TUESDAY'S SECURITIES MARKETS SUMMARY: Focus Found the Fed

We broke a record for the S&P 500 yesterday, but today the focus found the Fed and its planned meeting for next week. Investors are more than curious about what may come from it, but traders are terrified. Given the rich gains put in this year, why not take some money off the table ahead of the risky event, and so selling should continue through the week. Follow us at the blog, and also, please find a link to our latest write-up on Apple (AAPL) below, published exclusively elsewhere.

Tuesday’s Securities Markets

Market ETF	December 10	Year-to-Date
SPDR S&P 500 (NYSE: SPY)	-0.4%	+28.8%
SPDR Dow Jones (NYSE: DIA)	-0.3%	+25.4%
PowerShares (Nasdaq: QQQ)	-0.1%	+32.5%

Coming off the rich record set for the S&P 500 Monday, stocks faltered Tuesday. Most of the attribution rightfully went to trader concerns about the upcoming Federal Reserve meeting next week. Also, the Congressional budget negotiations were running up against a Friday deadline, but those look to have been resolved this evening.

Economic Events

ECONOMIC REPORT SCHEDULE
Economic Data Point	Prior	Expected	Actual
TUESDAY
NFIB Small Business Optimism Index	91.6	92.4	92.5
JOLTS – Job Openings	3.883 M R	3.905 M	3.925 M
Wholesale Trade (Inventories)	+0.5%	+0.4%	+1.4%
-Sales	+0.8%		+1.0%
ICSC Weekly Store Sales	-2.8%		-1.6%
-Year-to-Year Pace	+2.5%		+1.5%
Redbook Store Sales	+4.9%		+2.6%

 -R symbolizes “revised”

On the economic front, the NFIB Small Business Optimism Index was reported today covering November, the month after the government shut down in October and we almost blew our sovereign credit rating via the debt ceiling debacle. In November, therefore, we saw improved sentiment, with the index rising to a mark of 92.5, from 91.6. It was higher than economists forecasted as well. It looks like next month’s reading will also get a lift from reported GDP growth and an improved labor situation, but Obamacare weighs as well on the minds of small businessmen, so let’s see.

Job openings increased, according to the latest JOLTS Report, and wholesale business sales and inventory grew healthily. We cannot read too much into the weekly retail sales data due to the Black Friday holiday and calendar issues; not even the year-over-year figures. Wait another week for a clearer view. Unfortunately, all the good and positive economic news only makes Fed fear flourish.

Overseas Markets

EUROPE	CLOSE	ASIA/PACIFIC	CLOSE
EURO STOXX 50	-0.9%	NIKKEI 225	-0.2%
German DAX	-0.9%	Hang Seng	-0.3%
CAC 40	-1.0%	S&P/ASX 200	-0.0%
FTSE 100	-0.5%	Korean KOSPI	-0.3%
Athens ASE	+1.5%	BSE India SENSEX	-0.3%

International markets were mostly lower Tuesday, save the Athens exchange on this table. It had nothing to do with Nelson Mandela, I assure you, but probably a lot to do with global trader (not investor) trepidation about what the U.S. Fed does next. That’s because Europe probably still prefers to win the race to the fiat currency bottom. Geopolitical flares in the Ukraine, Thailand and the Central African Republic do not help either. And with England and Italy placed in the same World Cup Group and Portugal and Germany and the Netherlands and Spain likewise matched, I suppose there’s reason for disappointment in Europe.

Commodity Markets (AFTERNOON)

WTI Crude	+1.1%
Brent Crude	+0.2%
NYMEX Natural Gas	+0.1%
RBOB Gasoline	+0.5%
Gold Spot	+1.6%
Silver Spot	+2.2%
COMEX Copper	+0.1%
CBOT Corn	-0.5%
CBOT Wheat	-1.8%
CBOT Soybeans	-0.4%
ICE Cocoa	+0.8%
ICE Sugar	+0.4%
ICE Orange Juice Conc.	+1.1%
CME Lumber	+2.6%
CME Live Cattle	-0.1%

Precious metals curiously continue to gain support, and while I believe I know why, I’m cautious about saying so publicly. I suggest buying the metals as strongly as I have ever suggested it, and pronto. These are must own assets today, without too much consideration to current value. However, relatively speaking, you are getting value versus the highs set over the last year or two. And please, do not buy bitcoins! Look to weather to explain much of the changes in agricultural prices these days. Energy is moving higher on expectations for increasing demand as the U.S. economy finds better traction.

Corporate Events

Two investor conferences from Oppenheimer (NYSE: OPY) and Goldman Sachs (NYSE: GS) brought some company specific data to the fore today, with just a handful of earnings reports to follow. Your favorite blogger authored an article on Apple (Nasdaq: AAPL) over the weekend, published exclusively at the site of our friends at Seeking Alpha. Coincidentally, within it we mentioned a relative importance to Twitter (NYSE: TWTR) as well, so we are not surprised by the strength in the social media maven today, up 5.8%. You can find it here: Apple’s Plans for Topsy are Highly Value Added.

HIGHLIGHTED EPS REPORTS
Company	Ticker
TUESDAY
Toll Brothers	NYSE: TOL
NCI Building Systems	NYSE: NCS
H&R Block	NYSE: HRB
The Pantry	Nasdaq: PTRY
Autozone	NYSE: AZO
Medley Capital (Call)	NYSE: MCC
Amgen (Oppenheimer Conf.)	Nasdaq: AMGN
Questcor Pharma (Oppenheimer)	Nasdaq: QCOR
Wells Fargo (Goldman Conf.)	NYSE: WFC
J.P. Morgan Chase (Goldman)	NYSE: JPM

MOST ACTIVE STOCKS
BIGGEST GAINERS	% Gain
Pacific Booker Minerals (NYSE: PBM)	+66%
Kingtone Wirelessinfo (Nasdaq: KONE)	+36%
Enanta Pharmaceuticals (Nasdaq: ENTA)	+27%
China Yida Holding (Nasdaq: CNYD)	+25%
ARC Group Worldwide (Nasdaq: ARCW)	+19%
Tanzanian Royalty Exploration (NYSE: TRX)	+12%
ClearSign Combustion (Nasdaq: CLIR)	+17%
Erickson Air-Crane (NYSE: EAC)	+17%
InterCloud Systems (Nasdaq: ICLDW)	+9%
Methes Energies (Nasdaq: MEIL)	+13%
BIGGEST LOSERS	% Drop
Genco Shipping (NYSE: GNK)	-18%
Syntroleum (Nasdaq: SYNM)	-16%
eOn Communications (Nasdaq: EONC)	-13%
NewLead Holdings (Nasdaq: NEWL)	-13%
Eagle Bulk Shipping (Nasdaq: EGLE)	-12%
Lumber Liquidators (NYSE: LL)	-12%
Mattson Technology (Nasdaq: MTSN)	-11%
TG Therapeutics (Nasdaq: TGTX)	-12%
CytRx (Nasdaq: CYTR)	-11%
Synergetics USA (Nasdaq: SURG)	-10%

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.