1st June 2011

TECHNICAL ANALYSIS

PRODUCT

SETTLEMENT

Y HIGH

Y LOW

S2

S1

PIVOT

R1

R2

BUND

12527

12550

12502

12478

12503

12526

12551

12574

BOBL

116850

116960

116630

116483

116667

116813

116997

117143

SHATZ

107810

107835

107710

107660

107735

107785

107860

107910

T BONDS

124270

124310

124010

123897

124083

124197

124383

124497

US 10 YEAR

12219.5

12222.5

12204.5

12198

12209

12216

12227

12234

US 5 YEAR

11904.5

11906.5

11825.7

11798

11851

11879

11932

11960

US 2 YEAR

10919

10919.5

10916.2

10915

10917

10918

10920

10922

$ JUN 11

9973.75

9974

9973

9973

9973

9974

9974

9974

$ SEP 11

9967

9968

9967

9966

9967

9967

9968

9968

$ DEC 11

9960

9962

9959

9958

9959

9960

9961

9963

$ MAR 12

9951

9953

9949

9947

9949

9951

9953

9955

BOR JUN 11

9853

9853.5

9851.5

9851

9852

9853

9854

9855

BOR SEP 11

9830

9831.5

9827.5

9826

9828

9830

9832

9834
9819

BOR DEC 11

9814

9816

9810

9807

9811

9813

9817

BOR MAR 12

9802.5

9805

9798

9795

9799

9802

9806

9809

JUN 11

9916

9917

9916

9915

9916

9916

9917

9917

SEP 11

9909

9910

9907

9906

9907

9909

9910

9912

DEC 11

9897

9898

9895

9894

9895

9897

9898

9900

MAR 12

9883

9883

9880

9879

9881

9882

9884

9885

GILT

12017

12022

11986

11972

11995

12008

12031

12044

SMI

6559

6577

6506

6476

6518

6547

6589

6618

FTSE

5993.5

5997

5934

5912

5953

5975

6015

6037

STOXX

2857

2873

2832

2813

2835

2854

2876

2895

DAX

7296

7337.5

7222

7170

7233

7285

7348

7401

CAC

4004

4006

3950.5

3932

3968

3987

4023

4042

S&P 500

134390

134570

132860

132230

133310

133940

135020

135650

DOW

12536

12546

12444

12407

12471

12509

12573

12611

NASDAQ

237175

237900

233100

231258

234217

236058

239017

240858

ECONOMIC DATA, SPEAKERS, AUCTIONS AND EARNINGS

CDT

BST

DATA

EXP

PREV

2000
2030

0200
0230

CH
AU

Manufacturing PMI M/M (May)

GDP Q/Q (Q1)

51.6
-1.1%

52.9
0.7%

0800

1400

EU

ECBs Trichet Speaks at RWTH in Aachen, Germany

0900

1500

US

Treasury Secretary Geithner Testifies to House Committee

2030

0230

AU

GDP Y/Y (Q1)

1.0%

2.7%

2130

0330

CH

HSBC Manufacturing PMI M/M (May)

51.8

0920
1125

1520
1725

EU
US

ECBs Trichet at Karlspreis-Europa-Forum

Feds Pianalto (Non-Voting Member)

0030

0630

FR

ILO Unemployment Rate Q/Q (Q1)

9.6%

1235

1835

UK

BoEs Tucker

0215

0815

SZ

Retail Sales (Real) Y/Y (Apr)

0230

0830

SZ

SVME PMI M/M (May)

57.5

58.4

0243

0843

IT

Manufacturing PMI M/M (May)

53.5

55.5

O/N

O/N

JN

JPY 2.2trl 10y JGB Auction

0248

0848

FR

Manufacturing PMI M/M (May F)

55.0

55.0

0345

0945

FR

EUR 1.25-1.5bln 4.00% Apr18 OAT Auction

0253

0853

GE

Manufacturing PMI M/M (May F)

58.2

58.2

0345

0945

FR

EUR 4.5-5bln 3.25% Oct21 OAT Auction

0258

0858

EU

Manufacturing PMI M/M (May F)

54.8

54.8

0345

0945

FR

EUR 1.75-2bln 4.25% Oct23 OAT Auction

0328

0928

UK

Manufacturing PMI M/M (May)

54.1

54.6

0400

1000

POR

EUR 0.75-1bln 3-month T-Bill Auction

0330

0930

UK

Net Consumer Credit M/M (Apr)

0.2B

0.1B

1000

1600

US

Feds Outright Trea. Coup. Purch. Dec16-May18 (USD 6-8bln)

0330

0930

UK

Net Lending Sec. on Dwellings M/M (Apr)

0.7B

0.4B

0330

0930

UK

Mortgage Approvals M/M (Apr)

47.0K

47.6K

0330

0930

UK

M4 Money Supply M/M (Apr)

0.1%

UK

Wolseley (Trade)

0330

0930

UK

M4 Money Supply Y/Y (Apr)

-1.1%

EU

N/A

0330

0930

UK

M4 ex OFCs 3M (Annualised) M/M (Apr)

1.0%

SZ

N/A

0600
0630

1200
1230

US
US

MBA Mortgage Applications W/W (May 27)

Challenger Job Cuts Y/Y (May)

1.1%
36.5K

US

N/A

0645

1245

US

ICSC Chain Stores W/W (Jun 1)

-1.0%

0645

1245

US

ICSC Chain Stores Y/Y (Jun 1)

0715

1315

US

ADP Employment Change M/M (May)

0755

1355

US

Redbook M/M (Jun 1)

0755
0900

1355
1500

US
US

Redbook Y/Y (Jun 1)

Construction Spending M/M (Apr)

0900

1500

US

ISM Manufacturing M/M (May)

57.5

60.4

0900

1500

US

ISM Prices Paid M/M (May)

81.8

85.5

1100

1700

IT

New Car Registrations Y/Y (May)

1200

1800

IT

Budget Balance M/M (May)

-8.8B

1200

1800

IT

Budget Balance (Year to Date) Y/Y (May)

-40.1B

1530

2130

US

API Crude Oil Inventories W/W (May 27)

-860K

1530

2130

US

API Gasoline Inventories W/W (May 27)

2442K

1530

2130

US

2130

US

1600

2200

US

API Distillate Inventory W/W (May 27)

API Cushing Crude Inventory W/W (May
27)
Domestic Vehicle Sales Y/Y (May)

-846K

1530

9.80M

10.20M

1600

2200

US

Total Vehicle Sales Y/Y (May)

12.45M

13.14M

N/A

N/A

UK

Halifax House Prices SA M/M (May)

0.3%

-1.4%

N/A

N/A

UK

Halifax House Prices 3M/Y (May)

-4.0%

-3.7%

9.4%

Speakers

-0.2%

3.1%
175K

179K
-2.6%

0.3%

3.4%
1.4%

-2.2%

54K

Auctions

Earnings