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Thursday, April 23, 2009

Daily Futures Commentary April 23, 2009

04/23/09 by Brewer Futures Group   
Filed under Forex & Futures

Thursday, April 23, 2009

Positive earnings from Apple and Ebay after yesterday’s close beat analyst estimates and are providing a catalyst for a rally this morning. Both of these positive developments could be indications that consumers are beginning to spend again. Of course these are isolated instances but none-the-less is taking traders’ minds off of the U.S. banking issues. The real test will be whether the June S&P 500 has the buying power to drive through 875.00.

Traders will also be watching today’s initial claims report. Pre-report estimates are for this number to continue to rise above the critical 600,000 level. U.S. banking issues are likely to continue to linger. Investors are still trying to get a grasp of the impact on the market when the government begins to reveal the results of its recent bank stress tests.

It looks as if investors are still a bit shaky and are likely to keep the equity markets in a range until more solid evidence of a recovery is revealed.

Yields on 10-year notes are at their highest levels since the Fed announced its buyback program on March 18. Treasuries …
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