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Market Commentary

Hold your breath.... and wait for the Fed.  They are behind closed doors now and will emerge tomorrow afternoon to tell us that rates are unchanged and the balance between inflationary pressures and growth is being maintained by the current level of rates (but probably in more complicated language).  Anything other than that will put some fire into market (direction to be decided).


  In the meantime, there is lots of data to filter through today and tomorrow.  An Inflationary reading for Canadian Industrial prices and Raw materials prices this morning, although some of that will be attributed to a quickly declining CAD$ in December vs. November.  A new measure of housing prices hits the market today - the S&P/CaseShiller Home price index.  Call the desk for more info on that one, it is a complicated measure of housing re-sales.  We will also see consumer confidence numbers later this morning.


Yesterday's session saw what looked like early morning support in the market give way, and by the end of the day we were trading significantly lower.  Yields on the Long treasury hit 5%, and the Ten years look to be following closely behind.  However, the market is starting to look oversold.  We anticipate a trading buying opportunity coming up soon, as the treasuries are starting to bounce up against what most analysts have predicted as the "higher-end" of the trading range expected this year.


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