3.15.11 Market Recap

Economic Data

ICSC-Goldman Sales Store Sales -
W/W change Prior 2.3 % Actual 0.1 %
Store Sales - Y/Y 2.6 % 3.1 %



Empire State Mfg Survey

General Business Conditions Index - Level Prior 15.43 Rev 16.0 Range 14.0 to 20.0 Act 17.5





Import and Export Prices

Export Prices - M/M change Prev 1.2 % Rev 1.3 % Act 1.2 %
Export Prices - Y/Y change Prev 6.8 % Act 8.6 %
Import Prices - M/M change Prev 1.5 % Rev 1.3 % Act 1.4 %
Import Prices - Y/Y change Prev 5.3 % Act 6.9 %

The data suggests that inflationary pressures were building but the events in Japan may have changed the trend



Redbook
Store Sales Y/Y change Prev 2.0 % Act 2.0 %





Treasury International Capital

Foreign Demand for Long-Term U.S. Securities Prev $65.9 B Rev $62.5 B Act $51.5 B
Foreign demand remains strong but it was below the prior two readings



Housing Market Index
Housing Market Index Prev 16 Act 17
The best reading since the tax-credit stimulus plan ended last spring



FOMC Meeting Announcement
View FOMC Statement Here
Federal Funds Rate - Target Level Prev 0 to 0.25 % Est 0 to 0.25 % Act 0 to 0.25 %

As expected, the FED held rates steady and kept the “ for an extended period” comment.

The report notes that the economy is on “firmer footing” and the labor market is “improving gradually.”

Price Activity

Financials +0.25%
T-Bond +0.72% 10-Yr +0.25% 5 Yr +0.04% 2-Year  -0.01% E$ -0.01%
Traders noted two countervailing themes: Bonds rallying to combat a potential economic slowdown, Sell side pressure as the Japanese repatriate their currency.



Currencies -0.23%
JY+1.13% SF+0.82% EC+0.06% $Ind +0.01% BP -0.56% MP -0.75% C$-0.94% A$ -1.62%
Yen strengthened as Japanese institutions brought cash positions back to Japan



Indices -1.27%

VIX +4.95% NQ +0.03% ES unch Mini Dow -0.06% Russell Mini -1.24%
Equity indices have moved below their 50d MA

Metals -2.83%
HG +0.20% GC -1.99% PL -2.81% SI -4.21% PA -5.57%

PA, PL & SI traded lower on fears that industrial deamand for those metals will suffer the most. GC & SI remain above their 50d MA, although the days low in gold was right at that MA

Energies -3.07%
NG +1.02% HO -3.72% WTI -3.78% Ethanol -4.75% Gasoline -5.21%
Concerns that the damage to Japanese ports will be hamper the importing of the full range of commodities.*

Softs -3.31%
LB +0.29% OJ -1.15% CT -3.54% KC -3.79% CC -3.95% SB #11 -7.70%
*See comment above



Grains -5.09%
RR -3.74% SM -4.14% C -4.50% BO -4.51% S -5.22% C -5.41% O -5.81% W -7.35%
*See comment above