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Read MoreBy Alexei Oreskovic and Olivia Oran
SAN FRANCISCO/NEW YORK (Reuters) - Facebook Inc is set to raise up to $18.4 billion in its IPO and become the first U.S. company to be worth more than $100 billion at its debut, as investors bet on a big pop in the stock when it begins trading on the Nasdaq on Friday.
Frenzied demand, especially from individual investors hoping to buy into an Internet juggernaut that touches hundreds of millions of people every day, is expected to drive Facebook well above its initial public offering price of $38 a share, which was already at the top end of its target of $34 to $38.
Analysts were divided on how high the price might go on the first day of trade, with some expecting a relatively modest gain of 10 percent to 20 percent while others said anything short of a 50 percent jump would be disappointing.
http://finance.yahoo.com/news/facebook-prices-top-range-landmark-005337667.html
Read MoreStocks fell as talks to form a new Greek government failed and concern grew about the stability of the nation’s banks, while the Dollar Index extended its longest rally ever as the euro slid to a four-month low.
The Standard & Poor’s 500 Index (SPX) fell 0.6 percent to close at a three-month low of 1,330.66 at 4 p.m. in New York. The Dollar Index, (DXY) a gauge of the currency against six major peers, rose for the 12th straight day. The Stoxx Europe 600 Index closed at the lowest level of the year and oil slumped to a five-month low. Ten-year Treasury yields were little changed at 1.77 percent while Spanish and Italian 10-year yields rose at least 12 basis points.
http://www.bloomberg.com/news/2012-05-15/asian-stocks-oil-euro-fall-on-europe-debt.html
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Fewer Americans than forecast filed applications for unemployment benefits last week, easing concern the job market was taking a turn for the worse.
Jobless claims fell by 27,000 to 365,000 in the week ended April 28, a one-month low, from a revised 392,000 the prior period, Labor Department figures showed today in Washington. The median forecast of 46 economists surveyed by Bloomberg News called for 379,000 applications.
The plunge in dismissals makes it more likely that the surge over the past three weeks was caused by the timing of the Easter holiday rather than a deterioration in employment. Federal Reserve policy makers last week said that while labor- market conditions have improved, the unemployment rate “remains elevated,” helping explain why they stuck to a plan to hold borrowing costs close to zero through 2014.
http://www.bloomberg.com/news/2012-05-03/jobless-claims-in-u-s-decline-more-than-forecast.html
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Governments are leaning toward committing more than $400 billion in fresh funding for theInternational Monetary Fund to help it protect the world economy against more debt turmoil in Europe.
That sum is being discussed by Group of 20 finance ministers and central bankers at a meeting now underway in Washington after aides agreed to the amount in talks last night, two officials from G-20 nations said. They spoke on condition of anonymity because a final decision has yet to be made.
Read MoreNEW YORK (Reuters) – U.S. stocks scored a second day of solid gains on Thursday, led by materials and energy stocks, as investors set aside weak figures on the domestic labor market.
Rumors about strong growth figures due overnight from China helped wash away some of the worries that hit stocks during a five-day streak of losses that ended with Wednesday’s rebound.
Basic materials shares led gains as commodity prices advanced. The S&P materials sector index (.GSPM) jumped 2.8 percent. U.S. Steel (NYS:X) gained 7.5 percent to $29.36. Freeport-McMoRan Copper & Gold (NYS:FCX - News) rose 5.9 percent to $37.89 and an index of gold and silver miners’ shares (.XAU) rose 3.7 percent.
“Growth in China is critical to the global recovery, and now it seems like the slowdown won’t be as dramatic as initially feared,” said Richard Weiss, a Mountain View, California-based senior money manager at American Century Investments, which has about $120 billion in assets under management.
The rebound pushed the S&P 500 back above its 50-day moving average, a sign that traders may see the recent pullback of more than 4 percent as an opportunity to catch up with the benchmark’s gains. The index is up more than 10 percent in 2012.
http://finance.yahoo.com/news/stock-index-futures-signal-early-110158240.html
Read MoreNEW YORK (Reuters) – The selloff in U.S. stocks accelerated on Tuesday, as the Dow and S&P 500 dropped for a fifth day, with the pullback coming on the cusp of earnings season.
The slide marked the S&P 500′s worst day since December 8. The declines were the largest losses this year in terms of both points and percentage drops for each of the three major U.S. stock indexes.
All S&P 500 sectors ended solidly lower, with industrial and materials names suffering the biggest drops. About 80 percent of shares listed on the New York Stock Exchange and the Nasdaq Stock Market ended lower.
The major U.S. stock indexes each fell more than 1.5 percent, pushing the S&P 500 below its 50-day moving average of 1,372.30, an area viewed as a significant support level that will make or break the current uptrend.
http://finance.yahoo.com/news/u-stock-index-futures-rise-105837601.html
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