Sprint to Dow 13,000 Falls Short: Dave's Daily

 

Stocks started the day on the wrong foot as more worries from the eurozone surfaced. On Monday the G-20 didn't provide any additional fire power for IMF lending to increase a firewall. Most authorities just said it wasn't a need at this time. But after, Pending Home Sales rose 2% from 95.1 (revised lower) to 97.0. Stocks then rallied reversing the lower gap open. Evidently algos paid no attention to the revision lower of previous data preferring to trade the better headline instead. Since the beginning of 2012, dip buyers have been ubiquitous, as so they were on Monday.

Stocks in the end couldn't salvage a significant gain. The DJIA, just above 13K before the close (and with headline writers furiously writing bullish headlines) "da boyz" stepped-in and pulled away the football. This kind of action is typical HFT nonsense.

Late breaking: S&P cuts Greece to "Selective Default". I'll bet some knew about this just before the close.

Earnings news is becoming random as we head toward this quarter's season end.  HSBC reported disappointing earnings in London and the shares slumped over 3%. Lowes (LOW) reported better earnings and the stock was higher also leading to a rebound in some homebuilders like Toll Brothers (TOL) and Homebuilder ETFs (ITB) primarily. Tech (QQQ, XLK) continues to lead markets higher given the good performance of Apple (AAPL) with its outsized (pushing 17%) weighting in the indexes. After the close, Priceline (PCLN) announced earnings that beat expectations and the stock was up over 5%.

Gold (GLD) prices were mildly lower but silver (SLV) and copper (JJC) were higher as the dollar (UDN) was slightly higher. Crude oil (USL) prices were lower and bonds were higher.

Volume overall continues to be light as many investors still are avoiding markets overall. Breadth per the WSJ was basically flat.

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