Stocks were rejected yesterday at new highs. Will we have a retest today? David Karsbol, Filed in: Equity Update 26 August 2009 at 8:17 GMT Non-Independent Investment Research Daily Trading Stance Yesterday's US figures were somewhat better than expected. The home price data showed some signs of stabilization with the S&P/Case-Shiller Quarterly HPI showing the first QoQ INCREASE since H1-2006. This increase, however, was not corroborated by the FHA and NAR price data. The Conference Board Consumer Confidence was at 54.1 - higher than expected (47.9). Despite the generally positively surprising data, stocks were rejected at new highs. The O/N market development suggests that risk-willingness is still intact with the JPY, Treasuries and CDS/Itraxx down and AUD holding up relatively well. Calendar Economic Data Releases Country Time (GMT) Name Expectation Prior Comment GE 08:00 IFO Business Climate (AUG) 89.0 87.3 US 12:30 Durable Goods Orders (JUL) 3.0% -2.5% We expect 1.5% US 14:00 New Home Sales MoM (JUL) 1.6% 11.0% Earnings Releases Country Time (GMT) Name EPS exp. EPS prior Comment BE 13:40 Dexia SA 0.230 UK - Tullow Oil PLC 0.030 UK - Antofagasta PLC 0.252 FX FX Daily stance Comment EURUSD 0 Ranging 1.4250-1.4330. German IFO may see breakout either way but 1.45 still caps EURJPY 0 Likely to trade a tight 134.20-135.20 range USDJPY 0/- 94.30-50 seen capping for a slow retracement back to 93.50 suppt. GBPUSD 0 1.6275 looks key suppt for rebound to 1.64. Sell break below, else 1.63-64 range AUDUSD 0 Likely ranging between 0.8330-0.8400. await breakout FX Options FX-Options Comment EURUSD Buyers still looking for short dated EUR calls and market seems to be looking for a clear break through 1.44 shortly. A bounce back towards 1.42 should see vols ease again. USDJPY Mainly quiet session with vols coming in heavy. Unlikely to see risk reversals or vols spike unless we break under 9200. Back end remains well supported. AUDUSD Vols are softer as spot continues to trade inside established ranges. Few bids seen over the Equities Equities Daily stance Comment DAX 0/+ Buy around 5540 targeting 5575. S/L below 5525. FTSE 0/+ Buy around 4900 targeting 4935. S/L below 4882. S&P500 0/+ Buy around 1022 targeting 1033. S/L below 1018. Nasdaq100 0/+ Buy around 1630 targeting 1644. S/L below 1620. Dow Jones 0/+ Futures Commodities Daily Stance Comment Gold 0/+ Buy around 945 and target 956. Stop below 940. Silver 0/+ Buy at the break of 14.50 and target 14.80. Stop above 14.30. Oil 0/+ Buy on dips towards 70.50 and target 73. Stop below 69.30. 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 Watch out for US housing data today Bank of England minutes the main event today Fed to keep interest rates low during all of 2010 Risk could be back today on better than expected Durable Goods Risk appetite back on Obama's speech and FOMC statement Topics This post appears under the following topics... GBPUSD EURJPY forex AUDUSD Housing Starts and Completions macro FX Options commodities FTSE100 equities Consumer Confidence Reports USDJPY gold silver DAX EURUSD DJI