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(AFX UK Focus)
2009-11-30 18:10
STOCKS NEWS US-S&P 500 near term resistance seen at 1,080-1,100 |
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Stocks on the move Real-time Equity news U.S. stock market report 1246 ET 30Nov2009-S&P 500 near term resistance seen at 1,080-1,100 ------------------------------------------------------------------------------- "Near-term resistance for the S&P 500 remains 1,080-1,100 with short-term support at 1,084-1,080 then 1,074 -- the 50-day moving average," says Mary Ann Bartels, head of U.S. technical analysis at Bank of America/Merrill Lynch. In early afternoon trading the S&P 500 was off 3.60 points, or 0.33 percent, to 1,087.89 on Monday. "Key support remains 1,014-1,000. The risk is that the S&P 500 retraces a third of the rally from the March low or 38.2 percent in Fibonacci terms, which points to 935 (a 15 percent decline from the high); this is also near the 200-day moving average at 942 and moving up 5 points a week," she said in a note. "We believe a correction will broaden out the base-building process, which could launch stocks to 1,200-1,325," Bartels added. Reuters Messaging rm://ellis.mnyandu.reuters.com@reuters.net 1158 ET 30Nov2009 RTRS-US STOCKS-Wall St drops on holiday spending worry ------------------------------------------------------------------------------ U.S. stocks fell on Monday as investors worried that the holiday shopping season might have gotten off to a tepid start as consumers trimmed purchases over the Thanksgiving Day holiday amid concerns about an uncertain economy.
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Reuters Messaging rm://ellis.mnyandu.reuters.com@reuters.net
1047 ET 30Nov2009 UAL call option plays suggest extended gains
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action remains bullish in the airline space," wrote optionMonster analyst David Russell in comments on the firm's Web site. UAL shares rose 5.4 percent to $7.64 in morning trade and one player paid an average premium of 32.5 cents for 10,000 Jan 2010 $9 calls in what appears to be a new position, said WhatsTrading.com option strategist Frederic Ruffy. A recent sweep of 2,500 Jan $7.50 calls also traded at the offer for 75 cents, he added. After selling off hard in October, the airline sector has been fighting its way back in recent sessions, optionMonster's Russell said. Last week optionMonster spotted bullish trading in US Airways Group. "The overall backdrop for the industry is potentially positive, with fare hikes and a rebound in business travel expected in coming months, along with reduced capacity and an inability of oil prices to break out to new highs," Russell said. UAL volume is double the norm with about 17,000 calls and only 210 puts traded, according to Trade Alert. Reuters Messaging: doris.frankel.reuters.com@reuters.net 1037 ET 30Nov2009-Amazon.com shares hit all-time high on 'Cyber Monday' ------------------------------------------------------------------------------ Shares of Internet retailer Amazon.com Inc hit an all-time high of $135.01 on a split-adjusted basis on Monday as the stock rose more than 2 percent. The run-up in the shares comes on "Cyber Monday," a day billed as a search for bargains on the Internet after the Thanksgiving Day holiday weekend. Reuters Messaging rm://ellis.mnyandu.reuters.com@reuters.net. Separately, the company said that its Kindle electronic book reader posted its best sales yet in the month of November, as rivals struggle with fulfilling their customer orders. Shares were last trading at $134.53, up 2.1 percent. 1030 EST 30Nov2009-Burger King shares falls after downgrade ------------------------------------------------------------------------------ Shares of Burger King Holdings Inc fell on Monday, after Wedbush Securities downgraded the stock to "underperform" from "neutral." "Without a willingness to commit capital on the part of the franchisees, there is considerable risk that the chain will fall short of its long-term sales and unit growth targets," the firm wrote to clients. For details, see The stock fell 1.8 percent to $17.16. Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1001 ET 30Nov2009 S&P 500 historically performs well in December ------------------------------------------------------------------------------ Historically, December is the best performing month for the stock market as measured by the S&P 500 index wrote Credit Suisse analyst Victor Lin in a note. "Additionally, stock market performance in December tends to be in the same direction as the market moved from January to November," he said. Since 1940, December's performance has been in the same direction 65 percent of the time," he said. The likelihood also increases when the market return is positive between January and November. When the Jan-Nov return is positive, the market performance in December tends to follow through with positive returns 80 percent of the time, the note said. Similarly, the emerging markets have historically performed well in December. Positive returns in December have occurred 18 out of the past 21 years, and in all 10 years in which the emerging markets were up between January and November. But Lin noted that past performance is not necessarily indicative of future performance. Reuters Messaging: doris.frankel.reuters.com@reuters.net; Editing by Kenneth Barry Keywords: MARKETS STOCKSNEWS
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