Morning Update: 8/16/2012

The stock market indices had another somewhat volatile day, and closed near the flatline again with mixed results. They are still consolidating, although the consolidation now comes above the previous points of resistance, so it could be considered positive. They had an early run in the market up to resistance, and then an afternoon dip. The morning lows held on both exchanges, and then the market snapped back to the declining tops line only to back off again in the last hour.The stock market had a volatile day today, but  the indices closing mixed near the flat line.

Net on the day, the Dow was down 7.36 at 13,164.78, but the S&P 500 was up 1.60 at 1405.53, and the Nasdaq 100 was up 7.68 at 2735.47.

Advance-declines were 19 to 11 positive on New York Stock Exchange, and 17 to 7 positive on Nasdaq. Up/down volume was better than 3 to 2 positive on New York, with total volume of a very light 490 million shares. Nasdaq traded over 1.5 billion, and had a 2 to 1 positive volume ratio.

Stepping back and reviewing the hourly chart patterns, the indices were up in the morning, down in the afternoon, back up late in the day, and then they pulled back in the last hour, to close quite low on the session.

Thursday, August 16

08:30 Initial Jobless Claims – consensus 364K, prior 361K
08:30 Continuing Claims – consensus 3300K, prior 3332K
08:30 Housing Starts – consensus 757K, prior 760K
08:30 Building Permits – consensus 765K, prior 755K
10:00 Philadelphia Fed – consensus -5.0, prior -12.9
11:00 Fed buying $1.5b-$2b Treasuries in 25 to 30-year range
08:30 GBP Retail Sales
09:00 EUR Eurozone CPI

Sear’s Holdings (SHLD) EPS -86c
Wal-Mart (WMT) EPS $1.17
Ross Stores (ROST) EPS 81c
Gap (GPS) EPS 48c
Dollar Tree (DLTR) EPS 47c
Aeropostale (ARO) EPS 2c

The CPI came in flat versus an expected rise of 0.2%. Industrial production rose 0.6%, more than the consensus 0.5%. The Empire State index was – 5.85, much worse than the expected 7.00. The home price index was 37, more than the anticipated 35. Oil inventories dropped 3.7 million barrels, exactly the same as last week. On Thursday we will get housing starts, jobless claims and the Philadelphia Fed survey.


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