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rjm77me
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rjm77me's Blog : Market on Trading Watch - Watching the close today for market direction for next 5 days

Date June 15, 2011    Comments Comments (2)    Rate this post Recommend This Post (46)   
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Manufacturing Production Rebounds Even As Motor Vehicle Assemblies Slow:

Industrial production increased 0.1% in May, after being flat in April. The Briefing.com consensus expected industrial production to increase 0.2%.



Core CPI Surges in May, Growth Looks to be Temporary:

Consumer inflation growth slowed in May as prices increased 0.2%, down from 0.4% in April. The Briefing.com consensus expected the CPI to increase 0.1%.Energy prices fell 1.0% in May, the first decline in 10 months, as gasoline prices fell 2.0%. However, the drop in gasoline prices was statistical as the nonseasonally adjusted price increased 3.6%.



Other economic news was not great.
Dow Industrials futures were - 60 down before economic data. The futures plunged another 55 points on Economic data. greek is also causing dip in European Indexes.
The number to watch is $INDU close. If market cuts down the loss to less than 60 points, there is potential side ways to slightly up market bounce in next few days.
so will wait till 3:30 PM to see if the yesterdays bounce was one day wonder.
I did SELL IWM puts bought at close yesterday by 9:45 AM and bought them back 35 cents cheaper as portfolio hedge
Tags : $INDU   IWM  

2 Comment(s):

Author rjm77me     Date June 15, 2011 16:34 Abuse this post Report Abuse
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4:30 pm : Aggressive selling dropped stocks to a new three-month low. In turn, the S&P 500 is now within close contact of its 200-day moving average and down about 8% from the three-year high that it set in May.

Stocks rallied in the prior session to register their strongest single-session gain in almost two months, but that advance was completely erased by a sell-off today. Selling was rekindled by concerns related to a mix of fiscal instability and social unrest in Greece. Concerns over Greece's precarious position undercut the euro, which suffered one of its worst daily losses in months with a 1.8% drop against the dollar to $1.417.

The greenback garnered additional support in the wake of the May CPI reading, which showed a 0.2% increase in overall consumer prices. The consensus among economists polled by Briefing.com had been pegged at a 0.1% increase. Core CPI increased by 0.3%, which is greater than the 0.1% increase that had been broadly anticipated.
Author rjm77me     Date June 15, 2011 16:35 Abuse this post Report Abuse
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adding some ultra short ETF and GLD / SLV as hedges
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