General Market Comment
US indices closed mixed to finish the week on Friday. Shares in the Food & Staples Retailing (-0.83%), Retailing (-0.76%) and Banks (-0.75%) sectors were under pressure while shares in the Household & Personal Products (+1.18%), Pharmaceuticals, Biotechnology & Life Sciences (+0.79%) and Food, Beverage & Tobacco (+0.77%) sectors gained momentum. The S&P 500 (2,707.88) stays above its 20d moving average (2,663.71 – positive slope) and 50d moving average (2,615.45 – positive slope). European markets are expected to start on a positive note.
Foreign Exchange
The US dollar was mixed against its major pairs on Friday. On the economic data front, there was nothing to report. The Euro was bearish against all of its major pairs. The German trade balance excess narrowed more than expected to E13.9B in December (E16.5 anticipated) from E20.4B a month earlier. The Australian dollar was lower against all of its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (MAR 19) was about flat to $52.74. The contract was below its 20D MA (@ $53.14) and above its 50D MA (@ $51.05). Gold was up $3.9 to $1314. The precious metal was above its 20D MA (@ $1300) and above its 50D MA (@ $1278). Copper Future (MAR 19) on Comex was down 1.8c to 281.05c/lb. The contract was above its 20D MA (@ 272.54c) and above its 50D MA (@ 271.61c). In Europe, the London Metal Exchange reported its copper inventories decreased 200 tons to 149200 tons.