Stocks Erase Losses as Chicago PMI Report Boosts Optimism
stock indices reversed earlier weakness on the heels of a better than expected
Chicago Purchasing Managers Index.Stocks were trading lower overnight and after the opening because of
The March E-mini S&P 500 formed a closing price reversal
top at 1128.50 yesterday. This pattern suggested a break to 1108.50 to 1103.75
was imminent.Last nightâ€™s
follow-through to the downside confirmed the short-term top. This morningâ€™s
short-covering rally could find resistance at 1120.75 to 1122.50.
March Treasury Bonds are trading higher. End-of-the-year
position evening is the catalyst behind the slight rise the last two days.
Technically, holding above 115â€™08 is friendly and could trigger a
short-covering retracement to 117â€™01 over the short-run.Longer-term, the threat of rising interest
rates, oversupply of debt and a strong stock market should help to maintain
downside pressure on the Treasuries.
The stronger Dollar is pressuring February Gold this
morning. A new minor range has formed at $1075.20 to $1114.50.The retracement zone of this range is
$1094.80 to $1090.20.Currently, the
market is testing this zone.If it
holds, then gold may attempt to rally through the last main top at
$1114.50.Crossing this level will turn
the main trend to up and trigger a rally to $1151.00.A failure to hold this zone will fuel a break
March Crude Oil is trading a little better this
morning.Bullish traders are trying to
push this market higher in anticipation of greater demand because of the
improving economy.Traders are waiting,
however, this morning for the oil inventory report which is expected to show a
drawdown.A bearish report coupled with
the stronger Dollar could send March Crude Oil sharply lower to 76.82.
The March Japanese Yen fell sharply overnight, taking out
the late October bottom at 1.0847, on its way to a three-month low.Concern over a potential bankruptcy filing by
Japan Airlines is putting pressure on the Yen. Stories are also circulating
AA rating is in danger of being cut if the country does not shore up its debt
situation.Finally, traders are also
factoring in potential action by the Fed in 2010 that will lead to higher interest
rates and a stronger Dollar.
A contraction in Euro Zone money supply is pressuring the
March Euro. This news was unexpected but could cause issues in the short-run as
it could lead to a credit crunch.This
is important to note because of credit problems in Greece,
Spain and Portugal.So far the European Central Bank has not
offered any aid to these regions. Tightening credit conditions could mean that
the ECB may not be in a position to offer relief to these troubled regions if
The March British Pound is under pressure this morning
following yesterdayâ€™s reversal to the downside.Momentum is building which could keep pressure on this currency all day.
Traders seem content with driving this market to the mid-October bottom at 1.5702.Investors are worried that the economy will
remain weak over the near-term while the U.K. wrestles with a huge debt
The March Swiss Franc confirmed yesterdayâ€™s closing price
reversal top at .9734 when it took out .9633.The chart pattern suggests the next downside objective is .9628 to
.9623.Traders are reacting to potential
higher interest rates in the U.S.
and the improving economy.
Weakening equity markets and lower gold is helping to
pressure the March Canadian Dollar. Yesterday this currency pair formed a
closing price reversal top which was confirmed overnight.The current chart pattern suggests a break to
.9476 to .9435 is likely over the short-run.
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