daytrades may 23 morning ...

Good Morning Traders,

US Market Report:

U.S. stocks finished lower Friday, amid weak outlooks from retailers and as the dollar rallied on Greek debt jitters.

Gap shares tumbled 17.5% while Aeropostale stock fell 14% after both companies lowered their full-year guidance, citing weaker demand and higher commodity costs. Gap shares were the worst performer on the S&P 500. Other retailers followed suit, with shares of Macy's, Urban Outfitters and Abercrombie & Fitch all sliding more than 2%. Shares of Polo Ralph Lauren and JC Penney fell more than 4%.

"When you see these retailers give numbers like this, you get concerned that the consumer is starting to give up some ground, with high oil prices and all," said Anthony Conroy, head trader at BNY ConvergEX.

Speaking of oil prices, crude rose 1.2% to settle at $100.10 a barrel. Prices have largely stayed around the $100 mark for the past few weeks.

Meanwhile, Greece's debt troubles returned to haunt investors after Fitch Ratings cut the debt-ridden country's credit rating by three notches. The downgrade pushed Greek bonds further into "highly speculative" junk territory. [Source: cnnmoney.com]

Market Reflections - Friday, 20th May, 2011
Disappointing guidance from a run of retailers led by apparel chain Gap helped send the Dow down 3/4 of a percentage point to 12,512. Retailers have been scaling back earnings and sales projections following what for many was a disappointing April quarter, a quarter hurt by heavy weather and high gas prices.

Growing concerns over Greek debt sent the euro down 3/4 of a percentage point to $1.4200 and in turn pushed the dollar index up 2/3 of a percent. A new rating cut is hurting Greek debt as are concerns of its acceptance as collateral. Gold is benefiting from the trouble, rising $20 to $1,515. [Source: bloomberg.com]

Market Focus in the US this evening

The bulls will be watching for a bounce back in the Dow following last week's dip. [Source: bloomberg.com]
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The DJIA Index finished the last trading session: Down 93.28 points; and
The SPI Futures are currently: Down 39 points atm.
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Of note in the US this evening:

James Bullard speaks
[St. Louis Federal Reserve Bank President - Speech on the economy and monetary policy to the Mineral Area College Cozean Foundation in Park Hill, Mo. ]

...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:

China - HSBC Manufacturing PMI (May) [ Merits extra attention]

Germany - Purchasing Manager Index Services (May) [ Merits extra attention]

Germany - Purchasing Manager Index Manufacturing (May) [ Merits extra attention]

European Monetary Union - Purchasing Manager Index Services (May) [ Merits extra attention]

European Monetary Union - Purchasing Manager Index Manufacturing (May) [ Merits extra attention]

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

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Gold is currently trading uP $2.80c atm and is sitting at US$1,516.30/oz [Source: Kitco]
Oil (Nymex Crude) is currently trading Down $0.53 & is sitting at US$99.57/bbl atm [Source: Bloomberg]
The Dollar: The AUD is currently trading @ $1.0626c against the US Dollar [Source: Forex. Live]
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Have a great day trading today all.

Cheers, Tweets

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