Celebrities, politicians and media from around the world descended on this small town along the Hudson River for Chelsea Clinton's wedding Saturday, transforming the quaint streets of Rhinebeck into a circus of vendors, performers and curious onlookers.
Ms. Clinton, 30 years old and the only daughter of former President Bill Clinton and U.S. Secretary of State Hillary Rodham Clinton, married longtime boyfriend Marc Mezvinsky, 32.
Bill Clinton and Hillary Rodham Clinton announced in a statement that their daughter wed investment banker Marc Mezvinsky after weeks of secrecy and buildup that had celebrity watchers flocking to the small village of Rhinebeck for the evening nuptials.
.....
Read
Saturday, July 31, 2010
Next Week's Game Plan
Cramer said investors must sit on their hands while watching for clues to the second half of the year while in the middle of the earnings season.
Next week's trading will culminate with the government's jobless report on Friday, said Cramer. If the news is bad, with unemployment over 9.6%, then be prepared for pain. But in the meantime, Cramer said he'll be paying attention to the following sectors
....
Read
Next week's trading will culminate with the government's jobless report on Friday, said Cramer. If the news is bad, with unemployment over 9.6%, then be prepared for pain. But in the meantime, Cramer said he'll be paying attention to the following sectors
....
Read
Friday, July 30, 2010
Market Summary 7/30/2010
Stock Market Closing Prices – 7/30/10
Dow ( DJIA ) Close - 10465.94 -1.22
Nasdaq Close - 2254.70 +3.01
S&P 500 Close – 1101.60 +0.07
Commodities Closing Prices – 7/30/10
Gold Close - 1181.70
Oil Close – 78.95
Natural Gas – 4.92
The Dow is down 1 points.
The markets survive an early and deep sell-off today after a government report shows weaker-than-expected economic growth. Merck and Intel are drags on the Dow.
The 2.4% growth rate for GDP confirmed that the economy was slowing in the second quarter. At the same time, the government said, the recession was deeper than earlier believed.
The S&P 500 ended above the psychologically important 1,100 level for a second week in a row. That's good.
A late rally pushed crude oil to $78.95, a gain of 59 cents. Gold rose $13.30 to $1,181.70. Copper, a key industrial metal, was up 2.15 cents to $3.3115 a pound. Copper was up 4% on the week and is up 12% in July.
Dow ( DJIA ) Close - 10465.94 -1.22
Nasdaq Close - 2254.70 +3.01
S&P 500 Close – 1101.60 +0.07
Commodities Closing Prices – 7/30/10
Gold Close - 1181.70
Oil Close – 78.95
Natural Gas – 4.92
The Dow is down 1 points.
The markets survive an early and deep sell-off today after a government report shows weaker-than-expected economic growth. Merck and Intel are drags on the Dow.
The 2.4% growth rate for GDP confirmed that the economy was slowing in the second quarter. At the same time, the government said, the recession was deeper than earlier believed.
The S&P 500 ended above the psychologically important 1,100 level for a second week in a row. That's good.
A late rally pushed crude oil to $78.95, a gain of 59 cents. Gold rose $13.30 to $1,181.70. Copper, a key industrial metal, was up 2.15 cents to $3.3115 a pound. Copper was up 4% on the week and is up 12% in July.
Thursday, July 29, 2010
Market Summary 7/29/2010
Stock Market Closing Prices – 7/29/10
Dow ( DJIA ) Close - 10467.16 -30.72
Nasdaq Close - 2251.69 -12.87
S&P 500 Close – 1101.53 -4.60
Commodities Closing Prices – 7/29/10
Gold Close - 1166.80
Oil Close – 78.16
Natural Gas – 4.68
The Dow is down 31 points.
Stocks slid Thursday, although they finished off their session lows, as investors weighed cautious comments from a regional Federal Reserve president about the health of the economy and a mix of quarterly profit reports.
After a morning sell-off, the Dow trims its loss to 31 points, thanks to Merck, General Electric and Chevron. Kellogg sags on weak guidance. Jobless claims dip. Gold and oil move up.
The market did actually leave some traders happy. That's because the S&P 500 successfully tested 1,093, an important tipping point. The index moved above that level a week ago, which turned a resistance level into potentially a support level that would generate buying. The index tested that level today, rebounding strongly. That's potentially a bullish signal.
Market breadth was mixed. On the NY Exchange, winners narrowly beat losers on volume of 1.18 billion shares. On the Nasdaq, decliners topped advancers on volume of 2.33 billion shares.
Economic Calendar Data - 7/30/10
U.S. second-quarter estimate for the Gross Domestic Product. 8:30 a.m.
Chicago PMI report on business activity in the Chicago area. 9:45 a.m.
U.S. consumer sentiment for July released. 10 a.m.
Chervon/ Merck/PSEG is scheduled to release quarterly results before market open.
Dow ( DJIA ) Close - 10467.16 -30.72
Nasdaq Close - 2251.69 -12.87
S&P 500 Close – 1101.53 -4.60
Commodities Closing Prices – 7/29/10
Gold Close - 1166.80
Oil Close – 78.16
Natural Gas – 4.68
The Dow is down 31 points.
Stocks slid Thursday, although they finished off their session lows, as investors weighed cautious comments from a regional Federal Reserve president about the health of the economy and a mix of quarterly profit reports.
After a morning sell-off, the Dow trims its loss to 31 points, thanks to Merck, General Electric and Chevron. Kellogg sags on weak guidance. Jobless claims dip. Gold and oil move up.
The market did actually leave some traders happy. That's because the S&P 500 successfully tested 1,093, an important tipping point. The index moved above that level a week ago, which turned a resistance level into potentially a support level that would generate buying. The index tested that level today, rebounding strongly. That's potentially a bullish signal.
Market breadth was mixed. On the NY Exchange, winners narrowly beat losers on volume of 1.18 billion shares. On the Nasdaq, decliners topped advancers on volume of 2.33 billion shares.
Economic Calendar Data - 7/30/10
U.S. second-quarter estimate for the Gross Domestic Product. 8:30 a.m.
Chicago PMI report on business activity in the Chicago area. 9:45 a.m.
U.S. consumer sentiment for July released. 10 a.m.
Chervon/ Merck/PSEG is scheduled to release quarterly results before market open.
Wednesday, July 28, 2010
Cadence(CDNS) Q2 Revs,Profits Beat Street Estimates
Cadence Design Systems (CDNS) reported better-than-expected Q2 results.
For the quarter, the EDA software company reported revenue of $227 million and non-GAAP profits of 7 cents a share, ahead of the Street consensus of $220.9 million and 3 cents.
For Q3, the company sees revenue of $225 million to $235 million and non-GAAP profits of 1-3 cents a share; the Street has been projecting $225.5 million and 5 cents.
For the full year, Cadence is forecasting revenue of $900 million to $925 million, and non-GAAP profits of 12-16 cents a share; the Street has been anticipating $877.1 million and 15 cents.
In late trading, CDNS is up 20 cents, or 3.1%, to $6.65.
source:Barrons
For the quarter, the EDA software company reported revenue of $227 million and non-GAAP profits of 7 cents a share, ahead of the Street consensus of $220.9 million and 3 cents.
For Q3, the company sees revenue of $225 million to $235 million and non-GAAP profits of 1-3 cents a share; the Street has been projecting $225.5 million and 5 cents.
For the full year, Cadence is forecasting revenue of $900 million to $925 million, and non-GAAP profits of 12-16 cents a share; the Street has been anticipating $877.1 million and 15 cents.
In late trading, CDNS is up 20 cents, or 3.1%, to $6.65.
source:Barrons
Market Summary 7/28/2010
Stock Market Closing Prices – 7/28/10
Dow ( DJIA ) Close - 10497.88 -39.81
Nasdaq Close - 2264.56 -23.69
S&P 500 Close – 1106.13 -7.71
Commodities Closing Prices – 7/28/10
Gold Close - 1160.40
Oil Close – 77.11
Natural Gas – 4.77
The Dow is down -40 points.
Stocks fell Wednesday as a worse-than-expected report on durable goods orders and others added to concerns about the pace of the economic recovery.
In addition, a revenue miss from Boeing (BA) weighed on the market.
Telecom and energy shares were the leading market sectors. Financial and health care stocks were the laggards.
U.S. light crude oil for September delivery fell 19 cents to $76.80 a barrel .COMEX gold for August delivery rose $2.80 to $1,163.90 per ounce.
Market breadth was negative. On the NY Exchange, volume came to 1 billion shares. On the Nasdaq, volume came to 1.88 billion shares.
Economic Calendar Data - 7/29/10
US weekly jobless claims from the labor Department 8:30 am
Exxon Mobil/ Motorola is scheduled to release quarterly results before market open.
Amgen/MetLife is scheduled to release quarterly results after market close.
Dow ( DJIA ) Close - 10497.88 -39.81
Nasdaq Close - 2264.56 -23.69
S&P 500 Close – 1106.13 -7.71
Commodities Closing Prices – 7/28/10
Gold Close - 1160.40
Oil Close – 77.11
Natural Gas – 4.77
The Dow is down -40 points.
Stocks fell Wednesday as a worse-than-expected report on durable goods orders and others added to concerns about the pace of the economic recovery.
In addition, a revenue miss from Boeing (BA) weighed on the market.
Telecom and energy shares were the leading market sectors. Financial and health care stocks were the laggards.
U.S. light crude oil for September delivery fell 19 cents to $76.80 a barrel .COMEX gold for August delivery rose $2.80 to $1,163.90 per ounce.
Market breadth was negative. On the NY Exchange, volume came to 1 billion shares. On the Nasdaq, volume came to 1.88 billion shares.
Economic Calendar Data - 7/29/10
US weekly jobless claims from the labor Department 8:30 am
Exxon Mobil/ Motorola is scheduled to release quarterly results before market open.
Amgen/MetLife is scheduled to release quarterly results after market close.
Companies hold record $837B in cash, yet won't hire workers
Anyone wondering where all the economy's jobs are might want to look into piggy banks of the world's biggest companies.
Cash is gushing into companies' coffers as they report what's shaping up to be the third-consecutive quarter of sharp earnings increases. But instead of spending on the typical things, such as expanding and hiring people, companies are mostly pocketing the money and stuffing it under their corporate mattresses.
Non-financial companies in the Standard & Poor's 500 have a record $837 billion in cash, S&P says. That's enough to pay 2.4 million people $70,000-a-year salaries for five years. For context, 2.2 million to 2.8 million jobs were saved or created by the $862 billion stimulus that President Obama signed into law in February 2009, according to a report released in April from the Council of Economic Advisers.
Rather than investing in their future, companies are piling up cash and collecting practically zero interest on the money, hoping there will be a better time to invest later.
....
Read
Cash is gushing into companies' coffers as they report what's shaping up to be the third-consecutive quarter of sharp earnings increases. But instead of spending on the typical things, such as expanding and hiring people, companies are mostly pocketing the money and stuffing it under their corporate mattresses.
Non-financial companies in the Standard & Poor's 500 have a record $837 billion in cash, S&P says. That's enough to pay 2.4 million people $70,000-a-year salaries for five years. For context, 2.2 million to 2.8 million jobs were saved or created by the $862 billion stimulus that President Obama signed into law in February 2009, according to a report released in April from the Council of Economic Advisers.
Rather than investing in their future, companies are piling up cash and collecting practically zero interest on the money, hoping there will be a better time to invest later.
....
Read
Tuesday, July 27, 2010
Market Summary 7/27/2010
Stock Market Closing Prices – 7/27/10
Dow ( DJIA ) Close - 10537.69 +12.26
Nasdaq Close - 2288.25 -8.18
S&P 500 Close – 1113.84 -1.17
Commodities Closing Prices – 7/27/10
Gold Close - 1158.00
Oil Close – 77.07
Natural Gas – 4.68
The Dow is up 12 points.
Stocks finished basically flat today after a Conference Board report on consumer confidence disappointed investors and weighed on retail stocks.
The declines were the first for the S&P 500 and the Nasdaq after three days of big gains. The Dow was up for the fourth day in a row, including three of gains greater than 100 points.
Home prices hold steady, The S&P/Case-Shiller index of property values increased 4.6% from May 2009, the biggest year-over-year gain since August 2006, Standard & Poor's said today.
DuPont (DD) reported higher quarterly sales and earnings that topped estimates, thanks to higher prices and increased demand. The chemical maker also boost its earnings forecast for the year. Shares gained 3.6%.
Market Breadth was negative. On the NY Exchange, volume came to 1.11 billion shares. On the Nasdaq, volume came to 2.07 billion shares.
All eyes will now be on Thursday’s initial claims reports.
Economic Calendar Data - 7/28/10
U.S. durable goods orders for June at the Commerce Department. 8:30 a.m.
Boeing/ Comcast/ Sprint Nextel… is scheduled to release quarterly results. Before market open.
Dow ( DJIA ) Close - 10537.69 +12.26
Nasdaq Close - 2288.25 -8.18
S&P 500 Close – 1113.84 -1.17
Commodities Closing Prices – 7/27/10
Gold Close - 1158.00
Oil Close – 77.07
Natural Gas – 4.68
The Dow is up 12 points.
Stocks finished basically flat today after a Conference Board report on consumer confidence disappointed investors and weighed on retail stocks.
The declines were the first for the S&P 500 and the Nasdaq after three days of big gains. The Dow was up for the fourth day in a row, including three of gains greater than 100 points.
Home prices hold steady, The S&P/Case-Shiller index of property values increased 4.6% from May 2009, the biggest year-over-year gain since August 2006, Standard & Poor's said today.
DuPont (DD) reported higher quarterly sales and earnings that topped estimates, thanks to higher prices and increased demand. The chemical maker also boost its earnings forecast for the year. Shares gained 3.6%.
Market Breadth was negative. On the NY Exchange, volume came to 1.11 billion shares. On the Nasdaq, volume came to 2.07 billion shares.
All eyes will now be on Thursday’s initial claims reports.
Economic Calendar Data - 7/28/10
U.S. durable goods orders for June at the Commerce Department. 8:30 a.m.
Boeing/ Comcast/ Sprint Nextel… is scheduled to release quarterly results. Before market open.
Monday, July 26, 2010
A Wall Street Life
Martin Sass, founder of M.D. Sass, uses his many years of market experience to fuel his bottom-up, forensically researched stock-picking.
A Wall Street Life
A Wall Street Life
The Tectonic Shift in Tech
"Why didn't technology stocks take off today," a puzzled Jim Cramer asked the viewers of his "Mad Money" TV show Monday.
With their huge revenue and earnings per share growth, tech stocks should have rallied big today
....
Read
With their huge revenue and earnings per share growth, tech stocks should have rallied big today
....
Read
Market Summary 7/26/2010
Stock Market Closing Prices – 7/26/10
Dow ( DJIA ) Close - 10525.43 +100.81
Nasdaq Close - 2296.43 +26.96
S&P 500 Close – 1115.01 +12.35
Commodities Closing Prices – 7/26/10
Gold Close - 1183.00
Oil Close – 78.89
Natural Gas – 4.61
The Dow is up 101 points.
A boost in guidance from FedEx and better-than-expected new-home sales give stocks a lift.
The rally was set off when FDX raised its outlook for fiscal 2011. Adding to the bullishness: a better-than-expected -- but still awful -- report on new-home sales.
As important, the index finished slightly above its simple 200-day MA for the first time since June 21. Technicians would view that as a sign of confidence. At least for now. Volume was light.
Futures trading suggests U.S. stocks will open modestly higher on Tuesday.
Economic Calendar Data 7/27/2010
U.S. consumer confidence for July at the Conference Board. 10 a.m.
Aetna is scheduled to release quarterly results. Before market open.
Lockheed Martin is scheduled to release results for the quarter. Before market open.
Occidental Petroleum is slated to announce quarterly results. Before market open.
Dow ( DJIA ) Close - 10525.43 +100.81
Nasdaq Close - 2296.43 +26.96
S&P 500 Close – 1115.01 +12.35
Commodities Closing Prices – 7/26/10
Gold Close - 1183.00
Oil Close – 78.89
Natural Gas – 4.61
The Dow is up 101 points.
A boost in guidance from FedEx and better-than-expected new-home sales give stocks a lift.
The rally was set off when FDX raised its outlook for fiscal 2011. Adding to the bullishness: a better-than-expected -- but still awful -- report on new-home sales.
As important, the index finished slightly above its simple 200-day MA for the first time since June 21. Technicians would view that as a sign of confidence. At least for now. Volume was light.
Futures trading suggests U.S. stocks will open modestly higher on Tuesday.
Economic Calendar Data 7/27/2010
U.S. consumer confidence for July at the Conference Board. 10 a.m.
Aetna is scheduled to release quarterly results. Before market open.
Lockheed Martin is scheduled to release results for the quarter. Before market open.
Occidental Petroleum is slated to announce quarterly results. Before market open.
Sunday, July 25, 2010
Next Week's ER Report
Tuesday: Boeing (BA)
BP (BP)
Wednesday: DuPont (DD)
Thursday: Exxon Mobil (XOM)
Friday: Chevron (CVX)
Merck (MRK)
Monday: The Commerce Department's new home sales index is due after the start of trading. Sales are expected to have risen to a seasonally adjusted annual unit rate of 310,000 in June, according to a consensus of economists surveyed by Briefing.com. That would represent a modest recovery from May.
In May, new home sales plunged 33% to a seasonally adjusted annual unit rate of 300,000, the lowest on record (which dates to 1963), amid the expiration of the homebuyer tax credit.
Tuesday: The Case-Shiller 20-city home price index is expected to have risen 4% in June versus a year ago after rising 3.8% in May.
After the start of trading, the Conference Board releases the Consumer Confidence index for July. The index is expected to have fallen to 51 from 52.9 in June.
Wednesday: June durable goods orders are expected to have risen 1% after falling 0.6% in May. Orders excluding transportation are expected to have risen 0.5% after rising 1.6% in May. The Commerce Department report is due before the start of trading.
The government's weekly oil inventories report is also due in the morning, but is not usually a big market mover. In the afternoon, the Federal Reserve releases its "beige book" reading on the economy's 12 districts.
Thursday: The Department of Labor releases weekly jobless claims figures in the morning. The number of Americans filing new claims for unemployment last week is expected to have held steady at 464,000. Continuing claims, a measure of Americans who have been receiving benefits for a week or more, is expected to have risen to 4,550,000 from 4,487,000 in the previous week.
Friday: GDP growth in the second quarter is expected to be revised down to a 2.5% annualized rate from the initially reported 2.7% rate.
The Chicago PMI, a regional reading on manufacturing, is expected to have fallen to 56.5 in July from 59.1 in June.
BP (BP)
Wednesday: DuPont (DD)
Thursday: Exxon Mobil (XOM)
Friday: Chevron (CVX)
Merck (MRK)
Monday: The Commerce Department's new home sales index is due after the start of trading. Sales are expected to have risen to a seasonally adjusted annual unit rate of 310,000 in June, according to a consensus of economists surveyed by Briefing.com. That would represent a modest recovery from May.
In May, new home sales plunged 33% to a seasonally adjusted annual unit rate of 300,000, the lowest on record (which dates to 1963), amid the expiration of the homebuyer tax credit.
Tuesday: The Case-Shiller 20-city home price index is expected to have risen 4% in June versus a year ago after rising 3.8% in May.
After the start of trading, the Conference Board releases the Consumer Confidence index for July. The index is expected to have fallen to 51 from 52.9 in June.
Wednesday: June durable goods orders are expected to have risen 1% after falling 0.6% in May. Orders excluding transportation are expected to have risen 0.5% after rising 1.6% in May. The Commerce Department report is due before the start of trading.
The government's weekly oil inventories report is also due in the morning, but is not usually a big market mover. In the afternoon, the Federal Reserve releases its "beige book" reading on the economy's 12 districts.
Thursday: The Department of Labor releases weekly jobless claims figures in the morning. The number of Americans filing new claims for unemployment last week is expected to have held steady at 464,000. Continuing claims, a measure of Americans who have been receiving benefits for a week or more, is expected to have risen to 4,550,000 from 4,487,000 in the previous week.
Friday: GDP growth in the second quarter is expected to be revised down to a 2.5% annualized rate from the initially reported 2.7% rate.
The Chicago PMI, a regional reading on manufacturing, is expected to have fallen to 56.5 in July from 59.1 in June.
Friday, July 23, 2010
Tools of Trade
"You can do everything I do at home, if you're willing to put in the time and effort," Jim Cramer told the viewers of his "Mad Money" TV show Friday.
He said that with just a few hours a week, investors
can actively invest in stocks and manage their portfolios with great success.
Read
He said that with just a few hours a week, investors
can actively invest in stocks and manage their portfolios with great success.
Read
Market Summary 7/23/2010
Stock Market Closing Prices – 7/23/10
Dow ( DJIA ) Close - 10424.62 +102.32
Nasdaq Close - 2269.47 +23.58
S&P 500 Close – 1102.66 +8.99
Commodities Closing Prices – 7/23/10
Gold Close - 1187.70
Oil Close – 78.98
Natural Gas – 4.57
The Dow jumps 102 points.
Stocks rallied after Ford's and Verizon's earnings cheer investors and Stress-test on 91 European banks showed that only 7 needed to raise new capital.
GE raised its quarter dividend 20% to 12 cents a share.
Crude oil settled down 32 cents to $78.98, despite concerns that Tropical Storm Bonnie may cause problems in the Gulf of Mexico.
Market breadth was positive and volume was light. On the New York Stock Exchange, the volume came to 960 million shares. On the Nasdaq, volume came to 2.43 billion shares.
Dow ( DJIA ) Close - 10424.62 +102.32
Nasdaq Close - 2269.47 +23.58
S&P 500 Close – 1102.66 +8.99
Commodities Closing Prices – 7/23/10
Gold Close - 1187.70
Oil Close – 78.98
Natural Gas – 4.57
The Dow jumps 102 points.
Stocks rallied after Ford's and Verizon's earnings cheer investors and Stress-test on 91 European banks showed that only 7 needed to raise new capital.
GE raised its quarter dividend 20% to 12 cents a share.
Crude oil settled down 32 cents to $78.98, despite concerns that Tropical Storm Bonnie may cause problems in the Gulf of Mexico.
Market breadth was positive and volume was light. On the New York Stock Exchange, the volume came to 960 million shares. On the Nasdaq, volume came to 2.43 billion shares.
Thursday, July 22, 2010
Back to school
Will back-to-school go to the bears or the bulls?
Back-To-School: Who Will Make the Grade? Who Won't?
Which Retail Stock Will Win Back-To-School?
Back-To-School: Who Will Make the Grade? Who Won't?
Which Retail Stock Will Win Back-To-School?
What you need to know
Someone said this morning that as long as Bernanke was speaking, you should sell.
Whoops.
But first, the scoreboard:
Dow: +200
S&P 500: +58
NASDAQ: +23.72
And now, the top stories:
The good times began in Europe early on, when there were positive noises about the stress tests (due out tomorrow), and industrial production/PMI numbers.
The positive news parade continued in the US, when we got strong earnings from 3M, UPS, and Caterpillar, all good, bellwether industrial type companies.
Even housing delivered good news, as the fall in existing home sales was not as bad as expected.
Bernanke spoke in front of the House, following his conversation in with the Senate yesterday, but didn't produce any notable headlines. There was some talk about him having sounded more optimistic than yesterday, perhaps as a result of the market's behavior.
The House passed the unemployment extender. It's now a done deal.
Although the rally was huge -- the biggest since early July -- it was actually a quiet day. After the first hour or so of trading, stocks hardly moved at all.
source:businessinsider
Whoops.
But first, the scoreboard:
Dow: +200
S&P 500: +58
NASDAQ: +23.72
And now, the top stories:
The good times began in Europe early on, when there were positive noises about the stress tests (due out tomorrow), and industrial production/PMI numbers.
The positive news parade continued in the US, when we got strong earnings from 3M, UPS, and Caterpillar, all good, bellwether industrial type companies.
Even housing delivered good news, as the fall in existing home sales was not as bad as expected.
Bernanke spoke in front of the House, following his conversation in with the Senate yesterday, but didn't produce any notable headlines. There was some talk about him having sounded more optimistic than yesterday, perhaps as a result of the market's behavior.
The House passed the unemployment extender. It's now a done deal.
Although the rally was huge -- the biggest since early July -- it was actually a quiet day. After the first hour or so of trading, stocks hardly moved at all.
source:businessinsider
Market Summary 7/22/2010
Stock Market Closing Prices – 7/22/10
Dow ( DJIA ) Close - 10322.30 -201.77
Nasdaq Close - 2245.89 -58.56
S&P 500 Close – 1093.67 0.00
Commodities Closing Prices – 7/22/10
Gold Close - 1193.80
Oil Close – 79.05
Natural Gas – 4.63
The Dow jumps 202 points.
Stocks rallied Thursday after better-than-expected earnings and forecasts from 3M, Caterpillar, AT&T and UPS helped reassure investors about the pace of the economic recovery.
After the market close, MSFT reported higher quarterly sales and earnings that topped estimates. However, Amazon.com shares plunge after earnings miss estimates.
The rally pushed the major averages well above their simple 50-day moving averages, a key measure of investor confidence, but none have been able to move above their 200-day averages, which would be a very bullish signal. Moreover, the S&P 500 has been unable to move above 1,100 since June 22.
Crude oil jumped $2.74 a barrel, or 3.6%, to $79.30, its biggest one-day gain since February.
Market Breadth was positive. On the New York Stock Exchange, where volume came to 1.18 billion shares. On the Nasdaq, volume came to 2.28 billion shares
Economic Calendar Data - 7/23/10
European bank stress test results expected. 11 a.m.
Ford to report quarterly results. Before market open.
McDonalds to report quarterly results. Before market open.
Verizon to release quarterly results. Before market open.
Dow ( DJIA ) Close - 10322.30 -201.77
Nasdaq Close - 2245.89 -58.56
S&P 500 Close – 1093.67 0.00
Commodities Closing Prices – 7/22/10
Gold Close - 1193.80
Oil Close – 79.05
Natural Gas – 4.63
The Dow jumps 202 points.
Stocks rallied Thursday after better-than-expected earnings and forecasts from 3M, Caterpillar, AT&T and UPS helped reassure investors about the pace of the economic recovery.
After the market close, MSFT reported higher quarterly sales and earnings that topped estimates. However, Amazon.com shares plunge after earnings miss estimates.
The rally pushed the major averages well above their simple 50-day moving averages, a key measure of investor confidence, but none have been able to move above their 200-day averages, which would be a very bullish signal. Moreover, the S&P 500 has been unable to move above 1,100 since June 22.
Crude oil jumped $2.74 a barrel, or 3.6%, to $79.30, its biggest one-day gain since February.
Market Breadth was positive. On the New York Stock Exchange, where volume came to 1.18 billion shares. On the Nasdaq, volume came to 2.28 billion shares
Economic Calendar Data - 7/23/10
European bank stress test results expected. 11 a.m.
Ford to report quarterly results. Before market open.
McDonalds to report quarterly results. Before market open.
Verizon to release quarterly results. Before market open.
Wednesday, July 21, 2010
10 Tailwinds for a Depressed Market
"Don't freak out over Ben Bernanke's negatives," Jim Cramer told the viewers of his "Mad Money" TV show Wednesday.
He said the Federal Reserve chairman's testimony before Congress today may have pulled the markets lower, but there are still a lot of things going in our favor.
Cramer identified 10 tailwinds that are now swinging in favor of higher, not lower, stock prices going forward. They included:
1. China's Comeback. Cramer said the Baltic Freight Index is on the rise thanks to returning demand for just about everything from China.
2. Brazil's Strength. The growth in Brazil is positively impacting the earnings of many companies.
3. Europe's Stabilizing. The fears about Europe have not been showing up in corporate earnings as expected.
4. Financial Regulation. With regulations finally done, the banks can finally breath easy.
5. Washington's Gridlock. With Republicans gaining in election momentum, the resulting gridlock in Washington will be great for the markets.
6. Bernanke's Plan. Super low interest rates and no inflation have created the perfect environment for companies to grow.
7. Tech's Titans. From Apple (AAPL), a stock which Cramer owns for his charitable trust, Action Alerts PLUS, to Eaton (ETN), strong corporate earnings are everywhere.
8. Stock Valuations. "Stocks prices are the lowest I've seen in 30 years," Cramer said.
9. Bears abound. Sentiment is terrible, he said, adding that means a lot of sellers to convert into buyers.
10. Chartist's Delight. As we pass by the one year anniversary of many of the markets' troubles, stock charts begin to look better and better to the technicians.
For all of these reasons, Cramer said the markets are still the place to be when it comes to your portfolio.
Read
Fear is around us after Dr.Ben testimony.That's a reason I like this article.
He said the Federal Reserve chairman's testimony before Congress today may have pulled the markets lower, but there are still a lot of things going in our favor.
Cramer identified 10 tailwinds that are now swinging in favor of higher, not lower, stock prices going forward. They included:
1. China's Comeback. Cramer said the Baltic Freight Index is on the rise thanks to returning demand for just about everything from China.
2. Brazil's Strength. The growth in Brazil is positively impacting the earnings of many companies.
3. Europe's Stabilizing. The fears about Europe have not been showing up in corporate earnings as expected.
4. Financial Regulation. With regulations finally done, the banks can finally breath easy.
5. Washington's Gridlock. With Republicans gaining in election momentum, the resulting gridlock in Washington will be great for the markets.
6. Bernanke's Plan. Super low interest rates and no inflation have created the perfect environment for companies to grow.
7. Tech's Titans. From Apple (AAPL), a stock which Cramer owns for his charitable trust, Action Alerts PLUS, to Eaton (ETN), strong corporate earnings are everywhere.
8. Stock Valuations. "Stocks prices are the lowest I've seen in 30 years," Cramer said.
9. Bears abound. Sentiment is terrible, he said, adding that means a lot of sellers to convert into buyers.
10. Chartist's Delight. As we pass by the one year anniversary of many of the markets' troubles, stock charts begin to look better and better to the technicians.
For all of these reasons, Cramer said the markets are still the place to be when it comes to your portfolio.
Read
Fear is around us after Dr.Ben testimony.That's a reason I like this article.
Market Summary 7/21/2010
Stock Market Closing Prices – 7/21/10
Dow ( DJIA ) Close - 10120.53 -109.43
Nasdaq Close - 2187.33 -35.16
S&P 500 Close – 1069.59 -13.89
Commodities Closing Prices – 7/21/10
Gold Close - 1191.60
Oil Close – 76.44
Natural Gas – 4.52
The Dow falls 109 points after Fed Chairman Ben Bernanke said the economic outlook is "unusually uncertain" and that he is worried about the long-term costs of high unemployment.
While the Dr. Ben sees a moderate recovery, he worries that jobs will be slow to bounce back. Stocks tumble.
Apple, Wells Fargo and Morgan Stanley shares are strong.
About the only good news from the selling was that stocks did not finish at their lows on the day.
Crude oil fell $1.03 to $76.55. Gold settled up 10 cents to $1,191.80.
Market breadth was negative. On the NY Stock Exchange, volume came to 1.2 billion shares. On the Nasdaq volume came to 2.25 billion shares.
Economic Calendar Data - 7/22/10
Initial Jobless Claims - 8:30am EST
Existing Home Sales - 10:30am EST
Day Two of Federal Reserve's Bernanke testimony. 9:30 a.m.
UPS to release quarterly results. Before market open.
AT&T to announce quarterly results. Before market open.
MSFT to report quarterly results. After market close.
Amazon.com to detail quarterly results. After market close.
Dow ( DJIA ) Close - 10120.53 -109.43
Nasdaq Close - 2187.33 -35.16
S&P 500 Close – 1069.59 -13.89
Commodities Closing Prices – 7/21/10
Gold Close - 1191.60
Oil Close – 76.44
Natural Gas – 4.52
The Dow falls 109 points after Fed Chairman Ben Bernanke said the economic outlook is "unusually uncertain" and that he is worried about the long-term costs of high unemployment.
While the Dr. Ben sees a moderate recovery, he worries that jobs will be slow to bounce back. Stocks tumble.
Apple, Wells Fargo and Morgan Stanley shares are strong.
About the only good news from the selling was that stocks did not finish at their lows on the day.
Crude oil fell $1.03 to $76.55. Gold settled up 10 cents to $1,191.80.
Market breadth was negative. On the NY Stock Exchange, volume came to 1.2 billion shares. On the Nasdaq volume came to 2.25 billion shares.
Economic Calendar Data - 7/22/10
Initial Jobless Claims - 8:30am EST
Existing Home Sales - 10:30am EST
Day Two of Federal Reserve's Bernanke testimony. 9:30 a.m.
UPS to release quarterly results. Before market open.
AT&T to announce quarterly results. Before market open.
MSFT to report quarterly results. After market close.
Amazon.com to detail quarterly results. After market close.
Tuesday, July 20, 2010
Market Summary 7/20/2010
Stock Market Closing Prices – 7/20/10
Dow ( DJIA ) Close - 10229.96 +75.73
Nasdaq Close - 2222.49 +24.26
S&P 500 Close – 1083.48 +12.23
Commodities Closing Prices – 7/20/10
Gold Close - 1191.50
Oil Close – 77.44
Natural Gas – 4.61
The Dow closed at 10230 .
Stocks closed higher Tuesday, recovering from steep loses earlier in the session, as investors looked forward to earnings from Apple and speculated about possible moves by the Federal Reserve.
Stocks plunged at the open and struggled for most of the morning as investors digested a big drop in quarterly earnings from Goldman Sachs and a lower profit outlook from Johnson & Johnson. Weaker-than-expected revenues from IBM also weighed on the market.
But the tone improved in the afternoon on chatter that the Fed is considering additional steps to encourage bank lending. Ben, is scheduled to testify before Congress on Wednesday.
Economic Calendar Data - 7/21/10
Crude Inventories - 10:30am EST
Baidu BIDU is scheduled to report earning after the market close.
EBAY is scheduled to report earning after the market close.
Ben Bernanke testified before senate.
Obama sign reform bill.
Dow ( DJIA ) Close - 10229.96 +75.73
Nasdaq Close - 2222.49 +24.26
S&P 500 Close – 1083.48 +12.23
Commodities Closing Prices – 7/20/10
Gold Close - 1191.50
Oil Close – 77.44
Natural Gas – 4.61
The Dow closed at 10230 .
Stocks closed higher Tuesday, recovering from steep loses earlier in the session, as investors looked forward to earnings from Apple and speculated about possible moves by the Federal Reserve.
Stocks plunged at the open and struggled for most of the morning as investors digested a big drop in quarterly earnings from Goldman Sachs and a lower profit outlook from Johnson & Johnson. Weaker-than-expected revenues from IBM also weighed on the market.
But the tone improved in the afternoon on chatter that the Fed is considering additional steps to encourage bank lending. Ben, is scheduled to testify before Congress on Wednesday.
Economic Calendar Data - 7/21/10
Crude Inventories - 10:30am EST
Baidu BIDU is scheduled to report earning after the market close.
EBAY is scheduled to report earning after the market close.
Ben Bernanke testified before senate.
Obama sign reform bill.
Monday, July 19, 2010
Market Summary 7/19/2010
Stock Market Closing Prices – 7/19/10
Dow ( DJIA ) Close - 10154.43 +56.53
Nasdaq Close - 2198.23 +19.18
S&P 500 Close – 1071.25 +6.37
Commodities Closing Prices – 7/19/10
Gold Close - 1181.70
Oil Close – 76.64
Natural Gas – 4.51
The Dow closed at 10154, up 57 points .
Stocks finish higher in regular trading as Halliburton offers strong results. Homebuilder sentiment falls to a 15-month low.
After the market closed Monday, IBM reported (IBM) earnings per share that beat analysts' expectations, but second-quarter revenue fell short of the mark. Shares of the tech giant sank 5% in extended trading.
IBM, TI results disappoint .
Tuesday features a number of key earnings reports, including results from Goldman Sachs (GS) and Johnson & Johnson (JNJ) before the open and Apple (AAPL) after the close.
Crude oil settled up 53 cents to $76.54 a barrel. Gold settled at $1,181.90 an ounce, down $6.30. So far this month, gold is down 5.1%.
Economic Data 7/20/2010
U.S. housing starts. 8:30 a.m.
American Petroleum Institute's weekly oil inventories report. 4:30 p.m.
Dow ( DJIA ) Close - 10154.43 +56.53
Nasdaq Close - 2198.23 +19.18
S&P 500 Close – 1071.25 +6.37
Commodities Closing Prices – 7/19/10
Gold Close - 1181.70
Oil Close – 76.64
Natural Gas – 4.51
The Dow closed at 10154, up 57 points .
Stocks finish higher in regular trading as Halliburton offers strong results. Homebuilder sentiment falls to a 15-month low.
After the market closed Monday, IBM reported (IBM) earnings per share that beat analysts' expectations, but second-quarter revenue fell short of the mark. Shares of the tech giant sank 5% in extended trading.
IBM, TI results disappoint .
Tuesday features a number of key earnings reports, including results from Goldman Sachs (GS) and Johnson & Johnson (JNJ) before the open and Apple (AAPL) after the close.
Crude oil settled up 53 cents to $76.54 a barrel. Gold settled at $1,181.90 an ounce, down $6.30. So far this month, gold is down 5.1%.
Economic Data 7/20/2010
U.S. housing starts. 8:30 a.m.
American Petroleum Institute's weekly oil inventories report. 4:30 p.m.
America's Strategic Threats For the Next 25 Years
Everything You Need To Know About America's Strategic Threats For The Next 25 Years
Sorry, Francis Fukuyama, no one thinks it's the end of history anymore. Instead we're studying the future for threats of resource-struggles, economic crisis, cyber terrorism, and pandemic.
The US Joint Forces Command released a strategic guide to the next 25 years. It will be a period of "persistent conflict," and holding out as the world's superpower won't be easy.
I like those clips, because we don't want to be nearsighted :)
Read and Click
Sorry, Francis Fukuyama, no one thinks it's the end of history anymore. Instead we're studying the future for threats of resource-struggles, economic crisis, cyber terrorism, and pandemic.
The US Joint Forces Command released a strategic guide to the next 25 years. It will be a period of "persistent conflict," and holding out as the world's superpower won't be easy.
I like those clips, because we don't want to be nearsighted :)
Read and Click
Sunday, July 18, 2010
Next Week's Economic Report
Tuesday:June housing starts and building permits from the government, due Tuesday;
Wednesday:In Washington, the Senate Banking Committee holds a hearing on monetary policy Wednesday with Federal Reserve Chairman Ben Bernanke due to testify.
Thursday:The existing home sales index for June from the National Association of Realtors, due Thursday.
Friday:On Friday, the results of the European stress tests are due for release. Amid ongoing concerns about the European debt crisis, the results could be a market mover.
President Obama is expected to sign the Financial reform bill into law sometime during the week.
Wednesday:In Washington, the Senate Banking Committee holds a hearing on monetary policy Wednesday with Federal Reserve Chairman Ben Bernanke due to testify.
Thursday:The existing home sales index for June from the National Association of Realtors, due Thursday.
Friday:On Friday, the results of the European stress tests are due for release. Amid ongoing concerns about the European debt crisis, the results could be a market mover.
President Obama is expected to sign the Financial reform bill into law sometime during the week.
Pullback No Surprise
Jim Cramer said every stock, good and bad, traded lower in lock step today, but the good news is "we will get over it."
Cramer said the markets name seem schizophrenic, with giant up days followed by giant down one, but in actuality, it makes perfect sense. He said the markets simply ran to far, too fast, and it's unrealistic to think they'd just keep on going forever. Looking at things objectively, Cramer said the markets just gave back most of their gains from the seven-day rally, nothing more.
But despite the market's miserable action today, Cramer said the week was still filled with good things, like the strengthening euro, which will help earnings of U.S. companies, and financial reforms were finally passed into law, ending months of nervous speculation. And of course, there was the capping of the Gulf oil spill which, at least for the moment, puts an end to that crisis as well, hesaid.
Cramer still advised investors to use extreme caution when investing in this market. He said that while things are getting better, and not worse, the markets are still likely to have big swings like we saw today. Eventually, he said, the naysayers will go too far though, and when stocks get oversold, it will be time to start buying again.
...
Read
Cramer said the markets name seem schizophrenic, with giant up days followed by giant down one, but in actuality, it makes perfect sense. He said the markets simply ran to far, too fast, and it's unrealistic to think they'd just keep on going forever. Looking at things objectively, Cramer said the markets just gave back most of their gains from the seven-day rally, nothing more.
But despite the market's miserable action today, Cramer said the week was still filled with good things, like the strengthening euro, which will help earnings of U.S. companies, and financial reforms were finally passed into law, ending months of nervous speculation. And of course, there was the capping of the Gulf oil spill which, at least for the moment, puts an end to that crisis as well, hesaid.
Cramer still advised investors to use extreme caution when investing in this market. He said that while things are getting better, and not worse, the markets are still likely to have big swings like we saw today. Eventually, he said, the naysayers will go too far though, and when stocks get oversold, it will be time to start buying again.
...
Read
Saturday, July 17, 2010
Next Week's Key Stocks to Watch
Zions Bancorp, before Monday's open. Zions (ZION) is the first big regional bank to report, and investors will be watching its comments on its real estate loan portfolio and the health of consumers. The stock fell 6.3% to $21.69 on Friday and is down 28% since peaking on April 23. But it is still up 69% for the year. The estimate is for a loss of 55 cents a share for the quarter, compared with 35 cents a share a year ago.
IBM, after Monday's close. Big Blue has been a model of consistency, beating estimates regularly, growing earnings and pushing guidance higher. The consensus estimate is for earnings of $2.58 a share, up 11% from $2.32 a year ago. Revenue is expected to grow 4% to $24.2 billion.
Goldman Sachs, before Tuesday's open. The trading business will be the key to its results. The analyst consensus estimate is for $2.07, down from $4.93 a year ago. Revenue is projected at $9 billion, down from $13.8 billion a year year ago.
Apple, after Tuesday's close. The results for its fiscal third quarter should be strong, if only because Apple low-balls its guidance. The analyst estimate is for $3.09 a share, up 53% from a year ago. Revenue is projected at $14.7 billion, up 75% from a year ago. Watch the sales numbers for its iPad and iPhone 4.
Wells Fargo, before Wednesday's open. The banking giant, which has one of the nation's largest mortgage businesses, managed its way through the 2008 crash better than most. The consensus estimate is for 48 cents a share in earnings, down from 57 cents a share a year ago. But the consensus has risen from 45 cents three months ago. Watch for its comments on real estate and the cost of the new financial regulation legislation.
Caterpillar, before Thursday's open. The construction-equipment maker gets the bulk of its revenue from outside the United States. So, its view of the global economy -- particularly about China, India and Latin America -- will be important. The consensus estimate is 84 cents a share, up 17% from a year ago. Analysts see revenue jumping 23% to $9.8 billion. The stock is up 12.2% this year.
United Parcel Service, before Thursday's open. The outlooks for UPS (UPS) and FedEx (FDX) are closely watched. The package-shipping companies tend to see economic trends emerging before anyone else. Both have consistently noted strong growth in Asia and elsewhere but only steady business at best in the United States. The consensus estimate is 76 cents a share in earnings, up from 49 cents a share a year ago, with revenue up 10.2% to $11.9 billion.
Microsoft, after Thursday's close. For some time, company officials have said they expect corporate customers to start replacing older computers with new ones using the Windows 7 operating system starting in the third quarter of 2010. Intel (INTC) suggested in its analyst call on Tuesday that the refresh cycle, as it's often called, has started in a big way. Look also for comments about new products, such as tablet devices being developed with Dell (DELL) and others, and a new operating system for mobile phones. The consensus earnings estimate for Microsoft's fiscal fourth quarter is 46 cents, up from 36 cents a year ago, with revenue up 16.5% to $15.3 billion.
Verizon Communications, before Friday's open. Verizon (VZ) is reportedly going to get the Apple iPhone next year; Steve Jobs suggested it Friday in his apology about the iPhone 4's antenna problems. But Verizon's mobile business is doing fairly well selling devices based on Google's Android system. Earnings are projected at 56 cents a share, down from 63 cents a year ago, with revenue up 0.7% to $27 billion.
McDonald's, before Friday's open. Fast-food giant McDonald's (MCD) has offered cheer repeatedly, with decent same-store sales both in the United States and abroad. The stock's been steady -- up 12% on the year. Its $69.94 close on Friday was off just 2.2% from its April 29 peak.
IBM, after Monday's close. Big Blue has been a model of consistency, beating estimates regularly, growing earnings and pushing guidance higher. The consensus estimate is for earnings of $2.58 a share, up 11% from $2.32 a year ago. Revenue is expected to grow 4% to $24.2 billion.
Goldman Sachs, before Tuesday's open. The trading business will be the key to its results. The analyst consensus estimate is for $2.07, down from $4.93 a year ago. Revenue is projected at $9 billion, down from $13.8 billion a year year ago.
Apple, after Tuesday's close. The results for its fiscal third quarter should be strong, if only because Apple low-balls its guidance. The analyst estimate is for $3.09 a share, up 53% from a year ago. Revenue is projected at $14.7 billion, up 75% from a year ago. Watch the sales numbers for its iPad and iPhone 4.
Wells Fargo, before Wednesday's open. The banking giant, which has one of the nation's largest mortgage businesses, managed its way through the 2008 crash better than most. The consensus estimate is for 48 cents a share in earnings, down from 57 cents a share a year ago. But the consensus has risen from 45 cents three months ago. Watch for its comments on real estate and the cost of the new financial regulation legislation.
Caterpillar, before Thursday's open. The construction-equipment maker gets the bulk of its revenue from outside the United States. So, its view of the global economy -- particularly about China, India and Latin America -- will be important. The consensus estimate is 84 cents a share, up 17% from a year ago. Analysts see revenue jumping 23% to $9.8 billion. The stock is up 12.2% this year.
United Parcel Service, before Thursday's open. The outlooks for UPS (UPS) and FedEx (FDX) are closely watched. The package-shipping companies tend to see economic trends emerging before anyone else. Both have consistently noted strong growth in Asia and elsewhere but only steady business at best in the United States. The consensus estimate is 76 cents a share in earnings, up from 49 cents a share a year ago, with revenue up 10.2% to $11.9 billion.
Microsoft, after Thursday's close. For some time, company officials have said they expect corporate customers to start replacing older computers with new ones using the Windows 7 operating system starting in the third quarter of 2010. Intel (INTC) suggested in its analyst call on Tuesday that the refresh cycle, as it's often called, has started in a big way. Look also for comments about new products, such as tablet devices being developed with Dell (DELL) and others, and a new operating system for mobile phones. The consensus earnings estimate for Microsoft's fiscal fourth quarter is 46 cents, up from 36 cents a year ago, with revenue up 16.5% to $15.3 billion.
Verizon Communications, before Friday's open. Verizon (VZ) is reportedly going to get the Apple iPhone next year; Steve Jobs suggested it Friday in his apology about the iPhone 4's antenna problems. But Verizon's mobile business is doing fairly well selling devices based on Google's Android system. Earnings are projected at 56 cents a share, down from 63 cents a year ago, with revenue up 0.7% to $27 billion.
McDonald's, before Friday's open. Fast-food giant McDonald's (MCD) has offered cheer repeatedly, with decent same-store sales both in the United States and abroad. The stock's been steady -- up 12% on the year. Its $69.94 close on Friday was off just 2.2% from its April 29 peak.
Friday, July 16, 2010
Market Summary 7/16/2010
Stock Market Closing Prices – 7/16/10
Dow ( DJIA ) Close - 10097.90 -261.41
Nasdaq Close - 2179.05 -70.03
S&P 500 Close – 1064.88 -31.60
Commodities Closing Prices – 7/16/10
Gold Close - 1188.00
Oil Close – 76.01
Natural Gas – 4.53
The Dow closed at 10098 , as the stock market dropped on worse than expected earnings out of BAC,C,GE.
Bank of America's stock fell $1.41, or 9.2 percent, to $13.98. Citigroup was off 26 cents, or 6.3 percent, at $3.90. Both companies beat analysts' expectations. However, the drop in their revenue as a result of the stock market's slide had investors worried about how banks would make money in the future under new government regulations.
Google Inc. fell $34.41, or 7 percent, to $459.61 after its earnings fell short of analysts' expectations.
GE lost 70 cents or 4.6 percent to $14.55.
Next week brings reports from 122 companies, including 12 Dow components.
Market breadth was negative. On the New York Stock Exchange, volumw came to one billion shares. On the Nasdaq, volume came to 1.64 billion shares.
Dow ( DJIA ) Close - 10097.90 -261.41
Nasdaq Close - 2179.05 -70.03
S&P 500 Close – 1064.88 -31.60
Commodities Closing Prices – 7/16/10
Gold Close - 1188.00
Oil Close – 76.01
Natural Gas – 4.53
The Dow closed at 10098 , as the stock market dropped on worse than expected earnings out of BAC,C,GE.
Bank of America's stock fell $1.41, or 9.2 percent, to $13.98. Citigroup was off 26 cents, or 6.3 percent, at $3.90. Both companies beat analysts' expectations. However, the drop in their revenue as a result of the stock market's slide had investors worried about how banks would make money in the future under new government regulations.
Google Inc. fell $34.41, or 7 percent, to $459.61 after its earnings fell short of analysts' expectations.
GE lost 70 cents or 4.6 percent to $14.55.
Next week brings reports from 122 companies, including 12 Dow components.
Market breadth was negative. On the New York Stock Exchange, volumw came to one billion shares. On the Nasdaq, volume came to 1.64 billion shares.
Thursday, July 15, 2010
Market Summary 7/15/2010
Stock Market Closing Prices – 7/15/10
Dow ( DJIA ) Close - 10359.31 -7.41
Nasdaq Close - 2249.08 -0.76
S&P 500 Close – 1096.48 +1.31
Commodities Closing Prices – 7/15/10
Gold Close - 1208.10
Oil Close – 76.48
Natural Gas – 4.59
The Dow lost a few points, erasing bigger losses after weaker than expected reports on the economy revived worries about growth.
Thanks Goldman, BP helps stocks come back, with a big rebound at the end of trading.
Reports suggest no leaks from BP's well in the Gulf of Mexico. Goldman Sachs will settle with the SEC.
After the close, Google (GOOG) reported quarterly earnings that missed forecasts on revenue that beat estimates, sending shares lower in after-hours trading.
Market Breadth was negative. On the New York Stock Exchange, where volume come to 1.12 billion shares. On the Nasdaq, volume came to 1.99 billion shares.
Economic Calendar Data - 7/16/10
U.S. consumer price index is released. 8:30 a.m.
U.S. consumer sentiment data is released. 10 a.m.
Citigroup is scheduled to report quarterly results. Before market open.
Bank of America is set to release its quarterly results. Before market open.
General Electric is scheduled to report results for the quarter. Before market open.
Dow ( DJIA ) Close - 10359.31 -7.41
Nasdaq Close - 2249.08 -0.76
S&P 500 Close – 1096.48 +1.31
Commodities Closing Prices – 7/15/10
Gold Close - 1208.10
Oil Close – 76.48
Natural Gas – 4.59
The Dow lost a few points, erasing bigger losses after weaker than expected reports on the economy revived worries about growth.
Thanks Goldman, BP helps stocks come back, with a big rebound at the end of trading.
Reports suggest no leaks from BP's well in the Gulf of Mexico. Goldman Sachs will settle with the SEC.
After the close, Google (GOOG) reported quarterly earnings that missed forecasts on revenue that beat estimates, sending shares lower in after-hours trading.
Market Breadth was negative. On the New York Stock Exchange, where volume come to 1.12 billion shares. On the Nasdaq, volume came to 1.99 billion shares.
Economic Calendar Data - 7/16/10
U.S. consumer price index is released. 8:30 a.m.
U.S. consumer sentiment data is released. 10 a.m.
Citigroup is scheduled to report quarterly results. Before market open.
Bank of America is set to release its quarterly results. Before market open.
General Electric is scheduled to report results for the quarter. Before market open.
Jobless Claims
Jobless Claims: Take the Latest Drop with a Grain of Salt
On the face of it, the large drop in new jobless claims last week is one of the single most encouraging signs the U.S. economy has seen lately. The drop of 29,000 to a level of 429,000 took the series to its lowest level so far this year. And given claims’ impressive track record in pinning turning points in the economy — including the recent soft patch — that should help soothe some double-dip fears.
....
Read
On the face of it, the large drop in new jobless claims last week is one of the single most encouraging signs the U.S. economy has seen lately. The drop of 29,000 to a level of 429,000 took the series to its lowest level so far this year. And given claims’ impressive track record in pinning turning points in the economy — including the recent soft patch — that should help soothe some double-dip fears.
....
Read
Wednesday, July 14, 2010
China economy slows
China reported on Thursday a slowdown in second-quarter economic growth, along with an easing in a number of other indicators for June, showing the nation's rapid expansion was beginning to cool as Beijing withdrew some accommodative policies.
.....
Second-quarter gross domestic product grew 10.3% over the same period a year earlier, slowing from the 11.9% annual growth recorded in the first quarter. The size of the nation's economy grew to 17.284 trillion yuan ($2.553 trillion) as a result, according to the National Bureau of Statistics of China.
....
source:marketwatch
.....
Second-quarter gross domestic product grew 10.3% over the same period a year earlier, slowing from the 11.9% annual growth recorded in the first quarter. The size of the nation's economy grew to 17.284 trillion yuan ($2.553 trillion) as a result, according to the National Bureau of Statistics of China.
....
source:marketwatch
Market Summary 7/14/2010
Stock Market Closing Prices – 7/14/10
Dow ( DJIA ) Close - 10366.72 +3.70
Nasdaq Close - 2249.84 +7.81
S&P 500 Close – 1095.17 -0.17
Commodities Closing Prices – 7/14/10
Gold Close - 1206.80
Oil Close – 76.69
Natural Gas – 4.31
Stocks closed mixed Wednesday, with the Dow rising almost 4 points for its seventh straight advance.
The blue chips weather a hard day as the Federal Reserve trims its forecast and sees slower growth for up to 6 years. Retail sales fall more than expected.
However, technology shares bucked the trend. The sector was supported by strong quarterly results and a bullish sales outlook from Intel (INTC) on Tuesday.
Thursday is a big day for earnings, when JPMorgan (JPM) reports Q2 results before the market opens. Analysts surveyed by Thomson Financial expect the bank to report a profit of 70 cents per share, up from 28 cents per share a year ago.
In addition, Google (GOOG) is slated to report quarterly results after the market closes Thursday.
Economic reports include the weekly look at jobless claims, industrial production in June, the June Producer Price Index and the New York Federal Reserve Bank's Empire Manufacturing Index.
Futures trading suggests stocks will open slightly higher on Thursday.
Economic Calendar Data - 7/15/10
Initial Claims - 8:30am EST
PPI - 8:30am EST
Dow ( DJIA ) Close - 10366.72 +3.70
Nasdaq Close - 2249.84 +7.81
S&P 500 Close – 1095.17 -0.17
Commodities Closing Prices – 7/14/10
Gold Close - 1206.80
Oil Close – 76.69
Natural Gas – 4.31
Stocks closed mixed Wednesday, with the Dow rising almost 4 points for its seventh straight advance.
The blue chips weather a hard day as the Federal Reserve trims its forecast and sees slower growth for up to 6 years. Retail sales fall more than expected.
However, technology shares bucked the trend. The sector was supported by strong quarterly results and a bullish sales outlook from Intel (INTC) on Tuesday.
Thursday is a big day for earnings, when JPMorgan (JPM) reports Q2 results before the market opens. Analysts surveyed by Thomson Financial expect the bank to report a profit of 70 cents per share, up from 28 cents per share a year ago.
In addition, Google (GOOG) is slated to report quarterly results after the market closes Thursday.
Economic reports include the weekly look at jobless claims, industrial production in June, the June Producer Price Index and the New York Federal Reserve Bank's Empire Manufacturing Index.
Futures trading suggests stocks will open slightly higher on Thursday.
Economic Calendar Data - 7/15/10
Initial Claims - 8:30am EST
PPI - 8:30am EST
Tuesday, July 13, 2010
Market Summary 7/13/2010
Stock Market Closing Prices – 7/13/10
Dow ( DJIA ) Close - 10363.02 +146.75
Nasdaq Close - 2242.03 +43.67
S&P 500 Close – 1095.34 +16.59
Commodities Closing Prices – 7/13/10
Gold Close - 1213.30
Oil Close – 77.26
Natural Gas – 4.36
The Dow jumps 147 points today.
After the close, Intel reported higher quarterly sales and earnings that rose from a year ago and topped expectations. It was the company's best quarter ever, reflecting strong demand from business customers. Shares jumped 5.7% after hours to $22.19. They'd risen 2.1% to $21.01 in regular trading.
Today's rally generated a lot of talk that worries about a double-dip recession can be ignored.
Crude oil closed up $2.20 to $77.15 a barrel. Gold settled up $14.80 to $1,213.50.
Materials and financial stocks were the market's leaders today. Financial stocks were higher as investors concluded the financial reform bill will pass and bring more predictability on regulation.
Market Breadth was positive and volume was fairly light. On the NY Stock Exchange, where volume came to 1.13 billion shares. On the Nasdaq, volume came to 2.35 billion shares.
Economic Calendar Data - 7/14/10
Retail Sales - 8:30am EST
Dow ( DJIA ) Close - 10363.02 +146.75
Nasdaq Close - 2242.03 +43.67
S&P 500 Close – 1095.34 +16.59
Commodities Closing Prices – 7/13/10
Gold Close - 1213.30
Oil Close – 77.26
Natural Gas – 4.36
The Dow jumps 147 points today.
After the close, Intel reported higher quarterly sales and earnings that rose from a year ago and topped expectations. It was the company's best quarter ever, reflecting strong demand from business customers. Shares jumped 5.7% after hours to $22.19. They'd risen 2.1% to $21.01 in regular trading.
Today's rally generated a lot of talk that worries about a double-dip recession can be ignored.
Crude oil closed up $2.20 to $77.15 a barrel. Gold settled up $14.80 to $1,213.50.
Materials and financial stocks were the market's leaders today. Financial stocks were higher as investors concluded the financial reform bill will pass and bring more predictability on regulation.
Market Breadth was positive and volume was fairly light. On the NY Stock Exchange, where volume came to 1.13 billion shares. On the Nasdaq, volume came to 2.35 billion shares.
Economic Calendar Data - 7/14/10
Retail Sales - 8:30am EST
Monday, July 12, 2010
Market Summary 7/12/2010
Stock Market Closing Prices – 7/12/10
Dow ( DJIA ) Close - 10216.27 +18.24
Nasdaq Close - 2198.36 +1.91
S&P 500 Close – 1078.75 +0.79
Commodities Closing Prices – 7/12/10
Gold Close - 1198.50
Oil Close – 74.69
Natural Gas – 4.40
Stocks finished slightly higher today, posting their fifth straight gain, and better-than-expected results from aluminum giant Alcoa (AA) may give stocks a boost on Tuesday.
Overall, second-quarter profits are expected to be up 27%, according to Thomson Reuters.
Semiconductor giant Intel (INTC) reports after Tuesday's close. Analysts expect 43 cents a share in earnings on revenue of $10.25 billion.
Crude oil closed down $1.14 to $74.95 a barrel. Gold settled down $11.70 to $1,198.70. Crude had risen 5.5% last week as the stock market moved higher.
Market Breadth was negative and volume was fairly light. On the New York Stock Exchange, where volume came to 855 million shares. On the Nasdaq, volume came to1.78 billion shares.
Economic Calendar Data - 7/13/10
Trade Balance - 8:30am EST
Dow ( DJIA ) Close - 10216.27 +18.24
Nasdaq Close - 2198.36 +1.91
S&P 500 Close – 1078.75 +0.79
Commodities Closing Prices – 7/12/10
Gold Close - 1198.50
Oil Close – 74.69
Natural Gas – 4.40
Stocks finished slightly higher today, posting their fifth straight gain, and better-than-expected results from aluminum giant Alcoa (AA) may give stocks a boost on Tuesday.
Overall, second-quarter profits are expected to be up 27%, according to Thomson Reuters.
Semiconductor giant Intel (INTC) reports after Tuesday's close. Analysts expect 43 cents a share in earnings on revenue of $10.25 billion.
Crude oil closed down $1.14 to $74.95 a barrel. Gold settled down $11.70 to $1,198.70. Crude had risen 5.5% last week as the stock market moved higher.
Market Breadth was negative and volume was fairly light. On the New York Stock Exchange, where volume came to 855 million shares. On the Nasdaq, volume came to1.78 billion shares.
Economic Calendar Data - 7/13/10
Trade Balance - 8:30am EST
Sunday, July 11, 2010
Prepare For a Busy Week
This will be a busy week. The key economic report this week will be June retail sales to be released on Wednesday.
On Monday, the June Ceridian-UCLA Pulse of Commerce Index (based on diesel fuel consumption) will be released. Also on Monday at 10 AM ET, Fed Chairman Ben Bernanke will open the Fed’s small business forum: Addressing the Financing Needs of Small Businesses.
On Tuesday, the National Association of Independent Business (NFIB) will release the small business optimism survey for June at 7:30 AM. The May Trade Balance report will be released at 8:30 AM by the Census Bureau. The consensus is for a slight decrease in the U.S. trade deficit to $39 billion (from $40.3 billion). Also on Tuesday the Job Openings and Labor Turnover Survey (JOLTS) for May will be released at 10 AM by the BLS. This report has been showing very little turnover in the labor market.
On Wednesday, the June Advance Monthly Retail Trade Report will be released by the Census Bureau at 8:30 AM. The consensus is for a 0.2% decline in retail sales (flat ex-autos). Also on Wednesday, the MBA will release the mortgage purchase applications index. This has been very weak after the expiration of the tax credit, although refinance activity has picked up significantly as mortgage rates have fallen.
Also on Wednesday, the May Manufacturing and Trade Inventories and Sales report from the Census Bureau will be released at 10 AM. This has been suggesting that the inventory adjustment is mostly over. At 2 PM the Fed will release the minutes of the June 23rd FOMC meeting.
On Thursday, the initial weekly unemployment claims will be released. Consensus is for a decline to 445K from 454K last week. The Producer Price index will be released at 8:30 AM. Consensus is for a slight increase in the PPI. The July Empire State manufacturing survey will also be released at 8:30 AM. The consensus is for a slight decrease from the June reading.
Also on Thursday the Federal Reserve will release the June Industrial Production and Capacity Utilization report at 9:15 AM. Expectations are for production to decrease slightly and capacity utilization to fall to 74.0% from 74.7% in May. If so, this will be the first decline since June 2009. The Philly Fed Business Outlook Survey for July will be released at 10 AM, and the consensus is for a slight increase.
On Friday, the June Consumer Price Index will be released at 8:30 AM. Expectations are for a slight decrease of 0.1% in the CPI. At 9:55 AM the July Reuters / University of Michigan's Consumer sentiment index will be released. The consensus is for a slight decrease in the index.
Also this week, the June rail traffic report from the Association of American Railroads (AAR) and June LA port traffic will probably be released and the FDIC will probably be busy ...
source : businessinsider
On Monday, the June Ceridian-UCLA Pulse of Commerce Index (based on diesel fuel consumption) will be released. Also on Monday at 10 AM ET, Fed Chairman Ben Bernanke will open the Fed’s small business forum: Addressing the Financing Needs of Small Businesses.
On Tuesday, the National Association of Independent Business (NFIB) will release the small business optimism survey for June at 7:30 AM. The May Trade Balance report will be released at 8:30 AM by the Census Bureau. The consensus is for a slight decrease in the U.S. trade deficit to $39 billion (from $40.3 billion). Also on Tuesday the Job Openings and Labor Turnover Survey (JOLTS) for May will be released at 10 AM by the BLS. This report has been showing very little turnover in the labor market.
On Wednesday, the June Advance Monthly Retail Trade Report will be released by the Census Bureau at 8:30 AM. The consensus is for a 0.2% decline in retail sales (flat ex-autos). Also on Wednesday, the MBA will release the mortgage purchase applications index. This has been very weak after the expiration of the tax credit, although refinance activity has picked up significantly as mortgage rates have fallen.
Also on Wednesday, the May Manufacturing and Trade Inventories and Sales report from the Census Bureau will be released at 10 AM. This has been suggesting that the inventory adjustment is mostly over. At 2 PM the Fed will release the minutes of the June 23rd FOMC meeting.
On Thursday, the initial weekly unemployment claims will be released. Consensus is for a decline to 445K from 454K last week. The Producer Price index will be released at 8:30 AM. Consensus is for a slight increase in the PPI. The July Empire State manufacturing survey will also be released at 8:30 AM. The consensus is for a slight decrease from the June reading.
Also on Thursday the Federal Reserve will release the June Industrial Production and Capacity Utilization report at 9:15 AM. Expectations are for production to decrease slightly and capacity utilization to fall to 74.0% from 74.7% in May. If so, this will be the first decline since June 2009. The Philly Fed Business Outlook Survey for July will be released at 10 AM, and the consensus is for a slight increase.
On Friday, the June Consumer Price Index will be released at 8:30 AM. Expectations are for a slight decrease of 0.1% in the CPI. At 9:55 AM the July Reuters / University of Michigan's Consumer sentiment index will be released. The consensus is for a slight decrease in the index.
Also this week, the June rail traffic report from the Association of American Railroads (AAR) and June LA port traffic will probably be released and the FDIC will probably be busy ...
source : businessinsider
Saturday, July 10, 2010
Next Week's Economic Report
Tuesday: U.S. trade balance.
Wednesday: retail sales and crude inventories. Plus the minutes from the June Federal Reserve meeting.
Thursday: jobless claims. A relatively bullish weekly look this past week gave the rally some strength. Plus: the New York Federal Reserve Bank's report on manufacturing in its district and the Labor Department's report on producer prices.
Friday: the monthly Consumer Price Index report.
Wednesday: retail sales and crude inventories. Plus the minutes from the June Federal Reserve meeting.
Thursday: jobless claims. A relatively bullish weekly look this past week gave the rally some strength. Plus: the New York Federal Reserve Bank's report on manufacturing in its district and the Labor Department's report on producer prices.
Friday: the monthly Consumer Price Index report.
Friday, July 9, 2010
Market Summary 7/09/2010
Stock Market Closing Prices – 7/9/10
Dow ( DJIA ) Close - 10198.03 +59.04
Nasdaq Close - 2196.45 +21.05
S&P 500 Close – 1077.96 +7.71
Commodities Closing Prices – 7/9/10
Gold Close - 1210.20
Oil Close – 76.26
Natural Gas – 4.40
Stocks surge to best week in a year, last hour buying pushes the Dow up 59 points. Thanks to gains in metals and financial stocks and hopes for a strong second-quarter earnings season.
With today's rally, stocks ended with their biggest weekly gains in nearly a year. The market's strong performance came after two weeks of losses.
Google will get a license renewal in China. Best Buy and chip stocks are downgraded.
Earnings season starts Monday with Alcoa. The company's stock rose 1.9 percent ahead of its report. Other companies scheduled to release results next week include banking giants JPMorgan and Bank of America ,General Electric and chipmaker Intel are also scheduled to report earnings next week.
Market breadth was positive and volume was light, signaling many investors were staying out of the market.
Dow ( DJIA ) Close - 10198.03 +59.04
Nasdaq Close - 2196.45 +21.05
S&P 500 Close – 1077.96 +7.71
Commodities Closing Prices – 7/9/10
Gold Close - 1210.20
Oil Close – 76.26
Natural Gas – 4.40
Stocks surge to best week in a year, last hour buying pushes the Dow up 59 points. Thanks to gains in metals and financial stocks and hopes for a strong second-quarter earnings season.
With today's rally, stocks ended with their biggest weekly gains in nearly a year. The market's strong performance came after two weeks of losses.
Google will get a license renewal in China. Best Buy and chip stocks are downgraded.
Earnings season starts Monday with Alcoa. The company's stock rose 1.9 percent ahead of its report. Other companies scheduled to release results next week include banking giants JPMorgan and Bank of America ,General Electric and chipmaker Intel are also scheduled to report earnings next week.
Market breadth was positive and volume was light, signaling many investors were staying out of the market.
Thursday, July 8, 2010
GE's Road In China Is Getting Bumpier
Well before General Electric Co. chief Jeffrey Immelt criticized China at a private dinner last week, the company was facing greater headwinds there.
During a gathering in Rome, Mr. Immelt had said it is getting harder for foreign companies to do business in China, according to people who heard his comments.
Mr. Immelt is under pressure to show growth in his industrial businesses to get the company's lagging stock price moving as he scales back its onetime profit engine, GE Capital. Its shares now trade for $14.83 apiece, down from $38.43 in April 2008. GE, which has 13,000 employees in ...
source: wsj
During a gathering in Rome, Mr. Immelt had said it is getting harder for foreign companies to do business in China, according to people who heard his comments.
Mr. Immelt is under pressure to show growth in his industrial businesses to get the company's lagging stock price moving as he scales back its onetime profit engine, GE Capital. Its shares now trade for $14.83 apiece, down from $38.43 in April 2008. GE, which has 13,000 employees in ...
source: wsj
How Are Our Stocks Faring?
FOR MOST STOCK INVESTORS, the last two months represent a sharp comedown from the sugar high of a yearlong bull market.
Not surprisingly, many of the stocks that Barrons.com touted this year and last year have fallen in recent weeks, along with the indexes.
While we don't expect to overcome big falls in the stock market, we do at least try to offer up stocks that beat their benchmarks.
By that standard, our bullish calls on stocks featured in our Weekday Traders have modestly outperformed their bogeys, helped by outsized returns for stocks such as Akamai Technologies (ticker: AKAM), Dr. Pepper Snapple (DPS) and TAL International (TAL.)
....
Read
Not surprisingly, many of the stocks that Barrons.com touted this year and last year have fallen in recent weeks, along with the indexes.
While we don't expect to overcome big falls in the stock market, we do at least try to offer up stocks that beat their benchmarks.
By that standard, our bullish calls on stocks featured in our Weekday Traders have modestly outperformed their bogeys, helped by outsized returns for stocks such as Akamai Technologies (ticker: AKAM), Dr. Pepper Snapple (DPS) and TAL International (TAL.)
....
Read
The Ugly Picture of Consumer Credit
The numbers came out earlier in the day, but here's a nice look at the shrinkage in consumer credit, courtesy of Calculated Risk.
source: businessinsider
John Paulson Is Close To ...
John Paulson Is Close To Having His Reputation Torn To Shreds
We've defended John Paulson in the past when it's been suggested that after his amazing bet against subprime the bloom had come off the rose.
After all, you can't just repeat making the biggest bet of all time year after year. It'd be fine if he never in his career had a period like 2007-2009.
But now that we know how poorly his fund is doing in 2010, it's worth revisiting the John Paulson question, and consider a few things.
....
Read
We've defended John Paulson in the past when it's been suggested that after his amazing bet against subprime the bloom had come off the rose.
After all, you can't just repeat making the biggest bet of all time year after year. It'd be fine if he never in his career had a period like 2007-2009.
But now that we know how poorly his fund is doing in 2010, it's worth revisiting the John Paulson question, and consider a few things.
....
Read
Bulls Win Big For 2nd Day~
Bulls Win Big For Second Day In A Row: Here's What You Need To Know
The market has staged a late day rally, rising back to the heights of earlier today.
The Scoreboard:
Dow up 120.71 or 1.20%
S&P 500 up 9.97 or 0.94%
NASDAQ up 15.93 or 0.74%
And now, the top stories:
Consumer credit numbers have been released and they point to further deflationary pressures. Borrowing fell by $9.1 billion in May.
Initial jobless claims this morning came in at 454,000, a notch below the analyst predictions of 460,000. This is an improvement over last weeks 472,000.
European banking stress tests have come in a little weak, with 6 banks having problems which may force them to recapitalize. The tests themselves have been derided for being not strong enough. Markets loved the results, however. Check out the 6 banks >
Retail sales for June were largely mixed with J.C. Penney, Macy's, and Abercrombie and Fitch notable winners.
source:businessinsider
The market has staged a late day rally, rising back to the heights of earlier today.
The Scoreboard:
Dow up 120.71 or 1.20%
S&P 500 up 9.97 or 0.94%
NASDAQ up 15.93 or 0.74%
And now, the top stories:
Consumer credit numbers have been released and they point to further deflationary pressures. Borrowing fell by $9.1 billion in May.
Initial jobless claims this morning came in at 454,000, a notch below the analyst predictions of 460,000. This is an improvement over last weeks 472,000.
European banking stress tests have come in a little weak, with 6 banks having problems which may force them to recapitalize. The tests themselves have been derided for being not strong enough. Markets loved the results, however. Check out the 6 banks >
Retail sales for June were largely mixed with J.C. Penney, Macy's, and Abercrombie and Fitch notable winners.
source:businessinsider
Market Summary 7/08/2010
Stock Market Closing Prices – 7/8/10
Dow ( DJIA ) Close - 10138.99 +120.71
Nasdaq Close - 2175.40 +15.93
S&P 500 Close – 1070.25 +9.98
Commodities Closing Prices – 7/8/10
Gold Close - 1195.80
Oil Close – 75.91
Natural Gas – 4.41
Strong jobs report lifts Dow 121, The number of new jobless claims falls, boosting the major indexes. Foreign stocks rally after IMF boosts its global growth forecast.
The EIA said natural-gas supplies gained 78 billion cubic feet in the week ended July 2, Late Tuesday, the American Petroleum Institute estimated that oil supplies fell by 7.26 million barrels. Natural gas for August delivery lost 17 cents at $4.40. The August crude oil contract rose $1.37 to $75.44 a barrel.
Market breadth was positive. Trading volume was light. On the NY Stock, nearly volume of 1.16 billion shares. On the Nasdaq, volume of 2.07 billion shares.
Next week of kick off earnings season starting with Goldman Sachs Monday Morning.
Economic Calendar Data - 7/9/10
Wholesale Inventories - 10am EST
Dow ( DJIA ) Close - 10138.99 +120.71
Nasdaq Close - 2175.40 +15.93
S&P 500 Close – 1070.25 +9.98
Commodities Closing Prices – 7/8/10
Gold Close - 1195.80
Oil Close – 75.91
Natural Gas – 4.41
Strong jobs report lifts Dow 121, The number of new jobless claims falls, boosting the major indexes. Foreign stocks rally after IMF boosts its global growth forecast.
The EIA said natural-gas supplies gained 78 billion cubic feet in the week ended July 2, Late Tuesday, the American Petroleum Institute estimated that oil supplies fell by 7.26 million barrels. Natural gas for August delivery lost 17 cents at $4.40. The August crude oil contract rose $1.37 to $75.44 a barrel.
Market breadth was positive. Trading volume was light. On the NY Stock, nearly volume of 1.16 billion shares. On the Nasdaq, volume of 2.07 billion shares.
Next week of kick off earnings season starting with Goldman Sachs Monday Morning.
Economic Calendar Data - 7/9/10
Wholesale Inventories - 10am EST
Wednesday, July 7, 2010
Market Summary 7/07/2010
Stock Market Closing Prices – 7/7/10
Dow ( DJIA ) Close - 10018.28 +274.66
Nasdaq Close - 2159.47 +65.59
S&P 500 Close – 1060.27 +32.21
Commodities Closing Prices – 7/7/10
Gold Close - 1198.60
Oil Close – 74.69
Natural Gas – 4.61
The Dow climbed 275 points, jumped back above 10,000 as encouraging earnings forecasts from financial companies boosted confidence on Wall Street.
But analysts warn that the buying doesn't mean that investors are more optimistic. It's just more of a reaction to a little bit too much negativity.
The Dow and broader indexes gained more than 2 percent. Trading volume was light.
The dollar fell against other major currencies, including the euro. Crude oil rose $2.09 to $74.07 per barrel.
The market's ability to move higher will also depend on the results of the European bank "stress tests" as well as what kind of profit guidance U.S. companies give as they begin reporting quarterly results in the next few weeks.
Economic Calendar Data - 7/8/10
Initial Claims - 8:30am EST
Dow ( DJIA ) Close - 10018.28 +274.66
Nasdaq Close - 2159.47 +65.59
S&P 500 Close – 1060.27 +32.21
Commodities Closing Prices – 7/7/10
Gold Close - 1198.60
Oil Close – 74.69
Natural Gas – 4.61
The Dow climbed 275 points, jumped back above 10,000 as encouraging earnings forecasts from financial companies boosted confidence on Wall Street.
But analysts warn that the buying doesn't mean that investors are more optimistic. It's just more of a reaction to a little bit too much negativity.
The Dow and broader indexes gained more than 2 percent. Trading volume was light.
The dollar fell against other major currencies, including the euro. Crude oil rose $2.09 to $74.07 per barrel.
The market's ability to move higher will also depend on the results of the European bank "stress tests" as well as what kind of profit guidance U.S. companies give as they begin reporting quarterly results in the next few weeks.
Economic Calendar Data - 7/8/10
Initial Claims - 8:30am EST
Tuesday, July 6, 2010
Market Summary 7/06/2010
Stock Market Closing Prices – 7/6/10
Dow ( DJIA ) Close - 9743.62 +57.14
Nasdaq Close - 2093.88 +2.09
S&P 500 Close – 1028.06 +5.48
Commodities Closing Prices – 7/6/10
Gold Close - 1194.80
Oil Close – 71.97
Natural Gas – 4.69
The Dow added 57 points today, Stocks rallied through the early afternoon, slipped in the mid-afternoon, and seesawed erratically in the last hour of trading.
Selling in retail, transportation and select technology stocks was countered by strength in financial and energy shares.
Crude oil and gold prices slip. Crude oil was down 20 cents to $71.94 a barrel.
Market expert said the good thing is we could end up higher in the next few days because it's so volatile.
The s&p 500 continued find the support around the 1020 but the buying is starting to dry up.
Economic Calendar Data - 7/7/10
Crude Inventories - 10:30am EST
Dow ( DJIA ) Close - 9743.62 +57.14
Nasdaq Close - 2093.88 +2.09
S&P 500 Close – 1028.06 +5.48
Commodities Closing Prices – 7/6/10
Gold Close - 1194.80
Oil Close – 71.97
Natural Gas – 4.69
The Dow added 57 points today, Stocks rallied through the early afternoon, slipped in the mid-afternoon, and seesawed erratically in the last hour of trading.
Selling in retail, transportation and select technology stocks was countered by strength in financial and energy shares.
Crude oil and gold prices slip. Crude oil was down 20 cents to $71.94 a barrel.
Market expert said the good thing is we could end up higher in the next few days because it's so volatile.
The s&p 500 continued find the support around the 1020 but the buying is starting to dry up.
Economic Calendar Data - 7/7/10
Crude Inventories - 10:30am EST
July 6, 2010 Prechter Calls for Dow 1,000
If you're not familiar with Mr. Prechter, he's a follower of an obscure accountant named RN Elliott who claimed to have discovered that the stock market follows a predictable pattern which is somehow (don't ask me) related to the Fibonacci Sequence.
“I’m saying: ‘Winter is coming. Buy a coat,’ ” he said. “Other people are advising people to stay naked. If I’m wrong, you’re not hurt. If they’re wrong, you’re dead. It’s pretty benign advice to opt for safety for a while.”
His advice: individual investors should move completely out of the market and hold cash and cash equivalents, like Treasury bills, for years to come. (For traders with a fair amount of skill and willingness to embrace risk, he suggests other alternatives, like shorting the market or making bets on volatility.) But ultimately, “the decline will lead to one of the best investment opportunities ever,” he said.
Buy-and-hold stock investors will be devastated in a crash much worse than the declines of 2008 and early 2009 or the worst years of the Great Depression or the Panic of 1873, he predicted.
For a rough parallel, he said, go all the way back to England and the collapse of the South Sea Bubble in 1720, a crash that deterred people “from buying stocks for 100 years,” he said. This time, he said, “If I’m right, it will be such a shock that people will be telling their grandkids many years from now, ‘Don’t touch stocks.’ ”
The Dow, which now stands at 9,686.48, is likely to fall well below 1,000 over perhaps five or six years as a grand market cycle comes to an end, he said. That unraveling, combined with a depression and deflation, will make anyone holding cash “extremely grateful for their prudence.”
I believe that people make too much of incorrect forecasts. I don't expect anyone to be able to predict the future with a high degree of accuracy, but Prechter is way, way out there.
Even if the Dow started to plunge, I would bet that the companies would be nationalized before they got down to Dow 2,000. I'm guessing the Dow companies have 1,000 points worth of cash alone. There's also the most difficult questions of betting in favor of Armageddon -- if you're right, how do you collect and whom do you collect from? Mad Max??
source:crossingwallstreet
“I’m saying: ‘Winter is coming. Buy a coat,’ ” he said. “Other people are advising people to stay naked. If I’m wrong, you’re not hurt. If they’re wrong, you’re dead. It’s pretty benign advice to opt for safety for a while.”
His advice: individual investors should move completely out of the market and hold cash and cash equivalents, like Treasury bills, for years to come. (For traders with a fair amount of skill and willingness to embrace risk, he suggests other alternatives, like shorting the market or making bets on volatility.) But ultimately, “the decline will lead to one of the best investment opportunities ever,” he said.
Buy-and-hold stock investors will be devastated in a crash much worse than the declines of 2008 and early 2009 or the worst years of the Great Depression or the Panic of 1873, he predicted.
For a rough parallel, he said, go all the way back to England and the collapse of the South Sea Bubble in 1720, a crash that deterred people “from buying stocks for 100 years,” he said. This time, he said, “If I’m right, it will be such a shock that people will be telling their grandkids many years from now, ‘Don’t touch stocks.’ ”
The Dow, which now stands at 9,686.48, is likely to fall well below 1,000 over perhaps five or six years as a grand market cycle comes to an end, he said. That unraveling, combined with a depression and deflation, will make anyone holding cash “extremely grateful for their prudence.”
I believe that people make too much of incorrect forecasts. I don't expect anyone to be able to predict the future with a high degree of accuracy, but Prechter is way, way out there.
Even if the Dow started to plunge, I would bet that the companies would be nationalized before they got down to Dow 2,000. I'm guessing the Dow companies have 1,000 points worth of cash alone. There's also the most difficult questions of betting in favor of Armageddon -- if you're right, how do you collect and whom do you collect from? Mad Max??
source:crossingwallstreet
Monday, July 5, 2010
Is America Really Free ...?
Is America Really Free, If A Privately-Owned Central Bank Controls Our Currency And Runs Our Economy?
This weekend we celebrated America's Independence Day. But are we really a free nation? The truth is that it is really hard to argue that we are "free" when our currency system and our economy are run by an unelected privately-owned central bank.
....
Read
This weekend we celebrated America's Independence Day. But are we really a free nation? The truth is that it is really hard to argue that we are "free" when our currency system and our economy are run by an unelected privately-owned central bank.
....
Read
Next Week's Economic Report
Tuesday: The Institute for Supply Management's services sector index is due shortly after the start of trade. The index is expected to have increased to 55.5 in June from 55.4 in May.
Wednesday: The American Bankers Association releases its report on consumer credit delinquencies.
Thursday: The weekly jobless claims report from the Department of Labor is due in the morning and will be a market mover after the recent new leg down for the labor market.
The nation's chain stores will be reporting June sales for stores open a year or more, also known as same-store sales. Amid worries about the strength of the consumer, the reports will be a test of confidence in the economy.
The weekly crude oil inventories report from the government is due in the late morning.
The May consumer credit report from the government is due in the afternoon. Credit is expected to have fallen by $2 billion after rising by $1 billion in April.
Friday: The Commerce Department releases the wholesale inventories report in the morning. Inventories are expected to have risen 0.6% in May after increasing 0.4% in April.
Wednesday: The American Bankers Association releases its report on consumer credit delinquencies.
Thursday: The weekly jobless claims report from the Department of Labor is due in the morning and will be a market mover after the recent new leg down for the labor market.
The nation's chain stores will be reporting June sales for stores open a year or more, also known as same-store sales. Amid worries about the strength of the consumer, the reports will be a test of confidence in the economy.
The weekly crude oil inventories report from the government is due in the late morning.
The May consumer credit report from the government is due in the afternoon. Credit is expected to have fallen by $2 billion after rising by $1 billion in April.
Friday: The Commerce Department releases the wholesale inventories report in the morning. Inventories are expected to have risen 0.6% in May after increasing 0.4% in April.
Saturday, July 3, 2010
Heading into the woods
Sticking to a buy-and-hold strategy at the onset of a bear market is financial suicide.
In an emerging bear market, keep the following points in mind to maximize your gains ( or just to minimize your losses):
Review your situation.
Remember that cash is king.
Stick to necessities: In an economic downturn, defense stocks generally outperform the market. Defensive stocks are stocks of companies that sell goods and services that people need no matter how good or bad the economy is doing. Good examples are food and bverage, energy, utilities, and certain healthcare stocks.
use trailing stops.
Uncertain Markets:
Sometimes markets move sideways or very little either way until investors and participants in the economy figure out what's what.
Pinpointing uncertainty is tough. Bullish and bearish may both seem persuasive, so you may be left scratching your head, wondering what to do. In this case, your patience and diligence will pay off.
Or treat uncertain markets as bear markets until your research starts to give you a clear idea of the market's direction. No matter hoe adventurous you are, the first rule of stock investing is to minimize or avoid losses.
In an emerging bear market, keep the following points in mind to maximize your gains ( or just to minimize your losses):
Review your situation.
Remember that cash is king.
Stick to necessities: In an economic downturn, defense stocks generally outperform the market. Defensive stocks are stocks of companies that sell goods and services that people need no matter how good or bad the economy is doing. Good examples are food and bverage, energy, utilities, and certain healthcare stocks.
use trailing stops.
Uncertain Markets:
Sometimes markets move sideways or very little either way until investors and participants in the economy figure out what's what.
Pinpointing uncertainty is tough. Bullish and bearish may both seem persuasive, so you may be left scratching your head, wondering what to do. In this case, your patience and diligence will pay off.
Or treat uncertain markets as bear markets until your research starts to give you a clear idea of the market's direction. No matter hoe adventurous you are, the first rule of stock investing is to minimize or avoid losses.
History in the Making
One of the worst bear markets since the Great Depression started in 1973. The stock market was pummeled as DJIA fell 45% during 18 month period ending 1975. However, the DJIA did not recover to its 1973 high until ( you guessed it) 1982. The period from 1973 to 1982 had the hallmarks of tough times - high inflation, high unemployent, war( the Middle East
conflict in 1973 and expansive Soviet aggression in Africa and Afghanistan), the energy crisis, and high taxes. The 1970s were a tough decade for most stocks. The 1980s and 90's were great decades for stock investors. Alas, 2000-2002 were very rough years for stocks as investors cumulatively lost over $5 trillion.
conflict in 1973 and expansive Soviet aggression in Africa and Afghanistan), the energy crisis, and high taxes. The 1970s were a tough decade for most stocks. The 1980s and 90's were great decades for stock investors. Alas, 2000-2002 were very rough years for stocks as investors cumulatively lost over $5 trillion.
Bull Market / Bear Market
Bull and bear market have a tremendous effect on stock choices.Generally, bull markets tend to precede economic uptrends (also called economic rebound, economic recovery, or economic growth), while bear markets tend to precede economic downtrends( also called recession,depression, or economic contraction).
The stock market's movement is based on the fact that stock prices go up (or down) based on people's buying or selling behavior. If more people are buying stock(versus selling), then stock prices rise. If more people are selling stocks, then stock prices fall. Why do people buy or sell a stock?
It can be explained in one word: expectations. People generally buy (or sell) stock in expectation of economic events. If they feel that times are getting bad and the economic stats back them up ( in the form of raising unemployment, shrinking corporate profits, cutbacks in consumer spending , and so on ), then they become more cautious, which can have a couple of results:
They sell stock that they currently own.
They don't buy stock because they feel that stocks won't do well.
Of course, when the business is doing well, the reverse is true.
The stock market's movement is based on the fact that stock prices go up (or down) based on people's buying or selling behavior. If more people are buying stock(versus selling), then stock prices rise. If more people are selling stocks, then stock prices fall. Why do people buy or sell a stock?
It can be explained in one word: expectations. People generally buy (or sell) stock in expectation of economic events. If they feel that times are getting bad and the economic stats back them up ( in the form of raising unemployment, shrinking corporate profits, cutbacks in consumer spending , and so on ), then they become more cautious, which can have a couple of results:
They sell stock that they currently own.
They don't buy stock because they feel that stocks won't do well.
Of course, when the business is doing well, the reverse is true.
Insider Trading
FreeEDgAR
www.freeedgar.com
Securities and Exchange Commission(SEC)
www.sec.gov
Street Insider
www.streetinsider.com
10-K Wizard
www.10kwizard.com
www.freeedgar.com
Securities and Exchange Commission(SEC)
www.sec.gov
Street Insider
www.streetinsider.com
10-K Wizard
www.10kwizard.com
Technical Analysis
Big Charts
www.bigcharts.com
Elliott Wave Theorist
www.elliottwave.com
Stockcharts.com
www.stockcharts.com
www.bigcharts.com
Elliott Wave Theorist
www.elliottwave.com
Stockcharts.com
www.stockcharts.com
Source For Analysis
Earnings Whispers
www.earningswhispers.com
Thomas Financial's First Call
www.firstcall.com
Zacks Summary of Broakerage Research
www.zacks.com
Hoover's
www.hoovers.com
www.earningswhispers.com
Thomas Financial's First Call
www.firstcall.com
Zacks Summary of Broakerage Research
www.zacks.com
Hoover's
www.hoovers.com
Stock Exchanges
American Stock Exchange
www.amex.com
Nasdaq
www.nasdaq.com
New York Stock Exchange
www.nyse.com
OTC Bulletin Board
www.otcbb.com
www.amex.com
Nasdaq
www.nasdaq.com
New York Stock Exchange
www.nyse.com
OTC Bulletin Board
www.otcbb.com
Investing Web Sites
Bloomberg
www.bloomberg.com
MarketWatch
www.marketwatch.com
Allstocks.com
www.allstocks.com
Daily Stocks
www.dailystocks.com
Market Guide
www.investor.reuters.com
Quote.com
www.quote.com
Investools
www.investools.com
Standards and Poors
www.standardandpoors.com
www.bloomberg.com
MarketWatch
www.marketwatch.com
Allstocks.com
www.allstocks.com
Daily Stocks
www.dailystocks.com
Market Guide
www.investor.reuters.com
Quote.com
www.quote.com
Investools
www.investools.com
Standards and Poors
www.standardandpoors.com
Investment Resources: Books
Austrian Economics for Investors
By Mark Skousen
Published By Pickering & Chatto Ltd.
Common Stocks and Uncommon Profits
By Philip A. Fisher
Published By Wiley Publishing, Inc.
Elliott Wave Principle:Key to Market Behavior
By Robert Prechter and A. J. Frost
Published by New Classics Library
Forbes Guide to the Markets
By Mark M. Groz
Published by John Wiley & Sons, Inc.
How to Buy Stocks
By Louis Engel and Henry Hecht
Published by Little, Brown and Company
How to Pick Stocks Like Warren Buffett: Profiting from the Bargain Hunting Strategies of the World's Greatest Value Investor
By Timothy Vick
Published by McGraw-Hill Professional Publishing
The Intelligent Investor: A Book of Practical Counsel
By Benjamin Graham ( Preface by Warren Buffett)
Published By HarperCollins
Secrets of the Great Investors ( audiotape series)
Published By Knowledge Products
Unofficial Guide to Picking Stocks
By Paul Mladjenovic
Published by Wiley
By Mark Skousen
Published By Pickering & Chatto Ltd.
Common Stocks and Uncommon Profits
By Philip A. Fisher
Published By Wiley Publishing, Inc.
Elliott Wave Principle:Key to Market Behavior
By Robert Prechter and A. J. Frost
Published by New Classics Library
Forbes Guide to the Markets
By Mark M. Groz
Published by John Wiley & Sons, Inc.
How to Buy Stocks
By Louis Engel and Henry Hecht
Published by Little, Brown and Company
How to Pick Stocks Like Warren Buffett: Profiting from the Bargain Hunting Strategies of the World's Greatest Value Investor
By Timothy Vick
Published by McGraw-Hill Professional Publishing
The Intelligent Investor: A Book of Practical Counsel
By Benjamin Graham ( Preface by Warren Buffett)
Published By HarperCollins
Secrets of the Great Investors ( audiotape series)
Published By Knowledge Products
Unofficial Guide to Picking Stocks
By Paul Mladjenovic
Published by Wiley
Investment Resources: Magazines
Barrons'shttp://www.barrons.com/
Forbes Magazine
http://www.forbes.com/
Investor's Business Daily
http://www.investors.com/
Kiplinger's Personal Finance Magazine
http://www.kiplinger.com/
Money Magazine
http://www.money.com/
SmartMoney
http://www.smartmoney.com/
The Wall Street Journal
http://www.wsj.com/
Forbes Magazine
http://www.forbes.com/
Investor's Business Daily
http://www.investors.com/
Kiplinger's Personal Finance Magazine
http://www.kiplinger.com/
Money Magazine
http://www.money.com/
SmartMoney
http://www.smartmoney.com/
The Wall Street Journal
http://www.wsj.com/
Is the Chance of a Double Dip Recession 0% or 50%?
Assuming something called objective reality exists, seems like economists on Wall Street are not a great resource for getting to the truth.
Last week, Credit Suisse (NYSE: CS) issued a report stating their model points to a 0% chance of a double dip recession.
Read
Last week, Credit Suisse (NYSE: CS) issued a report stating their model points to a 0% chance of a double dip recession.
Read
A Second Dip Still Unlikely
Despite some negatives, there's no lack of data pointing toward a recovery.
DOUBLE-DIPPERS WERE BRIEFLY FORCED to revise their dopesheet in response to key economic data released last week on manufacturing and on jobs. Not only do the data negate the likelihood of an imminent relapse into recession. The monthly figures even suggest that growth in real gross domestic product for the April-June quarter ran a bit faster than its annual rate of 2.7% in the January-March quarter.
Friday's eagerly awaited jobs report for June revealed an increase of 83,000 in private-sector employment. But since any single month's number is highly volatile and subject to revision, the three-month tend helps clarify the picture. For the April-June quarter, monthly gains in private employment averaged 119,000, up from an average of 79,000 in the first quarter.
These figures, taken from the establishment-survey part of the monthly jobs report, often provoke skepticism on the grounds that too much guesswork goes into adjusting the numbers for business births and deaths. The skeptics' doubts should be allayed by parallel data tracked in the household-survey part of the report, from which the unemployment rate is taken.
....
Finally, double-dip dopesters take note: The Credit Suisse probability model of recession, discussed here last week, put the six-month probability of recession at zero—and still does.
link
DOUBLE-DIPPERS WERE BRIEFLY FORCED to revise their dopesheet in response to key economic data released last week on manufacturing and on jobs. Not only do the data negate the likelihood of an imminent relapse into recession. The monthly figures even suggest that growth in real gross domestic product for the April-June quarter ran a bit faster than its annual rate of 2.7% in the January-March quarter.
Friday's eagerly awaited jobs report for June revealed an increase of 83,000 in private-sector employment. But since any single month's number is highly volatile and subject to revision, the three-month tend helps clarify the picture. For the April-June quarter, monthly gains in private employment averaged 119,000, up from an average of 79,000 in the first quarter.
These figures, taken from the establishment-survey part of the monthly jobs report, often provoke skepticism on the grounds that too much guesswork goes into adjusting the numbers for business births and deaths. The skeptics' doubts should be allayed by parallel data tracked in the household-survey part of the report, from which the unemployment rate is taken.
....
Finally, double-dip dopesters take note: The Credit Suisse probability model of recession, discussed here last week, put the six-month probability of recession at zero—and still does.
link
Friday, July 2, 2010
Weak Data Push Down Growth Forecasts
By Jon Hilsenrath
Payroll employment fell in June and so are economists’ forecasts for growth in the second half of the year.
J.P. Morgan economists took out the razor to their projections Thursday, saying in a note to clients that market turmoil and Europe’s government debt problems have been “weighing on the economy: export orders tanked, confidence has stumbled, and the hit to households’ equity wealth is becoming a considerable impediment to consumer spending.”
J.P. Morgan took down its estimate of second quarter gross domestic product growth to 3.2% from 4% and chopped their third quarter GDP forecast to 3% from 4%, and warned that their inflation forecast might need to come down too.
UBS economists followed suit today, cutting their second quarter growth estimate to 3% from 3.5% and cut their forecast for the second half of the year to 2.5% from 3%. On a hopeful note, UBS says, “recent interest rates are much lower than we have been expecting — an important factor supporting some stabilization and moderate housing recovery in coming quarters.”
Bernard Baumohl of the Economic Outlook Group said his second-half forecast has been downgraded to a 3.0% annual pace from 3.4%. Though, he expects growth to pick up in 2011, averaging above 3.5%.
Stephen Stanley of Pierpont Securities says he’s paring back his estimates for growth, employment and inflation. “The key economic data for June confirmed the notion that the bond and stock markets had sniffed out, namely that the economy has lost some momentum over the past few months,” he says. He’ll put actual numbers to his gloomier outlook next week.
The bottom line: Economists still don’t buy the worries about a double-dip recession, but they do think there’s a serious threat that the recovery is losing some momentum.
It’s safe to expect there will be more downward revisions to forecasts given the spate of weak data in the last week — falling consumer confidence, signs the industrial recovery is cresting, falling stock prices, commodity prices rolling over, initial unemployment claims stalled at high levels and scant private payroll employment gains.
source:wsj
Payroll employment fell in June and so are economists’ forecasts for growth in the second half of the year.
J.P. Morgan economists took out the razor to their projections Thursday, saying in a note to clients that market turmoil and Europe’s government debt problems have been “weighing on the economy: export orders tanked, confidence has stumbled, and the hit to households’ equity wealth is becoming a considerable impediment to consumer spending.”
J.P. Morgan took down its estimate of second quarter gross domestic product growth to 3.2% from 4% and chopped their third quarter GDP forecast to 3% from 4%, and warned that their inflation forecast might need to come down too.
UBS economists followed suit today, cutting their second quarter growth estimate to 3% from 3.5% and cut their forecast for the second half of the year to 2.5% from 3%. On a hopeful note, UBS says, “recent interest rates are much lower than we have been expecting — an important factor supporting some stabilization and moderate housing recovery in coming quarters.”
Bernard Baumohl of the Economic Outlook Group said his second-half forecast has been downgraded to a 3.0% annual pace from 3.4%. Though, he expects growth to pick up in 2011, averaging above 3.5%.
Stephen Stanley of Pierpont Securities says he’s paring back his estimates for growth, employment and inflation. “The key economic data for June confirmed the notion that the bond and stock markets had sniffed out, namely that the economy has lost some momentum over the past few months,” he says. He’ll put actual numbers to his gloomier outlook next week.
The bottom line: Economists still don’t buy the worries about a double-dip recession, but they do think there’s a serious threat that the recovery is losing some momentum.
It’s safe to expect there will be more downward revisions to forecasts given the spate of weak data in the last week — falling consumer confidence, signs the industrial recovery is cresting, falling stock prices, commodity prices rolling over, initial unemployment claims stalled at high levels and scant private payroll employment gains.
source:wsj
U.S. Jobs Picture Darkens
Nonfarm payrolls fell 125,000, their first month of losses this year, as the government let 225,000 census workers go, the Labor Department said Friday. Private-sector employment grew by a slight 83,000 jobs on a seasonally adjusted basis, and seems to have downshifted from average gains of nearly 200,000 in March and April.
The unemployment rate declined to 9.5% from 9.7% in May, but not because more jobs were available. Instead, 652,000 workers dropped out of the labor force, meaning they weren't counted as unemployed and looking for work.
"The biggest problem is, we're getting economic growth but it's less than people had expected," said John Silvia, a Wells Fargo Securities economist.
Read
The unemployment rate declined to 9.5% from 9.7% in May, but not because more jobs were available. Instead, 652,000 workers dropped out of the labor force, meaning they weren't counted as unemployed and looking for work.
"The biggest problem is, we're getting economic growth but it's less than people had expected," said John Silvia, a Wells Fargo Securities economist.
Read
Crude hits lowest price in nearly a month
Crude-oil futures on Friday fell to their lowest level in nearly a month, a lackluster end of a week that brought oil down 8.5%.
Read
Read
Market Summary 7/02/2010
Stock Market Closing Prices – 7/2/10
Dow ( DJIA ) Close - 9686.48 -46.05
Nasdaq Close - 2091.79 -9.57
S&P 500 Close – 1022.58 -4.79
Commodities Closing Prices – 7/2/10
Gold Close - 1207.40
Oil Close – 72.14
Natural Gas – 4.68
The Dow lost 46 points, with the major indexes ending at new 2010 lows in the aftermath of a weaker-than-expected June jobs report.
The Dow and Nasdaq ended at fresh 8-month lows and the S&P 500 at a 9-month lows.
Crude oil for August delivery was down by 41 cents at $72.54 a barrel. The August gold contract was falling $1.70 at $1,206.70 an ounce.
Traders now face a long weekend to decide if the market hit a bottom during the day or whether there's more pain ahead for investors.
Next week features only a few earnings reports and no important economic report.
Dow ( DJIA ) Close - 9686.48 -46.05
Nasdaq Close - 2091.79 -9.57
S&P 500 Close – 1022.58 -4.79
Commodities Closing Prices – 7/2/10
Gold Close - 1207.40
Oil Close – 72.14
Natural Gas – 4.68
The Dow lost 46 points, with the major indexes ending at new 2010 lows in the aftermath of a weaker-than-expected June jobs report.
The Dow and Nasdaq ended at fresh 8-month lows and the S&P 500 at a 9-month lows.
Crude oil for August delivery was down by 41 cents at $72.54 a barrel. The August gold contract was falling $1.70 at $1,206.70 an ounce.
Traders now face a long weekend to decide if the market hit a bottom during the day or whether there's more pain ahead for investors.
Next week features only a few earnings reports and no important economic report.
Thursday, July 1, 2010
Nice Article, Worth Reading
DJIA Sheds 41.49 Points as Jobs Data Loom Large By PETER A. MCKAY.
Disappointing U.S. economic data fanned investors' fears about global growth, pushing stocks and commodities down ahead of a key payrolls report.
The Dow Jones Industrial Average ended down 41.49 points, or 0.4%, at 9732.53. Among the measure's worst performers at the close, Bank of America fell 2.4%, General Electric shed 2.1% and Merck dropped 1.5%.
The euro gained sharply against the dollar on the heels of a successful Spanish government bond auction, which sparked some confidence in Europe's banking system.
That helped to spur selling of gold, which many traders had used as a safeguard during the worst days of Europe's debt crisis. Gold contracts snapped a two-day winning streak, sliding nearly $40, the worst one-day drop in nearly five months.
"Today was a pain trade" for those investors betting against the euro and owning gold, "as people are a little less afraid of the risks to the European banking system," said hedge-fund manager Daniel J. Arbess, a partner at Perella Weinberg Partners.
The encouraging signs out of Europe came as fears flared about the U.S., where data showed a plunge in pending-home sales and an unexpected weekly rise in filings of jobless claims.
The latter, a particularly ominous sign ahead of the highly anticipated June employment report, helped push long-dated Treasury yields to their lowest level since April 2009, extending the bond market's strong finish to the second quarter. Yields move inversely to prices.
Crude-oil futures fell 3.5% in New York trading, gasoline futures dropped below $2 a gallon and copper futures tumbled 2.5%
The Standard & Poor's 500-stock index dropped 0.3% to 1027.37.
"The market just can't seem to get anything going, considering the soft patch that the economy is clearly hitting," said Joe Williams, a strategist at Commerce Trust. "The selling has probably gotten a little overblown, but that doesn't mean there's any great upside to be had for now, either."
source: wsj
Disappointing U.S. economic data fanned investors' fears about global growth, pushing stocks and commodities down ahead of a key payrolls report.
The Dow Jones Industrial Average ended down 41.49 points, or 0.4%, at 9732.53. Among the measure's worst performers at the close, Bank of America fell 2.4%, General Electric shed 2.1% and Merck dropped 1.5%.
The euro gained sharply against the dollar on the heels of a successful Spanish government bond auction, which sparked some confidence in Europe's banking system.
That helped to spur selling of gold, which many traders had used as a safeguard during the worst days of Europe's debt crisis. Gold contracts snapped a two-day winning streak, sliding nearly $40, the worst one-day drop in nearly five months.
"Today was a pain trade" for those investors betting against the euro and owning gold, "as people are a little less afraid of the risks to the European banking system," said hedge-fund manager Daniel J. Arbess, a partner at Perella Weinberg Partners.
The encouraging signs out of Europe came as fears flared about the U.S., where data showed a plunge in pending-home sales and an unexpected weekly rise in filings of jobless claims.
The latter, a particularly ominous sign ahead of the highly anticipated June employment report, helped push long-dated Treasury yields to their lowest level since April 2009, extending the bond market's strong finish to the second quarter. Yields move inversely to prices.
Crude-oil futures fell 3.5% in New York trading, gasoline futures dropped below $2 a gallon and copper futures tumbled 2.5%
The Standard & Poor's 500-stock index dropped 0.3% to 1027.37.
"The market just can't seem to get anything going, considering the soft patch that the economy is clearly hitting," said Joe Williams, a strategist at Commerce Trust. "The selling has probably gotten a little overblown, but that doesn't mean there's any great upside to be had for now, either."
source: wsj
Bet on Big Banks to Bounce Back
FBR Capital likes PNC, JPMorgan, U.S. Bancorp and Bank of America.
BANK EARNINGS SEASON KICKS off with JPMorgan Chase's (ticker: JPM) results on July 15.
Given the year-to-date underperformance of the largest six banks compared to the regional banks, we favor the big banks into second-quarter earnings as we expect visibility into the impacts of the financial-reform bill will improve, which should relieve some of the uncertainty that has weighed on these stocks.
As a result, we are upgrading U.S. Bancorp (USB) to Outperform from Market Perform, and we favor PNC Financial Services (PNC), JPMorgan, U.S. Bancorp and Bank of America (BAC) in that order.
.....
source: wsj
BANK EARNINGS SEASON KICKS off with JPMorgan Chase's (ticker: JPM) results on July 15.
Given the year-to-date underperformance of the largest six banks compared to the regional banks, we favor the big banks into second-quarter earnings as we expect visibility into the impacts of the financial-reform bill will improve, which should relieve some of the uncertainty that has weighed on these stocks.
As a result, we are upgrading U.S. Bancorp (USB) to Outperform from Market Perform, and we favor PNC Financial Services (PNC), JPMorgan, U.S. Bancorp and Bank of America (BAC) in that order.
.....
source: wsj
Treasury sells another 1.1 billion Citigroup shares
Treasury said it sold about 1.1 billion shares of Citigroup common stock (C 3.80, +0.02, +0.53%) recently. That brings total sales so far to approximately 2.6 billion shares.
The average price of the sales has been $4.03 per share, giving the U.S. government total gross proceeds of about $10.5 billion so far, Treasury reported.
The government got 7.7 billion shares of Citigroup common stock last summer, the result of several bailouts of the financial-services giant. Treasury initially pumped $25 billion into Citi by buying preferred stock through the Capital Purchase Program of the Trouble Asset Relief Program, or TARP. It then exchanged those securities for common shares at a price of $3.25 per common share.
Treasury still owns about 5.1 billion shares of Citigroup common stock and said Thursday that it plans on selling the holdings "in an orderly fashion" once a blackout period set by the bank related to its second-quarter earnings release ends.
There are almost 29 billion Citi shares outstanding, according to FactSet Research. That means the U.S. government still owns about 17.5% of the company.
Citi shares fell 1.2% to $3.71 in midday trading Thursday. The stock is up 12% so far this year.
source:marketwatch
The average price of the sales has been $4.03 per share, giving the U.S. government total gross proceeds of about $10.5 billion so far, Treasury reported.
The government got 7.7 billion shares of Citigroup common stock last summer, the result of several bailouts of the financial-services giant. Treasury initially pumped $25 billion into Citi by buying preferred stock through the Capital Purchase Program of the Trouble Asset Relief Program, or TARP. It then exchanged those securities for common shares at a price of $3.25 per common share.
Treasury still owns about 5.1 billion shares of Citigroup common stock and said Thursday that it plans on selling the holdings "in an orderly fashion" once a blackout period set by the bank related to its second-quarter earnings release ends.
There are almost 29 billion Citi shares outstanding, according to FactSet Research. That means the U.S. government still owns about 17.5% of the company.
Citi shares fell 1.2% to $3.71 in midday trading Thursday. The stock is up 12% so far this year.
source:marketwatch
Market Summary 7/01/2010
Stock Market Closing Prices – 7/1/10
Dow ( DJIA ) Close - 9732.53 -41.49
Nasdaq Stock Close – 2101.36 -7.88
S&P 500 Close – 1027.37 -3.34
Commodities Closing Prices – 7/1/10
Gold Close - 1202.10
Oil Close – 72.93
Natural Gas – 4.84
Stocks slipped Thursday, but managed to trim bigger losses, a 152-point loss for the Dow is cut to 41, after worse-than-expected readings on manufacturing, housing and the labor market fueled fears that the economy is heading for another recession.
Sectors that were most pressured today: metals and materials, financial and health care stocks.
Gold tumbled more than 3%, falling $39.20 to $1,206.70 an ounce. The close was the lowest since May 25. Crude oil dropped $3.10 to $72.53 a barrel.
Friday's big jobs report is expected to show that employers cut about 100,000 jobs from their payrolls last month which will be a huge market mover. The report comes out at 8:30 a.m. ET. The unemployment rate, generated by a separate survey, is expected to have risen to 9.8% from 9.7%.
Economic Data - 7/02/2010
Jobs Report - 8:30am EST
Unemployment Report - 8:30am EST
Dow ( DJIA ) Close - 9732.53 -41.49
Nasdaq Stock Close – 2101.36 -7.88
S&P 500 Close – 1027.37 -3.34
Commodities Closing Prices – 7/1/10
Gold Close - 1202.10
Oil Close – 72.93
Natural Gas – 4.84
Stocks slipped Thursday, but managed to trim bigger losses, a 152-point loss for the Dow is cut to 41, after worse-than-expected readings on manufacturing, housing and the labor market fueled fears that the economy is heading for another recession.
Sectors that were most pressured today: metals and materials, financial and health care stocks.
Gold tumbled more than 3%, falling $39.20 to $1,206.70 an ounce. The close was the lowest since May 25. Crude oil dropped $3.10 to $72.53 a barrel.
Friday's big jobs report is expected to show that employers cut about 100,000 jobs from their payrolls last month which will be a huge market mover. The report comes out at 8:30 a.m. ET. The unemployment rate, generated by a separate survey, is expected to have risen to 9.8% from 9.7%.
Economic Data - 7/02/2010
Jobs Report - 8:30am EST
Unemployment Report - 8:30am EST
Subscribe to:
Posts (Atom)