Buka >> http://www.ilmuwebsite.com/img/Gambar-mengikuti-scroll.htm
ini cocok untuk pemasangan iklan di website
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<td><img src="TN_psd0810.JPG" width="171" height="158"></td>
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Floating Menu script- Roy Whittle (http://www.javascript-fx.com/)
Script featured on/available at http://www.dynamicdrive.com/
This notice must stay intact for use
*/
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var verticalpos="fromtop"
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el.y = ns ? pageYOffset + innerHeight :
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el.y -= startY;
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ftlObj.y += (pY + startY - ftlObj.y)/8;
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Sumber dari situs Ilmu Website dalam kategori javascript dengan judul Gambar mengikuti scroll
Saturday, June 21, 2008
Mengirim Email massal
Pasti anda tidak asing lagi dengan yang namanya email massal. Yah, email massal merupakan metode pengiriman email ke beberapa orang sekaligus.Biasanya Yahoo mail, gmail, dan beberapa web mail lainnya telah menyediakan fitur ini. Bahkan bisa dibilang semuanya pasti sudah menyediakan. Nah, kalau selama ini kita hanya menggunakan fasilitas tersebut, bagaimana jika kita membuatnya sendiri ? Tentu lebih bangga bukan ?
Pertama-tama buat databasenya terlebih dahulu.
CREATE DATABASE `emailmassal` ;
CREATE TABLE `emailmassal`.`email` (
`id` MEDIUMINT( 8 ) NOT NULL AUTO_INCREMENT PRIMARY KEY ,
`nama` VARCHAR( 50 ) NOT NULL ,
`email` VARCHAR( 50 ) NOT NULL
) ENGINE = MYISAM
INSERT INTO `emailmassal`.`email` (
`id` ,
`nama` ,
`email`
)
VALUES (
'1', 'ivan', 'ivan@ilmuwebsite.com'
);
Notes : dalam contoh ini, email yang terdapat di database Cuma 1. Anda dapat menambah email-email lain jika mau. :)
config.php
class config {
var $host = "localhost";
var $user = "root";
var $pass = "";
var $nama_db = "emailmassal"; // nama database
function config() {
$this->connect = mysql_connect($this->host,$this->user,$this->pass);
$this->select_db = mysql_select_db($this->nama_db);
if(!$this->connect)
{
print "
Cek kembali nama host, user, dan password anda !
}
} // tutup function config
}
?>
Index.php
include("config.php");
?>
if($_GET['kirim'])
{
class email extends daftar {
function kirimmail () {
$to = $_POST['to'];
$subject = $_POST['subject'];
$pesan = $_POST['pesan'];
$from = "From: email anda"; // isi dengan email anda
if($to == "semua")
{
$this->query = mysql_query($this->sql);
while($this->run_query = mysql_fetch_array($this->query))
{
mail($to,$subject,$pesan,$from);
}
}
else
{
mail($to,$subject,$pesan,$from);
}
} // end function kirimmail
} // end class
$m = new email();
$m->kirimmail();
}
?>
Sedikit Penjelasan kode diatas :
Pada class config, kita variabelkan nama host,user,dan pass. Lalu kita konekkan dengan database pada function config. Function config itulah yang dinamakan constructor. Pada index.php, terdapat class daftar extends config, gunanya adalah untuk mengkonekkan dengan database, lalu kita variabelkan $sql yang merupakan perintah query. Lalu perintah query tersebut kita wariskan ke class email. Gunanya adalah agar tidak perlu melakukan penulisan ulang query tersebut.
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tapi pertimbangkan karena free jadi client nya banyak sekali
Sumber dari situs Ilmu Website dalam kategori hosting service dengan judul AwardSpace | Free PHP MySql
Sunday, May 4, 2008
Market News Recap
Market News Recap
Friday's News Recap: U.S. Nonfarm Payrolls Fall 20k, Fed Increases TAF to $75B
News Recap | Written by CEP News | May 02 08 20:21 GMT |
(CEP News) - The major release of the day was the highly anticipated U.S. nonfarm payrolls report for April, which showed employment fell for the fourth consecutive month, shedding 20k jobs. Also today, the Federal Reserve announced it is increasing the size of its TAF Auction to $75 billion and data showed U.S. factory orders grew 1.4% in March.
Read more...
Midday News Recap: U.S. Nonfarm Payrolls Fall 20k, Fed Increases TAF to $75B
News Recap | Written by CEP News | May 02 08 14:55 GMT |
(CEP News) - The major release of the morning was the highly anticipated U.S. nonfarm payrolls report for April, which showed employment fell for the fourth consecutive month, shedding 20k jobs. Also this morning, the Federal Reserve announced it is increasing the size of its TAF Auction to $75 billion and data showed U.S. factory orders grew 1.4% in March.
Read more...
Midday News Recap: U.S. Nonfarm Payrolls Fall 20K Jobs, Fed Increases TAF to $75
News Recap | Written by CEP News | May 02 08 14:55 GMT |
(CEP News) - The major release of the morning was the highly anticipated U.S. nonfarm payrolls report for April, which showed employment fell for the fourth consecutive month, shedding 20k jobs. Also this morning, the Federal Reserve announced it is increasing the size of its TAF Auction to $75 billion and data showed U.S. factory orders grew 1.4% in March.
Read more...
Overnight News Recap: Aussie Retail Sales Above Forecasts, German Sales Tumble
News Recap | Written by CEP News | May 02 08 10:36 GMT |
(CEP News) - Australian retail sales beat the consensus forecasts, but Germany was not so lucky, with monthly sales declining despite calls for an increase. Meanwhile, the preliminary manufacturing PMI for the euro zone was unexpectedly revised down and markets heard from Finnish Central Bank President Erkki Liikanen.
Read more...
Thursday's News Recap: U.S. ISM Manufacturing in Slowdown, BOC's Carney Speaks
News Recap | Written by CEP News | May 01 08 20:51 GMT |
(CEP News) - It was another steady morning of economic releases from the U.S., with data showing rising weekly jobless claims, national manufacturing activity still in slowdown mode and a faster-than-expected rise in Core PCE deflator. In Canada, Bank of Canada governor Mark Carney said there are no signs of stagflation in the economy.
Read more...
Friday's News Recap: U.S. Nonfarm Payrolls Fall 20k, Fed Increases TAF to $75B
News Recap | Written by CEP News | May 02 08 20:21 GMT |
(CEP News) - The major release of the day was the highly anticipated U.S. nonfarm payrolls report for April, which showed employment fell for the fourth consecutive month, shedding 20k jobs. Also today, the Federal Reserve announced it is increasing the size of its TAF Auction to $75 billion and data showed U.S. factory orders grew 1.4% in March.
Read more...
Midday News Recap: U.S. Nonfarm Payrolls Fall 20k, Fed Increases TAF to $75B
News Recap | Written by CEP News | May 02 08 14:55 GMT |
(CEP News) - The major release of the morning was the highly anticipated U.S. nonfarm payrolls report for April, which showed employment fell for the fourth consecutive month, shedding 20k jobs. Also this morning, the Federal Reserve announced it is increasing the size of its TAF Auction to $75 billion and data showed U.S. factory orders grew 1.4% in March.
Read more...
Midday News Recap: U.S. Nonfarm Payrolls Fall 20K Jobs, Fed Increases TAF to $75
News Recap | Written by CEP News | May 02 08 14:55 GMT |
(CEP News) - The major release of the morning was the highly anticipated U.S. nonfarm payrolls report for April, which showed employment fell for the fourth consecutive month, shedding 20k jobs. Also this morning, the Federal Reserve announced it is increasing the size of its TAF Auction to $75 billion and data showed U.S. factory orders grew 1.4% in March.
Read more...
Overnight News Recap: Aussie Retail Sales Above Forecasts, German Sales Tumble
News Recap | Written by CEP News | May 02 08 10:36 GMT |
(CEP News) - Australian retail sales beat the consensus forecasts, but Germany was not so lucky, with monthly sales declining despite calls for an increase. Meanwhile, the preliminary manufacturing PMI for the euro zone was unexpectedly revised down and markets heard from Finnish Central Bank President Erkki Liikanen.
Read more...
Thursday's News Recap: U.S. ISM Manufacturing in Slowdown, BOC's Carney Speaks
News Recap | Written by CEP News | May 01 08 20:51 GMT |
(CEP News) - It was another steady morning of economic releases from the U.S., with data showing rising weekly jobless claims, national manufacturing activity still in slowdown mode and a faster-than-expected rise in Core PCE deflator. In Canada, Bank of Canada governor Mark Carney said there are no signs of stagflation in the economy.
Read more...
Weekly Review and Outlook
Euro Weakens Further, Focus Turns to ECB
With the support of FOMC's signal to pause it policy easing cycle and a much better than expected Non-farm payroll report, dollar was generally lifted higher last week. On the other hand, there was another round of liquidation of long position in Euro which saw the common currency being sent lower. While markets are talking about the strength in dollar and weakness in euro, the biggest mover last week was again USD/CHF, which topped the biggest mover chart for the second week. The Swiss Franc was, on the one hand, dragged down by weakness in Euro, and on the other hand, pressured by return of risk appetite. Sterling and Aussie were indeed, relatively stable against the dollar as both pairs were supported by improved investors sentiments and carry trade buying in respective yen crosses. At least, both currencies still managed to stay in familiar range against the greenback. US data will take a back seat this week. Focus will be on ECB meeting and in particular, attention will be paid to Trichet's press conference.
The FOMC cuts the federal funds rate by 25bps to 2.00% as widely expected. Two members, Fisher and Plosser, voted against the rate cut, favoring no action. In the accompanying statement, the Fed described the cumulative 325bps cut as "substantial". Also, the Fed noted that "indicators of inflation expectations have risen in recent months." These were taken as affirmation to some analysts that Fed's is near a pause. However, Fed still noted that "economic activity remains weak" and "tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters." Also, the Fed still noted they will "act as needed to promote sustainable economic growth and price stability." After all, even though the consensus view is that Fed is close to a pause, opinion on the timing is still divided as today's statement left an unclear impression to part of the markets. That is, whether Fed will be on hold in June is still an uncertainty.
While the economic data released last week from US were still weak, they're at least better than market has expected. Even though a contraction of -20k in the job market was still recorded in the month of Apr, the Non-farm payroll contraction was much lower than consensus of -75k. Prior month's contraction was just slightly revised from -80k to -81k. Unemployment rate also gave market a positive surprise by dropping from 5.1% to 5.0% instead of climbing to 5.2%.
The closely watched Q1 GDP growth was unchanged at 0.6% annualized, which was above forecast of 0.4%. Personal consumption also beat expectation by growing 1.0% comparing to consensus of 0.6%. ISM manufacturing index remained unchanged at 48.6 in Apr. Though it's still a contractionary reading, it's at least showing that the contraction was not deepening. Price component also climbed from 83.5 to 84.5. Though, employment component is very weak, dropping sharply from 49.2 to 45.4, even lower than Feb's low of 46. Chicago PMI improved mildly from 48.2 to 48.3 in Apr.
Core inflation was stronger than expected as seen in core PCE's climbed from 2.0% yoy to 2.1% yoy. Headline PCE moderated from 3.4% yoy to 3.2% as expected though. Spending was another bright spot, doubling forecasts of 0.2% and grew 0.4% in Mar, up from prior 0.1%. However, income growth missed expected and slowed to 0.3%.
Other data saw construction spending dropped more than expected by -1.1% in March. S&P Case-Shiller home price index continued its sharp decline in Feb. Both the 10-city and 20-city composite indices recorded annual falls in excess of -12%. Conference board consumer confidence dropped sharply from upwardly revised 65.9 to 62.3 in Apr. Also, jobless claims came in much above expected at 380k.
From Eurozone, the biggest mover was Apr HICP flash which came in at 3.3%, moderated from prior 3.6% and missed expectation of 3.4%. Sentiments in the Eurozone deteriorates further with business climate diving from 0.79 to 0.44 in Apr while economic sentiment dropped from 99.6 to 97.1. Though, unemployment rate was unchanged at 7.1% in March. Germany gfk consumer sentiments improved unexpectedly from 4.8 to 5.9. Germany retail sales unexpectedly dropped -0.1% mom in Mar, with yoy rate dived to -6.3%. Eurozone PMI manufacturing dropped slightly from 50.8 to 50.7 while Germany PMI manufacturing was unchanged at 53.6.
BoJ left interest rates unchanged at 0.5% as widely expected. Inflation forecasts were revised up with FY08 core CPI up from 0.4% to 1.1%. FY09 core CPI is projected to be at 1.0%. However, growth forecasts were revised down with FY08 down from 2.1% to 1.5%. FY09 forecasts is projected to be at 1.7%. Governor Shirakawa said that the positive cycle in economy is weakening and downside risk is more serious than upside risks in FY08/09. Also, bank credit losses will likely be larger than forecasts but will not have serious impact on the banking system's stability.
Japan Manufacturing PMI dropped to 48.6 in Apr vs exp 49. Household spending dropped -1.6% yoy vs exp 0.5%. Unemployment rate dropped to 3.8% vs exp 3.9% in Mar. Industrial production dropped sharply by -3.1% mom vs exp -0.8% in Mar. Construction orders climb 6.4% but housing starts fell sharply by -15.6% in Mar. Retail sales unexpectedly rose 0.5% mom in March while the yoy rate slowed from 3.2% to 1.1%.
In the Treasury Committee hearing, BoE King said that the bank is likely facing "major challenges" in monetary and financial stability and it's a "difficult balancing act" in setting interest rates while economic growth slows and inflation is accelerating. Though, later in the financial stability report, BoE said that "risk appetite will return gradually in the coming months, " suggesting the worst of credit crunch is probably over. UK PMI manufacturing dropped slightly from 51.3 in Apr, and is mildly better than expectation of 50.8. CBI distributive trades report hit a shockingly low reading of -26 in April comparing to expectation of -3, down from March's +1. Mortgage approvals fell to the lowest level in nine years. Nationwide house price showed the first annual drop since 1996 by -1.0%. Apr Gfk consumer consumer confidence dropped sharply from -19 to -24, much worse than expectation of -20.
Swiss KOF indicate also dropped sharply from 1.54 to 1.20 in Apr. Canadian Feb GDP was disappointing by contracting -0.2% mom. PPI climbed 1.7% mom in Mar comparing to consensus of 0.9%. Australian retail sales rebounded stronger than expected by 0.5% mom in Mar. New Zealand trade balance unexpectedly turned to -50m deficit in March from prior 258m surplus. Prior driver was the contraction in exports from 3.71b to 3.44b.
Euro Weakens Further, Focus Turns to ECB
With the support of FOMC's signal to pause it policy easing cycle and a much better than expected Non-farm payroll report, dollar was generally lifted higher last week. On the other hand, there was another round of liquidation of long position in Euro which saw the common currency being sent lower. While markets are talking about the strength in dollar and weakness in euro, the biggest mover last week was again USD/CHF, which topped the biggest mover chart for the second week. The Swiss Franc was, on the one hand, dragged down by weakness in Euro, and on the other hand, pressured by return of risk appetite. Sterling and Aussie were indeed, relatively stable against the dollar as both pairs were supported by improved investors sentiments and carry trade buying in respective yen crosses. At least, both currencies still managed to stay in familiar range against the greenback. US data will take a back seat this week. Focus will be on ECB meeting and in particular, attention will be paid to Trichet's press conference.
The FOMC cuts the federal funds rate by 25bps to 2.00% as widely expected. Two members, Fisher and Plosser, voted against the rate cut, favoring no action. In the accompanying statement, the Fed described the cumulative 325bps cut as "substantial". Also, the Fed noted that "indicators of inflation expectations have risen in recent months." These were taken as affirmation to some analysts that Fed's is near a pause. However, Fed still noted that "economic activity remains weak" and "tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters." Also, the Fed still noted they will "act as needed to promote sustainable economic growth and price stability." After all, even though the consensus view is that Fed is close to a pause, opinion on the timing is still divided as today's statement left an unclear impression to part of the markets. That is, whether Fed will be on hold in June is still an uncertainty.
While the economic data released last week from US were still weak, they're at least better than market has expected. Even though a contraction of -20k in the job market was still recorded in the month of Apr, the Non-farm payroll contraction was much lower than consensus of -75k. Prior month's contraction was just slightly revised from -80k to -81k. Unemployment rate also gave market a positive surprise by dropping from 5.1% to 5.0% instead of climbing to 5.2%.
The closely watched Q1 GDP growth was unchanged at 0.6% annualized, which was above forecast of 0.4%. Personal consumption also beat expectation by growing 1.0% comparing to consensus of 0.6%. ISM manufacturing index remained unchanged at 48.6 in Apr. Though it's still a contractionary reading, it's at least showing that the contraction was not deepening. Price component also climbed from 83.5 to 84.5. Though, employment component is very weak, dropping sharply from 49.2 to 45.4, even lower than Feb's low of 46. Chicago PMI improved mildly from 48.2 to 48.3 in Apr.
Core inflation was stronger than expected as seen in core PCE's climbed from 2.0% yoy to 2.1% yoy. Headline PCE moderated from 3.4% yoy to 3.2% as expected though. Spending was another bright spot, doubling forecasts of 0.2% and grew 0.4% in Mar, up from prior 0.1%. However, income growth missed expected and slowed to 0.3%.
Other data saw construction spending dropped more than expected by -1.1% in March. S&P Case-Shiller home price index continued its sharp decline in Feb. Both the 10-city and 20-city composite indices recorded annual falls in excess of -12%. Conference board consumer confidence dropped sharply from upwardly revised 65.9 to 62.3 in Apr. Also, jobless claims came in much above expected at 380k.
From Eurozone, the biggest mover was Apr HICP flash which came in at 3.3%, moderated from prior 3.6% and missed expectation of 3.4%. Sentiments in the Eurozone deteriorates further with business climate diving from 0.79 to 0.44 in Apr while economic sentiment dropped from 99.6 to 97.1. Though, unemployment rate was unchanged at 7.1% in March. Germany gfk consumer sentiments improved unexpectedly from 4.8 to 5.9. Germany retail sales unexpectedly dropped -0.1% mom in Mar, with yoy rate dived to -6.3%. Eurozone PMI manufacturing dropped slightly from 50.8 to 50.7 while Germany PMI manufacturing was unchanged at 53.6.
BoJ left interest rates unchanged at 0.5% as widely expected. Inflation forecasts were revised up with FY08 core CPI up from 0.4% to 1.1%. FY09 core CPI is projected to be at 1.0%. However, growth forecasts were revised down with FY08 down from 2.1% to 1.5%. FY09 forecasts is projected to be at 1.7%. Governor Shirakawa said that the positive cycle in economy is weakening and downside risk is more serious than upside risks in FY08/09. Also, bank credit losses will likely be larger than forecasts but will not have serious impact on the banking system's stability.
Japan Manufacturing PMI dropped to 48.6 in Apr vs exp 49. Household spending dropped -1.6% yoy vs exp 0.5%. Unemployment rate dropped to 3.8% vs exp 3.9% in Mar. Industrial production dropped sharply by -3.1% mom vs exp -0.8% in Mar. Construction orders climb 6.4% but housing starts fell sharply by -15.6% in Mar. Retail sales unexpectedly rose 0.5% mom in March while the yoy rate slowed from 3.2% to 1.1%.
In the Treasury Committee hearing, BoE King said that the bank is likely facing "major challenges" in monetary and financial stability and it's a "difficult balancing act" in setting interest rates while economic growth slows and inflation is accelerating. Though, later in the financial stability report, BoE said that "risk appetite will return gradually in the coming months, " suggesting the worst of credit crunch is probably over. UK PMI manufacturing dropped slightly from 51.3 in Apr, and is mildly better than expectation of 50.8. CBI distributive trades report hit a shockingly low reading of -26 in April comparing to expectation of -3, down from March's +1. Mortgage approvals fell to the lowest level in nine years. Nationwide house price showed the first annual drop since 1996 by -1.0%. Apr Gfk consumer consumer confidence dropped sharply from -19 to -24, much worse than expectation of -20.
Swiss KOF indicate also dropped sharply from 1.54 to 1.20 in Apr. Canadian Feb GDP was disappointing by contracting -0.2% mom. PPI climbed 1.7% mom in Mar comparing to consensus of 0.9%. Australian retail sales rebounded stronger than expected by 0.5% mom in Mar. New Zealand trade balance unexpectedly turned to -50m deficit in March from prior 258m surplus. Prior driver was the contraction in exports from 3.71b to 3.44b.
economic calendar summary 5/4 to 5/9
Sunday, May 4, 2008GMT Ccy Events Consensus Previous
22:00 NZD New Zealand Tax Receipts (MAR) -- --
22:45 NZD Labor Cost Private Sector (QoQ) (1Q) -- 1.1%
22:45 NZD Private Wages ex Overtime (QoQ) (1Q) 0.9% 1.1%
22:45 NZD Average Hourly Earnings (QoQ) (1Q) -- 0.9%
23:30 AUD AiG Performance of Service Index (APR) -- 53.8
Monday, May 5, 2008GMT Ccy Events Consensus Previous
-- JPY BOJ Deputy Governor Nishimura Will Attend ADB Meeting -- --
0:30 AUD TD Securities Inflation (MoM) (APR) -- 0.4%
0:30 AUD TD Securities Inflation (YoY) (APR) -- 4.0%
1:30 AUD House Price Index (QoQ) (1Q) 0.0% 3.2%
1:30 AUD House Price Index (YoY) (1Q) 11.0% 12.3%
1:30 AUD ANZ Job Advertisements (MoM) (APR) -- -0.7%
3:00 NZD ANZ Commodity Price (APR) -- 2.0%
6:00 EUR Bimonthly Meeting of Bank for International Settlements -- --
8:30 EUR Euro-Zone Sentix Investor Confidence (MAY) 4.4 4.1
14:00 USD ISM Non-Manfacturing Composite (APR) 49.5 49.6
Tuesday, May 6, 2008GMT Ccy Events Consensus Previous
-- JPY BOJ Governor Shirakawa Will Attend BIS Meeting in Basel -- --
0:30 USD FOMC Chairman Bernanke Speaks on Mortgage Foreclsoures -- --
1:30 AUD Trade Balance (Australian dollar) (MAR) -2900M -3289M
1:30 AUD Exports (MoM) (MAR) -- -4.1%
1:30 AUD Imports (MoM) (MAR) -- -0.2%
4:30 AUD Reserve Bank of Australia Rate Decision 7.25% 7.25%
5:45 CHF Consumer Price Index (MoM) (APR) 0.9% 0.3%
5:45 CHF Consumer Price Index (YoY) (APR) 2.4% 2.6%
6:45 EUR ECB's Ordonez Speaks at ADB Meeting in Madrid -- --
7:45 EUR Italian Purchasing Manager Index Services (APR) -- 48.8
7:50 EUR French Purchasing Manager Index Services (APR F) 54.0 54.0
8:00 EUR German Purchasing Manager Index Services (APR F) 54.6 54.6
8:00 EUR Euro-Zone Purchasing Manager Index Services (APR F) 51.8 51.8
8:00 EUR Euro-Zone Purchasing Manager Index Composite (APR F) 51.9 51.9
8:15 EUR Euro-Zone Bank of Spain's Malo de Molina Speaks in Madrid -- --
8:30 GBP Purchasing Manager Index Services (APR) 51.7 52.1
8:30 GBP Official Reserves (Changes) (APR) -- $45M
9:00 EUR Euro-Zone Producer Price Index (MoM) (MAR) 0.7% 0.6%
9:00 EUR Euro-Zone Producer Price Index (YoY) (MAR) 5.6% 5.3%
12:30 CAD Building Permits (MoM) (MAR) 1.2% -1.0%
13:30 EUR EU Parliament Committee Votes on Breaking Up Power Companies -- --
14:00 CAD Ivey Purchasing Managers Index (APR) 55.0 59.0
17:30 EUR ECB's Tumpel-Gugerell Holds Speech in Brussels -- --
21:00 USD ABC Consumer Confidence (MAY 4) -- -41.0
23:01 GBP Nationwide Consumer Confidence (APR) 74.0 77.0
23:30 AUD AiG Performance of Construction Index (APR) -- 48.4
Wednesday, May 7, 2008GMT Ccy Events Consensus Previous
1:30 USD Fed's Hoenig Speaks in Denver on Market Risk and Policy -- --
6:30 AUD Foreign Reserves (Australian dollar) (APR) -- $36.3B
6:45 EUR French Trade Balance (euros) (MAR) -3.1B -2.8B
6:45 EUR French Central Government Balance (euros) (MAR) -- -22.7B
7:00 EUR ECB's Bini Smaghi; Stark Hold Speeches in Frankfurt -- --
8:00 EUR EU Lawmaker Speaks About Breaking Up Power Companies -- --
8:30 GBP Industrial Production (MoM) (MAR) -0.1% 0.3%
8:30 GBP Industrial Production (YoY) (MAR) 0.8% 1.3%
8:30 GBP Manufacturing Production (MoM) (MAR) 0.0% 0.4%
8:30 GBP Manufacturing Production (YoY) (MAR) 1.2% 1.9%
9:00 EUR Euro-Zone Retail Sales (MoM) (MAR) 0.1% -0.5%
9:00 EUR Euro-Zone Retail Sales (YoY) (MAR) -0.6% -0.2%
9:30 GBP BRC Shop Price Index (APR) -- --
10:00 EUR German Factory Orders s.a. (MoM) (MAR) 0.2% -0.5%
10:00 EUR German Factory Orders n.s.a. (YoY) (MAR) 5.7% 9.0%
11:00 USD MBA Mortgage Applications (MAY 2) -- -11.1%
12:30 USD Nonfarm Productivity (1Q P) 1.6% 1.9%
12:30 USD Unit Labor Costs (1Q P) 2.5% 2.6%
12:45 USD Fed Governor Kroszner Speaks in Cincinnati on Foreclosures -- --
14:00 USD Pending Home Sales (MoM) (MAR) -1.0% -1.9%
14:30 EUR EU's Almunia Releases `EMU@10' Report on Euro's First Decade -- --
19:00 USD Consumer Credit (MAR) $6.5B $5.2B
22:45 NZD Employment Change (QoQ) (1Q) -0.1% 1.1%
22:45 NZD Employment Change (YoY) (1Q) 1.3% 2.5%
22:45 NZD Unemployment Rate (1Q) 3.5% 3.4%
23:01 GBP NIESR Gross Domestic Product Estimate (APR) -- 0.5%
Thursday, May 8, 2008GMT Ccy Events Consensus Previous
1:30 AUD Employment Change (APR) 10.0K 14.8K
1:30 AUD Unemployment Rate (APR) 4.1% 4.1%
1:30 AUD Participation Rate (APR) 65.2% 65.2%
5:45 CHF Unemployment Rate (APR) 2.5% 2.6%
5:45 CHF Unemployment Rate s.a. (APR) 2.5% 2.5%
6:00 EUR German Trade Balance (Euro) (MAR) 17.0B 16.9B
6:00 EUR German Current Account (Euro) (MAR) -- 15.4B
6:00 EUR German Imports s.a. (MoM) (MAR) -- -0.4%
6:00 EUR German Exports s.a. (MoM) (MAR) -- 0.0%
10:00 EUR German Industrial Production s.a. (MoM) (MAR) -0.5% 0.4%
10:00 EUR German Industrial Production n.s.a. w.d.a. (YoY) (MAR) 5.0% 6.1%
11:00 GBP Bank Of England Rate Decision 5.00% 5.00%
11:45 EUR European Central Bank Rate Decision 4.00% 4.00%
12:15 CAD Housing Starts (APR) 225.0K 254.7K
12:30 USD Initial Jobless Claims (MAY 3) 375K 380K
12:30 USD Continuing Claims (APR 26) -- 3019K
14:00 USD Wholesale Inventories (MAR) 0.5% 1.1%
16:30 USD Former Fed Chairman Greenspan Speaks in New York -- --
17:30 USD ICSC Chain Store Sales (YoY) (APR) -- -0.5%
23:50 JPY Official Reserve Assets (APR) -- $1015.6B
23:50 JPY Foreign Buying Japan Stocks (Yen) (MAY 2) -- 301.3B
23:50 JPY Foreign Buying Japan Bonds (Yen) (MAY 2) -- -588.0B
23:50 JPY Japan Buying Foreign Stocks (Yen) (MAY 2) -- 11.3B
23:50 JPY Japan Buying Foreign Bonds (Yen) (MAY 2) -- -34.6B
Friday, May 9, 2008GMT Ccy Events Consensus Previous
1:30 AUD Reserve Bank Quarterly Monetary Policy Statement -- --
5:00 JPY Leading Economic Index (MAR P) 20.0% 54.5%
5:00 JPY Coincident Index (MAR P) 33.3% 70.0%
6:45 EUR French Industrial Production (MoM) (MAR) -0.4% 0.3%
6:45 EUR French Industrial Production (YoY) (MAR) 1.6% 2.0%
6:45 EUR French Manufacturing Production (MoM) (MAR) -0.5% 0.3%
6:45 EUR French Manufacturing Production (YoY) (MAR) 1.8% 1.9%
11:00 CAD Net Change in Employment (APR) 12.5K 14.6K
11:00 CAD Unemployment Rate (APR) 6.0% 6.0%
12:30 CAD International Merchandise Trade (Canadian dollar) (MAR) C$4.5 C$4.9
12:30 USD Trade Balance (MAR) -$61.4B -$62.3B
22:00 NZD New Zealand Tax Receipts (MAR) -- --
22:45 NZD Labor Cost Private Sector (QoQ) (1Q) -- 1.1%
22:45 NZD Private Wages ex Overtime (QoQ) (1Q) 0.9% 1.1%
22:45 NZD Average Hourly Earnings (QoQ) (1Q) -- 0.9%
23:30 AUD AiG Performance of Service Index (APR) -- 53.8
Monday, May 5, 2008GMT Ccy Events Consensus Previous
-- JPY BOJ Deputy Governor Nishimura Will Attend ADB Meeting -- --
0:30 AUD TD Securities Inflation (MoM) (APR) -- 0.4%
0:30 AUD TD Securities Inflation (YoY) (APR) -- 4.0%
1:30 AUD House Price Index (QoQ) (1Q) 0.0% 3.2%
1:30 AUD House Price Index (YoY) (1Q) 11.0% 12.3%
1:30 AUD ANZ Job Advertisements (MoM) (APR) -- -0.7%
3:00 NZD ANZ Commodity Price (APR) -- 2.0%
6:00 EUR Bimonthly Meeting of Bank for International Settlements -- --
8:30 EUR Euro-Zone Sentix Investor Confidence (MAY) 4.4 4.1
14:00 USD ISM Non-Manfacturing Composite (APR) 49.5 49.6
Tuesday, May 6, 2008GMT Ccy Events Consensus Previous
-- JPY BOJ Governor Shirakawa Will Attend BIS Meeting in Basel -- --
0:30 USD FOMC Chairman Bernanke Speaks on Mortgage Foreclsoures -- --
1:30 AUD Trade Balance (Australian dollar) (MAR) -2900M -3289M
1:30 AUD Exports (MoM) (MAR) -- -4.1%
1:30 AUD Imports (MoM) (MAR) -- -0.2%
4:30 AUD Reserve Bank of Australia Rate Decision 7.25% 7.25%
5:45 CHF Consumer Price Index (MoM) (APR) 0.9% 0.3%
5:45 CHF Consumer Price Index (YoY) (APR) 2.4% 2.6%
6:45 EUR ECB's Ordonez Speaks at ADB Meeting in Madrid -- --
7:45 EUR Italian Purchasing Manager Index Services (APR) -- 48.8
7:50 EUR French Purchasing Manager Index Services (APR F) 54.0 54.0
8:00 EUR German Purchasing Manager Index Services (APR F) 54.6 54.6
8:00 EUR Euro-Zone Purchasing Manager Index Services (APR F) 51.8 51.8
8:00 EUR Euro-Zone Purchasing Manager Index Composite (APR F) 51.9 51.9
8:15 EUR Euro-Zone Bank of Spain's Malo de Molina Speaks in Madrid -- --
8:30 GBP Purchasing Manager Index Services (APR) 51.7 52.1
8:30 GBP Official Reserves (Changes) (APR) -- $45M
9:00 EUR Euro-Zone Producer Price Index (MoM) (MAR) 0.7% 0.6%
9:00 EUR Euro-Zone Producer Price Index (YoY) (MAR) 5.6% 5.3%
12:30 CAD Building Permits (MoM) (MAR) 1.2% -1.0%
13:30 EUR EU Parliament Committee Votes on Breaking Up Power Companies -- --
14:00 CAD Ivey Purchasing Managers Index (APR) 55.0 59.0
17:30 EUR ECB's Tumpel-Gugerell Holds Speech in Brussels -- --
21:00 USD ABC Consumer Confidence (MAY 4) -- -41.0
23:01 GBP Nationwide Consumer Confidence (APR) 74.0 77.0
23:30 AUD AiG Performance of Construction Index (APR) -- 48.4
Wednesday, May 7, 2008GMT Ccy Events Consensus Previous
1:30 USD Fed's Hoenig Speaks in Denver on Market Risk and Policy -- --
6:30 AUD Foreign Reserves (Australian dollar) (APR) -- $36.3B
6:45 EUR French Trade Balance (euros) (MAR) -3.1B -2.8B
6:45 EUR French Central Government Balance (euros) (MAR) -- -22.7B
7:00 EUR ECB's Bini Smaghi; Stark Hold Speeches in Frankfurt -- --
8:00 EUR EU Lawmaker Speaks About Breaking Up Power Companies -- --
8:30 GBP Industrial Production (MoM) (MAR) -0.1% 0.3%
8:30 GBP Industrial Production (YoY) (MAR) 0.8% 1.3%
8:30 GBP Manufacturing Production (MoM) (MAR) 0.0% 0.4%
8:30 GBP Manufacturing Production (YoY) (MAR) 1.2% 1.9%
9:00 EUR Euro-Zone Retail Sales (MoM) (MAR) 0.1% -0.5%
9:00 EUR Euro-Zone Retail Sales (YoY) (MAR) -0.6% -0.2%
9:30 GBP BRC Shop Price Index (APR) -- --
10:00 EUR German Factory Orders s.a. (MoM) (MAR) 0.2% -0.5%
10:00 EUR German Factory Orders n.s.a. (YoY) (MAR) 5.7% 9.0%
11:00 USD MBA Mortgage Applications (MAY 2) -- -11.1%
12:30 USD Nonfarm Productivity (1Q P) 1.6% 1.9%
12:30 USD Unit Labor Costs (1Q P) 2.5% 2.6%
12:45 USD Fed Governor Kroszner Speaks in Cincinnati on Foreclosures -- --
14:00 USD Pending Home Sales (MoM) (MAR) -1.0% -1.9%
14:30 EUR EU's Almunia Releases `EMU@10' Report on Euro's First Decade -- --
19:00 USD Consumer Credit (MAR) $6.5B $5.2B
22:45 NZD Employment Change (QoQ) (1Q) -0.1% 1.1%
22:45 NZD Employment Change (YoY) (1Q) 1.3% 2.5%
22:45 NZD Unemployment Rate (1Q) 3.5% 3.4%
23:01 GBP NIESR Gross Domestic Product Estimate (APR) -- 0.5%
Thursday, May 8, 2008GMT Ccy Events Consensus Previous
1:30 AUD Employment Change (APR) 10.0K 14.8K
1:30 AUD Unemployment Rate (APR) 4.1% 4.1%
1:30 AUD Participation Rate (APR) 65.2% 65.2%
5:45 CHF Unemployment Rate (APR) 2.5% 2.6%
5:45 CHF Unemployment Rate s.a. (APR) 2.5% 2.5%
6:00 EUR German Trade Balance (Euro) (MAR) 17.0B 16.9B
6:00 EUR German Current Account (Euro) (MAR) -- 15.4B
6:00 EUR German Imports s.a. (MoM) (MAR) -- -0.4%
6:00 EUR German Exports s.a. (MoM) (MAR) -- 0.0%
10:00 EUR German Industrial Production s.a. (MoM) (MAR) -0.5% 0.4%
10:00 EUR German Industrial Production n.s.a. w.d.a. (YoY) (MAR) 5.0% 6.1%
11:00 GBP Bank Of England Rate Decision 5.00% 5.00%
11:45 EUR European Central Bank Rate Decision 4.00% 4.00%
12:15 CAD Housing Starts (APR) 225.0K 254.7K
12:30 USD Initial Jobless Claims (MAY 3) 375K 380K
12:30 USD Continuing Claims (APR 26) -- 3019K
14:00 USD Wholesale Inventories (MAR) 0.5% 1.1%
16:30 USD Former Fed Chairman Greenspan Speaks in New York -- --
17:30 USD ICSC Chain Store Sales (YoY) (APR) -- -0.5%
23:50 JPY Official Reserve Assets (APR) -- $1015.6B
23:50 JPY Foreign Buying Japan Stocks (Yen) (MAY 2) -- 301.3B
23:50 JPY Foreign Buying Japan Bonds (Yen) (MAY 2) -- -588.0B
23:50 JPY Japan Buying Foreign Stocks (Yen) (MAY 2) -- 11.3B
23:50 JPY Japan Buying Foreign Bonds (Yen) (MAY 2) -- -34.6B
Friday, May 9, 2008GMT Ccy Events Consensus Previous
1:30 AUD Reserve Bank Quarterly Monetary Policy Statement -- --
5:00 JPY Leading Economic Index (MAR P) 20.0% 54.5%
5:00 JPY Coincident Index (MAR P) 33.3% 70.0%
6:45 EUR French Industrial Production (MoM) (MAR) -0.4% 0.3%
6:45 EUR French Industrial Production (YoY) (MAR) 1.6% 2.0%
6:45 EUR French Manufacturing Production (MoM) (MAR) -0.5% 0.3%
6:45 EUR French Manufacturing Production (YoY) (MAR) 1.8% 1.9%
11:00 CAD Net Change in Employment (APR) 12.5K 14.6K
11:00 CAD Unemployment Rate (APR) 6.0% 6.0%
12:30 CAD International Merchandise Trade (Canadian dollar) (MAR) C$4.5 C$4.9
12:30 USD Trade Balance (MAR) -$61.4B -$62.3B
Monday, April 21, 2008
Morning Market Update: Bank of America Earnings Miss Target and Oil Hits New High (CEP News)
 |  |
| Market Updates | Written by CEP News | Apr 21 08 12:34 GMT | | |
| (CEP News) - There is plenty for markets to digest this morning, with the Bank of America reporting disappointing first quarter earnings, crude oil reaching a new high, a European Central Bank official warning of increasing wages and the Bank of England announcing a plan to swap asset-backed securities for government bonds. North American fixed income markets are declining and equities are mixed with yields on U.S. 10-year Treasury notes up 2.5 bps to 3.73% and Canadian 10-year CGBs up 0.9 bps to 3.70%. Futures on the Dow Jones Industrial Average are trading down 16 points to 12794. The Canadian dollar is up 0.20 cents to 0.9977 USD and the euro up 0.80 cents to 1.59013 USD. Analysts surveyed by Bloomberg expected Bank of America first quarter profits of 41 cents per share but the banking giant earned only 25 cents. The company announced writedowns of $6.01 billion and CEO Kenneth Lewis said second-quarter U.S. GDP growth will be "minimal at best." Following the earnings report, U.S. equity futures and overseas bourses fell to session lows, the U.S. dollar neared an all-time low against the euro and Treasuries briefly rallied. Overseas fixed income has been outperforming the U.S. Yields on UK two-year bonds were down 7.4 bps to 4.29%, five-year yields down 7.9 bps to 4.33%, 10-year yields down 8.1 bps to 4.65% and 30-year yields down 5.6 bps to 4.54%. The UK rally followed a Bank of England plan to allow UK banks to swap mortgage-backed assets for government bonds, which is in the pipeline. The central bank said the preliminary size of the plan is likely to be around £50 billion, with an asset swap permitted for a period of one year, which may be renewed for a total of three years. UK government debt was also aided by a Rightmove report on UK housing that showed year-over-year house prices increased by only 1.3% in April following a 5.0% gain in March. The property website noted that the drop indicated sellers were recognizing that a decade of rising UK house prices had come to an end. In Germany, returns on two-year German Bunds were down 4.5 bps to 3.79%, five-year yields down 5.2 bps to 3.87%, 10-year yields down 3.0 bps to 4.10% and 30-year yields down 3.0 bps to 4.64%. European Central Bank council member Klaus Liebscher said record oil prices are beginning to push up wages and noted that "second-round effects are appearing in some countries in the euro area." Liebscher said that even though risks to the eurozone economy were on the "downside", there is no room to cut rates. Shortly following Liebscher's comments, crude rose to a record high of $117.40 a barrel at Nymex. Futures on WTI crude oil are up $0.14 to $116.83 while gold futures at the Chicago Board of Trade are up $7.20 to $922.40. U.S. equity market futures are mixed. Contracts on the Dow Jones Industrial Average are down 16 points to 12794, the S&P 500 down 2 points to 1386 and the NASDAQ up 6 points to 1901. European stock markets are declining, with the Eurostoxx down 33.75 points to 3164.68, the UK FTSE 100 down 20.20 points to 6036.30 and the German DAX down 63.71 points to 6779.37. Asian markets followed Friday's North American rally with the Japanese Nikkei closing up 220.10 points (0.42%) to 13696.55 and the Hang Seng Index up 523.89 points to 24721.67. Despite the Bank of America miss, North American sovereign debt continues to sell off. Yields on two-year Canadian government bonds were flat at 2.87%, five-year yields flat at 3.19%, 10-year yields up 0.9 bps to 3.70% and 30-year yields flat at 4.14%. U.S. two-year yields were up 1.7 bps to 2.15%, five-year yields up 2.8 bps to 2.93%, 10-year yields up 2.5 bps to 3.73% and 30-year yields up 2.0 bps to 4.52%. Strategists noted a stabilization in U.S. dollar libor. One-month libor increased to 2.90% from 2.87% while three-month rates increased to 2.92% from 2.91%. "The modest rise in libor overnight suggests the drama there is reaching its end. Second, with Fed Funds futures and our own call consistent that it's a 25 bps ease next week, we think the disappointment trade has largely been seen," wrote David Ader, U.S. government bond strategist at RBS Greenwich, in a note to clients. The Canadian dollar was up 0.20 cents to 0.9977 against the USD (1.00237 USD/CAD) and down 0.20 cents to 1.5939 (0.6274 CAD/EUR) against the euro. The U.S. dollar was down 0.25 to 103.42 against the yen and the euro up 0.80 cents, to 1.59013 against the U.S. dollar. The pound sterling was down 1.20 cents to 1.9858 USD and the Australian dollar was higher by 0.80 cents to 0.9423 USD. The U.S. Dollar Index was down 0.241 points to 71.683. All data taken at 8:09 a.m. EDT. By Adam Button, abutton@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca | |
Wednesday, April 16, 2008
Dow Theory: The Three-Trend Market
Before we can get into the specifics of Dow theory trend analysis, we need to understand trends. First, it's important to note that while the market tends to move in a general direction, or trend, it doesn't do so in a straight line. The market will rally up to a high (peak) and then sell off to a low (trough), but will generally move in one direction. (For related reading, see Peak-and-Trough Analysis.)
An upward trend is broken up into several rallies, where each rally has a high and a low. For a market to be considered in an uptrend, each peak in the rally must reach a higher level than the previous rally's peak, and each low in the rally must be higher than the previous rally's low.
A downward trend is broken up into several sell-offs, in which each sell-off also has a high and a low. To be considered a downtrend in Dow terms, each new low in the sell-off must be lower than the previous sell-off's low and the peak in the sell-off must be lower then the peak in the previous sell-off.
Now that we understand how Dow theory defines a trend, we can look at the finer points of trend analysis.
Dow theory identifies three trends within the market: primary, secondary and minor. A primary trend is the largest trend lasting for more then a year, while a secondary trend is an intermediate trend that lasts three weeks to three months and is often associated with a movement against the primary trend. Finally, the minor trend often lasts less than three weeks and is associated with the movements in the intermediate trend.
Let us now take a look at each trend.
Primary Trend
In Dow theory, the primary trend is the major trend of the market, which makes it the most important one to determine. This is because the overriding trend is the one that affects the movements in stock prices. The primary trend will also impact the secondary and minor trends within the market. (For related reading, see Short-, Intermediate- and Long-Term Trends.)
Dow determined that a primary trend will generally last between one and three years but could vary in some instances.
Regardless of trend length, the primary trend remains in effect until there is a confirmed reversal. (For more insight, see Retracement Or Reversal: Know The Difference and Support And Resistance Reversals.)
For example, if in an uptrend the price closes below the low of a previously established trough, it could be a sign that the market is headed lower, and not higher.
When reviewing trends, one of the most difficult things to determine is how long the price movement within a primary trend will last before it reverses. The most important aspect is to identify the direction of this trend and to trade with it, and not against it, until the weight of evidence suggests that the primary trend has reversed.
Secondary, or Intermediate, Trend
In Dow theory, a primary trend is the main direction in which the market is moving. Conversely, a secondary trend moves in the opposite direction of the primary trend, or as a correction to the primary trend.
For example, an upward primary trend will be composed of secondary downward trends. This is the movement from a consecutively higher high to a consecutively lower high. In a primary downward trend the secondary trend will be an upward move, or a rally. This is the movement from a consecutively lower low to a consecutively higher low.
Below is an illustration of a secondary trend within a primary uptrend. Notice how the short-term highs (shown by the horizontal lines) fail to create successively higher peaks, suggesting that a short-term downtrend is present. Since the retracement does not fall below the October low, traders would use this to confirm the validity of the correction within a primary uptrend.
In general, a secondary, or intermediate, trend typically lasts between three weeks and three months, while the retracement of the secondary trend generally ranges between one-third to two-thirds of the primary trend's movement. For example, if the primary upward trend moved the DJIA from 10,000 to 12,500 (2,500 points), the secondary trend would be expected to send the DJIA down at least 833 points (one-third of 2,500).
Another important characteristic of a secondary trend is that its moves are often more volatile than those of the primary move.
Minor Trend
The last of the three trend types in Dow theory is the minor trend, which is defined as a market movement lasting less than three weeks. The minor trend is generally the corrective moves within a secondary move, or those moves that go against the direction of the secondary trend.
Due to its short-term nature and the longer-term focus of Dow theory, the minor trend is not of major concern to Dow theory followers. But this doesn't mean it is completely irrelevant; the minor trend is watched with the large picture in mind, as these short-term price movements are a part of both the primary and secondary trends.
 |
| Figure 1: an uptrend |
An upward trend is broken up into several rallies, where each rally has a high and a low. For a market to be considered in an uptrend, each peak in the rally must reach a higher level than the previous rally's peak, and each low in the rally must be higher than the previous rally's low.
A downward trend is broken up into several sell-offs, in which each sell-off also has a high and a low. To be considered a downtrend in Dow terms, each new low in the sell-off must be lower than the previous sell-off's low and the peak in the sell-off must be lower then the peak in the previous sell-off.
 |
| Figure 2: a downtrend |
Now that we understand how Dow theory defines a trend, we can look at the finer points of trend analysis.
Dow theory identifies three trends within the market: primary, secondary and minor. A primary trend is the largest trend lasting for more then a year, while a secondary trend is an intermediate trend that lasts three weeks to three months and is often associated with a movement against the primary trend. Finally, the minor trend often lasts less than three weeks and is associated with the movements in the intermediate trend.
Let us now take a look at each trend.
Primary Trend
In Dow theory, the primary trend is the major trend of the market, which makes it the most important one to determine. This is because the overriding trend is the one that affects the movements in stock prices. The primary trend will also impact the secondary and minor trends within the market. (For related reading, see Short-, Intermediate- and Long-Term Trends.)
Dow determined that a primary trend will generally last between one and three years but could vary in some instances.
 |
| Figure 3: an uptrend with corrections |
Regardless of trend length, the primary trend remains in effect until there is a confirmed reversal. (For more insight, see Retracement Or Reversal: Know The Difference and Support And Resistance Reversals.)
For example, if in an uptrend the price closes below the low of a previously established trough, it could be a sign that the market is headed lower, and not higher.
When reviewing trends, one of the most difficult things to determine is how long the price movement within a primary trend will last before it reverses. The most important aspect is to identify the direction of this trend and to trade with it, and not against it, until the weight of evidence suggests that the primary trend has reversed.
Secondary, or Intermediate, Trend
In Dow theory, a primary trend is the main direction in which the market is moving. Conversely, a secondary trend moves in the opposite direction of the primary trend, or as a correction to the primary trend.
For example, an upward primary trend will be composed of secondary downward trends. This is the movement from a consecutively higher high to a consecutively lower high. In a primary downward trend the secondary trend will be an upward move, or a rally. This is the movement from a consecutively lower low to a consecutively higher low.
Below is an illustration of a secondary trend within a primary uptrend. Notice how the short-term highs (shown by the horizontal lines) fail to create successively higher peaks, suggesting that a short-term downtrend is present. Since the retracement does not fall below the October low, traders would use this to confirm the validity of the correction within a primary uptrend.
 |
| Figure 4: a secondary trend w/ a primary uptrend |
In general, a secondary, or intermediate, trend typically lasts between three weeks and three months, while the retracement of the secondary trend generally ranges between one-third to two-thirds of the primary trend's movement. For example, if the primary upward trend moved the DJIA from 10,000 to 12,500 (2,500 points), the secondary trend would be expected to send the DJIA down at least 833 points (one-third of 2,500).
Another important characteristic of a secondary trend is that its moves are often more volatile than those of the primary move.
Minor Trend
The last of the three trend types in Dow theory is the minor trend, which is defined as a market movement lasting less than three weeks. The minor trend is generally the corrective moves within a secondary move, or those moves that go against the direction of the secondary trend.
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| Figure 5 |
Due to its short-term nature and the longer-term focus of Dow theory, the minor trend is not of major concern to Dow theory followers. But this doesn't mean it is completely irrelevant; the minor trend is watched with the large picture in mind, as these short-term price movements are a part of both the primary and secondary trends.
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