Learn the trade here. Make it on tradeMONSTER

Options Trading News

April 12, 2013  Fri 7:16 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Stocks are pulling back today as investors take profits at record highs.

S&P 500 futures are down by more than 0.3 percent, while European indexes are falling by 0.5 percent to 1.3 percent. Most Asian bourses also fell overnight.

The selling occurs after the S&P 500 closed above its previous all-time highs from 2007 on Wednesday and Thursday. It also precedes key retail data at 8:30 a.m. ET, and a busy week of corporate earnings next week. JP Morgan had mixed results in today's big report.

The S&P 500 is already up 12 percent so far this year, propelled by an improving economic outlook and a gradual shift of investor sentiment back toward equities and away from fixed income. The two pullbacks that have occurred so far have been shallow, with the index remaining above its 50-day moving average.

Attention will shift toward corporate results for the rest of April as earnings season works its way up to full pace. Next week's big reports include blue-chip names such as Citigroup, Goldman Sachs, Johnson & Johnson, Coca-Cola, Intel, Bank of America, and American Express.

JP Morgan's profit beat expectations this morning, but revenue missed consensus estimates. The stock is down almost 1 percent in early trading. Wells Fargo had similar results.

Most commodities and currencies are painting a bearish picture. Oil, gold, and silver are down by more than a full percentage point, and copper is lower by almost the same margin. Agricultural foodstuffs, however, are ticking higher. The euro is also lower while the Japanese yen is gaining across the board.

Elsewhere in company-specific news, chemical producer Ashland is up 4 percent after hedge fund Jana Partners disclosed that it was building a large stake in the company. Coal miner Walter Energy also gained, saying its volumes and pricing have improved. Military contractor Harris is down 7 percent after saying that federal budget cuts would push results below estimates.
Share this article with your friends


Related Stories

SPX

Quiet calendar through next week

September 19, 2014

Existing home sales are the main item for Monday's session. Preliminary manufacturing numbers are due for China overnight, followed early the next session by similar European data.

SPX

Futures advance on easy money

September 18, 2014

S&P 500 futures are up 0.4 percent, while most European markets are up 0.5 percent to 1 percent. Asia was mixed overnight, with India ripping almost 2 percent and Japan gaining more than 1 percent.

SPX

Scottish vote, housing data on tap

September 18, 2014

Today's calendar has several events, including the Scottish independence vote. Final results aren't due until later this evening, though the outcome could be known earlier.

SPX

Stocks little-changed before Fed

September 17, 2014

S&P 500 futures are within a point of yesterday's close, and commodities are flat. Overseas markets are higher, led by gains of 1 percent in Italy, Hong Kong, and Korea.

SPX

Fed dominates economic docket

September 17, 2014

The central bank will issue its statement at 2 p.m. ET, followed by a press conference with chair Janet Yellen 30 minutes later.

Premium Services

Free Webinars

Swing Trading w/ Jon Najarian and Ron Ianieri

Education & Strategy

Make your rules, and stick by them!

New traders often act on the recommendations of others or on gut feel. But that is a quick way to...

View more education articles »
optionMONSTER stockMONSTER tradeMONSTER