Friday, December 25, 2009

Thailand’s SET May Rise 4.5% Next Week, Bualuang Says (Update2)

Thailand’s SET Index may rise 4.5 percent next week, extending its biggest gain in six years, as individual investors buy more mutual funds to meet a year-end tax deadline, Morgan Stanley’s Thai partner said.

The measure may rise to as high as 760 by the end of the year from yesterday’s close of 727.21, according to Bualuang Securities Pcl, which has a tie up with Morgan Stanley for Thai research. That would be the highest level since July 2008.

“There should be more money inflow into the equity market next week as it’s the last chance for local individuals to buy mutual funds for tax savings,” Pongrat Ratanatavanananda, an investment strategist at Bualuang, said by phone from Bangkok.

The SET has gained 62 percent this year on expectations the economic recovery will boost earnings. Southeast Asia’s second- largest economy shrank 2.8 percent last quarter, the smallest contraction in a year, as it pulls out of the global slump.

Local individuals are expected to invest at least 5 billion baht ($151 million) in mutual funds that provide tax breaks, Tisco Securities Co., Deutsche Bank AG’s partner in Thailand, said in a report on Dec. 22. The gauge today rose 0.4 percent to 730.41, the highest close since Oct. 19.

Thai individuals may invest more in the so-called long-term equity fund and the retirement fund as the government offers tax breaks for as much as 1 million baht on these investments.

More Local Buying

Local institutions, which include mutual fund and insurance companies, bought 484 million baht of domestic stocks more than they sold yesterday, an 14th straight day of net buying, according to the exchange’s data. Overseas investors sold a net 64 million baht of the stocks, the first net selling in three days.

A court decision to lift a suspension on construction for some projects in the Map Ta Phut industrial complex has also “dramatically” boosted investor sentiment, Pongrat said today.

On Dec. 22, Prime Minister Abhisit Vejjajiva said 19 projects of the stalled 65 may be allowed to proceed. The Administrative Court said on Dec. 23 a project of Siam Yamato Steel, an affiliate of Siam Cement Pcl, can proceed because it obtained an environmental impact assessment certificate before the 2007 constitution was promulgated.

Pongrat recommended shares of PTT Pcl and Siam Cement, whose projects have been suspended by the court, on expectations that the court may allow construction of their plants to proceed soon.

China’s Stocks Drop for First Time in Three Days; Zijin Falls

China’s stocks dropped for the first time in three days, paring a weekly gain, on concern new share sales will divert money from existing equities.

Zijin Mining Group Co. and China Shenhua Energy Co., the nation’s largest producers of gold and coal, lost at least 1.3 percent as eight companies debuted in Shenzhen’s ChiNext market for start-up companies today. Pharmaceutical companies Joincare Pharmaceutical Group Industry Co. advanced as investors sought so-called safe havens that aren’t easily affected by the economic swings.

The Shanghai Composite Index fell 12.06, or 0.4 percent, to 3,141.35 at the close. It added 0.9 percent in the past five days, its first weekly gain in three weeks. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, declined 0.4 percent to 3,424.78.

“The market will be in a fluctuating pattern until the end of the year,” said Wu Kan, a Shanghai-based fund manager at Dazhong Insurance Co., which manages about $285 million. “The market won’t have a strong performance, unless the government slows down new share sales.”

The Shanghai gauge has rallied 73 percent this year as government spending and a credit boom helped the nation’s economy recover from its steepest slump in more than a decade. The index has dropped 1.7 percent this month as a flood of share sales diverted funds from existing equities and the government raised down payments on land purchases.

Zijin, Jiangxi Copper

Zijin Mining lost 1.9 percent to 9.47 yuan after rising 4.7 percent yesterday. Shenhua fell 1.3 percent to 32.79 yuan. The stock gained 4.8 percent yesterday.

Jiangxi Copper Co., China’s biggest producer of the metal, lost 1.7 percent to 37.93 yuan. Zhongjin Gold Corp., the country’s second-largest bullion producer by market value, slid 2.6 percent to 56.21 yuan.

Eight companies including Jiangsu Huasheng Tianlong Photoelectric Co. and Guangzhou Improve Medical Instrument Co. jumped on the first day of trading in the ChiNext market for technology-heavy start-ups.

They are the second batch of companies that have been listed on the market, adding to the first 28 companies that went public at the end of October. ChiNext has less stringent rules for listing compared with the nation’s two main exchanges.

Mainland companies have raised 194 billion yuan ($28 billion) from initial public offerings this year, 87 percent more than the whole of 2008, according to data compiled by Bloomberg, as an improving economy lures investors.

New Listings

Anhui Xinhua Media Co., the biggest publishing house in the province, said it plans to raise 712 million yuan in an initial public offering in Shanghai to fund its expansion.

Joincare Pharmaceutical advanced 6.3 percent to 12.17 yuan, rising for a fifth day. Zhangzhou Pientzehuang Pharmaceutical Co., a manufacturer of Chinese traditional medicine, gained 3.1 percent to 39.08 yuan. A measure tracking health-care stocks gained 1.5 percent today, the second biggest among the CSI 300’s 10 industry groups.

The following companies were among the most active in China’s markets. Stock symbols are in brackets after companies’ names.

China CAMC Engineering Co. (002051 CH) rose 3.4 percent to 25.70 yuan after the company said 2009 net income may rise 30 percent to 50 percent.

Guangdong Mingzhu Group Co. (600382 CH) rose by the 10 percent daily limit to 8.55 yuan after saying it received a 78.8 million yuan dividend payment from Guangdong Dading Mining Co.

Shenzhen Gas Corp. (601139 CH), a supplier of bottled gas, more than doubled to 15.17 yuan in its Shanghai trading debut after raising 903.5 million yuan in its initial public offering.

U.K. Stocks Gain; FTSE 100 Reaches Highest Since September 2008

Dec. 24 (Bloomberg) -- The U.K.’s FTSE 100 Index rose to the highest level since September 2008, with the benchmark gauge extending its biggest annual rally since 1997, as shares of mining companies advanced.

Fresnillo Plc, Rio Tinto Group and BHP Billiton Ltd. gained at least 1.3 percent as metals prices climbed on the London Metal Exchange. RSA Insurance Group Plc, the U.K.’s biggest non-life insurer, led declining shares.

The FTSE 100 gained 30.03, or 0.6 percent, to 5,402.41, bringing this year’s rally to 22 percent. That’s the highest closing level since Sept. 12 last year, the final trading session before Lehman Brothers Holdings Inc. filed for the world’s biggest bankruptcy.

The measure has rebounded 53 percent since March 9 as central banks cut interest rates to record lows and governments worldwide committed about $12 trillion to revive the economy. The FTSE All-Share Index rose 0.4 percent today and Ireland’s ISEQ Index slipped 1.1 percent.

“It’s been a good few weeks” for equities, said Manoj Ladwa, a markets strategist at ETX Capital in London. “Whether momentum can be maintained in 2010 is a tougher question.”

Fresnillo, the world’s largest primary silver producer, surged 6.1 percent to 793.5 pence. BHP Billiton, the world’s biggest mining company, advanced 1.3 percent to 1,970 pence. Rio Tinto, the third largest, gained 2.3 percent to 3,370 pence. Copper, lead, nickel and tin prices climbed in London.

RSA Insurance slipped 1.5 percent to 119.1 pence, leading declining shares on the FTSE 100.

Trading on the London Stock Exchange closed at 12:30 p.m. for the Christmas holiday. All markets in Europe are closed tomorrow and the U.K. market will also be shut on Dec. 28.

European Stocks Advance for Second Week on Economic Recovery

European stocks rose for a second week, with the benchmark Dow Jones Stoxx 600 Index heading for its largest annual increase in a decade, amid signs the global economy is recovering.

Royal Dutch Shell Plc and Total SA led gains among oil producers as crude advanced after stockpiles of the commodity fell more than expected. Allied Irish Banks Plc rallied after saying it is looking at ways to raise capital next year. The Stoxx 600 gained 2.3 percent this past week to 251.9, extending its 27 percent rally this year. Most equity markets across Europe were closed yesterday and all are closed today for Christmas vacation.

A 59 percent surge on the regional benchmark gauge from March has been spurred by record-low interest rates in the U.S. and Europe and by governments worldwide that have committed about $12 trillion to revive credit markets and stimulate economic growth. Sales of existing homes in the U.S. topped forecasts Dec. 22, the latest sign the world’s largest economy is emerging from recession.

“Markets still look to be reasonably good value and we expect profits are going to grow pretty quickly next year,” said Kevin Gardiner, the London-based head of investment strategy at Barclays Wealth, in a Bloomberg Television interview.

Earnings for companies in the Stoxx 600 are expected to climb 29 percent next year, according to data compiled by Bloomberg. That compares with a forecast for a 7.4 percent increase in 2009 profits.

Earnings Growth

European equity strategists said earnings growth can push stocks 11 percent higher in 2010 following this year’s rally, according to a Dec. 22 survey. Goldman Sachs Group Inc. and Bank of America Corp., which underestimated the strength of this year’s gains, predict shares in the region may climb more than 20 percent over the next 12 months. Morgan Stanley is the only brokerage among 16 surveyed by Bloomberg to estimate a retreat by year-end, saying the withdrawal of government stimulus will weigh on equities.

Lower than normal trading volumes this week may continue next week, according to market analyst Cameron Peacock at IG Markets in Melbourne. All western European equity markets will be closed Jan. 1 for a holiday and the U.K. market is closed Dec. 28.

The U.K.’s FTSE 100 climbed 4 percent this week, while France’s CAC 40 rose 3.1 percent. Germany’s DAX gained 2.2 percent as Infineon Technologies AG surged on a revised sales estimate.


Shell, Europe’s largest oil producer, gained 6.7 percent and Total, the third-biggest, added 5.8 percent. Crude oil climbed as a government report showed a larger-than-expected decline in U.S. stockpiles and amid the latest signs the economy is recovering from its recession. Oil and gas companies rose more than any of the other 19 industry groups on the Stoxx 600.

Sales of existing U.S. homes rose more than forecast in November, to the highest level in more than two years, a National Association of Realtors report showed Dec. 22.

Allied Irish Banks surged 15 percent and Bank of Ireland soared 19 percent, the two biggest movers on the Stoxx 600 this week. Allied Irish shareholders approved its participation in a so-called bad bank that will buy loans from lenders at an average 30 percent discount, reflecting a fall in land values over the past two years. The bank said it may need to rely on the government after it transfers loans to the bad bank. The government already has a 25 percent stake in each of the two largest Irish banks.

Infineon, Debenhams

Infineon Technologies climbed 5.9 percent after Europe’s second-largest chipmaker said revenue will grow by a better- than-expected “high single digit” in the quarter ending Dec. 31 on improved sales in the automotive and industrial units.

Debenhams lost 1.5 percent, paring its rally this year to 234 percent. UBS AG added the U.K.’s second-largest department-store chain to its “least preferred” list of stocks. UBS said “we see a higher risk to Christmas sales performance given the strong showing last year, a mild autumn and the recent cold snap which we think may have affected footfall,” according to a report sent to clients.

U.S. Stocks Rise, S&P 500 Reaches 15-Month High on Commodities

U.S. stocks rose, pushing the Standard & Poor’s 500 Index to a 15-month high, as higher commodity prices boosted metal producers and reports showed the economy is improving.

Alcoa Inc. and U.S. Steel Corp. helped lead a measure of raw-material producers in the S&P 500 up 4.2 percent, the biggest gain in six weeks. American International Group Inc. added 6.9 percent, the most since September, after people familiar with the matter said the insurer halted an initial public offering of its Chartis property-casualty unit.

The S&P 500 rallied 2.2 percent to 1,126.48 this week, surpassing 1,120.84 to recover half its loss from the 17-month bear market that ended in March. The Dow Jones Industrial Average advanced 1.9 percent to 10,520.10. U.S. exchanges closed three hours early yesterday and are shut today Christmas. Trading at the New York Stock Exchange yesterday was the slowest since Dec. 24, 1998, with 319.3 million shares changing hands.

“I’m optimistic on the market, at least for the first half of the year,” said Ethan Anderson, who helps oversee $900 million as a senior money manager for Rehmann in Grand Rapids, Michigan. “Investors and the stock market are making up.”

The S&P 500 has risen five straight days, the longest winning streak in almost two months, after sales of existing homes topped forecasts and consumer spending rose. It has added 67 percent since March after governments around the world enacted stimulus measures and the U.S. lent, spent or guaranteed more than $11 trillion to end the recession. The S&P 500 is up 25 percent this year, the largest annual gain since 2003.

Economic Barometer

The Treasury yield curve, a barometer of the health of the U.S. economy, widened to a record this week as investors bet an accelerating recovery will fuel inflation and hurt demand for unprecedented sales of government debt. The difference between 2- and 10-year Treasury note yields increased to 285 basis points on Dec. 22.

Alcoa soared 12 percent to $16.34 for the biggest gain in the Dow average. Morgan Stanley lifted the largest U.S. aluminum producer to “overweight” on speculation metal prices will keep rallying. U.S. Steel increased 16 percent to $56.86. Copper and oil prices climbed, helping send the Reuters/Jefferies CRB Index of 19 raw materials up 1.7 percent.

“There’s still a lot of buying power out there,” said Peter Sorrentino, who helps manage $13.8 billion at Huntington Asset Management in Cincinnati. “It’s a market that’s transitioning from being liquidity-driven to being earnings- driven, and the big search now is for who has got that earnings power.”


AIG gained 6.9 percent to $30.12. The company stopped preparations for an IPO of Chartis after Robert Benmosche, who started as AIG’s chief executive officer in August, told employees that he considers the business a core holding, according to two people who declined to be identified because an announcement hasn’t been made.

Economic growth in the U.S. is accelerating even more than previously anticipated as business investment picks up and stockpiles fall at a slower pace, according to economists at Morgan Stanley in New York. The economy is poised to grow at a 5.1 percent annual rate from October through December, according to a revised forecast by Morgan Stanley following the Commerce Department’s report on durable goods yesterday. The new estimate is a percentage point higher than their earlier projection.

Excluding demand for transportation equipment, which is often volatile, bookings for long-lasting goods climbed a greater-than-forecast 2 percent in November, figures from the showed yesterday. Initial jobless claims also fell by 28,000 to 452,000 in the week ended Dec. 19, the fewest since September 2008, according to the Labor Department.

Cintas Corp. tumbled 11 percent to $26.37 for the biggest decline in the S&P 500. The largest U.S. supplier of uniforms reported quarterly earnings that missed the average analyst estimate by 8.7 percent.

Electronics for Imaging, Sunrise, Qualcomm: U.S. Equity Preview

Shares of the following companies may have unusual moves in U.S. trading. Stock symbols are in parentheses.

Electronics for Imaging Inc. (EFII US): The digital- printing company said its tender offer was oversubscribed and that it had accepted orders to buy about 5.5 million shares at $12.75 a share.

Qualcomm Inc. (QCOM US): The world’s biggest maker of chips for mobile phones said that Len Lauer, chief operating officer, has resigned and accepted a role as chief executive officer at another company.

Sunrise Senior Living Inc. (SRZ US): The manager of retirement communities said its Sunrise Connecticut Avenue Assisted Living unit amended its credit line, making a $5 million payment on the principal of $29.5 million of outstanding borrowings and suspending or amending some covenants.

Dollar to Gain on Fed, European Ratings Concern, Thin Says

Dec. 24 (Bloomberg) -- The dollar will recover against its major counterparts as the Federal Reserve prepares to raise interest rates and European nations face credit-rating reductions, according to Brown Brothers Harriman & Co.

Standard & Poor’s cut Greece’s rating on Dec. 16 to BBB+, three steps above high-risk, high-yield status, and said the ranking may drop further. Concern about a default among the 16 sovereign nations making up the euro area helped push the common currency down from its highest this year against the greenback.

“Portugal, Italy, Greece and Spain are really coming under stress,” Win Thin, a senior currency strategist in New York at Brown Brothers, said in a Bloomberg Radio interview. “It’s one thing we think will weigh on the euro over the medium term.”

The dollar has rallied 5.4 percent since trading at $1.5144 per euro on Nov. 25, the fastest 21-day appreciation since January. The U.S. currency gained against the yen and 12 other of its 16 most actively traded counterparts since then as traders added to bets the Fed will raise rates next year.

“The dollar can turn around versus the majors and pick up some lost ground,” Thin said. “Once the Fed starts hiking, the yen resumes its role as the major carry trade currency.”

In the carry trade, investors borrow in one currency to invest at higher yields in another. The trade earns a profit based on the difference between the two rates and may lose money should the funding currency strengthen.

Fed funds futures on the Chicago Board of Trade indicate a 91 percent chance the U.S. central bank raises rates by November, up from 84 percent a month ago.

Central Banks Avoiding Dollar to Kill 2010 Rally, Barclays Says

U.S. dollar’s gains may end in the middle of 2010 as central banks shy away from adding greenbacks to their reserves and the Federal Reserve raises rates at a slower pace than investors expect, Barclays Plc said.

Long-term demand for dollars is set to weaken after the currency’s share of global reserves added in the third quarter slid to less than 30 percent, a decline “unprecedented in a period of U.S. dollar weakness,” Barclays said in a note to clients. The dollar stemmed 11 months of declines versus the 16 most-traded currencies in December, gaining against all but two, after investors increased bets the Fed will remove monetary stimulus next year as the economy recovers.

“We see the dollar strengthening in the first six to nine months of 2010 when the focus is on liquidity withdrawal and tightening of rates,” said Steven Englander, chief U.S. currency strategist at Barclays in New York, in a telephone interview. “Once the market gets past this initial fear of tightening, the reality will be that the Fed isn’t going to be tightening very fast and we’ll see dollar selling again.”

The Dollar Index -- which measures the currency against the euro, yen, pound, Canadian dollar, Swiss franc and Swedish krona -- has dropped 4.2 percent this year. It has climbed 4.1 percent in December and traded at 77.928 as of 9:28 a.m. in Tokyo. The U.S. dollar has registered its biggest declines against the Brazilian real, Australian dollar and South African rand dropping by more than 25 percent this year against each.

Global Reserves

Global reserves probably gained by about $180 billion in the third quarter with U.S. dollar-denominated reserves accounting for about $50 billion or less than 30 percent, Barclays estimated, using data from the International Monetary Fund and U.S. official reports.

The bank adjusted for changes in the value of currencies over that period to capture “actual buying and selling, rather than passive gains and losses” Englander wrote in the note.

The dollar declined against all but the yen among the 16 most-active currencies this year. That prompted China and Russia, holders of the world’s biggest and third-biggest currency reserves, to express concern about their U.S.- denominated investments.

“Emerging market central banks are selling their local currencies and buying U.S. dollars to prevent appreciation of their currencies,” Englander said. “They’re avoiding having a bigger concentration of U.S. dollars in their portfolio by turning around and selling dollars against the euro and other currencies.”

Canadian Dollars

Canada’s Finance Minister Jim Flaherty said this week that China, may be poised to buy Canadian dollars as it seeks to shield its $2.3 trillion worth of reserves against the U.S. dollar’s decline. Russia’s central bank said last month it will add Canadian dollars to its reserves and may include more currencies to reduce its dependence on the U.S. dollar.

Declines in the greenback mostly stalled this month as traders bet on a 48 percent chance that Fed Chairman Ben S. Bernanke will increase the target rate for overnight lending between banks by June. Policy makers will end most emergency lending programs and debt purchases by March because of “improvements in the functioning of financial markets” and stabilizing labor markets, the Federal Open Market Committee said on Dec. 16.

Unemployment, Retail

Reports this month showed the U.S.’s jobless rate unexpectedly fell, retail sales beat forecasts and purchases of existing homes rose to the highest level in almost three years in November. Benchmark rates are as low as zero percent in the U.S. compared with 8.75 percent in Brazil and 3.75 percent in Australia. They are 0.1 percent in Japan and 1 percent in the Euro region.

Barclays forecasts that the Federal Reserve will begin raising rates at the end of the third quarter of next year, while the European Central Bank’s tightening cycle will begin at the start of 2011. The Fed’s target rate will reach 2 percent by the end of 2011, Englander said.

Barclays on Dec. 10 forecast the euro will fall to $1.40 in six months before rallying to $1.45 by the end of 2010. The euro traded at $1.4333 today.

Dollar Set for Weekly Drop on Speculation Fed Will Keep Easing

The dollar was poised to end three consecutive weeks of gains against the euro on speculation the Federal Reserve will maintain stimulus measures to secure the U.S. economy’s recovery.

The greenback traded near the lowest level in one week against the 16-nation euro before reports forecast to show a slide in U.S. business activity and a rebound in initial jobless claims. The yen was set to break a two-week advance against the euro after a government report showed Japan’s consumer prices slid in November, backing expectations the Bank of Japan will keep interest rates near zero.

“Speculation about an early exit from credit easing in the U.S. may weaken if incoming data confirm a patchy recovery,” said Keiji Matsumoto, a strategist in Tokyo at Nikko Cordial Securities Inc. “It looks to be premature to conclude that the dollar carry-trade will come to a full end.”

The dollar was at $1.4390 per euro at 4:33 p.m. in Tokyo from $1.4338 a week ago and $1.4380 yesterday in New York. It appreciated to $1.4218 on Dec. 22, the strongest level since Sept. 4, and fell back to $1.4418 yesterday, the lowest since Dec. 17. The dollar lost 0.4 percent this week following a 1.9 percent advance in the previous week. The dollar traded at 91.45 yen from 91.54 yesterday. It rose 1.1 percent this week. The euro was at 131.65 yen from 131.63 in New York. It gained 1.5 percent this week following a 0.4 percent decline.

Many global markets, including those in the U.S., Singapore and Australia, are closed today for Christmas.

Jobless Claims

The Institute for Supply Management-Chicago Inc. will report on Dec. 30 its barometer of U.S. business activity fell to 55.1 in December from 56.1 the previous month, according to a Bloomberg News survey. Readings above 50 signal expansion.

The number of Americans filing claims for unemployment benefits in the week ending 27 probably rose to 460,000 after dropping to 452,000 in the previous week, the lowest level since September 2008, according to a separate survey ahead of the release of the data on Dec. 31.

Fed Bank of St. Louis President James Bullard said he sees interest rates remaining near zero in 2010 as the central bank tries to keep the recovery on track, the Wall Street Journal reported this week.

Clear Picture

“Unless we see a more clear picture about the withdrawal of dollars by the Fed, there is a good chance of investors tapping excess dollars again and resuming investments on higher-yielding currencies,” said Yuichiro Harada, senior vice president of the foreign-exchange division at Mizuho Corporate Bank Ltd., a unit of Japan’s second-largest lender.

The dollar pared weekly losses on speculation Treasuries will draw buying interest from global money managers.

The difference in yields between 2- and 10-year Treasuries reached a record 2.88 percentage points on Dec. 22 and was at 2.84 percentage points yesterday.

“Investors can generate stable returns just by re- investing funds raised in the U.S. back into Treasuries, and thereby avoiding the risks of currency fluctuations,” said Akio Yoshino, chief economist in Tokyo at Societe Generale Asset Management (Japan) Co., a unit of France’s third- largest bank. “The dollar will benefit from this change of investment strategy.”

The spread between 10-year Treasury yields and the same maturity Japanese government bonds reached 2.53 percentage points yesterday, the widest gap since December 2007.

November Deflation

The yen was headed for a 5.2 percent drop against the dollar this month, the biggest since February. The Japanese government said today consumer prices, excluding fresh food, fell 1.7 percent in November from a year earlier, matching the median forecast in a Bloomberg survey.

Bank of Japan Governor Masaaki Shirakawa said in an interview with TV Tokyo this month that the central bank will “persistently” keep interest rates at “virtually zero” to fight deflation.

No Fast Exit

“The BOJ can’t possibly seek an exit from stimulus anytime before other central banks do so,” said Masahiro Ito, senior manager of foreign-exchange sales and marketing at Central Tanshi FX Co., a unit of Japan’s largest money broker. “This will keep a lid on the yen.”

The Japanese currency traded as weak as 91.87 yen on Dec. 22 and 23, the lowest level since Oct. 27.

Losses in the yen were tempered on speculation Japanese exporters were taking advantage of this month’s decline to bring home foreign earnings.

“Exporters seem to be buying the yen in a last-minute attempt before the new year,” said Kazutoshi Yasuda, general manager of the markets department in Tokyo at FX Prime Corp., a foreign-exchange unit of Japanese trading house Itochu Corp.

Large Japanese manufacturers expect the yen to average 91.16 per dollar in the six months to March 2010, according to the Bank of Japan’s quarterly Tankan survey.

Dollar Rebounds on Jobless Claims

After having its winning streak halted yesterday and earlier today on a negative housing report and as the Fed insisted that economic stimulus will be maintained, the dollar rebounded slightly as an employment report brought optimism back to the currency’s outlook.

The U.S. dollar started today’s session losing specially versus the euro after touching the lowest level in December, and also dropped versus the pound and the Canadian dollar as stocks surged globally, but as a jobless claims reports indicated a lower level of new applications for the past week, the dollar pared some of its losses and is currently trading near the highest levels for this month versus the yen and the pound, as retail sales also increased in the U.S., bringing optimism towards the economic recovery in North America for the next year.

Even if the Federal Reserve frustrated traders avoiding to comment interest rate hikes for anytime soon, the economic recovery in the U.S. and pessimism in other economic regions is still allowing the greenback to maintain the levels it reached this month, and may extend its gains for early 2010.

EUR/USD traded at 1.4363 as of 15:56 GMT as of 16:01 GMT from as high as 1.4415 before the unemployment report was published. GBP/USD followed the same trend, trading at 1.5926 after touching 1.6020.

South African Rand Advances on Demand for Metals

The South African rand touched a one-week high versus the U.S. dollar today as demand for several commodities produced in the country emerged, providing support for the African nation’s currency to advance despite negative speculations.

Despite analysts overview for the rand, suggesting it may decline as interest rates are likely to be raised in U.S. in 2010, the rand rose today to a one-week high versus the greenback as demand for metallic commodities as the gold and the platinum rose globally, consequently bringing capital to the African nation.

USD/ZAR traded at 7.5915 as of 17:48 GMT after trading as high as 7.6150 yesterday.

Tuesday, November 10, 2009

USD / JPY Technical Forex Analysis for Forex Traders

After stopping on Monday, at Fibonacci resistance 90.68 down to the pip, Dollar-Yen stopped yesterday at the moving average SMA100, with the same kind of accuracy. And as you know, stopping near Fibonacci resistance levels (and moving averages as well) is an evidence that the trend in down. That’s why we find ourselves favoring a continuation of the short-term downtrend as long as we are below 90.68.

And we will await a break of short-term Fibonacci support 90.21. If we break this support the downtrend will resume, and will target 89.61 first, then 89.07 and may be the important 88.64. The price behavior for the past two days, and the amazingly accurate reversal at the Fibonacciresistance (90.68), makes it the most important resistance , and to add to that, the upper limit of the short-term downtrend (the trendline drawn on the chart), is currently at the same level. And only if it is broken, we will change our negative outlook for this pair. If this surprise happens, we will expect price to reach 91.28 then the importantresistance 91.63.

USD / JPY Technical Forex Analysis for Forex Traders

Dollar-Yen broke Fibonacci resistance 90.68 and reached 91.28 as we accepted, with accuracy (yesterday's high 91.30), before retreating fast. This behavior redefined the rising channel on the hourly chart to make its bottom at 90.18. And when calculating Fibonacci 61.8% resistance for the short-term (for the drop from yesterday's high), we find that it is at the resistance level of 90.90.

In case of a break of either of those levels, we believe price will move in the direction of the break. If the bottom of the channel at 90.18 is broken, the price will move down and target 89.61 first, and may be 89.07 as well. While if we break Fibonacci resistance at 90.90 we expect a rise to surpass yesterday's high, targeting the important 91.63 first, and only if it is broken we can expect 92 to appear on the price screens when the price targets the obvious resistance on the hurly chart 92.17.


• 90.18: the bottom of the rising channel on the hourly chart.

• 89.61: previous support & Oct 12th low.

• 89.07: previous intraday support.


• 90.90: Fibonacci 61.8% for the short-term.

• 91.63: a well known support area that contained a number of daily tops and bottoms, the last of which was Oct 29th high.

• 92.17: obvious resistance on the hourly chart.

SpamTitan Technologies launches powerful web filtering product for SMBs

SpamTitan Technologies, a division of Copperfasten Technologies, today announced the launch of WebTitan, a powerful web filtering solution. WebTitan is designed to be the most comprehensive filtering solution for small- and medium-sized businesses (SMBs), requiring a powerful, easy-to-manage and cost-effective solution that ensures online employee activity is protected from threats and adheres to corporate internet policies.

WebTitan allows businesses to tightly control which websites can be accessed at work and when. WebTitan also adds value by reducing cost, increasing productivity, improving network security and reducing bandwidth demands along with flexible reporting and tight firewall integration.

The product is available in two formats: as a software image suite with its own complete operating system for self-build (WebTitan ISO); and as a virtual appliance (WebTitan for VMWare). Real-time content filtering of images and text and strict application controls help WebTitan to block access to inappropriate content. Another key feature is WebTitan’s ability to reinforce company defences by providing URL filtering of up to 53 customisable categories including tens’ of millions of URL’s. The product uses a cloud-based database and real-time classification system to provide an unmatched combination of accurate and scalable coverage.

”Organisations need to adopt a multi-layered web defence strategy that can protect their users and networks from increasingly sophisticated threats,’ said Ronan Kavanagh, CEO of SpamTitan Technologies. “We were one of the first vendors to offer a virtualised anti-spam appliance for SMBs and now we are one of the first to offer virtualised content filtering. Advantages such as ease of deployment, streamlined redundancy and backup, and the key benefits of scalability and mobility, have made virtual appliances increasingly popular with customers.”

“This virtual aspect in conjunction with extensive functionality, in-depth reporting and unmatched accuracy sets WebTitan apart from all other web filtering solutions,” he added.

The product is available for free download from the WebTitan website at WebTitan offers organisations protection for their data from malware and other internet threats such as viruses, spyware and phishing as well as providing user policy browsing tools to ensure corporate internet policy is adhered to.

ServInt Expands with New Data Center in Los Angeles

ServInt, a pioneering provider of high-reliability, managed web hosting for businesses worldwide, today announced it has expanded its operations with the opening of its first data center in Los Angeles. The new data center, known as ServInt LA, represents a strategically important addition to ServInt’s existing data centers in the Washington, D.C. metro area, known as ServInt DC.

ServInt LA takes advantage of the vast network infrastructure of the Los Angeles metro area. This new resource enables ServInt to offer its customers a convenient choice between two geographically diverse server locations.

ServInt CEO & Founder Reed Caldwell has relocated to to supervise the development and implementation of ServInt LA and its corresponding network enhancements.

“As demand for our web-hosting service increases worldwide, ServInt LA enables us to provide more options for our customers by leveraging the massive Los Angeles bandwidth hub. It also supports our aggressive international growth objectives. It is my privilege to personally manage this major company milestone,” said Caldwell.

Caldwell explained that the geographic location of ServInt LA is ideally suited to meet the web-hosting requirements of both new and existing customers in the western United States, western Canada, Latin America, Asia and Oceania. He said most ServInt customers in the eastern and midwestern United States, eastern Canada, Europe and Africa will continue find ServInt DC to be the best location for their content.

Caldwell concluded, “ServInt LA enables us to meet the demanding data requirements of selected clients in the fastest, most economical way possible. ServInt LA is directly connected to ServInt DC, to ensure an optimal customer experience. Customers utilizing any ServInt data center will continue to benefit from our unwavering commitment to high security, 24/7/365 support and on-site technical expertise.”

Climate Positive & Community Focused
The operation of ServInt LA will reflect ServInt’s commitment to Green IT services. In accordance with ServInt’s policy of climate-positive hosting, the new data center will leverage ServInt’s industry-leading, energy-efficient virtualization implementation. It will also practice 100-percent recycling of recyclable vintage hardware components. ServInt will also offset the carbon-footprint of ServInt LA by 110 percent through reforestation projects, as it does with all its facilities.

To demonstrate its commitment to the Los Angeles community, ServInt has made a donation to United Way of Greater Los Angeles’ “Creating Pathways Out Of Poverty” plan

Toshiba starts sample shipping of SpursEngine

TOKYO--Toshiba Corporation today announced the start of sample shipping of the SpursEngine™ SE1000 (SpursEngine), a high-performance stream processor integrating four Synergistic Processing Element (SPE) cores derived from the "Cell Broadband Engine™" (Cell/B.E.™). Sample shipping started from today, and Toshiba expects sales of 6 million units within the first three years of the SpursEngine’s release.

SpursEngine is a co-processor that integrates a hardware codec for Full HD encoding and decoding of MPEG-2 and H.264 streams with four SPEs derived from Cell/B.E. These advanced processing elements offer high performance media streaming capabilities, with a clock frequency of 1.5GHz, while achieving low power consumption range of 10W to 20W.

"We are very pleased to have started sample shipping of SpursEngine" said Yoshio Masubuchi, Director of Toshiba’s System LSI Division, Advanced SoC Development Center. "The design of this powerful co-processor is dedicated to bringing the advanced capabilities of the Cell/B.E.™ to consumer electronics, particularly video processing in digital consumer products. We are sure that SpursEngine will accelerate the market for full-HD applications."

Toshiba will support developers working on SpursEngine applications with a comprehensive reference kit that includes a reference board and essential middleware APIs. The reference board has a PCI-Express edge connector that can connect to an x1 layer slot in a PC. Toshiba will also provide an integrated development environment (SPE compiler, SPE debugger, and performance monitor) and sample applications that demonstrate how to use the provided middleware. With the reference kit, customers can quickly and easily construct an evaluation and development environment and accelerate product development.

Toshiba will further boost the performance and cut the power consumption of the SpursEngine, towards supporting further innovation in products offering new levels of functionality.

The Gory Details of NY's Antitrust Suit Against Intel

On February 16, 2006, Intel took note of a service report in which Dell's chief executive, Kevin Rollins, had said that Dell had "made no plans to begin using" AMD chips. "Finally, something positive," commented one Intel executive. On the contrary, Intel CEO Paul Otellini returned: "The best friend money can buy."

Minus a few minor changes, this anecdote not only spells out the relationship that New York State Attorney General Andrew S. Cuomo alleges Intel had with its OEM partners, but the level of detail of the antitrust suit that the State of New York filed last Wednesday. Unlike the clipped anecdotes at the heart of the European Union's case, New York's suit almost reads like a John Grisham novel.

Intel has already been investigated and/or sued for antitrust violations in South Korea, Japan, and the European Union, which fined Intel the equivalent of $1.45 billion. Unlike the supporting documents the EU provided, however, the New York suit not only makes allegations, it backs them up in detail.

To be fair, this is only part of the story; Intel spokesman Chuck Mulloy told me that the company can't comment on the allegations in detail, due to a protective order. He did characterize the evidence as "one-sided," however, and said that "exculpatory" evidence will be released at the trial.

Until the trial begins next March, however, one side is all we have.

According to the suit, Intel's behavior was predicated on marginalizing AMD in the market. Intel's actions, the suit contended, harmed New Yorkers by eliminating true competition.

"Intel knew that if it could exclude AMD from the most lucrative segments of the microprocessor business, AMD could never become a genuine threat," the suit says. "For AMD to make sales was not sufficient; if it were to challenge Intel's monopoly power, it would have to make substantial high-value sales to major corporate customers. Only by raising the average selling price of its products could AMD challenge Intel's leadership. Intel therefore argued to OEMs that Intel would 'continue to pigeon hole AMD to the bottom 10 percent of segment.'

"Intel's Paul Otellini believed that AMD units which were sold on 'the backstreets of beijing [sic] are wonderful...[T]here is really no question that in the long run, I would like to see amd [sic] output spread round the world as a low cost/low value, unbranded brand…' Accordingly, in the following years, Intel focused on barring AMD's access to this vital high ground – the corporate market and its gatekeepers, the major OEMs," the suit added.

To achieve this, Intel first began eliminating its paper trail, taking sensitive conversations out of e-mail and onto the phone or via instant-messaging applications, the suit alleged.

And then there was the language: Partners were "aligned" with Intel, in a "strategic" sense. Those that weren't were "transactional" partners, and paid the open-market price for processors. Those strategic partners were privy to special deals: CAP (Customer Authorized Price), or ECAP (Exception to Customer Authorized Price). In Dell's case, the acronym was different: MOAP, or the "Mother of All Programs."

Dell, HP, Intel, and IBM are all part of the investigation, and few escape being tarred by Cuomo's brush.

First, there's Otellini's quote above. The evidence Cuomo's team amassed portrays Dell as a company hooked on Intel's marketing dollars, with executives begging Intel for more money to meet Dell's quarterly earnings forecasts. From Feb. 2002 until Jan. 2007, Intel paid Dell $6 billion in "rebates." "Bid buckets" discounted the CPUs Dell purchased to 500 percent of the purchase price—yes, Intel paid Dell five times the price of each CPU to allow Dell to win business using Intel parts. A Dell spokesman declined to comment on the suit.

And, when Dell finally caved and bought AMD chips, Intel took the same subsidized deal to Lenovo, the suit alleged.

Intel has previously denied that Dell was intimidated into buying exclusively from Intel. "One important OEM, Dell, which the Decision says was coerced by fear of Intel 'punishment' to buy exclusively from Intel, has confirmed publicly that it always considered itself entirely free to choose to buy from AMD, without fear of reprisal or punishment," Intel said, in a published response to the EU's decision.

In some ways, HP's relationship is even more bizarre. On one hand, Intel convinced HP to restrict the sales of AMD-based PCs to just 5 percent of its total output, through a combination of strict sales practices that limited HP from selling an AMD SMB machine directly from HP, rather than its massive sales channel.

But the stick that Intel wielded was none other than the Itanium, the oft-maligned enterprise server chip that Intel spent billions developing. Internally, this is what HP concluded, according to the suit: "Itanium is more important to HP's future server and workstation business success than it is to Intel."

The suit quotes Otellini, then chief operating officer at Intel, as threatening to shift its resources into developing 64-bit extensions for its chips, a path Intel later took, and away from Itanium.

IBM also was not immune to Intel's marketing dollars. In 2004, IBM was prepared to launch the e350, a 4-way server based on AMD's Opteron chips. Instead, according to the suit, Intel paid IBM $130 million over three quarters, during a time when IBM's annual, Intel-based server revenue was about $500 million.

New York's suit is detailed enough that it's impossible to include all of the anecdotes and relevant facts. Here, however, are some of the highlights. Quotations are taken from the New York filing.

New Processors: 32nm or Inexpensive Quad-Cores?

This week has seen both AMD and Intel make big strides with their processors, with Intel teasing information about its new 32nm processors, and AMD announcing an inexpensive quad core chip.

Earlier this week, Intel started posting videos about its upcoming line of 32nm processors, which are slated to be unveiled at the Intel Developer Forum (IDF) next week. These chips, which use the "Westmere" cores are expected to be very small dual-core processor dies, which will be paired with 45nm integrated graphics to create the "Arrandale" mobile chip and the "Clarkdale" desktop one. ExtremeTech has a preview of IDF currently on the site.

I expect we won't see Arrandale systems until later this year, but the technology is actually quite amazing, and I'm certainly interesting in hearing more about them.

Although AMD is a bit behind on process technology - it released its first 45nm chips early this year - it is instead focusing on value, today introducing new Quad-core processors that start at less than $100. The Athlon II X4 620 runs at 2.6 GHz and has a list price of $99, while the 2.8GHx Athlon II 630 lists at $129. These chips, part of the "Propus" line have 2 MB of Level 2 cache per core, and a total desktop power of 95 watts.

What this means is that you can get a quad-core chip for less than $100, and when paired with the company's new 785 chipset, should mean for much less expensive quad-core systems. On Intel's current price list, its lowest-price Core 2 Quad chip is the 2.33GHz Core 2 Quad with 4 MB of Level 2 cache at $163. (All processor prices are typically quoted for a quantity of 1000.)

Whether you really want a quad-core desktop depends on your application, of course. For running a single application, you can find a faster dual-core system at the same price and thus get better performance in most cases. For high-end gaming, you want a system with discrete graphics. But for lots of multitasking, a quad-core system is often the right choice, and these new AMD systems should perform well at that. These won't be the fastest systems on the market, but they seem to offer good price/performance. (For more details, here are reviews from Techware Labs and Legit Reviews.

For more of Michael Miller's take on the world of Tech, read his blog, Forward Thinking.

The release of Intel's Core i5 and i7 Lynnfield processors

The release of Intel's Core i5 and i7 Lynnfield processors and the matching P55 chipset has been followed by a new round of DDR3 memory offerings from memory manufacturers big and small. These kits all use DDR3 memory, of course, and DDR3 brings several notable improvements to the game over its predecessor DDR2. Here's a cheat sheet of what's new:

  • DDR3 can prefetch 8 bits per clock cycle compared to DDR2's 4 bits, A 100% improvement.
  • DDR3 uses less power, with 1.5 Volts nominal power supplied to chip modules compared to DDR2's 1.8 Volts. (Note that is a guideline. You will find DDR3 chip modules rated from 1.5 volts all the way up to 1.8 volts so check the manufacturer's specifications carefully).
  • DDR3 uses a "fly-by" topology where each chip module is connected directly to the memory controller, as opposed to the DDR2 star topology, allowing each chip module to be calibrated separately for superior performance.
  • DDR3's top speed (non-overclocked) is twice that of DDR2—1,600 MHz versus 800 MHz respectively—and as you'll see, DDR3 can go even faster.
  • You can find a detailed article on DDR3's benefits and features at Benchmark Reviews. I would like to point out an important note the article makes about the benefits of DDR3's fly-by topology:

    With DDR3, the signal integrity is individually tuned to each DRAM module rather than balanced across the entire memory platform. Now both the address and control line travel a single path instead of the inefficient branch pattern T topology in DDR2. Each DDR3 DRAM module also incorporates a managed leveling circuit dedicated to calibration, and it is the function of this circuit to memorize the calibration data. The Fly-by topology removes the mechanical line balancing limitations of DDR2, and replaces it with an automatic signal time delay generated by the controller fixed at the memory system training.

    The article also highlights an important new development for overclockers that comes straight from Intel. It's called XMP, which stands for eXtreme Memory Profile. Overclocking with an XMP-compatible motherboard and XMP-enhanced memory modules is a breeze, since it manages the CPU multiplier, voltages, and FSB frequencies, removing a lot of the guesswork, tweaking, and testing required when overclocking.

    For the hard core techies, Chip Design magazine covered in depth many of the other improvements that make DDR3 chip modules more robust. These help provide better performance when compared to previous memory architectures, especially when it aacomes to improving signal integrity and managing impedances.

    Monday, November 9, 2009

    Risk Appetite Drives Canadian Dollar Up

    Canadian DollarThe Canadian dollar rallied today versus several currencies and specially against its U.S. counterpart, as stocks and commodities climbed worldwide after the Group of 20 affirmed that is relaxed policy to stimulate the world economy will be extended, increasing risk appetite in trading markets.

    Canada is one of the most commodities and stocks linked currencies, as the country is a main exporter of its natural resources surplus specially to its neighboring U.S., which has a much higher demand for energy than Canada. Today, stocks and commodities rose sharply after the G-20 affirmed that its measures to stimulate the global economy will continue to be a part of the group’s policy to the process of global economic recovery, providing support for the loonie to rose versus most of the 16 main traded currencies, and specially versus the greenback, gaining almost 2 percent as the U.S. currency fails to remain attractive as risk appetite is on the rise.

    Even if the Bank of Canada affirmed in multiple occasions that a strong loonie is an obstacle for the nation’s economic recovery, analysts indicate that the scenario is so favorable for the Canadian dollar, that it will be hard to stop it to grow further, specially versus its U.S. counterpart, as optimism is driving the commodities prices up constantly.

    Gold Hits Record High Pushing South African Rand Up

    South African randSouth Africa is one of the world’s largest precious metals producers, and today, as the gold and platinum rose in a session of strong risk appetite, the African nation witnessed a strong bullish pattern in its currency’s chart, as optimism among traders increased.

    The South African rand reached its highest rate in two weeks after the price of gold reached a record and platinum had its first rate rise in 3 days, attracting traders to purchase assets in South Africa, one of the main suppliers of gold in the world.

    USD/ZAR traded at 7.39 as of 17:03 GMT from an opening rate of 7.44 today.

    Brazilian Real Rises on G-20 Stimulus

    Brazilian RealThe Brazilian real was one of the most benefit currencies today with the Group of 20 statement indicating that stimulus measures to support the global economic recovery will be extended, increasing risk appetite among traders today that opted for assets in emergent markets.

    The Brazilian currency climbed today to the highest level in 2 weeks, flirting once again with the $1.70 psychological level with the the U.S. dollar, as several commodities abundant in Brazil rose following G-20 statements that helped another day of optimism to induce investors to inject capital in the South American nation.

    USD/BRL traded at 1.7085 as of 16:38 GMT from an opening rate of 1.7175.

    Saturday, November 7, 2009

    Dollar Gains Slightly as Unemployment Rises

    Risk appetite suffered a significant impact towards the end of this week’s session after both U.S. and Canada published grim employment figures, forcing investors to take more cautions positions and bet once again in the relative safety provided by dollar-priced assets.

    The U.S. dollar gained versus several currencies towards the end of this week session, and specially versus its Canadian counterpart as employment figures were published in both North American countries, indicating a surprising aggravation in unemployment in both U.S. and Canada, fact which raised risk aversion among North American traders, and to a lesser extent globally. Even if higher unemployment shift risk appetite levels among traders, the U.S. dollar is ending this week once again negatively versus the euro, after the European Central Bank affirmed yesterday that measures to stimulate the economy will be gradually phased out, creating speculations that the Eurozone economic health is considerably better than the North America’s current situation.

    Unemployment is raising worldwide, and its almost a sure shot to expect negative reports regarding job figures every time data is published, according to some analysts. Even if these North America reports brought investors to safety, it was not enough to erase dollar losses this week, as investors still prefer to maintain their bets in higher-yielding markets.

    USD/CAD traded at 1.0678 as of 14:55 GMT from a previous rate of 1.0626 in the intraday comparison

    Yen Gains on U.S. Job Losses

    Demand for safety rose towards the end of this week’s session as U.S. payrolls were cut beyond analysts expectations, suggesting that the economic recovery in North America will take longer than previously imagined by economists.

    Both the United States and Canada surprised traders posting worse than expected unemployment figures, shifting confidence in markets and attracting traders towards the safety of the Japanese currency, making the yen to gain versus the Swiss Franc, emergent market currencies and higher-yielding options like the Australian dollar.

    CHF/JPY traded at 88.36 as of 16:07 GMT from a previous rate of 89.25 in the intraday.

    South African Rand Top Weekly Currency on Gold Rise

    The South African rand was the best performing among 16 main traded currencies in foreign-exchange markets, as demand for metallic commodities exported from the African nation rose globally, increasing their rates and influencing positive the rand’s price and attractiveness.

    This week gold and platinum, the biggest South African metal exports rose significantly as risk appetite reigned during most of the past five days, providing support for the rand to top the rank of best performers currencies, and causing the sharpest weekly rally in 3 months. Another positive point favoring the rand this week was a decline in foreign currency reserves growth, which could be interpreted as a neutral position from central bank policy makers regarding the current high levels of the rand. The South African rand is ranking among the top 5 best performing currencies in 2009, with other currencies from countries with similar profile as the South African nation, with high interest rates and a commodity export driven economy, such as the Australian dollar, and the Brazilian real.

    Analysts affirm that the South African Reserve Bank position towards the rand’s strength is favorable for the currency to rally, as in other countries, like Canada, a strong currency is being highly unwelcome, which is affecting the Canadian dollar profile, differently from the rand, which still has a favorable scenario to grow further.

    USD/ZAR closed the week at 7.54 after being traded to as high as 7.91 during the week.

    Brazilian Real Gains Sharply on Risk Demand

    The Brazilian real had one of the best weeks in more than 2 months as demand for commodities and emergent markets assets rose globally, maintaining the real as the best performing currency in 2009 among the 16 main traded ones in foreign-exchange markets.

    The real extended its gains this week flirting with the $1.70 level as risk appetite was strong during most of the previous 5 days, even if rising speculations that the national central bank will impose further measures to control the currency’s rally, following the implementation of a new tax for foreign capital invested in Brazilian stocks created last month.

    USD/BRL closed the week 1.7193 from 1.7650 in the beginning of the week.

    Trading short term time frames and moving averges in a trend pt.2

    How does TIME effect your trading?

    This is not just limited to the time you enter the trade, although that is certainly going to impact your trade because of typical pip movement during the time of day and economic events.

    This is not just limited to the day either. Did you know that certain days have different average pip movement ranges?

    This is not even just limited to the time frame. It's all three.

    All three effect the volatility and therefore the potential upside and downside of an entry. The time frame itself is one of the most important and often the most overlooked. Consider time frames like a slice of psychology. The bigger the time frame - the bigger the slice. The bigger the slice - the most chance for a wider pip range.

    I think that visually and intuitively most trades already know this. If I were to ask you to walk as far as you could in 30 minutes or in four hours, which would allow you to cover more ground? Four hours ofcourse. So apply this same thinking to time frames. Prices are simply -- if given more time - be bale to cover more ground on the price chart.

    Let's consider patterns. If a fifteen minute chart developed a triangle it will inherently be smaller than a triangle formed on a four hour chart. The four hour candles will have a bigger pip movement range per candle and it's these (typically) larger candles that will form the pattern.

    Bringing this back to daytrading and the five minute chart: The time frame is not simply a risk management choice so don't get hung up on the shortness of the time frame...although ofcourse a single lot of a five minute set up is going to present different risk, reward, support, resistance, and trend implications than a longer time frame such as even a 15 or 30. Remember the time frame effects trade frequency, follow-through, and psychology. Over the course of an hour, a five minute chart could cycle through all four market cycles. This for even a 15 minute chart would be all but impossible. I should mention that one of the beliefs of my trading set ups is that they would on any and all time frames. So even though I am outlining a very short term time frame here, as long as same steps are followed, this could would on any time...15, 30, 60, 240, daily...The main idea is to recognize a trend and play corrections within the trend. I'll show you the set up in part three, it's really simple, and the trade management in part four using Fibonacci extensions.

    Let's finish our talk on time with the following graphs to illustrate what I am trying to get across about time frames and pip movement. I use the EUR/USD show you the importance of time. Remember that each pair has nuances all it's own though! In fact let's start with a broad view as I show you many popular pairs and cross-rates and their respective daily pip movements:

    11-6-2009 6-52-06 AM.gif Announces Free Domain for Life with It's Shared and Reseller Hosting

    A leading UK web hosting provider, today announced that they will be providing free domain name registration/transfer with their Linux/Windows shared and reseller hosting plans.

    The company has also increased the web space and monthly bandwidth allocation of one of its most popular cPanel hosting plan, cPanel Basic plan which would give the users more room to expand. It states that cPanel Basic plan is a perfect package which was designed keeping in mind personal and small business websites. Some of the key features of cPanel Shared hosting plans ( include ability to host UNLIMITED Domains, UNLIMITED Email Accounts, Instant Account Activation, FREE Domain Registration, Free Setup, No Hidden Fees, No Overselling and 24x7 support. Customers get the popular cPanel control panel with Linux hosting and DotNetPanel with Windows hosting plans to simplify the management and administration of their websites. Daily SQL backups and weekly full backups of web data on these shared servers is also configured by the company on their advanced NAS storage system. provides a 30 day money back guarantee on their hosting services as well as a 99.95% network uptime guarantee. They also offer free data migration assistance when switching from another hosting provider.’s other hosting services include Virtual Private Servers, Semi Dedicated Hosting and Dedicated Server Hosting on both Linux as well as Windows platforms. Webhosting UK specializes in fully managed web hosting and domain name registration services in UK. always look forward to provide top notch quality services along with various offers.

    James Anderson, Sales & Marketing Manager, WEBHOSTING UK COM LTD states "we pride ourselves on providing all the necessary resources with our web hosting that one needs to set up their own website. Our free domain for life offer means that all customers can register new domains or transfer their domains to us and pay nothing while still receive the full benefits on offer".

    About WebHosting UK

    Founded in 2001, WebHosting UK offers an array of managed hosting services which includes cPanel hosting, windows hosting, Linux and Windows Resellers, VPS Hosting, Semi-Dedicated Servers and Dedicated Hosting Servers with all important features such as 24x7 technical support, 99.95 % Uptime Guarantee included as standard.

    Web Host 123-reg Offers a Ghoulishly Good Domain Deal with dot.coms From £6.66 and dot.nets From £5.55

    With Halloween around the corner, leading website registrar 123-reg will be offering a devilishly wicked treat for those wanting to register a dot com domain name – and don’t worry this treat comes without a trick!

    The normal price for a dot com domain name is £9.99 per year but, from the 29th of October to the 2nd of November, the price will drop to a haunting £6.66, when purchased at using the voucher code Hoct31.

    And that’s not the only offer bubbling away in the 123-reg cauldron. In the run up to Bonfire Night, for those after a glittering Guy Fawkes dot net domain deal, 123-reg will be offering website registrations at £5.55 – a cracking 45 per cent off the normal price. This sizzling offer is enough to make Guy Fawkes himself look cool and will be available between the 4th and 9th of November – using voucher code GFNov05

    About 123-reg

    123-reg is one of the UK´s top registrars, registering every fifth domain. It leads the market in both domain name registration (2.4 million domains) and web hosting solutions. With extensive experience of the industry, the company is able to offer high quality, technically advanced yet cost-effective products to a wide range of customers. 123-reg received Best Domain Registration in Host Review’s “Best of the Best” Small Business Service Providers awards in 2008.

    Web Hosting Provider Host Color Cut the Prices of Web Hosting With 25%

    Host Color a global provider of quality Shared Hosting, VPS and Dedicated Servers announced the release of coupon code - BETTERWEBSITE. It gives the company's customers 25% instant savings on all Shared web hosting plans.

    Host Color has reported to the web hosting media that it released coupon code BETTERWEBSITE. It gives its customers 25% instant rebate on all Shared Web Hosting( ) plans. The web host has also announced that it now provides a free SEO consultation to all new customers of Multi Site( web hosting plan.

    The SEO consultation is an unique service called Color SEO( that Host Color usually provides as a separate service priced at $95. It provides the company's customers with a complete Search engine optimization consultation (SEO) service which includes: Meta Tags optimization; Advice on web pages optimization; Suggestions on how to increasing the relevance between site pages, Help in organizing website content, and advice on how to better structure the whole website.

    Host Color has recently improved its web hosting services and allowed its Multi Site customers to host unlimited websites and unlimited domain names. It also increased the disc space quota on its premier shared plan.

    The hosting provider has recently increased the RAM, disc space and bandwidth quotas of its best sold Virtual Private Server ( plans. The company's entry level virtual server "VPS Start" now offers 384 MB RAM, 15 GB disc space and 150 GB data transfer per month. Another VPS plan -"VPS Advance" - was also beefed up and now features 768 MB RAM, 30 GB space and 300 GB monthly data transfer.

    About Host Color

    Host Color LLC is a U.S. web hosting provider incorporated in Delaware. It powers thousands of business and personal websites hosted in data centers in South Bend, Indiana, U.S. and Amsterdam, The Netherlands. The company also provides Fully Managed Dedicated Hosting services and Europe based website hosting through its EU based subsidiary HC Europe. It offers discounts to academics and non-governmental organizations. The Host Color's corporate message is "Web hosting about people, not about gigabytes".

    Web Host

    Web Host 1&1 and GMX Choose Across Language Server to Increase Productivity of Translation and Localization Projects

    1&1 Internet AG, one of the world’s leading Internet providers with more than nine million customers, has chosen the Across Language Server for translating and publishing its hosting and e-commerce solutions into various languages. By using the centralized…

    Intel Celeron 420

    This is a full review of the Intel Celeron 420. In this article, I will fully examine all aspects of this CPU, including its features and performance. There will also be a thorough analysis of the testing that I performed comparing this CPU to the E2140.

    There are single cores, dual cores, quad cores and soon to be tricore processors. We have them available at all kinds of speeds and cache amounts. So how do you know what is best for you? It's impossible to say that this is the CPU for you without seeing what you plan to do with your computer. The quad core will surely run everything that you need, but is it too much for what you want to do? Is dual core enough or too much?

    Well until now, I haven't had the chance to play with a single core processor since the old Celeron processors back on the Socket 478. A lot has changed since then and I feel that it is worth it to look at another one. Our last one overclocked very well and kept up with the Pentium 4 CPU. This time the Celeron has to try to keep up with less cache and less cores, but also run at the same speed. We will see, after some benchmarks, whether the Celeron can still keep up with its bigger counterparts.

    The Celeron 420 is the beginning and end of this generation of CPUs. It will be the last single core CPU planned from Intel. After this, it's all dual cores or more, even for the Celeron bargain bin CPUs. It will be interesting to see how the dual core Celeron CPUs hold up; I hope to get a chance to test one of these when they come out.

    It also marks the beginning of the Celeron CPU using the Core architecture. This alone should be a great step forward and provide a great performance gain over previous Celerons. The Netburst architecture is officially a thing of the past for Intel.