The Euro continues to be under pressure for the 9th straight session. As headlines hit the wires about Greece and Spain market participants look to move away from the risk appetite assets send money flowing out of the Euro and into the U.S. dollar. Playing the move Euro move
With all the bad news hitting the news wires the U.S. market actually held in better than I thought it would.
After hitting its 52week high back on May 1st of this year Master Card (MA, quote) traded in a range from around $400 to $440 until it began to march higher back towards the 52 week high starting on September 6th. Since then the last 7 sessions Mater Card has traded sideways and has now pulled back to the near term trendline and has held the trendline support for the
Welcome to today’s Morning Coffee Break –despite losses last week U.S. markets are firmly in the green as market participants head into the last week of September and the final week of the 3rd quarter. Markets are in the green as well for the 3rd quarter putting markets on target to be the best year since 2009.
Those that just register to view the advance Starbucks option trade.
As we mentioned in the Morning Coffee Break Starbucks (SBUX, quote) will start selling its new Verismo single serve brew machine. The Verismo will be sold online this week for $199 and will available in stores starting next month.
As we approach the 4th and final quarter of 2012 coupled with the Bernanke floor thanks to the unlimited buying of mortgage backed securities banks like JP Morgan (JPM, quote), Wells Fargo (WFC, quote) and Bank of America (BAC, quote) should do well especially with large funds chasing for performance going into year end.
Cheniere Energy (LNG, quote) has been on trek higher since June 4th drop with the last 8 session flying much higher as the U.S. looks to natural gas as a bridge fuel.
Gold price continued its climb higher for a second day after Federal Reserve announcement of third round of quantitative easing which weakens the U.S. dollar and in turn strengthen gold’s price as traders look for safety. The FMOC’s announcement of QE3 was more aggressive than most analysts were anticipating with a plan to purchase 40 billion USD in mortgage backed securities on a ongoing unlimited fashion until the U.S. economy
The U.S. dollar continues to remain under pressure as the U.S. dollar index trades below the 80 level to 79.68 in anticipation of the Federal Reserve will begin its third round of monetary easing (QE3). Market participants are focusing on tomorrow’s statement from the FMOC scheduled for 12:30 a.m. ET.
