PICKOPTION FREE UPDATE: Choppy session finished with modest gains

December 10th, 2009 at 8:43 am

PICKOPTION FREE UPDATE: Choppy session finished with modest gains

1. OUTLOOK: Stocks gained after the falling dollar boosted commodity stocks and a rise in wholesale inventories and an upgrade of 3M provided some optimism. The federal bailout plan will be extended until Oct. 3, 2010. The technology sector eked modest gains bouncing back from the red. Texas Instruments narrowed its earnings outlook, pointing to a strong fourth quarter, but some analysts said investors’ expectations may have been overheated. Shares fell 1.29%. Apple was up 4.18% on tablet chatter.
Citi rose 0.3% in heavy volume after-hours, as it announced plans to raise $20 billion selling new equity to repay the TARP.
Advancing Sectors: Materials (+1.3%), Tech (+0.9%), Health Care (+0.6%), Financials (+0.4%), Utilities (+0.4%), Energy (+0.1%)
Declining Sectors: Consumer Discretionary (-0.2%)
Unchanged: Consumer Staples, Industrials, Telecom
FEAR GAUGE: The S&P implied volatility inched lower to 19.50 on strong economic news.
IN FOCUS: Costco is expected to report earnings of $0.60 a share. The October trade balance is due before the markets open. Weekly jobless claims report is due out in the morning. The Treasury budget is due in the afternoon.

Daily chart

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PICKOPTION FREE UPDATE: Choppy session finished with modest gains