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Stock Futures Down, Risk Off the Table!
By Mike Conlon | November 19, 2009
As of this writing (9:15am EST), the US stock market futures are down considerably pre-market, prompting the flight to safety trade. Therefore, Japanese yen (JPY) and US dollar (USD) are up the most from the overnight session, with Yen vs. the Aussie (AUD) +1.6% and Yen vs. the Kiwi (NZD) +2.45%.
Also to note is then yen strength is pushing closer to yearly highs vs. USD currently at 88.73. This is a combination of dollar weakness (thanks Ben!) and stalled economic growth.
Also to note is that the Canadian dollar (CAD) is off this morning, following crude oil’s decline.
And lastly, the bullish triangle pattern in GBP/JPY mentioned yesterday had now confirmed that the pattern has failed. No longs to be initiated.
This day feels like it could be a long one for stock market bulls, riding on the heels of Obama’s comments yesterday that the US risks slipping back into double dip recession. If you remember back to March about his comments about “a good time to buy stocks”, then you just may want to heed his advice.
To learn more about how correlations in the markets work, be sure to check out our currency trading courses!
Tags: AUD, Aussie, cad, comments, course, currenc, currency, currency trading, dollar, dow, economic, fx, fxedu, gbp, Il, Japan, jpy, Kiwi, market, Mike Conlon, nzd, oil, recession, ssi, stock, stocks, time, trade, USD, Yen
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