The Wrap 10/25/10


Traders had another fickle response to the latest round of earnings. That left the S&P 500 to trade listlessly in a narrow range near the neutral line. Despite that, the tech-rich Nasdaq staged a strong gain, as did small-cap and mid-cap stocks. After the close AMGN and TXN were the most notable names that reported after the close.

Following earnings, AMGN (-0.6%) and TXN (-1.0%) are trading slightly lower in after hours.

Futures are mixed after hours: S&P 500 futures are +3.37 from fair value of 11112.63 and Nasdaq100 futures -1.65 points from fair value of 2111.15.

Seven of the ten sectors were in positive territory, led by Energy (+0.7%), Tech (+0.6%), and Consumer Discretionary (+0.5%). Utilities (-0.6%), Materials (-0.6%), and Telecom (-0.3%) ended the session lower.

Tomorrow morning before the open, one economic report is scheduled to be released: Case-Shiller 20-city Index (Consensus 2.1%).

Tomorrow before the open of the many companies scheduled to report, some of the bigger names include: AKS, MT, BIIB, BMY, CPLA, COH, CMI, DD, MHP, MYL, PCAR, RF, AMTD, X, UA, VLO, WTNY, and WYN.

We took stops on VXX and BR today, but ad some names trigger to the upside as well. AAU triggered, although it opened through the price, it was buyable around 2.69 in the first 15-20 minutes. I have set 2.70 as our cost although many  of you acted early and got in around 2.60.

The dollar was weak so commodities and materials had a good day. The S&P tagged 1196 , but closed off the highs as the market gave it back near the end.

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