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The Dow Futures Report
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US Stocks Start The Summer Party Early
Tue, May 19 2009, 04:42 GMT
by Paul Brittain
US STOCKS START THE SUMMER PARTY EARLY. EQUITIES REBOUND FROM LAST WEEK’S FALL LED BY ENERGIES, FINANCIALS, HOME BUILDERS.
US EQUITIES rebounded in an early start to summer on Monday after last week’s near 5 % drop, as confidence grew in key lynchpins sectors of economic recovery. The housing sector received a double barrel of support today as Lowes, the second largest US home improvement retailer, beat analyst’s profit expectations. In addition, a report on US homebuilder sentiment came in at that strongest level since September of 2008. Rising consumer confidence and housing turnover offered a significant boost to housing sector stocks.
Financials rebounded after Goldman Sachs upgraded Bank of America stock to a “conviction buy” The financial sector gained as buyers took an optimistic view on banks progress in raising capital and mortgage creation/refinancing. Many analysts feel that the market is absorbing the new issues of equity well and that this could lead to a number of financial institutions being able to repay TARP funds effectively.
Energy shares followed in the wake of strong economic sentiment after crude oil closed at its highest levels since November, driven up by fundamental concerns and pre Memorial Day positioning. Material stocks also gained as copper prices moved up nearly 5 cents, recovering from last week’s pullback.
Technically, June Dow futures should be coming under the influence of increased price volatility. Resistance should form at 8517, while support within this near term channel forms at 8263.
| EQUITY RANGES | OPEN | HIGH | LOW | CLOSE | CHANGE |
| DJM9 (JUNE DOW) | 8330 | 8485 | 8325 | 8470 | 203 |
| SPM9 (JUNE S&P) | 891 | 908.5 | 889 | 907.1 | 24.1 |
| NDM9 (JUNE NASDAQ) | 1364 | 1393 | 1356 | 1388.5 | 34.25 |
_20090519045253.JPG "Dow Report")
Published on Tue, May 19 2009, 04:53 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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Legal disclaimer and risk disclosure: Alaron Futures and Options, Futures Commission Merchant (FCM), specializes in futures, futures options, and cash metals through Alaron for Retail, Introducing Brokers (IB's) and Institutions. Alaron offers broker-assisted, single stock futures, discount, Simulated Trading, managed futures, access to several state-of-the art online trading platforms and systems trading. Trade online 24 hours a day! Direct-to-the market trading of E-Minis, Bonds and Notes, Single Stock Futures, Liffe, Eurex, Simex and more. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Alaron Trading Corp., its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.Related reports
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