CTA Trading Desk Morning Report
[7:00am ET] Good morning, Geoff here.
The Cyprus situation is extremely interesting. According to just about every news agency, old Russian money is deposited in the Cyprus banks and the KGB will be out for revenge should their money be “taxed” alongside the Cypriots deposits. We shall see if this outright confiscation of private capital will come to pass without repercussions, but I have to ask; how can this possibly go over well with the public? If it happens in Cyprus, it can happen anywhere, and I do mean anywhere.
This event has the makings of a catalyst worthy of squeezing the massive gold short position taken by hedge funds. At the very least, the CEF and GDX long trades posted here in the last few weeks continue to work and may have marked the lows.
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|
||51.74 (2.07%)||Components, Chart, More|
||18.40 (0.70%)||Components, Chart, More|
||57.08 (1.48%)||Components, Chart, More|
||99.18 (1.23%)||Components, Chart, More|
||4.48 (1.27%)||Components, Chart, More|
|^OSEAX||OSE All Share||521.09
||5.30 (1.01%)||Components, Chart, More|
||4.52 (1.19%)||Components, Chart, More|
||87.46 (1.11%)||Components, Chart, More|
||66.42 (1.02%)||Components, Chart, More|
||9.31 (0.94%)||Chart, More|
||0.00 (0.00%)||Chart, More|
|GD.AT||Athex Composite Share Price Index||960.42
||7.87 (0.81%)||Chart, More|
The team will check in during the day, reporting in the Discourse when there is a new entry.
Enjoy your day.
Cara 100 Company research notes from Seeking Alpha
Dow Chemical (DOW)
Mar18: 8:48 AM Dow Chemical (DOW) says it plans to build several specialty material production plants on the U.S. Gulf Coast to take advantage of cheap shale-derived natural gas. Dow also reaches agreement to provide ethylene supplies to a petrochemical plant on the Gulf being developed by Japanese oil refiner Idemitsu Kosan and trading house Mitsui.
Mar18: 5:42 AM Qualcomm (QCOM) has postponed making the second half of a $120M investment in Sharp after the Japanese company missed a deadline to complete the specifications for smartphone and tablet PC screens, and the preparations for their manufacture. The deadline will now move back to June 30. The delay increases the pressure on Sharp, which needs to repay a $2.1B convertible bond in September.
Mar18:8:22 AM Senior managers with Wal-Mart (WMT) are in India this week to meet with a government-appointed panel looking into the company’s lobbying activities. It’s forward progress for the retailing giant in its slow bid to expand operations in the nation. According to the Indian government, 62 other retailers have been cleared for single brand retail in the nation though getting up and running is another matter.
Vad’s Catch of the Day
Kaimu’s Sound Money
Deron’s Daily ETF Analysis
Point and Figure on Canada
Cara on the Metalminers
Cara on the International Markets
CTA Trading Desk Mid-Day Report
CTA Trading Desk Post-Close Report