Thursday September 2, 2010 - 19:33:03 GMT
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Stocks Treading Water with Slight Biased to Upside
equity markets are trading sideways to higher at the mid-session in a
lackluster trade. Upside momentum has slowed compared to yesterday, but there
doesnâ€™t seem to be a strong conviction to the upside either.
Technically, the September E-mini S&P
500 has a chance to test a key Fibonacci retracement level at 1088.00.
December Treasury Bonds are trading lower.
Todayâ€™s weakness is a combination of lack of conviction ahead of Fridayâ€™s job
report and a tired market.
Technically, the T-Bonds are still under
pressure because of the closing price reversal top at 135â€™19 on August 25. On
the downside, this market still has a chance to test a key retracement zone at
130â€™17 to 129â€™11.
The U.S. Dollar is trading flat to lower at
the mid-session as traders remain cautious ahead of Fridayâ€™s U.S. Non-Farm
Payrolls Report. Earlier this morning the Dollar showed little reaction to the
European Central Bankâ€™s decision to hold interest rates steady and a slight drop
in U.S. Weekly Initial Claims.
Jobless claims remained a concern among
investors because they remain at a high level. This is an indication that the U.S.
economy is cooling while fueling worries that the recovery may not be sustained
if private firms continue to refrain from hiring new workers.
The September Euro is holding steady
following the ECBâ€™s decision to hold interest rates steady. The market had a
positive reaction to the comment from ECB President Trichet who said the
recovery â€śshould proceed at a moderate paceâ€ť.
Mortgage issues are helping to put pressure
on the September British Pound. A choppy stock market is leading to mixed
results in the commodity-linked currencies. The New Zealand Dollar is trading
better, but the Australian and Canadian Dollars are trading flat which may be a
sign that Wednesdayâ€™s strong rallies may have been overdone.
Although the Dollar is down this week, many
large traders and institutions have been on the sidelines due to tomorrowâ€™s
employment report and Mondayâ€™s U.S. Labor Day holiday leading to speculation
that this weekâ€™s action was due to thin trading conditions.
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