Premarket Futures Unchanged As Unemployment Rises

Premarket Commentary For 06-21-2012

Read a rumor that Moody’s will downgrade the ratings of UK banks after the US markets close today, reports Sky News. From the Telegraph, “It is thought that British banks including Barclays, HSBC and Royal Bank of Scotland are facing a cut in their ratings by as much as two notches, reflecting the continued impact of the eurozone crisis on the global banking system.”

Earlier the SP 500 futures were flat with a tiny tendency to be bullish. The US Continuing Claims (June 9) reporting in at 8:30 am remained unchanged at 3299 K although analysts were expecting a slightly better figure of 3278 K. Prior reporting was revised from 3278 K to the 3299 K. The US Initial Jobless Claims came in higher at 387 K while expecting 383 K. The prior report was revised higher to 389 K from a lower figure of 386 K. Always expect the incorrect numbers to be displayed, never fails. Premarket first reaction was to go green and rise a bit. We will have to see when the market opens if we continue to see a bullish melt-up. The reporting for the US Market US PMI Preliminary for June at 9 am was 52.9 down from the last report of 53.9. The report in May was 54.0. This financial reporting, rated low in importance, sent the premarkets slightly lower. The main reports of existing home sales, home prices and leading indicators comes in at 10 am and most analysts are expecting poorer figures from the prior reporting which may send the markets down.

WTI oil is at 80.55 trading between 81.10 and 79.95 and the bias is neutral.

Brent crude is at 92.31 trading between 92.40 and 91.08 and the bias is positive.

Gold is down today at 1584, trading between 1606 and 1582 with a negative bias.

Dr. Copper is at 3.34 down from 3.38 earlier.

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Written by Gary