A worse than expected U.S. Durable Goods
Report triggered a sell-off in the equity markets before the opening, putting
pressure on stocks from which the indices havenâ€™t recovered.Downside momentum in the December E-mini
S&P 500 market could take the contract to 1031.00 today.The NASDAQ is feeling pressure from worse
than expected earnings from RIMM.This
is leading to profit-taking in the other major technology stocks.All three major indices are in positions to
reverse the weekly charts to down.This
action would indicate the start of a 2 - 3 week break.
U.S. Treasury markets are higher led by a
sharp rise in the December T-Bond.Money
leaving the equities is being placed in the fixed income markets.Both the T-Notes and the T-Bonds are in a
position to close higher for the week.
The December Japanese Yen is trading
sharply higher versus the U.S. Dollar. The rally in the Yen is being triggered
by repatriation by Japanese exporters and bullish comments from the Japanese
Finance Minister.The Japanese
government seems to be accepting the rapid rise in the Yen and is not expected
to act to curb its strength.An early
comment by the Japanese Finance Minister said the government would not
intervene to curb the rally.
December Gold and Silver are trading lower
because of the strengthening Dollar and the lack of demand for risky
assets.The main trend is now down in
gold on the daily chart.The weekly
chart indicates a move to the 975.00 is possible before fresh buyers come in to
support the market.Based on the
developing chart pattern, there is still the possibility of a rally back to
Slight downside pressure remains on the
December Crude Oil contract at the midsession.The bearish fundamentals still support lower markets, but short-term
technical indicators show a slightly oversold market.Earlier this week, it was reported that
ending inventories rose unexpectedly because of a huge drop in demand for crude
oil and gasoline.Traders are reacting
to the Euro this morning.A stronger
Euro could help to draw up prices.Should the Dollar strengthen substantially later in the day, look for
crude oil to break.
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