Market Wrap for 4.13.11

Economic Reports

MBA Purchase Applications

Purchase Index - W/W Change	6.7 %	-4.7 %
Refinance Index - W/W Change	-6.2 %	-7.7 %
Composite Index - W/W Change	-2.0 %	-6.7 %

Retail Sales

	Prior	Prior Revised	Consensus	Consensus Range	Actual
Retail Sales - M/M change	1.0 %	1.1 %	0.5 %	0.0 % to 1.2 %	0.4 %
Retail Sales less autos - M/M change	0.7 %	1.1 %	0.7 %	0.2 % to 1.8 %	0.8 %

Business Inventories

	Prior	Consensus	Consensus Range	Actual
Inventories - M/M change	0.9 %	0.8 %	0.7 % to 1.1 %	0.5 %

EIA Status Report

EIA Petroleum Status Report

The Federal Reserve beige Book

“Reports from the twelve Federal Reserve Districts indicated that economic activity generally continued to improve since the last report. While many Districts described the improvements as only moderate, most Districts stated that gains were widespread across sectors, and Kansas City described its economic gains as solid”.  (Source: US Federal Reserve)

http://www.federalreserve.gov/fomc/beigebook/2011/20110413/default.htm

Market Activity

Energies +0.94%

RB+2.38% NG+0.98% HO+0.95% CL+0.69%  Ethanol -0.08%

http://in.ibtimes.com/articles/132998/20110412/gasoline-sales-fall-ins-for-5th-consecutive-week.htm

http://www.platts.com/BlogDetails/oilblog

http://www.bloomberg.com/news/2011-04-13/crude-oil-rises-for-the-first-time-in-three-days-before-u-s-supply-report.html

I am confused by the discrepancies between the Mastercard gasoline sales figures and the EIA implied demand estimates.

Indices+0.40% CRB 0.15% VIX -1.93%

NQ+0.86% EW+0.49% RJ+0.29% YM+0.14% ES+0.11%

http://www.cmegroup.com/education/market-commentary/eq/2011/04/recap-equity-index_350.html

ESM11 has closed below the 50dMA for 2 consecutive days for the 1^st time since closing above that line on 03.24.11

Softs +0.36%

LB+4.15% KC+2.10% CC+0.43% OJ-0.24% CT-1.19% SB-3.09%

http://online.wsj.com/article/SB10001424052748703551304576260991182322926.html?mod=googlenews_wsj

http://www.bloomberg.com/news/2011-04-13/kenya-coffee-jumps-23-at-sale-as-buyers-boost-stocks-before-end-of-season.html

Financials +0.22%

US+0.39% TY+0.22% FV+0.15% TU+0.04% ED+0.01%

Grains +0.18%

RR+1.91% RS+0.69% C+0.40% S+0.28% BO+0.21% SM-0.06% W-0.89% O-1.09%

Currencies +0.07%

MP +0.48% AD+0.30%       USD+0.14%BP+0.08% SF+0.04% JY-0.08% CD-0.13% EC-0.29%

Metals -0.12%

SI+1.26%  GC +0.21% PL+0.05% -0.86% HG-2.33%

COMEX silver inventories have fallen over 2% from 3.31.11 (See Chart)

http://www.bloomberg.com/apps/quote?ticker=COMXSIL:IND

http://www.cmegroup.com/education/market-commentary/metals/2011/04/pre-open-copper_322.html

Earnings

Before The Open		Actual		Consensus	Yr Ago		Yr/Yr Rev
ASML Holding	ASML	1.30		1.19	0.25
JPMorgan Chase	JPM	1.28		1.16	0.74		-8.5%
After The Close		Actual		Consensus	Yr Ago		Yr/Yr Rev
JB Hunt Trans	JBHT	0.40		0.38	0.29		18.5%
Universal Forest	UFPI	-0.19		0.01	-0.06		-1.5%

Read more: http://www.briefing.com/GeneralContent/Investor/Active/ArticlePopup/PagePopup.aspx?PageId=3272#ixzz1JRsfBzxd