Friday October 2, 2009 - 12:45:07 GMT
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Forex Hound - www.forexhound.com
Equity Futures Weaken Ahead of Employment Report
Today, the U.S. Non-Farm Payroll Report will be released. Early guesses are for a loss of about 175,000 to 225,000 jobs. The Unemployment Rate is expected to come in a 9.8%
U.S. equity futures are trading slightly lower after yesterdayâ€™s sharp sell-off. Traders seem a little nervous this morning ahead of todayâ€™s U.S. Non-Farm Payrolls Report.
From a technical standpoint, all the December E-mini S&P 500 has done is break into a major retracement zone at 1031.00 to 1020.00. This is not even the â€śbig correctionâ€ť that many analysts have been predicting. So far all weâ€™ve seen is a correction of a little more than 50% of a minor swing.
Yesterdayâ€™s not so friendly ISM Report showed that the stock market may be too far ahead of the economy.
U.S. Treasury markets are trading higher this morning in anticipation of a worse than expected Non-Farm Payrolls number. Traders are also beginning o move money into fixed income because of lower demand for higher yielding assets.
The U.S. Dollar is trading mixed, but enjoying a nice week. Last weekâ€™s closing price reversal bottom is still intact and pointing toward a higher close for the week. The December Euro is still in a position to test a major retracement price at 1.4400. A better than expected Non-Farm Payroll number is likely to increase demand for higher yielding currencies.
Precious metals are called lower because of the mixed Dollar. December Gold is once again below $1000 and could reach $978.60 on this next leg down. Look for lower markets to continue unless Gold regains $1005.00.
Supply/Demand issue should continue to help limit gains in the crude oil market. A stronger Dollar will also have a bearish influence. There may be a short-covering rally if traders believe the economy is improving.
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