Stocks Cannot Recover After Bad Consumer Confidence Report
stock index futures closed lower on Tuesday.Equities were higher early this morning after a friendly Case-Schiller
Housing Report but these gains were quickly erased after the Michigan U.S.
Consumer Confidence Report showed a drop.Weaker technology issues drove the markets lower.The main trend has turned down in all three
major indices on the daily chart.Look
for downside pressure to take these markets back to the lows for the week.
Treasury futures regained early losses following the release
of the less than friendly Michigan Consumer Sentiment Report. Technically,
December T-Bonds have a great shot at reaching the major 50% level at
123-00.Traders are supporting the
Treasuries because they believe the global economic recovery will not be as
robust as previously estimated.
The U.S. Dollar traded higher versus most major currency
markets today in tight, rangebound action.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 Dollar is likely to remain firm over the
short-run as long as central bank stimulus plans remain in force. The December
British Pound closed higher this morning as improvements in U.K. retail
sales and a better than expected GDP report encouraged shorts to cover.The December Japanese Yen weakened as
government officials clarified their position on the appreciation in the Yen.They are now open to intervention if the
trading action starts to get abnormal.
December Gold was flat today which came as a surprise
because of the weaker Dollar.This could
be a sign that this market is oversold. 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 had a choppy trading day.This market saw both gains and losses
throughout the New York
conditions may be holding this market up. Fundamentally, a stronger Dollar and
weaker equities should limit gains. Longer-term traders remain bearish because
of high supply and weaker demand.
December Corn could see a slight rise over the next week if
the harvest continues to fall behind schedule.Spring planting delays and cool weather during the growing season have
slowed the crop development.
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