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Stocks Record Very Minor Losses; Greenback Falls Versus Euro

By Benzinga (Benzinga )Stock MarketsMay 21, 2013 08:00AM ET
www.investing.com/analysis/stocks-record-very-minor-losses;-greenback-falls-versus-euro-167845
Stocks Record Very Minor Losses; Greenback Falls Versus Euro
By Benzinga (Benzinga )   |  May 21, 2013 08:00AM ET
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The U.S. stock market fell on Monday in a quiet trading session. The losses, however, were very minor and the sharp uptrend in equities continues to look intact.

Nevertheless, traders and investors will be on the lookout for any sign of a pullback as stock prices have been surging on a near daily basis in recent weeks. In currency trading, the greenback fell while the euro climbed to kick off the trading week in the United States.

Major Averages
The Dow Jones Industrial Average lost 19 points, or 0.12 percent, to 15,335.

The S&P 500 fell 1 point, or 0.07 percent, to 1,666.

The Nasdaq Composite shed a little less than 3 points, or 0.07 percent, to close at 3,496.

Commodities
Crude oil prices rose on Monday to start off the trading week. Late in the day, NYMEX crude futures were up 0.72 percent to $96.71. Brent crude contracts had added 0.08 percent to $104.72. Natural gas futures prices were last trading up 0.81 percent to $4.09.

Precious metals rose on the day. At last check, COMEX gold futures were up around 1.83 percent to $1,389.70. Silver futures had last added 2.21 percent to $22.85. Copper climbed a little less than 1 percent on Monday.

In the grains complex, corn and wheat futures were mixed. At last check, corn was trading down 0.50 percent while wheat was up 0.29 percent. In soft commodities, movers included coffee, which fell 1.28 percent, and orange juice, which rose better than 1 percent.

Bonds
Bond prices were largely unchanged on Monday. Near the close of equities, the iShares Barclays 20+ Year Treasury Bond ETF (TLT) was basically flat at $117.03. The yields on both the 2-Year Note and 5-Year Note were unchanged at 0.24 percent and 0.83 percent, respectively.

The yield on the 10-Year Note climbed one basis point to 1.97 percent. The yield on the 30-Year Bond was also higher by one basis point to 3.17 percent.

Currencies
The greenback was strongly lower on the day. At last check, the PowerShares DB US Dollar Index Bullish ETF (UUP), which tracks the performance of the dollar versus a basket of foreign currencies, had lost 0.63 percent to $22.77.

The closely watched EUR/USD pair was last trading up 0.41 percent to $1.2891. Other movers included the USD/JPY, which fell 0.88 percent, and the AUD/USD, which rose 0.90 percent.

Volatility and Volume
The VIX rose on Monday as stocks recorded very small losses. The widely watched barometer of market fear was trading up around 5 percent to 13.06 late in the session.

Volume was very light to start the trading week. Only around 75 million SPDR S&P 500 ETF (SPY) shares traded hands compared to a 3-month daily average of 125 million.

Stock Movers
Shares of rare earth miner Molycorp (MCP) had jumped almost 11 percent heading into the close. The move in the stock may have been influenced by short-covering.

SolarCity (SCTY) added around 15 percent on Monday. The company announced a financing deal with Goldman Sachs last Friday sending it up sharply. The activity in SolarCity also appears to be related to short-covering.

Websense (WBSN) rose almost 29 percent after agreeing to be acquired by Vista Equity Partners.

IAMGOLD (IAG) jumped more than 12 percent on Monday. The move in the name was tied to a strong showing for gold prices to start the week.

First Solar (FSLR) shares rallied in the wake of an earnings report from Chinese panel maker J.A. Solar (JASO). First Solar was trading up around 10 percent heading into the close.

Foster Wheeler (FWLT) rose 9 percent on Monday after announcing that Dave Lawson will head the company's metals and mining business.

Raven Industries (RAVN) lost more than 7 percent in the wake of its Q4 earnings results.

OSI Systems (OSIS) fell almost 8 percent after the company said that it expects to receive a notice from the Department of Homeland Security in connection with the termination of their software deal several months ago.

BY Scott Rubin
Stocks Record Very Minor Losses; Greenback Falls Versus Euro
 

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Stocks Record Very Minor Losses; Greenback Falls Versus Euro

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bela kmorueyfhvnashfgrtanb g smith May 21, 2013 9:06AM ET
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Feds Investigate Natural Gas Price-Fixing Allegations Feb 16th, 2013 | By fjgallagher | Category: Lead Articles, Regulation Federal regulators are investigating irregular price swings in the natural gas markets, according to a story published in the Wall Street Journal recently. Image credit: ***.123rf**** Federal regulators are looking into volatile price swings in the natural gas commodities market that occurred during the past 12 months in connection with the release of weekly natural gas inventory information, according to an article published in The Wall Street Journal this morning. Ed. note: If you enjoy the content you get here at NaturalGasWatch.org, please take a moment to click on one of the advertisements you’ll find on the right side of the page. Your support will help us keep this site up and running. Thanks, Fj. Investigators at the federal Commodity Futures Trading Commission, which regulates the Wall Street commodities trading, detected “suspicious trading strategies around the reports by the U.S. Energy Information Administration,” the WSJ story reported. The EIA issues regular weekly reports on the country’s energy inventory, including a report that details the amount of natural gas that is held in storage. The EIA report is viewed as the most accurate gauge of short-term supply and demand. CFTC investigators believe that commodities traders armed with equipment that lets them execute transactions at extraordinarily high speeds use the capability to create artificial price swings by flooding the market with transactions in the moments before the EIA report is released. From The Wall Street Journal story: The CFTC has found that a large proportion of trading volume around the data is being conducted by high-frequency firms, according to people familiar with the matter. One person said that many commercial traders, a category that includes energy producers and consumers, typically avoid trading immediately before and after the data to avoid the swings. The EIA publishes a report at 10:30 a.m. EST each week, almost always on Thursdays, that provides an update on the amount of natural gas added or removed from U.S. stockpiles. The figure is widely considered the best gauge of gas supply and demand in the U.S., and typically results in the week’s busiest trading window. Traders have pointed to unusual trading patterns as recently as last week. In the minute before the EIA report was released on Feb. 7, volume in natural-gas futures traded on the New York Mercantile Exchange spiked to 1,954 contracts after trading well below 1,000 contracts for the majority of the morning.
 
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