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The Dow Futures Report
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Financials rebound in wale of poor data
Wed, Apr 1 2009, 07:07 GMT
by Paul Brittain
EQUITIES MAINTAIN VOLATILE TONE, REBOUNDING FROM MONDAY DROP ONAGGRESSIVE “REINVENTION “CHALLENGE FROM AUTOMAKERS, FINANCIALS REBOUNDIN WAKE OF POOR DATA.
US Equities demonstrated their seemingly never endingvolatile tone as the markets regained their poise as the end of themonth and the quarter posted the strongest monthly gains in years.Despite the release of several pieces of worse than expected economicdata, the markets seemed to regain composure and an appetite for risk,as demonstrated by the lackluster performance of safe haven currenciesand traditional hedging products (gold & silver).
The markets achieved initial positive sentiment on theback of financials which rallied in the wake of the TED spread breakingbelow a key psychological level.
Traders perceived this as a sign ofincreasing confidence in the banking sector as well as possibleincreased in financial institutions willingness to offer credit. Inaddition, the markets received additional support from announcements byFord and General Motors of new loan payment support plans for buyersthat lose their jobs. While the stocks themselves came under pressure,the overall effect on market psychology was quite supportive.
Technology and material stocks gained on analysts upgrades forMicrosoft and Alcoa. Copper prices also posted their largest monthlygains since 2006. The gains were fueled by a weaker US Dollar,potential shortages in copper stores, and perceived increases in demandfrom China.
Equities will likely remain volatile as they have during the USpayrolls week.
Wednesday offers the first glimpse of the employmentpicture for March with the release of the ADP employment report. Itcomes as little surprise then that the equity markets staged a strongpullback at the close of the session which followed through into theaftermarket session.
Technically, June Dow Futures filled in the gap leftfrom yesterday’s pullback, retracing to the 7620 level. The marketappears to be looking for further downward movement back to the 7480level. A stronger level of support appears to be setting up at 7395. Ifthis level can hold, look for move back to 7620. Otherwise, the marketshould continue down further to 7290.
| EQUITY RANGES | OPEN | HIGH | LOW | CLOSE | CHANGE |
| DJM9 (JUNE DOW) | 7562 | 7670 | 7501 | 7562 | 62 |
| SPM9 (JUNE S&P) | 791.50 | 807.00 | 786.70 | 794.80 | 10.50 |
| NDM9 (JUNE NASDAQ) | 1233.00 | 1258.00 | 1226.00 | 1237.50 | 14.75 |
_20090402105853.JPG "Dow J")
Published on Thu, Apr 2 2009, 10:59 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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