Market Overview

Mid-Morning Market Update: FOMC Minutes Released Early, First Solar Letting Out Air

Mid-Morning Market Update: FOMC Minutes Released Early, First Solar Letting Out Air
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Following the market opening Wednesday, the Dow traded up 0.58 percent to 14,758.98 while the NASDAQ rose 1.07 percent to 3,272.44. The S&P also rose, increasing 0.68 percent to 1,579.51.

Index Technicals:
The S&P 500 looks to be hitting its 1,575 resistance, with 1,560 acting as support below that.

The Dow looks to take out its 14,700 new highs, which will become support.

The Russell is hitting its 20 EMA resistance at 934.18, with 940 resistance above that.

Finally, the NASDAQ looks to be taking out its 3,240 resistance, with 3,270 resistance higher.

Top Headline
Making headlines this morning was the early release of the FOMC minutes. Originally slated for release today at 2 PM EST, it was reported that the document was accidentally sent yesterday sometime after 2 PM EST, giving those individuals as much as 24 hours of lead time before the official release.

Upon realizing the error, the Fed moved up its official release to 9 AM EST this morning, and has notified the SEC to look for whether or not trades were made on the data.

Stay tuned to Benzinga for more updates on this scandal.

Equities Trading UP
ManKind (NASDAQ: MNKD) was on the rise Wednesday morning, gaining 5.91 percent to $4.30 on seemingly little news.

Shares of JDS Uniphase (NASDAQ: JDSU) were also up, gaining 4.42 percent to $13.93 on a possible short squeeze.

Ceina (NASDAQ: CIEN) traded up as well, gaining 4.70 percent to $16.25 after landing a new contract with iFiber this morning.

Equities Trading DOWN
Titan Machinery (NASDAQ: TITN) fell sharply at the market opening, gapping down 16.53 percent to $21.80 after reporting earnings this morning.

Health Management Association (NYSE: HMA) fell 15.45 percent to $10.65 after announcing disappointing guidance for 2013 and releasing earnings this morning.

Shares of First Solar (NASDAQ: FSLR) are pulling back this morning after a strong rally yesterday, falling 6.71 percent to $36.71 as traders took profits on some massive gains made during yesterday's rise.

In commodity news, oil traded down 0.58 percent to $93.65, while gold traded down 0.57 percent to $1,577.50.

Silver traded down 0.71 percent Wednesday to $27.79, while copper fell 0.54 percent to $3.42.

European markets shot up this morning in hopes of additional easing measures from the Fed.

The Spanish Ibex lead the charge, gaining a staggering 2.14 percent, while the German DAX rocketed upwards as well, gaining 1.36 percent.

The FOMC meeting minutes were mistakenly released early yesterday according to the Fed to a group of about 100 legislators and trading lobbyists. As a result, the minutes release was moved forward to 9 AM EST this morning, and stated that little has changed in the fed outlook.

Posted-In: Earnings News Guidance Commodities Global Econ #s Economics Hot


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