August finished on a flat note after a bit of end-of-month buying fizzled into the close. The lackluster finish left stocks to lock in another marked monthly loss. After the close ABM, ARAY, APSG, CCUR and DAC are the only notable names that reported after the close.

Futures are trading mixed after hours: S&P 500 futures are flat with the fair value of 1048.30 and Nasdaq 100 futures +1.44 points from fair value of 1765.06.

Six of the ten sectors were in positive territory, led by telecom (+1.1%), financials (+0.9%) and utilities (+0.4%), while tech (-0.6%), health care (-0.04%) and industrials (-0.03%) were lower.

Mmmmmmmm, I'd like to sneak in a mini vacaton to Maui, does that count? lol

EUR/USD
The single currency extended recent decline from 1.3334 as expected in our previous update and reached our indicated profit target at 1.2650, price then dropped to as low as 1.2588 before recovering for rest of the week. A ‘doji’ star was formed at 1.2588 low which followed by several small white candles, suggesting consolidation with initial upside bias would be seen for recovery towards resistance at 1.2923, however, the Kijun-Sen (now at 1.2961) should limit upside and bring another decline later.

EUR/JPY
Despite yesterday’s brief rise to 109.56, the subsequent selloff from there has revived our bearishness and recent decline should resume after consolidation, however, as price has just rebounded from 106.16, suggesting initial upside risk is for rebound towards 107.85/90 (50% Fibonacci retracement of 109.56 to 106.16), however, reckon 108.25-30 (61.8% Fibonacci retracement) should attract renewed selling interest and bring another decline. Break of intra-day support at 106.16 would signal decline has resumed for weakness to previous support at 105.90, then retest of 105.44.

USD/CAD
The greenback has rebounded after finding renewed buying interest at 1.0576 today, adding credence to our bullishness and test of indicated key resistance at 1.0678-80 is under way, however, a sustained break above there is needed to signal and extend the upmove from 1.0108 for further gain to 1.0750/60 but reckon previous resistance at 1.0854 would hold from here.

USD/CHF
The greenback has fallen again after minor consolidation, suggesting recent downtrend remains in progress and test of previous support at 1.0130 is underway, below would extend towards 1.0100, however, near term oversold condition should prevent sharp fall below 1.0075/80 (100% projection of 1.0451 to 1.0220 measuring from 1.0309 as well as 100% projection of 1.0630 to 1.0257 measuring from 1.0451) and risk from there is for a rebound later.

Swiss franc continues to ride on wave of risk aversion trade and strengthens across the board today. Its strength impressively surpasses yen and dollar. Some cites the strong UBS consumption indicator, which rose to two year high of 1.86 as a trigger for swissy's strength. But it's believed that safe-haven flow from other European countries are the main driving force. Euro hit another record low against swissy and is now sustaining below 1.3 level. Sterling also dives against swiss franc after taking out 1.58 support level. In addition to that, Hungary's forint also fell to a record low against the swiss franc. We'd anticipate more upside in CHF in near term.

Stocks recently went on the retreat to set fresh session lows. The move has led to marked losses, but nothing too severe. In turn, sellers have only cut into a modest portion of this past Friday's gain, which was its best in three weeks.

GBP/USD
Current stronger-than-expected retreat on dollar’s broad-based rebound against European currencies suggests downside risk has increased for attest of Friday’s low at 1.5442 cannot be ruled out, however, break there is needed to signal correction from last week’s low at 1.5373 has ended at 1.5599 and bring futher decline towards 1.5389 first.

Weekly Wrap
The major indices closed the week with only modest declines after Fed Chairman Bernanke fueled a large rally on Friday, helping to offset some of the growing concerns regarding the pace of the economic recovery.

The S&P 500 fell to a loss of as much as 2.3% this week before recovering to just a 0.7% decline. Only three of the 10 sectors gained, led by utilities (+2.0%). On the downside, the tech sector was the main laggard with a loss of 2.1%.
Stocks rallied 1.7% Friday after Fed Chairman Bernanke said that he expects a pickup in growth in 2011, adding that the Fed is ready to use "unconventional measures if it proves necessary, especially if the outlook were to deteriorate significantly." The news sparked a selloff in Treasuries.

Economic data acted as a focal point. The housing industry remains in tough shape, with the latest data pointing to a double dip in housing.

Existing home sales plummeted 27.2% to a 3.83 mln seasonally adjusted annual rate (consensus 4.72 mln) in July – marking the lowest level since records began in 1999. July is typically one of the strongest months for home sales but the tax credits pulled sales into April. It is possible that new historical sales lows will be broken each month through the remainder of the year.

Meanwhile, new home sales in July declined to 276,000 (consensus 334,000), which is the lowest level since records began in 1963.


In other economic news, the latest revision to second quarter GDP was revised lower to 1.6% from the prior reading of 2.4%. The rate, however, was better than expected as the Briefing.com consensus stood at 1.4%.

Though the market was focused on economic data, there were some corporate items of note. Dell (DELL) and Hewlett-Packard (HPQ) started a bidding war for data storage company 3Par (PAR). Though 3Par had already agreed to a takeover offer from Dell, Dell was forced to hike its bid to $24.30 and then $27 per share in order to fend off offers from HP. HP has since raised its offer for 3Par to $30 per share.

In other M&A news, U.K.-based BHP Billiton (BHP) offered to buy Canadian-based Potash (POT) for $130 per share. Potash refused the offer and is reportedly seeking other suitors.

Intel (INTC) came under pressure after the chip giant lowered its Q3 revenue guidance below expectations. The company now expects revenue of between $10.8 bln and $11.2 bln compared to its previous forecast of $11.2 bln $12.0 bln and the $11.52 bln Thomson Reuters consensus.

Oh Ye$$$$$$$$$$$$$$$

Better when TNA gets it hiney in grear

Sure, I'll be Queen

Just leave the "B" off the end of it, lol

Good Morning Manic & Gang

Thank goodness it's Friday! Another wild & crazy week!!

USD/CHF Still Looking Bearish Overall
As the greenback has remained under pressure, suggesting bearishness remains bearish for recent downtrend to extend subsequent weakness towards 1.0186 (100% projection of 1.0630 to 1.0350 measuring from 1.0466) but loss of near term downward momentum should prevent sharp fall below 1.0150 and reckon 1.0100 would hold.

EUR/USD remains neutral
As consolidations from 1.2587 continue, more sideway trading might be seen but upside of recovery is expected to be limited below 1.2921 resistance and bring fall resumption. Break of 1.2587 will target 61.8% retracement of 1.1875 to 1.3330 at 1.2431 next. Sustained trading below there will argue that medium term decline is likely resuming for another low below 1.1875.

Hey U

Thanks for popping in! This is the place to park your posts!

I agree, Cifikea is King!!

Thank You!!!
You guys make it all happen, thanks for hanging with us.

Good Morning Bubba, Let's ROCK-IT Today!!!!!!!!!!!

RED FLAG NEWS USD 8:30 8/26/10

Heads-up Gang!!! 8:30am Red Flag News USD Unemployment Claims.

RED FLAG NEWS AUD

Aug 25, 2010 9:30pm Red Flag News AUD Private Capital Expenditure q/q

All eyes on AUD tonight with Orange Flag News coming out first at 8:00pm AUD CB Leading Index m/m.

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Most Active Stocks

Company / Symbol / Market Cap / Vol.

Citigroup Inc. C 107.49B 411.56M
SPDR S&P 500 ETF SPY 89.41B 207.58M
Bank of America Corporation BAC 126.83B 156.82M
YRC Worldwide Inc. YRCW 270.90M 84.87M
Intel Corporation INTC 102.48B 77.98M
Financial Select Sector SPDR (ETF) XLF 5.34B 75.25M
PowerShares QQQ Trust, Series 1 (ETF) QQQQ 17.65B 71.50M
Ford Motor Company F 38.67B 71.00M
Sirius XM Radio Inc. SIRI 3.73B 65.38M
General Electric Company GE 155.77B 64.65M
iShares Russell 2000 Index (ETF) IWM 10.82B 64.43M
Microsoft Corporation MSFT 208.03B 63.15M
Cisco Systems, Inc. CSCO 120.68B 61.18M
iShares MSCI Emerging Markets Indx (ETF) EEM 36.23B 57.94M
Sprint Nextel Corporation S 11.79B 57.14M
Pfizer Inc. PFE 127.61B 53.90M
Direxion Daily Finan. Bear 3X Shs(ETF) FAZ 1.10B 48.46M
Direxion Daily Finan. Bull 3X Shs(ETF) FAS 1.57B 42.87M
Motorola, Inc. MOT 17.41B 38.45M
Wells Fargo & Company WFC 123.72B 36.86M
JPMorgan Chase & Co. JPM 143.58B 35.60M
ProShares UltraShort S&P500 (ETF) SDS 3.79B 34.67M
Advanced Micro Devices, Inc. AMD 4.04B 33.34M
Micron Technology, Inc. MU 7.02B 30.34M
Hewlett-Packard Company HPQ 89.62B 29.63M
Las Vegas Sands Corp. LVS 18.16B 29.36M
AT&T Inc. T 157.89B 28.80M
EMC Corporation EMC 37.21B 28.51M
Qwest Communications International Inc. Q 9.84B 27.66M
Oracle Corporation ORCL 112.64B 27.17M
BP plc (ADR) BP 109.36B 24.80M
NVIDIA Corporation NVDA 5.56B 24.34M
Exxon Mobil Corporation XOM 300.11B 23.16M
Nokia Corporation (ADR) NOK 32.81B 22.89M
Alcoa Inc. AA 10.27B 22.49M
Comcast Corporation CMCSA 47.74B 22.28M
Dell Inc. DELL 22.69B 21.81M
iPath S&P 500 VIX Short Term F VXX 1.98B 21.25M
Boston Scientific Corporation BSX 8.33B 21.09M
Applied Materials, Inc. AMAT 14.23B 21.00M
iShares MSCI EAFE Index Fund (ETF) EFA 31.67B 20.43M
MGM Resorts International. MGM 4.08B 20.25M
Apple Inc. AAPL 219.19B 20.86M
iShares FTSE/Xinhua China 25 Index (ETF) FXI 7.36B 20.14M
Verizon Communications Inc. VZ 83.30B 19.96M
Vale (ADR) VALE 141.04B 19.81M
Regions Financial Corporation RF 8.24B 19.71M
QUALCOMM, Inc. QCOM 61.06B 19.22M
Direxion Small Cap Bear 3X Shares (ETF) TZA 733.39M 19.12M
iShares MSCI Japan Index (ETF) EWJ 4.27B 18.76M
Yahoo! Inc. YHOO 18.07B 18.54M
Corning Incorporated GLW 24.55B 17.96M
ProShares Ultra S&P500 (ETF) SSO 1.32B 17.64M
Industrial SPDR (ETF) XLI 2.92B 17.37M
Marvell Technology Group Ltd. MRVL 10.54B 17.04M
News Corporation NWSA 31.80B 17.04M
United States Natural Gas Fund, LP UNG 2.45B 16.91M
Annaly Capital Management, Inc. NLY 10.76B 16.68M
Research In Motion Limited (USA) RIMM 26.00B 16.62M
Ambac Financial Group, Inc. ABK 138.42M 16.21M
Frontier Communications Corp FTR 7.54B 16.04M
Seagate Technology STX 5.05B 15.92M
Symantec Corporation SYMC 10.78B 15.68M
Huntington Bancshares Incorporated HBAN 3.73B 15.52M
eBay Inc. EBAY 30.01B 15.06M
iShares MSCI Brazil Index (ETF) EWZ 10.15B 15.03M
Xerox Corporation XRX 11.70B 14.98M
ProShares UltraShort QQQ (ETF) QID 949.54M 14.91M
Energy Select Sector SPDR (ETF) XLE 5.49B 14.87M
The Home Depot, Inc. HD 46.68B 14.81M
Arena Pharmaceuticals, Inc. ARNA 756.90M 14.74M
Gilead Sciences, Inc. GILD 26.91B 14.71M
Dynegy Inc. DYN 595.76M 14.68M
Semiconductor HOLDRs (ETF) SMH 1.01B 14.63M
iShares Dow Jones US Real Estate (ETF) IYR 2.46B 14.30M
Direxion Daily Small Cp Bull 3X Shs(ETF) TNA 477.54M 14.23M
Lowe's Companies, Inc. LOW 28.77B 13.84M
Fifth Third Bancorp FITB 8.79B 13.96M
Morgan Stanley MS 35.11B 13.81M
Halliburton Company HAL 25.47B 13.79M
Synovus Financial Corp. SNV 1.69B 13.44M
Taiwan Semiconductor Mfg. Co. Ltd. (ADR) TSM 49.42B 13.34M
United States Steel Corporation X 6.25B 13.18M
Texas Instruments Incorporated TXN 29.01B 13.14M
Activision Blizzard, Inc. ATVI 13.16B 13.09M
KeyCorp KEY 6.47B 12.98M
Johnson & Johnson JNJ 159.79B 12.64M
Federal National Mortgage Association FNMA 335.28M 12.58M
SandRidge Energy Inc. SD 1.65B 12.56M
The Procter & Gamble Company PG 169.34B 12.28M

Red Flag News just out!
USD New Home Sales
Currency Impact; Actual 276K Forecast 333K Previous 330K

Dollar index continues to consolidate around 83.45 cluster resistance for the moment and intraday bias remains neutral. Some more sideway trading could still be seen but after all, outlook remains bullish as long as 81.92 support holds. We're favoring the case that whole correction from 88.70 has finished at 80.08. Sustained trading above 83.45 will confirm this case and target 61.8% retracement at 85.40 at least. However, break of 81.92 will dampen this bullish view and argue that rebound from 80.08 is possibly just a correction and another test on 80 psychological level could possibly be seen in such case

Oh Ye$$$$$$$$$$$$$$
We are family!!!

Can I add a chart widget to my board?

EUR/USD
Is still limited below 55 weeks EMA (now at 1.3385) and thus, there is no indication of medium term bottoming. Whole decline from 1.6039 is possibly still in progress. Such decline is treated as correction to long term up trend and will target 1.1639 support after taking out 1.1875 low. On the upside, though, above 1.3330 will turn focus back to 55 weeks EMA and sustained trading above there will pave the wave to further rise to upper trend line resistance (1.6039, 1.5143, now at 1.4699).

GBP/JPY
Fall extends further to as low as 128.77 today. Rebound from 126.73 is confirmed to be completed at 137.75 and fall from there should be resuming the larger decline. Intraday bias remains on the downside for 126.73 first and break will target a retest on 118.81 low. On the upside, above 130.23 minor resistance will turn intraday bias neutral first and bring consolidations. But recovery should be limited below 132.76 support turned resistance and bring fall resumption.

Hey Saad, wassup!

Glad to see you hanging with the kewl kids. Stop by often, we have huge plans for this board with tons of wicked plays to take a peek at. See you around the chat room.

RED FLAG NEWS 8/25/10
EUR 4:00am German Ifo Business Climate
USD 8:30am Core Durable Goods Orders m/m
USD 10:00am New Home Sales
AUD 9:30pm Private Capital Expenditure q/q

Looks like a Forex Playground on Wednesday. A lot of good oppertunities to make some $$. ShaSweet!

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GBP/USD continues to consolidate above 1.5464 temporary low for the moment and intraday bias is neutral. Though, near term outlook remains bearish with 1.5669 resistance intact. Sustained trading below near term rising trend line indicates that whole rebound from 1.4230 is likely completed after hitting 61.8% retracement of 1.7043 to 1.4230 at 1.5968. Below 1.5464 will target 1.5123 cluster support (50% retracement of 1.4230 to 1.5997 at 1.5114). Decisive break there will confirm this bearish case and target 1.4230 and below. On the upside, above 1.5669 minor resistance will suggest that fall from 1.5997 is finished and bring stronger recovery. But still, risk will continue to remain on the downside as long as 1.5997 resistance holds.

EUR/USD Intraday bias remains on the downside and current fall from 1.3330 is expected to target 61.8% retracement of 1.1875 to 1.3330 at 1.2431 next. Sustained trading there will argue that medium term decline is likely resuming for another low below 1.1875. On the upside, break of 1.2921 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish.

RED FLAG NEWS
Monday Aug. 23 11:00pm NZD Inflation Expectations q/q.