Equity Markets May Have to Break to Attract New Buyers
Equity markets have been trading in a tight
and narrow range this morning.Some of
the energy from the recent rally seems to have been zapped as investors are now
looking toward tomorrowâ€™s option expiration and the possibility of a bankruptcy
filing by the CIT Group.
The general feeling amongst stock investors
is that this current rally which started on Monday may have been too much too
fast.If you recall the turn in the
equity markets to the upside was triggered by a banking analyst comment.The rest of the rally was fueled by better
than expected earnings from Goldman Sachs and Intel Corp.Some skeptics are asking whether this pop in
the market was fresh buying or short-covering.
There were times on Wednesday when the
trading activity looked as if investors were snapping up shares just to make
sure they didnâ€™t miss the big surge to the upside.Todayâ€™s action so far shows a more subdued
trade.There seems to be genuine concern
that a bankruptcy filing by the CIT Group may open up old wounds.If anything it will remind traders that there
are still major financial problems out there.
The first clue that today was going to be a
sideways trading day was the firm September Japanese Yen.This was an indication that traders were
taking protection against the possible bankruptcy filing by the CIT Group.The second clue was the bullish earnings news
from JP Morgan Chase.The equity markets
rallied on this news but the Yen stayed positive.Continue to look for a choppy trade as long
as uncertainty lingers in the air.
August Gold is trading lower at the
mid-session.Normally this would be
caused by a stronger Dollar, but todayâ€™s weakness seems to be showing that gold
is a little overbought after yesterdayâ€™s surge.Without inflation, traders are a little skeptical about holding gold for
longer than 3 to 5 days.
September Treasury Bonds are trading a
little better at the mid-session.Traders seem to be taking a little bit of a defensive stance following
the threat of the aforementioned bankruptcy.
The rest of the day could see the same kind
of sideways trading with a slight bias to the downside.Without any fresh news, traders may begin to
take profits in an effort to set up fresh buys at lower prices.
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