Daily Futures Commentary April 16, 2010
Friday, April 16, 2010
U.S. equity markets are expected to open lower following a sell-off in Google stock after the company reported better than expected earnings last night. This morning the
markets are expected to be driven by earnings reports from General Electric (GE) and Bank of America (BAC).
This week, for the most part, traders have ignored the U.S. economic reports and have instead chosen to focus on the slew of earnings reports. The exception to this was
Wednesday’s testimony by Fed Chairman Bernanke who green lit the market by reiterating that interest rates will remain low for a prolonged period. The long-term trend is expected to remain up until
the Fed begins to hike interest rates. Until then Wall Street will take advantage of the bucket loads of almost free money swirling around the equity markets.
Traders should watch for a potential break late in the session today when Kansas City Fed President Hoenig speaks. His comments broke the market last week when he
mentioned hiking interest rates and the potential for a stock …
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