June Treasury Bonds are trading sharply lower this morning.
The newly proposed sweeping-aid package for the Euro Zone is helping to support
the Euro and drive up demand for riskier assets. This is triggering a
liquidation break in the Treasury futures markets. Last week nervous traders
bought Treasury Bonds and Treasury Notes for protection in a flight-to-safety
Based on the month-long range of 114â€™06 to 124â€™16,
expectations are for this market to correction back to the retracement zone at
119â€™11 to 118â€™04. A break through 120â€™12 is likely to trigger an acceleration
to the downside.
equity markets are trading sharply higher overnight following the announcement
by the Euro Union to provide much needed financial aid to the troubled Euro
Zone region. This bullish news helped bring assurances to traders that the
policymakers are behind the Euro and willing to do what they can to instill
confidence in the Euro.
The June E-mini S&P 500 gapped higher on the opening
indicating strong upside momentum which has already driven the market past a
key retracement zone at 1136.25 to 1155.25. The next upside objective is a
downtrending Gann angle at 1176.75.
The NASDAQ and Dow are also posting strong gains which could
take the Dow up as much as 500 points today. Buying has been so strong that the
frenzy may even trigger a limit-up move in the indices.
The move by the European Union should shift trader focus
back to the global economy recovery. Some of todayâ€™s buying is being triggered
by a delayed reaction to Fridayâ€™s better than expected U.S. Non-Farm Payrolls
June Crude Oil rallied nearly 4% overnight after the
European Union provided clarity to the commodity markets with a plan to
stabilize the Euro Zone economic region. The EUâ€™s plan provides new financial
aid worth nearly a trillion Dollars. The new aid proposal which includes
several key measures subject to parliamentary approval calls for the
restructuring of debt, low interest loans and the purchase of government and
The positive move by the European Union is driving up demand
for riskier assets this morning after a hard sell-off last week. In addition to
the fresh news out of the Euro Zone, traders are now getting a chance to
refocus on the positive economic news out of the U.S. last week including the
addition of 290,000 jobs. Traders are now a little more optimistic that the aid
package will help stop the slide in the Euro Zone and subsequently put the
global economic recovery back on track.
Technically, the rally in June Crude Oil is short-covering
at this time, but upside momentum is string enough to make a rally to the
retracement zone at 80.83 to 82.32 likely over the near-term.
June Gold has been hit hard by the European Union
announcement to provide aid to the ailing Euro Zone economy. Despite the weaker
U.S. Dollar, traders are selling off gold overnight although there has been a
technical bounce off the low. For several weeks, gold has indicated a
decoupling from the Dollar because of speculator buying driven by the crisis in
Last week is was clearly evident as the financial crisis widened in the Euro
Zone that traders were treating June Gold as a safe haven market.
Technically, the last leg up was $1156.20 to $1214.90. This
formed a retracement zone at $1185.60 to $1178.60. Overnight the 50% price at
$1185.60 was tested as the market broke to $1184.40. Profit-takers and buyers
stepped in at this price to trigger a mild rally.
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