Fed Statement Does Nothing to Stop Demand for Higher Risk Assets
The Fed FOMC committee decided to leave interest rates at
historically low levels and issued a statement that said nothing to deter
demand for higher risk assets.It is now
up to aggressive traders to take advantage of the thirty day free pass issued
to them by the Fedâ€™s inaction.At this
time the Fed is no closer to raising interest rates than it was last
month.This is potentially bullish news.The currency traders recognized it, but equity
traders seemed hesitant.
Stock index futures finished higher, but in the low end of
the range.The inability to make a new
high for the day after the Fedâ€™s rather dovish comment leaves one suspect as to
whether demand for equities has run out of gas.Todayâ€™s upside action could not even drive the December E-mini S&P
500 to its 50% retracement price at 1062.50 before it sold off.Maybe traders are tired or maybe money managers
closed up shop for the rest of the year on October 30th.Nonetheless, the statement from the Fed has
the potential to drive this market higher.If there isnâ€™t a follow-through to the upside tomorrow, then look out
Treasury futures finished lower as interest rates rose
slightly.Chicago financial market traders are betting
that the Fed will raise rates in June 2010.The weakness in the Treasuries was felt hardest in the December Treasury
Bond.Bonds and Notes are indicating
that the end of the Fed asset purchasing program is going to gradually ease
December Gold finished higher but there was evidence of
selling pressure as this market neared $1100.00.Even as the Dollar weakened throughout the
day, gold could not take out its high posted early in the morning.Look for a possible pull-back to the old top
at $1072 before this market mounts another rally.
The U.S. Dollar finished lower versus all the majors except
the Yen.Demand for higher yielding
assets pressured the greenback.The news
from the Fed should encourage more of the same tomorrow.If there is any hesitation in the Dollar to
break, then look for the start of a fast short-covering rally.The Bank of England and the European Central
Banks meet tomorrow.Look for interest
rates to remain the same.The ECB isnâ€™t
expected to say much but may criticize the value of the Euro.The Bank of England may extend its asset
buyback program.This may catch bullish
Pound traders by surprise.
Speculators have been driving crude oil higher without
reason, but today a surprise supply and demand report coupled with higher
equities and a weaker Dollar helped it close above $80 per barrel for the first
time in over a year.
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