14:05 ET Dow +19, Nasdaq +56, S&P +4.17: [BRIEFING.COM] Some additional buy interest has hit the markets since the last
update. As everyone and their grandmother wait for more attractive entry points on a Nasdaq pullback, the index has simply not been
cooperating. The index is now trading at levels not seen since late February and close to pivotal resistance in the 2255 area. Nasdaq 2255
is significant from a few different standpoints: 1) it approximates the January low (2251) which at that time served as support and has now
turned to resistance and 2) it approximates a couple key retracements off downtrends from February and November highs. Traders are
wary of this level from both sides of the trade. This is likely to be significant overhead for the index to work through which may make buyers
hesitate to step in near resistance. Sellers need to be wary as well however, as a break over this key level could open the floodgate as it
would more solidly signal a trend reversal. DJTA +0.5%... DJUA -1.5%... SOX +1.7%... XOI -3.0%... BTK -1.5%... Nasdaq 100
+2.1%... S&P Midcap 400 -0.1%... Russell 2000 -0.1%... NYSE Adv/Dec 1432/1533... Nasdaq Adv/Dec 2191/1515.
13:25 ET Dow -52, Nasdaq +31, S&P -4.20: [BRIEFING.COM] Looks like the markets have settled in a bit towards the middle of their
daily ranges. Today's Fed Beige Book is due for release at 14:00 ET though it's chances to move the markets are remote. The largely
anecdotal report on regional economic conditions provides some flavor but not much insight on the economy or policy leanings. The last
release noted the sluggish/modest economic growth in a majority of Fed districts as labor markets remained tight. In today's
report, Briefing.com expects to see an increased number of districts report signs of easing labor markets and slowing consumer spending as
manufacturing activity/employment continues to decline. DJTA +0.2%... DJUA -1.9%... SOX +0.7%... XOI -3.2%... BTK -2.4%...
Nasdaq 100 +1.1%... S&P Midcap 400 -0.5%... Russell 2000 -0.4%... NYSE Adv/Dec 1328/1615... Nasdaq Adv/Dec 2084/1568.
13:00 ET Dow -63, Nasdaq +28, S&P -5.07: [BRIEFING.COM] Still a mixed bag in the markets though the major indices trade well off
the day's worst levels. Broadband commuications chip maker Broadcom (BRCM +11.8%) has completed a presentation at the Merrill
Lynch Hardware Technology Conference and provided guidance on its forward outlook. The company expects the inventory correction to
be completed by third or fourth quarter and sees growth to resuming by year-end. As for the cable set-top market, BRCM is not seeing an
inventory glut in that segment. This report is serving as a positive influence on the semiconductor sector with the SOX now posting a 1.4%
intraday gain. While releases of this nature serve as a near-term positive catalyst, they also raise interesting questions regarding the current
market rally. "Earnings visibility" or lack thereof had been a common buzz word in the markets for nearly an entire quarter prior to April
corporate earnings releases. Many of the releases (if not most) this quarter suggested current business conditions continue to be difficult,
though reports of light at the end of the tunnel were frequent as well. This has been a genuine test of the theory that markets tend to price out
six months forward. The current market rally is supportive of this notion as buyers have accepted the current "throw away quarter" in
addition to possibly one more. With the current "pricing in" of expectations, economic data will be more closely monitored as an uptick in
both business and consumer demand will need to be evident in order for most corporate forecasts to fall in line. For a compete list of what
to expect on the economic front, please visit Briefing.com's Economic Calendar. DJTA +0.4%... DJUA -1.8%... XOI -3.3%... BTK
-2.3%... Nasdaq 100 +1.5%... S&P Midcap 400 -0.5%... Russell 2000 -0.4%... NYSE Adv/Dec 1319/1599... Nasdaq Adv/Dec
2067/1534. |
