60 Min Chart
15 Min Chart
1/21/09
SPX hits top of channel
Reminds me of when CFC FNM SLM FRE WA were jerking around up 50% down 50%....thanks to the Trsy and FED
XLF +11% but FAS the 3X only up 20% XLE +5.2% on +8% oil
815 SPX is trying to hold - turned back at 824
DOW 8000 as well. XLF off high now +5% XLE XLK up over 2%
News
US Stocks Open Higher On IBM Outlook
U.S. stocks show sharp early gains with International Business Machines' positive 2009 guidance offering encouragement to the broader market after Tuesday's banking sector plunge led to a 332-point drop in the Dow. The DJIA is up more than 120 points.
US Stock Futures Higher On IBM Outlook
U.S. stock futures pointed to a higher start on Wednesday, with International Business Machines' guidance offering respite after the last session's banking sector plunge.
IBM's guidance "is giving the stock a lift and is slightly encouraging to the broader market, although there are a lot more earnings yet to be reported," said Marc Pado, U.S. market strategist at Cantor Fitzgerald.
S&P 500 futures rose 8.6 points to 814.6 and Nasdaq 100 futures rose 5 points to 1152.75. Dow industrial futures rose 75 points to 8019.
U.S. stocks dropped sharply Tuesday, with the financial sector skidding as investors panicked at the likelihood that banks needed more capital without an easy way to get it. The Dow Jones Industrial Average, in its worst-ever performance on Inauguration Day, skidded 332 points, the S&P 500 lost 38 points and the Nasdaq Composite dropped 88 points.
IBM rose 5% in pre-open trading as the technology bellwether forecast 2009 earnings of at least $9.20 a share, compared with analyst expectations around $8.70 a share. IBM's fourth-quarter profit rose 12%.
"While the shares may remain range-bound for several quarters pending a resumption of revenue and profit growth in the second half, current valuation looks attractive at 9 times our revised 2009 EPS estimate," said analysts from Citigroup.
Telecom-equipment maker Ericsson climbed nearly 14% after announcing a 31% profit drop and 5,000 jobs cuts.
Also on the earnings front, fund manager BlackRock fell 5.5% after reporting a 84% profit drop, while Dow industrials component United Technologies said fourth-quarter profit rose 8%. After the close, Apple and eBay will unveil results.
While earnings will attract attention, the financial sector will be back in the spotlight after the 17% dive in the sector on Tuesday.
Insurer Hartford rose 5.3% in pre-market trade and Citigroup added more than 11%. Three-month dollar Libor (London Interbank Offered Rate) edged up to 1.125% from 1.225%.
The confirmation hearing for Timothy Geithner also will be a spotlight. His top job will be to explain to Senators why the previous $700 billion fix of the financial sector didn't work and more funds are required to clean up the mess. Geithner also didn't pay all of his self-employment and Medicare taxes during the years that he worked at the International Monetary Fund.
Elsewhere, gold futures fell and oil futures rose in electronic trading. "Longer term, a combination of devalued currencies, growing global incomes and a renewed appreciation for gold should keep prices higher. Essentially, a long gold view now is a view that inflation will be higher than what central banks are suggesting they are willing to accept," said analysts from Morgan Stanley.
The British pound was battered again, and most overseas markets dropped as financials skidded overseas as well. The Nikkei 225 dropped 2% in Tokyo and the FTSE 100, in afternoon trade, dropped 0.8% in London.
U.S. stocks show sharp early gains with International Business Machines' positive 2009 guidance offering encouragement to the broader market after Tuesday's banking sector plunge led to a 332-point drop in the Dow. The DJIA is up more than 120 points.
US Stock Futures Higher On IBM Outlook
U.S. stock futures pointed to a higher start on Wednesday, with International Business Machines' guidance offering respite after the last session's banking sector plunge.
IBM's guidance "is giving the stock a lift and is slightly encouraging to the broader market, although there are a lot more earnings yet to be reported," said Marc Pado, U.S. market strategist at Cantor Fitzgerald.
S&P 500 futures rose 8.6 points to 814.6 and Nasdaq 100 futures rose 5 points to 1152.75. Dow industrial futures rose 75 points to 8019.
U.S. stocks dropped sharply Tuesday, with the financial sector skidding as investors panicked at the likelihood that banks needed more capital without an easy way to get it. The Dow Jones Industrial Average, in its worst-ever performance on Inauguration Day, skidded 332 points, the S&P 500 lost 38 points and the Nasdaq Composite dropped 88 points.
IBM rose 5% in pre-open trading as the technology bellwether forecast 2009 earnings of at least $9.20 a share, compared with analyst expectations around $8.70 a share. IBM's fourth-quarter profit rose 12%.
"While the shares may remain range-bound for several quarters pending a resumption of revenue and profit growth in the second half, current valuation looks attractive at 9 times our revised 2009 EPS estimate," said analysts from Citigroup.
Telecom-equipment maker Ericsson climbed nearly 14% after announcing a 31% profit drop and 5,000 jobs cuts.
Also on the earnings front, fund manager BlackRock fell 5.5% after reporting a 84% profit drop, while Dow industrials component United Technologies said fourth-quarter profit rose 8%. After the close, Apple and eBay will unveil results.
While earnings will attract attention, the financial sector will be back in the spotlight after the 17% dive in the sector on Tuesday.
Insurer Hartford rose 5.3% in pre-market trade and Citigroup added more than 11%. Three-month dollar Libor (London Interbank Offered Rate) edged up to 1.125% from 1.225%.
The confirmation hearing for Timothy Geithner also will be a spotlight. His top job will be to explain to Senators why the previous $700 billion fix of the financial sector didn't work and more funds are required to clean up the mess. Geithner also didn't pay all of his self-employment and Medicare taxes during the years that he worked at the International Monetary Fund.
Elsewhere, gold futures fell and oil futures rose in electronic trading. "Longer term, a combination of devalued currencies, growing global incomes and a renewed appreciation for gold should keep prices higher. Essentially, a long gold view now is a view that inflation will be higher than what central banks are suggesting they are willing to accept," said analysts from Morgan Stanley.
The British pound was battered again, and most overseas markets dropped as financials skidded overseas as well. The Nikkei 225 dropped 2% in Tokyo and the FTSE 100, in afternoon trade, dropped 0.8% in London.
XLF up 4% Pre market... SPX Up 1.6%
This makes me think the SPX 60 min RSI non confirmation (prior post) may play today.
Resistance at 830 then 858 today
Resistance at 830 then 858 today
1/20/09
$QRGI - the Bailout Index
in 20 days... from 1000 to 584... and us, the taxpayer are supposed to get our money back... what century?
I'd post the chart but stockcharts has not put it up yet
I'd post the chart but stockcharts has not put it up yet
Will the Feds Buy the market today or Wednesday
You know they don't want a Market disaster on Obama's 1st day...oh, I forgot Paulson is gone...and the New Tresy guy is trying to pay back taxes..
Financials ass raped Dow -270 XLF -14%
Vix ready to bust, 817 doesn't hold on the SPX....one hour to go...good news is we are near oversold on the technicals (although the daily charts are not OS)
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