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NASDAQ Futures at Record Highs

STOCK INDEX FUTURES

U.S. stock index futures are higher ahead of a heavy slate of corporate earnings reports.

The 9:00 central time January housing market index is expected to be 86.

CURRENCY FUTURES

Interest rate differential expectations suggest lower prices for the U.S. dollar and higher prices for the euro currency longer term.

The British pound appreciated after economic data showed the U.K. inflation rate increased more than expected in December. The inflation rate edged up to 0.6% in December from 0.3% in November and was slightly above market forecasts of 0.5%.

The Bank of Japan began a two-day policy meeting today. It is widely anticipated that monetary easing will be maintained. Tomorrow the BOJ will announce its quarterly economic outlook report, along with its assessment on the current state of the economy.

The Australian dollar is higher despite news that consumer sentiment in Australia fell 4.5% on a month-to-month basis in January.

INTEREST RATE MARKET FUTURES

The Treasury will auction 20-year bonds.

In light of a likely unchanged fed funds target rate from the Fed at its January 27 policy meeting and its pledge not to hike its fed funds rate until possibly 2023, futures at the short end of the curve are likely to hold steady.

However, the fundamentals at the long end of the curve have changed. Since last August, the fundamentals on balance have been bearish for the 30-year Treasury bond futures and new lows for the move were made last week. The fundamentals have now turned mixed.

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Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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