Forex rebates on every trade - win or lose!

Still with it - don't mind letting go of a few.
Stops just below 70.

Time for work :S

Choccie: I told you, wait 5 years . . .

[16:00 US ECON: Philly Fed Dips Below Zero, Quite Unexpected] Boston, September 21. The economy contracted in August according to the Philadelphia Fed's Survey. At -0.4, the latest survey result was much weaker than expected and showed the first contraction since April 2003.

Oh rats :o)

Thanks ever so MM - you didn't cheer me up the first time you told me ;)
Hope you're feeling better, Hils.

Philadelphia Fed: Contraction in Sept.
AFX


NEW YORK (AFX) - Manufacturers in the three-state region surrounding Philadelphia saw their first contraction in business activity in over three years during September, the Federal Reserve Bank of Philadelphia reported Thursday.

The bank's business conditions index, a gauge of the health of the region's manufacturing sector, lost considerable ground, and moved to a reading of minus 0.4 in September, versus the 18.5 it stood at the month before.

Negative readings denote contraction. The September reading was the first that signaled such a climate since April 2003, although the index did indicate flat activity in June 2005.

The report covers eastern Pennsylvania, southern New Jersey, and Delaware.

'Overall manufacturing conditions in the region are mostly steady, and indicators for general activity, new orders, and employment suggest little or no growth this month,' the report said. 'According to responses from this month's survey, input price pressures, though still evident, are less widespread than in the previous month,' it added.

Michael Trebing, an economist with the bank, said 'the suddenness of the drop into negative territory reflected a sizable and increasing share of respondents reporting declines in orders, shipments and some of the other components.'

The Philadelphia Fed report is widely viewed as a proxy for national manufacturing trends, and as such, it raises worry that the factory sector may be slowing more than anyone had reckoned. Broadly speaking, the economy is already in a process of moderating growth, driven largely by a cooling housing sector. This environment gave the Federal Reserve on Wednesday the latitude to hold interest rates steady for a second straight meeting.

Forecasters will now worry that the Institute for Supply Management manufacturing index, due at the beginning of next month, will also weaken from what had been solid activity gains. The Philadelphia Fed survey, on an ISM equivalent basis, stands at a reading of 49.7 in September compared with an ISM equivalent reading of 54.1 in August. In ISM terms, readings below 50 indicate falling activity.

Some observers were indeed concerned with what they'd seen. 'Generally, the Philly data (report) has the best correlation with industrial production of all the regional indexes, so needs to be treated seriously,' said Alan Ruskin, a strategist with RBS Greenwich in Greenwich, Conn.

Despite the ugly turn of the headline reading, the components of the report were a mixed bag. The bank said that inflation pressures softened in terms of input prices, but grew in terms of what manufacturers charged for their goods. The prices paid index hit 38.1, from 45.3 in August, while the prices received index came in at 21.6, from 17.1.

Hiring at Philadelphia factory operators improved, with the employment index at 10.7, versus August's 8.2. Meanwhile, the new orders index came in at -1.3, after the prior month's 15.7.

Stopped out at 65.
But in again at 95 when I got home.
Still holding out for 1.9050 :)

An interesting read, that report, eh what MM.

Depressingly interesting, Choccie.

Yep, tell me about it.

On a lighter note, happy 300th page 6000th post day Hils :)

Much better this morning thanks, Choccie, and good to see the 6k breached.

Don't think cable's a play just yet this morning. Need some better clues on direction first, imo.

Morning all.

Long from 28 this morning - resistance around 9075/80 so fingers crossed.

Think we are getting really overbought now though.

Morning Hils, much better then.

I'm long from 25 this morning and feel that it'll drift upwards today as no big news today that directly affects cable.

Been digesting the Philly report which suggests that cable ought to be on an uptrend.

Also dipped my toe (the middle one on my left foot to be precise) at 26. We'll see where it goes. I'll be happy to bank on any sign of a turn down.

edit. Stop at entry so zero risk.

Have a limit order in at 25 as I missed the early action. Some suggestion that we might go to 150.

'Tis the early birds that catcheth the worms, Seymour.

:o)

Out at 50

I can see why Hilary but I'm hanging on for now

Still in but would like to see it having a go at breaking this morning's high. If it fails I'll be out

If my 1-minute macd turns back up above the zero line, H, I'll go back in long again regardless of price.

I'm not so sure that I trust it though. For a start, I don't think that the Philly Fed is the be-all and end-all that it's been painted as and I wouldn't be surprised to see some big guns offloading into strength around here. My 1 hour was also showing signs of turning down at 7am, so that probably needs a bit more time for clarity.

It's stalled a touch so went out at 49 a few mins ago.

I have a bad feeling that I went out a tad too soon

My limit order cancelled now, missed all that! Will look again at lunch, busy morning ahead.