Equity Market Rally Fizzles as Traders Await Auction Results
Equity futures surged to the upside after
the U.S. opening in follow-through buying after a strong finish in Asia and Europe overnight.Asian traders were celebrating a recovery in
the Shanghai Composite Index.European
traders were buying aggressively due to better than expected earnings.
After an initial thrust to the upside in
the U.S. markets following the opening, buying dried up as traders became
concerned about today‚Äôs Treasury auction.In addition, buyers became scare
in the September E-mini S&P 500 as this contract approached the
psychological 1000 level.Volatility is
up which could subject the indices to violent swings later this afternoon.
Treasury futures remained under pressure at
the mid-session.The combination of
higher equity prices and concerns about rising yields helped encourage selling
overnight and throughout the morning.
The Dollar was trading mostly weaker
against the major foreign currency markets.The September Euro is seeing a boost at the midsession due to increased
demand for risk.In addition European
confidence is up regarding the economy.This could be another sign that the economy is bottoming.A rise in unemployment, however, could be
limiting gains.The September Canadian
Dollar is attracting buyers today.Stronger equity prices and a rally in crude oil are helping to boost the
December Gold and September Silver are
trading higher at the midsession.Technically both of these markets reached key retracement areas.Fundamentally, the weaker Dollar drew buyers
back to the precious metals.
September Crude Oil is erasing some of the
huge loss created yesterday following a bearish energy inventory report.This market reached oversold status while at
the same time finding support at a 50% retracement zone.Today‚Äôs rally in the equity markets and
increased demand for risk is providing additional support.
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