December S&P and NASDAQ stock index futures finished
lower for the month while the December Dow eked out a small gain. The closing
price reversal tops in the S&P and NASDAQ indicate that the selling is
greater than the buying at current levels and set up the possibility for a 2 to
3 month decline.Todayâ€™s sell-off was
broad-based, which is another sign that the 10% to 20% correction that analysts
have been anticipating may actually be taking place.
December Treasury futures rose as Bond and Note yields fell
sharply on the stock market decline.Traders aggressively moved money from the higher risk markets into the
lower-yielding but relatively â€śsafeâ€ť fixed income markets.This weekâ€™s Treasury auction was well received
as robust demand from foreign traders helped keep yields stable. Expectations
are for T-Bonds and T-Notes to remain firm as long as fear continues to drive
investors out of commodities and equities.
The U.S. Dollar posted a strong gain for the week, but
finished the month slightly lower.The
shift in sentiment from higher risk assets to the lower risk, lower yielding
Dollar is an indication that investors may think the global economy is still
fragile and that the recovery will be labored and rough.
December Gold futures traded down on Friday as the Dollar
strengthened.The break wasnâ€™t as bad
today as it was earlier in the week.This could be an indication that some traders are still holding on to
gold out of fear of an inflationary spike.Some traders are still hanging on to long positions in the hopes that
central bank spending and excess liquidity will trigger inflation all around
Speculation, a higher stock market and a lower Dollar drove
December Crude Oil higher during October.Now that equities are weakening and the Dollar strengthening, the only
factor holding this market higher is the speculators.Supply and demand figures are indicating an
abundance of oil, so if short-term traders decide to begin paying attention to
these numbers, this market could be setting up for a big fall.
Forex Trading News
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