This morningâ€™s decline in U.S. Housing
Starts is weighing on U.S.
equity markets at the mid-session.Traders are beginning to question stock valuations given the current
weak state of the economy.A break through
1100.00 in the December E-mini S&P 500 could trigger a massive break late
in the session.
Treasury futures are trading surprisingly
lower given the weak housing number and the lower stock market.Today the U.S. reported that the Core CPI
rose.This could be putting fear in
traders as it serves as a reminder that inflation is still out there.It is going to take a huge break in equities
today to force T-Bond and T-Note to flee to the safety of the Treasuries.
At the mid-session, the December Euro is
posting a large gain.Yesterdayâ€™s
supportive comments from European Central Bank President Trichet were not
enough to stop the Dollarâ€™s slide.Matters werenâ€™t helped after Luxembourg premier Jean-Claude
Juncker said that the Euroâ€™s rally hasnâ€™t hurt the Euro Zone recovery.This comment gave traders the green light to
drive the currency higher.
The December British Pound is trading lower
at the mid-session.This is either being
triggered by a negative reaction to the Bank of England minutes or overbought
technical conditions.The major news
from the BoE minutes was the fact that the vote was split regarding the
expansion of the central bankâ€™s quantitative easing program.The initial reaction to the split vote was
positive as it suggested the bank would not expand further.The market, however, broke after a
follow-through rally failed.
The Dollar seems to be gaining strength and
could reverse to the upside if equity markets fail to hold support.
December Gold is trading higher because of
the weaker Dollar and todayâ€™s inflation report.Gains could be limited or this market could reverse to the downside if
the Dollar picks up strength late in the trading session.
January Crude Oil is trading higher on
speculation and the lower Dollar.Todayâ€™s oil inventory report suggested that consumer demand is still
falling.If the Fedâ€™s assessment of the
economy is right, then demand should continue to drop because of the fragile
economy and high unemployment.
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