Analysis and Recommendations:

Crude Oil continues to fall, trading at 1.0484 down 1.88. As Mideast tensions seem to ease and the supply disruption seems too passed, with OPEC nations replacing the losses from Iran, the geopolitical pressures pushing crude to the highs are reducing. Investors are now taking time to look into the economic situation in Europe and are beginning to worry about slow down of any economic recovery. With China reducing growth estimates, the demand for oil is lessening. Compound this with worries about the Greek PSI bond swap deadline and the effects of a default or credit event the markets are not finding crude oil appealing.  Investors are waiting for the EIA inventory due on Wednesday.

 width=645

Economic Events: (GMT)

WEEKLY

Scheduled Economic Events for March 7, 2012 (GMT)

13:15     USD      ADP Nonfarm Employment                        205K                      170K                     

 13:30    USD      Nonfarm Productivity (QoQ)                      0.8%                      0.7%                     

 13:30    USD       Unit Labor Costs (QoQ)                             1.2%                      1.2%

The ADP National Employment Report is a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients. The release, two days ahead of government data, is a good predictor of the government's non-farm payroll report. The change in this indicator can be very volatile.

Nonfarm Productivity measures the annualized change in labor efficiency when producing goods and services, excluding the farming industry. Productivity and labor-related inflation are directly linked-a drop in a worker's productivity is equivalent to a rise in their wage.

Unit Labor Costs measure the annualized change in the price businesses pay for labor, excluding the farming industry. It is a leading indicator of consumer inflation.

Sovereign Bond Auction Schedule

Mar 07  10:10  Sweden  Nominal bond auction

Mar 07  10:30  Germany  Eur 4.0bn Feb 2017 Bobl

Mar 07  10.30  UK  Auctions new Sep 2017 conventional Gilt

Mar 08  16:00  US Announces auctions of 3Y Notes on Mar 12, 10Y Notes on Mar 13 & 30Y Bonds on Mar 14

Mar 08  16:30  Italy   Details BOT auction on Mar 13

Mar 09  11:00  Belgium  OLO mini bond auction

Mar 09  16:30  Italy   Details BTP/CCTeu on Mar 14 

Crude Oil Pivot Points (Time Frame: 1 Day)

 

Name S3 S2 S1 Pivot R1 R2 R3

Classic
100.973
102.747
103.813
105.587
106.653
108.427
109.493

Fibonacci
102.747
103.832
104.502
105.587
106.672
107.342
108.427

Camarilla
104.099
104.359
104.620
105.587
105.140
105.401
105.661

Woodie's
-
102.570
103.460
105.410
106.300
108.250
-

DeMark's
-
-
106.120
105.320
103.280
-
-