Monday August 10, 2009 - 13:22:02 GMT
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Equity Traders Concerned about Stock Values
Equity futures are trading mixed overnight. Traders are becoming concerned that prices are beginning to outpace future earnings. The main trend remains up in all three major indices but the VIX indicator is showing that traders may be betting on volatility returning.
September Treasury Bonds and Notes could see pressure today. The Treasury begins another auction this week which is likely to give yields a boost. More supply is hitting the market which usually means buyers will not be that aggressive on the long side. A hard break in the equity markets could help to limit losses.
The Dollar is trading mixed overnight. Look for the September British Pound to feel the most downside pressure because of spillover selling from last weekâ€™s announcement by the Bank of England to expand its asset buyback program. The September Euro is also expected to feel downside pressure on perceptions that the U.S. economy is stronger than the Euro Zone. The September Canadian Dollar is also expected to see sellers. The stronger U.S. economy and a bearish technical pattern may encourage selling.
The stronger Dollar is expected to keep downside pressure on the December Gold and September Silver. September Copper could remain strong on the thought that an economic recovery in the U.S. will lead to greater demand.
September Crude Oil could see selling pressure if the Euro weakens. Some traders believe that crude oil should strengthen because the improving economy will lead to greater demand for energy products.
November Soybeans and December Corn could see mixed results today in limited trading. The USDA is set to release its supply and demand report this week. This report is expected to show an increase in production because of favorable growing conditions in the Midwest in July.
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