Friday, September 17, 2010

Market update 09/17/2010

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

Ok - We got the bounce up to the top of this channel on the SPY, QQQQ and most of the markets. We need to keep an eye on the markets at this level. We may be due for a correction soon, but if it breaks out to the upside we may see these markets test the highs of April 2010.


Market Report: September 17, 2010 -- 4:30 PM ET

Moving the Market
Consumer sentiment weakens in September, while consumer price data shows little surprise

Oracle and Research In Motion report better-than-expected earnings

Texas Instruments raises dividend and announces share repurchase plan that represents a quarter of its current market cap

Options expiration drives share volume sharply higher

Sector Watch
advertising; employment services; education services; electronic manufacturing; systems software; consumer electronics; internet software and services; paper products

health care facilities; fertilizer and agricultural chemicals; agricultural products; coal and consumable fuel; oil and gas refiners; construction materials; steel; home furnishing; diversified financial services

Market Events
16:30 ET Dow +13.02 at 10607.85, Nasdaq +12.36 at 2315.61, S&P +0.93 at 1125.59
[BRIEFING.COM] High-quality quarterly reports from a couple of large-cap tech names positioned stocks for a strong start to the week s final session, but some disappointing data led to lackluster action and an anticlimactic close in the face of quadruple witching options expiration.

Better-than-expected earnings and strong forecasts from both Oracle (ORCL 27.48, +2.12 and Research In Motion (RIMM 46.72, +0.23) helped tech stocks climb 0.5% to lock in a weekly gain of 4.4% and record their eighth straight advance. Texas Instruments (TXN 25.72, +0.74) helped the sector with an announcement that it will add 8% to its dividend and earmark for share repurchases $7.5 billion, which is almost equal to a quarter of the company s current market cap.

Strength among tech issues helped the Nasdaq remain in positive territory for virtually the entire session, even after it was undercut by the preliminary Consumer Sentiment Survey for September from the University of Michigan. The Survey slipped to 66.6 from 68.9 in August. On average, economists polled by had expected that the September reading would come in at 70.0.

Consumer price data was generally disregarded. The Consumer Price Index (CPI) for August increased 0.3% month-over-month, while core prices went unchanged month-over-month. The consensus among economists polled by had called for a 0.2% increase in overall consumer prices and a tepid 0.1% increase in core prices.

Weakness among financials and energy stocks offset the tech sector s strength in the broader market. Financials (-0.5%) were bogged down by losses among diversified financial services stocks, which dropped 1.5%. Energy stocks (-0.5%) were primarily hampered by refiners, which fell 1.5%, though coal producer Massey Energy (MEE 29.94, -2.42) was a particularly heavy drag on the sector after it issued a disappointing outlook.

Mixed interest in the broader market left the S&P 500 to spend most of Friday s session near the neutral line after it had made an early move through key resistance levels to a new four-month high. The benchmark Index still managed to finish the week with a cumulative gain of 1.4%, though.

Share volume was extraordinarily robust. With more than 1.8 billion shares exchanged on the NYSE, this session s total was more than double the average daily count for the past 10 sessions. The surge in share count stemmed from a quadruple witching options expiration.

Despite the surge in share volume, volatility was contained. In fact, the Volatility Index was never up more than 4% and it ended the day just 1.3% higher.

Advancing Sectors: Industrials (+0.9%), Telecom (+0.6%), Tech (+0.5%), Consumer Discretionary (+0.3%)
Declining Sectors: Energy (-0.5%), Financials (-0.5%), Consumer Staples (-0.1%), Utilities (-0.1%)
Unchanged: Health Care, Materials

Nasdaq +12.36 at 2315.61... S&P Midcap 400 +0.3... NYSE Adv/Dec 1774/1214... Nasdaq Adv/Dec 1546/1116.

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