Tuesday 12 July, 2011 AMC
| Dow | 12,446.88 | -58.88 | -0.47% |
| Nasdaq | 2,781.91 | -20.71 | -0.74% |
| S&P 500 | 1,313.64 | -5.85 | -0.44% |
| Russell 2000 | 829.77 | 0.00 | 0.00% |
| 8:30am | USD | Trade Balance |  | -50.2B | -44.1B | -43.6B  |  | |
| 10:00am | USD | IBD/TIPP Economic Optimism | | 41.4 | 45.7 | 44.6 | | |
| 2:00pm | USD | FOMC Meeting Minutes | |
Sectors Performance
What move the market
Ireland's debt gets downgraded; causes more whipsaw action in the euro
U.S. trade deficit widens more than expected in May
Alcoa (AA) starts earnings season on an underwhelming note
Read more: http://briefing.com/investor/markets/stock-market-update/#ixzz1RxSnq1xD
Commodities
Treasury Yield
Notable Earnings
| Before The Open | Ticker | Actual | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
 |  | Fastenal | FAST | 0.32 | 0.31 | 0.47 | 22.8% | |||
 | | Infosys | INFY | 30.14d | 30.42 | 0.57 | 20.8% |  | ||
| | Wolverine | WWW | 0.48 | 0.46 | 0.39 | 20.1% | |||
| After The Close | Ticker | Actual | ||||||||
| | Exco Resources | XCO | 0.16 | 0.11 | |||||
| Healthcare Services Group | HCSG | 0.15 | 0.15 | 0.20 | 9.6% | |||||
Read more: http://www.briefing.com/investor/calendars/earnings/2011/07/12/#ixzz1RxVuXsy6
Technical Updates
Wednesday 13 July, 2011 BMO
Wednesday 13 July, 2011 Economic Data
 8:30am | USD | Import Prices m/m |  | -0.7% | 0.2% | | ||
| 10:00am | USD | Fed Chairman Bernanke Testifies | | |||||
| 10:30am | USD | Crude Oil Inventories | | -2.3M | -0.9M | | ||
| 2:00pm | USD | Federal Budget Balance | | -68.0B | -57.6B | |
News
- U.S. stocks closed near their lows of the session Tuesday after Moody’s downgraded Ireland’s debt to junk status, erasing a small rally triggered by minutes of the Federal Reserve’s latest meeting.
- China’s economy expanded a fraction faster than expected in the April-to-June quarter, while other data released Wednesday suggested domestic conditions remain relatively upbeat, even as concerns spread over the resilience of the global economic
- China should increase the country's interest rates further to alleviate negative real interest rates, a government think tank said Wednesday.
- Fed Chairman Ben Bernanke is in the hot seat before a Congressional panel Wednesday, as markets keep a watchful eye on headlines from Europe and debt ceiling talks in Washington.
- "This talk about QE3 (a third round of quantitative easing), based on the minutes, is very much overwrought," said Pierpont Securities chief economist Stephen Stanley. "It was a classic 'on the one hand, on the other hand' passage. It seems to be crafted very carefully to be even handed," he said. The Fed ended QE2, a program to buy $600 billion in Treasury securities just after that June 22 meeting, and it has signaled a high threshold for any further easing.
- Stanley said Bernanke will likely dodge questions on taxation and deficit reduction, topics about which Republicans and Democrats disagree. "I think he'll avoid commenting on any special programs. He very much was on record arguing we should have a clean debt ceiling release," Stanley said. Congress is working towards an agreement ahead of the Aug. 2 deadline to raise the U.S. debt ceiling.
Earnings
| Before The Open | Ticker | Actual | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| | ADTRAN | ADTN | 0.54 | 0.44 | |||||
| ASML Holding | ASML | 0.94 | 0.54 | ||||||
| CAE | CAE | 0.16 | 0.15 | |||||||
| After The Close | Ticker | Actual | ||||||||
| | Marriott | MAR | 0.37 | 0.31 | |||||
| | Universal Forest | UFPI | 0.15 | 0.83 | |||||
| | YUM! Brands | YUM | 0.61 | 0.58 | |||||
Read more: http://www.briefing.com/investor/calendars/earnings/2011/07/13/#ixzz1RxklXpmn
Almanac
Summary
- Much focus will be on "Fed Chairman Bernanke Testifies" today.
- 4th candle reversal
- Uncertainty
- I like 6/9 - market finding something or anything or slightest piece of good news to rally.
Market Direction : Up
Accuracy : (6/9)
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