Euro 1.3560 Initial support at 1.3497 (Feb 23 low) followed by 1.3444 (Feb 19 low). Initial resistance is now located at 1.3692 (Feb 23 high) followed by 1.3788 (Feb 17 high)

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FXstreet.com (Buenos Aires) – EUR/USD Current price: 1.3545. Strong came back from 1.3450 low, reached early in the American session, had left the pair in a probable double bottom clear on daily charts that will anyway need a break above the 1.3700 level, to be confirmed.

Euro 1.4340 Initial support at 1.4046 (AUG 17 low) followed by 1.4008 (Jul 29 low). Initial resistance is now located at 1.4447 (Aug 5 high) followed by 1.4621 (61.8% retrace 1.6038 -1.2330)

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Dollar-Swiss has once again risen towards 1.09 during the day and has come off a little since then. It is likely to continue trading in a range as during the US session, trading is likely to be muted as the US holidays. The range that we can look forward to…

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Cable has risen during the day and is inching towards the upper end of the range at 1.6600. A break past this would try to target 1.6676 and face strong Resistance near this region. This being the Projected Max High for the day. One may continuosly look for Selling opportunities…

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The Pound has risen further since the morning, after an intra-day dip to 1.6375, continuing the rally from yesterday’s low near 1.6235. Overall, it is ranged between 1.62-66 (maybe 1.6180-6680) for the last several days and is likely to remain ranged for the rest of the day. In the bigger…

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Cable seems to have shyed away from 1.6250 before executing the Buy Order at 1.6220. We continue to place the Limit Order in anticipation that this level will be seen during the US session and that the pair will bounce from there towards the upper end of the range that…

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Dollar-Swiss rose sharply after recording a low of 1.0632 and is now targeting a rise towards 1.1000. A retracement back to 1.08 would confirm the continuity of the medium term consolidation between 1.06-1.10. Till this range holds, one may play the range by buying dips and selling rallies. Our medium…

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Cable had fallen duringthe day towards 1.6210 as an important Support near this region held. This Support having held, the pair is now likely to retrace towards 1.6388. Beyond this if the Resistance at 1.6388 holds, we see it falling further towards 1.5970 and possibly towards 1.5500 over the next…

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Dollar-Swiss has risen towards 1.0894 and is facing Resistance from the 200-MA (1.0892) on the 4-hourly. The view continues to be the same that till the pair is ranged between 1.0763-1.0895, we can sell rallied and buy dips. A break past this would target 1.1000 on the upside. A break…

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• What low bond recovery rates mean: 45-55% cumulative defaults (Vanguard, hat tip Richard) [HY12 at 81? haha]
• Despite promising signs, many wary that recession’s knockout punch could still come. (CoStar Group, hat tip Doug)
  

  Great article highlighting just how useless the Administration’s interventionist policies are. Among the highlights:

  • Federal Initiatives prolonging a false sense of hope
  • Problem loans will continue to keep property values, deals down
  • No consumer, no recovery
  • Property fundamental weak and getting weaker

• The dumb money is beginning to lose conviction (Technical Take)
• Steve Jakubowski: Objecting to the GM 363 Sale’s treatment of product liability claims: stepping into the fray (Bankruptcy Litigation Blog)
• Dianne Feinstein: Obama may lack votes for health-care (Bloomberg)
• Goldman Sachs to pay all-time record bonuses (Guardian)…
• While soup kitchen queues [better known as lines west of the Atlantic] grow as US teeters on brink of new downturn (Guardian, hat tip Jacksoo)
• Treasury’s got Bill Gross on speed dial (NYT)
• Trichet says governments must start cutting deficits in 2010 – good luck (Bloomberg and BBC)
• Yves Lamoureux on the greenshoot-fed sacred fed bull died fat and happy (Planet Yelnik)
• The obtuseness of macroeconomics (Animal Spirits, hat tip Benign)
• Corporate lenders’ cry: Let us be (WSJ)
• Liverpool owner selling Montreal Canadiens to ease cash pressure (BBC)
• He’s Barack Obama (JibJab, hat tip David)

• Chartology

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• Steve Jobs had a liver transplant 2 months ago (WSJ)
• Iran’s political turmoil creates dilemma for Obama at home and overseas (Bloomberg)
• Cutting the Gordian Knot of GE Theory (AxiomaticEconomics)
• The Plaza stirs with 30 For Sale listings for a total of $250 million (NYT)
• Fear the dark side of China’s lending spree (Caijing)
• Trade wars – the prequel: China ministry “regrets” US trade finding (Reuters)
• Adding insult to soon to be bankruptcy, Porsche global sales slump 28% (BBC)
• Nortel to liquidate, selling bulk of assets to Nokia Siemens for $650 million (WSJ)
• New hard evidence of continuing debt collapse (Money and Markets, hat tip David)
• Moody’s looks to Europe, poised to downgrade 21 Italian banks (WSJ)
• GE Vice Chairman sees no “green shoots” in orders (Bloomberg, hat tip Ian)
• …just in time for the Italian mafia to regain control of the entire economy (Bloomberg Magazine)
• Abelson: Under the gun (Barron’s)
• More PMs go through Millennium’s revolving door (DealBook)

We are having some minor DNS issues. Please log in direct via zerohedge.blogspot.com for now

Big thank you to Clark and Filip for your kind donations

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Cable has risen towards 1.6450 during the day once again as the Support of the 21-DMA (1.6233) has held. Here again till the pair is above the 21-DMA, we would expect a range of 1.6233-1.6500 during the day and would like to enter near the 21-DMA. However, as mentioned in…

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Cable had fallen towards 1.6230 and so has Crude. The 21-DMA is likely to be a crucial Support level going forward. A break or honour of which is likely to determine the future course. With Crude having fallen ahead of the US inventories, the Cable too has fallen. If the…

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Dollar-Swiss has fallen during the day and our Limit Buy order at 1.0850 has got executed. We would aniticpate an increase. However, the currencies seems to have prepared themselves for upcoming US economic data releases as they now rest on/ face Resistance from some important short term levels. Dollar-Swiss is…

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Crikey, the VIX is on fire intraday, and is on the verge of channel breakout.

Curiously, the combined drop in the Dow and Gold, indicate that the market is actually completely unchanged from the perspective of the Dow’s weight in gold.

Lastly, market makers will do everything they can do it seems today to prevent the SPY to drop below its June lows: the white line, which has proven a significant resistance level.

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Cable has traded lower during the day. It has taken Support of the 8- and 13-DMA at 1.6282 and 1.6287 respectively. As mentioned earlier the 21-DMA at 1.6090 is likely to be the crucial. A break past this can confirm the double top formation on the daily candle. The 8-DMA…

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In Aussie, too, today’s close might give some indication of the pair going forward. Here again, there’s the danger of double bottom forming on the daily candle chart. But if the Support at 0.7980 holds, the next week might see the pair retracing 0.8250 and even higher.

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• Retail sales rose 0.5% during May, but much of the gain due to gasoline station receipts.
• Jobless rate will remain above 9% through the end of 2010: Economists.
• IEA slightly raised its 2009 world crude-demand f’cast for the first time in 10 months.
• Global economy to contract by close to 3%, worse than the prev. est for a 1.75% decline: World Bank.
• Actel Corp reduces Q2 guidance; sees revs declining sequentially 5-9% (prev 1-7%).
• BlackRock to pay $13.5B cash, stock for Barclays Global Investors.
• Del Monte beats by $0.09, sees FY10 EPS at $0.76-0.80 (cons $0.75); revs at $3.77-3.84B (cons $3.66B).
• Delta Air Lines, AMR Corp. plan to make deeper capacity cuts amid the U.S. recession.
• Exxon Mobil to join a pipeline project underway by TransCanada to bring natural gas from North Slope of Alaska to the continental US.
• GM picks Sweden’s Koenigsegg as front-runner to buy Saab unit.
• Hartford Financial to receive $3.4B of TARP funds.
• Marshall & Ilsley Corp. plans a $400M common stock offering.
• Qualcomm raises Q3 revenue, operating income, shipment guidance. Sees Q3 revs at $2.67-2.77B (cons $2.54B) vs. prev view of $2.40-2.60B.

Economic Calendar: Data on Export-Import Prices, Mich Sentiment-Prel to be released today.

Earnings Calendar: DUCK, MSB.

Companies to watch: Actel Corp., BlackRock, Del Monte, Delta Air Lines, Exxon Mobil,

Recent Egan-Jones Rating Actions:

RANGE RESOURCES CORP (RRC)
PIONEER NATURAL RESOURCES CO (PXD)
NEWFIELD EXPLORATION CO (NFX)
PETROHAWK ENERGY CORP (HK)
ISLE OF CAPRI CASINOS INC (ISLE)
VULCAN MATERIALS CO (VMC)
EOG RESOURCES INC (EOG)
NOBLE ENERGY INC (NBL)
AMERIPRISE FINANCIAL INC (AMP)
PALL CORP (PLL)
E*TRADE FINANCIAL CORP (ETFC)
NCR CORP (NCR)
SLM CORP (SLM)

Data provided by: Egan-Jones Research and Analytics
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Dollar-Swiss has moved up during the day, but is essentially trading sideways between Support at 1.0745 and Resistance at 1.0845. It might remain within this range for the rest of the day. In case of a rise past 1.0845, it may move up to test 1.0915, maybe 1.0945, as well….

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