Nasdaq is a leading index when it comes to tape action on the UPSIDE...it closed well above 50 DMA...the first one to do so......
S&P 500 is breathing just below 50 DMA....ready to jump ABOVE on Thursday....
Volume was very heavy on Nasdaq followed by NYSE.......
VIX @ 40.06......ready to dip below 40????
OE is on Friday.....which MAY add more fuel to the bull charge.....
Based on current tape we MAY get the highest level on Friday in markets......
Sector rotation will be the "mantra" going forward...so keep adding lagging sectors....Ag & Bulk dry shippers are the most notable ones....they are ready to play catch UP......
Home builders & Gold stocks came to life after Fed minutes were released...which was taken as boosting economy & adding more risk taking.....
Canadian $ was on fire today adding 1.4 cents against US$ after fed minutes were released....C call of bullish action on CAD has added almost 6% since last week...a huge move UP.....
BLOG does NOT give buy or sell.
Saleem
3 comments:
HELLO TO ALL\
Lots of big gas guzzler car in DC 65% today
I ma making some $$$ today--yes!!! Looking for my DSX and FRO to take off I may be yelling giddy up early
Looking strong AAPLE and MON If AAPLE can hold here look out $120 APPL has some iPhone developments and ATV improvements coming up and some big news on lap tops coming up
Watch IMHO
max
Hi Madmax,
Economy is on the mend...so gas guzzler will be in vogue also.
Ag & Bulk dry shippers are just about ready to make a RUNUP.
Most investors/traders are feeling pretty good lately....except shorts???
Saleem
BDI RATES:
continued its downward trend on Monday, following the loose market conditions of the previous week. The Index ended at 2,058 points, down by 64 from Friday, when it had concluded a third straight week decline, down to 2,122 points. The week’s total losses has amounted at 4.6%. Monday’s fall was triggered by the Panamax sector, which led losses by shedding 113 points (BPI), down to 2,045 points, while the capesize index followed from a close distance, ending yesterday’s session down by 89 points to 2,365. The only sub-sector “salvaged” was the Handies, which managed to post marginal gains of three points to 799, with the average time charter rates standing at $11,533. According to Baltic’s data, the average rates for capesizes has now fallen at $22,422 (down by $1,122), while for the panamaxes is at $16,374 (down by $919).
The demand for iron ore shipments to China is showing no signs of life during these past few days, which according to analysts, is the main reason for the market’s ailing picture. Chinese buyers are not opting for more cargoes of iron ore, as the stocks of the raw material continued piling up last week, while steel prices in China have kept falling, therefore eliminating the need for further acquisitions. With the iron ore market being the leading factor for capesize rates, one can justify the latest trend in the sector.
On the other hand, the panamax sector was affected by mainly by the easing of demand for grains from Latin America, although it was enough to trigger a 45% rally of panamax rates during the previous 10 days. Capesize forward freight agreements, derivatives used by traders to bet on future shipping rates, rose 2.4 per cent to US$19,000 a day for the second quarter in Oslo. Panamax futures advanced 1.6 per cent to US$13,250 for the same period. The data are from broker Imarex NOS ASA.
In its latest weekly market report Weberseas said that according to the “old school” having the BDI at over 2,000 points isn’t a bad market, “especially if it does bottom-out around these levels. Nevertheless, no one can be certain if this will be the case due to the large number of newbuilding scheduled to be delivered from 2009 up to 2012 as well as the ongoing financial crisis which has now hit the real economies with unpredictable (so far) implications”. The broker also commented on the sale and purchase market by saying that “more and more buyers seem to be adopting the "cautious cat" approach as we are heading for 2nd quarter. Today’s price levels in connection with the freight market are mainly considered to be viable and generally speaking attractive, but all this will be subject to the freight market remaining at current levels or improve as we go along”.
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