Markets Trade Sideways ahead of Jobless Claims, EU Summit

The Great Circle;  We all move in circular motions in our lives, and professional traders are no different.  Every planet in our solar system, and birthday we celebrate.  Think about where you were just 12 months ago today.  A full calendar year has passed, and things are the same as they always are, but a little different.  You’re wiser, more experienced, and ready to take on the challenges that today brings.  Embrace this knowledge and use it to anticipate opportunities in the future to be successful.

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News from Around the Globe Overnight:

– Much-anticipated summit of European Union leaders begins; Germany fortifies its position
– German Unemployment data rises for the third straight month
– Italy come to the market for the third time this week and sells upper end of range in 5-year and 10-year issuance; higher yields with mixed bid-to-cover ratios
– US Supreme Court decision on “Obamacare” expected today

– In Europe overnight, Equity markets are currently trading mixed ahead of the start of the EU’s two day summit. The DAX had led the declines, following the release of weaker than expected employment data out of Germany. In Italy, equity markets pared their earlier losses, after the country’s Treasury sold 5-yr bonds at a yield of less than 6%. Additionally the 5-yr yield paid at the auction (5.84%) was below the current market yield. In terms of specific sectors, most banks are trading mixed, as the Spanish and Italian banks have outperformed, while Barclays and Commerz bank have lagged their peers. Miners are broadly weaker, tracking the declines in commodity prices.

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