Tuesday’s economic calendar features the S&P/Case-Shiller on house prices in January and the Conference Board’s gauge of consumer confidence in March, as markets position ahead of Friday’s report on nonfarm payrolls.
Equity markets continued their run up to new 18-month highs in early trading before paring back from their best levels. Markets have been relatively muted with a mixed session in Asia and the looming 4-day Easter holiday weekend pending. Greece’s ‘successful’ 7-year bond offering yesterday. Secondary trading in the paper should be a good gauge of confidence.
The dollar has finally taken a break and oil and materials had a banner day yesterday. The 200 dma held for XLE and OIH and many individual oil names exploded higher yesterday. OXY which held in well during the pull back actually popped nicely along with many others.
Tuesday, March 30, 2010