 The API Catch Up
Phil Flynn I PFGBEST - 10 March 2010
It looks like the API is playing catch up to the Department of Energy. A massive crude build according to the American Petroleum Institute, along with big product draws is going to keep the oil market on edge.
The API released another shocker when they said that US oil inventories increased by an incredible 6.5 million barrels. Yet at the same time the API reported big time product draws. For gasoline the API reported supplies fell by 3.18 million barrels and gasoline by almost 3.18 million barrels. ... read more  Bonds Lower, Yen Lower, S&P’s Steady
Marc Nemenoff I PRICE Group - 10 March 2010
Financials: June Bonds are currently 10 lower at 116’06. The market is currently in near term support. If the market breaks through the 116’06 area the next level of support will be the 115’18 level. If you remain short the Bonds or continue to hold the combination of short Bonds and short the June Bond 115’00 put either take profits or lower your protective buy stop to the 116’28 level. For those of you who have on the combination of short Bonds and short the 115’00 put, if you are stopped out of the Bonds, cover the short put. ... read more  Production Next
Tim Hannagan I PFGBEST - 09 March 2010
Our weekly export inspection report came out Monday, almost ignored as the market gets ready for the Wednesday 7:30 am Central Time U.S.D.A. crop report.
Let’s review them anyway, so we are on top of demand fundamentals. Lowly wheat inspections were 20.4 million bushels inspected for near-term export versus 19 the week prior; 14 a year ago; and four-week average of 17.2 m.b. Too much wheat in inventory at 981 m.b. to move off weak demand numbers like that. Demand remains a neutral force for pricing. ... read more Bonds Higher, Grains Lower, S&P’s Lower
Marc Nemenoff I PRICE Group - 09 March 2010
Financials: June Bonds are currently 10 higher at 116’23. Yesterday’s near term support of 116’06 has held (the low was 116’07). If you remain short the Bonds or short the combination of Bonds and the 115’00 put either take profits or lower your protective buy stop to the 117’14 level. If you are stopped out of your short position cover the short June 115’00 put.
Grains: Yesterday May beans closed 5 cents higher, Corn fractionally lower and Wheat 1 higher. ... read more China Appreciation Day
Phil Flynn I PFGBEST - 09 March 2010
Oil prices are under a bit of pressure to start the day as attention turns again to the forex markets. Comments from China about their currency and their foreign exchange reserves are capturing the attention of traders across the commodity spectrum. Is it possible that the Chinese are on the verge of letting the Yuan appreciate for the first time since July of 2008?
Market Watch News reported that Chinese central bank Gov. Zhou Xiaochuan said China will in due course move away from its current currency-exchange policy, indicating Beijing doesn't plan to keep the Yuan’s de-facto peg to the U.S. dollar indefinitely. ... read more Bonds Lower, Dollar Lower, S&P’s Steady
Marc Nemenoff I PRICE Group - 08 March 2010
Financials: June Bonds are currently 8 lower at 116’14. If you remain short the Bonds or short the combination of June Bonds and the June Bond 115’00 put either take profits or use a protective buy stop at 117’22. If you have the combination and you are stopped out of the futures, buy back the short 115’00 put. Near term support is currently the 116’06 level. If near term support is penetrated, the next level of support is the 115’18 level. ... read more All is well
Phil Flynn I PFGBEST - 08 March 2010
All is well. One dose of a better than expected jobs report and all our troubles just go away. Traders fearful that snow storms would have added to the countries employment woes were pleasantly surprised when Friday’s employment report seemed to suggest that it's not quite as bad as feared. The February unemployment rate held steady at 9.7%, with 36,000 jobs lost. The consensus expectations were for the unemployment rate to climb to 9.8% and for 65,000 jobs to be lost. ... read more  The Stock Index Report - Double top for stocks or double trouble?
C. Garner I DeCarley Trading - 05 March 2010
The drawback of writing a newsletter with relatively strong opinions in market direction is the substantial risk of being wrong...or in this case just early (we think). Unfortunately, our crystal ball was a bit cloudy earlier this week. We were right about the rally, but didn't anticipate it moving quite this far.
Our 1125 objective in the S&P has come and gone and while we still feel like the market will see a reversal sooner rather than later, we cannot overlook the possibility of a retest of the January highs. ... read more The Bond Bulletin - Better than expected jobs report slams Treasuries
C. Garner I DeCarley Trading - 05 March 2010
The employment report wasn't great, but it certainly wasn't horrible either. Investors took it as a signal to move money back into stocks...and this pulled the carpet from underneath the Treasury market.
The unemployment rate remained steady at 9.7% (sadly this is seen as a good thing) but the U.S. economy is said to have lost 36,000 jobs last month. ... read more Oil Held hostage Day 353
Phil Flynn I PFGBEST - 05 March 2010
It is almost been a year since the day the oil market was changed forever. After collapsing in a heap of deflationary despair, oil was saved by what could only be described as a historic government intervention. It was the day that the US Federal Reserve changed the world by printing more money and therefore, essentially putting a floor under the price of oil. It was the day that the Federal Reserve, after having nowhere to go on interest rates, made a move to save the banks and the economy by taking the unprecedented step to use quantitative easing in the United States to save our economy. This move of course changed the way oil moved and was valued. ... read more The Nemenoff Report - Bonds Lower, Grains Higher, Yen Lower
Marc Nemenoff I PRICE Group - 05 March 2010
Financials: Jun. Bonds are currently 20 lower at 117’06. This morning’s monthly Unemployment Report showed a decline in non-farm payrolls of 36,000 jobs versus expectations of a decline of 75,000. The unemployment rate was steady at 9.7%. Yesterday the market gave the opportunity of going short at the 118’00 level (the high was 118’02). If you went short either take the short term profit or consider selling the June 115’00 put in an effort to collect some premium and provide yourself with some protection against an adverse price move. If you are uncomfortable with options and looking for a longer term play use a protective buy stop just above yesterday’s high. ... read more The Grain Report - REPORT NO. 1 - WEDNESDAY
Tim Hannagan I PFGBEST - 05 March 2010
Thursday’s weekly export sales report showed wheat sales were 101 T.M.T.down 73%from the week prior, 77% under our four-week average of 437 and a year ago of 285 T.M.T. Recent Asian business disappeared. We had been seeing several hundred thousand metric tons weekly the last month. Not an issue as demand doesn’t turn to U.S. ports until late April and May, as new crop business enters with our late May through June harvest of our winter wheat crop. ... read more The Energy Report - EURO Mania
Phil Flynn I PFGBEST - 04 March 2010
Who knew Greek austerity would feel so darned good. Oil prices soared on the backs of a surging euro dollar as the market seems to want to put Greece’s problems behind them. The euro became cool again at the expense of the greenback sending gold, silver and oil higher. Or maybe it was because the Justice Department was probing collusion among hedge funds betting against the Euro. No, not really. The truth is that with funds having a record short position in the euro, the Greek plan gave them reason to cover, leading to one right after another. ... read more The Nemenof Report - Bonds Steady, Grains Lower, Dollar Higher
Marc Nemenoff I PRICE Group - 04 March 2010
Financials: June Bonds are currently 1 higher at 117’11. Resistance remains in the 118’00 area. I continue to prefer the short side of the market. If you establish a short position consider selling an out of the money put three strike prices below the market as a way of collecting some premium and also providing some protection against adverse price movement. This morning’s non-farm productivity report showed an increase of 6.9% versus expectations of 6.5%. Weekly jobless claims were 469,000, down by 29,000. The market had little reaction to these numbers. ... read more 80 Proof
Phil Flynn I PFGBEST - 03 March 2010
Oil traders may need a stiff drink after the wild end to yesterday’s trading session. Something strong like 80 proof or at the very least, proof that oil can close above 80. Oil prices failed to remain in octogenarian territory after a slow, relentless creeping rally that rejected a test of $81 and reverses all the way back into the 79 handle. For whatever reason the oil market is having a hard time staying above $80 as traders try to explain why oil prices were so strong yesterday in the first place. ... read more The Nemenoff Report - Bonds Lower, Grains Higher, S&P's Higher
Marc Nemenoff I PRICE Group - 03 March 2010
Financials: June Bonds are currently 8 lower at 117’03. Resistance remains in the 118’00 area. I still recommend the short side of this market. If you establish a short position, consider selling an out of the money put three strike prices below the market as a way of collecting some premium and also providing some protection against adverse price movement. The Greek debt situation and their ability to roll over some 20 Billion Dollars worth of debt instruments in the coming months will no doubt have an effect on both the Bonds and the Currencies. ... read more SLEEPY TUESDAY
Tim Hannagan I PFGBEST - 02 March 2010
We started the week on the demand-side news with our weekly export inspection report at 10am Central Time each Monday, telling us how much of each grain was inspected by the U.S.D.A. for near-term shipment and is a gauge of near-term demand. Wheat inspections were 17.6 million bushels, down from 19 the week prior; but over a year ago of 10; and four-week average of 16 m.b. Nothing to suggest a surge in demand is here, so the market sees it as a neutral demand indicator. Demand picks up in mid-to-late April and May. ... read more Bonds Lower, Grains Steady, S&P’s Higher
Marc Nemenoff I PRICE Group - 02 March 2010
Financials: June Bonds are currently are currently 17 lower at 116’30. Stronger equities due to better than expected profits in the technology sector have taken some of the buying out of the interest rate sector. The possibility of a bailout program to refinance Greek debt and institution of a plan to reduce budget deficits as a percentage of GNP has tempered the “flight to quality”. I still favor the short side of this market on rallies. The 118’00 level remains long term resistance at this moment in time. ... read more The Energy Report - Trying to Keep Positive
Phil Flynn I PFGBEST - 02 March 2010
You've got to accentuate the positive, eliminate the negative and latch on to the affirmative, don't mess with Mister In-Between. Oil tried to rally. It really did. It tried to ignore that pesky Mr. In-Between, a place where it seems the market is most comfortable. Oil rallied even as the dollar soared and the British pound plunged. It tried to soar with the stock market and tried to worry about one Iranian oil official saying he would cut off oil supply to Europe. It tried to focus on the positive economic news and ignore the negative. ... read more the energy report - In like a lion and out like a lamb?
Phil Flynn I PFGBEST - 01 March 2010
In like a lion and out like a lamb? Ok, I know it is a tired cliché about the month of March but probably apropos for the energy and stock markets. Last week’s blistering hot GDP at 5.9% coupled with some strong data out of the Euro zone this morning has the market charging, well, like a lion. But is this aggressive move sustainable when you see weaker than expected data out of China. And if the economic data is so darned good, then why is oil demand just so darned bad? ... read more The Nemenoff Report - Bonds Lower, Dollar Higher, S&P’s Higher
Marc Nemenoff I PFGBEST - 01 March 2010
Financials: June Bonds are currently 5 lower at 117’17. Near term resistance remains in the 118’00 area for the June contract. I am looking to trade the Bonds and 10 Yr. Notes from the short side on rallies.
Grains: On Friday Beans were 11 cents higher, Corn 5 higher, and Wheat 16 higher. Over night Beans were 6 lower, Corn 1 higher and Wheat 2 lower. For the moment I favor the long side of the market in May Beans on a break to the 925’0-935’0 level and May Corn in the 376’0-373’0 area. ... read more The Stock Index Report - Shaky housing but stable stocks
C. Garner I DeCarley Trading - 26 February 2010
Existing home sales plunged in January in the face of the government's home buyer tax credit and optimism surrounding a real estate recovery. Sales posted for January were a meager 5.05 million vs. the previous month of 5.45 million and consensus forecasts calling for 5.44 million. As a Vegas resident, these numbers don't faze me but the record low reading in the midst of government stimulus should have been a bit concerning to the market but it really wasn't.
It isn't unusual for markets to ignore fundamentals, but it does raise red flags about the rally. ... read more The Grain Report - I See March
Tim Hannagan I PFGBEST - 26 February 2010
Export sales report came in like a whisper as ports for shipping here were quiet as last week was the Chinese week-long New Year’s holiday bringing their business on the world market to a very slow to almost zero pace. Wheat sales that have enjoyed good Asian business lately, saw only Japan in for 44 T.M.T. The total sales on the report were 375,000 metic tons down 8% from the year prior and 26% under our four-week average of 508 T.M.T. Last year this time, sales were 465 and in 2008, 308 T.M.T. Boring, to say the least. The bottom line is that record U.S. and world-ending stocks leave so much wheat in users hands and falling off shipping export ports that demand is so spread out, no one is a major exporter. ... read more The Nemenoff Report - Bonds Higher, Dollar Lower, S&P’s Lower
Marc Nemenoff I PRICE Group - 26 February 2010
Financials: Mar. Bonds are currently 13 higher at 118’26. The market is now trading at near term resistance and I recommend that any long positions be liquidated in this area. As of this morning the June contract will be considered the lead month as that is where the concentration of volume will be. Resistance for June Bonds is currently the 117’28-118’04 area. I am now looking to start trading the financials from the short side of the market as we approach long term resistance at the stated levels. ... read more The Energy Report - Oh No My Recovery is Nascent
Phil Flynn I PFGBEST - 26 February 2010
Hey maybe, just maybe mind you a "nascent" recovery isn't so bullish for oil after all. You think? Fed Chairman Ben Bernanke may have given oil a bit of a boost by his proclamation that interest rates will stay low and that the economy still needs his help seemed not to be as bullish for stocks and oil especially after weak durable goods report and weekly jobs number. In fact you could almost see the mood of the market shift as you glanced across the entirety of the commodity board. ... read more the energy report - Bens Magic
Phil Flynn I PFGBEST - 25 February 2010
Is Ben Bernanke losing his influence over the Energy Market? Oh sure bleak Ben told the market yesterday that interest rates would stay low for infinity and that the economy was not ready for the training wheels you come off but his words seemed to lack the wallop that his words had in the past. Oh sure we got a break in the dollar the stock market and oil dutifully rallied yet at the end of the day it does not seem to be a market game changer like Ben has given us in the past. ... read more I Have Confidence
Phil Flynn I PFGBEST - 24 February 2010
I have confidence in sunshine, I have confidence in rain, I have confidence that spring will come again. But confidence in the economy may knock the confidence out of me. Strength may not lie in numbers but the numbers are not showing strength.
What can only be described as a stunning drop in consumer confidence went a long way in shaking the confidence of even the most steadfast bull. ... read more the nemenoff report - Bonds Steady, Grains Higher, S&P’s Steady
Marc Nemenoff I PRICE Group - 24 February 2010
Financials: Mar. Bonds are currently unchanged at 117’28. Yesterday the market closed above the 117’13 level generating a minor buy signal. Near term support is currently 116’28 and near term resistance is now the 118’24 level. Yesterday’s disappointing consumer confidence and negative home price statistics have provided some upside momentum. I now favor the long side of the market on breaks to the low 117’00 area (117’00-117’08) with a protective sell stop in the 116’14 area. ... read more MONTH WINDS DOWN
Tim Hannagan I PFGBEST - 23 February 2010
Full week of trading ahead to end the month. We started Monday with our weekly export inspection report showing 17.7 million bushels of beans were inspected for near-term export versus 1.1 the week prior; 10.3 a year ago; and four-week average of 17 m.b. It is neutral at best to demand, as we sit on a record 981 m.b. of ending stocks inventory. Seasonals see wheat as turning up now as we head into March and the early Spring emergence uncertainties of our winter crop. ... read more the energy report - Iran Back Down?
Phil Flynn I PFGBEST - 23 February 2010
Oil is down overnight in part because it is possible that Iran is backing down on their nuclear ambitions. The AFP is reporting that Iran says they are ready to buy fuel for a nuclear reactor or swap its own stockpile of low-enriched uranium for the fuel but on its own territory. This is what has been proposed by Russia and others as an alternative to sanctions and a conflict. Whether or not this letter will appease the rest of the UN, Iranian critics or whether this is another stalling tactic remains to be seen but the oil market broke on this news. ... read more The Bond Bulletin - Dead-cat bounce, or beginning of a rally?
C. Garner I DeCarley Trading - 19 February 2010
Treasuries forged an impressive reversal in overnight trade and managed to hold on to gains going into the close. Even more miraculous, bonds continued to grind higher in spite of moderately stronger equity gains. This suggests that Treasuries and stocks can go higher together, but we doubt that they will have to. It appears as though the major indices could be nearing an intermediate-term high.
According to the Labor Department, inflation at the consumer level ticked up to .2%. ... read more The Stock Index Report - Reversal looming?
C. Garner I DeCarley Trading - 19 February 2010
After a relentless week-long rally, the major indices finished the day in positive territory. However, we wonder if some of the day's buying can be attributed to options expiration as opposed to fundamental driven buying. Only time can determine the market's fate, but it seems as though immediate extended gains from current levels will be a challenge. Even if the rally continues, there should be a substantial amount of back and filling.
We see strong resistance in the March S&P near 1115 and again just over 1120. ... read more the grain report - A Lifting Corn Demand
Tim Hannagan I PFGBEST - 19 February 2010
We finished the week with our weekly export sales report coming out ahead of the opening one day delayed due to Monday’s holiday.
Wheat sales were 408 T.M.T.; down 25% from the week prior; and 33% under our four-week average of 612 T.M.T. 110 of the total went to Asia, most likely low quality feed wheat. It is a neutral to negative demand indicator.
Corn sales were 974 T.M.T.; up 31% from the week prior; down 7% from the week four-week average of 1.044 M.M.T. ... read more the energy report - Don’t discount the impact of the discount rate increase
Phil Flynn I PFGBEST - 19 February 2010
Don’t discount the impact of the discount rate increase. The longest journey from the removal of extraordinary stimulus starts with the first step and that step has now been taken.
As the US stock market closed, the Federal Reserve raised the discount rate charged to banks for direct loans to 0.75 percent from 0.50 percent. The Fed wants to wean banks away from taking loans from them and push their lender back into the real world when they have to borrow money for their short term liquidly needs. ... read more Have It Your Way
Phil Flynn I PFGBEST - 18 February 2010
Have it your way, have it your way. The bulls have it their way yet beware because today is a brand new day. With bond yields rising, the Fed Minutes, talking about an exit strategy and the Euro giving back most of its one day gains, the big question yesterday was why oil did not get crushed. If all of oil's strength was because of the Euro and the dollar then shouldn’t oil have fallen a lot harder?
Well obviously it is not all about the dollar and the Euro and the problems with Europe. ... read more Confidence Game
Phil Flynn I PFGBEST - 17 February 2010
The petroleum complex soared for a lot of reasons but confidence may be the best reason. Oil and its price are not just a reflection of supply and demand but also a reflection of confidence. Such as confidence in the economy or even more importantly confidence in the currency it is traded in as well as the confidence in the ability of certain countries around the globe and their ability to pay off debts. Oh sure, the list of reasons that caused oil to go up were many. You can start with the fact that Greece did not default on anything over the weekend but also because it appears that Greece can somehow restructure their debt and may not need a bailout after all. ... read more the grain report - Strong Start
Tim Hannagan I PFGBEST - 16 February 2010
Short week with all our demand reports moving ahead one day. Our weekly export inspection report came out Tuesday, one day delayed due to holiday. For wheat it showed 15.8 million bushels of wheat was inspected for near-term export; off 2 m.b. from the week prior; 5 m.b. over a year ago; and equal our weak four-week average. I say weak because we are sitting on a record 981 m.b. ending-stocks. To be a bullish number enough to chew through ending-stocks quickly, we would need 30 m.b. or more weekly sold. So, from a shipment-to-inventory correlation, it is a neutral-at-best number and ignored by traders. ... read more I have a Yen for oil
Phil Flynn I PFGBEST - 16 February 2010
Say goodbye to the Euro and hello to the Japanese yen. China may be raising reserve requirements to slow demand but today it is strong economic data out of Japan that seems to be giving oil a bit of a lift. Last week oil shuttered when China increased reserves on banks for a second time in a month. Yet that seems to be a bit of a distant memory this morning after strong data out of Japan. ... read more The Bond Bulletin - Counter-trend Friday
C. Garner I DeCarley Trading - 12 February 2010
Today was a perfect example of a counter-trend Friday. The day's data was relatively mixed but position squaring (short covering) ahead of the long weekend managed a moderate bounce.
The University of Michigan Sentiment was reported at 73.7, a bit lower than the previous and below estimates looking for 75. ... read more The Stock Index Report - Stocks waffle to close positive
C. Garner I DeCarley Trading - 12 February 2010
An overnight announcement regarding China's move to tighten bank lending triggered selling in the global indices. However, hopes of a plan to bail-out debt-consumed Greece and index rebalancing tied to the addition of Berkshire Hathaway to the S&P 500 worked in favor of stocks.
China announced an increased requirement in bank reserves for its nation's banks for the second time in two months. However, unlike the last round of tightening the markets were able to recover from the blow. ... read more The Grain Report - PRESIDENT’S DAY
Tim Hannagan I PFGBEST - 12 February 2010
First things first: All markets are closed Monday, February 15, 2010, for our President’s Day holiday.
Our weekly export sales report came out one day delayed today due to the record snows that fell over the east coast closing most government offices.
Wheat exports came in at 548 T.M.T.; up 31% from the week prior; and 5% over our weak four-week average. Asia was in for half the total as they buy the lower quality wheat for the feed ration of animals. ... read more To Greece with L-O-V-E
Phil Flynn I PFGBEST - 12 February 2010
L is for the way you love to spend. O is for Oh gosh it has to end. V is very, very bad budgetary. E is even more cuts that even unions can’t ignore. Cash is all that they can give to you. Bailouts are just one but maybe two. Save Greece, the rest can make it, fix your budget and please don’t break it. Love was made for Greece and you. ... read more the energy report - Bulls Get Bailed Out!
Phil Flynn I PFGBEST - 11 February 2010
Greece bail out helps bail out the oil bulls and heavy lending in China and a tightening global supply picture, gives oil bulls some new life. First, the Greece bail out is going to happen as the EU President says a deal has been struck but European delicacy seems to suggest that bailout is kind of a harsh term. They would prefer rescue or help. One reason is that technically speaking, a bailout is technically illegal. Politics UK reports that an EU bailout of Greece is illegal under the Maastricht treaty. ... read more Grecian Formula
Phil Flynn I PFGBEST - 10 February 2010
Grecian Formula: It’s as easy and one two three, just add the cash and the debt just gradually fades away. Is there a Grecian formula to step in and bailout Greece? The market sure thought so as about 16 different headlines and stories seemed to suggest that some type of Greece bailout was imminent. As the stories flew so too did the euro, having its biggest rally against the dollar in five months, helping to drive up commodities across the board including oil. Still the question about whether or not Greece will get bailed out and who is going to do the bailing remains an open question. ... read more The Grain Report - U.S.D.A. WHISPERS
Tim Hannagan I PFGBEST - 09 February 2010
Our first report for direction on the demand front came with our weekly export inspection report showing 16.9 million bushels of wheat was inspected by the U.S.D.A. for near-term shipment. This was off from 17.9 the week prior; 19.2 a year ago, but over our weak four-week average of 13.7. Neutral at best describes the number. Traders won’t sell short off it, but the record-ending stocks inventory of wheat doesn’t allow this to be a big enough number on demand to buy long either. ... read more the energy report - That Lost Bullish Feeling
Phil Flynn I PFGBEST - 09 February 2010
You’ve lost that bullish feeling, lost that bullish feeling, you’ve lost that bullish feeling and it’s gone! Oil is trying to find that bullish passion that it lost sometime ago. Yet even after the big oil breakdown last week the market failed to find the inspiration it needed to continue its assault on the downside. Oh sure the bulls were bloodied last week as the PIIGS (Portugal, Italy, Ireland, Greece and Spain) started to fall apart and are hesitant to step back into a market that has definably lost any semblance of what you would consider a bull market yet with a winter storm barring down on the north east and the heartland of the heating belt and the fact that the Euro seemed to stabilize oil tried to make a bit of a comeback. ... read more The Stock Index Report - Panic selling in equities followed by panicked buying
C. Garner I DeCarley Trading - 05 February 2010
After melting through 10,000 with ease, the Dow clawed back on the close to settle slightly above. The March Dow futures contract failed to reach the milestone but it is clear that there will be no free lunches for the bears.
There are no shortages of hedge fund blowups and many believe that it was the liquidation of leveraged commodity and stock positions that enabled such a dramatic fall from grace. ... read more CHINA’S CORN PLAN
Tim Hannagan I PFGBEST - 05 February 2010
Thursday’s weekly export sales report attracted little attention as trade continues to trade off outside markets and seasonal down-trend influences.
Wheat exports were 418 T.M.T. off 37% from the week prior, 5% under our four-week average, but over last year’s 326 and 2008 sales of 312 T.M.T. So, we continue to see improved exports but they come on the back of a one dollar break in prices and we’re selling a lot of feed quality wheat to Asia. ... read more The Bond Bulletin - Flight to quality bid in Treasuries
C. Garner I DeCarley Trading - 05 February 2010
Although the non-farm payrolls data was reported to be in line with expectations, it was an action packed end to the trading week. The day's economic news leaned lower in Treasuries but a volatile stock session and sovereign debt risk issues prompted some flight to quality buying.
According to the government, the U.S. economy lost 20,000 private sector jobs last month and the unemployment rate fell to 9.7%. Like this pro football player says...what is everyone crying about? ... read more PIGS in space
Phil Flynn I PFGBEST - 05 February 2010
When I go down on the trading floor and talk about pigs, normally I am referring to hogs or pork bellies. But this week is something different. We'll focus our attention on Portugal, Ireland, Greece and Spain. Or you can exchange or add another I if you want to throw in Italy. In this case PIGS - or PIIGS - is not the other white meat, but a cause of great concern on the global economic scene.
Portugal now seems to be the main epicenter of the constantly shifting risk factors in the ongoing global economic crisis. ... read more |
