Increased Demand for Higher Yielding Assets Fuels Stock Market Rally
The weaker Dollar is triggering a huge
rally in U.S.
equity markets at the mid-session as aggressive investors seek higher yielding
assets.Last weekâ€™s news that the Fed
will leave rates unchanged for a â€śprolonged periodâ€ť combined with the refusal
by the G-20 to discuss the weaker Dollar and the IMFâ€™s statement calling the
Dollar overpriced is helping to ignite the rally.
Treasury markets are trading flat to higher
after earlier weakness.The first move
was to the downside after traders sold fixed income financial instruments and
reinvested the funds into the stock market.Pressure was also coming from traders anticipating this weekâ€™s
The U.S. Dollar continued to get pounded at
the mid-session in a move that was triggered over the week-end when the G-20
finance ministers failed to discuss the weakness in the Dollar.In addition, the IMF issued a report
basically saying the Dollar was overpriced versus Asian currencies especially
the Chinese Yuan.
The Euro broke through the psychological
1.50 barrier. Upside momentum could carry this market to the high for the year
December Gold broke through and is now
holding above the $1100 price level.The
weaker Dollar is triggering this move.For several weeks, gold has been disjointed from the Dollar.The current action suggests that this
correlation may once again re-establish itself.
December Crude Oil took back all of last
Fridayâ€™s break with a strong move to the upside.Higher equities, a weaker Dollar and
increased speculation are providing the major support.Traders are speculating that the Dollar will
continue to erode in value.In addition,
news that a hurricane is heading toward a major refining area in the Gulf of
Mexico near Louisiana
is also helping to boost unleaded gasoline futures.
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