Yesterday Was a Data Day???

 

 

 by Larry Levin

We expected a large range Wednesday but it didn’t happen.  It should have, but didn’t.  The market gapped open higher, there was very large volume early in the day, any selling attempts were rebuffed; however, it refused to rally.  Surprisingly, after the gap open higher, the majority of the day’s range traded within a small 5-point range.  The apathy continues.
 
Here is a list of the day’s news that, without Ben Bernanke’s EZ money scams, would have affected the markets.

• Mid-East riots/protests spread to Yemen.
• Brent crude oil breaks $100/bbl and trades at $104 per barrel.
• PPI (producer level inflation) was higher than expected. The last quarter’s data gives a projected annual US producer level inflation rate of 9.6%!  Will that be passed through to the consumer?
• Mid-East riots/protests spread to Libya.
• Mortgage purchase application data was much – much – worse than expected.
• Housing starts were slightly better than expected.
• Mid-East riots/protests spread to Iran.
• Industrial production data was much – much – worse than expected.
• Iran launched 2 warships through the Suez Canal, ostensibly to pick a fight with Israel.  Oh, that sounds “bullish” doesn’t it?
• Mid-East riots/protests spread to Bahrain.
• European banking sector continues to weaken.
• Hezbollah announces it is ready for another war with Israel.
• Did I mention PPI inflation and crude oil prices?
• Finally, with Benron Bernanke in charge of the cash, all stock indices closed up yet again.

 

Trade Date: 2/16/11
E-Mini S&P Trades*
(before fees and commissions):

No “Secrets” trades today.  Algorithm positions (6)  “Reading the Tape” positions (6) …combined Secret’s, Algo, & “Reading the Tape” total… -3.00

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