Stocks Finish Weaker but Investors Continue to Support the Dips
equity markets closed lower as investors dumped higher risk assets, but buyers
once again stepped in on the intra-day dip.Wednesdayâ€™s weakness started on the Shanghai Exchange overnight after China asked
banks to stop lending for the rest of the month.This sent a signal to traders that the easy
money environment would be coming to a close. Investors reacted as if the news
would curtail the global economic recovery.
Good news from IBM couldnâ€™t carry the market and by the
opening IBM was leading the Dow Jones Index lower. The news that Republican
Brown defeated the Democratic machine in Massachusetts
may have put additional pressure on the markets. According to some analysts,
healthcare stocks could feel pressure, but insurance stocks may gain. The
stronger Dollar is likely to send investors into lower yielding assets.
Investors continued to look at weakness in the markets as
buying opportunities. The strong comeback from earlier lows suggests the
indices may take another run at the highs. Until major support is broken on the
longer-term charts, expect this pattern to continue.
March Treasury Bonds and Treasury Notes moved higher as
yields fell to their lowest levels since December.Traders drove down yields as they sought shelter
from falling equity and commodity markets. If safety remains the theme over the
near-term, then look for more appreciation in bonds and notes. This up move
could be short-lived, however.There are
some concerns brewing that China
may a smaller participant in the upcoming Treasury auction.
February Gold closed sharply lower.Stronger demand for the Dollar put pressure
on gold. Traders also felt that there was less of a need to hold on to gold as a
hedge against inflation. Both a retracement level at $1119.10 and an old main
bottom at $1118.50 failed to hold as this market plunged further to a .618
level at $1108.80 before finding some light support at $1106.80. News that China is asking
banks to limit loans could mean the end for excessive demand for precious and
March Crude Oil finished lower after it failed to
follow-through to the upside after Tuesdayâ€™s closing price reversal
bottom.The pattern wasnâ€™t negated, but
there doesnâ€™t seem to be enough buying power to confirm a valid bottom.Currently this market is trading inside a
retracement zone at 78.99 to 77.70.A
slowdown in demand from China
could put pressure on this market the rest of the week.76.00 is the next potential downside target.Thursdayâ€™s supply and demand report could be
a market mover.
The U.S. Dollar advanced sharply higher on Wednesday, buoyed
by the news that China
was reigning in bank loans in an attempt to cool off the economy.
The availability of easy money through government stimulus
and favorable loan conditions helped fuel a huge surge in the Chinese economy.
The pace of the growth is a concern for central bank officials.On Thursday, China is expected to report
double-digit 4th quarter GDP growth.
The Dollar also received a boost from the election of a
Republican to a key U.S. Senate seat in Massachusetts.
This event is bullish for the Dollar because some feel it may signal an end to
excessive government spending that has been weakening the Greenback.
The combination of Chinaâ€™s aggressive tightening
action along with the Republican victory boosted the Dollar while putting
pressure on equities and commodities.
The March Euro continued its five-day freefall on concerns
over Greek budget issues.The problems
have triggered an international reaction. On Wednesday, International Monetary
Fund Managing Director Dominique Strauss-Kahn said Greeceâ€™s debt woes are
â€śseriousâ€ť.Without any aid from the
European Union, or the European Central Bank, look for Greeceâ€™s debt issues to continue to
mount leading to possible talk of default.
European officials have stood there ground about providing
financial help to Greece,
saying that it is not their problem to solve. They also fear that providing aid
will mean other countries such as Spain,
Portugal and Ireland
will begin lining up with their hands out in expectations of free money.
The March British Pound traded sharply lower before settling
near mid-range. Overnight Bank of England Governor Mervyn King issued
a dovish comment about Tuesdayâ€™s higher than expected inflation report, but his
comments were offset by more hawkish comments generated from the Bank of
England minutes. The move to the downside was also softened after a report
showed that the U.K.
unemployment rate fell at the fastest pace since April 2007 in December.
Although the British Pound failed to form a closing price
reversal top on Tuesday, it sold off, nonetheless, when a 50% support price at
1.6355 was violated. The chart indicates that 1.6175 is the next downside
order to curtail bank loans is likely to lead to a slow down in global economic
growth while putting pressure on higher yielding assets. This should have
helped support the March Japanese Yen, but trading was lackluster and sideways.
Traders do not seem to know whether to buy the lower yielding Yen or the
Dollar.The chart indicates traders are
leaning toward the long side of the Dollar with 1.0851 the next downside
The March Swiss Franc continued to weaken after it broke
through a key retracement price and an uptrending Gann angle.The break in the Euro is making Swiss central
bankers nervous which could lead to a surprise intervention.
On Tuesday, the Bank of Canada left interest rates unchanged,
but took measures to weaken the Canadian Dollar by increasing its asset-buyback
program.Weaker stocks, gold and crude
oil put additional pressure on the March Canadian Dollar today.
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