Wednesday, December 26, 2012

Stock Index All Time High 27th Dec 2012

Thursday, 27th Dec 2012. Index futures went up to all time high yesterday as market continue to head higher for year end rallies. Other news to follow.

"- U.S. stocks fell for a third session Wednesday as retailers took a post-holiday hit and investors looked to the resumption of budget negotiations on Capitol Hill. The Dow Jones Industrial AverageDJIA -0.19% lost 24.49 points, or 0.2%, to 13,114.59. The S&P 500 index SPX -0.48% fell 6.83 points, or 0.5%, to 1,419.83. The Nasdaq Composite COMP -0.74% declined 22.44 points, or 0.7%, to 2,990.15. "

"- Asia stocks extended their gains into Wednesday, with most major markets ending higher, and with Japanese shares advancing as the yen hit its lowest levels against the dollar and euro since 2011. In Tokyo, the Nikkei Stock Average JP:100000018 +1.49%  finished 1.5% higher, adding to its 1.4% rally on Tuesday. Singapore’s Straits Times Index SG:STI +0.39%  was up 0.5% in late trading, while the Shanghai Composite Index CN:000001 +0.25% ended with a 0.3% gain after a choppy, range-bound session following its 2.5% surge the previous day. South Korea’s Kospi KR:SEU +0.02%  and Taiwan’s Taiex XX:Y9999 -0.03%  lagged the region, with each closing little changed, while bourses in Hong Kong and Australia remained shut for holiday, with both due to reopen Thursday."

"-Crude-oil futures rallied on Wednesday, buoyed by optimism that a U.S. budget deal may be reached by the end of the year, and as investors eyed a potential supply disruption in Iraq.

Crude for February delivery CLG3 -0.04% jumped $2.37, or 2.7%, to settle at $90.98 a barrel on the New York Mercantile Exchange. The contract hit $91.30 during the session, according to FactSet data."

"-January Soybeans finished down 15 1/4 at 1424 1/2, 22 3/4 off the high and 3 1/4 up from the low. March Soybeans closed down 17 3/4 at 1418. This was 3 up from the low and 25 off the high.
January Soymeal closed down 3.1 at 431.7. This was 3.7 up from the low and 5.7 off the high. January Soybean Oil finished down 0.65 at 48.29, 0.81 off the high and 0.09 up from the low. March soybeans ended the day with double digit losses in thin, post-holiday trade despite demand side data that was considered positive to price direction. The USDA reported that 115,000 tonnes of soybeans were sold to China and 108,000 tonnes were sold to an unknown destination for the 2012/13 marketing year. Export Inspections were also considered positive today but traders shrugged off the news and bears kept the selling pressure on the market. Inspections for the week ending December 20th were pegged at 44.5 million bushels vs. 36.9 last week. Inspections needed each week to reach the current USDA estimate are 16.7 million bushels, down from 17.4 last week. The cumulative inspection pace is now 55% of the USDA export estimate vs. the 5 year average of 42%. Traders were also concerned that a Longshoremen's strike at grain terminals in the PNW might stop or disrupt the loading of vessels which could result in canceled sales. Outside markets offered very little support today as US Stocks traded lower and the weaker US Dollar failed to support corn, soybeans, or wheat."

FKLI- Making New High With No Stopping Sign Yet. 

The stock index closing up above all time high after resuming back from Christmas holiday as inventors kept on accumulating stocks towards year end rallies. At close, the Jan contract ended 6 points higher to 1,689 level, making it the highest closing value since the establish of Malaysia Derivative exchange. Much of the contrarian prefer to disagree as local manage to rallies above expectation even with global uncertainties. Coming back stronger than ever before, the index futures manage to survive from previous Sell-off three weeks ago. Hovering on positive momentum, the market is not showing any sign of stopping yet as there was some higher lows plus higher highs formed prior to previous Monday break out above 1,678 level on stock index. Traders are not advised to go Short at this high due to strong Bullish momentum accompanying this uptrend. For today, pivot support for the Jan contract is located around 1,672 while resistance is pegged at 1,694.

Daily Pivot Point
R2= 1694
R1= 1690
S1= 1679
S2= 1672

 Disclaimer: Information and opinions contained in this report are for educational purposes only. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness.

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