US Markets See Sharp Weekly Losses
AvaTrade | Oct 29, 2012 01:18AM ET
US Indices were flat in an unremarkable session Friday. However, for the week, they were sharply lower as election doubts and a looming fiscal cliff along with weak corporate earnings worried investors.
The Dow Jones finished up 3.5 points on Friday, with Intel trading up 1.2%, to lead the Dow’s gainers. The S&P500 lost 1.03 points and the NASDAQ rose 1.83 points. For the week the DJIA lost 1.77 percent, the S&P500 lost 1.48 percent and the NASDAQ lost 0.59 percent.
Along with earnings from Boeing (BA), we saw many components release this week. Merck (MRK) reported Q3 results that exceeded expectations. Earnings came in at 95 cents up 1 penny from last year but revenue fell to $11.5 billion from 12.02 billion. On the NASDAQ, Apple (AAPL) outlook for the holiday season was short of forecasts. AAPL closed down 5.538 points to close at $604.00/share.
FOREX
GBP/USD: the market fell at first last week but found support at 1.5912 and recovered strongly.
This could indicate that the correction from 1.6309 has come to a completion. We could see a test of 1.6177 at first this week. A break and daily close above this level could test 1.6309. Alternatively, a move lower this week, could test 1.6025, with a break lower testing the key support at 1.5912. Below that level could test 1.5489.
The development argues that correction from 1.6309 has completed already. Initial bias
COMMODITIES
Silver: the market’s choppy fall from 35.445 extend continued with a break of the support at 32.72. This could mean the rise from 26.105 has completed. We could test the 50% retracement at 30.775 next.
Alternatively, we see resistance at 33.3250. A break above that could indicate a bottom is in place. Above that level can test 35.445.
DISCLOSURE & DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.