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Jim Van Meerten is an advisor to Marketocracy Capital Management and writes on financial subjects here and on Barchart Portfolio Blogs and Seeking Alpha. He earned a BS in Accounting and Business Administration from Berry College; a Juris Doctorate from the Woodrow Wilson School of Law; and... More
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  • Barchart Morning Call 11/22 0 comments
    Nov 21, 2012 11:05 AM | about stocks: DE, CFN, DCI

    Barchart Morning Call

    BC - Wed Nov 21, 7:00AM CST

    Overnight Developments

    • Dec E-mini S&Ps this morning are slightly higher by +0.05%. The markets this morning are generally taking in stride the inability of Eurozone finance ministers to reach a final agreement on the Greek bailout program and the lack of a Israel-Gaza cease-fire agreement as yet. European stocks are up +0.17%. The big Asian stock markets rallied sharply today with Japan closing +0.87%, Hong Kong closing +1.39%, and China closing +1.39%. Commodity prices are up +0.10% this morning with Jan crude oil up +0.76%, Jan gasoline up +0.92%, Dec gold up +0.08%, Dec copper down -0.36%, and agriculture prices trading mostly higher. The dollar index is slightly higher by +0.06% and EUR/USD is down -0.10%. USD/JPY is up +0.71%.
    • Eurozone finance ministers failed to produce an agreement on the Greek bailout program even after a marathon 12-hour meeting. Finance ministers will meet again on Monday (Nov 26) and intend to produce an agreement at that meeting. Eurozone finance ministers were unable to come up with enough money as yet to plug the hole of about 30 billion euros in Greece's budget deficit through 2016 that opened up when Eurozone officials gave Greece an extra two years to meet its deficit targets. Eurozone officials are trying to plug the hole without going back to their national parliaments for more bailout money and without writing down existing debt.
    • There has yet to be a cease-fire on the Israel-Gaza conflict. U.S. Secretary of State Clinton today will continue her shuttle diplomacy in the region.
    • Japan's Oct exports fell -6.5% y/y, which was weaker than market expectations of -4.9% y/y though better than Sep's -10.3% y/y. Japan's exports have been hurt by its dispute with China over the islands in the East China Sea and by general weakness in the global economy. Japan's adjusted merchandise trade deficit of -624 billion yen was wider than market expectations of -492 billion yen.
    • The UK budget deficit in October of 8.6 billion pounds was wider than market expectations of 6 billion pounds and was higher than last year's 5.9 billion pounds. The higher deficit was due to a 7.4% increase in spending versus only a 1.8% increase in tax revenues due to the weak economy. Market Comments
      • Dec E-mini S&Ps this morning are slightly higher by +0.75 points (+0.05%) as the market looks ahead to today's slew of U.S. economic data. E-mini S&Ps have been able to shake off the bearish impact from the lack of a Eurozone finance minister agreement on Greek and the lack of an Israel-Gaza cease fire as yet. U.S. stocks on Tuesday closed little changed as a stronger-than-expected housing starts report was able to largely offset (1) some long liquidation pressure after Monday's sharp rally, and (2) the 12% plunge in Hewlett-Packard on news of a huge $8.8 billion write-down tied to bad acquisitions. Closes: S&P 500 +0.07%, Dow Jones -0.06%, Nasdaq -0.05%.
      • Dec 10-year T-notes this morning are down 2 ticks this morning on generally higher global stocks. Dec 10-year T-note prices on Tuesday closed moderately lower on the stronger-than-expected housing starts report and reduced safe-haven demand with the ability of stocks to hold Monday's sharp rally. Closes: TYZ2 -9.5, FVZ2 -4.
      • The dollar index this morning is slightly higher by +0.05 (+0.06%) and EUR/USD is down -0.0013 (-0.10%). USD/JPY is up +0.58 (+0.71%) on yen weakness tied to the poor Japanese export and trade report and expectations for the LDP to win December's general election. The dollar index on Tuesday closed slightly higher as the stock market spent most of the day on the defensive. EUR/USD closed little changed awaiting the outcome of the Eurozone finance ministers meeting on Greece. Closes: Dollar index +0.08 (+0.10%), EUR/USD +0.0003 (+0.02%), USD/JPY +0.27 (+0.33%).
      • Jan WTI crude oil prices this morning are up +0.66 (+0.76%) and Jan gasoline is up +0.2047 (+0.92%) on the lack of an Israel-Gaza cease-fire as yet. Dec crude oil and gasoline prices on Tuesday closed sharply lower on talk of a Israel-Hamas truce and news that the Hess Port Reading refinery ran at full rates for the first time since Sandy hit. Closes: CLF3 -2.53 (-2.83%), RBF3 -0.0437 (-1.60%). The market consensus for Wednesday's weekly DOE report is for a 1 million barrel increase in crude oil inventories, a 1 million barrel increase in gasoline inventories, a 1 million barrel decline in distillate inventories, and a 0.5 point increase in the refinery utilization rate.
      • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php Today's U.S. Earnings Reports

        Earnings reports (ranked by market cap): Deere (Consensus:$1.88), CFN-CareFusion (0.43), DCI-Donaldson (0.34).

        Global Financial Calendar

        Wednesday 11/21/12
        United States
        0700 ET Weekly MBA mortgage applications, previous +12.6% with purchase sub-index +11.0% and refi sub-index +13.1%.
        0830 ET Weekly initial unemployment claims expected -29,000 to 410,000, previous +78,000 to 439,000. Weekly continuing claims expected +8,000 to 3.342 mln, previous +171,000 to 3.334 mln.
        0955 ET Final-Nov U.S. consumer confidence index (University of Michigan) expected -0.4 to 84.5, early-Nov +2.3 to 84.9.
        1000 ET Oct leading economic indicators expected +0.1% m/m, Sep +0.6% m/m.
        1030 ET DOE Weekly Petroleum Status Report.
        1100 ET Treasury announces 2, 5 and 7-year T-note auctions for Nov 27-29.
        1300 ET Treasury auctions $13 bln in 10-year TIPS.
        1500 ET USDA Oct Cold Storage report.
        2045 ET China Nov HSBC manufacturing PMI, Oct 49.5.
        United Kingdom
        0430 ET Bank of England minutes.
        0430 ET UK Oct public finances (PSNCR) expected -15 bln pounds, Sep -600 mln pounds. Oct PSNB ex-interventions expected 6.0 bln pounds, Sep 12.8 bln pounds. Oct public sector net borrowing expected 4.0 bln pounds, Sep 10.7 bln pounds.

        Barchart.com provides Financial Quotes, Charts and Technical Analysis for Stock and Commodity Traders.

    Stocks: DE, CFN, DCI
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