15 Apr 2013 AMC

15 Apr 2013 AMC

Market Summary 

Market Internals

Leaders and Laggards

Technical Updates

Briefing's Commentaries 

Stock Market Update 16:20 ET Dow -265.86 at 14599.2, Nasdaq -78.46 at 3216.49, S&P -36.49 at 1552.36 :[BRIEFING.COM] Equities sold off steadily throughout today's session, and the S&P 500 ended lower by 2.3%.  The major averages were pressured from the opening bell as global growth concerns returned to the forefront. In China, first quarter GDP rose 7.7%, which was below the expected growth of 8.0%. The disappointing report added to the weakness of the commodity complex, which saw an extension of last week's selling.  The key indices were hovering near their lows when reports indicated two explosions took place at the finish line of the Boston Marathon. Sellers reacted to the news by pushing equities to fresh lows.  Two of Friday's biggest laggards also ended today's session leading to the downside. Energy and materials both fell nearly 4.0%. A 3.3% drop in crude oil contributed to the weakness of the energy sector while producers of basic materials lagged across the board.  Gold miners endured yet another rough session as the Market Vectors Gold Miners ETF (GDX 29.02, -3.20) fell 9.9% on the heels of a 9.5% plunge in gold to $1356.80. Meanwhile, silver tumbled 13.0% to $22.90. Including Friday's decline, gold has suffered its largest two-day drop in about 30 years.  In addition to precious metals, copper fell 2.1% to levels not seen since June of last year. Similarly, steel producers saw significant weakness as the Market Vectors Steel ETF(SLX 40.23, -2.02) lost 4.8%. As a result, the steel ETF is now sitting at a nine-month low.  Today's selling did not spare the two groups which have led the bulk of the first quarter market rally.  The Dow Jones Transportation Average sank 3.8% as all 20 components settled firmly lower. Late-afternoon trade saw airlines fall to their lows following the worrisome headlines out of Boston. Delta Air Lines (DAL 14.91, -0.57) dropped 3.7% while JetBlue Airways(JBLU 6.73, -0.47) settled lower by 6.5%.  Elsewhere, homebuilders underperformed broadly as the disappointing April NAHB Housing Market Index contributed to the weakness. Toll Brothers (TOL 30.50, -2.54) lost 7.7% while the broader SPDR S&P Homebuilders ETF (XHB 28.17, -1.47) tumbled 5.0%.  With equities ending firmly lower, the CBOE Volatility Index (VIX 16.61, +4.55) jumped over 35.0%, settling at its highest level since late February.  No group was able to escape today's selling. Small cap stocks underperformed the broader market as the Russell 2000 lost 3.8%.  Today's volume was well-above average as nearly one billion shares changed hands on the floor of the New York Stock Exchange. Today's tally marked the highest total since February 28th.  While Chinese economic data missed expectations, domestic economic news did little to paint an upbeat picture. The Empire Manufacturing Survey for April registered a reading of 3.1, which was down from the prior month's reading of 9.2. Economists polled by Briefing.com had expected that the survey would slip to 5.0.  Meanwhile, the April NAHB Housing Market Index registered a reading of 42, which was lower from the prior month's reading of 44. Today's reading fell also short of the Briefing.com consensus which called for a reading of 45.  Tomorrow, March CPI, core CPI, housing starts, and building permits will all be reported at 8:30 ET. In addition, March industrial production and capacity utilization will both be announced at 9:15 ET. On the earnings front, Coca-Cola (KO 40.09, -0.99) and Goldman Sachs (GS 146.46, -2.66) are scheduled to report their quarterly results prior to the opening bell. ..NYSE Adv/Dec 377/2702. ..NASDAQ Adv/Dec 279/2246.

After Hours

18:03 ET ECTY +16.6%, PBY +3.1%, BRO +2.4%, JOEZ -8.7%, HCA -4.7%, NTGR -4.5% following earnings/guidance :

Equities sold off steadily throughout today's session, and the S&P 500 ended lower by 2.3%.

Today after the close the following companies reported earnings: BRO, PBY, PNFP, STLY

Futures are lower after hours: S&P 500 futures are -4.00 from fair value of 1547.50 and Nasdaq100 futures are -8.38 from fair value of 2791.88.

Tomorrow morning before the open six economic reports are scheduled to be released: 1) CPI (Consensus -0.1%), 2) Core CPI (Consensus 0.2%), 3) Housing Starts (Consensus 930k), 4) Building Permits (Consensus 946k), 5) Industrial Production (Consensus -0.3%), and 6) Capacity Utilization (Consensus 78.4%).

Tomorrow before the open the following companies are scheduled to report earnings: BLK, KO, CMA, GS, JNJ, NTRS, AMTD, USB, GWW, WWW

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Jason's Commentaries


Before we start anything regarding about the market analysis, I would want to send my heart-felt condolences to the families who lost their love ones yesterday at the Boston Marathon. Any form of violence is condemned against the innocents, regardless of whatever cause. To the victims of the tragedy, take care.

On the very day of the tragedy, the market went clearly oversold. 256 points on the Dow, having all sectors down by at least 1.4%. With the highest loss of -4.08% which is the energy sector. The main cause of the plunge was because of unexpected drop in the Precious Metals. Gold and Silver sunk more than 9% last night. If you're holding either these 2 metals, good luck. This was clearly a break-down from a parabolic trend. Pull out the charts and look at gold and silver. Any stocks that exhibited the parabolic trend crashed. That the drop in the precious metals caused the miners to drop. Other commodities like Oil fail in sympathy as well. The agriculture stocks were badly hit as well. While noting the market movements, the internals were a clear bear. Bulls were no where to be seen. I believe this drop has tripped many alogo systems, causing a even faster drop in the market. However, it was too much. VIX spiked to a 35% last night. Asia wasn't badly affected by the drop, while the futures were bullish at 5am ET at 70 points. I reckon today will be a up day after the covering from the shorties. Sell in may ain't coming just yet. 

Market Call: UP

Date: 16 Mar 2013