Equity Indices Weaken on Drop in Consumer Confidence
stock markets are trading weaker at the midsession.A better than estimated housing report
underpinned the equity markets before the opening, but a lower than expected
consumer confidence number encouraged traders to sell stocks.Technical traders are noting that this last
rally completed a .618 retracement of the first leg down from the top.This could be indicating that the next move
down will exceed 1035.00.
Treasury futures initially broke following
the report of better than expected housing numbers.This report was another sign that the housing
market may be on its way to recovery.Traders sold off positions on the thought that better housing would lead
to higher interest rates some time in the future.December T-Bonds and T-Notes bottomed this
morning following the release of the lower than expected consumer confidence
report.The charts indicate that the
next rally should take the Bonds to 123-00.
The U.S. Dollar is trading better against
most major currencies.This is another
sign that traders may be looking to pare risk as the global economic recovery
may not be as robust as previously thought.The December British Pound is trading better this morning.A short-covering rally has been triggered by
technically oversold conditions and reports that U.K. Retail Sales reached
their highest level in five months and U.K. GDP contracted by less than
December Gold is under pressure this
morning because of the stronger Dollar.This market is trying to establish support around $985.00.A failure to hold this level could send the
gold to $978.00.Holding support and
regaining $993.80 could trigger a short-covering rally back to $1005 or higher.
December Crude Oil is having a choppy
day.This market has seen both gains and
losses throughout the day session.Technical factors may be holding the market up because of oversold
indicators.Fundamentally, a stronger
Dollar and weaker equities should keep the pressure on crude oil.Longer-term traders are bearish because of
the recent increase in inventories because of weak demand and high supply.
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