Monday, December 7, 2009

Morning Update/ Market Thread 12/7

Good Morning,

Again, sorry for the delay this morning, I was online, wrote my morning report and then could not get back online for nearly two hours – frustrating!

Equity futures were down very slightly this morning before the open, but came back into positive territory after the bell.

The dollar fell on weekend trading but rose sharply overnight, actually managing to regain the 76 level, now fallen back to just under at 75.80. I’ve been watching the USD/JPY cross and it has come back just a little, but needs to be watched. Bonds are up, both oil and gold are down, gold now back to $1,142, now $85 off its peak just two trading days ago.

The XLF is negative right now, it seems to be tracking almost identical to the spiral Fibonacci dates, remember, this Thursday is the 10th, the date it had pegged for the start of a crash. Again, I see a lot of instability but I don’t see signs of that yet, so it should be interesting to see what develops this week. I also note that the VIX is up almost 4% this morning while most indices are up a little.

This action still does not appear normal, the dollar being still outside of its descending wedge is significant. So, we are basically where we left off on Friday, I’m just watching the market action for now.

It’s a slow week in terms of data, nothing today until 3 Eastern when Consumer Credit comes out. Then really not a lot until Thursday with jobless claims and International Trade numbers. Retail Sales and Consumer Sentiment on Friday.

Since I’ve had such a frustrating start to my Monday, here you go!

Bon Jovi & Bob Geldof - I don't like Mondays