 Weekly Roundup MARCH 30, 2012 MarketWatch top 10 stories March 26 - 30By MarketWatch
The S&P 500's (SPX) 12% rise would represent "a stunning year, and is even more so as a quarter. But I do think it's a comeback from an underexposed level for institutions; they were so scared they were hiding in defensive issues, and are now looking for opportunities to make money and not just hide. That shift alone has also helped move markets higher," said Marc Pado, U.S. market strategist at DowBull.com. Up 8.1% for the quarter, the Dow Jones Industrial Average (DJIA) also sealed its best first-quarter point gain in its history. The Nasdaq Composite (COMP) rose nearly 19% for the first quarter. Also, please watch our Week Ahead videos:  U.S. Week Ahead: March Jobless Rate Europe Week Ahead: Air Traffic, PMIs & Payrolls Greg Morcroft, assistant managing editor Apple supplier Foxconn agrees to changes Apple Inc. (AAPL) supplier Foxconn Technology Group has made "ground-breaking commitments" to improve working conditions at three factories where the computing giant's products are made, an auditor said Thursday. The Fair Labor Association, a Washington, D.C.-based advocacy group focused on workers' rights, said it found "significant issues with working conditions" at three China factories operated by Foxconn, a major Apple partner. Apple's popular iPhone and iPad products are manufactured at the facilities. Read about Apple supplier practices on MarketWatch A quarter to remember for global stocks You know it's been a wild quarter for equities when the topper is the public debut of a mac n' cheese specialist that will rival anything Facebook can throw at it. Yet the near doubling in shares of organic food maker Annie's Inc. (BNNY) shares this week helped close out a quarter that defied almost all expectations, from the most bearish of euro skeptics to the most hopeful of easy money disciples. Anyone ready to double down for the second quarter? Didn't think so. Read Dave Callaway commentary on wild first-quarter for global markets, on MarketWatch Feeling bearish? Try these 3 ETFs We all know that old line about climbing the "wall of worry" and how sometimes the market can be resilient to doubters and bad headlines. However, many traders out there right now worry that even if an economic shock isn't in the works, that the market is just plain overextended — running to far, too fast. If you're in the bearish camp, don't feel like you have to go to cash and get defensive. The fact is that a number of ETFs can help you easily play the market's downside. Read MarketWatch to find three ETFs for the bears Best Buy's moves meet with investor skepticism Best Buy Co. (BBY) , the largest U.S. electronics chain, swung to a fourth-quarter loss, hurt by charges and lower sales of notebook computers and televisions.In moves to better combat the changing electronics retail market, the company also said on Thursday it plans to shut 50 of its unprofitable big-box stores this year while opening 100 of its smaller Best Buy Mobile locations as it targets $800 million in planned cost reductions by fiscal 2015. In a 90-minute conference call with analysts, Best Buy's Chief Executive Brian Dunn said he's disappointed with the company's performance and unveiled a set of actions that he said will benefit results in a market where traditional electronics sales, still the company's bread and butter, will likely decline again this year. Read MarketWatch coverage of Best Buy's fourth-quarter woes Bernanke: Not clear if good jobs trends will last Federal Reserve Chairman Ben Bernanke said Monday that improvement in the labor market might not be able to be sustained, comments that investors interpreted as an indication the central bank isn't willing to exit its ultra-easy monetary policy. "We cannot yet be sure that the recent pace of improvement in the labor market will be sustained," said Bernanke in a speech to the National Association for Business Economics. "There are a lot of things happening in the labor market we don't fully understand," he said. While the labor market may lead to a self-sustaining recovery, "we have not seen that in a persuasive way yet," Bernanke added. Read MarketWatch coverage of Fed chief's market-moving Monday talk Euro-zone boosts anti-contagion firewall Euro-zone finance ministers on Friday agreed to temporarily boost the lending capacity of the region's rescue funds to 700 billion euros ($934 billion) from €500 billion in an effort to convince markets they can contain the region's long-running sovereign debt crisis.Financial markets took the announcement in stride. The figure came in below the €1 trillion level pushed by international officials and others but was in line with overall market expectations. Read MarketWatch coverage of the latest, up-to-date news on the European debt crisis Court ambiguous on health care, but insurers OK It's uncertain how the U.S> Supreme Court will rule after this week's historic set of hearings on the Affordable Care Act, but insurers seem to be taking comfort in what the justices had to say. The nation's major managed-care providers all enjoyed robust gains in their stock prices Thursday, lifting the health-care sector near the top of the S&P 500. It was the first trading session after the nine justices concluded a rare six hours of arguments over the health-care reform bill that is considered President Barack Obama's signature achievement. The reason? While it is unclear how the court will rule, justices appeared sympathetic to the notion that if it strikes down the key provision that all citizens must buy insurance, then the requirement for carriers to provide coverage to all must be dropped as well. Read about this weeks hearing on Obamacare, and its market effect, on MarketWatch Can't pay your tax bill? You have options If tumbleweeds are blowing through your bank account and you're not sure how you're going to pay your tax bill, take a deep breath. Most taxpayers have a number of options available to them to slake the IRS's wrath.The bad news: Getting more time to pay usually isn't free. You may face fees, interest charges and possible IRS penalties, too. (The IRS currently charges interest of about 3% on unpaid tax debt, compounded daily.) Read MarketWatch's Taxwatch column MF Global's O'Brien takes Fifth at hearing An MF Global executive on Wednesday invoked her right against self-incrimination at a congressional hearing investigating how $1.6 billion of client funds went missing after the eighth-largest collapse in U.S. history. Edith O'Brien, the assistant treasurer, twice took the Fifth Amendment rights, and when asked by Rep. Randy Neugebauer, said she would take the Fifth to every question. Other MF Global witnesses did testify, including the current general counsel, Laurie Ferber, and chief financial officer, Henri Steenkamp, as well as the former North American finance chief, Christine Serwinski. Read MarketWatch coverage of the continuing probe into the MF Global collapse China, oil, pressure global stock-fund investors Economic trouble isn't over, over there, but buyers of international stocks are clearly over the shock that plagued both developed and emerging markets in 2011. Stock investors venturing outside of the U.S. waded into calmer waters in the first quarter, with every international mutual-fund category posting double-digit gains in the period.Yet while the rebound is healthy and welcome, the fear pendulum is swinging towards China, where the economy is slowing. Moreover, surging oil prices pose a new hurdle for global growth and could worsen any recession that may hit Europe. How to position portfolios against such uncertainty will dominate investors' attention in coming months. Read about the lurking risks in emerging markets that may be being overlooked, on MarketWatch 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 2012 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 |
Friday, March 30, 2012
Weekly Roundup: MarketWatch top 10 stories March 26 - 30
Personal Finance Daily: Free checking isn't entirely extinct
Personal Finance Daily MARCH 30, 2012 Friday's Personal Finance StoriesBy MarketWatch
In our latest Realty Q&A column, Lew Sichelman writes about alternatives to reverse mortgages, eligibility requirements and resources. Also, there's that huge lottery hanging out there. You've heard about it, right? Chuck Jaffe writes that buying one ticket is fine; buying two makes it a stupid investment. — Anne Stanley , managing editor, Personal Finance Alternatives to reverse mortgages There are several alternatives to reverse mortgages, or home-equity conversion mortgages, as they also are known. But as with reverse loans, there are age restrictions, Lew Sichelman writes. Read more: Alternatives to reverse mortgages. Free checking: You can get it if you want it Big banks are charging fees on checking accounts, but smaller banks, online banks and credit unions still want your business. Read more: Free checking: You can get it if you want it. INVESTING China, oil, pressure global stock-fund investors Stock investors venturing outside of the United States waded into calmer waters in the first quarter, with every international mutual-fund category posting double-digit gains in the period. Read more: China, oil, pressure global stock-fund investors. Mega Millions: In it, not to win it Purchasing extra chances at the multistate lottery's enormous payoff doesn't put you "in the game," says Chuck Jaffe, who in fact taps this multiple-ticket strategy as his Stupid Investment of the Week. Read more: Mega Millions: In it, not to win it. Betting on quarterly momentum Does a great quarter increase or decrease the odds for an higher stock market in the next quarter? Mark Hulbert sets out to discover the answer. Read more: Betting on quarterly momentum. Bond-fund investors ride out market's bumps If the first quarter is any indicator, bond-market behavior may finally reflect the "new normal" that Pimco's Bill Gross and others first started talking about a few years back. Read more: Bond fund investors ride out market's bumps. ECONOMY & POLITICS Sentiment highest in more than a year Consumer sentiment is the highest in more than a year, led by views on current conditions, according to a gauge released Friday. Read more: Sentiment highest in more than a year. U.S. consumer spending jumps in February While spending at the fastest pace in seven months, consumers' incomes rise at much slower clip in February. Read more: U.S. consumer spending jumps in February. 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 2012 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 |
BEA News: Personal Income and Outlays, February 2012
The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:
Personal income increased $28.2 billion, or 0.2 percent, and disposable personal income (DPI) increased $18.9 billion, or 0.2 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $86.0 billion, or 0.8 percent. In January, personal income increased $26.5 billion, or 0.2 percent, DPI increased $5.0 billion, or less than 0.1 percent, and PCE increased $40.9 billion, or 0.4 percent, based on revised estimates.
The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/national/pi/pinewsrelease.htm
The Bureau of Economic Analysis provides this service to you at no charge. Visit us on the Web at www.bea.gov. All you will need is your e-mail address. If you have questions or need assistance, please e-mail subscribe@bea.gov.
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Technical Major Currencies Report
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Friday March 30 , 2012 11:26 GMT
Euro
Great British Pound (GBP)
Japanese Yen (JPY)
Swiss Franc (CHF)
Canadian Dollar (CAD)
Midday Report
The pair didn’t confirm the ability to clear the wide resistance areas between 1.3380 and 1.3415 as trading has been trapped within tight range since morning. In the interim, Stochastic didn’t give of the confirmed signal; thus, we will remain on the sidelines for the rest of the day. Carefully note that a break below 1.3295 will bring additional bearish pressures.
The trading range for today is among key support at 1.3140 and key resistance at 1.3550.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3320 | 1.3295 | 1.3230 | 1.3200 | 1.3180 |
| Resistance | 1.3380 | 1.3415 | 1.3455 | 1.3500 | 1.3550 |
| 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. | ||||
Great British Pound (GBP)
Midday Report
As we discussed this morning, the pair was on its way to attack the psychological level of 1.6000 and it succeeded to reach 1.6030 areas. Now, the question is, shall we witness a confirmed breakout above it with the quarterly closing? Actually, we are not completely sure due to the negativity on Stochastic over four-hour interval. But, if it succeeds in taking the aforesaid level, we should classically follow bulls targeting 1.6165 zones. Let us wait and see to confirm the next big move.
The trading range for today is among key support at 1.5730 and key resistance at 1.6165.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5975 | 1.5925 | 1.5880 | 1.5820 | 1.5780 |
| Resistance | 1.6025 | 1.6075 | 1.6125 | 1.6165 | 1.6215 |
| 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)
Midday Report
The pair didn’t show any big move since morning but the current choppy trading is required to take Stochastic and RSI 14 gradually towards oversold areas and that may meet the suggested entry point for bulls at 81.50 zones. To conclude, we hold onto our bullish anticipations for the rest of the day; note that a break above 82.30 will bring more buying interest.
The trading range for today is among key support at 80.50 and key resistance now at 83.70.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 81.90 | 81.50 | 81.25 | 81.00 | 80.75 |
| Resistance | 82.30 | 82.50 | 82.70 | 83.00 | 83.20 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 81.50 targeting 83.00 and stop loss below 80.95 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The zig zag (5-3-5) scenario of the reactionary waves that started at 0.9335 remains valid and thus, areas between 0.8975 0.8960 could be the base for the next Impulsive (IM) wave of the suggested Elliott count. The last defensive level for this count resides at 0.8925 but for now, risk versus reward ratio for bears is very high since RSI continues approaching the value of 30.00 while a break above 0.9080 is required to confirm the upside rebound. Consequently, we will remain neutral for the rest of the day.
The trading range for today is among key support at 0.8850 and key resistance at 0.9200.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9015 | 0.9000 | 0.8985 | 0.8965 | 0.8925 |
| Resistance | 0.9080 | 0.9105 | 0.9145 | 0.9175 | 0.9200 |
| 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. | ||||
Canadian Dollar (CAD)
Midday Report
The pair is trading within the same tight range since morning, trying to resume the downside bias after 0.9950 managed to halt the downside pressure. However in general, we prefer to remain aside for this week as price is near the middle of the range bound.
The trading range for the week is expected among the key support at 0.9850 resistance at 1.0150.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
| Support | 0.9950 | 0.9900 | 0.9870 | 0.9850 | 0.9800 |
| Resistance | 0.9990 | 1.0020 | 1.0050 | 1.0080 | 1.0120 |
| Recommendation | Based on the charts and explanations above, we recommend staying aside awaiting further confirmations | ||||
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Technical Precious Metals Report
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Friday March 30 , 2012 11:39 GMT
Gold
Silver
Midday Report
Stochastic is offering a negative crossover, while the metal is stable below EMA 20 and 50, which is a negative sign indeed. But as the same time, consolidation above 1643.00 makes us to hold onto our positive expectations as they are today, where stability above the mentioned level indicates that the effect of the bullish technical structure is still valid and significantly on the pair, shown above in green.
The trading range for today is among the key support at 1624.00 and key resistance now at 1700.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1654.00 | 1650.00 | 1643.00 | 1638.00 | 1629.00 |
| Resistance | 1666.00 | 1673.00 | 1681.00 | 1690.00 | 1694.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1654.00, targeting 1681.00, 1694.00 and 1709.00 and stop loss with 4-hour closing below 1624.00 might be appropriate. | ||||
Silver
Midday Report
23.6% Fibonacci correction at 32.60 was able to stop the metal's positive momentum. But at the same time, consolidation above 31.75 suggests that silver will attempt to breach this level and move towards 32.85 and then 33.00. Our morning expectations remain valid for the rest of the session today, supported by the bullish technical pattern and the harmonic pattern mentioned in our weekly report.
The trading range for today is among the key support at 30.30 and key resistance now at 34.40.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 32.00 | 31.75 | 31.25 | 30.85 | 30.30 |
| Resistance | 32.60 | 32.85 | 33.00 | 33.15 | 33.40 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 32.00, and take profit in stages at 32.45, 32.85 and 33.65 and stop loss with 4-hour closing below 31.25 might be appropriate | ||||
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Technical Precious Metals Report
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Friday March 30 , 2012 06:05 GMT
Gold
Silver
Morning Report
The bearishness stopped in areas above 1643.00 and then returned to incline to settle above 1654.00. This is a positive sign indicates the upside move is still available today, affected by the bullish technical structure in addition to the harmonic pattern mentioned in our weekly report. Consolidation above 1643.00 is necessary for our expectations to prevail.
The trading range for today is among the key support at 1624.00 and key resistance now at 1700.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1654.00 | 1650.00 | 1643.00 | 1638.00 | 1624.00 |
| Resistance | 1666.00 | 1673.00 | 1681.00 | 1690.00 | 1694.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1654.00, targeting 1681.00, 1694.00 and 1709.00 and stop loss with 4-hour closing below 1624.00 might be appropriate | ||||
Silver
Morning Report
The level of 31.25 was able to stop the bearishness, while silver returned to settle above 31.75. This was accompanied with positivity on Stochastic, indicating that the upside move might return today, affected by stability above the main resistance of the downside movement. Consolidation above 32.85 and 33.15 is necessary to support our outlook. A breach of the mentioned level threatens the positive expectations.
The trading range for today is among the key support at 30.30 and key resistance now at 34.40.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 32.00 | 31.75 | 31.25 | 30.85 | 30.30 |
| Resistance | 32.45 | 32.85 | 33.00 | 33.15 | 33.40 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 32.00, and take profit in stages at 32.45, 32.85 and 33.65 and stop loss with 4-hour closing below 31.25 might be appropriate | ||||
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India's Affinity for Gold: Reasons for Concerns (New Blog Posting)
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© 2008 Mercantile Exchange Nepal Limited. All Rights Reserved | Thursday, March 29, 2012Technical Major Currencies Report advertisement Friday March 30 , 2012 04:42 GMT Euro Morning Report The pair didn’t prove the veracity of our Elliott sequence over four-hour interval discussed in the previous report as it moved higher again from the middle line of Keltner channel as seen on the provided daily chart. The confluence of resistances between 1.3380 and 1.3415 could be retested once again to resume bullish momentum seen in the Asian session but we are not completely sure whether the pair will be able to take those resistance levels or not as Stochastic couldn’t give off a confirmed signal. Of note, coming back below 1.3295 zones will bring the bearish picture back into focus. The trend is now unclear and we are obliged to stay aside once again over intraday basis. The trading range for today is among key support at 1.3140 and key resistance at 1.3550. The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 remain intact.
Great British Pound (GBP) Morning Report The pair failed to maintain levels below SMA 200 where it moved upwards again redressing all Wednesday's losses as seen on the provided daily chart. Stochastic is attempting to confirm this bullish momentum over daily studies despite Stochastic over four-hour interval is on the way to enter overbought areas. Re-attacking the psychological level of 1.6000 could be seen as a positive sign but we should stay aside today as we have witnessed choppy trading during the week while today's closing is very important as today represents the last day of trading in the first quarter of 2012. To conclude, let us wait and see until the pair proves its ability to take 1.6000. The trading range for today is among key support at 1.5730 and key resistance at 1.6165. The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 remain intact.
Japanese Yen (JPY) Morning Report Adopting a favorable reaction to the bearish outlook we took up during the previous three days, the pair succeeded in re-testing the awaited level at 81.90 yesterday as seen on the provided chart. Stochastic and RSI 14 are gradually taken towards the oversold areas and that may bring an impressive upside move that we should follow from areas between 81.80 ad the key support levels for short term traders at 81.50. Only a break below 80.90 will negate the intraday bullish scenario. The trading range for today is among key support at 80.50 and key resistance now at 83.70. The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
Swiss Franc (CHF) Morning Report The solidity of SMA 50-red- which met the key resistance level hinted earlier at 0.9080 has played a big role pushing the pair downwards as seen on the provided four-hour chart. A Elliott scenario appeared on the graph suggests a potential zig zag formation (5-3-5) for the recovery from 0.9340 zones and it may bring a huge upside move anytime if the pair succeeded in placing a short term bottom between 0.9025 (76.4%) and 0.8975 (88.6%) but we need more confirmations to be added to this scenario via taking 0.9080 again. Only a break below 0.8925 areas will damage this Elliott sequence and thus, we will stay aside for the time being. The trading range for today is among key support at 0.8850 and key resistance at 0.9200. The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 remain intact.
Canadian Dollar (CAD) Morning Report After touching areas around the 1.0025; Loonie fell to reach the first targeted area we mentioned yesterday at 0.9950 before rebounding again this morning. The pair is fluctuating around the 50-days SMA, meanwhile Momentum indicators has turned neutral. Therefore, we prefer to stay aside today. The trading range for the week is expected among the key support at 0.9850 resistance at 1.0150. The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
To read the full story, ClickHere Home | Contact Us | More News ecPulse.com has sent you this message. To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders. Personal Finance Daily: States that are tax-friendly for retirees
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