Thursday, July 23, 2009

SPY update 07/23/09 - Free Stock Market Analysis - Congratulations! to Mark Buehrle

Here is the latest trading and free market analysis video on the S&P500 (SPX), SPY, QQQQ, DIA, GLD ETFs and more...

FYI – I have updated the “My Links” page (above on with a great collection of trading links, to help you make a more informed investment or trade.

Mark Buehrle throws 18th perfect game in MLB history !!

Mark Buehrle joined an elite group of pitchers against the Rays in a 5-0 victory Thursday. The southpaw became the first to deal perfection since Randy Johnson in 2004. Congratulations! to Mark Buehrle and the Chicago White Sox for throwing a perfect game!!

July 23, 2009 -- 16:30 ET
Moving the Market:
Earnings remain in focus; results this morning support positive bid for stock futures. Initial weekly jobless claims increase from prior week, but remain in-line with expectations; continuing claims fall more than expected. Existing home sales for June increase in-line with expectations

Sector Watch:
casinos and gaming; automakers; trucking; building products; industrial REITs; human resources and employment services

food retailers; health care tech; restaurants; electronic equipment; residential and construction services; special construction services

Market Events:
07/23/09 16:30 ET Dow +188.03 at 9069.29, Nasdaq +47.22 at 1973.60, S&P +22.22 at 976.29:
[BRIEFING.COM] Broad-based buying on the back of a large batch of better-than-expected earnings announcements sent all three major indices to their best levels in months. Though most of the move came in the first half of the session, stocks were able to hold steady in the afternoon and close just off of session highs.

Gains were strongest among materials stocks. Strong results from Mosaic (MOS 51.45, +3.03) won its shares support and helped lift the materials sector 3.4%, more than any other major sector in the S&P 500.

Financial stocks also made strong gains, though they were actually laggards in the early going. Large diversified banks (+0.1%) underperformed, but a positive reaction to the latest quarterly report from regional lender Fifth Third (FITB 8.01, +1.00) helped give the financial sector a 3.0% gain.

More than 150 companies posted their latest quarterly results between last evening and this morning. The bulk of announcements were better-than-expected, which helped drive broad-based buying. Industry heavyweights 3M (MMM 69.43, +4.76), Qualcomm (QCOM 47.40, -1.05), AT&T (T 25.48, +0.64), Ford (F 6.98, +0.60), SanDisk (SNDK 16.92, -2.07), eBay (EBAY 21.52, +2.07), and Diamond Offshore (DO 92.28, +4.38) all topped Wall Street's earnings estimates. However, each of those companies saw a decline in revenue, which suggests that companies are relying on cost cuts and demand has yet to fully stabilize.

Nonetheless, the Dow finished at its best level since January and the S&P 500 finished at its highest point since November. The Nasdaq last traded at its current level in October. What's more, the Nasdaq has finished higher in each of the last 12 sessions; it hasn't accomplished such a feat since 1992 when it gained in 13 straight sessions, according to CNBC.

Small- and mid-caps have also benefited from the broader market's recent bullish bias. In turn, the Russell 2000 is at its best level since November and the S&P 400 is back at levels not seen since October.

Medarex (MEDX 15.89, +7.49) led this session's advance by small-caps. Bristol-Myers Squibb (BMY 20.86, +0.57) agreed to acquire the company for $16.00 per share in cash. Bristol-Myers also unveiled better-than-expected earnings for its latest quarter and issued upside guidance for fiscal 2009.

Tupperware Brands (TUP 35.00, +4.25) was a primary leader among mid-caps after posting a positive earnings surprise of its own.

Commodities also benefited from broad-based buying, which pushed the CRB Commodity Index 1.8% higher in its best percentage gain since mid-June.

Amid participants' willingness to move into riskier holdings, Treasuries fell sharply out of favor. That pushed the benchmark 10-year Note nearly one point lower and lifted its yield back toward 3.7%. At its low, the yield on the Note was above 3.7%, which marked a high for this month.

There were only a couple of economic releases out this morning. Neither had a significant impact on trading. Initial jobless claims for the week ending July 18 totaled 554,000, which was up from the previous week, but essentially in-line with expectations. Meanwhile, continuing claims fell for a second straight week by coming in at 6.225 million. The surprise decline is being treated with caution since many suspect that the retreat in continuing claims was only the result of exhausted unemployment benefits.

In other economic news, existing home sales increased for the third straight month by coming in at an annual rate of 4.89 million units during June. That reflects a 3.6% month-over-month increase, which is the best monthly change since a 4.9% increase in February.

Nasdaq +47.22 at 1973.60... S&P Midcap 400 +2.8... NYSE Adv/Dec 2155/199... Nasdaq Adv/Dec 2085/635.

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Weekly & Daily Stock Earnings Calendar:

Apple AAPL 7/21
Advanced Micro Devices AMD 7/21
Merck MRK 7/21
Starbucks SBUX 7/21
Yahoo YHOO 7/21

Eli Lilly ELY 7/22 8am
PepsiCo PEP 7/22 8am
Pfizer PFE 7/22 8am
Boeing BA 7/22 8am
U.S Bancorp USB 7/22 8am
Wells Fargo WFC 7/22 8am
Ebay EBAY 7/22 4pm
Qualcomm QCOM 7/22 4pm
SanDisk SNDK 7/22 4pm

AT&T T 7/23 8am
Chicago Mercantile Exchange CME 7/23 8am
Potash POT 7/23 8am
United Parcel Service UPS 7/23 8am
McDonald's MCD 7/23 8am
Ford F 7/23 8am
American Express AXP 7/23 4pm
Broadcom BRCM 7/23 4pm
Microsoft MSFT 7/23 4pm
Netflix NFLX 7/23 4pm
Amazon AMZN 7/23 4pm

Baidu BIDU 7/24 8am

Amgen AMGN 7/27 4pm

United Steel X 7/28 8am

Reuters News:

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