Economic News Soothing Stocks

The market seems to be benefiting this morning from good news out corporate America. Costco’s June sales data, with same-store up 6%, showed real consumer spending activity. Meanwhile, Bloomberg’s Consumer Comfort Index is reflecting the best consumer sentiment level in over five years. Jobless claims moved higher, but not enough and not for long enough to yet trouble econo-watchers. Trade prices fell again, and for all the wrong reasons, but they will likely rise on higher petroleum moving forward. On net, and after a reassuring speech from Ben Bernanke last evening, the news was soothing this morning. For more in-depth analysis and research visit our stock market blog.

Economic News

Market ETF	July 11, 2013	Year-to-Date
Vanguard S&P 500 (NYSE: VOO)	+1.1%	+17.3%
ProShares Ultra Pro Dow 30 (Nasdaq: UDOW)	+2.6%	+64.8%
Fidelity Nasdaq Tracking (Nasdaq: ONEQ)	+0.0%	+16.7%

Economic Events

ECONOMIC REPORT SCHEDULE
Economic Data Point	Prior Period	Expected	Actual
THURSDAY
Retailers’ Chain Store Sales	NA	NA
Weekly Jobless Claims	344K (R)	337K	360K
EIA Natural Gas Report	+72 Bcf	NA
International Trade Prices
-Import Prices	-0.7% (R)	+0.1%	-0.2%
-Export Prices	-0.5%	-0.1%	-0.1%
Bloomberg Consumer Comfort	-27.5		-27.3

Weekly Initial Jobless Claims increased in the latest reported period by 16K, but that will not startle investors unless a higher level is sustained over a period of weeks. The four-week moving average did rise somewhat significantly, by 6K, to 351,750. It’s still not enough to concern investors, especially given the more solid state of corporate America today, versus before companies cut away fat through the crisis and recession. Let’s be careful though, because “fat” to corporate America still represents real people with real mouths to feed.

The International Trade price data showed a second consecutive month of price moderation. There are still factors working for that, which is economic strife and slowing in Europe and China, but there’s a new factor working against it – rising petroleum prices. It’ll immediately impact import prices and also weigh on exports over time. Oil is moderating today though, with the iPath S&P GSCI Crude Oil TR ETN (NYSE: OIL) down 0.7% in the early going.

Individual retailers are reporting monthly chain store sales data today, giving us a read on real consumer spending. Bloomberg’s Consumer Comfort Index climbed for the fourth straight week to its highest level in five years. Early corporate reporters included Costco (Nasdaq: COST), one of the nation’s largest retailers, which noted its June same-store sales increased by 6%. This is tangible data working in favor of investors and thankfully not contradicting with the Fed’s tapering plan.

Overseas Markets

EUROPE	9:11 AM ET	ASIA/PACIFIC	CLOSE
EURO STOXX 50	+0.9%	NIKKEI 225	+0.4%
German DAX	+1.1%	Hang Seng	+2.5%
CAC 40	+0.9%	S&P/ASX 200	+1.3%
FTSE 100	+0.6%	Korean KOSPI	+2.9%
Egyptian EGX 30	-0.9%	BSE India SENSEX	+2.0%

Commodity Markets (8:54 AM ET)

WTI Crude	-0.6%
Brent Crude	-0.1%
NYMEX Natural Gas	-1.0%
RBOB Gasoline	+0.1%
Gold Spot	+2.1%
Silver Spot	+3.8%
COMEX Copper	+3.3%
CBOT Corn	+0.1%
CBOT Wheat	+0.7%
CBOT Soybeans	-0.2%
ICE Cocoa	+1.5%
ICE Sugar	-0.1%
ICE Orange Juice Conc.	-0.9%
CME Live Cattle	+0.1%

Corporate Events

REPORTING EARNINGS
Company	Ticker
THURSDAY
L Brands	NYSE: LTD
Progressive	NYSE: PGR
Bebe Stores	Nasdaq: BEBE
The Gap	NYSE: GPS
Peregrine Pharmaceuticals	Nasdaq: PPHM
Stein Mart	Nasdaq: SMRT
Fred’s	Nasdaq: FRED
Costco	Nasdaq: COST
Northern Technologies Int’l	Nasdaq: NTIC
Buckle	NYSE: BKE
Rocky Mountain Chocolate	Nasdaq: RMCF
Destination Maternity	Nasdaq: DEST
Commerce Bancshares	Nasdaq: CBSH
Simulations Plus	NYSE: SLP
Bank of Ozarks	Nasdaq: OZRK
AngioDynamics	Nasdaq: ANGO
Independent Bank	Nasdaq: INDB
TigerLogic	Nasdaq: TIGR
Ceres	Nasdaq: CERE

MOST ACTIVE STOCKS
BIGGEST GAINERS	% Gain
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USMD Holdings (Nasdaq: USMD)	+17%
Northwest Biotherapeutics (Nasdaq: NWBOW)	+16%
Direxion Daily Gold Miners Bull (Nasdaq: NUGT)	+16%
Westmoreland Coal (Nasdaq: WLBPZ)	+15%
VelocityShares 3X Long Silver (Nasdaq: USLV)	+14%
Alnylam Pharmaceuticals (Nasdaq: ALNY)	+13%
Rio Alto Mining (Nasdaq: RIOM)	+11%
BIGGEST LOSERS	% Drop
Alvarion (Nasdaq: ALVR)	-47%
SemiLEDS (Nasdaq: LEDS)	-19%
Merrimack Pharmaceuticals (Nasdaq: MACK)	-16%
Kingtone WirelessInfo (Nasdaq: KONE)	-16%
Direxion Daily Gold Miners Bear (Nasdaq: DUST)	-14%
VelocityShares 3X Inverse Silver (Nasdaq: DSLV)	-14%
Vringo (Nasdaq: VRNGW)	-11%
Inovio Pharmaceuticals (NYSE: INO)	-12%
Direxion Daily Russia Bear 3X (Nasdaq: RUSS)	-10%
Direxion Emerging Markets Bear (NYSE: EDZ)	-10%

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