03/22/2016 Live Update

[BullBear52x]

clockwork, buy failed to make new HH, eagle eyes will catch that.

[BullBear52x]

Stick to What EVARRR works.

[brokebybernacke2]

all about oil?! lots of long bets on oil right now as she heads for a wall....last one to the 200 ma party..Im still in the sub 25$ oil camp coming soon this year to a pump near you - gotta clear the glut and no way every producer nation cooperates...

American Petroleum Institute’s weekly report on petroleum supplies due out late today....expectation increase of 2.7 million barrels in crude stockpiles for the week ended March 18. If we don’t see declines in U.S. production resume this week, the fundamental backdrop for the oil market will turn further bearish....

[josephli]

all about oil?! lots of long bets on oil right now as she heads for a wall....last one to the 200 ma party..Im still in the sub 25$ oil camp coming soon this year to a pump near you - gotta clear the glut and no way every producer nation cooperates...

American Petroleum Institute’s weekly report on petroleum supplies due out late today....expectation increase of 2.7 million barrels in crude stockpiles for the week ended March 18. If we don’t see declines in U.S. production resume this week, the fundamental backdrop for the oil market will turn further bearish....

IIRC TWC said refinery shutting down so inventory will be less relevant

[MrMiyagi]

!!! POWER HOUR !!!

[Junior Buffett]

WE ARE NEVER GOING DOWN EVVEEERRRRRRRRRRRRRR

[BullBear52x]

Chart for the road: never EVARR trust the run on negative divergence, or be quick at it, the FOMO got trap again. Peace!

[Cobra]

vol surge,maybe a rebound here first then we'll see. closes are not strong recently though.

[BullBear52x]

Wow Bears got bonus double doses today, there will be LL

[Tutti]

Chart for the road: never EVARR trust the run on negative divergence, or be quick at it, the FOMO got trap again. Peace!

FOMO Trap.

I am stealing this.

[JFR]

Dive. Dive. Down to support.

[Trades with cats]

Somewhat bearish piece on oil but what he says seems to be the current narrative. I would add two points. First this weekend "Gandalf" said that the managed commodity futures accounts had pretty much finished covering their short positions. Second, as we exit the spring maintenance and switch over to EPA's 20 sme summer blend gasolines the refineries will be starting up so you would think the odds would favor some small builds or even a draw sometime in the next several weeks.http://oilprice.com/Energy/Oil-Prices/T ... imits.html

[Cobra]

members only update at 3:50 pm
http://www.cobrasmarketview.com/2016/03 ... ay-update/

[Cobra]

well, guess that's it for today. Wednesday tomorrow has been bull friendly. thank you guys, I'll see you tomorrow.

before the close, please take a little time to vote for me, thanks. https://stockcharts.com/public/1684859/tenpp

[daytradingES]

AM 3/23/2016

The American Petroleum Institute (API), an industry group, said in a report after Tuesday's oil market settlement that U.S. crude stockpiles rose 8.8 million barrels last week to reach a record high of 531.8 million. S>

The stockpile growth reported by the API was 5.7 million barrels higher than estimates from analysts polled by Reuters. Official crude inventory data from the U.S. government will be released later on Wednesday. S>

The official U.S. data is likely to show that oil inventories rose to a record high for a sixth straight week, while oil product stockpiles probably fell, a Reuters survey showed.
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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.01%) are down -0.02% and European stocks are up +0.40%. The upside in U.S. stock index futures was limited as Nike fell nearly 6% in pre-market trading after it forecast sales during the next fiscal year will increase by a high-single-digit percentage, less than consensus of a 10% increase. Weakness in EUR/USD gave European automakers a boost to lead European stocks higher and Credit Suisse Group AG is up 2% after it announced an additional 2,000 job cuts. Asian stocks settled mixed: Japan -0.28%, Hong Kong -0.25%, China +0.35%, Taiwan -0.22%, Australia -0.47%, Singapore +0.05%, South Korea -0.07%, India +0.03%.

The dollar index (DXY00 +0.22%) is up +0.17%. EUR/USD (^EURUSD) is down -0.19%. USD/JPY (^USDJPY) is up +0.25%.

Jun T-note prices (ZNM16 -0.01%) are down -1 tick.

In an Economic Bulletin published by the ECB, the ECB said that a 1% decline in China GDP would have an impact of just 0.08% on Eurozone trade, while the effect of an equivalent demand shock in the U.S. would be more than three time bigger. "The trade impact on the Eurozone from a demand disturbance in the U.S. is likely to be substantial through both bilateral trade effects and echo effects. A similar shock in China would have less impact on Eurozone activity."
U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -3.3% with purchase sub-index +0.3% and refi sub-index -5.6%), (2) St. Louis Fed President James Bullard's speech on Bloomberg TV and radio, (3) Feb new home sales (expected +3.2% to 510,000, Jan -9.2% to 494,000), and (4) the Treasury's auction of $13 billion of 2-year floating-rate T-notes.

There are 2 of the Russell 1000 companies that report earnings today: General Mills (consensus $0.62), PVH Corp (1.46).

U.S. IPO's scheduled to price today: none.

Equity conferences during the remainder of this week include: Bank of America Merrill Lynch New York Auto Summit on Wed, BB&T Capital Markets Commercial & Industrial Investors Conference on Wed-Thu.

MARKET COMMENTS

Jun E-mini S&Ps (ESM16 +0.01%) this morning are down -0.50 (-0.02%). Tuesday's closes: S&P 500 -0.09%, Dow Jones -0.23%, Nasdaq +0.24%. The S&P 500 on Tuesday shook off early losses and rallied to a 2-1/2 month high and closed little changed. Stocks were boosted by upbeat comments from Chicago Fed President Evans who said he expects U.S. 2016 GDP between 2.0% and 2.5% and that "the fundamentals are really quite good for the economy going forward." Stocks also received a boost from technology stocks, which were led by a +0.8% increase in Apple. Stocks saw early weakness in leisure and travel-related stocks due to the terrorist bombings in Belgium.

Jun 10-year T-notes (ZNM16 -0.01%) this morning are down -1 tick. Tuesday's closes: TYM6 -7.00, FVM6 -5.25. Jun T-notes on Tuesday erased early gains and closed lower on reduced safe-haven demand for government debt after stocks recovered from early losses and on Chicago Fed President Evans' comment that U.S. economic fundamental are "really quite good," which may lead to further Fed interest rate increases. T-notes opened higher on safe-haven demand after the terrorist bombings in Belgium.

The dollar index (DXY00 +0.22%) this morning is up +0.166 (+0.17%). EUR/USD (^EURUSD) is down -0.0021 (-0.19%). USD/JPY (^USDJPY) is up +0.28 (+0.25%). Tuesday's closes: Dollar Index +0.360 (+0.38%), EUR/USD -0.0024 (-0.21%), USD/JPY +0.42 (+0.38%). The dollar index on Tuesday closed higher on increased safe-haven demand for the dollar after the terrorist bombings in Brussels. In addition, GBP/USD saw weakness after a smaller-than-expected increase in UK Feb CPI reduced the chance of a BOE rate increase, which was negative for the British pound.

May WTI crude (CLK16 -0.99%) this morning is down -41 cents (-0.99%) and May gasoline (RBK16 +0.17%) is up +0.0040 (+0.26%). Tuesday's closes: CLK6 -0.07 (-0.17%), RBK6 +0.0348 (+2.33%). May crude and gasoline on Tuesday settled mixed with May gasoline at a 2-1/2 month high. Crude oil prices were undercut by a stronger dollar and by expectations for EIA crude inventories to increase by +2.5 million bbl on Wednesday. Gasoline rallied on expectations that Wednesday's EIA gasoline supplies will decline by -2.5 million bbl.

GLOBAL EVENT CALENDAR03/23/2016
US 0700 ET Weekly MBA mortgage applications, previous -3.3% with purchase sub-index +0.3% and refi sub-index -5.6%.
0900 ET St. Louis Fed President James Bullard speaks on Bloomberg TV and radio.
1000 ET Feb new home sales expected +3.2% to 510,000, Jan -9.2% to 494,000.
1030 ET EIA Weekly Petroleum Status Report.
1300 ET Treasury auctions $13 billion 2-year floating-rate T-notes.
EUR 1100 ET Eurozone Mar consumer confidence expected +0.5 to -8.3, Feb -8.8.
JPN 2300 ET Japan Mar Nikkei manufacturing PMI, Feb 50.1.

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Washington Post - 11 hours ago
Supreme Court justices on Tuesday wrestled with whether Puerto Rico can use bankruptcy to avert a likely default on billions of dollars in debt, as the territory appealed for a way out of what it called a legal “no man's land.

FTSE 100 6,205.03 +12.29 (0.20%)