Market looks pretty supported well following a triple digit gains had helped to strengthen the positive momentum. Thus, we maintain the upside target at 10,000 levels. To the downside, support is still pegged at 9600 levels.
Tuesday, September 29, 2009
DJI Daily: May challenge 10,000 mark
Market looks pretty supported well following a triple digit gains had helped to strengthen the positive momentum. Thus, we maintain the upside target at 10,000 levels. To the downside, support is still pegged at 9600 levels.
FKLI Daily: Bulls show little tiredness sign
Bulls have shown some early sign of tiredness after the long run. Thus, market may enter into consolidation phase with immediate downside support is looking at 1200 levels followed by 1190-1185. To the upside, resistance is adjusted to 1232-1240.
Monday, September 28, 2009
Trader's Highlight
DJI-NEW YORK, Sept 25 (Reuters) - U.S. stocks fell for a third straight day on Friday on disappointing housing and durable goods data, while Research In Motion's lackluster results dented optimism about technology spending.
Economic reports showed that new orders for long-lasting U.S. manufactured goods fell by their biggest margin in seven months, while August sales of new home fell short of Wall Street's expectations, raising questions about the strength of the recovery.
The Dow Jones industrial average <.DJI> fell 42.25 points, or 0.44 percent, to 9,665.19. The Standard & Poor's 500 Index <.SPX> dropped 6.40 points, or 0.61 percent, to 1,044.38. The Nasdaq Composite Index <.IXIC> declined 16.69 points, or 0.79 percent, to 2,090.92.
NYMEX-NEW YORK, Sept 25 (Reuters) - U.S. crude futures ended with modest gains in seesaw trading on Friday, supported by fresh tensions over Iran's nuclear program while demand worries amid high stockpiles and a set of mixed economic data weighed on sentiment.
On the New York Mercantile Exchange, November crude settled up 13 cents, or 0.2 percent, at $66.02 a barrel, trading a high of $67.09 down to $65.05, the lowest since July 31's intraday high of $64.96.
CBOT-SOYBEANS - November up 6-1/2 cents at $9.26 a bushel. Rebounding from this week's sell-off largely linked to corn/soy spreading most of the week as spreads adjusted. Supported by strong cash markets as processors sharply hike spot bids to replenish crush supplies. Sell-off in wheat brought soybeans off early highs.
CBOT-SOYOIL - October down 0.05 cent at 34.04 cents a lb. Market closes lower amid pressure from gyrations in crude oil market.
FCPO-MUMBAI, Sept 27 (Reuters) - Benchmark crude palm oil (CPO) futures in Malaysia may fall 13 percent to 1,900 ringgit per tonne but prices will rise next year as the El Nino weather event hits output, a top industry analyst told a conference on Sunday.
Prices were likely to rise to 2,400 ringgit per tonne next year, said Dorab Mistry, head of vegetable oil purchasing at India's Godrej International and a respected analyst.
On Friday, benchmark December contract on the Bursa Malaysia Derivative Exchange settled at 2,186 Malaysian ringgit ($630), up 71 ringgit, halting two straight days of declines, and moving above the 200-day moving average of 2,141 ringgit.
Mistry said palm oil inventories in Malaysia would rise to more than 2 million tonnes by the end of November. "The situation reminds me of last year when Malaysian stocks peaked at 2.265 million tonnes at the end of November," he said.
Mistry maintained his forecasts for Indonesia's 2009 palm oil output at 21.5 million tonnes from about 20 million tonnes last year and Malaysian production at 17.5 million tonnes in 2009, compared with 17.75 million tonnes last year.
REGIONAL EQUITIES-BANGKOK, Sept 25 (Reuters) - Most Southeast Asian stock markets fell on Friday on fears that authorities around the world might end stimulus efforts too soon, and big caps such as Bumi Resources and Astra International dropped.
World central banks have said they would scale back infusions of dollars into their banking systems, adding to unease triggered when the U.S. Federal Reserve said it would slow purchases of mortgage debt, a pillar of its efforts to support mortgage lending.
Singapore's Straits Times Index <.FTSTI> slid 0.2 percent, after a 0.7 percent decline on Thursday, while Thailand <.SETI> inched down 0.96 percent and Malaysia <.KLSE> 0.06 percent. The Philippines <.PSI> lost 0.6 percent but Vietnam <.VNI> added 1.4 percent.
In Singapore, top losers were casino operator Genting Singapore, down 3.5 percent, Wilmar International , down 3.4 percent, and Singapore Telecom , 0.6 percent lower.
In Kuala Lumpur, financials led the losers, with CIMB down 0.7 percent, Maybank Bhd down 0.2 percent and AMMB Holdings Bhd off 0.2 percent.
Economic reports showed that new orders for long-lasting U.S. manufactured goods fell by their biggest margin in seven months, while August sales of new home fell short of Wall Street's expectations, raising questions about the strength of the recovery.
The Dow Jones industrial average <.DJI> fell 42.25 points, or 0.44 percent, to 9,665.19. The Standard & Poor's 500 Index <.SPX> dropped 6.40 points, or 0.61 percent, to 1,044.38. The Nasdaq Composite Index <.IXIC> declined 16.69 points, or 0.79 percent, to 2,090.92.
NYMEX-NEW YORK, Sept 25 (Reuters) - U.S. crude futures ended with modest gains in seesaw trading on Friday, supported by fresh tensions over Iran's nuclear program while demand worries amid high stockpiles and a set of mixed economic data weighed on sentiment.
On the New York Mercantile Exchange, November crude
CBOT-SOYBEANS - November
CBOT-SOYOIL - October
FCPO-MUMBAI, Sept 27 (Reuters) - Benchmark crude palm oil (CPO) futures in Malaysia may fall 13 percent to 1,900 ringgit per tonne but prices will rise next year as the El Nino weather event hits output, a top industry analyst told a conference on Sunday.
Prices were likely to rise to 2,400 ringgit per tonne next year, said Dorab Mistry, head of vegetable oil purchasing at India's Godrej International and a respected analyst.
On Friday, benchmark December contract
Mistry said palm oil inventories in Malaysia would rise to more than 2 million tonnes by the end of November. "The situation reminds me of last year when Malaysian stocks peaked at 2.265 million tonnes at the end of November," he said.
Mistry maintained his forecasts for Indonesia's 2009 palm oil output at 21.5 million tonnes from about 20 million tonnes last year and Malaysian production at 17.5 million tonnes in 2009, compared with 17.75 million tonnes last year.
REGIONAL EQUITIES-BANGKOK, Sept 25 (Reuters) - Most Southeast Asian stock markets fell on Friday on fears that authorities around the world might end stimulus efforts too soon, and big caps such as Bumi Resources
World central banks have said they would scale back infusions of dollars into their banking systems, adding to unease triggered when the U.S. Federal Reserve said it would slow purchases of mortgage debt, a pillar of its efforts to support mortgage lending.
Singapore's Straits Times Index <.FTSTI> slid 0.2 percent, after a 0.7 percent decline on Thursday, while Thailand <.SETI> inched down 0.96 percent and Malaysia <.KLSE> 0.06 percent. The Philippines <.PSI> lost 0.6 percent but Vietnam <.VNI> added 1.4 percent.
In Singapore, top losers were casino operator Genting Singapore
In Kuala Lumpur, financials led the losers, with CIMB
Trader's Comment: Palm oil futures recovered from yesterday’s losses on pre-weekend covering.
Palm oil futures recovered from yesterday’s losses on pre-weekend covering. Benchmark Dec09 initially hit intra day low of 2106 after opened RM6 lower at 2109 but then started to climb steadily through out most of the sessions. The last wave of aggressive short-covering activities emerged in late trading led CPO prices to shoot up to intra day high of 2187 before it settled RM71 higher at 2186. Market was actually in a technical rebound mode today as it had been temporary oversold in yesterday sold-down. Trading volume was low with only 12,190 contracts changed hands as traders waiting for fresh leads from the Global Vege Oil Conference held this weekend at India. Meanwhile, Dalian market will be off next week for China’s Holiday.
FCPO Weekly: 2000 mark defended well
Market continue to defend at 2000 mark and rebounded for a good closing. However, weekly technical landscape remains in weak mode. As for now, immediate downside support is looking at 2060-2000 followed by 1980-1960. To the upside, resistance is pegged at 2250-2300 followed by 2330-2350.
CBOT Soyoil Weekly: still in Consolidation phase
Correction mode is still taking place. Therefore, we maintain the downside support at USD33.23 followed by 32.25-32.14. To the upside, resistance is pegged at USD37-37.50
NYMEX Crude Weekly: Sideways to lower
Market violated the immediate support at USD65 had dampened the overall technical landscape. Market momentum was weaken further and looks may move sideways to bias downside potential in near term. As for now, we are looking for the upside resistance at USD73-75. While, downside support is adjusted to USD62.70-58.30.
DJI Weekly Inching up slowly
Market is inching up slowly despite shy away after tested 9,900 levels. Immediate technical outlook looks positive. Thus, we maintain our upside target at 10,000 levels. To the downside, support is maintain at 9600-9400 levels.
SSE Weekly: Capped in range trading
Market looks may continue to cap in range trading bias sideways to lower in near term market. Immediate support is maintain at 2761 followed by 2640. To the upside, resistance is pegged at 3070 followed by 3170-3190.
FKLI Weekly: Bulls run likely to continue
We stick to our bullish view towards the near term market as no sign of tiredness was shown after the recent bulls run. Thus, we maintain the upside resistance at 1230-1240 followed by 1270-1280. Downside support is pegged at 1200 followed by 1190-1180.
Friday, September 25, 2009
Trader's Highlights
DJI - NEW YORK, Sept 24 - U.S. stocks fell on Thursday as signs of weakness in housing and investors' worries that authorities might be curbing stimulus efforts too soon sparked caution.
World central banks said they would scale back infusions of U.S. dollars into their banking systems, fueling unease triggered a day earlier when stocks sold off following the U.S. Federal Reserve's decision to slow purchases of mortgage debt.
That program has been one of the key pillars of the Fed's
efforts to support mortgage lending.
The Dow Jones industrial average dropped 41.11 points, or 0.42 percent, to 9,707.44. The Standard & Poor's 500 Index fell 10.09 points, or 0.95 percent, to 1,050.78. The Nasdaq Composite Index slid 23.81 points, or 1.12 percent, to 2,107.61.
NYMEX - NEW YORK, Sept 24 - U.S. crude oil futures settled at the lowest level in eight weeks on Thursday as weak home sales suggested a slow economic recovery and added to demand worries following a government report on Wednesday of a surprise large increase in oil supply.
On the New York Mercantile Exchange, front-month November crude settled down $3.08, or 4.47 percent, at $65.89 a barrel, the lowest settlement since July 29, when front-month crude closed at $63.35. It ranged from $68.77 to a low of $65.60, the weakest intraday price since $65.23 on Aug. 17.
CBOT - SOYBEANS - November down 1 cent at $9.19-1/2 a bushel.
Worries about cool weather in the Midwest also support soybean futures. Soy losing ground to corn as spreads correct. Prospects for record large soy harvest overhang market.
CBOT - SOYOIL - October down 0.07 cent at 34.09 cents per lb; December down 0.09 at 34.47.
Support from strong export sales of soyoil was overcome by sliding crude oil.
FCPO - KUALA LUMPUR, Sept 24 - Malaysian crude palm futures ended off nine-day lows on Thursday although prospects of improved global vegetable oil supplies overshadowed a slight improvement in exports.
The benchmark December contract on the Bursa Malaysia Derivative Exchange lost as much as 56 ringgit to 2,090 ringgit ($601.6), a level unseen since Sept. 15. But it recovered slightly, settling down 31 ringgit at 2,115 ringgit a tonne.
REGIONAL EQUITIES - BANGKOK, Sept 24 - Southeast Asian stock markets drifted lower on Thursday, coming off their days' highs in line with other Asian shares, but analysts said foreigners would continue to push funds into the region.
Bucking the trend, Indonesia's index gained 0.5 percent, catching up with gains elsewhere over the past four days when it was closed for a Muslim holiday.
Most Asian currencies eased as the dollar rebounded, which pushed stocks down, as did the view the Federal Reserve might be closer to reining back its extraordinary stimulus measures, even though it reiterated a pledge to keep interest rates low.
Singapore's index ended down 0.7 percent, with Singapore Telecommunications easing 0.3 percent, and Malaysia's index slid 0.1 percent, led by a 0.3 percent
drop in lender Maybank.
Thailand's index was off 0.3 percent as oil fell closer to $68 a barrel, which prompted selling in heavyweight energy shares, with PTT falling 1.1 percent and PTT Exploration off 1.7 percent.
The Philippines inched down 0.2 percent and Vietnam lost 1.3 percent.
World central banks said they would scale back infusions of U.S. dollars into their banking systems, fueling unease triggered a day earlier when stocks sold off following the U.S. Federal Reserve's decision to slow purchases of mortgage debt.
That program has been one of the key pillars of the Fed's
efforts to support mortgage lending.
The Dow Jones industrial average dropped 41.11 points, or 0.42 percent, to 9,707.44. The Standard & Poor's 500 Index fell 10.09 points, or 0.95 percent, to 1,050.78. The Nasdaq Composite Index slid 23.81 points, or 1.12 percent, to 2,107.61.
NYMEX - NEW YORK, Sept 24 - U.S. crude oil futures settled at the lowest level in eight weeks on Thursday as weak home sales suggested a slow economic recovery and added to demand worries following a government report on Wednesday of a surprise large increase in oil supply.
On the New York Mercantile Exchange, front-month November crude settled down $3.08, or 4.47 percent, at $65.89 a barrel, the lowest settlement since July 29, when front-month crude closed at $63.35. It ranged from $68.77 to a low of $65.60, the weakest intraday price since $65.23 on Aug. 17.
CBOT - SOYBEANS - November down 1 cent at $9.19-1/2 a bushel.
Worries about cool weather in the Midwest also support soybean futures. Soy losing ground to corn as spreads correct. Prospects for record large soy harvest overhang market.
CBOT - SOYOIL - October down 0.07 cent at 34.09 cents per lb; December down 0.09 at 34.47.
Support from strong export sales of soyoil was overcome by sliding crude oil.
FCPO - KUALA LUMPUR, Sept 24 - Malaysian crude palm futures ended off nine-day lows on Thursday although prospects of improved global vegetable oil supplies overshadowed a slight improvement in exports.
The benchmark December contract on the Bursa Malaysia Derivative Exchange lost as much as 56 ringgit to 2,090 ringgit ($601.6), a level unseen since Sept. 15. But it recovered slightly, settling down 31 ringgit at 2,115 ringgit a tonne.
REGIONAL EQUITIES - BANGKOK, Sept 24 - Southeast Asian stock markets drifted lower on Thursday, coming off their days' highs in line with other Asian shares, but analysts said foreigners would continue to push funds into the region.
Bucking the trend, Indonesia's index gained 0.5 percent, catching up with gains elsewhere over the past four days when it was closed for a Muslim holiday.
Most Asian currencies eased as the dollar rebounded, which pushed stocks down, as did the view the Federal Reserve might be closer to reining back its extraordinary stimulus measures, even though it reiterated a pledge to keep interest rates low.
Singapore's index ended down 0.7 percent, with Singapore Telecommunications easing 0.3 percent, and Malaysia's index slid 0.1 percent, led by a 0.3 percent
drop in lender Maybank.
Thailand's index was off 0.3 percent as oil fell closer to $68 a barrel, which prompted selling in heavyweight energy shares, with PTT falling 1.1 percent and PTT Exploration off 1.7 percent.
The Philippines inched down 0.2 percent and Vietnam lost 1.3 percent.
Thursday, September 24, 2009
Breaking News-RTRS-UPDATE 4-Federal Reserve says U.S. recovery is underway
WASHINGTON, Sept 23 (Reuters) - The Federal Reserve on Wednesday upgraded its assessment of the U.S. economy, saying growth had returned after a deep recession, while reiterating its promise to hold interest rates very low for a long time.
The Fed also said it would slow its purchases of mortgage debt to extend that program's life until the end of March, in a move toward withdrawing the central bank's extraordinary support for the economy and markets during the contraction.
The U.S. central bank, as widely expected, held its benchmark overnight lending rates at close to zero percent.
The Fed also said it would slow its purchases of mortgage debt to extend that program's life until the end of March, in a move toward withdrawing the central bank's extraordinary support for the economy and markets during the contraction.
The U.S. central bank, as widely expected, held its benchmark overnight lending rates at close to zero percent.
Trader's Highlight
DJI-NEW YORK, Sept 23 (Reuters) - U.S. stocks fell on Wednesday as investors worried the Federal Reserve is closer to pulling back on extraordinary measures to inject funding to shore up the economy.
The Fed's policy-setters met and kept interest rates unchanged, as expected, but they also said the U.S. central bank would slow purchases of mortgage debt to extend that program's life until the end of March. That was seen as a step toward a measured withdrawal of its extraordinary support for the economy during the downturn.
The Dow Jones industrial average <.DJI> shed 81.32 points, or 0.83 percent, to 9,748.55. The Standard & Poor's 500 Index <.SPX> declined 10.79 points, or 1.01 percent, to 1,060.87. The Nasdaq Composite Index <.IXIC> lost 14.88 points, or 0.69 percent, to 2,131.42.
NYMEX-NEW YORK, Sept 23 (Reuters) - U.S. crude futures closed nearly 4 percent lower on Wednesday, clearly stung by data showing unexpectedly large weekly increases in domestic crude oil and refined product supplies.
On the New York Mercantile Exchange, new front-month November crude settled down $2.79, or 3.89 percent, at $68.97 a barrel, trading from $68.57 to $71.81.
CBOT-SOYBEANS - November down 1-1/2 cents at $9.20-1/2 a bushel. Waning worries about a crop-killing frost next week weighing on markets but futures bounced from session lows as dollar weakened. Soybeans losing ground to corn as spreads adjust after months of soy gaining on corn. Large speculators hold a net long soybean position and are short corn which tends to trigger corn/soy spreading.
US Census Bureau to issue monthly crush data on Thursday. Traders expecting soybean crushings in a range of 118 million to 119.1 million bushels.
CBOT-SOYOIL - October down 0.35 cent at 34.16 cents per lb; December down 0.36 cents at 34.56. Weakness in crude oil market pressures prices.
FCPO-KUALA LUMPUR, Sept 23 (Reuters) - Malaysian crude palm oil futures dropped 2 percent on Wednesday as traders booked profits after a cargo surveyor reported an improvement in exports and vegetable oil markets weakened.
Benchmark December contract on the Bursa Malaysia Derivative Exchange settled down 44 ringgit at 2,146 ringgit ($620) a tonne. Overall volume more than doubled to 11,386 lots of 25 tonnes each compared to the usual 5,000 lots.
REGIONAL EQUITIES-BANGKOK, Sept 23 (Reuters) - Singapore's stock market ended
flat on Wednesday as big caps such as DBS Group and CapitaLand came under selling pressure, and other regional bourses were mixed, with Malaysian banks falling but Thai energy shares up.
Selling brought regional indexes down from their day's highs ahead of a U.S. Federal Reserve policy decision later in the day, with its post-meeting statement expected to provide direction on the economic outlook.
Malaysia <.KLSE> eased 0.2 percent after touching 15-month highs, weighed down by a 3.9 percent fall in Malaysia Mining Corp and a 2.1 percent loss in financial firm AMMB
The Fed's policy-setters met and kept interest rates unchanged, as expected, but they also said the U.S. central bank would slow purchases of mortgage debt to extend that program's life until the end of March. That was seen as a step toward a measured withdrawal of its extraordinary support for the economy during the downturn.
The Dow Jones industrial average <.DJI> shed 81.32 points, or 0.83 percent, to 9,748.55. The Standard & Poor's 500 Index <.SPX> declined 10.79 points, or 1.01 percent, to 1,060.87. The Nasdaq Composite Index <.IXIC> lost 14.88 points, or 0.69 percent, to 2,131.42.
NYMEX-NEW YORK, Sept 23 (Reuters) - U.S. crude futures closed nearly 4 percent lower on Wednesday, clearly stung by data showing unexpectedly large weekly increases in domestic crude oil and refined product supplies.
On the New York Mercantile Exchange, new front-month November crude
CBOT-SOYBEANS - November
US Census Bureau to issue monthly crush data on Thursday. Traders expecting soybean crushings in a range of 118 million to 119.1 million bushels.
CBOT-SOYOIL - October
FCPO-KUALA LUMPUR, Sept 23 (Reuters) - Malaysian crude palm oil futures dropped 2 percent on Wednesday as traders booked profits after a cargo surveyor reported an improvement in exports and vegetable oil markets weakened.
Benchmark December contract
REGIONAL EQUITIES-BANGKOK, Sept 23 (Reuters) - Singapore's stock market ended
flat on Wednesday as big caps such as DBS Group and CapitaLand came under selling pressure, and other regional bourses were mixed, with Malaysian banks falling but Thai energy shares up.
Selling brought regional indexes down from their day's highs ahead of a U.S. Federal Reserve policy decision later in the day, with its post-meeting statement expected to provide direction on the economic outlook.
Malaysia <.KLSE> eased 0.2 percent after touching 15-month highs, weighed down by a 3.9 percent fall in Malaysia Mining Corp
Trader's Comment: CPO futures prices ended lower on profit taking activities.
CPO futures prices ended lower on profit taking activities. Benchmark Dec09 had been hovering in negative territory between 2172-2188 through out the morning session after opened RM10 lower at 2180, tracking the softer tone of eCBOT soy oil and Dalian palm in the early trading time. Although the released of Sep1-20 palm oil export data by private cargo surveyors SGS which reported an increase of 2.9% had reinforced market expectation of higher export in month end, however market sentiment did not improve in the second session but dampened further as traders took this opportunity to book their profit after last week’s rally. Prices continued to fall lower through out the second session and hit intra day low of 2142 before it settled RM44 lower at 2146. Daily volume was low with only 11,386 contracts traded as many traders are still off due to holidays.
FCPO Daily: Still in consolidation phase
Market is likely to continue its consolidation phase in near term. Thus, we maintain the upside resistance at 2200-2220 and downside support is pegged at 2119-2122 (leftover gap on 16/9/2009).
CBOT Soyoil Daily: Tight rangy mode
Market was moving in tight rangy mode into a consolidation mode. Thus, market may trade in range between USD35.20-35.30 to USD34.00
NYMEX Crude Daily: Losing ground
Market is losing ground further after few round failed to break through the overhead resistance at USD73 convincingly. Thus, consolidation phase is likely to extend provided underline support at USD67 is defended. Violation of it may weaken the overall immediate technical landscape.
SSE Daily: Tough resistance at 3,060-3,070
Market was facing tough resistance at 3,060 to 3,070 following prices failed to stay firm. Hence, market may due for a correction in near term. We are looking for the underline support at 2,640 levels, violation of it may provide more room to bias downside potential.
DJI Daily: In Positive tone
Market shy away after tested the recent high at 9,900 levels. However, overall market momentum remains in positive tone. Thus, we are now looking for the upside target at 10,000 levels. To the downside, support is maintain at 9600 levels.
FKLI Daily: Upward posture is maintaining well
Market gave up most of its gains after tested the fresh new high at 1232 levels. Bulls still maintain its upward posture without any sign of tiredness. Thus, we remain positive towards the near term market and upside resistance is adjusted to 1240-1250. To the downside, support is pegged at 1200.
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