daytrades nov 23 pre-market, page-5

Thanks HLL,

Turbulent night in the US as the bulls scrambled to buy the dip and close the index above the support line. I caught a segment on Squawk on the street last night talking about the beginning of a "cold economic war" between China and the US as China has commenced making some moves with their reserves(RRR, required reserve ratio) to counteract QE2. There has already been a number of reserve requirement increases to try and control inflation (forecast at more than 6% next year). Their worry is that QE2 will increase the speculative inflows into China and swell the reserves even further which will push up property prices up, something they are desperate to avoid.

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http://www.businessspectator.com.au/bs.nsf/Article/US-STOCKS-Futures-slip-as-enthusiasm-over-Irish-de-BFH5R?OpenDocument&src=hp2

Reuters

NEW YORK - US stocks fell as political turmoil clouded Ireland's bailout deal and investors fretted over the outcome of a broad insider trading probe.

Financial shares ranked among the hardest hit. Federal authorities may file a series of insider trading cases against hedge fund traders, consultants and Wall Street bankers within weeks, sources said.

A report that the FBI had raided two hedge funds in connection with the probe saw stocks extend declines in the early afternoon. Goldman Sachs Group tumbled 4.4 per cent to $US159.38, while the KBW bank index lost two per cent.

Nick Kalivas, senior equity index analyst at MF Global in Chicago, said an isolated case would normally be absorbed quickly by the market, but there were worries this case could be more far reaching.

"Financials have been weak all day, and I think that's playing a pretty pivotal role," Mr Kalivas said.

Adding to the weakness, Ireland's government began to unravel on the heels of a bailout plan to resolve its banking and budget crisis.

US-listed shares of Bank of Ireland tumbled 18 per cent to $US2.19, and Allied Irish Banks Plc lost 8.1 per cent to $US1.13.

The Dow Jones industrial average dropped 128.66 points, or 1.15 per cent, to 11,074.89. The Standard & Poor's 500 Index shed 12.90 points, or 1.08 per cent, to 1,186.83. The Nasdaq Composite Index declined 13.00 points, or 0.52 per cent, to 2,505.12.

The euro extended its slide to $US1.3608, while US oil futures dropped 1.2 per cent to $US81.01 a barrel. Exxon Mobil and Chevron Corp were the heaviest weights on the Dow, with Exxon Mobil down 2.2 per cent at $US68.97 and Chevron down two per cent at $US82.28.

The Nasdaq fared better than the other two indexes with strength in the semiconductor sector after Robert W. Baird upgraded SanDisk Corp shares to "outperform" from "neutral."

SanDisk gained 4.8 per cent to $US41.90, while the PHLX Semiconductor Index added 0.1 per cent.

Software provider Novell Inc jumped after it agreed to be bought by privately held Attachmate Corp for about $US2.2 billion. Novell gained 6.5 per cent to $US5.96.

Netflix Inc spiked 7.8 per cent to $US186.61 after it said it will offer an unlimited streaming-only subscription plan in the United States.

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DJIA daily - Needs to close above the top of that last big red candle at 11,194 to confirm it will test the overhead ascending resistance line imo.



SPX daily



USD daily



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