 Commentary: October 29, 2008
Written by CMC Markets
In Today's Issue:
North American Indices and Commodities: Equities Pause While Commodites Rally
In the wake of yesterday's big equity rally, US equities appear to be pausing while commodities have continued to soar. At this point, US equities seem to be in a holding pattern with the Dow Industrials (US30 CFD) trading near 9,000 and the S&P 500 (SPX500 CFD) testing resistance near the 940 level. The market reaction to today's Fed interest rate announcement due at 2:15 pm ET may provide a significant guide to market sentiment heading into the end of the year. So far, equities have been holding yesterday's gains, which suggests that buying interest may be increasing. It is possible, however, that some investors may be waiting to sell into the Fed news regardless of what rate change occurs to take profits or raise cash. The Fed also may be walking a fine line between being seen as doing enough to try to boost the economy but at the same time trying to avoid being seen as panicking which may renew concerns over the economy. At this point, a 50 basis point cut appears to be widely expected.
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Commentary: October 27, 2008
Written by CMC Markets
In Today's Issue:
North American Indices and Commodities: Equity Declines Moderate So far, today's trading appears to be shaping up as a potential repeat of Friday. Initially, it had appeared that equity markets may sell off as overnight equity markets and index futures dropped sharply in the early morning hours, although not by quite as much as Friday. Once markets on this side of the pond opened, however, equities started to rebound and trip opening losses, particularly following additional successful tests of key support levels such as 8,000 for the Dow Industrials (US 30 CFD), 825 for the S&P 500 (SPX500 CFD) and 540 for the S&P/TSX 60 (Toronto60 CFD).
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Commentary: October 24, 2008
Written by CMC Markets
In Today's Issue:
North American Indices and Commodities: Equities Show Resilience While Commodities Test Key Support Levels North American markets started out the day on a negative note, dropping off sharply following steep declines in overseas markets and futures trading that saw major US index futures end their overnight sessions limit down. This suggested that another round of forced liquidations may be underway possibly from the unwinding of hedge fund positions related to redemption requests or margin calls.
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