Weekly S&P Report -- Newtron23/11/20106/12/2010Canberra Zimbabwe368

[ Show ]

Support VoyForums

[ Shrink ]

VoyForums Announcement: Programming and providing support for this service has been a labor of love since 1997. We are one of the few services online who values our users' privacy, and have never sold your information. We have even fought hard to defend your privacy in legal cases; however, we've done it with almost no financial support -- paying out of pocket to continue providing the service. Due to the issues imposed on us by advertisers, we also stopped hosting most ads on the forums many years ago. We hope you appreciate our efforts.

Show your support by donating any amount. (Note: We are still technically a for-profit company, so your contribution is not tax-deductible.) PayPal Acct: Feedback:

Donate to VoyForums (PayPal):

[ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1 ]

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Date Posted: Tuesday, November 30, 12:16:49am
Author: Friday, November 26, 2010=by Sean Lusk of PFGBest=E Mini S&P settles 1183.25 down 15.00 for the week (11/22-11/26)Almost two trillion dollars has been erased from globalStocks in the past three weeks amid concern Ireland’s debtcrisis will spread to other European countries.
Subject:

Weekly S&P Report

Weekly S&P Report
Friday, November 26, 2010

by Sean Lusk of PFGBest

Weekly S&P Report

E Mini S&P settles 1183.25 down 15.00 for the week (11/22-11/26)

U.S. stock futures dropped on Friday and fell this

Holiday week as tensions in Korea mounted and concern

deepened that Europe’s debt crisis will worsen. The cost

of insuring against defaults by Portugal, Spain, and Ireland

rose to records and the dollar strengthened.

Almost two trillion dollars has been erased from global

Stocks in the past three weeks amid concern Ireland’s debt

crisis will spread to other European countries.

Standard and Poor’s cut ratings on Irish banks on Friday, reducing

Anglo Irish Bank Corp’s counterparty credit rating to junk.

Also today news that North Korea threatened a “shower

of terrifying fire” as the USS Washington aircraft carrier group

traveled to participate in drills with South Korea.

The S&P erased almost half of Wednesday’s 1.5 percent rally

off the news from the Euro Zone and the Korean peninsula.

The S&P is down 0.8 percent for the week and down 2.8 percent

From a two year high on November 5th.

Retailers and shoppers started Black Friday which is the biggest shopping

Day of the year and a bellwether for the holiday season. Analysts estimates

for this holiday season come in at unchanged from last year to a 4.5 percent

gain.

The gains we saw midweek particularly on Wednesday highlighted by a strong

Employment number and consumer confidence number show that investor sentiment

leaning back to the upside. If it were not for the Euro zone fears over the last few

weeks or the Korean crisis this market would be trading near the highs of the year or

establishing new highs. We saw how the market reacted to Euro Zone fears in late April

and early May, but the Euro itself is trading thirteen percent above those levels from late

spring. So I think the bailout fears will not be as severe as to have the Euro falling all the

way down to the 117-118 area. At least not in the near term. We should see a pickup in volume

next week after experiencing holiday volume for most of this week. Next week’s big number will be Friday’s

non- farm payroll report. I will have estimates for this number next Thursday, a surprise here will

set the stage for a wild first three weeks of December. Please watch for news from the Korean peninsula

over the weekend. I believe that the market although fearful is viewing the incident this week

as another in a series of isolated incidents and that war with North Korea will be avoided.

I truly hope that this is the case but unfortunately anything can happen here due to the unstable

leadership of the North Korean regime. Also watch for more news from the Euro Zone

particularly from Spain on a bailout of that country.

Please call or email me for breaking news or economic releases sent to your email. I can

Be reached at 877 294 775 7 or slusk@pfgbest.com

Daily Swing #s ESZ0 11/29

Resistance#2-1206.75

Resistance#1-1195.00

Pivot 1188.75

Support#1 1177.00

Support#2 1170.75

Weekly Swing #s YMZ0 (11/29-12/3)

Resistance#2-1219.25

Resistance#1-1201.25

Pivot 1188.00

Support#1 1170.00

Support#2 1156.75

Daily Swing #s YMZ0 11/29

Resistance#2-11242

Resistance#1-11135

Pivot 11082

Support#1 10975

Support#2 10922

Weekly Swing #s YMZ0 (11/29-12/03)

Resistance#2-11356

Resistance#1-11192

Pivot 11080

Support#1 10916

Support#2 10804

Sean Lusk

Senior Broker

877 294 7757

312 775 3541

312 379 5808 fax

slusk@pfgbest.com

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Replies:

Re: Weekly S&P Report (NT) -- FEAR, Tuesday, November 30, 12:18:27am