Monday, April 28, 2014


Market Comment

US indices declined pressured by shares in the Semiconductors & Semiconductor Equipment, Retailing and Automobiles & Components sectors. The S&P 500 (1863.4) remains above its 20d moving average (1862.4 - positive slope) and its 50d moving average (1858.4 - 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 Friday. On the US economic data front, the Markit US Services PMI index fell to 54.2 (55.5 expected) in April from 55.3 the previous month. The Thomson Reuters/University of Michigan final index of sentiment rose to 84.1 (83.0 expected) in April from 80 the prior month.

The British Pound was mixed against its major counterparts. UK retail sales were up 0.1% in March after a 1.3% increase in February (revised from +1.7%). Economists anticipated a 0.4% decline.


After the close of Wall Street, WTI Crude Future (JUN 14) was down $1.3 to $100.65. The contract was above its 20D MA (@ $100.59) and above its 50D MA (@ $100.09).

Gold was up $9.7 to $1303. The precious metal was above its 20D MA (@ $1299) and below its 50D MA (@ $1320).

Copper Future (JUL 14) on Comex was about flat to 308.95c/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 1000 tons to 238950 tons.

European Markets

ECB: Participation by the President in a discussion at the first joint conference of the coalition party groups of the German government (Erste gemeinsame Klausurtagung der Regierungskoalitionsfraktionen im Deutschen Bundestag) in Bonn, Germany. (4:30pm CET)

Conference: 6th International Conference SCR Selective Catalytic Reduction; 6th International Conference Advanced Automotive Diagnostic Systems

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