DOW – down -156.06 points to close at 12,442.49
Oil – down -0.25 to close at $92.56 — $92.15 is next level of HUGE support (low of session ***$92.09 and bounced)
Gold – up $38.30 to close at $1,574.90 – Next level of support at $1,540 (low of session ***$1,538.40 and bounced)
How about those Bias numbers for support in Gold and Oil?
The DOW has been down 11 of last 12 sessions. Will the Facebook offering be enough to bring the DOW in positive (Blue) session by close of markets Friday?
AUTHOR: http://www.phil.frb.org
Firms responding to the May Business Outlook Survey indicated that manufacturing growth fell back from the pace of recent months. The survey’s broad indicators for general activity fell into negative territory for the first time in eight months. Indicators for new orders and employment also suggested slight declines from April. Input price pressures were less in evidence this month, and for the first time in nine months, more firms reported price declines for their products than reported increases. The survey’s indicators of future activity remained positive but weakened considerably from April.
AUTHOR: THE ECONOMIC COLLAPSE BLOG
Money is being pulled out of Greek banks at an alarming rate, and if something dramatic is not done quickly Greek banks are going to start dropping like flies. As I detailed yesterday, people do not want to be stuck with euros in Greek banks when Greece leaves the euro and converts back to the drachma. The fear is that all existing euros in Greek banks would be converted over to drachmas which would then rapidly lose value after the transition. So right now euros are being pulled out of Greek banks at a staggering pace. According to MSNBC, Greeks withdrew $894 million from Greek banks on Monday alone and a similar amount was withdrawn on Tuesday. But this is just an acceleration of a trend that has been going on for a couple of years. It has been reported that approximately a third of all Greek bank deposits were withdrawn between January 2010 and March 2012. So where has all of the cash for these withdrawals been coming from? Well, the European Central Bank has been providing liquidity for Greek banks, but on Tuesday it was reported that the ECB is going to stop providing liquidity to some Greek banks. It was not announced which Greek banks are being cut off. For now, the Greek Central Bank will continue to provide euros to those banks, but the Greek Central Bank will not be able to funnel euros into insolvent banks indefinitely.
Thursday is Bank Holiday for Swiss Franc Bank, Euro French Bank and German Bank.
Watch for slow days with currencies covered in above banks.
4 of 22 currency pairs covered by 21st Century Forex Trader moved 100+ overall pips during last 24-hour session. Range of top seven pairs we cover was from 110 pips (GBP/USD) to 41 pips (USD/JPY). We have some movement and seeking more volatility as in trending to continue.
“Sweat equity”
is the term usually given to the time and effort a cash-strapped entrepreneur puts into a business in order to earn his/her ownership share — as opposed to contributing money for it. It’s not a term that you usually associate with an employee. Employees are paid a salary for the work they put in — they generally don’t have any “equity” (ownership) rights in the company.
Read more →
AUTHOR: http://www.federalreserve.gov/
A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, April 24, 2012, at 1:00 p.m., and continued on Wednesday, April 25, 2012, at 8:30 a.m.
Entrepreneur suggests…
Consider this: Since 2008, nine movies featuring the 47-year-old actor have grossed more than $1.5 billion in the U.S. alone, and his name on the marquee is perhaps the surest guarantee of a box-office smash. That’s an astonishing run, especially because it wasn’t that long ago — 2001, to be precise — that Downey seemed destined to become fodder for those “Whatever Happened To…?” articles in the supermarket tabloids. His drug addiction and erratic behavior earned him a prison stay and led producer David E. Kelley to fire him from what seemed like his last chance for resurrecting his career, a supporting role in the hit TV series Ally McBeal. Downey sank so low that despite his enormous talent, he was virtually unemployable. Read more →
Greece-inspired worries continue to dominate the headlines again this morning, trying hard to divert the market’s attention from a strong Housing Starts reading and better-than-expected results from Deere (DE - Analyst Report) and Target (TGT - Analyst Report). Greek society has endured a lot over the last two years, but the upcoming election, which will effectively be a referendum on the country’s position in the union, has the potential of pushing them truly into uncharted territory. Read more →
Chart of the Day
| Pair: | EURUSD for Tuesday May 15, 2012 |
| Current Price: | 1.2729 |
| Breakout channel: | 1.3329 to 1.2502 – Monthly |
| Current wide channel: | 1.3072 to 1.2502 – Weekly |
| Compressed channel: | 1.2799 to 1.2649 – Daily |
| Trading Range: | Bias 1.2812 – Bias 1.2695 – L5 Sessions 1.2719 To 1.3007 = 288 Pips |
| S/R Numbers: | 2970 / 2895 / 2863 / 2812 / 2794 / 2772 / 2695 / 2649 / 2615 / 2484 / |
| Dominant Trend: | STC 1.2794 – MTC 1.2863 – LTC 1.3001 |
| Potential Trade Recommendations: |
Buy Break of 1.2754 and Clear 1.2779 Then 1.2804 Sell Break of 1.2699 and Clear 1.2674 Then 1.2649 |
