The first 10 minute volume was green but was offset by the bears and nothing happened of importance. Then the bears marched in and moved the markets down. The 500 opened 5 points down from yesterdays close and is currently at 1403. The DOW opened at 13185 and is currently down at 13155. WTI oil is at 106.42, Brent is at 123.79, GLD is at 161.30, SLV is at 31.46 and SPY is at 140.27.
The USD moved up from morning lows at 79.53 to 79.99 and has fallen to 79.75. There may be more movement as the day progresses and news comes from Europe, but the USD is not poised for rising today.
The one financial report this morning for USD MBA Mortgage Applications (MAR 16) came in at -7.4 compared to the last report of -2.4. Although considered medium in importance it didn’t have any impact on the markets. The other reports later at 10 am are USD Existing Home Sales (MoM) (FEB), crude, distillates and gasoline inventories all considered low in importance. But the poor housing data apparently moved the markets lower.
Poor US housing data – fits neatly in with my conspiracy that Bernanke and the Fed are cultivating the economic scenario necessary for QE3.
U.S. Existing home sales (feb) (mom) falls 0.9% in contrast with 0.9% gain predicted, previous gain was revised to 5.7% from 4.3%.
U.S. Existing home sales (feb) comes in at 4.59m vs. 4.61m predicted, previously revised to 4.63m from 4.57m.
Asian markets closed mostly down while European markets are currently mixed. The FTSE 100 is higher by 0.08%, while the DAX is leading the CAC 40 lower. They are down 0.13% and 0.13% respectively as Osborne speaks this morning.
UK Chancellor Osborne: Low Borrowing Costs Reflect Investor Confidence
UK Chancellor Osborne: Low Borrowing Costs Reflect Investor Confidence
Other than news from the UK, I expect this to be a relatively quiet day with markets trading in a narrow range unless Mr. Market decides to mix things up.
Written by Gary
