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CFD Report: Top five for the week

Monday 28th July 2008

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What are CFD traders buying and selling? We asked local CFD provider, CMC Markets NZ Ltd what is happening in the market.

Mark Bringans, CFD & FX Business Development Manager NZ of CMC Markets NZ compiled this report for ShareChat on 28th July. Mark's provided us with a list of the five most popular CFD trades on turnover for NZ clients of CMC Markets.

If you'd like more information on CFD trading, visit the ShareChat CFD Centre here.

Ranking

CFD

LONG/SHORT

Reason

 

No. 1

 

 

National Australia Bank (NAB)

 

Short

 

Skeleton in the closet as it takes a AU$0.83 bio hit on CDO. Concern to the Greater Western Bank purchase for AU$0.9 bio in Dec 07. At the time, John Stewart said that the chances of the US going into a recession were 'pretty small'

 

No. 2

 

 

 

Wachovia Corp (WB)

 

Short

 

The new CEO buys in on 23 Jul at $19+ as WB announces a US$8.66 bio quarterly loss. Price peels off after that now at $14.55. If $13.90 goes next support levels are $11.65 then $9.95.

 

No. 3

 

 

 

US Crude Oil Sep 08

 

Short

 

Talk that the big investment bank is out of their longs. Schork report turns bearish as well. Now at $123.35.
Sellers at $125 for a test of $115.

 

No. 4

 

 

 

Fletcher Building Limited (FBU)

 

Long

 

Plenty of support now under $6.50 edging higher now at $6.71. Keep posted for more news!

 

No. 5

 

 

Spot Euro versus USD
(EURUSD)

 

Long

 

Trades at 1.5697 today look to buy at 1.5620 for a re-test of 1.5920 resistance, then 1.6000 again.

 


Click here for more information on CMC Markets NZ Ltd

Disclosure statement - Mark Bringans,
CFD & FX Business Development Manager NZ of CMC Markets NZ
 

ShareChat has provided this CFD information and the CFD section as general information, not professional investment advice.
Please note that these are NOT buy or sell recommendations.
Derivatives may not be suitable for all investors/traders; so ensure you fully understand the risks involved, and seek independent advice if necessary.

 



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