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Dow +9.46 at 12386.18, Nasdaq -6.56 at 2783.04, S&P -1.62 at 1330.79

Stocks have recovered from their recent slip, but action remains listless.
Oil prices have also pushed higher with the arrival of pit trade's close. The commodity had been near the unchanged mark for most of the afternoon, but a spike has oil futures priced at $108.45 per barrel, which is near the two-year high that it set earlier today.
Despite oil's price spike, energy stocks are stuck at the flat line, which is where they have spent the past few hours.

USD/JPY holds steady

USD/JPY continues to pivot around Y84.00 amid light flows, the pair still seen as a buy on dips and after seeing lows around Y83.83 earlier in the day. Offers seen in place at Y84.40/50, above the Y84.38 overnight high.

Dow -4.23 at 12373.61, Nasdaq -9.45 at 2780.15, S&P -2.88 at 1329.53

Stocks have dropped another leg lower so that the S&P 500 and Nasdaq are at new session lows and the Dow is barely below the neutral line. Bank of America (BAC 13.44, +0.07) and General Electric (GE 20.48, +0.14) have been a couple of key sources of support for the Dow.

EUR/USD weakens

EUR/USD challenged $1.4200 but failed to break under. Currently rate holds around $1.4205. Trader reminds that Fed's Bernanke speaks late in the day, after US markets close. Area of overnight low near $1.4190 perhaps to hold some demand interest but stops are mentioned below $1.4170.

Dow +10.98 at 12387.70, Nasdaq -4.47 at 2785.13, S&P -1.13 at 1331.28

Both the Nasdaq Composite and the S&P 500 are flirting with fresh session lows. Their slip comes as the tech sector drifts deeper into the red - tech stocks are now down with a collective loss of 0.8%.
Although stocks have come under increased pressure in recent trade, Treasuries haven't been able to break out of their recent trading range. In turn, the yield on the benchmark 10-year Note is still just above 3.40%.

US focus: Dollar holds tight after Lockhart's speech

The dollar fluctuated against the yen as Federal Reserve Bank of Atlanta President Dennis Lockhart said the U.S. economic recovery faces headwinds, encouraging speculation the central bank will keep borrowing costs low.
The dollar slid versus the euro on April 1 after New York Fed President William C. Dudley said the recovery is “still tenuous,” disagreeing with colleagues who said the central bank should curtail purchases of U.S. debt.

The euro fell on concern an increase in interest rates by the European Central Bank will hurt the economies of the region’s most-indebted nations.
The euro appreciated 3.5% in the first quarter. It was the best three-month performance since the shared currency began trading in 1999.
ECB President Jean-Claude Trichet surprised investors on March 3, when he signaled that policy makers may raise interest rates at their next meeting to curb consumer-price inflation, which reached a two-year high of 2.6% in March.

Dow +21.70 at 12398.41, Nasdaq +2.81 at 2792.41, S&P +0.85 at 1333.26

The Nasdaq is holding steady just above the neutral line.
Underlying action has shares of Baidu.com (BIDU 142.35, +3.50), Amgen (AMGN 54.19, +1.11), Sandisk (SNDK 46.69, +1.18), and Express Scripts (ESRX 57.20, +1.03) trading as the four top performers.
Meanwhile, NetApp (NTAP 46.22, -1.98), NVIDIA (NVDA 17.57, -0.63), Apollo (APOL 40.46, -0.95), and Qualcomm (QCOM 53.32, -1.15) represent four of the worst performers.


May light sweet crude oil futures hold around $107.98 per barrel after trading in a $107.58 to $108.78 range. Friday, the front contract broke above the 30-month high of $106.95, seen March 7, to post a new 30-motnh high ($108.05 after hours high). The break of the $106.95 trend highs on crude means that the way is now open to the 76.4% Fibonacci retracement (of the downtrend from the life-time highs at $147.27 and the December 2008 low of $32.40) near $120.

Silver rises:

While gold is still about $10 away from revisiting the life-time high of $1447.40/oz (currently at $1436.25/oz), silver has broken above its March 24 peak of $38.13/oz, to post a new 31-year peak of $38.58/oz.

The BOC Business Outlook Survey says:

"While the majority of firms still expect inflation to remain within the Bank's inflation control range of 1% to 3%, more firms now expect inflation to be in the upper half of that range."

ECB TRICHET: Proposals to strengthen EMU governance not enough
  • Stronger governance essential for construction of EMU
  • Convinced EU parliament will improve governance plans


Dow +10.37 at 12387.09, Nasdaq +0.08 at 2789.68, S&P +1.08 at 1333.49

Tech stocks have come under increased pressure in recent trade. The sector had traded with only a fractional loss in the first few minutes of trade, but it has since fallen to a 0.5% loss.
Weakness among tech stocks is relatively broad, but heavyweight Apple (AAPL 342.00, -2.51) is having one of the most adverse impacts on the space. Semiconductor stocks are also contributing to the sector's slide; they are collectively down 0.7%.
Advancing Sectors: Materials (+0.5%), Health Care (+0.3%), Energy (+0.3%), Telecom (+0.1%), Financials (+0.1%)
Unchanged: Consumer Staples
Declining Sectors: Tech (-0.5%), Industrials (-0.2%), Utilities (-0.1%), Consumer Discretionary (-0.1%)

Dow +20.36 at 12397.61, Nasdaq +3.82 at 2793.42, S&P +2.58 at 1334.99

The broad market is up with a slight gain in the first few minutes of trade. Early support is broad, but materials stocks currently bost the best gains. The sector is up an enviable 0.6%. Tech stocks have actually fallen to a slight loss, though. The weakness comes after tech stocks had already lagged this past Friday.

Before the bell:

U.S. stock futures edged higher Monday, as investors continue to bask in upbeat sentiment following a better-than-expected jobs report.

On Friday, U.S. stocks started the first day of the second quarter with modest gains, helped by the government's stronger-than-expected jobs report.
Economy: No market-moving economic reports are on the agenda Monday, but investors will keep a close eye on comments from Federal Reserve Chairman Ben Bernanke in the evening.
Investors will also listen for comments from Atlanta Fed President Dennis Lockhart and Chicago Fed President Charles Evans, who are speaking throughout the day.
Companies: General Electric (GE) shares rose in pre-market trading Monday, after a Barron's article -- citing a Citigroup analyst -- noted that GE may not be liable for financial damage in Japan's nuclear crisis.
Southwest Airlines (LUV) shares fell nearly 5%. The Texas-based airline canceled about 600 flights over the weekend, after a hole opened on top of a Boeing 737 mid-flight Friday. Southwest expects to cancel another 100 flights on Monday to accommodate aircraft inspections.
World markets:
Crude oil for May delivery gained 31 cents to $108.25 a barrel.
Gold futures for June delivery rose $9.10 to $1,438 an ounce.
The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 3.47% from 3.45% late Friday.

European session:

The euro snapped a four-day advance against the dollar on concern a likely interest-rate increase by the European Central Bank this week will hurt the economies of the most-indebted nations in the 17-member bloc.
The shared currency slid versus all but two of its 16 major counterparts before the ECB’s April 7 policy meeting, at which all economists predict the benchmark rate will be raised by 25 basis points from a record low 1 percent. A report today showed producer-price inflation in the euro-region accelerated at the fastest pace since September 2008. The yen erased an earlier decline against the dollar.
“It’s clear that a rate increase is going to inflict damage on peripheral Europe and the greater the realization of that in the market, the greater the chances of downside adjustment in the euro,” said Neil Mellor, a currency strategist at Bank of New York Mellon Corp. in London. “A lot of these peripheral nations are hanging on to their recoveries by their fingertips and the last thing they need is another rate increase.”

EUR/USD: found the base around  $1.4190, before bounced back to $1.4240.
GBP/USD: reached $1.6170. before eased somewhat.
USD/JPY: drifted lower to Y83.95 on some aussie-yen sales, with some further bids seen at Y83.70/75 ahead of large at Y83.40/45.
Silver hits fresh 31-year high at $38.52.
Goldman downgraded Q1 GDP estimate to 2.5% from 3.5%.

But they say "virtually all business surveys and labor market indicators continue to look solid and are probably a more accurate guide to the economy's true strength. We believe that first-quarter GDP was held down by temporary factors, including poor weather and perhaps a bad draw from noisy data."

WTI Mаy Crude slips back to $108.30 after earlier highs of $108.75, in lacklustre trade.

Support today is seen at $106.62 and $106.03 with resistance at $109.30 and $109.85.

Options expiries for todays 1400GMT cut:

USD/JPY: Y83.25, Y84.00, Y84.50
EUR/JPY: $1.4000, $1.4165, $1.4200, $1.4300
AUD/USD: $1.0300, $1.0375, $1.0400, $1.0450
USD/CHF: chf0.9200
AUD/NZD: NZ$1.3500
GBP/JPY: Y135.00.

European stocks rose on Monday

European stocks rose in early trade on Monday as merger activity kept the market's three-week rally going ahead of an expected interest rate rise by the European Central Bank seen as supportive for European equities.
Shares in chemical group Rhodia (RHA.PA) jumped 50 percent after Solvay (SOLB.BR) launched a 3.4 billion euro agreed bid for its French rival, while Vodafone (VOD.L) also rose after selling its 44 percent stake in France's second-biggest mobile telecoms operator SFR to Vivendi (VIV.PA) for a total of 7.95 billion euros ($11.3 billion).
Solvay (SOLB.BR) was up 3.1 percent while Vivendi (VIV.PA) gained 0.4 percent.

Moody's: recent Ireland bank stress tests are good for Irish banks but negative for the sovereign
USD/JPY under pressure

Drifting lower again to Y83.95 on some aussie-yen sales, with some further bids seen at Y83.70/75 ahead of large at Y83.40/45.

FTSE +0.18% 6,021, CAC -0.06% 4,052, DAX +0.15% 7,190
Asian stocks close:

Nikkei + 0.11% 9,718.89
Hang Seng +1.46% 24,150.58

EMU DATA: Producer prices in the Eurozone rose 0.8% on the month in February, resulting in an annual inflation figure of +6.6%
OPTIONS: expiries for todays 1400GMT cut:

USD/JPY Y83.25, Y84.50 
EUR/KPY $1.4000, $1.4165 
AUD/USD $1.0300, $.0400, $1.0450 
USD/CHF chf0.9200 
AUD/NZD NZ$1.3500 
GBP/JPY Y135.00

UK Mar Construction PMI 56.4
Asian session: The yen fell

The yen fell against most of its major counterparts before reports this week that economists said will show European producer-price inflation accelerated and U.S. services industries grew, reducing demand for safer assets.
Japan’s currency touched a 10-month low versus the euro as gains in stocks around the world spurred demand for higher- yielding currencies. 
The euro reached a five-month high versus the dollar on speculation the European Central Bank will raise interest rates as soon as its April 7 meeting. 
The MSCI Asia Pacific Index of shares rose 0.4 percent after the MSCI World Index advanced 0.5 percent on April 1. The VIX Index, a measure of market volatility known as Wall Street’s “fear gauge,” dropped 2.9 percent last week, indicating traders are becoming more confident about stock market gains.
The euro gained 1.1 percent last week amid speculation European policy makers will increase borrowing costs as early as this week to contain inflation.

EUR/USD: the pair bargained within the limits of $1,4210-$ 1,4270.

GBP/USD: the pair shown maxima in the field of $1,6170 then slightly decreased.

USD/JPY: the pair bargained within the limits of Y84,00-Y84,40.

UK: UK data starts at 0828GMT with Construction PMI for March

FOREX: weekly review

On monday the yen fell against all its major counterparts as radiation levels that can prove fatal were detected at a damaged nuclear power plant in Japan amid signs the global economic recovery is gaining momentum elsewhere.

The euro erased losses against the dollar after European Central Bank President Jean-Claude Trichet said inflation rates that stick above 2% would be a concern. 
Canada’s currency was the best performer against the dollar as crude oil traded near a two-week high amid concern renewed violence in Libya may further disrupt supplies.
On Tuesday the yen fell to the lowest level in 10 months against the euro on speculation central banks in Europe and the U.S. are closer to removing stimulus as the global economy recovers.
Japan’s currency weakened against all of its major counterparts as the European Central Bank member Jozef Makuch said it is “highly probable” that the bank will raise interest rates next week. St. Louis Federal Reserve President James 
The euro pared losses against the dollar after U.S. consumer confidence dropped to a three-month low of 63.4, according to the Conference Board’s confidence index.
The shared currency’s strength was unfazed against the yen as Standard & Poor’s Ratings services lowered Portugal’s sovereign credit ratings to BBB-/A-3. BBB- is the lowest investment grade. Greece was also cut by S&P to BB- from BB+ and its outlook remains negative. 
On Wednesday the yen fell to almost a three-week low versus the dollar amid demand for higher-yielding assets.
The Japanese currency weakened for a fifth straight day against the dollar as a private report showed U.S. companies added 201,000 jobs in March, fueling speculation the Federal Reserve may curtail its debt buying. 
The private report precedes the Labor Department’s nonfarm payroll numbers to be released April 1. U.S. payrolls added 190,000 in March, according to the median estimate of economists.
On Thursday the euro strengthened against the dollar and the yen after euro-region inflation unexpectedly accelerated in March, bolstering the case for the European Central Bank to raise interest rates next week.
Inflation in the 17-nation euro region quickened to 2.6% in March from 2.4% in February, European Union estimates showed today. That’s the fastest pace since October 2008, and exceeds the ECB’s 2% limit for a fourth month. 
On Friday the dollar pared gains against the euro after New York Fed President William Dudley said not to be “overly optimistic about the growth outlook.” 
Nonfarm payrolls rose by 216,000 in March and unemployment fell to a two-year low. The unemployment rate fell to 8.8 percent from 8.9 percent in February. 

Stocks: Weekly review

The MSCI Asia Pacific Index was little changed at 135.69 as of 7:52 p.m. in Tokyo, paring losses of as much as 0.4 percent earlier. About 10 stocks rose for every nine that fell in the index, which is set for a 1.1 percent advance this week. 
The gauge last week had its biggest weekly gain since November as Japan moved to stabilize nuclear reactors damaged by the earthquake, and as companies from Cnooc Ltd. to Bank of China Ltd. reported earnings that surpassed estimates.
Raw material producers gained on speculation demand from China will increases as manufacturing growth accelerated for the first time in four months.

European stocks climbed for a second week, recouping the losses that followed Japan’s March 11 earthquake and tsunami, as better-than-forecast U.S. jobs data bolstered confidence in the global economic recovery.
Bank of Ireland Plc jumped 18 percent after the lender outlined plans to avoid state control following stress tests by regulators. Randgold Resources Ltd., a miner of the metal in West Africa, surged the most in a year amid speculation the political crisis in Ivory Coast may soon end. Alcatel-Lucent SA led technology shares higher as Goldman Sachs Group Inc. upgraded the stock.
The benchmark Stoxx Europe 600 Index gained 1.5 percent, extending last week’s 3.1 percent jump. The gauge has climbed 6.8 percent from this year’s low on March 16 amid speculation the global economic recovery will withstand Japan’s worst earthquake on record and popular revolts in the Middle East and north Africa.

U.S. stocks rose, sending the Dow Jones Industrial Average to an almost three-year high, as faster-than-forecast job growth bolstered optimism and Nasdaq OMX Group Inc. started a bidding war for NYSE Euronext.
NYSE Euronext soared 12 percent as Nasdaq and IntercontinentalExchange Inc. bid to snatch the New York Stock Exchange from Deutsche Boerse AG. General Electric Co. and Caterpillar Inc. advanced at least 1.6 percent after a report showed manufacturing in the U.S. expanded in March at close to the fastest pace in almost seven years. Chevron Corp. rose 1 percent as crude oil rallied to a 30-month high.
The Standard & Poor’s 500 Index gained 0.8 percent to 1,335.87 at 2:18 p.m. in New York. The Dow average increased 86.55 points, or 0.7 percent, to 12,406.28, its highest level since June 2008.
The benchmark S&P 500 advanced 5.4 percent in the three months to March, the biggest first-quarter gain since 1998, as investors speculated the global economy can withstand Japan’s worst earthquake on record and revolts in the Middle East and northern Africa.
Jobless Rate
Stocks rallied today as the government jobs report also showed the U.S. unemployment rate dropped to a two-year low of 8.8 percent in March from 8.9 percent in February. Payrolls grew by 216,000 workers after a 194,000 gain the prior month, the Labor Department said. Economists projected a March gain of 190,000, according to the median estimate in a Bloomberg survey.
The Institute for Supply Management’s manufacturing index was little changed at 61.2 from 61.4 in February, remaining near a seven-year high. The median forecast of economists surveyed by was 61.1. Figures greater than 50 signal expansion.
NYSE Euronext surged 12 percent to $39.33 after Nasdaq OMX and ICE offered $42.50 in cash and stock for each NYSE Euronext share, a bid that’s 27 percent higher than NYSE Euronext’s stock price on Feb. 8, the day before the company’s announcement of discussions with Deutsche Boerse. Nasdaq OMX jumped 6.9 percent to $27.61, and ICE tumbled 3.8 percent to $118.91.
Industrial companies advanced 1.2 percent, leading gains among 10 industries in the S&P 500. Caterpillar, the world’s largest construction equipment maker, gained 1.6 percent to $113.16. General Electric, the world’s biggest maker of power- generation equipment, rose 1.7 percent to $20.39.
Chevron gained 1 percent to $108.55. Oil reached a 30-month high in New York after the unemployment report’s numbers signaled increased demand in the world’s biggest oil-consuming country, and as fighting intensified in Libya. Crude oil for May delivery rose 88 cents, or 0.8 percent, to $107.60 a barrel at on the New York Mercantile Exchange.
‘Pretty Solid Economy’
Logitech International SA plunged 18 percent to $14.94, the most intraday since October 2008. The world’s biggest maker of computer mice lowered its full-year sales and profit forecasts.
Today’s advance brought the S&P 500 to less than 1 percent below its 32-month high on Feb. 18. The gauge had tumbled as much as 6.4 percent from that peak through March 16 on concern global growth would slow as uprisings in northern Africa and the Middle East triggered a rally in oil prices and Japan was struck by its worst earthquake on record.

Tech on USD/JPY

Resistance 3:Y84.50 (Aug 13 high) 
Resistance 2:Y85.90 (Sep 16-17 high) 
Resistance 1:Y84.75 (Apr 1 high) 
Current price: Y84.15
Support 1:Y84.00 (session low)    
Support 2:Y82.50 (Mar 31 low)    
Support 3:Y81.50 (Mar 29 low)    
Comments: the pair bargains in the field of the high reached on Friday. The nearest support - Y84,00. Below losses are possible to Y82.50. The nearest resistance - Y84.75. Above growth is possible to Y85.90. 

Tech on USD/CHF

Resistance 3: Chf0.9370 (high of March)
Resistance 2: Chf0.9330 (Apr 1 high)
Resistance 1: Chf0.9260 (session high)
Current price: Chf0.9242
Support 1: Chf0.9230 (session low)
Support 2: Chf0.9160 (МА (200) for Н1)
Support 3: Chf0.9085 (support line from Mar 17)
Comments: the pair bargains in a narrow range. The nearest support - Chf0,9230. Below loss may extend to Chf0.9160. The nearest resistance - Chf0.9260. Above is located Chf0.9330. 

Tech on GBP/USD

Resistance 3: $ 1.6400 (Mar 22 high)
Resistance 2: $ 1.6265 (Mar 24 high)
Resistance 1: $ 1.6140 (session high, Mar 31 and Apr 1 high)
Current price: $1.6140
Support 1 : $1.6070 (МА (200) for Н1)
Support 2 : $1.5930 (Mar 28-29 low)
Support 32 : $1.5820 (Jan 31 low)
Comments: the pair bargains in the field of the high reached on Friday. The nearest resistance - around $1.6140. Above growth is possible to $1.6265. The nearest support $1.6070. Below is possible testings of around $1.5930. 

Tech on EUR/USD

Resistance 3: $ 1.4250 (Jan 2010 high)
Resistance 2: $ 1.4410 (Jan 19'2010 high)
Resistance 1: $ 1.4270/85 (session high, high of November, resistance line from Jul 2008)
Current price: $1.4223
Support 1 : $1.4130 (МА (200) for Н1)
Support 2 : $1.4080 (support line from Jan 10)
Support 3 : $1.4020 (Mar 28 low)
Comments: the pair bargains in the field of the high reached on Friday. The nearest support $1,4130. Below losses are possible to $1.4080. The nearest resistance - $1.4270/85. Above growth is possible to $1,4410. 

Schedule for today, Monday, Apr 04 2011:

09:00 EU(17) PPI (February) - 1.5%
09:00 EU(17) PPI (February) Y/Y - 6.1%

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