Foreign Currencies on the Rise
Are You An Investor?
Then Get Lido Isle Advisors "Favorite 3"
Alternative Money Managers Emailed to You
by Clicking Here. Don't Miss It!
The US equity markets are staying strong just below 2013 highs as the corporate earnings season is now underway, with Alcoa kicking it off with yesterday's release. The JUN13 emini SP 500 is down 1 point today at 1558. We believe that 1550 is a very important pivot point for this market, and we also believe that there are strong bullish forces underlying trading activity. If this market can stay above 1550, we look for a move up to 1575. If earnings start to disappoint, we look for 1550 to be broken and the market to head to support at 1538. We would not be surprised to see this market move higher this month.
Precious metals are rallying today, with silver up a very strong %2.86 to $27.90. Gold is up $15 to $1586. This is likely due to both these markets being beaten down recently coupled with key global economies emphasizing their own versions of QE, e.g. Japan.
Key foreign currencies such as the Euro and the Aussie dollar are both up today. The Aussie Dollar is up 74 ticks, trading near the top of its recent range at 104.31. If the Aussie dollar can stay above this area, we look for this market to move higher. Similarly, the Euro is trading at a key resistance level. Today, this market is up .55% to 130.81. The 130.75-131.00 area was resistance throughout the month of March, and now the market is bumping up against this key area. We don't see a big reason for the Euro to rally, so we believe this resistance may hold for the short term.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING COMMODITY FUTURES AND OPTIONS IS SPECULATIVE, INVOLVES RISK OF LOSS, AND IS NOT SUITABLE FOR ALL INVESTORS.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.