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Thursday April 8, 2010 - 19:52:45 GMT
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Stocks Erase Earlier Losses after Greek Worries Subside

U.S. equity markets are rallying after earlier weakness as Greece financial worries subside. Shortly before the opening, European Central Bank President Trichet softened trader worries by stating that a default by Greece “is not an issue.” This helped trigger a short-covering rally in the Euro while weakening the U.S. Dollar. Stock value hunters jumped on the chance to buy cheaper stocks after the June E-mini Dow neared a minor 50% support level at 10773.

June Treasury Bonds are trading lower after testing a key 50% resistance level at 115’29. Fundamentally, T-Bonds are breaking on the thought that today’s Treasury auction of 30-Year Bonds will not be as well received as Wednesday’s robust 10-Year Note auction.

The weakening Dollar is helping to boost June Gold prices. In addition, speculators are still buying Gold as a hedge against a possible default by Greece. Technically, traders are driving this market into a .618 retracement level at $1159.50.

June Crude Oil is trading weaker but off its low, buoyed by a turnaround in the Euro and a stronger equity market. Earlier this morning, crude oil briefly penetrated an uptrending Gann angle from the 79.27 bottom at 85.27 before moving higher on short-covering.

The Euro opened weaker but by mid-session had turned positive, driven higher by friendly comments from European Central Bank President Jean Claude Trichet.

Earlier today, the June Euro was under pressure on concerns that Greece was coming close to defaulting on its debt. Greek Bond and German Bund spreads had widened significantly this week indicating that traders were taking protection against the possibility of default by Greece.

The Euro stabilized close to the release of this morning’s ECB Policy Statement then began to rally once Trichet began to speak. During his press conference, Trichet dismissed the prospect of a default by a financially strapped and debt-ridden Greece. Trichet then helped the Euro erase all of its earlier loss when he stated that the recently agreed upon financial plan designed to bail out Greece was a “workable statement”. He also said it represented a “serious commitment” to lead Greece out of its financial dilemma. He concluded his statement by saying default “is not an issue”.

His statement instilled confidence in some traders, forcing weaker traders to cover their short positions. Trichet tried to calm the markets by telling investors that if the European Union acts as one unit, it should be able to offer Greece a more favorable loan rate. Upon hearing this statement, the Bond/Bund spread began to narrow.

At the mid-session, although today’s rally has been impressive, it has done nothing to change the trend to up. Furthermore, the fundamentals continue to remain weak. Some bears insist that despite having the EU and International Fund backing, the recent fears of default has done nothing to reassure investor confident that a viable solution can be worked out.

The June British Pound is trading higher at the mid-session boosted by the recovery in the Euro. The trend continues to remain down; however, today’s action has brought this currency close to a potential breakout area at 1.5297 to 1.5317. Officially, the main trend will not turn up until the last main top at 1.5381 is violated.

Shortly before the opening of the New York Forex Session, the Bank of England announced that interest rates would remain at near historically low levels. In addition, the BoE left its quantitative easing measures unchanged. Some traders felt that the central bank would either expand or extend this program. Analysts are now saying the BoE refrained from making any changes because of the upcoming election on May 6th.

At the mid-session the Dollar is giving up ground to higher yielding currencies. A rebound in gold, crude oil and the equity markets is helping the Canadian Dollar and Australian Dollar erase all of their early losses. Stocks being pressured by Profit-taking; Greek Fears


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