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 Post subject: July 16th Friday 2010 Emini TF ($TF_F) points +7.40
PostPosted: Mon Jul 19, 2010 9:14 pm 
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2:00 pm : The major market indices are hovering near their lowest levels of the session with the Dow down close to 230 points.

Technology shares are showing losses in-line with the broader market while Apple (AAPL 251.11, -0.34) is trading slightly lower following the announcement the company will give a free iPhone case to every iPhone 4 buyer.

Shares in Google (GOOG 466.48, -27.54) are sharply lower after the company reported weaker-than-expected earnings per share. Competitor Baidu (BIDU 73.66, -1.98) is showing weakness on the news, but is only slightly weaker than the broader market. DJ30 -237.42 NASDAQ -61.25 SP500 -28.29 NASDAQ Adv/Vol/Dec 374/1.32 bln/2197 NYSE Adv/Vol/Dec 526/833.8 mln/2451

1:30 pm : Stocks are now at their worst level of the week. The slide has been slow and steady, spanning the past two and a half hours.

Pressure has also intensified against commodities, such that the CRB Commodity Index is now down 1.2%. In the energy space, oil prices are down 1.6% to $75.40 per barrel and natural gas prices are down 1.9% to $4.50 per MMBtu. As for precious metals, gold prices have dropped 1.5% to $1190 per ounce, while silver has sunk 3.2% to $17.77 per ounce. DJ30 -228.37 NASDAQ -57.39 SP500 -2701 NASDAQ Adv/Vol/Dec 369/1.21 bln/2181 NYSE Adv/Vol/Dec 529/779 mln/2444

1:00 pm : Another batch of better-than-expected earnings has failed to inspire market participants, who have turned on stocks to send the S&P 500 on its way to its worst single-session slide of the month.

Both Bank of America (BAC 14.13, -1.26) and Citigroup (C 4.00, -0.16) posted this morning better-than-expected earnings, but that hasn't kept the financial sector from falling more than 3%.

Goldman Sachs (GS 148.25, +3.03) is one of only a few sector components to find higher ground. The investment banking outfit has agreed to settle charges levied by the SEC by paying $550 million, which removes an overhang from the stock.

Economic bellwether General Electric (GE 14.66, -0.59) posted better-than-expected earnings with help from an improved GE Capital segment. Despite that the industrial conglomerate has dragged the industrial sector down to a 3.0% loss.

Google (GOOG 468.69, -25.33) became the first major name to miss Wall Street's consensus earnings estimate. The stock is on track for its first loss in eight sessions and its worst single-session loss since April.

Beleaguered BP (BP 37.65, -1.27) had spiked late in the prior session amid of positive developments from tests on its leaking oil well, but there hasn't been any follow through. Instead, the stock is back under renewed selling pressure.

The mood among market participants has been further dampened by the euro's reversal from the fresh two-month high that it set in the early going. The currency is now down with a 0.2% loss against the greenback.

Data has also undermined sentiment. Though the CPI figures for June came without much surprise, the preliminary Consumer Sentiment Survey for July from the University of Michigan made a surprise drop when an increase had been widely expected.

Trading volume has seen a considerable pickup from recent sessions. Specifically, more than 700 million shares have already exchanged hands on the NYSE. DJ30 -215.55 NASDAQ -55.70 SP500 -25.71 NASDAQ Adv/Vol/Dec 359/1.12 bln/2160 NYSE Adv/Vol/Dec 520/730 mln/2432

12:30 pm : The S&P 500 recently set a fresh session low. The descent has been steady, but all 10 major sectors are now down with losses that range from 1% to more than 3%.

Commodities have been caught up in this session's weakness. In turn, the CRB Commodity Index is now near its session low with a 0.8% loss. DJ30 -201.47 NASDAQ -54.97 SP500 -24.66 NASDAQ Adv/Vol/Dec 370/1.02 bln/2139 NYSE Adv/Vol/Dec 500/685 mln/2437

12:00 pm : Weakness in the stock market continues to intensify. In turn, few names have been unharmed by this session's selloff. Charles Schwab (SCHW 15.56, +1.01) and Goldman Sachs (GS 148.38, +3.16) are among those that have managed to actually stage a gain. Shares of SCHW have benefited from a better-than-expected earnings report, while GS has been helped by news that the firm will pay $550 million to settle charges levied by the SEC. Their gains fly in the face of sharp losses for the rest of the financial sector, which is now down 3.3%.

Pressure on stocks has won further support for Treasuries. Eagerness for the relative safety of fixed income instruments has sent the yield on the 2-year Note to an all-time low of 0.576%, according to CNBC, and the yield on the 10-year Note to 2.918%.

DJ30 -198.29 NASDAQ -51.42 SP500 -23.88 NASDAQ Adv/Vol/Dec 374/913 mln/2123 NYSE Adv/Vol/Dec 496/630 mln/2411

11:30 am : Stocks had spent the past hour moving sideways with steep losses, but sellers recently intensified their efforts to send stocks another leg lower. In turn, all three major averages are at session lows.

Weakness remains worst among financial stocks. The sector is now down 3.2% in its worst single-session percentage slide of the past month. Within the sector, regional banks are down 4.4%, diversified banks are down 4.7%, and diversified financial services stocks are down 5.3%. DJ30 -182.32 NASDAQ -44.32 SP500 -21.36 NASDAQ Adv/Vol/Dec 390/790 ml/2066 NYSE Adv/Vol/Dec 483/567 mln/2384

11:00 am : The stock market recently retreated all the way to 1075, which is roughly where it started the week. Such a steep slide has stoked volatility, which is up 11%, according to the Volatility Index.

Treasuries have ticked higher in response to the losses and increased sense of uncertainty. In turn, the yield on the benchmark 10-year Note is now below 2.95%.

Trading volume is up sharply this morning. To be specific, a half-billion shares have already exchanged hands on the NYSE. In recent sessions, several hours of trade would have to pass before a similar total was set. DJ30 -148.80 NASDAQ -38.06 SP500 -17.31 NASDAQ Adv/Vol/Dec 403/648 mln/2004 NYSE Adv/Vol/Dec 482/500 mln/2355

10:30 am : The US Dollar picked up steam a couple of hours ago, which earlier added additional selling pressure to commodities. Near the top of the hour, the index pushed into positive territory. However, its currently sitting right near the flat line, while most commodities are near session lows.

August crude and natural gas fell notably and into negative territory in recent trade with crude falling to new session lows of $75.43 per barrel and natural gas falling to $4.52 per MMBtu. In currently activity, crude is trading 1.2% lower at $75.72 per barrel, while natural gas is 0.8% lower at $5.55 per MMBtu

Both August gold and September silver have traded in the red since the overnight session. Gold began to fall notably around 8:30am ET and hit new session lows of $1185.80 in recent trade. Silver followed the same path, hitting its own fresh session lows of $17.73 per ounce a short while ago. Currently, gold is 1.4% lower at $1191.00 per ounce, while silver is 3% lower at $17.82 per ounce. DJ30 -168.25 NASDAQ -41.75 SP500 -19.23 NASDAQ Adv/Vol/Dec 349/502.3 mln/2016 NYSE Adv/Vol/Dec 419/421.5 mln/2381

10:00 am : Stocks have dropped to fresh session lows following news that the preliminary Consumer Sentiment Survey for July from the University of Michigan dropped to 66.5 from 76.0 in the prior month. It had been widely expected to improve to 74.5.

The subsequent selloff has been broad based, such that all 10 of the major sectors are in the red and seven of them are down by more than 1%. DJ30 -148.87 NASDAQ -34.40 SP500 -17.44 NASDAQ Adv/Vol/Dec 330/309 mln/1910 NYSE Adv/Vol/Dec 418/333 mln/2301

09:45 am : Stocks have slumped in the first few minutes of trade. Weakness is widespread, but ressure has been most pronounced among financials, which are down 1.9% as market participants disregard better-than-expected earnings from Bank of America (BAC 14.41, -0.98) and Citigroup (C 4.04, -0.12).

Of the major sectors, only telecom is in positive territory. Its gain is minimal, though. DJ30 -92.87 NASDAQ -22.64 SP500 -11.26 NASDAQ Adv/Vol/Dec 388/217 mln/1765 NYSE Adv/Vol/Dec 494/279 mln/2145

09:15 am : S&P futures vs fair value: -7.20. Nasdaq futures vs fair value: -9.30. The S&P 500 is now poised for a lower open. The weakened tone comes as the euro surrenders most of its gains against the greenback. The currency had worked its way to a new two-month high earlier this morning, but now it is up just 0.1%. Market participants continue to shrug off earnings. The latest batch included better-than-expected earnings from bellwethers General Electric (GE), Bank of America (BAC), and Citigroup (C). Google (GOOG) had the dishonor of being the only major name to miss the consensus earnings estimate. In other corporate news, Goldman Sachs (GS) has settled charges levied by the SEC by paying a $550 million fine and BP Plc (BP) provided encouraging test results from its well. Economic data has done little to alter the mood of premarket participants - total CPI for June slipped in step with expectations and core CPI increased slightly more than expected. Coming up at 9:55 AM ET is the University of Michigan's latest Consumer Sentiment Survey, which could carry broader market ramifications.

09:00 am : S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -6.00. Domestic stock futures have slipped a bit, but Europe's major bourses are up with varied gains. Specifically, Germany's DAX is up 0.6% amid strength in consumer services (+1.0%) and consumer goods (+0.9%). Utilities (-2.7%) are sharply out of favor. France's utilities sector (-1.0%) is also weak, but strength in basic materials stocks (+0.8%) and oil and gas plays (+0.6%) has the CAC up 0.4% at the moment. In Britain, the FTSE has advanced to a 0.8% gain. Oil and gas plays (+1.8%) are leaders after BP Plc (BP) provided some encouraging test results from its leaking oil well. Meanwhile, the euro is up 0.4% in its fourth straight advance, which has put it at a fresh two-month high against the dollar. In other currency news, Japan's yen hit a new eight-month high in recent trade. However, the strength of the currency weighed on shares of exporters in Japan's Nikkei, which tumbled 2.9%. Selling interest was intensified by the exit of many market participants ahead of a long, holiday weekend in that country. Of the 225 members in the index, only nine names staged gains. As for China's Shanghai Composite, it finished flat. Kweichow Moutai was a primary leader, while PetroChina (PTR) was a key laggard. Hong Kong's Hang Seng also finished flat as gains among tech stocks (+1.8%) were offset by losses among consumer goods plays (-1.5%).

08:35 am : S&P futures vs fair value: -2.70. Nasdaq futures vs fair value: -4.00. Stock futures remain flat following the latest dose of data, which featured a Consumer Price Index for June that decreased 0.1% month-over-month, as expected, after a 0.2% monthly decline in May. Excluding food and energy, consumer prices increased 0.2% month-over-month, but that was slightly more than the widely anticipated increase of 0.1%. Still to come this morning is the Net Long-term TIC Flow figure for May (9:00 AM ET) and the preliminary Consumer Sentiment Survey for June from the University of Michigan (9:55 AM ET).

08:00 am : S&P futures vs fair value: -2.60. Nasdaq futures vs fair value: -4.00. The mood this morning is a bit subdued as futures for the S&P 500 trade with only a slight edge over fair value. Once again there has been a generally muted response to the first few quarterly reports. Among those that have reported, both General Electric (GE), Bank of America (BAC), and Citigroup (C) had better-than-expected earnings, but Google (GOOG) became the first major name to miss Wall Street's consensus earnings estimate. Some clarity has been added to the headlines that sent stocks upward in the final hour of the prior session. Goldman Sachs (GS) will pay $550 million to settle charges levied by the SEC. Meanwhile, BP (BP) announced that no oil is being released into the ocean in its latest test, but BP also stated that the test will not be an indication that oil and gas flow has been permanently stopped. In other developments, the euro continues to climb so that it is now up 0.4% against the greenback to a new two-month high. The Japanese yen made its way to a new eight-month high. The June Consumer Price Index is due at the bottom of the hour. Net Long-term Treasury International Capital (TIC) flows for May follow at 9:00 AM ET. The preliminary Consumer Confidence Survey for July from the University of Michigan is due at 9:55 AM ET.

06:30 am : S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: -2.30.

06:28 am : Nikkei...9408.36...-277.20...-2.90%. Hang Seng...20250.16...-5.50...0.00.

06:28 am : FTSE...5258.03...+46.70...+0.90%. DAX...6179.68...+30.30...+0.50%.

Special thanks to Bloomberg, 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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