daytrades june 2 afternoon, page-31

2pm - 'Economic news' courtesy reminder time Traders!

'Market Focus' for this evening

"Mortgage application data vs. pending home sales data may tell two stories. " [Source: Bloomberg., Mark Pender]

'Market Reflections' from previous session (01.06.2010)

"Shares of British Petroleum ended at their lows in U.S. trading, down 15 percent amid talk the company may not survive the ongoing spill. Economic data were very strong with construction spending benefiting from recent stimulus and the ISM's manufacturing report showing convincing strength again for both new orders and employment. But uncertainty over the spill and its legal consequences pulled down oil shares about 2 percent as a group. The S&P fell 1.7 percent to 1,070. Its uncertainty over Europe that continues to pull the euro down, 1/2 cent lower to $1.2225. The dollar index rose 0.3 percent to 86.79. Demand for Treasuries rose with the 30-year yield losing 3 basis points to 4.17 percent. Commodities were mostly lower including a $2 loss for oil which ended just above $72. Gold firmed slightly to $1,225." [Source: Bloomberg., Mark Pender]

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Please note the following 'Economic news' which is due out in the US this evening:-

Pending Home Sales Index [ Market moving indicator]
[The National Association of Realtors developed the pending home sales index as a leading indicator of housing activity. As such, it is a leading indicator of existing home sales, not new home sales. A pending sale is one in which a contract was signed, but not yet closed. It usually takes four to six weeks to close a contracted sale.]

Motor Vehicle Sales [ Merits extra attention]
[Unit sales of domestically produced cars and light duty trucks (including sport utility vehicles and mini-vans). Individual manufacturers report usually report sales on the first business day of the month. Motor vehicle sales are good indicators of trends in consumer spending.]

MBA Purchase Applications
[The Mortgage Bankers' Association compiles various mortgage loan indexes. The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.]

Challenger Job-Cut Report
[This monthly report counts and categorizes announcements of corporate layoffs based on mass layoff data from state departments of labor. The job-cut report must be analyzed with caution. It doesn't distinguish between layoffs scheduled for the short-term or the long term, or whether job cuts are handled through attrition or actual layoffs. Also, the job-cut report does not include jobs eliminated in small batches over a longer time period. Unlike most economic data, this series is not adjusted for seasonal variation.]

ICSC-Goldman Store Sales
[This weekly measure of comparable store sales at major retail chains, published by the International Council of Shopping Centers, is related to the general merchandise portion of retail sales. It accounts for roughly 10 percent of total retail sales.]

Redbook
[A weekly measure of sales at chain stores, discounters, and department stores. It is a less consistent indicator of retail sales than the weekly ICSC index. It is also calculated differently than other indicators.]

API Crude Oil Inventories (May 28)
[API Crude Oil Inventories released by the API is a measure of change in crude oil storage. This report indicates the oil demand and the price volatility. As the oil prices have an impact on worldwide economy, some volatility for the currencies is expected, specially for the CAD. We usually have to take into account that Canada is the world's fourteenth largest producer of oil so a strong oil demand appreciates, or is bullish for the CAD.]

Bank Reserve Settlement
[A two-week period that ends every other Wednesday during which commercial banks must meet reserve requirements stipulated by the Federal Reserve.]

4-Week Bill Auction; and 52-Week Bill Auction
[Treasury bills are sold at public auctions every week.]

... AND ...

The following 'Economic news' is due to be released in Australia on Monday:-

Trade Balance (Apr) [ Moderate volatility expected]
[The trade balance released by the Australian Bureau of Statistics is the difference in the value of its imports and exports of Australian goods. Export data can give an important reflection of Australian growth, while imports provide an indication of domestic demand. Trade Balance gives an early indication of the net export performance. If a steady demand in exchange for Australian exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the AUD.]

[Sources: Bloomberg & fxstreet.com]
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ASX Market Watch (widget snapshot)

DOW Futures: Note: All of the overseas (live) links are not working atm (cable must be down), however the DOW Futures on Bloomberg (with a 20 minute delay) are currently showing as being Up 37 pts atm.