financial futures markets traded in tight, narrow ranges today with very little
movement following the opening.Todayâ€™s U.S. bank
holiday and the lack of fresh economic news kept many big players on the sidelines.
Activity should pick up tomorrow when normal trading resumes
and traders face a multitude of economic reports.Early in the trading session the latest U.S.
Retail Sales Report will be released.A
few hours later, traders will have a chance to react to Business
Inventories.Finally, the FOMC will
release the minutes from its latest meeting during the afternoon.
Equity markets rose today in the pre-market and stayed
inside a range throughout the day.Traders continue to remain bullish about equity prices and optimistic
about earnings reports.Much for the
recent rally has come on the heels of strength in Europe and Asia.Traders should be careful about buying
strength as the Dow and S&P approach milestone prices such as 10,000 and
Treasury futures finished higher on extremely light
volume.With banks closed because of the
holiday, there was no one in the way to stop the rally. Late last week the
trend in T-Bonds and T-Notes turned down after Fed Chairman Bernanke talked about
a tighter monetary policy once the economy began to show signs of
recovery.In addition, a Treasury
auction late in the week was poorly received.Look for the downtrend to resume tomorrow once trading gets back to
normal, but watch the retail sales report for any surprises.
The U.S. Dollar finished weaker against most
currencies.Demand for higher risk drove
up the December Euro and December Canadian Dollar.Weak fundamentals continued to pressure the
December British Pound.Confusion from
comments by Japanese government officials caused a sideways trade.
December Gold remained strong.The weaker Dollar provided all of todayâ€™s
support.Some traders are reluctant to
chase gold at current levels but may have no choice if the Dollar continues to
break.There is some concern that gold
is forming a bubble because of its recent rapid rise and how far it has rallied
relative to the other metals.
December Crude Oil posted a strong gain, buoyed by the
weaker Dollar and stronger demand for higher risk assets.Crude oil also got a boost because of last
weekâ€™s report indicating better global demand as the world recovers from the
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