Special Video Update – February 17, 2009 1:17am (US EST)
A special video covering events in the S&P 500 futures, Euro, and Gold
Update: 2am (US EST):
From the news wire:
Spot Gold is trading sharply higher in Asia, after moving to a fresh 7-month high earlier during the session. Some dealers noted that stops were triggered after $950/oz was breached on financial sector concern from Europe. In other gold related news, Russia’s first Deputy Chairman Alexei Ulyukayev noted that the country central bank’s gold holdings increased and that Russia was seeking to continue this tendency this year.
S&P 500 Futures Update & Japan GDP
S&P 500 futures trading resumed at 6pm (US EST) on Sunday with a significant gap down. This drop puts the S&P 500 well below the triangle pattern that has been discussed here extensively over the past many weeks.
Remember that the U.S. markets are closed on Monday (February 16) for holiday observance. I will continue to monitor the futures activity very carefully.
Also of note this evening is the Euro and the British Pound have dropped rather significantly as well against a broad range of other currencies at the time of this writing.
From Japan this evening came the following:
JAPAN Q4 PRELIMINARY GDP (QOQ): -3.3% V -3.1%E
ANNUALIZED: -12.7% V -11.6%E
- GDP Deflator YoY: 0.9% v 0.2%e (-1.6% prior)
- Q4 consumer spending -0.4% q/q v +0.3% prior
- Q4 business spending -5.3% q/q (CAPEX has largest fall since Oct-Dec 2001) v -3.4% prior
- Q4 exports -13.9% q/q (fall in exports is the largest on record) v +0.6% prior
NOTE: Q4 GDP drop is the largest since Q1 of 1974
S&P 500 Futures - February 16, 2009 (1:30am US EST)
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