Apple, Inc. Sends Equity Markets Higher During Extended Trading Hours
Much better than expected earnings from Apple, Inc. is
helping to drive U.S.
stock index futures higher after the close.This rally comes on the heels of a strong day session which saw equity
futures rise to a new high for the year after several companies reported better
than expected earnings or gave favorable future guidance.With no place to get a better return,
investors continue to pour money into the equity markets.Unless some major force rears its ugly head,
look for the trend to continue.
U.S. Treasury markets posted a strong gain on Monday after
trading lower throughout the early part of the trading session.Stronger demand for higher yielding assets
forced Treasury Bond and Treasury Note futures lower early in the day, but
these markets turned around after Fed Chairman Bernanke mentioned nothing about
a tight monetary policy or higher interest rates.Some traders had taken insurance on the
opening in anticipation of Bernanke restating his comments from several days
ago when he alluded that the Fed would move to a tight monetary policy once the
economy started to show signs of recovery.
The U.S. Dollar traded under pressure throughout the trading
day as appetite for risk sent traders into the higher yielding currencies at
the expense of the U.S. Dollar.The most
volatile currency was the December British Pound which started the day lower on
speculation the Bank of England was actually considering expanding its asset
buyback program.The weakness in the
Dollar, however, was too hard to overcome and the British Pound turned around
to close higher.Tomorrow the Bank of
Canada meets to set short-term interest rates, but this didnâ€™t stop traders
from buying the Canadian Dollar as higher equity and crude oil markets boosted
demand for higher risk assets.
The weaker Dollar helped drive December Gold higher.Todayâ€™s move may be showing the correlation
between these two asset classes is moving back to normal.Last week, the relationship between gold and
the Dollar showed signs of divergence.If the trading relationship returns to normal then look for December
Gold to take out $1072 when the U.S. Dollar reaches a new low.
Signs of a global economic recovery and a weaker Dollar are
helping to boost December Crude Oil.Speculators are supporting crude oil in anticipation of an increase in
demand.Gains were limited by the $80
resistance barrier.Once this price is
broken, watch for an acceleration to the upside.Skeptical traders are still waiting for
back-to-back bullish supply/demand numbers.Last week, the inventory report showed a huge drop in gasoline
inventories.Anxious traders are waiting
to see if this number was a one-time event or the start of a trend.
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