Monday, September 14, 2009

Evening Briefing for September 14th

* MARKET THEMES FROM MONDAY - Stocks started the day on the downside, carrying over weakness from Asia and Europe on U.S. dollar strength, commodity weakness, and concerns over possible tariff wars. From the market open in the U.S., however, buyers swooped in to pick up the lower prices, with good volume on the rise. Buying sentiment outweighed selling pressure through the day, with strengthening in the NYSE TICK over the course of the session. Oil and gold were range bound for much of the session; 10-year Treasury rates moved above 3.4%; and the U.S. dollar was range bound vs. the euro during the day session. We managed to trade at new bull highs late in the session; I will be watching to see if we hold and extend those highs on Tuesday vs. trade back into Monday's range. Good market wrap here.

* OVERSEAS/OVERNIGHT NUMBERS: 1:45 AM CT - France, CPI; 3:30 AM CT - Britain, CPI; 4:00 AM CT - Germany, ZEW survey of economic conditions. Earnings reports scheduled for Tuesday here.


-- Let's add to my recent list of trader resources: SMB is offering a course on tape reading;

-- Looks at September/October seasonality and other good reading;

-- Views on retail sales, deflation, and much more;

-- Good review of economic indicators;

-- Worthwhile list of macro-relevant articles.