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Equity Roundup, Scaling Back Support, Energy Outperforms

US STOCKS

Stocks still bid but scaling back support after London session close, SPX eminis currently trades +24 (0.57%) at 4234; DJIA +197.48 (0.59%) at 33507.38; Nasdaq +35.8 (0.3%) at 12890.29. Otherwise no particular headline driver for reversal after carry-over bid for stocks following Wed's flat July CPI.

  • Technicals: SPX confirming a resumption of the current uptrend. This reinforces short-term bullish conditions and the extension maintains the positive price sequence of higher highs and higher lows. The focus is on 4272.35 next, a Fibonacci projection. On the downside, initial trend support is at 4080.50, the Aug 2 low. The 50-day EMA intersects at 4016.17 - a key support.
  • SPX leading/lagging sectors: Energy back to leading gainers (+2.17%) with Devon Energy DVN) +5.83%, Schlumberger (SLB) +5.21%, Baker Hughes and Halliburton +3.98%. Financials follow up (0.98%) with banks and insurance names leading. Laggers: Consumer Discretionary (-0.17%) with auto makers weaker vs. component makers; Information Technology holding steady, Health Care +0.28%.
  • Dow Industrials Leaders/Laggers: Disney (DIS) +6.09 at 118.52 after profits surge 50%, Goldman Sachs (GS) +5.56 at 353.47, Caterpillar +3.89 at 194.61, Travers (TRV) +3.62 at 168.63. Laggers: Johnson and Johnson (JNJ) -1.55 at 169.12, Microsoft (MSFT) -1.55 at 287.61, Amgen (AMGN) -1.21 at 150.88.
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Stocks still bid but scaling back support after London session close, SPX eminis currently trades +24 (0.57%) at 4234; DJIA +197.48 (0.59%) at 33507.38; Nasdaq +35.8 (0.3%) at 12890.29. Otherwise no particular headline driver for reversal after carry-over bid for stocks following Wed's flat July CPI.

  • Technicals: SPX confirming a resumption of the current uptrend. This reinforces short-term bullish conditions and the extension maintains the positive price sequence of higher highs and higher lows. The focus is on 4272.35 next, a Fibonacci projection. On the downside, initial trend support is at 4080.50, the Aug 2 low. The 50-day EMA intersects at 4016.17 - a key support.
  • SPX leading/lagging sectors: Energy back to leading gainers (+2.17%) with Devon Energy DVN) +5.83%, Schlumberger (SLB) +5.21%, Baker Hughes and Halliburton +3.98%. Financials follow up (0.98%) with banks and insurance names leading. Laggers: Consumer Discretionary (-0.17%) with auto makers weaker vs. component makers; Information Technology holding steady, Health Care +0.28%.
  • Dow Industrials Leaders/Laggers: Disney (DIS) +6.09 at 118.52 after profits surge 50%, Goldman Sachs (GS) +5.56 at 353.47, Caterpillar +3.89 at 194.61, Travers (TRV) +3.62 at 168.63. Laggers: Johnson and Johnson (JNJ) -1.55 at 169.12, Microsoft (MSFT) -1.55 at 287.61, Amgen (AMGN) -1.21 at 150.88.