Daily Market Analysis AMC—-15/06/09

Stocks Drop to June Lows

Dow -187.13 at 8612.13, Nasdaq -42.42 at 1816.38, S&P -22.49 at 923.72

[BRIEFING.COM] The stock market fell to June lows by logging its worst single-session percentage loss in one month. Most of the losses were registered in the first leg of trading, leaving stocks to spend the rest of the session moving sideways.

Sellers pushed against stocks in concerted fashion. In turn, 95% of the companies in the S&P 500 finished with a loss.

The selling effort was most intense against materials stocks, which dropped 3.5%. Commodities and basic materials stocks were pressured by an increase in the U.S. dollar, which came after a Russian official made supportive comments regarding the dollar’s role as a reserve currency.

With the Dollar Index jumping 1.2% gold and silver fell to monthly lows. Gold dropped 1.4% to $927.30 per ounce, while silver shed 5.7% to settle at $14.03 per ounce in pit trading. Steel stocks sank 4.8% and diversified metals and mining stocks dropped 5.8%.

Industrial stocks also saw steep losses. The sector dropped 3.1%. 3M (MMM 59.31, -1.69) was a primary laggard and also weighed on the Dow. Microsoft (MSFT 23.42, +0.09) and American Express (AXP 25.23, +0.07) were the only two components in the blue chip index to log gains. The advance by American Express came after the company posted some better-than-expected monthly metrics.

Health care facilities stocks (+3.6%) and health care tech stocks (+1.9%) were able to garner some of the little support that was left in the market. Their advance came as health care suppliers (-2.7%) and health care equipment stocks (-2.9%) sank amid reports that President Obama is looking to cut $313 billion in new health costs.

Amid the steep and broad-based losses seen among stocks, Treasuries were able to find support, which continues to pull back Treasury yields from 2009 highs. The benchmark Note was recently quoted 18 ticks higher, which resulted in a yield of 3.72%.

Net long-term Treasury international capital (TIC) flows for April totaled $11.2 billion, which is far less than the $57.5 billion that was expected, and down from the $55.4 billion tally for March.

Overseas markets also showed weakness Monday as the major indices throughout Europe and Asia logged sizable losses following a weekend meeting of eight global economic powers, from which officials are looking at ways to unwind recent fiscal stimuli. U.S. Treasury Secretary Geithner stated that it is too early to withdraw stimulus, though.

Price level versus 4 pm ET: The stock market fell to June lows by logging its worst single-session percentage loss in one month. Most of the losses were registered in the first leg of trading, leaving stocks to spend the rest of the session moving sideways. Sellers’ push against stocks was concerted. In turn, 95% of the companies in the S&P 500 finished with a loss

All ten of the sectors posted a loss. The materials (-3.5%) and industrials (-3.1%) sectors saw the biggest decline.

Futures are flat after-hours. S&P 500 futures, at 919.83 and Nasdaq 100 futures, at 1456.50, are both in-line with fair value.

In economic data, Housing Starts and Building Permits (May) and the Producer Price Index (May) are due at 8:30ET, followed by Industrial Production and Capacity Utilization (May) at 9:15ET.

Tomorrow before the open three companies are confirmed to report, including Best Buy (BBY) and FactSet(FDS).

Daily Market Analysis BMO —- 15/06/09

Date

Currency

Detail

Actual

Forecast

Previous

8:30am	USD		Empire State Manufacturing Index			-4.7	-4.6
8:45am	USD		FOMC Member Tarullo Speaks
9:00am	USD		TIC Long-Term Purchases			58.1B	55.8B
9:30am	USD		FOMC Member Evans Speaks
10:00am	USD		Treasury Sec Geithner Speaks
1:00pm	USD		NAHB Housing Market Index			17	16
6:00pm	USD		FOMC Member Duke Speaks

Major news:

http://www.portfolio.com/business-news/reuters/2009/06/15/stock-futures-signal-losses-as-oil-retreats

http://www.bizjournals.com/columbus/stories/2009/06/15/story14.html?b=1245038400^1844549

http://www.reuters.com/article/marketsNews/idUSLF32896920090615

http://www.reuters.com/article/marketsNews/idUSLF43643120090615

Summary :

today i will see as a downtrend ,and will tend to consolidation at 937.50 during afternoon session,and see from analyst concept,their forecast has been upward compared to last time,so this time TIC long term ,will tend not able to beat expectation.result today as a conviction downtrend.

Daily Market Analysis AMC —– 12/06/09

Quiet, Low Volume Session Ends Modestly Higher

Dow +28.34 at 8799.26, Nasdaq -3.57 at 1858.80, S&P+1.32 at 946.21

[BRIEFING.COM] Stocks spent most of the session confined to a narrow trading range in negative territory, but managed to move higher heading into the final leg of trading. Pronounced, late-session moves have been the norm this week, but this one was a bit sloppy as stocks had to fight to hold the advance.

Trading volume was exceptionally light this session, suggesting a lack of conviction in the market’s moves and, certainly, a lack of participation. Only around 860 million shares traded hands on the NYSE. That’s nearly half the level typically seen in the last 50 sessions.

The latest round of range bound trading came largely as a result of a lack of leadership. Materials stocks (-1.3%), which have provided leadership in recent weeks, were knocked lower as commodities came under pressure amid a rally in the U.S. dollar.

With the Dollar Index advancing 0.9%, the CRB Commodity Index fell 1.5%. Gold prices dropped 2.2% to finish at $940.50 per ounce. Crude oil futures pulled back from 2009 highs to finish 0.8% lower at $72.05 per barrel. News from Reuters that OPEC believes that worst appears to be over for the oil market didn’t seem to provide much support.

The downturn in oil prices helped send energy stocks to a 1.0% loss. Oil and gas equipment stocks (-2.5%) and drillers (-2.0%) were among the weakest plays in the sector.

Semiconductor stocks also fell under pressure this session, sending the Semiconductor Index to a 1.8% loss. The downturn came in the face of a less severe-than-expected quarterly loss and in-line revenue outlook fromNational Semiconductor (NSM 13.59, -0.88). Weakness among semiconductors dragged the tech sector to a 0.2% loss and weighed on the Nasdaq Composite, causing it to underperform the other headline indices.

The upward push into the close helped drive gains in the rest of the market, though. Financial stocks (+0.7%), which were instrumental in the stock market’s move from its March lows, had a choppy session before spiking into the close and finishing at session highs. Diversified financial services companies (+2.6%) and diversified banks (+1.6%) underpinned the late advance. Many of them are expected to start repaying government bailout funds next week, according to reports.

Investment services firm BlackRock (BLK 176.56, -6.04) trailed after updating its outlook to reflect its agreement to pay $13.5 billion for the global investors business from Barclays (BCS 19.27, -0.63).

Treasuries found continued support, even as The Wall Street Journal reported that the Fed is unlikely to significantly boost purchases of Treasuries. However, supportive comments from a Japanese official likely provided an underlying bid. In turn, the 10-year Note advanced 18 ticks, which has pushed its yield down to 3.78% after being near 4.0% just a couple of days ago.

..Nasdaq 100 -0.5%. ..S&P Midcap 400 -0.3%. ..Russell 2000 +0.1%.

Weekly Wrap

Last Update: 12-Jun-09 17:03 ET

It was a relatively quiet week of trade, with the S&P 500 settling with a modest 0.4% gain.

For the week, seven of the ten sectors posted a gain, led by utilities (+3.9%). Consumer staples underperformed with a 1.3% loss.

Semiconductors had a solid showing after Texas Instruments (TXN) raised its second quarter guidance, saying all of its major product lines are growing and that manufacturing utilization has improved. The company now expects revenue of between $2.3 billion and $2.5 billion, versus the $2.2 billion consensus and the prior range of $1.95 billion to $2.4 billion.  TXN forecast EPS of between $0.14 and $0.22, versus the consensus of $0.10 and the prior guidance of $0.01 to $0.15 per share.  Shares of TXN rose 5.6% for the week, with the Semiconductor Index climbing 1.5%.

Meanwhile, Qualcomm (QCOM) raised its fiscal third quarter revenue and operating income guidance based on stronger-than-expected demand for the company’s chipsets.  QCOM rose 1.4% for the week.

In other corporate news, the Treasury announced that 10 of the 19 largest U.S. financial institutions, includingUS Bancorp (USB), JPMorgan Chase (JPM) and Goldman Sachs (GS), will be allowed to repay $68 billion of TARP funds.

In economic news, the Fed’s Beige Book stated that there are signs that the economic decline is slowing, with several districts indicating that their expectations have improved.

Initial unemployment claims for the week ended June 6 fell 24,000 to 601,000, which was better than the consensus estimate of 615,000. Continuing claims, however, continued to rise, reflecting the weak labor market. For the week ended May 30, continuing claims rose 59,000 to 6.816 million.

The May retail sales numbers were about as expected, posting a moderate increase of 0.5% for both total sales and excluding autos. Gasoline sales, which rose 3.6%, helped boost the numbers. Excluding this component, retail sales were up 0.2%. Retail sales may be challenging over the months ahead given declining payrolls and weakening wage gains.

Treasuries had a volatile week, coming under pressure early in the week on reports that the Russian Central Bank is set to cut its Treasury holdings and a disappointing 10-year note auction. The 10-year note yield hit nearly 4.00%, but ended the week at 3.79% after a solid 30-year auction, reassuring comments from Japan and a Wall Street Journal report that the Fed may increase its purchase program.

The dollar saw swings in conjunction with Treasures, falling 0.6% for the week.

In commodity trading, oil rose 5.5%.  The CRB Index rose 1.7%.

Home on the Range

Last Update: 12-Jun-09 08:45 ET

Where the market goes today is anyone’s guess.  If you had to make a bet, though, the safe bet this week has been that the market will move in the final hour in the opposite direction of its prevailing direction leading up to the final hour.

We saw that again Thursday, with the S&P rolling over in late action to close the session with a gain of 0.6% after being up as much as 1.8% earlier in the day.   That gain, incidentally, left the S&P up just 0.15 points since the close on June 2, which is to say it has gone virtually nowhere over the course of the last seven trading sessions.

We are witnessing the epitome of a range-bound market.

At some point, the range trade will be broken, yet the longer the market stays range-bound, the bigger the move we will presumably see when it breaks from that range either up or down.

For now, the futures market is indicating a downward start on the order of about 0.8%.

The weak close yesterday has been a factor in this morning’s futures trade, along with the weakness in commodities that is being driven by some early strength in the dollar.  Oil futures are off 2.3% to $71.04 per barrel.

The dollar’s fortunes have been lifted by some supportive remarks from Japan’s Finance Minister who also declared his country’s trust in U.S. Treasuries is “unshakable.”

Speaking of Treasuries, the 10-year note has been on quite a roller-coaster ride of late.  Its yield tagged 4.00% yesterday before waves of support came in to drive it down toward 3.80%.  The aforementioned comments from Japan’s Finance Minister are providing a measure of added support this morning.

There haven’t been a lot of notable corporate headlines, although the tobacco companies should see some increased trading action following news that the Senate passed a bill that would put the industry under FDA regulation.  There is also going to be a smoking czar appointed to tell smokers how many cigarettes they can smoke (OK, not really on the smoking czar thing, but we couldn’t resist).

Import/Export price data was released a short time ago, with import prices said to be up 1.3% in May and export prices up 0.6%.  The market’s response to this data was muted.

The University of Michigan Consumer Sentiment Survey for June will be released at 10:00 ET.  Economists expect a reading of 69.5, which would mark the fourth straight monthly increase in the series.  On a relatively slow news day — and on a summer Friday to boot — this confidence number could get more attention than it is truly due as a trading catalyst.

Enjoy your weekend!

Daily Market analysis AMC—-8/06/09

16:30 ET

Indices Pare Losses in Final Few Minutes

Dow +1.36 at 8764.49, Nasdaq -7.02 at 1842.40, S&P -0.95 at 939.14

[BRIEFING.COM] A late session squeeze helped the major indices recover from sizable losses, but the move lost steam in the final few minutes of trading, leaving the major indices to pull back from positive ground and settle flat to modestly lower.

Stocks had been under pressure for nearly the entire session as many participants began to question whether the run up by stocks in recent weeks has become overextended and whether positive economic news has already been priced into stock prices. That line of thought was supported by the recognition that stocks have rallied more than 40% from their March lows amid better-than-feared data, but failed to hold gains last Friday despite what was conclusively an encouraging jobs report.

Catalysts will be lacking during the next several weeks, which could

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Daily Market Analysis 01/06/09—BMO

 

8:30am	USD		Core PCE Price Index m/m		0.3%	0.2%	0.2%
8:30am	USD		Personal Spending m/m		-0.1%	-0.2%	-0.3%
8:30am	USD		Personal Income m/m		0.5%	-0.2%	-0.2%
10:00am	USD		ISM Manufacturing PMI			42.2	40.1
10:00am	USD		Construction Spending m/m			-1.6%	0.3%
10:00am	USD		ISM Manufacturing Prices			35.2	32.0

 

The Recovery Trade Sticks

Last Update: 01-Jun-09 08:53 ET

General Motors (GM) filed for Chapter 11 bankruptcy protection and nothing spells rally like a bankruptcy filing from an iconic manufacturer.  Lo and behold, though, the futures market is signaling a sharply higher start for the market.

The bullish bias is being attributed to carryover momentum from Friday’s closing spike, an encouraging manufacturing report out of China, and the thinking that concessions made by GM bondholders over the weekend will allow a new, more competitive GM to emerge from bankruptcy sooner rather than later.

So, the recovery trade has stuck and it appears to be forcing sidelined cash back into the market on the fear of missing out on further gains. 

The feeling of needing to chase the rally is becoming palpable, which is oftentimes a turning point, just as the feeling was in early March that one needed to get out of the market.

Separately, the headlines for the Personal Income and Spending report for April were better than expected, with income up 0.5% (consensus -0.2%) and spending down 0.1% (consensus -0.2%).  The prior month was revised to show a -0.2% decline in income (from -0.3%) and a-0.3% decline in spending (from -0.2%).

Disposable personal income rose 1.1% thanks to a boost from the provisions of the American Recovery and Reinvestment Act that reduced personal current taxes and increased government social benefit payments. Excluding those factors, disposable income increased 0.7%.

For the April period, private wage and salary disbursements decreased $1.3 billion, but total wage and salary disbursements were basically flat at $6.46 billion. Proprietors’ income increased $4.5 billion, or 0.4%, rental income increased $2.7 billion, or 3.1%, while personal current transfer receipts increased $45.7 billion, or 2.3%.

Tellingly, real personal consumption expenditures declined -0.1%, which goes to show consumers are still playing it close to the vest when it comes to spending because of the lack of a pickup in wages in the face of a weak labor market. Their conservative approach was evident in the personal savings rate, which rose to 5.7% versus 4.5% in March.

This report fits the bill from a headline perspective, but it isn’t a strong report economically speaking.  The ISM Index is up next at 10:00 ET.  A reading of 42.0 is expected.

We continue to have our concerns that the market is getting carried away with the recovery trade, and the waning volume totals in the latter part of May makes us think the market is vulnerable to a near-term setback. Still, it is our contention that pullbacks will continue to be relatively short and shallow.

We pegged the S&P’s summer trading range to be between 825-1000 and we’re just about in the middle of that range entering June. 

We don’t envision a breakout of that range (at least not yet), but we do expect an upside bias to be the prevailing course as the market draws support from the idea that the full brunt of the fiscal stimulus has yet to hit, the understanding that the tone of the media has taken a dramatic turn for the better, and knowing that the market continues to hold up in the face of bad news when it arrives.  

As of this posting, the S&P is indicated to open 1.5% higher.

Extract from briefing.com

 

Support :925

Resistance:950

Future has already rally a lots,today will be a major untrend again.with so many economy news supporting the uptrend beating expectation.and asia market and europe market has been rallying,breakthrough of moving average 200,Future  major indexes such as /es and /ym has now more than main indexes.Fully convergence for upside.so today will be at least uptrend for 170 points above.

 

 

 

Daily Market Analysis AMC 29/05/09

16:30 ET

Quiet Session Concludes with Surge

Dow +96.53 at 8500.33, Nasdaq +22.54 at 1774.33, S&P +12.31 at 919.14

[BRIEFING.COM] The S&P 500 spent nearly the entire session gyrating within a nine point range amid light trading volume, but managed to close at session highs following a late flurry of buying and a spike in trading volume.

In what was May’s final trading session, more than 1.8 billion shares traded hands on the NYSE, the most in more than one month.

Financial stocks were integral to the late move. After being a source of weakness for most of the session, financial stocks rallied from a loss in excess of 1% to finish with a 1.7% gain in the final hour.

While financial stocks made a strong finish, materials stocks spent the entire session trading with enviable gains. The sector closed 3.0% higher, propped up by diversified metals and mining companies (+4.2%), steel stocks (+3.3%), and gold stocks (+3.2%).

Gold stocks were helped along by a run up in gold prices. Gold contracts settled pit trading with the yellow metal priced at $979.00 per ounce, up 1.8% for the session and more than 20% from their 2009 lows. Gold prices are now less than 3% below their 2009 highs.

Meanwhile, crude oil prices rallied 1.7% to finish at a fresh six-month high of $66.21 per barrel.

A 1.5% drop in the Dollar Index helped underpin a broad ascent by commodities. As such, the CRB Commodity Index finished 1.3% higher. Commodities finished May with a gain of more than 14%, outperforming the S&P 500, which logged a monthly gain of 5.2%. Still, the S&P 500 has finished the last three months with gains.

General Motors (GM 0.75, -0.37) has had an awful month, however. The stock has lost more than half its value since the start of May as the company comes face to face with the government’s restructuring deadline. With the threat of bankruptcy looming, shares of GM are at record lows.

In other corporate news, J. Crew (JCG 25.86, +5.40) posted upside first quarter earnings and guided second quarter earnings above the consensus forecast, winning it favor among investors. The stock logged one of its best single-session performances by surging more than 25%.

Dell (DELL 11.57, +0.09) was less fortunate, though. The company faltered after posting better-than-expected earnings.

In economic news, preliminary first quarter GDP showed 5.7% drop for the first quarter, which was a slight improvement from the 6.1% decline that had been reported in the advance GDP reading. Participants showed little reaction to the data since most of it was already known.

Treasuries logged a solid session as they continue to recover from Wednesday’s beating. The 10-year Note climbed more than one full point to push its yield back below 3.5%.

..Nasdaq 100 +1.1%. ..S&P Midcap 400 +1.6%. ..Russell 2000 +1.9%.

 

 

AFTER-HOURS REPORT

 

Weekly Wrap

Last Update: 29-May-09 16:45 ET

 The major averages finished higher on this holiday-shortened week — S&P 500 +3.6%, Dow +2.7%, Nasdaq Comp +4.9%, Russell 2000 +5.0%. It was an extremely light week in terms of news flow and volume, with the biggest volatility due to gyrations in the bond market on Wednesday and Thursday. 

Given the lack of news in the early going on Tuesday, investors looked to a much better-than-expected May Consumer Confidence reading of 54.9 (consensus 42.6) for guidance. It gave them more anecdotal evidence that economic conditions may be improving, and led to a 2.6% advance in the S&P. 

The market looked to hold those gains on Wednesday, and did through morning and midday trade. But around 13:30ET bond yields began surging higher, which led to an aggressive sell-off in the stock market. The S&P ended down 1.9%. 

The surge in yields occurred approximately 30 minutes after a successful 5-year notes offering. Though the auction itself was solid, mortgage origination sellers moved to hedge their positions and pressured the long-end of the yield curve. That sent the benchmark 10-year note more than one point lower, which pushed its yield above 3.70% to a fresh 2009 high. The higher borrowing costs associated with higher yields undermine the government’s efforts to keep rates down in order to help along an economic recovery. 

Treasury auctions remained on investors’ minds on Thursday. After seeking direction in morning trade, the stock market managed to regain some of the prior day’s declines after a successful 7-year notes offering that contained no surprises. The S&P ended 1.5% higher on the day.

There was some mixed economic data that morning worth mentioning. Durable Goods Orders came in at a better-than-expected 1.9% in April (consensus 0.5%), but that was offset by a downward revision in March to -2.1% from -0.8%. Initial Jobless Claims continued to show that the pace of layoffs is slowing, as their four-week moving average fell to 626,750 from 629,750, but Continuing Claims continued to indicate that the pace of hiring hasn’t picked up, as they hit yet another record high of 6.788 million (consensus 6.750 million). 

The major averages finished regaining Wednesday’s losses today, including a spike in the final moments of trade to the highs of the session. The S&P advanced 1.4%. Otherwise it was listless trading on Friday, especially since the Preliminary reading for first quarter GDP had little impact, coming in at -5.7% vs. the -5.5% consensus estimate and the -6.1% Advanced reading. 

One catalyst overhanging trade throughout the week was General Motors (GM), who completed several steps on its road to bankruptcy. After agreeing to a restructuring deal late Tuesday with the United Autoworkers, where the union would take a significantly smaller stake in the company and the U.S. government would take a significantly larger one (as much as 70%), the company disclosed on Wednesday that it would not consummate its exchange offers as the principal amounts of notes tendered were substantially less than the amount required. 

However, the company’s bondholders agreed to an amended deal on Thursday, which would allow GM to move forward with bankruptcy. Reports indicate the Obama administration plans to usher the company into bankruptcy on Monday (6/1). 

Besides GM’s upcoming deadline, expect news flow to be extremely light in the first week of June. But, as always, the first Friday of the month (6/5) will bring the highly-anticipated Nonfarm Payrolls figure and Unemployment rate.

Index	Started Week	Ended Week	Change	% Change	YTD %
DJIA	8277.32	8500.33	223.01	2.7	-3.1
Nasdaq	1692.01	1774.33	82.32	4.9	12.5
S&P 500	887.00	919.14	32.14	3.6	1.8
Russell 2000	477.62	501.58	23.96	5.0	0.4

 

Daily Market Analysis 29/05/09— BMO

 

 

8:30am	USD		Prelim GDP q/q		-5.7%	-5.5%	-6.1%
8:30am	USD		Prelim GDP Price Index q/q		2.8%	2.9%	2.9%
9:45am	USD		Chicago PMI			42.1	40.1
9:55am	USD		Revised UoM Consumer Sentiment			68.0	67.9
9:55am	USD		Revised UoM Inflation Expectations				2.6%

 

 

Resistance :910,925

Support:900

With GDP down below expectation,but bullish sentiment still have,so i would take todays as consolidation downwards.with vix still remain downside and consumer sentiment may be upwards for todays as well.

And todays news are mixed as with bad economy news but there are still upgrade gg for some stocks such as ms.

Daily Market Analysis 28/05/09—-AMC

 

 

 

Stocks Ascend with Help from Treasuries

Dow +103.78 at 8403.80, Nasdaq +20.71 at 1751.79, S&P +13.77 at 906.83

[BRIEFING.COM] Stocks spent the first half of the session seeking direction, but they were able to move markedly higher after a 7-year Treasury Note auction went off without any surprises.

Concern that economic recovery efforts could by complicated by higher borrowing costs stemming from rising yields had market participants closely watching today’s 7-year Treasury Note auction. The auction’s bid-to-cover ratio came in just below 2.3, which was in-line with the past three auctions.

The lack of surprise helped take the benchmark 10-year Note 28 ticks higher after it had oscillated in the early going. The yield on the 10-year Note reached 2009 highs during the prior session; it currently stands at 3.64%, just shy of the 3.7% to 4.0% range that bond guru Bill Gross stated would mark an attractive entry point during a CNBC interview.

With Treasury yields moving off of their highs, stocks were able to put together a sustainable advance and nearly reverse the prior session’s losses.

Gains were broad-based, but financials scored the best gains by advancing 3.6%.

Meanwhile, tech giant Microsoft (MSFT 20.45, +0.32) was a primary leader in the Nasdaq amid reports that the company is no longer in serious discussions with Yahoo! (YHOO 15.09, +0.15) to combine search efforts.

General Motors (GM 1.12, -0.03) made gains early on after the company announced that its bondholders accepted an amended debt-for-equity offering. However, it finished with a loss as investors continue to question whether the company will be able to avoid bankruptcy.

Shares of retailers (-1.3%) underperformed the broader market for the entire session. Home improvement retailers Home Depot (HD 22.70, -0.63) and Lowe’s (LOW 19.02, -0.61) were primary laggards in the group after first quarter mortgage delinquencies clicked higher to 9.1%, threatening to add to housing inventory and depress building activity.

To that point, annualized new home sales for April came in near expectations, but the monthly change fell short of expectations.

In other economic news, April durable goods orders, both including and excluding transportation, topped expectations. However, March orders were revised markedly lower.

Continuing jobless claims continue climbing to record levels, most recently coming in close to 6.8 million. However, initial weekly claims came in at 623,000, suggesting that the pace of layoffs is slowing.

In commodities trading, oil prices settled 2.5% higher above $65 per barrel for the first time since November. The advance was helped along by bullish inventory data, which followed news that OPEC will hold production steady, as expected.

Gold prices closed at $960.80 per ounce, up 0.7%. Gold prices are now up more than 10% since hitting their 2009 lows in mid-April.

..Nasdaq 100 +1.3%. ..S&P Midcap 400 +0.8%. ..Russell 2000 +0.5%.

 

 

 

Dell Tops Q1 EPS Consensus

Last Update: 28-May-09 16:57 ET

 

Price level versus 4 pm ET: Worse-than-expected housing data weighed on the stock market in the early going, but eventually settled with solid gains after getting a boost from a healthy 7-year Treasury note auction.

Nine of the ten sectors advanced, led by financials (+3.6%) and energy (+3.0%).  The consumer discretionary sector  (-0.2%)underperformed, as retailers shed 1.3%.

Futures are flat-to-slightly lower after hours. S&P 500 futures, at 905.10 are down by one point compared to fair value and Nasdaq 100 futures, at 1418.25, are below fair value by two points.

CompanyStock MoveReason for MoveDell (DELL)11.63

+0.15
(+1.3%)

 

DELL reports first quarter (Apr) earnings of $0.24 per share, excluding $0.09 charge for for organizational effectiveness actions, $0.01 better than the First Call consensus of $0.23. Revenue fell 23.2% year-over-year to $12.34 billion versus the $12.66 billion consensus. Company said, “Along with generating strong cash flow, we maintained solid operating margins and made further progress toward reducing annualized costs by $4 billion by the end of fiscal 2011″. Indicators of global IT demand remain mixed, and the broader environment is still challenging. The company is positioning itself for improvement in IT spending by focusing on customer requirements and their experience with Dell, along with internal operating efficiency and costs.Marvell(MRVL)11.19

-0.51
(-4.3%)

 

MRVL reports first quarter (Apr) earnings of $0.05 per share, excluding non-recurring items, in-line with the First Call consensus of $0.05. Revenue rose 1.7% year-over-year to $521.4 million versus the $517.4 million consensus. Non-GAAP gross margin for the first quarter of fiscal 2010 increased to 51.6%, compared to 51.3% for the fourth quarter of fiscal 2009 and 52.0% for the first quarter of fiscal 2009. Free cash flow, defined as cash flow from operations less capital expenditures and purchases of IP licenses, was $131.8 million, up 42% sequentially from $92.7 million in the fourth quarter of fiscal 2009 and up 32% from $99.7 million in the first quarter of fiscal 2009.Novell(NOVL)4.49

+0.06
(+1.4%)

 

NOVL reports second quarter (Apr) earnings of $0.08 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.06. Revenue fell 8.5% year-over-year to $216 million versus the $218 million consensus.J. Crew(JCG)24.05

+3.59
(+17.3%)

 

JCG reports first quarter (Apr) earnings of $0.34 per share, excluding non-recurring items, $0.23 better than the First Call consensus of $0.11. Revenue rose 1.5% year-over-year to $345.8 million versus the $322.1 million consensus. JCG issues upside guidance for second quarter, sees earnings per share of 0.08-0.12 versus ($0.02) consensus. Inventories at the end of the quarter were $193.9 million, reflecting the impact of 43 net stores opened since the first quarter of fiscal 2008. Inventory per square foot was flat to last year at the end of the first quarter of fiscal 2008.

 

 

 

Only two companies are on the earning calendar tomorrow – Tiffany & Company (TIF) and Quality Systems(QSII).

In economic news, Preliminary GDP (Q1), Chicago PMI (May) and the revised University of Michigan Sentiment (May) are all scheduled for release.

Daily Market Analysis 27/05/09 —-BMO

forecast      previous

10:00am	USD		Existing Home Sales			4.65M	4.57M
10:00am	USD		HPI m/m			0.2%	0.7%
12:00pm	USD		Treasury Sec Geithner Speaks

Summary :

support :900,910

Resistance:925

Today i see as consolidation upside due to news from housing may beat forecast due to consumer confidence yestersday beat forecast by quite a lot,show that people may start to accuire housing .and it may form a head and shoulder pattern due to this .

Daily Market Analysis Amc—-26/05/09

CREE Issues Upside Guidance

Last Update: 26-May-09 17:04 ET

Price level versus 4 pm ET: Stocks rallied after a much better-than-expected consumer confidence reading was released, sending the S&P 500 back above the 900 level.

All ten sectors rose, led by a 4.1% gain in financials. Retailers also had a strong showing, advancing 4.0%.  The defensive-oriented consumer staples sector (+0.9%) underperformed on a relative basis.

Futures are flat after hours. S&P 500 futures, at 908.80 are in-line with fair value and Nasdaq 100 futures, at 1411.00, are below fair value by a point.

There are fourteen companies confirmed to reported earnings tomorrow before the open, including Staples (SPLS), AutoZone (AZO) and Polo Ralph Lauren (RL).

The housing market will be in focus with the April Existing Home Sales report due at 10:00ET.

Note the weekly energy inventory report will be delayed until Thursday due to the market’s closure on Monday.

Swing in Confidence Brings in Buyers

Dow +196.17 at 8473.49, Nasdaq +58.42 at 1750.43, S&P +23.33 at 910.33

[BRIEFING.COM] Better-than-expected consumer confidence data gave participants some anecdotal evidence that economic conditions may be improving, which brought about broad-based gains for the major indices.

Given the lack of news in the early going, the broader market looked to the May Consumer Confidence Index for guidance. With the May reading coming in at a better-than-expected 54.9, up from the prior reading of 40.8, buying immediately followed and helped stocks overcome a lackluster start.

Retailers responded to the increase in the consumer confidence by advancing 4.0%, though higher consumer confidence has yet translate into higher consumer spending.

Along with strength in retailers, General Motors (GM 1.44, +0.01) helped the consumer discretionary sector climb 3.8%. GM recovered from a loss in excess of 10% after The Wall Street Journal reported that the United Auto Workers union said the government will provide massive additional financial assistance to GM.

Meanwhile large-cap tech stocks like Apple (AAPL 130.78, +8.28), which was upgraded by analysts at Morgan Stanley, helped give the Nasdaq its best percentage advance since early April. Tech finished 3.3% higher.

Not to be outdone, financials finished 4.1% higher. Though that was more than any other major sector in the S&P 500, gains were still impressive across the board — every major sector finished with a gain in excess of 1%.

Strength in stocks forced further selling in fixed income securities. The 10-year Treasury Note dropped roughly 23 ticks, which has pushed its yield to a fresh 2009 high of 3.54%.

..Nasdaq 100 +3.6%. ..S&P Midcap 400 +3.8%. ..Russell 2000 +4.8%.

REE Issues Upside Guidance

Last Update: 26-May-09 17:04 ET

Price level versus 4 pm ET: Stocks rallied after a much better-than-expected consumer confidence reading was released, sending the S&P 500 back above the 900 level.

All ten sectors rose, led by a 4.1% gain in financials. Retailers also had a strong showing, advancing 4.0%.  The defensive-oriented consumer staples sector (+0.9%) underperformed on a relative basis.

Futures are flat after hours. S&P 500 futures, at 908.80 are in-line with fair value and Nasdaq 100 futures, at 1411.00, are below fair value by a point.

There are fourteen companies confirmed to reported earnings tomorrow before the open, including Staples (SPLS), AutoZone (AZO) and Polo Ralph Lauren (RL).

The housing market will be in focus with the April Existing Home Sales report due at 10:00ET.

Note the weekly energy inventory report will be delayed until Thursday due to the market’s closure on Monday.

Extract from Briefing.com

Summary :yestersday news with consumer confidence above the epxectation by a lot,and due to appl upgraded rating by analyst ,and gm news ,all driven the whole market to go up and vix yesterday close at 30+,and still inside the fibo fans ,hence there are more upside to the market ,and it will be extremely choppy as fundemental wise is showing downward while sentiment showing upside,so there may be more to see in these week.to have an actual confirmation of the trend ,so beware.

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