Wednesday, July 21, 2010

Wobbly markets despite favorable earnings reports

Stocks hugged break even with a bias on the downside. Dow is down 15, advancers barely ahead of decliners & NAZ was off a big 14 in spite of Apple earnings. Banks started higher on good earnings reports but are sinking, bringing the Financial Index into the red.


Value 192.06 One-Year Chart for S&P 500 FINANCIALS INDEX (S5FINL:IND)
Change -0.09 (-0.0%)

The Alerian MLP Index pulled back 1+ to the 329s, a well deserved rest. The chart below is amazing at a time when markets are just sloshing around. The REIT index fell 3 + to 194. Junk bond funds did little, remaining at lofty levels. The VIX, volatility index, was up ½ to 24½. Treasuries also did little as the yield on the 10-year Treasury bond rose 2 basis points to 2.93%, still in low territory.

Alerian MLP Index --- 2 weeks

Dow Jones REIT Index --- 2 weeks

VIX --- 2 weeks

10-Year Treasury Yld Index --- 2 weeks

The 2 important commodities are pretty much even.

CLQ10.NYM...Crude Oil Aug 10...77.44 Jul 20 ...0.00

GCN10.CMX...Gold Jul 10...1,191.70 ...Up 0.20

Gold Super Cycle!!
Click Here

Coca-Cola Profit Rises as World Cup Helps Boost  Sales

Photo: Bloomberg

Earnings reports are coming & the biggies below did well. All stocks had big gains with Apple being the stand out:

Apple (AAPL)_______5.36
Coca Cola (KO)_____1.16
Morgan Stanley (MS)_2.30
United Tech (UTX)___0.44
Wells Fargo (WFC)___1.13

Apple --- 1 month

Coca Cola --- 1 month

Morgan Stanley --- 1 month

United Technologies -- 1 month

Wells Fargo --- 1 month

While the earnings reports were generally well received, Yahoo (YHOO) wasn't & fell $1.21, traders are also rereading the qualifications to better understand them. Federal Reserve Chairman Ben Bernanke testifies later with his semi annual assessment of the economy & markets are very nervous.

Dow Jones Industrials --- 2 weeks

Get your favorite symbols' Trend Analysis TODAY!
Click Here

Find out what's inside Trend TV!
Click Here

No comments: