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 Post subject: May 11th Tuesday 2010 Emini TF ($TF_F) points +22.80
PostPosted: Thu May 13, 2010 7:31 am 
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Special thanks to CNNMoney and Yahoo! Finance for their market summaries that I've copied and posted below. gm

Stocks Seesaw In Volatile Trade
By Alexandra Twin, senior writer
May 11, 2010: 5:24 PM ET

NEW YORK (CNNMoney.com) -- Stocks seesawed Tuesday, losing steam late in a volatile session, as investors welcomed Europe's $1 trillion aid package, but showed caution amid the recent market turmoil.

The Dow Jones industrial average (INDU) lost 35 points, or 0.3%, after having been down nearly 100 points and then up 89 points earlier in the session. The S&P 500 index (SPX) lost 4 points, or 0.3% and the Nasdaq composite (COMP) was little changed.

Stocks lost steam in the last hour of trade as investors, cautious after Monday's huge rally, continued to digest the European aid package.

However, the worries of the last few weeks pushed investors into safe-haven areas such as the U.S. dollar and gold. COMEX gold for June delivery settled at a record high of $1,220.30, up $19.50 an ounce.

U.S. stocks rose Monday, joining stocks around the globe, after European leaders approved an almost $1 trillion rescue package aimed at containing the growing debt crisis and stabilizing the euro. The Dow gained 405 points, its biggest gain since March 23, 2009.

But the euphoria of Monday gave way to a more measured response Tuesday amid questions about whether the bailout package will work if Greece and other debt-plagued nations don't make other efforts to cut their growing deficits. Markets around the world slipped after also rallying Monday.
Europe needs more than a bailout

Stocks have become increasingly volatile over the last few weeks as the period of markets gently moving higher has given way to bigger intraday swings.

"Looking ahead, its not clear we're out of the woods yet," said Michael Sheldon, chief market strategist at RDM Financial Group. "We could be in a short-term trading range as investors adjust to a period of increased volatility."

The CBOE Volatility index, or the VIX (VIX), Wall Street's fear gauge, slipped 2% in choppy trading, reflecting the mixed market. On Monday, the VIX slipped around 30%, reflecting a lessening of worries following last week's selloff.

During last week's sell off, culminating in the one-two punch of Thursday's "flash crash" and Friday's follow-up, the VIX rallied to 13-month highs as investors grew more panicky.

After the close of trade Tuesday, Walt Disney (DIS, Fortune 500) reported quarterly earnings and revenues that topped expectations.

After the crash: The House Financial Services Subcommittee on Capital Markets was discussing last Thursday's stock market roller-coaster ride, in which a 350-point loss on the Dow became a nearly 1,000-point loss in under 10 minutes. The Dow erased two-thirds of that loss by the close, but investors remained rattled. The intraday selloff was the biggest on a point basis in market history.

Executives from the nation's largest stock exchanges and the chairwoman of the SEC were expected to tell Congress that the ultimate cause of the crash remains a mystery.

SEC chairwoman Mary Schapiro said regulators need more time to figure out what exactly happened. She said they had ruled out computer hacking, a terrorist attack or any malicious intent having driven the selling.

In addition, regulators and exchanges have reportedly firmed up plans to institute "circuit breakers" on individual stocks in an attempt to prevent a repeat of last week's incident.
The oil spill blame game

Greece: Greece requested $18.4 billion in funds Tuesday from the European Union (EU) and is due to receive $7 billion from the International Monetary Fund (IMF) Wednesday. In total, the nation is requesting access to around $25 billion of the over $140 billion the EU and IMF have pledged in support.

The funds mean Greece will be able to meet the May 19 deadline to pay back roughly $11 billion in debt.

However, the pledge of over $140 billion came with requirements that Greece implement more rigid austerity measures that have angered unions and caused rioting.

Worries that Greece's problems would hurt other struggling nations such as Portugal have created fears that a broad European debt crisis could cripple the burgeoning economic recovery.
0:00 /4:47Roubini on EU's trillion dollar Band-Aid

Economy: Wholesale inventories rose 0.4% in March, the Commerce Department reported, after climbing 0.6% in February. Economists thought inventories would increase by 0.5%.

World markets: Stocks around the globe were mostly lower. In Europe, Germany's DAX gained 0.3% after rising over 5% Monday, but other major markets fell. France's CAC 40 lost 0.7%, after gaining almost 10% on Monday. Britain's FTSE lost 1% after gaining over 5% Monday.

Asian markets fell, with Japan's Nikkei losing 1.1% and Hong Kong's Hang Seng falling 1.7%.

Dollar and commodities: The dollar was barely changed versus the euro. On Monday, the euro bounced versus the dollar after hitting 14-month lows against the U.S. currency during last week's big stock selloff. The dollar was barely changed versus the yen.

U.S. light crude oil for June delivery settled down 43 cents to $76.37 a barrel on the New York Mercantile Exchange.

Bonds: Treasury prices fell, pushing the yield on the 10-year note to 3.56% from 3.54% late Monday. Treasury prices and yields move in opposite directions.

Market breadth was positive. On the New York Stock Exchange, winners beat losers eight to seven on volume of 1.46 billion shares. On the Nasdaq, advancers beat decliners eight to five on volume of 2.49 billion shares.

Image

Yahoo! Finance

4:30 pm : The stock market made a steady march higher for the first part of the session, but its gains faded so that listless trade turned into a mixed finish.

Trade opened with a loss of roughly 1% as global indices moved lower amid renewd selling pressure, which came about as concerns grew over the ability of eurozone countries to remedy the fiscal problems that have put them on tenuous financial footing. There are also concerns related to how efficiently funds pledged for eurozone countries by the European Union and International Monetary Fund can be dispensed.

Despite the weak start, stocks were able to gradually chop their way into higher ground. At its session high, the S&P 500 was up almost 1%. Meanwhile, the Nasdaq climbed as much as 1.3%.

Financial shares and tech issues helped push the broader market to its session high -- the financial sector was up 1.2% at its best level and the tech sector was up as much as 1.1%. However, both sectors retreated to a 0.5% loss.

Without the leadership of the two heaviest weighted sectors, overall trade turned listless and broader market gains faded into the close.

Save for precious metals plays, natural resource stocks came under the most pressure.

As such, energy stocks fell to a 0.8% loss. Their weakness was exacerbated by a pullback in oil prices, which closed pit trade with a 0.6% loss at $76.37 per barrel after it had swung from a marked loss to a strong midsession gain. Weekly oil inventory data is due tomorrow morning at 10:30 AM ET.

The materials sector shed 1.1% as steel stocks sank 3.8% and diversified metals stocks slid 3.0%. However, gold stocks gained 4.9% as gold prices pushed 1.7% higher to close at $1220.30 per ounce, but extended the move in electronic trade to set a new all-time high above the $1235 mark.

Gold's gain came without regard for a stronger dollar, which advanced 0.4% against a basket of foreign currencies. Many point to the dollar's strength and gold's gain as a sign that market participants want safety in the wake of the stock market's recent swings. Moreover, even though the Volatility Index (VIX) moved 2.2% lower in its second straight downturn, it is up more than 40% from its 52-week low in mid-April and well above its 200-day moving average.

Participation remains strong. With more than 1.5 billion shares exchanging hands on the NYSE this session, trading volume met or exceeded its 200-day moving average for the eighteenth time in 19 sessions.

Treasuries had a quiet session that saw the benchmark 10-year Note finish a couple of ticks higher after it oscillated along the neutral line for the better part of the session. It showed little reaction to a $38 billion auction of 3-Year Notes that produced a yield of 1.41% and a bid-to-cover of strong 3.3, which was well above recent averages. Indirect bidders accounted for 50.7%, which was below recent averages.

Advancing Sectors: Utilities (+0.2%)
Declining Sectors: Materials (-1.1%), Energy (-0.8%), Tech (-0.5%), Financials (-0.5%), Industrials (-0.2%), Health Care (-0.2%), Telecom (-0.1%), Consumer Staples (-0.1%)
Unchanged: Consumer Discretionary DJ30 -36.88 NASDAQ +0.64 NQ100 -0.1% R2K +0.9% SP400 +0.3% SP500 -3.94 NASDAQ Adv/Vol/Dec 1600/2.48 bln/1065 NYSE Adv/Vol/Dec 1706/1.46 bln/1355

3:40 pm : Commodities as a whole ended relatively flat this session, much like where the broader market currently is.

On the other hand, precious metals soared this session. June gold rose 1.7% to close at $1220.30 per ounce. It has since reached a new all-time high at $1235.20 per ounce in the electronic trade. July silver climbed 4.0% to close at $19.29 per ounce.

After opening the pit trade in negative territory and breaching the $77.50 level intra-day, June crude oil pulled back in the afternoon to close down 0.6% at $76.37 per barrel. June natural gas closed 0.7% lower at $4.42 per MMBtu. DJ30 -10.66 NASDAQ +5.49 SP500 -1.39 NASDAQ Adv/Vol/Dec 1576/2.14/1086 NYSE Adv/Vol/Dec 1764/1.15 bln/1287

3:00 pm : Gold prices closed pit trade at $1220.30 per ounce, up $19.50, but the commodity has continued to climb in electronic trade. Spot prices for the yellow metal just hit $1228.80 per ounce, which marks a fractionally improved record high. Gold stocks have responded by surging to a 6.3% gain.

Meanwhile, the broader equity market continues to chop along the neutral line after retreating from a session high roughly one hour ago.

Though trade has turned rather lackluster, volume has been strong. In fact, more than 1 billion shares have already exchanged hands on the NYSE and there is still an hour to go before the closing bell tolls. DJ30 -3.86 NASDAQ +9.67 SP500 -0.39 NASDAQ Adv/Vol/Dec 1680/1.87 bln/989 NYSE Adv/Vol/Dec 1898/1.00 bln/1153

2:30 pm : The stock market recently retreated back to the neutral line, but it was able to find support there and bounce back to a slight gain. The pullback comes as financial stocks retreat into the red to trade with a loss of 0.2%. Financials had been a source of broader market support midsession.

Volatility remains down. In fact, the Volatility Index is near its session low with a 9.0% loss. DJ30 +6.88 NASDAQ +16.10 SP500 +1.25 NASDAQ Adv/Vol/Dec 1747/1.68 bln/920 NYSE Adv/Vol/Dec 1990/905 mln/1044

2:00 pm : The stock market has extended its upward march to trade at fresh session highs. Despite that move, financials have pared some of their gains; the sector had been up more than 1% at midday, but it is now up 0.7%.

Oil prices have made a pullback amid whipsaw trade. The price of crude was down more than 1% in the early going, then up nearly 1%, but now it is back in the red with a 0.2% loss at $76.65 per barrel

Despite oil's swings, energy stocks have had a rather lackluster session. The sector is up a modest 0.3%, but BP Plc (BP 49.18, +0.43) has shown relative strength, even though the oil spill crisis remains unresolved. DJ30 +67.26 NASDAQ +27.12 SP500 +8.19 NASDAQ Adv/Vol/Dec 1833/1.50 bln/813 NYSE Adv/Vol/Dec 2193/815 mln/844

1:30 pm : Results from a $38 billion auction of 3-Year Notes were released at 1:00 PM ET. They indicated that the auction drew a yield of 1.41%, which is in step with what had been expected, while the bid-to-cover came in at a strong 3.3, which is well above recent averages. Indirect bidders accounted for 50.7%, which was below more recent averages.

Treasuries didn't show much of a reaction to the news. In turn, they continue to trade with slight losses. DJ30 +56.30 NASDAQ +22.29 SP500 +7.10 NASDAQ Adv/Vol/Dec 1656/1.33 bln/963 NYSE Adv/Vol/Dec 2024/725 mln/991

1:00 pm : The stock market started the session with a loss of roughly 1%, but a push by financials and tech has helped take the broader market to a solid gain.

Sellers renewed their efforts in the early going as global participants shifted their focus from how much financial aid will be pledged for eurozone countries that face tenuous fiscal conditions to the issue of how those funds will be allocated efficiently and whether recipients can remedy their underlying problems. Such consideration initially triggered sharp losses overseas, but pressure cooled in Europe, where Germany's DAX was able to finish with a gain.

U.S. averages have also made their way to higher ground. The climb has been choppy, but broad based.

Financials have emerged to trade with some of the strongest gains. The sector is up 1.0% at the moment.

Large-cap tech had a quiet start, but it has attracted some strong support in more recent action. That has helped take the tech sector to a 0.8% gain and put the Nasdaq Composite out in front of its counterparts.

Materials stocks have lagged for virtually the entire session. However, precious metals plays have helped the sector make its way to a 0.2% gain. Precious metals stocks have been lifted by new 2010 highs for gold and silver, which are currently up 1.6% to $1220 per ounce, and up 4.0% to $19.30 per ounce, respectively.

Corporate headlines haven't had any real impact on trade this session. A slightly smaller-than-expected increase in wholesale inventories for March was also largely ignored.

Coming up, though, are results from 3-year Note auction at 1:00 PM ET. DJ30 +59.02 NASDAQ +22.52 SP500 +7.97 NASDAQ Adv/Vol/Dec 1636/1.23 bln/983 NYSE Adv/Vol/Dec 2023/674 mln/978

12:30 pm : Telecom stocks had traded with relative strength in the early going, but the sector has fallen behind as the session progresses. Telecom now trades at the neutral line, while the broader market makes its way to a modest gain.

Consumer discretionary plays remain the strongest performers. As a group they are up 0.7%. Gannett (GCI 17.04, +1.00) is a leader in the group following the company's better-than-expected bottom line results for its first fiscal quarter. DJ30 +29.93 NASDAQ +16.65 SP500 +3.81 NASDAQ Adv/Vol/Dec 1491/1.11 bln/1088 NYSE Adv/Vol/Dec 1831/601 mln/1163

12:00 pm : All three major indices have pushed into positive territory. The move has been relatively broad based, but large-cap tech is showing some of the most strength. As such, large-cap tech has lifted the Nasdaq to a 0.5% gain, which puts the tech-rich index out in front of its counterparts.

Volatility has cooled a bit more this session. The Volatility Index (VIX) had gone on a roller coaster of a ride during the course of the past few sessions, which brought about dramatic swings among stocks, but the VIX is currently down 2.1%. DJ30 +20.33 NASDAQ +11.77 SP500 +1.85 NASDAQ Adv/Vol/Dec 1377/965 mln/1176 NYSE Adv/Vol/Dec 1678/524 mln/1289

11:30 am : Stocks continue to chop along in an upward direction, such that the Nasdaq has actually poked into positive territory. The Dow and S&P 500 have been hung up at the neutral line, though.

Consumer discretionary plays have attracted enough support to take the sector to a 0.3% gain, which makes it the strongest sector in the S&P 500. Materials remain at the other end of the spectrum -- they are down 0.6% as steel stocks (-2.5%) and aluminum stocks (-2.9) lose luster. DJ30 -0.46 NASDAQ +6.32 SP500 -0.01 NASDAQ Adv/Vol/Dec 1213/802 mln/1291 NYSE Adv/Vol/Dec 1398/442 mln/1539

11:00 am : Trade has been choppy this morning, but despite the listless action the stock market has been able to limit its loss. More specifically, the broad-based S&P 500 is down a relatively tame 0.4% after it had been down as much as 1.0% shortly after the open.

At an individual level, Priceline (PCLN 211.25, -38.50) is one of the worst performers in the S&P 500. Its shares have been pressured as a result of downside guidance, which has overshadowed better-than-expected first quarter earnings.

Meanwhile, Legg Mason (LM 33.21, +3.26) is a top performer this session. Thanks to an upgrade by analysts at Bank of America's Merrill Lynch, the stock has made its way to a fresh 52-week high in the face of broader market weakness. DJ30 -31.52 NASDAQ -5.81 SP500 -4.55 NASDAQ Adv/Vol/Dec 949/660 mln/1535 NYSE Adv/Vol/Dec 1027/360 mln/1886

10:30 am : Oil prices have rallied from an opening loss of more than 1% to sport a gain of 0.9% at $77.50 per barrel, just shy of the session high of $77.56 per barrel.

Natural gas prices are also faring well. Contracts currently price the energy component 0.6% higher at $4.20 per MMBtu.

Precious metals have been especially strong this session. Gold prices registered a 2010 high of $1225.20 per ounce earlier, but have since eased back to trade at $1222.10 per ounce with a 1.8% gain.

Silver is up 3.4% to $19.18 per ounce. It had been as high as $19.23 per ounce, which marked a 2010 high of its own. DJ30 -47.77 NASDAQ -8.40 SP500 -5.26 NASDAQ Adv/Vol/Dec 920/483 mln/1522 NYSE Adv/Vol/Dec 943/271 mln/1904

10:00 am : The stock market's recent upturn ran into resistance as the S&P 500 attempted to cross the 1155 line. Despite the flurry of renewed selling, stocks are still up markedly from their opening lows.

Utilities stocks, traditionally a safe haven, have poked into positive territory to trade with a 0.2% gain. Every other major sector remains in negative territory.

Wholesale inventories for March increased 0.4%, which is slightly less than the consensus forecast for a 0.5% increase. The data haven't made much of a stir among stocks. DJ30 -52.53 NASDAQ -12.10 SP500 -6.39 NASDAQ Adv/Vol/Dec 782/297 mln/1573 NYSE Adv/Vol/Dec 836/174 mln/1910

09:45 am : Stocks started the session with sizable losses, but the major averages have been quick to improve their position. Though stocks are up from their opening lows, they are still in negative territory.

Early losses are most pronounced among materials stocks and telecom stocks; the two sectors are both down 0.9%. Utilities have held up rather well against this morning's pressure, though; the sector is down just 0.2%. DJ30 -67.72 NASDAQ -12.76 SP500 -6.45 NASDAQ Adv/Vol/Dec 695/185 mln/1631 NYSE Adv/Vol/Dec 706/120 mln/2000

09:15 am : S&P futures vs fair value: -11.30. Nasdaq futures vs fair value: -17.50. Stock futures continue to point to a markedly lower start for the session. Such an open would mark a pullback from the stock market's strongest single-session advance in more than one year. The stark change in tone comes as many global participants recognize that even though a pledge has been made by the European Union and International Monetary Fund to support eurozone countries with tenuous fiscal conditions, those countries' underlying problems still have to be resolved. Though stock futures are an imperfect indicator for how trade will ultimately unfold, the current tone gives credence to the claim that prior session's surge was little more than a relief rally. Amid such skepticism global traders have returned to the dollar, which is up 0.6% against a basket of foreign currencies. In addition, gold prices have climbed to new 2010 highs as they trade with a 1.8% gain at $1223 per ounce.

09:00 am : S&P futures vs fair value: -14.00. Nasdaq futures vs fair value: -21.80. Oil put together a solid gain in the prior session, but it has fallen under renewed selling pressure in the first few minutes of pit trade. To be specific, oil prices climbed 2.3% in the prior session of pit trade, but they are now down 1.2% to $75.85 per barrel this morning. In contrast, gold prices are up sharply to trade at new 2010 highs. They had logged a loss of 0.8% in the prior session of pit trade, but prices were recently quoted at $1220.80 per ounce, up 1.7%.

08:35 am : S&P futures vs fair value: -12.80. Nasdaq futures vs fair value: -18.80. U.S. stock futures remain under pressure, as do Europe's major bourses. As such, the EuroStoxx is down more than 2%, while Britain's FTSE is off by nearly 2%. Mining issues and banking stocks are under some of the stiffest pressure. Germany's DAX is down a little more than 1%. Deutsche Bank (DB) is and Commerzbank are primary sources of weakness. Financial outfits, which were leaders in the prior session's rally, have also undercut France's CAC, which was last quoted with a loss of more than 2%. In Asia, the MSCI Asia Pacific Index shed 1.0% and Japan's Nikkei lost 1.1%. The Nikkei had actually sported early gains. Though trade has closed, Toyota Motor (TM) recently announced better-than-expected fiscal 2010 result, but issued tepid guidance. In other corporate news, Mizuho Financial (MFG) reportedly plans to issue new shares. Hong Kong's Hang Seng fell 1.4%. In mainland China, the Shanghai Composite closed with a 1.9% loss after it surrendered early gains in the wake of news that PPI spiked 6.8% year-over-year and CPI increased 2.8% year-over-year. Both measures made slightly sharper-than-expected increases. In other data, retail sales surged a stronger-than-expected 18.5% year-over-year, but industrial production climbed a softer-than-expected 17.8% year-over-year. Finally, new yuan loans were totaled a higher-than-expected 774 billion yuan.

08:00 am : S&P futures vs fair value: -11.80. Nasdaq futures vs fair value: -19.00. Global markets made some of their best gains in more than one year during the prior session, but sellers have stepped back in to take profits as excitement over a eurozone bailout package fades and questions arise. The selling effort has knocked the exchanges of both Asia and Europe sharply lower. U.S. futures have followed suit. Meanwhile, the greenback has regained support, such that it currently sports a 0.6% gain against competing currencies. Corporate headlines are lacking, but wholesale inventory figures for March are due at 10:00 AM ET. Results from an auction of 3-year Notes are due at 1:00 PM ET.

06:55 am : S&P futures vs fair value: -13.50. Nasdaq futures vs fair value: -20.80.

06:55 am : Nikkei...10411.10...-119.60...-1.10%. Hang Seng...20146.51...-280.10...-1.40%.

06:55 am : FTSE...5294.56...-92.90...-1.70%. DAX...5952.40...-65.60...-1.10%.

Once again, special thanks to CNNMoney and Yahoo! Finance for their market summaries that I've copied and posted above. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

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