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Stocks Cannot Recover After Bad Consumer Confidence Report

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Sep 29, 2009.

  1. futuretrends24

    futuretrends24 New Member

    Apr 30, 2009
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    Today’s sample of Futures Analysis from FuturesHound.com

    U.S. stock index futures closed lower on Tuesday. Equities were higher early this morning after a friendly Case-Schiller Housing Report but these gains were quickly erased after the Michigan U.S. Consumer Confidence Report showed a drop. Weaker technology issues drove the markets lower. The main trend has turned down in all three major indices on the daily chart. Look for downside pressure to take these markets back to the lows for the week.

    Treasury futures regained early losses following the release of the less than friendly Michigan Consumer Sentiment Report. Technically, December T-Bonds have a great shot at reaching the major 50% level at 123-00. Traders are supporting the Treasuries because they believe the global economic recovery will not be as robust as previously estimated.

    The U.S. Dollar traded higher versus most major currency markets today in tight, rangebound action. This is another sign that traders may be looking to pare risk as the global economic recovery may not be as robust as previously thought. The Dollar is likely to remain firm over the short-run as long as central bank stimulus plans remain in force. The December British Pound closed higher this morning as improvements in U.K. retail sales and a better than expected GDP report encouraged shorts to cover. The December Japanese Yen weakened as government officials clarified their position on the appreciation in the Yen. They are now open to intervention if the trading action starts to get abnormal.

    Read full article at FuturesHound.com as well as Futures Analysis, Futures Education and exclusive timely market Gann Analysis

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    #1 futuretrends24, Sep 29, 2009
    Last edited: Sep 29, 2009

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