Breaking Wall Street Market News & Reports

Markets are set to hit a new 52 week high, in thanks to encouraging retail sales. In fact, we could see these highs taken out today, with SPX futures trading nearly 3 points above fair value, and DJIA futures more than 84 points above fair value. What’s more, a sharp rally on Wall Street could send the CBOE Market Volatility Index (VIX) to a fresh multi-year low. The VIX is currently hovering just above the 18 level, and is slightly more than a point away from its lowest levels since May 19, 2008.

Asian stocks closed mixed as China is struggling to strike a monetary policy balance, while European shares were higher as production data from the euro zone showed the region may be in for a stronger-than-expected recovery.

Currency News

Markets are also exuberant because it’s been rumored that China might be forced to inflate the Yuan. US is said to have substantiating facts that China has been manipulating the Yuan, artificially pegged to the dollar. US has threatened to place trade sanctions if actions are not made soon.

The Canadian Dollar just touched a 40 week high of 1.0263. I expect to see parity within the next few months.

The Australian Dollar currently trades $ .91. The Australians have been raising their Fed Fund rates since early 2009. The Ausi $ has appreciated 51% against the dollar within 1 year.

The Euro currently trades $1.3783. It has tumbled 9.27% since Greece announced the austerity measures.