Bill Cara’s Blog for Mar 8, 2012
CTA Trading Desk Morning Report
[7:00am ET] Good morning.
The numbers of attendees (well over 30,000), exhibitors (over 1,100) and countries represented (over 120) at Toronto’s PDAC 2012 mining convention, trade show and investors exchange add up to another outstanding success for the mining industry.
So big has this event become that the cavernous south building of the Metro Toronto Convention Centre as well as the convention facilities of the adjacent InterContinental and Fairmont Royal York hotels are now inadequate. Next year’s affair will require expansion to MTCC’s huge north building as well, where I’m told the country exhibits will be displayed.
If there is one word I hear from first-time attendees it’s “awesome!” and it truly is. You cannot come here and not be impressed. If you come to learn, you will be overwhelmed with information. If you come to network, you will leave with friends from every part of the world, many of them government and corporate leaders. If you come to do business, you will get business done.
Usually I try to convey impressions of some of these exhibiting companies for your benefit. That was my intention again this year, but, unfortunately, I found myself hosting a large VIP delegation from China. One and likely two very significant professional services agreements will be the result of those meetings, but I cannot say more at this time.
Every year at PDAC, it seems, the Interventionists try to break the spirit of this group by crashing the price of precious metals. You’d hope that markets are void of these games, but we know better. We also know that metals are increasingly in demand and the discoveries less frequent and more costly as time moves on. At the same time, we know that governments throughout the world have lost control of their spending and that central banks are forced to help them meet their financial obligations, which devalues their paper currency, and lifts the prices of “real” assets, including metal. Hence, the spirit cannot be broken. These people are a force to be reckoned with.
The convention is an exhausting four day event, but this year there will be two additional days added on for me. Then I get to write the Week In Review!
I told you I needed to rest up.
As for the market; now that PDAC is over, watch the prices of metals and metals related stocks rally.
Enjoy your day.
Good morning, Geoff here.
This morning, markets are moving higher on a stronger euro. Greece moved one step closer to restructuring its debt as 60% of private holders have agreed to the offer on the table.
The Bank of England and the ECB held interest rates steady.
Both of those stories are being viewed as positive for Europe and the markets this morning.
Boy, things can really change in 48 hours….not.
Like I said yesterday, sometimes the market doesn’t need a fundamental reason to move. Sure, you can call any news story a catalyst, but the drop 2 days ago was more about traders taking gains with stops being executed than any story.
Today should be interesting. The buys I mentioned yesterday all look really good this morning with new buy signals popping up today so it will be tough to sell any of them. However, I don’t like going into a big number like unemployment leaning too far one way or the other. We shall see how the day goes but after an initial pop, I wouldn’t be surprised if we track sideways for most of the day.
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|
||29.18 (1.37%)||Components, Chart, More|
||28.81 (1.29%)||Components, Chart, More|
||72.62 (2.14%)||Components, Chart, More|
||137.62 (2.06%)||Components, Chart, More|
||5.11 (1.60%)||Components, Chart, More|
|^OSEAX||OSE All Share||482.50
||8.30 (1.75%)||Components, Chart, More|
||7.40 (2.22%)||Components, Chart, More|
||31.25 (0.51%)||Components, Chart, More|
||76.42 (1.32%)||Components, Chart, More|
||10.10 (1.02%)||Chart, More|
||20.37 (1.31%)||Chart, More|
|GD.AT||Athex Composite Share Price Index||753.83
||8.60 (1.15%)||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