Optimism Helping to Drive U.S. Equity Markets Higher
U.S. stock markets are trading sharply higher at the mid-session, driven by reports that the Greek sovereign debt problems will be resolved shortly. Stock investors are driving up stocks across the board as confidence is being restored to the markets. Bargain hunters have also stepping in to take advantage of lower priced equities.
On Monday, the Dow closed under 10,000 for the first time since November 2009. Some read this as a bearish sign while other saw this as a chance to gobble up cheap stock. For days, the major indices had been trading as if waiting for a catalyst. The developing story out of the Euro Region is the catalyst behind today’s sharp rise.
Treasury futures are trading under pressure today because of technical and fundamental reasons. Demand for higher risk assets is leading to liquidation of safety plays put on by nervous investors last week. Additional pressure is coming from the increase in supply from the upcoming Treasury auction. One sign of impending weakness is the penetration of a support level at 118’24.
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