of major cities in Australia. The housing prices are considered as a key indicator for inflationary pressures. A high reading is seen as positive or ( Bullish ) for the AUD, while a low reading is seen as negative ( or Bearish ).];

AiG Performance of Mfg Index (Apr)
[AiG performance of the Mfg Index released by the Australian Industry Group presents business conditions in the Australian manifucturing sector. The group surveys 200 manufacturers on their assessment of the business situation including employment, production, orders, prices, and inventories, and their short-term planning. A result above 50 is seen as positive (or bullish) for the AUD, whereas a result below 50 is seen as negative (or bearish).];

RBA Commodity Index SDR (YoY)
[The RBA Commodity Price SDR released by the Reserve Bank of Australia is considered as an early indicator of export price changes. The price changes influence GDP and exchange rates. An increase in prices may indicate strength of the AUD, while a decrease in prices may indicate weakness of the AUD. A high reading is seen as bullish for the AUD, whereas a low reading is seen as bearish.];

TD Securities Inflation (MoM) (YoY) (Apr)
[TD Securities Inflation released by The University of Melbourne - Faculty of Economics and Commerce estimates inflation in the Australian economy. The higher inflation, the stronger the effect it will have on a probability of a rate hike by the RBA. Generally speaking, a high reading should be taken as positive, or bullish, for the AUD, while a low reading is seen as negative or bearish.];

Of Note in the US tonight:

Personal Income and Outlays (Market moving indicator);

ISM Mfg Index (Market moving indicator);

Motor Vehicle Sales (Moderate volatility expected);

Construction Spending (Moderate volatility expected);

Employment Cost Index (Merits extra attention);

Consumer Sentiment (Merits extra attention);

Chicago Purchasing Managers' Index (Apr) (Moderate volatility expected);

Gold Futures: Gold is Down $1.00 atm and is currently sitting at $1,178.30/oz (Kitco);
Oil Futures: Oil is Up $0.63 at $86.78/barrel (NYMEX/Bloomberg); and
The Dollar: The AUD/USD is currently trading at 0.9252 cents (Forex. Live).

Have a great day trading today all!

Cheers, Tweets (:

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