The S&P 500 futures continue to remain under pressure as we get to within 90-minutes of Wall St.'s open. I would expect the Dow and S&P 500 to open to the downside or close to it. I sense more fear and panic in the markets right now. The 10-year yield has dropped below the 3.00% level, the S&P 500 futures are now well below 700, and struggling to move back up.
Profit-taking has began in the spot crude market as traders are taking their cash off the table. In 30-minutes we have a monumental Trichet press conference. I expect a strong uptick in market volatility during and after Trichet's press conference especially when we get to the Q and A session.
The ECB cut rates 50bps as forecasted. Here's specifically what I'll be listening for at Trichet's press conference:
* ECB buying sovereign debt
* Potential European defaults
* Bank failures
* Bank stimulus plans
* New countries entering the EMU
* Countries potentially leaving the EMU
* Future of ECB rates
* Currency devaluation
EUR/USD key levels--
Upside: 1.2598 / 1.2626 / 1.2656 / 1.2684 / 1.2721
Downside: 1.2552 / 1.2537 / 1.2502 / 1.2473 / 1.2423
-David
Profit-taking has began in the spot crude market as traders are taking their cash off the table. In 30-minutes we have a monumental Trichet press conference. I expect a strong uptick in market volatility during and after Trichet's press conference especially when we get to the Q and A session.
The ECB cut rates 50bps as forecasted. Here's specifically what I'll be listening for at Trichet's press conference:
* ECB buying sovereign debt
* Potential European defaults
* Bank failures
* Bank stimulus plans
* New countries entering the EMU
* Countries potentially leaving the EMU
* Future of ECB rates
* Currency devaluation
EUR/USD key levels--
Upside: 1.2598 / 1.2626 / 1.2656 / 1.2684 / 1.2721
Downside: 1.2552 / 1.2537 / 1.2502 / 1.2473 / 1.2423
-David
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