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Daily Report: Sentiments Weighed Down as Greece Unable to Secure Second Bailout Despite Austerity AgreementMarket sentiments are a bit weighed down by news that even though the austerity plan was agreed among political leaders, Greece is still unable to secure the EUR 130b second bailout from EU/IMF. Luxembourg Prime Minster Juncker said yesterday after the meeting between EU finance ministers in Brussels that "despite the important progress achieved over the last days, we did not yet have all necessary elements on the table to take decisions." Juncker required Greece to firstly pass the austerity package in parliament on Sunday, secondly find extra EUR 325m in savings for 2012, and thirdly give "strong political assurances" for continuing the reform implementation after April's general election. Juncker noted that the three elements are needed before EU can make the decisions on approving the bailout. EU finance ministers would review the Greek proposal again next Wednesday. Greek Finance Minister Venizelos responded saying that "between now and next Wednesday, we must decide whether our country's salvation will come from within." |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.9086; (P) 0.9119; (R1) 0.9148; More.... USD/CHF is clearly losing downside momentum with 4 hours MACD crossed above signal line but there is no strength for recovery yet. Intraday bias remains on the downside with 0.9151 minor resistance intact. Current fall from 0.9594 is expected to continue to 0.9065 next. As noted before, considering bearish divergence condition in daily MACD, whole rebound from 0.7065 is possibly finished. Break of 0.9065 support will target 0.8567 key support to confirm the bearish case. On the upside, above 0.9151 minor resistance will turn bias neutral and bring consolidations. But break of 0.9262 resistance is needed to signal short term bottoming. Otherwise, we'll stay near term bearish even in case of recovery. |
| Special Reports |
As Expected, BOE Added More Stimulus while ECB Stood AsideThe BOE expanded the asset purchase program by +50B pound to 325B pound and left the Bank rate at 0.5%. As mentioned in the policy statement, 'the underlying pace of recovery slowed during 2011, with activity falling slightly during the final quarter. While policymakers noted that 'some recent business surveys have painted a more positive picture and asset prices have risen', the pace of expansion in the country's major exporters 'has also slowed and concerns remain about the indebtedness and competitiveness of some euro-area countries'. |
| Economic Indicators Update | Don’t miss the largest investor and trader gathering in the World—The World MoneyShow Orlando, February 9-12, 2012 at the Gaylord Palms Resort. Be there as recommendations and advice are revealed for how to best position your portfolio for profit—in 2012 and beyond. Register Free Today! | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea update will resume on Tuesday - 21 Feb 2012. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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