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 Post subject: September 23rd Thursday 2010 Emini TF ($TF_F) points +5.00
PostPosted: Fri Sep 24, 2010 3:51 am 
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Special thanks to Bloomberg, CNNMoney and Yahoo! Finance for their market summaries. gm

Bloomberg Video Summary @ http://www.youtube.com/watch?v=VeeWiz_ptT8
Stocks Fall as S&P 500 Posts Longest Decline in a Month
Sept. 23 (Bloomberg) -- Bloomberg's Courtney Donohoe reports on the performance of the U.S. equity market today. U.S. stocks fell, sending the Standard & Poor's 500 Index to its longest drop in a month, as a deteriorating profit outlook for banks and an increase in jobless claims overshadowed a rally in technology shares. Bloomberg's Pimm Fox also speaks.

Stocks End With A Late-Stage Slide
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By Hibah Yousuf, staff reporter
September 23, 2010: 4:48 PM ET

NEW YORK (CNNMoney.com) -- Stocks stumbled in the final hours of a lackluster session and ended near session lows, as nervous investors weighed a surprise jump in weekly jobless claims with a better-than-expected reading on the housing market.

The Dow Jones industrial average (INDU) dropped for a second straight day, falling 77 points, or 0.7%. The blue-chip index had tumbled as much as 94 points during the first hour of the session, then recovered to add 23 points before slumping just below the breakeven line for a majority of the trading day.

The S&P 500 (SPX) ended 9 points lower, or 0.8%, while the tech-heavy Nasdaq (COMP) slipped 8 points, or 0.3%, after spending most of the day in positive territory.

Stocks took a slide at the open after a surprise jump in jobless claims, but clawed back from the deep losses following reports that showed a bounce in existing homes and an improvement in the index of leading indicators, which gauges the economy's performance over the next three to six months.

Trading remained in a tight range most of the day as worries about the job market and the broader economy continued to weigh on sentiment, but stocks lost steam in the late afternoon.

"We got a bit of good news in housing and the overall economy, but there's still a great amount of uncertainty about the labor market," said Peter Tuz, president at Chase Investment Council.

And though the rebound in home sales was a welcome change since they plunged 30% to a record low the previous month, the housing market recovery remains sluggish.
PIIGS roast: Euro debt fears return

"The housing report is helping, but investors know that as soon as there's one good report on housing, there will be a bad one two days later," said Gary Webb, chief executive of Webb Financial Group.

Webb said trading will remain choppy as investors react to each piece of economic news. But he expects the market to trend upward for the remainder of the year.

So far, the S&P is up almost 1%, while the Dow and the Nasdaq are more than 2% higher on the year. Much of that comes from the market's recent performance, with stocks on track to log the biggest monthly gains since April 2009.

Stocks slumped Wednesday amid concerns about the economy and after gold prices touched a new all-time record just shy of $1,300 an ounce.

Investors continued to eye gold prices, which settled at another all-time high Thursday.

Economy: The weekly report on initial jobless claims was worse than expected. The number of people claiming unemployment benefits for the first time jumped by 12,000 to 465,000 last week, the Labor Department reported. Economists surveyed by Briefing.com were looking for claims to drop to 450,000 from 453,000 the previous week.
0:00 /2:52Housing market rebounds -- sort of

The National Association of Realtors reported that existing home sales rose 7.6% 4.13 million units in August. That's just slightly better than economists' predictions. And compared with a year earlier, sales are down 19%.

Meanwhile, the index of leading economic indicators -- a measure of the economy's future performance -- rose 0.3% in August, the Conference Board said. Analysts had forecast a 0.1% increase for the month.

Companies: Shares of Apple (AAPL, Fortune 500) climbed for a fourth straight session, nearing $300 per share. The company's market capitalization became the world's second largest with a market value of $267 billion, surpassing PetroChina (PTR) which is worth $264 billion. Apple still lags behind Exxon Mobil (XOM, Fortune 500), which boasts a market cap of $313 billion.

Blockbuster (BBI, Fortune 500) filed for its much-anticipated bankruptcy as it tries to recover from nearly $1 billion of debt. Blockbuster has struggled for survival ever since media conglomerate Viacom (VIA) spun off the company in 2004. Shares of Blockbuster tumbled 22%.

McDonald's (MCD, Fortune 500) announced an 11% dividend hike to 61 cents per share for the fourth quarter. This is equal to $2.44 per share annually. Shares of the fast food chain fell 0.7%.

Avis (CAR, Fortune 500) boosted its offer to buy Dollar Thrifty (DTG) to $1.52 billion, or about $53 per share, beating Hertz's (HTZ, Fortune 500) most recent offer of $1.45 billion, or $50 per share. Avis rose the cash portion of its bid by 12% to $45.79. Shares of Avis and Hertz fell about 4%, while Dollar Thrifty's advanced 1.9%.

Starbucks (SBUX, Fortune 500) said late Wednesday that it was hiking the price of its "labor-intensive" drinks because of rising coffee bean prices. Shares of the coffee giant lost 1.9%.

World markets: European shares fell Thursday. Britain's FTSE 100 lost 0.1%, Germany's DAX slipped about 0.4% and France's CAC 40 fell 0.7%.

Major stock markets in Asia were closed in observance of mid-autumn festivals.

Currencies and commodities: The dollar rose against the euro, and slipped versus the British pound and Japanese yen.
0:00 /1:11Gold pays off for miners, ETFs

Gold for December delivery rose $4.20 to settle at a record high of $1,296.30.

Oil prices for November delivery rose 47 cents to settle at $75.18 a barrel.

Bonds: The price on the 10-year Treasury note was higher, pushing down the yield to 2.55% from 2.56% late Wednesday.

Image

Yahoo! Finance

4:30 pm : Late selling led stocks to finish lower for the third straight session. Though losses in that time have been relatively modest, the streak is the longest in about a month.

Stocks started the session in the red as a negative tone followed disappointing European data, namely lower-than-expected PMI readings out of Germany and the broader eurozone, a contraction in Ireland's GDP. The mood was further undermined by news that initial jobless claims for the week ended September 18 totaled 465,000, which is more than the 450,000 that had been widely expected.

Support helped stocks rebound from their opening slide. The move gained support following news that existing home sales for August climbed 7.6% month-over-month to an annualized rate of 4.13 million units, which is more than 4.10 million units that had been expected.

Leading indicators for August also proved better than expected. They increased 0.3% in the face of calls for a tepid 0.1% increase.

Tech stocks outperformed after they had lagged in the prior session. That helped the Nasdaq trade with a wide lead over the broader market. Tech stocks, as a group, were up 1.0% at their session high, but the sector failed to sustain the move as sellers took control of the final leg of trade. The overall tech sector settled at the flat line.

Retailers also fell sharply, but they managed to settle with a 0.2% gain. Amazon.com (AMZN 152.85, +1.02) actually registered a new all-time high before it pulled back. Bed Bath & Beyond (BBBY 43.40, +1.35) sustained most of its gain, which was underpinned by better-than-expected earnings and a strong outlook.

Financials undermined broader market for almost the entire session. The sector slid to a 2.0% loss. The drop actually marked the sector's fifth decline in six sessions. The cumulative loss during that time stands at 3.5%.

Without the support of financials the broader market has had a hard time extending the four-month high that it set on Monday. A failure to find support has left the stock market to log losses for three straight sessions.

Treasuries had a flat finish after failing to sustain strong gains in the early going. Early support took the yield on the benchmark 10-year Note to a three-week low of less than 2.50%, but it ended the day at about 2.55%.

Commodities were weak in early trade, but they rebounded in afternoon trade, such that the CRB Commodity Index made out with a 0.5% gain. Precious metals remained the lead story in the space since the continuous silver contract hit a near 30 year high of $21.20 per ounce and the continuous gold contract flirted with its all-time high of $1296.20 per ounce. Pit trade ended with December silver futures up 0.5% to $21.21 per ounce and December gold prices up 0.2% to $1296.30 per ounce.

Advancing Sectors: (None)
Declining Sectors: Financials (-2.0%), Industrials (-1.5%), Materials (-1.0%), Utilities (-1.0%), Energy (-0.8%), Consumer Staples (-0.7%), Health Care (-0.5%), Consumer Discretionary (-0.5%), Telecom (-0.5%)
Unchanged: TechDJ30 -76.89 NASDAQ -7.47 SP500 -9.45 NASDAQ Adv/Vol/Dec 876/1.95 bln/1722 NYSE Adv/Vol/Dec 899/948 mln/2103

3:30 pm : It was another record day for precious metals, after the continuous silver contract traded to a ~30 year high at $21.20 The continuous gold contract came close to putting in a fresh all-time high, but was about 30 cents short. Dec silver futures finished higher by 0.5% to $21.21 per ounce, while Dec gold ended up 0.2% to $1296.30 per ounce.

Oct natural gas finished higher by 1.5% to $4.017 per MMBtu. This morning's inventory, which showed a modestly smaller-than-expected build, had little impact on trade today. Nov crude oil settled up 0.3% to $75.18 per barrel. DJ30 -66.71 NASDAQ -8.00 SP500 -8.59 NASDAQ Adv/Vol/Dec 936/1.5 bln/1642 NYSE Adv/Vol/Dec 937/663.3 mln/2030

3:00 pm : Stocks have started to roll over as they enter the final hour of the session. The downturn has all three major equity averages at their lowest levels of the afternoon.

Volatility is only moderately higher this session. Specifically, the Volatility Index is up just 1.6% at the moment. However, this is the third straight increase in the VIX.

Share volume remains light. In fact, the current pace of trade suggests that total daily volume on the NYSE will remain below 1 billion shares. Trading volume on the Big Board has only broke above 1 billion shares in three separate sessions so far this month. DJ30 -38.79 NASDAQ -0.21 SP500 -5.23 NASDAQ Adv/Vol/Dec 1049/1.37 bln/1514 NYSE Adv/Vol/Dec 1047/578 mln/1905

2:30 pm : The S&P 500 entered the session after losses in each of the two previous sessions -- the first back-to-back losses in one month -- and headed firmly lower in opening action. Disappointing economic data out of Europe and worse-than-expected initial jobless claims triggered follow through selling.

After the S&P 500 slipped back under its multi-month range top in the 1130 zone it stabilized near a congestion zone from both last week and early August. Stronger-than-expected existing home sales and leading economic indicators helped support a recovery into midday.

The stock market paused near the 50% retrace of this week's slip at 1136, but continued posture above the range top of 1130 would be constructive for a follow through attempt. Financial stocks need to participate, though, as bulls will have difficulty extending gains without leadership from the sector. DJ30 -5.14 NASDAQ +11.34 SP500 -0.99 NASDAQ Adv/Vol/Dec 1318/1.25 bln/1227 NYSE Adv/Vol/Dec 1292/528 mln/1632

2:00 pm : Shares of consumer discretionary stocks have maintained a modest lead over the broader market all afternoon. The sector is currently up 0.3%.

However, discretionary play Tiffany & Co. (TIF 44.70, -0.86) has spent the entire session in the red since it was downgraded by analysts at Goldman Sachs.

Separately, Treasuries continue to slide, such that the benchmark 10-year Note is now in negative territory. DJ30 -13.47 NASDAQ +9.66 SP500 -1.77 NASDAQ Adv/Vol/Dec 1289/1.16 bln/1226 NYSE Adv/Vol/Dec 1296/485 mln/1630

1:30 pm : The Dow and S&P 500 continue to drift along the neutral line while the Nasdaq continues to sport an enviable gain.

Treasuries continue to slowly hand back their gains. In turn, the yield on the 10-year Note is now up about four basis points to 2.53% from its morning low, which also marked a three-week low.

Commodities have benefited from an improved tone, though. As a result, the CRB Commodity Index now boasts a 0.5% gain. DJ30 -7.15 NASDAQ +12.91 SP500 -0.85 NASDAQ Adv/Vol/Dec 1447/1.07 bln/1065 NYSE Adv/Vol/Dec 1394/445 mln/1511

1:00 pm : Early trade was guided by data, but a bounce by tech has since taken the Nasdaq to a solid gain while weakness among financials undermines the broader market.

Disappointing August PMI data from both Germany and the broader eurozone drove selling in Europe this morning. A contraction in Ireland's GDP only exacerbated the negative tone of early trade.

Domestic participants were let down by initial jobless claims for the week ended September 18. The week's tally totaled 465,000, which is down from the prior week but still more than what many had expected.

Existing home sales for August proved more pleasing. They climbed 7.6% month-over-month to exceed expectations. Leading indicators for August also climbed more than expected with a 0.3% increase.

Though the major indices started the session in the red, they were able to quickly trim losses.

Tech stocks made the strongest recovery in the early going as buyers returned to the space after it had underperformed in the prior session. Strength in the space has the tech sector up 0.7% and the Nasdaq out in front of its counterparts.

Semiconductor stocks have been some of the best performers within the tech sector, though the Philadelphia Semiconductor Index has backed down a bit since pushing above its 50-day moving average. The Indes is still up an impressive 1.6%, however.

Retailers have also had an impressive session. The group is up 0.9% as Amazon.com (AMZN 155.11, +3.28) trades to a new all-time high and Bed Bath & Beyond (BBBY 43.95, +1.90) rips higher following better-than-expected earnings and a strong outlook.

However, financials have been a drag on the broader market all session. The sector's 0.8% loss comes mostly from weakness among diversified bank stocks (-1.7%) and investment banks (-1.1%). In contrast, regional banks (+1.0%) are generally strong. DJ30 +0.91 NASDAQ +12.89 SP500 -0.40 NASDAQ Adv/Vol/Dec 1446/992 mln/1063 NYSE Adv/Vol/Dec 1421/413 mln/1476

12:30 pm : The S&P 500 remains mired near the neutral line as financial stocks continue to undermine broader market action. The financial sector's 0.7% loss is largely the result of weakness among big banks like JPMorgan Chase (JPM 39.38, -0.56), Bank of America (BAC 13.30, -0.12) and Wells Fargo (WFC 25.46, -0.35). DJ30 -0.72 NASDAQ +13.77 SP500 -0.66 NASDAQ Adv/Vol/Dec 1476/898 mln/992 NYSE Adv/Vol/Dec 1444/380 mln/1435

12:00 pm : The Philadelphia Semiconductor Index is up 2.0% this session. It's spike is currently led by Texas Instruments (TXN 26.05, +0.61), which currently trades at a fresh four-month high. The run up by semiconductor stocks has helped put the Nasdaq out in front of the other major averages.

The tech-rich Nasdaq has also been helped by Apple (AAPL 291.44, +3.69), which holds a 7.5% weighting in the Nasdaq. Apple is the biggest stock by market weight in the Nasdaq. DJ30 +4.43 NASDAQ +15.17 SP500 +0.07 NASDAQ Adv/Vol/Dec 1488/820 mln/952 NYSE Adv/Vol/Dec 1491/345 mln/1364

11:30 am : The Dow and S&P 500 have poked into positive territory. All three major indices are now sporting gains, though the Nasdaq has a wide lead over its counterparts.

Shares of retailers have rallied to a 1.0% gain. Amazon.com (AMZN 155.44, +3.61) is a leader in the pack. The stock is currently trading at a new all-time high. There haven't been any news items or headlines to account for the stock's strength; only positive momentum over recent sessions has been a driver of its gains. DJ30 +16.35 NASDAQ +18.20 SP500 +1.85 NASDAQ Adv/Vol/Dec 1473/698 mln/932 NYSE Adv/Vol/Dec 1511/300 mln/1323

11:00 am : The Nasdaq has poked into positive territory with help from tech stocks, which have rallied to a 0.5% gain after lagging in the prior session. However, both the Dow and S&P 500 were recently rebuffed near the neutral line and are now back in the red to trade with modest losses.

An improved tone among stocks has caused Treasuries to hand back some of their morning gains, but they continue to trade well into positive territory.

Meanwhile, the dollar has reclaimed some of the gains that it had surrendered shortly before the open. As such, the greenback is now up 0.2% against a basket of competing currencies. DJ30 -14.60 NASDAQ +7.08 SP500 -2.30 NASDAQ Adv/Vol/Dec 1190/562 mln/1141 NYSE Adv/Vol/Dec 1147/241 mln/1643

10:30 am : The dollar index is trading near session highs, which is causing select commodities to trade.

Natural gas on the other hand is trading near session highs ahead of today's inventory data. The energy component has been in positive territory all session and hit session highs of $4.07 per MMBtu near the top of the hour. Following inventory data, which showed a build of 73 bcf versus a build of 80 bcf, natural gas pushed to new session highs of $4.13 per MMBtu and is now 1.7% higher at $4.03 per MMBtu.

November crude oil fell into the red overnight and has remained there since. It hit session lows of $73.58 per barrel just before 8:30am ET and is now 0.8% lower at $74.08 per barrel.

December gold and December silver is modestly lower in morning trade. Gold hit session lows of $1288.20, but has since moved back into positive territory, just above the unchanged line at $1292.90 per ounce. Silver hit lows of $20.89 per ounce around the same time. Currently, the precious metal is 0.2% lower at $21.02 per ounce.DJ30 -40.26 NASDAQ -0.71 SP500 -5.14 NASDAQ Adv/Vol/Dec 899/389.7 mln/1357 NYSE Adv/Vol/Dec 864/172.5 mln/1894

10:00 am : The Nasdaq's loss is currently half of that of the Dow and S&P 500. The Nasdaq had suffered outsized losses in the prior session as shares of large-cap tech faltered.

Just released, existing home sales for August hit an annualized rate of 4.13 million units, up 7.6% month-over-month. The consensus among economists polled by Briefing.com was pegged at an annualized rate of 4.10 million units.

Leading indicators for August were also just released. They increased 0.3% when a 0.1% increase had been widely expected. The prior month's indicators pointed to a 0.1% increase.

Advancing Sectors: Tech (+0.2%), Telecom (+0.1%)
Declining Sectors: Materials (-1.1%), Energy (-0.8%), Financials (-0.8%), Industrials (-0.7%) Utilities (-0.5%), COnsumer Staples (-0.5%), Health Care (-0.1%)
Unchanged: Consumer DiscretionaryDJ30 -45.56 NASDAQ -4.83 SP500 -5.40 NASDAQ Adv/Vol/Dec 721/260 mln/1456 NYSE Adv/Vol/Dec 709/119 mln/1986

09:45 am : A stiff, broad-based flurry of selling hit stocks at the open, but support has emerged to help the major averages make a bit of a rebound.

Pressure is currently most pronounced among natural resource plays. Specifically, energy stocks are down 0.9% and materials stocks are down 1.1%. In contrast, tech stocks (-0.3%) and health care stocks (-0.3%) have managed to limit their losses.

Amid the weakness in the stock market, Treasuries have ticked markedly higher. In turn, the yield on the benchmark 10-year Note is below 2.60%. DJ30 -66.18 NASDAQ -9.08 SP500 -7.23 NASDAQ Adv/Vol/Dec 569/153 mln/1490 NYSE Adv/Vol/Dec 519/77 mln/2130

09:15 am : S&P futures vs fair value: -8.40. Nasdaq futures vs fair value: -12.00. Amid light corporate news flow early participants have taken their cues from data. In turn, disappointing PMI readings out of Europe and a greater-than-expected weekly initial jobless claims tally have stock futures pointing toward a markedly lower start for the session. Still to come, though, are existing home sales numbers for August and leading indicators for August. Both bits of data are due at 10:00 AM ET. The dollar has come under a bit of pressure during the past couple of hours. That has almost completely reversed the 0.4% gain that it had sported at its session high. Meanwhile, Treasuries have resumed their ascent, which has taken the yield on the benchmark 10-year Note below 2.50% for the first time in about three weeks.

09:00 am : S&P futures vs fair value: -9.50. Nasdaq futures vs fair value: -14.00. Futures for the S&P 500 remain under stiff pressure and a negative tone to trade still governs action in Europe. The major bourses there have been hurt by disappointing August PMI data from both Germany and the broader eurozone. A contraction in Ireland's GDP hasn't helped the tone. Specific to trade in Germany, the DAX is down 1.1%. Its losses are broad based, but consumer discretionary stocks are under the most pressure as they contend with a 1.5% loss. In contrast, Bayer has been a leader to health care plays, which are actually up 0.4%, collectively. France's CAC has fallen to a 1.7% loss as all 40 of its components move lower. Financials are in the worst shape. They are down 2.7% amid pronounced weakness in BNP Paribas and Societe Generale. Britain's FTSE is off by 1.3%. Materials stocks make up the worst performing sector. As a group they are down 1.7%. Rio Tinto (RTP) is a primary source of weakness in the sector, but banking plays HSBC (HBC) and Standard Chartered are casting the heaviest drag on the broader market. Meanwhile, the British pound is up 0.2% against the greenback. The euro has pared its loss so that it now lags the dollar by 0.4%.

There is no trade from Asia to summarize since many of the major market averages were closed. However, the Japanese yen has advanced 0.2% against the dollar to trade near its prior session high.

08:35 am : S&P futures vs fair value: -11.00. Nasdaq futures vs fair value: -15.50. Stock futures recently slipped to morning lows with the release of the latest jobless claims data. They have since stabilized. Initial jobless claims for the week ended September 18 totaled 465,000, which is down 12,000 week-over-week and more than the 450,000 claims that had been expected among economists surveyed by Briefing.com. Continuing claims totaled 4.49 million, which is down 48,000 week-over-week.

08:00 am : S&P futures vs fair value: -6.80. Nasdaq futures vs fair value: -9.80. Stock futures are under a bit of pressure this morning. Their weakness comes largely in response to renewed selling in Europe, where the major bourses are all down markedly in the wake of disappointing PMI readings out of Germany and the broader eurozone. The euro has also handed back a substantial portion of yesterday's gain. The latest weekly jobless claims tally is due at the bottom of the hour. Existing home sales numbers for August follow at 10:00 AM ET, along with leading indicators for August.

06:49 am : S&P futures vs fair value: -4.20. Nasdaq futures vs fair value: -4.30.

06:49 am : Nikkei...Holiday......... Hang Seng...Holiday.........

06:49 am : FTSE...5508.07...-43.90...-0.80%. DAX...6165.14...-43.30...-0.70%.

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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