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The Dow Futures Report
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Us equities join the global party rally
Fri, Apr 10 2009, 05:46 GMT
by Paul Brittain
US EQUITIES JOIN THE GLOBAL PARTY RALLY. FINANCIALS LEAD INDICES HIGHER ON NEW STIMULUS PLANS, WELLS FARGO POSTS RECORD QUARTERLY PROFIT.
US Equities jumped on the “Easter Parade”, with financial posting a stellar rise after Wells Fargo, the 4th largest US bank, reported their 1st quarter earnings 10 days early. The largest mortgage lender in the western United States and the recent purchaser of Wachovia posted a record $3.0 billion profit (55 cents per share vs. exp 25 cents per share). Expectations of a better earnings picture and the expectation that worst of the economic crisis might be behind allowed the major financials to rally up to 30 % in today’s session. Buyers took heart from the long term revenue stream that mortgage banks such as Wells Fargo should be able to generate steady revenue in the low interest, high refinancing environment.
Additional support for equities began in the Asian markets after Japan announced a record $156 billion stimulus package. Apparently, the outcome of the G20 and its notion of global cooperation prevailed in the market today. Technology stocks rallied after analysts at Credit Suisse upgraded the price target on Tech Darling Apple Computer. In all markets are taking the short term bullishness hope from earnings over lagging indicators such as the upward marching global unemployment picture. The question the market may have to consider next will be how can sectors such as financials make money in the long term once the stimulus pulls back and these institutions are left to function on their self reliance.
Technically, June Dow Futures broke through and could be setting up to test 8160 as the next key resistance level. Failure to breech initial resistance of 8090 Support for the Dow has set up at 7820. Pullbacks on long covering should find support at 7935
| EQUITY RANGES | OPEN | HIGH | LOW | CLOSE | CHANGE |
| DJM9 (JUNE DOW) | 7945 | 8036 | 7920 | 8017 | +224 |
| SPM9 (JUNE S&P) | 843.00 | 854.50 | 839.50 | 852.60 | +30.00 |
| NDM9 (JUNE NASDAQ) | 1321.50 | 1342.00 | 1318.50 | 1336.00 | +37.50 |
Published on Fri, Apr 10 2009, 05:51 GMT
Archive
- US Equities higher on better than expected pending home sales
Published On Wed, Jun 3 2009, 07:52 GMT - Sustainability of funding for economic recovery comes into question
Published On Thu, May 28 2009, 06:04 GMT - US Stocks rally as consumers sense recession may be bottoming
Published On Wed, May 27 2009, 06:17 GMT - US Stocks fall
Published On Fri, May 22 2009, 06:52 GMT - US Stocks retreat from early gains
Published On Thu, May 21 2009, 06:39 GMT
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