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Meadows on the Markets

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Today was not a good day to be in Sugar, Cotton, or Coffee futures, down 4.5%, 4.3%, and 2.4%, respectively. The US$ was moderately lower, losing ground against EUR as U.S. traders shrugged off losses overnight. USD/JPY fell 50 pips to 80.43, after touching a low of 80.28.

Crude Oil futures were up slightly. Natural Gas futures reclaimed and closed above the $2-handle – gaining 1.8% on the session. Heating Oil, though, suffered steep declines of 1.7%.

Earnings tomorrow morning will be the focus. Here’s a list of the most prominent companies reporting before the bell:

– Coca-Cola (KO)

– Goldman Sachs (GS) 

– Johnson & Johnson (JNJ)

– Northern Trust (NTRS)

– State Street (STT)

– TD Ameritrade (AMTD)

– U.S. Bancorp (USB)

After the bell, traders will look to IBM, Intel (INTC), and Yahoo (YHOO) for more corporate earnings news.

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Halftime Report for 4.16.2012

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Markets digested upbeat retail sales figures this morning that were followed by disappointing manufacturing and housing reports. Additional housing data will be out later this week – tomorrow (housing starts) and Thursday (existing home sales) – which will paint a more complete picture of the overall market. 

In currency markets, EUR/USD is at session highs after concerns over Spain’s fiscal situation pushed the pair below 1.30 early in the session.  A daily close on the pair below the Ichimoku Cloud at 1.3054 could indicate further selling pressure in the sessions ahead. Gold is weaker on the session as well, down 0.7% to $1,649.10 per ounce.

Natural Gas has regained a $2-handle, trading up 1.3% at $2.007. Crude Oil is down 0.4% to $102.47.

My thinking is that we are basically done trading for the day. All-in-all, markets will look towards earnings reports tomorrow morning before the bell and to the Europe situation. 

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Morning Rage 4.16.2012

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Meanwhile, the economic picture in the U.S. looks a little better this morning. March retail sales showed a 0.8% increase, compared with expectations of 0.3% and following a 1% increase in February. According to the report, electronics, clothing, and furniture stores were among the main beneficiaries. 

Equities are discounting the European situation, with the S&P and NASDAQ front-month futures trading higher by 0.6%, while the DJIA futures gained 0.7%. Crude oil futures are trading flat on the session, and Natural Gas futures gained 0.3%. 

In conjunction with an emphasis on Spain, EUR/USD is lower in trade, falling below 1.30 for the first time since January. If EUR/USD closes below the Ichimoku Cloud – 1.3054 on the daily chart – it could spur additional selling in the pair. 

In earnings news, Citigroup (C) reported this morning that sales and profits were lower than analysts forecast. Quarterly earnings per share were at $0.95, compared with expectations of $1. Despite this, C was able to keep expenses flat year-over-year. Tomorrow will be a blockbuster day for earnings, with Coca-Cola (KO), Goldman Sachs (GS), and State Street (STT) among the heavy hitters reporting before the bell.