Export Prices Prior 0.3%
Import Prices Prior 0.1%
Treasury Budget Prior -120.0B
Market action has been limited this week by the lack of economic data and the Veterans Day holiday. Today's releases probably won't do much to change that. Yesterday the equites saw some profit taking based on more and more talk that Big Daddy is about to dim the lights. Thursday President Obama's choice to lead the Fed, Janet Yellen, will testify before the Senate Banking Committee. The markets will probably wait until they hear what she has to say about the Fed's easy money policy before anybody makes any big moves. Until then we'll probably see more of the same kind of grind with no real commitment either way. Trade wisely.
Dec WTI took a beating yesterday, falling to its lowest level since June 26th of this year. There were a number of factors that went into the day's decline. Estimates out of OPEC predicted that 2014 supply will outstrip demand, the IEA World energy outlook called for the US to become the world's largest oil producer by 2016, traders expect Thursday's EIA Crude Inventory report to show another build and the whispers that Big Daddy will call last call sooner rather than later continue to get louder. Dec crude settled -2.10 at 93.04. Equities also came under pressure early but had a midsession rebound based on some good earning numbers. The Dec S&P contract still settled off -2.50 to close at 1765.10.