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11:13 5/5/2014 - Πηγή: BankWars

FINANCIALS

BOND MARKET RECAP
5/2/2014

US Treasury markets turned sharply lower in response to Friday morning’s Non-Farm Payroll report. However,
that early selling was short-lived as the market turned focus back to prospects of a slowing economic recovery, as
well as renewed tensions over the Russia/Ukraine situation. This morning’s dataflow that showed a weaker than
expected increase in March Factor

Orders was a factor that seemed to contribute an even slower rate of growth -
perhaps even contraction by some estimates- during the first-quarter. Some traders also noted that some of the upside action in June Bonds might have been attributed to short-covering. June Bonds rallied to a new contract
high of 136-16. Cash market yields for 30-Year Bonds fell to their lowest level since June 2013 during the session
at 3.352%. June Bonds saw a lower open but closed in the upper half of the day’s range as buying power above yesterday’s high shows bulls in control, while the close above the previous day’s high showed that buyers were
more aggressive at higher price levels. June 10-Year Treasury Notes opened unchanged, but the close in the
upper portion of the day’s range was seen as a positive force and some traders viewed the close above the previous session’s high as another sign of support.

Technical Outlook

BONDS (JUN) 05/05/2014: Daily stochastics have risen into overbought territory which will tend to support
reversal action if it occurs. The market’s short-term trend is positive on the close above the 9-day moving
average. The outside day up is somewhat positive. The market has a slightly positive tilt with the close over the
swing pivot. The near-term upside target is at 137-280. The 9-day RSI over 70 indicates the market is
approaching overbought levels. The next area of resistance is around 137-090 and 137-280, while 1st support hits today at 135-100 and below there at 133-290.
10 YR TREASURY NOTES (JUN) 05/05/2014: Studies are showing positive momentum but are now in
overbought territory, so some caution is warranted. The close above the 9-day moving average is a positive short-
term indicator for trend. The upside closing price reversal on the daily chart is somewhat bullish. The close over
the pivot swing is a somewhat positive setup. The next upside objective is 125-215. The next area of resistance is around 125-100 and 125-215, while 1st support hits today at 124-065 and below there at 123-140.
STOCK INDICES RECAP
5/2/2014
June S&P E-Mini finished down 3.25 at 1874.5, 11.5 off the high and 2.5 up from the low.
US equity markets experienced quite the volatile session on Friday as players worked through a much better than
expected Non-Farm Payroll report. The strong headline figures saw the June S&P 500 rally up to 1885.00, a new high for the move, before a rather quick 10-point break. While the unemployment rate fell to the lowest level since
September 2008 and the last two monthly payroll figures were revised higher by 36,000, the market struggled to
gain much traction. Some traders were of the view that the hefty drop in the overall labor force was a concern.
Others suggested that the strong labor market data might have offset this week’s disappointing first-quarter GDP report, as well as reports of escalating tensions between Ukraine and Russia. It is also possible that a measure of
weakness came from disappointing earnings from Dow Jones component Chevron and a rejected deal between Pfizer and AstraZeneca.
Technical Outlook

S&P 500 (JUN) 05/05/2014: Rising stochastics at overbought levels warrant some caution for bulls. A positive
signal for trend short-term was given on a close over the 9-bar moving average. The daily closing price reversal
down puts the market on the defensive. It is a slightly negative indicator that the close was under the swing pivot.
The next upside objective is 1889.95. The next area of resistance is around 1881.00 and 1889.95, while 1st support hits today at 1867.80 and below there at 1863.55.
S&P E-MINI (JUN) 05/05/2014: Daily stochastics have risen into overbought territory which will tend to support
reversal action if it occurs. The close above the 9-day moving average is a positive short-term indicator for trend.
The market could take on a defensive posture with the daily closing price reversal down. It is a slightly negative
indicator that the close was under the swing pivot. The near-term upside objective is at 1890.75. The next area of resistance is around 1881.50 and 1890.75, while 1st support hits today at 1867.50 and below there at 1862.75.
NASDAQ (JUN) 05/05/2014: Daily stochastics have risen into overbought territory which will tend to support
reversal action if it occurs. The market’s close above the 9-day moving average suggests the short-term trend remains positive. The market’s close below the pivot swing number is a mildly negative setup. The next upside
target is 3619.50. The next area of resistance is around 3597.50 and 3619.50, while 1st support hits today at 3561.00 and below there at 3546.50.