Morning Coffee Break – Wednesday March 27 Today’s Morning Coffee Break is finding U.S. equity futures are indicating a lower open this morning after yesterday’s push higher towards an all-time high of less than two points in the S&P 500.
Natural Gas traded lower settling $3.666, down $0.034 (0.9%). The curve was weaker, 13/16 down $0.03. Hub cash was weaker, ~$0.20 back this morning, Z-6 down $0.40 to $3.90 as temps are running 10-15 above normal in major Northeast/Midwestern cities through Monday.
Today’s session will likely be muted again by the closure of trading pits in New York, but we expect moderate pressure to remain in place. The market may be setting up for weakness through tomorrow, when many hedge funds are expected to close their books for the year.
Welcome to Tuesday’s Morning Coffee Break – Happy anniversary Mr. Market! Today 5 years ago marks the closing highs for both the Dow Jones and S&P 500 indexes. It also marks the start of the downward move during the subsequent financial crisis.
Welcome to Monday’s Morning Coffee Break – Today’s U.S. session is the session of first – first day of new week, first day of new month and first day of a new quarter. U.S. markets finished off the September and the 3rd quarter in the green albeit the bulls loss some steam the final week of trading.
Welcome to today’s Morning Coffee Break – traders had a case of Deja vu yesterday as the U.S. markets traded similar to last week ahead of the European Central Bank (ECB) and U.S Federal Reserve meetings. U.S. futures are indicating a positive opening today with the Dow Jones fair value of 30.36, S&P 500 fair value of 2.33 and the NASDAQ’s fair value currently at 5.37.
Asian markets begin the week off with a big bang Monday morning – Sunday evening in the U.S after the European Finance Ministers approved to provide Spain euros for a banking bailout.
The Euro bounced sharply off of multi-year lows in a week of impressive recovery for the US S&P 500 and broader financial markets.
After yesterday’s massive rally – in fact the biggest rally since December by the Australian Dollar and the Dow Jones Industrial Average since December 20, 2011 – it would appear that all global issues have been resolved.
Futures are suggesting the markets could build on yesterday’s bounce. Futures are up ahead of the open with S&P fair value at +13.00 and NASDAQ fair value at +21.80.
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