Financial Aggregator

Despite overwhelmingly bullish commentary in regards to its earnings release after the bell today, Google apparently failed to enthuse investors who sold the stock down nearly 5% in after-hours trading. This sell-on-the-good news reaction (assuming it persists in the regular session tomorrow) would be a change of pattern. Similarly, Intuitive Surgical also beat earnings expectations but its stock was also down somewhat in after-hours trading (it was however bid up strongly for six days in a row). In contrast, during today’s trading session, investors shrugged off poor economic news (notably in regards to foreclosures) and bid the major indexes even higher, particularly the Nasdaq 100.

Here’s a brief look at today’s economic data: (1) The press reported a record number of homes went into foreclosure in the first quarter of 2010. According to RealtyTrac, bank takeovers surged 35%) comparing Q1 2010 to a year earlier). Also, the number of households facing foreclosure swelled by 16%. (2) According to the Labor Department, the number of claimants for first-time jobless benefits increased to 484,000 last week. This is the highest level since late February. Economists had been expecting the number of claims to decline to 440,000. (3) According to the Federal Reserve, US industrial production was up 0.1% in March, a number that also disappointed (consensus estimates: a rise of 0.7%). (4) In contrast, topping estimates was the Empire State manufacturing index which came in at a reading of 31.86 for April (March reading: 22.86; consensus estimate: a rise to 24). (5) Also up was the Philadelphia Federal Reserve’s regional manufacturing index (up to 20.2 in April from a reading of 18.9 in March; consensus estimate; an increase to 20.0).

Driving the Dow Jones Transportation Index into a parabolic upswing was an upbeat earnings outlook by UPS – the world’s largest shipping company. UPS expects a better-than-expected first quarter profit and raised its outlook for the entire year. UPS is considered an economic bellwether company – its huge number of shipments provides feedback on the amount of economic activity.

Friday:
	8:30 AM HOUSING STARTS SAAR (Mar): 610K / 575K BUILDING PERMITS SAAR (Mar): 625K / 637K 9:55 AM MICHIGAN CONSUMER SENTIMENT (Apr P): 75.0 / 73.6

By noreply@noemail.com (HGH Press)

The Dow’s eight-session winning streak is making headlines, as is the fact that the index is now also above its January 2010 highs (it was the last of the majors to achieve this milestone). Furthermore, bullish followers of the long-standing Dow Theory rejoiced today, as the 30-stock Dow Industrial Average has now confirmed the bullish move by the Dow Jones Transportation Average (until now, there had been a divergence between the two). The Industrial Average has twenty stocks, among them FedEx, which reported today that its fiscal third-quarter profit had more than doubled and which sees a recovering economy. The Dow Jones Transportation Average has been on a tear, closing higher for 11 consecutive sessions, something we have not seen since 1993.

With bullishness hitting extremes and much talk about a new bull market, some market commentators speculate that too much good news could actually be bad for stocks because of the rising risk the Fed might be forced to raise interest rates. Let’s look at some recent good news:

The Dow has hit an 18-month high; the Philadelphia manufacturing index showed growth; recent jobless claims declined by 5,000 last week yet inflation at the consumer levels (consumer price index) has been flat; FedEx announced excellent profits and Nike also reported better-than-estimated earnings; DuPont expects earnings per share to grow 20% annually until 2012. Yet the S&P 500 struggled to advance today. Market observers state that a rumored rise in the discount rates was to blame. The Fed has already announced one increase in its discount rate (which it charges banks for direct loans) on February 18.

Some of the weakness in the S&P 500 stemmed from US dollar strength which depressed commodities. Also a drag was Dow component Caterpillar (the world’s largest maker of construction and mining equipment). The company announced that rolling three-month global retail sales for its machinery and engines line of business were down 20%.

No further economic data releases scheduled for this week. Tomorrow is an options expiration session.

By noreply@noemail.com (HGH Press)

The Dow’s eight-session winning streak is making headlines, as is the fact that the index is now also above its January 2010 highs (it was the last of the majors to achieve this milestone). Furthermore, bullish followers of the long-standing Dow Theory rejoiced today, as the 30-stock Dow Industrial Average has now confirmed the bullish move by the Dow Jones Transportation Average (until now, there had been a divergence between the two). The Industrial Average has twenty stocks, among them FedEx, which reported today that its fiscal third-quarter profit had more than doubled and which sees a recovering economy. The Dow Jones Transportation Average has been on a tear, closing higher for 11 consecutive sessions, something we have not seen since 1993.

With bullishness hitting extremes and much talk about a new bull market, some market commentators speculate that too much good news could actually be bad for stocks because of the rising risk the Fed might be forced to raise interest rates. Let’s look at some recent good news:

The Dow has hit an 18-month high; the Philadelphia manufacturing index showed growth; recent jobless claims declined by 5,000 last week yet inflation at the consumer levels (consumer price index) has been flat; FedEx announced excellent profits and Nike also reported better-than-estimated earnings; DuPont expects earnings per share to grow 20% annually until 2012. Yet the S&P 500 struggled to advance today. Market observers state that a rumored rise in the discount rates was to blame. The Fed has already announced one increase in its discount rate (which it charges banks for direct loans) on February 18.

Some of the weakness in the S&P 500 stemmed from US dollar strength which depressed commodities. Also a drag was Dow component Caterpillar (the world’s largest maker of construction and mining equipment). The company announced that rolling three-month global retail sales for its machinery and engines line of business were down 20%.

No further economic data releases scheduled for this week. Tomorrow is an options expiration session.

By noreply@noemail.com (HGH Press)

An absence of market-moving corporate and economic news data plus anemic volume (merely 700 million shares were traded on the NYSE) favored the bulls today; however, early modest gains were eroded by the afternoon where the major indexes traded slightly in the red for some time.

Early gains had been catalyzed by positive overseas action, for instance by better-than-expected economic data in Japan and by the promise from Chinese authorities that that country’s stimulus policies would remain in place for the time being. A pullback of the US dollar brought some upside in oil and gold (as well as to other commodities), and this also helped some equity sectors.

Positive news emerged from the retail sector where the latest data on the ‘holiday shopping season’ suggests this year was not as bad as some had feared. According to MasterCard Advisors’ SpendingPulse, year-over-year US retail sales during the holidays were up 3.6% for the period between November 1 and December 24. In contrast, last year saw a decline of 2.3% over that same time span. Internet retail darling Amazon.com was boosted early in the session, but pulled back later in the day. Still, Amazon’s strength also boosted the Nasdaq 100, helping it to its sixth straight close today.

Investors may have watched airline stocks closely today, given the recent (foiled) terrorist attack on a Northwest flight on Christmas Day. As a sector, airline stocks lost ground today, pulling the Dow Jones Transportation Average down 0.6%. After the attack, market analysts had suggested that there might be some selling pressure but that this most recent terror event would likely only have a modest impact. A review of some major airline stocks shows today’s losses ranging between roughly 1.7 and 7%.

Tuesday:
	9:00 AM S&P CASE SHILLER INDEX (Oct): 146.8 / 146.5 S&P CASE SHILLER Y/Y (Oct): -7.3% / -9.4% 10:00 AM CONF.BOARD CONSUMER CONFIDENCE (Dec): 52.9 / 49.5

Wednesday:
	9:45 AM CHICAGO PMI (Dec): 55.6 / 56.1

Thursday:
	8:30 AM CONTINUING CLAIMS Dec-19: 5170K / 5186K INITIAL CLAIMS Dec-26: 470K / 480K

Friday:
	Markets closed for New Year’s Day

By noreply@noemail.com (HGH Press)

An absence of market-moving corporate and economic news data plus anemic volume (merely 700 million shares were traded on the NYSE) favored the bulls today; however, early modest gains were eroded by the afternoon where the major indexes traded slightly in the red for some time.

Early gains had been catalyzed by positive overseas action, for instance by better-than-expected economic data in Japan and by the promise from Chinese authorities that that country’s stimulus policies would remain in place for the time being. A pullback of the US dollar brought some upside in oil and gold (as well as to other commodities), and this also helped some equity sectors.

Positive news emerged from the retail sector where the latest data on the ‘holiday shopping season’ suggests this year was not as bad as some had feared. According to MasterCard Advisors’ SpendingPulse, year-over-year US retail sales during the holidays were up 3.6% for the period between November 1 and December 24. In contrast, last year saw a decline of 2.3% over that same time span. Internet retail darling Amazon.com was boosted early in the session, but pulled back later in the day. Still, Amazon’s strength also boosted the Nasdaq 100, helping it to its sixth straight close today.

Investors may have watched airline stocks closely today, given the recent (foiled) terrorist attack on a Northwest flight on Christmas Day. As a sector, airline stocks lost ground today, pulling the Dow Jones Transportation Average down 0.6%. After the attack, market analysts had suggested that there might be some selling pressure but that this most recent terror event would likely only have a modest impact. A review of some major airline stocks shows today’s losses ranging between roughly 1.7 and 7%.

Tuesday:
	9:00 AM S&P CASE SHILLER INDEX (Oct): 146.8 / 146.5 S&P CASE SHILLER Y/Y (Oct): -7.3% / -9.4% 10:00 AM CONF.BOARD CONSUMER CONFIDENCE (Dec): 52.9 / 49.5

Wednesday:
	9:45 AM CHICAGO PMI (Dec): 55.6 / 56.1

Thursday:
	8:30 AM CONTINUING CLAIMS Dec-19: 5170K / 5186K INITIAL CLAIMS Dec-26: 470K / 480K

Friday:
	Markets closed for New Year’s Day

By noreply@noemail.com (HGH Press)

An absence of market-moving corporate and economic news data plus anemic volume (merely 700 million shares were traded on the NYSE) favored the bulls today; however, early modest gains were eroded by the afternoon where the major indexes traded slightly in the red for some time.

Early gains had been catalyzed by positive overseas action, for instance by better-than-expected economic data in Japan and by the promise from Chinese authorities that that country’s stimulus policies would remain in place for the time being. A pullback of the US dollar brought some upside in oil and gold (as well as to other commodities), and this also helped some equity sectors.

Positive news emerged from the retail sector where the latest data on the ‘holiday shopping season’ suggests this year was not as bad as some had feared. According to MasterCard Advisors’ SpendingPulse, year-over-year US retail sales during the holidays were up 3.6% for the period between November 1 and December 24. In contrast, last year saw a decline of 2.3% over that same time span. Internet retail darling Amazon.com was boosted early in the session, but pulled back later in the day. Still, Amazon’s strength also boosted the Nasdaq 100, helping it to its sixth straight close today.

Investors may have watched airline stocks closely today, given the recent (foiled) terrorist attack on a Northwest flight on Christmas Day. As a sector, airline stocks lost ground today, pulling the Dow Jones Transportation Average down 0.6%. After the attack, market analysts had suggested that there might be some selling pressure but that this most recent terror event would likely only have a modest impact. A review of some major airline stocks shows today’s losses ranging between roughly 1.7 and 7%.

Tuesday:
	9:00 AM S&P CASE SHILLER INDEX (Oct): 146.8 / 146.5 S&P CASE SHILLER Y/Y (Oct): -7.3% / -9.4% 10:00 AM CONF.BOARD CONSUMER CONFIDENCE (Dec): 52.9 / 49.5

Wednesday:
	9:45 AM CHICAGO PMI (Dec): 55.6 / 56.1

Thursday:
	8:30 AM CONTINUING CLAIMS Dec-19: 5170K / 5186K INITIAL CLAIMS Dec-26: 470K / 480K

Friday:
	Markets closed for New Year’s Day

By noreply@noemail.com (HGH Press)

An absence of market-moving corporate and economic news data plus anemic volume (merely 700 million shares were traded on the NYSE) favored the bulls today; however, early modest gains were eroded by the afternoon where the major indexes traded slightly in the red for some time.

Early gains had been catalyzed by positive overseas action, for instance by better-than-expected economic data in Japan and by the promise from Chinese authorities that that country’s stimulus policies would remain in place for the time being. A pullback of the US dollar brought some upside in oil and gold (as well as to other commodities), and this also helped some equity sectors.

Positive news emerged from the retail sector where the latest data on the ‘holiday shopping season’ suggests this year was not as bad as some had feared. According to MasterCard Advisors’ SpendingPulse, year-over-year US retail sales during the holidays were up 3.6% for the period between November 1 and December 24. In contrast, last year saw a decline of 2.3% over that same time span. Internet retail darling Amazon.com was boosted early in the session, but pulled back later in the day. Still, Amazon’s strength also boosted the Nasdaq 100, helping it to its sixth straight close today.

Investors may have watched airline stocks closely today, given the recent (foiled) terrorist attack on a Northwest flight on Christmas Day. As a sector, airline stocks lost ground today, pulling the Dow Jones Transportation Average down 0.6%. After the attack, market analysts had suggested that there might be some selling pressure but that this most recent terror event would likely only have a modest impact. A review of some major airline stocks shows today’s losses ranging between roughly 1.7 and 7%.

Tuesday:
	9:00 AM S&P CASE SHILLER INDEX (Oct): 146.8 / 146.5 S&P CASE SHILLER Y/Y (Oct): -7.3% / -9.4% 10:00 AM CONF.BOARD CONSUMER CONFIDENCE (Dec): 52.9 / 49.5

Wednesday:
	9:45 AM CHICAGO PMI (Dec): 55.6 / 56.1

Thursday:
	8:30 AM CONTINUING CLAIMS Dec-19: 5170K / 5186K INITIAL CLAIMS Dec-26: 470K / 480K

Friday:
	Markets closed for New Year’s Day

By noreply@noemail.com (HGH Press)

An absence of market-moving corporate and economic news data plus anemic volume (merely 700 million shares were traded on the NYSE) favored the bulls today; however, early modest gains were eroded by the afternoon where the major indexes traded slightly in the red for some time.

Early gains had been catalyzed by positive overseas action, for instance by better-than-expected economic data in Japan and by the promise from Chinese authorities that that country’s stimulus policies would remain in place for the time being. A pullback of the US dollar brought some upside in oil and gold (as well as to other commodities), and this also helped some equity sectors.

Positive news emerged from the retail sector where the latest data on the ‘holiday shopping season’ suggests this year was not as bad as some had feared. According to MasterCard Advisors’ SpendingPulse, year-over-year US retail sales during the holidays were up 3.6% for the period between November 1 and December 24. In contrast, last year saw a decline of 2.3% over that same time span. Internet retail darling Amazon.com was boosted early in the session, but pulled back later in the day. Still, Amazon’s strength also boosted the Nasdaq 100, helping it to its sixth straight close today.

Investors may have watched airline stocks closely today, given the recent (foiled) terrorist attack on a Northwest flight on Christmas Day. As a sector, airline stocks lost ground today, pulling the Dow Jones Transportation Average down 0.6%. After the attack, market analysts had suggested that there might be some selling pressure but that this most recent terror event would likely only have a modest impact. A review of some major airline stocks shows today’s losses ranging between roughly 1.7 and 7%.

Tuesday:
	9:00 AM S&P CASE SHILLER INDEX (Oct): 146.8 / 146.5 S&P CASE SHILLER Y/Y (Oct): -7.3% / -9.4% 10:00 AM CONF.BOARD CONSUMER CONFIDENCE (Dec): 52.9 / 49.5

Wednesday:
	9:45 AM CHICAGO PMI (Dec): 55.6 / 56.1

Thursday:
	8:30 AM CONTINUING CLAIMS Dec-19: 5170K / 5186K INITIAL CLAIMS Dec-26: 470K / 480K

Friday:
	Markets closed for New Year’s Day

By noreply@noemail.com (HGH Press)

An absence of market-moving corporate and economic news data plus anemic volume (merely 700 million shares were traded on the NYSE) favored the bulls today; however, early modest gains were eroded by the afternoon where the major indexes traded slightly in the red for some time.

Early gains had been catalyzed by positive overseas action, for instance by better-than-expected economic data in Japan and by the promise from Chinese authorities that that country’s stimulus policies would remain in place for the time being. A pullback of the US dollar brought some upside in oil and gold (as well as to other commodities), and this also helped some equity sectors.

Positive news emerged from the retail sector where the latest data on the ‘holiday shopping season’ suggests this year was not as bad as some had feared. According to MasterCard Advisors’ SpendingPulse, year-over-year US retail sales during the holidays were up 3.6% for the period between November 1 and December 24. In contrast, last year saw a decline of 2.3% over that same time span. Internet retail darling Amazon.com was boosted early in the session, but pulled back later in the day. Still, Amazon’s strength also boosted the Nasdaq 100, helping it to its sixth straight close today.

Investors may have watched airline stocks closely today, given the recent (foiled) terrorist attack on a Northwest flight on Christmas Day. As a sector, airline stocks lost ground today, pulling the Dow Jones Transportation Average down 0.6%. After the attack, market analysts had suggested that there might be some selling pressure but that this most recent terror event would likely only have a modest impact. A review of some major airline stocks shows today’s losses ranging between roughly 1.7 and 7%.

Tuesday:
	9:00 AM S&P CASE SHILLER INDEX (Oct): 146.8 / 146.5 S&P CASE SHILLER Y/Y (Oct): -7.3% / -9.4% 10:00 AM CONF.BOARD CONSUMER CONFIDENCE (Dec): 52.9 / 49.5

Wednesday:
	9:45 AM CHICAGO PMI (Dec): 55.6 / 56.1

Thursday:
	8:30 AM CONTINUING CLAIMS Dec-19: 5170K / 5186K INITIAL CLAIMS Dec-26: 470K / 480K

Friday:
	Markets closed for New Year’s Day

By noreply@noemail.com (HGH Press)

An absence of market-moving corporate and economic news data plus anemic volume (merely 700 million shares were traded on the NYSE) favored the bulls today; however, early modest gains were eroded by the afternoon where the major indexes traded slightly in the red for some time.

Early gains had been catalyzed by positive overseas action, for instance by better-than-expected economic data in Japan and by the promise from Chinese authorities that that country’s stimulus policies would remain in place for the time being. A pullback of the US dollar brought some upside in oil and gold (as well as to other commodities), and this also helped some equity sectors.

Positive news emerged from the retail sector where the latest data on the ‘holiday shopping season’ suggests this year was not as bad as some had feared. According to MasterCard Advisors’ SpendingPulse, year-over-year US retail sales during the holidays were up 3.6% for the period between November 1 and December 24. In contrast, last year saw a decline of 2.3% over that same time span. Internet retail darling Amazon.com was boosted early in the session, but pulled back later in the day. Still, Amazon’s strength also boosted the Nasdaq 100, helping it to its sixth straight close today.

Investors may have watched airline stocks closely today, given the recent (foiled) terrorist attack on a Northwest flight on Christmas Day. As a sector, airline stocks lost ground today, pulling the Dow Jones Transportation Average down 0.6%. After the attack, market analysts had suggested that there might be some selling pressure but that this most recent terror event would likely only have a modest impact. A review of some major airline stocks shows today’s losses ranging between roughly 1.7 and 7%.

Tuesday:
	9:00 AM S&P CASE SHILLER INDEX (Oct): 146.8 / 146.5 S&P CASE SHILLER Y/Y (Oct): -7.3% / -9.4% 10:00 AM CONF.BOARD CONSUMER CONFIDENCE (Dec): 52.9 / 49.5

Wednesday:
	9:45 AM CHICAGO PMI (Dec): 55.6 / 56.1

Thursday:
	8:30 AM CONTINUING CLAIMS Dec-19: 5170K / 5186K INITIAL CLAIMS Dec-26: 470K / 480K

Friday:
	Markets closed for New Year’s Day

By noreply@noemail.com (HGH Press)