Monday, August 17, 2009

Trader's Highlight

DJI-NEW YORK, Aug 14 (Reuters) - U.S. stocks fell broadly on Friday, as the major indexes snapped a four-week streak of gains after weak consumer sentiment data fueled concerns about the strength of an economic recovery.

The weak report underscores the worry that consumer demand remains soft, denting the hopes for a rebound that has fueled the rally in stocks. Stocks have come under pressure this week on weaker-than-expected reports on consumer activity.

The Dow Jones industrial average <.DJI> dipped 76.79 points, or 0.82 percent, to 9,321.40. The Standard & Poor's 500 Index <.SPX> lost 8.64 points, or 0.85 percent, to 1,004.09. The technology-laced Nasdaq Composite Index <.IXIC> dropped 23.83 points, or 1.19 percent, to 1,985.52.

NYMEX
-NEW YORK, Aug 14 (Reuters) - U.S. crude oil futures ended down more than 4 percent on Friday as weak consumer confidence data sparked concerns over oil demand and worries about the strength of the economic recovery.

On the New York Mercantile Exchange, September crude settled down $3.01, or 4.27 percent, at $67.51 a barrel, trading from $67.25 to $71.60. In post-settlement trading, the day's low extended to $67.12. For the week, the contract fell $3.42, or 4.82 percent.

CBOT-SOYBEANS - August expired down 87-1/4 cents per bushel at $11.00 per bushel. New-crop November down 37-1/4 cents at $9.81-1/2.

Led lower by plunging spot August amid deliveries of 227 lots on that contract. Disappointing NOPA crush figure adding to the bearish sentiment along with good U.S. crop weather and falling crude oil.

National Oilseed Processors Association reported July soy crush 120.920 million bushels, far below average analysts' estimate for 130.4 million.

CBOT-SOYOIL - August expired down 0.36 cent per lb at 37.18. September down 0.46 at 37.18.

NOPA reported U.S. July soyoil stocks 2.804 billion lbs, versus June 2,907 billion.

FCPO-JAKARTA, Aug 14 (Reuters) - Malaysian palm oil futures dropped 2.9 percent on Friday as investors pocketed gains after a recent rally, but talk of strong exports limited the fall, traders said.

The benchmark October contract on Bursa Malaysia's Derivatives Exchange dropped 74 ringgit to 2,441 ringgit ($694.45) a tonne. The contract traded in a range of 2,424 to 2,510 ringgit in the day. Overall volume was 22,927 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, Aug 14 (Reuters) - Shares in Singapore and Malaysia
rose on Friday, with SingTel climbing after a price target upgrade, while palm plantation stocks such as IOI Corp and Sime Darby helped push Malaysia's index to a 14-month high.

Singapore's index <.FTSTI> added 0.7 percent to 2,631.51, with Singapore Telecommunications , Southeast Asia's biggest telecoms firm, up 1.6 percent at S$3.23.

IOI Corp rose 1.9 percent, Sime Darby gained 1.2 percent and KL Kepong was up 2.8 percent.

Malaysia's index <.KLSE> ended up 0.2 percent at 1,188.57 after earlier rising to 1,196.46, its highest level since June
26, 2008.

Thailand <.SETI> closed 0.2 percent lower, Indonesia's index <.JKSE> eased 0.4 percent and the Philippine index <.PSI> slid 0.2 percent but Vietnam's <.VNI> rose 0.7 percent, extending its gain into a fifth day.

FKLI Weekly: Toppish


Market continue to hold ground in toppish manner. Thus, a healthy correction may take place in any time. To the upside, resistance is looking at 1189.5 followed by 1200. To the downside, support is pegged at 1150.

CBOT Weekly Soyoil: in Mix view


Market ended with a long upper shadow had slowing down the upward move. Overall weekly technical landscape was in mix view. Thus, market may move sideways in near term. Therefore, we continue to look for the upside resistance at 39.00 to 40.00. Downside support is pegged at 35.30 followed by 33.20.

NYMEX Crude Weekly: Limited upside gains


Overall weekly technical landscape has been weakening following market failed to break through the tough resistance at 73.38 and chart in potential of triple top formation. Hence, market may move sideways to bias downside potential in near term with downside support is pegged at 62.70.

FCPO Weekly: Mantain in positive tone


Market tested 2500 mark but shy away. However, the overall immediate weekly landscape is improving and bull is trying to build up a concrete base for a stronger and long lasting the upward momentum. We maintain our positive view towards the near term market. To the upside, resistance is adjusted to 2650-2675 followed by 2799. Downside support is pegged at 2350 followed by 2250-2225.