30th Sep 2010
Gold Crude S &P 10 Yr
Open 1310.8
High 1314.8
Low 1306.1
Close 1311.2
Equities: Spain’s top credit rating was cut
one level by Moody’s Investors Service, which cited a
“weak” economic outlook and doubts that the nation will
reach deficit-reduction targets. Emerging markets are
attracting more money from share offerings than
industrialized nations this quarter for the first time in at
least a decade as companies in Brazil and China complete
record sales. Uncertainties till seem to be in the market
today’s data would be key to watch for.
“The commercial world is very frequently put into confusion by the
bankruptcy of merchants, that assumed the splendour of wealth only to
obtain the privilege of trading with the stock of other men, ”
Crude Oil - Oil was headed for the biggest
monthly gain since February as shrinking
inventories in the U.S. stoked speculation that
demand may be recovering in the world’s
largest consumer of the fuel. Futures traded near a
seven-week high after a U.S. government report
yesterday showed an unexpected decline in crude
and gasoline supplies. Manufacturing accelerated in
China for a second month in September, a sign that
economic activity in the fastest-growing major
economy may boost oil consumption.
“There are no new eras – excesses are never permanent.”
76.2 1146.75 126'04.5
78.13 1148.63 126'13.05
75.6 1140.26 126'04.5
77.95 1144.73 126'11.5
Gold: Ireland is preparing to take majority control of
Allied Irish Banks Plc and pump extra cash into Anglo
Irish Bank Corp., raising the cost of repairing the
financial system to as much as 50 billion Euros ($68
billion) Gold fluctuated near a record in London as
investors sought a protection of wealth from financial
turmoil in Europe and a weakening dollar. Silver
climbed to a 30-year high. Market seems to be sideways
with a bias towards upside.
“You just have to be opportunistic, and try to figure out
what creates value.”
10 Year notes Portugal’s budget stalemate is
driving the nation’s bond yields to the highest levels
in at least 13 years relative to neighboring Spain,
which has been more successful in tackling its
budget deficit. Investors demand 228 basis points
more in yield to lend to Portugal for 10 years than to
Spain. That’s more than 20 times the level at the
start of this year as Portuguese leaders failed to agree
on a plan to cut the European Union’s fourth-largest
deficit. The gap between Portuguese bonds and those
of Germany, the European benchmark, reached a
euro-era record of 441 basis, market seems to be in a
technically bullish set up, today’s candle is key to
provide direction to the market.