Greece Worries Take Center Stage In Global Markets

International

Asia

● Asian stock indexes tumbled as Greece continued to come up empty-handed in its efforts to form a new government.

● The Nikkei decreased by 1.12 percent; Korea’s KOSPI fell by 3.08 percent; the Shanghai Composite erased 1.21 percent; and the Hang Seng tumbled 3.19 percent.

Europe

● European stock indexes were mostly down as Greece’s inability so far to form a government fueled fears of a potential exit from the eurozone, which is already being called a “Grexit” by some observers. Expect movements in the iShares S&P Europe 350 Index Fund (NYSEArca: IEV) and in the Global X FTSE Greece 20 ETF (NYSEArca: GREK).

● Chancellor Angela Merkel and newly elected French President Francois Hollande expressed their support for Greece to remain in the eurozone and said they would commit to growth measures in Greece as long as citizens chose to obey recently implemented austerity measures.

● UK jobless claims fell more than expected, showing signs of labor market stabilization. Claims fell by 13,700 compared to the analyst expected gain of 5,000.

Domestic

● U.S. stock futures are pointing flat as expectations for potentially strong housing starts data offset concerns about Greece’s possible exit from the euro.

Earnings

No major earnings reports today.

Commodities

All commodities news is as of 7:25 a.m. ET.

Gold and Silver Down

● Gold fell 0.52 percent, or $8.01, to $1,526.18. Expect declines in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.

● Silver fell 1.15 percent, or $0.32, to $27.41. Expect investors to sell the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Fell

● The most active contract for WTI crude oil expiring in June fell by 1.53 percent, or $1.44, to $92.54 per barrel.

● Today, the most active contract for Brent crude oil expiring in June decreased by 0.77 percent, or $0.87, to $111.37 per barrel.

● Expect decreases in the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows On Tuesday, May 15, 2012, the top ETF in nominal inflows was SPDR S&P 500 ETF (NYSEArca: SPY), with creations of $500.1 million. The top ETF in nominal outflows was the Vanguard MSCI Emerging Markets ETF (NYSEArca: VWO), with redemptions of $502.0 million.

ETF Launches

No launches as of today.

ETF Filings

None as of today.

Economic Calendar

● Domestic

○ Bank Reserve Settlement

○ MBA Purchase Applications - 7:00 a.m. ET

○ Housing Starts - 8:30 a.m. ET

○ Industrial Production - 9:15 a.m. ET

○ FOMC Minutes - 2:00 p.m. ET

Asia Falls On Eurozone; Europe Mixed; US Up On Strong German Growth

International

Asia

● Asian stock indexes were mostly down again due to problems in the eurozone that could threaten the calm created by recent agreements.

● Japan’s Nikkei decreased by 0.81 percent; Korea’s KOSPI fell by 0.77 percent. Shanghai Composite lost 0.25 percent; and the Hang Seng shed 0.81 percent.

● China’s foreign direct investment, or FDI, has fallen 2.4 percent so far this year amid investor concern about China’s lower growth potential and apparent recent slowdown.

Europe

● European stock indexes were mixed due to news that the euro zone avoid recession, but investors are still worried about situations in Greece and contractions in other part of the euro zone such as in Spain and Italy. Expect movements in iShares S&P Europe 350 Index Fund (NYSEArca :IEV), the iShares MSCI Italy Index Fund (NYSEArca: EWI), and the iShares MSCI France Index Fund (NYSEArca: EWQ).

● The eurozone as a whole was able to avoid a recession due to stronger than expected German GDP growth. Germany grew 0.5 percent last quarter — above an expected 0.1 percent.

● Greece will make a widely anticipated May 15 bond payment and avoid default.

Domestic

● U.S. stock futures are pointing higher due to strong growth in Germany that helped keep the entire eurozone from recession.

Earnings

Home Depot

● Earnings met expectations at a $0.65 EPS, but revenue of $17.8 billion fell slightly short of expectations of $18 billion.

● ETF Movements

○ Van Eck Market Vectors Retail ETF (NYSEArca: RTH)

Commodities

All commodities news is as of 7:35 a.m. ET.

Gold and Silver Up

● Gold rose 0.35 percent, or $5.47, to $1,562.20. Expect increases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.

● Silver rose 0.89 percent, or $0.25, to $28.40. Expect a rise in the iShares Silver Trust (NYSEArca: SLV).

WTI Fell and Brent Oil Rose

● The most active contract for WTI crude oil expiring in June fell 0.15 percent, or $0.14, to $94.65 per barrel. It’s the first time since December that crude is under $95.

● Today, the most active contract for Brent crude oil expiring in June increased by 0.52 percent, or $0.58, to $112.13 per barrel.

● Expect decreases in the United States Oil Fund (NYSEArca: USO) and increases in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows On Monday, May 14, 2012, the top ETF in nominal inflows was iShares Russell 2000 Index Fund (NYSEArca: IWM), with creations of $323.0 million. The top ETF in nominal outflows was the SPDR S&P 500 ETF (NYSEArca: SPY), with redemptions of $764.4 million.

ETF Launches

No launches as of today.

ETF Filings

None as of today.

Economic Calendar

● Domestic

○ ICSC-Goldman Store Sales - 7:45 a.m. ET

○ Consumer Price Index - 8:30 a.m. ET

○ Retail Sales - 8:30 a.m. ET

○ Empire State Mfg Survey - 8:30 a.m. ET

○ Redbook - 8:55 a.m. ET

○ Treasury International Capital - 9:00 a.m. ET

○ Business Inventories - 10:00 a.m. ET

○ Housing Market Index - 10:00 a.m. ET

World Indexes Fall On Political Impasse in Greece

International

Asia

● Asian stock indexes were mostly down due to a political stalemate in Greece and in spite of China’s decision to loosen monetary policy.

● The Nikkei increased by 0.23 percent. The KOSPI fell by 0.18 percent. Shanghai Composite decreased 0.6 percent. Hang Seng gave up 1.15 percent.

Europe

● European stock indexes tumbled on Greece’s impasse as well and due the loss of a state election by German Chancellor Angela Merkel’s party. Expect movements in the iShares S&P Europe 350 Index Fund (NYSEArca: IEV).

Domestic

● U.S. stock futures are pointing lower due to continued problems in Greece.

● Yahoo CEO Scott Thompson resigned after it was discovered that he falsified his college transcript.

Earnings

No major earnings reports.

Commodities

All commodities news is as of 8:35 a.m. ET.

Gold and Silver Fell

● Gold fell 1.37 percent, or $21.62, to $1,561.98. Expect decreases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.

● Silver tumbled 1.70 percent, or $0.49, to $28.37. Expect large movements in the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Declined

● The most active contract for WTI crude oil expiring in June decreased by 1.74 percent, or $1.67, to $94.46 per barrel.

● Today, the most active contract for Brent crude oil expiring in June decreased by 1.71 percent, or $1.92, to $110.34 per barrel.

● Expect decreases in the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows On Friday, May 11, the top ETF in nominal inflows was SPDR S&P Retail ETF (NYSEArca: XRT), with creations of $170.86 million. The top ETF in nominal outflows was the iShares Russell 2000 Index Fund (NYSEArca: IWM), with redemptions of $323.61 million.

ETF Launches

No launches as of today.

ETF Filings

None as of today.

Economic Calendar

● Domestic

○ None

● Europe

○ Switzerland

■Producer and Import Price Index - 3:15 a.m. ET

○ Italy

■CPI - 4:00 a.m. ET

○ EMU

■Industrial Production - 5:00 a.m. ET

● Asia/Pacific

○ Australia

■RBA Meeting Minutes - 9:30 p.m. ET

Asia Falls On Eurozone; Europe Mixed; US Up On Strong German Growth

International

Asia

● Asian stock indexes were mostly down again due to problems in the eurozone that could threaten the calm created by recent agreements.

● Japan’s Nikkei decreased by 0.81 percent; Korea’s KOSPI fell by 0.77 percent. Shanghai Composite lost 0.25 percent; and the Hang Seng shed 0.81 percent.

● China’s foreign direct investment, or FDI, has fallen 2.4 percent so far this year amid investor concern about China’s lower growth potential and apparent recent slowdown.

Europe

● European stock indexes were mixed due to news that the euro zone avoid recession, but investors are still worried about situations in Greece and contractions in other part of the euro zone such as in Spain and Italy. Expect movements in iShares S&P Europe 350 Index Fund (NYSEArca :IEV), the iShares MSCI Italy Index Fund (NYSEArca: EWI), and the iShares MSCI France Index Fund (NYSEArca: EWQ).

● The eurozone as a whole was able to avoid a recession due to stronger than expected German GDP growth. Germany grew 0.5 percent last quarter — above an expected 0.1 percent.

● Greece will make a widely anticipated May 15 bond payment and avoid default.

Domestic

● U.S. stock futures are pointing higher due to strong growth in Germany that helped keep the entire eurozone from recession.

Earnings

Home Depot

● Earnings met expectations at a $0.65 EPS, but revenue of $17.8 billion fell slightly short of expectations of $18 billion.

● ETF Movements

○ Van Eck Market Vectors Retail ETF (NYSEArca: RTH)

Commodities

All commodities news is as of 7:35 a.m. ET.

Gold and Silver Up

● Gold rose 0.35 percent, or $5.47, to $1,562.20. Expect increases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.

● Silver rose 0.89 percent, or $0.25, to $28.40. Expect a rise in the iShares Silver Trust (NYSEArca: SLV).

WTI Fell and Brent Oil Rose

● The most active contract for WTI crude oil expiring in June fell 0.15 percent, or $0.14, to $94.65 per barrel. It’s the first time since December that crude is under $95.

● Today, the most active contract for Brent crude oil expiring in June increased by 0.52 percent, or $0.58, to $112.13 per barrel.

● Expect decreases in the United States Oil Fund (NYSEArca: USO) and increases in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows On Monday, May 14, 2012, the top ETF in nominal inflows was iShares Russell 2000 (NYSEArca: IWM), with creations of $323.0 million. The top ETF in nominal outflows was the SPDR S&P 500 (NYSEArca: SPY), with redemptions of $764.4 million.

ETF Launches

No launches as of today.

ETF Filings

None as of today.

Economic Calendar

● Domestic

○ ICSC-Goldman Store Sales - 7:45 a.m. ET

○ Consumer Price Index - 8:30 a.m. ET

○ Retail Sales - 8:30 a.m. ET

○ Empire State Mfg Survey - 8:30 a.m. ET

○ Redbook - 8:55 a.m. ET

○ Treasury International Capital - 9:00 a.m. ET

○ Business Inventories - 10:00 a.m. ET

○ Housing Market Index - 10:00 a.m. ET

Asia Off On China Data; Europe Falls; US Mixed On Data And Issues in Greece

International

Asia

● Asian stock indexes fell as due to weak April Chinese trade data and because of political uncertainty in Greece.

● The Nikkei decreased by 0.39 percent, Korea’s KOSPI eased 0.27 percent, the Shanghai Composite increased 0.07 percent; and the Hang Seng fell 0.51 percent.

● The Bank of Korea, South Korea’s central bank, chose to keep its interest rate steady as expected by most analysts. The bank’s decision was based on tame inflation readings.

Europe

● European stock indexes fell again as chemical and construction company stocks fell. Expect movements in the iShares S&P Europe 350 Index Fund (NYSEArca: IEV).

● UK manufacturing output increased at 0.9 percent in March, which beat estimates for an increase of 0.5 percent. Most of the rise was due an increase in production from chemical and transport equipment companies.

Domestic

● U.S. stock futures are pointing mixed due to investors weighing the prospects of positive economic data against continued turmoil in Europe.

Earnings

No major earnings reports.

Commodities

All commodities news is as of 7:15 a.m. ET.

Gold Rose and Silver Fell

● Gold rose 0.03 percent, or $0.50, to $1,590.10. Expect slight increases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.

● Silver slipped 0.03 percent, or $0.01, to $29.20. Expect decreases in the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Declined

● The most active contract for WTI crude oil expiring in June decreased by 0.43 percent, or $0.42, to $96.39 per barrel.

● Today, the most active contract for Brent crude oil expiring in June decreased by 0.17 percent, or $0.19, to $113.01 per barrel.

● Expect decreases in the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows On Wednesday, May 9, 2012, the top ETF in nominal inflows was the SPDR S&P 500 ETF (NYSEArca: SPY), with creations of $956.4 million. The top ETF in nominal outflows was the iShares MSCI Emerging Markets Index Fund (NYSEArca: EEM), with redemptions of $255.2 million.

ETF Launches

No launches as of today.

ETF Filings

None of consequence so far today.

Economic Calendar

● Domestic

○ International Trade - 8:30 a.m. ET

○ Jobless Claims - 8:30 a.m. ET

○ Import and Export Prices - 8:30 a.m. ET

○ Ben Bernanke Speaks - 9:30 a.m. ET

○ Bloomberg Consumer Comfort Index - 9:45 a.m. ET

○ Treasury Budget - 2:00 p.m. ET

○ Fed Balance Sheet - 4:30 p.m. ET

○ Money Supply - 4:30 p.m. ET

● Americas

○ Canada

■Merchandise Trade - 8:30 a.m. ET

● Europe

○ France

■Industrial Production - 2:45 a.m. ET

○ Italy

■Industrial Production - 4:00 a.m. ET

○ UK

■Industrial Production - 4:30 a.m. ET

■BOE Announcement - 7:00 a.m. ET

● Asia/Pacific

○ China

■Consumer Price Index - 9:30 p.m. ET

■Producer Price Index - 9:30 p.m. ET

■Industrial Production - 10:00 p.m. ET

Retail Sales - 10:00 p.m. ET

World Indexes Fall Again On Difficulties With Greece Forming New Government

International

Asia

● Asian stock indexes fell as Greece’s so-far-unsuccessful efforts to form a new government increased fears of its exit from the eurozone and nullifying the hard-won bailout.

● Japan’s Nikkei decreased by 1.49 percent; Korea’s KOSPI fell by 0.85 percent. The Shanghai Composite lost 1.65 percent; and the Hang Seng erased 0.75 percent.

Europe

● European stock indexes are down for the second straight day as Greece scrambles to establish a new government. The new leader has made renouncing EU and international support as a condition for exiting the EU, sparking fears of an exit from the euro zone. Expect movements in the iShares S&P Europe 350 Index fund (NYSEArca: IEV) and the Global X FTSE 20 Greece ETF (NYSEArca: GREK).

● The euro fell against the dollar again due to the issues with Greece forming a new government. Check for movements in the CurrencyShares Euro Trust (NYSEArca: FXE).

Domestic

● U.S. stock futures are pointing down due to fears that problems in Europe will hamper global economic growth.

Earnings

Cisco - Released at 4:30 PM

● ETF Movements

○ iShares S&P North American Technology-Multimedia Networking Index Fund (NYSEArca: IGN)

Macy’s

● ETF Movements

○ Powershares Dynamic Retail(NYSEArca: PMR)

Commodities

All commodities news is as of 7:40 a.m. ET.

Gold and Silver Fell

● Gold slumped 1.26 percent, or $19.72, to $1,585.75. Expect decreases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.

● Silver slipped 2.07 percent, or $0.61, to $28.83. Expect decreases in the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Declined

● The most active contract for WTI crude oil expiring in June decreased by 0.78 percent, or $0.76, to $96.27 per barrel.

● Today, the most active contract for Brent crude oil expiring in June decreased by 0.58 percent, or $0.65, to $112.08 per barrel.

● Expect decreases in the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows On Tuesday, May 8, 2012, the top ETF in nominal inflows was SPDR S&P 500 ETF (NYSEArca: SPY), with creations of $996.7 million. The top ETF in nominal outflows was the iShares MSCI Emerging Markets Index Fund (NYSEArca: EEM), with redemptions of $298.8 million.

ETF Launches

Van Eck Global is launching one fund today:

· Market Vectors Emerging Markets High Yield Bond ETF (NYSEArca: HYEM), which comes with a net annual expense ratio of 0.40 percent.

ETF Filings

None of consequence today.

Economic Calendar

● Domestic

○ MBA Purchase Applications - 7:00 a.m. ET

○ Wholesale Trade - 10:00 a.m. ET

● Europe

○ Germany

■Merchandise Trade - 2:00 a.m. ET

○ France

■Merchandise Trade - 2:45 a.m. ET

● Asia/Pacific

○ China

■Merchandise Trade Balance

○ Australia

■Labour Force Survey - 9:30 p.m. ET

World Indexes Sink On Post-Election Greece Uncertainty

International

Asia

● Asian stock indexes were mixed on uncertainty surrounding Greece’s leadership change, though Spain’s decision to assist weak banks lifted stocks.

● The Nikkei increased by 0.69 percent; Korea’s KOSPI rose 0.54 percent; the Shanghai Composite eased 0.12 percent and the Hang Seng decreased by 0.25 percent.

Europe

● European stock indexes are currently down amid uncertainty whether Greek’s austerity measures will remain in place after forming a new government. Expect movements in the iShares S&P Europe 350 Index Fund (NYSEArca: IEV) and in the Global X FTSE Greece 20 ETF (NYSEArca: GREK), yesterday’s worst performing ETF.

● The euro fell against the dollar after Greek leaders formed a new government in the aftermath of elections and increased fears of Greece withdrawing from EU. Also, check for movements in CurrencyShares Euro Trust ETF (NYSEArca: FXE).

Domestic

● U.S. stock futures are pointing down due to fears of a Greek default after leaders slowly form a new government.

Earnings

HSBC

● First quarter profit was $6.8 billion or above expectations of $5.8 billion.

● ETF Movements

○ Market Vectors Bank and Brokerage ETF (NYSEArca: RKH)

○ Vanguard MSCI Europe ETF (NYSEArca: VGK)

Commodities

All commodities news is as of 7:40 a.m. ET.

Gold and Silver Fell

● Gold dropped by 0.60 percent, or $9.82, to $1,628.73. Expect decreases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.

● Silver fell by 1.25 percent, or $0.38, to $30.28. Expect decreases in the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Declined

● The most active contract for WTI crude oil expiring in June decreased by 0.82 percent, or $0.80, to $97.14 per barrel.

● Today, the most active contract for Brent crude oil expiring in June decreased by 0.72 percent, or $0.82, to $112.34 per barrel.

● Expect decreases in the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows

On Monday, May 7, 2012, the top ETF in nominal inflows was iShares Russell 2000 Index Fund (NYSEArca: IWM), with creations of $214 million. The top ETF in nominal outflows was the SPDR S&P 500 ETF (NYSEArca: SPY), with redemptions of $1.21 billion.

ETF Launches

Arrow Dow Jones Global Yield ETF (NYSEArca: GYLD), a multi asset class fund designed to deliver income. It comes with an annual expense ratio of 0.75 percent, and Arrow Investments says it was yielding 7.43 percent at quarter-end.

ETF Filings

None as of today.

Economic Calendar

● Domestic

○ NFIB Small Business Optimism Index - 7:30 a.m. ET

○ ICSC-Goldman Store Sales - 7:45 a.m. ET

○ Redbook - 8:55 a.m. ET

● Americas

○ Canada

■Housing Starts - 8:15 a.m. ET

● Europe

○ Germany

■Industrial Production - 6:00 a.m. ET

International

Asia

● Most Asian stock indexes fell on fears that new leaders in France and Greece might hamper the path to stability in the eurozone.

● The Nikkei decreased by 2.78 percent. Korea’s KOSPI fell by 1.64 percent. The Shanghai Composite held steady, while the Hang Seng slumped 2.61 percent.

Europe

● European stock indexes are currently down due voters’ rejection of leaders in France and Greece on account of their austerity measures in the face of the debt crisis. Expect movements in the iShares S&P Europe 350 Index Fund (NYSEArca: IEV).

● German stocks were less volatile to the leadership changes in Europe, in part because of data showing that March factory orders rose 2.2 percent – considerably more than the 0.5 percent increase forecasted by analysts. Expect changes in the iShares MSCI Germany Index Fund (NYSEArca: EWG).

Domestic

● U.S. stock futures are pointing slightly down as investors fear austerity measures in the eurozone may be derailed with new leaders in France and Greece.

Earnings

No major earnings reports today.

Commodities

All commodities news is as of 7:25 a.m. ET.

Gold and Silver Fell

● Gold dropped by 0.20 percent, or $3.22, to $1,638.95. Expect decreases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.

● Silver fell by 0.28 percent, or $0.09, to $30.28. Expect decreases in the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Declined

● The most active contract for WTI crude oil expiring in June decreased by 0.67 percent, or $0.68, to $97.81 per barrel.

● Today, the most active contract for Brent crude oil expiring in June decreased by 0.20 percent, or $0.23, to $112.94 per barrel.

● Expect decreases in the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows On Friday, May 4, 2012, the top ETF in nominal inflows was the Utilities Select Sector SPDR Fund (NYSEArca: XLU), with creations of $80.0 million. The top ETF in nominal outflows was the SPDR S&P 500 ETF (NYSEArca: SPY), with redemptions of $1.87 billion.

ETF Launches

No launches as of today.

ETF Filings

Van Eck filed for two funds focused on Saudi Arabian equities:

· Market Vectors Saudi Arabia ETF

· Market Vectors Saudi Arabia Small-Cap ETF

Economic Calendar

● Domestic

○ Consumer Credit - 3:00 p.m. ET

● Europe

○ Switzerland

■Unemployment - 1:45 a.m. ET

■Consumer Price Index - 3:15 a.m. ET

○ Germany

■Manufacturers’ Orders - 6:00 a.m. ET

● Australia

○ Merchandise Trade - 9:30 p.m. ET

Asia And Europe Down On Weak Economic Data; US Points Up On Jobs Data Hopes

International

Asia

● Most Asian stock indexes fell due to weak economic data from U.S. signaling a sluggish recovery.

● Korea’s KOSPI decreased by 0.3 percent. Shanghai Composite increased by 0.49 percent. Hang Seng fell 0.77 percent. Nikkei was closed due to a holiday.

● The HSBC Services PMI report for China showed a rise from 53.3 in March to 54.1. This signaled a broad-based rise in key service sector indicators.

Europe

● European stock indexes are currently down due to weak service and manufacturing data, and as investors await U.S. jobs and payroll data. Expect movements in the iShares S&P Europe 350 Index Fund (NYSEArca: IEV).

● European service output and manufacturing fell last month as indicated by a larger than expected drop in the euro area composite PMI index from 49.1 in March to 46.7 in April. Analysts estimated a drop to 47.4.

Domestic

● U.S. stock futures are pointing slightly up as investors await data on jobs and payroll.

Earnings

No major earnings reports today.

Commodities

All commodities news is as of 7:20 a.m. ET.

Gold and Silver Fell

● Gold dropped by 0.18 percent, or $3.02, to $1,632.96. Expect decreases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.

● Silver fell by 0.42 percent, or $0.13, to $29.96. Expect decreases in the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Declined

● The most active contract for WTI crude oil expiring in June decreased by 1.27 percent, or $1.30, to $101.24 per barrel.

● Today, the most active contract for Brent crude oil expiring in June decreased by 0.86 percent, or $1.00, to $115.08 per barrel.

● Expect decreases in the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows

On Thursday, May 3, 2012, the top ETF in nominal inflows was ProShares Ultra 7-10 Year Treasury ETF (NYSEArca: UST), with creations of $425.6 million. The top ETF in nominal outflows was the SPDR S&P 500 ETF (NYSEArca: SPY), with redemptions of $968.1 million.

ETF Launches

No launches as of today.

ETF Filings

None as of today.

Economic Calendar

● Domestic

○ Monster Employment Index

○ Employment Situation - 8:30 a.m. ET

● Americas

○ Canada

■Ivey Purchasing Managers’ Index - 10:00 a.m. ET

● Europe

○ UK

■Halifax HPI - 3:00 a.m. ET

○ Switzerland

■Adjusted real retail sales - 3:15 a.m. ET

○ EMU

■PMI Services Index - 4:00 a.m. ET

■Retail Sales - 5:00 a.m. ET

○ Germany

■PMI Services Index - 4:00 a.m. ET

Asia Down On Global Data; Europe Up On Earnings; US Pointing To Higher Open

Asia

● Most Asian stock indexes stumbled due to poor economic news from the U.S. and Europe.

● Korea’s KOSPI decreased by 0.2 percent. Shanghai Composite increased by 0.07 percent. Hang Seng eased 0.28 percent. Nikkei was closed due to a holiday.

● China’s non-manufacturing PMI (Purchasing Managers’ Index) fell to 56.1 in April from 58 in March, showing that the services sector growth slowed down in April.

Europe

● European stock indexes are currently up due to strong earnings from companies such as Societe Generale and BMW. Expect movements in the iShares S&P Europe 350 Index Fund (NYSEArca:IEV).

● Spain sold €2.5 billion worth of bonds or at the higher end of how much it expected to sell, with yields increasing in today’s bond sales. Look for changes in the iShares MSCI Spain Index Fund (NYSEArca: EWP).

● The euro fell for a fourth consecutive day as the ECB signaled that it may enact stimulus to soften the effects of the debt crisis. Look for movements in the CurrencyShares Euro Trust (NYSEArca: FXE).

Domestic

● U.S. stock futures are pointing slightly up as investors await data on service industries and jobless claims.

Earnings

General Motors

● ETF Movements

○ First Trust IPOX-100 Index Fund (NYSEArca: FPX)

Viacom

● ETF Movements

○ PowerShares Dynamic Media Holdings Portfolio (NYSEArca: PBS)

Commodities

All commodities news is as of 7:05 a.m. ET.

Gold and Silver Fell

● Gold dropped by 0.51 percent, or $8.48, to $1,644.86. Expect decreases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.

● Silver fell by 0.85 percent, or $0.26, to $30.38. Expect decreases in the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Declined

● The most active contract for WTI crude oil expiring in June decreased by 0.36 percent, or $0.38, to $104.84 per barrel.

● Today, the most active contract for Brent crude oil expiring in June fell by 0.33 percent, or $0.39, to $117.81 per barrel.

● Expect decreases in the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows On Wednesday, May 2, 2012, the top ETF in nominal inflows was SPDR S&P 500 ETF (NYSEArca: SPY), with creations of $1.17 billion. The top ETF in nominal outflows was the iShares S&P 500 Index Fund (NYSEArca: IVV), with redemptions of $324.0 million.

ETF Launches

No launches as of today.

ETF Filings

None as of today.

Economic Calendar

● Domestic

○ Chain Store Sales

○ Challenger Job-Cut Report - 7:30 a.m. ET

○ Jobless Claims - 8:30 a.m. ET

○ Productivity and Costs - 8:30 a.m. ET

○ Bloomberg Consumer Comfort Index - 9:45 a.m. ET

○ ISM Non-Mfg Index - 10:00 a.m. ET

○ Federal Reserve Bank Presidents Speaks - 11:00 a.m. ET

○ Fed Balance Sheet - 4:30 p.m. ET

○ Money Supply - 4:30 p.m. ET

● Europe

○ UK

■CIPS/PMI Services Index - 4:30 a.m. ET

○ EMU

■PPI - 5:00 a.m. ET

■ECB Announcement - 7:45 a.m. ET

Asia Up; Europe Is Mixed: US Pointing Slightly Down Ahead Of ADP Data

International

Asia

● Asian stock indexes rose due to strong U.S. and Chinese manufacturing data.

● The Nikkei gained 0.3 percent; Korea’s KOSPI added 0.86 percent; the Shanghai Composite increased by 1.76 percent and the Hang Seng rose 1.02 percent.

Europe

● European stock indexes are currently mixed as investors react to strong U.S. and Chinese manufacturing data. Expect movements in the iShares S&P Europe 350 Index Fudn (NYSEArca: IEV).

● German unemployment in April unexpectedly rose in April due to hiring constraints related to the European debt crisis. Analysts predicted jobless claims would fall by 10,000, but instead they rose by 19,000. Look for changes in the iShares MSCI Germany Index Fund (NYSEA: EWG).

● Italian unemployment in April rose more than expected, signifying a deeper recession in the country. The jobless rate rose to 9.8 percent — more than the expected 9.4 percent. Watch the iShares MSCI Italy Index Fund (NYSEA: EWI) for possible movements.

● S&P meanwhile upgraded Greece’s credit rating from selective default to “CCC” due to efforts the government has made to reduce its debts.

Domestic

● U.S. stock futures are pointing slightly down as investors remain pessimistic about the jobs data from the payroll services firm ADP.

Earnings

Visa

● ETF Movements

○ First Trust IPOX-100 Index Fund (NYSEArca: FPX)

CVS

● ETF Movements

○ Market Vectors Retail ETF (NYSEArca: RTH)

Commodities

All commodities news is as of 7:45 a.m. ET.

Gold and Silver Fell

● Gold dropped by 0.66 percent, or $11, to $1,651.43. Expect decreases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.

● Silver fell by 1.1 percent, or $0.34, to $30.63. Expect decreases in the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Declined

● The most active contract for WTI crude oil expiring in June decreased by 0.45 percent, or $0.48, to $105.68 per barrel.

● Today, the most active contract for Brent crude oil expiring in June decreased by 0.43 percent, or $0.51, to $119.15 per barrel.

● Expect decreases in the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows

On Tuesday, May 1, 2012, the top ETF in nominal inflows was PowerShares QQQ rust  (NasdaqGM: QQQ), with creations of $257.5 million. The top ETF in nominal outflows was SPDR Gold Shares (NYSEArca: GLD), with redemptions of $549.3 million.

ETF Launches

No launches as of today.

ETF Filings

None as of today.

Economic Calendar

● Domestic

○ MBA Purchase Applications - 7:00 a.m. ET

○ Challenger Job-Cut Report - 7:30 a.m. ET

○ Federal Reserve Governor Daniel Tarullo Speaks - 8:00 a.m. ET

○ ADP Employment Report - 8:15 a.m. ET

○ Treasury Refunding Announcement - 9:00 a.m. ET

○ Factory Orders - 10:00 a.m. ET

● Europe

○ Switzerland

■SVME Purchasing Managers’ Index - 3:30 a.m. ET

○ Germany

■Unemployment Rate - 3:50 a.m. ET

■PMI Manufacturing Index - 4:00 a.m. ET

○ EMU

■PMI Manufacturing Index - 4:00 a.m. ET

■Unemployment Rate - 5:00 a.m. ET

○ UK

■M4 Money Supply - 4:30 a.m. ET

○ Italy

PPI - 5:00 a.m. ET

Japan Off On US-Growth Concern; UK Up Due to Strong Earnings; US Flat

International

Asia

● Most major Asian stock indexes were closed today except in Japan. Japanese indexes ended lower as Japanese companies reported lower-than-expected earnings today and concerns about a weak U.S. manufacturing report focused on the area around Chicago.

● Nikkei fell by 1.70 percent. The Hang Seng, Shanghai Composite KOSPI indexes were closed today.

● China’s PMI(Purchasing Manager’s Index) report showed that the economy might be recovering. The PMI rose to 53.3 from 53.1 last month, but fell short of the expected value of 53.6. Look for movements in the iShares FTSE/Xinhua China 25 Index(NYSEArca: FXI).

Europe

● UK stocks dominated the European market today, since most European markets were closed for the May Day holiday.

● Stocks increased due to strong earnings from companies such as Lloyds’ Banking Group, Britain’s largest lender. Expect changes in the iShares MSCI United Kingdom Index Fund (NYSEArca:EWU).

Domestic

● U.S. stock futures are pointing flat as most investors prepare for U.S. economic manufacturing news from Institute for Supply Management.

Earnings

Pfizer

● ETF Movements

○ Health Care Select Sector SPDR Fund (NYSEArca: XLV)

○ iShares Dow Jones U.S. Health Care Index Fund (NYSEArca: IYH)

○ Vanguard Health Care ETF (NYSEArca: VHT)

○ iShares Dow Jones U.S. Pharmaceutical Index Fund (NYSEArca: IHE)

Commodities

All commodities news is as of 7:15 a.m. ET.

Gold and Silver Slipped

● Gold dropped by 0.15 percent, or $2.57, to $1,662.18. Expect decreases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.

● Silver fell by 0.18 percent, or $0.18, to $30.85. Expect decreases in the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Declined

● The most active contract for WTI crude oil expiring in June decreased by 0.29 percent, or $0.30, to $104.56 per barrel.

● Today, the most active contract for Brent crude oil expiring in June decreased by 0.37 percent, or $0.44, to $119.03 per barrel.

● Expect decreases in the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows On Monday, April 30, 2012, the top ETF in nominal inflows was the Consumer Discretionary Select Sector SPDR Fund (NYSEArca: XLY), with creations of $143.8 million. The top ETF in nominal outflows was the SPDR S&P 500 ETF (NYSEArca: SPY), with redemptions of $398.7 million.

ETF Launches

The Pimco Global Advantage Inflation-Linked Bond Strategy Fund (NYSEArca: ILB) comes to market exactly two months after the Pimco Total Return ETF (NYSEArca: BOND). The fund comes with a 0.60 percent expense ratio, including an expense reimbursement.

ETF Filings

None yet as of today.

Economic Calendar

● Domestic

○ Challenger Job-Cut Report - 7:30 a.m. ET

○ ADP Employment Report - 8:15 a.m. ET

○ Factory Orders - 10:00 a.m. ET

○ ISM U.S. Manufacturing PMI – 10 a.m. ET

● Europe

○ Switzerland

■SVME Purchasing Managers’ Index - 3:30 a.m. ET

○ Germany

■Unemployment Rate - 3:50 a.m. ET

■PMI Manufacturing Index - 4:00 a.m. ET

○ EMU

■PMI Manufacturing Index - 4:00 a.m. ET

■Unemployment Rate - 5:00 a.m. ET

○ UK

■M4 Money Supply - 4:30 a.m. ET

○ Italy

■PPI - 5:00 a.m. ET

Asia Up On Fed Speculation; Europe Down On Spain Concerns; US Flat on Spain

International

Asia

● Asian stock indexes ended higher as investors speculated that the Federal Reserve would stimulate the economy due to weaker-than-expected growth data.

● Hong Kong’s Hang Seng increased by 1.70 percent and Korea’s KOSPI rose by 0.34 percent. Nikkei and Shanghai Composite indexes were closed today.

Europe

● European stock indexes meanwhile fell due to concerns about Spain’s finances. Expect changes in the iShares S&P Europe 350 Index Fund (NYSEArca: IEV) and the SPDR EURO STOXX 50 ETF(NYSEArca: FEZ).

● Spain has entered its second recession since 2009, suffering a contraction in the first quarter of 2012. Its economy shrank 0.3 percent, which is just less than the Bank of Spain estimate of a 0.4 percent decline.

Domestic

● U.S. stock futures are pointing flat as investors seem to be ignoring Spain’s better-than-expected growth data and are focusing instead on upcoming data for US consumer spending.

Earnings

No significant earnings reports released today.

Commodities

All commodities news is as of 7:10 a.m. ET.

Gold Rose and Silver Fall

● Gold rose by 0.01 percent, or $0.13, to $1,662.93. Expect increases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.

● Silver fell by 0.26 percent, or $0.08, to $31.19. Expect decreases in the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Trip

● The most active contract for WTI crude oil expiring in June decreased by 0.74 percent, or $0.78, to $104.15 per barrel.

● Today, the most active contract for Brent crude oil expiring in June decreased by 0.61 percent, or $0.73, to $119.10 per barrel.

● Expect decreases in the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows On Friday, April 27, 2012, the top ETF in nominal inflows was SPDR S&P 500 ETF (NYSEArca: SPY), with creations of $1.03 billion. The top ETF in nominal outflows was the PowerShares QQQ Trust (NYSEArca: QQQ), with redemptions of $258.8 million.

ETF Launches

No launches as of today.

ETF Filings

None as of today.

Economic Calendar

● Domestic

○ Personal Income and Outlays - 8:30 a.m. ET

○ Chicago PMI - 9:45 a.m. ET

○ Dallas Fed Mfg Survey - 10:30 a.m. ET

○ Farm Prices - 3:00 p.m. ET

● Americas

○ Canada

■IPPI - 8:30 a.m. ET

■Monthly GDP - 8:30 a.m. ET

● Europe

○ Germany

■Retail Sales - 2:00 a.m. ET

○ EMU

■M3 Money Supply - 4:00 a.m. ET

■HICP Flash - 5:00 a.m. ET

○ Italy

■CPI - 5:00 a.m. ET

● Asia/Pacific

○ New Zealand

■Labour cost index - 6:45 p.m. ET

○ Australia

■Housing Price Index - 9:30 p.m. ET

○ China

■PMI Manufacturing Index - 10:30 p.m. ET

International

Asia

• Asian stock indexes ended mostly lower due to concerns about Spain after its credit downgrade and a weaker than expected Bank of Japan monetary easing.

• The Nikkei decreased by 0.43 percent, Shanghai Composite decreased by 0.35 percent, Hang Seng decreased by 0.33 percent, and Korea’s KOSPI increased by 0.58 percent.

• In a move to reach its 1 percent inflation target, the Central Bank of Japan eased monetary policy by increasing government bond purchases by ¥10 trillion. Look for movements in iShares MSCI Japan Index Fund (NYSEArca:EWJ).

Europe

• European stock indexes rose due to strength in construction companies.Expect changes in iShares S&P Europe 350 Index ETF(NYSEArca: IEV) and SPDR EURO STOXX 50 ETF(NYSEArca:FEZ).

Domestic

• U.S. stock futures are pointing flat as investors await GDP and consumer sentiment data.

Earnings

Ford

• Ford’s 1st quarter adjusted EPS was $0.39 and beat estimates of $0.35.

• ETF Movements

  • Global X Auto ETF(NYSEArca: VROM)

Merck - 8 a.m. ET

• ETF Movements
  • Health Care Select SPDR(NYSEArca:XLV)
  • iShares Dow Jones U.S. Pharmaceutical Index Fund(NYSEArca:IHE)

Chevron - 11 a.m. ET

• ETF Movements
  • Energy Select SPDR(NYSEArca:XLE)
  • iShares Dow Jones U.S. Energy Sector Fund(NYSEArca:IYE)
  • Vanguard Energy ETF(NYSEArca:VDE)

Commodities

Gold Fell and Silver Rose

• As of 7:30 a.m. ET today, gold fell by 0.12 percent, or $1.97, to $1,655.46. Expect decreases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.
• As of 7:30 a.m. ET today, silver rose by 0.13 percent, or $0.04, to $31.13. Expect increases in the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Tripped

• As of 7:30 a.m. ET today, the most active contract for WTI crude oil expiring in June decreased by 0.33 percent, or $0.34, to $104.21 per barrel.
• As of 7:30 a.m. ET today, the most active contract for Brent crude oil expiring in June decreased by 0.16 percent, or $0.19, to $119.73 per barrel.
• Expect decreases in the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows

On Thursday, April 26, 2012, the top ETF in nominal inflows was SPDR S&P 500 (NYSEArca: SPY), with creations of $1.97 billion. The top ETF in nominal outflows was the PowerShares QQQ (NYSEArca: QQQ), with redemptions of $284.03 million.

ETF Launches

No launches as of today.

ETF Filings

None as of today.

Economic Calendar

• Domestic

  • GDP - 8:30 a.m. ET

  • Employment Cost Index - 8:30 a.m. ET

  • Consumer Sentiment - 9:55 a.m. ET

• Europe

  • France

    • Consumer Mfgd Goods Consumption - 2:45 a.m. ET

    • PPI - 2:45 a.m. ET

  • Switzerland

    • KOF Swiss Leading Indicator - 3:00 a.m. ET

  • Italy

    • Retail Sales - 4:00 a.m. ET

Asia Up On Fed News, US Earnings; Europe Off On Confidence Drop; US Points Down

International

Asia

● Asian stock indexes ended mostly higher today on Fed assurances that it would do what it can to ensure US growth and corporations producing strong quarterly earnings.

● The Nikkei increased by 0.01 percent, Shanghai Composite decreased by 0.09 percent, Hang Seng increased by 0.79 percent, and Korea’s KOSPI increased by 0.1 percent.

● South Korea’s first-quarter GDP grew 0.9 percent and met analyst expectations. The growth came from increased budget spending and stronger exports. Even with adequate growth, South Korea’s outlook remains hazy. Look for movements in the iShares MSCI South Korea Index Fund (NYSEArca: EWY).

Europe

● European stock indexes fell from their initial rise today due to a loss in confidence in the eurozone. Expect changes in the iShares S&P Europe 350 Index Fund (NYSEArca: IEV) and the SPDR EURO STOXX 50 ETF (NYSEArca: FEZ).

● Spanish 10-year yields have risen 70 basis points since last week, and remain above 6 percent. If yields continue to rise and the economy does not improve, Spain might be in a similar position as that of Greece, analysts say.

● Italy’s 6-month yield rose to 1.77 percent from 1.12 percent due to concerns about its low economic growth and high debt, also making investors uneasy. Still, demand for these securities remains at a comfortable level. Look for movements in the iShares MSCI Italy Index Fund (NYSEArca: EWI).

Domestic

● U.S. stock futures are pointing lower as investors remain cautious about jobs data.

Earnings

UPS - 8:30 a.m. ET

● ETF Movements

○ iShares Dow Jones Transportation Average Index Fund (NYSEArca: IYT)

Exxon-Mobil - 11 a.m. ET

● ETF Movements

○ iShares Dow Jones U.S. Energy Sector Index Fund (NYSEArca: IYE)

○ Vanguard Energy ETF (NYSEArca: VDE)

○ Energy Select SPDR (NYSEArca: XLE)

Commodities

Gold and Silver Ascended

● As of 7:40 a.m. ET today, gold rose by 0.39 percent, or $6.40, to $1,650.02. Expect increases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.

● As of 7:40 a.m. ET today, silver rose by 0.39 percent, or $0.12, to $30.83. Expect increases in the iShares Silver Trust (NYSEArca: SLV).

WTI Slipped and Brent Oil Rose

● As of 7:40 a.m. ET today, the most active contract for WTI crude oil expiring in June decreased by 0.15 percent, or $0.16, to $103.96 per barrel.

● As of 7:40 a.m. ET today, the most active contract for Brent crude oil expiring in June increased by 0.15 percent, or $0.18, to $119.30 per barrel.

● Expect decreases in the United States Oil Fund (NYSEArca: USO) and increases in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows On Wednesday, April 25, 2012, the top ETF in nominal inflows was SPDR S&P 500ETF (NYSEArca: SPY), with creations of $2.3 billion. The top ETF in nominal outflows was the Direxion Daily Small Cap Bull 3x ETF (NYSEArca: TNA), with redemptions of $98.4 million.

ETF Launches

UBS

● ETRACS DJ-UBS Commodity Index 2-4-6 Blended Futures ETN (NYSEArca: BND)

○ Provides diversified exposure across multiple commodity futures maturities.

○ Equally weighted basket of “Dow Jones-UBS Commodity Index 2 Month Forward, the Dow Jones-UBS Commodity Index 4 Month Forward and the Dow Jones-UBS Commodity Index 6 Month Forward.”

State Street Global Advisors, three active funds

● SPDR SSgA Multi-Asset Real Return ETF (NYSEArca: RLY)

○ Invests in ETPs that provide exposure to the following asset classes

■Inflation protected securities

■Domestic and international real estate securities

■Commodities

■Companies in natural resources or commodities

● SPDR SSgA Income Allocation ETF (NYSEArca: INKM)

○ Invests in ETPs that provide exposure to the following asset classes

■Equities

■High-yield and investment grade bonds

■Hybrid equity/debt securities

■REITs

● SPDR SSgA Global Allocation ETF (NYSEArca: GAL)

○ Invests in ETPs that provide exposure to equity and debt securities.

iShares, latest listing on BATS

● iShares Baa - Ba Rated Corporate Bond Fund (BATS: QLTB)

○ Invests in corporate bonds with the rating of Baa-Ba and tracks the Barclays U.S. Corporate Baa-Ba Capped Index.

● iShares B-Ca Rated Corporate Bond Fund (BATS: QLTC)

○ Invests in corporate bonds with the rating of B-Ca and tracks the Barclays U.S. Corporate B-Ca Capped Index.

ETF Filings

None as of today.

Economic Calendar

● Domestic

○ Jobless Claims - 8:30 a.m. ET

○ Chicago Fed National Activity Index - 8:30 a.m. ET

○ Bloomberg Consumer Comfort Index - 9:45 a.m. ET

○ Pending Home Sales Index - 10:00 a.m. ET

○ Kansas City Fed Manufacturing Index - 11:00 a.m. ET

○ Fed Balance Sheet - 4:30 p.m. ET

○ Money Supply - 4:30 p.m. ET

● Europe

○ Germany

■CPI

○ Italy

■ISAE Manufacturing and mining survey - 4:00 a.m. ET

○ EMU

■EC Economic Sentiment - 5:00 a.m. ET

○ UK

■CBI Distributive Trades - 6:00 a.m. ET

● Asia/Pacific

○ Japan

■Bank of Japan Announcement

■All Industry Index - 12:30 a.m. ET

■CPI - 7:30 p.m. ET

■Household Spending - 7:30 p.m. ET

■Unemployment Rate - 7:30 p.m. ET

■Industrial Production - 7:50 p.m. ET

■Retail Sales - 7:50 p.m. ET

Asia Mixed On Strong US Earnings; Europe, US Up On Strong Earnings Too

International

Asia

● Asian stock indexes were mixed today due to strong US earnings and increased demand for eurozone sovereign debt.

● The Nikkei increased by 0.98 percent, Shanghai Composite increased by 0.75 percent, Hang Seng decreased by 0.15 percent, and Korea’s KOSPI decreased by 0.07 percent.

Europe

● European stock indexes rose today due to strong corporate earnings from Apple and Electrolux. Expect changes in the iShares S&P Europe 350 Index Fund (NYSEArca: IEV) and the SPDR EURO STOXX 50 ETF (NYSEArca: FEZ)

● UK seems to have experienced its first double-dip recession since the 1970s, as growth contracted there in the first quarter by 0.2 percent due decreases in British constructing

Domestic

● U.S. stock futures are pointing higher due to strong corporate earnings reports from companies such as Apple and Amgen.

Earnings

Apple - Released After Closing Bell Yesterday

● Earnings were at an EPS of $12.30, which easily topped expectations of $10.02. Apple claims that most of the growth came from China and demand will continue to grow as the iPad is introduced in China. Shares are currently up 9 percent in pre-market trading.

● ETF Movements

○ iShares Dow Jones U.S. Technology Index Fund (NYSEArca: IYW)

○ Technology Select Sector SPDR Fund (NYSEArca: XLK)

○ PowerShares AQQQ Trusrt (NasdaqG: QQQ)

Boeing - 10:30 a.m. ET

● ETF Movements

○ iShares Dow Jones U.S. Aerospace & Defense Index Fund (NYSEArca:ITA)

Commodities

Gold and Silver Ascended

● As of 7:20 a.m. ET today, gold rose by 0.06 percent, or $0.95, to $1,643.23. Expect increases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.

● As of 7:20 a.m. ET today, silver rose by 0.26 percent, or $0.08, to $30.93. Expect increases in the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Rose

● As of 7:20 a.m. ET today, the most active contract for WTI crude oil expiring in June increased by 0.59 percent, or $0.61, to $104.16 per barrel.

● As of 7:20 a.m. ET today, the most active contract for Brent crude oil expiring in June increased by 0.59 percent, or $0.70, to $118.86 per barrel.

● Expect increases in the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows

On Tuesday, April 24, 2012, the top ETF in nominal inflows was iShares Russell 2000 Index Fund (NYSEArca: IWM), with creations of $239.0 million. The top ETF in nominal outflows was the SPDR S&P 500 ETF (NYSEArca: SPY), with redemptions of $267.7 million.

ETF Launches

Van Eck

• Morningstar Research Wide Moat Research ETF (NYSEArca: MOAT)
  • Seeks to utilize Morningstar research to find companies that can have a strong 20+ year competitive advantage.
  • Seeks to replicate the Morningstar Wide Moat Focus Index.

Guggenheim

• BulletShares 2016 High Yield Corporate Bond ETF (NYSEArca: BSJG)
  • Tracks BulletShares USD High Yield Corporate Bond 2016 Index with high-yield corporate bonds that will mature in December 31, 2016.
• BulletShares 2017 High Yield Corporate Bond ETF(NYSEArca: BSJH)
  • Same as 2016 ETF except that it tracks the BulletShares USD High Yield Corporate Bond 2017 Index and that the maturity is in 2017.
• BulletShares 2018 High Yield Corporate Bond ETF(NYSEArca: BSJI)
  • Same as 2016 ETF except that it tracks the BulletShares USD High Yield Corporate Bond 2018 Index and that the maturity is in 2018.

None as of today.

ETF Filings

• KraneShares Dow Jones China Select Dividend ETF, which will track a Dow Jones index comprised of dividend-yielding stocks from China-based companies listed primarily in Hong Kong and in the U.S., the filing said.
• First Trust Global Agriculture AlphaDex ETF, which is based on a fundamentally weighted benchmark that picks agriculture stocks from companies involved in the sector globally, and that may generate positive alpha relative to traditional passive indexes. .

Economic Calendar

● Domestic

○ MBA Purchase Applications - 7:00 a.m. ET

○ Durable Goods Orders - 8:30 a.m. ET

○ FOMC Meeting Announcement - 12:30 p.m. ET

○ FOMC Forecasts - 2:00 p.m. ET

○ Chairman Press Conference - 2:15 p.m. ET

● Europe

○ UK

■GDP - 4:30 a.m. ET

■CBI Industrial Trends Survey - 6:00 a.m. ET

● Asia/Pacific

○ New Zealand

■RBNZ Announcement - 5:00 p.m. ET

International

Asia

● Asian stock indexes were mixed today on concern Europe may have trouble pushing through austerity measures, which suggested that Europe could remain longer in recession.

● The Nikkei decreased by 0.78 percent, Shanghai Composite increased by 0.01 percent, Hang Seng increased by 0.26 percent, and Korea’s KOSPI decreased by 0.47 percent.

Europe

● European stock indexes rose today due to strength in banking stocks and increases in Dutch and some Spanish bonds. Expect changes in the iShares S&P Europe 350 Index Index Fund (NYSEArca: IEV), the SPDR EURO STOXX 50 ETF (NYSEArca: FEZ), and in the iShares MSCI Netherlands Investable Market Index Fund (NYSEArca: EWD). Also, check for changes in iShares MSCI Spain Index Fund (NYSEArca: EWP).

● Yields on Italian bonds rose today signaling rising fears in investing in European countries. The yield on the benchmark 10-year bond rose to 400 basis points above the German 10-year bond from 280 basis points in March, and the yield on 2-year bond rose to 3.36 percent from 2.35 percent a month ago. Check for movements in iShares MSCI Italy Index Fund (NYSEArca: EWI).

Domestic

● U.S. stock futures are pointing higher due to speculation that home sales and consumer confidence reports are likely to show strength.

● BMO is telling investors to use put options on the PowerShares QQQ Trust (NasdaqGM: QQQ) to hedge Apple’s earnings and also due to the fact that increased correlation among technology stocks might magnify volatility in the ETF.

Earnings

United Technologies

● Earnings were $1.31 EPS, which topped estimates of $1.19.

● ETF Movements

○ iShares Dow Jones U.S. Aerospace & Defense Index Fund (NYSEArca: ITA)

AT&T - 10:00 AM

● ETF Movements

○ Vanguard Telecom ETF(NYSEArca: VOX)

○ iShares Dow Jones U.S. Telecommunications Index Fund (NYSEArca: IYZ)

○ iShares S&P Global Telecommunications Index Fund (NYSEArca: IXP)

Apple Earnings Expected After the Closing Bell

● ETF Movements

○ iShares Dow Jones U.S. Technology Index Fund (NYSEArca: IYW)

○ Technology Select Sector SPDR (NYSEArca: XLK)

○ PowerShares QQQ Trust (NasdaqGM: QQQ)

Commodities

Gold and Silver Ascended

● As of 7:15 a.m. ET today, gold rose by 0.04 percent, or $0.70, to $1,639.52. Expect increases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.

● As of 7:15 a.m. ET today, silver rose by 0.13 percent, or $0.04, to $30.90. Expect increases in the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Tripped

● As of 7:15 a.m. ET today, the most active contract for WTI crude oil expiring in June decreased by 0.02 percent, or $0.02, to $103.09 per barrel.

● As of 7:15 a.m. ET today, the most active contract for Brent crude oil expiring in June decreased by 0.39 percent, or $0.46, to $118.25 per barrel.

● Expect decreases in the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows On Monday, April 23, the top ETF in nominal inflows was the Direxion Daily Small Cap Bear 3x ETF (NYSEArca: TZA), with creations of $125.9 million, or 19 percent of assets. The top ETF in nominal outflows was the SPDR S&P 500 ETF (NYSEArca: SPY), with redemptions of $1.78 billion.

ETF Launches

None as of today.

ETF Filings

· Yorkville plans two more MLP ETFs, Yorkville High Income Composite MLP ETF (NYSEArca: YMLC) and the Yorkville High Income Infrastructure MLP ETF (NYSEArca: YMLI)

· Global X Risk Parity ETF, a multi asset class fund that will choose investments through a risk-focused asset allocation strategy

· Exchange Traded Concepts put three ETFs into registration employing covered call strategies: The Horizons S&P 500 Covered Call ETF, the Horizons S&P Energy Select Sector Covered Call ETF and the Horizons S&P Financial Select Sector Covered Call ETF

Economic Calendar

● Domestic

○ FOMC Meeting Begins

○ ICSC-Goldman Store Sales - 7:45 a.m. ET

○ Redbook - 8:55 a.m. ET

○ S&P Case-Shiller HPI - 9:00 a.m. ET

○ New Home Sales - 10:00 a.m. ET

○ Consumer Confidence - 10:00 a.m. ET

○ FHFA House Price Index - 10:00 a.m. ET

○ Richmond Fed Manufacturing Index - 10:00 a.m. ET

○ State Street Investor Confidence Index - 10:00 a.m. ET

● Europe

○ Switzerland

■Merchandise Trade Balance - 2:00 a.m. ET

■UBS Consumption Index - 2:00 a.m. ET

● Americas

○ Canada

■Retail Sales - 8:30 a.m. ET

Asia, Europe Down On Weak Factory Data; US Points Lower In Follow-through

International

Asia

● Asian stock indexes fell today as several companies in Japan and South Korea posted weak earnings, and after a report showed that Chinese manufacturing might shrink for a sixth consecutive month.

● The Nikkei eased by 0.2 percent, Shanghai Composite fell 0.76 percent, the Hang Seng decreased by 1.84 percent, and Korea’s KOSPI edged down 0.1 percent.

Europe

● European stock indexes plunged today due to weak European and Chinese manufacturing data and a lack of an austerity agreement in the Netherlands. Expect changes in the iShares S&P Europe 350 Index Fund (NYSEArca: IEV), the SPDR EURO STOXX 50 ETF (NYSEArca:FEZ), and in the iShares MSCI Netherlands Investable Market Index Fund (NYSEArca: EWD).

Domestic

● U.S. stock futures are indicating a lower open due to poor European and Chinese manufacturing news.

Earnings

No major earnings reports today.

Commodities

Gold and Silver Slid

● As of 7:35 a.m. ET today, gold fell by 0.72 percent, or $11.98, to $1,644.31. Expect decreases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.

● As of 7:35 a.m. ET today, silver dropped by 1.77 percent, or $0.56, to $31.14. Expect decreases in the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Slipped

● As of 7:35 a.m. ET today, the most active contract for WTI crude oil expiring in June decreased by 0.83 percent, or $0.83, to $103.05 per barrel.

● As of 7:35 a.m. ET today, the most active contract for Brent crude oil expiring in June decreased by 0.71 percent, or $0.84, to $117.92 per barrel.

● Expect decreases in the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows The most popular ETF on Friday, April 20 was the iShares S&P 500 Index Fund (NYSEArca: IVV) – it had inflows of $145.3 million. The least popular fund was the SPDR S&P 500 ETF (NYSEArca: SPY), with redemptions of $1.11 billion.

ETF Launches

None as of today.

ETF Filings

None as of today.

Economic Calendar

● Europe

○ Germany

■PMI Manufacturing Index Flash - 3:30 a.m. ET

■PMI Services Index Flash - 3:30 a.m. ET

○ EMU

■PMI Services Index Flash - 4:00 a.m. ET

■PMI Manufacturing Index Flash - 4:00 a.m. ET

● Asia/Pacific

○ Australia

■CPI - 9:30 a.m. ET

International

Asia

• Asian stock indexes were mixed today as G20 stated that Europe’s issue hamper global growth and weak US economic data show that US growth is slowing.

• The Nikkei decreased by 0.28 percent, Shanghai Composite increased by 1.19 percent, Hang Seng increased by 0.07 percent, and Korea’s KOSPI decreased by 1.26 percent.

Europe

• European stock indexes rose today due to an unexpected increase in German business confidence. Expect changes in iShares S&P Europe 350 Index ETF(NYSEArca: IEV), SPDR EURO STOXX 50 ETF(NYSEArca:FEZ), and in iShares MSCI Germany Index Fund(NYSEArca: EWG).

• UK March retail sales rose higher than expected due most likely to warm weather that fueled the purchase of clothing and gardening products. Sales grew 1.8 percent when economists estimated a 0.5 percent gain. Expect movements in iShares MSCI United Kingdom Index Fund(NYSEArca: EWU)

Domestic

• U.S. stock futures are pointing slightly higher due to strong earnings from companies such as GE and Schlumberger.

Earnings

• Microsoft - Released Yesterday After Close
  • Earnings were at an EPS of $0.60 and topped analyst expectations of $0.57.
  • ETF Movements
    • iShares S&P North American Technology-Software Index Fund (NYSEArca:IGV)
    • PowerShares NASDAQ-100(NYSEArca:QQQ)
    • iShares Dow Jones U.S. Technology Index Fund(NYSEArca:IYW)

• GE

  • Earnings were at an EPS of $0.34 and beat analyst expectations of $0.33.

  • ETF Movements

    • Vanguard Industrials ETF(NYSEArca: VIS)

    • iShares Dow Jones U.S. Industrial Sector Index Fund(NYSEArca: IYJ)

    • Industrial Select Sector SPDR(NYSEArca: XLI)

• Schlumberger

  • Earnings were at an EPS of $0.97 and overcame analyst expectations of $0.96.

  • ETF Movements

    • iShares Dow Jones U.S. Oil Equipment & Services Index Fund(NYSEArca: IEZ)
    • Market Vectors Oil Services ETF(NYSEArca: OIH)

• McDonalds - To be Released

  • ETF Movements

    • Consumer Discretionary Select Sector SPDR(NYSEArca: XLY)

Commodities

Gold and Silver Ascended

• As of 7:55 a.m. ET today, gold rose by 0.08 percent, or $1.39, to $1,644.31. Expect increases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.
• As of 7:55 a.m. ET today, silver rose by 0.09 percent, or $0.03, to $31.81. Expect increases in the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Climbed

• As of 7:55 a.m. ET today, the most active contract for WTI crude oil expiring in May increased by 0.59 percent, or $0.60, to $102.87 per barrel.
• As of 7:55 a.m. ET today, the most active contract for Brent crude oil expiring in June increased by 0.76 percent, or $0.90, to $118.90 per barrel.
• Expect increases in the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows

On Thursday, April 19, 2012, the top ETF in nominal inflows was iShares iBoxx $ High Yield Corporate Bond (NYSEArca: HYG), with creations of $125.64 million. The top ETF in nominal outflows was the PowerShares QQQ (NYSEArca: QQQ), with redemptions of $355.81 billion.

ETF Launches

None as of today.

ETF Filings

None as of today.

Economic Calendar

• Europe

  • Germany

    • PPI - 2:00 a.m. ET

    • Ifo Survey - 4:00 a.m. ET

  • UK

    • Retail Sales - 4:30 a.m. ET

• Americas

  • Canada

    • CPI - 8:30 a.m. ET

International

Asia

• Asian stock indexes were mostly down today as investors eyed Spanish bond sales and considered renewed concerns about a European Debt Crisis.

• The Nikkei decreased by 0.82 percent, Shanghai Composite decreased by 0.09 percent, Hang Seng increased by 1.03 percent, and Korea’s KOSPI decreased by 0.23 percent.

Europe

• European stock indexes reversed trends yesterday and rose due to Spain meeting its bond target and speculation China will cut reserve ratio. Expect changes in iShares S&P Europe 350 Index ETF(NYSEArca: IEV) and in SPDR EURO STOXX 50 ETF(NYSEArca:FEZ).

• Demand for Spanish bonds continues to remain high even as yields remain at an uncomfortable level. The Treasury sold €1.4 billion 10-year bonds at a yield of 5.743 percent, which is less than the dangerous 6 percent encountered last week. Check for volatility in iShares MSCI Spain Index Fund(NYSEArca:EWP).

Domestic

• U.S. stock futures are pointing slightly higher as Spain met is maximum bond target at today’s auction and from robust earnings reports from companies such as Morgan Stanley.

Earnings

• Morgan Stanley

  • Earnings were at an EPS of $0.77 and crushed expectations of a $0.44 EPS. Shares in pre-market trading were up about 6 percent.

  • ETF Movements

    • iShares Dow Jones U.S. Broker-Dealers Index Fund(NYSEArca: IAI)

• Philip Morris - To be Released

  • ETF Movements

    • Dow Jones U.S. Consumer Goods Index Fund(NYSEArca:IYK)

    • Vanguard Consumer Staples ETF(NYSEArca:VDC)

• Verizon - To be Released

  • ETF Movements

    • Vanguard Telecom ETF(NYSEArca: VOX)

    • Dow Jones U.S. Telecommunications Index Fund(NYSEArca: IYZ)

    • S&P Global Telecommunications Index Fund(NYSEArca:IXP)

Commodities

Gold and Silver Fell

• As of 7:25 a.m. ET today, gold fell by 0.22 percent, or $3.68, to $1,638.50. Expect decreases in the SPDR Gold Shares (NYSEArca: GLD) physical bullion ETF.
• As of 7:25 a.m. ET today, silver fell by 0.41 percent, or $0.13, to $31.50. Expect decreases in the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Rose

• As of 7:25 a.m. ET today, the most active contract for WTI crude oil expiring in May increased by 0.18 percent, or $0.18, to $102.85 per barrel.
• As of 7:25 a.m. ET today, the most active contract for Brent crude oil expiring in June increased by 0.61 percent, or $0.72, to $118.66 per barrel.
• Expect increases in the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).

Fund Flows

On Wednesday, April 18, 2012, the top ETF in nominal inflows was Materials Select SPDR (NYSEArca: XLB), with creations of $541.94 million. The top ETF in nominal outflows was the PowerShares QQQ (NYSEArca: QQQ), with redemptions of $1.11 billion.

ETF Launches

None as of today.

ETF Filings

None as of today.

Economic Calendar

• Domestic

  • Jobless Claims - 8:30 a.m. ET

  • Bloomberg Consumer Comfort Index - 9:45 a.m. ET

  • Existing Home Sales - 10:00 a.m. ET

  • Philadelphia Fed Survey - 10:00 a.m. ET

  • Leading Indicators - 10:00 a.m. ET

  • Fed Balance Sheet - 4:30 p.m. ET

  • Money Supply - 4:30 p.m. ET

• Asia/Pacific

  • Japan

    • Tertiary Index - 7:50 p.m. ET