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Dollar Mixed as Markets Await Tomorrow's FOMC

By Marc Chandler
06/23/09 7:23 a.m.

The U.S. dollar is mixed, with the euro and Swiss franc recouping yesterday's losses. Weaker-than-expected euro-zone PMI services data have had limited impact, but the single currency is now overextended and is likely to again fail to make a clear break above $1.4000.

The British pound continues to trade with a weak tone, hurt by yesterday's weak Rightmove HPI and concerns about the political situation with Prime Minister Gordon Brown's party slipping in the polls. The Japanese yen has extended gains against the dollar, but yen gains against the crosses have seen Japanese investors take advantage of the weaker crosses. The Scandinavian currencies are slightly firmer on the day, recouping overnight losses along with the antipodeans.

Morning Prep

By Ken Wolff
06/23/09 8:45 a.m.

We have a weak gap up today, and that means we continue to get weak buying after yesterday's drop. The last four or five days of trading, when we saw a gap up, it was followed by early buying. A gap down was followed by early selling. Usually you will get a pop on gap downs, and a drop on gaps up, then the market goes in the direction expected. ... With the weakness yesterday, I am not expecting much buying this morning and will seek to short any pops. ... When and if the the buyers show up is not a predictable situation; we may remain very narrow until we get the feds behind us, although I doubt anyone is expecting any action from the feds that would stir the momentum pot. ... Good report on

Boston Scientific

(BSX) - Get Boston Scientific Corporation Report



, and it has some momentum. ... I will be interested after a small drop...

No positions

Integrated Oils and Crude Oil Futures

By Howard Simons
06/23/09 9:55 a.m.

TheStreet Recommends


(CVX) - Get Chevron Corporation Report

downstream operations are about five times larger than its upstream; downstream is refining, marketing and transportation, while upstream is exploration and production.

Add in the chemicals and natural gas, and you have a company that is short crude oil exposure. It buys crude oil on the open market and therefore is exposed to rising costs. Therefore, its two-year beta to one-year crude oil future strip prices (12 months ahead) of 0.513 should surprise no one, and the r-squared or percentage of variance explained for this relationship of 0.246 is pretty low.

The integrateds such as Chevron and

Exxon Mobil

(XOM) - Get Exxon Mobil Corporation Report

and Chevron should not be considered proxies for crude oil prices.

Boeing Delay

By Robert Marcin
06/23/09 10:10 a.m.


(BA) - Get Boeing Company Report

fifth delay of its 787 is a significant negative and will probably clip the budding rally in the aerospace sector. As much as I would like to invest in these names, they are overbought with a deteriorating earnings outlook on the aero cycle. The 787 news just adds another headwind.

No positions

Put/Call Ratio

By Helene Meisler
06/23/09 12:25 p.m.

As of this hour, the equity put/call ratio is in the 90% area. There are still many hours to go in the trading day, so we might not close there, but we haven't had a reading with a "9" handle since early March -- before the low.

This negative sentiment would be coming just as we're getting oversold (see today's column) and just as we head into the end-of-the-quarter markup period.

Positions: Looking for an oversold rally into quarter-end

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