The tech weighted December E-mini NASDAQ market bucked the
overall bearish tone of the day to post a moderate gain.The NASDAQ was driven higher by extremely
bullish earnings from Apple, Inc.The
heavily weighted Apple, Inc. stock helped drive up the NASDAQ Index while the
December E-mini S&P and December E-mini Dow rallied off their lows but
still finished lower.
Traders drove all indices lower from the start this morning
following the release of weaker than expected reports regarding housing and
producer prices.Both reports indicated
economy is still weakening.The PPI
report drummed up thoughts of a potential deflationary scenario.
U.S. Treasury futures rallied sharply higher after the
release of a pair of bearish U.S.
economic reports.Todayâ€™s housing and
PPI reports suggested the economy was still weak and that the Fed would
continue to keep pressure on interest rates.Falling equity prices helped drive investors into the lower yielding
December Treasury Bonds and Treasury Notes.
The U.S. Dollar gained on Tuesday as traders became more
risk averse.The December Euro backed
off from the psychological 1.50 area after comments from Euro Zone officials
regarding the value of the Euro and its possible effects on exports.The December Yen rallied early in the session
as Japanese Finance Minister stated he had no intentions of intervening unless
the Yen got too volatile.By the end of
the day, the weaker equity markets helped drive traders into the Dollar.The biggest loser was the December Canadian
Dollar.Traders aggressively sold the
Canadian Dollar after the Bank of Canada said it the rise in the currency wiped
out economic gain.This gave rise to the
thought that the BoC was considering an intervention to weaken its currency.
December Gold tried to breakout to the upside early in the
session as the Dollar weakened, but traders refused to buy at the current lofty
levels.The first sign of weakness was
goldâ€™s inability to take out the all-time high at $1072 while the Dollar was
reaching a 14-month low.The lower close
suggests developing weakness.A trader
through $1043 is likely to trigger an acceleration to a major 50% level at
December Crude Oil poked through $80 per barrel momentarily
before selling back below.This market
has divorced itself from the fundamentals and is relying on speculation, higher
equity prices and a weaker Dollar to support it.If any one of these three factors changes,
crude oil could begin to sell off sharply.The technical closing price reversal top indicates the potential for a
retest of the $75.00 area.
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Tue 17 July 2018 AA 08:30 GB- Employment A 13:15 US- Industrial Production AA 14:00 US-Powell Testimony Wed 18 July 2018 AA 08:30 GB- CPI A 12:30 US- Housing Starts/Permits AA 14:00 US-Powell Testimony Thu 19 July 2018 AA 1:30 AU- Employment AA 08:30 GB- Retail Sales A 14:30 US- EIA Crude A 12:30 US- Weekly Jobless Fri 20 Jun 2018 A 12:30 CA- CPI/Retail Sales
John M. Bland, MBA co-founding Partner, Global-View.com
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