Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Friday, the 13th of July.
This morning before the bell, JP Morgan Chase announced their earnings for the second quarter and the size of the loss they took on a synthetic derivative (whale) trade made out of their London office. I guess the price of whale meat is about $5.8 billion. We may see more losses from that trade come out later, but for now they're admitting to a $5.8 billion loss. However, the market is acting in a positive manner to this earnings announcement and JP Morgan Chase is trending higher for the day and is now also higher for the week. The same cannot be said for the overall stock market, which is at this moment showing a net loss for the week.
TODAY'S MARKET MOVING SECTORS and STOCKS:
Percentage changes in stocks are relative to the S&P 500
| CONSUMER GOODS: +1.02% | Biggest Winner PVH +4.33% |
| SERVICES: +1.05% | Biggest Winner HOT +2.94% |
| HEALTHCARE: +0.82% | Biggest Winner ARNA +4.81% |
| ENERGY: +0.93% | Biggest Winner COG +3.50% |
| TECHNOLOGY: +0.91% | Biggest Winner RHT +2.50% |
| FINANCIAL: +1.42% | Biggest Winner JPM +4.47% |
| INDUSTRIAL GOODS: +1.60% | Biggest Winner CFX +1.62% |
| BASIC MATERIALS: +1.13% | Biggest Winner CYT +1.14% |
| UTILITIES: +0.66% | Biggest Winner ADGE +3.52% |
Now, let's analyze the major markets and stocks on the move using MarketClub's Trade Triangle Technology. Click Here to view today's video
hello! my regards to you all - soad from libya .
Whale now!
JP Morgan chasing his own tail, with TP money, while Bank of the Americas is busy chasing fresh border hoppers.
I could care less about a loss by any of the big banking houses so long as we taxpayers don't have to pay for it. They are big boys, they can handle it.
Will, that is exactly correct! The Gov't did the exact opposite of what it should have done. Instead of to big to fail hey should have let them all fail and file BK to reorganize and we would be far out of the woods by now. It's a shame what our elected officials do with the tax payer money. But they are voted in every term. GUESS WHAT! The chickens are coming home to roost! Soon many cities in many states will file BK and the Gov't bubble will burst and there will be no money to overspend on things that they shouln't be spending our tax money on. All bubbles burst! Unfortunatly this one will have far reaching consequenses!
jp, I couldn't agree with you more. It's a shame that when it does burst, all of the hard working Americans will be the ones to take the bullet. I don't understand why all the incumbents were not voted out to send a strong message. We do face a financial cliff coming soon. IMO.
Someone ask's what is driving the market so high? Well then, people will always give a reason, company earnings, China numbers etc etc. The truth is the market does what the market wants to do. In Australia we always used to follow the Dow numbers. If the Dow was up so was the Australian market. These days the Dow is up our market is down. It is like the smart money already knows the next move.
For example this 200point jump on the Dow will probably mean the Australian market will be down on Monday. Then when the American Market opens on Monday it will also be down. Then we will relate the move to poor Jobs numbers or lower than expected company earnings.
The truth is the big hedge funds are the only ones that know when and where the money is going to go in and out of the markets!
A real eye opener, Simon. Volume was very low Friday and could be manipulated as I have felt for several years now. Thank you for your post.
I'm at work and can’t see today’s video. It is blocked. What I don’t understand is - what is driving the market so high?