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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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January 23, 2015
11:40 EDTGlobal X FTSE Greece 20 ETF volatility elevated into national elections
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11:35 EDTToday's U.S. reports
Today's U.S. reports revealed a disappointingly small 2.4% December existing home sales bounce alongside a slightly smaller than expected 0.5% December leading indicators gain, though the shortfalls from estimates were modest and the two gains on the month should trim pessimism. Analysts also saw a surprisingly firm December median price rise to $209,500 that capped a five-month seasonal decline from a solid $222,000 June cycle-high, and the price recovery for the housing market is likely more important for economic growth than the sluggish climb in home transactions.
11:25 EDTFed Policy Outlook:
Fed Policy Outlook: the FOMC meets on Tuesday and Wednesday and now finds itself between a rock and a hard place after a flurry of central bank activity that has yielded dramatic stimulus measures. The question now facing the markets is whether the FOMC will stand alone among the G7 in its policy approach as it looks to start normalizing policy. For credibility's sake, nothing has changed significantly on the domestic front since the December meeting to alter the path of rate liftoff later this year, with many on the Committee touting mid-2015 as the start date. Sure inflation has softened further, but policymakers have told us it's transitory phenomena, with several doves even suggesting they could hike rates even with inflation below target as long as it's moving toward the 2% goal. Meanwhile, the economy and the labor market have been performing above expectations, though housing continues to disappoint. Meanwhile, there have been several momentous changes around the world that are leaving the FOMC on relatively tighter footing already. Given these major crosscurrents, analysts suspect the Fed will retain its newly acquired "patient" terminology, and can finally jettison "considerable time." However, analysts don't expect any strong indications of action prior to June. Of importance will be the outlook on inflation and whether there's any mention of concern over further weakness in prices that could suggest a delay to liftoff into Q3 or beyond.
10:30 EDTThe modest 2.4% U.S. existing home sales bounce
The modest 2.4% U.S. existing home sales bounce to a 5.04 M December clip only slightly trimmed the November drop to a downwardly-revised 4.92 (was 4.93) M six-month low from October's 5.25 M one-year high. The median price rose 1.1% to $209,500 in December to cap a five-month drop from a $222,000 June cycle-high. Sales ended 2014 at an anemic pace and inventories remained depressed, though prices continue to climb at a modest pace. Existing home sales are now 6.3% below the 5.380 M recent-peak in July of 2013 -- before the Fed's taper-talk and rising mortgage rates took a toll. Note that for 2014 overall, existing home sales fell 3.1% to a 4.93 M rate despite the presumed underlying recovery. The existing home sales gyration between November and December may have reflected a temporary November weather-hit, though this sales gauge tracks closings and hence weather-hits often show up with a one-month delay. Analysts have cyclical gains of 46% for existing home sales and 37% for pending home sales, versus larger cyclical gains of 62% for new home sales, 128% for housing starts, and 101% for permits.
10:20 EDTFX Action: The dollar revealed little reaction
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10:20 EDTTreasury Action: yields held up
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10:15 EDTU.S. leading indicators rose 0.5% to 121.1 in December
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10:10 EDTU.S. existing home sales rebounded 2.4% to 5.04 M in December
U.S. existing home sales rebounded 2.4% to 5.04 M in December, a little shy of expectations, after dropping 6.3% to 4.920 M in November (revised down from 4.930 M). Single family sales rebounded 3.5% after a 6.5% drop previously (revised from -6.3%), while condo/coop sales slid 5.0% following a 4.8% November decline. The months' supply of homes declined to 4.4 from 5.1. The median sales price rose to $209,500 versus $207,200 (revised up from $205,300). That's up 6.0% y/y.
10:00 EDTU.S. Markit preliminary manufacturing PMI fell to 53.7 in the January
U.S. Markit preliminary manufacturing PMI fell to 53.7 in the January versus 53.9 in December, matching the lowest level since last January. And while this is a 19th consecutive month of expansion, it's a 5th consecutive monthly decline and reflects ongoing loss of momentum in the manufacturing sector. The index was as high as 57.9 in August and as low as 51.0 in October 2012. The employment index improved slightly after falling to 53.0 in December. The factory orders index slid to 54.7 from 55.4, which is also the lowest print in a year.
10:00 EDTTreasury Option Action: bullish demand
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09:52 EDTMarket opens lower, turns mixed in early trading
Stock futures weakened during the pre-market trading session, leading to a lower open for the broader market. The weakness began following a lower than expected reading from the Chicago Fed national activity index, along with a preliminary earnings report from UPS (UPS) warning that it would miss Wall Street Q4 estimates. That sent transportation stocks lower and brought the futures with them. In early trading, however, the Nasdaq has recovered and edged slightly in the green. The Dow is down 57 points, the Nasdaq is up 3 points and the S&P is down 6 points.
09:45 EDTU.S. existing home sales preview:
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09:35 EDTEuro$ interest rate options: a big block trade
Euro$ interest rate options: a big block trade involved the bullish sale of 45k in March 95/96 put spreads in block and 5k sold in the pits. In addition, there were bearish purchases of 2k in Blue February 75/77 put 1x2s and 2k in Blue March 75/77 put 1x2s as a package. Also, a bearish 2k purchase of Short June 83/85/87 broken put butterflies. The lead March 2015 contract is a half-tick higher at 99.735, while gains on the deferreds run as high as 12-ticks out the back of the curve. It would appear that the Fed's hike horizon is getting pushed out in the wake of the ECB QE launch.
09:24 EDTGuggenheim analysts hold an analyst/industry conference call
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09:16 EDTBarclays healthcare analysts to hold an analyst/industry conference call
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09:16 EDTEnergy Select Sector SPDR volatility elevated as sector near low end of range
Energy Select Sector SPDR overall option implied volatility of 91 compares to its 26-week average of 54 according to Track Data, suggesting large price movement.
08:55 EDTFX Action: USD-CAD eased under 1.2400
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08:40 EDTU.S. equities posted gains with bulls in Europe
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08:40 EDTU.S. Chicago Fed's National Activity index fell to -0.05 in December
U.S. Chicago Fed's National Activity index fell to -0.05 in December, much weaker than expected. But November was revised higher to 0.92 from 0.73 previously, though the prior 0.31 in October was nudged down to 0.29. The 3-month moving average slipped to 0.39 from November's 0.54 (revised from 0.48) and October's 0.10 (revised from 0.09).
08:33 EDTFutures continue to suggest positive open
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