daytrades feb 4 morning ...

Happy Mufti Day Traders,

US Market Report:

"U.S. stocks ended higher Thursday as investors digested comments about the economy from Federal Reserve chairman Ben Bernanke, who said a weak job market continues to weigh on the recovery.

Stocks have been wavering over the past couple of sessions as investors remain nervous about Friday's big employment report from the government. This week's labor reports painted a mixed picture.

During a luncheon at the National Press Club in Washington,Bernanke defended his controversial bond-buying policy. But he also cautioned that, while the economy is on the mend, unemployment remains an issue.

"Bernanke said that it's going to take a long while to get people back to work, but nothing in his comments was a surprise," said Brian Battle, vice president at Performance Trust Capital Partners. "The market's next move will come after the employment number tomorrow."

The government report due before the bell Friday is forecast to show that employers added 148,000 jobs in January, up from 103,000 in December. Economists are expecting the jobless rate to tick up to 9.5% after falling to 9.4% in the previous reading." [Source: cnnmoney.com]

Market Reflections - Thursday, 3rd February, 2011

"Retailers raised guidance in a giant wave Thursday following what proved to be surprisingly strong January retail sales. ISM non-manufacturing data, like Tuesday's ISM report on the manufacturing side, show deep and convincing strength in January including a big jump in employment. Weekly jobless claims fell back sharply but still aren't pointing to month-to-month strength in the labor market.

Uncertainty over Friday's monthly jobs held back market reaction to all the good news as is the unfolding drama in Egypt and whether a wave of change is taking hold of the Arab world. The Dow firmed but only slightly, up two tenths of a percentage point to 12,062. Oil held very steady all session near the $90.50 area. Gold showed some life, up more than one percent to the $1,350 area, as did the dollar, up nearly one percent on the dollar index to 77.74. But safe-haven demand isn't apparent in the Treasury market where rates, in reaction to all the strong economic data, jumped for a second day, up four basis points on the 2-year note to 0.70 percent." [Source: bloomberg.com]

Market Focus in the US this evening

"New orders appear to be pouring in but are businesses finally hiring? If yes, market gains will likely be capped by a reassessment of Federal Reserve accommodation." [Source: bloomberg.com]

The DJIA Index last finished the last trading session Up 20.29 points; and
The SPI Futures are currently: Up 13 points atm.

Of note in the US this evening:

Employment Situation [ Market moving indicator]

...AND...

Of note in Australia today:

RBA Monetary Policy Statement (Dec) [ Merits extra attention]
[The RBA Monetary Policy Statement released by the Reserve bank of Australia reviews economic and financial conditions, determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. It is considered as a clear guide to the future RBA interest rate policy. Any changes in this report affect the AUD volatility. If the RBA statement shows a hawkish outlook, that is seen as positive (or bullish) for the AUD, while a dovish outlook is seen as negatvie (or bearish).]

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

Gold is currently trading Up $20.60 & is sitting at US$1,355.60/oz atm [Source: Kitco]
Oil is currently trading Down $0.32 & is sitting at US$90.54/bbl atm [Source: Bloomberg]
The Dollar: The AUD is currently trading @ $1.0147c against the US Dollar[Source: Forex. Live]

Have a great day trading today all.

Cheers, Tweets

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