Stock futures up as Adu Dhabi bails out Dubia World Christian Blaabjerg, Filed in: Equity Update 14 December 2009 at 8:38 GMT Non-Independent Investment Research Daily Trading Stance Abu Dhabi has pledged $10bn to the state-owned Dubai World to help the company meet its obligations. Risk appetite increased on the news and stock futures are up. Retail Sales from the US came out slightly better than expected when revisions are taken into account. Business Inventories rose 0.2% led by wholesalers and manufacturers and points to another positive contribution from inventories to Q4 GDP out on the 22nd of December. There are plenty of data out the next 9 days with today being the exception. The next couple of days we will have both US PPI, US Industrial Production, US CPI, and the FOMC meeting. Calendar Economic Data Releases Country Time (GMT) Name Saxo Consensus Prior EC 10:00 Industrial Production MoM (OCT) -0.7% 0.3% CA 13:30 Capacity Utilization Rate (Q3) 66.9% 67.4% FX FX Daily stance Comment EURUSD 0/- Chance rally stalls ahead of 1.4695-1.4710 res for a relook at sub-1.46 lvls. Abv 1.4735 tgts 1.4775. USDJPY 0 Look for consolidation within 88.45-89.00 parameters. Break abv targets 89.80 again. EURJPY 0 Consolidating between 129.50 -130.60. N/term prefer buying dips, stop below 129.10. GBPUSD 0/- 1.6345 next crucial res but seen holding for 1.6270 target. Stop abv 1.6405. AUDUSD 0/+ Look for more upside, likely targeting 0.9165. Reconsider below 0.9070. FX Options FX-Options Comment EURUSD Vols were sold on Friday and having come off a fair bit towards the end of last week, we should expect short date strikes to be supported over the FOMC event risk. USDJPY Vols opened the session lower but saw front end getting paid as spot dips under 8900 in Tokyo. 1w is up over a vol and mid curve is also seeing strong bids. AUDUSD Gamma continues to be sold this morning and bids are drying up. With front end at such low levels, a more pronounced move in spot is needed to lift vols. Equities Equities Daily stance Comment DAX 0/- Sell on rallies towards 5802 targeting 5766. S/L above 5818. FTSE 0/- Sell on rallies towards 5300 targeting 5270. S/L above 5319. S&P500 0/- Sell on rallies towards 1111 targeting 1105. S/L above 1114. NASDAQ100 0/- Sell on rallies towards 1800 targeting 1792. S/L above 1808. DJIA 0/- Futures Commodities Daily Stance Comment Gold 0/- Sell rallies to 1,130 res for 1,110 target, stop abv 1,143. Silver 0/- Expect res at 17.30-31 to hold for retracement back to 17.05, stop abv 17.45. Oil (CLF0) 0/- Look to sell rally to 69.80 for a test of 69.00 again. Stop abv 70.30. Tweet Like LinkedIn Share Google+ Previous Next Comments Please sign in to comment or ask the author a question about this article. Recommended Recommend Unrecommend Recommend Tweet Like LinkedIn Share Google+ Related articles Look for earnings from JPMorgan and US Industrial Production/Capacity Utilization Dollar finds buyers again Asian session shows risk is back on US Dollar Index continues higher Positive Chinese figures spurs risk rally Topics This post appears under the following topics... GBPUSD EURJPY forex AUDUSD Producer Price Index macro FX Options commodities FTSE100 equities Gross Domestic Product Retail Sales USDJPY gold silver DAX EURUSD DJI Consumer Price Index