Tuesday, April 22, 2014


Market Comment

US indices rose on Monday led by shares in the Pharmaceuticals, Biotechnology & Life Sciences, Transportation and Technology Hardware & Equipment sectors. The S&P 500 (1871.89) remains above its 20d moving average (1858.8 - negative slope) and its 50d moving average (1853.1 - positive slope).

European markets are expected to start on a negative note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Monday. On the US economic data front, the Conference Board's index rose 0.8% MoM (+0.7% expected) in March while Chicago Fed national activity index dropped to 0.20 as expected from 0.53 the previous month.


After the close of Wall Street, WTI Crude Future (MAY 14) was about flat to $104.33. The contract was above its 20D MA (@ $100.59) and above its 50D MA (@ $100.09).

Gold was about flat to $1290.5. The precious metal was below its 20D MA (@ $1300) and below its 50D MA (@ $1321).

Copper Future (JUL 14) on Comex was about flat to 303c/lb. The contract was above its 20D MA (@ 300.44c) and below its 50D MA (@ 310.7c). In Europe, the London Metal Exchange reported its copper inventories decreased 0 tons to 242300 tons.

Today's Economic Events

UK 09:30: MAR Public Sector Net Borrowing (Bln): 8.5
UK 09:30: MAR Public Finances (PSNCR) (Bln): NA
US 15:00: MAR New Home Sales (Thsd): 450
US 15:30: W15 Crude Oil Inventories (WoW chg): 3000

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