FISCAL CLIFF POW-WOW >>> Dow gain on hopeful budget talk

DJIA down for a 4th consecutive week

U.S. stocks climbed Friday, denting weekly losses, as optimistic words followed the opening round of negotiations on averting automatic spending cuts and tax increases set to begin Jan. 1.

“It’s a distinct positive that they came out and said, ‘We talked, we saw some common ground.’ It’s not in either party’s interests to go over the cliff,” said Jim Dunigan, managing executive, investments, PNC Wealth Management, after congressional leaders emerged from the meeting with President Barack Obama and labeled the discussions “constructive.”

Halting a four-session losing run, the Dow Jones Industrial Average added 45.93 points, or 0.37%, to 12,588.31, leaving it with a 1.8% weekly loss.

The S&P 500 Index rose 6.55 points, or 0.48%, to 1,359.88, down 1.5% from the week-ago finish.

The Nasdaq Composite advanced 16.19 points, or 0.57%, to 2,853.13, off 1.8% for the week.

For every stock on the decline, nearly three rose on the New York Stock Exchange, where 949 million shares traded. Composite volume neared 4 billion.

GOODLUCK

WALL STREET 19/10/2012 >>> Weak Tech, Soild Housing; Stocks End Day On Sour Note

Google & Microsoft Miscued;
Tech Sector Drags Down DJIA
The Dow traded in positive territory several times today, but headed south after lunchtime, finding its first loss in the past five sessions.

The Dow Jones Industrial Average (DJIA – 13,548.94) spent time on both sides of breakeven today, seeing an intraday high of 13,588.73, and a session low of 13,510.93. But by the time the dust settled, the Dow found itself down 8.06 points, or 0.06%. American Express Company's (NYSE:AXP) earnings-related deficit of nearly 3% headed the index's 11 underperforming issues, while The Travelers Companies, Inc. (NYSE:TRV) gained 3.6% on a better-than-expected quarterly report, pacing the 18 winning blue chips. The Procter & Gamble Company (NYSE:PG) remained unchanged.

Both the S&P 500 Index (SPX – 1,457.34) and Nasdaq Composite (COMP – 3,072.87)turned lower today, ending a their three-session uptrend. The SPX slipped 3.57 points, or 0.24%, while the COMP retreated 31.10 points, or 1%. This worst performance of three benchmarks was highlighted by Google Inc's (NASDAQ:GOOG) & Microsoft Corps (MSFT) "premature" earnings release.

 

The CBOE Market Volatility Index (VIX – 15.03) aka Fear Index edged south by 0.3%, but bounced from its session low of 14.68.

 

ANALYSTS' QUOTES:

 

"Say what you want about technology lagging today. The reality is, tech has performed poorly for nearly a month now. What stood out to me is that housing once again bucked the trend and had a good day. Some wise advice that is easier said than done is to play the trends until they don't work anymore."

 

 

 

 

 

 

 

 

 

 

 

 

"My friends, tech is going down and housing is going up. I have no clue how that will end, but it's reality. And as traders, it's our job to trade the major trends." 

 

 

 

 

“As we saw in Google’s report, there are lots of high expectations in some of these widely held names, and when they don’t deliver, they can get hit pretty hard.” 

 

“The PC market was challenged this quarter. In addition to a tough economic environment and competitive pressures, OEMs [original equipment manufacturers] drew down their Windows 7 inventory as they began to transition to Windows 8.”

 

”The clear driver on the quarter was PCs, shipments of which declined between 8% and 9%. This hurt Windows as well as Microsoft business division revenue.”

 

 

GOODLUCK & HAPPY TRADING

Ichimoku Analysis For SPX Weekly 25 Jan 2012

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HAPPY TRENDING 

WALL STREET : DJIA Soars 322 Points on Pre-Speech Optimism

1 more push for the bulls would create
MACD bullish cross to challenge the
FBR 38.2% @ 11420

Relentless Rally : Traders Unshaken By Quake, Economy
Nasdaq Jump Triple Digits
U.S. stocks picked up steam as the session progressed, as not even news of a 5.9-magnitude earthquake along the East Coast could deter the bulls. Encouraging data from overseas got the proverbial ball rolling this morning, as investors celebrated solid manufacturing data from both China and Europe. In addition, buyers continued to pile on ahead of Federal Reserve Chairman Ben Bernanke's highly anticipated end-of-week speech, where some economists are expecting the central banker to unveil another round of quantitative easing. Against this optimistic backdrop, a dose of dismal housing data was put on the proverbial back burner, with the Dow Jones Industrial Average (DJIA) notching a gain of more than 300 points by the close.

The Dow Jones Industrial Average (DJIA – 11,176.76) extended its lead in afternoon trading, adding 322.1 points, or nearly 3%, to end just shy of its session high. As such, the blue-chip barometer settled atop both its 10-day moving average and the 11,000 level for the first session in four. Digging deeper, we find that 29 of the Dow's 30 blue chips finished in the black, with Chevron (CVX) and Exxon Mobil (XOM) pacing the advancing equities with gains of 4.3% and 5%, respectively. On the flip side, Bank of America (BAC) was the lone black sheep, surrendering 1.9% by the bell.

Similarly, the S&P 500 Index (SPX – 1,162.35) ended at an intraday acme, tacking on 38.5 points, or 3.4%, when all was said and done. Finally, the Nasdaq Composite (COMP – 2,446.06) fared the best of the three, soaring 100.7 points, or 4.3%, before running into a roadblock in the form of its 10-day trendline.

Crude rises for 2nd day
After spending time on both sides of the breakeven line, crude oil futures climbed for a second straight day today. Bolstering black gold was the ongoing struggle in Libya, as well as hopes that Fed Chairman Ben Bernanke will outline additional stimulus measures during Friday's speech from Jackson Hole. By the close -- and despite the East Coast earthquake -- October-dated crude futures added $1.02, or 1.2%, to settle at $85.44 per barrel.

HAPPY TRADING

From Wall St. With Hopes .....

BT Wishes All Visitors A Rewarding Week Ahead :

HAPPY TRADING & GOODLUCK2ALL