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JP Morgan is up 15.4% for the year

Four key markets in focus today.

JP Morgan (JPM)

JP Morgan reports quarterly earnings tomorrow (expected at 22:00) and the market is anticipating EPS of $1.31. The stock is still up 15.4% for the year, however JPM has pulled back from the recent highs, but looks very well supported around $50. Traders could look at long positions around current levels with a potential stop loss at $49.50, with a view that the market is negatively positioned on this name and even an in-line result could see gains.

GBP/AUD

At 11:30 we the latest read on Australian employment, with the market expecting 15,000 jobs to be created. The analyst’s range on the jobs numbers is wide, with Market Economics calling for 45,000 jobs created, while Goldman Sachs is the lowest with zero jobs. GBP/AUD has found good sellers of late, however is now at key support between 1.6803 (August 12 low) to 1.6883 (September 11 low). Good job numbers should push the pair lower and a daily close below 1.6803 would suggest adding to shorts.

Japan 225 (Nikkei)

The USD has stabilised and thus USD/JPY is providing support to the Japanese equity market. At 10:50 today we get the latest read on the weekly fund flow data, with traders keen to see how Japanese institutions are positioned with regards to buying or selling of foreign assets. Good levels of buying of foreign bonds and equities should push up USD/JPY and subsequently the Nikkei.

Newcrest Mining (NCM)

After a strong rally to $14.17 on August 27, NCM has pulled back 23% to current levels. I have pointed out gold as a preferred short of late and expect good downside once the US debt issues are resolved. NCM therefore is a stock that I would prefer to short on rallies. Given gold is $11 lower from yesterday’s equity cash close I would expect precious metal stocks to see modest downside on open.

Follow these markets on our trading platform

Our Trader Radar watchlist will be updated each morning to give you quick access to important markets. To find the watchlist:

  1. Log in to the trading platform.
  2. In the Watchlist panel, select Trader Radar from the drop-down menu. If this panel is not visible, click the Watchlist button (at the top).
  3. Alternatively, select Trader Radar from the Watchlist section (near the bottom left hand corner) in the Finder panel.

    Follow these markets on our trading platform

    Our Trader Radar watchlist will be updated each morning to give you quick access to important markets. To find the watchlist:

  4. Log in to the trading platform.
  5. In the Watchlist panel, select Trader Radar from the drop-down menu. If this panel is not visible, click the Watchlist button (at the top).
  6. Alternatively, select Trader Radar from the Watchlist section (near the bottom left hand corner) in the Finder panel.

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