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 Post subject: March 25th Wednesday 2009
PostPosted: Thu Mar 26, 2009 12:42 am 
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Today's trades that were posted in real-time in #FuturesTrades chat room via my IRC user name NihabaAshi are archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=20&t=151

My Trading Performance: +15.50 Emini ES points

-------------------------



Wall Street manages gains
Stocks end a choppy session higher after a late-day jump in financial stocks and tech shares.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: March 25, 2009: 5:59 PM ET

NEW YORK (CNNMoney.com) -- Stocks gained Wednesday, mustering up a late-session rally after a choppy session that helped push the S&P 500's two-week gains to 20%.

The Dow Jones industrial average (INDU) rose 90 points, or 1.2%. The S&P 500 (SPX) index rose 7 points, or 0.9%. The Nasdaq composite (COMP) rose 12 points, or 0.8%.

Stocks spiked in the morning on better-than-expected readings on new home sales and durable goods orders, but the advance sputtered out through most of the afternoon. A late-session jump in financial stocks and tech shares helped markets finish higher.

Joseph Saluzzi, co-head of equity trading at Themis Trading, said that the market is having trouble as it is bumping up against some key resistance levels around 820 or 825. He said that the perception of a weak 5-year Treasury auction was also having an impact Wednesday.

Stocks have bounced 20% since March 9th, when the Dow and S&P 500 hit roughly 12-year lows.

Equities have been rallying on optimism that the economy and financial markets are getting closer to stabilizing. In addition, many stocks have been hammered so heavily as to make them attractive to investors again.

But that advance has been losing steam, particularly after Monday's spike of roughly 7% for the major stock gauges, said Christopher Colarik, portfolio manager at Glendmede.

"There's meaning behind the rally,and I do think we've seen the lows, but the bottoming process is going to take time," he said.

Thursday preview: The House Financial Services Committee holds a hearing on regulatory reform, with Treasury Secretary Tim Geithner due to testify.

Economic reports include readings on weekly jobless claims and gross domestic product growth.

The number of Americans filing new claims for unemployment is expected to have risen to 650,000 from 646,000 the previous week, economists estimate. Continuing claims, a measure of people who have been receiving unemployment for a week or more, will also be in focus. Last week, continuing claims hit an all-time high of 5.473 million.

Fourth-quarter GDP is expected to have shrunk by a 6.6% annual rate versus the previous reading of a 6.2% rate. The 6.2% rate was a 26-year low.

Best Buy (BBY, Fortune 500) and homebuilder Lennar (LEN, Fortune 500) report quarterly results before the start of trading.

Bank focus: Stocks overall followed financials, with the broad market retreating in the afternoon along with bank stocks and recharging in the late afternoon as the sector found its footing.

"We're again being led by the financials," Themis Trading's Saluzzi said. "If they break down, the market breaks down."

Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) ended higher after a shaky afternoon. Citigroup (C, Fortune 500) cut some losses. The KBW Bank (BKX) sector index rose 5%, erasing a drop of over 5%.

Market breadth was positive. On the New York Stock Exchange, winners beat losers seven to three on volume of 1.77 billion shares. On the Nasdaq, advancers topped decliners by over two to one on volume of 2.5 billion shares.

Economy: A pair of better-than-expected economic reports added to optimism that the economy is getting closer to stabilizing.

February new home sales rose at an annual unit rate of 337,000 versus a revised 322,000 in the previous month. Sales were expected to rise at a 300,000 unit annual rate, according to a consensus of forecasts from Briefing.com.

An earlier report showed that durable goods orders rose 3.4% in February after falling 5.2% in the previous month. Economists surveyed by Briefing.com thought orders would fall 2.5%.

Durable goods orders excluding transportation rose 3.9% after falling 5.9% in January. Economists thought they would fall 2%.

Also, a report from the UCLA Anderson School of Management showed that real domestic product growth is on track to see quarterly growth in 2010 and 2011, although not in 2009.

Washington: On Tuesday, Federal Reserve Chairman Ben Bernanke and Secretary Geithner testified about the government's $180 billion bailout of American International Group. They said AIG (AIG, Fortune 500) demonstrates the need for the government to have broader power over non-bank financial institutions.

Geithner again made his case for broader powers to regulate flailing companies on Wednesday. In a speech in New York, the Treasury Secretary said that the country should never again have to provide a massive bailout or risk seeing a collapse of the financial system.

President Obama, in a primetime news conference Tuesday, said that it is because of a lack of authority that the AIG situation has gotten worse. Obama also defended his $3.6 trillion 2010 federal budget, which he said is "inseparable" from the overall strategy for economic recovery.

Congressional committees began debating the budget Wednesday, with a final budget not expected until at least next fall.

On Monday, Treasury introduced its plan to purge bank balance sheets of up to $1 trillion in bad assets that are limiting lending and prolonging the recession.

Bonds: Treasury prices tumbled, raising the yield on the benchmark 10-year note to 2.79% from 2.70% Tuesday. Treasury prices and yields move in opposite directions.

Lending rates were unchanged. The 3-month Libor rate held steady at 1.23%, where it stood Monday, while the overnight Libor rate held steady at 0.29%, according to Bloomberg.com. Libor is a bank-to-bank lending rate.

Last week, the Federal Reserve announced it was pumping another trillion into the economy to try to get credit flowing, including $300 billion to buy long-term Treasurys. The N.Y. Fed Bank began buying the securities Wednesday.

Other markets: In global trading, Asian markets ended lower and European markets ended higher.

In currency trading, the dollar fell against the euro and the yen, recovering from bigger morning losses following comments from Treasury Secretary Geithner.

U.S. light crude oil for May delivery fell $1.21 to settle at $52.77 a barrel.

COMEX gold for May delivery rose $12 to settle at $936.70 an ounce.

Yahoo! Finance

4:20 pm : A batch of better-than-expected economic data induced broad-based buying for the first part of the session, but the upbeat tone fell apart as stocks pushed through intraday support levels and a Treasury auction produced disappointing results. However, an underlying bid emerged late in the session, setting off a rally in the last few minutes of trading.

The latest durable goods orders data and new home sales figures both turned out to be better than expected.

February durable goods orders increased 3.4%, marking the first time in six months that orders increased. Excluding transportation, orders increased 3.9%. Economists expected respective declines of 2.5% and 2.0%.

February new home sales increased 4.7% month-over-month to an annualized rate of 337,000. Economists predicted a 2.9% decline.

The upbeat data helped the financial sector build on early strength. Financials had climbed as high as 6.5%, led by diversified financial services stocks (+7.4%). Bank of America (BAC 7.70, +0.48) was a top performer after a report indicated the company plans to soon repay federal aid. Financials turned sharply lower amid a broad-based, afternoon selling effort, which took the sector to a loss of 2.5%, but financials rebounded to close with a 4.6% gain.

The afternoon's selling effort gained momentum after the S&P 500 failed to find support at the 818 level, which had provided intraday support in the early going. Selling intensified after weak demand for a government auction of 5-year Treasuries led to a jump in yields. The disappointing auction followed an auction of Gilts, or British debt securities, by the United Kingdom that failed to attract enough buyers.

The weak auctions suggest investor appetite for government debt carrying low interest rates is waning, which will bring future auctions into closer focus. As such, tomorrow's auction of 7-year notes now has a much higher level of importance.

Sellers took the stock market to a loss of 1.8%, but a late, broad-based rally effort helped stocks close the session with a solid gain. The blue chip Dow Jones Industrial Average outperformed the other headline indices by closing 1.2% higher, but the Small-Cap Russell 2000 fared even better by putting together a 2.3% gain. The Nasdaq 100, which is rich in large-cap tech names, lagged by closing just 0.2% higher.

Tech giant IBM (IBM 97.89, -0.41) closed lower after an article from The Wall Street Journal stated the company is planning layoffs, despite its profile as a strong company. The announcement comes as a reminder that near-term economic prospects haven't improved materially.

On a related note, Automatic Data Processing (ADP 35.62, -0.81) lost ground after trimming its outlook. The company expects revenue for fiscal 2009 to grow from 1% to 2%, which is down from the prior range of 2% to 3%. The company also expects earnings growth from continuing operations to come in at the low end of the range 10% to 14%.

The final fourth quarter GDP reading is due tomorrow morning, as are weekly jobless claims (8:30 AM ET). Best Buy (BBY 33.46, +0.22), ConAgra (CAG 15.56, +0.14), and GameStop (GME 26.84, -0.21) also report before Thursday's opening bell.DJ30 +89.84 NASDAQ +12.43 NQ100 +0.2% R2K +2.3% SP400 +1.2% SP500 +7.76 NASDAQ Adv/Vol/Dec 1692/2.15 bln/979 NYSE Adv/Vol/Dec 2137/1.77 bln/923

3:35 pm : The equity averages recently hit session lows, but have since pared losses. The S&P 500 had been below 792.

This morning, the DOE released data which showed a higher-than-expected build in crude inventories. The futures traded in the red for most of the session and hit session lows at $51.86 per barrel early morning. May crude oil closed the session down 1.9% to $52.98 per barrel.

April natural gas opened pit trade lower and hit session lows of $4.24, but slowly recovered throughout the session. Natural gas futures contracts finished modestly lower at $4.33.

Precious metals were able to overcome early weakness and hold on to gains for the remainder of the session. April gold climbed throughout the session and finished at $936.50 per ounce, up 1.4%. May silver enjoyed similar gains. After hitting a session low in the morning at $12.96 per ounce, silver contracts closed the session at $13.44 per ounce, up 0.6%.DJ30 -19.67 NASDAQ -5.37 SP500 -3.76 NASDAQ Adv/Vol/Dec 1306/2.10/13027 NYSE Adv/Vol/Dec 1661/1.27 bln/1403

3:00 pm : All 10 major sectors in the S&P 500 are now in the red, but consumer staples stocks continue to hold up relatively well against this afternoon's selling effort. Consumer staples stocks are down just 0.2%.

Health care, though in the red, is also faring better than many of the other sectors. Health care is down 1.0%; its downturn has been limited by strength in shares of large-cap pharmaceutical companies Pfizer (PFE 14.08) and Wyeth (WYE 42.85, +0.38).

Major drug company GlaxoSmithKline PLC (GSK 29.70, +0.39) is also sporting solid gains, though. Its advance comes amid reports the company will buy a stake in Aspen Pharmacare to strengthen its partnership with the South African drugmaker.

Novartis (NVS 37.90, +0.05) had also been trading markedly higher earlier this session, but has since pared almost all of its gains. Novartis has announced a tender offer to acquire an additional stake in its majority-owned subsidiary Novartis India.DJ30 -96.85 NASDAQ -24.83 SP500 -12.68 NASDAQ Adv/Vol/Dec 1039/1.86 bln/1598 NYSE Adv/Vol/Dec 1161/1.13 bln/1869

2:30 pm : All three major indices are now in the red after failing to secure support as stocks retreated from afternoon highs. The recent fit of weakness is widespread, contrasting the broad gains seen earlier this session -- stocks were up roughly 2.5% at session highs.

Consumer staples is now the only sector to trade with a gain. Consumer staples stocks are up 0.2%, thanks to the strength of Procter & Gamble (PG 47.52, +0.45).DJ30 -41.34 NASDAQ -13.45 SP500 -6.39 NASDAQ Adv/Vol/Dec 1255/1.67 bln/1341 NYSE Adv/Vol/Dec 1570/1.01 bln/1453

2:00 pm : The S&P 500 recently fell to the unchanged mark, but has since pulled up a bit to trade with a modest gain. The Nasdaq Composite actually broke into negative territory, though its stay in the red was short-lived; the Nasdaq is now trading just above the unchanged mark. Meanwhile, the Dow is managing to hold up better than its two counterparts as it sports a healthy gain.

Relative strength in the Dow is largely attributable to gains by industrial and financial heavyweights Boeing (BA 36.90, +0.80) and JPMorgan Chase (JPM 26.91, +0.51).DJ30 +28.67 NASDAQ +0.29 SP500 +2.89 NASDAQ Adv/Vol/Dec 1540/1.50 bln/1037 NYSE Adv/Vol/Dec 2060/893 mln/952

1:30 pm : The major indices are slipping in a broad-based descent. The telecom (-0.1%), utilities (-0.4%), and technology (-0.2%) sectors are all in the red.

Each of the major indices are now at session lows, but remain in positive territory. The Nasdaq Composite was recently near the neutral line, but has since pulled up a bit. Meanwhile, the Nasdaq 100 has broken into negative territory.

Treasuries have also turned lower. The benchmark 10-year Note is now down 21 ticks. It spent most of the session trading down roughly 6 or 7 ticks. Reports indicate a recent auction of 5-year Treasuries had disappointing results.DJ30 +69.37 NASDAQ +4.48 SP500 +4.30 NASDAQ Adv/Vol/Dec 1605/1.37 bln/955 NYSE Adv/Vol/Dec 2187/799 mln/815

1:00 pm : Better-than-expected economic data and another strong performance from the financial sector continue helping to drive the broader market higher.

Durable goods orders for February increased 3.4%, which was a surprise since it marked the first time in six months that orders increased, and the consensus estimate called for a 2.5% decrease. Excluding transportation, orders increased 3.9%, which is also better than the 2.0% decline that was widely expected.

New home sales for February also bested expectations. New home sales increased 4.7% month-over-month to an annualized rate of 337,000, while economists were looking for a 2.9% monthly decline.

The better-than-expected new home sales data has helped shares of real estate operations outfit CB Richard Ellis (CBG 4.75, +1.75) put together some of the largest gains by percent this session. The company is also garnering support due to news it secured amendments to credit agreements, which will provide operational flexibility. Shares of CBG were also upgraded by analysts at JPMorgan.

The upbeat economic data may not necessarily mark a turn in conditions. To that point, Cleveland Fed President Pianalto stated the U.S. is still in the midst of a severe recession, which will continue a while longer, according to Reuters. However, the better-than-expected data at least provide a reprieve from the economic doldrums of recent months, helping induce broad-based buying.

Nine of the 10 major sectors in the S&P 500 are currently trading higher. Financials are leading the way, per usual. Financial stocks are up 3.4%, but were up 6.5% at their session high.

Diversified financial services (+6.0%) are leading gains in the financial sector as JPMorgan Chase (JPM 27.69, +1.29), Wells Fargo (WFC 16.70, +1.20), and Bank of America (BAC 7.77, +0.55) show particular strength. Traders' ears perked up this morning when a report indicated Bank of America plans to soon repay federal aid.

Investment banks and brokerages (+0.2%) are trading in mixed fashion, though, as Goldman Sachs (GS 108.95, -1.65) trades with a loss, but Morgan Stanley (MS 25.68, +0.56) makes a gain amid word that it is set to announce this week a merger of its Japanese securities business with that of Mitsubishi Financial (MTU 5.50, +0.17), according to a Reuters report.

Utilities (-0.1%) is the only sector trading with a loss, and while telecom (+0.2%) and technology (+0.7%) are in the green, they are also lagging the broader market. Among tech names, Automatic Data Processing (ADP 35.96, -0.47) is trading with a loss after trimming its outlook. The company expects revenue for fiscal 2009 to grow from 1% to 2%, which is down from the prior range of 2% to 3%. The company also expects earnings from continuing operations to grow at the low end of the range 10% to 14%.

The tone this session has been upbeat since the early going. However, stocks have drifted lower from their midsession highs, bringing the S&P 500 back toward the 818 level, which appears to be acting as an intraday support level, just as it did earlier in the session. DJ30 +144.40 NASDAQ +20.45 SP500 +12.36 NASDAQ Adv/Vol/Dec 1756/1.23 bln/793 NYSE Adv/Vol/Dec 2469/723 mln/528

12:30 pm : Stocks recently fell further from their perch, but have since subtly turned upward.

The initial downward drift took the S&P 500 back toward the 818 level, which had acted as a support level earlier in the session. Traders continue to watch whether 818 will hold if retested a second time. Should the support fail, traders are eyeing 813 as a secondary intraday support level.DJ30 +138.11 NASDAQ +20.59 SP500 +13.15 NASDAQ Adv/Vol/Dec 1780/1.12 bln/756 NYSE Adv/Vol/Dec 2472/662 mln/497

12:00 pm : Crude oil prices continue to pull up from earlier lows. Futures contracts were pricing crude more than 2% lower earlier this morning, but crude is now trading with a more modest 0.2% decline at $53.85 per barrel.

The upward climb by crude prices has helped provide support to energy stocks, which are also benefiting from an upbeat bias in the broader market. Energy stocks are currently up 1.3%.

Though energy stocks are looking strong, financials continue to underpin strength in the broader market. The financial sector is leading the session's gains as it trades with a 4.6% gain.

Though an industrial stock, shares of General Electric (GE 10.95, +0.54) continue to trade as if it was a financial stock, due to its exposure to capital and financial markets. However, General Electric's industrial business recently won a contract to work on a pipeline in China. Strength in GE is helping provide leadership to the industrial sector, which is showing the session's second-best gain as it trades with a 2.7% gain. DJ30 +182.95 NASDAQ +30.40 SP500 +17.53 NASDAQ Adv/Vol/Dec 1799/1.01 bln/709 NYSE Adv/Vol/Dec 2543/600 mln/410

11:30 am : Stocks continue to sport strong gains, though they are off their morning highs. The stock market was up as much as 2.6% earlier.

Gains remain broad-based, but the pullback has put telecom stocks in the red. Weakness in integrated giants AT&T (T 26.16, -0.17) and Verizon (VZ 30.39, -0.12) have the telecom sector trading with a 0.2% loss. Telecom is currently the only sector to trade lower.DJ30 +158.50 NASDAQ +25.20 SP500 +14.68 NASDAQ Adv/Vol/Dec 1734/869 mln/714 NYSE Adv/Vol/Dec 2500/515 mln/433

11:00 am : The major indices have pulled back a bit from earlier session highs, but continue to trade with gains in excess of 2%.

Small-cap stocks are attracting particular interest from buyers. The Russell 2000 Small-Cap Index is currently up 3.2%. The Index underperformed the headline indices in the prior session by posting a loss of almost 4%.DJ30 +175.15 NASDAQ +30.99 SP500 +16.99 NASDAQ Adv/Vol/Dec 1742/705 mln/654 NYSE Adv/Vol/Dec 2539/394 mln/359

10:30 am : According to the Department of Energy, weekly crude oil inventories increased by 3.30 million barrels. A build of roughly 1.10 million barrels was expected. Crude oil futures prices are actually pulling up from earlier levels, though they remain lower for the session. Crude contracts for April delivery are now down 2.2% to 52.80 per barrel.

Natural gas is also under pressure. Contracts are being priced 1.9% lower at $4.26 each.

Despite the weakness in energy prices, energy stocks are trading with a healthy 1.4% gain.

Precious metals are making solid gains after showing considerable weakness in the prior session. Gold prices under April contracts are up 1.6% to $938.80 per ounce, while silver prices under May contracts are up fractionally to $13.39 per ounce.DJ30 +152.53 NASDAQ +26.64 SP500 +14.73 NASDAQ Adv/Vol/Dec 1692/554 mln/626 NYSE Adv/Vol/Dec 2450/311 mln/386

10:00 am : New home sales for February increased 4.7% month-over-month to an annualized rate of 337,000, which is far better than the 2.9% monthly decline that was widely expected by economists. The prior reading was revised lower to reflect a 13.2% monthly decline in new home sales.

The better-than-expected data is luring buyers into stocks. All three major indices have spiked to their best levels of the session.

Of the major sectors, financials continue to exhibit the strongest gains. The sector is now up 5.4%.

Early movers: Trading up: CBG +38%, BIOD +32.7%, ACAS +22.7%, NCS +16.5%, FIG +15.7%, CBL +15.2%, AMD +13.2%, CVO +13.2%, JBL +12.6%, TIBX +11.5%, FEED +9.8%, ING +8.8%, RBN +8.3%, XL +8.2%. Trading down: DRYS -8.5%, IRE -7.9%, GNK -6.2%, SOLF -5.1%, SI -5%DJ30 +158.82 NASDAQ +33.66 SP500 +16.79 NASDAQ Adv/Vol/Dec 1637/331 mln/557 NYSE Adv/Vol/Dec 2398/194 mln/334

09:40 am : The major indices are making a strong start to the session. All 10 major sectors in the S&P 500 are trading higher, which comes in stark contrast to Tuesday's start.

Financials are putting together some of the best gains in the early going as they sport a 2.9% gain. The sector has consistently provided leadership to the broader market in recent sessions; financials led Monday's surge, but took the brunt of selling pressure Tuesday.

Though it is trading with a modest 0.4% gain, the energy sector is underperforming on a relative basis. Energy stocks are being undercut by lower crude oil futures prices, which are currently down 3.2% to $52.25 per barrel.DJ30 +79.17 NASDAQ +16.23 SP500 +8.72 NASDAQ Adv/Vol/Dec 1333/127 mln/667 NYSE Adv/Vol/Dec 2045/91 mln/529

09:20 am : S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +7.50. Stock futures point to a slightly positive start after a surprise increase in the February durable goods orders and durable goods orders less transportation data. Leading up to the report the mood had been rather muted. Participants will turn their attention to February new home sales data later this morning (10:00 AM ET); a positive surprise in new home sales data could support buying interest considering buyers entered the bidding process in droves following the better-than-expected existing home sales report released Monday. Corporate news flow has been rather slow. Bank of America's (BAC) chief executive indicated in an article that his company plans to repay TARP funds soon. Separate reports indicate Bank of America and Citigroup (C) have been going against popular practice by buying mortgage-backed securities. Meanwhile, Mitsubishi Financial (MTU) and Morgan Stanley (MS) are set to announce this week a merger of their Japanese securities businesses, according to a Reuters report, and The Wall Street Journal reports President Obama plans to meet Friday with some top banking chiefs.

09:00 am : S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +4.30. Major stock indices across Europe are trading with weakness. France's CAC is down 0.7%, while Germany's DAX has fallen 0.9%. Britain's FTSE is showing the most weakness for the second straight session; it is down 1.3%. Financial outfits BNP Paribas, AXA (AXA), and Credit Agricole are among the CAC's leading losers for the second straight session. Engineering giant Siemens (SI) is a primary laggard on the DAX. Siemens has come under pressure after its chief executive reportedly made downbeat comments about the squeeze of tighter economic conditions, and indicated the company will review its profit forecast next month. Meanwhile, shares global financial giant HSBC (HBC) are weighing on the FTSE as they slip roughly 3% on the British exchange. In Asia, the MSCI Asia-Pacific Index tacked on 0.5% in mixed trading. Japan's Nikkei shed 0.1% as exporters pulled back. Panasonic (PC) fell in the wake of Sanyo Electric's slashed outlook and loss warning. Sony (SNE) also retreated. Mitsubishi UFJ Financial (MTU) declined modestly after reports indicated the company will delay its planned acquisition of Citigroup's Japanese trust bank. However, separate reports indicate the company is set to announce this week a merger of its business with the Japanese securities business of Morgan Stanley (MS). In economic news, Japan's Finance Ministry said overseas shipments plummeted roughly 49% from a year earlier; that marks the sharpest decline in decades. In Hong Kong, the Hang Seng fell 2.1%. The decline came after stocks rallied in the past two sessions. Bank of China made gains after announcing lower earnings and a higher dividend payout ratio. The shares traded lower in other exchanges, though. In mainland China, the Shanghai Composite closed 2.0% lower. According to The Wall Street Journal, China raised domestic gas and diesel prices 3% to 5% in an attempt to catch up with gains in crude prices. Reuters reports Aluminum Corp. of China (ACH), otherwise Chinalco, welcomed a decision by Australian competition regulators not to oppose its proposed $19.5 billion tie-up with Rio Tinto (RTP).

08:35 am : S&P futures vs fair value: +4.40. Nasdaq futures vs fair value: +6.00. February durable goods orders showed a surprise increase, which marks the first time in six months that orders were up. The consensus estimate called for a 2.5% decrease, but orders actually increased 3.4%. However, January's reading was revised lower to reflect a 7.3% decline. Excluding transportation, orders increased 3.9%, which is also better than the 2.0% decline that was widely expected. The prior reading was revised lower to reflect a 5.9% decline. The better-than-expected readings have given a lift to stock futures.

08:05 am : S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +0.50. A rather neutral tone is indicated by stock futures. Overall news flow remains slow, though there is word that Mitsubishi Financial (MTU) and Morgan Stanley (MS) are set to announce this week a merger of their Japanese securities businesses, according to a Reuters report. The Wall Street Journal reports President Obama plans to meet Friday with some top banking chiefs to discuss shoring up the financial sector. The article cited Goldman Sachs (GS), Morgan Stanley, J. P. Morgan Chase (JPM), and Citigroup (C) as likely attendees. Durable goods orders for February are due at the bottom of the hour. February new home sales are due later in the morning (10:00 AM ET). Weekly crude oil inventory will follow (10:30 AM ET). As for Fed speakers, Cleveland Fed President Pianalto will discuss economic recovery this afternoon (12:20 PM ET) and San Francisco Fed President Yellen will speak about economic policy (1:00 PM ET).

06:30 am : S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +4.30.

06:30 am : Nikkei...84779.99...-8.30...-0.10%. Hang Seng...13622.11...-288.20...-2.10%.

06:30 am : FTSE...3895.62...-15.80...-0.40%. DAX...4184.93...-2.40...-0.10%.


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