The Early Look: Not So Good Morning For Bulls
July 12, 2012 @ 8:12 AM EST
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The Early Look
Here’s a brief look at the pre-market action for July 12, 2012 @ 07:30 AM
Good morning. Or not so good for bulls.
Asian markets took a fairly good beating, down -1.3%, supposedly on disappointment over the FOMC minutes but also over Japan's decision not to more aggressively increase stimulus efforts. There was a modest increase by BoJ of asset purchases and South Korea and Brazil lowered rates.
Europe is trading off as we write this, -1.0%. This despite much better than expected industrial production figures out of the Euro zone.
The Euro hit new lows overnight and many are attributing this to the recent ECB rate cuts, which is creating a flight of capital out of Europe.
U.S. futures had a very nice run up toward the end of yesterday's cash session as the market itself had a late day encouraging mini-reversal, After the S&P futures reached as high as 1339.50 last night, they are now trading at 1326, down 10-11 from the open and below yesterday's lows. The Dow futures now down 75-90.
Many strategists attributing the recent global stock slump also to fears over China data on GDP which will be released Friday.
Jobless claims today at 8:30 am and also import/export prices.
Good Trading!
David W. (aka The Underground Trader)
Pre-Game Indicators
Here are the Pre-Market indicators we review each morning before the opening bell...
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Major Foreign Markets:
- Australia: -0.70%
- Shanghai: +0.47%
- Hong Kong: -2.03%
- Japan: -1.48%
- France: -0.52%
- Germany: -0.87%
- Italy: -1.52%
- Spain: -1.97%
- London: -1.13%
- Australia: -0.70%
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Crude Oil Futures: -$1.22 to $84.59
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Gold: -$13.10 to $1562.60
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Dollar: higher against the yen, euro and pound
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10-Year Bond Yield: Currently trading at 1.490%
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Stock Futures Ahead of Open in U.S. (relative to fair value):
- S&P 500: -9.90
- Dow Jones Industrial Average: -88
- NASDAQ Composite: -18.69
- S&P 500: -9.90
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