December E-mini S&P Trading Lower but Remains Range Bound
Equity markets are trading a little weaker
at the mid-session. Investor demand for higher risk assets is down today which
is leading to the weakness.Traders are
also beginning to question the valuation of equities at current levels given
the state of the economy.Technically,
the three main indices may have all hit overbought levels.So far there is no indication of a change in
trend, but a correction seems likely.This morning December E-mini S&P briefly touched 1100.00 and
rallied.Despite this action, the market
remains lower and range bound.
Treasury futures are trading weaker this
morning.Yesterdayâ€™s rally may have been
over done.With Bernanke reiterating the
Fedâ€™s stance on interest rates, the December Treasury Bonds and Treasury Notes
are likely to find buyers following a short-term correction.
The stronger Dollar is helping to pressure
December Gold. Todayâ€™s weakness is most likely profit-taking and position
lightening.Todayâ€™s U.S. economic
reports were treated as neutral by gold traders. Gold bugs are still using the
weakness in the Dollar as their catalyst while they wait for signs of
The U.S. Dollar is trading higher versus
all major currencies this morning.Comments
from Bernanke yesterday and the European Central Bankâ€™s Trichet this morning
are helping to boost the greenback.Just
the fact that these two central bankers are paying attention to the Dollar has
been enough to trigger the start of a short-covering rally.Lower crude oil and equity markets are
helping to pressure the December Canadian Dollar.
January Crude Oil is trading slightly
lower.Pressure is coming from a
stronger Dollar and weaker equities.Speculators seem to be backing off from the long side following
yesterdayâ€™s short-covering rally.January Heating Oil and Unleaded Gasoline are trading higher.These markets seem to be holding up crude oil
at the mid-session.Weakness in these
two markets should trigger a hard sell-off in crude oil.
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