MyHappyTrading's  Instablog

MyHappyTrading
Send Message
MyHappyTradingTM is a social network site with a focus on the global financial markets. It is an online community where you can share your thoughts and your investment/trade ideas with the community and the network that you build. Our Basic Membership is FREE. MyHappyTradingTM provides you the... More
My company:
My Happy Trading.com
My blog:
My Happy Trading
  • Earnings Galore!  0 comments
    Jul 23, 2010 12:14 AM | about stocks: CAT, UPS, FCX, CLF, WLT, AMZN, WDC, MSFT, CMG, MOS, AXP, KWK

    The market has just been going through big swings this week!  This morning, both CAT and UPS reported strong earnings and buyers rushed back into the market.  CAT finished the day up +1.69% while UPS jumped +5.23%.  FDX outpaced UPS, rising +6.08% (it does look like both FDX and UPS can run much higher from here).  Miners were strong again.  FCX vaulted another +4.12%; WLT added +5.22%; CLF tacked on +6.32%.

    However, after the market, AMZN missed its earnings estimate and its share sank almost 11% in after-hours trading.  SNDK reported good earnings, but its CEO announced plans to retire this year.  Investors did not react well to that news and SNDK traded down 7.47% this evening.  MSFT reported a quarter of strong sales; however, its shares were little changed.  CMG continued to impress investors, reporting another +31% rise in its quarterly profit.  CMG rose +4.2%.  MOS also had a strong quarter, sending its shares up +2.78%.  AXP delivered a stellar quarter with a profit that tripled from a year ago!  AXP shares did not show much reaction. 

    KWK jumped more than +17% after announcing a deal to sell its limited partnership Quicksilver Gas Services to Crestwood Midstream for $701 million in cash.

    The Dow was up +201.77 points; SPX added +24.08 points; Nasdaq hopped +58.56 points:

    Almost every sector participated in today's rally.  XME (metals and mining) stood out again, up +4.46%.  SOXX (semiconductors) led the techs with +3.28% rise.  USO (oil) was up +3.57% while OIH (oil services) added +1.35%.  GLD (gold) and SLV (silver) continued to bounce.  XLF (financials) gained +2.93% (GS, however, closed in the red!).  FXI (Chinese ADRs) advanced +2.75%.

    SPX

    SPX gained +24.08 points to close at 1093.67.  It closed above its daily MAs and the MACD turned higher.

    Nasdaq

    Nasdaq hopped +58.56 points to close at 2245.89, just below the 2250 level.  Its MACD also rose.

    After a day of fast drop (yesterday, the Dow fell 170 points in 1 hour), the market roared back.  Both SPX and Nasdaq closed just below their respective key resistance level (SPX 1100; Nasdaq 2250).  With the market still being range-bound and experiencing quick swings, we'll have to proceed carefully, especially with AMZN sinking after the market today.  Both MSFT and AXP beat; however, there was no apparent reaction after the reports.  Until the market can clear above the aforementioned resistance levels, it is still range-bound.

    Good night and HappyTrading! ™



    Disclosure: no positions
    Stocks: CAT, UPS, FCX, CLF, WLT, AMZN, WDC, MSFT, CMG, MOS, AXP, KWK
Back To MyHappyTrading's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.