Financial stocks led by the banking sector
are helping to support the stock indices today in light trading.Volume is low ahead of tomorrowâ€™s option
expiration and because of end of the summer inactivity.The market received a little support this
morning when the leading indicators report showed a modest gain.Traders are beginning to believe the
recession is over despite reports of new foreclosures and job losses.
The current rally began yesterday when
crude oil took off to the upside driving oil stocks higher.Today oil is down but stocks have found other
reasons to rally.Thin conditions may
have something to do with.The lack of
traders makes this market vulnerable to wide swings in either direction.Todayâ€™s rally may fade into the close as
traders decide to even up positions ahead of tomorrowâ€™s option expiration.
Treasury markets are trading mixed
today.Firmer equity markets are helping
to limit gains.The Treasuryâ€™s
announcement of another debt auction next week could also have a bearish
influence on bonds and notes into the close.
The U.S. Dollar is under pressure today in
light trading.Firmer equity markets are
indicating a slight interest in higher yielding assets.The rest of the day will be dictated by the
direction of the stock market.The
Dollar is likely to weaken against most major foreign currencies if the equity
markets strengthen into the close.Look
for the Dollar to gain strength if the equities weaken.
December Gold is trading slightly
better.The weaker Dollar is encouraging
some light buying but traders seem non-committal at this time.Economic issues in China may
begin to weigh on December Copper.Traders expect demand for industrial metals to drop if China
stops providing stimulus.
There has been no follow-through to the
upside in December Crude Oil following yesterdayâ€™s huge move.This could be because yesterdayâ€™s move was
overdone or traders are waiting for more confirmation that demand for energy
will increase as the economy improves.
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Mon 9 July 2018 AA 12:00 EZ- Draghi EU Parliament Testimony Tue 10 July 2018 AA 08:30 GB- Ind/Prod Output, Trade AA 09:00 DE- ZEW Survey Wed 11 July 2018 A 12:30 US- PPI A 14:00 CA- Bank Of Canada Decision A 14:30 US- EIA Crude Thu 12 July 2018 AA 12:30 US- CPI Fri 13 July 2018 A 14:00 US- Prelim University of Michigan
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