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Friday, October 11, 2013

FRIDAY’S STOCK MARKET: NA Still the Standard

stock market news
Friday’s stock market news shows that NA (or not available) is still the standard in D.C. The government remains shut down and so economic data is unavailable. Of the slew of economic reports due today, we only got one data point to work with. Trading in the dark is difficult, but stocks are rallying nonetheless while gold and silver sell off on the expectation that a formal deal is near. Read further, as we’ve got some special insight for you regarding the steep selloff in gold and silver.

Friday’s Stock Market


Market ETF
October 11
Year-to-Date
SPDR S&P 500 (NYSE: SPY)
+0.6%
+19.5%
SPDR Dow Jones (NYSE: DIA)
+0.7%
+16.4%
PowerShares (Nasdaq: QQQ)
+0.8%
+21.6%

Stocks are enjoying their second straight day of rally on the apparent agreement of the U.S. government. It is widely hoped Congress will come to true formal agreement before the close of the weekend in order to keep market confidence though, so some may be shopping for insurance as early as this afternoon.

Economic Events

ECONOMIC REPORT SCHEDULE

Economic Data Point
Prior Period
Expected
Actual
FRIDAY



+0.2%
0.0%
NA Gov’t
-Less Autos & Gas
+0.1%
+0.4%
NA Shut
+0.3%
+0.2%
NA
-Core PPI
+0.0%
+0.1%
NA
77.5
75.0
75.2
+0.4%
+0.2%
NA
-Sales
+0.6%

NA
Fed-Men Powell & Rosengren Give Speeches



    -R symbolizes “revised”

Looking over the day’s economic data flow, you’ll notice one common message. “NA” or not available is the story that runs through the various data points today, because the government shutdown goes on and the agencies reporting the news are closed. The only economic data point on the day is the one published by the University of Michigan, which thankfully is not government run. We could have done without the news nonetheless. As I’ve been reporting this week, the consumer mood is failing thanks to the dire and well communicated consequences of a debt ceiling debacle. This latest measure was taken before the two political parties appeared together yesterday with news that they were engaged in conversation and determined to come to some resolution ahead of the deadline. Still, consumer sentiment is more than two points lower at the latest check.

Overseas Markets

EUROPE
CLOSE
ASIA/PACIFIC
CLOSE
EURO STOXX 50
+0.2%
NIKKEI 225
+1.5%
German DAX
+0.5%
Hang Seng
+1.2%
CAC 40
+0.0%
S&P/ASX 200
+1.6%
FTSE 100
+0.9%
Korean KOSPI
+1.2%
Bloomberg GCC 200 Mideast
+0.0%
BSE India SENSEX
+1.3%

Asia caught up today, after having closed before the news broke in the United States about the impending agreement on the debt ceiling and government shutdown. Stocks in the U.S. and Europe largely enjoyed the benefits of that news on Thursday. That being said, European shares continued to recover on Friday.

Commodity Markets (12:05 PM)

WTI Crude
-1.3%
Brent Crude
-0.7%
NYMEX Natural Gas
+1.1%
RBOB Gasoline
+1.5%
Gold Spot
-1.5%
Silver Spot
-2.0%
COMEX Copper
+0.7%
CBOT Corn
-1.0%
CBOT Wheat
+1.1%
CBOT Soybeans
-1.4%
ICE Cocoa
+0.8%
ICE Sugar
+0.8%
ICE Orange Juice Conc.
-1.1%
CME Lumber
-0.5%
CME Live Cattle
+0.3%

The big story today in the commodity markets is the drop in gold and silver. I think the decline today, which is much more impressive than yesterday’s shortfall, is evidence of the massive foreign interest in precious metals, especially in Asia. With Asian markets closed yesterday as the news broke in the U.S., Asian traders had to wait a bit for their alarm clocks to wake them before they could start selling. Where else do you get this kind of insight? The SPDR Gold Shares (NYSE: GLD) and iShares Silver Trust (NYSE: SLV) are off 1.4% and 1.7%, respectively.

Corporate Events

The Friday before the real start of earnings season always includes those two big financials that like to garner attention. Wells Fargo (NYSE: WFC) and J.P. Morgan Chase (NYSE: JPM) are getting all the attention today. JPM is up 0.8% on the day, while WFC is off 0.1%; the SPY is up 0.6%, so you can draw your own conclusions about how well or poorly each of the two fared.

REPORTING EARNINGS
Company
Ticker
FRIDAY

Webster Financial
NYSE: WBS
Wells Fargo
NYSE: WFC
J.P. Morgan Chase
NYSE: JPM

MOST ACTIVE STOCKS
BIGGEST GAINERS
% Gain
United Online (Nasdaq: UNTDV)
+23%
SolarCity (Nasdaq: SCTY)
+22%
L&L Energy (Nasdaq: LLEN)
+16%
Envestnet (NYSE: ENV)
+17%
Cytokinetics (Nasdaq: CYTK)
+17%
Altair Nanotechnologies (Nasdaq: ALTI)
+17%
Promotora De Informaciones SA (Nasdaq: PRIS)
+16%
Kingold Jewelry (Nasdaq: KGJI)
+15%
China BAK Battery (Nasdaq: CBAK)
+13%
Star Scientific (Nasdaq: STSI)
+14%
BIGGEST LOSERS
% Drop
ARIAD Pharmaceuticals (Nasdaq: ARIA)
-14%
Leading Brands (Nasdaq: LBIX)
-15%
ParkerVision (Nasdaq: PRKR)
-14%
Mercury Systems (Nasdaq: MRCY)
-12%
Integrated Electrical Services (Nasdaq: IESC)
-10%
Silicon Graphics Int’l (NYSE: SGI)
-10%
NPS Pharmaceuticals (Nasdaq: NPSP)
-9%
Cray (Nasdaq: CRAY)
-10%
Agria Corp. (NYSE: GRO)
-8%
Escalon Medical (Nasdaq: ESMC)
-8%

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

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