ALARON LAS VEGAS US EQUITY FUTURES REPORT 04/23/2009
US EQUITIES CONTINUE TO TRADE IN NARROW, VOLATILE RANGE. TRADERS TAKE DIRECTION FROM BANKING STRESS TESTS, HOME SALES DATA.
US EQUITIES struggled within a tight range, searching for direction in a session that was defined by conflicting data regarding earnings and readings from the housing sector. Traders and investors contended with better than expected earnings from Apple, which lifted the tech sector, as well as disappointing results from UPS. In addition, the negative side of the blotter offered lower than expected reading on US existing homes sales pressured market sentiment which had been supported yesterday by monthly back to back increases in home prices.
A late session push to the highs of the session occurred led by the financial sector. The move higher was led by rising hopes regarding the US banking stress tests and optimism regarding a meeting between President Obama and the heads of a number of credit card companies for the purpose of hashing out details regarding a credit card “bill of rights” for US consumers. S&P futures posted the highest session gains powered by financials. Once again, perceptions of progress and removal of uncertainty offers a positive bias to the market. Friday’s session offers another reading for the housing market (US new home sales). Expectations are for the market to be active in early session trading, settling into a tight range as traders square up positions for the week, settling near the 842.00 level for the S&P and 7893 for the Dow.
Technically, June Dow futures are likely to trade within a narrow range on Friday. Expect the market to trade between 7960 and 7855. In a choppy, narrow trading range, sometimes less said is better. The key at this level is risk and money management. Seek out good support and resistance levels within ranges to trade.
|
EQUITY RANGES |
OPEN |
HIGH |
LOW |
CHANGE |
|
|
DJM9 (JUNE DOW) |
7845 |
7930 |
7750 |
7915 |
+99 |
|
SPM9 (JUNE S&P) |
842.30 |
850.00 |
831.50 |
848.70 |
+11.80 |
|
NDM9 (JUNE NASDAQ) |
1340.00 |
1345.00 |
1318.00 |
1342.00 |
+18.50 |
Prepared by Rich Roscelli & Paul Brittain.
Past performance is not indicative of future results. 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.
