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Stocks Tick Higher on Buy Programmes, Lower Michigan Inflation Numbers

EQUITIES
  • E-mini S&P narrowing in on the earlier session highs at 3871.50 as the post-Michigan equity rally gathers some steam. The index has now added around 50 points off the earlier lows and further strength opens the 50-dma on the continuation contract at 3895.25. A clear break of this hurdle is required to suggest potential for a stronger recovery.
  • Equity gains remain largely based off the downward revision to the Michigan inflation expectations, which not only saw a step lower near-term, but were also observed across all survey cohorts - which the market's clearly discounting against Fed rate hike expectations.
  • Evidence of buy programmes also proving supportive shortly following the cash open, with NYSE tick data showing sizeable buy interest at 1017ET, 1019ET and 1038ET.
  • Energy names leading the move higher, supported by solid oil prices today as the cold snap leads to a number of refineries being knocked offline - Bloomberg estimate 1.6mln bpd capacity has been knocked offline in Texas alone due to weather conditions.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market NewsBank of America Market News

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