Wrap for 04.06.11

ECONOMIC DATA

MBA Purchase Applications

Purchase Index - W/W Change	Prev -1.7 %	Current 6.7 %
Refinance Index - W/W Change	-10.1 %	-6.2 %
Composite Index - W/W Change	-7.5 %	-2.0 %

An increase in FHA insurance rates effect 04.01.11 was the driving force behind the increase in purchase activity. Although the 30 year  rate remained steady @ 4.93% refinancing activity declined, as fewer borrowers qualify for credit.

EIA Petroleum Inventory Report

http://tonto.eia.doe.gov/pub/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/current/pdf/highlights.pdf

Market Activity

Metals +0.72%

HG +2.47% SI +1.04% PL+0.65% GC+0.61%      PA -0.83%

Read Reuters article about trade reaction to Chinese rate hike.

http://www.reuters.com/article/2011/04/06/markets-metals-idUSLDE7350GF20110406

Indices+0.35%

YM +0.45% ES +0.41% RJ+0.39% NQ +0.29% EW +0.22% CRB -0.4% VIX – 1.0%

Currencies+0.28%

AD+1.00% EC+0.77% SF +0.73%CD +0.34% BP +0.30% MP +0.18% USD -0.47% JY -0.70%
Read Bloomberg story on FX moves

http://www.bloomberg.com/news/2011-04-06/yen-declines-on-speculation-boj-to-trail-central-banks-in-ending-stimulus.html

Grains-0.17%

SM+0.57% S+0.24%  O+0.13% BO-0.12% RR-0.21% C-0.49% W -0.51% RS -0.99%

Financials-0.37%

ED +0.01% TU-0.03% FV-0.19% TY -0.37% US -0.76%  

Energies-0.57%

CL+0.30% HO+0.09%RB -0.40% ZK -0.70% NG-2.13%
Read Bloomberg Energy story

http://www.bloomberg.com/news/2011-04-06/crude-oil-futures-pares-gains-after-u-s-government-releases-supply-report.html

Softs-0.75%

CT +3.48% CC +0.81% KC -1.16% OJ -1.17% SB -3.05% LB -3.42%
Read Bloomberg Cotton story

http://www.bloomberg.com/news/2011-04-06/cotton-futures-jump-most-in-two-weeks-in-new-york-on-u-s-supply-concerns.html

chart shows yesterday’s test of the 50d MA.