Hot Economic Figures Keeps Pressure On Bonds
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T-bonds are pressured and remaining near contract lows following economic reports that show no sign of a slowdown in the pace of US economic growth.
This morning the government reported that sales of existing homes took an unexpected jump, putting 1999 on track to set a record for the fourth straight year. Consumer confidence also hit a 31-year high and retail sales rose 5.9% last week, putting this holiday season on track to exceed analysts expectations. T-bonds, from the Implosion-5 List, are forming an inside day in thinned trading.
From the Momentum-5 List, stock index futures are rising–once again–as money managers buy some of the equity names that have turned in the year’s best performances. Dow futures briefly hit a new contract high and the S&Ps and Nasdaq 100 futures are setting up in formations many traders interpret as continuation patterns.
Potentially inflationary growth in the European Money supply is pressuring continental currencies: the Swiss franc, also form the Implosion-5 List is losing ground along with the Euro as dollar index futures rise.
The appearance of an orderly military coup in the Ivory Coast–that will not undermine democracy in the West African country nor unduly disrupt civilian and commercial life–has renewed confidence that exports of cocoa will resume, sending March lower. The Ivory Coast exports more than 40% of the world’s cocoa.
Here are the highlights around noon Eastern time:
Stock Index and Bond Futures |
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Currencies |
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Energies |
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Metals |
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Grains |
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Meats |
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Softs and Fibers |
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