DJIA up or down

Kena kantoi last night....Ben said easing wont stop DJ up....then FOMC minutes showed more Hawks appearing....DJ down...

[You must be registered and logged in to see this link.]

hawkish meaning slight knee jerk reaction to markets, this usually benefits the dollar in turn; might be a lot of ppl have been long the dollar for many years to take that opportunity to say they are hawkish

U.S. Stocks Rise on Fed Stimulus Hopes After GDP Report
By Inyoung Hwang - May 30, 2013 10:07 PM GMT+0800

U.S. stocks advanced, following the Dow Jones Industrial Average’s biggest drop in four weeks, as weaker-than-expected data on economic growth and jobless claims boosted speculation the Federal Reserve will maintain stimulus.

NV Energy Inc. (NVE) surged 23 percent after Warren Buffett’s MidAmerican Energy Holdings Co. said it will pay $5.6 billion for Nevada’s biggest utility. Clearwire Corp. jumped 21 percent after Dish Network Corp. (DISH) raised its bid for the company. Alcoa Inc. (AA) slipped 0.9 percent after Moody’s Investors Service cut its rating on the company’s debt to one level below investment grade.
The Standard & Poor’s 500 Index advanced 0.6 percent to 1,658.05 at 10:03 a.m. in New York. The Dow added 77.02 points, or 0.5 percent, to 15,379.82. Trading in S&P 500 companies was 3.1 percent lower than the 30-day average at this time of day.
“The take away from today’s statistics is that there’s going to continue to be a bias to keep QE in place,” Matthew Kaufler, fund manager at Federated Investors Inc. in Rochester New York, said by telephone. The firm manages about $380 billion. “As long as that perception exists, it’ll be positive for financial assets.”
The S&P 500 sank 1.1 percent last week as Federal Reserve Chairman Ben S. Bernanke said the central bank could reduce monetary stimulus, known as quantitative easing, if officials see signs of sustained improvement in growth. Data earlier this week showed consumer confidence climbed to the highest level since 2008 and house prices jumped the most in seven years, indicating growth in the world’s largest economy is picking up. The S&P 500 fell 0.7 percent yesterday and the Dow dropped the most since May 1.

‘Misunderstood’ Bernanke
“Bernanke was misunderstood,” Patrick Spencer, head of U.S. equity sales at Robert W. Baird & Co. in London, said in an interview today. “Though his testimony implied that if the Fed curtails bond purchases too soon a premature exit would hurt the stock market, he said he’ll only start to cut that back if economic growth is sustainable. You’ve only had a few indicators that have shown that so far. The jury is still out.”
Data today showed the economy expanded at a 2.4 percent annualized rate in the first quarter, less than the estimated 2.5 percent, as slower inventory building and cutbacks in government spending overshadowed the biggest gain in consumer purchases since the end of 2010.
A separate report showed more Americans filed claims for unemployment insurance payments last week as holiday closures prevented five states from completing a full count. An index of pending home sales rose less than forecast in April, indicating limited inventory is holding back further progress in the housing market.

Bull Market
The benchmark U.S. equity index has advanced 3.8 percent so far in May, poised for a seventh month of gains. That’s the longest winning streak since September 2009. The gauge has surged 145 percent since March 2009, driven by better-than-estimated corporate earnings and three rounds of bond purchases from the Fed.
NV Energy (NVE) rallied 23 percent to $23.64. MidAmerican Energy, a subsidiary of Buffett’s Berkshire Hathaway Inc., agreed to buy the Las Vegas-based energy producer for $23.75 a share in cash. The deal would make MidAmerican the largest U.S. utility by customer accounts.
Clearwire jumped 21 percent to $4.20 as Dish Network (DISH) raised its takeover bid for the company to $4.40 a share in cash. The satellite-TV provider had previously offered $3.30 a share for Clearwire, leading Sprint Nextel Corp. to raise its bid to $3.40 last week.

EMC Buyback
EMC Corp. gained 6.2 percent to $25.13. The world’s biggest maker of storage computers said it plans to buy back $6 billion of its own shares, six times more than the company had initially authorized earlier this year. EMC also said it will pay investors a quarterly dividend of 10 cents a share in July.
MEMC Electronic Materials Inc. added 7.2 percent to $8.17. The second-biggest U.S. supplier of polysilicon was added to Goldman Sachs Group Inc.’s conviction buy list.
Facebook Inc. (FB) advanced 4.5 percent to $24.37. The owner of the world’s most popular social-networking service was raised to buy from hold at Jefferies Group LLC. The Menlo Park, California-based company was also boosted to outperform from market perform at BMO Capital Markets Ltd.
Alcoa lost 0.9 percent to $8.50 for the biggest drop in the Dow. Moody’s lowered its rating on the debt of the largest U.S. aluminum producer to Ba1 from Baa3, after the price of the metal dropped as global production exceeded demand.
Big Lots Inc. sank 7.5 percent to $35.50. The discount retailer cut its forecast for annual earnings from continuing operations to no more than $3.12 a share. That compares to an earlier projection of as much as $3.25 and falls short of analysts’ average estimate of $3.16.
To contact the reporter on this story: Inyoung Hwang in New York at [You must be registered and logged in to see this link.]
To contact the editor responsible for this story: Lynn Thomasson at [You must be registered and logged in to see this link.]

Most U.S. Stocks Fall as Manufacturing Unexpectedly Drops
By Sofia Horta e Costa & Nikolaj Gammeltoft - Jun 4, 2013 12:03 AM GMT+0800

Most U.S. stocks fell, leaving the Standard & Poor’s 500 Index at its lowest in nearly three weeks, after manufacturing unexpectedly contracted in May, indicating industry will provide scant support for the economy.
Bank of America Corp. and JPMorgan Chase & Co. dropped at least 2.1 percent as financial companies retreated. F5 Networks Inc. (FFIV) slid 6.3 percent after Morgan Stanley cut its rating on the maker of data-management equipment. Merck & Co. and Bristol-Myers Squibb Co. added more than 4.8 percent as the drugmakers’ newest versions of immune-boosting drugs show promise.

The Standard & Poor’s 500 Index fell 0.3 percent to 1,626.36 at 11:58 a.m. in New York. The Dow Jones Industrial Average added 47.03 points, or 0.3 percent, to 15,162.60. Three stocks dropped for every two that rose on U.S. exchanges, and trading in S&P 500 companies was 28 percent higher than the 30-day average at this time of day.
“The ISM report was decidedly negative,” John Lynch, the Charlotte-based regional chief investment officer for Wells Fargo Private Bank, said by telephone. His firm manages $170 billion. “Bad news can only be good news for so long for stock prices. At some point it will impact earnings and market levels.”
The S&P 500 declined 1.1 percent last week, with stocks alternating between gains and losses during the four sessions, amid data showing uneven performance in the economy. While economic growth was weaker than forecast and jobless claims rose, other data showed consumer confidence climbed to the highest level since 2007, home values jumped the most in seven years and business activity rebounded.

Manufacturing Data
Data today fueled concern that growth could slow, as the Institute for Supply Management’s May report showed manufacturing unexpectedly contracted at the fastest pace in four years. A separate report from the Commerce Department showed construction spending climbed in April, as private projects rose and public spending slumped.
The Chicago Board Options Exchange Volatility Index, or VIX (VIX), rose 6.4 percent to 17.35, its highest level since April 18 on a closing basis. The equity volatility gauge, which moves in the opposite direction as the S&P 500 about 80 percent of the time, added 31 percent over the past two weeks.
Seven of 10 industries in the S&P 500 retreated, with financials falling 1 percent to pace losses. Bank of America dropped 2.6 percent to $13.30 and JPMorgan slid 2.1 percent to $53.45 for the biggest drops in the Dow.

Mortgage Settlement
Bank of America’s $8.5 billion settlement with mortgage-bond investors is set to be considered by a New York court two years after it struck the deal to resolve claims over home loans bundled into securities.
F5 Networks declined 6.3 percent to $77.94. Morgan Stanley downgraded the shares to equal weight, similar to a neutral rating, from overweight. The stock has dropped 20 percent this year.
Merck rose 5.5 percent to $49.25 for the biggest gain in the Dow, and Bristol-Myers Squibb added 5.9 percent to $48.74. The new experimental immune-boosting drugs from the drugmakers are producing such promising early results that doctors at the American Society of Clinical Oncology meeting in Chicago are openly speculating that some patients with the deadliest form of skin cancer may be cured.
Clovis Oncology Inc. soared 134 percent to a record $85.42. The biotechnology company reported positive early results in a trial of its ovarian cancer drug.

Intel Rating
Intel Corp. rallied 4.2 percent to $25.30, the highest since August. FBR Capital Markets raised its rating on the stock to the equivalent of buy, saying the world’s largest chipmaker’s development of mobile technology gives it “enough new avenues of growth.”
A gauge of computer-chip makers gained 1.4 percent, the most among 24 industries in the S&P 500, led by Intel, its largest member by weighting.
The S&P 500 gained 2.1 percent in May, pushing its winning streak to seven months of advances, the longest stretch since September 2009. The rally, combined with its strong start to the year, may indicate further gains for stocks in June, according to Sam Stovall, S&P’s New York-based chief equity strategist.
A seven-month winning streak has happened 13 times since 1945 and it has led to advances of 0.4 percent on average in the eighth month as stock prices rose 62 percent of the time, Stovall wrote in a note today. The S&P 500’s advances in January and February may also help as the benchmark U.S. equity index has returned annual gains in each of the 26 years with such a positive start since World War II. The strong starts to the year have been followed by increases of 1 percent in June compared with its normal flat performance.
“Could sell in May have started in the end of the month, rather than the usual? One could easily infer that from the performance of the last three days,” the strategist wrote. “However, history says, but does not guarantee, that the S&P 500’s performance in June could surprise to the upside.”
To contact the reporters on this story: Sofia Horta e Costa in London at [You must be registered and logged in to see this link.]; Nikolaj Gammeltoft in New York at [You must be registered and logged in to see this link.]
To contact the editor responsible for this story: Lynn Thomasson at [You must be registered and logged in to see this link.]

Payrolls today....if payrolls are good, people are scared, FED will taper qe, rates go up, mortgages rates up, housing temporary slows....if payrolls are bad...people have less money, less home purchases...call it between a rock and a hard place

kppl wrote:Payrolls today....if payrolls are good, people are scared, FED will taper qe, rates go up, mortgages rates up, housing temporary slows....if payrolls are bad...people have less money, less home purchases...call it between a rock and a hard place

har?? means both result also not good lor

JF wrote:

kppl wrote:Payrolls today....if payrolls are good, people are scared, FED will taper qe, rates go up, mortgages rates up, housing temporary slows....if payrolls are bad...people have less money, less home purchases...call it between a rock and a hard place

har?? means both result also not good lor

Basically still sideways, until the market realised that they have to stand on their own without free money....will be high volatility tonight....

main point is NFP must be good , we cant be relying on cocaine money from the FED

Payrolls in U.S. Rose 175,000 in May, Unemployment 7.6%
By Lorraine Woellert - Jun 7, 2013 10:07 PM GMT+0800

American employers took on more workers than forecast in May as the world’s largest economy weathered the impact of higher taxes and federal spending cuts.

Payrolls rose 175,000 after a revised 149,000 increase in April that was smaller than first estimated, Labor Department figures showed today in Washington. The median forecast in a Bloomberg survey called for a gain of 163,000. The unemployment rate rose to 7.6 percent from 7.5 percent as more people entered the labor force.
The report is a sign companies are optimistic about the prospects for demand in the second half of the year after a payroll-tax increase curbed consumer spending power. At the same time, speculation that the job market still isn’t strong enough to prompt the Federal Reserve to start pulling back on monetary stimulus pushed U.S. and European stocks higher.
“Things aren’t weakening in the labor market as much as we’d feared,” said Omair Sharif, a U.S. economist at RBS Securities Inc. in Stamford, Connecticut, who accurately forecast the gain in payrolls. “The unemployment rate rose for the right reasons. More folks are coming back into the labor market, or coming in for the first time, but more important the economy is able to absorb most of them.”
The Standard & Poor’s 500 Index climbed 0.4 percent to 1,628.38 at 9:52 a.m. in New York. The yield on the 10-year Treasury note rose to 2.11 percent from 2.08 percent late yesterday. The Stoxx Europe 600 Index advanced 0.5 percent.
Employment gains were broad-based, with jobs added in industries ranging from retailing and construction to education and health services. Manufacturers cut payrolls for a third month.

Craft Brewer
Among companies hiring workers is Santa Fe Brewing Co., a 30-employee craft beer maker in Santa Fe, New Mexico. The company has hired five full-time workers and one part-time employee this year to help support growing sales in the Southwest. It’s looking to hire three or four part-time employees now, and may add more full-time positions next year, said owner Brian Lock.
“I get the sense the economy is coming back a little bit,” said Lock, 41. “We are definitely on the recovery track. We are seeing more tourists than we have in the past three of four years, and that is a good sign.”
While Americans are finding work, wage gains aren’t picking up. Average hourly earnings were little changed at $23.89 in May after $23.88 in the prior month. They were up 2 percent in 12 months ended in May, the same as in April.

Household Survey
The household survey, used to calculate the unemployment rate, showed a 420,000 increase in the size of the labor force, exceeding the 319,000 gain in employment and pushing up the jobless rate from a four-year low.
Revisions to the prior two months’ payrolls reports subtracted a total of 12,000 jobs to the employment count in March and April.
Private payrolls, which don’t include government agencies, increased 178,000 in May after a 157,000 gain the prior month.
Employment at factories declined for a third month, falling 8,000 in May after a 9,000 decrease in the previous month, today’s report showed. While manufacturing is cooling, strength in the auto industry is encouraging hiring. The motor vehicle industry added 2,400 jobs in May.
Employment at private service-providers climbed 179,000 last month. Construction companies added 7,000 workers, and retailers took on 27,700 employees, the most in six months. Temporary-help agencies added 25,600 jobs in May.

Part-Time Workers
The so-called underemployment rate -- which includes part-time workers who’d prefer a full-time position and people who want work but have given up looking -- decreased to 13.8 percent from 13.9 percent.
The number of discouraged workers fell to 780,000 in May, the fewest since September 2009, according to agency data that aren’t adjusted for seasonal variations.
For Daniel McCune, the road to employment has been difficult. The 26-year-old has struggled to find work since earning his college degree in 2009.
“It was probably the worst possible time to graduate,” McCune said. “It’s a tough situation to be in, from 2009 to just about now.”
After graduating from Liberty University in Lynchburg, Virginia, McCune held a Capitol Hill internship and looked for his “dream job” at a U.S. intelligence agency. When it didn’t materialize, he moved in with his parents and took a job at Macy’s. Employers are looking for experience, he said, and he’s had trouble landing interviews.
Federal Reserve
Fed Chairman Ben S. Bernanke and his fellow central bankers are looking for greater progress in reducing unemployment. Fed policy makers have said they’ll continue their $85 billion-a-month pace of asset purchases until the labor outlook improves “substantially.” Boston Fed President Eric Rosengren and Chicago’s Charles Evans have said they want to see the economy add 200,000 jobs a month before scaling back.
Former Fed economists Vincent Reinhart, who is now chief U.S. economist at Morgan Stanley in New York, says that means policy makers need to see about four months of job growth averaging at least 200,000 to justify reducing the pace of asset purchases.
“They’re going to need a substantial run of data to change course,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics in White Plains, New York. “To actually do it, the economy not only has to be improved, but it has to be improved in such a way that it can take the strain of the new policy. The economy has to be in a position to take it and I don’t think it is just yet.”

Economic Growth
Gross domestic product rose at an annualized rate of 2.4 percent from January through March. Growth will slow to a 1.6 percent pace in the second quarter as the effects of sequestration take hold, before improving to an average 2.4 percent rate in the second half of the year, according to the median forecast of economists surveyed by Bloomberg from May 3 to May 8.
At the same time, growth in home construction and energy has given a boost to companies such as Fluor Corp. (FLR) The engineering and equipment company based Irving, Texas, expects its global staff to grow from 13,500 to 15,000 by the end of the year, said Peter Oosterveer, president of energy and chemicals.
Wage growth remains “modest”, with pay up between 3 percent and 5 percent in North America and Europe, Oosterveer said at a conference yesterday.

Cutting Costs
Other companies, from industrial giant Caterpillar Inc. (CAT) to insurer Genworth Financial Inc. (GNW), are adjusting payrolls to cut costs. Genworth, based in Richmond, Virginia, will eliminate 400 jobs as low interest rates squeeze investment income.
Caterpillar, the largest maker of construction and mining equipment, has responded to weaker global sales by delaying capital investments and requiring some employees to take unpaid leave, said Michael DeWalt, director of investor relations for the Peoria, Illinois-based company.
“Within corporate accounting, treasury, tax, about 90 percent of the people are taking three weeks of unpaid leave this year,” DeWalt said at a June 5 conference. “A lot of the actions that we’re taking are all around trying to match the cost base up with what the reality is of sales.”
To contact the reporter on this story: Lorraine Woellert in Washington at [You must be registered and logged in to see this link.]
To contact the editor responsible for this story: Christopher Wellisz at [You must be registered and logged in to see this link.]

+207.50

closed @ 15428.12

DJ moving up to pre Bernanke tapering speech.

S&P 500 ... strongly up too!

Remember to hedge your positions girls and boys if you don't have the cap to day trade.

FOMC time!

FUH...the move downwards..

Fed Keeps $85 Billion Pace of Bond Buying, Sees Risks Waning
[You must be registered and logged in to see this link.]

Hawkish.....now wait for details during press conf....just a momentary drop....let's see...

What a potential trade...SPY 5 min chart....
you need 25k USD to be a pattern day trader by the way...I'm not yet one 
[You must be registered and logged in to see this image.]

i have s&P 500 on my trade 60 usd per lot lol

palm sweaty jor,.. kancheong

Cals wrote:palm sweaty jor,.. kancheong

Try not to hold overnight

kppl wrote:

Cals wrote:palm sweaty jor,.. kancheong

Try not to hold overnight

On second thought....looks stabilizing now...finally...hold to sell tomorrow market open...

kppl wrote:

Cals wrote:palm sweaty jor,.. kancheong

Try not to hold overnight

yea closed out, fuh short saved me lol

money in pocket

Cals wrote:

kppl wrote:

Cals wrote:palm sweaty jor,.. kancheong

Try not to hold overnight

yea closed out, fuh short saved me lol

money in pocket

oh...short FUH....hehehe...yes think no more downside....maybe tomorrow...but should open high tomorrow early market because oversold now...me target entry before market closes

man everything went south

Cals wrote:man everything went south

overreaction i guess...time to sleep