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Exxon Mobil comes up with an earnings beat

Market News

Top Day Market News

7.26.12

Exxon Mobil comes up with an earnings beat. The Street isn’t immediately rewarding their results.

European Central Bank president Draghi said that policy makers will do “whatever it takes” to preserve the euro. (What else is he going to say? Change the color of the ECB flag to solid white?) Possibly the market is taking this statement as code that the ECB will find a procedural way to buy European debt. This way the ECB can impersonate the Fed and expand its balance sheet with Euro debt. At any

rate, yesterday’s news that British output declined by 0.7% in Q2 after a decline of 0.3% for Q1 came as a negative surprise to many observers. After two years of austerity the British only find themselves in a state of greater severity. German consumer confidence also slumped. Moody’s downgrades the ESM (the European Stability Mechanism) which now seeks to become nominated as a bank. At the same time, Sicily is proving to be the thorn in Italy’s rose.

Predictably, the EC is higher on the Draghi comments. Take a picture. The only way they change the traffic pattern is after a head on collision.

Weekly jobless claims and Durable goods headline the eco releases.

 

Week of July 23 - July 27

 

Date

 

ET

 

Release

 

For

 

Actual

Briefing.com

Forecast

Briefing.com

Consensus

 

Prior

Revised

From

 

Jul 24

 

10:00

FHFA Housing Price

Index

 

May

 

 

NA

 

NA

 

0.8%

 

Jul 25

07:00

MBA Mortgage Index

07/21

 

NA

NA

NA

 

Jul 25

10:00

New Home Sales

Jun

 

375K

374K

369K

 

Jul 25

10:30

Crude Inventories

07/21

 

NA

NA

NA

 

Jul 26

08:30

Initial Claims

07/21

 

365K

375K

386K

 

Jul 26

08:30

Continuing Claims

07/21

 

3300K

3300K

3300K

 

Jul 26

08:30

Durable Orders

Jun

 

1.0%

1.0%

1.3%

1.1%

 

Jul 26

 

08:30

Durable Orders -   ex

Transportation

 

Jun

 

 

0.5%

 

0.0%

 

0.7%

 

0.4%

Jul 26

10:00

Pending Home Sales

Jun

 

1.0%

0.7%

5.9%

 

Jul 27

08:30

GDP-Adv.

Q2

 

NA

1.2%

1.9%

 

Jul 27

08:30

Chain Deflator-Adv.

Q2

 

NA

1.5%

2.0%

 

 

Jul 27

 

09:55

Michigan Sentiment - Final

 

Jul

 

 

71.5

 

72.0

 

72.0

 

MARKET PLACE

 

  Numbers are good up until the close of business today. These are strictly technical in nature, not fundamentally based or biased.

Legend

U is Up

D is Down

PRD is Potential Reversal Day

S2 is Weekly strong support S1 is Weekly good support DS is Daily Support

DR is Daily Resistance

R1 is Weekly Good Resistance and is calculated once a week on

Sunday night

R2 is Weekly Strong Resistance and is calculated once a week on

Sunday night

Levels are for the most active futures contract

 

Daily Support and Resistance

 

 

Trend

WS2

WS1

DS

DR

WR1

WR2

Sept ES

D

1321

1339..5

0

1324.25

1350.00

1376.2

5

1394.50

Sept Nasdaq

D

2496.50

2554.50

2519

2584

2664.5

0

2716.50

Sept Yen

 

U

125.76

126.64

127.67

128.25

1280

128.54

Sept EC

 

D

120.36

121.02

120.92

122.50

122.84

124.00

Sept 10 Year

 

U

134.06

134.17

134.315

135.155

135.04

135.12

Sept 30 Year

U

149.16

150.21

152.10

153.11

152.05

153.14

Nov Soybeans

 

U

15.25

16.05

15.595

16.475

17.28

17.71

Sept Corn


U

7.21

7.72

7.70

8.062

8.52

8.80

Aug Gold


U

1551

1567

1587.3

1630.7

1598.6

1614.50

Sept Silver


 

26.32

26.80

26.99

27.73

27.67

28.07

Sept Copper


D

334

339

333

340

352

359

Sept Crude


U

86.14

87.92

87.42

89.94

94.36

97.02

 

 

 

 

 

 

 

 

 News