Friday June 18, 2010 - 19:38:47 GMT
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Forex Hound - www.forexhound.com
Stocks Trading Flat on Quadruple Witching Day
stock markets are locked in a tight trading range as investors wait out
quadruple witching hour. The lack of fresh economic news and Euro Zone
is also contributing to todayâ€™s sideways action.
The September E-mini S&P 500 rallied considerably this
week leading bullish traders with the job of protecting the downside.
doesnâ€™t seem to be too much buying interest either with the market so
a major 50% level at 1122.00.
Overnight, August Gold reached a new all-time high. The
weaker Dollar is helping to underpin the market today. Traders are also
concerned about a possible stock market break late in the session and
taking protection in gold as a hedge.
September Treasury Bonds are trading lower at the
mid-session. The lack of direction and fresh economic reports are
pressure the T-Bonds. Treasuries are up this week on concerns that a
in the U.S.
economy will prevent the Fed from tightening before the end of the year.
The Euro rally overnight stopped short of taking out the
previous main top at 1.2453 and turning the main trend up. The secondary
to 1.2394 during the New York
session also fell short of the top. The lack of fresh economic news is
to keep the market in a tight range.
Following last weekâ€™s closing price reversal bottom, the
September Euro rallied sharply higher this week boosted mainly by
short-covering. Earlier in the week, another sovereign debt scare from
put pressure on the Euro, but the market reversed when a Spanish bond
attracted very strong buying interest.
The weekly chart indicates there is room to the upside to
1.2784, but the previous tops at 1.2453 and 1.2671 could mean the effort
reach this 50% level will be labored. The rally from the 1.1876 bottom
in its 9th day leaving analysts to wonder if real buying is
the Euro higher or the lack of bearish news.
The September British Pound is trading slightly lower at the
mid-session in limited movement. The main trend is up on the daily chart
the market cannot seem to get away from a 50% level at 1.48100. A close
this price could trigger the start of a rally to 1.4947. A failure to
level could trigger a retracement back to 1.4599.
The action at the mid-session indicates the possibility of a
closing price reversal top. The formation of this pattern would be
indication that a short-term top is being built.
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