3/26/14…nothing to see here…

Quote of the Day from the Friars Club Encyclopedia of Jokes: “If a pickpocket would go through my pockets now, all he would get is exercise.” – unattributed

Bloomberg Quote of the Day: “I cook with wine, sometimes I even add it to the food.” – W.C. Fields

Bloomberg Top Stories:
*Stocks Rise as Aussie Climbs to Four-Month High; Natural Gas, Franc Drop – a big YAWN!!!
*Facebook Makes $2 Billion Bet on Virtual Reality With Oculus Device Maker – funny money!
*Facebook’s Oculus Deal Derided by Gamers Lamenting Takeover by Zuckerberg
*Citic Pacific Said to Plan Buying Assets From Parent in $40 Billion Deal
*Bullard Says Fed Hasn’t Discussed Date to end Quantatative Easing Program
*U.K. Treasury Raises $7 Billion in Second Disposal of Lloyds Bank Shares
*New Corp. Names Lachlan Murdoch Co-Chairman as James Become COO at Fox
*High U.S. Utility Costs to Linger Long After Winter’s Chill Fades – playing catch up!
*Billionaire Slim Getting Love in Bond Market as Shares Sink – adios, Carlos! Vaya con Dios!
*GM Stocks Down `14% Shows Barra’s Mounting Challenges From Recalls to China
*Jain Haunted by Rainmaker Past as Legal Fines Agains Deutsche Bank Mount – The Firm???
*Ukraine Awaits IMF Bailout Finding as Obama Warns Russia of Consequences
*Malaysia Gets Satellite Images of 122 Objects as Search Resumes in Ocean
*Russia’s Ukraine Aggression Challenges Obama’s Vision for Foreign Policy – duh, duh, DUH!
*Michigan Wins Delay of Judge’s Gay Marriage Bank Ruling Pending Appeal – FOOLS!!!

Tuesday’s Market Summary:

Another day, another feeble rally on low volume (3.18B shares) while real trades were just 645M or about 80M below average! Best performer was the unlikely Dow +0.6%, followed by Transports +0.5%, The rest up 0.2%-0.4%, except the Russell 2000 which was flat.
NYSE Financials up just 0.1% vs off 0.1% for two sessions (?); look inside: Brokers -0.6% vs -0.4% vs -0.9%; KBW Banks flat vs -0.1% vs -0.3%, Nasdaq Banks flat vs -0.4% vs -0.6%. BofA most active as always but -0.8% vs -1.1% vs -2% vs +2.8% ($17.23 vs $17.37 vs $17.56 vs vs $17.92 which was nearly its high since 2007
Advance/Declines AND Breadth were slightly postive: A/D: NYSE +1.4x vs -1.7x vs +1.4x vs 1:1 vs -3x, Nasdaq +1.01x vs -2.9x vs -1.4x +1.1:1x vs -1.8x; Breadth +1.5x vs -1.9x vs +1.04x vs +1.8x vs -2.4x vs +3.8x vs+3x vs -1.2x vs -5.2x!!! and +1.1x vs -3.8x!!! vs -2.1x vs +1.3x vs -1.4x vs +3.3x/+1.7x vs +1.04x vs -3.4x!. New 52 Week Highs were slightly better but still weak 130 vs 117 vs 269 vs 239 vs 266 vs 269 vs 242 vs 146 vs 164 vs 117 while New Lows dropped back to 35 vs 55 vs 45 vs 49 vs 37 vs 32 vs 36 vs 72 vs 79…16 (is the low!).

Overnight Comments:

Bonds: closed weaker following two second straight up sessions with the action remaining in the long end and long TIP (10’s 2.74% vs 2.73%, 3/3 high 2.79%; 30’s 3.59% vs 3.57% from 3.73%). Overnight long end slightly weaker: 10 yr 2.75% -1/8; 30 yr 3.60% -1/8; TIP 1.30% -1/8. Recent ranges: 30 yr high was 3.97% on 12/31; the 10 yr recent high 3.03%! Long TIP recent high was 1.64% The (record?) low of 0.36% was set on 4/5/13. Libor update: 0.234% 3 mos, 0.330% 6 mos. – record lows set recently: 3 mos 0.233%!!! 6 mos 0.329%! NOTE the Fed Funds rate has averaged 0.08% since 5/22/13 and is steady at 0.07-0.09%!!! Foreign bond yields lower ex- Greece and Japan: Germany 1.57% -1; UK 2.70% -1 – recent high 3.03%! France 2.10% -2; Italy 3.35% -4; Spain 3.28% -5; Portugal 4.12% -4; Greece 6.75% vs 6.59% +14!!! — after challenging the post-crisis low!!! Recent range now 6.57% to 12.57%. Japan: 0.62% +3.

Gold traded down to $1305.90 lowest since 2/14, before closing about even at $1311.40 +.30 – just $4 above the 200 day m/a, but $9 below the 40 day! – off $79 in 7 sessions! A week ago it had a new recent high of $1392.60, highest high since 9/4/13 – that ended in an outside day and nearly a negative key reversal! It has closed above the psychological $1300 every day since 2/12! It has also been above the 200 day since 2/14, which is major support at $1302. Jan. 2’s low was $1181.40 – A MULTI-DECADE LOW!!! Psych level: $1300 support, but technical support at the convergence of the 50/200 day, $1302 and RES at the 40 day $1315. Overnight slightly higher at $1314.70 +$3.30. Do or die!

Crude had a ‘rock and roll’ session trading to $100.25 then down to $98.20 before closing at $99.19 -.14…another failed attack on $100, three days after a session high of $100.82 that ended in an ‘outside’ day – 200 day is $100.37 and rising! A week ago the session low of $97.37 lowest since February 6th which resulted in a negative key reversal!!! It had held ‘par’ since 2/12 – the first time since 12/27/13! 1/14’s low was worst since 5/2/13: $91.24! The record high of $114.83 was on 5/2/11, the low since on 10/4/11 is $74.95: $93.60 is the midpoint!!! Recent rally high and close are $110.70 and $110.53 respectively. First RES is the 40 day ($100.23), then the 200 day ($100.37), with SUP at the 50 day $99.15. The recent range is $85.61-$112.24 since March 1, 2012. Overnight little changed at $99.50 +.31.

Global equity markets higher: UK +0.4% vs +1.2% vs -0.1% vs +0.1% vs -1%; France +1%! vs +1.5% vs -0.2% vs +0.2% vs -0.8%; Germany +1.3%!!! vs +1.6% vs -0.2% vs +0.3% vs -0.7%; Japan +0.4% vs -0.4% vs +1.8%!!! vs closed vs -1.7%!; Hang Seng +0.7% vs -0.5% vs +1.9%!!! vs +1.2%! vs -1.8%; Korea +1.2%!!! vs -0.2% vs +0.6% vs +0.8% vs -0.9%; India +0.2% vs – vs +1.4% vs +0.1% vs -0.4%. U.S. equity futures higher but in a narrow range: DOW +52 (range 61); SPX +5.50 (7); NDQ +14 (18).

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