Market review for August, 27th

Stock trades in the United States opened on August 26 of the leading index increased after the release of macroeconomic statistics. With optimism investors viewed the report of the US Department of Commerce, under which sales of new homes in the country in June 2009. seasonally adjusted rose by 9,6% compared with the revised figure for June 2009. and amounted to 433 thousand units. Analysts expect that figure will be 390 thousand units. In general, turned out to be optimistic, and another report of the Ministry of Trade, under which the volume of orders for durable goods in July 2009. According to preliminary data, increased from the previous month by 4,9% and amounted to 168.43 billion dollars, whereas analysts predicted its growth only to 2,5%. However, growth in orders for certain categories of goods was less than expected, which led to a drop in stock price of several major U.S. companies.

Against this background, on the basis of trading on 0,9% increase in prices rally the world’s largest retailer of goods for Home Improvement Home Depot. Favorable trading session proved to be for other retailers. Thus, at 3.5% in trading securities have risen in price retail chain Dollar Tree Inc., The published financial report, surpassed analysts’ expectations, while shares of its rival Family Dollar Stores Inc. prices increased by 3,5%. 11% and 7%, respectively, shares have risen in price retailer Williams-Sonoma Inc. and DSW Inc.

Optimism reigned in the real estate sector, where most notably on the basis of trades increased stock quotes one of the largest construction companies in the U.S. DR Horton Inc. (+2.6%).

At the same time not too happily ended the trading session for industrial companies. Equity multi-industrial group General Electric Co. fell 1.3%, and securities 3M Co. and Caterpillar Inc. – By 1,7% and 1,2% respectively. Amid rumors about the intention of the Chinese authorities to reduce overcapacity in the steel and cement industry by 2,4% in the tendering cheaper shares one of the largest U.S. steel companies US Steel Corp.

At 7.4% below the quotations of securities of the largest U.S. producer of organic food Hain Celestial Group Inc., Proclaimed the outlook for profits, not met the expectations of analysts.

Dow Jones index rose by 4.23 points (0.04%) – up to 9,543.52 points

NASDAQ – by 0,2 points (0.01%) – up to 2,024.43 points

S&P – at 0.12 points (0.01%) – up to 1,028.12 points.

Technical Perspective: The market is extended by some technical measures and has not been able to garner much from the better-than-expected data of late, which is a short term concern, but no damage has been done (Dow actually up seven days in a row) as lower volume range trade persists. Support below the range floor is at 1018 (early August high/breakout point) and the 1013/1012 area. Initial resistance is at 1032 in front of the range top at 1036/1037.
Key economic data:
-Preliminary Q2 GDP at 8:30ET (consensus -1.5%; Advance -1.0%)
-Real Personal Consumption Expenditures (consensus -1.3%; Advance -1.2%)
-(Chain) Price Index (consensus 0.2%; Advance 0.2%)
-Initial Jobless Claims for the week ended Aug. 22 (consensus ~565K; prior 576K) and Continuing Claims for the week ended Aug. 15 (consensus ~6.240 mln; prior 6.241 mln) at 8:30ET

Fed/Treasury calendar:
-Richmond President Lacker speaks on the economic outlook at 8:15ET (Note: He has already spoken today, being quoted as saying the U.S. economy was stabilizing after a painful recession and the housing market will no longer be a drag on economic activity)
-St. Louis President Bullard speaks at 17:00ET

Bond auction results:
-$28 bln in 7-year Notes at 13:00ET

Earnings:
-12 companies are confirmed to report today after the close, including Dell (DELL)

Key industry conferences:
-None

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