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Monday September 28, 2009 - 12:43:16 GMT
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U.S. Equity Markets Showing Slight Rebound Overnight

U.S. equity markets are showing a little strength overnight.  Last week’s closing price reversal top is expected to keep downside pressure on the market.  There is no major U.S. economic reports today so trading may be light.  Traders are beginning to pitch stocks that have shown extensive gains during the six-month rally on the thought that the economic recovery may not be as strong as traders anticipated.  In addition, investors are beginning to doubt that this quarter’s earnings reports will support most stocks at current price levels. Bargain hunters may support the market today on dips, but the weekly chart indicates that technical factors could limit any gains.

 

Treasury markets are up slightly overnight.  Weakness in the equity markets is likely to send investors to the fixed income markets.  Last week’s decision by the Fed to extend its asset buyback program into 2010 is also being deemed as supportive.

 

December Gold is up slightly overnight because of the mixed Dollar.  Last week’s trading action did some serious damage to the gold market.  This could mean another round of selling this week until gold can find solid support.  At this time, $975.00 looks like support with $1005.00 resistance.  A stronger Dollar will continue to exert downside pressure on this market.

 

Look for December Crude Oil to continue to feel downside pressure and attract sellers on rallies.  Worries about the U.S. economic recovery and high inventories should continue to keep the pressure on the energy complex.  Traders are also citing a stronger Dollar and weak demand as additional bearish factors.

 

The U.S. Dollar is expected to open mixed this morning.  The Greenback is showing strength versus the major European currencies and weakness against Asian-Pacific markets.

 

The Dollar is showing strength mainly because oversold conditions and economic uncertainty have encouraged investors to lighten up on their positions in higher yielding currencies and curtail fresh demand.

 

The G-20 wrapped up its meeting this weekend by agreeing to give emerging markets more influence at the International Monetary Fund and the World Bank.  Look for the roles of the emerging markets to increase once the global economy begins to recover.  This could help lay down the foundation for a diminished role for the U.S. Dollar as the world’s reserve currency.

 

Technical factors are helping to weaken the December Euro overnight.  Last week’s close formed a weekly closing price reversal that was confirmed overnight.  This formation often leads to the start of a 2 - 3 week correction.  Losses could be limited as European bond markets are beginning to show that traders expect the European Central Bank to raise rates soon.

 

The December British Pound is still reeling from the negative comments from Bank of England Governor Mervyn King.  Late last week, King stated his opinion that he preferred a weaker currency to help stimulate U.K. exports.  The fundamentals still support weakness, but technically oversold conditions may trigger the start of a temporary short-covering rally.

 

The December Japanese Yen, on the other hand, continues to gain versus the U.S. Dollar as the Japanese government is not expected to intervene to prevent the Yen from rising.  Last week Japan’s Finance Minister said he said he opposes government intervention in the currency markets.

 

Traders should watch for soft equity and energy markets to continue to exert a bearish influence on the December Canadian Dollar.

 

U.S. equity markets are showing a little strength overnight.  Last week’s closing price reversal top is expected to keep downside pressure on the market.  There is no major U.S. economic reports today so trading may be light.  Traders are beginning to pitch stocks that have shown extensive gains during the six-month rally on the thought that the economic recovery may not be as strong as traders anticipated.  In addition, investors are beginning to doubt that this quarter’s earnings reports will support most stocks at current price levels. Bargain hunters may support the market today on dips, but the weekly chart indicates that technical factors could limit any gains.

 

Treasury markets are up slightly overnight.  Weakness in the equity markets is likely to send investors to the fixed income markets.  Last week’s decision by the Fed to extend its asset buyback program into 2010 is also being deemed as supportive.

 

December Gold is up slightly overnight because of the mixed Dollar.  Last week’s trading action did some serious damage to the gold market.  This could mean another round of selling this week until gold can find solid support.  At this time, $975.00 looks like support with $1005.00 resistance.  A stronger Dollar will continue to exert downside pressure on this market.

 

Look for December Crude Oil to continue to feel downside pressure and attract sellers on rallies.  Worries about the U.S. economic recovery and high inventories should continue to keep the pressure on the energy complex.  Traders are also citing a stronger Dollar and weak demand as additional bearish factors.

 

 

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Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

Forex News
Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays

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