Market commentary June 16

Dow Jones industrial average

16 June Open: 13-110. High: 11990.02 low: 11875.77 close: 11961.52 change: + 64.25 (+ 0.54 percent). Rsi: 33 MACD:-144Strategy: markets closed with fresh gains yet again after some relief from jobless data, entering purchase relief rally. However, the market shows signs of tire.

Overview: Stocks in the US gained a relief as jobless claims had fallen back some short buying at lower levels and fears about Greece's debt problems started quickly discounted at these levels.

The Dow Jones average of industrial gained 64.25 points or 0.54 percent to 11,961.52. The broad-based Standard and poor 500 index advanced 2.22 points, or 0.18%, to close at 1,267.64. However, the tech heavy Nasdaq composite index fell 7.76 points, or 0.3%, to 2,623.70.

The Dow was led by American Express 2.39%, Hewlett Packard 2.07%, Home Depot 1.83% and Cisco 1.42%. However, the Dow to close the lower included Alcoa-1.14%, 1%-Walt Disney, JP Morgan-0.80% and Du Pont-0.40%. 25 Dow components led Rally as only four index stocks from the Dow shed weight.

Utilities 0.8%, consumer staple 0.8% and 0.6%, Financials remained in focus areas.

To change an improved set of indicators, data released by State agencies, cheering on the market, sparking a relief rally.

The Labor Department reported new claims for jobless benefits fell 16,000 to 414,000 claims last week.

New construction began in may, 560,000 homes up to 3.5% from the previous month.

Prospects for the bailout of Greece has improved somewhat, after the IMF agreed to continue to support Greece via e-mail.

The new company, shares of BlackBerry maker Research in motion has plunged 15% in after-market after RIM cut full-year guidance and confirms the will start reducing jobs.

Kroger quarterly earnings rose to 70 cents a share, beating analysts ' expectations for 64 cents per share. Shares was 4.5%.

In M and A deals, equity transferring energy confirmed the move to buy Southern Union for $ 7.9 billion. Shares of South Union shot up 18%.

The dollar strengthened against the euro and British pound, but oversupply against the yen.

Oil for July delivery rose 14 cents to $ 94.95 a barrel,

Gold delivery slated for August won $ 3.30 to $ 1,529.90 a gram.

The day begins

Friday

Consumer sentiment in June

.. thanks for the confidence. you have shown in me and my business.

by Larry Swing
Larry@mrswing.com
Can the crib is with you ...

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