Wednesday, October 20, 2010

DailyMarkets.com - U.S. Stock Market: Strange Similarities Between Current Rally And Prior Creep Up

DailyMarkets.com - U.S. Stock Market: Strange Similarities Between Current Rally And Prior Creep Up

U.S. Stock Market: Strange Similarities Between Current Rally And Prior Creep Up

Posted: 20 Oct 2010 11:45 AM PDT

I always enjoy pointing out unusual or strange similarities in price structure over time, and one of the most eerie ones on a larger scale that has occurred recently is the similarities of the two "Creeper" trends in 2010.

A chart is worth 1,000 words:

What we're seeing is the two big rallies in 2010 – that of February – April (left) and the current late August to present.

Even before I start describing the similarities of the rise, the similarities of the prior fall … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Comerica Lags Estimates

Posted: 20 Oct 2010 11:35 AM PDT

Comerica Incorporated (NYSE:CMA) reported third-quarter 2010 net income of 33 cents per share, below the Zacks Consensus Estimate of 41 cents and lower than prior quarter by 6 cents. However, results were far ahead of the prior-year quarter, as third-quarter 2009 had incurred a loss of 10 cents.
Results reflected decrease in net interest income, non interest income, net interest margin and higher non-interest expenses. However, improvement in credit quality was a positive catalyst.
Net income … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Quest Beats But Lowers Rev Guidance

Posted: 20 Oct 2010 11:35 AM PDT

Quest Diagnostics (DGX) reported an EPS of $1.13 during the third quarter of fiscal 2010, surpassing the year-ago quarter's $1.02. However, excluding an 8-cent benefit associated with a favorable tax resolution, the EPS came in at $1.05, ahead of the Zacks Consensus Estimate of $1.00.
Revenues for the quarter declined 1.7% year over year to $1.9 billion, driven by continued softness in physician office visits, and meeting the Zacks Consensus Estimate. However, EPS improved over the year-ago … [visit site to read more] or compare Best Credit Cards and Best CD Rates

“Tight Trading Range…now Until End Of The Year “

Posted: 20 Oct 2010 11:17 AM PDT

Seaport Securities’ Jason Weisberg discusses today’s reversal in US equity market action and USD … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Genzyme Profit Rises

Posted: 20 Oct 2010 11:05 AM PDT

Genzyme Corporation (NASDAQ:GENZ) reported third quarter earnings of 32 cents per share (excluding one-time items but including the impact of stock-based compensation expense), a penny shy of the Zacks Consensus Estimate, but 88% above the year-earlier earnings of 17 cents.
Excluding the impact of stock-based compensation expense, earnings came in at 42 cents, up 50% from the year-ago period, and in line with the guidance provided by the company. Third quarter performance was driven by increased … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Record Quarter For Watsco

Posted: 20 Oct 2010 11:05 AM PDT

The third quarter for Watsco Inc. (NYSE:WSO) was a record-breaking quarter on all three fronts – revenues, earnings and cash flows. Net income surged 49% year-over-year to achieve a record of $31 million in the quarter.
EPS was 97 cents, up an impressive 47% from 66 cents in the year-ago quarter and beat the Zacks Consensus Estimate by a penny. The outperformance was driven a combination of higher revenues and operating income.
Revenues increased 10% year-over-year to a third quarter record of … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Dollar Declines On Speculation

Posted: 20 Oct 2010 06:00 AM PDT

10/20/10 The US dollar posted a steep decline this session following speculation of the Fed easing monetary … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Yahoo! Posts A Good 3Q

Posted: 20 Oct 2010 10:35 AM PDT

Yahoo! Inc. (YHOO) reported third quarter earnings that beat the Zacks Consensus estimate by 2 cents. This excluded a gain of 14 cents a share from the sale of HotJobs during the quarter. Yahoo shares opened 2.19% higher this morning and have continued to climb higher since then.
Yahoo management was upbeat about the results, stating that the revenue per search (RPS) went up 1% from both the previous and year-ago quarters, the first year-over-year increase since the third quarter of … [visit site to read more] or compare Best Credit Cards and Best CD Rates

U.S. Bancorp Tops Zacks Estimates

Posted: 20 Oct 2010 10:35 AM PDT

U.S. Bancorp (NYSE:USB) reported third quarter 2010 earnings attributable to common shareholders of $871 million or 45 cents per share, two cents ahead of the Zacks Consensus Estimate of 43 cents. The results also compare favorably with the prior quarter's earnings of $862 million or 45 cents per share and the prior-year quarter's earnings of $583 million or 30 cents per share.
The improvement in U.S. Bancorp's earnings primarily stemmed from a strong growth in revenues, reflecting the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

STLD Falters On Lower Steel Prices

Posted: 20 Oct 2010 10:35 AM PDT

Steel Dynamics Inc.'s (NASDAQ:STLD) net income of $19 million or 9 cents per share in the third quarter of 2010 plummeted 72% from last year's $69 million or 30 cents. Sequentially, it declined 29% from $49 million or 22 cents.
However, results matched the Zacks Consensus Estimate, as the lower steel selling prices and nearly flat shipments were more or less within analyst expectations. Average realized steel prices were down 6% to $782 per ton.
Although average realized steel prices are … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Abbott Beats On EPS, Misses On Revs

Posted: 20 Oct 2010 10:05 AM PDT

Abbott Laboratories (NYSE:ABT) reported third quarter earnings of $1.05 per share, a penny above the Zacks Consensus Estimate and towards the higher end of the guidance provided by the company. Earnings increased 14.1% from the year-earlier period. However, including one-time items, EPS declined 40% to 57 cents.
Although revenues grew 11.8% to $8.7 billion, they fell short of the Zacks Consensus Estimate of $8.9 billion. Revenues were negatively impacted by foreign exchange (Fx) fluctuations … [visit site to read more] or compare Best Credit Cards and Best CD Rates

St. Jude Posts A Mixed Bag

Posted: 20 Oct 2010 10:05 AM PDT

Medical devices major St. Jude Medical (NYSE:STJ) posted adjusted earnings per share of 72 cents for third-quarter fiscal 2010, exceeding the Zacks Consensus Estimate of 68 cents and the year-ago earnings of 59 cents. This represents the fifth consecutive quarter of outperformance.
The adjusted earnings include a tax benefit associated with the federal research and development tax credit and exclude charges related to the acquisition of LightLab Imaging (acquired in July 2010) and specific … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Altria Beats Estimates

Posted: 20 Oct 2010 10:05 AM PDT

Altria Group Inc. (NYSE:MO), the manufacturer and seller of cigarettes, wine and other tobacco products, registered robust third quarter results of 2010 for the three-month period ending September 30, 2010.
Virginia-based Altria posted earnings of 54 cents a share in the quarter, which was up 12.5% compared with the prior-year quarter and above the Zacks Consensus Estimate of 52 cents a share. The quarter benefited from strong income across its tobacco businesses, lower asset impairment and exit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

European Markets Close Higher; Dax Up 0.52%

Posted: 20 Oct 2010 09:55 AM PDT

Forex Pros – European stocks were up after the closing bell on Wednesday.

At the close of European trade, Germany's DAX rose 0.52%, London's FTSE 100 gained 0.44%, France's CAC 40 climbed 0.55% and the EURO STOXX 50 was up 0.50%.

Meanwhile, on Wall Street, equity markets were up after the open. The Dow Jones Industrial Average was up 1.40%; the S&P 500 index gained 1.33%, while the Nasdaq 100 index climbed … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Crude Rises Above $80

Posted: 20 Oct 2010 09:35 AM PDT

10/20/10 Front month crude prices regained yesterday’s losses after the dollar took a … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Morgan Stanley Beats, Revenues Down

Posted: 20 Oct 2010 09:35 AM PDT

Morgan Stanley's (NYSE:MS) third quarter adjusted earnings from continuing operationscame in at 23 cents per share, 4 cents ahead of the Zacks Consensus Estimate of 19 cents. This represents Morgan Stanley's fifth consecutive quarter of income from continuing operations.
Adjusted earnings for the reported quarter leave out losses from changes in Morgan Stanley's debt-related credit spreads of 30 cents per share and gain from a discrete tax item of 12 cents. Considering these non-recurring … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Boeing Flies Past Zacks Consensus

Posted: 20 Oct 2010 09:35 AM PDT

The Boeing Company (NYSE:BA) has shown resilience in its core businesses with third quarter fiscal 2010 earnings of $1.12 per share, outpacing the Zacks Consensus Estimate of $1.07. The company's results reflect higher Commercial Airplanes volume and strong performance across its core businesses.
In the year-ago quarter, performance was wayward, with Boeing clocking a loss of $2.22 per share due to reclassification of research and development costs of $2.60 per share incurred for the first three … [visit site to read more] or compare Best Credit Cards and Best CD Rates

The U.S. Stock Market Correction Has Now Begun

Posted: 20 Oct 2010 09:30 AM PDT

Yesterday the market broke the trend line off the August bottom.

The dollar also followed through on its snapback rally.

The odds are now high that we have the cycle top in place for stocks and the cycle low in the dollar. We should now see the market drift lower possibly till the third quarter GDP report next week.

However let me stress again this isn’t over. This is just a profit taking event and once it’s run its course the dollar will resume what I fully expect to be a … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Wells Fargo Beats Estimates

Posted: 20 Oct 2010 09:05 AM PDT

Wells Fargo & Company's (NYSE:WFC) third quarter 2010 operating earnings were 60 cents per share, well above the Zacks Consensus Estimate of 55 cents. Net income applicable to common stock came in at $3.34 billion compared with $3.24 billion in the prior-year quarter.
During the quarter, Wells Fargo earned $20.87 billion (down 7% year over year and 2.3% sequentially) of combined revenue. Revenue results were below the Zacks Consensus Estimate of $20.96 billion. Pre-tax pre-provision profit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – Dollar Down Sharply Amid Renewed Fed Easing Concerns

Posted: 20 Oct 2010 09:03 AM PDT

Forex Pros – The U.S. dollar was down sharply against all of the other major currencies on Wednesday, amid rising expectations that the Federal Reserve would announce a second round of monetary easing to boost U.S. growth.

During European late afternoon trade, the greenback was down against the euro, with EUR/USD jumping 1.65% to hit 1.3953. Earlier in the day, official data showed that German producer price inflation rose more-than-expected in September.

The greenback was also down against … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Europe Stocks End Higher On Miners, Earnings; DAX Up 0.58%

Posted: 20 Oct 2010 09:03 AM PDT

Forex Pros – European stocks reversed early losses to end higher on Wednesday, as strong earnings reports boosted investor sentiment, while mining sector stocks led markets higher. 

At the close of European trade, the EURO STOXX 50 was up 0.57%; France's CAC 40 rose 0.62%; the FTSE 100 increased 0.45%; while Germany’s DAX climbed 0.58%.

Shares in the commodity sector emerged as top performers as crude oil and metal prices rose. Shares in Xstrata soared 3.38%, stocks in BHP Billiton, … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Geithner, China And Foreclosure-gate Send Investors Fleeing From Stocks To Bonds & US Dollar

Posted: 20 Oct 2010 08:54 AM PDT

Global markets freaked out on Tuesday primarily due to the following events:

U.S. Treasury Secretary Geithner's speech on Monday pledging "The United States and no country around the world can devalue its way to prosperity.”
Within hours after Geithner's statement, China made a surprise interest rate hike—its first since 2007–raised fears that Chinese growth will slow with global implications.
The unraveling of the "foreclosure-gate" could mean banking crisis … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – GBP/USD Soars To Fresh Daily High As Fed Data Eyed

Posted: 20 Oct 2010 08:45 AM PDT

Forex Pros – The pound advanced to a fresh daily high against the U.S. dollar on Wednesday, as market focus returned to the prospect of additional monetary easing by the Federal Reserve.

GBP/USD hit 1.5867 during European late afternoon trade, a daily high; the pair subsequently consolidated at 1.5849, jumping 0.90%.

Cable was likely to find support at 1.5601, the low of September 22 and resistance at 1.6002, Monday's high.

Earlier Wednesday, U.K. Chancellor George Osborne unveiled … [visit site to read more] or compare Best Credit Cards and Best CD Rates

U.S. Traffic Volume Reaches 2-Year High In August

Posted: 20 Oct 2010 08:45 AM PDT

The Federal Highway Administration reported today that travel on all roads and streets in the U.S. increased by +1.6% in August 2010 compared to the same month last year. Total travel for the month of August was estimated at 267.4 billion vehicle miles, the second highest travel volume for the month of August, just 0.50% below the all-time August record in 2007 of 268.7 billion miles.  The August increase in traffic was the third consecutive monthly increase, and the fifth increase in the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

The Canadian Century

Posted: 20 Oct 2010 08:37 AM PDT

By Seeking Delta of http://seekingdelta.wordpress.com/
Last week, in A Supply-Siders Investment Thesis, I mentioned Dr. Canto thinks the US should pursue a similar fiscal strategy as that of Canada in the mid-nineties. More on that topic from David Hay of Evergreen Capital Management, via John Mauldin. After reading The Canadian Century: The Canadian Century: Moving Out of America's Shadow, David makes the following points:
Canada was in worse shape than the the US is currently. Interest … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex Trading: USDJPY Breaks 81.11 And Scoots To The Next Support Target

Posted: 20 Oct 2010 08:32 AM PDT

Forex – EUR/USD Surges To Fresh Daily High As Beige Book Eyed

Posted: 20 Oct 2010 08:31 AM PDT

Forex Pros – The euro extended gains against the U.S. dollar on Wednesday, soaring to a fresh daily high, ahead of the release of key U.S. economic data.

EUR/USD hit 1.1.3989 during late European trade, a fresh daily high; the pair subsequently consolidated at 1.3980, jumping 1.81%.

The pair was likely to find support at 1.3636, the low of October 5 and resistance at 1.4157, the high of October 15 and an 8-month high.

On Tuesday, three regional Federal Reserve presidents signaled that the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Delta Airlines Sees 3Q Profit Rise

Posted: 20 Oct 2010 08:29 AM PDT

10/20/10 Delta Airlines announced that it posted a 3Q profit on improved passenger and cargo … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Sallie Mae Tops Zacks Estimate

Posted: 20 Oct 2010 08:22 AM PDT

SLM Corp. (NYSE:SLM), commonly known as Sallie Mae, reported third quarter core earnings of $189 million or 35 cents per share, ahead of the Zacks Consensus Estimate of 27 cents. The results compare favorably with the prior-year quarter's core earnings of $164 million or 26 cents per share. The better-than-expected results were primarily driven by higher interest income on its student loans.

However, on a GAAP basis, Sallie Mae reported a quarterly net loss of $495 million or $1.06 per share, … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Australian Dollar: Key ST Resistance At 10725

Posted: 20 Oct 2010 08:20 AM PDT

Update on supports and resistances. … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Canadian Dollar: The Downside Prevails

Posted: 20 Oct 2010 08:20 AM PDT

Update on supports and resistances. … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – USD/CAD Hits Fresh Daily Low As Crude Oil Prices Jump

Posted: 20 Oct 2010 07:52 AM PDT

Forex Pros – The Canadian dollar extended gains against its U.S. counterpart on Wednesday, rising to a fresh daily high after official data showed that U.S. crude oil inventories rose-less-than expected last week.

USD/CAD hit 1.0244 during late European trade, a fresh daily low; the pair subsequently consolidated at 1.0241, tumbling 0.90%.

The pair was likely to find support at 1.0160, Tuesday's low and resistance at 1.0373, Tuesday's high.

Earlier in the day, the U.S. Energy Information … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex Trading: EURUSD On Fire Again After Break

Posted: 20 Oct 2010 07:45 AM PDT

The 1.3958 level is the next target and then the 1.3982 (61.8% of the move down). Not much resistance as the price goes from 1.3820 support to the moon in about 70 minutes.
Looking at the hourly chart I am reminded of a bigger picture.  1.4004 his topside resistance.  1.3774 is bottom support.  In between is the meat and potatoes of the 12 day trading.  Moves above and below look for … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex Trading: EURUSD At Key Levels Again.

Posted: 20 Oct 2010 07:34 AM PDT

The 100 and 200 hour MA at the 1.3933 level and the 50% retracement at 1.3928. This is the last stand for the EURUSD. Look for the stops and momentum on a … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Opening Bell Market Monitor: BA, MA, WFC, YHOO

Posted: 20 Oct 2010 07:31 AM PDT

10/20/10 The latest in news, commentary, and information on what’s moving the US equities … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex Trading: EURUSD Rallies To Resistance And Stalls. Gold Steady. Be Aware

Posted: 20 Oct 2010 07:28 AM PDT
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