Volatile Sessions Due to the Pessimistic Outlook of the U.S Dollar

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Volatile Sessions Due to the Pessimistic Outlook of the U.S Dollar

Post  harpal1980 on Wed Sep 30, 2009 2:34 am

The last 2 trading days have been characterized by high volatility as the major stock indices have bounced back, retracing last week’s losses. U.S. stocks opened higher during Monday’s session, as traders were encouraged by a steady trickle of merger-and-acquisition news, reminding investors that companies are taking further measures to prevent a further crisis.

According to MarketWatch Abbot Labs and Xerox, drove the indices higher, mentioning multi-billion Dollar deals to overcome the current crisis. The deals had an immediate positive affect on the session as the uncertainty regarding certain companies was cleared up.

Today’s U.S session has so far presented a lot less movement, compared to yesterday’s session. Even though the indices are feeling yesterday’s aftershock, today’s data has presented so far mixed signals. On one hand, the S&P/CS Home Price Indices Composite, showed that the housing sector in the U.S is slowly improving coming out at -13.50%, compared to a consensus -14.50%. On the other hand CB consumer confidence showed a disappointing result, coming out below expectations at 53.1.

From a technical point of view, the S&P500 retraced higher yesterday but is now failing to present the same type of momentum, during today’s session. One should observe price action, as the current range could hold.



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harpal1980

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