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Market analysis for Thursday Nov 21st 2013

market_analysisUS indices ended into negative territory on Wednesday pressured by shares in the Utilities, Real Estate and Food, Beverage & Tobacco sectors. According to the FOMC minutes, "members generally expected that the data would prove consistent with the Committee's outlook for ongoing improvement in labour market conditions and would thus warrant trimming the pace of purchases in coming months." The S&P 500 (1781.4) remains above its 20d moving average (1770.9 - positive slope) and its 50d moving average (1730.2 - positive slope).

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The US Dollar was strong on Wednesday against most of its major counterparts. On the US economic data front, MBA Mortgage applications for the week ended November 15th fell 2.3% (-1.8% prior). Also, existing home sales declined 3.2% MoM in October according to data released by the National Association of Realtors (-2.9% expected) while the consumer price index (CPI) declined 0.1% MoM (flat expected and +0.2% in September). Finally, retail sales advance rose 0.4% MoM (+0.1% expected and flat prior). According to the FOMC minutes, "members generally expected that the data would prove consistent with the Committee's outlook for ongoing improvement in labor market conditions and would thus warrant trimming the pace of purchases in coming months."

The Euro was under pressure against its major counterparts. In Germany, PPI index was down by 0.2% in October after a 0.3% gain in September. Economists anticipated the index to be flat.

COMMODITIES
After the close of Wall Street, WTI Crude Future (DEC 13) was about flat to $93.33. The contract was below its 20D MA (@ $95.03) and below its 50D MA (@ $99.53). The US Department of Energy reported that, for the week ended 15 November, crude oil inventories increased 375k barrels compared to the previous week.

Gold was down $30.1 to $1245.6. The precious metal was below its 20D MA (@ $1306) and below its 50D MA (@ $1313).

Copper Future (MAR 14) on Comex was about flat to 315.65c/lb. The contract was below its 20D MA (@ 324.38c) and below its 50D MA (@ 327.37c). In Europe, the London Metal Exchange reported its copper inventories decreased 1950 tons to 445700 tons.



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