equity markets posted a strong recovery late in the trading session following a
sharply lower market in the morning, but still managed to finish lower for the
day.The early session break was
triggered by Bank of America which reported a huge loss.Further weakness was fueled by worse than
expected earnings report from General Electric.
Once again traders are questioning valuation in the stock
market and wondering if the current lofty levels are justified.Clearly bullish earnings numbers seem to be
already priced in, so next week companies are going to have to wow investors
with their numbers or this market will turn south in a hurry.
Treasury futures benefitted from the weaker equity markets
on Friday.All week yields had been
rising but today investors took advantage of those higher yields when they
reallocated funds from equity markets to fixed income markets.December Treasury futures finished its 50%
retracement of the recent rally and are now in a position to rally
further.More downside pressure in the
equity markets is needed to launch the Treasuries higher.
The U.S. Dollar finished the week with an upbeat tone.Diminished demand for higher yielding assets
helped to boost the Dollar on Friday, buoyed by weakness in U.S. equity
markets.Many currency markets have
risen to lofty levels which has attracted the attention of the central
bankers.Some markets including the Euro
have risen in spite of weak data from the Euro Zone.Indications are the Japanese are supporting a
stronger Dollar.The December British
Pound was the big winner for the week. Speculators drove the Pound higher in
anticipation of the Bank of England ending its asset buyback program.
December Gold diverged from the Dollar earlier in the
week.This action led to downside
pressure the latter half of the week.The top in gold could be a sign that prices are too high or that the
Dollar is getting ready to mount a strong rally.The short-term chart indicates this market attempted
to form a secondary lower top today.If
successful, then look for the start of another break to the downside.The first downside target is $1028.80.
December Crude Oil finished the week at a multi-month
high.The trade this week was driven by
better than expected supply and demand data.Breaking through key resistance at $75.00 also gave the longs some
comfort.A stronger Dollar and weaker
equity markets could help to limit gains, but as long as the supply and demand
picture continues to improve then look for higher markets.Gasoline price are expected to rise.This means another ‚Äútax‚ÄĚ on consumers.Traders have to be careful not to take this
market too high, too fast or it could set itself up for another round of weaker
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