Buyers continued to push U.S. equity markets higher as the
stronger Dollar failed to break stock trader optimism.Early in the trading session, equity traders
were nervous about buying stocks because of comments from Fed Chairman Bernanke
regarding a possible interest rate hike and a shift toward a tight monetary
policy.Once traders realized that these
events have some time to develop, they once again began to focus on the
short-term and third quarter earnings, driving equity markets higher.
U.S. Treasury market traders acted more pessimistically
toward Bernankeâ€™s comments by driving down December Treasury Bonds.Some of this selling was related to the weak
30-year auction results from the previous day.
The U.S. Dollar managed to mount a strong recovery, boosted
by the hawkish comments from Bernanke.The Dollar still finished lower, but well off its lows.Throughout the week, the pressure was on the
Dollar, but with the strong recovery on Friday, traders are now looking for
spillover buying to drive prices higher early next week.The surprise of the day was the strength in
the Canadian Dollar.The December
Canadian Dollar soared to the upside following a better than expected Canadian
The stronger Dollar helped lead to selling pressure in
December Gold.The rapid rise in this
precious metal is leading some traders to believe that a â€śbubbleâ€ť may be
forming.If the market went up in
anticipation of weaker U.S.
interest rates and a weaker Dollar then talk of higher interest rates could
trigger a sharp sell-off.Traders should
be careful about buying strength.
Friendly comments from the International Energy Agency
regarding a pick-up in global oil demand helped support December Crude Oil
today.This is important because a
stronger Dollar usually puts pressure on crude oil prices.Mixed fundamentals should continue to hold
this market in a tight range.
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