Peanut Princess Trading Nymph looking at Next Week, Euro Trash?

Well, Congress is coming back and we will be all watching the Euro and Sterling this week, it’s a light week so we will see if the Bulls can hold the Market above SPX 1070 and maybe even push it up to 1140? OK I am done laughing. Yet, all of it will be dependent on whether the Euro/USD can get back to it’s support of its all time 50% level of 1.2134 while both the ECB and Bank of England meet this week.
This week we also get the “Trade Balances from around the World” and we will watch to see if our bond auctions will still remain strong.

Also for a possible trade, for some strange reason, Gold seems to like to rally before the ECB and BoE meetings so you may want to watch that. For Company Earnings, it is again a very light in the number of companies reporting.

Monday
In the early morning we will have the European Monetary Union Senix Investor Confidence Number, that is a survey of Investor sentiment that is calculated by the Number of Bulls minus the number of bears divided by the total number of votes. Because the Eur/USD is so close to that key support all European data needs to be watched close this week.
During the USA markets at 3:00pm est. we will get the monthly Consumer Credit Data, the Fed releases the dollar value of consumer installment credit outstanding which can give us insight into the consumer. After the close we will get the Earnings of PBY support at 9.62ish with resistance at 13.37ish and FCEL has support at 2.00 and resistance at 2.74 but this is testing it’s all time lows.

Tuesday
In the early Morning we get Japan’s and Germany’s Trade Balance Numbers which is a measure of balance amount between import and exports. We also get the Germany Industrial Production Data. This is released by the Federal Ministry of Economics and Technology and measures the outputs of the German Factories and Mines.

Before the Bell, in the US, we get the earnings of DG which has support at about 29.50ish and has a chart that could get ugly real fast if it starts to roll, resistance is all time high and TLB has support at 13.45ish and resistance at 15.86ish . During the trading session, the House-Senate Conference Committee that was created to resolve the differences between the Financial Regulatory Reform Bills may have the House conferees appointments per Barney Frank’s proposed timeline.
At 1pm est. we will have the 3 year Note Auction, which last month we got a bid to cover at 3.27 and yield 1.414%, Buyside demand was solid with direct and indirect bidders taking down a combined 66 percent of the auction vs. a 63 percent average. Last month’s auction was very strong. After the close we will get TTWO earnings with support about 9.80ish and very strong resistance at 13.99.

Wednesday
Continuing our theme, we get the UK trade balance. We also get insight into the economy of Australia when the University of Melbourne, releases the Westpac Consumer Confidence data and the National Australia Bank releases Business Confidence data on the current business conditions there.
In the US Session, the conference committee on Financial Regulations has its first open meeting of the conference with organizational issues and opening statements on the agenda.
There is also the 10 Year Note Auction which last month’s auction had a bid to cover at 2.96, with high yield of 3.548%. Direct bidding was 25% and indirect bidding at 42%. This made it a combined 67% non-dealer takedown and far above the 52 percent average.

The Fed Beige Book in the afternoon comes out. It reports on the current US economic conditions thru surveys by business, economist, and other sources by the 12 Federal Reserve Districts will be released. After the bell we get earnings from CIEN has key support at 15 and under at 13.29, resistance is about 18.50 and PNY which has support at 25 and 24 with Very strong resistance at 26.19.

Thursday
The Royal Bank of New Zealand Interest Rate decision, analysts are estimating an increase of .25 points. Japan will release GDP data. Australia Bureau of Statistics will give Australian’s version of our Non Farm Payroll data when they release their report on employment in Australia. For China we continue our Trade Balance theme from getting their Trade Balance Data with export and import data. In addition, we get Money Supply and also May new loans from them. This may be closely watched to determine the extent of a slowdown that China has been experiencing.
Then the moment of truth, we get the European Central Bank and Bank of England Rate Decisions. The ECB is not expected to raise rates at this meeting. Everyone will be watching the Market’s reaction to ECB President Jean-Claude Trichet’s Press conference. He needs to enforce Market confidence. The Bank of England is also not expected to raise rates at this meeting but it is dealing with the issue that its economy is slowing while its inflation rose to 3.7% which is above the BoE 2% target. Watch closely the Eur/USD on that key 50% level of 1.2134 and see if there is any chance to get back to retest it.
For the USA market, before the bell we get earnings from APWR which is a falling knife with no major support until 3.00 and major resistance at 9.00 and LULU with key support at 38.86 and resistance at 48.43. We also release our own Trade Balance Data. In addition, the Semiconductor Industry Association should release its mid-year forecast for Chip Sales.
At 1pm est. we have the 30 year Bond Auction. Last month it was weak, the bid to cover was the lowest of 2010 at 2.60. Yield was 4.490%. Direct Bidders at 22% and indirect bidders at a weak 33%, taking down 55% of the Auction.

Friday
In the early morning, we get the UK Producers Price Index data which will be watched close due to the rise in inflation there, it is released by the UK National Statistics Office, we may also get China’s PPI numbers, Fixed Asset Investment data, May Retail Sales, and May Industrial Output. The USA market gives us Retail sales by the US Census Bureau which measures the total receipts of Retail Stores and gives us an indication if consumers are spending.
So in conclusion, watch the euro and think about buying GLD if it can stay over support of 119.55ish.

If you enjoy the content at iBankCoin, please follow us on Twitter