Stocks Mount Late Session Turnaround; Regulatory Bill not as Restrictive
equity markets turned around late in the trading session after investors
determined that the new regulatory overhaul plan for Wall Street was not as
restrictive as previously thought.
Earlier in the session, equity markets were under pressure,
led by falling oil and bank stocks. The weakness initially began overnight with
heavy Asian selling on concerns that China would begin another round of
monetary policy tightening. Energy stocks were down because of the drop in
crude oil. Bank stocks felt pressure because of the introduction of the new financial
market regulatory proposal.
The rising Dollar also hurt demand for higher risk assets
such as equities. The strength in the Dollar was attributed to weakness in the
Euro and British Pound. The Euro saw pressure on speculation that a bailout
plan for Greece
had stalled. The British Pound was down on concerns over a possible debt rating
Trader demand for safety helped to underpin the June
Treasury Bonds earlier in the session but gains were quickly erased as buying
failed to surface after the stock market opened. The drop in demand for higher
risk assets shouldâ€™ve driven investors into the safety of the Treasuries, but
this did not happen, causing traders to pull bids. For the most part, it looked
as if the volume was down because of tomorrowâ€™s FOMC meeting.
April Gold had a see-saw day, but eventually finished
higher. The stronger Dollar was not much of an influence on the direction of
gold today. This was most likely an indication that investors were becoming
concerned about the possibility of a sharp sell-off in the British Pound. The threat
of a downgrade from Moodyâ€™s pressured the Pound and raised concerns about its
ability to cover the servicing of its sovereign debt. Investor concerns that both
the Pound and the Euro are in trouble may lead traders to seek safety in hard
assets rather than paper money.
June Crude Oil finished sharply lower. A drop in demand for
higher risk assets helped trigger the weakness. Fridayâ€™s closing price reversal
top was confirmed, helping to accelerate this market to the downside.
Speculation that China
may begin another round of tightening also helped to pressure the market. On-going
downside pressure could help to drive this market down to a 50% level at 77.28
over the near-term.
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Mon 18 Dec
10:00 EZ- final HICP Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes Mon 25 Dec
00:00 Christmas Holidays
Potential Trading Opportunities
POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.
POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity
POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
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