Market Wrap for 4.20.11

Economic Reports

MBA Purchase Applications

Purchase Index - W/W Change	Prev      -4.7 %	Curr 10.0 %
Refinance Index - W/W Change	-7.7 %	2.7 %
Composite Index - W/W Change	-6.7 %	5.3 %

Existing Home Sales

Existing Home Sales - Level - SAAR	Prev 4.88 M	Rev 4.920 M	Est 5.000 M	Range 4.750 M to 5.100 M	Act 5.10 M
Existing Home Sales - M/M Change	-9.6 %	-8.9 %			3.7 %
Existing Home Sales - Yr/Yr Change	-2.8 %				-6.3 %

Existing home sales rose 3.7% last month to an annual rate of 5.1mil. The median Price was up 2.2% to $159,600. Y-O-Y prices fell 5.9%. Distressed sales made up 40% of all transactions. 35% of sales were for cash.

EIA Petroleum Inventories

http://ir.eia.gov/wpsr/wpsrsummary.pdf

Stocks		Change From Last
04/15/11		Week	Year
Crude Oil	357.0	-2.3	1.1
Gasoline	208.1	-1.6	-16.8
Distillate	148.3	-2.5	-0.5
Propane	26.386	-0.360	-4.412

Gasoline Demand (Million Barrels per Day)

Week Ending			Year Ago
04/01/11	04/08/11	04/15/11	04/16/10
8.853	9.181	9.062	9.152

http://platts.com/PressReleases/2011/042011b

Market Activity

Metals+2.26%

PA +4.06% SI+2.81% HG+2.65% PL+1.85% GC+0.41%

http://hosted.ap.org/dynamic/stories/U/US_COMMODITIES_REVIEW_SUMMARY_BOX?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT

Indices+1.82% CRB +0.30% VIX -4.97%

RJ+2.08% NQ+1.93% EW+1.89% ES+1.53% YM+1.39%

http://www.bloomberg.com/news/2011-04-20/vix-retreats-to-lowest-since-2007-as-corporate-earnings-exceed-estimates.html

Energies+0.92%

CL+2.91% HO+1.91% RB+1.10% NG+0.94% ZK-2.14%

Currencies+0.60%

AD+1.66% EC+1.26% SF+1.24% MP+0.59% BP+0.55%     CD+0.38% JY+0.03%

Grains+0.17%

RR+1.61% S+1.17% BO+1.06% SM+0.81% RS+0.63% W-0.10% O-1.65% C-2.17%

Softs-0.11%

SB+3.83% OJ+1.41% KC+1.10% CC+0.61% CT-3.50% LB-4.10%

Because of the holiday shortened week, front-month (May) cotton was sharply lower as traders liquidated long positions ahead of 1^st notice day, which is Monday

Financials-0.28%

ED+0.01%  ZT-0.02%  ZF-0.23% ZN-0.31%  ZB-0.46%