Stocks Called Lower on Reduced Demand for Higher Risk Assets
equity markets are called lower this morning due an overnight decline in demand
for higher risk assets.Overbought
conditions are also contributing to the weakness. The bulk of the selling
pressure could be coming from commodity-linked stocks due to lower raw material
prices. Speculation that China
may raise interest rates during the second quarter is leading traders to
believe that yields will rise in the U.S. sooner than expected. This is
creating competition between stocks and fixed income instruments for investor
The inability of the Dow to penetrate 11,000 is also
weighing on the markets. On Tuesday, a divergence was created between the
S&P 500, NASDAQ and the Dow. The broader-based indices made new highs for
the year while the Dow lagged. Traders may try to drive the indices lower to
create value which could attract fresh money.
Treasury Bonds and Treasury Notes are trading higher.
Increased demand is coming from investors lightening up stock positions.
Traders may also be expected good results from todayâ€™s 10-year Note auction. Technically,
oversold conditions are contributing to the firm overnight trade.
The stronger Dollar is helping to limit gains in June Gold,
but fear of a collapse of the Greek economy is helping to boost demand for hard
assets. This is helping to keep a bullish undertone in the market.
June Crude Oil is falling on reduced demand for risky assets
and a stronger Dollar. Traders are also lightening up ahead of todayâ€™s EIA
supply/demand report. Traders are approaching todayâ€™s report with caution due
to last nightâ€™s monthly report which showed a reduction in demand.
The U.S. Dollar is trading higher overnight as Greek
financial concerns drive the Euro lower, poor economic news weakens the British
Pound and demand for commodity-linked currencies fall as China may raise rates during the
The main trend on the daily chart turned down in the June
Euro on Tuesday when the market crossed the last swing bottom at 1.3384 and to
the bearside of a minor retracement zone at 1.3402 to 1.3370.
Overnight a European Union report showed that fourth quarter
gross domestic product in the Euro area fell to 0.0% versus an earlier estimate
of 0.1%.This could be the effect of the
financial turmoil caused by Greece.
Although these results were expected, traders continued to pressure the Euro as
conditions regarding Greece
have not changed enough to warrant a better outlook for the first quarter GDP.
Losses may have been limited by an increase in Euro Zone Final Services PMI and
a higher PMI Composite figure.
The drop in 4Q GDP is leading analysts to believe the
European Central Bank will leave interest rates unchanged at tomorrowâ€™s
The June British Pound is under pressure this morning as U.K.
services industries expanded less than forecast. These poor results are likely
to keep downward pressure on interest rates when the Bank of England meets
tomorrow. In addition, traders should watch for the possibility of an expansion
of its quantitative easing program. U.K. PMI fell 56.5 from 58.4. A reading of
58 was expected. The Index of Services Data grew only 0.6% versus a forecast of
0.8%. The unexpected drop in both of these reports reduced the bullish impact
of the recent better than expected 4Q GDP report.
Finally, talk is circulating that China may raise interest rates
during the second quarter. This may hurt demand for commodities and raw
materials. The commodity-linked Australian Dollar, New Zealand Dollar and
Canadian Dollar are down overnight as traders lighten up long positions.
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