Bill Cara’s Blog for Mar 13, 2012
CTA Trading Desk Morning Report
[7:00am ET] Good morning.
While not all sector stocks are cranking on all cylinders, it’s a fact that the US equity market is now at the highest price level since June 2008.
This morning, buoyed by stronger global economic data and a further period of low interest rates and quantitative easing that will eventually help restore the financial strength of the major international banks, traders have adopted the ‘risk on’ mind-set.
Europe is in the green today and it’s not even St. Patrick’s Day!
Metals are a tad late to join the party, but I believe they will. You cannot afford to be missing the low prices in some of the metals stocks.
Have a good day. Today I get back to trading!
Good morning, Geoff here.
February Retail Sales came in at 1.1% which exceeded January’s 0.6% and is the largest since September. Are consumers spending more? Two-thirds of the increase is due to rising gasoline and auto sales. Excuse me, but why is a rising gas cost seen as positive? Oh well, who am I to stand in front of the algos if they want to run the market to new highs on headline numbers.
The FOMC announcement is scheduled for release at 2:15 ET. The Fed is expected to leave rates unchanged and traders will be looking for clues of future stimulus. Regardless of what the official statement says, if it isn’t clear to you by now that stimulus is not stopping anytime soon, I don’t know what to tell you.
Don’t be surprised to see the market trade in a fairly narrow range until after the Fed announcement. We may get a new closing high in the S&P 500 so be prepared for that.
Have a great trading day!
Here are the 7:00am ET snapshots of the latest equity market trading results for Europe, and futures prices plus 5-minute charts of the futures for S&P 500, 30-year US Treasury Bond, US Dollar index, Gold and Crude Oil.
|Symbol||Name||Last Trade||Change||Related Info|
||28.15 (1.31%)||Components, Chart, More|
||26.90 (1.18%)||Components, Chart, More|
||39.78 (1.14%)||Components, Chart, More|
||73.79 (1.07%)||Components, Chart, More|
||3.91 (1.20%)||Components, Chart, More|
|^OSEAX||OSE All Share||484.39
||3.63 (0.76%)||Components, Chart, More|
||3.67 (1.07%)||Components, Chart, More|
||44.54 (0.72%)||Components, Chart, More|
||48.73 (0.83%)||Components, Chart, More|
||5.00 (0.51%)||Chart, More|
||4.98 (0.31%)||Chart, More|
|GD.AT||Athex Composite Share Price Index||743.27
||9.38 (1.28%)||Chart, More|
The team will check in during the day, reporting in the Discourse when there is a new entry.
Enjoy your day.
Cara on Trends & Cycles
Vad’s Catch of the Day
Kaimu’s Sound Money
CTA Trading Desk Mid-Day Report
CTA Trading Desk Post-Close Report