Day Traders Diary


Futures have been fluctuating between the flat line and modestly positive territory since early this morning. S&P futures are currently +2 and DJ futures are +14. The positive tone comes amid continued strength overseas.

European markets are showing modest gains on the heels of the latest ECB lending operation (LTRO #2), which allotted EUR 529.5 bln in funds to 800 banks. The LTRO lent more money to more institutions than had generally been expected, although the expectations were wide ranging. European markets were higher ahead of the results of the LTRO operation, and saw a modestly positive response to the actual results (DAX +0.6%, CAC +0.6%, FTSE flat).

In Asia, stocks were mixed with flat trade in Japan, strength in Hong Kong (Hang Seng +0.5%) and weakness in China (Shanghai -1.0%). The weakness in China was led by property stocks after the Shanghai govt said it would stick with its real estate curbs, diminishing hopes for easing in the real estate market.

In U.S. news, SODA is -12% after reporting earnings, despite beating the consensus estimates. FSLR is -9% after reporting disappointing earnings and mixed guidance (reaffirmed EPS guidance, cut rev guidance). TTEC traded -16% last night after reporting disappointing earnings and announcing it would exit several markets/programs.

Today's econ calendar includes the second estimate of Q4 GDP at 8:30 ET, followed by Chicago PMI data at 9:45 ET. Fed Chairman Ben Bernanke will speak at the FOMC's semiannual report to the House Financial Services Committee at 10:00 ET. This afternoon, the Fed's Beige Book will be released at 14:00 ET... Then after the close ~40 cos are confirmed to report earnings, although none are market moving reports.

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