The rally in the September Treasury Bonds seems to be losing
steam.Although the charts indicate this
market has room to rally to 121â€™02, it looks as if traders may have to break
this market a bit to relieve some of the overbought tension.This may mean this market may have to retrace
to 115â€™13 to 114â€™17 to attract fresh buyers.
Over the short-run this market has been finding support
because of end of the month position adjusting.Longer-term this market is most likely going to work lower because
interest rates are expected to rise.The
major players know this but are unwilling to sell Bonds in the hole.This means this market is likely to retrace
at least 50% of the March to June break.Expectations are for this market to test 121â€™02 to 123â€™09 before fresh
sellers step up.
The September S&P 500 traded sharply lower on Tuesday
after failing to penetrate resistance at 926.50.This market sold off following a report that U.S.
Consumer Confidence fell.Traders also
backed away from buying strength again ahead of the July 2nd U.S.
Non-Farm Payroll Report and Fridayâ€™s U.S. market holiday.
Traders are also looking forward to the start of the next
earnings season.Now that half of the
year is over along with the fear and panic that dominated the financial markets
for the first two months of the year, investors will be looking forward to
seeing signs of a recovery reflected in corporate earnings.
The 90-day rally in the equity markets seem to be running
out of upside momentum and may need to see positive news that the economy is
indeed beginning to bottom.Stock prices
are at pretty lofty levels and investors are going to want to see the hard
numbers to back the rise.If corporate
earnings do not justify the rise in equities then look for a sharp sell-off as
investors will bail out of overpriced equity markets and try to buyback later in the year at more reasonable
Disclaimer: Trading Futures on the margin carries a high
level of risk, and may not be suitable for all investors. The high degree of
leverage can work against you as well as for you. Before deciding to trade
foreign exchange you should carefully consider your investment objectives,
level of experience, and risk appetite. The possibility exists that you could
sustain a loss of some or all of your initial investment and therefore should
not invest money that you cannot afford to lose.
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