daytrades may 12 morning ...

Good Morning Traders,

US Market Report:

Stocks fell sharply Wednesday, as energy and materials stocks were particularly hard hit by a sell-off in oil and gasoline futures.

"Commodities are getting crushed here, and it's taking the whole market with it," said David Rovelli, managing director of U.S. equity trading at Canaccord Adams.

Shares of Chevron and Exxon Mobil were among the biggest laggards on the Dow as oil plunged nearly 6% to $100 a barrel. Gasoline futures also got hammered, tumbling 8% to $3.11 a gallon. The selling intensified after the Energy Department's weekly inventory report showed a surprise build in gasoline supplies.

Precious metals were also selling off, with silver sinking $3.26, or 8.5%, to $32.22 an ounce. And gold fell $13.40, or 0.9%, to $1,503.50 an ounce.

Copper was also getting caught up in the selling mayhem, with prices sinking 3.5%. That spilled over to miner stocks, including Freeport McMoRan and Teck Resources.

Traders also pointed to weakness in the euro as part of the reason commodities were under pressure. The dollar gained strength amid growing concerns about Greece's debt problems.

"We're now looking at a strong likelihood that Greece will need to default in some form," said Brian Dolan, Forex.com's chief currency strategist. [Source: cnnmoney.com]

Market Reflections - Wednesday, 11th May, 2011

[Source: bloomberg.com]

Market Focus in the US this evening

Strength in exports, tied to global infrastructure construction, is a signature feature of the recovery. [Source: bloomberg.com]
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The DJIA Index finished the last trading session: Down 130.33 points; and
The SPI Futures are currently: Down 56 points atm.
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Of note in the US this evening:

Ben Bernanke speaks [ Market moving indicator]
[Federal Reserve Chairman - Testifies on Dodd-Frank implementation before the Senate Banking Committee in Washington along with FDIC Chair Sheila Bair, SEC Chair Mary Schapiro, CFTC Chair Gary Gensler, and Deputy Treasury Secretary Neal Wolin.]

Producer Price Index [ Market moving indicator]

Retail Sales [ Market moving indicator]

Jobless Claims [ Market moving indicator]

Business Inventories [ Merits extra attention]

Charles Plosser speaks
[Philadelphia Federal Reserve Bank President - Speech on the economic outlook to the New Jersey Bankers Association in Aventura, Florida.]

...AND...

Of note in Australia today:

Unemployment Rate (Apr) [ Merits extra attention]
[The Unemployment Rate release by the Australian Bureau of Statistics is the number of unemployed workers divided by the total civilian labor force. If the rate hikes, indicates a lack of expansion within the Australian labor market. As a result, a rise leads to weaken the Australian economy. A decrease of the figure is seen as positive (or bullish) for the AUD, while an increase is seen as negative (or bearish).]

Employment Change (Apr) [ Merits extra attention]
[The Employment Change released by the Australian Bureau of Statistics is a measure of the change in the number of employed people in Australia. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Therefore, a high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).]

...AND...

Of note elsewhere today/this evening:

United Kingdom - NIESR GDP Estimate (3M) (Apr) [ Merits extra attention]

United Kingdom - Industrial Production (MoM) (Mar) [ Merits extra attention]

Canada - New Housing Price Index (MoM) (Mar) [ Merits extra attention]

European Monetary Union - ECB Monthly Report [ Merits extra attention]

Japan - Eco Watchers Survey: Outlook (Apr) and Eco Watchers Survey: Current (Apr) [ Merits extra attention]

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

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Gold is currently trading Up $1.70 & is sitting at US$1,502.60/oz atm [Source: Kitco]
Oil (Nymex Crude) is currently trading Up $0.79 & is sitting at US$99.00/bbl atm [Source: Bloomberg]
The Dollar: The AUD is currently trading @ $1.0695c against the US Dollar [Source: Forex. Live]
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Have a great day trading today all.

Cheers, Tweets

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