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Bobbys Corner-Open Market-March.16.2011

bob-slade-forex-trading-6-150x200Good Morning:

We start this morning with news that Japan’s  nuclear reactor meltdown is still being sorted out-as smoke continues to billow out of the Fukushima nuclear plant.  Fears that the containment vessel in the #3 reactor has been breached seems to be the cause of the smoke and increased radiation levels.

In other news: Bahrain suspended trading in the local stock markets amid protests and a  state of emergency that the government imposed yesterday.  Saudi troops have been sent to the tiny island nation to help quell the disturbances.  The Libyan government seems to be gaining traction against the rebels in the east-which is where most of Libya’s oil reserves sit.
Oil rose on the news of renewed tensions in Bahrain, and the overall turmoil in the Middle East.  The markets will continue to see pressure on crude as long as unrest continues to dominate the headlines in the region.

The Euro lost ground as Portugal was downgraded by Moody’s.  The rating was cut by 2 steps to A3-4 steps from junk status.  The downgrade renewed concerns that the regions debt problems may stall economic recovery.

Japan’s equity markets rebounded and ended the day higher by over 5%.  Europe is mixed, and US Futures are slightly lower at this time.

Oil:$99.03                                                            Gold:$1403.00

TIME FOR EST. PRIOR  REVISED
7:00A.M. MBA MORTGAGE APPLICATIONS 11-Mar 15.50%
8:30A.M. HOUSING STARTS  FEB. 568K 596K
8:30A.M. BUILDING PERMITS      FEB.        570K 562K    563K
8:30A.M. HOUSING STARTS MoM% FEB. -4.70% 14.60%
8:30A.M. BUILDING PERMITS MoM% FEB. 1.20% -10.40%
8:30A.M. PPI MoM FEB. 0.70% 0.80%
8:30A.M. PPI EX FOOD & ENERGY MoM FEB. 0.20% 0.50%
8:30A.M. PPI YoY FEB. 4.70% 3.60%
8:30A.M. PPI EX FOOD & ENERGY YoY FEB. 1.80% 1.60%
8:30A.M. CURRENT ACCOUNT BALANCE  4Q -$110.0B -$127.2B