S&P Finishes at 50% of Recent Range in Lackluster Trade
The December E-mini S&P 500 contract settled at 50% of
the recent 1119.00 to 1085.00 trading range after failing at the .618 price of
1106.00.Volume died after the opening
and todayâ€™s session could best be characterized as lackluster and non-eventful.
stock indices traded higher but stalled shortly after the opening.The strong price surge was muted when U.S. investors
failed to chase stocks higher. The market could not get on track today, most
likely because of valuation issues.Traders have gotten used to buying dips, feeling that buying strength
would expose them to too much risk.
Although traders have apparently discounted the debt
problems in Dubai, Greece
the fear that something may crop up unexpectedly kept most traders on the
sidelines today.News that Citigroup may
pay back TARP money and issue new stock weighed on the financials because of
the possible dilutive effect of such a transaction.
Stronger global equity markets contributed to the weakness
in the Dollar early in the trading session as traders once again increased
demand for more risky assets after reassessing U.S. economic data and the odds of
an interest rate increase by the Federal Reserve.This morningâ€™s initial claims and trade
balance reports helped trigger an early rally, but this news did not create the
same upside momentum as last weekâ€™s bullish employment report.Professional money managers are being careful
with funds this late in the year and small investors remain absent because of
Stronger demand for equities supported the December E-mini
S&P in tight range bound trading on light volume.Yesterdayâ€™s closing price reversal bottom at
1085.00 was confirmed on this morningâ€™s move through 1097.00, but the rally
stopped at the Fib retracement price at 1106.00.
Renewed interest in higher yielding assets pushed March Treasury
Bonds and Notes lower. March Bonds traded below critical support all day at
118â€™28 to 118â€™31.At the mid-session,
T-Bonds spiked lower after poor 30-year auction results were reported.Investors are becoming concerned once again
about the size of the U.S.
debt and the Treasuryâ€™s ability to support it.
February Gold closed higher mostly because of oversold
conditions. The key downside target remains $1107.40, but todayâ€™s trading
action indicates this market may not reach this level before retracing the last
downswing.A strong break in the Dollar
could be the catalyst which drives this market higher over the short-run.
March Crude Oil has completed a .618 correction of the 67.46
to 83.60 range at 73.63 but the expected technical bounce to the upside did not
materialize.A weaker Dollar and firmer
equity prices could be the catalyst which fuels a short-covering rally back to
the 50% level at 75.53.Gains could be
limited, however, because of bearish supply and demand conditions.
The U.S. Dollar finished mixed against most major currencies
with the massive losses coming against Pacific Rim
Stronger global equity markets contributed to the early weakness
in the Dollar as trader appetite for risk increased after investors reassessed U.S. economic
data and the odds of an interest rate increase by the Federal Reserve. The
inability to rally the stock market after an early morning surge helped the
Dollar limit losses most of the day.
The December Swiss Franc traded sideways-to-lower following
the Swiss National Bankâ€™s monetary policy decision.The SNB left its 3-month target rate
unchanged while announcing plans to stop bond purchases.
Stronger equity markets and a bearish economic report helped
pressure the Japanese YenThe drop in
core machinery orders in October fueled speculation that deflation will
undermine the economic recovery.
The December Euro erased all of its earlier gains by the
mid-session after traders became more risk averse due to the lack of
follow-through to the upside in the stock market. By the close, however, the
Euro was able to post a modest gain. This market clearly took its direction
from the stock market today.
The December British Pound moved lower shortly before the
mid-session as demand for higher yielding currencies stalled, but ended up
posting a small gain on late session position evening. This morning the Bank of
England left interest rates unchanged while voting to maintain its
The December Canadian Dollar finished up but remained
rangebound between a pair of 50% levels.Better than expected Canadian exports helped maintain the friendly tone
in this market throughout the day.
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