A bullish U.S. Third Quarter GDP Report
this morning has helped launch a strong rally in the December stock index
futures.Traders have renewed their
demand for higher risk assets after a four-day decline. Technically, the markets are only retracing
the recent down move.A close on the
high and a follow-through rally tomorrow will be a better indication that the
correction is over.Although the report
was bullish, it is stale data.Traders
want may want to see if the economy continues to improve before committing new
money to the market.Many investors feel
that this report was already priced in and that after todayâ€™s rally and 50%
retracement of the recent break, the correction will resume.
December Treasury futures are under
pressure today.Todayâ€™s bullish GDP
report has brought the Fed closer to tightening its monetary policy.This is making traders think that interest
rates may rise sooner than expected.Furthermore, when equities and commodities move higher, investors start
asking for higher yields.This is the
reason for the weakness in the T-Bonds and T-Notes today.
The U.S. Dollar is under tremendous
pressure today as traders have increased their demand for higher yielding
currencies.This is erasing all of the
Dollarâ€™s gains from yesterday.The
strongest currency is the December British Pound.The other currencies are showing strength
today, but are only retracing 50% of the decline for the week.Like the equity markets, these markets have
to take out the retracement zones and finish near the high of the day to
indicate real strength.Otherwise it
looks like we are in the midst of a short-covering rally.
December Gold is trading higher because of
the weaker Dollar.The charts indicate that
$1049.40 to $1054.70 is the potential upside target.Fresh selling may come in at this zone.December Silver has a similar pattern
developing with 17.15 to 17.39 its potential upside target.
The better than expected U.S. Third Quarter
GDP number is helping to boost December Crude OilHigher equity prices, the lower Dollar and
increased speculation are also providing support.Like the equities and currencies, this market
may be only retracing this weekâ€™s break.
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