Wednesday April 7, 2010 - 17:58:35 GMT
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Forex Hound - www.forexhound.com
U.S. Equities Rebound after Earlier Weakness; Unable to Hold Gains
U.S. equity markets
rebounded after early session weakness but have not been able to hold
on to gains as pressure from a possible default by Greece appears to be
weighing on investors.
The inability of the Dow to penetrate
11,000 is also pressuring the markets. Earlier in the week, a
divergence between the indices developed. Traders may try to drive the
indices lower to create value which could attract fresh money.
Bonds and Treasury Notes are trading higher. Increased demand is coming
from investors lightening up stock positions. Traders may also be
expecting good results from today‚Äôs 10-year Note auction. Technically,
oversold conditions are contributing to the firm mid-session trade.
Gold traders ignored the stronger Dollar while driving this market to
within striking distance of a .618 retracement level at $1158.50. Fear
of a default by Greece is driving up demand for hard assets.
Crude Oil backed off from its high after a government report showed
that oil inventories were higher than expected. The stronger Dollar and
weaker Euro may put additional pressure on this market into the close.
June Euro is trading weaker at the mid-session on renewed concerns that
Greece will default on its debt. Earlier today the spread between Greek
Bonds and German Bunds moved to a historically wide level signaling
that investors feel that Greece may not be able to finance its surging
debt burden. Conditions are expected to worsen as austere financial
measures imposed by Greece to shore up its economy begin to take hold.
Losses have been limited by rumors of central bank buying.
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