Morning Update: 8/29/2012

The stock market indices were choppy in the morning, narrow in the afternoon, and then tried to rally late in the session. They rolled over into the close at the afternoon lows and mixed on the session right where they opened.The day started out with the indices mixed. They tried to rally, and then came down sharply to test support that held. They bounced, retested, and then went to the session highs for the day on the Nasdaq 100 at 2790 just around midday. At that point, with the new high on the NDX, and the S&P 500 not making one, they rolled back into the afternoon and tested, held a couple times, and then tried a late rally that failed, and rolled over hard into the close.

Net on the day, the Dow was down 21.68 at 13,102.99, about 45 points off its high. The S&P 500 was down 1.14 at 1409.30, only 4 points off its high. The Nasdaq 100 was up 14 cents at 2782.69, 8 points off the high and 10 points off the low.

Advance-declines were 16 to 12 positive on New York Stock Exchange, and about 3 to 2 positive on Nasdaq. Up/down volume was slightly lower on New York, with total volume of a very light 500 million shares. Nasdaq traded over 1.3 billion, and had a slightly lower volume ratio.

Stepping back and reviewing the hourly chart patterns, the indices were very choppy and volatile in the morning, settled down a little bit in the afternoon, tried to breakout but couldn’t, and rolled over into the close to close down on the blue chips, and slightly higher on Nasdaq 100. It was a very mixed, choppy day today, and tough to gauge where we’re going.

Wednesday, August 29

07:00 MBA Mortgage Purchase Index
08:30 GDP QoQ (Annualized) – consensus 1.7%, prior 1.5%
08:30 Personal Consumption – consensus 1.5%, prior 1.5%
08:30 GDP Price Index – consensus 1.6%, prior 1.6%
08:30 Core PCE – consensus 1.8%, prior 1.8%
10:00 Pending Home Sales – consensus 1.0%, prior -1.4%
10:00 Pending Home Sales YoY – consensus 9.0%, prior 8.4%
2:00 Fed’s Beige Book
11:00 Fed purchasing $4.25b-$5b in 6 to 8-year range
1:00 U.S. to sell $35b 5-year notes
07:00 CHF KOF Swiss Leading Indicator
12:00 EUR German CPI
23:50 JPY Large Retailer Sales
10:00 Italy to sell bills

Joy Global (JOY) EPS $1.89
Fresh Market (TFM) EPS 27c
Heinz (HNZ) EPS 80c
Pandora (P) EPS -3c
TiVo (TIVO) EPS -24c
Vera Bradley (VRA) EPS 35c

The Case Shiller home price index showed a rise of 0.9%, better than the expected 0.4%. Consumer confidence came in at 60.6, less than the anticipated 65.9. On Wednesday we will get GDP, pending home sales, oil inventories and the Fed Beige Book.


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