SubscribeDaily Futures Commentary October 26, 2009
Monday, October 26, 2009
There are no major economic reports today to drive the equity markets but a handful of earnings reports are likely to keep traders on their toes. The weaker Dollar could help give a boost to material and oil stocks which traded weaker late last week. This should help support the S&P 500. Strong results from Amazon and Apple, Inc. is helping the NASDAQ outperform the industrials. Valuations are still a concern but traders have been getting accustomed to buying dips and selling rallies. Friday marks the end of the year for mutual funds so money managers may get aggressive to drive this market higher in an effort to capture the highest yield.
December T-Bonds and T-Notes are under pressure again this morning. This week’s Treasury auctions will increase the supply of debt once again. Traders are worried that investors may ask for much higher yields than the last auction because of the rise in the equity markets. The current break reflects the new supply and the fear of higher yields.
The December Euro traded through last week’s high overnight, but attracted very little buying interest at this level. …
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