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Stock exchange company NASDAQ OMX said Monday it had launched the world’s fastest trading system, Genium INET, in its Nordic cash and fixed income derivatives markets.

Dec S&Ps this morning are up +2.90 points. The stock market yesterday traded weaker the entire day and finished moderately lower (Dow -0.72%, S&P 500 -0.80%, Nasdaq Composite -1.11%). The S&P 500 and the Dow fell to 1-week lows and the Nasdaq dropped to a 2-week low. Bearish factors included (1) carry-over weakness from a fall in European stocks on concern that European banks may be undercapitalized after a Swiss government-appointed panel said UBS AG and Credit Suisse Group AG, Switzerland’s two biggest banks, need to hold almost double the capital required under Basel III rules, (2) concern that European sovereign-debt issues will hamper Europe’s economic recovery after the Irish central bank cut its growth estimate for this year to 0.2% from a July forecast of 0.8% and reduced its growth forecast for next year to 2.4% from 2.8%, (3) the larger-than-expected decline in Aug US factory orders (-0.5% versus expectations of -0.4%), (4) weakness in technology stocks after Microsoft fell when Goldman Sachs cut the stock to “neutral” from buy,” citing Microsoft’s failure to win the same market share in mobile devices that it holds in PCs, and (5) a slump in retailers after Macy’s and J.C. Penney were both cut to “neutral” from “buy” at Goldman Sachs.

Apple (AAPL) gained 1% in European trading after Jefferies Group gave the company a “buy” recommendation in new coverage, saying the tablet market “is being vastly underestimated by the Street.”

The dollar index this morning is weaker and at a new 8-month low with the dollar/yen -0.35 yen and the euro/dollar +1.02 cents. The dollar index yesterday sank to an 8-month low but erased its losses and finished higher. Bullish factors included (1) stronger-than-expected US economic data on Q2 GDP, weekly initial unemployment claims and Sep Chicago purchasing managers, which reduced speculation the Fed will take more steps to lower interest rates, (2) increased safe-haven demand for the dollar on concern the European sovereign-debt crisis will worsen after Moody’s Investors Service downgraded Spain’s top credit rating one level to Aa1 and the Irish government said it will cost as much as $68 billion to bail out its banking system, and (3) the recommendation from Bank of Tokyo Mitsubishi UFJ for investors to sell the euro against the dollar with a target of $1.2650 because speculation the Fed will increase asset purchases pushed the dollar too low. Bearish factors included (1) the larger-than-expected decrease in Sep German unemployment and the unexpected fall in the Sep German jobless rate to 7.5%, the lowest since April 1992, which is euro positive, and (2) the ECB’s action to provide European banks with 104 billion euros ($142 billion) in 3-month loans, less than expected, and a sign that tensions in Euro-Zone financial markets are easing as European banks rely less on funding from the ECB.

Dec S&Ps this morning are down -1.40 points. The stock market yesterday sank early but recovered its losses the rest of the day and finished modestly higher (Dow +0.43%, S&P 500 +0.49%, Nasdaq Composite +0.41%). Bullish factors included (1) strength in health-care companies which rallied after the US Supreme Court agreed to hear an appeal by pharmaceutical companies seeking to block hospitals and health clinics from suing for violations of a federal program that lets them buy medicines at a discount, (2) the prediction from Citigroup that investors’ sentiment on US stocks has fallen to “panic” levels, which is an indication that the equity market will rise over the next 6 to 12 months, (3) comments from ECB Council member Liikanen who said there will be no double dip in the global economy and the easing of growth will be “temporary,” and (4) the slide in the 10-year T-note yield to a 1-month low of 2.446%

Hewlett-Packard (HPQ) rose 1.2% in pre-market trading after interim CEO Lesjak said the company expects 2011 earnings excluding costs of $5.05 to $5.15 a share on sales of $131.5 billion to $133.5 billion, higher than analysts’ estimates of earnings of $5.01 a share on sales of $131.7 billion.

Carnival (CCL) gained 1.1% in pre-market trading after Goldman Sachs raised its recommendation on the world’s biggest cruise-ship operator to “buy” from “neutral,” citing a “solid improvement” in cruise demand.

The dollar index this morning is down 0.25 cents with the dollar/yen down 0.24 yen and the euro/dollar up 0.71 cents. The euro received a boost today from reduced European debt crisis concerns. The dollar index yesterday closed slightly lower. Bearish factors included (1) speculation the FOMC on Tuesday may announce additional quantitative easing measures to keep borrowing costs low, and (2) strength in the euro after Moody’s Investors Service and Fitch Ratings affirmed their top-tier credit ratings on the UK and Germany, respectively, along with reduced European sovereign-debt concerns after Irish Finance Minister Lenihan said that his country won’t require a EU bailout and Irish Central Bank Governor Honohan said that costs related to the country’s banking system remain “manageable.” Bullish factors included (1) the monthly report from the Bundesbank which was euro-negative by saying that growth in Germany, Europe’s largest economy, slowed “markedly” in Q3 as the global recovery weakened, and (2) the recommendation from Citigroup for investors to sell the euro against the dollar on its prediction that technical indicators point for the euro to decline to $1.2588 from $1.3079 today.

Dec S&Ps this morning are trading slightly higher by 0.40 points (+0.04%) as the market awaits the outcome of today’s FOMC meeting . The stock market yesterday rallied the entire day and finished sharply higher (Dow +1.37%, S&P 500 +1.52%, Nasdaq Composite +1.74%). The S&P 500 and the Dow rallied to 4-month highs while the Nasdaq climbed to a 4-1/4 month high. Bullish factors included (1) carry-over strength from a rally in European stock markets after Moody’s Investors Service and Fitch Ratings affirmed their top-tier credit ratings on the UK and Germany, respectively, along with reduced European sovereign-debt concerns after Irish Finance Minister Lenihan said that his country won’t require a EU bailout and Irish Central Bank Governor Honohan said that costs related to the country’s banking system remain “manageable,” (2) gains in homebuilder stocks led by Lennar after the fourth-largest US homebuilder reported Q3 earnings that topped estimates as margins widened, (3) increased M&A activity after IBM announced a $1.7 billion takeover of Netazza Corp., and (4) data from research form Birinyi Associates that said US companies have announced $258 billion in stock buybacks so far this year, higher than the $52 billion in the first three quarters of 2009, and the largest increase for any Jan-to-Sep period since at least 2000 when Birinyi first began tracking the data.

A zero investment portfolio is a portfolio with no set value, created by buying and shorting equal amounts of securities.

Not to be outdone by the Euro, the Dollar ReDe$ign Project is soliciting ideas for the U.S. dollar bill of the future. Could it possibly get confused with Monopoly money?