TUESDAY: Market Hanging on Bernanke
The market is teetering near unchanged without much of a catalyst today. Federal Reserve Chairman Bernanke is speaking later this evening, addressing the National Association for Business Economics (NABE) in Washington D.C., so there’s reason to enter into a holding pattern here. Otherwise, stocks retain the support of Janet Yellen’s statements, but carry the weight of potential institutional selling ahead of January 1st. Follow our blog.Tuesday’s Market
Market ETF
|
November 19
|
Year-to-Date
|
SPDR S&P 500 (NYSE: SPY)
|
+0.1%
|
+26.1%
|
SPDR Dow Jones (NYSE: DIA)
|
+0.1%
|
+22.2%
|
PowerShares (Nasdaq: QQQ)
|
+0.2%
|
+27.8%
|
Stocks are relatively unchanged on the day, teetering between green and red. However, the year-to-date depicts a rich state of affairs just ahead of tax season for individuals and many organizations. That would act as an insurance policy or a support for many stocks, except for the fact that a great many institutions close out their fiscal years in September, October and November; so they’ll be selling now. Yes, I’ve given you more reason to suspect conspiracy against the little guy, or you could just take profits where you have them.
Economic Events
ECONOMIC REPORT SCHEDULE
|
|||
Economic Data Point
|
Prior Period
|
Expected
|
Actual
|
TUESDAY
|
|||
+0.5%
|
+0.5%
|
+0.4%
|
|
+1.2%
|
+0.1%
|
||
-Year-to-Year Pace
|
+2.3%
|
+2.8%
|
|
+3.3%
|
+3.5%
|
||
There’s not much data that could factor today. Same-store sales do not really matter here, as consumers await the big holiday discounts for discretionary consumption. The funny thing is that Americans have been trained to believe that holiday shopping is nondiscretionary. It takes extraordinarily difficult times to get the Grinch out of people, but they will buy cheaper, seek sales and otherwise shorten the gift list if necessary.
In any event, same-store sales were reported stronger on the year-over-year comparison, but lower on the weekly count. Superstorm Sandy severely impacted consumer spending last year, because it struck a major population center. While spending increased at the home supply stores including Home Depot (NYSE: HD), Lowe’s (NYSE: LOW) and others, it was hampered otherwise. Thus, we see the easy to hurdle year-to-year comps here.
The Employment Cost Index was reported up less than expected and it’s up 1.9% year-to-year. I do not know about you, but I know very few people who are happy with their rate of income increase over the last decade or more; that’s if they even have comparable work.
Overseas Markets
EUROPE
|
11:11 ET
|
ASIA/PACIFIC
|
11:11
|
EURO STOXX 50
|
-0.9%
|
NIKKEI 225
|
-0.2%
|
German DAX
|
-0.3%
|
Hang Seng
|
-0.0%
|
CAC 40
|
-1.0%
|
S&P/ASX 200
|
-0.6%
|
FTSE 100
|
-0.5%
|
Korean KOSPI
|
+1.0%
|
Bloomberg GCC 200 Mideast
|
-0.2%
|
BSE India SENSEX
|
+0.2%
|
Asia and Europe are mostly lower today, perhaps feeling the hangover from too much celebration on the mere words of a foreigner, be it Janet Yellen, last week.
Commodity Markets (11:03 AM ET)
WTI Crude
|
+0.1%
|
Brent Crude
|
-0.3%
|
NYMEX Natural Gas
|
-0.1%
|
RBOB Gasoline
|
+0.2%
|
Gold Spot
|
-0.1%
|
Silver Spot
|
-0.3%
|
COMEX Copper
|
+0.4%
|
CBOT Corn
|
+0.5%
|
CBOT Wheat
|
+0.0%
|
CBOT Soybeans
|
-0.7%
|
ICE Cocoa
|
+1.1%
|
ICE Sugar
|
-0.1%
|
ICE Orange Juice Conc.
|
-1.0%
|
CME Lumber
|
-0.7%
|
CME Live Cattle
|
-0.4%
|
Even commodities are not much changed today, but what Bernanke says tonight could alter that tomorrow, because he could impact the dollar. Don’t count on it though… Based on his track record, he’ll be especially mild due to his great consideration for his VP, Janet Yellen.
Corporate Events
Tesla (Nasdaq: TSLA) is feeling the heat lately, but it’s up 4% today, despite a story that government regulators are looking into the recent spurt of fires reported by a few of the company’s car owners. Best Buy (NYSE: BBY) reported results and is lower by 8.5% on the day. The company apparently warned about its margins. Bank of America (NYSE: BAC) is higher by 2.5% as financials are finding footing after a recent slip, which was inspired by prior Fed fears.
HIGHLIGHTED EPS REPORTS
|
|
Company
|
Ticker
|
TUESDAY
|
|
Campbell Soup
|
NYSE: CPB
|
Medtronic
|
NYSE: MDT
|
Best Buy
|
NYSE: BBY
|
Gladstone Capital
|
Nasdaq: GLAD
|
Datawatch
|
Nasdaq: DWCH
|
Model N
|
NYSE: MODN
|
La-Z-Boy
|
NYSE: LZB
|
MOST ACTIVE STOCKS
|
|
BIGGEST GAINERS
|
% Gain
|
Intellipharmaceutics (Nasdaq: IPCI)
|
+91%
|
Spherix (Nasdaq: SPEX)
|
+56%
|
Evoke Pharma (Nasdaq: EVOK)
|
+36%
|
Horizon Pharma (Nasdaq: HZNP)
|
+33%
|
Digital Ally (Nasdaq: DGLY)
|
+29%
|
Electromed (Nasdaq: ELMD)
|
+21%
|
Cardiome Pharma (Nasdaq: CRME)
|
+18%
|
ChyronHego (Nasdaq: CHYR)
|
+17%
|
Mediabistro (Nasdaq: MBIS)
|
+19%
|
Pozen (Nasdaq: POZN)
|
+17%
|
BIGGEST LOSERS
|
% Drop
|
Organovo (Nasdaq: ONVO)
|
-21%
|
LightInTheBox (Nasdaq: LITB)
|
-20%
|
Crossroads Systems (Nasdaq: CRDS)
|
-18%
|
ChinaCache (Nasdaq: CCIH)
|
-16%
|
Biostar Pharmaceuticals (Nasdaq: BSPM)
|
-15%
|
Nortech Systems (Nasdaq: NSYS)
|
-14%
|
Atossa Genetics (Nasdaq: ATOS)
|
-12%
|
Dominion Resources (NYSE: DOM)
|
-12%
|
Global Geophysical (NYSE: GGS)
|
-10%
|
Atlantic Coast Financial (Nasdaq: ACFC)
|
-9%
|
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.
Labels: Market-Outlook, Market-Outlook-2013-Q4
posted by The Greek | 1:30 PM
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