Morning Outlook

Futures are heading slightly higher on Wednesday after a slew of earnings that have had once common theme, lack of revenue growth. Solid bottom lines have these companies making money hand over fist, but the lack of top line growth is concerning. Although the economic calendar is clear today, Fed Chairman Ben Bernanke will testify before Congress today. When he speaks, people listen, and the markets will definitely be looking for insight on fed policy moves as the economy slows down from Q1 and Q2. Earnings continue to roll along from The Coca-Cola Company (KO) , Morgan Stanley (MS), Wells Fargo & Co (WFC), USBancorp (USB), eBay Inc (EBAY) and Qualcomm Inc (QCOM) Dow Jones industrial average futures gained 7, or 0.1 percent, to 10,185. Standard & Poor’s 500 index futures rose 1.60, or 0.2 percent, to 1,081.70, while Nasdaq 100 index futures advanced 13.50, 0.7 percent, 1,853.25 on earnings from AAPL.

Stocks were down sharply Tuesday, with the blue chips losing 150 points in the morning. However, equities rebounded on the extension of jobless benefits and positioning into today’s earnings. By the closing bell, the Dow Jones industrial average rose 75, or 0.7 percent, to 10,229. The Standard & Poor’s 500 index gained 12, or 1.1 percent, to 1,084, while the Nasdaq composite index advanced 24, or 1.1 percent, to 2,222.49

Currencies and Commodities

The dollar fell 0.6028% at 86.9830 yen in the currency market. The euro is down 0.5243% at $1.2812 while the pound lost 0.0262% to $1.5259. Gold on the COMEX gained $3.20 to 1194.90, while silver climbed 0.80% at $17.83. Light, sweet crude for September delivery rose 51 cents to $78.09 on the NYMEX; a 0.66% gain

Morning Outlook

It is a busy morning of earnings on Wall Street Tuesday. Futures are lower following earnings after the bell yesterday by IBM and TXN as we said in the market summary yesterday, which showed revenue short of expectations. So far in premarket action, the Dow Jones Industrial Average are down 87 points to 9,973, while the Nasdaq 100 fell 19 points to 1,786.25. Futures for the S&P 500 fell 10.8 points to 1,053.Outside of housing starts, which you know will be terrible, the street will get earnings from The Goldman Sachs Group Inc (GS) , Pepsico Inc (PEP), State Street Corp (STT), Apple Inc (AAPL) and Yahoo Inc (YHOO). Are we going to see some top line revenue growth? It is not looking good that is for sure. Do you know what is looking good? Chat!

Stocks rebounded slightly from Friday’s plunge to close green across the major averages Monday. The Dow Jones Industrial Average rose 56.53 points, or 0.56%, to 10154. The Standard & Poor’s 500-share index added 6.37, or 0.60%, to 1071.25, with all of its sectors in the black. The tech heavy Nasdaq Composite gained 19.18, or 0.88%, to 2198.23.

Currencies and Commodities

The dollar rose 0.2607% at 86.9200 yen in the currency market. The euro depreciated 0.6320% at $1.2860 while the pound declined 0.4572% to $1.5160. As the greenback moves up, gold is down $5.10 to $1176.80, while silver dropped 0.47% at $17.46. Light, sweet crude for August delivery fell 40 cents to $76.14 on the NYMEX; a 0.52% decline.

Economic Calendar

8:30 AM
Housing Starts: Measures initial construction of residential units for the month of June. Housing construction impacts so many other segments of the economy, from consumer spending on appliances and material to labor. The consensus figure is 580,000 units. This is the second post tax credit reading, where housing starts in May fell back 10.0 percent to an annualized pace of 0.593 million units, following a 3.9 percent boost in April. There is just no demand there without the tax credit as the labor market remains stagnant.

Celtics Look Like a Championship Team, and I Was the Birthday Boy. Not a Bad Day… Maybe Someone Will Get Me a new Toy So I Can See What The Whole AAPL Hooplah Is!

Morning Outlook

It is a pretty quiet day so far on the Street, unless you are a tech company feeling the effects of Apple Inc’s blockbuster quarter. Tech is the only sector up this premarket as futures are trading slightly lower. Dow Jones industrial average futures are down 23 points, or 0.2 percent, to 11,051, while Standard & Poor’s 500 index futures fell 1.30, or 0.1 percent, to 1,204.10. The tech heavy Nasdaq 100 index futures climbed 6.25, or 0.3 percent, to 2,030.50. Another day void of economic data, but that will change starting tomorrow. This earnings season has been crazy, and I think the market is setting up for a perfect short once it ends. The EIA will release its inventory report for crude this afternoon, so any action in the commodities market could move equity sectors. But so far, pretty quiet morning.

We saw slight gains across the board on the Street Tuesday (monster gains in chat ) as we got fresh earnings data to kickoff the week. Fears over expanding legal action against major financial institutions subsided around the overall market. The blue chips gained 25.01, or 0.2 percent, to 11,117.06. The Standard & Poor’s 500 index rose 9.65, or 0.8 percent, to 1,207.17, while the Nasdaq composite index advanced 20.20, or 0.8 percent, to 2,500.31

On the Corporate Front

Apple Inc (AAPL) had a ridiculous quarter, just that simple. Earnings rose to $3.1 billion, or $3.33 per share, from $1.6 billion, or $1.79 per share in the same period last year. Revenue rose 49 percent to $13.5 billion from $9.1 billion in the year-ago quarter.Crazy top and bottom line growth.

I am not going to lie, I don’t own any AAPL products, but here stuff looks cool, is extremely innovative, and I can’t wait to see what they have in the pipeline. Just when I thought everyone had an iPhone, they went ahead and sold another 8.8 million of them.

Currencies and Commodities

The dollar fell 0.1824% at 93.05 yen in the currency market. The euro depreciated 0.4729% at $1.3371 while the pound gained 0.1987% to $1.5389. Gold advanced $1.70 at $1140.90, while silver tumbled 0.34% at $17.76. Light, sweet crude for the new front month June contract was unchanged at $83.85 on the NYMEX.

Market Summary

Wall Street was modestly higher on Tuesday as continued solid earnings from blue chips make Friday’s triple digit decline seem like ages ago. Despite the fear on future inflation and a showdown with Iran and global terrorist organizations, the good times on the street remain. Energy prices advanced, helping the sector set the pace for the overall market. The blue chips gained 25.01, or 0.2 percent, to 11,117.06. The Standard & Poor’s 500 index rose 9.65, or 0.8 percent, to 1,207.17, while the Nasdaq composite index advanced 20.20, or 0.8 percent, to 2,500.31 ahead of AAPL and YHOO reporting after the bell.

After falling in the previous 7 sessions since reaching $87 per barrel, crude advanced for the second consecutive day, advancing $2 to settle at $83.45 a barrel on NYMEX as the May contract expired. June gold climbed $3.40 to settle at $1,139.20 per ounce.

On the Corporate Front

The Coca-Cola Company (KO) posted a 19 percent jump in profit for the quarter. The world’s largest soft drink maker earned $1.61 billion, or 69 cents per share, up from earnings of $1.35 billion, or 58 cents a share, in the same period last year. Revenue rose 5 percent to $7.53 billion.

Shares fell as analysts expected earnings of 75 cents per share on revenue of $7.72 billion. Missing on the top and bottom line, not good. But I think they will be fine, KO knows what they are doing.

Johnson & Johnson Co (JNJ) earned $4.53 billion, or $1.62 per share, compared with $3.51 billion, or $1.26 per share, in the year-earlier period. Revenue for the diversified healthcare company rose 4 percent to $15.63 billion.

JNJ did however cut its full year profit forecast to between $4.80 and $4.90 per share, excluding one time items, from its earlier view of $4.85 to $4.95.

Morning Outlook

Futures are heading north in the premarket as IBM posted strong numbers after the bell yesterday. Goldman Sachs (GS) posted so far this morning, however we also have Coca-Cola Co. (KO), Apple Inc. (AAPL) and Yahoo Inc.(YHOO) throughout the day. Dow Jones industrial average futures gained 35 points, or 0.3 percent, to 11,079. Standard & Poor’s 500 index futures rose 5.50, or 0.5 percent, to 1,201.10, while Nasdaq 100 index futures advanced 8.00, or 0.4 percent, to 2,021.00. it is a quiet day on the street for economic news, but the corporate earnings will keep traders on their toes. We are actually seeing real profits and not cost cutting measures to boost bottom lines.

Wall Street reversed its downward trend on Monday as quarterly earnings by Citigroup (C) led a reversal of financials to lead the major averages higher. The blue chips gained 73.39, or 0.7 percent, to 11,092.05. The Standard & Poor’s 500 index rose 5.39, or 0.5 percent, to 1,197.52, while the Nasdaq composite index lost 1.15, or 0.1 percent, to 2,480.11.

On the Corporate Front

Goldman Sachs Group Inc (GS) saw its first quarter profit nearly double to $3.3 billion on strong trading revenue from free taxpayer funds. Revenue for the bad boy of Wall Street came in at 12.78 billion, while EPS registered $5.59 a share. Of course the pending legal charges damper the quarter, but GS has been fighting since Friday.

Currencies and Commodities

The dollar rose 0.4940% at 92.8550 yen in the currency market. The euro stabilized, appreciating 0.0426% at $1.3495 while the pound gained 0.3280% to $1.5388. Gold advanced $6.30 at $1142.10, while silver soared 1.29% at $17.96. Light, sweet crude for expiring May contract regained lost footing by adding $1.16 to $82.61 on the NYMEX; a 1.42% gain.

Market Summary

Wall Street fell sharply on Wednesday. Stocks have been unable this week to break through resistance levels, 11K on the Dow and 1200 on the S&P; so investors decided to take some money off of the table today. Futures were lower in the premarket following declines overseas and were never able to recover despite coming off of session lows. It was the biggest loss in over a month as the blue chips fell 72.47 points, or 0.7 percent, to 10,897.52. The Standard & Poor’s 500 index declined 6.99, or 0.6 percent, to 1,182.45, while the tech heavy Nasdaq composite index fell 5.65, or 0.2 percent, to 2,431.16, helped by heavyweight AAPL. The Russell 2000 index of smaller companies fell 2.02, or 0.3 percent, to 699.46.

Crude oil fell after the EIA reported an increase of 2 million barrels of crude oil supplies, compared to analyst expectations of 1.5 million barrels. The may contract fell 96 cents to $85.88 on the NYMEX. Gold hit a 2010 high after rising 1.5% to 1,153.

Could this be the first of a market/attitude reversal, as bond yields fell on a $21 billion 10 year government auction, gold climbed while energy slides back?

Consumers Continue to Deleverage

According to the fed, consumer debt outstanding fell $11.5 billion from January to register the 15th decline in the last 17 months. Economists had been expecting a minimal change in either direction. Revolving credit which includes credit cards, declined by $9.4 billion, or a 13.1% annual pace, to $858.1 billion. Despite the drop in credit, the savings rate really hasn’t picked up to levels of past generations who suffered such severe recessions. I am not sure if that is a good or bad thing. People still have an uneasy feeling which can be contributed to the labor market that’s for sure, but also lending standards are not as flimsy as they use to be.

iPad Mania

As we all have heard, AAPL has sold a ridiculous amount of iPad’s in its first week of release. A huge accomplishment considering I still don’t know what the hell it is! So, if YOU have BOUGHT one, post below!

Market Summary

Stocks moved higher early in the session on hump day as a decline in inventories and a rise in sales created optimism that orders will soon have to increase to support increasing demand in the growing economy. Major averages moved back and forth between breakeven in the afternoon as commodity prices retreated.

At the closing bell, the blue chips rose 2.95, or less than 0.1 percent, to 10,567.33, while the S&P 500 index gained 5.16, or 0.5 percent, to 1,145.61Today is the 10 year anniversary for the Nasdaq’s all time close. The index is down roughly 55% from its March 2000 high after climbing 18.27, or 0.8 percent, to 2,358.95.

Financials led the overall market higher on Wednesday as speculation surfaced that regulators might consider banning short-selling in the shares who were bailed out by the government. So we saw a nice short squeeze in Citigroup Inc (C), (FNM) (FRE) and American International Group Inc (AIG). Tech was also a sector leader, Apple Inc (AAPL), Cisco Systems, Inc (CSCO), Google Inc (GOOG)

Crude was unable to hold onto the days gains, closing nearly flat at $81.50 per barrel after being up as much as $83.03. According to the Energy Information Administration, crude inventories grew last week by 1.4 million barrels to 343 million barrels. Analysts expected a build of 2.1 million barrels, very bullish as we have seen a month long rise in energy costs.

Economic Rundown

Wholesale inventories fell in January even though sales rose for a 10th consecutive month. The Commerce Department reported that inventories at the wholesale level were reduced 0.2 percent in January following a 1 percent drop in December. Analysts had been looking for a 0.2 percent gain in inventories. Sales showed a strong 1.3 percent gain, the best showing since a 3.6 percent rise in November. Businesses will eventually have to start building inventory as sales continue to advance.

At current levels, it would take 1.1 months to deplete inventory at currents levels, a record low.

Renewed enthusiasm over Corporate America’s ability to drive a profit sent stocks higher to start the trading week. The Dow Jones Industrial Average rose 96.28, or 1 %, to 10,092.19. The broader S&P 500 index gained 10.23, or 0.9 %, to 1,097.91, while the Nasdaq composite index advanced 19.52, or 0.9 %, to 2,176.32. Stocks closed at fresh highs for the year.

Morning Outlook

Futures are up modestly Tuesday morning, following strong after the bell showings from AAPL and TXN. In addition to the premarket economic data, we will also be hearing from economic bellwether Caterpillar Inc.(CAT), Coca-Cola Co (KO) and DuPont .

Before the release of all this data, Dow Jones industrial average futures are up 15, or 0.2 %, at 10,026. Standard & Poor’s 500 index futures are up 2.10, or 0.2 %, at 1,093.20, while Nasdaq 100 index futures are up 12.25, or 0.7 %, at 1,762.50. Quality earnings leading into the opening bell could give the market what it needs for the S&P to successfully push through 1100.

Currencies and Commodities

The dollar fell 0.2714% at 90.304 yen in the currency market. The euro appreciated 0.0503% to $1.4972 while the pound declined 0.0277% to $1.6416. Gold rose $7.50 to $1065.60 an ounce, while silver ticked up 0.77% at $17.76. Light, sweet crude for November delivery fell 39 cents to $79.26 per barrel on the NYMEX; a 0.44% drop on the NYMEX as the contract expires today.

Economic Calendar

8:30 AM
Housing Starts: Measures initial construction of residential units for the month of September. Housing construction impacts so many other segments of the economy, from consumer spending on appliances and material to labor. The consensus figure is 615,000 units, up from 598,000 in August, a rise of 1.5% led by the multifamily component which jumped 25.3 %.

8:30 AM
Producer Price Index: The PPI is a measure of the average price level for a fixed basket of capital and consumer goods received by producers. This is a great indicator of the future CPI as producers will eventually pass the costs onto the consumer. The consensus for the month of September was for a decrease of 0.3%, with a 0.1% increase excluding food and energy. Headline PPI jumped 1.7% in August on higher energy and food costs.

Market Summary

Renewed enthusiasm over Corporate America’s ability to drive a profit sent stocks higher to start the trading week. The Dow Jones Industrial Average rose 96.28, or 1 percent, to 10,092.19. The broader S&P 500 index gained 10.23, or 0.9 percent, to 1,097.91, while the Nasdaq composite index advanced 19.52, or 0.9 percent, to 2,176.32. Stocks closed at fresh highs for the year. Quality earnings leading into the opening bell tomorrow could give the market what it needs for the S&P to successfully push through 1100.

With a lack of earnings and economic data to move the market during the day, stocks advanced ahead of big earnings after the bell and in the premarket tomorrow. After the bell we heard from Apple Inc. (AAPL) and Texas Instruments Inc (TXN) Caterpillar Inc.(CAT), Coca-Cola Co(KO) and DuPont will report results before the opening bell tomorrow.

Delicious Apple Results

Net income rose 47% to $1.67 billion, or $1.82 a share, from $1.14 billion, or $1.26, a year earlier. Sales jumped 25% to $9.9 billion. Analysts had estimated sales of $9.22 billion and profit of $1.43 a share.

In after hours action, shares of AAPL are trading at an all time high.

Not Texas Sized Earnings, But Good Enough!

Texas Instruments (TXN) beat the street after the bell. 3rd quarter profit fell to $538 million, or 42 cents per share, from a profit of $563 million, or 43 cents a share, a year earlier. Analysts had forecasted EPS of 40 cents. Revenue fell to $2.88 billion from $3.39 billion, as the environment for chip makers has been extremely difficult. That beat analysts’ average expectation of $2.82 billion.

Texas Instruments forecast fourth-quarter earnings per share in a range of 42 cents to 50 cents on revenue of $2.78 billion to $3.02 billion.

Crude is Climbing, AKA Higher Prices at the Pump

Higher stocks means higher energy prices, with benchmark crude for November delivery rising $1.08 to settle at $79.61 on the NYMEX. Prices are being reflected at the pump, as gasoline prices rose for the sixth straight day to $2.564 per gallon according to auto club AAA; despite low demand.

I wonder what the tipping point would be with the current fragile economy. Last summer, $4+ helped topple this sucker. If prices test $3 then there should be an investigation, as refiners cut back capacity heading into the winter months.

A drop in consumer sentiment, and concern over lack of increasing revenue from major components sent stocks tumbling Friday. The Dow fell 67.03, or 0.7 percent, to 9,995.91. The broader S&P 500 index fell 8.88, or 0.8 percent, to 1,087.68, and the Nasdaq composite index fell 16.49, or 0.8 percent, to 2,156.80. The Russell 2000 index of smaller companies fell 7.16, or 1.2 percent, to 616.18. I think it would have been extremely important and a real bullish sign if the blue chips were able to close the week above the 10K mark, Falling just short with high downward volume in the last few minutes of trading could send the market down a few technical notches.

Morning Outlook

After fading heading into the weekend, stocks rose globally Monday, sending futures on Wall Street higher. Dow Jones industrial average futures rose 48, or 0.5 percent, to 9,972. Standard & Poor’s 500 index futures gained 6.40, or 0.6 percent, to 1,088.40, while Nasdaq 100 index futures advanced 11.25, or 0.7 percent, at 1.742.75. The blue chips look to close back above the 10K mark as earnings season continues.

Later in the day, tech heavyweights Apple Inc. (AAPL) and Texas Instruments Inc (TXN) will release earnings reports. Look for the Nasdaq to get the most reaction out of those.

Currencies and Commodities

The dollar fell 0.0344% at 90.86 yen in the currency market. The euro appreciated 0.1332% to $ 1.4925 while the pound depreciated 0.2238% to $ 1.6320. Gold rose $4.10 to $1055.60 an ounce, while silver advanced 0.63% at $17.53. Light, sweet crude for November delivery fell off its 2009 high, losing 23 cents to $78.30 per barrel on the NYMEX; a 0.29% decline

Economic Calendar

1:00 PM
Housing Market Index: Based on a survey in which respondents from The National Association of Home Builders. Thoughts and feeling over the general economy and housing market conditions weigh into an index that rates the different factors of the housing market.

The consensus is that congress will not only extend the $8000 homebuyer tax credit, but expand it to all home purchases, rather than just first time buyers.