Financial spread betting update for 30th August 2010

This week’s financial spread betting update is now available and can be read by clicking here. There is a raft of economic data coming out this week so we may see some decent moves in the markets. In the US, the latest unemployment figures are due to be released on Friday and that will likely underscore the recent signs of a slowdown for the world’s largest economy.

Today is Bank Holiday in the UK so trading is a little quiet this morning but will pick up later when the US markets open. Already we have seen the bank of Japan ease policy, with little impact being seen on the Yen. If anything traders may have been looking for something more aggressive from the BOJ and the initial small move higher for the Yen this morning has already faded away.

In this week’s spread betting update we take a look at the S&P 500, which fell to new 7 week lows last week before a recovery on Friday. Good support has come in at 1038 and that will be the level to watch this week to the downside. A close below 1038 may trigger further selling. To the upside resistance remains in place at 1100. The trend remains down for stocks.

Last week saw some decent moves in a few commodity markets with energies reversing off the lows in a counter trend move. We also saw gold and the other metals move higher with the biggest gainer being Silver, which advanced 5.73% for the week.

The focus will also be on interest rate futures, which having hit new highs on Wednesday sold off in to the close on Friday. The trend is still bullish for this sector with the markets currently holding above support.

This week’s financial spread betting update begins with:

Stocks continued to drift lower for the week but recovered somewhat on Friday but the trends remain down. Commodity and currency markets remain largely undecided on future direction as the general theme of volatility continues across many markets..….

Good trading

Phil Seaton

 

Tags: , , , , , , , , , , , , ,

No comments yet.

Leave a Reply


*

Login