Sell-off in Equity Markets Ignites Treasury Market Rally
Equity futures are showing signs of
weakness at the midsession.Overnight
the September S&P 500 posted a new high for the year, but shortly after the
U.S. opening, selling pressure drove this market down to the lower 990
The stock market rally appears to be
running out of steam as technical traders feel the markets are overbought while
fundamental traders are looking for better value.Both of these factors are adding up to the
possibility of a short-term correction to help alleviate the mounting pressure.
September Treasury Bonds and Notes reversed
their overnight weakness to post gains at the midsession following the sharp
break in the equity markets.This move
represents money leaving the higher yielding stock markets for the safety of
the lower yielding Treasuries.
The U.S. Dollar is trading mixed at the
midsession.The Dollar is losing ground
against the September Euro and September British Pound.The inability to break the equity markets
earlier in the session may be triggering short-covering in the Euro while a
pair of bullish economic reports is boosting the British Pound.The Euro may also be rallying on rumors that
the European Central Bank may turn hawkish in their comments following its next
central bank meeting on August 6th.
The September Canadian Dollar confirmed its
reversal top but downside action was limited.The weakness in the equity markets is helping to boost the September
Japanese Yen as investors repatriate funds in anticipation of a stock market
The mixed picture with the Dollar is
triggering sideways to lower action in the December Gold.Early in the session, the Dollar rally
fueled a profit-taking break in the gold market, but the inability to rally the
Dollar further helped to limit losses.
September Crude Oil is trading
sideways-to-lower.Mixed results with
the Dollar and the equity markets are keeping speculators on the sidelines at
the midsession.A bigger than expected
increase in oil inventories is also keeping downside pressure on the energy
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Mon 18 Dec
10:00 EZ- final HICP Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes Mon 25 Dec
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Potential Trading Opportunities
POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.
POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity
POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
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