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World economies are contracting at a rate faster tha central banks can manage

Market News

Top Day Market News

7.12.12

Yesterday’s tape action was fairly abysmal. The bulls were banking on the possibility of stimulus language in the communique of the FOMC minutes. Unfortunately, there wasn’t any. Overnight, the EC is at a fresh two year low. Without free money from the Fed, gold is lower as well. Yields on German short dated maturities are essentially negative at -0.029%. Employment in Australia came in less than expected. Yield on the 10 year is below 1.5%. The increase in gas and heating oil supplies yesterday would be accompanied by a decline in crude stocks, which it was. The key though is that the increase in product stocks really reflects a decline in demand which is a negative for the complex. Basically, world economies are contracting at a rate faster than central banks can manage.

Just initial and continuing claims today.

Week of July 09 - July 13

 

Date

 

ET

 

Release

 

For

 

Actual

Briefing.com

Forecast

Briefing.com

Consensus

 

Prior

Revised

From

Jul 09

15:00

Consumer Credit

May

 

$10.0B

$9.5B

$6.5B

 

Jul 11

07:00

MBA Mortgage Index

07/07

 

NA

NA

-6.7%

 

 

Jul 11

 

08:30

 

Trade Balance

 

May

 

 

-$50.6B

 

-$48.9B

-

$50.1B

 

 

Jul 11

 

10:00

Wholesale

Inventories

 

May

 

 

0.2%

 

0.3%

 

0.6%

 

 

Jul 11

 

10:30

 

Crude Inventories

 

07/07

 

 

NA

 

NA

-

4.270M

 

Jul 11

14:00

FOMC Minutes

6/20

 

 

 

 

 

Jul 12

08:30

Initial Claims

07/07

 

360K

375K

374K

 

 

 

Date

 

ET

 

Release

 

For

 

Actual

Briefing.com

Forecast

Briefing.com

Consensus

 

Prior

Revised

From

Jul 12

08:30

Continuing Claims

06/30

 

3300K

3300K

3306K

 

Jul 12

08:30

Export Prices ex-ag.

Jun

 

NA

NA

-0.5%

 

Jul 12

08:30

Import Prices ex-oil

Jun

 

NA

NA

-0.1%

 

 

Jul 12

 

14:00

 

Treasury Budget

 

Jun

 

 

NA

 

NA

-

$43.1B

 

Jul 13

08:30

PPI

Jun

 

-0.8%

-0.6%

-1.0%

 

Jul 13

08:30

Core PPI

Jun

 

0.2%

0.2%

0.2%

 

Jul 13

09:55

Mich Sentiment

Jul

 

72.0

73.5

73.2

 

 

 

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

Sept ES

U

1323.50

1337.50

1320.75

1343.25

1370.5

0

1389.00

Sept Nasdaq


PRD(D)

2553.00

2561

2539.00

2586.25

2646

2683

Sept Yen


U

124.28

124.97

125.22

126.27

126.29

126.92

Sept EC


D

120.01

121.42

122.00

122.86

125.53

128.23

Sept 10 Year


U

132.28

133.20

134.11

134.27

134.24

135.04

Sept 30 Year


U

147.00

148.14

150.15

151.25

150.22

151.16

Nov Soybeans


D

14.45

15.06

14.93

15.63

16.06

16.46

Sept Corn


PRD(D)

6.10

6.52

6.76

7.40

7.25

7.56

Aug Gold

D

1545.70

1564.30

1557

1584

1613.6

0

1644.30

Sept Silver


D

25.92

26.48

26.52

27.25

25.02

29.00

Sept Copper


D

330

336

336

347

351

360

Aug Crude


U

78.18

81.15

82.95

86.86

88.03

91.94

 

 

 

 

 

 

 

 

 News