Financial strategist Richard Suttmeier talks about how the greenback’s gains are treating the market.
“Supply weighs on risk aversion for US Treasuries. Dollar strength, euro weakness hits gold, copper and crude oil. The weekly chart for the Dow Industrial Average, and housing, and community and regional banks
The US Treasury announced $81 billion in note auctions for next week. Wall Street must underwrite $40 billion in 3-Year notes on Tuesday, $25 billion in 10-Year notes on Wednesday and $16 billion in 30-Year bonds on Thursday.
The yield on the 10-Year is trading around my semiannual pivot at 3.675, which is my line in the sand between supply concern and risk aversion. A weekly close richer than 3.675 continues risk aversion with potential strength to my monthly resistance at 3.504. Otherwise weekly support is 3.858 which may be necessary to absorb all of the supply…”
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About Richard Suttmeier:
Richard Suttmeier’s latest blog analyzes earnings from Intel, the most important technology stock, JP Morgan Chase, the most important “too big to fail” bank, and break-out’s for Comex copper and Nymex crude oil.
Richard Suttmeier is the chief market strategist for ValuEngine.com. Richard is an industry leader on the housing market and banking system and writes a newsletter covering The Great Credit Crunch. He produces a List of Problem Banks by name. He produces daily and weekly briefings covering the US Capital markets. Richard Suttmeier’s ValuEngine Four In Four video is available on forextv.com.
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