Morning Update: 6/28/2012

The stock market indices had an up day today. They were a little choppy, but opened strongly, pulled back, and then had a very strong move, reaching 2576 on the Nasdaq 100 and 1332 on the S&P 500. They then consolidated, rolled over in the afternoon, retested the lows on the NDX, but the S&P 500 was far from the lows and twice made nominal new highs in the afternoon, while the NDX did not. That resulted in a late rollover on the pullback, but it was still a good day for the indices.Net of the day, the Dow was up 92.34 at 12,627.01, about 19 points off its high, the S&P 500 was up 11.86 at 1331.85, only 3 points off its high, and the Nasdaq 100 up 15.69 at 2565.53, 11 points off the high.

Advance-declines were nearly 4 to 1 positive on New York, and 2 1/2 to 1 positive on Nasdaq. Up/down volume was 4 to 1 positive on New York, with total volume of 662 million shares. Nasdaq traded 1.6 billion, and had a 3 1/2 to 1 positive volume ratio.

Stepping back and reviewing the hourly chart patterns, the indices gapped up, they pulled back, held support, and exploded on the Nasdaq 100 early on to the session high, but the S&P 500 didn’t listen and kept going, making two nominal new highs during the day without confirmation from the NDX.

Today the highs were right up near the declining moving averages on the hourly charts, and so far that remains resistance.

 

Thursday, June 28

Economics
8:30 am: GDP Q/q, 1Q revised, consensus 1.9%, prior 1.9%
8:30 am: Personal Consumption, 1Q revised, consensus 2.7%, prior 2.7%
8:30 am: GDP Price Index, 1Q revised, consensus 1.7%, prior 1.7%
8:30 am: Core PCE Q/Q, 1Q revised, consensus 2.1%, prior 2.1%
8:30 am: Initial Jobless Claims, consensus 385k, prior 387k
8:30 am: Continuing Claims, prior 3.299m
9:45 am: Bloomberg Consumer Comfort, prior -37.9
11:00 am: Kansas City Fed Manufacturing Activity, consensus 4, prior 9
11:00 am: Fed to sell $8-8.75b notes in 2 to 3-year range
1:00 pm: Treasury to sell $29b in 7-year notes
1:00 AUD HIA New Home Sales
1:00 NZD NBNZ Activity Outlook and Business Confidence
1:30 EUR German June Unemployment Data
7:55 EUR German Unemployment Change
8:30 GBP Gross Domestic Product
8:30 GBP Current Account
8:30 GBP Total Business
9:00 EUR Euro-Zone Consumer Confidence
22:45 GBBP GfK Consumer Confidence
23:30 JPY Jobless Rate
23:30 JPY Household Spending
23:30 JPY National Consumer Price Index
23:30 JPY Industrial Production
9:00 Italy to sell bonds

Earnings
Before:
Family Dollar  (FDO) EPS $1.07, revs 2.37B
Shaw Comms (SJR) EPS 44c, revs 1.30B
After:
Accenture (ACN) EPS 9c, revs 7.16B
Nike (NKE) EPS 1.37c, revs 6.51B
Research in Motion (RIMM) EPS -0.7c, revs 3.04B

 

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