Reply #61: Closin' time

[54anickel]

Dow 10,173.92 +51.40 (+0.51%)
Nasdaq 1,838.10 +1.61 (+0.09%)
S&P 500 1,104.24 +5.09 (+0.46%)
10-yr Bond 4.132% -0.056
30-yr Bond 4.938% -0.051
NYSE Volume 1,138,384,000
Nasdaq Volume 1,284,813,000

Close: Mild but broad based strength was noted in the early going with energy and biotech sectors helping to pace the way (semi on defensive) but this proved short lived in the wake of the today's economic reports. August Consumer Confidence came in at 98.2 vs the consensus of 103.4 while Chicago PMI was reported at 57.3 vs the consensus of 60.0. Although the data did disappoint, keep in mind that today market the first time confidence has fallen since February with the regional PMI report slowing from its 16-year high set in May. Other factors weighing on the market today were cautious comments ahead of INTC's (-1.7%) mid-quarter update on Thursday (potential downward revision to revenue range, price target/estimate cuts) and a cautious stance ahead of Friday's employment data. The weaker tone remained dominant into the afternoon but minor fresh session lows did not elicit much interest suggesting that the two session pullback was running out of steam. Over the last 90 minutes the averages staged a solid rebound with traders citing buy programs, end of month interest as well as short covering ahead of index changes that will be seen at the close of today's trade. Although volume did improve from Monday's anemic levels it remained far below average with the thinner trading conditions also likely playing a role in afternoon bounce. Treasuries performed well with a safe-haven bid, month end buying and lowered economic expectations underpinning. Russell 2000 +0.6%, SOX -0.7%, S&P Midcap 400 +0.7%, XOI +1.4%, NYSE Adv/Dec 2308/1005, Nasdaq Adv/Dec 1813/1242

3:30PM : The recent modest strength has dissipated to some extent with the averages edging back off of their intraday recovery highs (Dow and S&P 500 slightly positive, Nasdaq Comp never reached unchanged). This type of trade reflects a lack of interest on the long side that hampered the market thus far this week. Volume/volatility have improved vs yesterday which marked the lowest volume of the year for the Nasdaq exchange. A safe-haven bid, month end buying and lowered economic expectations have underpinned Treasuries but the long bond has worked off its best level of the day in afternoon trade. NYSE Adv/Dec 2125/1166, Nasdaq Adv/Dec 1548/1452


Have a great evening :hi: