Stocks seem to manage to stay in the green, however they surrendered their early gains. The first spark for the day came from pending home sales. The latest data came much stronger than expected, up 6.7% month-over-month. The consensus was 0.5% increase. It helped the stocks spike for 35 minutes after the opening bell. S&P 500 touched the 950 levels. Then trading turned into a profit taking day.
For the first time in year S&P managed to go above the 200-day moving average. Half the sectors today manage to stay in green. Consumer staples and Health Care were the best performing sectors of S&P, up 1.15% and 0.96% respectively.
CBOE Volatility Index, VIX, is changing hands at 29.65, down 1.3%.
Motor vehicle sales data came out from a number of different manufacturers. The numbers are not glorious yet the market seem to ignore it. Toyota's and Honda's May total car sales are down 40.7% and 50% respectively. GM and Chrysler May US sales down 29.6% and 57% respectively.
A choppy session after all.
Tuesday, June 2, 2009
Money Flow
WSJ Market Data Group announced the Money Flow table for major stocks. The figures here show the dollar value of uptick trades minus the downtick trades.
Citigroup and SunTrust Bank are the biggest issue gainers, 34.8 million and 21.3 million respectively. On the other hand, JP Morgan Chase is on top of the dirt pile with a big decline of 106.4 million.
S&P 500 remains higher, trading at 946.61.
Citigroup and SunTrust Bank are the biggest issue gainers, 34.8 million and 21.3 million respectively. On the other hand, JP Morgan Chase is on top of the dirt pile with a big decline of 106.4 million.
S&P 500 remains higher, trading at 946.61.
Opening Bell
With the opening bell, stocks are trading in a mixed fashion. S&P 500 just manged to touch the green, now trading at 943.39.
American Express Co. (AXP) is now being upgraded by S&P from sell to hold. According to the analyst, AXP is offering a $500 million equity offering to pay back TARP capital. Stock is now trading at 24.90, down 4.35%.
U.S Dollar is also under pressure today. The index is down 0.38% to 78.78.
Meanwhile Citigroup (C) is under heavy fire from the short-sellers. The short float is over 23% at 1.3 billion shares. As you know, these shorts, at some point, need to be covered. Therefore, it will cause a big demand for the C shares pulling the stock higher.
American Express Co. (AXP) is now being upgraded by S&P from sell to hold. According to the analyst, AXP is offering a $500 million equity offering to pay back TARP capital. Stock is now trading at 24.90, down 4.35%.
U.S Dollar is also under pressure today. The index is down 0.38% to 78.78.
Meanwhile Citigroup (C) is under heavy fire from the short-sellers. The short float is over 23% at 1.3 billion shares. As you know, these shorts, at some point, need to be covered. Therefore, it will cause a big demand for the C shares pulling the stock higher.
Before the Opening Bell
S&P futures vs Fair Value: -1.49 at 937.7. Stocks are off to a slow start today. Great Britain's FTSE 100 lost 1.18% where Germany ( XETRA-DAX) and France (CAC 40) lost 0.33% and 0.62% respectively.
Redbook today announced that the April retail sales were soft for the month. In May it was at a year-on-year pace of 0.9%. In April it improved slightly, at 0.1%.
Meanwhile, ICSC Goldman same store sales declined after advancing for three consecutive weeks. It fell by 0.4%. Since consumer spending accounts for more than three quarters of our economy, investors follow these numbers closely.
S&P futures vs fair value: -3.30. Investors reacted to these numbers pushed S&P 500 down to a shy start.
By the way, according to CNBC today that the reason why Citigroup (C) is being removed from the Dow Jones Industrial Average has something to do with the government stake in the company.
Redbook today announced that the April retail sales were soft for the month. In May it was at a year-on-year pace of 0.9%. In April it improved slightly, at 0.1%.
Meanwhile, ICSC Goldman same store sales declined after advancing for three consecutive weeks. It fell by 0.4%. Since consumer spending accounts for more than three quarters of our economy, investors follow these numbers closely.
S&P futures vs fair value: -3.30. Investors reacted to these numbers pushed S&P 500 down to a shy start.
By the way, according to CNBC today that the reason why Citigroup (C) is being removed from the Dow Jones Industrial Average has something to do with the government stake in the company.
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