daytrades oct 6 afternoon, page-2

Thanks highlandlad!

1pm - 'Economic news' courtesy reminder time Traders!

'Market Focus' in the US this evening

"It would take a very dramatic reading in the ADP report to move the markets which are looking for no change in September payrolls." [Source: nasdaq.com., Mark Pender]

'Market Reflections' from the last trading session (05.10.2010)

"The Bank of Japan strikes first! By cutting rates to zero and announcing new liquidity moves, Japan is moving quickly to shield the yen against new appreciation from the Fed's pending round of quantitative easing. The U.S. and Japan are both, evidently, looking to devaluate themselves into prosperity, pounding on China at the same time to stop holding the yuan underwater.

The pending tide of central bank liquidity will be lifting a U.S. economy that is already showing stability. New orders popped higher in the ISM non-manufacturing report, promising new momentum for the bulk of the economy and definitively putting an end to double-dip chatter. Easy money together with solid economic data made for a big 1.9 percent jump in the Dow to nearly 10,950.

The dollar continues to tank, down 0.9 percent on the dollar index to 77.75. The dollar index is down more than four percent following the September 21st FOMC statement. And despite the Bank of Japan's move, the dollar ended slightly lower against the yen at Y83.21.

Competitive devaluation is a boon for non-currency assets especially gold. Gold jumped to a new record, ending just over $1,340. Commodities were up across the board including oil, ending near $83. Despite all the day's action, rates were little changed with the 5-year Treasury yield ending at 1.20 percent." [Source: nasdaq.com., Mark Pender]
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Of note in the US this evening:-

ADP Employment Report [ Merits extra attention]
[The ADP national employment report is computed from a subset of ADP records that in the last six months of 2008, represented approximately 400,000 U.S. business clients and approximately 24 million U.S. employees working in all private industrial sectors. The data are collected for pay periods that can be interpolated to include the week of the 12th of each month, and processed with statistical methodologies similar to those used by the U.S. Bureau of Labor Statistics to compute employment from its monthly survey of establishments. ADP also use ADP contracted with Macroeconomic Advisors to compute a monthly report that would ultimately help to predict monthly nonfarm payrolls from the Bureau of Labor Statistic's employment situation.]

EIA Petroleum Status Report [ Merits extra attention]
[The Energy Information Administration (EIA) provides weekly information on petroleum inventories in the U.S., whether produced here or abroad. The level of inventories helps determine prices for petroleum products.]

MBA Purchase Applications
[The Mortgage Bankers' Association compiles various mortgage loan indexes. The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.]

Challenger Job-Cut Report
[This monthly report counts and categorizes announcements of corporate layoffs based on mass layoff data from state departments of labor. The job-cut report must be analyzed with caution. It doesn't distinguish between layoffs scheduled for the short-term or the long term, or whether job cuts are handled through attrition or actual layoffs. Also, the job-cut report does not include jobs eliminated in small batches over a longer time period. Unlike most economic data, this series is not adjusted for seasonal variation.]

ADP Employment Change (Sep)
[The Employment Change released by the Automatic Data Processing, Inc is a measure of the change in the number of employed people in the US Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Generally speaking, a high reading is seen as positive, or bullish for the USD, while a low reading is seen as negative, or bearish.]

Treasury STRIPS
[A report on the amount of net stripping of Treasury securities that has taken place during the month. The report details gross stripping and reconstitution of Treasury notes and bonds by individual issue.]

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... AND ...
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Of note in Australia tomorrow:-

Unemployment Rate (Sep) [ High volatility expected]
[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 (Sep) [ High volatility expected]
[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).]

[Sources used: nasdaq.com & fxstreet.com]
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ASX Market Watch (widget snapshot)



Gold Spot Price atm (Kitco)

... and the DOW futures are currently Up 18 pts atm (Live)!