U.S. Stock Market & Gold Under Pressure: Is A Top In?

With the holiday season in the rear view mirror and volume slowly creeping back into the marketplace, I can't help but wonder what lies ahead. The optimist in me is hopeful that the economy will continue to repair itself and the financial issues that plague the federal government, state government, and local governments will just go away as the economy rebounds. The only problem with my hope is that massive debts and deficits do not simply disappear and I fear the problem will be a long and lasting one.

Federal Reserve chairman Ben Bernanke indicated that unemployment numbers are likely to remain stubbornly high for an extended period of time. He also made it clear that Quantitative Easing II was necessary and needed to be continued in a vain attempt to keep interest rates low. Since its inception, treasury rates have done nothing but increase which begs the question whether the program is really doing anything it was intended to do.

In addition to our domestic debt issues, unemployment claims, and poor housing market we find that the crisis in Europe while somewhat muted, continues to manifest in a negative fashion. Nearly every where we look we are surrounded by fundamental issues which directly impact risk assets. These issues have been constant for quite some time and the S&P 500 has shrugged them off and powered higher. The S&P 500 has put on quite a run since the March 2009 lows, and while we have had several corrections and a "flash crash" along the way, we have yet to see a major correction turn into bearish market conditions.

Is price action today an early warning sign that lower prices await us in the equities market. Is the U.S. Dollar going to breakout above the 50 period moving average and challenge the 83 price level on the weekly chart?

If the resistance zone listed on the weekly chart failed the dollar would seemingly be poised to test the triple tops around the 88-89 price level. Quadruple tops is not a technical pattern that is recognized by many traders as the 4th mouse typically gets the cheese. The flip side would offer that if resistance around the 83 price level holds and the Dollar plummets risk assets would move higher. It is too early to tell what is going to happen, but active traders need to be monitoring the U.S. Dollar Index closely as it will provide clues as to the direction of the S&P 500 and gold.

S&P 500

Friday's market action is indicative that lower prices may be awaiting us in coming days and weeks. A reversal has been potentially carved out, but it remains to be seen if a top is in. Picking tops in a long term bullish trend is a fool's game as bullish advances can be overbought for long periods of time as they advance higher. What is evident is that prices are being pushed lower and strong selling volume is confirming the potential for a longer term reversal. It is too early to tell if the price action is just working off overbought conditions or if this is a change in price action and market direction. The daily chart of the SPX illustrates the possibility that a reversal or the potential for an intermediate term top to be in.

The S&P 500 has tested the first support area around 1,260 today and it bounced which is typical price action. The question will be whether price will drift higher the rest of the day and close modestly lower, or if selling pressure will hold prices down near the lows of the day. In the recent past, Friday morning selloffs led to a drift higher that by the sound of the closing bell prices were flat or only slightly lower. Will today be different?

There are a few confirming signals that prices may continue lower. Recently Fridays have had relatively low volatility and light volume with the propensity to grind higher through the afternoon session and into the close. While the grind higher remains to be seen, volatility is rising. The Volatility Index (VIX) is trading nearly 3% higher on the day and is trading around the 18 price level as can be seen in the chart below. Price action remains at the upper bound of the lower channel. A breakout in the upper channel could result in additional selling pressure should that occur.

Another telling sign that additional sales pressure may be lurking next week or in the near future is the price action in the financials. The Financial Select Sector SPDR ETF (XLF: 16.215 -0.147 -0.90%) is currently trading down about 1.60% on the day and has completed a gap fill from last week. Price bounced as is typical, but selling pressure remains strong. If the financials continue to probe lower in coming days and weeks the S&P 500 will follow in suit.The daily chart of XLF is shown below.

In the end, it is simply premature to determine what the price action taking place today in the S&P 500 will lead too. We could see a drift higher this afternoon back to near break even which has been common in the recent past. We could see prices consolidate at current levels or we could see continuation selling with an intermediate term top being put in. At this point, all we can do is wait and see what happens. As I have said before, adjusting stops and taking profits is likely a sound strategy until we know more regarding the price action in the S&P 500 next week.

Gold Futures

Most gold bugs are expecting an outright U.S. Dollar meltdown. What if they are wrong? If you ask them the dollar is surely going to get destroyed and our way of life and standard of living is set for major changes. I do not know for sure what is going to happen, but if the crowd says the Dollar is sure to get killed, the contrarian trader in me wants to get long the dollar in a trade with a good risk / reward setup and defined risk.

If we look at the gold futures it is obvious that they are moving lower and a serious correction could be taking place. If gold futures break down below the 1,330 – 1,315 support area a full fledged correction of 10% or more could take place. The next major support level in gold futures would be around the 1,250 area. The daily chart of gold futures illustrates the key price levels that are currently in play.

Gold has already pulled back quite a bit from the recent highs, but time will tell how deep the pullback in the shiny metal will be. At first glance I would expect more carnage here simply because of how bullish the retail crowd is regarding gold. Longer term gold will likely remain in a bull market, but for those that took profits and have waited patiently gold could give us a solid risk / reward entry. The traders and investors that purchased above the $1,400 an ounce price point have either stopped out or their money is currently trapped. If prices go low enough, those trapped traders will eventually capitulate near the lows. If history serves us well, just about the time the last remaining weak gold bull gives up will be right around the intermediate term bottom.

Its hard to say what is going to happen on Monday or later next week, but based on the price action today it is going to be anything but ordinary. At this point I do not have a clear edge as to what is going to happen in the S&P 500 or gold. What I do know is that they are both under fire and the confirming signals in the VIX and financials is worthy of note. While I will not be jumping into either asset class with fresh capital, I will be watching closely to see if a low risk setup presents itself. Instead of trading based on a feel, a prediction, or a bias I intend to patiently wait to see what transpires next week before putting any capital at risk.

Crude Oil To Bust Through On Supply Concern

Since the start of the New Year, West Texas Intermediate (WTI: 18.04 +0.13 +0.73%) crude oil have been moving with significant bearish sentiment (See Chart) mostly on a lot of profit taking going around in the commodity space, and also on concerns over the high inventory and that supplies would exceed demand. The latest jobs report only further fanned the pessimism.

However, there are two new events that could turn the market around quickly before you can say "what happened?"

Shutdown – Canadian Upgrader

First, there was a fire on Jan. 6 at an oil sands upgrader (that's where bitumen is converted to synthetic crude oil), which forced Canadian Natural Resources Ltd. to shut production at its 110,000 barrels per day [[bpd]] Horizon oil sands project.

Canada is the top importer of crude oil and petroleum product to the United States. This 110,000 bpd capacity is almost 6% of the U.S. daily import volume from Canada.

Shutdown – Alaska Pipeline

Then, the Trans Alaska Pipeline, which is owned by BP, ConocoPhilips, Exxon Mobil Corp., Chevron Corp. and Koch Industries Inc., had to shut down on Saturday Jan. 8, after a leak was discovered at Prudhoe Bay. (Talk about how BP just can't get a break.)

The 800-mile pipeline carries about 15% of U.S. oil production. Oil producers reportedly are in the process of cutting 95% of output, which is normally around 630,000 bpd. So far, there's no estimate as to how long the shutdown will last.

Worse Than Hurrican Ivan

These two outages could potentially cut the U.S. crude supply by up to 709,000 barrels per day. That's about 8% of the U.S. crude import, and around 3.6% of U.S. consumption.

To put it in perspective, this 709,000 bpd volume is more than the disruption caused by Hurricane Ivan. When Ivan hit the U.S. Gulf in 2004, it took down about one third of the oil output in the region, which is around 1.6 million bpd.

OPEC Eyeing $110 a Barrel

Last but not least, several OPEC members are increasinly talking about how the Cartel would not act unless crude crosses $110 a barrel.

This new tightened supply picture, couple with OPEC talks will most likely turn crude oil to move on its own momentum. As such, there will be new money coming into the market, more upward pressure, and lots short covering.

Breaking Above $93 on Supply Concerns 

From a technical standpoint, there's a high probability that crude could easily top $91 a barrel as early as Monday, Jan 10, from the current $88.41 price point, before busting through $93 a barrel levels by end of the week on supply concerns. And also look for WTI to outperform Brent during the week.

4 Reasons Gold ETFs Are Expected To Keep Luster

As gold continues to oscillate ahead and below the $1,400 per ounce mark, some suggest that the precious metal could be in a bubble, but there are four reasons the metal is likely to sustain its price levels in the near future.

First, gold continues to be the ultimate safe haven in times of uncertainty.  The US economy is showing signs of recovery, but at a slow and steady pace.  The most recent data that illustrates this is a report by the Labor Department which indicated that US employers added fewer than expected jobs last month and payroll counts increased by 103,000 last week as opposed to the 150,000 expected by analysts.  To put it into perspective, these numbers resulted in Federal Reserve Chairman, Ben Bernanke to state that it would take "four to five more years" for the labor markets to completely heal.

A second force that is likely to support gold prices is the massive U.S. trade deficit, which continues to widen at an alarming rate.  According to the Bureau of Economic Analysis, the combined balances on trade in goods and services, income and net unilateral current transfers increased to $127.2 billion in the third quarter of 2010, up from $123.2 billion in the second quarter.   This imbalance generally carries trading costs which could further dampen the stability to the US dollar. 

Thirdly, gold offers a good method of asset diversification. The precious metal, as with most other commodities, is uncorrelated to equities and bonds, meaning that gold generally reaps the benefits when traditional equities and bonds are falling. The primary reason behind this lack of correlation is because gold prices are not driven by the same factors that drive the performance of other assets.

Gold is a nonearning asset whose demand is far more diverse than that of many other assets. Additionally, the demand for gold is driven by discretionary spending from the jewelry sector, investment demand and industrial demand; whereas demand for most commodities is primarily driven by industrial, non-discretionary demand.

Lastly, the price of gold isn't at the mercy of government policy. Gold is an asset that cannot easily be issued or produced and is unlikely to witness large decreases in value overnight, which could result if the printing presses are in full effect and governments pump up the circulation of currency in the market.

Some ways to play gold include:

• Market Vectors Gold Miners ETF (GDX: 56.74 0.00 0.00%), which includes companies that are involved in the mining and production of gold in its holdings.
• PowerShares DB Gold Fund (DGL: 48.34 -0.06 -0.12%), which holds futures contracts in gold.
• SPDR Gold Trust (GLD: 133.58 -0.25 -0.19%), which is backed by physical gold bullion.
• E-TRACS CMCI Gold TR ETN (UBG: 36.98 -0.05 -0.14%), which is a way to gain access to gold through an unsecured, unsubordinated debt security.

Debt Limit Chicken

Haven't we seen this movie before?

If a threat to shut the government down and perhaps default on debt could be used to exact serious progress on deficit and debt reduction, I would be all for it. But progress is all that could be hoped for. There is no chance of deficit reduction to zero in time to beat the deadline.

The problem with this game of chicken is that there can be no winner if neither side blinks. It's like the preverbial threat to shoot a hole in the bottom of the boat to punish your adversary. We're all in the boat together.

The side doing the threatening is more likely to be blamed if it goes bad than the side that being threatened. That's what happened in 1995, when the gambit backfired. A better approach would be for the side with the enhanced power and public support to use it as adults and achieve their goal based on its merits rather than try to win a game of chicken.

Crude Oil Rises As Alaska Production Reduced By 95%, Gold Little Changed After Falling $50 Last Week

Commodities – Energy

Crude Oil Rises as Alaska Production Reduced by 95%

Crude Oil (WTI) – $89.38 // $1.35 // 1.53%

Commentary: Crude oil is rising almost 1.5% in overnight trade on news that 95% of Alaska's North Slope oil production has been shut down due to an oil leak at a pump station. The region has production capacity of 630,000 barrels per day, or approximately 10% of the United States' total output. While a disruption of over half a million barrels per day is significant, market reaction is rather muted considering that early indications are that the situation will be resolved fairly shortly. Officials from BP, the largest operator on the North Slope, say that it hopes to have production resume within four to six days, though that will be dependent on approval from regulators.

Oil's reaction to this event over the next week will be quite telling. We've already seen a substantial run up to two-year highs in the mid-$90's as the commodity prices in a bullish demand outlook for 2011. If prices manage to make new highs, that will set up a test of $100. On the other hand, a failure would signal that prices are due for a period of consolidation at the very least, perhaps even a meaningful correction.

Technical Outlook: Prices are wedged between $89.63 and $87.80, the 23.6% and 38.2%Fibonacci retracements of the 11/17/10-1/3/11 rally. We see the near-term bias as bearish after prices took out support at a minor rising trend line set from the swing bottom in November. A break below current support exposes the 50% Fib at $86.32.

Commodities – Metals

Gold Little Changed after Falling $50 Last Week

Gold – $1373.90 // $4.33 // 0.32%

Commentary: Gold is little changed to kick off the new week after falling almost $50 last week. Early signs signal that investor demand for the metal may be waning in the face of a gradually-improving economic outlook and the potential for interest rate hikes sometime this year. Already we've seen a nearly 750,000 troy ounce decline in gold ETF holdings. Technical considerations have also turned bearish with some now suggesting that the metal has put in a triple top.

Technical Outlook: Bearish momentum has stalled above horizontal support at $1361.39 having taken out the rising trend line set from late October. Renewed selling targetsthe 38.2% Fibonacci retracement of the 7/28/10-12/7/10 advance at $1326.50. The aforementioned trend line – now at $1375.43 – has been recast as near-term resistance.

Silver – $28.92 // $0.25 // 0.89%

Commentary: Silver fell a sharp 7.3% last week amid a general liquidation of precious metals. Silver rises and falls on the same factors that influence gold. But as silver has risen much more than gold since the second half of 2010, it likely has more to fall should this liquidation continue.

The gold/silver rose to 47.5, as it continues to rebound from December's four-year low at 45.95. (The gold/silver ratio measures the relative performance of the two precious metals. A higher ratio indicates gold outperformance, while a lower ratio indicates silver outperformance).

Technical Outlook: Prices continue to edge lower having taken out support at the bottom of a bearish Rising Wedge formation set from early November,with sellers targeting the 23.6% Fibonacci retracement of the 8/24/10-1/3/11 rally at $28.05. The wedge's lower boundary – now squarely at the $30.00 figure – is acting as near-term resistance.

Ford Supercharges Electric Vehicle Plan, Unveiling New C-MAX Energi And C-MAX Hybrid Products

DETROIT, Jan. 10, 2011 /PRNewswire/ —  

• Ford will launch C-MAX Energi, its first-ever production plug-in hybrid electric vehicle, and C-MAX Hybrid, a full hybrid variant, in North America in 2012 and Europe in 2013

• Both versions of the five-passenger multi-activity vehicle will leverage the company's global C-car platform, critically acclaimed powersplit hybrid architecture, next-generation driver information features and advanced, lighter and smaller lithium-ion (Li-ion) battery systems

• C-MAX Hybrid is targeted to deliver better miles per gallon than Ford Fusion Hybrid, the most fuel-efficient sedan in America

• C-MAX Energi targets more than 500 miles (800 kilometers) of driving range using the battery and engine, more than any other plug-in or extended-range vehicle. It also targets AT-PZEV status and delivers better charge-sustaining fuel economy than Chevrolet Volt

Ford today revealed two next-generation hybrid vehicles – including its first production plug-in hybrid electric vehicle – at the 2011 North American International Auto Show, bringing consumers more choice, versatility and style for high-mileage family-friendly vehicles.

Ford C-MAX Energi plug-in hybrid and C-MAX Hybrid are based on the new Ford C-MAX five-passenger multi-activity vehicle, and each will offer high mileage and low emissions as well as distinctive body design and a flexible interior. The plug-in hybrid and third-generation full hybrid leverage Ford's global C-car platform, acclaimed powersplit architecture, next-generation driver information features and advanced lithium-ion battery systems.

"C-MAX Energi and C-MAX Hybrid will be perfect for families looking to maximize their hybrid car experience," said Nancy Gioia, Ford director of Global Electrification. "Thanks to the versatile interior, these cars are going to appeal to environmentally conscious consumers who need room to grow."

C-MAX Hybrid is targeted to deliver better fuel economy than the 41 mpg Ford Fusion Hybrid, the most fuel-efficient sedan in America today. It builds on the success of the critically acclaimed powersplit architecture Ford uses in its current hybrids, allowing it to operate in fuel-saving electric mode beyond 47 mph.

Both the C-MAX Energi and C-MAX Hybrid models will be built alongside the all-new 2012 Ford Focus and Focus Electric at Ford's Michigan Assembly Plant in Wayne, Mich. The plant's production is powered in part by one of the largest solar energy generator systems in the state. The C-MAX Energi and C-MAX Hybrid vehicles sold in Europe in 2013 will be built at Ford's plant in Valencia, Spain, starting in 2013.

The plug-in advantage

Targeted to achieve AT-PZEV (Advanced Technology Partial Zero Emissions Vehicle) status, C-MAX Energi provides maximum fuel efficiency by pairing a high-voltage lithium-ion battery and electric traction motor with a high-efficiency Atkinson-cycle gasoline engine. This allows it to run in electric mode before using the gasoline engine.

C-MAX Energi will offer more than 500 miles (800 kilometers) of overall driving range using the battery and engine – more than any other plug-in or extended-range electric vehicle. C-MAX Energi delivers better charge-sustaining fuel economy than Chevrolet Volt.

In general, plug-in hybrid vehicles offer several benefits, including:

• Electric driving range, perfect for emissions-free and silent city driving
• Potential consumer savings on energy and fuel costs thanks to improved fuel efficiency over a standard hybrid
• Reduced dependency on petroleum and increased energy independence
• Reduced environmental impact through reductions in greenhouse gas emissions
• Increased use of electricity from renewable energy sources (e.g. wind and solar), where available, for vehicle recharging

"A plug-in hybrid owner may make fewer trips to the pump to refuel because of its all-electric mode capability," said Derrick Kuzak, Ford vice president of Global Product Development. "Conveniently, they'll be able to recharge their plug-in hybrid at home overnight. And they'll never have to think about the vehicle's electric range, because the plug-in hybrid seamlessly shifts to fuel power when needed."

The development of Ford's first-ever production plug-in hybrid leverages more than 200,000 miles of road testing conducted in collaboration with a coalition of 10 utility companies, the U.S. Department of Energy, the New York State Energy Research and Development Administration and the Electric Power Research Institute.

Getting charged up

C-MAX Energi and C-MAX Hybrid will use advanced lithium-ion battery systems developed and assembled in-house by Ford in Michigan. Each system is smartly designed to maximize use of common, high-quality components, such as control board hardware that has proven field performance in Ford's current, critically acclaimed hybrid vehicles.  

Li-ion battery packs offer a number of advantages over the nickel-metal-hydride (NiMH) batteries that power today's hybrid vehicles. In general, they are 25 to 30 percent smaller and 50 percent lighter, which makes them easier to package in a vehicle, and can be tuned to increase power to boost acceleration or to increase energy to extend driving distance.

While C-MAX Hybrid will operate much like today's hybrid vehicles, C-MAX Energi will benefit from daily charging to maximize its all-electric range. Thanks to the efficiencies of its right-sized battery system, the plug-in hybrid easily recharges 100 percent overnight on a 120-volt outlet.

A full charge in CMAX Energi allows owners to increase their driving significantly in all-electric mode and drastically reduce their use of the on-board fuel engine.

On start-up, C-MAX Energi will operate in charge-depletion mode, providing electric driving range. When the battery has been depleted or certain conditions are met, it switches to charge-sustaining hybrid mode for continued optimal fuel efficiency.

Ford worked with a supplier to provide an industry-standard five-point plug for C-MAX Energi (and new Focus Electric) that is ergonomically comfortable to hold as well as durably and distinctively designed. The plug handle uses a matte-finished black rubber for a comfortable, non-slip grip and the plug head is shielded with a glossy white hard plastic to protect the electronics. The Ford Blue Oval trademark helps make the device immediately recognizable.

When the cord set connector is plugged into the vehicle's charge port, which is located conveniently between the driver's door and front wheel well, it activates a light ring that loops around the port twice in acknowledgement of connectivity. The light ring then illuminates in quadrants as the vehicle charges. Flashing quadrants represent charge in progress and solid-lit quadrants show stages of charge completion. When the entire ring is solidly lit, the vehicle is fully charged.

Smarter interface

C-MAX Energi owners will have access to a suite of driver information systems – on-board and off-board – designed to help them manage the recharge process, manage the most eco-friendly route on-board, remotely control their vehicle's charge and preconditioning settings, monitor battery state of charge and maximize energy efficiency to extend use of electric mode. C-MAX Hybrid owners also will benefit from the on-board features.

Among these tools is a unique execution of MyFord Touch™ driver connect technology, especially for electrified driving. It offers exceptional configurability of vehicle information, including fuel level, battery power level, and average and instant miles per gallon.

The cluster's new MyView feature allows drivers to access even more vehicle data such as the electrical demands of vehicle accessories, including air conditioning, which influences fuel economy and the electric driving range of the C-MAX Energi.

The Brake Coach feature helps to educate drivers to optimize their use of the regenerative brakes to recapture kinetic energy and send it back to the battery, also reducing wear on the brakes.

Long-term fuel efficiency can be displayed in two ways – either as a traditional chart or using an innovative display that shows a growing leafy vine on the right side of the cluster. The more efficient a customer is, the more lush and beautiful the leaves and vines become, creating a unique visual reward for the driver's efforts.

To reinforce the message, at the end of each trip a display screen provides distance driven, miles gained through regenerative braking, fuel consumed (average and total) and a regenerative braking score.

New MyFord Mobile

Off-board, C-MAX Energi owners in North America can maintain constant contact with the car anywhere they have mobile phone or web access using the Ford-developed MyFord Mobile.

MyFord Mobile enables access to a secure Ford website and smartphone/feature phone app to get instant vehicle status information, perform key functions remotely, monitor the car's state of charge and current range, get various alerts including when the vehicle requires charging, remotely program charge settings and download vehicle data for analysis.

The feature also allows the owner to program the vehicle to use electricity from the grid to heat or cool the battery and cabin while plugged in. For example, during hot summer months, owners can preprogram the car the evening before to be fully charged – and fully cooled to a particular temperature – by a certain time the following morning. Users can also locate the vehicle with GPS, remotely start the vehicle, and remotely lock and unlock the car doors.

Working with MapQuest®, MyFord Mobile can communicate charge station and other points of interest to C-MAX Energi using SYNC's Traffic, Directions and Information (TDI) service. Turn-by-turn guidance is provided by the in-car map-based Navigation System. Drivers can also get up-to-date charging station information in their vehicle directly through SYNC TDI simply by connecting to SYNC Services.

Value charging, powered by Microsoft

Using the value charging feature, powered by Microsoft, C-MAX Energi owners in North America will be able to optimize their home's energy use and vehicle recharging practices. Value charging allows Ford customers to reduce their electricity costs by taking advantage of off-peak or reduced rates from their utility without a complicated set-up process.

"Although C-MAX Energi owners won't have to plug in, by doing so they'll get the benefits of driving in electric mode for longer distances; that can mean fewer trips to the gas station and less emissions when driving," said Sherif Marakby, director of Ford's hybrid and electric programs. "That's why we'll be providing C-MAX Energi and C-MAX Hybrid owners with a user-friendly interface and tools like value charging that will help them get the most out of the vehicle's electric mode capability."

Proven powersplit technology

C-MAX Energi and C-MAX Hybrid build on the success of the critically acclaimed powersplit architecture Ford uses in its current hybrids, including the Ford Fusion Hybrid, winner of the 2010 MOTOR TREND Car of the Year® award.

In a powersplit hybrid, the electric motor and gasoline-powered engine can work together or separately to maximize efficiency. The engine also can operate independently of vehicle speed, charging the batteries or providing power to the wheels as needed. The motor alone can provide sufficient power to the wheels in low-speed, low-load conditions, and work with the engine at higher speeds.

While this system enables the current Fusion Hybrid to operate in fuel-saving electric mode up to 47 mph, Ford is targeting higher electric operating speeds for C-MAX Hybrid and even more capability for C-MAX Energi, which will have the advantage of additional battery power.

Ford's global C-car strategy

C-MAX Energi and C-MAX Hybrid are two of at least 10 new models or derivatives that Ford will launch around the world based on its new global C-car platform – Ford's first truly global One Ford platform.

Ford's new generation of C-segment vehicles will be sold in more than 120 markets and will account for more than 2 million units annually. The C-segment accounts for one in four cars sold worldwide today and, in conjunction with the B-segment, is expected to rise to 50 percent of all cars sold globally by 2013.

The all-new C-MAX lineup also introduces a number of advanced new technologies to the compact multi-activity vehicle class. More often found only on larger or more premium cars, these technologies are focused on enhanced comfort, safety and sustainability, including the availability of new and powerful, yet highly fuel-efficient, low-CO2 Ford EcoBoost™ gas engines.

The previous European C-MAX established a reputation for providing a balance of enjoyable driving dynamics and impressive comfort. The all-new model is set to take that performance to a new level, giving drivers a class-leading combination of responsive, sporty handling and overall refinement approaching the standards usually associated with larger, luxury vehicles.

C-MAX Energi and C-MAX Hybrid are two of five electrified vehicles that Ford will bring to the North American market during the next two years. In addition, the Ford Transit Connect Electric small commercial van, built in collaboration with Azure Dynamics, began initial production at the end of 2010, and Focus Electric will launch in late 2011. A second next-generation hybrid electric vehicle will be announced later and available in North America and Europe in 2012.

About Ford Motor Company

Ford Motor Company (F: 18.27 +0.05 +0.27%), a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles across six continents. With about 163,000 employees and about 70 plants worldwide, the company's automotive brands include Ford and Lincoln. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford's products, please visit www.ford.com.  

Forex – EUR/CHF Down During The Asian Session

Forex Pros – The Euro was lower against the Swiss Franc on Monday.

EUR/CHF was trading at 1.2452, down 0.28% at time of writing.

The pair was likely to find support at 1.2444, today's low, and resistance at 1.2726, Wednesday's high.

Meanwhile, the Euro was down against the U.S. Dollar and the Japanese Yen, with EUR/USD shedding 0.02% to hit 1.2905 and EUR/JPY falling 0.04% to hit 107.26.