12 March 2014 AMC- Market went through a very volatile session after bearish start
Market Summary
European
Markets Closing Prices
European
markets are now closed; stock markets across Europe performed as follows:
·
UK's FTSE: -1.0%
·
Germany's DAX: -1.3%
·
France's CAC: -1.0%
·
Spain's IBEX: -0.9%
·
Portugal's PSI: -1.6%
·
Italy's MIB Index: -0.3%
·
Irish Ovrl Index: -1.1%
·
Greece ATHEX Composite: 0.0%
Before Market Opens
S&P futures vs fair value:
-8.70. Nasdaq futures vs fair value: -18.30.
The S&P 500 futures have recently notched fresh lows, and now trade nine points below fair value.
Markets across Asia ended mostly lower amid ongoing concerns over the health of the Chinese economy. Elsewhere, the Bank of Thailand cut its key rate 25 basis points to 2.00%, as expected. In economic data, Japan's BSI Manufacturing Index (12.5 versus 11.3 expected) and Tertiary Industry Activity (0.9% month-over-month versus 0.7% expected) outpaced estimates while Household Confidence (38.3 versus 40.3 expected) missed. Also of note, Australia's Westpac Consumer Sentiment (-0.7%) and home loans (0.0% month-over-month versus 0.8% expected) fell short of estimates while South Korea's unemployment rate jumped to 3.9% (3.2% previous).
The S&P 500 futures have recently notched fresh lows, and now trade nine points below fair value.
Markets across Asia ended mostly lower amid ongoing concerns over the health of the Chinese economy. Elsewhere, the Bank of Thailand cut its key rate 25 basis points to 2.00%, as expected. In economic data, Japan's BSI Manufacturing Index (12.5 versus 11.3 expected) and Tertiary Industry Activity (0.9% month-over-month versus 0.7% expected) outpaced estimates while Household Confidence (38.3 versus 40.3 expected) missed. Also of note, Australia's Westpac Consumer Sentiment (-0.7%) and home loans (0.0% month-over-month versus 0.8% expected) fell short of estimates while South Korea's unemployment rate jumped to 3.9% (3.2% previous).
·
Japan's Nikkei lost 2.6%, closing at a one-week low as
the strong yen weighed. Exporters saw notable losses as Toyota fell 2.0% and
Panasonic lost 2.2%.
·
Hong
Kong's Hang Seng fell 1.7% to a
one-month low. Belle International led the decline, tumbling 9.4%, after
announcing its first-ever decline in same store sales as a publicly traded
entity.
·
China's Shanghai Composite shed 0.2% as trade dipped
back below the 2000 mark. Energy shares were a drag as Sinopec and PetroChina
gave up 4.8% and 2.2%, respectively.
Major European indices hover near
their lows while Italy's MIB (-0.2%) outperforms. Economic data was relatively
scarce. Eurozone Industrial Production slipped 0.2% month-over-month (0.5%
expected, -0.4% prior) while the year-over-year reading increased 2.1% (1.9%
consensus, 1.2% last). Spain's CPI was unchanged on a monthly and annualized
basis. Both readings were expected to come in at -0.1%. Also of note, French
Non-Farm Payrolls ticked up 0.1%, as expected (0.1% last).
·
In
France, the CAC is lower by
1.5% with exporter Renault leading the retreat. The stock trades lower by 3.0%.
Financials also lag with BNP Paribas, Credit Agricole, and Societe Generale
down between 1.5% and 1.9%. Industrial equipment manufacture Alstom is the lone
advancer, trading higher by 2.3%.
·
Germany's DAX holds a loss of 1.4%. Similar to France,
carmakers and financials lag. BMW, Daimler, Commerzbank, and Deutsche Bank are
all down between 1.7% and 2.3%. Defensive names outperform with E.On and
Deutsche Telekon both up 0.5%.
·
Great
Britain's FTSE trades down 1.1%.
Consumer names G4S and British American Tobacco hold respective losses of 6.9%
and 3.3% while insurer Prudential outperforms with a gain of 2.6% after beating
on earnings and hiking its dividend.
·
Italy's MIB outperforms with a loss of 0.2% as it hovers
just below its 2014 high. Financials lead with Banca di Milano Scarl, BMPS, and
Unicredit up 6.6%, 5.0%, and 0.9%, respectively.
Asia
·
Markets across Asia
ended mostly lower amid ongoing concerns over the health of the Chinese economy
·
The Bank of Thailand cut
its key rate 25bps to 2.00%, as expected
·
Japan's BSI
Manufacturing Index (12.5 actual v. 11.3 expected, 9.7 previous) and tertiary industry
activity (0.9% MoM actual v. 0.7% MoM expected) outpaced estimates
·
Australia's Westpac
Consumer Sentiment (-0.7%) and home loans (0.0% MoM actual v. 0.8% MoM
expected) fell short of estimates
·
South Korea's
unemployment rate jumped to 3.9% (3.2% previous)
·
Japan's Nikkei (-2.6%)
closed at a one-week low as the strong yen weighed
·
Hong Kong's Hang Seng
(-1.7%) fell to a one-month low
·
China's Shanghai
Composite (-0.2%) dipped back below the 2000 mark
·
India's Sensex (+0.2%)
remains just off record highs
·
Australia's ASX (-0.6%)
rallied into the close, halving its losses
Market Internals
Market Internals -Technical-
The Nasdaq closed up 16 (+0.37%) at 4323, the S&P 500 closed up 1 (+0.03%) at 1868, and the Dow closed down 11 (-0.07%) at 16340. Action came on near average volume (NYSE 646 mln vs. avg. of 700; NASDAQ 1999 mln vs. avg. of 1968), with advancers outpacing decliners (NYSE 1807/1318, NASDAQ 1468/1144) and new highs outpacing new lows (NYSE 54/44, NASDAQ 54/16).
Relative Strength:
Junior Gold Miners-GDXJ +3.94%, Silver Miners-SIL +2.94%, Turkey-TUR +2.1%, Utilities-XLU +1.26%, Taiwan-EWT +1.14%, Semiconductors-SMH +1.11%, Metals and Mining-XME +1.01%, South Africa-EZA +0.94%, Middle East and Africa-GAF +0.92%, India-INP +0.9%.
Relative Weakness:
Sugar-SGG -3.63%, Cocoa-NIB -2.09%, Natural Gas-UNG -1.89%, Russia-RSX -1.65%, Lithium-LIT -1.63%, Eastern Europe-ESR -1.62%, Oil-USO -1.28%, Austria-EWO -1.28%, Japan-EWJ -0.96%, Vietnam-VNM -0.9%.
Leaders and Laggards
Technical Updates
Briefing's Commentaries
Closing Market Summary: Stocks End
Little Changed Despite Cautious Start
The major averages ended the Wednesday session on a mixed note. The Nasdaq (+0.4%) and Russell 2000 (+0.3%) posted modest gains while the Dow Jones Industrial Average (-0.1%) finished in the red. For its part, the S&P 500 (+0.03%) settled just above its flat line.
Stocks began the day in the red, but spent the first two hours of action in a steady climb off their lows. The cautious start took place amid broad-based weakness across major European markets where Germany's DAX, Great Britain's FTSE, and France's CAC all posted losses close to 1.0% apiece.
In addition to the weakness in Europe, losses among major Asian indices also weighed on the early sentiment. On that note, markets in Japan, South Korea, and Hong Kong fell 2.6%, 1.7%, and 1.7%, respectively, while China's Shanghai Composite (-0.2%) outperformed.
Even though China was an area of relative strength, jitters regarding the health of the country's financial system remained palpable. Copper futures continued yesterday's tumble overnight, but were able to regain those losses in the morning. The red metal added one cent, ending at $2.961/lb.
Although copper did not send the same warning signal as yesterday, gold futures and Treasuries reflected a measure of caution. Gold jumped 1.8% to $1370.60/ozt while Treasuries climbed steadily, ending on their highs. Bolstered by a solid 10-yr reopening, the benchmark note added 14 ticks, sending its yield lower by five basis points to 2.72%. The retreat in Treasury yields, gave a boost to the rate-sensitive utilities sector (+1.3%), which was the top performer among the 10 sectors.
Six of ten groups ended in the red while technology (+0.2%), energy (+0.04%), and consumer staples (+0.1%) fared a bit better than the broader market.
Technology drew strength from chipmakers (PHLX Semiconductor Index +0.9%) while the energy sector was underpinned by Chevron (CVX 115.65, +1.14). The stock rallied 1.0% after being added to the US Focus List at Credit Suisse. The staples sector benefitted from gains among food producers.
While the broader market did not move much during afternoon action, the same could not be said for shares of Herbalife (HLF 60.57, -4.82), which fell 7.4% after the company received a Civil Investigative Demand from the Federal Trade Commission. Herbalife responded to the notice, saying they welcome the inquiry due to ‘tremendous amount of misinformation in the marketplace.'
Also of note, the daylong underperformance of three influential sectors—consumer discretionary (-0.1%), financials (-0.1%), and industrials (-0.2%)—kept the S&P 500 from pulling away from its flat line. Notably, the discretionary sector was pressured by apparel retailers after Express (EXPR 16.05, -2.19) missed on earnings and lowered its guidance well below analyst estimates. The stock plunged 12.0%.
Participation was on the light side with 646 million shares changing hands at the NYSE floor.
Another item of note that remained on the backburner, but has the potential to make a quick return to the forefront is the situation in Crimea.
This morning, Polish Prime Minister Donald Tusk and German Chancellor Angela Merkel held a joint press conference, announcing the European Union will sign parts of an association deal with Ukraine next week. In addition, Chancellor Merkel said the EU is set to impose additional sanctions on Moscow after Russian officials chose not to take part in a diplomatic contact group. This comes ahead of Sunday's referendum on Crimea joining the Russian Federation. With the referendum nearing, U.S. Secretary of State John Kerry will be in London tomorrow in hopes of meeting with Russian Foreign Minister Sergei Lavrov.
As the session drew to its close, President Obama, who met with Ukraine's acting Prime Minister Arseniy Yatseniuk in Washington, said 'We will stand with Ukraine and consider Russian incursion into Crimea against the law'
Economic data was limited to the weekly MBA Mortgage Index, which fell 2.1% to follow last week's increase of 9.4%.
Tomorrow, weekly initial claims, February retail sales, and February import/export prices will be released at 8:30 ET while January business inventories will cross the wires at 10:00 ET. The day's data will be topped off with the 14:00 ET release of the February Treasury budget, which was originally scheduled for today.
The major averages ended the Wednesday session on a mixed note. The Nasdaq (+0.4%) and Russell 2000 (+0.3%) posted modest gains while the Dow Jones Industrial Average (-0.1%) finished in the red. For its part, the S&P 500 (+0.03%) settled just above its flat line.
Stocks began the day in the red, but spent the first two hours of action in a steady climb off their lows. The cautious start took place amid broad-based weakness across major European markets where Germany's DAX, Great Britain's FTSE, and France's CAC all posted losses close to 1.0% apiece.
In addition to the weakness in Europe, losses among major Asian indices also weighed on the early sentiment. On that note, markets in Japan, South Korea, and Hong Kong fell 2.6%, 1.7%, and 1.7%, respectively, while China's Shanghai Composite (-0.2%) outperformed.
Even though China was an area of relative strength, jitters regarding the health of the country's financial system remained palpable. Copper futures continued yesterday's tumble overnight, but were able to regain those losses in the morning. The red metal added one cent, ending at $2.961/lb.
Although copper did not send the same warning signal as yesterday, gold futures and Treasuries reflected a measure of caution. Gold jumped 1.8% to $1370.60/ozt while Treasuries climbed steadily, ending on their highs. Bolstered by a solid 10-yr reopening, the benchmark note added 14 ticks, sending its yield lower by five basis points to 2.72%. The retreat in Treasury yields, gave a boost to the rate-sensitive utilities sector (+1.3%), which was the top performer among the 10 sectors.
Six of ten groups ended in the red while technology (+0.2%), energy (+0.04%), and consumer staples (+0.1%) fared a bit better than the broader market.
Technology drew strength from chipmakers (PHLX Semiconductor Index +0.9%) while the energy sector was underpinned by Chevron (CVX 115.65, +1.14). The stock rallied 1.0% after being added to the US Focus List at Credit Suisse. The staples sector benefitted from gains among food producers.
While the broader market did not move much during afternoon action, the same could not be said for shares of Herbalife (HLF 60.57, -4.82), which fell 7.4% after the company received a Civil Investigative Demand from the Federal Trade Commission. Herbalife responded to the notice, saying they welcome the inquiry due to ‘tremendous amount of misinformation in the marketplace.'
Also of note, the daylong underperformance of three influential sectors—consumer discretionary (-0.1%), financials (-0.1%), and industrials (-0.2%)—kept the S&P 500 from pulling away from its flat line. Notably, the discretionary sector was pressured by apparel retailers after Express (EXPR 16.05, -2.19) missed on earnings and lowered its guidance well below analyst estimates. The stock plunged 12.0%.
Participation was on the light side with 646 million shares changing hands at the NYSE floor.
Another item of note that remained on the backburner, but has the potential to make a quick return to the forefront is the situation in Crimea.
This morning, Polish Prime Minister Donald Tusk and German Chancellor Angela Merkel held a joint press conference, announcing the European Union will sign parts of an association deal with Ukraine next week. In addition, Chancellor Merkel said the EU is set to impose additional sanctions on Moscow after Russian officials chose not to take part in a diplomatic contact group. This comes ahead of Sunday's referendum on Crimea joining the Russian Federation. With the referendum nearing, U.S. Secretary of State John Kerry will be in London tomorrow in hopes of meeting with Russian Foreign Minister Sergei Lavrov.
As the session drew to its close, President Obama, who met with Ukraine's acting Prime Minister Arseniy Yatseniuk in Washington, said 'We will stand with Ukraine and consider Russian incursion into Crimea against the law'
Economic data was limited to the weekly MBA Mortgage Index, which fell 2.1% to follow last week's increase of 9.4%.
Tomorrow, weekly initial claims, February retail sales, and February import/export prices will be released at 8:30 ET while January business inventories will cross the wires at 10:00 ET. The day's data will be topped off with the 14:00 ET release of the February Treasury budget, which was originally scheduled for today.
·
Nasdaq Composite +3.5%
YTD
·
Russell 2000 +2.7%
YTD
·
S&P 500 +1.1%
YTD
·
Dow Jones Industrial
Average -1.4% YTD
Commodities
Closing Commodities: Copper Closes
Below $3/Lb, WTI Crude Oil Drops 2%, Ending Below $98/Barrel
·
Precious metals traded
higher today as a weaker dollar index boosted prices.Apr gold rose for a third
consecutive session and climbed as high as $1371.30 per ounce in late afternoon
pit trade. It settled at $1370.60 per ounce, booking a gain of 1.8%.
·
May silver came off its
session low of $20.95 per ounce set moments after floor trade opened. It
touched a session high of $21.43 per ounce and settled with a 2.6% gain at
$21.36 per ounce.
·
Apr crude oil fell for a
third consecutive session following weaker-than-anticipated inventory data. The
EIA reported that for the week ending Mar 7, crude oil inventories had a build
of 6.18 mln barrels when a smaller build of 2.0-2.2 mln barrels was expected.
In addition, the government announced plans to sell 5 mln barrels of sour crude
from the SPR to test system capabilities. The energy component dipped to a
session low of $97.55 per barrel and settled at $97.99 per barrel, or 2.0%
lower.
·
Apr natural gas extended
yesterday's losses as it pulled back from its session high of $4.59 per MMBtu
set at pit trade open. It fell as low as $4.45 per MMBtu and settled with a
2.4% loss at $4.49 per MMBtu
COMEX Metals Closing Prices
- Gold rose for a third consecutive session as the dollar index traded lower. The yellow metal brushed a session high of $1371.30 in late afternoon pit trade and settled just below that level, booking a gain of 1.8%.
- Silver also traded higher today as it came off its session low of $20.95 set moments after floor trade opened. It touched a session high of $21.43 and settled with a 2.6% gain.
NYMEX
Energy Closing Prices
Apr crude oil fell $2.00 to $97.99/barrel
·
Crude oil fell for a
third consecutive session following weaker-than-anticipated inventory data. The
EIA reported that for the week ending Mar 7, crude oil inventories had a build
of 6.18 mln barrels when a smaller build of 2.0-2.2 mln barrels was expected.
In addition, the government announced plans to sell 5 mln barrels of sour crude
from the SPR to test system capabilities. The energy component dipped to a
session low of $97.55 and settled with a 2.0% loss.
Apr natural gas fell 11 cents to $4.49/MMBtu
·
Natural gas extended
yesterday's losses as it pulled back from its session high of $4.59 set at pit
trade open. It fell as low as $4.45 and settled with a 2.4% loss.
Apr heating oil fell 3 cents to $2.93/gallon
Apr
RBOB settled unchanged at $2.96/gallon
CBOT
Agriculture and Ethanol/ICE Sugar Closing Prices
·
May
corn rose 5 cents to
$4.89/bushel
·
May
wheat rose 25 cents to
$6.83/bushel
·
May
soybeans fell 24 cents to
$13.88/bushel
·
Apr
ethanol rose 9 cents to
$2.37/gallon
·
May
sugar (#16 (U.S.)) rose
0.02 of a penny to 22.08 cents/lbs
Treasuries
Treasuries See Third Day of Gains:
10-yr: +13/32..2.719%..USD/JPY: 102.66..EUR/USD: 1.3906
·
Treasuries finished near
their highs as money continued to flow into the complex for a third straight session. Click here to see an intraday
yields chart.
·
An overnight bid
developed as ongoing concerns over the health of the Chinese economy and uncertainty
over the situation in Ukraine sparked a flight into safety.
·
A morning absent of
tradable data caused action to drift into the $21 bln 10y reopening.
·
The solid $21
bln 10y reopening auction drew 2.729% (2.743% when issued) and a
strong 2.92x bid/cover (12-auction average 2.68x). A strong direct showing
(27.5%) helped offset the average indirect bid (43.4%), leaving primary dealers
(29.1%) with their smallest takedown in a year.
·
Post-auction buying ran
maturities back up to their highs, where they would spend the remainder of the
session.
·
Longer
dated yields saw the biggest impact from today's bid, sliding -4bps.
·
The 30y pressed back
below its 200 dma, ending the session @ 3.667%. The yield on the long bond has
fallen in each of the past two sessions (the rest of the complex has seen three
days of declines) after climbing for five straight days.
·
A -4bp drop in the 10y
pushed the benchmark yield down to 2.726%. Today's buying dropped action back
below the 100 dma, setting up a likely retest of the 200 dma (2.671%).
·
The 5y lagged, ending
-2.7bps @ 1.585%. The 1.575% area will be of interest over the coming days as
support there is helped by the 50 dma.
·
A
flatter curve developed as the 2-10-yr spread narrowed to 236bps.
·
Precious metals went off
near their highs with gold +$22 @ $1369 and silver +$0.50 @ $21.31.
·
Data: Initial and continuing claims, retail sales,
import/export prices (8:30), business inventories (10), and the Treasury budget
(14).
·
Auction: $13 bln 30y bond reopening.
Next Day In View
Economic Commentary
Economic summary: Mortgage
applications fall; Retail Sales tomorrow at 8:30; Stanley Fischer Nomination
Hearing tomorrow at 10:00
Economic Data Summary:
Economic Data Summary:
·
Weekly MBA Mortgage
Applications -2.1% (Last Week was +9.4%)
Upcoming Economic Data:
·
Februiary Treasury
Budget due out today at 14:00 (Briefing.com consensus of -$195 bln; was -$203.5
bln)
·
Weekly Initial Cliams
due out Thursday at 8:30 (Briefing.com consensus of 329K; Last Week was 323K)
·
Weekly Continuing Claims
due out Thursday at 8:30 (Briefing.com consensus of 2.925 M ; Last Week was
2.907 M )
·
February
Retail Sales due out Thursday at 8:30 (Briefing.com consensus of 0.2%; January
was -0.4%)
·
February
Retail Sales Ex-Auto due out Thursday at 8:30 (Briefing.com consensus of 0.2%;
January was 0.0%)
·
February Export Prices
Ex-Ag due out Thursday at 8:30 (January was 0.2%)
·
February Import Prices
Ex-Oil due out Thursday at 8:30 (January was 0.3%)
·
January Business
Inventories due out Thursday at 10:00 (Briefing.com consensus of 0.3%; December
was 0.5%)
Upcoming Fed/Treasury Events:
·
Fed Vice Chair Stanley
Fischer Nomination Hearing tomorrow at 10:00
·
The Treasury is
scheduled to auction off new debt this week. Results for each auction will be
announced at 13:00
o Wednesday: $21 bln in 10 year notes
o Thursday: $13 bln in 30 year bonds
On other news....
News
·
Alibaba.com (ALBCF.PK)
has purchased stake in ChinaVision for $804 mln, which will provide it with
movie and TV content
·
Apple (AAPL)
plans to open small stores in India, according to reports
·
Apple (AAPL) has
appealed decision by Court to reject Samsung (SSNLF) sales ban,
according to report
·
Archer-Daniels (ADM)
announced plans to construct a soy protein production complex in Campo Grande,
Mato Grosso do Sul, Brazil, representing an investment of ~US$250 MLN
·
Venturebeat has
indicated that reports that Facebook's (FB) Sandberg will join Disney (DIS)
are false
·
Pfizer (PFE)
presents detailed results from Landmark Community-Acquired Pneumonia
Immunization Trial in Adults (CAPiTA) evaluating efficacy of Prevenar 13; study
findings demonstrate that Prevenar 13 can prevent vaccine-type
community-acquired pneumonia
·
Toyota Motor (TM)
to give Japan workers 0.8% increase in monthly pay, according to reports
·
Reuters reporting in
Press Digest column that Macau will not increase casino licenses
Northrop Grumman awarded a $750 mln Missile Defense Agency in-scope contract modification(122.42 +0.65)
Co was awarded A $750,000,000 in-scope contract modification to previously awarded indefinite-delivery/indefinite-quantity contract to increase the estimated contract maximum from $2,500,000,000 to $3,250,000,000. The contract remains a ten (10) year contract with an ordering period from Nov. 21, 2005 through Nov. 21, 2015. The contract is a hybrid omnibus contract performing predominantly research, development, test and evaluation services for the development of the Ballistic Missile Defense System's Command, Control, Battle Management, and Communications; the support infrastructure including all information technology; facilities; ground and flight test; warfighter wargames and exercises; modeling and simulation; several operational cells including the Ballistic Missile Defense Network Operations and Security Center, the Joint Functional Command Component for Integrated Missile Defense, and the 100th Missile Defense Brigade.
Currencies
Dollar Readies for Lowest Close
Since Late-October: 10-yr: +12/32..2.725%..USD/JPY: 102.65..EUR/USD: 1.33904
·
The Dollar Index holds
on session lows near 79.55 as selling persists for a second session. Click here to see a daily Dollar
Index chart.
·
Today's weakness has
pushed the Index below 79.80 support, and has action on track for its
lowest close since late-October.
·
EURUSD is +45 pips @ 1.3905 as trade readies
for its best close since October 2011. The single currency has seen a
bid develop during U.S. trade as risk assets have recovered the majority of
their early losses. Trade has ignored today's disappointing industrial
production data as a steady bid has been in place since the miss.
·
GBPUSD is -5 pips @ 1.6610 as trade continues to fight
to regain the flat line. Sterling has broke key 1.6600 support amid this
morning's weakness, but has regained the level as traders move into riskier
assets.
·
USDCHF is -35 pips @ .8745 as trade remains on
track to post its lowest close since November 2011. Data and news
remain absent on the Swiss calendar, causing traders to take their cues from
the action occurring in the euro.
·
USDJPY is -25 pips @ 102.70 as sellers remain in
control for a second session. The 102.50 level will be under the microscope in
the coming days as some decent support rests in the vicinity. Japanese data is
limited to core machinery orders.
·
AUDUSD is +5 pips @ .8980 as action hovers near the
best levels of the session. The hard currency traded all the way down to .8925
as worries over the health of the Chinese economy linger, but action bounced
off the 50 dma as buyers stepped in to defend the key level. Australian data is
heavy as MI Inflation Expectations accompany employment change and the
unemployment rate. China's industrial production and fixed asset
investment will cross the wires tonight.
·
USDCAD is +10 pips @ 1.1115 amid a quiet day for data
and news. An early bid probed 1.1150, but the pair was unable to hold onto
those gains. Traders continue to monitor the 1.1185 mark as any close above
there would be the highest since July 2009.
Jason's Commentaries
The market last night was exceptionally funky. Started with such bearishness as Asia and Europe was being dragged down by China's contracting economy. However, the market fought back straightaway within the next 2 hours back to the neutral point. However the market had some volatile session after which. Internals were showing lots of divergence. Volumes as expected was at 657.8m shares traded on the NYSE. Volumes is thin, waiting for some catalyst to push the market either up or down. The strongest sector is staples while the financials and industrials were down by 0.19 and 0.18% respectively. With the market being in such a volatile period, it seems that we are likely to break out. With copper tanking like mad, the chances of the market heading down is increasing.
Market Call: FLAT and volatile
Date: 13 March 2014
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