Friday, June 14, 2013

Huge Sugar Rally After Five Weeks of Losses

It will be interesting to see if there is any follow-through, since this was just a short-covering rally! This was truly a parabolic move. Parabolic up, parabolic down!

ICE raw sugar futures surged to post their largest daily
gain since November on a short-covering rally, while cocoa
futures sank under pressure from technical weakness and
expectations of ample supplies. 
    July raw sugar on ICE Futures U.S. jumped 0.54 cents,
or 3.2 percent, to settle at 16.78 cents per lb in
technically-driven dealings after prices sank to 16.17 cents on
Thursday, the lowest level for the front month since July 2010.
    It was the front month's steepest one-day gain in seven
months, pushing sugar to a weekly gain of about 2 percent after
five weeks of losses.

Stocks Waffle, Close Near Day's Lows

Dow down 106.

Inflation surged today, mostly due to energy costs.
US Industrial Production weakens. 
Detroit defaulted on its debt today.
Crude oil hit the highest price in months.
Eurozone stocks now down four consecutive weeks.
US Treasuries owned by foreigners plunged in April.

Thursday, June 13, 2013

Stocks Rally 325 Points from Bottom

Modestly good retail sales, but certainly not worthy of this kind of rally.

Stocks Rally From -100+ to +100+

Stocks market rallying today (Dow up 111 so far) on news that retail sales was pretty good. But if that's true, why is credit card usage DECLINING? If consumer confidence is as strong as they want us to believe, then why aren't people using their credit cards? Something is wrong with that picture!

Does this data sound like a robust economy:
The growth of U.S. retail spending (excluding autos) slowed from an annual average pace of 8 percent in 2011 to 5.1 percent in 2012. In the first five months of 2013, U.S. retail sales have been growing at an annual average pace of just 3.5 percent. What does that trend tell us?

Wednesday, June 12, 2013

After Attempt to Rally, Stocks Collapse

New Twist: Stocks Up Sharply Overnight, Go Negative in Day Session

The Europeans were rejoicing at more central bank interventions overnight, and Wall St is worried that Fed "tapering" will suppress stocks. Dow down 80.