equity markets finished higher on Thursday in a follow-through rally following
yesterdayâ€™s bullish crude oil report.It
was difficult to tell today what the driving force was behind the rally since crude
oil finished lower and the currency markets were lifeless.
The best explanation for the strength is tomorrowâ€™s option
expiration.For several weeks, traders
have been talking about the need for a correction.The VIX was rising along with the open interest
in puts.Todayâ€™s rally may have been an
attempt by option writers to keep the lower strike puts out of the money.
The strong close in the September E-mini S&P 500 kept
this contract within striking distance of the August top at 1016.00.Without bullish news to drive it higher,
breaking this price could be difficult.Since it is option expiration day, watch for trading on both sides of
September Treasury Bonds and Notes finished higher on
Thursday in a move that surprised traders.The stronger equity markets and the announcement of another Treasury
auction next week should have led to selling pressure.Todayâ€™s rally couldâ€™ve have been traders
trying to lock in the attractive yields or investors looking to hedge the
possibility of a break in equity markets overnight.
The U.S. Dollar finished lower versus most major currencies
except the British Pound.The Euro was
up because of increased demand for higher yielding assets.The September Canadian Dollar gained on
speculation of higher crude oil prices.Concerns over the growing deficit in the U.K. helped weaken the September
December Gold finished slightly lower.Traders had a difficult time finding a
direction because of the lackluster trade in the Forex markets.December Copper posted a gain in tentative
trading.Traders are concerned that China may
curtail its demand for industrial metals because of liquidity issues in the
December Crude Oil failed to follow-through to the upside
following the bullish move on Wednesday.This could be a sign that yesterdayâ€™s move may have been overdone or
speculation that more information may be needed about a global economic
recovery before fresh buyers step in at current levels.
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