Investors Get Bullish on Earnings Reports
Investor response to earnings reports from DuPont, Travelers and Freeport , McMoran dominated the activity on Tuesday.  There was plenty for investors to ignore on Tuesday as positive earnings reports from DuPont (NYSEARCA:DD), Travelers (NYSERACA:TRV) and Freeport, McMoran Copper (NYSEARCA:FCX) stole the spotlight away from the disappointers, which included Johnson & Johnson (NYSEARCA:JNJ). As of 2:48 EST, the Dow Jones Industrial Average advanced 46 points (0.34 percent) to 13,696.  The S&P 500 Index rose 0.32 percent to 1,490 (NYSEARCA:SPY).  As the chart (at left) indicates, the S&P 500 continues to rise above its previous resistance level of 1,470.  Its Relative Strength Index is now entering the “overbought” range at 70.52 (Chart courtesy of  Stockcharts.com ).  The Nasdaq Composite advanced 0.11 percent to 3,138 (NASDAQ:QQQ).  The Russell 2000 Index climbed 0.51 percent to 897 (NYSEARCA:IWM). The “Dollar Bull” Index ETF (NYSEARCA:UUP) declined 3 cents (0.14 percent) to 21.82 as of 2:34 EST. As of 2:29 EST, the S&P 500 Volatility Index – or VIX – advanced 1.61 percent to 12.66 although the VIX Short-Term Futures ETN declined 1.92 percent to 23.52 (NYSEARCA:VXX). The Euro STOXX 50 Index finished Tuesday’s session with a 0.36 percent decline to 2,716 – staying well above its 50-day moving average of 2,613.  After struggling since the beginning of the new year, the STOXX 50 is finally breaking above its resistance level of 2,700.  Its Relative Strength Index is 66.67 (NYSEARCA:FEZ).  The FTSE 100 Index dipped 0.07 percent to 6,176 (NYSEARCA:EWU).  The German DAX Index dropped 0.68 percent to 7,696 (NYSEARCA:EWG).  France’s CAC 40 Index fell 0.59 percent to 3,741 (NYSEARCA:EWQ).  Spain’s IBEX 35 Index dropped 0.44 percent to 8,627 (NYSEARCA:EWP).  Italy’s FTSE MIB Index advanced 0.39 percent to 17,700 (NYSEARCA:EWI).   Politics Punishing Malaysia ETF As of 2:37 EST, the euro advanced 0.01 percent against the dollar, trading at $1.3314 (NYSEARCA:FXE). On London’s ICE Futures Europe Exchange, March futures for Brent crude oil advanced by 78 cents (0.70 percent) to $112.49/bbl. (NYSEARCA:BNO, NYSEARCA:USO).   Crude Gains on Firming German, Eurozone Sentiment Data February Gold futures advanced by $2.80 (0.17 percent) to $1,693.60 per ounce (NYSEARCA:GLD). ETF Summary:  SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA)  +0.43%  as investors respond enthusiastically to the day’s positive earnings reports. SPDR EURO STOXX 50 ETF (NYSEARCA: FEZ )  +0.17%  as the upbeat report on German investor sentiment received a stronger reaction from American investors than it received in Germany. Materials Select Sector SPDR ETF (NYSEARCA:XLB)  +0.97%  as its #2 and #5 holdings, DuPont and Freeport, Moran Copper report strong earnings. iShares Barclays 20+ Year Treasury Bond Fund (NYSEARCA:TLT)  +0.15%  as the outlook for a positive resolution of the debt ceiling battle gives Treasury bonds a boost.   Learn More About iShares ETFs SPDR S&P 500 INDEX ETF (NYSEARCA:SPY)  +0.44%  as positive earnings reports enhance investor confidence.   5 Sector ETFs to Start 2013 Bottom line:  Tuesday’s positive earnings reports from DuPont, Travelers and Freeport , McMoran Copper fueled investor bullishness resulting from the possibility that the debt ceiling crisis could reach an early resolution.    Sign up for Wall Street Sector Selector’s FREE Stock Market Timing Indicator!    Disclaimer: The content included herein is for educational and informational purposes only, and readers agree to Wall Street Sector Selector’s Disclaimer , Terms of Service , and Privacy Policy before accessing or using this or any other publication by Wall Street Sector Selector or Ridgeline Media Group, LLC.
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