It’s a week we did not gather to view how the futures trading markets going. Today, we will do that job. First of all, I wish to know how your trading week? I hope you guys are doing well. Back to the trading floor this week, we will get closed to Financial, Energies and Metals markets.
To start, let me share with you some information on finance. The market is now waiting for the Federal Reserve meeting which will happen in the latter part of the week. “Should the government keep buying toxic assets to help with the recovery?” will be argued. All are expected that the Fed may keep rates as is and give some supports to the current market. Officials will have a chance to ask where the market is headed. It is important to listen to the language that will be announced.
Last year is one of the best years of investment banks. But in this year, it may be difficult for them to duplicate results. There is some news that we don’t expect to hear. Volume is supposedly down significantly and the 2010 forecast for profits are speculated to be lower. New stock offering are down 15% and bond issuances is down 25% from last year. Goldman and Citigroup will not be allowed to have sole proprietary desks due to Congress’ new regulation. Financial firms hired employees because of a stellar 2009, however they now have more mouths to feed. Profits will be lower because of this effect.
We will go next to look at the S&P. The S&P was up slightly 1.50 points to 1122.50 while the DOW was up 16 points to 10558.00. The market is looking for some sort of positive language from the President today. His job as President is to keep Americans calm and to give some support to the markets.
That’s all for the financial market this week. Now, we will knock at the door of energies and metals markets. To narrow them, Natural Gas and Copper are what we concern today. Natural Gas looking to stay above the $4.00 mark here as November will take shape soon in the coming weeks. “If you can get an opportunity to buy Nov Natural Gas at $3.80 that is definitely a great buying opportunity on the dips” is an advice from the expert for you this week. The prices are still changing, so you can keep in touch the market with the energy prices which are updated daily.
Go next to Copper! Copper has been having a great run up to the $3.50 level, but it needs to break resistance at $3.55 to move any higher here. With the S&P lingering around 1130 any burst above this level could send Copper above this resistance. According to the analysis, futures experts remind us to keep in mind that $3.68, this year’s high is only 10-15 cents away right now!
We have just gone around some markets in futures trading floor, but not all. As careful traders or investors we need to cover all the markets. If you care, the daily futures prices will help you somehow. You may be busy with your job, I will not take your time any more. I’ll be back in the next week to bring you the new notable information on the markets next week. Good luck!