U.S. Equities Called Lower as Traders Take Off Risk
equity markets are trading sharply lower overnight. This weak start is expected
to spread to the U.S.
opening. Global traders have taken risk off the table overnight as the Euro
failed to rally the past two nights after an agreement to bailout the ailing
nation was approved over the week-end between Greece, the European Union and the
International Monetary Fund.
Traders feel that the money is â€śtoo little, too lateâ€ť to
revive the economy and that the newly approved austere financial cuts will
plunge the nation even deeper into recession. Furthermore, investors are also
beginning to buy into the thought that the Euro Zone fiscal problems are
spreading and that the once thought to be contained sovereign debt problems
will eventually reach global proportions.
Technically, the E-mini S&P 500 is currently giving
about close to half of Mondayâ€™s rally. The charts are now indicating that
yesterdayâ€™s rally may have just been a 50% retracement of the 1216.75 to
1176.75 range. This retracement zone is 1196.75 to 1201.50.
Last week ended with the S&P 500 posting a weekly
closing price reversal top. This is usually a bearish signal which triggers the
start of a 2 to 3 week correction. The trend turned down on the daily chart,
but it is going to take a break through last weekâ€™s low at 1176.75 to confirm
the weekly reversal.
June Treasury Bonds are up sharply overnight in response to
the weaker stock market and general dislike for risk overnight. As mentioned late
last week, the T-Bonds are breaking out on the weekly chart, which is a strong
signal of higher markets to follow. Upside momentum is strong at this time
which could drive the T-Bonds to the high for the year at 121â€™05.
Although a flight to safety rally is taking place overnight
and upside momentum is building, some traders may be convinced to back off from
the long side because of Fridayâ€™s U.S. Non-Farm Payrolls Report. This may help
limit gains. Todayâ€™s upside move will all depend on whether traders are going
to become aggressive and react to the news coming out of the Euro Zone, or
become passive and limit trading because of Fridayâ€™s jobs data.
June Gold is slowly inching its way toward $1200.00.
Speculators are driving gold higher in anticipation that the fiscal problems in
will eventually lead to the break up of the Euro. At this time they are
aggressively hedging hard assets against the demise of paper money. The more
the problems spread across the Euro Zone, the higher gold is expected to move.
The stronger Dollar may help to limit todayâ€™s gains, but overall, the uptrend
With traders become more risk averse overnight, June Crude
Oil is under pressure. For the past four days, the bulls have been in control,
but the overnight action suggests that the bears are attempting to take over
Bullish traders had been driving up crude oil as they
anticipated the Greece
bailout deal would lead to improvements in the worldâ€™s economy and thus an
increase in demand for energy products. This doesnâ€™t appear to be the case
because now it looks as if the Euro Zone is going to be mired in its fiscal
problems for some time and less likely to demand more oil.
Technically, the daily chart suggests that the current break
is likely to continue down to 84.22 to 83.53 before slowing down.
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