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HAPPY WEEKEND

WALL STREET : Only four of the DJIA's 30 blue chips eked out a win

DJIA Surrenders 88 Points as Congress Plays Debt-Ceiling Chicken
U.S. stocks backpedaled right out of the gate today, as heightened debt concerns on both sides of the Atlantic sent buyers to the sidelines. In Europe, Moody's downgrade of Greek debt reminded traders of the potential ramifications of an extended stalemate on Capitol Hill, as a failure to up the federal debt ceiling by Aug. 2 could result in a debt downgrade -- or worse, a default -- for Uncle Sam. Against this uncertain backdrop, the Dow Jones Industrial Average (DJIA) swallowed a loss of 0.7%, while the S&P 500 Index (SPX) and tech-rich Nasdaq Composite (COMP) each gave up 0.6% by the close. Meanwhile, the CBOE Market Volatility Index (VIX - 19.35) ballooned almost 10.5% -- further reflecting the collective jitters on Wall Street -- while gold futures assailed new heights on a massive flight to safety.

The Dow Jones Industrial Average (DJIA – 12,592.80) finished north of its session low of 12,536.19, but still surrendered 88.4 points, or 0.7%, by the time the dust settled. Limiting the blue-chip barometer's fall was its 10-day moving average, which hasn't been compromised on a daily closing basis in more than a week. Among the Dow components, tech titans Hewlett-Packard (HPQ) and Microsoft Corp. (MSFT) led the four advancers with gains of 1.1% and 1.4%, respectively, while Boeing (BA) paced the 26 decliners with a loss of 1.9%.

Meanwhile, the S&P 500 Index (SPX – 1,337.43) also ended off its session low, but gave up 7.6 points, or 0.6%, by the bell. In similar fashion, the Nasdaq Composite (COMP – 2,842.80) tagged an intraday nadir of 2,828.91, but trimmed its deficit to 16 points, or 0.6%.

Crude lower for 1st session out of 5

Despite a softer greenback, dollar-denominated crude futures ended lower for the first session in five today. Pressuring black gold were global debt concerns, which sparked fears about fizzling energy demand. By the close, September-dated crude oil gave up 67 cents, or 0.7%, to end at $99.30 per barrel.

HAPPY TRADING

WALL STREET >>> Pride Salvaged As Bulls Recoup 12000

Greek Deal Deflate The Bears
Stocks resumed Wednesday's late-session selling spree right out of the gate today, as investors continued to jeer the central bank's downwardly revised economic growth estimates. Meanwhile, a surprise surge in first-time jobless claims, as well as a drop in new home sales, only stoked the bearish flames. However, the International Energy Agency (IEA) was the real driving force behind the bears, after unveiling plans to tap into emergency oil reserves for just the third time in history. The move -- initiated to curb supply disruptions from Libya -- sent crude oil futures to a four-month low, and pressured the Dow Jones Industrial Average (DJIA) to an early triple-digit deficit.In a relatively rare turn of events, though, it was actually news from overseas that helped take some of the wind out of the bears' sails.

Specifically, Reuters reported that cash-strapped Greece reached an agreement with the European Union (EU) and the International Monetary Fund (IMF) for a five-year austerity plan. The eleventh-hour headlines sparked optimism over the fiscal fate of Greece, helping the major market indexes pare most -- or all, in one case -- of their losses by the bell.

The Dow Jones Industrial Average (DJIA – 12,050.00) found itself down more than 200 points in early action, but trimmed its loss to just 59.7 points, or 0.5%, in the final hour of trading. What's more, the blue-chip barometer salvaged its perch atop the 12,000 level, as well as its 10-day moving average. Still, 20 of the Dow's 30 components ended in the red, led by Coca-Cola's (KO) 2.1% drop. On the flip side, Home Depot (HD) paced the nine advancing equities with a gain of about 2.1%, while DuPont (DD) split the difference by finishing flat.

The S&P 500 Index (SPX – 1,283.50) also chipped away at its deficit in the last hour of the session, settling just 3.6 points, or 0.3%, lower. Like the Dow, the SPX also managed to elbow its way back atop its 10-day trendline by the close. Finally, the Nasdaq Composite (COMP – 2,686.75) fared the best of the three, actually clawing its way into the black in late-day trading. By the time the dust settled, the tech-rich COMP tacked on 17.6 points, or 0.7%.

Crude Oil Hit February Lows
Crude futures settled at their lowest level since Feb. 18 today, after the IEA announced a plan to release 60 million barrels of oil to ease supply disruptions from war-torn Libya. The move marks just the third time in history the agency has opted to tap into emergency supplies, the most recent coming in the aftermath of Hurricane Katrina. 

Against this backdrop, August-dated crude oil futures gave up $4.39, or 4.6%, to end at $91.02 per barrel. Earlier in the session, the front-month contract fell as low as $89.69 per barrel.

HAPPY TRADING & GOODLUCK2ALL

WALL STREET : DJIA Snaps Losing Streak

Major Indexes Gains 1st Time This Week
Stocks started the day on a negative note, thanks to downbeat durable goods data and lackluster earnings from retail issues both high-end (Polo Ralph Lauren) and low-end (Costco Wholesale). For a while, it looked as though the market was doomed to endure a fourth straight down day. However, the Dow Jones Industrial Average (DJIA) pared its losses after finding support at its 80-day moving average, and the rebound gathered steam as oil futures powered back above the century level. A note from Fitch Ratings also helped to encourage the recently reticent bulls, with the agency opining that Germany -- the fiscal stalwart of the euro zone -- was unlikely to have its ratings impacted by the debt woes of neighboring countries. Against this backdrop, all three major market indexes managed their first daily win of the week.

The Dow Jones Industrial Average (DJIA – 12,394.66) couldn't quite gather enough steam to maintain its intraday footing above the 12,400 level, but nevertheless managed to tack on 38.5 points, or 0.3%, by the close. Eighteen of the Dow's 30 components closed higher, with DuPont (DD) and Caterpillar (CAT) leading the way. On the other side of the coin, Verizon Communications (VZ) led the dozen laggards with a 1.4% pullback. Although the Dow found support today at its 80-day trendline, the index continues to be stymied by its 50-day moving average. The blue-chip barometer has now closed three straight sessions below this closely watched technical level.

The S&P 500 Index (SPX – 1,320.47) followed suit with a modest rise of 4.2 points, or 0.3%. The SPX is now trading back above its 20-week moving average, which hasn't been breached on a weekly closing basis since Aug. 27. Finally, the Nasdaq Composite (COMP – 2,761.38) outpaced its peers by adding 15.2 points, or 0.6%. However, the COMP is still trading on the south side of its 20-week trendline, which was last violated in mid-March.

TECHNICAL ANALYSIS
Dow Jones Industrial Average
The Dow closed higher due to short covering on Wednesday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If the Dow extends this month's decline, the 50% retracement level of the March-May rally crossing at 12,216 is the next downside target. Closes above the 20-day moving average crossing at 12,617 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 12,513. Second resistance is the 20-day moving average crossing at 12,617. First support is today's low crossing at 12,309. Second support is the 50% retracement level of the March-May rally crossing at 12,216.


Crude Oil Settles At 2 Weeks Peak
Crude futures cruised to a new two-week high today, as traders cheered the Energy Information Administration's (EIA) weekly inventories report. The agency reported a steep drop-off in distillate stockpiles last week, as well as a healthy uptick in refinery activity. The news effectively overshadowed a substantial build in gasoline supplies, while a softer U.S. dollar increased black gold's appeal to foreign currency holders. Crude oil for July delivery jumped $1.73, or 1.7%, to end at $101.32 per barrel -- its best finish since May 10.

HAPPY TRADING & GOODLUCK2ALL

WALL STREET : Earnings, Consumer Confidence Fuel the Bulls' Fire

DJIA, S&P 500 Assail New Heights
Nasdaq approached 10-year-high territory
After kicking off the week on a timid note on Monday, stocks blazed a more defined -- and unarguably bullish -- path today. A round of well-received earnings reports got the buyers' ball rolling, with solid showings from 3M Company, Ford Motor, and UPS inspiring optimism about the fiscal health of U.S. big caps. In the same vein, a rosy report on consumer confidence, as well as a dividend hike from tech titan IBM Corp., only stoked the bullish flames. As the Street adopted a "carpe diem" attitude, the Federal Open Market Committee's (FOMC) looming policy decision was put on the proverbial backburner, with all three major market indexes tagging fresh multi-year peaks by the close.

The Dow Jones Industrial Average (DJIA – 12,595.37) skyrocketed right out of the gate, topping out at 12,613.16 -- its loftiest level since June 2008 -- before ending with a gain of 115.5 points, or 0.9%. Only six of the Dow's 30 components bucked the trend, with Bank of America leading the black sheep with a loss of 1.7%. Meanwhile, Caterpillar paced the bullish majority with a gain of 2.9%, while tech concerns Cisco Systems and Intel Corp. each tacked on a respectable 2.5%.

The S&P 500 Index (SPX – 1,347.24) rallied as high as 1,349.55 -- in territory not explored in nearly three years -- before settling on a gain of nearly 12 points, or 0.9%. Not to be outdone, the Nasdaq Composite (COMP – 2,847.54) soared to 2,856.61 -- its highest price since October 2007, and within striking distance of a 10-year acme -- before trimming its lead to 21.7 points, or 0.8%, by the close.

TECHNICAL ANALYSIS
Dow Jones Industrial Average
The Dow closed higher on Tuesday as it extends the rally off the 2009 low. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the aforementioned rally, monthly resistance crossing at 13,136 is the next upside target. Closes below last Monday's low crossing at 12,093 are needed to confirm that a short-term top has been posted.

First resistance is today's high crossing at 12,605. Second resistance is monthly resistance crossing at 13,136. First support is the 20-day moving average crossing at 12,368. Second support is last Monday's low crossing at 12,093.

Black Gold ended red in volatile session
Crude futures ended a volatile session in the red today, as traders exercised caution ahead of the FOMC's policy decision tomorrow. Earlier in the session, black gold explored positive territory thanks to an ailing greenback and news of refinery outages in Texas City. By the close, crude oil for June delivery gave up 7 cents, or 0.1%, to settle at $112.21 per barrel.

TECHNICAL ANALYSIS
June crude oil closed slightly lower due to light profit taking on Tuesday as it consolidated some of last week's rally. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off March's low, the 75% retracement level of the 2008-2009-decline crossing at 121.09 is the next upside target. Closes below the reaction low crossing at 105.98 would confirm that a short-term top has been posted while opening the door for a larger-degree decline into early-May. First resistance is this month's high crossing at 114.05. Second resistance is the 75% retracement level of the 2008-2009-decline crossing at 121.09. First support is the 20-day moving average crossing at 109.29. Second support is the reaction low crossing at 105.98.

HAPPY TRADING

WALL STREET : DJIA Jumps 186 Points on Solid Earnings, Home Sales

The Dow tagged its highest price in nearly three years
Stocks shot higher out of the gate this morning, with yet another blowout blue-chip earnings report sparking a wave of buying pressure. Right on the heels of an upside surprise from Johnson & Johnson on Tuesday, it was tech titan Intel's turn to storm the earnings stage today. Shares of the chip company gapped higher in the wake of a stronger-than-forecast first-quarter report, creating a halo lift for many of Intel's tech-sector peers.

Fellow Dow member United Technologies also emerged as an earnings winner, with the aerospace issue bolting to a fresh record peak after hiking its full-year forecast. Another round of upbeat housing data also helped the bullish case, as the National Association of Realtors (NAR) noted a 3.7% rise in existing home sales for March. Against this upbeat backdrop, the Dow Jones Industrial Average rallied to its highest price in nearly three years -- while the CBOE Market Volatility Index (VIX - 15.08) sank to its lowest level since mid-2007.

The Dow Jones Industrial Average (DJIA – 12,453.54) ended the day on an impressive gain of 186.8 points, or 1.5%, as 24 of its 30 components closed higher. Intel and United Technologies led the advancing issues, adding 7.8% and 4.3%, respectively. On the other hand, Pfizer paced the six laggards with a 0.7% loss. The Dow peaked at 12,475.53 on an intraday basis, marking its loftiest level since June 6, 2008. As a result of today's rally, the blue-chip barometer ended north of its 10-day moving average for the first time since April 11.

The S&P 500 Index (SPX – 1,330.36) fared similarly well, tacking on 17.7 points, or 1.4%, to reclaim a spot above its own 10-day trendline. However, the SPX peaked at 1,332.66 today, just shy of the key 1,333 level -- a double of its 2009 low. Finally, the Nasdaq Composite (COMP – 2,802.51) conquered a critical technical hurdle, ending its first session above 2,800 since Feb. 18. The COMP collected a daily gain of 57.5 points, or 2.1% -- its best performance since Oct. 5.

Oil Rallies Atop $111 On Supplies, Weak Dollar 
Crude futures surged today, catching a lift from an unexpected decline in domestic inventories. Analysts surveyed by Reuters were banking on oil supplies to rise by 1.1 million barrels last week -- but the Energy Information Administration (EIA) reported a drop of 2.32 million barrels during the week ended April 15, due to lower imports from Venezuela, Iraq, and Mexico. Meanwhile, a weaker U.S. dollar also stoked some buying interest in black gold. Crude oil for June delivery ended on a healthy gain of $3.17, or 2.9%, at $111.45 per barrel.

HAPPY TRADING

WALL STREET : DJIA Gain Ground as Solid Data Trumps Earnings Woes;

The DJIA, SPX, and COMP trimmed their week-to-date deficits

After dipping their toes into the red right out of the gate, the major market indexes reversed course to end the session on a high note. Encouraging economic data helped to put earnings disappointments from Google and Bank of America on the proverbial back burner, with the bulls celebrating reports of robust New York-area manufacturing, healthy industrial production, and a bigger-than-anticipated jump in consumer sentiment. Furthermore, data showing tamer-than-anticipated core inflation also sweetened the Street's mood, amplifying expectations for a continued period of rock-bottom interest rates.

As the bulls opted for the glass-half-full approach, the CBOE Market Volatility Index (VIX) -- otherwise known as the market's "fear gauge" -- fell to a two-month low, while the Dow Jones Industrial Average (DJIA) clawed its way back into the black for April.

The gains in stocks on Friday came as a measure of consumer sentiment rose in April, beating forecasts. Core consumer prices climbing a modest 0.1% in March, according to the Labor Department, which provide the Federal Reserve with breathing space to continue its $600 billion bond buying program. Also released Friday was data showing that manufacturing in the New York region climbed to a one-year high in April on a surge of new orders.

QUOTE : "The data along with indications the Fed will not tighten monetary policy anytime soon allowed the market to overcome less-than-starry earnings results. The bottom line is that the good economy and cheap money will continue to bolster the stock market,” said a senior Wall Street stragegist.

After falling about 12 points at the open, the Dow Jones Industrial Average (DJIA – 12,341.83) spent the rest of the session basking in positive territory, ending with a gain of 56.68 points, or 0.46%. However, the blue-chip barometer's upward momentum stalled in the 12,350 neighborhood, home to its 10-day moving average. Twenty of the Dow's 30 components ended higher, with Merck & Co. advancing 1.9% after settling a dispute with Johnson & Johnson. Unsurprisingly, Bank of America led the bearish minority with an earnings-induced loss of nearly 2.4%. For the week, the Dow shed 0.3%.

Meanwhile, the S&P 500 Index (SPX – 1,319.68) also battled into the black within the first hour of trading, settling with a gain of 5.16 points, or 0.39%. What's more, the broad-market index maintained its perch atop its 10-week moving average, despite giving up 0.6% on the week.

Thanks to disappointing earnings in the tech sector, the Nasdaq Composite (COMP – 2,764.65) spent more time in the red than its peers, but still finished with a modest gain of 4.43 points, or 0.16%. For the week, the COMP surrendered 0.6%, but ended just a hair's breadth north of its own 10-week trendline.

More than two stocks rose for every one that fell on the New York Stock Exchange. Trading volume was 4 billion shares.

TECHNICAL ANALYSIS
Dow Jones Industrial Average
The Dow closed higher on Friday as it consolidates some of the decline off last week's high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below Thursday's low crossing at 12,163 are needed to confirm that a short-term top has been posted. If the Dow renews the rally off March's low, weekly resistance crossing at 12,767 is the next upside target.

First resistance is today's high crossing at 12,369.

Second resistance is last Friday's high crossing at 12,450.

First support is Thursday's low crossing at 12,163.

Second support is the reaction low crossing at 11,972.

Crude Up on day, Down for the Week
Crude futures once again overcame an early bout of weakness today, ending higher as encouraging economic data bolstered hopes for increasing demand. Furthermore, escalating geopolitical tension in Libya and Nigeria amplified fears about prolonged supply disruptions. By the close, May-dated crude oil futures added $1.55, or 1.4%, to finish at $109.66 per barrel. For the week, however, black gold surrendered 2.7%.

TECHNICAL ANALYSIS
May Crude Oil
May crude oil closed higher due to short covering on Friday as it consolidates some of the decline off Monday's high. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 107.09 would confirm that a short-term top has been posted. If May renews the rally off March's low, the 75% retracement level of the 2008-2009-decline crossing at 121.09 is the next upside target.

First resistance is Monday's high crossing at 113.46.

Second resistance is the 75% retracement level of the 2008-2009-decline
crossing at 121.09.

First support is Wednesday's low crossing at 105.31.

Second support is the reaction low crossing at 102.70.

HAPPY WEEKEND

MALAYSIA DERIVATIVES EXCHANGE : Crude Palm Oil

CPO Falls 0.74% On Profit Taking

Crude palm oil futures on Malaysia’s derivatives exchange fell Wednesday, following an overnight selloff in commodity markets after Goldman Sachs told investors to book profits while warning of a correction in crude prices.

The benchmark June contract on the Bursa Malaysia Derivatives ended MYR25 or 0.74% lower at MYR3,348 a metric ton, after tumbling as much as 2.1% to MYR3,302/ton, the lowest level since March 21.

Futures also came under pressure as buying interest in the physical market was anemic, despite palm oil’s wide discount of around $150/ton to competing soyoil.
“Buyers in India and China are not biting, despite weak prices, as domestic oils are now offered at par if not cheaper than palm oil,” a physical market broker in Kuala Lumpur said.
India, a major edible oil consumer, may import less soyoil and palm oil in the next few months as its domestic rapeseed crop production has improved, making local oil prices cheaper than palm.
China plans to sell around 3 million tons of soybeans below market prices from state reserves and this “means imported palm oil will be more expensive than local oil,” a trading executive in Kuala Lumpur said.

Palm oil prices may slip more during the rest of the week, weighed by higher CPO output in Malaysia and increasing yields in Indonesia as trees mature.

“Ample rainfall in 2010 should boost output in 2011 as oil palms are water-loving trees and tend to benefit 6-12 months after rains,” Kuala Lumpur-based Credit Suisse analyst Tan Ting Min said.

In the cash market, palm olein for July, August and September shipments were traded from $1,132.50 to $1,137.50.
Cash CPO for prompt shipment was offered MYR40 lower at MYR3,400/ton.

The most-active rupiah-denominated June palm oil contract on the Indonesia Commodity & Derivatives Exchange was trading 0.4% lower at IDR9.675/ton, while CME Group’s dollar-based palm oil contract for June was down $13.75 at $1,109.75/ton at 0947 GMT.

Open interest on the BMD was 105,504 lots compared with 105,504 lots Tuesday. One lot is equivalent to 25 tons. A total of 31,113 lots of CPO were traded versus 31,113 lots Tuesday.

HAPPY TRADING

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HAPPY TRENDING !!!