Friday, June 4, 2010

Market update 06/04/2010 - Free Stock Market Analysis

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

The S&P500 gapped down today at the market open and then traded higher slightly for 30 – 40 minutes and then it gave way to a nasty slide to today’s close at 1064.88, down -3.44% on the day. (see charts below).

Looking at a daily chart of the SPY today’s close is below the 200ma, 20ma and 50 moving averages, it looks like we may have support at around the 104-105 area for the SPY, if we fail to hold that support area, look out below! Because this market is going much lower.

The VIX was higher today closing at 35.48 +20.43%, but still well off of its recent highs of 48.20 set back on May 21, 2010.

Taking a look at the QQQQ daily chart today’s closing price of 45.09 (down -3.43%), is below the 20 moving average and above the 200 day moving average and, well below the 50 moving average on a daily chart. Looks like we have an area of support at around the 45.00 to 44.75 area, If we get below that support area we may see it test the recent lows of 43.50, and if we fail 43.50 level of support we may get a test of the spike down level at around 41.50 area which happen on the fat finger day back on May 5, 2010. I doubt that we get that low but if we do and we don’t hold that support area of 41.50 look out below this thing may go much lower.

Apple AAPL. On the daily chart, we have apple closing today at 255.96 down $7.16 and -2.74% down on the day. Apple looks to be trading in a channel here between the 272 and the 230 level, and now looks like it wants to return to the previous low in this channel to the 230 area. But it is trading above its 20ma, 50ma and its 200 day moving average. So it looks to me like apple could see some more downside here, but we may see a bounce off of the 250 to 252 level of support, which is where the 20ma and 50ma are consolidating. We’ll see what happens.

Market Report: June 4, 2010 -- 4:15 PM ET
Moving the Market:
Contagion concerns rekindled by comments from Hungary; euro drops to new multiyear low against greenback. Nonfarm payrolls report for May shows smaller-than-expected increase.

Sector Watch:
(none with a gain of at least 1%)

trucking; consumer electronics; electronic manufacturing services; construction materials; human resources; life and health insurers; real estate services; residential REITs; industrial REITs.

Market Events:
16:15 ET Dow -324.06 at 9931.22, Nasdaq -83.86 at 2219.17, S&P -37.95 at 1064.88
[BRIEFING.COM] Sellers reclaimed control of the stock market after it had put together solid back-to-back gains. The change in tone came amid renewed concerns about contagion in Europe and disappointing nonfarm payrolls data.

Stocks entered Friday with a weekly gain of more than 1%, but that was dashed with this session's rout, which saw the S&P 500 drop more than 3%. That gave the stock market a weekly loss of more than 2% -- its fourth weekly loss of more than 1% in six weeks.

Market participants sold stocks en masse upon learning that officials from Hungary stated that economic conditions in their country are grave and that talk of default is not an exaggeration. What's more, the country does not plan to put austerity measures in place, leading many wonder whether the European Union (EU) will have to provide a bailout.

Though Hungary uses the forint instead of the euro as its currency, the country's troubles make for a manifestation of the fears spawned by the tenuous fiscal and financial conditions throughout Europe. In turn, the euro dropped a precipitous 1.7% to set a new four-year low of $1.1956.

Trade was also hurt by news that nonfarm payrolls for May increased by 431,000, which is well below the 500,000 that many had expected. Even higher numbers had been whispered in some circles, making disappointment over the number all the more significant. Ultimately, the smaller-than-expected increase in payrolls overshadowed news that the unemployment rate made a surprise move to 9.7% from 9.8%.

There really weren't any other headlines to act as catalysts for trade. In turn, market participants were focused on the negative. Of the 500 components in the S&P 500, only one -- Cephalon (CEPH 59.11, +0.33) -- managed to muster a gain. Weakness in the rest of the market led the benchmark index to one of its worst performances this year and its lowest close since February.

Such sharp selling pressure caused the Volatility Index, often euphemistically dubbed the "Fear Gauge," to surge more than 20%. It closed at its highest level of the week.

There was plenty participation behind this session's selloff. Specifically, trading volume on the NYSE surpassed 1.6 billion shares, which is comfortably above the 50-day average of roughly 1.4 billion shares. This session's declining volume outnumbered advancing volume by more than 130-to-1.

Amid this session's carnage, Treasuries fared extremely well. As such, the benchmark 10-year Note spiked more than one point to drop its yield is below 3.20%.

Gold was also a beneficiary of a flight to safety. It closed pit trade with a 0.6% gain at $1217.20 per ounce.

Gold wasn't the only commodity to find favor, though. Natural gas prices climbed 2.3% to settle pit trade at $4.82 per MMBtu as the energy component extended its surge from the prior session.

Nasdaq -83.86 at 2219.17... S&P Midcap 400 -4.1... NYSE Adv/Dec 289/2790... Nasdaq Adv/Dec 300/2372.

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Weekly & Daily Stock Earnings Calendar:

Company Stock, Earnings Date/Time, Expected EPS

Canadian Solar CSIQ 6/2 8am .12EPS
Coldwater Creek CWTR 6/2 8am -.03EPS
Joy Global JOYG 6/3 8am .79EPS
Suntech Power STP 6/3 8am .16EPS

Dollar General DG 6/7 8am .35EPS
Lululemon LULU 6/7 8am .22EPS
Westport Innovations WPRT 6/7 8am -.16EPS
Talbots TLB 6/8 8am .16EPS
Ciena CIEN 6/9 8am -.25EPS
Quiksilver ZQK 6/9 4pm .02EPS
Del Monte Foods DLM 6/10 8am .23EPS
ArcSight ARST 6/11 8am .16EPS

Capston Turbine CPST 6/14 8am -.05EPS
Discover Financial DFS 6/14 8am .11EPS
Best Buy BBY 6/15 8am .52EPS
FedEx FDX 6/16 8am 1.33EPS
Pier 1 Imports PIR 6/17 8am -.04EPS
Krogar KR 6/17 8am .55EPS
Bed Bath Beyond BBBY 6/21 8am .49EPS
Darden Restaurants DRI 6/21 8am .90EPS
Lennar Corp LEN 6/21 8am .01EPS
Micron MU 6/21 4pm .42EPS
Palm PALM 6/21 4pm -.70EPS


Reuters News:

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