Guest Posted May 26, 2003 Report Share Posted May 26, 2003 A red start to the day but only down 0.3% so far. With a bit of luck things will hot up bearwise. The big run on Friday left a lot of stocks closed on heavy duty resistance and now we're seeing a rebound off that... Link to comment Share on other sites More sharing options...
alceringa Posted May 26, 2003 Report Share Posted May 26, 2003 In Mid-PM Trading Local times Most major Asia-Pacific markets are up. Nick-Me above 8200.Taiwan Up 2%. Hang-Ten 1+% Yoo-hoo world markets Uncle Buck Spoo-Hoo's- Nasty- Globex Flash Quotes Link Globes Memorial Day Schedule (All Times USA-CDT) GLOBEX halts trading 10:30 a.m. GLOBEX resumes trading 5:30 p.m. For the GLOBEX trade date of Tuesday, May 27th , 2003.Link-with more details euroland Jo-burg Miners Here AM Market Call By CNNMoney From Bloomberg 00:30 AM Stool HQ Time Shares' Rally Alongside Bonds Appears Likely to Falter on Growth Concerns Stock and bond prices rose in lockstep for five weeks, reversing a five-year trend, before going in opposite directions last week. Some anal cysts and investors are skeptical that the twin rallies will resume. European Investors Look for `Bonus' Amid Dollar's Decline Among Shares Japanese Stocks Rise, Led by Ito-Yokado, Banks; Hong Kong, Taiwan Advance Bloomberg Link to comment Share on other sites More sharing options...
Everybear Posted May 26, 2003 Report Share Posted May 26, 2003 Morning, everyone! Quiet day so far, not much to talk about (beyond the US peso of course). Remember that I mentioned European carmakers as prime short candidates? Well, the whining has just started: BMW starts the whining: "Hurt by Dollar Rob Procter, a Morgan Stanley anal cyst, said last week that he may reduce earnings forecasts for the insurance industry by 2 percentage points if the dollar remains at current levels. If it drops more, the estimate reductions may be steeper, he said. Philips, Europe's largest maker of television sets, slumped 9.4 percent last week and is down 14 percent in two months. Chief Executive Officer Gerard Kleisterlee said last Wednesday that the dollar's decline against the euro is hurting sales at its chip and consumer-electronics businesses. Bayerische Motoren Werke AG, the world's second-biggest maker of luxury cars, lost 6.4 percent last week. The euro's rise may begin to crimp earnings next year, when the company is no longer fully hedged against currency fluctuations, Chief Financial Officer Stefan Krause told journalists Sunday at a presentation of the new 5-Series model on the Mediterranean island of Sardinia. Slowing economic growth throughout Europe is also hurting companies such as Philips. Business confidence in Germany, the region's biggest economy, probably dipped to a 17-month low in May as the country edges closer to recession. " Remember the Detroir mafia formed in late 2001 led by Ford, GM and others who went to the White House whining about the too strong dollar? It seems whining is the latest corporate trend instead of doing sound business... Anyway, at 10:00 CET we'll see the the May German business confidence index coming out, expected to be at 86.5, a -0.1 point change compared to April. The Ifo always tends to disappoint, so I expect a reading under 86, which may, in fact have some effect on the German market this time, now that there's no trading in the US. We'll see, I keep you guys posted. Link to comment Share on other sites More sharing options...
Guest Posted May 26, 2003 Report Share Posted May 26, 2003 So much for the action hotting up here. We just dribbled along sideways on lowish volume for the day. Interesting to note Aust one of the few indices in the red, albeit marginally. There was some decent rises in Asia like Taiwan +2.67%, phew.. All Ords not a bad barometer of forthcoming action though so I suspect Everybear's expectation of a lower German business confidence number might be right on the nail. Golds wallowed but there was quite a bit of accumlation going on. Most down around 0.4%. Link to comment Share on other sites More sharing options...
Everybear Posted May 26, 2003 Report Share Posted May 26, 2003 Just a sidenote: I outlined a dollar melt-down setup on Fri. The euro closed at 4-year highs on Fri and is consolidating 20 pips below. I assume there are tons of US dollar longs sitting in market makers' books, who were hoping for a dip to 1.1750 this mor to close their positions. Now, that they didn't get it, I expect a neat spike over 1.19 later today as the London desks wipe their dollar longs. Link to comment Share on other sites More sharing options...
The brown one Posted May 26, 2003 Report Share Posted May 26, 2003 Difficult to imagine that much will happen here today.Even when the US markets are open,nothing much seems to happen! Amsterdam index now stuck in a 7 point range(2%). Complacency on the options exchange is less evident than in US,as the premium in puts(3 months out and 30points OTM) is still considerably higher than in the equivalent call series. P/C ratio here getting higher and approaching the level at which the market would normally rally(maybe a few days of downside left).Stochastics indicator also now closer to a bottom than a top. A guy, Roger Nightingale,talking on Eurocrapvision about the coming depression--yes,even that's allowed here! He reckons that interest rates in the West will be at zero by year's end. If rates were to go this low,I wonder at which point bond holders will sell.They must have calculated a risk/reward scenario because if treasury yields hit zero,what's the point in holding T-bills for 30 years?Every year you hold,one year closer to being paid off at parity with worthless paper! Market now open,holding above Friday's close.German IFO survey out in 45mins.If they expect it to be bad,they'll probably pump up the market ahead of the figures.So when it drops,they can maintain it still in the range. Think I'll go get a life! Link to comment Share on other sites More sharing options...
Everybear Posted May 26, 2003 Report Share Posted May 26, 2003 The May Ifo reading came in at 87.5 vs. April's 86.6 and consensus forecast of 86.5, resulting a nice spike in the DAX. Bloomberg comment Link to comment Share on other sites More sharing options...
Everybear Posted May 26, 2003 Report Share Posted May 26, 2003 Just a sidenote: I outlined a dollar melt-down setup on Fri. The euro closed at 4-year highs on Fri and is consolidating 20 pips below. I assume there are tons of US dollar longs sitting in market makers' books, who were hoping for a dip to 1.1750 this mor to close their positions. Now, that they didn't get it, I expect a neat spike over 1.19 later today as the London desks wipe their dollar longs. Awwww, there goes the spike, LOL Link to comment Share on other sites More sharing options...
Ned38 Posted May 26, 2003 Report Share Posted May 26, 2003 French and Germans giving back the days gains Link to comment Share on other sites More sharing options...
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