News: Time For Another Leg Lower, We Sell UBS Yet Again!

Tue, Apr 8 2008, 07:10 GMT
by Christian Svendsen

Saxo Bank

Today we expect the European markets to open lower by -0,7%. After the US closing both Alcoa and AMD released worse than expected Q1 figures.

MAJOR HEADLINES - PREVIOUS SESSION

US:

U.S. stocks rose for the third straight day as speculation mounted that Washington Mutual Inc. will receive a $5 billion investment overshadowed concern that slowing economic growth will hurt technology company earnings. However US banks could be headed for further turbulence, as their holding companies have the thinnest of safety cushion against losses in seven years and margins may erode further in coming weeks. Credit ratings on $704 billion of bonds have been cut this year following the collapse of the U.S. housing market, in a development that could compromise the bank capital ratio to the extent that banks may no longer be considered well capitalized We expect that this will bring bank stock prices plunging.

Asia:

Asian stocks retreated in the overnight session, led by technology companies, on concern that weakening global economic growth will pare back consumer demand for semiconductors and electronic goods. South Korea's Samsung Electronics Co fell to a one-week low after Advanced Micro Devices Inc. reported lower-thanestimated sales. Earnings at companies won't recover until next year at the earliest.

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Today’s Forex Signals 16-05-2008

Best time to place this order: 05.00 GMT

GBP/USD
Stop/Limit/Market Order

Sell @1.9439

Set Stop Loss @ -30pip

Set Profit Target @ 20 pip

Daily Pivot: 1.9459

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