Stocks Erase Earlier Losses on Diminished Greek Fears
equity markets rallied after earlier weakness as Greece financial worries subsided.
Shortly before the opening, European Central Bank President Trichet reduced
trader worries by stating that a default by Greece â€śis not an issue.â€ť 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. In summary, it
was the easing of currency pressure which triggered todayâ€™s turnaround in
June Treasury Bonds closed near its low after early strength
and a successful test of a key 50% resistance level at 115â€™29.Fundamentally, T-Bonds broke despite a better
than expected 30-Year Bond auction. Although the auction resulted in a better
long maturity auction compared to previous auctions, demand was not a robust as
lower duration auctions from earlier in the week. Some traders are saying the
Fed was at the auction buying Treasuries in an effort to force yields lower.
The weakening Dollar helped to boost June Gold prices. In
addition, speculators are still buying Gold as a hedge against a possible
default by Greece.
Technically, traders have driven this market to within striking distance of a
.618 retracement level at $1159.50. Prices could be firm on Friday if traders
believe the Greek debt situation will escalate over the week-end.
June Crude Oil recovered some of its earlier loss, 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. Gann angle support moves up to
85.77 on Friday. Look for higher markets as long as this angle holds and the
Euro gets stronger.
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