Today's Market, Dollar, Oil Outlook: Strategists

Markets mostly fell on Friday after a report showed consumer sentiment softened in March. Boris Schlossberg, director of research at GFT Forex, Ben Lichtenstein, president of TradersAudio and Peter Beutel, president of Cameron Hanover shared their outlooks on equities, currencies and commodities.

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Stocks:

“This is one of the busiest days in terms of economic releases that we’ve seen all week,” Lichtenstein told CNBC.

“It’s been a subdued trading session with light volume, as the rollover takes most of the focus away from the futures.”

“I don’t know of any bears that are willing to get in the way of this, right now—it’s been 10 or 11 up days in a row and there’s an enormous amount of strength associated with that,” he continued. ('Fast Money' Counterpoint:Bears Poised for Mindless Rampage?)

Currencies:

The euro rose against the dollar on Friday as traders covered short positions, or bets that the euro had more room to fall, to prevent losses.

“It’s not a story of dollar weakness—it’s a little bit of euro strength today,” Schlossberg told CNBC. “There’s a report that Germans and French are coming up with a $55 billion euro rescue for Greece and as long as there’s a pan-European solution going on for some of these problems, that relieves a little bit of pressure.”

Energy:

Oil rose above $82 on Friday, poised for a second consecutive weekly gain on a weakening dollar and as views emerged that energy demand would continue to grow in the developing world.

“The funds are buying oil and they are selling natural gas,” noted Beutel. “Somebody’s got a huge spread on where they are long the oil and short the natural gas—they’re pushing the natural gas abnormally low and pushing crude oil artificially high.”

Beutel said oil prices have been higher on the economy and equities.

“And we do have a strong seasonal for prices to move higher from March to May,” he added.

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Top Dow Gainers (As of Mid-Morning):

American Express

Caterpillar

Home Depot

McDonald's

JPMorgan

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Disclosures:

No immediate information was available for Beutel, Lichtenstein or Schlossberg.

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