Daily Market Analysis - 31 August 2009

[ No Comments ] Posted on 08.31.09 under Daily Market Analysis, Trading

U.S. MARKETS RECAP : Monday 24 August to Friday 28 August 2009

Quote:

Originally Posted by Briefing.com
Friday 28 August 2009 @ 17:02 ET AMC
Weekly Wrap:
The stock market logged another winning week — albeit a slight one — as a solid gain in financials was offset by losses in six of the ten economic sectors. Overall it was a relatively slow news week with very few earnings reports, though participants did have some economic and banking data to digest.

In the end, the S&P 500 rose 0.3%, hitting fresh highs for 2009. The financial sector led the way, advancing 0.7%, followed by the tech sector (+0.3%) which benefited from better-than-expected earnings and guidance from two bellwethers. Defensive sectors underperformed, with utilities shedding 0.7% and health care giving up 0.9%.

Economic data was mostly better-than-expected, though it failed to provide a sustainable lift for the market. Housing was in focus with two more reports coming out ahead of estimates, though from depressed levels.

New home sales for July rose at a 9.6% annualized rate to 433,000 units, which is well above the 390,000 that had been expected — the sharpest percent rise since 2005. That helped bring inventory down to a 7.5 month supply from an 8.5 month supply. The new home sales increase comes on the heels of multiple positive reports in the housing market, signaling that the bottoming of the housing market may be near. The Case-Shiller 20-city home price index rose on a month-month basis, and the year-over-year drop improved to 15.4%. This was better than the 16.4% year-over-year drop that economists had forecasted.

The preliminary Q2 GDP reading was unchanged from the advance reading at a 1.0% annualized decline, better than the 1.5% drop that was expected. The reading benefited from a smaller-than-expected drop in consumer spending.

The latest weekly jobless claims data continue to reflect a challenging employment environment. There were 570,000 new unemployment claims, down 10,000 from the previous week but slightly higher than expectations. Continuing claims fell by 121,000 to 6.133 million. However, the downward trend of continuing claims should not be confused with a strengthening of the labor market. Jobs are not plentiful and the drop-off is due to workers losing their unemployment benefits.

August consumer confidence rose to 54.1 from 47.4, which was well above the 47.9 consumer confidence. Likewise, the revised University of Michigan consumer sentiment survey for august came in at 65.7, ahead of the 64.3 consensus.

Finally, the June personal income and spending report illustrated the weak economic conditions. Income was flat after falling 1.1% in June, worse then the expected rise of 0.1%. Meanwhile, real personal spending rose 0.2%, in-line with expectation. The gain was primarily due to the jump in auto sales due to the Cash for Clunkers package.

Banks were in focus following the release of second quarter statistics from the FDIC. The FDIC list of problem banks expand to a 15-year high to 416 problem institutions from 305. Although this is certainly a negative, most of the banks on the list are smaller firms as the combined assets of the problem institutions total $299.8 billion (to put this in perspective, the two largest bank holding companies — JPMorgan Chase and Bank of America — have more than $4 trillion in assets). Meanwhile, noncurrent loans and leases increased for the 13th consecutive quarter, though loans between 30-80 days past due declined. The FDIC said it is running low on funds and may need to borrow from the Treasury. We expect banks to continue to face challenges, especially regional banks that have high exposure to commercial real estate.

In other financial regulation news, Fed Chairman Ben Bernanke was nominated by President Obama for a second term, as was widely expected.

In corporate news, Boeing (BA) said it plans to deliver the highly-anticipated and several-times delayed 787 Dreamliner aircraft in late 2010. Boeing expects to incur a noncash charge of roughly $2.5 billion in the third quarter.

Technology bellwether Intel (INTC) raised its Q3 revenue guidance to $9 billon, plus or minus $200 million, citing stronger-than-expected demand for microprocessors and chipsets. The company’s prior guidance was for revenue of $8.5 billion, plus or minus $400 million.

Fellow tech company Dell (DELL) reported a 23% drop in Q2 profit to $0.28 per share, but that was better than the consensus of $0.23. Dell also said it expects improved IT spending in 2010, though that is not a real surprise given depressed spending in 2009.

Year-to-date, the S&P 500 is now up 13.9%, the Dow is up 8.7% and the Nasdaq is leading the way with a 28.6% gain.

U.S. MARKETS RECAP : Friday 28 August 2009

Quote:

Originally Posted by Briefing.com
Friday 28 August 2009 @ 16:49 ET AMC
Daily Sector Wrap : Profit Takers Undercut Strong Start
Thanks to some strong announcements from a few key tech players, stocks were able to build on the previous session’s upward momentum and start Friday considerably higher. However, stocks were unable to hold their initial gains as the belief that recent positive announcements have already been priced into stocks prompted sellers to book profits. That resulted in a lackluster finish for the major indices.

Dell (DELL 15.93, +0.27) helped extend the previous session’s positive bias into after-hours trading by posting a better-than-expected adjusted $0.28 per share for its latest quarter. The company went on to offer an encouraging assessment of demand.

Semiconductor outfit Marvell Tech (MRVL 15.36, +0.73) also announced last evening better-than-expected earnings. It brought in an adjusted $0.18 per share, but went on to issue an upside earnings forecast during its conference call.

Fellow semiconductor company Intel (INTC 20.25, +0.78) bolstered the positive bias in morning trading by stepping out with an increased revenue forecast, which now calls for a top line of approximately $9 billion in the current quarter. Analysts, on average, had forecast some $8.5 billion in revenue for the quarter.

With tech making such strong announcements, market participants were generally indifferent to personal income and spending data for July. Income was flat and spending was up 0.2%, while core personal consumption expenditures were up 0.1%. Each was essentially in-line with expectations.

Though this morning’s announcements helped take the major indices to fresh highs for 2009, their stay there was short-lived. The reversal marks a sign that equity markets are having difficulty rallying on good news. Since stocks failed to hold its opening gains, a substantial portion of the recent good news could already be factored into stock prices.

One variable in that scenario, though, is the light trading volume that has defined market activity in recent weeks. Once again, trading volume was well below the longer-term averages by coming in below 1.2 billion shares on the NYSE this session.

Despite a low-volume, lackluster close for the broader market, there were a handful of strong finishes. Tech stocks were able to settle 0.3% higher, followed by a 0.2% gain among financials, thanks to continued buying in AIG (AIG 650.23, +2.39). Retailers finished fractionally higher as better-than-expected earnings from Tiffany (TIF 37.57, +3.82) and J. Crew (JCG 34.73, +1.97) provided support. Materials stocks had the best gains, though; they finished 0.6% higher.

Market Internals for Friday August 28 2009

Leading Sectors: Financials (+0.15%), Tech (+0.32%), Materials (+0.62%)
Leading Industries: Semiconductors +3.24%, Motorcycle Manufacturers +3.18%, Construction Materials +2.84%, Industrial REITs +2.76%, Steel2.50%, Specialty Stores +2.28%, Gold +2.09%, Multi-Line Insurance2.03%, Diversified Metals & Mining +1.82%, Distillers & Vintners +1.73%

Lagging Sectors: Health Care (-0.91%), Consumer Staples (-0.53%), Consumer Discretionary (-0.11%), Industrials (-0.47%), Energy (-0.36%), Telecom (-0.53%), Utilities (-0.01%)
Lagging Industries: Tires & Rubber -4.72%, Multi-Sector Holdings -3.12%, Managed Health Care -2.30%, Commercial Printing -1.98%, Broadcasting -1.91%, Fertilizers & Agricultural Chemicals -1.77%, Tobacco -1.59%, Metal & Glass Containers -1.46%, Health Care Supplies -1.40%, Application Software -1.35%

NYSE:
Lower than avg volume @ 1146 vs. 1178 avg
Advancers outpacing Decliners : 1508/1488
New highs outpacing new lows : 82/2

NASDAQ:
Higher than avg volume @ 2330 vs. 2169 avg
Decliners outpacing Advancers : 938/1731
New highs outpacing new lows : 75/9

Other Market Moving Factors:
• Profit takers step in to undercut market’s positive bias
• Upward momentum from previous session initially helped along by upside earnings surprises from Dell and Marvell Tech, along with a strong revenue forecast from Intel
• Personal income and spending data for July meet expectations

_______________________________________

PREVIEW FOR 31 August to 04 September, 2009

EARNINGS VIEW FOR WEEK OF 31 August to 04 September, 2009
Monday:
FMCN , SINA

Tuesday:
CRMT , RAIL , GIGM , NOVN , TUTR , ADCT , AVAV , APSG , DCI , SEAC , TTWO , PAY

Wednesday:
BRLI , BTH , BF.B , DHT , JOYG , SYNO , ZLC , ABM , PSS , GEF , HOV , MATK , OXM , SAI

Thursday:
AHII , CIEN , DLM , FLOW , JTX , LAYN , MDZ , MEI , MOV , SCMR , TK , UTIW , JOSB , ARST , CHP , COO , ESL , GIII , PSEM , ZQK , SNDA , SWHC , TSCM , ULTA , WIND

Friday:
HRB
___________________________________________

ECONOMIC VIEW FOR WEEK OF 31 August to 04 September, 2009
Events for Monday 31 August
09:45 Chicago PMI

Events for Tuesday 01 September
10:00 Construction Spending
10:00 ISM Index
14:00 Auto Sales
14:00 Truck Sales

Events for Wednesday 02 September
08:15 ADP Employment Change
08:30 Productivity-Rev.
10:00 Factory Orders
10:30 Crude Inventories
14:00 FOMC Minutes

Events for Thursday 03 September
08:30 Initial Claims
10:00 ISM Services

Events for Friday 04 September
08:30 Average Workweek
08:30 Hourly Earnings
08:30 Nonfarm Payrolls
08:30 Unemployment Rate

___________________________________________

TECHNICAL UPDATE
DOW JONES INDUSTRIAL AVERAGE (DJIND: CBOT) 9,544.20, -36.43 (-0.38%)

NASDAQ COMPOSITE INDEX (COMB) (COMP.IDX: NASDAQ) 2,028.77, +1.04 (+0.05%)

S&P 500 INDEX (SPX: CBOE) 1,028.93, -2.05 (-0.20%)

__________________________________________
Current Markets

Asian Markets Monday August 31 2009 @ Aug 31 6:50am:
HANG SENG 19,724.19 ( -374.43 -1.86% )
NIKKEI 225 10,492.53 ( -41.61 -0.40% )
KLSE 1,174.27 ( -2.63 -0.22% )
STI 2,592.90 ( -49.90 -1.89% )

Currencies Monday August 31 2009 @ Aug 31 6:50am:
U.S. Dollar vs Euro ( -0.0026 -0.18% ) 1.4279
U.S. Dollar vs Yen ( -0.4 -0.43% ) 0.0107
U.S. Dollar vs UK £ ( -0.01 -0.40% ) 1.62

Treasury Yields :

2 Year Note 1.01% -0.03 • 5 Year Note 2.44% -0.03
10 Year Note 3.45% 0.00 • 30 Year Note 4.20% -0.02

Gold (CMX ) December 09 ($US per Troy oz.) : 958.80 ( +11.50)
Light Crude (NYM ) October 09 ($US per bbl.) : 72.74 ( +0.25)

___________________________________________
Summary
"Credit lines dry up for auto dealers" : http://money.cnn.com/2009/08/31/smal…ion=2009083104
This report paints a worrying image in my mind

"Bernanke the risk taker" : http://money.cnn.com/2009/08/25/news…ion=2009082908

"Buffett to up stake in Chinese electric carmaker" : http://money.cnn.com/2009/08/31/news…ion=2009083106

"What’s next? Ask the bond market" : http://money.cnn.com/2009/08/31/pf/f…ion=2009083105

"Chinese stocks swoon - down 6%" : http://money.cnn.com/2009/08/31/mark…ion=2009083103

"Stocks set for selloff" : http://money.cnn.com/2009/08/31/mark…ion=2009083106

Let us just say that today might just be the start of the pullback.

Resistance levels @ 9,620 and 9,700
Support levels @ 9,500 and 9,380
Direction for Monday 31 August 2009; ∇ Down

Direction for the week Monday 31 August to Friday 04 September, 2009; ∇ Down

Daily Market Analysis 27 August 2009

[ No Comments ] Posted on 08.27.09 under Daily Market Analysis, Trading

U.S. MARKETS RECAP : Wednesday, August 26, 2009 AMC

Quote:

Briefing.com - Wednesday August 26 2009 @ 16:45 ET AMC
Daily Sector Wrap : Lack of Interest Leaves Stocks to Drift
Despite some encouraging economic data, stocks had a listless session and made another lackluster finish. Nonetheless, the major indices managed to eke out a fractional gain, which means that the Dow has finished higher seven straight times.

There weren’t any individual leaders for the broader market this session, but retailers (+0.7%) did garner support following better-than-expected earnings and an upside forecast from Dollar Tree (DLTR 50.13, +2.23) and Williams-Sonoma (WSM 17.21, +1.74). Home improvement retailers (+1.4%) also gained, but their strength was owed to an encouraging new home sales report.

Annualized new home sales for July hit 433,000 units, which is well above the 390,000 that had been expected. What’s more, the 9.6% month-over-month increase for July is the sharpest rise since 2005. That helped bring inventory down to a 7.5 month supply from an 8.5 month supply.

The better-than-expected new home sales report brought about a broad-based buying effort that took stocks to their best levels of the session. However, gains were capped as buyers seemed unwilling to chase stocks higher. That left the major indices to drift lower.

With participants sitting on the sidelines the rest of the day’s news items didn’t have much of an impact on the overall market. As such, participants were essentially unimpressed by news that durable goods orders made their sharpest increase in two years by spiking 4.9% in July. Economists had called for a 3.0% increase. Though the increase exceeded expectations, the results were generally the result of the Cash for Clunkers program. Excluding autos, durable goods orders increased 0.8%, which was largely in-line with expectations.

Stocks did drift to afternoon lows following news that an auction of 5-year Treasuries produced a high yield of roughly 2.49% and a bid-to-cover ratio of approximately 2.5. A lack of conviction behind the selling effort enabled the stock market to make its way back to neutral territory.

The lack of interest on the part of participants was also made evident by the lack of trading volume this session. Hardly 1 billion shares traded hands on the NYSE.

Market Internals for Wednesday August 26 2009

Leading Sectors: Tech (+0.06%), Consumer Staples (+0.36%), Consumer Discretionary (+0.45%), Energy (+0.53%), Telecom (+0.76%)
Leading Industries: Photographic Products +20.83%, Homebuilding +3.44%, Publishing & Printing +2.59%, Computer Storage & Peripherals +2.58%, Food Retail +2.38%, General Merchandise Stores +2.24%, Home Furnishing Retail +1.99%, Diversified REITs +1.84%, Multi-Line Insurance +1.78%, Retail REITs +1.76%

Lagging Sectors: Financials (-0.12%), Health Care (-0.25%), Industrials (-0.92%), Materials (-0.48%), Utilities (-0.15%)
Lagging Industries: Trucking -2.80%, Broadcasting -2.42%, Tires & Rubber -2.35%, Managed Health Care -2.20%, Steel -2.07%, Distributors -2.01%, Construction & Farm Machinery & Heavy Trucks -1.98%, Construction & Engineering -1.89%, Motorcycle Manufacturers -1.79%, Railroads -1.57%

NYSE:
Lower than avg volume @ 1052 vs. 1179 avg
Decliners outpacing Advancers : 1429/1561
New highs outpacing new lows : 110/3

NASDAQ:
Lower than avg volume @ 2035 vs. 2172 avg
Advancers outpacing Decliners : 1392/1262
New highs outpacing new lows : 67/7

Other Market Moving Factors:
• Previous session’s flat finish extends into premarket trading
• Preliminary second quarter GDP reading unchanged from advance reading, but consumer spending declines less than expected
• Jobless claims remain high, but mixed when compared with expectations

Quote:

Briefing.com - Wednesday August 26 2009 @ Updated: 26-Aug-09 18:33 ET AMC
After-Hours Report : SIGM Down Sharply on Q2 Earnings
Price level versus 4 pm ET: Despite some encouraging economic data, stocks had a listless session and made another lackluster finish. Nonetheless, the major indices managed to eke out a fractional gain, which means that the Dow has finished higher seven straight times

Five of the ten sectors gained, led by telecom (+0.8%) and energy (+0.5%), while the industrials (-0.9%) and materials (-0.5%) sectors underperformed on a relative basis.

Futures are flat after hours, S&P 500 futures, at 1027.30 and Nasdaq 100 futures, at 1637.25 are flat against fair value.

_______________________________________

U.S Markets - Thursday August 27 2009 - BMO

TECHNICAL UPDATE
DOW JONES INDUSTRIAL AVERAGE (DJIND: CBOT) 9,543.52, +4.23 (+0.04%)

NASDAQ COMPOSITE INDEX (COMB) (COMP.IDX: NASDAQ) 2,024.43, +0.2 (+0.01%)

S&P 500 INDEX (SPX: CBOE) 1,028.12, +0.12 (+0.01%)

__________________________________________

Current Markets

Asian Markets Thursday August 27 2009 @ Aug 27 8:59am:
HANG SENG 20,242.75 ( -213.57 -1.04% )
NIKKEI 225 10,473.97 ( -165.74 -1.56% )
KLSE 1,176.90 ( +4.34 +0.37% )
STI 2,642.23 ( +13.80 +0.53% )

Currencies Thursday August 27 2009 @ Aug 27 8:59am:
U.S. Dollar vs Euro ( +0.0006 +0.04% ) 1.4249
U.S. Dollar vs Yen ( -0.37 -0.39% ) 0.0107
U.S. Dollar vs UK £ ( 0.00 -0.24% ) 1.62

Treasury Yields :

2 Year Note 1.07% +0.02 • 5 Year Note 2.50% +0.06
10 Year Note 3.47% +0.04 • 30 Year Note 4.24% +0.05

Gold (CMX ) December 09 ($US per Troy oz.) : 949.70 ( +3.90)
Light Crude (NYM ) October 09 ($US per bbl.) : 71.17 ( -0.26)

Earnings Highlights for Thursday August 27 2009
APWR , AEO , CSUN , CONN , CPIX , ENER , FRED , GCO , GRB , LB , NOVN , OSIS , SCVL , TK , TOL , VIP , ARUN , BEBE , DELL , DLLR , JCG , MRVL , MCRS , NZ , NOVL , OVTI , SB , SLH , NCTY

Events for Thursday August 27 2009
08:30 Initial Claims
08:30 Q2 GDP - Prelim
08:30 GDP Deflator
08:30 Core PCE

___________________________________________
Summary
"Stocks led by four wounded horsemen" : http://money.cnn.com/2009/08/26/mark…ion=2009082708
OMG read the part which says "In fact, these four wounded horsemen of the financial sector comprised 40% of the overall trading volume on the NYSE on Tuesday."

And if by any means the market is moving up purely on wafer-thin volume and only these 4 stocks are moving it…. the feeling is yeah….. hell is it scary especially as we approach sept-oct period. Currently Wall Street seems to be banging and hammering its resistance like a headless fly. Makes me wonder what and when would it fall off the cliff…

"Wall Street nudging higher" : http://money.cnn.com/2009/08/27/mark…ion=2009082709
In this article - "We’re in the face of a market that seems to be ignoring good news," said Art Hogan. Hmmmm are we running out of steam for the rally since march? We’ve been up up up and no looking back.

"Economy shows stabilization: GDP down 1%" : http://money.cnn.com/2009/08/27/news…ion=2009082709

"Fewer jobless file claims for cash" : http://money.cnn.com/2009/08/27/news…ion=2009082709
Above 2 pieces are great news for the long run but guess our over euphoric these past few months have already got us to a level high enough top be dropped.

Overall summary i guess we have more or less stabilized and seen the bottom but our current level is way too high for the current situation. Personally i think we’ll likely see a drawback before we recover steadily.

Resistance levels @ 9,620 and 9,650
Support levels @ 9,500 and 9,390

Direction for Thursday August 27 2009; ∇ Down

Daily Market Analysis 26 August 2009

[ No Comments ] Posted on 08.26.09 under Daily Market Analysis, Trading

U.S. MARKETS RECAP : Tuesday, August 25, 2009 AMC

Quote:

Briefing.com - Tuesday August 25 2009 @ 16:40 ET AMC
Daily Sector Wrap : Stocks Make Modest Advance
Stocks spiked to a gain of more than 1% following a better-than-expected consumer confidence reading, but the major indices quickly faltered to settle the session with modest gains. Though that made for an unimpressive finish, the gain helped stocks register a new closing high for 2009.

The major indices hit session highs in the moments following the Consumer Confidence Index for August, which came in at 54.1. That was above the 47.9 that was widely expected and marked an improvement from the upwardly revised July reading of 47.4. However, market participants should remember that consumer confidence is not highly correlated with actual spending.

Despite that consideration, retailers showed steady strength through the entire session. They finished 1.8% higher, led by Big Lots (BIG 25.60, +1.57). The discount retailer reported better-than-expected earnings. Chico’s FAS (CHS 12.79, +0.90) also provided support with its own positive earnings surprise. The strength behind retailers helped the consumer discretionary sector finish 1.2% higher, the best of the major sectors in the S&P 500.

In other earnings news, Medtronic (MDT 37.86, -0.14) spent the entire session chopping along in negative territory despite posting in-line quarterly earnings. That detracted from the tech sector, which finished just 0.1% higher.

Financial stocks were a primary source of support to the broader market, though. They led gains for virtually the entire session before settling with a 1.1% gain. Bank stocks and shares of insurers underpinned the sector’s strength.

Separately, Ben Bernanke has been nominated to a second term as Chairman of the Federal Reserve. His nomination comes as the U.S. economy continues to contend with considerable macro headwinds.

Market Internals for Tuesday August 25 2009

Leading Sectors: Financials (+1.12%), Tech (+0.11%), Health Care (+0.35%), Consumer Staples (+0.15%), Consumer Discretionary (+1.21%), Industrials (+0.65%), Telecom (+0.08%)
Leading Industries: Consumer Electronics +9.78%, Photographic Products +5.56%, Industrial REITs +4.69%, Home Furnishing Retail +4.22%, Motorcycle Manufacturers +3.38%, Apparel Retail +3.25%, Homebuilding +3.16%, Housewares & Specialties +3.08%, Multi-Line Insurance +3.06%, Drug Retail +3.00%

Lagging Sectors: Energy (-1.36%), Materials (-0.37%), Utilities (-0.48%)
Lagging Industries: Coal & Consumable Fuels -3.09%, Home Entertainment Software -2.93%, Oil & Gas Exploration & Production -2.44%, Wireless Telecommunications Services -2.39%, Agricultural Products -2.29%, Oil & Gas Equipment -2.28%, Independent Power Producers & Energy Traders -2.15%, Diversified Metals & Mining -2.05%, Oil & Gas Drilling -2.04%, Thrifts & Mortgage Finance -1.92%

NYSE:
Lower than avg volume @ 1142 vs. 1181 avg
Advancers outpacing Decliners : 1822/1181
New highs outpacing new lows : 123/1

NASDAQ:
Lower than avg volume @ 1945 vs. 2176 avg
Advancers outpacing Decliners : 1434/1225
New highs outpacing new lows : 76/8

Other Market Moving Factors:
• Participants show little reaction to sharp increase in July durable goods orders and in-line increase for orders less autos
• July new home sales data (10:00 AM ET) and results from an auction of 5-year Treasuries (1:00 PM ET) expected to act as catalysts

Quote:

Briefing.com - Tuesday August 25 2009 @ Updated: 25-Aug-09 17:01 ET AMC
After-Hours Report : News Flow Even Slow After Closing Bell
Stocks spiked to a gain of more than 1% following a better-than-expected consumer confidence reading, but the major indices quickly faltered to settle the session with modest gains. Though that made for an unimpressive finish, the gain helped stocks register a new closing high for 2009.

Shares of consumer discretionary stocks (+1.2%), made the best gains of any major sector this session. Their strength was underpinned by retailers, which advanced 1.8% as a group. Energy stocks were the weakest performers; they shed 1.4% after putting together the strongest advance in the previous session.

A flat to modestly lower tone is indicated in after-hours action. S&P 500 futures, which currently trade at 1025.60, are just one point behind fair value. Nasdaq 100 futures, which currently trade at 1636.75, trail fair value by roughly three points.

_______________________________________

U.S Markets - Wednesday August 26 2009 - BMO

TECHNICAL UPDATE
DOW JONES INDUSTRIAL AVERAGE (DJIND: CBOT) 9,539.29, +30.01 (+0.32%)

NASDAQ COMPOSITE INDEX (COMB) (COMP.IDX: NASDAQ) 2,024.23, +6.25 (+0.31%)

S&P 500 INDEX (SPX: CBOE) 1,028.00, +2.43 (+0.24%)

__________________________________________

Current Markets

Asian Markets Wednesday August 26 2009 @ Aug 26 8:26am:
HANG SENG 20,456.32 ( +21.08 +0.10% )
NIKKEI 225 10,639.71 ( +142.35 +1.36% )
KLSE 1,172.56 ( +1.47 +0.13% )
STI 2,628.43 ( +9.67 +0.37% )

Currencies Wednesday August 26 2009 @ Aug 26 8:26am:
U.S. Dollar vs Euro ( -0.0027 -0.19% ) 1.427
U.S. Dollar vs Yen ( +0.01 +0.01% ) 0.0106
U.S. Dollar vs UK £ ( -0.01 -0.63% ) 1.62

Treasury Yields :

2 Year Note 1.06% +0.04 • 5 Year Note 2.45% -0.03
10 Year Note 3.43% -0.04 • 30 Year Note 4.21% -0.05

Gold (CMX ) December 09 ($US per Troy oz.) : 946.00 ( +2.30)
Light Crude (NYM ) October 09 ($US per bbl.) : 72.05 ( -2.32)

Earnings Highlights for Wednesday August 26 2009
BWS , CHRS , CCUR , DLTR , DSW , ISLE , KIRK , NWY , WSM , CWTR , GES , HEI , JAS , SIGM , SINA , TIVO

Events for Wednesday August 26 2009
08:30 Durable Orders
08:30 Durables, Ex Transportation
10:00 New Home Sales
10:30 Crude Inventories

___________________________________________
Summary
"Durable goods orders surge 4.9%" : http://money.cnn.com/2009/08/26/news…ion=2009082608

"Stocks set for weak start" : http://money.cnn.com/2009/08/26/mark…ion=2009082608

Yesterday Dow hit my 1st level resistance @ 9620 **JACKPOT** only to fall back and end +30.01 @ 9,539.29 to form an inverted hammer. Same goes for S&P500 and nasdaq ended as doji. Seems like the market is consolidating and running out of steam. For this rally to go forward we’ll at least have to clear 9620.

Resistance levels @ 9,620 and 9,650
Support levels @ 9,500 and 9,390

Direction for Wednesday August 26 2009; ∇ Down

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