On March 9, 2012 by TradingDesk

A deal to swap out old Greek bonds for new Greek bonds was successful yesterday, and that made stock and commodity buyers happy. This morning, the ISDA is meeting to decide whether the forced action qualifies as a default event, which would trigger the huge amounts of insurance contracts purchased on this debt, which is the last hurdle to clear before we can stop watching Greek headlines for the week.

Energy prices were also boosted by rumors that US and Israeli leaders had worked out a secret deal on the timing of attacking Iran. The White House denied the claims, but traders apparently believed them.

The dollar is rallying this morning following the Non-Farm payroll report which showed 243,000 jobs added in January, and a seasonally adjusted unemployment rate at 8.3%, and U6 unemployment up 1% from December at 16.2%.

The strong dollar/weak euro combo is pushing energy futures fractionally lower this morning, although longer term direction is still unclear. Technical studies offer arguments for both bulls and bears, so we’ll go back to flipping coins to predict where the market will go.

CLICK HERE for a PDF of today’s chart



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