Chillin' out till it needs to be funded
Tomorrow is Quadruple Witching Day as Stock Index Options and Index Futures expire along with Stock Options and Futures including the successful series of Apple with more than 2 mln in Ind stock options contracts volumes. The next ones are in June, September and December. With such a liquid market, it would be a shocker if after Greg Smith’s surprise sympathy wave on Wall Street is followed by extra Quad witching impact.
The jump in the Philly Fed to 12.25 and Jobless Claims to 351k kept the markets happy and the Goldman Sachs comeback nicely evened things out for the market as the S&P 500 finished off Thursday at over the 1400 mark.
The Fed Balance Sheet has not become any more manageable at $2.896 Tln but MBS buying continuesd while European Central Liquidity Swaps were down $6.5 bln even as Foreign denominated assets increased $3.1 bln in valuation. The PPI increase of 0.4% was still counted as a positive for the market even ass it races out of control at 3.3% annually.
India Budget comes out later today but no firewaorks are expected a s the Indian coalition tries to avoid bigger pitfalls in getting the Fisc back under 5%. Budget Receipts are only 12% of GDP in India a third below the EM average of 18% in receipts and Subsidy spending has raced to cover almost half the receipts.
Europe deals with a 8% downtick in Car Sales in the new year to 1.93 mln cars, with VW losing only 5%(incl Audi) but Peugeot and Citroen losing 20% and 15% each in February’s mark below 1 mln cars (923k). FRench and Italian Auto markets have contracted by 20% and 19% respectively.
The new iPad debuts first in Sydney with the Season’s first F1 race in gear as it launches at Walmart from midnight Friday.
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