The KUIK Morning Market Report for Monday, December 28:
Markets are down.
Index Direction Change Units Time
Dow Down (73) points 17,479 7:07 AM
S&P500 Down -0.6% percent 2,048
Nasdaq Composite Down -0.6% percent 5,016
30 Year Treasury Down (1) Basis Points 2.95 Annual Yield
February crude is off 3% to $37.02 a barrel on the New York Merc. Last week’s oil rally was inspired by an unexpected fall in inventories and short covering.Upside momentum is stalling in early trading today on fears of slowing economic conditions in China and Europe. Remarks by Iranian officials were also putting renewed pressure on crude. Rokneddin Javadi, head of National Iranian Oil Co., said the country aims to add 500,000 barrels a day of exports within a week of the lifting of sanctions, accoridng to Bloomberg, citing the Shana news agency.
Short-term Treasury prices are down, pushing up yields to their highest levels in 5½ years, as investors prepare for auctions of new short- and medium-term Treasurys in this holiday-shortened week. The Treasury department will auction a $90-billion package of two-, five-, and seven-year notes on Monday, Tuesday, and Wednesday. Short-term yields have been on an uptrend over the past couple of weeks, with prices under pressure after the Federal Reserve earlier this month raised interest rates for the first time in nearly a decade.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/last-weeks-rally-for-oil-set-to-dissipate-2015-12-28
http://www.marketwatch.com/story/2-year-treasury-yields-rise-ahead-of-auction-2015-12-28?dist=markets
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