12 Mar 2013 AMC

12 Mar 2013

Market Summary 

Market Internals

Leaders and Laggards

Technical Updates

Briefing's Commentaries 

Stock Market Update 16:20 ET Dow +2.77 at 14450.06, Nasdaq -10.55 at 3242.32, S&P -3.74 at 1552.48 :[BRIEFING.COM] The major averages finished today's session on a mixed note. The Dow registered a slightly higher close while the S&P 500 and Nasdaq ended in the red. With today's lower close, the S&P 500 has snapped its streak of seven consecutive winning sessions.  After starting the day on a lower note, the key indices attempted to reclaim their losses. However, selling pressure manifested itself shortly thereafter, and drove equities to session lows.  The morning weakness occurred as sellers targeted cyclical stocks. Financials, industrials, and technology led the decline with financials ending as the weakest group.  The financial sector underperformed amid weakness in major bank names. Morgan Stanley (MS 22.67, -0.43) lost 1.9% while the broader SPDR Financial Select Sector ETF (XLF 18.28, -0.10) slipped 0.5%. Notably, the sector led the morning decline after being one of the top performers year-to-date.  The Dow Jones Transportation Average has also acted as one of the leaders of this year's market rally. Since the start of 2013, the bellwether complex has added more than 15.0%. However, the space trailed behind the broader market today, and settled lower by 0.3%.  Transportation-related stocks also weighed on the industrial sector, which ended as one of the weakest performers. The SPDR Industrial Select Sector ETF (XLI 41.72, -0.24) shed 0.6%.  Elsewhere, the technology sector was pressured by some of its largest components.Apple (AAPL 428.43, -9.44), Google (GOOG 827.61, -7.21), and Oracle (ORCL 35.43, -0.45) all lost between 0.9% and 2.2%.  While large cap tech names lagged, there were some areas of strength. Chipmakers fared relatively well and the PHLX Semiconductor Index rose 0.4%.  With the fourth quarter earnings season drawing to a close, only several notable names have yet to report their results. This morning, Costco (COST 103.75, +1.31) beat on earnings and reported revenue in-line with its March 7 pre-announcement. The relative strength of the retailer contributed to the outperformance of the consumer staples sector.  The defensive trade appeared to be favored today as health care and telecoms finished among the day's leaders. In the health care space, Merck (MRK 45.04, +1.38) added 3.2% after a regulatory body voiced its support for Merck to continue one of its clinical trials.  With equities spending the day in the red, the 10-yr note saw steady buying interest in overnight trade with the bid spilling over into the day session. As a result, 10-yr yield slipped four basis points to 2.02%.  After ending yesterday at its lowest level since early 2007, the CBOE Volatility Index(VIX 12.28, +0.72) jumped over 6.0%.  Trading volume was below average as 622 million shares changed hands on the floor of the New York Stock Exchange.  Looking at tomorrow's economic data, the weekly MBA Mortgage Index will be reported at 7:00 ET. February retail sales, retail sales ex-auto, export prices ex-agriculture, and import prices ex-oil will all be announced at 8:30 ET. Finally, January business inventories will be reported at 10:00 ET and the U.S. Treasury will report its February budget at 14:00 ET.  The U.S. Treasury will also reopen $21 billion in 10-yr notes. ..NYSE Adv/Dec 1244/1777. ..NASDAQ Adv/Dec 1011/1444.

After Hours

17:58 ET EGL +7.3%, PPHM +6.3%, SPPI -38.1% VELT -24.1%, COOL -23.6%, KTOS -16.3% following earnings/guidance :

The major averages finished today's session on a mixed note. The Dow registered a slightly higher close while the S&P 500 and Nasdaq ended in the red. With today's lower close, the S&P 500 has snapped its streak of seven consecutive winning sessions.

Other notable after hours movers on earnings: EGL +7.3%, PPHM +6.3%, GSIG +4.4%, GNMK +4.1%, XOMA +2.3%, ACAD +2.2%, GCA +1.8%, KW +1.8%, EVOL +1.1%, ATHX +0.7%, AET +0.5%, GALE +0.5%, SPPI -38.1%, VELT -24.1%, COOL -23.6%, KTOS -16.3%, CRDS -8.6%, DOLE -4.1%, IPAR -3.0%, GCAP -1.1%, GERN -0.7%, SUMR -0.4%, HRZN -0.2%

Today after the close the following companies reported earnings: DOLE, EGL, GCAP, GERN, GCA, HSIG, HRZN, IPAR, IRET, KTOS, PPHM, SUMR, SURG, VELT

Futures are mixed after hours: S&P 500 futures are -0.02 from fair value of 1546.82 and Nasdaq100 futures are +1.63 from fair value of 2796.37.

Tomorrow morning before the open four economic reports are scheduled to be released: 1) MBA Mortgage Index, 2) Retail Sales (Consensus 0.5%) and Retail Sales ex-auto (Consensus 0.5%), 3) Export Prices ex-ag., and 4) Import Prices ex-oil.

Tomorrow before the open the following companies are scheduled to report earnings: AH, ADUS, AMRC, ATRS, EXPR, KRO, PERI, SNSS, TA

Commodities

Treasuries

Next Day In View 

Jason's Commentaries


It was definitely a mixed day on the surface yesterday. The DJI gained 0.02% while the S&P500 lost 0.24%. However, let's dig deeper into the internals. 622mil shares changed hands last night, with the DVOL outpacing the UVOL. DECN outpacing the ADVN, TRIN stayed in the bullish region throughout, VIX gained a 6.14%. It looks more like a down day to me. Most of the sectors lost a near a 0.5%. But is that all for the 8th Candle Reversal? I highly doubt so. There's hardly a retracement on the key indices yet to suffice the buy-low-sell-high syndrome. Many professionals are sidelined now, waiting for some entries during the retracement. While we're having the retail sales report coming out today, we might be looking at very little movements in the market.

Market Call:FLAT to the downside

Date: 13 Mar 2013