Thursday morning, the S&P 500 Index e-mini futures (ES-Z2) are trading lower by 2.50 points to $1350.50 per contract. The major stock indexes look vulnerable again as a ton of economic data was released earlier today. First, the European stock markets are signaling a recession is already underway. GDP contracted in both Spain and Italy. The European stock markets are trading slightly lower on the trading session.
In the United States, the initial weekly jobless claims jumped by 78,000 to 439,000 new weekly jobless claims. Most of these new claims are due to the recent destruction from Hurricane Sandy in the North East United States. Yesterday, the stock markets plunged lower as investors continue to fear the problems in Europe, the U.S. fiscal cliff, and the resent tensions in the Middle East.
Last night, the leading Asians stock markets were mixed. The highly popular and followed Nikkei 225 Index surged higher by 1.90 percent. The catalyst for the rally in Japan was once again more easing by Japan’s central bank. It seems that money printing is the only way to inflate stocks.
On the flip side, the popular and highly followed Shanghai Index (China) declined by 1.20 percent. So this tells us that Japanese ADR's could be strong today if the U.S. stock markets can catch a bid. If the U.S. stock markets are weak then traders should not expect much upside from the Japanese ADR's. Some leading Japanese ADR's that could be in play today include Toyota Motor Corporation (ADR) (TM), Honda Motor Co Ltd (ADR) (HMC), Sony Corporation (ADR) (SNE), and Canon Inc. (ADR) (CAJ).
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Markets Are Oversold, But Still Remain Under Fire
Published 11/15/2012, 12:33 PM
Updated 07/09/2023, 06:31 AM
Markets Are Oversold, But Still Remain Under Fire
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