Daily Markets Update

27 mai 2010 [DAILY MARKETS UPDATE]
Daily Markets Update
1 Daily Markets Update| Capital Conservator , S. Optyker, C. Guizelli , Mob: +41.79.202.19.58 & +41 79.673.64.61
Fundamental Outlook:
Euro pressured again by Spain BBVA rumor, risk aversion coming back as stocks rebound short-lived
Euro's recovery was rather short lived and resumed weakness yesterday on concern of banks in Spain. Rumors circulate in the markets that
Banco Bilbao Vizcaya Argentaria SA, Spain's second-biggest bank, was unable to renew $1b of short-term funding. German five-year notes
auction was also poor which drew only EUR 6.5b bid of EUR 5.45b, a bid-to-cover ration of merely 1.1, the lowest demand since March 2008.
EUR/USD is back trading below 1.22 level while EUR/CHF dives through near term support of 1.4138.
Elsewhere, dollar and yen are trying to strike back as US stocks failed to hold on to earlier gains and closed in red. Markets were pretty steady
in early US session as stocks were lifted by strong economic data. US new home sales jumped 14.8% in April to 504k annualized rate, a two
year high. Durable goods orders surged 2.9% in April on strong aircraft orders. Nevertheless, ex-transport orders dropped -1.0%.
Nevertheless, investors hesitated to jump in as DOW faced strong resistance near to 10200 level. DOW lost momentum towards the end of the
session and closed below 10000 level at 9975, down -0.7%.
The Organization for Economic Cooperation and Development warned the many countries "need to reconcile support to a still fragile recovery
with the need to move to a more sustainable fiscal path," It said that the "sovereign debt crisis has highlighted the need for the euro area to
strengthen significantly its institutional and operational architecture to dissipate doubts about the long-term viability of the monetary union."
Also, OECD urged Japan to develop a "credible" plan to scale back spending. UK is advised to embrace further fiscal consolidation as it's facing
"weak fiscal position" and the risk of a significant rise in bond yields. But after all, OECD is optimist about global recovery. OEC raised growth
forecast of it's 30 member countries to 2.7% this year, up from 1.9% predicted in November. Global economy is projected to grow 4.6% this
year.
BoJ minutes for April 30 meeting was released today. The minutes showed that policy members share the view that it's necessary to
"strengthen the foundations for economic growth." However, some members are also concerned about the side effects of the easing in March
which could harm smooth financial intermediation if lower interest rates squeeze banks' profits.
EURUSD
The Technical out look for the EUR/USD Thursday, May the 27th, 2010, level 1.2315
Position Strategy: Current position : FLAT :

Enter LONG if we break 1.2415 with a stop 1.2295 target near 1.3670
Enter SHORT on a clear break of 1.2143 with stop 1.2295 target 1.20 first for 1.1928 next
EUR/USD's fall was contained above 1.2143 low and subsequent recovery argues that a temporary low is in place with potential bullish
divergence condition in RSI and Stochastic oscillators and AC above the signal line. Also, consolidations from 1.2143 might still be in progress.
Intraday bias is turned neutral for the moment. Another rise cannot be ruled out but even in such case, above 1.2415 minor resistance will
delay the bearish case and bring more consolidations and should be limited by 38.2% retracement of 1.3691 to 1.2143 at 1.2734 and bring fall
resumption. On the downside, decisive break of 1.2143 will confirm down trend resumption and should target 1.2 psychological level first for
the 100% projection of 1.3691 to 1.2526 from 1.3093 at 1.1928 next
Furthermore in an Elliott wave point of view, the bigger picture, price actions from 1.6039 are treated as correction to long term up trend from
0.8823 and fall form 1.5144 is the third leg of such correction. Further decline should be seen to 1.1639 key support level and possibly further
to 100% projection of 1.6039 to 1.2329 from 1.5144 at 1.1433. On the upside, break of 1.3266 resistance is needed to be the first signal of
bottoming. Otherwise, outlook will remain bearish.
In the long term picture, considering the five wave impulsive structure of the long term up trend from 2000 low of 0.8223 to 2008 high of
1.6039, price actions from 1.6039 are viewed as a correction only. Hence, we'd expect strong support between 61.8% retracement of 0.8223 to
1.6039 at 1.1209 and 1.1639 support to contain downside and bring another long term up trend. However, note that sustained break of 1.1209
key Fibonacci level will dampen this view and open up the case of a take on parity.
USD/CHF:
The technical outlook for USD/CHF Thursday, May the 27th, 2010, level 1.1527
Position Strategy: Current position : FLAT :

Enter SHORT on a clear break of 1.1447 with stop 1.1545 target 1.1244 first for 1.0920 next
The USD/CHF is still bounded in sideway trading in tight range below 1.1697 and intraday bias remains neutral. Nevertheless, note that
another rise remains in favor as long as 1.1447 minor support holds. Sustained trading above 161.8% projection of 1.0131 to 1.0897 from
1.0434 at 1.1673 will target medium term resistance of 1.1963 next, 200% projection at 1.1966. However, break of 1.1447 will indicate that a
short term top is formed with bearish divergence condition in 4 hours RSI and Stochastic oscillators. In such case, deeper pull back would be
seen towards 1.0922/1244 support zone before staging another rise.
Furthermore in an Elliott wave point of view, the bigger picture, as noted before, rise from 0.9916 is treated as resumption of the long term
rise from 2008 low of 0.9634. Such rise is expected to have a test on 1.1963/2296 resistance zone first and then 100% projection of 0.9634 to
1.2296 from 0.9916 at 1.2578. On the downside, break of 1.0897 resistance turned support is needed to be the first sign of reversal. Otherwise,
we'll stay bullish.
In the bigger picture, In the longer term picture, a long term bottom is no doubt in place at 0.9634 with bullish divergence condition in
monthly RSI & Stochastic. Rise from 0.9916 is set to resume the rise from 0.9634. Such development will favor the case that long term down
trend from 1.8305 has reversed and would favor stronger rise to 1.3283 resistance and above.
EUR/CHF:
The technical outlook for EUR/CHF Thursday, May the 27th, 2010, level 1.4189
Position Strategy:Current position : SHORT from 1.4130 with stop 1.4292 target 1.4010
Have been stopped on LONG position from 1.4468 at 1.4138
EUR/CHF dropped further to as low as 1.4109 before recovering mildly. Further decline would still be seen as long as 1.4292 minor resistance
holds. The fall from 1.4587 is admittedly deeper than expected. But after all, we'd anticipate strong support above 1.4 psychological level to
contain downside. On the upside, above 1.4292 will flip intraday bias back to the upside for 1.4587 first towards the 76.4% Fibonacci
retracement from 1.4002 to 1.4846 at 1.4642 next.
Furthermore in an Elliott wave point of view, the bigger picture, a medium term bottom should be in place above 1.4 psychological level and
the cross has now entered into another consolidation phase. However, note that the current rebound is not strong enough to warranted a
reversal of the long term down trend yet. We'd expect strong resistance at 1.4846 to limit upside. The cross should revisit 1.4 level again some
time in medium term.
In the long term picture, fall from 1.6827 should be resuming whole down trend from 1993 high of 1.8234. We'd expect such down trend to
extend towards 100% projection of 1.8234 to 1.4391 from 1.6827 at 1.2984 in the longer run. Break of 1.5138 is needed to confirm reversal.
Otherwise, outlook will remain bearish.
GBP/USD:
The technical outlook for GBP/USD Thursday, May the 27th, 2010, level 1.4506
Position Strategy: Current position: FLAT,
Enter LONG on a clear break 1.4527 with a stop 1.4313 target near 1.5053
Enter SHORT on a clear break of 1.4230 with stop 1.4318 target 1.3848
GBP/USD recovery suggests that consolidation from 1.4230 is still in progress and the bias remain neutral. But after all, another is still
expected as long as 1.4527 resistance holds. However, break of 1.4527 will suggest that a short term bottom is formed and bring stronger
rebound towards 1.5053 resistance before staying another fall. On the downside, Break of 1.4230 will confirm down trend resumption for
100% projection of 1.6456 to 1.4783 from 1.5521 at 1.3848 next.
Furthermore in an Elliott wave point of view, the bigger picture, our bearish view remains unchanged. Fall from 1.7043 is tentatively treated
as resumption of the whole down trend from 2007 high of 2.1161. Such fall should target 61.8% projection of 2.1161 to 1.3503 from 1.7043 at
1.2310 after taking out 1.3503 low. On the upside, break of 1.5521 resistance is needed to be the first signal of bottoming. Otherwise, outlook
will remain bearish.
In the longer term picture, the corrective nature of the multi-decade advance from 1.0463 (1985 low) to 2.1161 as well as the impulsive nature
of the fall from there suggests that GBP/USD is now in an early stage of a long term down trend. Rebound from 1.3503 should have completed
and the whole fall from 2.1161 is likely resuming for 61.8% projection (2.1161 to 1.3503 from 1.7043) at 1.2310 next.
AUD/USD
The technical outlook for AUD/USD Thursday, May the 27th, 2010, level 0.8362
Position Strategy: Current position: FLAT.

Enter LONG on a break of 0.8366 with a stop 0.8183 target 0.8454
Enter SHORT on a break of 0.8066 with stop 0.8187 target 0.7702
Intraday bias in AUD/USD remains neutral as consolidation from 0.8069 is still in progress. Stronger recovery cannot be ruled out but we'd
expect upside to be limited by 38.2% retracement of 0.9077 to 0.8069 at 0.8454 and bring fall resumption. On the downside, decisive break of
0.8069 will confirm fall resumption and should target next key support level at 0.7702.
Furthermore in an Elliott wave point of view, the bigger picture, while the decline from 0.9380 is steep, it's still treated as a correction to
medium term up trend from 0.6008. Hence, we're expecting strong support from 0.7702 (50% retracement of 0.6008 to 0.9404 at 0.7706), at
least initially, to bring rebound. But after all, break of 0.8715 resistance is needed to indicate that fall from 0.9380 is completed. Otherwise,
more downside would remain in favor.
In the longer term picture, long term correction from 0.9849 has likely completed at 0.6008 already, after being supported slightly above
76.4% retracement of 0.4773 (01 low) to 0.9849 (08 high). Rise from 0.6008 is possibly developing into a new uptrend which will extend the
long term rise from 0.4773. We'll continue to favor the long term bullish case as long as 0.7702 cluster support holds and expect an eventual
break of 0.9849 high. However, a break of 0.7702 support will firstly argue that whole rise from 0.6008 has completed. Secondly this will open
up the case that AUD/USD is in phase of a long term consolidation and will gyrate in the large range of 0.6008/0.9849 for some time.
USD/JPY
The technical outlook for USD/JPY Thursday, May the 27th, 2010, level 90.28
Position Strategy: Current position: FLAT:

Enter LONG on a clear break of 90.92 stop at 89.95 target near 93.62
Enter SHORT on a break of 88.97 with stop 90.10 target 88.13 for 84.81 next
USD/JPY's sideway consolidation from 88.97 is still in progress and intraday bias remains neutral. Another recovery cannot be ruled out but
after all, upside is expected to be limited by 90.92 resistance and bring fall resumption. Below 88.97 will target 88.13/25 key support zone
first. On the upside, above 90.92 minor resistance will argue that fall from 93.62 is completed and will flip intraday bias back to the upside for
this resistance
Furthermore in an Elliott wave point of view, the bigger picture, considering that USD/JPY failed to sustained above the lower band of the
ascending channel, green line on the chart, now at 90.86 and dropped sharply, we're now slightly favoring the case that down trend from
124.13 is not over. Break of 88.13 support will indicate that rebound from 84.81 has completed with three waves up to 94.97 already. The
corrective structure will affirm the bearish case and pave the way to a new low below 84.81. On the upside, however, 94.97 will revive the case
that 84.81 is already the long term bottom and will target 101.43/65 medium term resistance zone for confirming this bullish case.
In the long term picture, we will stay neutral first even if the downside momentum is clearly diminishing and bullish convergence condition in
weekly oscillators; the long term down trend in USD/JPY might have reversed. Focus now turns to 101.43/65 medium term resistance zone
and decisive break there will also break the lower high lower low pattern since 124.13. This will suggest that a long term bottom is in place
and another rising leg of the sideway pattern that started at 79.75 in 1995 should then be in progress for upper side of the range at 147.68.
EUR/JPY
The technical outlook for EUR/JPY Thursday, May the 27th, 2010, level 111.18
Position Strategy: Current position: FLAT , have exit SHORT position from 109.40 at 109.50
Enter LONG on a clear break of 114.39 stop at 112.45 target 122.27
EUR/JPY is staying in tight range above 108.83 and some more sideway trading might be seen. But still, another fall is in favor with 114.39
resistance intact. Below 108.83 will extend the current down trend towards 61.8% projection of 169.96 to 112.10 from 139.21 at 103.45 next.
On the upside, break of 114.39 minor resistance will argue that a short term bottom is formed with bullish convergence condition in 4 hours
Stochastic and RSI. In such case, stronger rebound should be seen, possibly towards 122.27 resistance.
Furthermore in an Elliott wave point of view, the bigger picture, fall from 139.21 is treated as resumption of long term down trend from 2007
high of 169.96 and should target 61.8% projection of 169.96 to 112.10 from 139.21 at 103.45 which is close to 100 psychological level. Though,
we'd expect strong support between 2000 low of 88.96 and 100 psychological level to contain downside and bring reversal. On the upside,
break of 127.88 resistance is needed to be the first signal of bottoming. Otherwise, outlook will remain bearish.
In the long term picture, the uptrend from 88.96 (2000 low) has completed at 169.96 and made a long term top there. Based on the five wave
structure of the rise from 88.96 to 169.96, we're favoring that fall from 169.96 is corrective in nature. It should develop into a three wave
correction with first wave completed at 112.10, second wave completed at 139.21. The third falling leg is now in progress but would be
contained above 88.96 key support level. We'll hold on this view unless fall from 169.96 shows sign of acceleration.
GBP/JPY
The technical outlook for GBP/JPY Thursday, May the 27th, 2010, level 130.87
Position Strategy: Current position : FLAT

Enter LONG on a clear break of 132.77 with stop 131.30 target near 140.40
Enter SHORT on a break of 126.73 with stop 129.74 target 120 first for 118.18next
The GBP/JPY is still bounded in sideway consolidation above 126.73 and intraday bias remains neutral for the moment. But after all, we'd
favor another fall as long as 132.77 resistance holds. Break of 126.73 will confirm down trend resumption for 118.18 low next. However, break
of 132.77 will indicate that a short term bottom is formed with bullish convergence condition in 4 hours RSI and AO oscillators. In such case,
stronger rebound should be seen, possibly towards 140.55 resistance.
Furthermore in an Elliott wave point of view, in the bigger picture, no change to our bearish view rebound from 118.81, which is treated as
correction in the larger down trend from 2007 high of 251.09, has completed at 163.05 already. Fall from 163.05 is tentatively treated as
resumption of such long term down trend and should target 61.8% projection of 215.87 to 118.81 from 163.05 at 103.06 next, which is close to
100 psychological level. On the upside, break of 145.94 resistance is needed to invalidate this view. Otherwise, outlook will remain bearish.
In the longer term picture, fall from 251.09 is treated as resumption of multi decade down trend. Note that the fall from 215.87 is not treated
as the fifth wave, but the third wave inside the third wave that started at 241.35. Another long term decline is still expected after completion of
the correction from 118.81.
USD/CAD
The technical outlook for USD/CAD Thursday, May the 27th, 2010, level 1.0581
Position Strategy: Current position : FLAT : have been stopped on LONG position from 1.0782 at 1.0682
Enter LONG on a clear break of 1.0718 with stop 1.0534 target 1.0850
The daily bias in USD/CAD remains neutral as pull back from 1.0851 is still in progress. As noted before, another rise would remain in favor as
long as 1.0534 support holds. Above 1.0718 minor resistance will flip intraday bias back to the upside. Break of 1.0851 will bring rise
resumption to 100% projection of 0.9929 to 1.0734 from 1.0109 at 1.0914 first. Break will target 38.2% retracement of 1.3063 to 0.9929 at
1.1126 next. However, note that break of 1.0534 support will indicate that a short term top is in place and deeper decline would be seen
towards 1.0109 support instead.
Furthermore in an Elliott wave point of view, the bigger picture, with 1.0779 resistance intact, there is no confirmation of medium term
reversal yet, It’s why I will try a short at 1.0700. Whole down trend from 2009 high of 1.3063 might still continue and below 0.9929 low will
target 2008 low of 0.9056. However, note that break of 1.0779 will confirm that fall from 1.3063 has completed and stronger rebound should
be seen towards 38.2% retracement of 1.3063 to 0.9929 at 1.1126 and above.
In the longer term picture, firstly, there is no clear indication that the long term down trend from 2002 high of 1.6196 has reversed. Secondly,
the medium term fall from 1.3063 is so far looking corrective. Hence, we're slightly favoring the case that price actions from 0.9056 are
developing into a long term sideway pattern. Hence even in case of another fall, we'd expect strong support above 2007 low of 0.9056 to
contain down side. On the other hand, another strong medium term rise should be seen after fall from 1.3063 complete and such rise should
target a test on the upper side of the long term range near to 1.3063.
GOLD
The technical outlook for GOLD: Thursday, May the 27th, 2010, level 1213.6
Position Strategy: Current position : LONG from 1206.9 with a stop at 1169 target 1249
Enter SHORT on a clear break of 1169.55 with stop 1193 target 1124.3 first for 1044.5 next
Break of 1206.8 resistance suggests that pull back from 1249.35 has completed at 1166.20, after drawing support from 1169.55 cluster
support (61.8% retracement of 1124.3 to 1249.35 at 1171.6). Intraday bias is flipped back to the upside for retesting 1249.7 first. Break will
confirm up trend resumption for 1300 psychological level next. However, note that firm break of 1169.55 will argue that whole rise from
1044.5 is completed and will turn outlook bearish for 1124.3 support instead.
Furthermore in an Elliott wave point of view, the bigger picture, while the fall from 1249.35 is deep, gold is still holding on to 1169.5 cluster
support as well as long term trend indicator, light green line on the chat, now at 1165.35. However, note that sustained trading below the long
trend indicator will opens up a bearish possibilities. The bearish case is that fall from 1249.7 is the third leg of the three wave consolidation
from 1227.5 , in an irregular flat pattern, and would target a retest on 1044.5 support next, a factor that is favoring this view now is that the
short term trend indicator, light blue line on the chart is crossing below the medium term trend indicator, red line on the chart. On the upside,
a break above 1206.8 minor resistance will reactivated our bullish and a break above 1249.35 will be the confirmation and will target 100%
projection of 931.3 to 1227.5 from 1044.5 at 1340 next
In the long term picture, rise from 681 is treated as resumption of the long term up trend from 1999 low of 253 after interim consolidation
from 1033.9 has completed in form of an expanding triangle. Next long term target is 100% projection of 253 to 1033.9 from 681 at 1462 level.
We'll hold on to the bullish view as long as 1044.5 key support holds.
CrudeOIL July future contract
The technical outlook for OIL Thursday, May the 27th, 2010, level 72.34
Current position : LONG from 71.30 stop at 69.30 target 74.50,Have been stopped on SHORT position from 68.80 at 71.25
Enter SHORT on a clear break of 67.15 with stop 71.25 target 60.5
Yesterday's recovery suggests that consolidation from 67.15 is still in progress and intraday bias is turned Bullish. Further rise cannot be
ruled out; we'd expect strong resistance at 38.2% retracement of 87.12 to 67.15 at 74.71 to limit first the upside. However, upside should be
limited by 61.8% retracement at 79.37 and bring fall resumption. Break of 67.15 should target 60 psychological level next, which is close to
50% retracement of 33.2 to 87.15 at 60.18.
Furthermore in an Elliott wave point of view, the bigger picture, the break of 70.83/71.09 support zone affirms our view that whole medium
term rebound from 33.2 has completed at 87.12 already, just ahead of 50% retracement of 147.27 to 33.2 at 90.24. Further decline should be
seen to 50% retracement of 33.2 to 87.12 at 60.16 at least. Also, we count the rebound from 33.2 as the second leg of the whole correction that
started at 2008 at 147.27. On the upside, break of resistance at 81.26 level is needed to be indicate that fall from 87.12 is completed.
Otherwise, we'll stay bearish.
In the long term picture, current development suggests that rebound from 33.2 is finished at 87.15, inside 76.77/90.24 Fibonacci resistance
zone as expected. Our view is that fall from 87.12 would develop into the third falling leg of the whole correction from 147.27 and hence, we'd
anticipate an eventual break of 60.16 target and may bring 58.98 first for 54.25 next and a final target between 51.23 and 49.73.
DOW JONES INDU. Future June 2010
The technical outlook for DJI: Thursday, May the 27th, 2010, level 10071.6
Current position: FLAT Have taken profit on SHORT at 9865 at 9789

Enter LONG on a break of 10201.65 stop at 10007 target near 10505
Enter SHORT on a clear break of 9756 with stop 9866 target 9557
Yesterday the DOW failed below mentioned 10201.65 resistance level today and reversed. Thus, there is no confirmation of bottoming yet
even with the current rebound. The Dow potential “double bottom pattern” still exit. I mentioned previously, we are now in the third leg of the
correction after rebound from 9865.65 failed to sustain above the Fibonacci retracement at 10865 and pullback from this level. As expected
following our current Elliott wave count, the current sharp selloff argues that correction fall from 11196.65 high is resuming and 10916.15
was the end wave b of II. We are now in wave c of II and as noted before, following this count we may continue the down fall or a bottoming
process is still possible. On the upside, we may move above 10916.15 to trigger the” double bottom” pattern but a break of 10201.65 will be
the first sign and 10505.15 will the second sign of the end of the correction. But for now by a move below 9756 will confirm the continuation of
the third leg of the correction in direction of 9557.
Furthermore in an Elliott wave point of view, the bigger picture, the count suggests that the bear market ended in Mar 09.The anticipated 50%
retracement rally was actually the start of a new 70-80 year super cycle bull market. The three waves up are only Major waves 1-2-3 of
Primary wave I of Cycle wave I of this bull market. The downtrend from 10723.4 to 9789.9 is wave 4 of I conclude with alternation with
the Jun/July downtrend, and hold the 10% correction, and following our count: we have ended wave I at 11196.65 and we are now in wave II
that may be ended or have a potential to go as far as 9557. For remember Wave I is the start of a super bullish super cycle of 50-70 years and will
be followed by a wave II in correction that may be very profound.
TRACK Since April

RECORD 16th, 2010
Current Closed P&L Nb of
Currency Long/Short Open price Price Stop Target Open P&L pips Pips Total P&L pips trades
EUR/USD Flat 0 1,094 1,094 13
CHF/USD Flat 0 521 521 10
EUR/CHF Short 1.413 1.4189 1.4292 1.401 -59 -83 -142 4
GBP/USD Flat 0 318 318 10
AUD/USD Flat 0 471 471 10
USD/JPY Flat 0 255 255 8
EUR/JPY Flat 0 795 795 9
GBP/JPY Flat 0 307 307 9
USD/CAD Flat 0 530 530 11
TOTAL -59 4,208 4,149 84
Current Open P&L Nb of
Markets Long/Short Open price Price Stop points Close P&L pts Total P&L pts trades
Gold Long 1206.9 1213.6 1169 1249 6.70 -86.3 -79.60 4
Oil Long 71.3 72.34 69.3 74.5 1.04 7.35 8.39 9
Dow Jones Flat 0.00 1365.1 1,365.10 6
Monthly
recap
Since April 16 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Total
EUR/USD 247 847 1094
CHF/USD -34 555 521
EUR/CHF -83 -83
GBP/USD -56 642 586
AUD/USD -145 616 471
USD/JPY 161 94 255
EUR/JPY -31 826 795
GBP/JPY -97 404 307
USD/CAD 149 381 530
TOTAL 194 4282 4,476
Gold -11.3 -75 -86.30
Oil 1.71 5.64 7.35
Dow Jones 533.6 831.5 1365.1
ECONOMIC CALANDAR
Thursday, May 27, 2010
GMT Ccy Events Consensus Previous
-- EUR German CPI M/M May P 0.1% -0.1%
-- EUR German CPI Y/Y May P 1.2% 1.0%
-- EUR HICP M/M May P 0.1% -0.1%
-- EUR HICP Y/Y May P 1.2% 1.0%
00:00 AUD Conference Board Leading Index Mar -- -0.3%
00:00 USD Fed's Charles Evans Speaks at BoJ -- --

Conference
01:30 AUD Private Capital Expenditure Q1 2.5% 5.5%
06:40 USD Fed's James Bullard Speaks in Stockholm Sweden --
06:45 EUR French Consumer Confidence Indicator -38 -37

May
07:15 CHF Employment Level Y/Y Q1 -- -0.1%
07:15 CHF Employment Level Q1 -- 3.960M
07:30 EUR Italian Business Confidence May 85.8 85.5
08:00 EUR Italian Hourly Wages M/M Apr -- 0.3%
08:00 EUR Italian Hourly Wages Y/Y Apr -- 2.3%
10:00 GBP U.K. CBI Distributive Trades May -- 13
12:30 USD GDP (Annualized) Q1 S 3.5% 3.2%
12:30 USD Personal Consumption Q1 S 3.7% 3.6%
12:30 USD Core PCE Q/Q Q1 S 0.6% 0.6%
12:30 USD GDP Price Index Q1 S 0.9% 0.9%
12:30 USD Initial Jobless Claims (MAY 22) 435K 471K
12:30 USD Continuing Claims (MAY 15) -- 4625K
22:45 NZD Building Permits M/M Apr -- -0.4%
23:01 GBP GfK Consumer Confidence Survey May -17 -16
23:30 JPY Tokyo CPI Y/Y May -1.2% -1.5%
23:30 JPY Tokyo CPI Ex-Fresh Food Y/Y May -1.5% -1.9%
23:30 JPY Tokyo CPI Ex Food Energy Y/Y May -1.3%
23:30 JPY National CPI Y/Y Apr -1.1% -1.1%
23:30 JPY National CPI Ex-Fresh Food Y/Y Apr -1.4% -1.2%
23:30 JPY National CPI Ex Food Energy Y/Y Apr -1.4%
23:30 JPY Jobless Rate Apr 5.0% 5.0%
23:30 JPY Job-To-Applicant Ratio Apr 0.50 0.49
23:30 JPY Household Spending Y/Y Apr 2.6% 4.4%
23:50 JPY Retail Trade s.a. M/M Apr -1.0% 0.8%
23:50 JPY Retail Trade Y/Y Apr 3.6% 4.7%
23:50 JPY Large Retailers' Sales Apr -5.3% -5.0%
Friday, May 28, 2010
GMT Ccy Events Consensus Previous
03:00 NZD Money Supply M3 Y/Y Apr -- -3.5%
06:00 EUR German Import Price Index M/M Apr 1.5% 1.7%
06:00 EUR German Import Price Index Y/Y Apr 7.4% 5.0%
06:15 CHF Trade Balance (CHF) Apr -- 2.01B
06:15 CHF Exports M/M Apr -- 1.4%
06:15 CHF Imports M/M Apr -- -2.2%
09:30 CHF KOF Swiss Leading Indicator May 2.03 1.99
12:30 CAD Current Account (BoP) (CAD) Q1 -$7.0B -$9.8B
12:30 USD Personal Income Apr 0.5% 0.3%
12:30 USD Personal Spending Apr 0.3% 0.6%
12:30 USD PCE Core M/M Apr 0.1% 0.1%
12:30 USD PCE Core Y/Y Apr 1.2% 1.3%
12:30 USD PCE Deflator Y/Y Apr -- 2.0%
13:45 USD Chicago Purchasing Manager May 62.0 63.8
13:55 USD U. of Michigan Confidence May F 73.5 73.3
14:00 USD NAPM-Milwaukee May -- 66
16:00 EUR French Total Jobseekers Apr -- 2661.3
16:00 EUR French Total Jobseekers Change Apr -- -6.6%
The views expressed in this report accurately reflect the personal views of the analyst(s) covering the subject
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Daily Markets Update

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Daily Markets Update

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27 mai 2010 [DAILY MARKETS UPDATE]

Daily Markets Update

Position Strategy: Current position : FLAT :

Position Strategy: Current position : FLAT :

Position Strategy: Current position: FLAT.

Position Strategy: Current position: FLAT:

Position Strategy: Current position : FLAT

CrudeOIL July future contract

DOW JONES INDU. Future June 2010

Current position: FLAT Have taken profit on SHORT at 9865 at 9789

TRACK Since April

Thursday, May 27, 2010

GMT Ccy Events Consensus Previous

-- EUR German CPI M/M May P 0.1% -0.1%

-- EUR German CPI Y/Y May P 1.2% 1.0%

-- EUR HICP M/M May P 0.1% -0.1%

-- EUR HICP Y/Y May P 1.2% 1.0%

00:00 AUD Conference Board Leading Index Mar -- -0.3%

00:00 USD Fed's Charles Evans Speaks at BoJ -- --

01:30 AUD Private Capital Expenditure Q1 2.5% 5.5%

06:40 USD Fed's James Bullard Speaks in Stockholm Sweden --

06:45 EUR French Consumer Confidence Indicator -38 -37

07:15 CHF Employment Level Y/Y Q1 -- -0.1%

07:15 CHF Employment Level Q1 -- 3.960M

07:30 EUR Italian Business Confidence May 85.8 85.5

08:00 EUR Italian Hourly Wages M/M Apr -- 0.3%

08:00 EUR Italian Hourly Wages Y/Y Apr -- 2.3%

10:00 GBP U.K. CBI Distributive Trades May -- 13

12:30 USD GDP (Annualized) Q1 S 3.5% 3.2%

12:30 USD Personal Consumption Q1 S 3.7% 3.6%

12:30 USD Core PCE Q/Q Q1 S 0.6% 0.6%

12:30 USD GDP Price Index Q1 S 0.9% 0.9%

12:30 USD Initial Jobless Claims (MAY 22) 435K 471K

12:30 USD Continuing Claims (MAY 15) -- 4625K

22:45 NZD Building Permits M/M Apr -- -0.4%

23:01 GBP GfK Consumer Confidence Survey May -17 -16

23:30 JPY Tokyo CPI Y/Y May -1.2% -1.5%

23:30 JPY Tokyo CPI Ex Food Energy Y/Y May -1.3%

23:30 JPY National CPI Y/Y Apr -1.1% -1.1%

23:30 JPY National CPI Ex Food Energy Y/Y Apr -1.4%

23:30 JPY Jobless Rate Apr 5.0% 5.0%

23:30 JPY Job-To-Applicant Ratio Apr 0.50 0.49

23:30 JPY Household Spending Y/Y Apr 2.6% 4.4%

23:50 JPY Retail Trade s.a. M/M Apr -1.0% 0.8%

23:50 JPY Retail Trade Y/Y Apr 3.6% 4.7%

23:50 JPY Large Retailers' Sales Apr -5.3% -5.0%

Friday, May 28, 2010

GMT Ccy Events Consensus Previous

03:00 NZD Money Supply M3 Y/Y Apr -- -3.5%

06:15 CHF Trade Balance (CHF) Apr -- 2.01B

06:15 CHF Exports M/M Apr -- 1.4%

06:15 CHF Imports M/M Apr -- -2.2%

09:30 CHF KOF Swiss Leading Indicator May 2.03 1.99

12:30 CAD Current Account (BoP) (CAD) Q1 -$7.0B -$9.8B

12:30 USD Personal Income Apr 0.5% 0.3%

12:30 USD Personal Spending Apr 0.3% 0.6%

12:30 USD PCE Core M/M Apr 0.1% 0.1%

12:30 USD PCE Core Y/Y Apr 1.2% 1.3%

12:30 USD PCE Deflator Y/Y Apr -- 2.0%

13:45 USD Chicago Purchasing Manager May 62.0 63.8

13:55 USD U. of Michigan Confidence May F 73.5 73.3

14:00 USD NAPM-Milwaukee May -- 66