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FX Futures Edge: World Markets Lower, Awaiting Fed Minutes

ByRichard Rhodes
Published 07/10/2013, 10:16 AM
Updated 07/09/2023, 06:31 AM
FORECAST

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STOCKS: The world economy is weakening: the US payroll tax increase and “sequestration” are pressuring the US economy; China is being pressured by Japan, and has “dampened” their housing market. the Eurozone remains mired in “inaction.” For now, although we feel that risk is being mispriced at current levels given recent pressure upon world economic figures and the developing pressure upon corporate margins/ earnings — the consensus is that the world’s central banks will save the day.

STRATEGY: The S&P 500 remains above the 160-wma long-term support level at 1333; and the standard 200-dma support level at 1511. But perhaps more importantly, the distance above the 160-wma has has now faltered below the +23% “bubble-like rally” threshold. This is a warning sign to be sure; especially given 1600 was violated to the downside.
S&P 400 Mid-Cap Index
WORLD MARKETS ARE LOWER ON BALANCE as today’s trade until 2pm ET is considered to be “squaring action” as the Fed will release the minutes of the June 18- 19 FOMC meeting. In Asia, Japan closed higher, while China closed higher. Of course this is due to the market’s “hope” that monetary stimulus will be forthcoming given overnight reports that June exports and imports declined rather sharply when they were expected to rise – imports were expected to rise by +8.0%, but fell by -0.7%; exports were expected to rise by +4.0%, while the figure printed a loss of -3.1%.

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