Financials Fret Over Reports
Financial futures are trading in a pattern that
reflects concern that this week’s slate of reports and statistics will show
economic weakness. Consumer confidence, gross domestic product, weekly
jobless figures, the monthly employment report, and factory orders are among
the closely watched reports due this week.
Stock index futures are selling off — particularly
blue-chip
Dow futures
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PowerRating). Dow and S&P futures
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are also responding to
Turtle Soup Plus One
Sell setups, and Nasdaq 100 futures
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registering a Soup sell signal Friday, making good on the setup for a second
consecutive day.
T-bonds
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high and came back to opening levels to provide entry before rallying to new
highs. This is a Momentum-5
List market and was in the Nightly
Futures Report.
With the reports expected to be weak, traders are
exiting dollar positions. Euro FX futures
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one of their biggest days in weeks, gapping up overnight and continuing
higher in the day session. Strength in the euro FX contract is one of the
primary culprits in weakness in dollar index futures
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which are down 1.35 at 114.55.