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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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February 23, 2015
13:15 EDTJanus' advisor Bill Gross just Tweeted:
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12:50 EDTU.S. corporate bond update: several issues are jumping in
U.S. corporate bond update: several issues are jumping in ahead of Yellen's testimony tomorrow, but generally it's a more wait-and-see mode. Kinder Morgan has a $750 M 31-year bond. Arrow Electronics has a $700 M 7-year deal. Daimler Finance has a benchmark 3-year FRN. Harley -Davidson is selling $500 M in 5-year notes. Coach announced a $400 M 10-year. Commonwealth Edison is selling $400 M in a 30-year FMB. There is not a lot of pressure on Treasuries today from the offerings, or from upcoming Treasury auctions thanks to weakness in equities, some correction from oversold conditions, expectations of solid month-end demand, and as many suspect Yellen will be less than hawkish tomorrow.
12:45 EDTFX Action: USD-JPY has been steady just under 119.00
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12:25 EDTU.S. equities are still trending sideways
U.S. equities are still trending sideways caught between lingering doubts about the Greece-inspired rally on Friday and the upcoming Fed Yellen semi-annual testimony. Fresh energy sector angst after NYMEX crude probed $48 bbl also managed to stifle last week's rally as well, leaving the blue chips in shallow negative territory, while NASDAQ retains a weak grip on the green. Among the top gainers in the Dow are UnitedHealth +3.1%, du Pont +0.7% and P&G + 0.7%, while deepest losses remain Boeing -2.4% (after Goldman "sell"), Intel -1.7% and JP Morgan -1.0%.
11:45 EDTTreasury's $52 B 3- and 6-month bill sale was well received
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11:40 EDTGlobal X FTSE Greece 20 ETF volatility elevated after deal on bailout program
Global X FTSE Greece 20 ETF March call option implied volatility is at 77, April is at 73, June is at 64; compared to its 26-week average of 52 according to Track Data, suggesting large near term price movement following Greece's provisional deal on its bailout program.
11:35 EDTU.S. Dallas Fed manufacturing index plunged to -11.2 in February
U.S. Dallas Fed manufacturing index plunged to -11.2 in February from -4.4 in January, a 5 year low. Of course the weakness is not a surprise considering the region's exposure to the oil industry. Conditions outside the energy sector were generally upbeat.
11:20 EDTEuro$ interest rate option update: more bullish positioning
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11:10 EDTTreasury announced a $40 B 4-week bill auction for Tuesday
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11:10 EDTTreasury Action: curve flatteners are likely to dominate near term
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11:08 EDT4-Week Bill Announcement Offering Amount data reported
4-Week Bill Announcement Offering Amount at $40.0 B
10:40 EDTThe 4.9% U.S. existing home sales drop
The 4.9% U.S. existing home sales drop to a 4.82 M January clip left an ugly start for 2015, as did a 4.1% January median price drop to $199,600 that extended the late-2014 seasonal downswing from the $222,000 June cycle-high. Inventories posted an anemic 0.5% January bounce to a still-depressed 1.87 M level that marks a 0.5% y/y drop. Existing home sales have entered 2015 at an anemic pace and inventories remain depressed, while prices continue to post a modest cyclical climb but with gains seasonally concentrated into Q2 of each year. Analysts now have cyclical gains of just 40% for existing home sales and 32% for pending home sales, versus larger cyclical gains of 72% for new home sales, 123% for housing starts, and 105% for permits. Harsh weather may hold back sales in February and March, as this gauge tracks closings and may show a delayed response to January and February storms. Weather likely had little to do with January weakness, as sales declines extended across the four regions, and the biggest drop was a 7.1% decline in the West where weather was normal.
10:15 EDTTreasury Action: yields continued to slide lower
Treasury Action: yields continued to slide lower with the opening declines in stocks and the weak print on existing home sales, which have caught the markets offsides. Considering that mortgage rates fell to trend lows again in January, there must be some winter freeze effects in the data that are offsetting the near historic low rates. The T-note yield probed just below 2.07% compared to highs in Asia of 2.136% and 2.141% on Friday after the Greek deal, with lower highs suggesting downward momentum building and putting Friday lows of 2.045% within reach. The 2s-10s spread narrowed to +146 bp.
10:15 EDTU.S. existing home sales dropped 4.9% in January to a 4.82 M rate
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10:00 EDTU.S. existing home sales preview:
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09:50 EDTTreasury Option Action: bullish positioning
Treasury Option Action: bullish positioning included the purchase of 5k in June 129.5 calls on 10-year futures, with March 10s some 13-ticks firmer near 127-26 relative to their 127-265 to 127-135 range on Globex.
09:43 EDTFutures improve slightly but market begins week lower
U.S. equity futures were lower overnight but improved slightly prior to the open of the broader market. The Chicago Fed national activity index was generally in-line with expectations and investors will next turn their attention to the release of the existing home sales report, which is due out at 10:00 am EST. Ahead of the housing data, the Dow is down 65 points, the Nasdaq is down 1 point and the S&P is down 5 points.
09:40 EDTU.S. Producer Sentiment Still Lean, though Shipments and Inventories Bounce:
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09:35 EDTFX Action: USD-CAD rallied to highs last seen on February 12
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09:20 EDTDA Davidson construction analyst holds an analyst/industry conference call
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