SubscribeDaily Futures Commentary October 6, 2009
Brewer Futures
Tuesday, October 06, 2009
U.S. Equity markets are called better this morning based on the strong upside action in the global stock markets. Traders are a little more optimistic today because of yesterday’s strong showing in the U.S. ISM Services Report. Last week traders were concerned about job losses and falling manufacturing, but this week traders seem more optimistic about the economic recovery.
This optimism is driving stock prices up ahead of the start of the earnings season. Gains may be pared later today as traders position themselves ahead of tomorrow’s first report from Alcoa. Investors want to see an increase in earnings fueled by increased revenues. Traders may become skeptical about the economy if earnings are up because expenses were slashed.
December Treasury Bonds and T-Notes could see downside pressure today if U.S. equity markets surge to the upside. Last Friday’s closing price reversal top is still weighing on the markets and is a strong indication that the selling is greater than the buying at current levels. T-Bonds came close to a major 50% objective late last week. This may be the technical catalyst behind the …
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