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The Trader Talk Think Tank
Announcing an unprecedented opportunity to learn…
We are visiting Chicago and Philadelphia!
Keystone Trading Concepts presents the
Trader Talk Think Tank
Each month in our NYC office Keystone Trading hosts and moderates a two hour networking event that empowers our attendees to:
· Discover how to assess market conditions like a professional for the upcoming quarter
· Gain insight into which sectors have the lowest risk opportunities
· Discuss ideas you have previously traded and new ideas you are considering
· Review of previous Game Plans and how Keystone’s proprietary traders and students executed those ideas with real money
· Get a glimpse into the Keystone Trading Plan and how we plan to attack the markets in the coming week
Additional topics on the schedule include:
· The most common and (most costly) stock trading mistake and how to avoid it
· How to eliminate the anxiety caused by reading your brokerage statement
· The difference between a risk only trade versus a trade with a high probability to earn money
· How to qualify to trade firm capital for Keystone (remotely)
On Wednesday October 27th at 7:00pm EDT Keystone Trading Concepts will be hosting a preview webinar for the next Trader Talk Think Tank to be held in Chicago at the Sofitel hotel on Monday, November 8th 2010.
During the Preview Webinar we will be discussing the top 5 reasons why attending the Chicago
Trader Talk Think Tank on November 8th will stimulate new ideas for you, learn how a professional trading firm allocates capital to scenarios and most likely develop some great new friendships.
Think Tank attendance has no fee with pre-registration however we normally have standing room only so there is a $75 fee at the door for those without an entrance ticket.
We strongly encourage registering with a friend or spouse!
Once again the preview webinar for the Chicago Think Tank is this Wednesday , October 27th at 7:00pm EDT, (6pm in Chicago) .
Please call 212-594-8900 to Reserve your spot Today!
Rally Continues
Stocks continued to rally on Monday, sending the Dow Jones Industrial Average 100 points higher to 10,525. This is the third session in a row in which the Dow has registered triple digit gains.
The SPDR S&P 500 ETF (NYSE: SPY) gained 1.06% to $111.58. Volume was noticeably light today, with only 176.8 million SPY shares trading hands compared to a 3-month daily average of almost 286 million shares. The S&P 500 closed above its 200-day moving average at 1,115.
The PowerShares QQQ Trust ETF (NASDAQ: QQQQ), which tracks the performance of the Nasdaq 100, jumped 0.83% to $46.44. Year-to-date, the quad Q’s have gained 1.51%.
Gold continued its recent slide on Monday. COMEX gold futures are currently trading at $1,186.10. The SPDR Gold Trust ETF (NYSEL:GLD) fell 0.51% to $115.50. Over the last month, the GLD has fallen almost 6%.
Oil was flat on Monday with NYMEX crude futures unchanged on the session. The United States Oil Fund ETF (NYSE: USO) fell 0.11% to $35.35. Volume was light.
Treasury prices fell today, as investors continued to rush back into risk assets. The iShares Barclays 20+ Year Treasury Bond ETF (NYSE: TLT) lost 0.17% to $99.61. The yield on the 10-year Treasury note is currently at 2.99%.
The U.S. Dollar continued its pullback on Monday, which likely helped boost the equity markets. The PowerShares DB US Dollar Index Bullish ETF (NYSE: UUP) lost 0.54% to $23.86. The closely watched EUR/USD pair is trading at $1.2995.
Benzinga
GE Beats
General Electric Company (NYSE: GE) has reported better-than-expected Q2 earnings, while its revenue fell short of the Street view.
The Fairfield, Connecticut-based company has reported a 15% year-over-year rise in its earnings from continuing operations to $3.3 billion, or $0.30 per share. The company’s revenue fell 4% to $37.4 billion, due to lower GE Capital assets and industrial dispositions and lower-than-expected equipment sales. The analysts expected the company to post its EPS at $0.27 on $38.4 billion of revenue.
GE has generated $6.3 billion of total cash from operating activities of GE Industrial in the first six months of 2010, down 10% from the previous year period.
GE Chairman and CEO Jeff Immelt mentioned, “GE’s portfolio generated solid results across the board,” He further added, “Our Energy and Technology Infrastructure businesses performed as expected, Home & Business Solutions and NBCU turned in good revenue and earnings growth, and GE Capital delivered 93% net income growth as losses have peaked and earnings are rebounding.”
GE’s shares gained 2.30% to $15.60 in pre-market trading.
Massive Selling Hits Wall Street
U.S. equity markets were besieged by sellers today as concerns about the state of the global economic recovery and sovereign debt problems in Europe continue to weigh heavily on stocks. Making matters worse were bearish reports from The Conference Board on Chinese growth and U.S. consumer confidence.
According to Reuters, The Conference Board on Tuesday corrected its leading economic index for China to a 0.3 percent gain in April rather than the 1.7 percent rise the group earlier reported.
The Conference Board’s U.S. consumer confidence index fell from a revised 62.7 in May to 52.9 in June. Consensus estimates were that the index would only fall very slightly to 62.0.
The Dow Jones Industrial Average fell 268 points to close below the 10,000 level at 9,870. The Dow traded in a range between 9,812 and 10,202. Year-to-date, the widely watched blue chip stock index has lost 5.35%.
The SPDR S&P 500 ETF (NYSE: SPY) lost 3.09% to $104.21 on Tuesday. Ominously, SPY volume was very heavy, with over 360 million shares trading hands compared to a daily average of just 262 million. Once again, volume has been heavy on down days, and light on up days – not a good sign.
Gold moved marginally higher, as the fear trade was back on across Wall Street. COMEX gold futures gained $1.80 to $1,240.40 an ounce. The SPDR Gold Trust ETF (NYSE: GLD) added 0.15% to $121.27. All-time highs were breached on an intra-day basis in the GLD yesterday, before prices pulled back. Look for a re-test soon.
The rally in Treasuries continued in a major way during Tuesday’s session. The iShares Lehman 20+ Year Treasury Bond ETF (NYSE: TLT) jumped 1.09% to $101.07. Treasury notes with a 10-year maturity are now yielding an ultra-low 2.9545%.
Keep a very close eye on the bond market to gauge the near term direction for stocks, as the continued push into Treasuries is suggesting investors are frantically reducing risk exposure.
The U.S. Dollar was higher today, as money flowed into dollars and away from currencies which are perceived to entail more risk. The PowerShares DB US Dollar Index Bullish ETF (NYSE: UUP), which tracks the performance of the dollar versus a basket of foreign currencies rose 0.48% to $25.08. The closely watched EUR/USD pair is now trading at $1.2188.
Tesla Motors (NASDAQ: TSLA) began trading on the Nasdaq exchange today after the company’s IPO raised over $220 million. Tesla is a Silicon Valley electric car maker. The shares surged an incredible 40.53% to close at $23.99. The deal had been priced at $17 which was above the expected range of $14-$16. The size of the offering was also expanded by 20% on Monday due to strong demand.
Stocks Close Marginally Lower (SPY, QQQQ, GLD, USO, TLT, UUP)
After remaining in positive territory for much of Monday’s session, the Dow Jones Industrial Average weakened in the last 10 minutes of trading to close 5 points lower at 10,138.52. The Dow traded in a range between 10,101 and 10,202.
The SPDR S&P 500 ETF (NYSE: SPY) finished 0.31% lower at $107.53. Volume was much lower than the three month average. Around 167 million SPY shares traded hands compared to a 3 month average of over 262 million.
The PowerShares QQQ Trust ETF (NASDAQ: QQQQ), which tracks the performance of the Nasdaq 100, closed 0.38% lower at $45.10. Year to date, the tech heavy ETF has declined 1.42% after registering large gains earlier in 2010.
Gold fell in a volatile trading session on Monday. COMEX gold futures are currently trading at $1,239.5 an ounce. The SPDR Gold Trust ETF (NYSE: GLD) hit an all time high of $123.56 in morning trading, before pulling back sharply. On the day, the GLD declined 1.36% to $121.09. Volume was heavier than usual.
Oil declined today as well, as NYMEX crude futures fell $0.82 to $78.04. The United States Oil Fund ETF (NYSE: USO) lost 1.26% to finish at $35.21.
Treasury prices moved higher on Monday, sending yields even lower. The iShares Lehman 20+ Year Treasury Bond ETF (NYSE: TLT) jumped 0.94% to $99.98. The 52 week high in the TLT is within reach at $100.31. The yield on the 10-year bond is now at an ultra low 3.02%.
The U.S. Dollar notched gains today as well. The PowerShares DB US Dollar Index Bullish ETF (NYSE: UUP , which tracks the performance of the dollar against a basket of foreign currencies, climbed 0.52% to $24.96. The closely watched EUR/USD pair is currently trading at $1.2278
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