Equity Futures off Lows but Still Down at Mid Session
equity markets have stabilized at the mid session following a sharp sell-off
early in the trading session.Selling
pressure is coming from a weak financial sector as traders are cutting long
positions following a huge loss by Bank of America and weaker earnings from
General Electric. Investors are beginning to question the durability of the
current rally given the fresh earnings news.
U.S. Treasury markets are trading higher as
investors shift money from the risky stock market to the relative safety of the
December Treasury Bonds and Treasury Notes.The recent rise in yields is also making Treasuries an attractive
alternative investment.The December
T-Bond chart suggests an acceleration to the upside following a breakout over
The U.S. Dollar is trading higher at the
midsession against most major currencies.The lone exception is the December British Pound which is posting strong
gains because of the possibility the Bank of England may end its asset buyback
program.News that Japanese investors
placed more funds in U.S.
investments in August is helping to drive the December Japanese Yen lower.A lower than expected CPI number is
pressuring the December Canadian Dollar.
December Gold and Silver are trading
higher.These moves come as a surprise
because of the stronger Dollar.Technical
traders expected to see a retracement in gold and silver to set up a secondary
higher top. If these markets fail at the retracement zones then look for the
start of another leg down.The first
downside target for December Gold is $1028.80.
Weaker equity markets are pressuring
December Crude Oil.Overbought
conditions are also contributing to the weakness.The daily chart indicates the potential for a
reversal top on a close under 78.08.Should this pattern take place, watch for a correction to 72.10 over the
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