Stock index futures were higher in the overnight trade with Dow Jones futures advancing to a new record high. However, some of the early gains were given back on news that U.S. housing starts fell for a third consecutive month in May.
Housing starts dropped 5.5% in May from the previous month to a seasonally adjusted annual rate of 1.092 million. The median estimate was 1.22 million. Residential building permits, fell 4.9% to an annual pace of 1.168 million last month, which compares to expectations of 1.249 million. Economists had expected a 3.4% increase for starts and a .8% gain for permits.
The 9:00 central time June University of Michigan Sentiment index is anticipated to be 97.
The main trend for stock index futures is higher.
The U.S. dollar is lower after the weaker than anticipated U.S. housing data.
In the longer term we expect the U.S. dollar will underperform.
The euro currency advanced on news that new car sales in the European Union increased 7.6% in May, as most countries in the region returned to a gain after last month's decline. In addition, new car registrations, increased to 1.39 million in the European Union in May from 1.29 million in the same month a year ago.
The currency of the euro zone is higher despite news that wages in the euro zone increased at a slower rate in the first quarter, in spite of gains in economic growth, including the unemployment rate that has declined to an eight year low.
The Bank of Japan held its monetary policy meeting today and said it would maintain its aggressive monetary stimulus, as expected.
Higher crude oil prices supported the Canadian dollar and the Australian dollar.
Futures firmed when the weaker than anticipated U.S. housing report was released.
Also, there was some support on news that China’s holdings of U.S. Treasuries increased for a third consecutive month in April.
Dallas Federal Reserve Bank President Robert Kaplan will speak at 11:45.
The probability that the Federal Open Market Committee will increase its fed funds rate at the December 13 meeting is 46%, which compares to 50% yesterday.
September 17 S&P 500
Support 2427.00 Resistance 2441.00
September 17 U.S. Dollar Index
Support 96.810 Resistance 97.350
September 17 Euro Currency
Support 1.11830 Resistance 1.12500
September 17 Japanese Yen
Support .90010 Resistance .90660
September 17 Canadian Dollar
Support .75350 Resistance .75770
September 17 Australian Dollar
Support .7557 Resistance .7628
September 17 Thirty Year Treasury Bonds
Support 155^0 Resistance 155^24
August 17 Gold
Support 1249.0 Resistance 1263.0
July 17 Copper
Support 2.5500 Resistance 2.5850
August 17 Crude Oil
Support 44.31 Resistance 45.55
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Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The risk of loss in trading futures and options can be substantial. The views and opinions expressed in this letter are those of the author and do not reflect the views of ADM Investor Services, Inc. or its staff. Research analyst does not currently maintain positions in the commodities specified within this report. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright © ADM Investor Services, Inc.
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