PPI & Retails Sales + Trading Levels for March 14th

Get Real Time updates and more by joining our Private Facebook Group!
Subscribe to our YouTube Channel

 

C13

 

 

Market Overview for the last 2 trading days of the week

By Mark O’Brien

Heads up:

 

Keep an eye out for the second of this week’s inflation reports: the Bureau of Labor Statistics’ Producer Price Index.  The report will be released tomorrow, 7:30 A.M., Central Time.

 

Energy:   

 

This morning, the Energy Information Agency released its weekly crude oil stocks report and the data was a bullish curveball showing a surprise withdrawal in U.S. crude inventories and a bigger-than-expected drop in U.S. gasoline stocks.  April RBOB gasoline futures rose over seven cents as of this typing – a ±$3,000 per contract move – up to ±$2.66 per gallon, close to 6-month highs.  Spurring the price increase, Ukrainian drone attacks struck several oil refining facilities in Russia for the second day, damaging its refining capacity

Metals:   

 

In concert with the month-long slump in the U.S. dollar and a lingering expectation the Fed will reduce borrowing costs this June, today gold is chipping away at its ±$20 sell-off Monday and poised to around its prior all-time high close (basis April): $2,188.60/oz.  As of this typing, April gold is ±$2,177.00.

 

Indexes: 

 

All three major stock indexes have sustained trading near their all-time highs this week – after the Personal Consumption & Expenditures Price Index on April 1st (the Fed’s preferred U.S. inflation gauge), February’s non-farm payrolls last Friday and Tuesday’s higher-than-expected CPI reading yesterday.  As of this typing, prices are mixed ahead of tomorrow’s release of the Bureau of Labor Statistics’ Producer Price Index.

 

Softs: 

 

So far, the king of all-time highs this week is not Bitcoin (see below).  It’s Cocoa.  The May cocoa contract broke above $7,000/ton, nearly $2,000/ton higher over the last month – a ±$20,000 per contract move, including today’s 361-point ($3,6010) move today – with “no top in sight,” stated by The Hightower Report.

 

Crypto:

 

March Bitcoin futures are set to close at a new all-time high above 73,000 today.  With the Bitcoin ETF now trading, remember that the world’s largest futures and options exchange – the CME Group – offers Bitcoin and Micro Bitcoin futures and options with efficient price discovery in transparent futures markets, prices based on the regulated CME CF Bitcoin Reference Rate (BRR) and easily traded on your supported trading platform.  Make it your choice for managing cryptocurrency risk.

 

 

Plan your trade and trade your plan

 

Watch video below on how to rollover from March to June contracts if you are a stock index trader on our E-Futures Platform!

 

thumbnail?url=http%3A%2F%2Fi.vimeocdn

 

 

 

 

stars

e35cb555 9ff3 4f00 9fe8 0655b28fbd90

Daily Levels for March 14th, 2024

ba6b69fd 31f1 4f9e becc c54c64c8a104

b0ba1776 c0cd 4536 92c1 eef6595d7173

Economic Reports
provided by: ForexFactory.com
All times are Eastern Time ( New York)
da4c1dd9 9e02 4b0e 8ded 0fcd7be2422d

Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker at 1-800-454-9572.

Explore trading methods. Register Here

3b644da2 2bee 4d39 8d98 5208a20bec39

* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

Leave a Reply