|  |
Wednesday, November 30, 2011
MENAFN Summary- Daily Business News
Personal Finance Daily: Best cities in the world for quality of living
 Personal Finance Daily NOVEMBER 30, 2011 Best cities in the world for quality of livingBy MarketWatch
The cities that top the list are mostly in Europe. Canadian cities score very well for safety. Top of the list? Vienna. Bottom: Baghdad. The highest ranking U.S. cities are Honolulu and San Francisco. What do you think? These are great places to visit, but would you want to live there? — Anne Stanley , Managing Editor, Personal Finance Best cities in the world for quality of living See our slide show of some of the highlights of the Mercer 2011 Quality of Living Survey. Worldwide, the city with the best quality of living? Vienna. Baghdad is at the bottom of the list of more than 200 cities. Honolulu tops the U.S. rankings. Read more: Best cities in the world for quality of living. The tax mess deepens Epic failure in Washington is causing epic uncertainty for taxpayers. Congress's special 12-member deficit-cutting committee failed to agree on even a broad outline for addressing the U.S.'s fiscal woes. It marked the third year in a row that taxpayers headed into December with major tax-code issues unaddressed. Read more: The tax mess deepens. ECONOMY AND POLITICS Private-sector jobs rise 206,000: ADP Private-sector-payroll growth sharply accelerate in November, led by the service-producing sector and small businesses, according to the ADP employment report released Wednesday. Read more: Private-sector jobs rise 206,000. Fed, central banks slash dollar borrowing costs The U.S. Federal Reserve, the European Central Bank and other major central banks move Wednesday to bolster existing currency swap lines in an effort to ease rising market tensions. Read more: Fed, central banks slash dollar borrowing costs. Third-quarter productivity lowered to 2.3% U.S. workers were not as productive in the third-quarter as originally believed. Read more: Third-quarter productivity lowered to 2.3%. India's economic growth slows to 6.9% The Indian economy grows at its lowest rate in more than two years in the quarter ended in September, as high interest rates to contain inflation and a deteriorating global environment take their toll. Read more: India's economic growth slows to 6.9%. INVESTING Fed bails out Europe while ECB dithers The Fed steps in while Europe policymakers still dither over what to do to save the region, writes Steve Goldstein. Read more: Fed bails out Europe while ECB dithers. America still makes the pants that made America Round House workwear in Shawnee, Okla., is a company that refuses to say America can't make anything anymore, Al Lewis reports. Read more: America still makes the pants that made America. IMF rescue of Italy will spark global uprising The dilemma in the euro zone remains the same as it has been for months. Either Germany pays for the bailout, or the thing gets broken up, writes Matthew Lynn. Read more: IMF rescue of Italy will spark global uprising. A new era of Wall Street transparency U.S. District Judge Jed Rakoff is renowned for his tough stance against Wall Street crimes, and may be ushering in a new era of transparency on Wall Street. Read more: A new era of Wall Street transparency. Gold likely to be higher at year's end One month ago, Mark Hulbert reported the gold-market bullishness had dropped to its lowest level in two-and-a-half years. With gold only modestly higher since then, he takes a fresh look at the sentiment picture. Read more: Gold likely to be higher at year's end. Get the latest news on our mobile site: http://www.marketwatch.com/m  MarketWatch has sent you this newsletter because you signed up to receive it. To ensure you receive this newsletter in the future, please add marketwatchmail.com to your list of approved senders. Sent to: kumaresan.selva.blogger@gmail.com Unsubscribe | Subscribe Copyright 2011 MarketWatch, Inc. All rights reserved. MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc. By using this site, you agree to the Terms of Service and Privacy Policy (updated 6/26/07). MarketWatch - Attn: Customer Service, 201 California St., San Francisco, CA 94111 |
U.S Stocks Edge Higher On Optimsim Over Central Bank Coordination; Improved Economic Data
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
Coordinated Central Banks Action to Ease Market Tension Lower Dollar Swap Agreements 50 bp
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
Technical Precious Metals Report
Midday Report
When we published morning technical report, Stochastic was on its way to draw a negative divergence and it was one of the catalysts that prevented us form suggesting a bullish scenario despite stabilizing above SMA 20 and SMA 50. Now, this aforementioned negative divergence succeeded in sending the metal violently downwards forming a long black candlestick structure. Furthermore, moving averages become under attack; whilst Stochastic still has downside targets to be reached. In result, the bearishness may continue over intraday basis; specifically if the metal succeeded in bearing the key support around 1703.00.
The trading range for today is among the key support at 1650.00 and key resistance now at 1785.00.
The general trend over the short term basis is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
| Support | 1698.00 | 1687.00 | 1673.00 | 1665.00 | 1650.00 |
| Resistance | 1707.00 | 1715.00 | 1728.00 | 1732.00 | 1735.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold with a sustained breakout below 1703.00 targeting 1650.00 and stop loss above 1740.00 might be appropriate. | ||||
Silver
Midday Report
Silver declined affected by the rising wedge bearish pattern in addition to the consolidation below the simple moving average 50. Our morning expectations remain as they are, supported by the mentioned pattern along with the relative strength index being stable below the 50-point level.
The trading range today is among the key support at 29.55 and key resistance now at 33.50.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 31.25 | 30.95 | 30.50 | 30.30 | 30.00 |
| Resistance | 32.10 | 32.60 | 32.95 | 33.05 | 33.50 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver around 32.10, and take profit in stages at (30.30 and 29.55) and stop loss with 4-hour closing above 33.35 might be appropriate | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
Technical Major Currencies Report
Midday Report
The pair declined again to currently trade around 88.6% Fibonacci correction at 1.3270, but we don’t exclude any more negative pressures in order to close the opening gap seen with the start of this week. Consolidation below the exponential moving averages 20 and 50 supports the suggested extension of the downside movement today.
The trading range for today is among the major support at 1.3145 and the major resistance at 1.3565.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
| Support | 1.3270 | 1.3220 | 1.3160 | 1.3110 | 1.3080 |
| Resistance | 1.3300 | 1.3350 | 1.3380 | 1.3415 | 1.3490 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.3350, and take profit in stages at (1.3270 and 1.3220) and stop loss with 4-hour closing above 1.3415 might be appropriate today | ||||
Great British Pound (GBP)
Midday Report
The morning hinted long upper shadows of the four-hour candlesticks around 61.8% Fibonacci level forced the GBP/USD pair to move aggressively lower during the previous session, proving the solidity of the resistance around this aforesaid level. In the interim, the previous long black candlestick has motivated Vortex to start showing strength of the bearish signal -red- which is on its way to overlap negatively with the green one. Hence, the bearishness came back into focus and we will get more confirmations with a break below 1.5520-1.5510 zones. Note that any upside rallies should be capped below 1.5720-1.5750 for intraday traders.
The trading range for today is among key support at 1.5375 and key resistance at 1.5780.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 areas remain intact.
| Support | 1.5510 | 1.5460 | 1.5415 | 1.5375 | 1.5335 |
| Resistance | 1.5585 | 1.5630 | 1.5680 | 1.5720 | 1.5780 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5590 targeting 1.5335 and stop loss above 1.5750 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
From our suggested entry point for bulls around 77.80, the pair has inclined sharply approaching the initial resistance of 78.30 as seen on the provided four-hour chart. Additionally, the positive sign continues on Stochastic along with stability above 77.80. Thereby, we hold onto our bullish predictions for the rest of the day so long as SMA 100 remains intact. For intraday traders, breaching through 78.30 will weaken 78.60 areas.
The trading range for today is among key support at 76.40 and key resistance now at 79.55.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 77.80 | 77.30 | 77.15 | 76.95 | 76.60 |
| Resistance | 78.45 | 79.10 | 79.55 | 80.00 | 80.50 |
| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair inclined again, yet it didn’t settle above the level of 0.9235, which supports our negative outlook to remain valid for now. Momentum indicators are positively biased, but this positivity will not be effective as long as the pair is stable below 0.9335, while consolidation below 0.9235 supports the harmonic pattern to remain strongly effective.
The trading range for today is among the major support at 0.8980 and the major resistance at 0.9370.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.9200 | 0.9160 | 0.9110 | 0.9080 | 0.9045 |
| Resistance | 0.9260 | 0.9290 | 0.9335 | 0.9370 | 0.9400 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The pair is stable above the level of 1.0305 and also above the support level at 1.0275, which in result suggests that the pair could rebound to the upside in the rest of the session today. Our bullish expectations remain valid as long as the level of 1.0275 remains intact over intraday basis.
The trading range for today is among the major support at 1.0185 and the major resistance at 1.0570.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0305 | 1.0275 | 1.0205 | 1.0185 | 1.0140 |
| Resistance | 1.0365 | 1.0400 | 1.0475 | 1.0495 | 1.0570 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.0305, and take profit in stages at (1.0400 and 1.0570) and stop loss with 4-hour closing below 1.0205 might be appropriate | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
Fundamental and Technical Analysis for: AUDUSD - USDCHF - USDCAD
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
Fundamental Precious Metals
With the start of the session today, gold was able to gain slightly ahead of the European session, where after Europe joined the trading, gold reversed to the downside as investors are weighing the mixed decisions made by the euro zone finance ministers yesterday, awaiting critical fundamentals from major economies. Gold is expected to fluctuate heavily today ahead of the EU ministers meeting and the critical fundamentals due today. Gold opened at $1715.47 per ounce and recorded the highest at $1726.45 and the lowest at $1706.09, and is currently hovering around $1710.10 per ounce. The U.S. dollar returned to gain momentum and force downside pressures on other major currencies and commodities, and in result the downside pressures could be tracked to the metal’s movement, as we can see investors tend to liquidate their gold positions in order to cover the losses incurred in other markets. The euro-zone finance ministers agreed to provide Greece and Ireland with the next tranches of the previous financial aid packages, which in result eased tensions that Greece could face an early default; however, the measures taken disappointed investors who are seeking for a greater role of the European Central Bank in fighting back the crisis. The Euro-zone finance minister agreed to seek further support from the International Monetary Fund (IMF) instead of the European Central Bank, which is a critical move and should ease jitters and rising debt woes in the market, where the European Central Bank shouldn’t intervene directly in fighting the crisis unless the debt crisis threatens the one currency union itself; however, pessimism spread in the market as European lawmakers excluded the European Central Bank intervention for now. Our eyes will be focused today on the EU finance ministers meeting in Brussels, where markets will track clear decisions and how those decisions will be implemented, especially after euro-zone finance ministers were unable to quell jitters yesterday, and spread further pessimism in the market, despite the several decisions made. Critical fundamentals are to be released today, where the euro zone and Germany will provide us with the unemployment figures, which are expected to remain unchanged at 7.0% and 10.2% respectively, while the euro zone will add the CPI annual flash estimate for November, with expectations inflation could have lingered at 3.0% in the month; however, worse-than-expected figures could support pessimism to spread more and the sentiment to deteriorate further as the debt crisis is escalating and the effects are traced on the European and the global economy significantly. The United States will also release the closely watched ADP employment report, with expectations that the report will ease the jittery situation in the market as the U.S. private sector is projected to add 130 thousands new jobs compared with the previous addition of 110 jobs in October. Silver also slumped after starting the session at $31.90, to currently trade around $31.64 per ounce after setting the highest at $32.18 and the lowest at $31.53 per ounce. Among other precious metals, platinum also shed 0.90% or $14.00 after opening the session at $1536.50 per ounce, where the metal recorded the highest at $1547.75 and the lowest at $1516.00, and is trading now around $1521.50 per ounce. Palladium also lost 0.64% or $3.75 per ounce, where after the opening of $587.00 per ounce, the metal reached a high of $590.50 and a low of $578.50, and trades now around $582.00 per ounce. |
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
Technical Precious Metals Report
Morning Report
Gold continued its upside recovery which started at 1665.00 touching 38.2% Fibonacci retracement of the upside wave from 1603.00 to 1803.00 as seen on the provided four-hour chart. We can see how SMA 50 -colrored in red- and SMA 20 -blue- have provided the metal with support since the opening of this week, but there are two main technical catalyst that are contraditing with the above mentioned positive factor as follows:
- The sensitivity of the current levels.
- The potential negative divergence which is under formation on Stochastic.
Thereby, we are obliged to stay aside until the metal presents an actionable setup to pinpoint the upcoming big move. Finally, breaching 1705.00 will bring the negative picture back into focus.
The trading range for today is among the key support at 1650.00 and key resistance now at 1785.00.
The general trend over the short term basis is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
| Support | 1715.00 | 1707.00 | 1703.00 | 1698.00 | 1687.00 |
| Resistance | 1728.00 | 1732.00 | 1735.00 | 1753.00 | 1765.00 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Silver
Morning Report
The slight positivity seen on Stochastic wasn’t able to push the metal towards another bullish wave. Consolidation below 38.2% Fibonacci correction as shown above on the chart at 32.95 and also below the moving average 50 support us to hold onto our negative expectations as they are supported by the rising wedge pattern.
The trading range for this week is among the key support at 29.55 and key resistance now at 33.50.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 31.60 | 31.25 | 30.95 | 30.50 | 30.30 |
| Resistance | 32.10 | 32.60 | 32.95 | 33.05 | 33.50 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver around 32.10, and take profit in stages at (30.30 and 29.55) and stop loss with 4-hour closing above 33.35 might be appropriate | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
Europe ahead: Busy day for European lawmakers, eyes on critical fundamentals
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
Tuesday, November 29, 2011
Technical Major Currencies Report
Morning Report
The pair failed to settle above the several resistance levels at 1.3415 and 1.3465, and therefore returned to trade bearishly to currently move within the scope of the downside movement. This move drives us to expect that the pair could decline again in a new attempt to test areas around 1.3270 and maybe to cover the opening gap seen with the start of this week through reaching areas around the support of 1.3220. Consolidation above 1.3415 with 4-hour closing could negate our bearish outlook over intraday basis.
The trading range for today is among the major support at 1.3145 and the major resistance at 1.3565.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
| Support | 1.3300 | 1.3270 | 1.3220 | 1.3160 | 1.3145 |
| Resistance | 1.3350 | 1.3380 | 1.3415 | 1.3490 | 1.3515 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.3350, and take profit in stages at (1.3270 and 1.3220) and stop loss with 4-hour closing above 1.3415 might be appropriate today | ||||
Great British Pound (GBP)
Morning Report
With long upper shadows formed on the four-hour candlesticks, Cable couldn't clear 61.8% Fibonacci retracement of the upside wave from 1.5270 to 1.6165 as seen on our provide graph. The contrarian between the positivity on Vortex -trend indicator- and the negativity on RSI 14 -momentum indicator- in addition to the sensitivity of 61.8% level force us to stay aside over intraday basis despite breaching the resistance line of the descending channel. The pivotal resistance areas reside between 1.5690 and 1.5720 whilst the initial support resides at 1.5510.
The trading range for today is among key support at 1.5375 and key resistance at 1.5780.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 areas remain intact.
| Support | 1.5585 | 1.5510 | 1.5460 | 1.5415 | 1.5375 |
| Resistance | 1.5630 | 1.5680 | 1.5720 | 1.5780 | 1.5825 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Japanese Yen (JPY)
Morning Report
The pair has been well supported above 50% Fibonacci of the upside wave from 75.50 to 79.50 zones as seen on our provided four-hour graph. This solid support has pushed it above 77.80 zones, while Stochastic has turned bullish; thus, our bullish predictions remain intact over intraday basis. Of note, SMA 100 continues carrying the bullishness from below, solidifying our positive outlook. Ultimately, breaching through 78.30 will accelerate inclines.
The trading range for today is among key support at 76.40 and key resistance now at 79.55.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 77.30 | 77.15 | 76.95 | 76.60 | 76.40 |
| Resistance | 78.45 | 79.10 | 79.55 | 80.00 | 80.50 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 77.80 targeting 79.55 and stop loss below 76.65 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The pair attempts to incline, but the efforts are stopped by the bearish Butterfly harmonic structure, which continues to force downside pressures of the pair, while consolidation below 0.9235 suggests that the pair could provide more bearish attempts. Stochastic is stable above the 50-point level, while the relative strength index is stable below the 50-point level, while drives us to hold onto our negative outlook.
The trading range for today is among the major support at 0.8980 and the major resistance at 0.9370.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.9160 | 0.9110 | 0.9080 | 0.9045 | 0.9010 |
| Resistance | 0.9235 | 0.9260 | 0.9290 | 0.9335 | 0.9370 |
| Recommendation | Based on the chart and explanations above, our opinion is selling the pair around 0.9235, and take profit in stages at (0.9110, 0.9045 and 0.8980) and stop loss above 0.9335 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The pair was able to gain positive momentum from areas around 1.0275 and then rebounded to the upside; while today the pair faces the level of 1.0365, where consolidation above this level could support the upside move to extend further. Stochastic is turning positive, while the relative strength index is stable above the 50-point level.
The trading range for today is among the major support at 1.0185 and the major resistance at 1.0570.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0305 | 1.0275 | 1.0205 | 1.0185 | 1.0140 |
| Resistance | 1.0365 | 1.0400 | 1.0475 | 1.0495 | 1.0570 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.0305, and take profit in stages at (1.0400 and 1.0570) and stop loss with 4-hour closing below 1.0205 might be appropriate | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.