Bobbys Corner-Open Market-April.13.2010

Good Morning:

The Euro was virtually unchanged in overnight trading.  Greece sold Treasury bills in the first debt auction since the EU and IMF pledged aid to alleviate Greece’s default.  The Euro has lost ground the last 3 months as Greece’s ability to contain their debt was in question.  The aid package that was offered to Greece is in the form of 15 billion euros from the IMF and up to 30 billion euros in 3 year loans from the EU.
GBP rose as positive news from the Office of National Statistics showed that exports surged-helping to cut their trade deficit.

World wide equity markets dropped, and US Futures are pointing to a lower opening this morning.
Oil fell for the fifth day-as did Gold and other metals.  Alcoa reported disappointing sales numbers, and speculation about the revaluation of the yuan is being downplayed by news out of China.

Oil:$83.63                                            Gold;$1153.60  

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-March.12.2010

Good Morning:

The USD lost ground overnight as speculation that the Fed will keep interest rates low reduced demand for USD dominated assets.  In other news, Janet Yellen will most probably be selected as vice chairman of the Fed.  Ms Yellen is currently President of the San Francisco Fed, and has been a staunch supporter of lower interest rates to combat the global recession.

EU leaders will meet next week to discuss the potential need to issue bonds or give outright loans to Greece, as the country works on an auterity program aimed at cutting it’s staggering deficit.

Equity markets rose around the globe and US futures are also higher this morning.  Banks and commodity companies helped keep equity indexes in positive territory.
Commodities in general rose across the board, with gold leading the charge.

Oil:$82.72                              Gold:$1117.50

HAVE A GREAT DAY-WEEKEND & GOOD LUCK

Bobbys Corner-Open Market-Feb.16.2010

Good Morning:

I am writing to you from the Traders Expo in NYC.  NYC also had a few inches of snow overnight-like we need anymore?

The USD gave up some ground overnight as equity markets gained, commodities advanced and investors appetite for higher-yielding assets rose.  The Euro picked up some ground overnight as the markets realize that the Greek budget problems have not been fully analyzed as of yet.  EU finance ministers are insisting that Greece take a more “concrete steps to regain credibility in the markets” 
EU ministers have yet to explain how they will assist Greece if it cannot contain it’s debt.

World equity markets rose, and US Futures are pointing to a higher opening this morning. Commodities also rose overnight.

Oil:$75.15                                    Gold:$1112.30 

Have a GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-Jan.29.2010

Good Morning:

The JPY fell overnight as speculation that Japan’s central bank will curb the JPY’s strength.  The Euro continues to be under pressure as Greece’s budget deficit problems persist.  Speculation in the marketplace is that Greece will not be able to reduce their budget deficit without outside assistance.

Asian equity markets were lower-and Europe is higher at this time.  US Futures are pointing to a higher opening this morning.

Commodities are mostly lower  as the markets speculate that demand may fall as governments try to control economic growth in their regions.

Oil:$73.71                         Gold:$1083.20

HAVE A GREAT DAY-WEEKEND & GOOD LUCK

Bobbys Corner-Open Market-Jan.12.2010

Good Morning;

Both the USD and JPY gained versus the higher-yielding currencies as world wide equity markets dropped. Alcoa missed estimates for their Q4 results.   It seems that the equity markets are what investors are following.  If the equity markets rally starts to slow-it will help the USD and JPY.

Trade Balance came in worse than expected  (see details below)

World wide equity markets were lower.  Europe continues to trade in negative territory, and US Futures are pointing to a lower opening this morning.
Concerns that any economic recovery will slow is also weighing on the equity markets. 
Commodities are also lower-with Oil lower as the US forecasts warmer weather.

Oil:$81.28                                       Gold:$1148.25 

Today’s Data:
Trade Balance:             exp: -$34.3           prior; -$32.9          Act: -$36.4

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-Jan.4.2010

Good Morning:

HAPPY NEW YEAR!

Higher yielding currencies took center stage in the New Year , as investors appetite for riskier assets rises.

Oil rose for the 8Th day- trading above $80/barrel for the first time since November  2009.  Oil will be under pressure as colder temperatures hit the US.

Stock rose worldwide, and commodities also traded higher as data from China showed manufacturing expanded at the fastest pace in over 5 years. 

Oil: $80.90                                                  Gold:$1117.50

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-Dec.2.2009

Good Morning:

The overnight markets were fairly quiet. USD continues to stay weak, and GBP marched higher.
The JPY fell after Japan’s Prime Minister Hotoyama stated that the JPY’s strength can not be left as is.
The consensus is that the BOJ will need to intervene if the JPY appreciates to much. The question is, how high is to much befor Japanese officials step in.

Asian equity markets were higher, Europe is mixed, and US Futures are looking at a higher opening this morning. The futures are only slightly higher today.

Gold set another record overnight, and the metal markets were higher in general.

Oil:$77.87 Gold:$1211.10

Today’s data:
ADP Employment report: exp: -150k prior: -203K act: -169K
Fed Beige Book to be released at 2 PM

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-Nov.9.2009

Good Morning:

We wake up to a very interesting Monday morning. 

The USD is weaker across the board.  Worldwide equity markets and commodities rallied.  Gold hit a record.

The USD declined to 1.50 on the EUR/USD pair.  The Group of 20 ended their weekend meeting in Scotland by agreeing to maintain stimulus packages in their countries.  The meeting made no mention of the USD’s decline-so USD weakness continues.  Speculation that the FED will be unable assist the greenback (as they will not be able to raise interest rates any time soon), until  the economy and the employment data gets back on it’s feet.   This will keep the USD weak for the time being.

All world indexes increased, and commodity markets also soared.   US Futures are pointing to a higher opening this morning.

The US Treasury is set to auction $81 Bill of 3, 10, and 30 year debt this week.    The  auction schedule is:
$40 Billion of 3 year notes today
$25 Billion of 10 year debt on Tuesday
$16 Billion of 30 year bonds on Thursday

Oil:$78.51                       Gold:$1109.10

HAVE A GREAT DAY & GOOD LUCK

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