03.01.11 Review

Economic Data

#1) Weekly Retail Sales

ICSC-Goldman Store Sales

____________________________Prior___________Actual

Store Sales - W/W change	2.6 %	-0.5 %
Store Sales - Y/Y	3.0 %	3.3 %

Redbook

Store Sales Y/Y change

2.7 %

3.0 %

#2) ISM Mfg Index

_____________Prior__Est___Range___Actual

ISM Mfg Index - Level

60.8

60.5

58.7  to 62.0

61.4

ISM Mfg Index - Level

60.8 

60.5 

58.7  to 62.0 

61.4 

#3) Construction Spending

__________________Prior___Rev_____Est____Range______Actual

Construction Spending - M/M change	-2.5 %	-1.6 %	-0.8 %	-1.0 % to -0.3 %	-0.7 %
Construction Spending - Y/Y change	-6.4 %	-5.3 %			-5.9 %

Construction Spending - M/M change

-2.5 %

-1.6 %

-0.8 %

-1.0 % to -0.3 %

-0.7 %

Construction Spending - Y/Y change

-6.4 %

-5.3 %

-5.9 %

Market Activity

Energies and metals were sharply higher as US military forces repositioned themselves closer to Libya. GCJ11 rose 1.7% to a record high. Silver was up 2.5%, with platinum & palladium up over 1.8%. 

GCJ11

In the energy complex: RBJ11 was up 3.7%, HOJ11 up 3.5% and CLJ11 up 3.25%. Brent crude was up almost 4.0%

As the PLATTS Oil Blog notes, although gasoline prices are almost 20% above year-ago levels demand is up 2.6% from last year.

These higher energy prices are weighing on equities, with the S&P falling 1.75% and the NASDAQ and Dow off about 1.5%. The March VIX contract rose 9.3% and flirting with its 50 day moving average

VIXH11

.