Saturday, March 6, 2010

Market update 03/05/2010 - Free Stock Market Analysis

Here is the latest trading and free market analysis info on the markets and more...

Today’s Market Report, March 5 2010.

It looks like the markets are still in an upward trend, as you can see from this SPY (S&P 500 ETF) chart, the market dip back in February 2010 and is continuing its recovery. The recovery started back in March 2009, and looks like it wants to test the recent highs set in mid January 2010. So looks like we’re still in recovery mode here as far as the markets are concerned. Will see what happens when we approach the 115 level on the SPY, if we get a double top we may definitely see this market pullback and trade in a channel for a little while between 105 and 115 area. Otherwise if we break above the 115 level we may see this market continue to rise to new highs set in recent months with resistance at the 123 level in the form of the 200 day moving average on a weekly chart. We’ll see what happens at this level of 115.

SPY gapped up today in early trading due to a better than expected unemployment numbers. SPY was up 1.61 and closed today at 114.25 falling just short of the recent highs of 115.08. SPY is trading above its 50, 20 and 200 period moving averages on a daily chart. On the weekly chart the SPY is trading below the 200SMA and above 20SMA, as well as the 50SMA at the 100 level.

Apple (AAPL) was up 8.24 closing at 218.95 today setting a new high for the company. Looking at the Apple chart, as we can see from this chart Apple has definitely risen up in this channel that it has been trading in for the past four or five months, and as we can see here it looks like Apple may be getting toppy in this channel at around the 220 to 223 level.

Looking at a daily chart we can see that Apple (AAPL) is trading above its 50MA, 20MA and 200 day moving average. On the weekly chart Apple is trading well above its 20MA, 50MA, and 200MA and looking strong.


March 05, 2010 -- 16:30 ET
Moving the Market
February payrolls report shows smaller-than-expected decline. Financials show leadership for second straight session. Greenback gyrates.

Sector Watch:
employment services; computer and electronics; office electronics; coal and consumable fuel; oil and gas refiners; construction materials; consumer finance; industrial REITs; residential REITs

fertilizer and agricultural chemicals

Market Events
03/05/2010 16:30 ET Dow +122.06 at 10566.20, Nasdaq +34.04 at 2326.35, S&P +15.73 at 1138.70:
[BRIEFING.COM] A smaller-than-expected decline in February nonfarm payrolls provided participants with a reason to bid stocks broadly higher, but financials booked the best gains for the second straight session.

Stocks spent the entire session in higher ground. The positive mood on Wall Street was reinforced by the latest Nonfarm Payrolls Report, which showed that just 36,000 jobs were lost in February when a decline of 68,000 had been widely expected. Additionally, the unemployment rate for February came in at 9.7%, which is below the 9.8% rate that had been widely forecast and unchanged from the January rate.

There had been some concern ahead of the jobs report that inclement weather in February might distort the figures, but a note from the Bureau of Labor Statistics (BLS) indicated that weather might not have been as large a factor as some had suggested. That helped legitimatize the smaller-than-expected drop in payrolls.

Though the unemployment rate still stands at an uncomfortable level, participants took heart that the data pointed to an improved outlook for the job environment.

Given that stronger labor conditions are expected to go hand in hand with a stronger economy, the greenback bounced from the flat line to a 0.4% gain as participants quickly considered the implications of a stronger economy on monetary policy. The dollar failed to sustain its gain, though; it finished fractionally lower.

Meanwhile, stocks put together their best percentage gain in two weeks as more than 90% of the names in the S&P 500 pushed higher. The stock market initially encountered some resistance, but it was able to regroup and climb to a new one-month high.

Financials provided leadership for the second straight session. This time they settled with a 2.0% gain as all 79 components in the S&P 500 financial sector advanced. Consumer finance stocks (+3.2%) were among the strongest performers, despite a downgrade of Capital One Financial (COF 37.94, +1.10) by analysts at Goldman Sachs.

Energy stocks weren't far behind. The sector advanced 1.8% with help from higher oil prices, which hit a fresh one-month high of $82.07 per barrel before they settled with a 1.6% gain at $81.50 per barrel.

Oil also provided support for the CRB Commodity Index, which closed with a 0.8% gain.

Trading volume remained rather unimpressive as little more than 1 billion shares exchanged hands on the NYSE this session. That has been a recurring theme, though. Specifically, trading volume this week averaged fewer than 1 billion shares per session.

Though the lack of participation would imply a lack of conviction among market participants, many investors still saw their money grow as the S&P 500 climbed to a weekly gain of more than 3%.

Advancing Sectors: Financials (+2.0%), Energy (+1.8%), Consumer Discretionary (+1.6%), Industrials (+1.5%), Tech (+1.4%), Materials (+1.4%), Health Care (+1.2%), Utilities (+1.1%), Consumer Staples (+0.5%), Telecom (+0.1%)

Declining Sectors: (None)

Nasdaq +34.04 at 2326.35... S&P Midcap 400 +1.5... NYSE Adv/Dec 2581/478... Nasdaq Adv/Dec 2152/554.

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Weekly & Daily Stock Earnings Calendar:

Company Stock, Earnings Date/Time, Expected EPS

Urban Outfitters URBN 3/5 8am .39EPS
Vivus VVUS 3/5 8am -.24EPS

Freddie Mac FRE 3/8 8am N/A
Somaxon Pharma SOMX 3/8 8am N/A
Brigham Exploration BEXP 3/8 4pm .03EPS
Discovery Labs DSCO 3/8 4pm -.06EPS
Sunesis Pharma SNSS 3/8 8am -.14EPS
Yingli Green YGE 3/8 8am .15EPS
E House Holdings EJ 3/9 4pm .37EPS
J. Crew JCG 3/9 4pm .48EPS
American Eagle AEO 3/10 8am .34EPS
Clean Energy Fuels CLNE 3/10 8am -.03EPS
Hot Topic HOTT 3/10 4pm .19EPS
IMAX IMAX 3/11 8am .09EPS
Rite Aid RAD 3/11 8am -.18EPS
Aeropostale ARO 3/11 4pm 1.44EPS
Wave Systems WAVX 3/11 4pm ??
Zumiez ZUMZ 3/11 4pm .28EPS
Ann Taylor ANN 3/12 8am -.03EPS
GenVec GNVC 3/12 8am -.04EPS
Smith & Wesson SWHC 3/12 8am Flat

AgFeed FEED 3/15 8am .11EPS
Energy Conversion Devices ENER 3/15 8am -.75EPS


Reuters News:

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