February 22, 2012 -- Updated January 26, 2012 03:34 HKT
World Market Snap Shot AAPL, COP, BA, UTX, NFLX
Red’s Bull Trader Alert: It was all about AAPL and the Fed Wednesday. The US broad market was able to fend off moderate selling pressure early, and reversed after the US Federal Open Market Committee (FOMC) issued its latest Policy Statement. The afternoon advance gained enough momentum to take the stock market to a new multi-month high Wednesday.
The FOMC announced that it will keep the federal funds rate at Zero % to 0.25%. It also stated that economic conditions are likely to warrant such exceptionally low rates through at least late Y 2014.
US Fed Chairman Bernanke acknowledged that if inflation remains below target and employment remains slow there is a case for further policy action
US Stocks: Wall Street lit up Wednesday on Strong profits from Apple and a promise from the US Federal Reserve to keep near Zero rates for at least Z more yrs.
AAPL, COP, BA, UTX, NFLX
That outpaced an average forecast for $857.9-M, according to Thomson Reuters I/B/E/S. Earnings per share hit 0.73/shr, beating an average forecast of 0.55/shr
| DJIA | 12,758.80 | 83.10 | 0.66% | 16:02 |
| S&P 500 | 1,326.06 | 11.41 | 0.87% | 16:19 |
| NAS | 2,818.31 | 31.67 | 1.14% | 17:16 |
Energy stocks were able to turn an early loss of about 1% into a 1.1% gain. Their actionn was complemented by a rise in commodity prices.
General weakness among commodities this morning had the CRB Index in the “Red”, but it was able to swing to a 0.5% gainer into the close. The USD’s downturn helped make its rise easier.
US Treasuries also traded higher Wednesday, but they settled off of their session highs. The yield on the benchmark 10-yr T- Note saw its yield drop below 2.00% before it eventually worked its way back to that mark.
Also in the mix was an auction of 5-yr T-Notes that drew a bid-to-cover of 3.17, Dollar demand of $111.0-B, and an indirect bidder participation rate of 43.3%.
For reference, the prior auction attracted a bid-to-cover ratio of 2.86, Dollar demand of $100.1-B, and an indirect bidder rate of 50.6%, while an average of the past 6 auctions results in a bid-to-cover of 2.88, Dollar demand of $100.8-B, and an indirect bidder rate of 45.1%.
While stocks, commodities, and Treasuries responded positively to the US Fed’s commentary, the “Greenback” took a fall. It had been up markedly in morning trade, but was down about 0.5% by session’s close.
The 1st piece of actual domestic data in 3 days was the latest monthly pending home sales report. It showed that pending home sales for December fell 3.5%, which is slightly steeper than the 3.0% decline that had been generally expected.
Advancing Sectors: Materials +1.6%, Utilities +1.6%, Industrials +1.2%, Energy +1.1%, Tech +1.0%, Consumer Staples +1.0%, Consumer Discretionary +0.7%, Health Care +0.7%, Telecom +0.3%, Financials +0.2%
Declining Sectors:Â (None)
Volume and Breadth: About 7.9-B/shrs traded on the NYSE, AMEX and NAS, compared with this year’s average of about 6.7-B/shrs. On the NYSE, advancing stocks beat declining ones by ratio of 3-to-1, and on the NAS, advancers beat decliners by a ratio of 2-to-1.
After the Close: SWK, RLI, URI, AF, CNS, ETFC, GHL, LRCX, NE, RJF, TCBI, UMPQ, SNDK, ANEN, HXL, NFLX, CCI, CTS, CGI, DRE, EGN, HRC, IPHI, ISSI, KNX, LOGI, LSI, MLNX, OI, PMTC, SUSQ, SYMC, SYMM, TER, CTXS, FFBC, MIPS, QTM, VAR, MSTR, COHR, CVD, MUR, SRDX, IRDM, BRKL and JEC are the most notable names reporting earnings results.
Tomorrow before the Open look for the following companies to report: FLWS, MMM, ARG, ALK, ACAT, T, AN, BMY, CAT, CELG, CL, ETN, HUB.B, IVZ, ESI, JNS, JBLU, LMT, MJN, MEG, NOK, NUE, POT, PCP, RTN, UA, and ZMH.
Commodities: most commodities overcame a weak start to stage an impressive advance. That gave the CRB Index a 0.5% gain after it had been down modestly this morning.
Nat Gas was a standout for the 3rd straight session Wednesday. The energy component extended its rise off of last week’s multi-year low by advancing another 6.6% to 2.73 per MMBtu.
Crude Oil prices rallied despite news that weekly Crude Oil inventories experienced a greater build than had been expected. Crude Oil actually turned an early loss of more than 1% into a 1% gainer before easing back to settle the session at 99.49 bbl, about 0.5% higher on the day.
Precious metals were stuck in negative territory in the morning, but both Silver and Gold reversed and rallied to Strong gains.
Gold closed at 1700.60 oz for a 2.1% gainer, and Silver settled at 32.00 oz for a 3.5% gainer. Silver prices were off by about 1% in the morning.
Americas
| INDEX | VALUE | CHANGE | % CHANGE | TIME |
|---|---|---|---|---|
| DJIA | 12,758.80 | 83.10 | 0.66% | 16:02 |
| S&P 500 | 1,326.06 | 11.41 | 0.87% | 16:19 |
| NAS | 2,818.31 | 31.67 | 1.14% | 17:16 |
| S&P/TSX | 12,539.20 | 143.97 | 1.16% | 16:48 |
| MEXICO IPC | 37,212.90 | 359.56 | 0.98% | 16:07 |
| BRAZIL BOVESPAÂ | 62,486.20 | 99.98 | 0.16% | 01/24 |
Europe, Africa and Middle East
| INDEX | VALUE | CHANGE | % CHANGE | TIME |
|---|---|---|---|---|
| Euro Stoxx 50 Pr | 2,421.12 | -10.95 | -0.45% | 17:03 |
| FTSE 100 | 5,723.00 | -28.90 | -0.50% | 01/25 |
| CAC 40 | 3,312.48 | -10.17 | -0.31% | 11:51 |
| DAX | 6,421.85 | 2.63 | 0.04% | 01/25 |
| IBEX 35Â | 8,555.40 | -36.00 | -0.42% | 11:36 |
| FTSE MIB | 15,840.20 | -89.01 | -0.56% | 11:30 |
| AEX | 319.44 | -1.53 | -0.48% | 12:10 |
| OMX STOCKHOLM 30 | 1,025.99 | -8.04 | -0.78% | 11:30 |
| SWISS MARKETÂ | 6,073.36 | -61.74 | -1.01% | 11:30 |
Asia-Pacific
| INDEX | VALUE | CHANGE | % CHANGE | TIME |
|---|---|---|---|---|
| NIKKEI 225 | 8,883.69 | 98.36 | 1.12% | 01/25 |
| HANG SENG | 20,110.40 | 167.42 | 0.84% | 01/20 |
| S&P/ASX 200 | 4,271.34 | 47.11 | 1.12% | 01/25 |
Commodities
| VALUE | CHANGE | % CHANGE | TIME | |
|---|---|---|---|---|
| Nymex Crude Future | 99.73 | 0.78 | 0.79 | 17:10 |
| Nymex Henry Hub Future | 2.77 | 0.21 | 8.26 | 17:08 |
| Gold 100oz Future (USD/t oz.) | 1,713.80 | 46.40 | 2.78 | 17:11 |
| UBS Bloomberg CMCI | 1,597.40 | 9.78 | 0.62 | 16:19 |
Currencies
| CURRENCY | VALUE | CHANGE | % CHANGE | DATE/TIME |
|---|---|---|---|---|
| EUR-USD | 1.3104 | -0.0002 | -0.0151% | 17:21 |
| USD-JPY | 77.8080 | 0.0270 | 0.0347% | 17:20 |
| GBP-USD | 1.5653 | -0.0005 | -0.0291% | 17:20 |
| USD-CAD | 1.0047 | 0.0004 | 0.0431% | 17:20 |
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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