Wednesday, March 26, 2014


Market Comment

US indices rebounded on Tuesday helped by shares in the Technology Hardware & Equipment, Pharmaceuticals, Biotechnology & Life Sciences and Capital Goods sectors. The S&P 500 (1865.62) broke above its 20d moving average (1863.1 - positive slope), and remains above its 50d moving average (1833 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Tuesday. On the US economic data front, FHFA House Price index rose 0.5% MoM (+0.6% expected) in January after a downwardly revised 0.7% gain the previous month. The Conference Board's sentiment index rose to 82.3 (78.5 expected) in March from 78.3 the prior month while Richmond Fed manufacturing index dropped to -7 (4 expected and -6 prior). Finally, new home sales fell 3.3% MoM (-4.9% expected) in February.

The Euro was mixed against its major counterparts. In Europe, Ifo said its Business Climate Index for Germany fell to a seasonally adjusted 110.7 in March, down from a reading of 111.3 in February.


After the close of Wall Street, WTI Crude Future (MAY 14) was about flat to $99.29. The contract was below its 20D MA (@ $100.38) and above its 50D MA (@ $98.05).

Gold was up $2.7 to $1311.4. The precious metal was below its 20D MA (@ $1342) and above its 50D MA (@ $1304).

Copper Future (MAY 14) on Comex was up 4.9c to 299.4c/lb. The contract was below its 20D MA (@ 307.74c) and below its 50D MA (@ 319.17c). In Europe, the London Metal Exchange reported its copper inventories increased 3150 tons to 266825 tons.

Today's Economic Events

US 12:30: FEB Durable Goods Orders: 0.8%
US 12:30: FEB Durable Goods Ex Transportation: 0.3%
US 14:30: W11 Crude Oil Inventories (WoW chg): 2500

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