SubscribeDaily Futures Commentary FINANCIALS March 20, 2009
Friday, March 20, 2009
OVERVIEW
The Dollar is gaining ground overnight as traders take profits following the largest weekly drop in 24 years. The rally in the Dollar is triggering a profit-taking break in the gold market and other Dollar-denominated commodities.
U.S. equity markets are under pressure on profit-taking and weak Asian and European markets. News that Sony Ericsson and Palm will post losses is also providing weakness to the market.
Today is a stock option expiration day. Because of the recent sharp rally, today may see volatile two-sided trading.
The main concern should be the Dollar. Traders are beginning to wonder if the break was too much too soon as European and Asian economies are not even close to recovering.
Financials: Trading higher. It looks like buyers are still present.
Stock Indices: Equity markets are down on profit-taking and reported losses.
Currencies: Dollar is up overnight. Oversold condition could trigger short-covering.
Energies: Crude oil is moving with the Euro once again.
Metals: Stronger Dollar pressuring precious metals.
Grains: Big run-up this week could lead to profit-taking today.
Softs: Stronger Dollar could …
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