Wednesday, August 12, 2009

Overnight Market Review 08/12/09

The market finally made it to the 38% correction level of the 2007 high - 2009 low range. Ironically, people don't want the market to test the March low, but we would probably have a more bullish market in 2010 if the market did have a successful test of the March low.

International Trade at 0830 ET, Petroleum Status at 1030 ET, 10-Yr Note Auction at 1300 ET, Treasury Budget at 1400 ET and the FOMC Announcement at 1415 ET.
The Asian markets traded the market down, but the Europeans traded the market back into yesterday's range. The 10-Yr Note Auction might have as much an effect on the market as the FOMC Announcement.

No comments:

Post a Comment