Rose Colored Glasses Donned

Markets in the U.S. are hardly changed today, despite a slew of depressing data. While industrial production slipped and consumer sentiment drifted; as capital fled long-term U.S. securities and while producer prices showed more evidence of deflation, investors seem sanguine nonetheless. I suppose if you put on your rose colored glasses and focus on the weekend, you can make yourself believe anything. For more in-depth analysis and research visit our stock market blog.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Rose Colored Glasses

Market ETF	June 14	Year-to-Date
SPDR S&P 500 (SPY)	-0.1%	+15.2%
SPDR Dow Jones (DIA)	-0.1%	+16.1%
PowerShares (QQQ)	Unchanged	+11.7%

Economic Events

Just a day after the import and export price release showed widespread deflation, we receive insight into producer level pricing. The Producer Price Index (PPI) for May showed an increase of 0.5%, after April’s 0.7% decline; economists were looking for smaller increase of 0.2% on this headline figure. The Core PPI, less food and energy influence, was expected to show a 0.1% increase, matching the prior month increase, and it did exactly that. It’s a slow rate of price increase, and if it flattens and turns downward, we have serious issues that we have somehow ignored, judging by the movement of stocks.

Industrial Production was unchanged in May, against the economists’ consensus view for a 0.2% increase. In April, production contracted by -0.4%, revised from -0.5%. Capacity Utilization contracted to a rate of 77.6%, against expectations for 77.9% in May. In April, utilization ran at 77.7%, revised from 77.8%.

The Current Account, reported for the first quarter, showed a widened current account deficit of $106.1 billion, against a revised narrower deficit of $102.3 billion (revised from $110.4 billion). Economists expected the current account deficit to widen to $111.2 billion.

The Treasury International Capital (TIC) Report for April showed foreign demand for long-term U.S. securities fell on net by -$37.3 billion, after a decline of -$13.5 billion in March.

The Thomson Reuters/ University of Michigan Consumer Sentiment Index fell to 82.7 in the mid-June reporting. The index was expected to hold steady and match the 84.5 mark reached at the close of May. The index climbed 8.1 points in May, but I think the gain was superficial. Of course, this data point is at the center of the market’s attention due to a report that indicated it is released to clients a few seconds before the rest of the market gets the news. I’ll be discussing this in a detailed report in the near future.

Overseas Markets

EUROPE	9:04 AM ET	ASIA/PACIFIC	CLOSE
EURO STOXX 50	+0.5%	NIKKEI 225	+1.9%
German DAX	+0.6%	Hang Seng	+0.4%
CAC 40	+0.5%	S&P/ASX 200	+2.0%
FTSE 100	+0.1%	Korean KOSPI	+0.4%
Greek ASE	+2.4%	BSE India SENSEX	+1.9%

European ministers will be talking about measures to curb youth unemployment. Iran is holding presidential elections.

Commodity Markets (8:54 AM ET)

WTI Crude	+0.7%
Brent Crude	+0.7%
NYMEX Natural Gas	-0.6%
RBOB Gasoline	+0.9%
Gold Spot	+0.2%
Silver Spot	+1.9%
COMEX Copper	+0.4%
CBOT Corn	+0.1%
CBOT Wheat	-0.4%
CBOT Soybeans	+0.4%
ICE Cocoa	-1.6%
ICE Sugar	+0.5%
ICE Orange Juice Conc.	-0.1%
CME Live Cattle	-0.2%

Corporate Events

The Deutsche Bank Global Industrials and Basic Materials Conference offers presentations by Tyco International (NYSE: TYC), SPX Corp. (NYSE: SPW) and Air Products & Chemicals (NYSE: APD). Salesforce.com (NYSE: CRM) has its customer company tour in New York City. Chesapeake Energy (NYSE: CHK) has its annual shareholder meeting. Ford Motor (NYSE: F) will be discussing its Sustainability Report. Corporate Executive Board (NYSE: CEB) has its investor day. The earnings schedule has American Semiconductor (Nasdaq: AMSC), Lentuo International (NYSE: LAS), Magnum Hunter Resources (NYSE: MHR), NGL Energy Partners (NYSE: NGL) and Smithfield Foods (NYSE: SFD).

Today’s biggest gainers and losers are:

BIGGEST GAINERS	% Gain	BIGGEST LOSERS	% Drop
BCSB Bancorp (Nasdaq: BCSB)	+34%	Cempra (Nasdaq: CEMP)	-11%
Restoration Hardware (NYSE: RH)	+16%	Oculus Innovative (Nasdaq: OCLS)	-11%
Pixelworks (Nasdaq: PXLW)	+9%	Myriad Genetics (Nasdaq: MYGN)	-10%
LGL Group (NYSE: LGL)	+13%	UniTek Global (Nasdaq: UNTK)	-10%
SolarCity (Nasdaq: SCTY)	+7%	Uroplasty (NYSE: UPI)	-11%
SGOCO (Nasdaq: SGOC)	+17%	CounterPath (Nasdaq: CPAH)	-9%
Elan Corp. (NYSE: ELN)	+7%	GigOptics (NYSE: GIG)	-8%
Synergy Res. (Nasdaq: SYRG)	+9%	Lakeland (Nasdaq: LAKE)	-9%
Groupon (Nasdaq: GRPN)	+8%	Synergy Pharma (Nasdaq: SGYPW)	-8%
Prudential Bancorp (Nasdaq: PBIP)	+7%	Aluminum Corp. (NYSE: ACH)	-9%

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Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.