03.23.11 Market wrap

Economic Data

MBA Purchase Applications

Purchase Index - W/W Change	Prev    -4.0 %	Act 2.7 %
Refinance Index - W/W Change	0.9 %	2.7 %
Composite Index - W/W Change	-0.7 %	2.7 %

The purchase index is below the year-end level but shows signs of stabilizing.  The average 30 yr mortgage rate is 4.8%.

New Home Sales

New Home Sales - Level - SAAR

Prev 284 K

Rev 329 K

Est 290 K

Range 240 K to 305 K

Act 250 K

Home sales fell 16.9% last month. The median price dropped 13.9% to $202,100

There is a 8.9 month supply of new homes on the market

EIA Petroleum Supply Report

EIA Summary

EIA Data

Market Activity

Metals+1.93%

SI +3.01% HG +2.85% PA +1.76% PL  +1.16% GC +0.89%

Traders note that silver is influenced by the same factors that are driving  gold to record highs but that it is a lot less expensive

Indices+0.55%

DOW +0.64% NQ +0.61% Russell 2K +0.50% ES +0.45% Midcap -0.01% VIX -4.19%

Energies+0.44%

NG +2.00% CL +0.59% RB +0.39% Ethanol -0.20% HO -0.67%

The combination of colder weather, warnings of supply disruptions in the Mid-East and increased Japanese demand drove natural gas higher

Financials -0.03%

ED -0.01% TU-0.02% FV-0.04% TY -0.09% US-0.15%

Currencies -0.13%

USD +0.47% AD+0.35% JY+0.06% MP unch CD -0.08% EC-0.54% SF- .57% BP -0.80%

Grains -0.69%

RR +1.37% BO -0.68% O -0.73%  C -0.84% S -1.04% W -1.11% SM-1.75%

Softs -0.99%

OJ +0.82% CC -0.37% LB -0.48% KC -1.77% CT -1.99%   SB -2.14%

Mexican sugar output is up 24% from the same period last year. 

News report on Mexican Production