It appears that earnings sentiment has changed after the first week of earnings. Markets were timid going into last week, and started to chart new positive territory after some better than expected earnings. Could rallies such as today’s be too impulsive? When is the Euro crisis going to be priced in?
Corn futures continued to rise on weather concerns. Contracts were trading up 10.80 cents at 790.20 cents.
WTI crude futures rose 65 cents to $89.87 and gold futures fell $12.80 to $1576.70.
S&P 500 futures gained 8.75 points to 1367.25, NASDAQ futures rose 33.25 points to 2620.25, and Dow Jones Industrial futures rallied 109 points to 12846.00.
I have my eye on EUR/USD futures as they have been hanging around the $1.23 level for some time now. In my opinion I think that it willl break down below $1.20, I am just not sure when that will happen.
David Cornes holds a degree in economics from the University of Montana.