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The Dow Futures Report
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Markets digest details of treasury plan to clear toxic assets
Wed, Mar 25 2009, 06:13 GMT
by Paul Brittain
US EQUITIES STAGE RETREAT ON CLOSE. LATE RALLY IN LONG END OF YIELD CURVE MOVES MONEY FROM EQUITIES. MARKETS DIGEST DETAILS OF TREASURY PLAN TO CLEAR TOXIC ASSETS.
US Equities fell back, closing near the lows of the session. However the pullback was considered relatively modest in the wake of Monday’s massive rally as the outline for the US Treasury plan to remove toxic assets from financial institutions books was presented. The pullback was lead by the financial sector-Monday’s biggest gainer- as caution regarding the success outlook and potential cost, both monetary and with regards to future control over the institutions. Citigroup, Bank of America, and Wells Fargo were the biggest decliners in the sector. Morgan Stanley bucked the trend, rising over 2% on expectations that the bank will be in one of the best positions to attract private investors to its version of the public/private investment pool.
The overall positive tone for equities throughout the session was also supported by a report that home prices actually rose in February and that mortgage demand was expected to increase in 2009. Equities did turn negative and headed for the lowest of the session after the Federal Reserve announced that it would begin purchasing Treasuries on Wednesday. This announcement caused the long end of the yield curve to rise over 2 basis points, creating a chase for secure yield which caused money to move out of equities and into higher yielding fixed income. Commodity and energy stocks also fell as energy prices retreated ahead of Wednesday’s EIA inventory report as well as a recovery in the US dollar against most of the major currencies.
Technically, June Dow Futures did not make any major technical moves today and remained well within key support and resistance levels. Significant resistance remains between 7960 and 7995. Support remains in place at 7260. Market appears poised to fill in gap back to 7520 before regaining upward momentum to retest resistance levels.
| EQUITY RANGES | OPEN | HIGH | LOW | CLOSE | CHANGE |
| DJM9 (JUNE DOW) | 7640 | 7745 | 7598 | 7620 | -92 |
| SPM9 (JUNE S&P) | 809 | 819.8 | 801.2 | 803.4 | -13.90 |
| NDM9 (JUNE NASDAQ) | 1245 | 1255 | 1231 | 1236.25 | -15.75 |
Published on Wed, Mar 25 2009, 11:35 GMT
Archive
- US Equities higher on better than expected pending home sales
Published On Wed, Jun 3 2009, 07:52 GMT - Sustainability of funding for economic recovery comes into question
Published On Thu, May 28 2009, 06:04 GMT - US Stocks rally as consumers sense recession may be bottoming
Published On Wed, May 27 2009, 06:17 GMT - US Stocks fall
Published On Fri, May 22 2009, 06:52 GMT - US Stocks retreat from early gains
Published On Thu, May 21 2009, 06:39 GMT
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