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by Larry Levin The FOMC 2-day meeting ended Wednesday and its afternoon statement didn't contain many surprises. QE3 is over, but ZIRP remains. Some headlines follow... *FED ENDS THIRD ROUND OF QUANTITATIVE EASING AS PLANNED *FED SEES 'SOLID JOB GAINS' WITH LOWER UNEMPLOYMENT *FED REPEATS RATES TO STAY LOW FOR 'CONSIDERABLE TIME' And a small portion of the statement follows... The Committee judges that there has been a substantial improvement in the outlook for the labor market since the inception of its current asset purchase program. Moreover, the Committee continues to see sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability. Accordingly, the Committee decided to conclude its asset purchase program this month. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. This policy, by keeping the Committee's holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions. Clearly, the most important comments were from Janet Yellen & Co.; however, how it is interpreted is a very close second. Some important statements about the Fed's policy are below. From Goldman Sachs... Looks a bit more hawkish to us... Do note inflation expectations have come down. Forward guidance… considerable time following end of purchase program this month. Plosser and Fischer voted in favor aka must be sufficiently happy with something else in the statement? Kocherlakota only dissent. Brean Capital... 1) QE gone. 2) The hawks were on board, and a dove took the time to dissent - in our Fed "U" shape pattern, we think the shift to hawkish overall Fed has commenced and the pure hawks are … [Read More...]
Despite a stronger-than-expected first read on U.S. 3Q GDP growth, the domestic equity markets are mixed in late-morning action, in the wake of yesterday's monetary policy decision by the Fed, where it expectedly ended its asset purchase program, but upgraded its labor market assessment. However, the Dow is gaining ground, aided by Visa's better-than-expected bottomline results and new $5.0 billion share repurchase program. Elsewhere, MasterCard also topped analysts' earnings forecasts, while Kraft Foods missed the Street's revenue estimates and Time Warner Cable posted softer-than-expected quarterly results. Treasuries are higher despite the GDP report, which showed personal consumption was slightly softer than projected, while a separate release showed domestic jobless claims rose more than anticipated. Gold and crude oil prices are lower, while the U.S. dollar is higher. Overseas, Asian stocks finished mixed following the Fed's decision, while European equities are seeing some pressure following disappointing German inflation data and lingering banking sector concerns. At 10:51 a.m. ET, the Dow Jones Industrial Average is gaining 0.5%, while the S&P 500 Index is declining 0.2% and the Nasdaq Composite is decreasing 0.5%. WTI crude oil is dropping $1.00 to $81.20 per barrel, Brent crude oil is falling $0.68 to $86.44 per barrel, and wholesale gasoline is $0.02 lower at $2.16 per gallon. Elsewhere, the Bloomberg gold spot price is decreasing $8.97 to $1,203.18 per ounce, while the Dollar Index—a comparison of the U.S. dollar to six major world currencies—is up 0.1% to 86.02. Dow member Visa Inc. (V $234) reported fiscal 4Q earnings-per-share (EPS) ex-items of $2.18, above the $2.10 consensus estimate of analysts surveyed by FactSet, with revenues rising 9.0% year-over-year (y/y) to $3.2 billion, roughly inline with the Street's expectations. The credit card processing company said payments volume and total processed transactions both … [Read More...]
Despite a stronger-than-expected first read on U.S. 3Q GDP growth, the domestic equity markets are … [Read More...]
Coming off yesterday's solid advance that came courtesy of a jump in Consumer … [Read More...]
by Larry Levin It’s meeting time. Will the Fed be serving coffee and donuts … [Read More...]
The U.S. equity markets are moving higher in early action, despite an unexpected drop in domestic … [Read More...]
Coming off a solid weekly advance that snapped a string of losses for stocks, the domestic equity … [Read More...]
One thing that you should be ready for in your life is retirement. Sooner or later it will come and you would have to … [Read More...]