03.08.11 Market Recap

Economic Reports

1. Small Business Optimism Index

   level

   Prior 94.1

   Latest 94.5

2. Goldman Sales

   Store Sales - W/W change	Prior -0.5 %	Latest 2.3 %
   Store Sales - Y/Y	Prior 3.3 %	Latest2.6 %

3. Redbook Sales

   Store Sales Y/Y change

   Prior 3.0 %

   Latest 2.0 %

Market Activity

As of 2pm CST

Russell 2000  +1.79% Mini Midcap +1.45% Dow Mini+1.16% ES +0.95% Mini NQ +0.67%

SB #11 +2.83% KC +2.29% OJ +1.35% LB -0.37% CC -0.79% CT #2 -3.27%

HG +0.39% PA unch GC -0.32% SI -0.60%  PL -0.92%

Crude WTI -0.47%  Nat Gas -1.55% Gasoline -1.86% H Oil -1.87%

Meal -0.83% Beans -0.93% Bean Oil -1.05% Corn -1.67% Wheat -2.62% 

Talk that OPEC may hold an emergency meeting to discuss increasing production had a ripple effect over equities, energies and metals.

The wild ride in cotton continues with US markets following the price action of the Chinese market, which fell over 6.0% overnight. Traders also noted the divergence of the RSI indicator as the market posted new highs the indicator has lagged.

Source:Barchart.com

Bullet Points:
Weekly Jobs Report (Click to view)

New Claims: Prior=419K Est=412k Act=383  Lowest level since 07.08

4-wk average: Prior=431.5k Act=415.5

The snowstorm that swept through the Midwest and Northeast in the week may have impacted unemployment filings.

#2) EIA Natural Gas Storage Report 
Weekly Change in Inventories; Prior= -189bcf Est= -190bcf Act= -209bcf

Natural gas supplies are down 4.4% from year=ago levels and 2.1% below the 5 year average

3) Treasury Budget;

Level; Prior= -$80.oB Est=-$60.0B Act= -$49.8B

Receipts are up 9.4% so far this year, while spending is up 4.8%

4) Feb '11 OPEC Monthly Oil Market Report
The report includes a very good discussion about the WTI/Brent spread and details the fundamental and financial factors that are driving this spread.