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Stocks Rally after Delayed Reaction to Friendly Beige Book Data

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Jan 13, 2010.

  1. futuretrends24

    futuretrends24 New Member

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

    U.S. equity markets finished higher after the Fed released friendly Beige Book data but remained inside the ranges for the week. The lack of follow-through to the downside following Tuesday’s sell-off helped trigger a strong short-covering retracement rally early in the trading session.

    Earnings, bank fees and taxes were on the minds of traders all day. These factors may have helped to limit gains. The markets also reacted positively to the Congressional testimony by Wall Street Honchos.

    March Treasury Bonds gave back most of Tuesday’s gains after testing a 50% price level at 116’28. The new short-term range is 114’16 to 117’02. The first downside objective at 115’25 was reached at the mid-session. Talk of higher interest rates from Fed President Plosser and in the U.K. pressured fixed income instruments today. The Beige Book data did not offer anything new but traders realize that this may mean higher interest rates later in the year.

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

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