Stocks called Lower; Weak Healthcare Stocks Pressuring Equities
stock indices are called lower after a lackluster performance on Wednesday.
Worries are the healthcare industry put a drag on the S&P 500 and Dow.
Several healthcare companies issued lower futures earnings because of
uncertainty over how much the new government healthcare plan will cost the
stock indices finished mixed on Wednesday. While the NASDAQ remained firm
throughout the day on the heels of strong earnings from Apple, the S&P 500
floundered because of weaker financial stocks. Traders were also nervous over
the outcome of the proposed financial regulation bill before Congress.
Many traders feel that this weekâ€™s rally may have been too
much too fast which could be the reason behind todayâ€™s slow trade. The question
will be whether investors want to chase this market higher or wait for a
correction before entering.
June Treasury Bonds and Notes continue to trade sideways to
better. Traders are watching the stock market and the situation in Greece for
direction. Gains have been limited because of the massive amount of debt in the
system. Unless stock market volatility increases, look for Treasuries to
continue to remain rangebound.
Both June Gold and June Crude Oil are trading lower due to
falling demand for higher risk assets and the stronger Dollar. A new swing top
at 84.64 has been formed in the crude oil. Watch for an acceleration to the
downside if 82.05 is violated. The charts indicate that this market could test
79.17 over the near-term.
Overnight Fitch Ratings issued a statement which could weigh
on the Japanese Yen over the near-term. In commenting on the level of Japanese
debt, Fitch said the Japanese government â€śis one of the most indebted in the
world.â€ť It further added â€śIn absence of sustained economic recovery and fiscal
consolidation, government debt will continue to rise, placing downwards
pressure on sovereign credit and ratings over the medium term.â€ť
The initial reaction by traders drove the June Japanese Yen
lower to 1.0716, but weakening demand for higher yielding assets helped the
Japanese Yen recover as investors sought safety in lower yielding assets.
Traders are going to have to decide whether to let the Fitch story dictate
market direction or the stock marketâ€™s direction.
Technically, the June Japanese Yen is finding support at a
retracement zone at 1.0741 to 1.0697. Additional support is at an uptrending
Gann angle at 1.0718. A failure to penetrate the 1.0718 - 1.0697 support
cluster could trigger a rally.
Downside pressure continues to push the June Euro lower but
the overnight loss has been limited by an uptrending Gann angle at 1.3332. A
break through this level could trigger an acceleration to the downside with the
recent bottom at 1.3282 the most likely target.
Worries continue to mount about Greeceâ€™s budget deficit. The spread
between Greece Bonds and German Bunds continues to indicate that there is risk
of default. Yesterday this spread traded over 500 basis points. The
The Dollar rose against the Euro on Wednesday despite the
start of talks to activate the loan agreement between Greece and the International
Monetary Fund. Short-traders believe there is not enough money in this
agreement to help Greece
over the long-run. The sell-off in the Portugal
bond market is a strong indication that traders believe this country faces the
same dilemma as Greece.
After a healthy two-day rally, the June British Pound is
under pressure this morning following the release of a worse than expected U.K. retail
sales report. March retail sales showed an increase of 0.4%. The increase was
less than economist estimates of 0.6%. Traders reacted by selling the British
Pound as the report indicated the possibility of slower growth in the economy.
Earlier in the week, the British Pound rose after the
government reported higher than expected consumer inflation. This news
triggered a rally in the Sterling,
but gains were limited on election concerns. Recent polls are showing the May
6th election may result in no party have a significant majority. This could
lead to a hung parliament meaning legislation to cut the U.K. deficit may be limited.
Yesterday the June Canadian Dollar hit a new 22-month high
but there was very little follow-through to the upside. This is usually an
indication of an overbought market. Technically, the closing price reversal top
indicates an impending profit-taking break which could send this pair up to
.9929 to .9896. Lower demand for gold and crude oil should pressure this market
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