Morning Update: 9/18/2012

The stock market indices had an interesting, consolidation-type session, but had very sharp swings back and forth, although narrowing toward the end of the day.  The day started out with a move to the downside. The indices had a very sharp snapback to test resistance, rolled over hard to test support, and when that held, they consolidated in the afternoon. They bounced in a choppy fashion on the Nasdaq 100, and even less so on the S&P 500, but late in the session, they came on with Apple Inc. (AAPL) and Google Inc. (GOOG).

Net on the day, the Dow was up 11.54 at 13,564.64. The S&P 500 was down 1.87 at 1459.32. The Nasdaq 100 was up .94 at 2857.30.

Advance-declines were 16 to 13 negative on New York Stock Exchange, and only 68 issues negative on Nasdaq. Up/down volume was a little less than 2 to 1 positive on New York, with total volume of 620 million shares. Nasdaq traded over 1.6 billion, and had a flat volume ratio.

Stepping back and reviewing the hourly chart patterns, the indices came down at the opening, snapped back sharply, but then backed and filled, retested the highs, couldn’t get through, but then rolled over in the afternoon, held support, bounced around for a couple hours and then firmed up into the close to close mixed on the session.

Wednesday, September 19

07:00 MBA Mortgage Purchase Index
08:30 Housing Starts – consensus 765K, prior 746K
08:30 Building Permits – consensus 795K, prior 812K
10:00 Existing Home Sales – consensus 4.55M, prior 4.47M
11:00 Fed to buy $1.5b-$2b in 2-year notes
JPY BoJ Rate Decision
05:00 JPY Leading Index
08:30 GBP BoE Minutes
09:00 CHF ZEW Survey
22:45 NZD GDP
10:30 Germany to sell EU5b in 2-year notes

General Mills (GIS) EPS 63c
AutoZone (AZO) EPS $8.41
Bed Bath & Beyond (BBBY) EPS $1.02
Adobe (ADBE) EPS 59c

The housing market index was 40, better than the expected 38. On Wednesday we will get housing starts, oil inventories and existing home sales.


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