Chain Store Sales

11-7-2013 5-40-53 PMToday, the opening price on the E-mini S&P was (1770.75). The day’s high price (1771.25) was hit at 9:50 a.m. US/Eastern time. The day’s low was (1742.25) at 3:55 p.m. US/Eastern time. Chain-store sales are mostly positive, but not by much. Compared to September, slightly more chains are reporting higher year-on-year sales rates in October, which appears to have gotten a lift from cold weather that boosted demand for seasonal goods. But the government shutdown was a negative, holding down spending in the first half of the month. The weekly chain-store reports have been mixed with slight monthly strength to weakness. Vehicle sales posted by manufacturers on last week’s calendar is another indication that October retail sales are flat. The October retail sales report was delayed slightly by last month’s government shutdown and will be posted on November 20.

Important Speeches on the Econony

11-1-2013 5-07-03 PMThe opening price on the E-mini S&P today was (1755). At 10:10 a.m. US/Eastern, the day’s high was (1761.25). The markets low price point, (1747) was hit today at 12:20 p.m. US/Eastern. There were three important speakers today reported on the Bloomberg Economic Calendar. James Bullard, the St Louis Federal Reserve Bank President gave a speech on the economy and monetary policy in St Louis. Narayana Kocherlakota, the Minneapolis Federal Reserve Bank President gave opening remarks at healt conference in St. Paul. Jeffrey Lacker, the Richmond Federal Reserve Bank President gave a speech on interdependence in central banking in Philadelphia. There was no indication that the speakers had any significant impact on the market.

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.

Petroleum Status

Oct-23-2013-2The opening price on the E-mini S&P was (1742.25) today. There was a high of (1744) that was reached within the first ten minutes of the market opening. The lowest price was (1734.50) at 10:55 p.m. Eastern time today. For the 5th week in a row there has been a increase of domestic production together with falling demand in petroleum, resulting in a 5.2 million barrel increase in oil inventories to 379.8 million barrels. For the second time in weekly records domestic production is at 7.9 million barrels per day while imports are at 7.7 million. These recent increases are due to the surge in domestic production and also seasonal slowing at refineries which are operating at 85.9 percent of capacity. Inventories of gasoline fell 1.8 million barrels in the week while distillate inventories rose 1.5 million.

Crude Oil Prices

10-21-2013 chart2The opening price on the E-mini S&P today was (1739.25). The lowest price of the day was (1734.75) at 2:25 p.m. Eastern time. The day’s high was hit at 10:05 a.m. Eastern time of (1742.50). In the week of October 11 oil inventories rose by 4.0 million barrels to 374.5 million. Oil imports remain steady at an 8.0 million barrel per day rate in the week. With the seasonal slow down, refineries are operating at 86.2 percent capacity vs. the low 90 percent rates during the summer. Gasoline and distillate inventories are down 2.6 million and 1.8 million barrels in the week respectively. With oil prices at the $100 level per barrel, it is now moving slightly slower following today’s report.