Market review for August, 31th

Stock trades in the United States were closed on August 28 2009. countervailing movement of the leading indexes. At the beginning of the trading session the market flew up on the background of positive corporate news from several companies, but this stimulus was insufficient to deter investors from profit-taking. In particular, investors are optimistic about the published after the close of the previous trading session, the financial report of the world’s second-largest PC maker Dell Inc., Surpassed analysts’ expectations, amid which the company’s shares have risen in price on the basis of trading on 4,2%. At 7,3% increase in prices the securities of one of the world’s largest manufacturers of jewelry and exclusive gift Tiffany. The company released its financial report, according to which Tiffany’s net profit in II quarter 2009-2010 financial year has decreased by 29,7% – to 56.8 million dollars, while sales fell by 16% – up to $ 612.5 million received financial results exceeded expectations, in connection with which the company raised its forecast for the fiscal year as a whole. Meanwhile, at 8,2% in trading shares have risen in price clothing retailer J. Crew Group, also published a favorable financial report.

Favorable circumstances evolved, and for stocks of companies of the financial sector. For example, securities the world’s largest insurance company American International Group Inc. up to the bidding went up by 10% as chief executive officer of AIG Robert Benmoshe said that no plans to sell units of American International Assurance Co. and American Life Insurance Co. in the next three years. The sale of these units may prevent the company to return the state loans made at the beginning of the crisis with liquidity.

At the same time, falling commodity prices led to the downfall of quotations energy companies. For example, shares of the world’s largest oil company ExxonMobil on the basis of trades fell 1%, while shares of its smaller competitors Chevron – by 0,5%.

Influenced the course of bidding and macroeconomic statistics. Thus, U.S. Department of Commerce has reported that the level of consumer incomes in July 2009. compared with the previous month, virtually unchanged. Analysts believed that this figure will grow by 0,1%. In the revised data in June 2009. it decreased by 1,1%. In addition, according to the report, the University of Michigan / Reuters, the index of consumer confidence in the U.S. in August 2009. decreased by 0.3 points and totaled 65.7 points. Analysts predicted that the index value would be 64 points.

Dow Jones index dropped by 36.43 points (-0.38%) – up to 9544.2 points

S&P - on 2.05 points (-0.2%) – up to 1,028.93 points.

NASDAQ Index rose 1.04 points (0.05%) and amounted to 2,028.77 points.

Technical Perspective: A sloppy, lower volume week for the market, and with another week until Labor Day there could be further erratic action ahead. One potential difference is the loss of any positive end/start of month seasonal bias. The S&P finished the session and week with a loss of momentum/indecision doji, which means Friday’s low (1023) and the weekly low (1016) will be of technical interest on an intraday and close basis. Initial resistances above the high (1039) are at 1042/1044 and 1048.
Key economic data:
-July Chicago PMI at 9:45ET (consensus 48.0; prior 43.4)

Fed/Treasury calendar:
-None

Bond auction results:
-$30 bln in 3-month Bills and $29 bln in 6-month Bills at 13:00ET

Earnings:
-SINA is the only company confirmed to report today after the close

Key industry conferences:
-None

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