Stocks Recover Slightly into Close in Sluggish Trade
equity markets sold off sharply early in the trading session because of a 6.7%
decline in Chinaâ€™s
Shanghai Index.The Chinese stock market
is once again down over 20% from the top.Classical chartistâ€™s are calling this a new bear market.U.S.
investors are trying to figure out if China
is the leader or if the U.S.
will continue to move higher without China.
Technically the September E-mini S&P 500 turned the main
trend to down on the daily chart when the market crossed 1014.75.Buyers did come in under this price to
produce a modest recovery into the close.The current pattern suggests a rally to 1025.00 is likely.If resistance is formed in this area, then
look for a further decline to 1007.25.
Volume in the stock market was light because of next weekâ€™s
holiday and Fridayâ€™s U.S. Non-Farm Payrolls Report.
December Treasury Bonds and Notes chopped around most of the
day before finishing higher.The gains
were attributed to the break in the equity markets as some traders took money
out of equities and moved to Treasuries for safety.
The U.S. Dollar had a somewhat volatile day in light
trading.The Dollar opened higher
because of the overnight sell-off in the Chinese equity markets.Traders became risk averse overnight and
decided to shun higher risk assets for the safety of the lower-yielding Dollar
After a better than expected Chicago manufacturing report, the Dollar
reversed course and weakened.Earlier
losses in the September British Pound and September Euro were erased by
mid-session.The September Canadian
Dollar remained under pressure all day because of lower energy and equity
prices as well as the lower than expected Canadian GDP Report.
December Gold traded in a choppy range before finishing
lower.December Copper was weak all day
on the notion that financial market restrictions by China will limit demand for
The lack of buyers helped drive December Crude Oil
lower.Traders cite rising inventories and
sluggish demand as reasons to be short at current levels.Look for lower markets to continue until the
economy starts to show sure signs of a recovery.
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