Fed Unlikely To Act in Near Term According to James Bullard

Equity Drifts Higher, Dollar Slightly Weaker

Wall Street continued to sustain its gains on Monday, pushing the three major Indexes upwards. The Dow Jones Industrials will start the day above 22,100, and the S&P along with the NASDAQ have seen strong buying too. St. Louis Fed President, James Bullard, gave an interview yesterday saying he believes the Federal Reserve should not take further action in the near term. Today the JOLTS Job Openings data will be brought forth for study. The U.S Dollar has been slightly weaker in forex the past day.

China Trade Balance above Estimates

Trade Balance numbers from China were better than their estimates. However, Asian equities have been tentative early this morning as traders may be nervous about the long term highs Japanese Indexes are testing. Bank Lending and Current Account figures from Japan published today hit their targets. Tomorrow important Consumer Price Index data will come from China.

Euro and Pound Recovers

The Sentix Investor Confidence survey from the European Union essentially met its expectation yesterday. And the Halifax Home Price Index from the U.K beat its forecast. The Euro and Pound rebounded against the U.S Dollar. German Trade Balance numbers have been released this morning, but it is comments from U.S Federal Reserve members like James Bullard who said late yesterday, now is not the time for another interest rate hike from the U.S central bank which is sparking market sentiment.

Crude Oil Range-Bound before Supply Numbers

Crude Oil has traversed a tight range the past day and has seen plenty of technical trading the past week. The 49.00 U.S Dollars a barrel ratio remains an important testing ground for support. Crude Oil may continue to see a test of its range as supply data from the States approaches tomorrow.

Yaron Mazor is a senior analyst at SuperTraderTV.

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