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Equities Roundup

US STOCKS
  • Stocks trading mixed, off midday highs in the second half with S&P E-Mini futures down 5 points (-0.11%) at 4413.5, DJIA down 106.87 points (-0.32%) at 33819.85, Nasdaq up 33.5 points (0.2%) at 13589.3.
  • Leading gainers: Energy sector shares outperforming as crude prices climb higher in the second half (WTI +1.98 at 69.68). Leading oil producers/distributors includes Pioneer Natural Resources +2.25%, Williams +1.75%, Conoco Philips +1.60. Communication Services sector next in line with media/entertainment shares (NFLX +3.6%) outperforming telecommunication services (ATT -.75%).
  • Laggers: Utilities, Materials and Consumer Staples sectors underperformed in the second half. Independent power/resources shares weighed on the former with AEP -3.5%, Entergy -3.45%, Pinnacle West -2.6%.
  • The technical bull theme in S&P E-minis remains intact and the recent pullback appears to be a correction. The latest move lower has allowed a recent overbought condition to unwind. Attention is on initial key support at the 20-day EMA, which intersects at 4365.83.
  • A break of this average would strengthen a short-term bearish theme and signal scope for a deeper pullback. On the upside, the bull trigger is 4493.75, the Jun 16 high
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