Financial Sector Job-Cuts

12-5-2013 4-48-12 PMThe E-mini S&P opening price today was (1788). Today, the low price (1782) was hit at 3:05 p.m. US/Eastern time. The high price (1792) was reached at 10:15 p.m. Eastern time. The Challenger Job-Cut Report is a monthly report that counts and categorizes announcements of corporate layoffs based on mass layoff data from state departments of labor. This data must be analyzed with caution because it doesn’t distinguish between scheduled layoffs for the short-term or the long term, or whether job cuts are handled through attrition or actual layoffs. The report also does not include jobs eliminated in small batches over a longer time period. For the report in November this year, layoff announcements continue to run at 2-year highs, at 45,314. For the past four months, averages have been about 45,500. This is well above the prior average over a four month period, at 38,000. Most of these announcements are coming from the financial sector due to declinging foreclosures reducing staffing needs. The results of today’s report are no good indication for tomorrow’s big employment report.

Important Economic Speakers

11-22-2013 5-07-48 PMThe opening price on the E-mini S&P market today was (1784.25). At 3:20 p.m. US/Eastern time, the day’s high of (1795.50) was reached. The day’s low point of (1783.50) was hit about 5 minutes after market opening . According to the Bloomberg Economic Calendar, there were two important speakers today. Esther George, the Kansas City Federal Reserve Bank President, gave a speech on bank supervision at Bank of France conference in Paris. Daniel Tarullo, a member of the Board of Governors of the United States Federal Reserve Board since January 28th, 2009, gave a speech on shadow banking to Economic Policy Institute in Washington. There was no indication that the speakers had any significant impact on the market.

New York Fed President William Dudley

11-20-2013 4-39-01 PMThis morning, the E-mini S&P opened at (1788). The day’s high price of (1794.25) was hit at 10:25 a.m. US/Eastern Time. The day’s low (1774.50) was hit at 3:10 p.m. US/Eastern. William Dudley the New York Fed President talked about the labor market at the press conference on regional and national economy in New York this morning. He mentioned that the Fed wants to bring the unemployment rate down as part of its dual mandate. The NY Fed president expects that economic growth will improve to a range of 2.5 percent to 3 percent in 2014. He expected inflation to remain below the Fed’s goal of 2 percent in 2014.

Pending Home Sales

10-28chartToday’s opening price on the E-mini S&P was (1753.50). The lowest price point today was (1754) at 11 a.m. Eastern time. The high today was (1760) at 2:45 p.m. Eastern. The economy is usually strengthened by sales on the housing market, but for four months in a row it has been hard to tell since pending sales have been down. The index level of pending home sales has fallen to 101.6 vs 107.6 in August, for a 5.6 percent decline. In nearly 2-1/2 years this has been the first negative reading of the year-on-year index, which is down 1.2 percent. According to the National Association of Realtors (NAR), the recent government shutdown has pushed government workers and contractors to the sidelines of the housing market. Sales of existing homes had been slightly stronger, but not my much. The NAR says that today’s report points to a no better than a flat trend for final sales through the 4th quarter. This report had little effect on the the market following today’s results.