The reaction in the markets was muted this morning following
the release of the U.S. ADP jobs data report.The report showed that employers cut 84,000 jobs in December.This was down from 145,000 jobs lost in November.
The adjustment to the November figure was positive as it was originally
estimated that 169,000 jobs were lost.
Although the stock indices rallied on the news, the move was
muted as traders await this morningâ€™s ISM Service report. Later in the day, the
Fedâ€™s Minutes will likely be a market mover.Traders seem reluctant to chase the stock indices higher at this time
ahead of this morningâ€™s regular session opening.
After trading lower overnight, March Treasury Bonds are
mounting a strong comeback following the release of the ADP Report.Yesterday the main trend turned up on the
daily chart.The chart pattern suggests
that a rally back to 117â€™15 is possible if upside momentum can continue.Position evening and profit-taking following
a long sell-off ahead of this Fridayâ€™s U.S. Non-Farm Payrolls report may be the
force behind the building strength.
February Gold is trading better despite the slight
improvement in the Dollar.The chart
pattern suggests that this market is well on its way to completing a major 50%
retracement of the $1227.50 to $1075.20 range at $1151.30.
March Crude Oil is trading in an inside range while
maintaining its underlying bullishness. Former tops at 82.81 and 83.60 remain
the key resistance points.Weakness may
develop under 81.82 which could set the table for a break to 78.08 to 77.01
over the near-term.Speculators are
driving this market higher in anticipation of improved demand.
The U.S. Dollar rallied overnight following yesterdayâ€™s
closing price reversal bottom.The first
objective was met at 77.77. Upside momentum took the market to the upper end of
the retracement range at 77.93.The
Dollar may run into some resistance in this area, but a lot will be determined
by todayâ€™s ADP jobs report and ISM Service report.
The main trend is down on the daily chart, but conditions
could shift if 78.22 is penetrated.Breaking back under 77.77 will be the first sign of weakness.If this occurs then look for a resumption of
the downtrend with 76.31 to 75.80 the next downside objective.
The March Japanese Yen is trading lower overnight.At this time, this currency is completing a
retracement of the 1.0731 to 1.0964 range at 1.0848. Fundamentally, traders are
reacting to an improving global economy while expectations remain for the
Japanese economy to remain under pressure.News of Finance Minster Fujiiâ€™s resignation but slight pressure on the
market as this event seems to have been already priced in.
The March Euro weakened into a retracement area at 1.4350 to
1.4319.Holding this area gives bullish
traders hope that the Euro will begin to mount a strong retracement of the
1.5144 to 1.4217 range to 1.4680 over the near-term.Traders will be watching for news regarding a
possible bailout of Greece.Overnight, the Euro weakened after ECB member
Juergen Stark said that markets cannot assume other nations will bail out Greece.
The main trend remains down in the March British Pound but
this market is trying to establish support in a retracement zone at 1.6036 to
1.5988.Holding this zone could trigger
a short-covering rally.Tomorrow the
Bank of England will hold its first meeting of the year. Expectations are for
the BoE to hold interest rates steady while continuing to provide stimulus to
the economy in hopes of the start of a recovery.
The March Swiss Franc is showing strength at this time
following a test of a 50% price at .9640.Look for the strength to continue as long as this market remains over
.9612.The bigger picture suggests a rally
to .9806 is possible following todayâ€™s short-term correction.Gains could be limited as traders are
anticipating a possible intervention by the Swiss National Bank if the currency
continues to appreciate against the Euro.
The March Canadian Dollar traded in an inside range overnight
with a slight bias to the upside.The
direction of gold and crude oil will continue to exert the biggest influence on
this currency pair..9741 is resistance.
.9574 remains the support.
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