stock indices finished lower today in a lifeless trade.The inability to follow-through to the
downside early this morning, following yesterdayâ€™s sharp break, encouraged
shorts to cover.The lack of fresh economic news helped keep
this market range bound for most of the day.This could be an indication that major players will be on the sidelines
until Fridayâ€™s U.S. Non-Farm Payrolls Report.
Treasury markets remained firm throughout the day.Traders may have been moving money out of
equities and into Treasuries for safety.Lingering rumors about a possible major bank failure could also be
causing traders to seek safety in September Bonds and Notes.
The U.S. Dollar lost ground to most major currencies.The September British Pound was especially
strong because of oversold conditions.The September Japanese Yen continued its strong uptrend.Investors are moving money into Japanese
bonds because of the attractive yields.The September Canadian Dollar struggled most of the day because of
weaker crude oil and stock prices.Trading was light in the September Euro as traders decided to stand
aside before tomorrowâ€™s European Central Bank meeting.
December Gold and December Silver surged to the upside on
rumors of a possible major bank failure.Both of these markets turned the main trends up on the daily
charts.The strong rally in the precious
metals led to short-covering rallies in both October Platinum and December
Copper.The fundamentals remain weak in
platinum because of slow auto sales.Copper could weaken because of new Chinese loan restrictions.
December Crude Oil traded flat to lower most of the
day.The inability to rally the stock
market kept pressure on energy prices.Supply and demand still remain the main issue in the energy
complex.Long-term investors have been
lightening up positions because of uncertainty regarding the pace of the U.S. economic
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Tue 17 July 2018 AA 08:30 GB- Employment A 13:15 US- Industrial Production AA 14:00 US-Powell Testimony Wed 18 July 2018 AA 08:30 GB- CPI A 12:30 US- Housing Starts/Permits AA 14:00 US-Powell Testimony Thu 19 July 2018 AA 1:30 AU- Employment AA 08:30 GB- Retail Sales A 14:30 US- EIA Crude A 12:30 US- Weekly Jobless Fri 20 Jun 2018 A 12:30 CA- CPI/Retail Sales
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