Stress Test's Released Delicately - Remain Cautious
07/05/09 20:12
Hello Traders,
I'm sorry I have been out for a while. Last weekend was our Charlotte, NC workshop and it was a barn burner. We continue to see a growing number of traders quit their jobs to trade full time, as they learn real strategies from a professional on how the market really works and move away from internet marketing hype.
I want to thank Angie "Sunshine" Crisp for the excellent job in organizing the workshop at an excellent facility and arranged to get attendees great Hilton rooms for $89! I would also like to thank Greg Crisp for his professional expertise and valuable contributions to the class. Finally, to the attendees who continue to inspire me and allow me the great pleasure to interact with your unique and motivated minds.
Please contact us if you would are interested in any of Chris Lori's educational products.
Workshop Testimonials
I just finished the weekend seminar with Chris Lori and I wanted to let you guys know that it was excellent.
Chris is extermeley knowledgeable, and can communicate his information and experience effectively.
Course content was complete, pertinent, well put together, and was a true value for the money.
Great job!
Luigi
******************
Great Workshop! Well worth it
Thanks
J Vernon
*********************
Hello, I just got back from "Chris Lori's" Charlotte, NC workshop. This is by far the best 2&1/2 days of forex training class I've attended in my forex trading career. Chris's simple, easy to understand coaching approach( created from his vast knowledge & expertise in the forex field) really was an eye opener for me. I've learnt more in this short 2 1/2 days then my entire two years of forex arena. I was frustrated, ready to leave from this trading business, but Chris's true & real live teaching gave me hope that even though I have a long way to go, I will make it. I was fortunate to attend his workshop and hope to continue my journey with him.
Thank you "Chris" for what you've done for us, especially for me.
Mohamed"
**********************
I just wanted to share that I attended Chris Lori's workshop in Charlotte this weekend, and found it to be fantastic. Chris puts a lot of time and effort into the workshop, and you definitely get your money's worth. Chris over-delivers on everything he does.
We went a full 2 1/2 days and it was a very extensive and in-depth look into strategy, tactics and the psychology needed to become a successful full time trader, or to just take your trading to the next level.
There were quite a few people there who have been to Chris' workshops before and I think it's a testimony to the depth and strength of the program he puts on. It's no wonder traders from all over are in attendance.
I would highly recommend a Chris Lori workshop to anyone who is serious about currency trading. You just will not find this information anywhere else.
Greg Jones
*******************
Chris,
I just want to take a minute and thank you for this past weekend. The information you shared with us was outstanding. I also wanted to congratulate you on your tremendous success as an FX trader. Since retiring most of the US bobsledder I stayed in touch with have not gone on to the same level of success they had in the sport. Mainly because they didn't use the tools they learned from bobsledding apply them into a successful career like you have so hats off to you.
On another note I hope I wasn't to much of a pain in the a-- for asking a lot of questions. I went into the class thinking I'm not sure when I'll get to see Chris teach again, so I going to ask as many questions as I can and hopefully learn from his answers. I am hopeful that based on our similar past sports experiences that with your assistance I can achieve a successful FX trading career as well. I look forward to speaking with you soon.
Best regards,
Bryan
**********************
The workshop this weekend was more than expected. I am on my way to becoming a Fibonacci Trader!
Chris is an excellent teacher and everyone was so friendly and willing to help and offer advice.
Thanks so much for your help. Have a great day!
Johnnie
**********************
Hi Chris,
Have been listening to PTC videos on the way home this morning. You asked for feedback on the review of bank reports. Yes, please keep reviewing. Your reviews are teaching me how to think from the perspective of the markets and will positively impact my trading.
Thanks.
See you Sunday.
Dave Deming
**********************
"Stress Test's" Released Delicately - Remain Cautious
Ref: UBS
The final results from the stress test were released with little fanfare as results had been previously leaked. The Fed said ten firms required a cumulative $74.6bn of additional capital and the largest needed amount is $34bn for one of the major banks. Several banks had already begun announcing equity and debt offerings in order to raise the additional capital from the private markets ahead of the official release. Fed Chairman Bernanke said the results should give the public "considerable comfort" and helps investors distinguish relative strength among the firms. With the stress test results final here, investors now turn their focus to the labour market. Labour market data has been better than expectations recently, with initial jobless claims and ADP employment data showing less weakness. While it is still too early to call a turn in the labour market, the data has been encouraging and UBS economists are looking for a below consensus -550k on non-farm payrolls but is in-line with consensus on unemployment at 8.9%.
I'm sorry I have been out for a while. Last weekend was our Charlotte, NC workshop and it was a barn burner. We continue to see a growing number of traders quit their jobs to trade full time, as they learn real strategies from a professional on how the market really works and move away from internet marketing hype.
I want to thank Angie "Sunshine" Crisp for the excellent job in organizing the workshop at an excellent facility and arranged to get attendees great Hilton rooms for $89! I would also like to thank Greg Crisp for his professional expertise and valuable contributions to the class. Finally, to the attendees who continue to inspire me and allow me the great pleasure to interact with your unique and motivated minds.
Please contact us if you would are interested in any of Chris Lori's educational products.
Workshop Testimonials
I just finished the weekend seminar with Chris Lori and I wanted to let you guys know that it was excellent.
Chris is extermeley knowledgeable, and can communicate his information and experience effectively.
Course content was complete, pertinent, well put together, and was a true value for the money.
Great job!
Luigi
******************
Great Workshop! Well worth it
Thanks
J Vernon
*********************
Hello, I just got back from "Chris Lori's" Charlotte, NC workshop. This is by far the best 2&1/2 days of forex training class I've attended in my forex trading career. Chris's simple, easy to understand coaching approach( created from his vast knowledge & expertise in the forex field) really was an eye opener for me. I've learnt more in this short 2 1/2 days then my entire two years of forex arena. I was frustrated, ready to leave from this trading business, but Chris's true & real live teaching gave me hope that even though I have a long way to go, I will make it. I was fortunate to attend his workshop and hope to continue my journey with him.
Thank you "Chris" for what you've done for us, especially for me.
Mohamed"
**********************
I just wanted to share that I attended Chris Lori's workshop in Charlotte this weekend, and found it to be fantastic. Chris puts a lot of time and effort into the workshop, and you definitely get your money's worth. Chris over-delivers on everything he does.
We went a full 2 1/2 days and it was a very extensive and in-depth look into strategy, tactics and the psychology needed to become a successful full time trader, or to just take your trading to the next level.
There were quite a few people there who have been to Chris' workshops before and I think it's a testimony to the depth and strength of the program he puts on. It's no wonder traders from all over are in attendance.
I would highly recommend a Chris Lori workshop to anyone who is serious about currency trading. You just will not find this information anywhere else.
Greg Jones
*******************
Chris,
I just want to take a minute and thank you for this past weekend. The information you shared with us was outstanding. I also wanted to congratulate you on your tremendous success as an FX trader. Since retiring most of the US bobsledder I stayed in touch with have not gone on to the same level of success they had in the sport. Mainly because they didn't use the tools they learned from bobsledding apply them into a successful career like you have so hats off to you.
On another note I hope I wasn't to much of a pain in the a-- for asking a lot of questions. I went into the class thinking I'm not sure when I'll get to see Chris teach again, so I going to ask as many questions as I can and hopefully learn from his answers. I am hopeful that based on our similar past sports experiences that with your assistance I can achieve a successful FX trading career as well. I look forward to speaking with you soon.
Best regards,
Bryan
**********************
The workshop this weekend was more than expected. I am on my way to becoming a Fibonacci Trader!
Chris is an excellent teacher and everyone was so friendly and willing to help and offer advice.
Thanks so much for your help. Have a great day!
Johnnie
**********************
Hi Chris,
Have been listening to PTC videos on the way home this morning. You asked for feedback on the review of bank reports. Yes, please keep reviewing. Your reviews are teaching me how to think from the perspective of the markets and will positively impact my trading.
Thanks.
See you Sunday.
Dave Deming
**********************
"Stress Test's" Released Delicately - Remain Cautious
Ref: UBS
The final results from the stress test were released with little fanfare as results had been previously leaked. The Fed said ten firms required a cumulative $74.6bn of additional capital and the largest needed amount is $34bn for one of the major banks. Several banks had already begun announcing equity and debt offerings in order to raise the additional capital from the private markets ahead of the official release. Fed Chairman Bernanke said the results should give the public "considerable comfort" and helps investors distinguish relative strength among the firms. With the stress test results final here, investors now turn their focus to the labour market. Labour market data has been better than expectations recently, with initial jobless claims and ADP employment data showing less weakness. While it is still too early to call a turn in the labour market, the data has been encouraging and UBS economists are looking for a below consensus -550k on non-farm payrolls but is in-line with consensus on unemployment at 8.9%.
We remain neutral on the dollar as global growth sentiment seems to be the larger driver behind currencies. The growth and commodity currencies have done well against the dollar during the latest risk-rally while the outlook for EURUSD is mixed and investors seemed unfazed by the stress test results. Ahead today, non-farm payrolls and the unemployment rate are due.
The ECB cut the refi rate by 25bp as expected and left the deposit rate unchanged. The ECB's measures should support bank lending, especially with direct EIB involvement. What's more, the ECB's intent to buy covered bonds should support domestic credit. The measures put the ECB in the credit easing camp, and Trichet made it clear that the ECB is 'not at all embarking on quantitative easing'. The ECB's rate cut and announcement of additional non-conventional policy measures made for a mixed outlook on EURUSD, but euro crosses see these matters as bullish, i.e., growth trade benefit. However, given the high uncertainty in price action following the announcement, we maintain our EURUSD modestly bearish. EUR/USD may remain in a relative balance until the next cause for shift in sentiment. German industrial production is due ahead.
The BoE kept the official rate unchanged as expected and increased the size of its Asset Purchase Facility (APF) by GBP 50bln to GBP 125bln while remaining under the maximum possible size of the APF of GBP 150bln, which the BoE and Chancellor Darling had agreed to earlier. This increase in the scale of QE operations is unsurprising given the size of gilt issuance expected this year. The MPC also stated that the program will take another 3 months to complete and that the scale of the program would be kept under review. The statement highlights that forward-looking surveys have shown signs of improvement. But these steps are still tentative and gains from QE will need to be sustained.
The NZLD unemployment rate increased less than expected to 5.0% as employment fell by -1.1% q/q in Q1. UBS economists note that with economic growth likely to remain below potential for another year or so, the unemployment rate will likely continue to rise. The RBNZ had earlier projected that the unemployment rate would reach 6.8% by the March quarter of next year, which still looks plausible. The unemployment data likely does not change the RBNZ's latest assessment that the OCR could still move lower over coming quarters and stay low until the latter part of 2010. We maintain our 1m and 3m forecast for NZDUSD at 0.55.
Australia Employment for April rose by 27.3k and beat expectations of -25.0k with full-time jobs up 49.1k. The unemployment rate decreased from 5.7% to 5.4%. Economists note that the data was a refreshing surprise but caution that the outlook for jobs is still very weak and still maintain their very below consensus forecast 7.5% unemployment rate peak in Q1 2010. AUD should still benefit from the positive global growth sentiment and the RBA's orthodox monetary policy. AUD is strong and we look to buy on pullbacks. The level of support has risen above the .64 - .68 area. What levels, exactly? Join Chris Lori's Pro Traders Club.
Canada. Market consensus is looking for the unemployment rate to increase to 8.3% as Canadian officials have said the labour market will continue to be weak in 2009. The March rate was 8%, which matched the previous high in December 2001. Unless the data is much better than expected, we expect investors will have already discounted a worsening labour market. We maintain our 1m and 3m USDCAD forecasts of 1.25 and anticipate USDCAD to move higher from current levels in the medium term.