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Stock,CFD, Fx and Forex Options – Data and Trade Recs 11-05-09
Posted on May 11th, 2009 No commentsCalendar
Economic Data Releases Country Time (GMT) Name Expectation Prior Comment NO 08:00 CPI YoY (APR) 2.8% 2.5% NO 08:00 PPI YoY (APR) - -0.3% CA 12:30 New Housing Price Index MoM (MAR) -0.5% -0.7% Earnings Releases Country Time (GMT) (G(GMT)(GMT) Name EPS exp. EPS prior Comment GE - Rheinmetall AG -0.110
1.287
What’s going on?
- The US Unemployment Rate rose to 8.9% on Friday – as expected. NFP losses were slightly lower than expected as indicated by the ADP on Wednesday.
- Still, a lot of talk about ‘green shots’, but tech stocks are showing a marked weakness vs. S&P500 in the past two trading days. Watch out for stocks if Nasdaq breaks the 1377 level. One positive though: The Itraxx Europe CDS Index is much lower on Friday and our own CDS Index agrees.
- The rally in copper stopped for now, but commodities in general are through the roof, especially Crude Oil. Is copper still leading?
- EURUSD broke forcefully higher on Friday, now trading at +1.36.
FX
FX Daily stance Comment EURUSD 0/+ Buy on dips towards 1.3570 and target 1.3640. EURJPY 0/+ Buy on dips towards 133.30 and target 1.34. USDJPY - Sell at the break of 98.18 and target 97.60. GBPUSD 0 Neutral. Risk-reward not convincing. EURNOK 0/- Sell at rallies towards 8.70 and target 8.60
Equities
Equities Daily stance Comment DAX 0/- Sell at the break of 4885 targeting 4792. S/L above 4935. FTSE 0/- Sell at the break of 4450 targeting 4380. S/L above 4486. S&P500 0/- Sell at the break of 919 targeting 901. S/L above 929. Nasdaq100 0/- Nikkei225 0/-
Futures
Commodities Daily Stance Comment Gold(XAUUSD) + Buy around 918-20 and target 932. Stop below 912. Silver(XAGUSD) 0/+ Buy on dips with a stop below 13.88. Target 14.30. Oil (CLM9) 0 Overstretched? Risk-reward not convincing.
FX Options
FX-Options Comment EURUSD Goldman was seen buying 1wk EURputs/selling EUR calls in 200per leg so may suggest a lower spot. Curve is lower from Friday. USDJPY Vols are lower across the curve as spot has not been able to break out of range. Risk reversals are returning bid for JPY calls so it is likely we see weaker spot bias. AUDUSD Aussie was not spared the vol selloff either. Short date riskies are around flat and with a light economic calendar for next few weeks should see gamma continue to be offered. Related Posts:
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- Stock,CFD, Fx and Forex Options – Data and Trades
Forex Trading AUDUSD, Cfd, CFD Trading, Cfds, DAX, Earnings Releases, Economic Data Releases, Eurjpy, Forex, Forex Trading, Ftse, Futures Commodities, Fx, fx options, GBPUSD, Gold(XAUUSD), Housing Price Index, Index Cfds, Nasdaq, Nasdaq100, Nikkei225, Risk Reward, Silver(XAGUSD), Stock, Stock Trading, Stocks, Usdjpy
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