Europe and Asia equity markets were up overnight, and the U.S., after trading lower most of the weekend, rolled over and opened with a .50 cent gap in the SPY. at 10:30am, the Dow is up 73, the SPX is up 6.65. Al the other major indexes are also up. The violence in Libya continues escalate, with some observers thinking that the country could sink into civil war. Of course, that would mean a lengthy interruption of the 1.5 MBPD delivery of that prized Sweet crude. The Sauds claim they are replacing that production with an increase in their own production, however, it appears the replacement is a lower value Sour crude.
Oil traded over $100 this weekend, but sold off over night and is trading down slightly at 97.44. Gold is higher at 1410.4 and Silver is also higher at 33.57. The Euro is higher, trading at 1.3833 in spite of weakness in the debts markets for Spanish and Portuguese paper. The elections in Ireland went as expected with the long time ruling party being replaced with a new crowd. The reports are that this new crowd is very unhappy with the Bailout imposed on the previous government by the ECB and they will be negotiating a new settlement that would not place the Irish tax payers on the hook for the bad loans made by other EU banks.
The Dollar is weak again this morning, and is trading right at support according to my charts. Mr Greenback needs to get going, or the going is going to get much harder. (Like that?) The U.S. bond market continues to respond positively current events, with the 10 year Note up slightly, trading at 3.412% and the long Bond is flat at 4.503%
The Proprietary Momentum Change Indicators generated a Sell confirmation on 2/22 and it is still in effect. The recommend trades have all been stopped out with small profits, and it is not what was expected. However, they is another opportunity coming up shortly to re-enter the market, and that opportunity could come as early as Tuesday or Wednesday.
I will have some comments this afternoon on the best print for the Chicago PMI, since 1988, and the Personal Income and Saving print.
Best To Your Trading!
Bill
No comments:
Post a Comment