Sinking Retail Sales, Record Foreclosures, Stocks Drop

• May 13, 2009
• Dave Goodboy

Bad news from the retail sales front and record foreclosure filings knocked stocks off their uptrend for another day. Copper declined for the 5th day in a row while treasury bills gained ground indicating that the recovery may not be as smooth as some expected. The DJIA fell -184.22 to 8284.89, the Nasdaq gave back -51.73 to 1664.19 and the S&P 500 dropped -24.43 to 883.92.

Fortune Brands
(
FO |
Quote |
Chart |
News |
PowerRating) – The maker of gold balls and Jim Beam whiskey fell 4.98% or $1.89 to $36.09/share on the disappointing retail sales figures.

MasterCard
(
MA |
Quote |
Chart |
News |
PowerRating) – Stated its revenue growth would miss projections sending the stock down 4.18% or $7.44 to $170.76.

Dr. Pepper Snapple
(
DPS |
Quote |
Chart |
News |
PowerRating) – Advanced 3.81% or 0.81 cents to $22.07/share after beating analysts estimates.

Bank of America
(
BAC |
Quote |
Chart |
News |
PowerRating) – Fell 10.20% or $1.25 to $11.01/share due to an investor reevaluation of stress test results.

Oil dropped 0.83 cents to $57.92, Gold gained $2.00 to $925.90 and the VIX index gained 5.82% to 33.65.

According to a recent report, eight out of ten securities traded are exchange-traded funds. Want to learn how to trade them? Click here to pre-order High Probability ETF Trading, the first quantified book of trading strategies to improve your ETF trading.

Market Snapshot

Dow -184.22 8284.89 NASDAQ -51.73 1664.19 S&P 500 -24.43 883.92

Economic News

Trade Balance (Mar): Consensus: -$29.0B, Prior: -$26.0B Treasury Budget (Apr): Consensus: -$20.0B, Prior: $159.3B Export Prices ex-ag. (Apr): Consensus: NA, Prior: 0.1% Import Prices ex-oil (Apr): Consensus: NA, Prior: -0.6% Retail Sales (Apr): Consensus: -0.1%, Prior: -1.2% Retail Sales ex-auto (Apr): Consensus: 0.0%, Prior: -1.0% Business Inventories (Mar): Consensus: -1.1%, Prior: 1.3% Crude Inventories (05/08): Consensus: NA, Prior: +605K Core PPI (Apr): Consensus: 0.1%, Prior: 0.0% Initial Claims (05/09): Consensus: NA, Prior: 601K PPI (Apr): Consensus: 0.1%, Prior: -1.2% Core CPI (Apr): Consensus: 0.1%, Prior: 0.2% CPI (Apr): Consensus: 0.0%, Prior: -0.1% Empire Manufacturing (May): Consensus: -15.0, Prior: -14.65 Net Long-Term TIC Flows: Consensus: NA, Prior: $22.0B Capacity Utilization (Apr): Consensus: 68.9% Prior: 69.3% Industrial Production (Apr): Consensus: -0.6% Prior: -1.5% Mich Sentiment-Prel (May): Consensus: 65.0 Prior: 65.1