Stock Market Rally Fizzles into Close
U.S. equity markets started the day with a firm tone, but the rally fizzled into the close. Although the markets managed to finish higher, the lack of activity because of the holiday week, caused buyers to pull bids, sending the indices lower.
The overnight strength in the global equity markets spilled over to the U.S. markets on the opening. Demand for higher risk rose because of concerns over U.S. debt. With new Treasury debt being issued this week, foreign investors are looking for higher returns. The inability to follow-through to the upside under thin trading conditions encouraged traders to back off from the highs slightly.
Treasuries finished lower once again. Demand for higher yielding assets and a weaker Dollar helped lean on March Treasury Bonds and March Treasury Notes. The T-Bonds closed below a retracement level at 115’08, indicating further weakness is likely.
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- Intraday U.S. Dollar Rally Fizzles near the Close
- Another Perfect Day For Our Longs, Especially Our “PERFECT” Long; Never Short A Dull Market
