Weekly forecast for S&P 500 cash 2011

General Electric Co , the world's biggest maker of electric turbines and jet engines, reported better-than-expected earnings, helped by the recovery of its finance arm and a rise in revenue at its industrial units, including a sharp pickup in sales of locomotives.

GE shares rose 3.3 percent to $19.05 in premarket trade. For details, see [ID:nN21199037]

But shares of Bank of America Corp fell 2 percent to $14.25 after the largest U.S. bank by assets reported a second straight quarterly loss, driven by a $2 billion write-down in its mortgage business. [ID:nN20144514]

"The banks are not doing so well so far in this reporting run," said Mike Lenhoff, chief strategist at Brewin Dolphin (BDNHF.PK - news) in London. "On the other hand if you look at the nonfinancial sector, on balance, the results are not bad, so I don't think the markets are going to get carried away with some poor results from the banks."

Google Inc shares were up 2.4 percent at $642.03 in premarket trade after the company reported better-than-expected net revenue for its fourth quarter, after markets closed on Thursday. For details, see [ID:nN20114431]

S&P 500 (news) futures rose 5.8 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones (news) industrial average futures rose 33 points and Nasdaq 100 futures gained 13 points.

U.S. stocks fell for a second day on Thursday as lackluster earnings from technology and materials companies didn't live up to heighten expectations. The Standard & Poor's 500 Index ended down 1.66 points, or 0.13 percent, at 1,280.26.

The S&P 500 is below its 10-day moving average for the first time since Nov. 30, said Joseph Hargett, analyst at Schaeffer's Investment Research based in Cincinnati, Ohio.

"The index has support in the 1,270 region, though, with its 20-day trend line rising into the region. Resistance remains at 1,290, with the 1,300 creating a longer-term hurdle overhead," he said.

Shares of Schlumberger Ltd (NYSE: SLB - news) gained 2.6 percent to $87.50 in premarket trade after the world's largest oilfield services company posted a higher-than-expected profit, boosted by strong demand in North America.

Hewlett-Packard Co is shaking up a board criticized by many as dysfunctional, bringing in five new directors, including former eBay Inc chief Meg Whitman, as new CEO Leo Apotheker remakes the company. [ID:nN20145154]

In Europe, stronger bank and oil company shares helped indexes bounce back on Friday from losses in the previous session on worries about further monetary tightening by China.

(Editing by Padraic Cassidy)
 
For Week Ending Friday 21st January at 1283.3

Name...........Call.........Direction.......Podium .........sub Total……………Total
Pat494…………..1313……………..0……………….0……………………….0………………… ..8
Lodian1019....1323............0..............0.... .............0…………………….5
tar..............1283............1..............3..................4.................4
w/average…….1316……………..0………………..0……………………..0…………………… 3
brettus.........1289............1..............2..................3.................3
isatrader.......1275............1..............1.. ................2…………………..2
robster970.....1304............0..............0... ...............0……………………1
wackypete2....1272............1..............0..... .............1…………………..1
hwsteele.......1271............1..............0... ...............1………………….1
av...............1292...........1..............0...................1...............1
Gaffs1964……..1297……………..0……………….0……………………..0………………… ..0
Samspade79…..----..…………….0……………….0………………………0….…………………0
pharma……………----.....………..0………………0………………………..0………….………. 0

So congratulations to tar
Good to see the leaderboard filling up a bit

:clap:
 
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For Week Ending Friday 21st January at 1283.3

Name...........Call.........Direction.......Podium .........sub Total……………Total
Pat494…………..1313……………..0……………….0……………………….0………………… ..8
Lodian1019....1323............0..............0.... .............0…………………….5
tar..............1283............1..............3..................4.................4
w/average…….1316……………..0………………..0……………………..0…………………… 3
brettus.........1289............1..............2..................3.................3
isatrader.......1275............1..............1.. ................1…………………..2
robster970.....1304............0..............0... ...............0……………………1
wackypete2....1272............1..............0..... .............1…………………..1
hwsteele.......1271............1..............0... ...............1………………….1
av...............1292...........1..............0...................1...............1
Gaffs1964……..1297……………..0……………….0……………………..0………………… ..0
Samspade79…..----..…………….0……………….0………………………0….…………………0
pharma……………----.....………..0………………0………………………..0………….………. 0

So congratulations to tar
Good to see the leaderboard filling up a bit

:clap:

shouldnt i get extra points for calling the exact settlement :cheesy:
 
So it finally topped out
Is it going to be a pullback or a reversal ?
I fancy the former and so 1296 for next week
 
I will go ahead and say 1261 and congrats to this weeks winner!
Get the close on the head again and then I will tell Pat you should get an extra point or two.:cheesy:
 
I will go ahead and say 1261 and congrats to this weeks winner!
Get the close on the head again and then I will tell Pat you should get an extra point or two.:cheesy:

deal :smart:

we didnt get a good reaction to BOA losses , 1268
 
Even with Friday's advance, the S&P snapped a seven-week streak of gains. But the Dow managed its eighth consecutive weekly gain, its longest streak since the March through April run in 2010, in which the index hit a high that stood for six months.

The S&P 500 is up 8.7 percent since the start of December, but the index lost more than 1 percent over the past two days. Many technical and other analysts see the up trend continuing through at least the first half of the year, but some have forecast a pullback for the near term.

It could be that the pullback is limited to stocks that have far outperformed the major indexes, such as the cloud computing stocks. CSFB analysts noted that high correlation between stocks in the S&P 500 is starting to decline, in comparison to recent periods when most of the market has gone up in tandem, and higher-valued names could remain under pressure."

Google Inc shares were down 2.4 percent at $611.83 after hitting an intraday high of $641.73 as confidence that CEO Larry Page would rejuvenate the No. 1 Internet search company wavered. Late Thursday, Google reported earnings that beat Wall Street's expectations. For details, see [ID:nSGE70K06G]

The action in Google shares is "not so much Google earnings, but a factor of the market itself," said Robert Francello, head of equity trading at Apex Capital in San Francisco.

"We had such a massive run in the end of December and early this month, we might be seeing selling into good earnings," he said. "The long, fast money (is) paring gains and preparing themselves for some type of consolidation short term."

Investors also contended with options expiration, with January options on individual stocks set to expire after the close. The expiry sometimes adds to market volatility.

Tempering some of the earnings optimism were results from Bank of America Corp (NYSE: IKJ - news) , the latest bank to disappoint investors.

Bank of America shares fell 2 percent to $14.25 after the largest U.S. bank by assets reported a second straight quarterly loss, driven by a $2 billion write-down in its mortgage business. [ID:nN20144514]

The results follow disappointing results earlier this week from Goldman Sachs (NYSE: GS - news) and Wells Fargo (Dusseldorf: NWT.DU - news) . An index of bank shares, KBW Banks , was up 1.6 percent, however.

Volume was slightly below average with about 7.96 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, just short of last year's estimated daily average of 8.47 billion.

Advancing stocks outnumbered declining ones on the NYSE by 1,578 to 1,424, while on the Nasdaq, decliners beat advancers 1,549 to 1,073. (Reporting by Chuck Mikolajczak; Additional reporting by Caroline Valetkevitch; Editing by Jan Paschal)




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well done Tar - 1293 for me this week (hoping to get a point this week for a change!)
good luck
 
av = 1279
wt av = 1285

I thought it only fair to include the average and weighted average into the calculations as they have amassed 4 points between them
 

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av = 1279
wt av = 1285

I thought it only fair to include the average and weighted average into the calculations as they have amassed 4 points between them

Stupid S&P lagging behind Dow. I don't think i needed to go that high to win. I have a bad feeling about tomorrow. GBP is going to get hammered....
 
For Week Ending Friday 28st January at 1276.3

Name...........Call.........Direction.......Podium .........sub Total……………Total
Pat494…………..1296……………..0……………….0……………………….0………………… ..8
tar..............1268............1..............1. .................2.................6
isatrader.......1270............1..............2.. ................3…………………..5
Lodian1019....-----.............0..............0.... .............0…………………….5
wackypete2....1273............1..............3.... . .............4…………………..5
brettus.........1308............1..............2.. ................3.................3
w/average…….1285……………..0………………..0……………………..0…………………… 3
hwsteele.......1261............1..............0... ...............1…………………..2
robster970.....1265............1..............0... ...............1……………………2
av...............1279............0..............0.. .................0...............1
Gaffs1964……..1293……………..0……………….0……………………..0……………… … ..0
Samspade79…..----..…………….0……………….0………………………0….…………………0
pharma……………----.....………..0………………0………………………..0………….………. 0

Good call Peter ( + parrot ) :clap:
 
Looks like Pete may have finally consulted his parrot :)

I see a fall at the beginning of the week but catching back up at the end, so 1287 for me
 
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Well done Pete,

I'm thinking Fridays big move will have unnerved people. So down again for me at 1267
 
1298

Used a serious of coin tosses for this one. Thought I would experiment
 
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