General Market Comment
US indices closed lower on Monday, dragged my shares in the Utilities (-2.23%), Pharmaceuticals, Biotechnology & Life Sciences (-1.54%) and Technology Hardware & Equipment (-1.25%) sectors. On the economic data front, there was no news to report. The S&P 500 (2,582.61) stays above its 20d moving average (2,517.89 – negative slope) but remains below 50d moving average (2,633.06 – flat slope). European markets are expected to start on a positive note.
Foreign Exchange
The US dollar was mixed against its major pairs on Monday. On the economic data front, there was no news to report. The Euro was mixed against its major pairs. The euro-zone industrial production fell by 1.7% in November (-1.5% expected) after being up 0.1% the month before (revised from +0.2%). The Australian dollar was lower against all of its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (FEB 19) was down $1 to $50.62. The contract was above its 20D MA (@ $47.95) and below its 50D MA (@ $52.54). Gold was up $4.5 to $1292. The precious metal was above its 20D MA (@ $1276) and above its 50D MA (@ $1247). Copper Future (MAR 19) on Comex was down 3c to 263.2c/lb. The contract was below its 20D MA (@ 266.65c) and below its 50D MA (@ 272.54c). In Europe, the London Metal Exchange reported its copper inventories decreased 0 tons to 133700 tons.