Monday, March 17, 2014


Market Comment

US indices declined on Friday pressured by shares in the Banks, Technology Hardware & Equipment and Health Care Equipment & Services sectors. The S&P 500 (1841.13) remains below its 20d moving average (1854.2 - positive slope), but above its 50d moving average (1829 - flat slope).

European markets are expected to open on a flat note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Friday. On the US economic data front, PPI final demand fell 0.1% MoM (+0.2% expected) in February. The Thomson Reuters/University of Michigan preliminary index of sentiment fell to 79.9 (82.0 expected) in March from 81.6 the previous month.

The Euro was firm against its major counterparts. In Europe, Germany's consumer price index, in February, grew by 1.2 percent over the same period last year, slightly lower than the readings in January and December, but in line with expectations. Compared with January, the consumer price index was up by 0.5 percent in February.


After the close of Wall Street, WTI Crude Future (APR 14) was up $0.8 to $98.96. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35).

Gold was up $11.6 to $1381.7. The precious metal was above its 20D MA (@ $1340) and above its 50D MA (@ $1290). The 14d RSI above 70 (70.05) indicates gold was overbought.

Copper Future (MAY 14) on Comex was up 1.3c to 293.6c/lb. The contract was below its 20D MA (@ 330.62c) and below its 50D MA (@ 326.76c). The 14d RSI below 30 (19.32) indicates Copper Future (MAY 14) contract was oversold. In Europe, the London Metal Exchange reported its copper inventories decreased 1975 tons to 251300 tons.

European Markets

ECB: Publication of the Euro area HICP statistics (seasonally adjusted) (10am CET)

Today's Economic Events

GE 11:59: FEB Wholesale Price Index (MoM): NA
EC 10:00: MAR Euro-Zone: CPI (MoM): NA
US 12:30: MAR Empire Manufacturing: 7
US 13:15: FEB Industrial Production (MoM): 0.2%
US 13:15: FEB Industrial Capacity Utilization: 78.6%
US 14:00: MAR NAHB Housing Market: 50

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