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Post by huh on Oct 29, 2014 7:11:46 GMT -5
10 Things You Need To Know Before The Opening Bell Good morning! Here are the major stories making waves in global financial markets early Wednesday. The Fed Decision Is Coming. The Federal Reserve announces its latest monetary policy decision at 2 p.m. ET, with the final tapering installment and the end of QE3 expected. The Ruble Is Pushing To Fresh Lows. The ruble fell to a record low against the dollar and euro in early trading Wednesday despite a $2.5 billion intervention from the Russian central bank to prop up the currency. Algeria Has Started Selling Light Crude Oil To Venezuela. That’s helping to prop up demand for oil as the price falls from Algeria’s perspective, but it’s a clear symbol of Venezuela’s decline. Facebook Is Taking A Beating. Facebook execs warned that 2015 would be a big year of investment for the company, and the share price dropped 10% in after-hours trading. Deutsche Bank Just Posted A $117 Million Loss And Replaced Its CFO. Deutsche Bank reported a quarterly net loss of 92 million euros on Wednesday as heavy legal costs outweighed a rise in investment banking earnings. There’s A 50% Chance Of Russia-Ukraine Gas Deal. Guenther Oettinger told Germany's ZDF TV that a lot had been achieved so far in the three-way negotiations, but when asked what the chances were of a breakthrough, he answered: "Fifty percent." Nintendo Beat Analyst Forecasts. The long-struggling Japanese video game maker Nintendo eked out an unexpected operating profit in its fiscal second quarter, bolstering hopes it may be on track for its first annual profit in four years. Hitachi Profits Surged. Hitachi said Wednesday its net profit for the six months to September nearly tripled to $850 million as the Japanese giant hiked its full-year earnings forecast. Volkswagen Recalls Over 270,000 Audi Cars. Volkswagen’s Chinese joint venture will recall 270,635 Audi cars in China because of an air bag software issue, China's quality watchdog said Wednesday. Markets Are Rallying. In Europe, Germany’s DAX is up 0.77%, France’s CAC 40 is up 0.33%, and the UK’s FTSE 100 is up 0.75%. Asian markets saw significant gains, with the Nikkei up 1.46% and the Hang Seng up 1.27%. Read more: www.businessinsider.com/opening-bell-oct-29-2014-2014-10#ixzz3HXFaNESn
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Post by huh on Oct 29, 2014 7:12:45 GMT -5
10 Things In Tech You Need To Know Today 1. Facebook stock was down 10% last night after it announced its Q3 earnings. Its performance was solid, but guidance spooked investors. 2. The Antares rocket exploded seconds after launch yesterday. It was carrying over 5,000 pounds worth of supplies for the International Space Station. 3. Verizon has launched a tech news site. Its writers are reportedly banned from covering surveillance or net neutrality. 4. Apple CEO Tim Cook has revealed the reason why the company discontinued the iPod Classic. He claims they simply couldn't get the parts anymore. 5. Marissa Mayer is reportedly close to hiring Amazon's top ad executive. She may become Yahoo's COO. 6. Video game publisher Electronic Arts announced its Q2 earnings yesterday. They blew away expectations. 7. Some MacBook owners have filed a class-action lawsuit over problems with their graphic cards. They accuse Apple of refusing to repair defective products. 8. WhatsApp has disclosed its recent financial performance. Revenue was $10.2 million in 2013. 9. The retail group behind Walmart, Best Buy and Gap has threatened its retailers with steep fines if they introduce Apple Pay. CVS and Rite Aid both tried the system but later opted out. 10. The FBI created a fake online news article to catch a bomb-threat suspect. It used the page to spread spying software. Read more: www.businessinsider.com/10-things-in-tech-you-need-to-know-october-29-2014-10#ixzz3HXFl2L2z
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Post by huh on Oct 29, 2014 7:13:42 GMT -5
Frontrunning: October 29 Submitted by Tyler Durden on 10/29/2014 - 07:33 Fed set to end one crisis chapter even as global risks rise (Reuters)... you mean, for the third time? Insider-Trading Probe Focuses on Medicare Agency (WSJ) He's sorry: Rajoy Apologizes as New Wave of Graft Allegations Hits Spain (BBG) China could 'punish' Hong Kong over protests, says ex-HK central bank chief (Reuters) Dubai Insists the Boom is Not a Bubble This Time Around (BBG) Bank-Data Sharing Accord Expands Push to Find Tax Cheats (BBG) Deutsche Bank Sinks to Third-Quarter Loss on Legal Costs (BBG) Kim Jong Un Executes 10 Officials for Watching Soap Operas (BBG) French drugmaker Sanofi sacks CEO Viehbacher (Reuters) Norway Oil Fund Has Weakest Return Since 2013 on European Losses (BBG) The FTC is suing AT&T for throttling its unlimited data customers (WaPo) Iraqi peshmerga poised to join battle against Islamic State in Syria (Reuters) German Potholes Risk Growth Prospects in Land of Autobahn (BBG) Sanctions bind Russia's energy elite to Putin (Reuters) Zambia's president, 'King Cobra' Sata, dies in London (Reuters) www.zerohedge.com/news/2014-10-29/frontrunning-october-29
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Post by huh on Oct 29, 2014 7:19:29 GMT -5
FOMC at 2 today.
Perhaps this itself is bearish, but I don't see how the Fed can disappoint. If they end QE, that's already expected. If they extend it another month, that's bullish. If they were to raise rates, that would be bearish. But they've already said they won't until after QE has ended, and not until next year sometime (I think they'll begin sometime March-June).
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Post by clinton on Oct 29, 2014 7:31:23 GMT -5
FOMC at 2 today. Perhaps this itself is bearish, but I don't see how the Fed can disappoint. If they end QE, that's already expected. If they extend it another month, that's bullish. If they were to raise rates, that would be bearish. But they've already said they won't until after QE has ended, and not until next year sometime (I think they'll begin sometime March-June). I agree w your logic market will close green
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Post by huh on Oct 29, 2014 7:48:52 GMT -5
FB has gap fill support at 72.63-73.35 and trend support ~70.25. But like TWTR, likely setting up a larger topping pattern and will only get a few days of FIB bounce/backtest.
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Post by walnut on Oct 29, 2014 7:58:01 GMT -5
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Post by huh on Oct 29, 2014 7:58:36 GMT -5
S&P futures look bullish to me. During this whole rise, the pullbacks have actually gotten shallower and shallower. This time, they're only going sideways. Exactly like XLF did already before going parabolic.
BTW, XLF upside resistance a~23.45, support 23.29. If XLF can break over that resistance, there's no other resistance until the previous high ~23.88.
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Post by huh on Oct 29, 2014 8:02:24 GMT -5
Good info. Looks like all talk, no action this time. We'll see. I think they could extend it, but no longer than EOY (and then a "we'll review it again at that time" kind of thing).
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Post by jacksrbtr on Oct 29, 2014 8:11:41 GMT -5
FOMC at 2 today. Perhaps this itself is bearish, but I don't see how the Fed can disappoint. If they end QE, that's already expected. If they extend it another month, that's bullish. If they were to raise rates, that would be bearish. But they've already said they won't until after QE has ended, and not until next year sometime (I think they'll begin sometime March-June). I agree w your logic market will close green Whether it closes red or green or purple gold will, of course, endure the customary smackdown. And when miners break thru that support it touched yesterday watch out below. There is no inflation and there NEVER EVER EVER will be.
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Post by huh on Oct 29, 2014 8:16:31 GMT -5
I did a post on GLD before, and it's in a longer term downtrend. But this morning's pullback might only be filling the gap from 10/10. It could still rise quite a bit from here even while remaining in that larger bearish pattern. GLD 124-126 is the monster resistance area.
Looks to me like the dollar (UUP) is forming a very large cup and handle (bad for gold), but it could pullback quite a bit (and fast) before it completes.
If it ever loses 114, stay away! In the bigger picture, it's almost a certainty that gold will see <1000 again - even if GLD were to somehow spike all the way back to ~150.
JMHO
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Post by huh on Oct 29, 2014 8:24:39 GMT -5
If gold can break over 1223.25 this morning, it could really pop. But until then and so long as under 1222.32, downside target is 1189/1190 due to a H&S pattern.
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Post by huh on Oct 29, 2014 8:27:30 GMT -5
If gold can break over 1223.25 this morning, it could really pop. But until then and so long as under 1222.32, downside target is 1189/1190 due to a H&S pattern. That was fast...1222.25 is the stop now. Lose that and ~1189.12 is the target.
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Post by huh on Oct 29, 2014 8:41:57 GMT -5
S&P futures look bullish to me. During this whole rise, the pullbacks have actually gotten shallower and shallower. This time, they're only going sideways. Exactly like XLF did already before going parabolic. BTW, XLF upside resistance a~23.45, support 23.29. If XLF can break over that resistance, there's no other resistance until the previous high ~23.88. XLF at resistance now.
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Post by huh on Oct 29, 2014 8:44:55 GMT -5
I've given up on the AMZN back to highs call for now (but still bullish on AAPL & GS). However, AMZN could still easily see 310-313 against support of 287-288.
This market would likely have to go fully parabolic to get AMZN back to the highs.
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Post by huh on Oct 29, 2014 8:51:07 GMT -5
FB has gap fill support at 72.63-73.35 and trend support ~70.25. But like TWTR, likely setting up a larger topping pattern and will only get a few days of FIB bounce/backtest. I honestly don't know why FB bounce from where it did (74.80). 75 psych support? It wasn't a FIB. Upside FIB resistances now 77.15 (minor), 77.86, 78.58, and the major one, 79.50.
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Post by huh on Oct 29, 2014 9:11:50 GMT -5
I did a post on GLD before, and it's in a longer term downtrend. But this morning's pullback might only be filling the gap from 10/10. It could still rise quite a bit from here even while remaining in that larger bearish pattern. GLD 124-126 is the monster resistance area. Looks to me like the dollar (UUP) is forming a very large cup and handle (bad for gold), but it could pullback quite a bit (and fast) before it completes. If it ever loses 114, stay away! In the bigger picture, it's almost a certainty that gold will see <1000 again - even if GLD were to somehow spike all the way back to ~150. JMHO GLD filled that 10/10 gap with LOD (within a penny).
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Post by huh on Oct 29, 2014 9:17:07 GMT -5
I still contend that so long as VIX is under 15.80's, bulls are in control. Let's see if the market doesn't prove me wrong now.
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Post by huh on Oct 29, 2014 9:19:21 GMT -5
S&P's HOD so far was +6.99.
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Post by crumbdon on Oct 29, 2014 10:03:17 GMT -5
I feel so lonely.
I'm apparently the only one who thinks we have a post-Fed pullback.
Maybe not immediately, maybe not even by EOD. But likely by tomorrow.
This boat is WAY too lopsided.
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