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07:07PM (15 mins delay)
Oct 07, 2009 - 8:52 AM EDT
Bill Cara submits: [Excerpted from Bill Cara's Daily Report]Another day, another drop in the US Dollar and another boost to equities and precious metal prices. In NY, all the sectors traded higher, but Energy and Basic Materials (XLE +2.4% XLB +2.1%) were clearly favored. At the close, the S&P 500 (1,054.72 +14.26 +1.37%), DJIA (9,731.25 +131.50 +1.37%), and NASDAQ Composite (2,103.57 +35.42 +1.71%) lifted about +1.4%. Due to the commodity price sensitive drivers, the Toronto Exchange Composite (11,247.97 +145.35 +1.31%) and Venture market (1,281.40 +27.15 +2.16%) had a similar result.
Since this is a speculative US Dollar based market, let’s start there. Tuesday, the US Dollar pulled back ($USD 76.31 -0.39 -0.51%) almost to the 75 cent level. Accordingly, traders were buying risk. For the second day this week, the Euro (147.15 +0.64 +0.44%), Yen (112.63 +1.00 +0.90%) and particularly the Canadian Loonie (94.33 +0.94 +1.01%) soared, while the Pound was a laggard (159.14 -0.25 -0.16%), in fact falling a tad.
Source: Seeking Alpha (Oct 07, 2009 - 8:52 AM EDT)
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