Morning Update: 12/5/2012

Indices Close Lower but Substantially Off Lows

The stock market indices ended down on the day, substantially off the morning lows. They were actually in the plus column with an hour to go, but failed and faded in the last hour.

Net on the day, the Dow was down 13.90 at 12,951.71, 13 points off the low and 70 points off the high. The S&P 500 was down 2.42 at 1407.04, 4 points off the low and about 6 off high. The Nasdaq 100 was down 3.95 at 2667.89, 15 points off the low and 7 off the high.

Advance-declines were slightly negative by 100 issues on theNew York Stock Exchange, and 125 issues on Nasdaq. Up/down volume was slightly negative on New York, and slightly negative on Nasdaq as well.

Stepping back and reviewing the hourly chart patterns, the indices were down sharply by late morning. They rallied back and pulled back to retest, and made lower lows on the S&P 500 but not on the NDX. That contributed to an afternoon 3-wave rally that failed, and they rolled over into the close.

It was not too bad of a day, and many of our stocks were up today. Let’s see what happens tomorrow.

 

Leaders

Averages

Institutional

Wednesday, December 5

Economics
07:00 MBA Mortgage Purchase Index
08:15 ADP Employment Change – consensus 130K, prior 158K
08:30 Nonfarm Productivity – consensus 2.7%, prior 1.9%
08:30 Unit Labor Costs – consensus -0.9%, prior -0.1%
10:00 Factory Orders – consensus 0.0%, prior 4.8%
10:00 ISM Non-Manufacturing Composite – consensus 53.5, prior 54.2
11:00 Fed to purchase $4.25b-$5.25b Treasuries in 6 to 8-year notes
00:30 AUD GDP
01:45 CNY HSBC Services PMI
08:45 EUR Eurozone PMI Services
09:30 GBP PMI Services
10:00 EUR Eurozone Retail Sales
20:00 NZD Reserve Bank of New Zealand Rate Decision
9:30 Spain to sell debt
11:30 Germany to sell EU4b 2-year notes

Earnings
After:
Finisar (FNSR)

There were no significant economic releases on Tuesday. On Wednesday we will get the ADP employment report, Factory orders, the ISM non manufacturing number and oil inventories.

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