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 Post subject: March 8th Monday 2010 Emini TF ($TF_F) points +3.90
PostPosted: Tue Mar 09, 2010 5:12 pm 
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4:30 pm : Listless and lackluster action kept participants on the sidelines as stocks consolidated their recent gains. A lack of market-moving headlines and other trading catalysts also made for minimal participation.

Investors and traders showed little willingness to step back into the stock market after it advanced more than 3% last week. In turn, hardly 900 million shares exchanged hands on the NYSE in what was this year's second-smallest level of volume.

In addition to the light trade, action was also rather quiet and stocks spent most of the session stuck in a narrow range. There were neither economic data nor corporate news items to act as movers.

However, Hewlett-Packard (HPQ 51.73, -0.30) did disappoint with its downward revision of first quarter earnings to $1.07 per share.

Despite the generally positive influence of merger and acquisition activity on the broader market, news that AIG (AIG 29.10, +1.02) offloaded its American Life Insurance Company to MetLife (MET 40.90, +1.98) in a $15.5 billion deal only seemed to help shares of insurers. Still, that kept the financial sector in positive territory for the entire session. Financials finished with a tepid 0.2% gain.

A bounce by the dollar also kept a cap on trade. The greenback had been down roughly 0.4% at its session low, but recovered to finish flat.

Despite the bland action in the broader market, the Nasdaq Composite was able to garner enough support to hit a fresh 52-week high. Research In Motion (RIMM 73.39, +3.89) was a primary leader after it was upgraded on Wall Street.

Advancing Sectors: Telecom (+1.1%), Consumer Discretionary (+0.4%), Tech (+0.3%), Financials (+0.2%)
Declining Sectors: Industrials (-0.5%), Health Care (-0.4%), Consumer Staples (-0.4%), Energy (-0.2%), Materials (-0.1%), Utilities (-0.1%)DJ30 -13.68 NASDAQ +5.86 NQ100 +0.1% R2K +0.2% SP400 +0.2% SP500 -0.20 NASDAQ Adv/Vol/Dec 1443/2.19 bln/1246 NYSE Adv/Vol/Dec 1792/905 mln/1249

3:35 pm : The major indices continue to trade in an narrow range on light volume.

The commodity complex closed essentially unchanged as the dollar index did the same.

Precious metals sold off as the dollar pared its early losses this morning. Both metals moved modestly higher off session lows but traded relatively flat for the remainder of the session, netting marked losses. April gold closed 1.0% lower at $1124.00 per ounce. Gold futures are still above their 50 moving average near the $1109.50 level. May silver closed 0.6% lower at $17.27 per ounce.

April crude oil futures broke below the $81 level late in the morning as the dollar index hit a session high. April crude oil futures pared those losses and traded all the way into positive territory, however. They closed at $81.87 per barrel, up 0.5%.

April natural gas spent the session recovering from a session low at $4.46 early in the session. It closed 1.3% lower at $4.53 per MMBtu. DJ30 -5.52 NASDAQ +6.86 SP500 +0.63 NASDAQ Adv/Vol/Dec 1405/1.81 bln/1263 NYSE Adv/Vol/Dec 1774/644 mln/1245

3:00 pm : The S&P 500 has traded within a five-point range for the entire session. The lack of action comes as participants allow this past week's gains to consolidate.

Last week's advance totaled 3.1%; it was the second weekly gain in three weeks. During that three week period, the stock market tacked on almost 6%.

Trading volume has suffered as participants sit on the sidelines. With just one hour left in this session, little more than a half billion shares have exchanged hands on the NYSE.

Trading volume, or the lack thereof, has also been influenced by the absence of any major headlines or catalysts, which would often pull in participants.DJ30 -6.50 NASDAQ +6.36 SP500 +0.32 NASDAQ Adv/Vol/Dec 1437/1.59 bln/1242 NYSE Adv/Vol/Dec 1809/561 mln/1206

2:30 pm : While the broader market remains stuck in range bound trade with mixed results, homebuilders have put together a strong session. In fact, the SPDR Homebuilders exchange traded fund, XHB (XHB 16.76, +0.19), has hit a new 52-week high. Pulte Homes (PHM 11.45, +0.22), Toll Brothers (TOL 19.77, +0.24), and Meritage Homes (MTH 22.70, +0.20) are among the better performers in the group. DJ30 -3.63 NASDAQ +6.83 SP500 +0.78 NASDAQ Adv/Vol/Dec 1442/1.48 bln/1225 NYSE Adv/Vol/Dec 1805/523 mln/1186

2:00 pm : The Nasdaq Composite recently made its way to a fresh session high. However, its overall gain remains modest, as biotechs Teva Pharmaceutical (TEVA 60.61, -1.05) and Gilead Sciences (GILD 46.97, -0.64) hamper the advance.

The two biotech outfits aren't the only weak performers in the health care sector, though. Managed care stocks are down a collective 1.0% after President Obama gave a speech today in Philadelphia that took some aim at health insurers for raising rates, according to reports. DJ30 -0.68 NASDAQ +8.26 SP500 +1.22 NASDAQ Adv/Vol/Dec 1425/1.35 bln/1206 NYSE Adv/Vol/Dec 1772/482 mln/1208

1:30 pm : The major equity averages continue to chop along in a relatively narrow range. The lackluster action comes as participants step back to let the stock market's recent gains consolidate. After all, the S&P 500 has advanced for six consecutive sessions, though that includes a half-point gain in the middle of this past week.

Gyrations in the greenback have also hampered trade this session. The dollar trimmed its morning loss to make a fractional gain, but it has since eased back to trade just below the neutral line. DJ30 -3.18 NASDAQ +7.79 SP500 +0.98 NASDAQ Adv/Vol/Dec 1350/1.26 bln/1288 NYSE Adv/Vol/Dec 1726/454 mln/1252

1:00 pm : Stocks have been stuck in choppy, listless trade for the entire session. The action has made for mixed results.

Though the broader market continues to gyrate along the neutral line, the Nasdaq Composite has managed to maintain a modest gain as large-cap tech issues like Cisco Systems (CSCO 25.68, +0.47) and Research In Motion (RIMM 72.86, +3.36) provide support.

However, Hewlett-Packard (HPQ 51.63, -0.40) has been a laggard among tech issues. The company revised lower its first quarter earnings to $1.07 per share.

In other corporate news, AIG (AIG 29.01, +0.93) has offloaded its American Life Insurance Company to MetLife (MET 40.43, +1.51) in a $15.5 billion deal, which marks AIG's second multibillion dollar transaction in one week. AIG's announcement has helped win support for insurers, which have kept the broader financial sector out of negative territory this session. The financial sector is currently up just 0.1%, though.

Telecom has put together the best gain of the session; the sector is currently up 1.3%. Telecom remains the worst performing sector this year, though; it is down nearly 9% year-to-date.

A bounce by the buck has weighed on recent trade. The dollar had been down roughly 0.4% at its session low, but it now trades with a fractional gain against competing currencies.

The greenback's gain also clipped commodities, such that the CRB Commodity Index retreated from a 0.3% gain at its session high to a 0.4% loss at its session low. The CRB has since eased off of its low, though. DJ30 -9.75 NASDAQ +5.84 SP500 +0.28 NASDAQ Adv/Vol/Dec 1257/1.05 bln/1310 NYSE Adv/Vol/Dec 1618/395 mln/1309

12:30 pm : Telecom has extended its lead over the broader market, such that the sector now sports a 1.4% gain. That puts telecom on track for its best single-session percentage advance in nearly two months.

Meanwhile, health care, consumer staples, and industrials continue to lag. Each of the three sectors trades with a loss of 0.4% at the moment. DJ30 -9.15 NASDAQ +5.02 SP500 +0.01 NASDAQ Adv/Vol/Dec 1257/1.08 mln/1310 NYSE Adv/Vol/Dec 1618/395 mln/1318

12:00 pm : The Dow is back near its session low, but its overall loss remains rather modest. Nonetheless, industrial outfits 3M (MMM 81.50, -0.94) and Caterpillar (CAT 58.76, -0.47) are primary sources of weakness.

However, integrated telecom giants AT&T (T 25.24, +0.25) and Verizon (VZ 29.56, +0.33) have provided support. McDonald's (MCD 65.35, +1.68) is also a source of support; the company reported this morning that its global same-store sales increased 4.8% in February. DJ30 -19.12 NASDAQ +3.32 SP500 -1.32 NASDAQ Adv/Vol/Dec 1232/938 mln/1333 NYSE Adv/Vol/Dec 1565/362 mln/1356

11:30 am : Stocks are stuck in listless, lackluster trade, which has made for rather mixed results among the major indices.

Meanwhile, the dollar has recovered from its morning loss, such that it is now at the flat line. The greenback's bounce has undercut commodities, such that the CRB Commodity Index is now down 0.5% to a fresh session low after it had been up roughly 0.3% at its morning high.

With commodities under pressure, materials stocks have slipped to a 0.4% loss. Gold stocks, down 1.0%, are among the worst performers in the sector. Select steel stocks have provided support, though; shares of U.S. Steel (X 59.86, +0.96) were upgraded by analysts at Goldman Sachs. However, shares of AK Steel (AKS 23.74, -1.14) were downgraded by Goldman Sachs. Schnitzer Steel (SCHN 49.53, -1.48) was downgraded by analysts at UBS. DJ30 -18.52 NASDAQ +1.39 SP500 -1.67 NASDAQ Adv/Vol/Dec 1238/828 mln/1299 NYSE Adv/Vol/Dec 1522/320 mln/1382

11:00 am : Trade remains turbulent, but the major indices have managed to make their way back to positive territory after a recent dip. The Nasdaq Composite is leading gains, thanks to strength from large-cap tech issues like Microsoft (MSFT 28.86, +0.27), Cisco Systems (CSCO 25.68, +0.47), and Research In Motion (RIMM 72.86, +3.36). Shares of RIMM have been helped by an analyst upgrade.

Elsewhere in the tech sector, Hewlett-Packard (HPQ 51.82, -0.21) disappointed investors with the downward revision of its first quarter earnings to $1.07 per share. The revision followed developments in litigation involving Electronic Data Systems, which was acquired by Hewlett-Packard in 2008. DJ30 +4.15 NASDAQ +5.34 SP500 +0.78 NASDAQ Adv/Vol/Dec 1132/346 mln/1236 NYSE Adv/Vol/Dec 1456/140 mln/1288

10:30 am : The dollar remains in negative territory, but it has pared losses in recent action. That has pushed several commodities lower.

Precious metals prices were clipped earlier in the session by a modest, upward move in the Dollar Index, which is now down fractionally. Gold now trades with a 0.8% loss at $1125.90 per ounce, while silver is down 0.2% at $17.34 per ounce.

March crude oil has traded in positive territory all session. It put in session highs of $82.41 per barrel, but now trades at $81.89 per barrel, up $0.39. Its pullback from morning highs was exacerbated by the greenback's improved position.

March natural gas began trending lower overnight, eventually hitting lows of $4.46 per MMBtu just before the open of pit trade. Natural gas prices are currently just above that mark with a 2.3% loss at $4.49 per MMBtu. DJ30 +3.93 NASDAQ +4.12 SP500 +1.02 NASDAQ Adv/Vol/Dec 1270/520.6 mln/1175 NYSE Adv/Vol/Dec 1702/206.5 mln/1126

10:00 am : Choppy action in the early going has made for rather mixed trade, such that the major indices remain near the unchanged line.

However, telecom stocks have jumped out to a 0.7% gain. That makes it the best performing sector in the early going. Still, telecom is the worst performing sector this year; it is down more than 9% since the start of 2010.

Meanwhile, industrial stocks, which make up the best performing sector of 2010, are lagging this session. The sector is down 0.3% at the moment, but up to a 6.5% year-to-date gain. DJ30 +4.15 NASDAQ +2.48 SP500 +0.15 NASDAQ Adv/Vol/Dec 1132/345 mln/1236 NYSE Adv/Vol/Dec 1456/140 mln/1288

09:45 am : The major equity averages started the session with slight gains, but a bit of selling pressure has imbued trade to take stocks a leg lower in the opening minutes.

Defensive-oriented sectors appear to be under the brunt of the recent move lower. In turn, consumer staples and health care stocks are down to a 0.2% loss, while utilities are off by 0.1%.

However, financials have offered a source of support. The sector is up 0.3%, more than any other major sector. DJ30 +1.60 NASDAQ +1.94 SP500 +0.31 NASDAQ Adv/Vol/Dec 1216/209 mln/1051 NYSE Adv/Vol/Dec 1605/98 mln/1062

09:15 am : S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: flat. This morning's mood remains subdued as participants sit on strong gains of more than 3% from last week -- the S&P 500 advanced in all five sessions, including an incremental gain midweek. Though there haven't been any economic items to act as catalysts ahead of the opening bell, there have been a few noteworthy items, including news that AIG (AIG) has divested another chunk of its business in further merger and acquisition activity. This time the insurance giant has offloaded its American Life Insurance Company to MetLife (MET) in a $15.5 billion deal. Shares of AIG are up 4.2% to $29.27 each in premarket trade and MET shares are up 4.3% to $40.55 per share in premarket trade. In other corporate news, Hewlett-Packard (HPQ) revised lower its previously announced first quarter earnings to $1.07 per share. Its stock price is down 0.7% to $51.66 per share in premarket action. Meanwhile, the dollar remains a focal point of market participants; the greenback is currently down 0.3% against competing currencies.

09:05 am : S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +0.50. The tone ahead of the opening bell remains neutral as stock futures dance along the unchanged mark. Commodities are also largely flat, as measured by the CRB Commodity Index. However, oil prices are up 0.4% to $81.80 per barrel in the opening minutes of pit trade. Oil's modest gain comes in addition to last week's run, which helped oil prices make their way to a year-to-date gain of more than 3%.

08:35 am : S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: -0.30. U.S. stock futures remain flat. The neutral tone is generally shared by European markets as Germany's DAX, France's CAC, and Britain's FTSE each trade with a 0.1% gain. In Germany, Muenchener Rue is offering strength, but Siemens (SI) has been a counterbalance. According to reports, German industrial production increased 0.6% month-on-month in January. In France, BNP Paribas has helped give advancers an edge over declining issues. Still, the overall tone to trade is mixed. According to Dow Jones, French President Sarkozy said the European Union would support Greece if required to do so. In Britain, banking issues Barclays (BCS) and Standard Charter and metals plays BHP Billiton (BHP) and Rio Tinto (RTP) have provided a boon to the FTSE. However, HSBC (HBC) has been a drag on the broader market even though Reuters reported that banks operating in Britain were given more breathing space when the Financial Services Authority said it will not demand higher liquidity levels. The mood among Asia's major markets was much more positive on Monday. As such, the MSCI Asia Pacific Index advanced 1.9% and Japan's Nikkei climbed 2.1%. A weaker yen helped resource-linked firms like steelmaker JFE Holdings, which said on Friday it had agreed with BHP Billiton to pay $200 per ton for coking coal for April-June. Nippon Steel also gained. Exporters also climbed as Canon (CAJ) and Honda Motor (HMC). In Hong Kong, the Hang Seng gained 2.0%. China Construction Bank led gains as it made its way to a six-week high. PetroChina (PTR) also climbed as its chairman said the company's joint bid for Australia's Arrow Energy with Royal Dutch Shell (RDS.A) was in an initial stage and had no timetable. In mainland China, the Shanghai Composite added 0.7%.

08:05 am : S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: flat. Stock futures have had a choppy morning, but the current indication is for a flat start to the first session of the week. That comes after stock futures improved their position amid a dip in the dollar, which is currently down 0.2% against a basket of foreign currencies. Corporate news is relatively light this morning and there isn't any economic data on tap, but headlines continue to come out of Greece in the wake of the country's austerity plan. According to Dow Jones, French President Sarkozy said that the European Union would support Greece if required to do so, but Reuters reported that Greece's central bank Governor Provopoulos said that Greece will not need foreign help.

06:29 am : S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -4.30.

06:29 am : Nikkei...10585.92...+217.00...+2.10%. Hang Seng...21196.87...+408.90...+2.00%.

06:29 am : FTSE...5583.22...-16.50...-0.30%. DAX...5875.92...-1.40...0.00.

Special thanks to Yahoo! Finance and CNNMoney 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

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