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Monday, March 15, 2010 - Weekly e-Newsletter & Commentary -
Issue No. 398
| Economic Calendar |
| Date |
ET |
Release |
For |
Consensus |
Prior |
| Mar 15 |
08:30 |
Empire Manufacturing Survey |
Mar |
23.45 |
24.91 |
| Mar 15 |
09:00 |
Net Long-Term TIC Flows |
Dec |
NA |
$63.3B |
| Mar 15 |
09:15 |
Capacity Utilization |
Feb |
72.3% |
72.6% |
| Mar 15 |
09:15 |
Industrial Production |
Feb |
0.0% |
0.9% |
| Mar 16 |
08:30 |
Building Permits |
Feb |
614K |
622K |
| Mar 16 |
08:30 |
Export Prices ex-ag. |
Feb |
NA |
NA |
| Mar 16 |
08:30 |
Housing Starts |
Feb |
587K |
591K |
| Mar 16 |
08:30 |
Import Prices ex-oil |
Feb |
NA |
NA |
| Mar 16 |
14:15 |
FOMC Rate Decision |
Mar 16 |
0.25% |
0.25% |
| Mar 17 |
08:30 |
Core PPI |
Feb |
0.1% |
0.3% |
| Mar 17 |
08:30 |
PPI |
Feb |
-0.1% |
1.4% |
| Mar 17 |
10:30 |
Crude Inventories |
03/13 |
NA |
1.43M |
| Mar 18 |
08:30 |
Core CPI |
Feb |
0.1% |
0.2% |
| Mar 18 |
08:30 |
CPI |
Feb |
NA |
NA |
| Mar 18 |
08:30 |
Initial Claims |
03/13 |
NA |
NA |
| Mar 18 |
08:30 |
Continuing Claims |
03/13 |
0.1% |
-0.1% |
| Mar 18 |
08:30 |
Current Account Balance |
Q4 |
NA |
-$108.0B |
| Mar 18 |
10:00 |
Leading Indicators |
Feb |
0.2% |
0.3% |
| Mar 18 |
10:00 |
Philadelphia Fed |
Mar |
NA |
17.6 |
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| View Our Complete Economic Calendar |
| |
| E-Mini Futures Commentary |
| Andrey Korchnoy, CTA, Sr. Systems Analyst |
U.S. stocks advanced for the third time in four weeks, rising all five days, after reports on employment and consumer spending bolstered speculation that economic growth will extend a yearlong rally. The Standard & Poor’s 500 Index climbed 3.1 percent in the week to 1,138.7, 1 percent below a 15-month high reached in January. The Dow Jones Industrial Average advanced 2.3 percent to 10,566.2, while the Nasdaq Composite Index jumped 3.9 percent to 2,326.35 for the biggest gain since October.
Click here to read more. |
| |
| Gold Futures Commentary |
| Trenton Kimminau, Margins
Analyst/Futures Broker |
 Gold prices jumped to a one-month high the first week of March. April futures hit $1145.80 per ounce on Wednesday on weakness in the dollar. The Dollar Index dipped below 80 that day. Friday, the dollar turned lower versus the euro after Greece's parliament approved proposed austerity measures. U.S. nonfarm payrolls dropped by 36,000 last month, which was fewer than economists had projected. The nation's unemployment rate was unchanged at 9.7%; economists had been looking for an increase to 9.8%. The news influenced Friday's trading as traders consider the situation.
Click here to read more. |
| |
| Currency Futures Overview |
| Andrey Korchnoy, CTA, Sr. Systems Analyst |
 The dollar posted its biggest five-day gain versus the yen in two weeks as fewer Americans lost jobs last month than economists forecast, increasing the likelihood that the U.S. economic recovery remains on track. Futures traders decreased bets that the euro would decline from the highest on record as Greece prepared to tackle Europe’s biggest budget deficit. Canada’s dollar appreciated to the highest level since January and posted a weekly advance as the U.S. Labor Department’s payrolls report showed employers cut fewer jobs last month than economists forecast.
Click here to read more. |
| |
| Crude Oil Futures Commentary |
| Devin Brady, Sr. Market
Strategist/Futures Broker |
 Crude oil finished the week at a 2-month high, with the April contract settling at $81.50 a barrel. Stronger than anticipated jobs data, statements from China citing they would maintain their economic stimulus, and un uptick in US oil demand was noted for much of the weeks action. China, the world’s second largest energy consumer, estimated oil demand to rise more than 5-percent compared with a 3.7-percent gain last year, the China National Petroleum Corp. said. China processed 29-percent more crude oil in January than a year earlier as the economic recovery spurs demand.
Click here to read more. |
| |
| Forex Commentary |
| Josh Lampel,
Futures/Forex Broker |
Over the past twelve to eighteen months, the markets have moved more or less in tandem. This is a by-product of investor sentiment standing in as the dominant fundamental driver for the market value. Through 2009, the primary trend was the relief as crises ended and speculative capital would once again find its way into the market and subsequently raise asset prices. However, this rally could not last forever; and we have seen a sharp correction in the levels of the market and sentiment since the beginning of the new year. No doubt, risk trends will steer volatility and trend for some time to come; but those investors that are truly savvy have already begun to monitor the breakdown of this all-encompassing correlation. Already, we have seen the correlation between the benchmark currency and fundamental theme deteriorate this past week. Why is the greenback veering off course and will this break from strong tradition continue?
Click here to read more. |
| |
| Grain Commentary |
| Joel Parker,
Professional Grain Trader |
 Last week gave us more of what we have seen over the last month, with Friday's session very light and aimless. The market continues to be range bound and non-committal.
Fresh fundamental news or outlooks will most likely be needed to break prices from the range - this could come from long-term weather forecasts for a wet spring here, or from weather affecting the harvest currently beginning across most of Brazil and Argentina.
For the week ahead, traders should watch the USDA's March supply/demand report which is due out on Wednesday - this could move the market. As well, watch the dollar (dollar up - grains down), crude (crude up - beans and corn up), and the weather forecasts coming out of South America for general direction.
Click here to read more. |
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