Morning Update: 6/19/2012

The stock market indices started off with a bang on Nasdaq, but not so with the rest of the indices, and there was a mixed market at the close.  The day started out with a sharp move lower at the opening, and then a quick rally, lower on the opening on Nasdaq, but the S&P 500 held up very well. They both rallied sharply into the first hour, then pulled back sharply and retraced, but held. They then rallied into the afternoon, broke out above the morning highs, ran up near 2600 on the NDX and 1348 on the SPX, before pulling back in the last hour. They did, however, manage to hold on, and didn’t break support.

Stepping back and reviewing the hourly chart patterns, the indices were up sharply in the morning, pulled back late morning, and rallied again sharply into the mid-afternoon before backing off in the last hour, hour and a half, but still managed to close mixed on the day, and positive on the Nasdaq 100.

Let’s see how it goes tomorrow.

Tuesday, June 19

08:30 Housing Starts – consensus 721K, prior 717K
08:30 Building Permits – consensus 729K, prior 723K
11:00 Fed purchasing $1.5b-2b in 6 to 19-year range
11:30 Treasury selling 4-week bills
01:30 AUD Reserve Bank Board June Minutes
05:00 JPY Leading Index
08:30 GBP CPI
08:30 GBP Retail Price Index
09:00 EUR German ZEW Survey
22:45 NZD Current Account Balance
23:50 JPY BOJ to Publish Meeting Minutes
12:30 UK to sell GBP4.75b 5-year bonds

Barnes and Noble (BKS) EPS -95c, revs $1.48B
Carnival (CCL) EPS 7c, revs $3.57B
Discover Financial (DFS) EPS 97c, revs $1.85B
Fedex (FDX) EPS $1.92, revs $11.13B
Jefferies (JEF) EPS 31c, revs $715.05M
Adobe (ADBE) EPS 59c, revs $1.11B
Jabil Circuit (JBL) EPS 65c, revs $4.29B

The home price index was 29, in line with expectations. On Tuesday we will get housing starts.



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