S&P/Case-Shiller Home Price Indexes Fell In November
Seasonly adjusted S&P/Case-Shiller HPI 10 city composite fell 0.4% In November; On year level 10 city index is down 0.4%.
Moody’s/REAL National Commercial Property Index Rose 0.6% In November
Moody’s/REAL National Commercial Property Index rose 0.6% in November and it is now running at +2.8% y-o-y.
Levitating around bottom.
Morning Reading – January 25, 2011
*** Pragmatic Capitalism: AN EARLY EARNINGS UPDATE ***
*** The Big Picture: Market’s topped out for now ***
*** FT BeyondBRICs: A chart for the China bears ***
*** FT Alphaville: Ugly UK GDP figures ***
*** FT Alphaville: Come one, come all, to the EFSF bond issue ***
*** FT Alphaville: John Paulson’s real 2010 success: Gold ***
Morning Reading – January 24, 2011
*** The Atlantic: Picture of the Day: Shanghai in 1990 and 2010 ***
*** Market Folly: David Tepper Interview: “I Am Cautious But I Am Optimistic” ***
*** The Big Picture: Is China an ‘Enormous Tail-Risk’? ***
*** The Big Picture: There Goes the Neighborhood Correlation! ***
*** The Big Picture: Gold net longs hit lowest since July ’09 ***
*** FT Alphaville: Correlation trading and the WTI-Brent spread ***
*** FT BeyondBRICs: Why the market is wrong about China ***
*** Forexlive: California Treasurer Says No Way States Enter Bankruptcy ***
*** The Slope Of Hope: Major Commodities Top? ***
*** The Slope Of Hope: Commodities At 50% Retracement ***
Dry Bulk Weekly – January 24, 2011
Baltic dry index fell 4.8% last week; Capesize Index was down 2.4%; Panamax Index fell 14.2%; Supramax Index rose 2.4%; Handysize Index was up 1.6%.
Iron ore stockpiles in Chinese ports at all-time high, iron ore demand will be weaker because of lunar new year (February 3rd). All this looks quite negative for dry bulk rates.
New Week Intro – January 24, 2011
Weekly economic calendar.
Rig Count Weekly – January 23, 2011
Number of crude oil drilling rigs rose for 9; Number of natural gas drilling rigs fell for 4.
Tanker Weekly – January 23, 2011
Baltic Dirty Tanker Index fell 7.6%; Baltic Clean Tanker Index rose 0.2%.
My comment remains the same: too many available ships for the cargoes offered. From the crude oil demand side it also feels the bullishness from the end of the last year has abated.
U.S. Freight Carloads Weekly – January 22, 2011
U.S. railroads originated 282,987 carloads, up 7.2% compared with the same week in 2010 and down 4.8% compared with 5-year average. Week over week change was -0.7%.
U.S. Petroleum Weekly – January 22, 2011
Crude oil stocks rose 2.6 million barrels; Gasoline stocks increased 4.4 million barrels; Distillate stocks were up 1.1 million barrels; Propane/propylene stocks were down 5.4 million barrels; Other oils stocks decreased 2.4 million barrels; Total crude oil and petroleum stocks were 2.4 million barrels higher for the week.
Refinery utilization fell 3.4% to 83.0%.
Implied crude oil demand fell 0.9 million barrels.
Crude oil and petroleum product net imports rose 0.2 million barrels to 9.5 million barrels.
Crude oil stocks rising, markets well supplied, demand weak.
Morning Reading – January 21, 2011
*** The Big Picture: Bull Market Duration and Strength ***
*** The Big Picture: Will We Have US State Bankruptcies? ***
*** China Financial Markets: The real cost of Chinese NPLs ***
*** The Slope Of Hope: We Get It ***
*** The Slope Of Hope: Dwindling Loan Loss Reserves ***
*** FT BeyondBRICs: Early mover: Indonesia enters correction ***
*** FT Alphaville: FROB! ***
*** FT Alphaville: The food price vulnerability index ***
*** FT Alphaville: From Fed run-offs to super-sized Treasury auctions ***
*** FT Alphaville: Silver backwardation is here ***
U.S. Natural Gas Weekly – January 21, 2011
Working gas in storage fell 243 Bcf from previous week. The consensus was at 233 Bcf.
Storage level 109 Bcf higher than same time year ago.
U.S. Existing Homes Sales Rose 12.3% In December
Sales of existing homes in U.S. rose 12.3% to 5.28 million units SAAR. Consensus was at 4.87 million.
January Philadelphia FED General Business Conditions Index At 19.3
Philadelphia FED General Business Conditions Index fell to 19.3. The consensus was at 20.8, prior revised (from 24.3) reading was at 20.8.
Industrial production will continue to slowly expand in January.
U.S. Initial Jobless Claims At 404.000; Down 37.000
Initial jobless claims in the U.S. were reported at 404.000 vs. 420.000 consensus; last week revised (down 1.000) reading was at 441.000.
Lot of volatility, but 4 week moving average has decreased a bit.