Fundamental Analysis

Euro traded higher versus the US Dollar Intraday, and registered a new weekly high as buyers were optimistic after a report which points that better growth is possible in the Euro Area.

Euro continued to gain momentum against the US dollar as the latter one weakened recently, which means there is more room for gains in the EURUSD pair.

UK Nationwide Housing Prices highlighting the value of the houses prices in UK and indicate current movements in the housing market posted an increase of 1% in April, compared to the preceding month.

Euro managed to gain bids during the London session against the US dollar, and it looks like the pair might break the recent high of 1.0920 to trade close to the 1.0950 level.

US dollar continued to weaken against a few currencies and managed to recover some ground against currencies like the Euro and the British Pound

Japanese Yen traded higher against the US dollar and looks set for more losses, as the latter one weakened against most major currencies including the Euro and the British Pound.

Euro fell sharply earlier today to test the 1.0660 support area against the US dollar, but later managed to find buyers around the mentioned level and traded back higher.

Euro gained today during the London session against the US dollar as buyer’s sentiment improved, which helped the EURUSD pair to move higher in the short term.

Euro continued to decline against the US dollar as sellers remain in control and even better than expected Euro Zone ZEW Economic sentiment failed to cause an upside reaction in EURUSD.

US dollar was broadly seen consolidating against most major currencies, but there was a bullish sentiment noticed for pairs such as AUDUSD and NZDUSD taking them a bit higher.

Euro and many other currencies were seen trading higher during the past few sessions against the US dollar as the market sentiment tilted in favor of the US dollar sellers.

Aussie dollar and the Canadian dollar were the best performers of the day as both gained a lot of bids against the US dollar and traded higher Intraday.

Euro trimmed most its gains against the US dollar, plus traded back lower as buyers fails to hold the momentum, and the 1.0700 turned out to be a major hurdle.

Euro after declining sharply against the US dollar recently managed to hold the ground, and currently consolidating around important levels and setting up for the next move.

Risk assets including the Euro and the Australian dollar moved lower against the US dollar, as economic releases published during the Asian session in China missed the expectation.

Euro nosedived earlier during the London session against the US dollar, as the greenback was seen gaining pace against most of its counterparts.

Euro trimmed all of this week’s gain and moved lower against the US dollar, as the latter one got bid during the past couple of sessions and the shared currency lost a lot of ground.

Euro managed to regain bids against the US dollar and traded higher despite poor economic releases in the Euro zone like the German factory orders.

Euro trimmed of the recent gains against the US dollar as sellers stepped in one more time to create a downside pressure in the short term.

Japanese yen posted gains against the US dollar recently, but it was seen struggling to find buyers against other major currencies like the Euro and the British pound.
 

US dollar is waiting patiently for a major release lined up today, as the nonfarm payrolls and the unemployment report will be released by the US Department of Labor.

Australian dollar traded lower against the US dollar and breached the 0.7560 support area to create a new weekly low as sellers remain in control.

US dollar was seen gaining control earlier during the London session despite positive releases in the Euro zone and the UK.

Euro traded lower earlier against the US dollar to test 1.0720 as buyers fail to protect downside.

Euro headed lower earlier today against the US dollar as the latter one recovered ground against most major currencies, and pushing the EURUSD pair lower in the near term.

US dollar after falling sharply against the Euro and the British pound managed to recover ground and traded back higher as buyers stepped in to protect losses in the near term.

US dollar nosedived against most major currencies, as sellers were seen in control, and pairs such as EURUSD, GBPUSD, AUDUSD and NZDUSD performed well during the past session.

Euro dived recently, but managed to gain buyers around 1.0900, which represents an important support area and suggests that the EURUSD pair can continue trading higher.

US dollar failed to hold ground especially against the Euro, as the latter one managed to climb higher above the 1.0960 level and looks set for a break above 1.10.

US dollar continued to decline against most major currencies, including the Euro, the British pound, the Australian dollar, the Japanese yen and the New Zealand dollar.

Euro traded lower against the US dollar as the latter one managed to gain back strength.

British pound was one of the worst performers recently against the US dollar and the Euro.

Euro traded higher against the US dollar and looks set for more gains as buyers gain control.

Euro after finding bids around the 1.0460 level managed to correct higher and closed back above the all-important 1.050 area ahead of ECB Draghi’s speech.

British pound fell sharply against the US dollar, and cleared the 1.4850 support area.

US dollar after trading sharply higher against the Aussie dollar and the Kiwi dollar corrected lower as NZDUSD and AUDUSD gained traction.

Euro collapsed against the US dollar and traded towards the 1.0600 support area.

Euro and the Japanese yen lost more ground and created new lows against the US dollar.

US dollar continued to trade higher after strong buying interest seen this past week

US dollar maintained bid tone against the Euro and other major currencies during the past couple of sessions, and eyes the US NFP release for more action in the near term.

Euro weakened more against the US dollar and headed towards the 1.10 monster support area ahead of the ECB interest rate decision and press conference.

Euro continued to trade lower against the US dollar and breached the 1.1120 support which signals weakness in the near term for the EURUSD pair.

Euro traded lower during the London session against the US dollar and even better than expected economic releases in the Euro area failed to help the EURUSD pair.

GBPUSD traded lower and looks set for further losses in the near term if sellers gain control.

Kiwi dollar managed to gain ground against the US dollar and on the other hand, the Aussie dollar was seen struggling in the near term.

Euro traded lower earlier against the US dollar, but after the German employment report it managed to gain traction and traded back higher.

Chinese HSBC Manufacturing PMI released earlier today exceeded the market forecast and ignited a sharp rally in the risk assets.

New Zealand dollar blasted lower against the US dollar and broke the 0.7450 support area.

Euro traded lower during the London session, as the German IFO business climate index came below the market expectation.

Euro traded lower during the start of the London session, but later managed to gain ground.

Euro was seen trading higher during the London session as buyers were seen under control.

British pound was seen trading higher against the US dollar after UK employment report release.

Aussie dollar moved higher against the US dollar after the RBA meeting minutes were released.

Japanese yen traded a touch higher after the GDP and industrial production release.

Euro traded higher earlier today against the US dollar, but failed to capitalize gains after the Euro area GDP.

US dollar moved lower after the disappointing retail sales report released during the NY session.

US dollar traded higher against the US dollar and broke the 1.2600 resistance area.

Aussie dollar was one of the worst performers of the day as it traded lower against the US dollar to test the 0.7760 support area.

Euro traded lower against the US dollar during the London session despite positive releases in the Euro zone.

US nonfarm payrolls released by the US Department of Labor registered an increase of 257K, and the last reading was revised up to 329K.

Euro moves higher against the US dollar, but looks like struggling around the 1.1440 level.

British pound surged higher against the US dollar, as the UK services PMI came above the forecast.

Euro and British pound managed to gain ground against the US dollar as buyers appeared.

Euro continued to weaken against the US dollar as buyers fail to gain momentum.

US Gross Domestic Product Annualized released by the US Bureau of Economic Analysis increased by 2.6% in Q4 2014, compared with the same quarter of the last year.

New Zealand and Australian dollar moved a lot lower against the US dollar as sellers gained control intraday.

Fed is expected to keep the interest rates unchanged, but all eyes would be on policy statement

US dollar moved higher against many major currencies especially against the Swiss Franc.

Euro continued to decline against the US dollar as the economic data failed to impress buyers.

Euro collapsed once again during the London session as sellers managed to gain control.

US dollar continued to move higher as most major currencies struggled to hold the ground.

Aussie dollar was one of the biggest losers of the past session as it moved lower against the US dollar and traded towards the 0.8130 support area.

US nonfarm payrolls released by the US Department of Labor came above the forecast with a reading of 252K.

Euro had no reason to move higher against the US dollar and moved lower to break the 1.1800 level to set a new low for the week.

Euro continued to move lower and created a new low against the US dollar.

Euro and the British pound attempted a recovery against the US dollar, but failed.

US dollar continued to march higher against most major currencies after a minor correction

Earlier during the NY session the Canadian Gross Domestic Product Annualized was released by the Statistics Canada. The market was expecting the Canadian GDP to remain flat at 0%, as in the case of the previous month.

The US GDP growth figures surprised the markets by a 0.5% deviation from the expected. In the third quarter this year, The US economy expanded by 3.5%. This represents a 1.1 fall from the growth registered in the previous Q2 and a surprise of 0.5% from the widely expected 3% growth.

Earlier during the NY session the US Gross Domestic Product Annualized was released by the US Bureau of Economic Analysis. The market was expecting the US GDP to be around 3.0%, down from the previous reading of 4.0%.

Yesterday during the New York open the US Federal Reserve announced the end of the QE3 program. This announcement had been widely anticipated by the majority of economic analysts and we saw an immediate reaction in the USD pairs. We have witnessed the USD strengthen across the board on all the major pairs.

There was a low risk event lined up during the NY opening in the Canada. The Canadian Industrial Product Price was released by the Statistics Canada earlier

In the markets, we have seen the sentiment for the dollar take a dive despite the bullish news coming from the US. Yesterday, the EURUSD experienced a 600 points gain which has now found rejection at the 1.267 level.

Earlier during the NY session, the US durable goods orders report was released by the US Census Bureau. The market was expecting the US durable goods orders to register a rise of 0.5% in September 2014

The markets were yesterday eagerly waiting for the announcement from the ECB about the amount of covered bond purchases that the bank had begun with

Earlier during the NY session, the US pending home sales data was released by the National Association of Realtors. The market was expecting the US new pending sales to register a rise of 0.5% in September 2014.

Today the market is waiting for the ECB to announce the amount of the covered bind purchases it bought last week

The GBP has head a moderate Spike to the up side following the release of the Q3 GDP figures. The UK has posted a 3.0% year on year increase in GDP for the third quarter on 2014.

There was an important release lined up during the London session in the UK i.e. the Gross Domestic Product was released by the National Statistics.

The US BLS report on consumer price index showed that the all items price index for September 2014 experienced a 1.7% increase. This increase matches the previous months reading at the same figure.

There were a lot of important economic releases lined up during the London session. The most important ones include Euro area manufacturing and services PMI, German manufacturing and services PMI and UK retail sales data

Earlier during the NY session, the US consumer price index was released by the US Bureau of Labor Statistics. The market was expecting the US consumer price index to increase by 1.6% in September 2014

The Euro dropped against the dollar during the overnight trading session, rescinding all of its gains from Monday, due to reports stating the European Central Bank will start its corporate bond buying program as soon as December.

From the Weekly chart, we can see that the CADJPY has been moving sideways since it hit resistance at 101.08 on May of this year. We have been caught in a 900 pip range with the lower bound being at 91.00.and the upper bound at the 99.00 level.

In the past two weeks, we have been experiencing a bullish of reversal of the EURUSD pair from its bearish fall. The reversal has led the market commentator to speculate that the dollar has been over bought

Gold continued its uptrend overnight and was able to break above the all-important resistance of $1242. The precious metal was significantly higher in the Asian trading session o due to higher than expected Chinese growth numbers which is seen as a huge overhang for global growth growing forward.

Earlier during the NY session, the US Existing Home Sales was released by the National Association of Realtors. The market was expecting the US Existing Home Sales to increase by 1% in September 2014, compared with the last month.

During the Asian session today, all eyes were on china as the markets eagerly awaited release of the quarterly economic performance for 2014.

Earlier during the NY session, the Canadian wholesale sales report was published by the Statistics Canada. The market was expecting the Canadian wholesale sales to decline by 0.2% in August 2014,

On Wednesday, the markets are eagerly waiting to get the official CPI figures from the US. During a recovery, as we are in now, a moderately increasing CPI shows that there is healthy economic activity in the real economy

Earlier during the NY session, the Canadian consumer price index was released by the Statistics Canada. The market was expecting no change in the inflation this time around, but the outcome was better than expected.

In the third quarter of 2014, there was a significant increase in the net long positions of the dollar in the futures market this was a response to the strong reports on the economy that were being released

About an hour ago, the Canadian manufacturing sales data was released by the Statistics Canada. The market as expecting the Canadian manufacturing sales to register a decline of 1.6% in August 2014,

Yesterday light and sweet crude oil future prices for December 14 touched the $80 price. This represents an over $20 fall from the 106 price levels Crude oil was commanding back in June

About an hour ago, the US retail sales data was released by the US Census Bureau. The market was already expecting a decline of 0.1% in September 2014, compared to the last month’s gain of 0.6%. However, the outcome was even more disappointing as the US retail sales decreased by 0.3%. Moreover, the core retail sales data was also disappointing, as it declined by 0.2%.

The major economies have been in the untested waters of long periods of ultra-low interest since the 200- 2009 crash. The USD dollar had been the major looser in this situation getting weaker relative to the other major currencies.

Earlier during the London session, the UK consumer price index was released by the National Statistics. The market was expecting the UK consumer price index to register an increase of 0.2% in September 2014,

The European economy has been on a tail spin since the banking crisis. We are now at a pivot point where the decisions of the ECB will make or cripple the economy of the block

The current market sentiment has shifted from a bullish US dollar market to uncertainty about where the USD is heading

Earlier during the London session, the German wholesale price Index was released by the Statistisches Bundesamt Deutschland. The market was expecting the German wholesale price Index to register an increase of 0.1% in September 2014, compared to the last time decline of 0.2%. The outcome was as expected, as the index slightly rose by 0.1%.

In a speech yesterday (9^{th of} October 2014) at the Brookings Institution in Washington, Draghi gave a speech outlining his strategy for getting the Eurozone out of the current crisis and stalled growth. Though evident, the ECB president drew parallels between the US crisis during the Roosevelt administration and the current Euro crisis.

Earlier during the start of the NY session, the Canadian employment change, participation rate and the unemployment rate data were released by the Statistics Canada. 

Since September of 2011 the Swiss National Bank has maintained a 1.200 floor of the Swiss Franc against the EUR. The bank expressed its view that the Swiss franc was grossly overvalued and its fears that the high valuation was indeed a serious risk to the Swiss economy because of the deflationary pressures it was causing. Lowering the Francs valuation was on its list of primary concerns.

Earlier during the start of the NY session, the US initial jobless claims were released by the US Department of Labor. The market was expecting the advance figure for seasonally adjusted US initial jobless claims to rise from 287K to 294K in the week ending October 4. However, the outcome was very positive, as the jobless claims declined from the previously revised reading of 288K to 287K. So, there was no rise in the US jobless claims. The advance seasonally adjusted US continuing jobless claims for the week ending September 27 also declined from 2.402M to 2.381M. This was on the positive side, and the US dollar was also seen trading higher after the release.

About an hour ago, the Housing Starts was released by the Canadian Mortgage and Housing Corporation. The market was expecting the trend measure of housing starts in Canada to be around 196.1K units in September compared to 191,095 in August. However, the outcome was a bit better, as the Canadian Housing starts measure stood at 197.3K. The outcome was mostly in line with the expectation, and that is the reason why the Canadian dollar was broadly unchanged after the release.

The kiwi has been showing marked weakness in the past quarter. The AUDNZD has appreciated over 600 pips since July of this year this represents a dramatic strengthening of the Australian dollar against the Kiwi. It is anticipated to have further gains in the coming months. The NZDUSD has plunged 1000 pips since July also representing a wakening kiwi against the dollar. The GBPNZD has also revealed remarkable weakness in the kiwi rising over 1500 pips.

After yet another flat day of declines for the precious metal, Gold witnessed some buying interest in the overnight session. The buying interest has continued to be seen in the Asian trading session on the back of holiday demand and the re-opening of the Chinese markets. China, along with India are the largest consumers for the precious metal. The IMF downgrading global growth prospects regarded as a huge positive, as many believe that the equity trade might get unwound and traders might look at building on the safe haven trade.

The US Economic Optimism Index was released by the Investor's Business Daily (IBD) TechnoMetrica Institute of Policy and Politics (TIPP). The market was expecting it to rise from 45.2 to 46.3. However, the Economic Optimism Index stayed at 45.2 in October 2014. This is about 0.1 points above its 12-month average of 45.1. So, the reading was not bad considering the average. However, the reading is still below the 50 mark, which means pessimism. According to the report published IBD/TIPP conducted the national poll of 889 adults from September 27 to October 3. The US dollar was seen trading lower after the release, and the worst performing pair was USDJPY.

The Sterling has shown some weakness against the USD in the recent past, this can be attributed to the strengthening of the US economy and the recent speculation about the Scottish vote. Overall however, the GBPUSD has failed to break below the 1.5950 level and has met very strong buying pressures near this psychological level.  It remains that without any major fundamental news, we are unlikely to slide below his level.

The DAX had a very volatile session once again yesterday following on from a busy previous week. After opening higher in the morning session it was catching up on the price action from Friday. The DAX was unable to hold onto gains and closed near the lows of the day. The DAX opened a percent higher in the morning but post the Factory order data which largely disappointed the street saw resumption of selling pressure which dragged the index lower. The Factory orders came in at 5.7 percent lower than those reported it August, the lowest level seen since January 2009.

There was an important economic release lined up during the New York session in Canada. The Canadian Ivey PMI was released by the Richard Ivey School of Business. The market was expecting an increase from 50.9 to 53.0 in by the end of September 2014. However, the outcome was very positive, as the Canadian PMI rose to 58.6. This was way above the last reading of 50.9. The report added that the Employment Index was 53.0, the Inventories Index was 60.0, the Supplier Deliveries Index was 42.7 and the Prices Index was 71.6 for September 2014.  

On Tuesday the RBA will announce its cash rate decision. The cash rate in Australia is currently at 2.5% and has been unchanged since August of 2013. The cash rate is an important determinant of the exchange rate in spot foreign exchange market and futures.  RBA uses the interest rate to implement its monetary policy.  Since the third quarter of 2013, the RBA has maintained an accommodative monetary policy meant to stimulate growth and maintain a low inflation within the medium term targets.

Gold tumbled to 4-year lows in Fridays’ trading session. Traders and investors in Asia are continuing to witness the downward pressure on the precious metal as the dollar continues its uptrend against all major currencies, considered bearish for gold. Gold fell below the all-important psychological level of $1200 breaking the important support zone near the $1207. The Department of Labour reported that the US economy added 248,000 jobs in the month of September, this came in way higher than the consensus estimate of 215,000 jobs.

There was no relief for the British pound buyers, as it continued to decline against the US dollar and the Euro. One of the main reasons for the decline is the recent economic data and the market sentiment. The market sentiment is playing a major role in the weakness, which has increased the pressure on the GBPUSD pair.

The USDCAD has been on has been on a long term uptrend since August of 2009. This uptrend persisted even in the face of a weak US economy and a loose monetary stance by the US FED. A weak Canadian dollar has seen the pair move from the lows of 0.9400 in 2011 to levels above 1.1100 in 2014. 

The US Initial Jobless Claims was released by the US Department of Labor about an hour ago. The market was expecting an increase of 4000 this time around. However, the outcome was better than expected, as the US Initial Jobless Claims fell by 8K in the week ending September 27 on the seasonally adjusted basis. There was a revision in the previous reading as well, as the US Initial Jobless Claims for the last week was revised up from 293K to 295K.

After weaker than expected ISM manufacturing reading was released on Wednesday, the dollar corrected to 85.5013 in the dollar index to and 108.55 against the Yen. ISM Manufacturing for September was reported at 56.6 against an expectation of 58.5. This represents a 0.8% drop from the report released in august at 59%. This August ISM manufacturing of 59 was the peak for the seven preceding quarters.

Gold prices were moderately higher in the Asian morning today but on low volumes. This is on the back of holidays in Hong Kong, China and India. Gold had a relatively flat to positive session overnight post economic data from the US led traders to sell the dollar and take some profits off the table. There was an equally large sell off witnessed in equities overnight which led many to position themselves in the relatively risk off trade in gold.

The US Institute for Supply Management (ISM) Manufacturing Index was released about an hour ago. The market was expecting it to fall from 59.0 to 58.5. However, the report mentioned that the US ISM manufacturing PMI fell from 59.0 to 56.6 in September 2014, which means 2.4 points lower than August 2014 reading. However, this reading is well above the neutral reading and indicates expansion

Expectations for a EURUSD correction are mounting as the pair falls to fresh lows each day. The pair, at 1.26 levels is at its lowest of the proceeding five quarters. A bullish dollar and softer economic data has seen the bears dominate this pair for the whole of the third quarter of 2014. There has not been any major retracement for the pair since July. 

Gold remained broadly under pressure in the early morning session today as investors kept a close eye on the dollar, which remained flat but continued to have a bullish bias. Gold witnessed a selloff in the overnight session on the back of weak global cues and a stronger dollar. Gold had the worst quarter since 2008, which is a huge cause of concern for bulls. The price action over the quarter is indicative of the waning interest in the precious metals basket.

The Kiwi has shed off over a thousand pips since its 0.882 peak in July to the lows of 0.776 at yesterdays close when paired against the US dollar. Last week, the NZDJPY fell over 2800 pips to close the week at 85.9 from the highs of 88.8. The Kiwi has been selling across the board since the September quarterly GDP report was released.

The Chicago Purchasing Managers Index was released by the MNI Deutche Börse Group about an hour ago. The market was expecting it to decline from 64.3 to 62.0. However, the outcome missed the expectation, as the Chicago Purchasing Managers Index registered a decline of around 4 points and currently stands at 60.5. The US dollar was seen losing some ground after the release, as the EURUSD pair managed to climb more than 30 pips. The GBPUSD pair also managed to gain traction and traded back above the 1.6200 level.

Gold prices were lower in early morning trade in Asia on back of the unrest in Hong Kong. Traders and investors are closely watching out for manufacturing data coming out of China to understand the underlying strength of the worlds’ second largest economy. Gold prices could not sustain at higher levels in trade last night as the dollar recovered from the early morning weakness.

As we come to the close of the third quarter of 2014, the dollar has been strengthening against the Euro. The market ignored the flat Durable Goods Orders at 57.9 that had not changed since the previous month and continued on its bullish streak despite missing the expected figure of 58. 

The US personal spending was released at the start of the NY session by the Bureau of Economic Analysis, Department of Commerce. The forecast was slated for a 0.4% increase in August 2014, compared to the last time decline of 0.1%.

The US Gross Domestic Product Annualized measuring the output of goods and services increased by 4.6% in the second quarter of 2014, just as the market was expecting

The US durable goods orders data was released by the US Census Bureau at the start of the NY session. The forecast was slated for a decline of 18% in August 2014, compared to the preceding month.

US new home sales data released about an hour ago registered an increase of 18% in August 2014, compared to the previous month.

The Canadian retail sales figures were released by the Statistics Canada about an hour ago. The market was expecting the Canadian retail sales to register a gain of 0.5% in July, 2014, compared to the last month’s gain of 1.2%. The outcome was not as expected

The Euro lost most of its gains yesterday’s trading session on the back of comments from the European Central Bank chief Mario Draghi who indicated that the Eurozone recovery was losing steam. In remarks to the European parliament the ECB chief reiterated that the ECB would take all necessary actions to kick start a flagging European economy. The euro found some support post the US existing sales data which showed that the housing sector, in the US wasn’t completely out of the woods.

The US Existing Home Sales figures were released by the National Association of Realtors about an hour ago. The market was expecting the US existing home sales to register a change of +1%. However, the outcome was disappointing, as it registered a decrease of 1.8% to a seasonally adjusted annual rate of 5.05 million. This is the first decrease in the past five months, according to the report published.

There was a major release in the Canada today, which was scheduled about an hour ago. The Canadian Consumer Price Index (CPI) was released by the Statistics Canada.

Earlier during the NY session, the US initial jobless claims figure was released by the US Department of Labo

About an hour ago, the US consumer price index was released by the US Bureau of Labor statistics. The market was expecting the US CPI to remain flat in August 2014, compared to the same month of this year. However, the report mentioned that there was a decrease of 0.2% in the CPI in August 2014. When we consider the year-over-year change, then the US CPI rose by 1.7%, which is 0.2% less than the market expected and down from the previous reading of 2.0%. These figures were seasonally adjusted, and the most important part is that this was the first decrease in the CPI since April 2013.

About an hour ago, the US Producer Price Index was released by the Bureau of Labor statistics, Department of Labor. A few analysts were expecting no change in the US PPI in August 2014 compared to the previous month of the same year, and a few were expecting a 0.1% gain

DAX 30 had a positive session yesterday. The index saw buying emerge at lower levels post the dip it had witnessed over the last couple of day

About an hour ago, the NY Empire State Manufacturing index was released by the Federal Reserve Bank of New York. The market was expecting a small rise from 14.7 to 16.0

The DAX had a very weak session on Friday closing at the day’s low which is a very bearish signal. The German index had been in a very strong uptrend over the last few weeks’ right from the time it made an intraday low at 8092 but is currently facing resistance at the upper end of the trading range. The selling pressure witnessed in Friday’s trading session was on the back of above average volumes which is a bearish indicator.

Apple Inc. (NASDAQ:AAPL) shares gain near its 20-Day EMA which stands at $99.35 ahead of event this evening as the market expected for big announcement. Going forward the stock has strong support near $95, a level from where it has bounced twice in the past. Any big announcement will take the stock above $103.