The Wrap 11/1/10


Strength in the early going had the stock market up 1% to trade near its five-month high, but the mix of a stronger dollar, technical resistance, and uncertainty ahead of this week’s major events left stocks to slide and nearly finish with a loss.

After the close APC, FN, HLF, LF, WFR, NTRI, PFG, SUMR, VMC were the most notable names that reported.

Futures are higher after hours: S&P 500 futures are +0.65. from fair value of 1180.85 and Nasdaq100 futures +1.53 points from fair value of 2125.97.

Five of ten sectors were in positive territory, led by tech (+0.4%), telecom (+0.4%) and energy (+0.3%).

Tomorrow morning before the open, two economic reports are scheduled to be released: Personal Income (Consensus 0.2%) and Personal Spending (Consensus 0.4%) and 2) PCE Prices – Core (Consensus 0.5%).

Tomorrow before the open of the many companies scheduled to report, some of the bigger names include: ADM, BP, CLX, SSP, ENR, HAR, K, MA, NEM, NUS, NYX, PFE, JOE, and TEVA.

The market rolled over at around 2:45 today, bottomed at around 3:30 and then mounted a rally to close at around 1184.

The bulls are worried about protecting profits here, and the shorts (hiding), are lying in wait for any opportunity to destroy this market, hence the choppiness and the intraday volatility. Most of tomorrow’s pending Fed news is in the market, and for that matter, most of the Election outcome probably is too. It’s now just a matter of how it gets digested over the next few days.

No new names tonight. Let’s wait and watch.

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