Morning Update: 8/28/2012

The stock market indices started off the week with a mixed session. The Nasdaq 100 closed ahead, with Apple Inc. (AAPL) continuing strong after the positive ruling from international courts against Samsung. Apple was up 12.46 to 675.68, which certainly helped the NDX eke out a gain today.  The day started out with gap to the upside, followed by a pullback, and then they took off and hit the session highs just before noon. They then pulled down in an orderly fashion, but couldn’t rally. When they failed to breakout in the afternoon, they rolled over hard to nominal new lows, and then bounced into the close positively.

Net on the day, the Dow was down 33.30 at 13,124.67, and the S&P 500 was down 69 cents at 1402.80, but the Nasdaq 100 was up 4.50 at 2782.55, about 12 points off its high.

Advance-declines were about 164 issues lower on New York Stock Exchange, and almost dead-even flat on Nasdaq. Up/down volume was 3 to 2 negative on New York, with total volume of an ultra-light 483 million shares. Nasdaq traded over 1 1/4 billion, with the slightest negative plurality.

We’ll see how it goes tomorrow. The indices did pull back in the afternoon, very sharply, but held moving averages on the hourly charts. We’ll see if they can hold today’s lows, which may be key.

Tuesday, August 28

Economics
09:00 S&P/Case Shiller 20 City Index MoM – consensus 0.30%, prior 0.91%
09:00 S&P/Case Shiller 20 City Index YoY – consensus -0.10%, prior -0.66%
10:00 Consumer Confidence – consensus 65.9, prior 65.9
10:00 Richmond Fed – consensus -11, prior -17
11:00 Fed selling $4.5b-$5.5b in 8 to 10-year range
11:30 Treasury selling 4-week bills
1:00 U.S. to sell $35b 2-year notes
CNY Leading Index
01:00 AUD HIA New Home Sales
06:00 EUR German GFK Consumer Confidence
06:00 CHF UBS Consumption Indicator
9:30 Spain to sell 3-month,6-month bills
10:00 Italy to sell coupon bonds

Earnings
No major reports

The Dallas Fed Mfg. Survey came in at minus 1.6, better than the expected minus 6.0. On Tuesday we will get the Case Shiller Home Price Index and Consumer Confidence.

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