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Stocks Fall After Bank of America Earnings

Mon, 20 Apr 2009 16:26:46 GMT

Stocks took a beating on more worries about the banking sector, every Dow stock is down. Dow dropped 227, decliners over advancers 7-1 & NAZ fell 55. Banks led the way down, the S&P 500 FINANCIALS INDEX is having a very bad day: Value 139.91Change -9.27 %[More...]

Daily Report For Thursday, Apr 16, 2009

Thu, 16 Apr 2009 13:36:24 GMT

(8:25am ET) The main focus of traders today will be the 1Q2009 earnings report from JP Morgan (JPM), and the close scrutiny of the data and hype that will follow. After hitting a low of $14.93 in early March, JPM has rallied +118.1% to yesterday’s close of $32.56. There was a high of $34.15 on Tuesday. http://tinyurl.com/da6dcv JP Morgan reported Q1 net income of $2.14 billion, or $0.40/share, down -10% from a year earlier, but beat analysts' expectations. Revenue increased +48% to $25.03 billion. WSJ reported that CEO Jamie Dimon said the firm extended about $150 billion in new credit to consumer and corporate customers during the quarter. With a last hour rally spurred by the real estate investment trusts (REITS) ($DJR +8.7%) and Banks ($BKX +5.1%) in the Financial sector (XLF +4.8%), the US equity[More...]

Daily Report For Friday, Mar 13, 2009

Fri, 13 Mar 2009 15:55:00 GMT

(9:48am ET) Equity market prices lifted pretty much from start to finish of Thursday’s session. Retail Sales, Jobless Claims and Business Inventories and comments from Barney Frank and Tim Geithner played a role in the general bullishness. The latter made comments on the dangers of ending the mark-to-market rule and instead believe subtle changes could be made in an effort to improve it. Pfizer (PFE) made a big splash with the announcement its Phase III trial of Sutent was stopped early as the drug showed a significant benefit in patients with pancreatic cancer. At the close, the DJIA (+239.66 +3.46% to 7170.06), S&P 500 (+29.38% to 750.74) and NASDAQ (+54.46 +3.97% to 1426.10) were up sharply for the second day in the past three. The Toronto Composite (+271.25 +3.39% to 8282.27) and Venture Board (+19.52 +2.37% to 843.42) were almost as strong. The winning sector by a wide margin was[More...]

Daily Report For Tuesday, Feb 24, 2009

Tue, 24 Feb 2009 14:46:00 GMT

(9:39am ET) Equity prices as shown in the major market indexes are at multi-year lows and traders are in a state of capitulation. By the end of the day, Monday, the DJIA (-250.89 -3.41% to 7114.78), the S&P 500 (-26.72 -3.47% to 743.33), and NASDAQ Composite (-53.51 -3.71% to 1387.72) closed down at support levels going back to the 1990’s. The Toronto Composite (-302.32 -3.80% to 7647.67) and Venture Board (-13.96 -1.56% to 878.94) were down there as well. There were no winning sectors as Healthcare (XLV -2.0%), a major loser, was the best of the lot. Basic Materials (XLB -6.1%), pulled down by Chemicals, led to the downside. The Financials (XLF -3.5%) dropped equal to the broad indexes, and much of the loss was in the REITs ($DJR), which fell -7.8%, and not the banks. Today, JP Morgan (JPM) prudently slashed its dividend, permitting all banks to follow, without each getting hammered. That move was crucial to a base being set[More...]

Daily Report for Thurs., Feb. 19, 2009

Thu, 19 Feb 2009 14:02:00 GMT

(9:44am ET) In one of the narrowest ranging trade sessions of the past year, active traders became frustrated at their inability to act. By the end of the day, the S&P 500 (-0.75 -0.10% to 788.42), DJIA (+3.03% to 7555.63), and NASDAQ Composite (-2.69 -0.18% to 1467.97) were all very quiet. The big sector winner, Consumer Staples (XLP +0.53%) hardly moved, while the big loser by far was Utilities (XLU -1.51%) was down just a bit. The Toronto Composite (-202.75 -2.42% to 8175.95) did plunge, while the Venture Board (-3.34 -0.36% to 915.82) pulled back a bit. Earlier in the day today, at 7:34am ET, the European bourses were quiet. The French CAC (-0.33%), the German DAX (+0.24%), and the UK FTSE 100 (-0.11%) had hardly moved. Today also, the Asia-Pacific equity markets were quiet Australia (+0.92% to 3398.0), Nikkei 225 (+0.31% to 7557.7), Shanghai (+0.78% to 2227.1), Hong Kong (+0.06% to[More...]

Hopes On Stimulus Package Fade

Thu, 12 Feb 2009 15:54:00 GMT

The slide in world markets over night continued in the US. Dow fell 147, decliners over advancers 4-1 & NAZ dropped 13. Banks & oils (the oil contract sank to another low) led the way down. S&P 500 FINANCIALS INDEX in the first hour of trading gave up yesterday's gains: Value 118.42Change -6.39 [More...]

Economic Worries Sink Stocks Again

Thu, 29 Jan 2009 23:05:00 GMT

Dow dropped 226, decliners ahead of advancers 4-1 & NAZ sank 50. Two of the sharpest drops came at Kodak (EK), down 29%, & Allstate (ALL), down 21%, on glum reports. As in many recent sessions, financials led the way, this time down. S&P 500 FINANCIALS INDEX gave up much the gains from Wed (finishing near the low of the day). Representative is Wells Fargo (WFC), yesterday up 5 (31%) & today down 2. Value 127.12[More...]

Banks Lead Markets Higher

Wed, 28 Jan 2009 17:13:00 GMT

Markets are having a strong day ahead of the FED meeting in the PM. Dow is up 128, advancers over decliners 6-1 & NAZ is up 41. Banks are leading the charge from their depressed lows. Wells Fargo (WFC), one of Berkshire Hathaway's big investments, rose 3.89 (24%) on what was considered a good report. They are a big home lender, which was responsible for their first loss in 8 years. The Wachovia acquisition also was a drag. But the stock gained 3.54 (20%) when WFC maintained the dividend & added it won’t need more federal aid. •Wells Fargo Has First Loss Since 2001; Shares Jump as Bank Keeps Dividend Their announcement lifted all bank stocks as shown below: S&P 500 FINANCIALS[More...]

Dow Down Triple Digits

Thu, 22 Jan 2009 21:37:00 GMT

After a sharp fall in the first hours, when Dow plunged 275, the Dow had a major rally bringing it near break even. But sellers took over in the PM, Dow ended with a loss of 105, decliners 3-1 over advancers & NAZ fell 41. The 8K floor for the Dow has been quite strong under a lot of pressure in recent weeks. The chart below shows that the Dow held above 11K during the spring-summer period, before the Sep crash. Since then the 8K floor held, with one exception which didn't last long. Bulls point to this a base building. However, if it gives way there probably will not be support for some time as seen when the floor was lowered from 11K to 8K. Dow Jones Industrials --- 6 months [More...]

Rebound Day

Wed, 21 Jan 2009 21:03:00 GMT

Encouraging tech forecasts (especially IBM) lifted the markets. Dow rose 279, advancers over decliners 3½-1 & NAZ was up 66. The 8K floor has held for the Dow over 3 months. Dow Jones Industrials --- 3 months Oversold banks led the charge up as S&P 500 FINANCIALS INDEX rose off its low yesterday but couldn't take out the prior Nov low of 125: [More...]