The Market Club Updates June 25, 2009
KEY EVENTS TO WATCH FOR:
Thursday, June 25, 2009
8:30 AM ET. June 20 Jobless Claims
Weekly Jobless Claims (expected 605K; previous 608K)
Weekly Jobless Claims Net Change (expected -3K; previous +3K)
Continuing Jobless Claims (previous 6687000)
Continuing Jobless Claims Net Change (previous –148000)
8:30 AM ET. 1 Quarter GDP, final
GDP (previous -5.7%)
GDP 2nd Est. (previous -5.7%)
Chain-Weighted Price Index 2nd Est. (previous +2.8%)
Chain-Weighted Price Index (previous +2.8%)
Corporate Profits 2nd Est. (previous +12.9%)
PCE Price Index 2nd Est. (previous -1%)
Purchase Price Index 2nd Est. (previous -1%)
Real Final Sales 2nd Est. (previous -3.4%)
10:00 AM ET. June 13 DJ-BTMU Economic Barometer (previous -0.9%)
10:00 AM ET. Fed Chmn. Bernanke testifies before House Committee on
Merrill Lynch acquisition by Bank Of America in Washington
10:30 AM ET. June 12 EIA Natural Gas Inventories, in billion cubic feet
Total Working Gas in Storage (previous 2557)
Total Working Gas in Storage (Net Change) (previous +114)
11:00 AM ET. May Kansas City Fed Mfg Index (previous –3)
4:30 PM ET. June 15 Money Supply
4:30 PM ET. June 24 Fed Discount Window Borrowings, in dollars
Primary Credit Borrowings (previous 36.6B)
Primary Credit Borrowings W/E Daily Avg. (previous 36.18B)
Primary Dealer Borrowings (previous 0B)
Primary Dealer Borrowings W/E Daily Avg. (previous 0B)
Discount Window Borrowings (previous 122.97B)
Discount Window Borrowings W/E Daily Avg. (previous 123.74B)
4:30 PM ET. June 17 Foreign Central Bank Holdings, in dollars
Foreign US Debt Holdings (previous 2.75T)
US Foreign Agency Holdings (previous 806.84B)
Foreign Treasury Holdings (previous 1.95T)
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THE STOCK INDEXES
The September NASDAQ 100 was lower overnight as it consolidated some of Wednesday’s gains. Nevertheless, stochastics and the RSI are oversold and are turning neutral hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 1465.65 would confirm that a short-term low has been posted. If September extends the decline, the 25% retracement level of this spring’s rally crossing at 1399.87 is the next downside target. First resistance is the 20-day moving average crossing at 1465.65. Second resistance is the reaction high crossing at 1516.00. First support is Tuesday’s low crossing at 1412.00. Second support is the 25% retracement level crossing at 1399.87. The September NASDAQ 100 was down 2.50 pts. at 1444.75 as of 6:07 AM CST. Overnight action sets the stage for a lower opening by June NASDAQ 100 when the day session begins later this morning.
The September S&P 500 Index was slightly lower overnight as it consolidates some of Wednesday’s rally. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline, the reaction low crossing at 874.00 is the next downside target. Closes above the 20-day moving average crossing at 920.36 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 907.65. Second resistance is the 20-day moving average crossing at 920.36. First support is Tuesday’s low crossing at 884.30. Second support is the reaction low crossing at 874.00. The September S&P 500 Index was down 0.60 pts. at 897.60 as of 6:09 AM CST. Overnight action sets the stage for a steady to lower opening by the September S&P 500 index when the day session begins later this morning.
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The contents of this report are for information purposes only. Compiled by Tom Nadir
Posted in The Market Club Tagged: Bernanke testifies before House Committee, currenies direct updates, first resistance, First support, June NASDAQ 100, June S&P 500 index, Key Events and Commentary, marketclub updates, second resistance, second support, Weekly Jobless Claims 
