Home Market Market Watch Gary Wilhelmi 6-15-12 AM comments

Gary Wilhelmi 6-15-12 AM comments

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Financial

French credit rating down graded

Moody’s downgrades 11 EU banks including one in France

UK takes special measures to protect themselves against an EU meltdown

Spain and Italy on the brink of defaulting

ECB stimulus pledges but it has not worked before

Anti austerity party victory in Greece, and its close, would take Greece out of EU

Spanish 10 year yields reach 7% tipping point, and that was the last straw in Ireland

Dow called higher

Expiration triple witching day means heightened volatility in US stocks

Consumer from the U of M expected at 77 down from 79.3

Empire State manufacturing index 13.5 down from 17

DAX up 1.1%

G 20 will have proposals but only Germany has the money and they can not support the other 15 EU nations

Crude up $.37 at $84.28 just pawing around and OPEC is not expected to change production

US 10 year bond at 1.6%

Dollar 81.81 off 18

Livestock

Cash cattle lightly trade off $3

Boxed beef hits new record high at $198.95

Retailers begin positioning for the 4th of July but that is a hot dog and hamburger holiday

Cattle 510,000 versus 507,000 last week

Pork cutout strong with carcass up $2.35, loins plus $3.04, hams $2.67 better and bellies gained $2.93

Hog kill light at 1,573,000 versus 1,610,000

Cattle futures have cleaned house while hogs have held

Grain and soybeans

Mid range chopping

Rains next week may only be fractional in the east but better out west

The specter of Europe hangs over all markets

Weekly exports and crush were positive in beans and wheat sales were decent but corn business is bad

This would be a good day to go fishing as uncertainty makes the markets even squirrelier