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Monday January 28, 2013 - 16:44:40 GMT
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| | Email US Market Update: Traders Cautious After Friday's Five-Year Highs US Market Update: Traders Cautious After Friday's Five-Year Highs
Mon, 28 Jan 2013 11:27 AM EST

***Economic Data***
- (IE) Ireland Dec Retail Sales M/M: 0.1% v -1.2% prior; Y/Y: -1.0% v -0.2% prior
- (US) Dec Durable Goods Orders: 4.6% v 2.0%e; Durables Ex Transportation: 1.3% v 0.8%e ; Durables Ex-Defense: 1.2% v 0.8% prior; Capital Goods Orders Non-defense Ex Aircraft: +0.2% v -1.0%e; Capital Goods Shipments Non-defense Ex Aircraft: 0.3% v 0.5%e
- (US) Dec Pending Home Sales M/M: -4.3% v 0.1%e; Y/Y: 4.9% v 12.5%e
- (IS) Israel Central Bank leaves the Base Rate unchanged at 1.75%
- (US) Jan Dallas Fed Manufacturing Activity: 5.5 v 3.0e

- The S&P500 and the DJIA have been puttering along in the red this morning after both indices closed on Friday at their highest levels since late 2007. The DJIA is currently down 0.1% while the S&P500 is down 0.2%; the Nasdaq is up slightly as the bounce-back in shares of Apple lift the index.

- The much better-than-expected December headline durable goods reading is being chalked up to some big aircraft orders, as ex aircraft the gain is much more modest. In line with the December new and existing home sales data out last week, December pending home sales saw a downtick in the month after several months of gains. The NAR blamed the decline on the tightening supply of homes. Yields on 10-year UST poked above 2% on Monday for the first time since April 2012 after in the immediate wake of the durable goods data. Yields on 10-year notes rose as high as 2.01% then returned to aroudn 1.98%.

- Euro was firmer in the New York session as dealers reassess the upcoming ECB three-month tender amounts. The current poll for the 3-month MRO on Wednesday is 10B v prior expectations for 6.2B, which suggests that the banks would not roll over into shorter-dated paper and may mean the European banking sector is healthier. The 1.35 level should provide some resistance in the EUR/USD on option-related plays.

- Caterpillar is the earnings story of the morning. The firm's revenue was right in line with expectations, while earnings were either way ahead or well below the consensus depending on inclusion or exclusion of the big previously-announced impairment related to the firm's Chinese unit. The FY13 guidance range was very broad, however the firm has been telegraphing its uncertainty about the year ahead for some time already. The firm's weak Q1 outlook was also made up for by promises of a stronger second half of the year. CAT was up as much as +3% right after the open, before trading back to +1%.

- Biogen Idec is up 3% on solid quarterly numbers and a decent FY13 forecast.

- US steel names are under pressure this morning after Goldman Sachs cut the sector to cautious, with shares of NUS, STLD and X down around 2%. Shares of AK Steel are plumbing deeper depths after Goldman also downgraded its ratings on the individual firm. AKS is down more than 7%.

- Refiner Hess is up 5% after saying it would sell off its terminal network and exit the refining biz.

- RadioShack is up around 8% after dissolving a mobile partnership with Target.

- Shares of Joseph A Bank are tanking after the firm warned its FY12 net profit would be down 20% y/y. JOSB is down more than 16% on the news. Shares of Men's Warehouse are down 5%.

***Looking Ahead***
- 11:30 (US) Treasury to sell $60B in 3-Month and 6-Month Bills
- 13:00 (US) Treasury to sell $35B in 2-Year Notes
- (CO) Colombia Central Bank Interest Rate Decision: Expected to cut the Overnight Lending Rate by 25bps to 4.00%




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