Daily Market Analysis - Thursday 14 Jul 2011

Wednesday 13 July, 2011 - AMC

Dow	12,491.61	+44.73	+0.36%

Nasdaq	2,796.92	0.00	0.00%

S&P 500	1,317.72	0.00	0.00%

Russell 2000	836.98	0.00	0.00%

Wednesday 13 July, 2011 Economic Data

8:30am	USD		Import Prices m/m		-0.5%	-0.7%	0.1%
10:00am	USD		Fed Chairman Bernanke Testifies
10:30am	USD		Crude Oil Inventories		-3.1M	-2.3M	-0.9M
2:00pm	USD		Federal Budget Balance		-43.1B	-68.0B	-57.6B

Sectors Performance

What move the market 

 Broad market support wanes in afternoon trade

Fed Chairman Bernanke notes that the Fed remains vigilant and ready to provide accommodative policy, but that a consensus has been reached on an exit plan for the appropriate time

Dollar drops; gold sets record high and oil prices bounce

China reports sharp rise in GDP

Read more: http://briefing.com/investor/markets/stock-market-update/#ixzz1S57WzTa6

Commodities

Treasury Yield

Notable Earnings

Technical Updates

 Nice inverted hammer (consolidation pattern : sideway or up) lying on fibonacci 61.8%. 

Thursday 14 July, 2011 BMO

Thursday 14 July, 2011 Economic Data 

8:30am	USD		Core Retail Sales m/m			0.1%	0.3%
8:30am	USD		PPI m/m			-0.2%	0.2%
8:30am	USD		Retail Sales m/m			-0.1%	-0.2%
8:30am	USD		Unemployment Claims			413K	418K
8:30am	USD		Core PPI m/m			0.2%	0.2%
10:00am	USD		Fed Chairman Bernanke Testifies
10:00am	USD		Business Inventories m/m			0.7%	0.8%
10:30am	USD		Natural Gas Storage			79B	95B

News

• July 13 (Bloomberg) -- President Barack Obama is considering summoning congressional leaders to Camp David this weekend to find a way to cut the deficit and avoid a financial default, two people familiar with the matter said after a tense White House
• Indian shares came under mild selling pressure in choppy early trading Thursday, little fazed after bombs went off in three separate locations in financial capital Mumbai the previous day, killing 20 and injuring more than 80. The 30-stock Sensex dropped 0.2% to 18,551.88
• Federal Reserve Chairman Ben Bernanke says the central bank is examining several untested means to stimulate growth if conditions deteriorate, even though the central bank believes the temporary shocks holding down economic activity will pass.
•  U.S. stock index futures and the dollar fell Wednesday evening after a ratings agency warned that it may cut its rating on U.S. government debt.
• J.P. Morgan Chase & Co. has a knack for consistently topping Wall Street quarterly profit targets, but that hasn’t given its share price much of an immediate boost in recent years

Earnings

Almanac 

 

Summary

•  Nice technical on the inverted hammer with 61.8% support
• Good earnings from JPM
• Future rallying a little
• Obama wants something to work out on the debt ceiling, default is a NO-NO
• Fed show sign of stimulus 

Market Direction : Up

Accuracy : (7/10)