STOCKS NEWS US-Economic diary for Nov 24

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1803 ET 23Nov2009
Economic diary for Nov 24

The day's economic agenda includes the Commerce Department's preliminary (second) estimate of Q3 Gross Domestic Product (GDP) growth.

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1646 ET 23Nov2009-Market seen range
bound, testing key resistance

U.S. stocks are range-bound and still testing key resistance, according to Mary Ann Bartels, head of U.S. Technical analysis at Bank of America/Merrill Lynch.

'Near-term resistance for the S&P 500 remains 1,080-1,100 with short-term support at 1,020-1,016. Key support remains 1,014-1,000,' she said in a note.

The risk is that the S&P 500 retraces a third of the rally from the March low or 38.2 percent in Fibonacci terms, which points to 935 (a 15 percent decline from the high), she added.

'This is also near the 200-day moving average at 930 and moving up 5 points a week. We believe a correction will broaden out the base-building process, which could launch stocks to 1,200-1,325.'

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1640 ET 23Nov2009-HP profit rises, matches pre
announcement

Hewlett-Packard Co reported quarterly earnings rose 14 percent, helped by a strong performance in China and improved profit margins in its services business.

The results were in line with what the company preannounced two weeks ago. HP's shares were off 0.6 percent at $50.72 after the closing bell. For details, see

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1615 ET 23Nov2009
Wall St up on stronger home sales, weaker dollar

U.S. stocks ended higher on Monday, snapping a three-day losing streak as stronger-than-expected home sales fueled optimism while a weaker dollar boosted commodity-linked stocks.

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1545 ET 23Nov2009
Cadbury hits new high, ADRs jump

Speculation about a bid battle for Cadbury among Kraft Foods and other rivals lifted shares of the British company to a new high but analysts doubt whether a competing bid will emerge.

New York-traded shares of Cadbury also rose, gaining 2 percent to $53.87. For details, see

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1530 ET 23Nov2009-Investments made solely on direction of US dollar
analyst

U.S. stocks are on track to gain for the third Monday in a row in which the week started out with a bang based on a weak U.S. dollar, said Peter Boockvar, equity strategist at Miller Tabak + Co in New York, in a note to clients. He noted that two weeks ago Wall Street followed the G20 meeting on Monday with more than a 2 percent rise in the S&P 500 but saw no further gains for the rest of the week. A week ago, the market rallied 1.5 percent after the APEC in Asia said their stimulus plans won't end soon, but by week's end, the gains were
given up as the US dollar caught a bid. Boockvar said this doesn't define how the rest of the week will end, but it remains clear that investment decisions are being made solely due to the direction of the US dollar.

'Tomorrow, the papers will say, stocks rally after home sales data, but the S&P's are at the same level as they were at 9:30 a.m. (this morning) due to the Fed comments which induced the weak dollar,' Boockvar said. He also noted that following Friday's expiration volume that was the third lowest of the year, the day's volume is on track to be even below Friday.

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