Rail Traffic Slows, Still in Line With Economic Expansion
“This week’s rail traffic data continued to show signs of positive growth though the trend has weakened in recent weeks. Intermodal traffic was up 3.2% year over year bringing the 10 week moving average down marginally to 5%. AAR offers some more details on this week’s data:”
Comments »European Markets Rise on Spanish Yields Hitting Six Week Lows
“Stocks gained in Europe to a five- month high as Spain’s 10-year bond yield fell to the lowest level in six weeks. Platinum rose after violence escalated at a South African mine, while Brent crude snapped a four-day rally.
The Stoxx Europe 600 Index added 0.3 percent at 7:20 a.m. in New York, headed for an 11th week of gains. Standard & Poor’s 500 Index futures slid less than 0.1 percent after the gauge closed yesterday at a four-month high. Spain’s 10-year bond yield fell seven basis points to 6.45 percent, the lowest since July 5. Platinum rose 0.9 percent. Brent crude fell 1.2 percent.”
Comments »Global Markets Rally While U.S. Futures are Flat
Market Update
U.S. equities rally on no bad news. Hopes are high on Spain receiving bailout money.
The S&P is poking its head above 1405 for the first time, and it seems like we will stick a close above this key resistance level.
Gold is up 0.75% or $12 and oil has begun to rally above $95 per barrel.
Spain is up 4% on their closing bell while Italy is up nearly 2%. Spain and Italy’s performance hs helped out the rest of Europe’s markets.
Treasuries on both sides of the pond have continued their rallies. The dollar remains strong.
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Initial Claims: Prior 361k, Market Expects 368k, Actual 366k
Continuing claims: 3332k, Market expects 3300k, actual 3300k
Comments »Japan, Australia, Spain, and Italy Rally While Most Markets Along With U.S. Futures are Largely Flat
Initial Claims Become an Interesting Indicator for the S&P 500 (chart porn)
Market Update
U.S. equities continue to create a flag and tread water around the unchanged line.
Gold is up a bit while other metals and mining companies lead to the downside as a result of comments out of Rio Tinto. Rio Tinto says the ‘golden age’ of China’s building is essentially coming to an end. This has iron ore and other base metals down along with Asian while European markets managed to pare losses.
Go eat a samich and chart out the end of the bull flag in the markets to see when we might have a breakout or breakdown.
Comments »June Brings the Smallest Foreign Equity Purchase and the Largest Outflow in Corporate Bonds
“The June TIC data is out, in which we find that June was not a good month for non-US Treasury purchases by foreigners. While foreign private and public sources of buying did splurge on US Treasurys in June, purchasing a total of $32.4 billion of US paper, every other category experienced a sell off, with Agencies down $604MM, Corp Equities down $4.3 billion and Corporate bonds down a whopping $22 billion: ”
Comments »Asian Markets Fall on China Growth Concerns, Metals and Mining Stocks Lead to the Downside
“Asian stocks fell a third time in four days as earnings disappointed investors amid concerns about Europe’s simmering debt crisis. Steelmakers slid after the world’s biggest ore producer said China’s golden years of economic expansion are over.”
Comments »Empire Manufacturing: Prior 7.4, Market Expects 5, Actual -5.9
Global Markets Trade Mixed While U.S. Futures are Slightly Negative Below the Unchanged Line
S&P Chart Analysis
Market Update
U.S. equities rally a bit on good retail sales numbers, ignoring bad PPI data.
Europe is closing in the green as countries lie Germany and France sidede step GDP contraction..or at least their GDP shrank less then expected. Greece also provided a head fake for markets to rally. Media reported on a successful bond auction of 4 billion euros, but in reality the money is coming from the ECB to which the european banks are doling the money out for treasury auctions in Greece….great ponzi scheme indeud.
Overall a sleepy market today.
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Good or Bad ? Fear in the Markets Have Nearly Vanished
“There are plenty of things to be fearful of these days: Europe could go back to explode mode at any second. US political uncertainty. A downturn in US data, etc.
But investors are showing plenty of signs of not caring.
From the latest note from BTIG’s Dan Greenhaus comes an important observation about the VIX, the index which measures how much investors are willing to pay for downside protection via options. It’s sometimes called the fear index because it rises with more fear.
Anyway, lately it’s been stunningly mellow, with the VIX dropping day after day.
Says Greenhaus:”
Comments »The Euro and Most European Markets Rise on Germany’s Economy Slowing Less Than Expected
PPI: Prior 0.1%, Market Expects 0.2%, Actual 0.3%….Retail Sales: -0.5%, Market Expects +0.2%, Actual +0.8%
Asia Rallies on BoJ Not Ruling Out Further Stimulus
The minutes from the BoJ were released showing the possibility of further stimulus. Asian markets celebrated the news.
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