Stock Market News Today October 22, 2012

Stock Market News Today

Stock Market News Today October 22, 2012

Stock market news today is included in each Market Strategies Newsletter issue. A sample of the economy, investing, options trading and stock market news and information our VIP subscriber members receive is included here.

Market Strategies newsletter presents our text message trade alert options trading strategies trades for the $10,000 options trading portfolio and the $100,000 account.

Stock Market News Today

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Stock Market News Today

This Weeks’ Economic Numbers and Media Data

Monday President Obama and Mitt Romney meet in their third and final debate before the election on supposedly foreign policy.
Tuesday Apple is expected to unveil its smaller iPad tablet.


Warren Buffett and Jeffrey Immelt, CEO of GE discuss

the economy at Ohio State University.


FOMC begins deliberation

Wednesday 07:00 hrs MBA Mortgage Index 10/20

( NA vs -4.2% )


10:00 hrs New Home Sales Sept

( 385K vs 373K )


10:00 hrs FHFA Housing Price Index Aug

( NA vs 0.2% )


10:30 hrs Crude Inventories 10/20

( NA vs +2.860Mln )


14:15 hrs FOMC Rate Decision for October.

Thursday 08:30 hrs Initial Claims 10/20

( 375K vs 388K )


08:30 hrs Continuing Claims 10/13

( 3237K vs 3252K )


08:30 hrs Durable Goods Orders Sept

( 7.4% vs -13.2% )


Durable goods Ex-Transportation

( 1.0% vs -1.6% )


10:00 hrs Pending Home Sales Sept

( 2.4% vs -2.6% )


Apple reports earnings after the close

( 8.85 exp vs 7.05 )

 Friday 08:30 hrs GDP-Adv 3rd Qtr

( 1.9% vs 1.3% )


Implicit Price Deflator 3rd Qtr

( 2.0% vs 1.6% )


09:55 hrs Michigan Sentiment Oct

( 83.1 vs  Unchanged )

Stock Market News Today Fundamentals

Disappointing earnings from high profile tech stocks initiated a huge unexpected sell-off. In a surprise announcement during market hours, Google ( GOOG: $ 681.79 ) – 9.2% collapsed falling 63 points. This phenomenon helped push Apple ( AAPL: $ 609.84 ) off 3.2% to new lows not seen since early August.

Apple does not announce earnings until Thursday night. The 200 day moving average on Apple around 580 might be tested next week. Intel ( INTC: $ 21.26 ) – 1% reported much better-than-expected sales and earnings but the influence from Google was overwhelming inhibiting any advance. IBM, however, was very negative ( IBM: $ 193.36 ) lost 14.44 or 7% of its value. The biggest percentage loser of the group was Advanced Micro Devices ( AMD: $ 2.17 ) – 20.44%.

Restaurant old favorite popular quick-service type stocks like:

Chipotle Mexican Grill ( CMG: $ 243 ) – 16%,

Panera Bread ( PNRA: $ 161.85 ) – 3.6%,

McDonalds ( MCD: $ 88.72 ) and

Starbuck ( SBUX: $ 45.19 ) -3.2% were also hammered.

Chipotle missed on both sales and earnings again.

Eight of the 10 Dow Industrial groups were higher led by Basic Materials up 2.33%; Utilities added 1.88%; Oil and Gas 1.83%; Financials 1.66%; Industrials gained 0.82%; Consumer services added 0.54%; Health Care rose 0.44% and rounding out the winners Consumer Goods was plus 0.25%. Technology was by far the biggest loser off 2.74%. Telecommunications fell 0.07%.

Next week 3rd Qtr sales and earnings reports will continue for about 700 companies, 150 in the S&P.

Stock Market News Today Economic Data

An abundance of excellent economic reports could not save the markets from a devastating decline. Housing Starts were out of sight bullish. Retail Sales; Business Inventories; Net Long term TIC Flows; Industrial Production; Existing Home Sales; Philadelphia Fed and Leading Indicators all beat expectations.

Housing Starts were 872K for September exceeding the consensus which called for 768K and August’s 758K. The lone negative report was Initial Unemployment Claims for the week of October 13th,which came in at 388K, 28K above expectations and 46K above the previous week.

Single Family Home Starts increased from 543,000 in August to 603,000 in September which was the first time single family construction topped 600K in four years. The number if homes currently under construction increased 2.6% to 507,000 in September from494,000 in August. This all bodes well for third quarter GDP.

Stock Market News Today

Technical Information

Support Levels S&P 500    1407: 1412

Resistance S&P 500          1433; 1444


Support Levels DOW         13190; 13320

Resistance DOW               13418; 13440


Support Levels QQQ            6490; 6560

Resistance QQQ                  6780; 6850


Support Levels Nasdaq        2975; 3025

Resistance Nasdaq              3080; 3130


Stock Market News Today CYCLES

October Volatility

Market action over the past few days has reinforced the existence and usefulness of market cycles and seasonality. Average monthly percent changes and the record of up and down months does not illustrate the true nature of October. So to compare the market’s behavior in October to other months… bull market tops; bear market bottoms; number of top 50 daily gains and losses; biggest daily, weekly and monthly DJIA percent gains and losses; and monthly ranges.

October is the clear winner. To further underscore October’s volatile nature we have included a chart of the Market Volatility Index (VIX) and the VIX seasonal Trend. VIX is historically highest in October.

Stock Market News Today

Stock Market News Today

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