Volatility Picks Up in Equity Markets Following FOMC Announcement
Equity markets surged immediately following the FOMC meeting
but were unable to close near the high as traders took profits into the
close.The tone of the market was firm
all day as better than expected earning reports from Macyâ€™s and Toll Brothers
boosted demand for equities.
Thin trading conditions contributed somewhat to the rally as
it seemed no big seller was willing to step in front of the market.Tomorrow will be an important day as trading
volume is expected to return closer to normal.It will be interesting to see if investors pick up where the market left
off today and attempt to drive it through last weekâ€™s highs, or if they break
the market in an effort to buy at lower prices.
September Treasury futures backed off of their highs
following the release of the FOMC data despite a well received auction.The Fed announced today that it would leave
interest rates at near zero while gradually easing its way out of its
quantitative easing program.Todayâ€™s
auction showed steady demand as investors were encouraged to buy because of the
The U.S. Dollar gave back some its gains from its recent
rally.Todayâ€™s surge in the equity
markets seemed to take many foreign currency traders by surprise forcing them
to cover shorts in recently bearish markets such as the British Pound, Euro and
Canadian Dollar.Tomorrow will be an
important day because bullish traders will be looking for a follow-through to
the upside in these markets.Today
looked like traders had renewed their appetites for risk. Traders will let us
know tomorrow if they want risk or if they are returning to traditional
fundamentals for direction.
December Gold posted a modest gain in light trading.The weaker Dollar was the driving force
behind the mild strength.The Fed
offered no support by making inflation a non-event.
September Crude Oil finished up for the day but off its
highs.This morningâ€™s rally was
triggered by the weaker Dollar and stronger Euro despite an increase in crude
supply.Energy traders are facing
several issues which could produce a sideways trade.These include a stronger Dollar and increased
demand because of the expected economic recovery.
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