daytrades may 19 morning ...

Good Morning Traders,

US Market Report:

Tech shares and energy stocks helped push the broader market higher on Wednesday, halting a three-day losing streak for the Dow and S&P 500.

Oil prices jumped $3.19, or 3.3%, to $100.10 a barrel, after the Energy Department's weekly oil inventory report showed U.S. crude supplies remained unchanged last week. Analysts had expected an increase of 550,000-barrels. "This was the first non-bearish inventory report we've seen in a month," said James Cordier, president of Liberty Trading Group.

Investor enthusiasm has dampened in recent weeks as both stocks and commodities have pulled back from recent highs and Wall Street braces for the conclusion of the Federal Reserve's $600 billion bond-buying program at the end of June.

"There's been a legitimate downshift in growth expectations, particularly since lot of the recent data has been softer than expected," said Mike Pond, head of fixed income with Barclays Capital. [Source: cnnmoney.com]

Market Reflections - Wednesday, 18th May, 2011
Talk at the Fed of policy reversal somewhere down the road is pushing interest rates and the dollar up. Policy makers during April's FOMC discussed raising rates and discussed selling back the securities it's purchased to help support the banking system. Treasury yields rose including a seven basis point gain for the 30-year bond to 4.29 percent. The dollar index moved off lows to end with a slight gain. Rising interest rates are often negative for the stock market but not today as the Dow bounced back from three straight losses with a nearly 3/4 percent gain to 12,560. Oil firmed over $99 while gold held steady at $1,495. [Source: bloomberg.com]

Market Focus in the US this evening

A fall in initial claims would boost hopes that April's disappointing increase is an anomaly. [Source: bloomberg.com]
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The DJIA Index finished the last trading session: Up 80.60 points; and
The SPI Futures are currently: Down 24 points atm.
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Of note in the US this evening:

Jobless Claims [ Market moving indicator]

Existing Home Sales [ Market moving indicator]

Philadelphia Fed Survey [ Market moving indicator]

William Dudley speaks (twice)
[New York Federal Reserve Bank President - Speech on economic conditions and the outlook at SUNY New Paltz, the first of two days of events throughout the Hudson Valley; and remarks to the Orange County Chamber of Commerce in Middletown, New York.]

Charles Evans speaks
[Chicago Federal Reserve Bank President - Speech to AFP Global Corporate Treasurers Forum in Chicago.]

...AND...

Of note in Australia today:

Please note there is no noteworthy 'Economic news' due to report in Australia today.

...AND...

Of note elsewhere today/this evening:

United Kingdom - Retail Sales (MoM) (YoY) (Apr) [ 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 Down $0.70c atm and is sitting at US$1,496.20/oz [Source: Kitco]
Oil (Nymex Crude) is currently trading Down $0.28 & is sitting at US$99.82/bbl atm [Source: Bloomberg]
The Dollar: The AUD is currently trading @ $1.0637c against the US Dollar [Source: Forex. Live]
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Have a great day trading today all.

Cheers, Tweets

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