Inthemoneystocks Blog

ERTS Is Getting Smacked In After Hours Trading

ERTS shares have declined nearly 10% to $16.00 in after hours trading. This sell off comes after the company's forecast numbers were below the current projection of 13 cents a share from Thomson Reuters.

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Today's Market Movers

Gainers

CFSG +21.81%
BPSG +8.98%
NSU +13.15%
HAS +12.61%
CAGC +10.22%

Decliners

WTU -45.73%
CTIC -43.40%
NBG -11.68%
DDSS -9.01%
GY -7.98%

The U.S. Dollar Is Dictating Every Move

The U.S. Dollar is still slightly negative today. However, the dollar has rallied from it's morning lows. When the dollar trades higher most commodity and inflationary stocks usually trade lower and vice versa. The DXY chart will have intraday resistance at the 80.38-80.40 level. Remember every trade is a dollar trade.

Crude Starts The Week Strong

Crude oil futures started the week on the upside. Crude for March delivery was up 70 cents to $71.89 a barrel.

WMT Is Ticking Lower. Watch These Support Areas.

WMT is under a little pressure today trading lower by 0.30 cents to 53.18. WMT will have intraday support at the 53.08 and 53.00 levels.

Technical Analysis Video - Bull Consolidation, PowerShares DB US Dollar Index Bullish (NYSE:UUP)

The markets are consolidating in a bullish manner following the mega reversal Friday afternoon. Learn what this could mean in the video below.

Gold Ends Up Higher

Gold futures started the week on a strong note. Gold for April delivery was up 1.3% at $1,066.20 an ounce.

Jumbo Mortgage Late Payments Rise

According to Fitch Ratings U.S. prime jumbo mortgage late payments rose to 9.6 percent in January from 9.2 percent in December.

The Solar ETF Is Beginning To Look Attractive At Current Levels

The TAN is beginning to look attractive at levels below.

RealTick graphics used with permission of Townsend Analytics, Ltd. ©1986-2009 townsend Analytics, Ltd. All Rights Reserved. RealTick is a registered trademark of Townsend Analytics, Ltd

Has Toyota (NYSE:TM) Found A Real Low?

Toyota Motors (NYSE:TM) has been on the hot seat recently. Toyota issued a massive recall due to an accelerator problem. This recall has affected millions of vehicles and the owners of theses vehicles. Politicians and federal investigators have made statements about the recall from Toyota as the company is in the news every single day.

On January 15th, 2010 the stock made a new high for the year at nearly 92.00 a share. Since that time the stock has declined to 71.00 on February 4th, 2010. From peak to trough this is a 21 point decline in just 3 trading weeks. While the stock has fallen sharply from these levels they still maintain a lot of market share globally.

Currently Toyota Motors as a stock is under pressure. Many other car companies are trying to capitalize on the negative news from the market leader Toyota. Ford Motors (NYSE:F) is one stock that has traded higher on the back of a falling Toyota stock. Ford has surged over ten fold and nearly 11.00 points throughout 2009 since it's February 2009 lows. From a traders point of view most of the good news looks baked into the cake for Ford.

So what is a better buy here, Ford or Toyota? Throughout history, it is hard to knock off the king. Toyota Motors is still the king. Companies have had recalls before and they seem to always pull through. Toyota is looking attractive at these levels. Remember the market always overshoots much the same way that a pendulum does. Often it goes to an extreme high and then to an extreme low. The same case can be made for a stock. Therefore, keep an eye on Toyota Motors at these levels.

Nicholas Santiago
Chief Market Strategist
www.InTheMoneyStocks.com

Gold Remains Strong

Gold futures continue to move up today. Gold for April delivery was up $18.10 to $1,071.10 an ounce.

Markets Extend Friday Reversal Gains, SPDR S&P 500 ETF (NYSE:SPY),U.S Oil Fund LP (NYSE:USO)

The markets are slowly inching higher today on the back of Friday's massive late day reversal. After four weeks to the downside, it appears as if the markets put in a short term bottom Friday when the SPDR S&P 500 ETF (NYSE:SPY) hit a low of $104.58. The reversal on the markets coincided with huge volume which also tells of a possible bottom capitulation type move. The dollar hit major resistance and in turn oil flushed out as the United States Oil Fund LP (ETF) (NYSE:USO). With the dollar falling and oil and gold rising, Friday turned out to be a beautiful reversal. A bottoming tail is now visible on the daily chart. Commodity stocks like U.S Steel Corp. (NYSE:X) hit major levels (X hit the 200ma on the daily).

While earnings look to be getting thin this week, major companies report still include The Walt Disney Company (NYSE:DIS) and PepsiCo, Inc. (NYSE:PEP). After the jobs report on Friday, economic news may seem lighter. However, watch the Initial Claims and Retail Sales numbers on Thursday. Those will most likely move the markets.

Generally, on a technical basis, look for the markets to be choppy to higher short term following the bottoming tail and reversal on Friday. Commodities should lead the way as the dollar falls back slightly off of the key resistance level it nailed on Friday. Keep watch of further worry about sovereign debt and chatter about the global economy.

Today's Market Makers

Gainers

CFSG +21.31%
BGP +12.07%
HAS +13.15%
BBEP +10.49%
CAGC +9.07%

Decliners

WTU -36.52%
CTIC -18.88%
NBG -11.14%
NVAX -9.01%
SHIP -9.46%

Solid As Steel... U.S. Steel

Winning Trade Alert!!!

X called out as a short play at $45.80, and scalped for a solid steel breakfast!!
+.50 cents profit so far!!

USO Is Holding Up As The Dictates The Market

The USO is basically flat today as the U.S. Dollar trades lower from it's intraday high. The USO will have intraday resistance at the 35.50 level should it trade up there. Please remember everything in the commodity space will be generally trade inverse to the U.S. Dollar.

S&P Cuts British Airways

Standard & Poor's Ratings Services lowered their rating on British Airways long-term corporate credit rating to BB- from BB.

Solid As Steel... U.S. Steel

Winning Trade Alert!!!

X called out as a short play at $45.80, and scalped for a solid steel breakfast!!
+.50 cents profit so far!!

Hasbro Earnings Beat Estimates

Hasbro reported fourth quarter that beat estimates. The company earned $165.6 million, or $1.09 a share up from $93.6 million or 62 cents a share a year ago.

X Marks The Spot. Watch This Resistance Intra-day

X is trading higher on the day continuing it's late Friday afternoon rally. X will have very strong intraday resistance at the 45.80 - 46.00 level. This is currently an intraday pullback area. Continue to monitor the U.S. Dollar as all commodity stocks generally trade inverse to the dollar.

Loews Reports Earnings

Loews(L) reported fourth quarter earnings of $403 million , or 94 cents a share compared to a loss of $958 million or $2.20 a share a year ago.

JPM IS LOSING SOME OF IT'S FRIDAY MOMO

JPM is a leading financial stock and a market leader. The stock is pulling back sharply this morning. There will be minor support at 37.25 and more support at 37.00. Both levels may see small bounces.

U.S. Dollar Index Is Higher To Start The Morning As European Problems Remain

The U.S. Dollar index is trading slightly higher as the problems in Europe remain. Countries such as Iceland, Greece, Ireland, Spain, Lithuania, and Portugal are all having credit problems. It is important to remember when the U.S. Dollar is stronger on the day the commodity and inflationary stocks remain under pressure. The stock rally from the March 2009 lows was on the back of the falling dollar.

Gold Starts The Week Strong

Gold futures started the week off strong.Gold for April delivery delivery was up $16.20 to $1,069 an ounce.

Big Reversal Days Must Be Watched

The major indexes such as the SPDR Trust (NYSE:SPY), Diamonds Trust (NYSE:DIA), Powershares QQQQ Trust (Nasdaq:QQQQ), and the IShares Russell 2000 Index (NYSE:IWM) have all had a high volume reversal on Friday February 5th 2010. This reversal took place in the final hour of the trading session and must be respected when looking out into next week.

There is something else that is also stands out about last Friday. It was the fourth negative week for the major indexes. The last time the stock market was down four weeks in a row was when the market made a short term top on June 11th and bottomed around July 8th before staging another rally. From this June 2009 high the point decline on the S&P 500 pullback to the low in July 2009 was around 87 points. This time the S&P 500 looks to have made a top in January 2010, and if a short term low was made on February 5th, 2010 which is 4 weeks in time the decline from high to close is about 84 points. While this decline it is not exact, the markets remain very symmetrical and often do.

The SPDR Gold Shares (NYSE:GLD) is another index that displays symmetry from the recent past. In February 2009 the GLD pulled back 9 weeks into mid April 2009. The decline for this ETF was about 14 points. Before the end of November 2009 the GLD made a recent top at just under 120.00 a share. Since that high, the GLD has pulled back 10 weeks now for a decline of 14.86 points as of the close on February 5th, 2010. While the point decline is not perfect it is important to notice the symmetry in time and price.

There is no evidence these lows in the markets are holding up for the long term, however, they often do so at least in the short term. In many ancient texts there is saying, "as above so below." Perhaps this is some evidence to the wisdom of the past. In any case watch those big reversal days.

Nicholas Santiago
Chief Market Strategist
IntheMoneyStocks.com

Weekend Technical Analysis Video - Key Reversal On Friday, Bottoming Tail, Oil Capitulates, Setups!

Another Bank Failure

1st American State Bank of Minnesota is the 16th bank to fail this year. Community Development Bank of Ogema, Minn.,will take over the bank's $16.3 million in deposits.

Do Your Due Diligence On Us...We Encourage it!

Below, take note of some of the articles and calls made by InTheMoneyStocks Chief Market Strategists today.

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United States Steel Corporation (NYSE:X) Coming Into Major Support
By InTheMoneyStocks.com on February 5th, 2010 11:25am Eastern Time

Markets were at their lows
Related Stocks: X at $42.95
Sentiment:          Bullish
Closing Price:     X at $44.78

The Dollar Soars, Commodity Stocks Drop, I Begin To Lick My Lips!
By InTheMoneyStocks.com on February 5th, 2010 12:21pm Eastern Time

Markets were at their lows
Related Stocks:     USO at $34.74, GLD at $102.99
Sentiment:               Bullish
Closing Price:         USO at $35.21, GLD at $104.68

Top 5: Exxon Mobil Corporation (NYSE:XOM) At The Top At Current Level
By InTheMoneyStocks.com on February 5th, 2010 12:55pm Eastern Time

Markets were at their lows
Related Stocks:    XOM at $64.14
Sentiment:             Bullish                            READ THE ARTICLE FOR THE OTHER 4 WINNERS!
Closing Price:        XOM at $64.80

Does Panic Equal Buying Opportunity On United States Oil Fund LP (NYSE:USO)
By InTheMoneyStocks.com on February 5th, 2010 1:47pm Eastern Time

Markets were at their lows
Related Stocks:     USO at $34.38
Sentiment:              Bullish
Closing Price:         USO at $35.21

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Great Close To Another Incredible Week!

"Wow Mahalo, I never thought we'd go much lower than this again on silver, but right now that is what it looks like. Mahalo,Mahalo and Mahalo for all your teaching and help here"
Peter.

"Thanks! I'm a newby and i guess it shows, but I'm learning!!"
Janet B.

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If there's one word to describe your trading discipline it's brilliant.
But sharing that knowledge with others truly speaks volumes.
Great calls on GLD and UCO
Many Thanks Gareth and the ITMS team."
RC

"Great call on that bottom call, Nick, that was great intuition!"
David L.

"Thank you for all the great calls this week Gareth. Have a great weekend!"
James F

"Took 4% in MI Thanks!"
Tom S.

"hello gareth,
i'm not in the chat for two weeks or so but today i made 800 dollars utilizing the principles learned in your webinar ... confirmation. the levels.. gap windows.. everything....I wanted to say thank you to you and nick... Selling in increments everything... I'm still in one trade right now, my last portion of the trade with a break even. Once again thanks alot. "
Félix A

Today's Market Movers

Gainers

ARG +39.25%
HA +15.79%
CPF +13.39%
PWER +14.51%
BEBE +14.01%

Decliners

PFWD -27.84%
N -16.84%
CFI -15.18%
PWAV -13.31%
BRKS -11.63%

Oil Ends Week On Downside

Crude oil futures ended the week on a down note. Crude for March delivery ended down $1.95 at $71.19 a barrel.

Can The Dow Jones Industrial Average Capture 10,000 Into The Weekend?

The market has staged a sharp late day rally as the U.S. Dollar index hit major resistance levels. As soon as the dollar began to sell off around 1:50 pm ET commodities and inflationary stocks began to soar. Earlier the Dow Jones Industrial Average was trading as low as 9835 and now it is at nearly 10,000.

GLD Starting To Shine By Rallying Off The Lows

The GLD has surged off the intraday low made at 11:30 am ET. The move higher comes as the U.S Dollar pulled back from it's intraday highs. There will be intraday resistance for the GLD at 104.50 and 105.00.

Consumer Credit Hits 11 Month Lows

The Federal Reserve reported that outstanding consumer debt was down for the 11th month in a row. Debt declined by $1.73 billion in December. Analysts had expected a decline of $9 billion.

Market Technical Analysis - Market Dumps Again But Strategists Begin To Salivate. Plays Posted!

Gold Closes Below $1,053

Gold futures ended the session below $1,053. Gold for April delivery closed down 1% at $1,052.80 an ounce.

RESEARCH CENTER UPDATE ALERT !! (HOT CHARTS & ALERTS - PROFIT TAKING)

PROFIT TAKING ALERT!!!!
LOG INTO YOUR ACCOUNT NOW, HOT CHARTS & ALERTS POSITION SOLD FOR PROFIT!!!

Does Panic Equal Buying Opportunity On United States Oil Fund LP (NYSE:USO)

Oil is trading near the lows of the day following massive technical selling that was triggered at a break of $35.25. The dump has taken the USO down to the master support region between $34.25 - $33.75. This range will have a high probability of a bounce on oil and should be watched for a short term swing. In addition, the high technical volume should be noted as a decent signal that a short term bottom may be in due to what is referred to as capitulation. This is when a stock or market has fallen dramatically in recent days/weeks and when it is near the recent lows, it gets flushed out with huge volume on a massive intra day move lower. This could be what has happened to oil and the USO today.

Gold Falls Again

Gold futures continue to fall. Gold for April delivery was down $9 at $1,053.70 an ounce.

Crude Continues To Fall

Crude oil futures continue to fall today. Crude for March delivery was down $2.58 at $70.50 a barrel.

Top 5: Exxon Mobil Corporation (NYSE:XOM) At The Top At Current Level

When looking for possible swing trades it becomes important to analyze the markets on a technical basis. The one main eye catching event I have seen today is that oil and gold had a major flush around noon. This flush came as a result of the dollar spiking higher. The unique part of this flush on oil and gold was that there was a major amount of volume. When a stock or commodity flushes out on huge intra day volume it can often point to a near term bottom. With a near term bottom in place, the Top 5 list today must be focused on oil and gold and overall commodity stocks.

Top 5 Commodity Stocks/ ETF's Looking For A Short Term Bounce

05. United States Steel Corporation (NYSE:X)
Kissed the 200ma on the daily chart and has been sold to the point of annihilation. Due for a solid bounce.

04. SPDR Gold Trust (ETF) (NYSE:GLD)
Huge volume intra day signals possible short term bottom on gold. Near term extreme oversold as dollar hits resistance.

03. United States Oil Fund LP (ETF) (NYSE:USO)
Oil long ETF that was flushed with the fall in crude today around noon. This is a no brainer for a short term bounce with the volume signaling a bottom.

02. Chevron Corporation (NYSE:CVX)
This oil related play has fallen off a cliff. It nailed a major support at $69.75 today on the daily chart. The technicals scream oversold. Be ready in the coming days.

01. Exxon Mobil Corporation (NYSE:XOM)
The #1 stock on the Top 5 after reporting great earnings less than a week ago. This stock has fallen back to a perfect double bottom from prior to the big bounce on earnings. It has also filled the gap. The daily chart remains extreme near term oversold. Exxon Mobil looks to be the king of the Top 5 short term swings at this point into next week.

Gareth Soloway
Chief Market Strategist
InTheMoneyStocks.com

Market Correction Or Something More?

Lets face it, the stock market is long overdue for a true correction from the 2009 bull run. The SPDR Trust (NYSE:SPY), Diamonds Trust (NYSE:DIA), and Powershares QQQ Trust (Nasdaq:QQQQ) have staged one of their best years in trading history. During 2009 the major indexes have all rallied higher by more than fifty percent into the end of the year. It is important to realize since March 2009 the stock market has not had a single ten percent pullback/correction from that time.

During the recent decline from the January 2010 high the SPDR TRUST (NYSE:SPY) is down about 8 percent. In order to see a 10 percent correction the SPY would have to drop into the 103.50 level. While this is certainly possible it is unlikely to just go straight down. Please remember that markets will usually have bounces after such a huge 2009 point rally. Often many traders are accustomed to buying every dip, and this mentality does not change easily and should last a while.

Therefore, it is important to remember that this environment will remain a technical traders market. The key is to know and recognize when stocks and indexes are at the best support and resistance levels. As a trader we simply just want to buy support and sell resistance. There is nothing more than that. The traders and investors that are able to do this will have a successful 2010.

Nicholas Santiago
Chief Market Strategist
IntheMoneyStocks.com

The Dollar Soars, Commodity Stocks Drop, I Begin To Lick My Lips!

Continued fears over sovereign debt, a possible bubble in China as they tighten lending and Europe's cratering economy have caused a major flight to safety in the U.S. Dollar, PowerShares DB US Dollar Index Bullish (NYSE:UUP). The Dollar Index is seeing a dramatic rise today again which is causing a continued collapse in oil and gold. The United States Oil Fund LP (ETF) (NYSE:USO) is in play now for a possible move higher between $34.50 and $33.75. There is major support in this range.

This could be the near term flush on oil and gold we have been looking for. Often times towards the end of a move up or down you get the final push. This is recognized by massive amounts of volume and a massive intra day move in price. Today could be near term capitulation on both oil and the gold SPDR Gold Trust (ETF) (NYSE:GLD). The dollar is getting extremely short term extended at these levels. Any pullback in the dollar should result in a bounce in commodities and commodity stocks. Be ready as this market is a short term swing traders heaven.

Gareth Soloway
Chief Market Strategist
InTheMoneyStocks.com

RESEARCH CENTER UPDATE ALERT !! (NEW HOT CHARTS & ALERTS POSTED)

NEW CHIEF MARKET STRATEGIST CALL POSTED TO THE HOT CHARTS & ALERTS!!!!

United States Steel Corporation (NYSE:X) Coming Into Major Support

United States Steel Corporation (NYSE:X) has been crushed ever since early January when steel prices and all commodities took a major hit. U.S. Steel has dropped from $66.45 to a low today of $42.50. This is finally looking like a decent entry area as the major 200 moving average is finally in play on the daily chart. The range is $41.50 - $43.00. Anywhere in this range a bounce is beginning to look extremely likely with a possible target of $47.00 - $50.00. The key is the dollar. If the dollar can fade off of the major recent move higher, commodity stocks should all get a solid bounce. To get more reports like this with exact entry, exits, guidance and education, join the Research Center at InTheMoneyStocks.com.

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Crude Continues To Slide

Crude oil futures continue to slide from the 5% loss in yesterdays session. Crude for March delivery were down 37 cents to $72.77 a barrel.

Flashback Friday - EU and the Ghost of Lehman's Past

By Phil at Phil’s Stock World

It was September 15th, 2008 when Lehman announced they would file Chapter 11.

Lehman had already lost half their value in one day on September 9th as the government failed to step in and assist them. Whether they were solvent or not became a non-issue as investors lost confidence and put a run on Lehman, making the short attacks on them a self-fulfilling prophecy. Jean Claude Trichet yesterday, was speaking up for the EU in the same way that Dick Fuld attempted to speak up for Lehman as the end was near. Fuld could not believe that people were questioning the solvency of LEH and Trichet can’t believe that people are now questioning even the continued existence of the Euro.

“Trichet did not convince me,” said Stuart Thomson, who helps manage $100 billion at Ignis Asset Management in Glasgow, Scotland. “Where does he think the Greek, Spanish and Portuguese economies will be three years from now? Their austerity measures will weigh on the euro area as a whole.” As Greece tries to control a record deficit and stem a slide in its bonds, Trichet said the economy of the 16-nation euro area is solid and its budget shortfall will probably be smaller than those of the U.S. and Japan this year. The comments yesterday didn’t stop Spanish and Portuguese stocks from dropping on concern they are in a similar predicament to Greece, or the euro from tumbling to a nine-month low against the dollar.

Trichet has been forced to fend off questions about the survival of the euro as investors doubt Greece’s ability to cut its deficit from 12.7 percent of gross domestic product to below the European Union’s 3 percent limit. As concern spreads to Spain and Portugal’s rising debt burdens, Trichet will try to stress the need for fiscal prudence without inflaming skepticism that it can be achieved. “Something has to happen to turn credibility around,” said Paul Mortimer-Lee, head of Market Economics at BNP Paribas in London. “The market’s just saying it’s not believable. It might have to get worse before it gets better.”

Trichet said the “solidity” of the euro area “is not necessarily very well known” and its situation compares “very flatteringly with a number of other industrialized countries.” He said that according to the International Monetary Fund, in 2010 the average deficit for the entire euro region should be around 6 percent of GDP. “Can I mention what it is for other major industrialized countries,” Trichet said. “The U.S., a little bit more than 10 percent, Japan, a little more than 10 percent, and you can find out other industrialized countries that are even higher than 10 percent.”

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DECLINE IN THE DOLLAR GIVES THE MARKET A FACE LIFT

The major indexes caught a bid as the U.S. Dollar index pulled back intraday. It is important to remember that when the dollar pulls back ever so slightly that all commodities and inflationary stocks will rise. Expect the market to pullback on any rise in the dollar.

Today's Market Movers

Gainers

ARG +39.12%
BEBE +16.81%
PWER +15.17%
SFLY +10.12%
SOMX +6.92%

Decliners

PFWD -27.05%
EGOV -24.16%
N -16.92%
PWAV -11.12%
AXL -10.17%

NO BETS ON MGM TODAY

MGM is selling off again today by trading lower by nearly 0.18 cents on the day. MGM will have intraday support at the 10.40 level.

Obama Plans More Small Business Loans

President Obama will ask Congress to temporarily expand two lending programs for the owners of small businesses. The plan is to increase the loan amount on small business loans to $1 million from $350,000.

MCD SELLING SHARPLY

MCD is selling off sharply today after making new highs for the year a few days ago. There will be intraday support for MCD at the 63.00 level. The overall tone of the market will also move the stock intraday.

MON IS SPROUTING EARLY. WATCH THIS RESISTANCE LEVEL.

MON is trading higher this morning as the U.S. Dollar is weaker on the day. MON will have intraday resistance at 76.80 and more at 77.00.

WFC and the fins are higher to start

WFC is trading higher as are most of the financial stocks. WFC will have intraday resistance at the 27.71 level. This is a possible short term pullback area.

Gold Continues To Struggle

Gold futures continued to struggle this morning. Gold for April delivery was down $3.80 to $1,059.30 an ounce.

Don't believe the media hype. It's still the dollar that moves the market.

Many in the media will point to the unemployment numbers that is helping to lift the index futures this morning to positive from being negative earlier. As the dollar declines the futures lift. When the dollar rises the futures decline. It is all about the dollar and just that simple. As many European countries such as Ireland, Spain, Greece, Lithuania, and Portugal continue to have problems the dollar should remain strong. Watch the dollar and forget the spin doctors in the media. Just my 2 cents.

Unemployment Rate Drops To 9.7%

The Labor Department reported the unemployment rate fell to 9.7% in January down from 10% in December. Nonfarm payrolls were down 20,000 in January. Analysts were expecting a gain of 25,000.

Beazer Homes Reports Profit

Beazer Homes reported a fiscal first quarter profit of $50.8 million, or $1.17 a share compared to a loss of $80.3 million or $2.08 a share a year ago.

Aetna Profit Falls

Aetna reported fourth quarter earnings of $165.9 million, or 38 cents a share down from $194.7 million or 42 cents a share a year ago.

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Today's Market Movers

Gainers

HDNG +47.26%
AFFX +28.22%
NDN +12.23%
ZSL +13.03%
EDZ +11.92%

Decliners

LAD -22.48%
DBTK -20.46%
RTI -17.26%
SPR -17.21%
GY -15.49%

Commodities and inflationary stocks crushed on the stronger U.S. Dollar

The U.S. Dollar has surged to 7 month highs today nearing 80.00 on the DXY(U.S. Dollar Index). Since March 2009 all commodity and inflationary stocks have benefited from a declining dollar. Since the dollar made a recent low in late November we have seen many commodities and inflationary stocks stage a sharp decline. Nothing has been spared in this space as oil, gold, silver, copper, steel, iron, and agriculture have all rolled over. The dollar remains the king that moves the markets right now and has for sometime.

Crude Ends Down

Crude oil futures ended the session on the downside. Crude for March delivery ended down 4.9% at $73.14 a barrel.

FDO holding up relative to the market

FDO is holding well compared to the stock market. Often when the markets decline traders and investors will run to stocks that consumers find affordable and may frequent when income is scarce. FDO will have intraday support at the 31.10 - 31.00 level.

S&P Cuts Berkshire Hathaway

Standard & Poor's cut its long-term counterparty credit rating on Berkshire Hathaway to AA+ from AAA.

Market Technical Analysis - Major Drop Hits Wall Street As Master Swing Trades Begin To Show Up!

Colgate Raises Dividend

Colgate-Palmolive voted today to raise its second quarter dividend to 53 cents up from 44 cents. The dividend will be paid on May 14 to shareholders of record on April 26.

Crude Continues To Slide Down

Crude oil futures are sliding down. Crude for March delivery was down $4.06 to $72.92 a barrel.

RESEARCH CENTER UPDATE ALERT !! ( NEW HOT CHART & ALERT POSTED)

The Markets Have Gone To Hell But Value Still Remains!

A plethora of bad news hit the markets in the last 12 hours. Sovereign debt concerns in Europe smacked European exchanges as Greece, Spain and other countries as default could be near. Even Brazil is getting pounded as it is a true global selloff. The Euro has been pounded as fear that to create growth, Europe will have to print money as fast, if not faster than the United States. This has caused the U.S Dollar to spike higher. A rising dollar kills the U.S. markets as it pushes down commodity prices which in turn kill major index commodity related stocks. Some of these stocks are Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX). They are both major components of the DOW. With only 30 stocks in the DOW, if two components with a major weighting are down quite a bit, the index itself will take a dramatic hit like today.

While the sovereign debt continues to spook the global markets, here in the United States Jobless Claims were reported this morning at 8:30am ET. Initial Claims came in at 480,000 which was above expectations. The scary thing about this number is that it is slowly inching back towards the 500,000 number. In December, 2009, initial claims had fallen into the low 400,000 level and it gave the markets hope we would break into the high 300,000 claims level. Claims at that level would have signaled a Non Farm Payroll number that would most likely have turned positive for the first time in years. From Wall Streets perspective, this 480,000 Initial Claims number signals that the markets are no where near job growth and are still on a path of job losses. This is extremely bearish for a market that has rallied 70%+.

Stocks across the board and getting spanked but are moving into solid double bottom support levels. Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) after a $7.00 bounce in the last three days has turned lower and is nearing the 200ma again and a double bottom level. In addition, other commodity stocks are also nearing these levels. United States Steel Corporation (NYSE:X), Newmont Mining Corporation (NYSE:NEM) and others are nearing key support levels.

Tomorrow the Non Farm Payrolls are coming at 8:30am ET. This will be a major event for the markets and could cause a spike higher or lower depending. Many think this number will cause a negative reaction. However, I would not be surprised if we get a bounce after expectations are been lowered in a major way today. If that number comes in flat or even slightly lower, it could cause a snap back rally. Watch for plays given out in the Research Center. Plenty to come.

Gareth Soloway
Chief Market Strategist
InTheMoneyStocks.com

Gold Takes A Tumble

Gold futures are taking a big hit today. Gold for April delivery fell $47.60 to $1,064.10 an ounce.

Goldman Sachs Grp. (NYSE:GS) Starting To Hit Key Support Levels As Markets Get Crushed

The markets are getting crushed today on the back of Initial Jobless Claims which came in worse than expected and sovereign debt worries gripping the global markets. Jobless Claims came in at 480,000 which was worse than expected. It also shows that we are a long way from turning positive on jobs and a recovery in the economy.

Did you expect anything different?

The rally from the March 2009 lows was one of the largest rallies we have ever witnessed in stock market history. While the ninth year of a decade is usually a bullish trading year there a very few people who expected an advance over fifty percent off the lows. Many traders and investors including myself would have expected at least one 10 percent correction during that rally; as we all know that did happen. The closest that we did come to a ten percent correction in the major indexes was in June through early July 2009, when the market pulled back nearly eight percent. That was really the extent of it for the year of 2009 as far as pullbacks and corrections are concerned.

Why is 2010 a completely different picture for the stock market? When the SPDR TRUST (NYSE:SPY), Power Shares QQQ(Nasdaq:QQQQ), and Diamonds trust Series 1 ETF (NYSE:DIA) found a low in March 2009 the public was in despair. People believed that the next great depression was underway. Massive liquidity was put into the market by every central bank in the world. Cash literally poured into every toxic asset that was ever designed. Since that time the markets have responded by moving over 50 percent off their lows. Now what? Are we back to normal yet?

Today the markets want to know what is next from Mr. Bernanke and company (other central banks). Like the Janet Jackson song says, “what have you done for me lately”? What is next for an encore? The general problems such as the severe housing crisis still remains, the high unemployment picture has not changed, banks have cut credit lines are still not lending or making significant loans, and spending by the consumer continues to remain near extremely low levels. While the Federal government can create tax breaks and incentive programs for hurting citizens and residents to make them feel like they are getting something, however, can that really fix the problem?

Where are we now? Currently we are in the middle of a correction. If you have ever gone to a party, you know the party must come to end eventually. Well, the market is telling you that the 2009 party is over for now. Yes, someone will have another party along the way. New spending programs will come up to give the markets a lift. However, someone has to pay for these parties and with the current problems the cash is limited. Therefore, while there will be rallies along the way don't expect 2010 to be anything like 2009.

Nicholas Santiago
Chief Market Strategist
www.InTheMoneyStocks.com