Ok, so about an hour or so after I threw up a blog about how the Dow is tanking, now the resurgency in buying has to occur, lol!
The Dow now has jumped back to even, and pushed upwards 120+. Oil has shot up to around $58.00 as well in NYMEX’s electronic trading.
Just when you think the market is going to nosedive, what happens? The buyers come in droves and start rallying the markets!!!
BREAKING NEWS!
And as the news is reported with the US Federal Budget Balance along with anything that might of been said by ECB President Trichet. I just opened a EURUSD trade, and looking on all indicators, I could see that the Euro will resurge past $1.26 before slightly coming down for the usual retrace.
Well, what a sun shiny clusterfuck of a day this is turning out to be!
The weather really sucks outside my office window, and Wall Street’s financial weather is just not bright period!!!
Wealthy London Bank Breaker, and Bush Basher Extraordinaire George Soros is now waving the depression flag, scaring the crap out of Main Street, and making the Doomsdaysayers bask in pure euphoria. Soros spoke on how a bad recession is inevitable, and that a depression is possible. Also look out for those hedge funds, as Soros has said that they are about to fall out as well!
As of right now, lunchtime in the US is looking at a 276 point drop just to barely hover over 8,000. Remember, the day isn’t done yet, as we have three hours left in the NY trading day.
Crude Oil Inventories evened out to zero in consumption/surplus levels. The Nymex is currently trading at $55.62, falling under $56.
Trade Balance is as bad as the experts expected it would be. A figure of -$56.5 Billion is not as bad as the previous decline, but negative reports are never good, especially in this market.
Jobless Claims, have upspiked 32,000 to 516K, which nearly resembles the claims we have last seen in the aftermath of the 9/11 attacks. And this is not the bottom of the barrel folks! More layoffs are happening as companies are cutting profit forecasts and even some companies are folding.
Consumer Electronics are hurting BADLY:
Circuit City, a long standing Consumer Electronics chain, was just recently Pink Sheeted, and went into chapter 11 bankruptcy. Best Buy cuts their profit forecasts for 2009 and is expecting a horrific holiday shopping season. Expect shopping bargains for those who have money left.
Forex News: Let’s talk about some currencies!
EURUSD: As of right now, after meandering a bit around 1.25, the euro is currently going sideways around 1.2458. Jean Claude Trichet, European Central Bank’s president is expected to speak shortly, so this shall fluctuate a bit.
USDJPY: Coming from red number night on the stat sheets, the Sushi is dipping at 95.21 from a recent sideways resistance of 96.15. This is following a huge decline from around 97 yean a couple of days ago.
TRADE ON!!!!
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Filed under: Breaking News by Thomas Howell