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December 2010 Blog Posts (239)

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SMF Notes End of Day Summary: Stocks Cling to Gains Amid Late Slip

Late selling pressured stocks, but the major averages still made out with another modest gain. Treasuries ticked higher, too. Little attention was paid to the dollar, which dropped markedly... Though buying during the session remained reserved, broad support helped take the stock market to a new two-year high today. Sellers knocked stocks off of that perch in the last leg of trade, but the session ended before the ticker tape could print red. The S&P 500…
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Added by ken flagg on December 30, 2010 at 12:01am — No Comments

Late SMF Notes Market Internals

Wednesday, December 29, 2010 10:29 PM
The Dow increased 9.84 points (or 0.09%) closing at 11585.38, the Nasdaq was up 4.05 points (or 0.15%) to finish at 2666.93, and the S&P was up 1.27 points (or 0.10%) to finish at 1259.78. Today's movement came from lower than avg. volume on the NYSE and the Nasdaq (NYSE 520 mln, vs. 1009 mln avg; Nasdaq 1094 mln, vs. 1809 avg), with advancers outpacing decliners…
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Added by ken flagg on December 29, 2010 at 11:57pm — No Comments

SMF Notes S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +5.00.

Wednesday, December 29, 2010 8:07 AM
Stock futures are slightly higher this morning. Their modest lead over fair value suggests that the stock market will open with a narrow gain, which would follow the fractional advance staged in the prior session. Even though buying has been reserved in recent sessions, the stock market remains on an upward trend that has seen only three days in December end lower. There…
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Added by ken flagg on December 29, 2010 at 9:19am — No Comments

SMF Notes S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +4.50.

News flow is slow again today, but stock futures are up modestly amid a considerable drop in the dollar. The buck is currently down 0.5% against a basket of competing currencies, namely the yen and the euro, even though France ’s final GDP estimate proved underwhelming. Action among overseas markets is mixed -- Asia's averages succumbed to continued selling, but  Europe 's bourses are up with narrow gains. The economic calendar remains light, so data is…
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Added by ken flagg on December 28, 2010 at 4:05pm — No Comments

SMF Notes Early Floor Talk: Modest gains on weaker dollar

Tuesday, December 28, 2010 7:55 AM
Equity futures are higher this morning on a weaker dollar, following a mixed performance in overseas markets. S&P futures are +3 vs. fair value and DJ futures are+33; the dollar index (DXY) is -0.6% at 79.76, off its morning low of 79.60. The modest gains follow a mixed session yesterday, which came on extremely light volume (the lightest volume of the year excluding…
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Added by ken flagg on December 28, 2010 at 4:03pm — No Comments

SMF Notes Little Changed: 10-yr: +02/32..3.320%..USD/JPY: 81.90..EUR/USD: 1.3266

Treasuries are little changed this morning after yesterday's rally following the strong 2-yr note auction. Yields across the curve are within a bp of the flat line except for the 2-yr, which is higher by more than 3 bps to 0.6723%. The 3-, 5-, 7-, and 10-yr maturities all have a small bid, while the 30-yr has seen some light selling pressure thus far. As traders sell the 2-yr and buy the 10-yr, the 2-10-yr spread has flattened to 264.5, its tightest since…
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Added by ken flagg on December 28, 2010 at 9:07am — No Comments

SMF Notes EWJ Japan Economic Data (10.78 )

Nov Household Spending -0.4% vs -0.4% in Nov 2009
Nov Jobless Rate 5.1% vs 5.1% in Oct
Nov CPI +0.1% vs +0.2% in Nov 2009
Nov CPI Ex Fresh Food -0.5% vs -0.6% in Nov 2009
Nov Job-To-Applicant Ratio 0.57 vs 0.56 in Oct…
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Added by ken flagg on December 28, 2010 at 9:06am — No Comments

SMF Notes Overnight Summary -- Asia markets down on very light volume

Tuesday, December 28, 2010 7:25 AM
It has been a weaker, albeit very thinly traded market in asia as China is still feeling the ripple effects of its rate hike and the Nikkei slides with the yen higher. Japan did come out with a plethora of data, and while most numbers came pretty much in line, the Industrial Production figure showed slightly better than expected output. In Europe, the only major data…
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Added by ken flagg on December 28, 2010 at 9:03am — No Comments

SMF Notes End of Day Summary: Mixed Finish for Major Averages

Monday, December 27, 2010 4:26 PM
Though the Dow never made it out of the red, the S&P 500 and the Nasdaq Composite turned modest losses into fractional gains after participants initially reacted negatively to news of a rate hike in China ... During the weekend China 's central bank tacked on another 25 basis points to its target lending rate and deposit rate. The decision, which is intended to stave off…
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Added by ken flagg on December 27, 2010 at 6:16pm — No Comments

SMF Notes Market Update: Stocks Still Stuck in Red

Helped by financials, the stock market is at a session high, but it has yet to poke into positive territory... News that China hiked its target lending rate and deposit rate by another 25 basis points sent several global equity averages lower as investors showed concern about how higher rates could crimp growth. Domestic stocks followed suit as they opened in the red... However, financials have been a key source of support for the broader market. The sector…
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Added by ken flagg on December 27, 2010 at 6:14pm — No Comments

SMF Notes Commodities Close: CRB Settles Fractionally Lower

Monday, December 27, 2010 3:21 PM
Mixed action among commodities left the CRB Commodity Index to close fractionally lower today. Even though it was slim, the loss snapped the CRB's five-session streak of gains... Oil was the primary culprit in the CRB's decline. Crude prices spent the entire session in the red before settling with a 0.5% loss at $91.06 per barrel. They had been as low as $90.51 per barrel...…
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Added by ken flagg on December 27, 2010 at 6:13pm — No Comments

SMF Notes Market Internals

The Nasdaq is down 7 (0.3%) to 2658, the Dow is down 23 (0.2%) to 11551 and the S&P 500 is down 1 (0.1%) to 1256. Action has come on well below average volume (NYSE 183 mln vs avg of 421 mln; NASDAQ 517 mln vs. avg. of 893 mln), with relatively even advancers/decliners (NYSE advancers/decliners 1427/1440, NASDAQ advancers/decliners 1212/1338) and with new highs outpacing new lows (NYSE new highs/new lows 64/9 and NASDAQ new highs/new lows…
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Added by ken flagg on December 27, 2010 at 6:12pm — No Comments

SMF Notes Notable movers of interest

The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).
Large Cap Gainers
    * AIG (58.86 +8.34%): announced it entered into 364-Day and 3-Year Bank Credit Facilities totaling $3…
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Added by ken flagg on December 27, 2010 at 6:10pm — No Comments

SMF Notes Commodity Update: Energy Prices Pressured

Monday, December 27, 2010 12:05 PM
Stocks have pared losses, but commodities have been slow to follow suit. In fact, the CRB Commodity Index is now down 0.7%, which puts it at a morning low... Energy prices are under particularly stiff pressure. Specifically, oil is down 1.1% to $90.50 per barrel while natural gas prices are off by 1.7% at $4.01 per MMBtu... As for precious metals, gold prices have actually…
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Added by ken flagg on December 27, 2010 at 1:49pm — No Comments

SMF Notes Asian Markets Close: Nikkei +0.8%, Hang Seng (closed), Shanghai -1.9%, Sensex -0.2%

Monday, December 27, 2010 11:21 AM
Stocks in Asia closed mixed following Beijing 's announcement of a 25 bp hike to its benchmark lending rate, which now stands at 5.81%. Japanese shares closed modestly higher on their lightest volume of the year. Looking at the currencies...the yuan closed stronger at 6.6313, while dollar/yen is unchanged at 82.87. In Japan , the Nikkei closed +0.8% led by IT (+1.0%),…
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Added by ken flagg on December 27, 2010 at 12:30pm — No Comments

SMF Notes VXX Global, sector, & commodity ETF money flows & movers- CBOE VIX (VXX)

Global, sector, & commodity ETF money flows & movers- CBOE VIX (VXX) jumps as the SPX comes under some early selling pressure, Select metals (PALL, PPLT) firm, Financials (KBE, XLF) post notable 1st hour sector strength; Cotton (BAL) falls sharply to 'limit down' on China rate hike
Actively Traded Leading Global, Regional, & Domestic Sector & Commodity ETFs:…
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Added by ken flagg on December 27, 2010 at 12:29pm — No Comments

SMF Notes GOOG Google target raised to $690 at Kaufman Bros

Kaufman Bros raises their GOOG tgt to $690 from $650 saying U.S. holiday online sales were strong, even at the tail end of the season. Firm says continued strength was a surprise, especially as retailers had front-loaded offers, now the upside is certain. Firm says eCommerce spend accelerated to 12% Y/Y growth season-to-date per comScore; MasterCard estimate is 15% Y/Y and Google should benefit from eCommerce strength.

Added by ken flagg on December 27, 2010 at 9:26am — No Comments

SMF Notes S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -6.00.

A moderately weaker tone to premarket trade awaits participants after a long, holiday weekend. The pressure comes after China hiked both its benchmark lending rate and deposit rate by 25 basis points, likely in an effort to slow growth so as to stave off inflation. China 's Shanghai Composite tumbled almost 2% in response to the decision. Hong Kong's Hang Seng was closed, but Japan 's Nikkei staged a gain. Action in Europe is decidedly weak at the moment. The…
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Added by ken flagg on December 27, 2010 at 9:25am — No Comments

SMF Notes GS Goldman Sachs disclosed after the close that its Compensation Committee

Monday, December 27, 2010 8:00 AM
On December 17, 2010, the Compensation Committee adopted The Goldman Sachs Long-Term Performance Incentive Plan (the Plan), pursuant to which performance-based awards may be granted from time to time to key employees of the firm as determined by the Compensation Committee, which will administer the Plan. The Plan supplements the existing compensation programs and is an…
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Added by ken flagg on December 27, 2010 at 9:23am — No Comments

SMF Notes Stock Futures Donw big 4pm Vegas Time

We will keep looking at these as we move forward the correction is due no matter what

 

Stock Futures…

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Added by ken flagg on December 26, 2010 at 8:46pm — No Comments

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