Key Market Reports and Commentary for Wednesday

W E D N E S D A Y   M O R N I N G   E X T R E M E   M A R K E T S
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KEY EVENTS TO WATCH FOR:
Monday, May 13, 2013
8:30 AM ET. April Advance Monthly Sales for Retail & Food Services

Overall Sales (previous -0.4%)

Sales, Ex-Auto (previous -0.4%)

10:00 AM ET. March Manufacturing & Trade: Inventories & Sales

Total Inventories (previous +0.1%)

10:00 AM ET. New York Fed’s Small Business Credit Survey

Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)

U.S. STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today and hit new record or multi-year highs. The
bull market in stocks rolls on. There are no early
technical clues to suggest market tops are close at hand.
Many traders and investors reckon that with interest rates
worldwide extremely low, investing in the stock market is
the only game in town that produces a decent return. The
stock index bulls have the solid overall near-term
technical advantage. It was an uneventful overnight trade
in Asia and Europe Tuesday. Fresh economic data from Europe
was mixed Tuesday. The German ZEW index for May came in at
36.4 versus 36.3 in April, but below expectations of 39.5.
However, European Union industrial production rose 1.0% in
March, the largest monthly increase in 1.5 years. Good
demand at a Spanish government bond auction is a clue that
the European sovereign debt crisis is presently residing on
the back burner of the market place stove. Australia’s
government budget was released Tuesday and it hinted
further easing of that country’s monetary policy is very
possible. That news dropped the Aussie dollar to an 11-

month low versus the greenback.

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INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

June U.S. T-Bonds closed down 19/32 at 144 1/32 today.
Prices closed nearer the session low today and hit a fresh
six-week low. Bond market bears have the near-term
technical advantage. Prices are in a steep two-week-old
downtrend on the daily bar chart. Investor money keeps
flowing into the stock market, which takes away from money
going into other investment assets, including bonds.

NYMEX CRUDE OIL http://quotes.ino.com/exchanges/?c=energy

ENERGIES: June Nymex crude oil closed down $0.96 at
$94.24 today. Prices closed nearer the session low today
and were again pressured by a firmer U.S. dollar index and
worries about worldwide demand. Crude bulls and bears are
now back on a level near-term technical playing field.
Prices are still in a four-week-old uptrend on the daily
bar chart.

June heating oil closed down 186 points at $2.8731 today.
Prices closed nearer the session low today. Bears have the
overall near-term technical advantage.

June (RBOB) unleaded gasoline closed up 157 points at
$2.8380 today. Prices closed nearer the session high today.
The gasoline bears still have the slight overall near-term
technical advantage.

June natural gas closed up 9.3 cents at $4.018 today.
Prices closed nearer the session high today and saw more
short covering. Bulls had faded recently but have the
slight overall near-term technical advantage.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

CURRENCIES: The June Euro currency
closed down 30 points at 1.2942 today. Prices closed near
the session low today, hit a fresh six-week low and scored
a bearish “outside day” down on the daily bar chart. Bears
have the near-term technical advantage.

The June Japanese yen closed down 29 points at .9781 today.
Prices closed nearer the session low today and hit another
fresh contract low. Bears have the solid overall near-term
technical advantage and have gained power recently to
suggest a fresh leg down in prices in the near term.

The June Swiss franc closed down 73 points at 1.0364 today.
Prices closed near the session low and hit a fresh nine-

month low today. Prices also scored a big and bearish
“outside day” down on the daily bar chart. The bears have
the solid near-term technical advantage.

The June Canadian dollar closed down 58 points at .9829
today. Prices closed nearer the session low today and hit a
two-week low. Bulls faded today and are now back on a level
near-term technical playing field with the bears.

The June British pound closed down 68 points at 1.5219
today. Prices closed near the session low today and hit a
fresh three-week low. Bulls have faded and are now back on
a level technical playing field with the bears.

The June U.S. dollar index closed up .330 at 83.690 today.
Prices closed near the session high, scored a bullish
“outside day” up on the daily bar chart and hit a fresh
nine-month high today. The bulls have good upside momentum
on their side and have the solid near-term technical
advantage.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

METALS: June gold futures closed down $8.60 an ounce at
$1,425.70 today. Prices closed nearer the session low
today. The key “outside markets” were again in a bearish
posture for the gold market today as the U.S. dollar index
was firmer and crude oil prices were weaker. The gold bears
remain in near-term technical control and have recently
gained some downside momentum. Prices are in a seven-month-

old downtrend on the daily bar chart.

July silver futures closed down $0.331 an ounce at $23.365
today. Prices closed near mid-range. The key “outside
markets” were bearish for silver again today as the U.S.
dollar index was higher and crude oil prices were weaker.
Silver bears are in overall technical control. Prices are
in a seven-month-old downtrend on the daily bar chart.

May N.Y. copper closed down 720 points at 329.00 cents
today. Prices closed nearer the session low. The key
“outside markets” were bearish for copper again today as
the U.S. dollar index was higher and crude oil prices were
weaker. Copper bears regained the slight near-term
technical advantage today.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

SOFTS: July sugar closed down 24 points at 17.01 cents
today. Prices closed near the session low and hit a fresh
2.5-year low. The key “outside markets” were again bearish
for the sugar market today, as the U.S. dollar index was
higher and crude oil prices were weaker. The sugar bears
have the solid overall near-term technical advantage.
Prices are in a 4.5-month-old downtrend on the daily bar
chart.

July coffee closed down 155 points at 144.20 cents today.
Prices closed nearer the session low. The key “outside
markets” were bearish for coffee today as the U.S. dollar
index was higher and crude oil prices were weaker. The
coffee bulls and are on a level technical playing field
with the bears but need to show fresh power soon to keep
that status.

July cocoa closed up $29 at $2,355 a ton today. Prices
closed nearer the session high. The cocoa bulls have the
near-term technical advantage.

July cotton closed up 76 points at 86.80 cents today.
Prices closed nearer the session high. Cotton bulls have
the slight near-term technical advantage.

July orange juice closed up 65 points at $1.4880 today.
Prices closed nearer the session high today and closed at a
fresh four-week high close. The FCOJ bulls have the overall
near-term technical advantage.

July lumber futures closed down $9.80 at $327.70 today.
Prices closed nearer the session low today and hit a fresh
seven-month low. Bears have the solid near-term technical
advantage. A two-month-old downtrend is in place on the
daily bar chart.

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GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

GRAINS: July corn futures closed down 4 1/2 cents at
$6.51 Tuesday. Prices closed near mid-range on a corrective
pullback from Monday’s solid gains. Drier and warmer
weather is forecast for the U.S. Corn Belt the next couple
days, which is bearish for corn. However, the extended
forecast does call for rain and cooler temperatures in the
Corn Belt. Traders are reckoning the growing season in the
U.S. is a long one, and recent weather extremes in the U.S.
Corn Belt could continue in the coming months and make for
volatile trading conditions during that time.

July soybeans closed down 4 cents at $14.15 1/4 a bushel
Tuesday. Prices closed near mid-range and did hit a fresh
six-week high early on. The soybean market bulls have the
slight near-term technical advantage. Recent wild weather
swings in the U.S. Corn Belt have called into question
whether optimum growing weather can be achieved for the
soybean crop this year.

July soybean meal closed down $2.80 at $412.30 Tuesday.
Prices closed nearer the session low. The meal bulls have
the slight near-term technical advantage.

July bean oil closed up 13 points at 49.74 cents Tuesday.
Prices closed near the session high and closed at a fresh
four-week high close. More short covering in a bear market
was featured. The bean oil bears still have the overall
near-term technical advantage. However, a bullish rounding-

bottom reversal pattern is forming on the daily bar chart.

July Chicago SRW wheat closed up 2 1/2 cents at $7.12 1/4
Tuesday. Prices closed near mid-range again and saw more
tepid short covering in a bear market. The wheat market
bears now have the near-term technical advantage.

July HRW wheat closed up 1/4 cent at $7.66 3/4 Tuesday.
Prices closed near mid-range on tepid short covering. The
wheat market bears have the slight near-term technical
advantage.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

LIVESTOCK: June live cattle closed up $0.17 at $120.75
today. Prices closed nearer the session low today. Not much
new in cattle. The key “outside markets” were again bearish
for the cattle market today as the U.S. dollar index was
higher and crude oil prices were lower. Cattle futures
bears have the solid overall near-term technical advantage.

August feeder cattle closed up $0.22 at $146.42 today.
Tepid short covering in a bear market was featured. The
feeder bears still have the solid overall near-term
technical advantage.

June lean hogs closed up $1.57 at $92.50 today. Prices
closed nearer the session high today on short covering.
Bulls regained some upside technical momentum today.

The hog bulls and bears are now back on a level near-term
technical playing field.

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T H A N K   Y O U
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