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 Post subject: May 13th Thursday 2010 Emini TF ($TF_F) points +10.40
PostPosted: Thu May 13, 2010 8:46 pm 
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The market summaries below are courtesy of CNNMoney and Yahoo! Finance. gm

Stocks Finish Lower
By Alexandra Twin, senior writer
May 13, 2010: 6:11 PM ET

NEW YORK (CNNMoney.com) -- Stocks slumped Thursday, with the Dow losing 114 points, as investors stepped back after propelling markets 5% higher in just three days.

The dollar strengthened versus the euro, dragging down dollar-traded oil, gold prices and stocks.

The Dow Jones industrial average (INDU) lost 114 points, or 1%. The S&P 500 index (SPX) lost 14 points, or 1.2% and the Nasdaq composite (COMP) lost 30 points, or 1.3%.

Stocks rallied Monday and Wednesday as investors moved away from worries about Europe's debt crisis spreading and instead opted to scoop up issues hit in last week's massive sell off. Tuesday brought some selling, but it wasn't enough to take away from the week's gains.

After such an advance, stocks were adrift through most of Thursday, before turning lower near the close.

"The last few days we've seen a tug of war between the concerns investors have about the financial system and the lack of alternatives in terms of where they can put money," said Larry Glazer, managing director at Mayflower Advisors.

He said that by default this struggle has brought some money into stocks, which at least offer better returns that low-yielding bonds. However, trading volume hasn't been as strong as it was during last week's shakeout, with investors still wary.

Last week, the three indexes lost more than 5% in three trading sessions, including Thursday, when the "flash crash" sent the Dow down by as much as 1,000 points before it recovered. Fears about the European debt crisis spreading were tempered Monday after European leaders announced an almost $1 trillion bailout. But the concerns about Europe linger.

Market breadth was negative. On the New York Stock Exchange, losers beat winners three to two on volume of 1.21 billion shares. On the Nasdaq, decliners topped advancers two to one on volume of 2.32 billion shares.

Labor market: Approximately 444,000 Americans filed new claims for unemployment last week, according to the weekly jobless claims report from the Labor Department, the lowest number since late March. Claims stood at a revised 448,000 the previous week. Economists surveyed by Briefing.com expected claims to fall to 440,000.

It was the fourth consecutive week of declining claims, but the improvement hasn't been sufficient to drive real job growth.

Continuing claims, a measure of Americans who have been receiving benefits for a week or more, rose to 4,627,000 from 4,615,000 the previous week. Economists expected 4,570,000 on average.
0:00 /4:27Banks: The new punching bag

Banks: Reports Thursday said some of the financial industry's leading corporations are facing investigations at both the federal and state level, as inquiries into the events that contributed to the crisis accelerate.

The Wall Street Journal cited a source that said the Securities and Exchange Commission has sent civil subpoenas to JPMorgan Chase (JPM, Fortune 500), Citigroup (C, Fortune 500), Deutsche Bank (DB) and UBS (UBS).

New York Attorney General Andrew Cuomo's office confirmed reports that it is investigating whether many of the same firms provided misleading information to credit rating agencies.

In addition to UBS and Deutsche Bank, Cuomo is looking at Goldman Sachs (GS, Fortune 500), Morgan Stanley (MS, Fortune 500), Credit Suisse (CS), Citigroup (C, Fortune 500), Credit Agricole and Merrill Lynch, which has since been bought by Bank of America (BAC, Fortune 500).

Bank stocks as a whole were modestly lower, with the KBW Bank (BKX) index off 0.3%.

Technology: Apple (AAPL, Fortune 500) and online auctioneer eBay (EBAY, Fortune 500) both gained after reportedly receiving upgrades from Morgan Stanley.

But Cisco Systems (CSCO, Fortune 500) shares fell 4% even after the company reported higher sales and earnings that beat estimates during what its chief executive called the company's "best quarter" ever.

World markets: Stocks around the globe were mostly higher. In Europe, Germany's DAX gained 1.1%, France's CAC 40 was barely changed and the London FTSE rose 0.9%.

Asian markets rose, with Japan's Nikkei gaining 2.2% and Hong Kong's Hang Seng adding 1%.

Dollar and commodities: The dollar gained 0.6% versus the euro and fell 0.6% against the yen. The euro remains at a 14-month low versus the dollar.

U.S. light crude oil for June delivery fell $1.25 to settle at $74.40 a barrel on the New York Mercantile Exchange.

COMEX gold for June delivery lost $13.90 to settle at $1,229.20 after settling at a record high of $1243.10 Wednesday.

Bonds: Treasury prices rose, pushing the yield on the 10-year note down to 3.56% from 3.57% late Wednesday. Treasury prices and yields move in opposite directions.

Image

Yahoo! Finance

4:15 pm : Stocks spent most of the session mired in negative territory with a modest loss after they failed to push past a key technical hurdle, but losses quickly steepened as sellers redoubled their efforts in the final hour of trade.

The tone for most of the session was relatively tepid as buyers took a breather after they had sent the stock market up more than 5% higher during the course of the three previous sessions. That streak of gains put the S&P 500 face-to-face with its 50-day moving average, but a lack of positive catalysts made it difficult for the stock market to challenge the technical line with any sort of conviction.

The only economic data for the day was a lackluster weekly jobless claims report, which featured 444,000 initial claims and 4.63 million continuing claims. The initial claims tally was in-line with expectations and the continuing claims count was a bit higher than expected, but both remain at heightened levels.

Cisco (CSCO 25.53, -1.21) was the biggest name in a small batch of quarterly reports. The communications equipment maker and marketer brought in better-than-expected earnings and issued an in-line revenue forecast, but participants still shunned its shares. The stock was a weight on all three major indices and among the heaviest drags in the tech sector, which shed 1.4%.

Financials fell to a 1.7% loss. Moody's (MCO 21.70, -0.59) saw some whipsaw trade following news that the Senate Finance Committee voted on an amendment to create a clearinghouse to assign rating agencies to debt issues.

Discretionary plays were among the weakest performers following downside guidance from Kohl's (KSS 53.81, -3.34). Disappointment over the retailer's outlook overshadowed its better-than-expected earnings and played a part in a collective loss of 3.0% for retailers and a loss of 2.1% for the consumer discretionary sector.

Defensive-oriented stocks fared relatively well this session. Telecom tacked on 0.2% and the utilities limited their loss to 0.6%, half of what the S&P 500 recorded. However, their lack of market weight left the broader market without much in the way of actual leadership.

The lack of a positive force caught up with stocks as sellers intensified their efforts late in the session. That left the major averages to close near session lows and drove volatility higher.

Some rotated into the dollar, which advanced 0.6% to set a fractionally improved 52-week high against a basket of competing currencies. The British pound was especially weak relative to the dollar; it sank 1.4% to 1.4613 per dollar. The euro was also weak; it dropped 0.6% to 1.2532 per dollar, just above its 12-month low.

Treasuries saw some seesaw trade. Their closing gains stemmed largely from the stock market's late slide. Prior to the late advance the bond market came under pressure after results from an auction of 30-year Bonds drew a bid-to-cover of 2.60, which was unimpressive relative to the previous auction's ratio of 2.73, yet strong when compared to the 2.36 ratio that came with the last auction of this size in February.

Advancing Sectors: Telecom (+0.2%)
Declining Sectors: Consumer Discretionary (-2.1%), Financials (-1.7%), Industrials (-1.4%), Tech (-1.4%), Materials (-1.3%), Health Care (-1.0%), Energy (-0.8%), Utilities (-0.6%), Consumer Staples (-0.5%) DJ30 -113.96 NASDAQ -30.66 NQ100 -1.5% R2K -0.9% SP400 -0.9% SP500 -14.23 NASDAQ Adv/Vol/Dec 969/2.30 bln/1719 NYSE Adv/Vol/Dec 1089/1.20 bln/1972

3:35 pm : Stocks spent most of the session mired in negative territory with a moderate loss, but sellers have intensified their efforts in recent action. That has caused stocks to roll over to fresh session lows as they enter the final leg of trade.

Commodities already closed the pit trade with a collective loss of 0.4%, as measured by the CRB Commodity Index. Grains experienced the steepest decline of 1.3%, led by a 2.5% decline in wheat futures.

Energy commodities finished nearly 1% lower this session. June crude oil surged mid-session to hit a high at $76.45 before paring all of its gains to close down 1.7% at $74.40 per barrel. Meanwhile, natural gas offset weakness in the energy space. The June contract closed 0.8% higher at $4.34 per MMBtu.

Precious metals were hampered by strength in the dollar this session. June gold closed 1.1% lower at $1229.20 per ounce. July silver closed 0.8% lower at $19.50 per ounce. DJ30 -87.66 NASDAQ -28.80 SP500 -11.87 NASDAQ Adv/Vol/Dec 888/1.85/1781 NYSE Adv/Vol/Dec 1098/844 mln/1938

3:00 pm : A sudden flurry of selling has sent the stock market to an afternoon low, but it still remains a few points above its opening low. The slip has been relatively broad based, but defensive-oriented issues like telecom stocks (+0.5%), utilities stocks (+0.2%), and consumer staples stocks (+0.2%) have managed to remain in higher ground.

In the meantime, the dollar has attracted renewed interest, which has sent it up to a session high against competing currencies -- the Dollar Index is now up 0.5%. DJ30 -46.02 NASDAQ -17.42 SP500 -6.19 NASDAQ Adv/Vol/Dec 1042/1.61 bln/1609 NYSE Adv/Vol/Dec 1229/722 mln/1714

2:30 pm : The stock market continues to chop along listlessly with a slight loss. Commodities, overall, aren't much better off, given that the CRB Commodity Index is down 0.5%.

Treasuries have pared their losses, but they continue to trade with relative weakness.

The quiet tone that has permeated afternoon trade has kept volatility cooled. In turn, the Volatility Index is down 2.5%. DJ30 -5.21 NASDAQ -7.35 SP500 -1.79 NASDAQ Adv/Vol/Dec 1136/1.49 bln/1477 NYSE Adv/Vol/Dec 1588/661 mln/1422

2:05 pm : Oil prices have recovered most of their losses. Prices for the energy component had fallen below $74 per barrel earlier this session, but they are now at $75.55 per barrel to trade with a loss of just 0.1%.

The rebound by oil prices has helped drive energy stocks into higher ground. The sector now sports a 0.3% gain after it had been down more than 1% in the early going.

Meanwhile, the broader market continues to chop along with a mild loss. DJ30 -8.31 NASDAQ -9.39 SP500 -2.25 NASDAQ Adv/Vol/Dec 1147/1.41 bln/1456 NYSE Adv/Vol/Dec 1616/620 mln/1384

1:30 pm : Treasuries have pushed into the red with the release of results from an auction of 30-year Bonds. The auction saw solid demand, but there was bit of yield concession attached to it. The bid-to-cover of 2.60 does not look too impressive when compared flat out to the previous auction's ratio of 2.73, but when the measure is compared to the last auction of this size, a $16 billion auctin in February 2010 that drew a 2.36 bid-to-cover, it looks quite good.

Still, the 30-year Bond has swung to a loss of 10 ticks after it had been traded with a gain of roughly 10 ticks ahead of the release of the results. DJ30 -5.74 NASDAQ -7.82 SP500 -1.81 NASDAQ Adv/Vol/Dec 1114/1.29 bln/1488 NYSE Adv/Vol/Dec 1547/566 mln/1428

1:00 pm : Buyers have opted for a breather after they sent the stock market more than 5% higher during the course of the three previous sessions. The 50-day moving average has acted as a source of resistance as well.

Stocks have been stuck in a fit of choppy trade for the entire session. Action has generally been listless, too. There haven't been any major catalysts to help the stock market continue its recent rally. The latest weekly jobless claims count came in at a lackluster 444,000. Even though that number was in-line with expectations, initial claims remain at heightened levels.

As for corporate news, Cisco (CSCO 25.50, -1.24) was the biggest name in a small batch of announcements. Though the firm brought in better-than-expected earnings and issued an in-line revenue forecast, the stock has fallen to a sell-the-news type of response. The stock's weakness has made for a drag on all three major indices.

Defensive-oriented stocks in the telecom and utilities sectors have fared rather well this session. Telecom is up 0.8% and the utilities sector is up 0.5%, but given that the two sectors combine for just 6% of the total weight in the S&P 500, the broader market continues to lack real leadership.

Given its lack of leadership, the stock market failed to put up much of a fight when it attempted to test its 50-day moving average, which stands at 1173 for the S&P 500.

While the stock market remains mired with a moderate loss, the dollar has managed to make its way back to its 52-week high. Most of the greenback's gain has come against the British Pound, which is currently down more than 1% against the dollar. Meanwhile, a 0.3% loss for the euro has it back near its 52-week against the greenback. Many point to unresolved fiscal practices of several eurozone countries as the source of its weakness.

Treasuries are only slightly higher ahead of results from an auction of 30-year Bonds. The results from that auction are due at any minute. DJ30 -18.13 NASDAQ -11.67 SP500 -3.80 NASDAQ Adv/Vol/Dec 1058/1.19 bln/1527 NYSE Adv/Vol/Dec 1437/514 mln/1512

12:30 pm : Volatility continues to work its way lower. In fact, with its 1.5% decline this session, the Volatility Index has moved downward for the fourth straight session. During that time, the VIX has come down a total of almost 40%. Still, it remains above its 50-day moving average and its 200-day moving average.

Treasuries have pulled back in recent action. The benchmark 10-year Note had been up some 10 ticks in recent trade, but it is now only slightly higher for the session. The downturn comes ahead of results from an auction of 30-year Bonds at 1:00 PM ET. DJ30 -15.64 NASDAQ -11.73 SP500 -3.53 NASDAQ Adv/Vol/Dec 1039/1.12 bln/1524 NYSE Adv/Vol/Dec 1438/478 mln/1514

12:00 pm : Stocks continue to drift lower, but they aren't quite to the session lows that were set in the first few minutes of trade. Defensive-oriented consumer staples stocks (+0.1%), utilities (+0.2%), and telecom stocks (+0.5%) make up the only three sectors that remain in positive territory.

In contrast, discretionary plays have come under increased pressure. As a result, shares of retailers are now down 1.2% to a session low. DJ30 -34.16 NASDAQ -12.68 SP500 -5.68 NASDAQ Adv/Vol/Dec 1015/964 mln/1509 NYSE Adv/Vol/Dec 1325/420 mln/1618

11:30 am : The materials sector is out in front of the broader market for the second straight session. At the moment, the sector is up a solid 0.4%. Most of the sector's strength stems from steel stocks, which are currently led by U.S. Steel (X 57.81, +2.78). Shares of X have spiked a sharp 5% following news that the stock was added to the Conviction Buy list at Goldman Sachs.

Among other natural resource plays, energy stocks have overcome an early fit of weakness to trade with a tepid loss of just 0.1%. The move comes even though oil prices are still under rather stiff pressure as they trade with a 1.6% loss at $74.45 per barrel. DJ30 -6.65 NASDAQ -2.79 SP500 -1.72 NASDAQ Adv/Vol/Dec 1197/820 mln/1136 NYSE Adv/Vol/Dec 1538/363 mln/1363

11:00 am : The S&P 500 recently chopped its way into positive territory and pushed fractionally past the 1173 line, which marks a point of key technical resistance in that it represents the stock market's 50-day moving average, but the broader market has since pulled back a few points.

Overall trade remains largely listless, given the lack of leadership from the most heavily weighted sectors in the S&P 500. For instance, the tech sector, which accounts for almost 20% of the weight in the S&P 500, is up just 0.2%, and the financial sector, which makes up little more than 15% of the broader market's weight, is down 0.5%. Meanwhile, telecom, which holds less than 3% of the market's weight, is currently up the most with its 0.5% gain. DJ30 -7.63 NASDAQ +0.28 SP500 -1.69 NASDAQ Adv/Vol/Dec 1215/682 mln/1259 NYSE Adv/Vol/Dec 1510/300 mln/1342

10:35 am : The US Dollar Index continues trading near session highs, which is hitting the crude market harder than precious metals.

June crude has been trading in the red for over five hours now and just fell to new session lows of $73.62 per barrel. Currently, crude is 2% lower at $74.10 per barrel. June natural gas fell into negative territory about two hours ago and hit its own new session lows in recent trade, hitting $4.20 per MMBtu. Ahead of inventory data, the energy component was trading just above that level at $4.22 per MMBtu. Following the data, which showed a build of 94 bcf versus consensus of a build of 102 bcf, natural gas spiked to session highs of $4.37 per MMBtu and is now 1.5% higher at $4.35 per MMBtu.

Despite strength in the dollar index, precious metals rallied off of lows around 8:00am ET and moved back near the unchanged line. June gold remains in negative territory and July silver is now back in the red after a brief moment in positive territory. Currently, gold is trading 0.4% lower at $1238.00 per ounce, while silver is 0.3% lower at $19.60 per ounce. DJ30 +6.80 NASDAQ +6.46 SP500 +0.38 NASDAQ Adv/Vol/Dec 1128/457.2 mln/1276 NYSE Adv/Vol/Dec 1440/205.8 mln/1313

10:00 am : The Nasdaq Composite recently poked into positive territory amid leadership from the likes of Apple (AAPL 264.27, +2.18) and eBay (EBAY 23.05, +0.54), which was upgraded by analysts at Morgan Stanley. Meanwhile, Cisco (CSCO 25.84, -0.90) is a source of weakness in the Nasdaq, even though the communications equipment maker and marketer posted upbeat earnings for its latest quarter and issued an in-line forecast.

Shares of CSCO have also caused a drag on the Dow and S&P 500, both of which remain mired in negative territory. DJ30 -18.21 NASDAQ +1.16 SP500 -2.09 NASDAQ Adv/Vol/Dec 962/315 mln/1373 NYSE Adv/Vol/Dec 1186/142 mln/1520

09:45 am : Stocks are stuck in a fit of choppy trade as the session gets under way. There really aren't any sectors that stand out in terms of strength at the moment.

Energy is under considerable pressure, though. The sector has already lost 0.8% as oil prices derop 1.9% to $74.20 per barrel. DJ30 -11.79 NASDAQ -1.84 SP500 -2.09 NASDAQ Adv/Vol/Dec 939/220 mln/1349 NYSE Adv/Vol/Dec 1105/105 mln/1542

09:15 am : S&P futures vs fair value: -3.20. Nasdaq futures vs fair value: -8.00. The stock market is up more than 5% week-to-date, but momentum from that move has faded this morning as participants question whether the recent rally has what it takes to get stocks back above their 50-day moving average. Recent news flow has been void of any real catalysts to help carry stocks over that key line; the only noteworthy data was an in-line weekly jobless claims count of 444,000 and Cisco (CSCO) was the only widely-held company to report earnings, which were better than expected and, so, in step with the trend. Meanwhile, the dollar is up to a morning high as it sports a 0.4% gain, most of which has come against the euro, which is back near its one-year low amid persistent concerns about the tenuous fiscal conditions and unsound fiscal practices of several eurozone countries.

09:05 am : S&P futures vs fair value: -3.20. Nasdaq futures vs fair value: -9.00. Stock futures have slipped in the last few minutes of trade. At the same time the dollar has moved to a morning high, where it now trades with a 0.4% gain. The greenback's gain comes primarily as a result of renewed weakness in the euro, which has had to grapple with persistent concerns about the tenuous fiscal conditions and unsound fiscal practices of several eurozone countries. Despite that, Europe's major bourses are up with solid gains. In particular, Germany's DAX is up 1.0% amid strength in Daimler (DAI) and Siemens (SI). Deutsche Bank (DB) is under pressure, though. France's CAC is flat, though, as strength in Vallourec and BNP Paribas is offset by weakness in Credit Agricole and Societe Generale. In Britain, natural resource plays have led the FTSE to a 0.6% gain, but banks are under pressure. In Asia, Japan's Nikkei climbed 2.2%. Fast Retailing led the way as it recorded a gain of more than 4%. In Hong Kong, the Hang Seng added 1.0%. Of its 43 members, only HSBC (HBC), Esprit, Citic Pacific, and Henderson Land Development fell to a loss. Tencent Holdings was a primary source of strength; it surged 5.0% on the back of better-than-expected earnings. In Mainland China, the Shanghai Composite staged a 2.1% gain. China Petroleum (SNP) and PetroChina (PTR) led the advance.

08:35 am : S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: -1.00. Stock futures are still generally flat following the release of the latest weekly jobless claims count, which indicated that 444,000 initial claims were recorded in the week ended May 8. The tally was essentially in-line with the consensus for 440,000 claims and little changed from the 448,000 initial claims that had been booked for the prior week. However, continuing claims came in at 4.63 million, which is a bit higher than the 4.62 million continuing claims that had been expected and up from the 4.62 million continuing claims recorded for the prior week. Separately, import prices for April made a 0.9% month-over-month increase after a 0.5% increase for March.

08:05 am : S&P futures vs fair value: +0.70. Nasdaq futures vs fair value: -0.50. The prior session concluded with strong, broad-based gains that put the stock market just below its 50-day moving average, but stock futures are flat this morning as participants consider the key hurdle. The tepid tone this morning also comes as a result of little news flow, though Cisco (CSCO) reported better-than-expected earnings for its fiscal third quarter and issued an in-line revenue forecast for its fourth fiscal quarter. The latest weekly jobless claims tally is due at the bottom of the hour, along with the latest in import prices. At 12:30 PM ET Fed Chairman Bernanke will be part of a question and answer session at a community development conference. Results from an auction of 30-year Bonds are due at 1:00 PM ET.

06:48 am : S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: -4.50.

06:48 am : Nikkei...10620.55...+226.50...+2.20%. Hang Seng...20422.46...+210.00...+1.00%.

06:48 am : FTSE...5412.01...+28.70...+0.50%. DAX...6234.33...+50.70...+0.80%.

Special thanks to CNNMoney and Yahoo! Finance for their market summaries. 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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