Daily Markets Update

28 mai 2010 [DAILY MARKETS UPDATE]
Daily Markets Update
1 Daily Markets Update| Capital Conservator , S. Optyker, C. Guizelli , Mob: +41.79.202.19.58 & +41 79.673.64.61
Fundamental Outlook:
Euro and stocks lifted by China's affirmation

Global markets managed to ride on China's affirmation of Europe's status as one of the key investment markets and rebounded strongly.
Commodities lead the way in rebound against dollar and yen with AUD/JPY and NZD/JPY leading the top movers table, up 4.1% and 3.8%
respectively. Euro also managed to gain against dollar and yen and pared earlier loss against Aussie and Loonier. Crude oil also rode on
improved risk sentiments and jumped to as high as 74.68. Meanwhile, dollar index once again failed failed 87.46 resistance and weakened.
China denied rumors that it's reviewing holdings of foreign exchange reserve. China's State Administration of Foreign Exchange, or SAFE,
which manages China's $2.4 trillion of foreign-exchange reserves said that report on SAFE's review on euro holding was "groundless". SAFE
also emphasized that "Europe has been, and will be, one of the major markets for investing China's exchange reserves."
Former Bundesbank President Helmut Schlesinger said that the Euro is "not in danger". Recent depreciation of the common currency gave
"cause for concern" but the current level is not "catastrophically low." Bank of France Christian Noyer said that recent fall in the euro had
brought the common currency to "more normal" levels, which would likely boost the bloc's foreign trade in the medium term.
Q1 GDP growth in US was unexpectedly revised down from 3.2% to 3.0% annualized rate, versus expectation of 3.4%. Consumer spending
growth was also revised down from 3.6% to 3.5%. Initial jobless claims improved to 460k but was still well above expectation of 435k.
Nevertheless, the impact on markets was temporary.
Market expectation
Big banks are ratcheting down their forecasts for the euro, despite a 15% decline already this year, at a time of increasing concerns about
fiscally-strapped European nations.
The median forecast of strategists at banks has the euro trading at USD1.22 by the end of June, then shedding another 3 cents in the second half
of the year.
While the European fiscal problem is expected to keep weighing on the euro, investors' focus is likely to shift to a meeting of Group of 20
finance chiefs in South Korea, which is scheduled for early next month. Any comments about possible regulatory steps could raise uncertainty
over financial markets, which may further prod investors to shift their money out of the euro to the safe-haven yen.
European stock markets are expected start higher Friday, with Wall Street's rally Thursday offering support as worries start to ease over
Europe's debt situation, fuelling investors' appetite for risk.
EURUSD
The Technical out look for the EUR/USD Thursday, May the 27th, 2010, level 1.2315
Position Strategy: Current position : FLAT :

Enter LONG if we break 1.2415 with a stop 1.2295 target near 1.2670
Enter SHORT on a clear break of 1.2143 with stop 1.2295 target 1.20 first for 1.1928 next
As noted before, EUR/USD's consolidation from 1.2143 is possibly still in progress with potential bullish divergence condition in RSI and
Stochastic oscillators and AC above the signal line. Another rise is likely and above 1.2415 the current recovery might extend further towards
1.2671 resistance. Nevertheless, upside is expected to be limited by 38.2% retracement of 1.3691 to 1.2143 at 1.2734 and bring fall
resumption. On the downside, decisive break of 1.2143 will confirm down trend resumption and should target 1.2 psychological level first for
the 100% projection of 1.3691 to 1.2526 from 1.3093 at 1.1928 next
Furthermore in an Elliott wave point of view, the bigger picture, price actions from 1.6039 are treated as correction to long term up trend from
0.8823 and fall form 1.5144 is the third leg of such correction. Further decline should be seen to 1.1639 key support level and possibly further
to 100% projection of 1.6039 to 1.2329 from 1.5144 at 1.1433. On the upside, break of 1.3266 resistance is needed to be the first signal of
bottoming. Otherwise, outlook will remain bearish.
In the long term picture, considering the five wave impulsive structure of the long term up trend from 2000 low of 0.8223 to 2008 high of
1.6039, price actions from 1.6039 are viewed as a correction only. Hence, we'd expect strong support between 61.8% retracement of 0.8223 to
1.6039 at 1.1209 and 1.1639 support to contain downside and bring another long term up trend. However, note that sustained break of 1.1209
key Fibonacci level will dampen this view and open up the case of a take on parity.
USD/CHF:
The technical outlook for USD/CHF Friday, May the 28th, 2010, level 1.1546
Position Strategy: Current position : FLAT :

Enter SHORT on a clear break of 1.1447 with stop 1.1545 target 1.1244 first for 1.0920 next
No change in USD/CHF outlook. The USD/CHF is still bounded in sideway trading in tight range below 1.1697 and intraday bias remains
neutral. Nevertheless, note that another rise remains in favor as long as 1.1447 minor support holds. Sustained trading above 161.8%
projection of 1.0131 to 1.0897 from 1.0434 at 1.1673 will target medium term resistance of 1.1963 next, 200% projection at 1.1966. However,
break of 1.1447 will indicate that a short term top is formed with bearish divergence condition in 4 hours RSI and Stochastic oscillators. In such
case, deeper pull back would be seen towards 1.0922/1244 support zone before staging another rise.
Furthermore in an Elliott wave point of view, the bigger picture, as noted before, rise from 0.9916 is treated as resumption of the long term
rise from 2008 low of 0.9634. Such rise is expected to have a test on 1.1963/2296 resistance zone first and then 100% projection of 0.9634 to
1.2296 from 0.9916 at 1.2578. On the downside, break of 1.0897 resistance turned support is needed to be the first sign of reversal. Otherwise,
we'll stay bullish.
In the bigger picture, In the longer term picture, a long term bottom is no doubt in place at 0.9634 with bullish divergence condition in
monthly RSI & Stochastic. Rise from 0.9916 is set to resume the rise from 0.9634. Such development will favor the case that long term down
trend from 1.8305 has reversed and would favor stronger rise to 1.3283 resistance and above.
EUR/CHF:
The technical outlook for EUR/CHF Friday, May the 28th, 2010, level 1.4252
Position Strategy:Current position : SHORT from 1.4130 with stop 1.4292 target 1.4010
A temporary low is in place at 1.4109 and bias in turned neutral. Another fall cannot be ruled out as long as 1.4292 minor resistance holds. But
after all, considering threat of more intervention from SNB, we'd anticipate strong support above 1.4 psychological level to contain downside.
On the upside, above 1.4292 will flip intraday bias back to the upside for 1.4587 first towards the 76.4% Fibonacci retracement from 1.4002 to
1.4846 at 1.4642 next.
Furthermore in an Elliott wave point of view, the bigger picture, a medium term bottom should be in place above 1.4 psychological level and
the cross has now entered into another consolidation phase. However, note that the current rebound is not strong enough to warranted a
reversal of the long term down trend yet. We'd expect strong resistance at 1.4846 to limit upside. The cross should revisit 1.4 level again some
time in medium term.
In the long term picture, fall from 1.6827 should be resuming whole down trend from 1993 high of 1.8234. We'd expect such down trend to
extend towards 100% projection of 1.8234 to 1.4391 from 1.6827 at 1.2984 in the longer run. Break of 1.5138 is needed to confirm reversal.
Otherwise, outlook will remain bearish.
GBP/USD:
The technical outlook for GBP/USD Friday, May the 28th, 2010, level 1.4544
Position Strategy: Current position: LONG at 1.4532 with a stop 1.4313 target near 1.4723
Enter SHORT on a clear break of 1.4230 with stop 1.4318 target 1.3848
As noted before by the break above 1.4527 a short term bottom is in place at 1.4230, GBP/USD's rebound from there might extend further
towards 38.2% retracement of 1.5521 to 1.4230 at 1.4723 first and in extension towards 1.5053 resistance before staying another fall. On the
downside, though, break of 1.4230 low will confirm down trend resumption and should target 100% projection of 1.6456 to 1.4783 from
1.5521 at 1.3848 next.
Furthermore in an Elliott wave point of view, the bigger picture, our bearish view remains unchanged. Fall from 1.7043 is tentatively treated
as resumption of the whole down trend from 2007 high of 2.1161. Such fall should target 61.8% projection of 2.1161 to 1.3503 from 1.7043 at
1.2310 after taking out 1.3503 low. On the upside, break of 1.5521 resistance is needed to be the first signal of bottoming. Otherwise, outlook
will remain bearish.
In the longer term picture, the corrective nature of the multi-decade advance from 1.0463 (1985 low) to 2.1161 as well as the impulsive nature
of the fall from there suggests that GBP/USD is now in an early stage of a long term down trend. Rebound from 1.3503 should have completed
and the whole fall from 2.1161 is likely resuming for 61.8% projection (2.1161 to 1.3503 from 1.7043) at 1.2310 next.
AUD/USD
The technical outlook for AUD/USD Friday, May the 28th, 2010, level 0.8499
Position Strategy: Current position: FLAT: have Taken profit on LONG position from 0.8369 at 0.8454
Enter LONG on a clear break of 0.8568 with a stop 0.8525 target 0.8686
Enter SHORT on a break of 0.8066 with stop 0.8187 target 0.7702
Intraday bias in AUD/USD has flip to the upside as consolidation from 0.8069 is still in progress. Stronger recovery cannot be ruled out but
we'd expect upside to be reach the 50.0% retracement of 0.9077 to 0.8069 at 0.8568 but may be limited by 61.8% retracement of 0.9077 to
0.8069 at 0.8686 and bring fall resumption. On the downside, decisive break of 0.8069 will confirm fall resumption and should target next key
support level at 0.7702.
Furthermore in an Elliott wave point of view, the bigger picture, while the decline from 0.9380 is steep, it's still treated as a correction to
medium term up trend from 0.6008. Hence, we're expecting strong support from 0.7702 (50% retracement of 0.6008 to 0.9404 at 0.7706), at
least initially, to bring rebound. But after all, break of 0.8715 resistance is needed to indicate that fall from 0.9380 is completed. Otherwise,
more downside would remain in favor.
In the longer term picture, long term correction from 0.9849 has likely completed at 0.6008 already, after being supported slightly above
76.4% retracement of 0.4773 (01 low) to 0.9849 (08 high). Rise from 0.6008 is possibly developing into a new uptrend which will extend the
long term rise from 0.4773. We'll continue to favor the long term bullish case as long as 0.7702 cluster support holds and expect an eventual
break of 0.9849 high. However, a break of 0.7702 support will firstly argue that whole rise from 0.6008 has completed. Secondly this will open
up the case that AUD/USD is in phase of a long term consolidation and will gyrate in the large range of 0.6008/0.9849 for some time.
USD/JPY
The technical outlook for USD/JPY Friday, May the 28th, 2010, level 91.27
Position Strategy: Current position: LONG at 90.97 stop at 89.95 target near 93.50
Enter SHORT on a break of 89.81 with stop 90.67 target 88.13 for 84.81 next
USD/JPY's rebound from 88.97 extends further to as high as 91.39 so far today and the strong break of 90.92 minor resistance indicates that
fall from 93.62 is completed. Intraday bias is back on the upside and further rally should be seen. Though, we're still treating price actions
from 88.25 as consolidation to fall from 94.97 only. Hence, we'd expect upside to be limited below 93.62 resistance and bring another fall. On
the downside, below 89.81 minor support will indicate that recovery from 88.97 is finished and flip intraday bias back to the downside for
88.13/25 support zone.
Furthermore in an Elliott wave point of view, the bigger picture, considering that USD/JPY failed to sustained above the lower band of the
ascending channel, green line on the chart, now at 90.86 and dropped sharply, we're now slightly favoring the case that down trend from
124.13 is not over. Break of 88.13 support will indicate that rebound from 84.81 has completed with three waves up to 94.97 already. The
corrective structure will affirm the bearish case and pave the way to a new low below 84.81. On the upside, however, 94.97 will revive the case
that 84.81 is already the long term bottom and will target 101.43/65 medium term resistance zone for confirming this bullish case.
In the long term picture, we will stay neutral first even if the downside momentum is clearly diminishing and bullish convergence condition in
weekly oscillators; the long term down trend in USD/JPY might have reversed. Focus now turns to 101.43/65 medium term resistance zone
and decisive break there will also break the lower high lower low pattern since 124.13. This will suggest that a long term bottom is in place
and another rising leg of the sideway pattern that started at 79.75 in 1995 should then be in progress for upper side of the range at 147.68.
EUR/JPY
The technical outlook for EUR/JPY Friday, May the 28th, 2010, level 112.64
Position Strategy: Current position: FLAT ,

Enter LONG on a clear break of 114.39 stop at 112.45 target 116.10
Enter SHORT on a break of 108.83 with stop 112.45 target 103.45
EUR/JPY recovers further to as high as 113.00 so far today and a short term bottom is already in place at 108.83 with bullish convergence
condition in 4 hours Stochastic and RSI. On the upside, break above 114.39 minor resistance a stronger rebound would now be seen towards
38.2% retracement of 127.88 to 108.82 at 116.10 next. On the downside, though, break of 108.82 will confirm fall resumption to 61.8%
projection of 169.96 to 112.10 from 139.21 at 103.45 next.
Furthermore in an Elliott wave point of view, the bigger picture, fall from 139.21 is treated as resumption of long term down trend from 2007
high of 169.96 and should target 61.8% projection of 169.96 to 112.10 from 139.21 at 103.45 which is close to 100 psychological level. Though,
we'd expect strong support between 2000 low of 88.96 and 100 psychological level to contain downside and bring reversal. On the upside,
break of 127.88 resistance is needed to be the first signal of bottoming. Otherwise, outlook will remain bearish.
In the long term picture, the uptrend from 88.96 (2000 low) has completed at 169.96 and made a long term top there. Based on the five wave
structure of the rise from 88.96 to 169.96, we're favoring that fall from 169.96 is corrective in nature. It should develop into a three wave
correction with first wave completed at 112.10, second wave completed at 139.21. The third falling leg is now in progress but would be
contained above 88.96 key support level. We'll hold on this view unless fall from 169.96 shows sign of acceleration.
GBP/JPY
The technical outlook for GBP/JPY Friday, May the 28th, 2010, level 132.74
Position Strategy: Current position : LONG at 132.83 with stop 131.30 target near 134
Enter SHORT on a break of 126.73 with stop 129.74 target 120 first for 118.18next
GBP/JPY's rebound from 126.73 extends further to as high as 133.18 so far today. A short term bottom is in place at 126.73 with bullish
convergence conditions in Stochastic and RSI. Stronger recovery might be seen to 38.2% retracement of 145.94 to 126.73 at 134.06 and break
will target 61.8% retracement at 138.60. On the downside, though, below 129.03 minor support will argue that such recovery has completed
and will flip intraday bias back to the downside for 126.73 low first.
Furthermore in an Elliott wave point of view, in the bigger picture, no change to our bearish view rebound from 118.81, which is treated as
correction in the larger down trend from 2007 high of 251.09, has completed at 163.05 already. Fall from 163.05 is tentatively treated as
resumption of such long term down trend and should target 61.8% projection of 215.87 to 118.81 from 163.05 at 103.06 next, which is close to
100 psychological level. On the upside, break of 145.94 resistance is needed to invalidate this view. Otherwise, outlook will remain bearish.
In the longer term picture, fall from 251.09 is treated as resumption of multi decade down trend. Note that the fall from 215.87 is not treated
as the fifth wave, but the third wave inside the third wave that started at 241.35. Another long term decline is still expected after completion of
the correction from 118.81.
USD/CAD
The technical outlook for USD/CAD Friday, May the 28th, 2010, level 1.0522
Position Strategy: Current position : SHORT at 1.0530 with stop 1.0682 target 1.0109
Enter LONG on a clear break of 1.0718 with stop 1.0534 target 1.0850
The daily bias in USD/CAD has turn bearish as the fall from 1.0851 is still in progress. As noted before, the break below 1.0534 support
indicates that a short term top is in place and deeper decline would be seen towards 1.0109 support. Above 1.0718 minor resistance will flip
intraday bias back to the upside. Break of 1.0851 will bring rise resumption to 100% projection of 0.9929 to 1.0734 from 1.0109 at 1.0914
first. Break will target 38.2% retracement of 1.3063 to 0.9929 at 1.1126 next.
Furthermore in an Elliott wave point of view, the bigger picture, with 1.0779 resistance intact, there is no confirmation of medium term
reversal yet, It’s why I will try a short at 1.0700. Whole down trend from 2009 high of 1.3063 might still continue and below 0.9929 low will
target 2008 low of 0.9056. However, note that break of 1.0779 will confirm that fall from 1.3063 has completed and stronger rebound should
be seen towards 38.2% retracement of 1.3063 to 0.9929 at 1.1126 and above.
In the longer term picture, firstly, there is no clear indication that the long term down trend from 2002 high of 1.6196 has reversed. Secondly,
the medium term fall from 1.3063 is so far looking corrective. Hence, we're slightly favoring the case that price actions from 0.9056 are
developing into a long term sideway pattern. Hence even in case of another fall, we'd expect strong support above 2007 low of 0.9056 to
contain down side. On the other hand, another strong medium term rise should be seen after fall from 1.3063 complete and such rise should
target a test on the upper side of the long term range near to 1.3063.
GOLD
The technical outlook for GOLD: Friday, May the 28th, 2010, level 1212.9
Position Strategy: Current position : LONG from 1206.9 with a stop at 1195 target 1249
Enter SHORT on a clear break of 1169.55 with stop 1193 target 1124.3 first for 1044.5 next
As noted before Gold’s pull back from 1249.35 has possibly completed at 1166.20 already, after drawing support from 1169.55 cluster support
(61.8% retracement of 1124.3 to 1249.35 at 1171.6). At this point the daily bias remains mildly to the upside for retesting 1249.7 first. Break
will confirm up trend resumption for 1300 psychological level next. However, note that firm break of 1169.55 will argue that whole rise from
1044.5 is completed and will turn outlook bearish for 1124.3 support instead.
Furthermore in an Elliott wave point of view, the bigger picture, while the fall from 1249.35 is deep, gold is still holding on to 1169.5 cluster
support as well as long term trend indicator, light green line on the chat, now at 1165.35. However, note that sustained trading below the long
trend indicator will opens up a bearish possibilities. The bearish case is that fall from 1249.7 is the third leg of the three wave consolidation
from 1227.5 , in an irregular flat pattern, and would target a retest on 1044.5 support next, a factor that is favoring this view now is that the
short term trend indicator, light blue line on the chart is crossing below the medium term trend indicator, red line on the chart. On the upside,
a break above 1206.8 minor resistance will reactivated our bullish and a break above 1249.35 will be the confirmation and will target 100%
projection of 931.3 to 1227.5 from 1044.5 at 1340 next
In the long term picture, rise from 681 is treated as resumption of the long term up trend from 1999 low of 253 after interim consolidation
from 1033.9 has completed in form of an expanding triangle. Next long term target is 100% projection of 253 to 1033.9 from 681 at 1462 level.
We'll hold on to the bullish view as long as 1044.5 key support holds.
CrudeOIL July future contract
The technical outlook for OIL Friday, May the 28th, 2010, level 74.5
Current position : FLAT, Have taken profit on LONG position from 71.30 at 74.50,
Enter SHORT on a clear break of 67.15 with stop 71.25 target 60.5
Enter LONG on a clear break of 74.71 with stop 72.74 target 79
Crude oil’s recovery from 67.15 extended further yesterday and the daily bias is still on the upside for stronger rise, toward 61.8%
retracement at 79.37 and bring fall resumption. But we need first to clear break the 38.2% retracement of 87.12 to 67.15 at 74.71 to confirm
the upside. Break of 67.15 should target first the 64.24 low and 60 psychological level next, which is close to 50% retracement of 33.2 to 87.15
at 60.18.
Furthermore in an Elliott wave point of view, the bigger picture, the break of 70.83/71.09 support zone affirms our view that whole medium
term rebound from 33.2 has completed at 87.12 already, just ahead of 50% retracement of 147.27 to 33.2 at 90.24. Further decline should be
seen to 50% retracement of 33.2 to 87.12 at 60.16 at least. Also, we count the rebound from 33.2 as the second leg of the whole correction that
started at 2008 at 147.27. On the upside, break of resistance at 81.26 level is needed to be indicate that fall from 87.12 is completed.
Otherwise, we'll stay bearish.
In the long term picture, current development suggests that rebound from 33.2 is finished at 87.15, inside 76.77/90.24 Fibonacci resistance
zone as expected. Our view is that fall from 87.12 would develop into the third falling leg of the whole correction from 147.27 and hence, we'd
anticipate an eventual break of 60.16 target and may bring 58.98 first for 54.25 next and a final target between 51.23 and 49.73.
DOW JONES INDU. Future June 2010
The technical outlook for DJI: Friday, May the 28th, 2010, level 10207.1
Current position: LONG at 10201.70 stop at 10007 target near 10505

Enter SHORT on a clear break of 9756 with stop 9866 target 9557
Yesterday the DOW closed above the mentioned 10201.65 resistance. As said previously this level was the first confirmation of bottoming. Now
the Dow potential “double bottom pattern” is highlighted. But I mentioned previously, we may move above 10916.15 to trigger the” double
bottom” pattern and the break above of 10201.65 the first sign and 10505.15 will be the second sign of the end of the correction. As noted
before we are now in the third leg of the correction after rebound from 9865.65 failed to sustain above the Fibonacci retracement at 10865
and pullback from this level. As noted before we are now in wave c of II, following this count we may continue the down fall or a bottoming
process may continue and end the current wave II. On the downside, a move below 9756 will confirm the continuation of the third leg of the
correction in direction of 9557.
Furthermore in an Elliott wave point of view, the bigger picture, the count suggests that the bear market ended in Mar 09.The anticipated 50%
retracement rally was actually the start of a new 70-80 year super cycle bull market. The three waves up are only Major waves 1-2-3 of
Primary wave I of Cycle wave I of this bull market. The downtrend from 10723.4 to 9789.9 is wave 4 of I conclude with alternation with
the Jun/July downtrend, and hold the 10% correction, and following our count: we have ended wave I at 11196.65 and we are now in wave II
that may be ended or have a potential to go as far as 9557. For remember Wave I is the start of a super bullish super cycle of 50-70 years and will
be followed by a wave II in correction that may be very profound.
TRACK Since April

RECORD 16th, 2010
Current Closed P&L Nb of
Currency Long/Short Open price Price Stop Target Open P&L pips Pips Total P&L pips trades
EUR/USD Flat 0 1,094 1,094 13
CHF/USD Flat 0 521 521 10
EUR/CHF Short 1.413 1.4252 1.4292 1.401 -122 -83 -205 4
GBP/USD Long 1.4532 1.4544 1.4313 1.4723 12 318 330 10
AUD/USD Flat 0 556 556 11
USD/JPY Long 90.97 91.27 89.95 93.5 30 255 285 8
EUR/JPY Flat 0 795 795 9
GBP/JPY Long 132.83 132.74 131.3 134 -9 307 298 9
USD/CAD Short 1.053 1.0522 1.0682 1.0109 8 530 538 11
TOTAL -81 4,293 4,212 85
Current Open P&L Nb of
Markets Long/Short Open price Price Stop points Close P&L pts Total P&L pts trades
Gold Long 1206.9 1212.9 1195 1249 6.00 -86.3 -80.30 4
Oil Flat 0.00 10.55 10.55 10
Dow Jones Long 10201.7 10207.1 10007 10505 5.40 1365.1 1,370.50 6
Monthly
recap
Since April 16 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Total
EUR/USD 247 847 1094
CHF/USD -34 555 521
EUR/CHF -83 -83
GBP/USD -56 642 586
AUD/USD -145 701 556
USD/JPY 161 94 255
EUR/JPY -31 826 795
GBP/JPY -97 404 307
USD/CAD 149 381 530
TOTAL 194 4367 4,561
Gold -11.3 -75 -86.30
Oil 1.71 8.84 10.55
Dow Jones 533.6 831.5 1365.1
ECONOMIC CALANDAR
Friday, May 28, 2010
GMT Ccy Events Consensus Previous
03:00 NZD Money Supply M3 Y/Y Apr -- -3.5%
06:00 EUR German Import Price Index M/M Apr 1.5% 1.7%
06:00 EUR German Import Price Index Y/Y Apr 7.4% 5.0%
06:15 CHF Trade Balance (CHF) Apr -- 2.01B
06:15 CHF Exports M/M Apr -- 1.4%
06:15 CHF Imports M/M Apr -- -2.2%
09:30 CHF KOF Swiss Leading Indicator May 2.03 1.99
12:30 CAD Current Account (BoP) (CAD) Q1 -$7.0B -$9.8B
12:30 USD Personal Income Apr 0.5% 0.3%
12:30 USD Personal Spending Apr 0.3% 0.6%
12:30 USD PCE Core M/M Apr 0.1% 0.1%
12:30 USD PCE Core Y/Y Apr 1.2% 1.3%
12:30 USD PCE Deflator Y/Y Apr -- 2.0%
13:45 USD Chicago Purchasing Manager May 62.0 63.8
13:55 USD U. of Michigan Confidence May F 73.5 73.3
14:00 USD NAPM-Milwaukee May -- 66
16:00 EUR French Total Jobseekers Apr -- 2661.3
16:00 EUR French Total Jobseekers Change Apr -- -6.6%
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28 mai 2010 [DAILY MARKETS UPDATE]

Daily Markets Update

Euro and stocks lifted by China's affirmation

Position Strategy: Current position : FLAT :

Position Strategy: Current position : FLAT :

Position Strategy: Current position: FLAT ,

CrudeOIL July future contract

DOW JONES INDU. Future June 2010

Current position: LONG at 10201.70 stop at 10007 target near 10505

TRACK Since April

Friday, May 28, 2010

GMT Ccy Events Consensus Previous

03:00 NZD Money Supply M3 Y/Y Apr -- -3.5%

06:15 CHF Trade Balance (CHF) Apr -- 2.01B

06:15 CHF Exports M/M Apr -- 1.4%

06:15 CHF Imports M/M Apr -- -2.2%

09:30 CHF KOF Swiss Leading Indicator May 2.03 1.99

12:30 CAD Current Account (BoP) (CAD) Q1 -$7.0B -$9.8B

12:30 USD Personal Income Apr 0.5% 0.3%

12:30 USD Personal Spending Apr 0.3% 0.6%

12:30 USD PCE Core M/M Apr 0.1% 0.1%

12:30 USD PCE Core Y/Y Apr 1.2% 1.3%

12:30 USD PCE Deflator Y/Y Apr -- 2.0%

13:45 USD Chicago Purchasing Manager May 62.0 63.8

13:55 USD U. of Michigan Confidence May F 73.5 73.3

14:00 USD NAPM-Milwaukee May -- 66

16:00 EUR French Total Jobseekers Apr -- 2661.3

16:00 EUR French Total Jobseekers Change Apr -- -6.6%

For clients in the United Kingdom:

For Capital Conservator

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