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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

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Monday, October 31, 2011

Major Indices pull back on weakness in Financials and Euro

The YM, ES, NQ & TF all traded lower today on slightly higher volumes than on Friday as shown on the Daily chartgrid below.

A pullback in the Financials sector, XLF, (see my earlier post today), the EUR/USD forex pair, the AUD/USD forex pair, and the Commodities sector, DBC, (see my October 29th post) contributed to this weakness...the Financials and the Euro were particularly weak, as shown on the 1-day 1-minute percentage comparison chart below.

I heard a common thread being mentioned on the Canadian and American Financial TV networks today that there is concern about the growth potential of some of the European countries, and not just on issues regarding the recapitalization of their banks...there is uncertainty as to where any meaningful growth is going to come from over the coming quarters (for example, see my post on the weakness in the Portuguese Stock Index on October 28th)...no doubt this will be reflected in the price of the European countries' stock indices, as well as in their banking stocks in the next days/weeks...worth watching as new details on various European fincial, monetary, and fiscal issues, plans, and concerns about these unfold.