MrTopStep’s Index Futures Recap

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MrTopStep’s Index Futures Recap – Thursday June 2nd 

danny

Morgan Stanley:

Today’s OPEC meeting is unlikely to decide on production ceilings as Iran indicated via a comment by Iran’s oil minister. Recently, oil prices have diverged from other commodity prices, especially commodities, where Chinese demand dominance has declined since early May when it became evident that China’s China’s economic mini-cycle was running out of steam.

This morning, iron ore prices fell to a three-month low. Within a world of slowing Chinese demand and the Fed preparing for higher rates, commodity divergence is unlikely to last for long, suggesting oil prices coming down. Only recently have oil inventories declined somewhat, but within the historical context oil inventories are still near a high (see Exhibit).

 

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Barclays:

As widely expected, the ECB kept its monetary policy unchanged at today’s Governing Council meeting.

The GC announced that the corporate sector purchase programme would start on 8 June and confirmed that the first LTLTRO II would be launched on 22 June. The updated staff macroeconomic projections were broadly unchanged, and President Draghi noted that downside risks, although still present, had receded somewhat thanks to monetary policy action. He once again called on other policy areas to complement the ECB’s action and warned that the ECB was ready to do more if needed.

Under our baseline macroeconomic scenario, we do not expect any additional policy action this year.

 

Floor Pivots For Tomorrow’s RTH E-mini

 

R3  2133.25

R2  2115.75

R1  2109.50

PP  2098.00

S1  2092.00

S2  2080.75

S3  2063.25

 

Tomorrow’s Notable Earnings: Broadcom LTD (AVGO) and Joy Global Inc (JOY)

 

Tomorrow’s Economic Calendar:

 

Market Focus »

 

Charles Evans Speaks

3:45 AM ET

 

Employment Situation

8:30 AM ET

 

International Trade

8:30 AM ET

 

PMI Services Index

9:45 AM ET

 

Factory Orders

10:00 AM ET

 

ISM Non-Mfg Index

10:00 AM ET

 

Lael Brainard Speaks

12:30 PM ET

 

Baker-Hughes Rig Count

1:00 PM ET

 

<ul>

<li>Open: 2092.25  </li>

<li>High   2104.25 </li>

<li>Low:   2086.75 </li>

<li>Close: 2103.50 </li>

<li>Volume: 1.2 million total  </li>

<li>MOC: $200 Million to Sell  </li>

</ul>

 

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