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Italian and Spanish debt yields surge

Market News

Top Day Market News

5.30.12

All we get today is pending home sales today. Overnight, European stocks are off as Italian and Spanish debt yields surge. The EC approaches a two year low. There was a brief spike higher on a news headline which indicated that the ECB is envisioning a European banking alliance. The EC is down for the seventh consecutive day against the Yen. The yield on 10 year Spanish debt rose to 6.7% as Spain seeks to recapitalize its banks. Spain’s default risk is at record levels. Euro is at oversold levels based on RSI at 19 so be aware of snap back rallies.


Week of May 28 - June 01

 

Date

 

ET

 

Release

 

For

 

Actual

Briefing.com

Forecast

Briefing.com

Consensus

 

Prior

Revised

From

May

29

 

09:00

Case-Shiller 20-city

Index

 

Mar

 

 

-3.0%

 

-2.8%

 

-3.5%

 

May

29

 

10:00

 

Consumer Confidence

 

May

 

 

71.0

 

69.0

 

69.2

 

May

30

 

07:00

 

MBA Mortgage Index

 

05/26

 

 

NA

 

NA

 

3.8%

 

May

30

 

10:00

 

Pending Home Sales

 

Apr

 

 

2.0%

 

-1.0%

 

4.1%

 

May

31

 

07:30

 

Challenger Job Cuts

 

May

 

 

NA

 

NA

 

11.2%

 

May

31

 

08:15

ADP Employment

Change

 

May

 

 

165K

 

145K

 

119K

 

May

31

 

08:30

 

Initial Claims

 

05/26

 

 

365K

 

370K

 

NA

 

May

31

 

08:30

 

Continuing Claims

 

05/19

 

 

3250K

 

3265K

 

NA

 

May

31

 

08:30

GDP - Second

Estimate

 

Q1

 

 

1.9%

 

1.9%

 

2.2%

 

May

08:30

GDP Deflator -

Q1

 

1.5%

1.5%

1.5%

 

 

 

 

Date

 

ET

 

Release

 

For

 

Actual

Briefing.com

Forecast

Briefing.com

Consensus

 

Prior

Revised

From

31

 

Second Estimate

 

 

 

 

 

 

May

31

 

09:45

 

Chicago PMI

 

May

 

 

55.0

 

57.5

 

56.2

 

May

31

 

11:00

 

Crude Inventories

 

05/26

 

 

NA

 

NA

 

0.883M

 

Jun

01

 

08:30

 

Nonfarm Payrolls

 

May

 

 

175K

 

155K

 

115K

 

Jun

01

 

08:30

Nonfarm Private

Payrolls

 

May

 

 

185K

 

172K

 

130K

 

Jun

01

 

08:30

 

Unemployment Rate

 

May

 

 

8.0%

 

8.1%

 

8.1%

 

Jun

01

 

08:30

 

Hourly Earnings

 

May

 

 

0.1%

 

0.2%

 

0.0%

 

Jun

01

 

08:30

 

Average Workweek

 

May

 

 

34.5

 

34.5

 

34.5

 

Jun

01

 

08:30

 

Personal Income

 

Apr

 

 

0.2%

 

0.3%

 

0.4%

 

Jun

01

 

08:30

 

Personal Spending

 

Apr

 

 

0.2%

 

0.3%

 

0.3%

 

Jun

01

 

08:30

 

PCE Prices - Core

 

April

 

 

0.2%

 

0.2%

 

0.2%

 

Jun

01

 

10:00

 

ISM Index

 

May

 

 

53.0

 

54.0

 

54.8

 

Jun

01

 

10:00

Construction

Spending

 

Apr

 

 

0.0%

 

0.5%

 

0.1%

 

Jun

01

 

14:00

 

Auto Sales

 

May

 

 

NA

 

NA

 

5.0M

 

Jun

01

 

14:00

 

Truck Sales

 

May

 

 

NA

 

NA

 

6.0

 


 MARKET PLACE

Numbers are good up until the close of business today. These are strictly technical in nature, not fundamentally based or biased.


Legend

 

U is Up

D is Down

PRD is Potential Reversal Day S2 is Weekly strong support S1 is Weekly good support

DS is Daily Support

DR is Daily Resistance

R1 is Weekly Good Resistance and is calculated once a week on Sunday night

R2 is Weekly Strong Resistance and is calculated once a week on Sunday night

Levels are for the most active futures contract

Daily Support and Resistance

 

Trend

WS2

WS1

DS

DR

WR1

WR2

June

ES

D

1268.50

1291.50

1311.75

1339

1334

1353

June

Nasda q

D

2420

2472

2515.50

2575.50

2586

2613

June

Yen

D

123.92

124.75

125.47

126.49

126.42

127.26

June

EC

D

122.83

124.00

123.62

125.88

127.3

129.43

 

 

June

10

Year

U

132026

133.09

133.16

134.11

134.02

134.15

June

30

Year

PRD(U)

145.25

146.24

147.05

148.29

128.20

149.17

July

Soybea ns

U

13.13

13.48

13.66

13.99

14.20

14.57

July

Corn

D

5.27

5.53

5.41

5.78

6.24

6.70

June

Gold

D

1502

1537

1521.5

1572.9

1603

1634

July

Silver

D

26.6

27.41

27.03

28.46

29.19

29.91

July

Coppe r

PRD(U)

330

337

341

349

352

360

July

Crude

D

87.05

88.88

89.11

91.89

92.94

95.17

 

 

 

 

 

 

 

 

 
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