Stock Market Outlook for April 30, 2010
Upcoming Events for Today:
- The Department of Commerce will release the Gross Domestic Product for the first quarter at 8:30am. Expectation is an increase of 3.3% versus 5.6% previous.
- Chicago PMI will be released at 9:45am for the month of April. Expectation is 59.9 versus 58.8 previous.
- Consumer Sentiment (Michigan) for April will be release at 9:55am. Expectation is 71.0 versus 69.5 previous.
Notable earnings to be released today include Avon, Chevron, D.R. Horton, Fortis, and Rubbermaid
The Markets
| Market | Close | % Change | Expected ST Low | Expected ST High |
| Dow Jones Industrial Average (^DJI) | 11,167.32 | 1.10% | 10,812.12 | 11,144.10 |
| Dow Jones Transportation Average (^DJT) | 4,762.71 | 2.25% | 4,368.99 | 4,709.82 |
| Dow Jones Utility Average (^DJU) | 384.65 | 0.08% | 378.22 | 385.80 |
| S&P 500 (^GSPC) | 1,206.78 | 1.29% | 1,166.08 | 1,208.43 |
| S&P/TSE Composite (^GSPTSE) | 12,200.32 | 1.02% | 11,980.31 | 12,198.68 |
| NASDAQ Composite (^IXIC) | 2,511.92 | 1.63% | 2,392.55 | 2,509.99 |
| Austrian Traded Index (^ATX) | 2,643.90 | 0.50% | 2,587.73 | 2,767.42 |
| French CAC 40 (^FCHI) | 3,840.62 | 1.42% | 3,874.56 | 4,047.43 |
| German DAX (^GDAXI) | 6,144.91 | 1.00% | 6,026.32 | 6,272.03 |
| UK FTSE 100 (^FTSE) | 5,617.80 | 0.56% | 5,629.49 | 5,780.71 |
| Swiss Market Index (^SSMI) | 6,665.80 | 1.36% | 6,706.47 | 6,916.55 |
| Brazilian IBOVESPA (^BVSP) | 67,978.00 | 1.98% | 67,905.47 | 71,197.67 |
| Mexico’s IPC (^MXX) | 32,861.00 | -0.28% | 32,923.96 | 33,892.15 |
| Amsterdam Exchange Index (^AEX) | 348.46 | 1.13% | 340.72 | 355.74 |
| New Zealand NZX 50 INDEX GROSS (^NZ50) | 3,282.27 | 0.05% | 3,224.31 | 3,319.72 |
| China HANG SENG INDEX (^HSI) | 20,778.92 | -0.81% | 20,949.74 | 22,089.27 |
| Korea KOSPI Composite Index (^KS11) | 1,728.42 | -0.32% | 1,684.50 | 1,742.21 |
| Tokyo NIKKEI 225 (^N225) | 10,924.79 | -2.57% | 10,826.04 | 11,287.41 |
Markets had a strong session on Thursday as a result of favorable earnings news and the takeover of Palm by HP, which seemed to be the talk of the day. Investors will be focused on the GDP figures for the first quarter to be released before opening bell on Friday. It is expected that this will drive market direction on the day. Earnings are beginning to thin and the expectations of monumental growth are beginning to level off, so it will be interesting to see where the market will find further strength as we enter the new month.
Technicals have see-sawed once again to the positive side, erasing much of the negative signals recorded earlier in the week. Market sentiment looking at options volumes continues to drive to the bullish spectrum, now at a put/call ratio of 0.72.
Sectors that Moved the Market
| Sector | % Price Change | % Volume Change |
| Energy Sector | 0.12% | 24.97% |
| Basic Materials Sector | 0.90% | -37.53% |
| Financial Sector | 2.29% | -21.45% |
| Health Care Sector | 1.36% | -0.94% |
| Consumer Discretionary Sector | 2.21% | -20.11% |
| Industrials Sector | 2.27% | -18.89% |
| Technology Sector | 1.01% | -29.05% |
| Utilities Sector | 0.10% | -52.75% |
| Consumer Staples Sector | 0.32% | -20.66% |
Financials led the session on Thursday as European debt problems were set aside and optimism over the Fed’s decision to keep rates at their historic lows sent stocks within this space higher after rebounding from the lows recorded earlier in the week. Energy stocks saw an increase in volumes following the news of the sunken oil rig in the Gulf of Mexico releasing more oil than had previously been expected. BP PLC has now been allocated the bill for the cleanup of the mess, which in turn sent shares of the company lower by 8% on volumes around 14 times average.
S&P 500
Chart Courtesy of StockCharts.com
| Support 2 | Support 1 | Pivot Point | Resistance 1 | Resistance 2 |
| 1187.09 | 1196.93 | 1203.15 | 1212.99 | 1219.21 |
Total Returns
Yesterday: 1.29% – Trailing 5 days: –0.16% – Trailing 30 days: 2.86%
Averages for current day based on past 20 years of data
- Current Day: 0.18% with 53.33% of sessions gaining
- Next 7 days: 1.01% with 57.00% of sessions gaining (Max return: 1.71% by May 3 on Average)
- Next 30 days: 1.63% with 54.20% of sessions gaining (Max return: 3.31% by May 17 on Average)
TSE Composite
Chart Courtesy of StockChart.com
| Support 2 | Support 1 | Pivot Point | Resistance 1 | Resistance 2 |
| 12061.73 | 12131.02 | 12179.03 | 12248.32 | 12296.33 |
Total Returns
Yesterday: 1.02% – Trailing 5 days: 0.32% – Trailing 30 days: 0.82%
Averages for current day based on past 10 years of data
- Current Day: –0.02% with 57.14% of sessions gaining
- Next 7 days: 2.37% with 67.00% of sessions gaining (Max return: 2.53% by May 4 on Average)
- Next 30 days: 2.55% with 52.86% of sessions gaining (Max return: 4.50% by May 18 on Average)
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