Quick Recap of Thursday’s Session:
Stocks finished narrowly mixed in thin trading on Thursday, marking the fourth consecutive losing session for the DJIA. Major indices started the day significantly higher following a better than expected Weekly Jobless Claims report. However, it was reported shortly after that the report was distorted as one state did not post its claims number for the week. Stocks would falter after roughly an hour of rallying and sell off sharply for the remainder of the session. Major indices finished at session lows, the DJIA ending down 100 points from its intraday high.
S&P 500 +0.02%, NASDAQ -0.08%, DJIA -0.14%, Midcaps +0.46%.
Looking Ahead to Friday:
- Overnight we get CPI from Italy, Retail Sales from Finland, Import Prices from Greece, and Industrial Production from the Eurozone.
- Before the bell here in the U.S. is September PPI, and earnings announcements from JP Morgan (JPM) and Wells Fargo (WFC).
- Shortly after the open is the Michigan Consumer Sentiment at 9:55am EST.
- The usual drivers can be cited for the selloff (earnings uncertainty, elections, fiscal cliff, Europe, etc), but Thursday was really more about the bulls missing a sorely needed opportunity and the bears strengthening their resolve. Given that the S&P 500 has finished 16 of the last 18 Mondays in negative territory, it seems that Friday will be a critical test for the bulls to see if support at 1430 can hold. Any further negative action tomorrow suggests 1400 as the next logical stopping point.
S&P 500 - Intraday
Remember, you are in control your email alerts! You can receive alerts for up to 25 free research report alerts.
S&P 500 - Last 12 Months
