Monday, June 08, 2009

Pre-Opening Briefing: Intermarket Themes Continue

This morning we see a continuation of the themes noted on Friday. Treasury rates are firmer; the dollar is stronger vs. the euro (above chart); commodities are weaker; and U.S. stocks are selling off. We are only a few points above the May highs in the ES contract; I'm watching closely for a return to that range and test of the early June lows.