Indices remain lower after soft February retail sales data

Discussion in 'Data Sets and Feeds' started by TradeTheNews, Mar 13, 2007.

  1. TradeTheNews

    TradeTheNews ET Sponsor

    US Mid-Morning Recap
    by TradeTheNews Staff

    - Equity futures were heading lower this AM on continued worries about the sub-prime market and slight weakness in overseas issues. A 50% plus decline in shares of LEND was precipitated by the news the Co. is considering raising additional capital to enhance depleted liquidity. CFC –1.6% WM –3.2% NCC –2% NDE –6.5% BSC –2.2% Futures touched lows ahead of the NY open but after Feb retail sales data was reported below expectations. Goldman Sachs is bucking the trend, up more than 2% after another strong earnings report and noting they have not seen sub-prime problems spreading thus far. QCOM is up more than 4% after raising their dividend and Q2 guidance. TXN has spent much of the morning off about 2% following last night’s mid-quarter update. Money is flowing to much of the energy complex with April crude up 1.5% approaching the $60 figure. The OSX is up 1.35% while XOM +0.8% is one of only a handful of stocks positive on the Dow. VLO +1.6% SUN +2.3% TSO +3%

    US Treasuries saw some early buying helped by the weaker sales data, but after making highs early in the session yields have been slowly drifting higher. Gains are modest with the 10-year +6/32 at 4.525%. The July Fed Fund Futures contract currently puts the odds of a rate cute by the June 28th meeting at roughly 40%. The Dollar is losing ground to the Yen again as it approaches the 117 level while the EUR/USD held above the 132 level for some time following the retail sales data. Traders are zeroing in on that 1.33 level to see if the EUR/USD can push above January’s high. April gold is rallied a few dollars from earlier lows to hold just above $650. Resistance is seen just below $660 or last week’s high while May copper holds just below a two-month high at $2.85.
  2. S2007S


    Heard on cnbc this morning that they were blaming it on the weather.

    :p :p :p :p :p :p :p :p :p