Good Morning Traders,US Market Report:Stocks posted modest gains...

Good Morning Traders,

US Market Report:

Stocks posted modest gains on Tuesday, following Monday's sharp selloff, as investors' attention turned to corporate earnings and the latest housing reports.

"The market continues to focus more broadly on earnings, which so far this season have been mixed," said Peter Cardillo, chief market economist with Avalon Partners.

"The start of this earnings season has been one of the poorest in recent memory, but the market seems to be handling it pretty well," said Fred Dickson, chief market strategist with D.S. Davidson & Co.

Investors also focused on commodities, with oil climbing more than $108 a barrel, and gold striking $1,500 an ounce for the first time ever.
[Source: cnnmoney.com]

Market Reflections - Tuesday, 19th April, 2011

The early part of an earnings season is often the strongest as the best performers step up first. But results from the early part of this season have been no better than mixed. Alcoa opened things off with disappointing sales and several, including Texas Instruments and Harley-Davidson, have trimmed estimates due to supply interruptions in Japan. On the strong side were today's results from Johnson & Johnson which helped the Dow gain 1/2 percent to 12,266. Gold toyed with $1,500 to end above $1,495. [Source: bloomberg.com]

Market Focus in the US this evening

A March dip in existing home sales would be a big disappointment given the size of February's 9.6% drop. [Source: bloomberg.com]
____________________________________________

The DJIA Index finished the last trading session: Up 65.16 points; and
The SPI Futures are currently: Up 31 points atm.
____________________________________________

Of note in the US this evening:

Existing Home Sales [ Market moving indicator]

EIA Petroleum Status Report [ Merits extra attention]

...AND...

Of note in Australia today:

Westpac Leading Index (MoM) (Feb)
[The Westpac Leading Index released by the Melbourne Institute tracks nine gauges of economic activity, including share prices and telephone installations, to provide an indication of how the economy will perform. It tends to have an impact on the AUD volatility. Generally speaking, the more positive the reading, the better for the currency, while a low reading is seen as negative (or bearish).]

RBA Foreign Exchange Transaction (Mar)
[The Foreign Exchange Transactionreleased by the Reserve Bank of Australia shows the movements of the exchange of the AUD for others, likewise others for the AUD. It indicates the climate of foreign investors into the AUD itself. This event causes volatility in the AUD. Generally, an increasing number of investments is seen as positive prospect of the Australian economy (or bullish sentiment for the AUD).]

Export Price Index (QoQ) (Q1)
[Export Price Index informs of the changes in the price of exports. It's released by the Australian Bureau of Statistics. Agricultural products and minerals cover over the 60% of manufacturing exports. Thus, the changes in commodity prices affect the Australian economy. Low volatility for the AUD is expected. A rise in prices is a threat over the mid-term as higher prices mean lower demands to be expected.]

Import Price Index (QoQ) (Q1)
[Import Price Index informs the changes in the price of imported products. It''s released by the Australian Bureau of Statistics. The higher the cost of imported goods, the stronger the effect they will have on inflation, redunding in a higher probability of a rate rise. Therefore, a high reading should be taken as positive, or bullish, for the AUD.]

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

...AND...

Of note elsewhere today:

United Kingdom - Bank of England Minutes [ Market moving indicator]
____________________________________________

Gold is currently trading Up $0.80 & is sitting at US$1,495.50/oz atm [Source: Kitco]
Oil is currently trading Down $0.09 & is sitting at US$108.19/bbl atm [Source: Bloomberg]
The Dollar: The AUD is currently trading @ $1.0540c against the US Dollar [Source: Forex. Live]
____________________________________________

Have a great day trading today all.

Cheers, Tweets

Please click here to go to the 'Pre-Market thread'