9:00am (EST)
It wasn’t pretty but a win is a win.
This is how the bulls felt yesterday after dominating the start of Tuesday’s session but struggled to finish the game despite generally positive economic data.
The S&P Case-Shiller home-price index fell 0.7% in January, marking its smallest annual decline in nearly three years as home prices moved 0.3% higher on a monthly basis. The market also got a good consumer confidence number as the index jumped to 52.5 in March following last month’s steep drop.
The bears found got a second wind though as some market players believe the bond sale by Greece will limit the country’s future borrowing power.
As a result, the Dow finished Tuesday with an 11 point gain to finish at 10,907. However, the silver lining in the cloud was the fact the index closed above 10,900 for the first time since the end of September, 2008.
The S&P went nowhere as it added a half point and settled at 1,173. We are still looking for the index to close above 1,175 which could then clear the way for a run at 1,200.
As for the Nasdaq, it added a six-pack and closed at 2,410. There is slight resistance at 2,425 but we still think 2,500 is in the cards. Tech has been lagging a little after leading the charge higher as some money starts to move to the underperforming and “safer” sectors.
Of course, that was yesterday and today is a different story. Futures are pointing towards a lower open as the market got a surprise from the ADP payroll numbers. Wall Street was expecting ADP’s jobs report would show private-sector employers added 40,000 jobs in March. Wrong.
ADP says employers cut 23,000 jobs in March.
The report is seen as an early indicator of the Labor Department’s data, though there can be wide variations because it only accounts for private-sector jobs. As you know, the market will get the biggest jobs-related report of the month on Friday.
Wall Street is expecting a good report although today’s data questions just how strong the recovery is or isn’t. Economists are guessing employers added 190,000 jobs in March which would be only the second monthly increase in jobs since the recession began in late 2007.
As we head to press, Dow futures are down 46 points to 10,808 while the S&P 500 futures are lower by 6 to 1,163. Nasdaq 100 futures are off by 10 points to 1,955.
Tags: ADP jobs number, option picks, option signals, options alerts, stock options trading
This entry was posted
on Wednesday, March 31st, 2010 at 8:05 AM and is filed under Economic News, Market Analysis, Market Commentary.
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Futures Pointing Towards Lower Open
9:00am (EST)
It wasn’t pretty but a win is a win.
This is how the bulls felt yesterday after dominating the start of Tuesday’s session but struggled to finish the game despite generally positive economic data.
The S&P Case-Shiller home-price index fell 0.7% in January, marking its smallest annual decline in nearly three years as home prices moved 0.3% higher on a monthly basis. The market also got a good consumer confidence number as the index jumped to 52.5 in March following last month’s steep drop.
The bears found got a second wind though as some market players believe the bond sale by Greece will limit the country’s future borrowing power.
As a result, the Dow finished Tuesday with an 11 point gain to finish at 10,907. However, the silver lining in the cloud was the fact the index closed above 10,900 for the first time since the end of September, 2008.
The S&P went nowhere as it added a half point and settled at 1,173. We are still looking for the index to close above 1,175 which could then clear the way for a run at 1,200.
As for the Nasdaq, it added a six-pack and closed at 2,410. There is slight resistance at 2,425 but we still think 2,500 is in the cards. Tech has been lagging a little after leading the charge higher as some money starts to move to the underperforming and “safer” sectors.
Of course, that was yesterday and today is a different story. Futures are pointing towards a lower open as the market got a surprise from the ADP payroll numbers. Wall Street was expecting ADP’s jobs report would show private-sector employers added 40,000 jobs in March. Wrong.
ADP says employers cut 23,000 jobs in March.
The report is seen as an early indicator of the Labor Department’s data, though there can be wide variations because it only accounts for private-sector jobs. As you know, the market will get the biggest jobs-related report of the month on Friday.
Wall Street is expecting a good report although today’s data questions just how strong the recovery is or isn’t. Economists are guessing employers added 190,000 jobs in March which would be only the second monthly increase in jobs since the recession began in late 2007.
As we head to press, Dow futures are down 46 points to 10,808 while the S&P 500 futures are lower by 6 to 1,163. Nasdaq 100 futures are off by 10 points to 1,955.
Tags: ADP jobs number, option picks, option signals, options alerts, stock options trading
This entry was posted on Wednesday, March 31st, 2010 at 8:05 AM and is filed under Economic News, Market Analysis, Market Commentary. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.