US midday: Americans voted for action, Obama says

LONDON (ShareCast) - -Americans voted for action -Obama
-S and P 500 bounces at support
-Republicans may be more inclined to compromise
-China blocks Google (NasdaqGS: GOOG - news) sites
-Fed does not expect to make Basel III rules effective on January 1st
-Consumer confidence back at mid-2007 levels
-US Q3 GDP now tracking at 3.2 per cent -Barclays (LSE: BARC.L - news)
-Ex-Goldman trader accused of hiding 8.3bn dollar position

Dow Jones Industrials: 0.38%
Nasdaq Comp.: 0.81%
S&P 500 (SNP: ^GSPC - news) : 0.69%

The major US equity averages are now bouncing back slightly. The negative news-flow out of Europe (Chicago Options: ^REURUSD - news) concerning Greece, in particular, but also France, may have been partially mitigated by moderately better than forecast economic statistics out today. Investors have also been intently following speeches in Washington from the Republican speaker of the House -John Boehner- and President Obama. Significantly, if true, for some observers Republicans now seem more willing to compromise.

Of great relevance as well, the S&P 500 seems to be bouncing back a little from around its so-called 200 day moving average. Also possibly to be had in account, there continues to be market-chatter regarding the possibility that investors may be selling ahead of the January 1st 2013 increase in capital gains taxes.

As regards the aforementioned level of "technical" support for the S&P 500, that average in particular is widely considered to mark the dividing line between a rising and falling market, although it is not completely fail-safe and allowance must be made for small dips below it which sometimes constitute "false signals".

"Worth pointing out, 200 day moving averages are rarely breached on a first attempt," comment analysts at Digital Look. In any case, investors are also expectant ahead of US consumer confidence numbers expected out later in the day.

With potentially positive implications perhaps, Bloomberg cites ex-White House Chief of Staff William Daley as saying that a blueprint for a deal to avoid a fiscal nightmare early next year may be found in the failed debt negotiations between President Barack Obama and House Speaker John Boehner in mid-2011.

As regards House Speaker and Ohio Republican John Boehner´s speech tonight, in it he called for a "simpler, cleaner, fairer tax code," instead of rate increases, while pointing out that taxing "rich" Americans would result in the loss of 700,000 jobs, citing a study by consultancy KPMG. "This is an opportunity for the president to lead," he added in the televised speech.

For his part, President Barack Obama called for an immediate tax-cut extension for those who earn an income below $250,000, while insisting that those he sees as the very top earners must pay more.

Deutsche Bank (Xetra: 514000 - news) is going to Disney (NYSE: DIS - news)

Meantime, and in company news, fashion retailer JC Penney (NYSE: JCP - news) is dropping sharply after announcing a larger than forecast third quarter loss.

Shares of Group-on are plummeting after unveiling disappointing sales figures.

Network (BSE: NETWORK.BO - news) equipment maker Cisco Systems (Hanover: 918546.HA - news) is off following a downgrade by JP Morgan. is to acquire Kayak Software for $1.8bn in cash and stock.

Deutsche Bank adds Walt Disney to its short-term buy list.

Consumer confidence levels back at mid-2007 levels
The University of Michigan´s consumer confidence gauge for the month of November (Xetra: A0Z24E - news) has come in at 84.9 points, versus last month´s level of 82.6 (Consensus: 83). That is its highest level since July 2007. Both the expectations and current situation gauge rose.

Wholesale inventories increased by 1.1% month-on-month in September (Consensus: 0.4%), the most since December of 2011. Sales gained 2%.

Treasuries flat ahead of data releases
10 year US Treasuries are now falling by 2/32 dollars, with yields at 1.62%.

Front month West Texas crude futures are rising by 1.12% to the $86.04 mark on the NYMEX.

S&P 500 - Risers
Cliffs Natural Resources Inc. (CLF) $37.14 +5.33%
Covidien Plc (COV) $56.19 +5.30%
International Game Technology (IGT) $13.44 +4.75%
Public Storage (NYSE: PSA - news) (PSA) $146.69 +3.36%
Gannett Co (Berlin: GTT.BE - news) . Inc. (GCI) $17.18 +3.31%
Boeing Co (NYSE: BA - news) . (BA) $73.13 +3.03%
First Solar Inc (NasdaqGS: FSLR - news) . (FSLR) $24.86 +2.94%
Netflix Inc (NasdaqGS: NFLX - news) . (NFLX) $78.06 +2.75%
Alexion Pharmaceuticals Inc (NasdaqGS: ALXN - news) . (ALXN) $91.09 +2.71%
Carnival Corp (NYSE: CCL - news) . (CCL) $39.29 +2.67%

S&P 500 - Fallers
Walt Disney Co. (DIS (SNP: ^DISY - news) ) $47.19 -5.70%
J.C. Penney Co. Inc. (JCP (Taiwan OTC: 4747.TWO - news) ) $20.63 -4.89%
Microchip Technology Inc. (MCHP) $30.74 -3.66%
Ameren Corp (NYSE: AEE - news) . (AEE (Xetra: 820250 - news) ) $30.51 -3.14%
Nvidia Corp. (NVDA) $12.32 -2.84%
PulteGroup Inc (Munich: 90044.MU - news) . (PHM) $16.88 -2.82%
Phillips 66 Common Stock (PSX) $47.64 -2.78%
Hess Corp (NYSE: HES - news) . (HES) $50.78 -2.72%
Apollo Group Inc. (APOL) $18.89 -2.58%
Big Lots Inc (NYSE: BIG - news) . (BIG) $28.90 -2.53%

Dow Jones I.A - Risers
Boeing Co. (BA) $73.13 +3.03%
Caterpillar Inc (NYSE: CAT - news) . (CAT) $85.02 +1.63%
General Electric Co. (GE) $21.20 +1.48%
Alcoa Inc (NYSE: AA - news) . (AA) $8.49 +1.25%
AT&T Inc. (T) $33.57 +1.11%
Bank of America Corp (NYSE: IKJ - news) . (BAC) $9.48 +0.96%
JP Morgan Chase & Co. (JPM) $40.78 +0.94%
American Express Co. (AXP) $56.01 +0.81%
Intel Corp (NasdaqGS: INTC - news) . (INTC) $20.97 +0.67%
Microsoft Corp (NasdaqGS: MSFT - news) . (MSFT) $28.99 +0.63%

Dow Jones I.A - Fallers
Walt Disney Co. (DIS) $47.19 -5.70%
Hewlett-Packard Co. (HPQ) $13.74 -0.58%
United Technologies Corp. (UTX) $75.85 -0.41%
McDonald's Corp. (MCD) $84.91 -0.26%
Wal-Mart Stores Inc. (WMT) $72.39 -0.12%
International Business Machines Corp. (IBM (NYSE: IBM - news) ) $189.89 -0.11%
Coca-Cola Co. (KO) $36.32 -0.11%

Nasdaq 100 (Nasdaq: ^NDX - news) - Risers
Research in Motion Ltd. (RIMM) $8.53 +4.02%
Sirius Satellite Radio Inc (NasdaqGS: SIRI - news) . (SIRI) $2.77 +3.75%
Warner Chilcott Plc (WCRX) $11.80 +2.97%
Netflix Inc. (NFLX) $78.06 +2.75%
Alexion Pharmaceuticals Inc. (ALXN) $91.09 +2.71%
Applied Materials Inc (NasdaqGS: AMAT - news) . (AMAT) $10.75 +2.38%
Sears Holdings Corp (NasdaqGS: SHLD - news) . (SHLD) $63.26 +2.30%
Monster Beverage Corp (MNST) $45.42 +2.29%
Biogen Idec Inc (NasdaqGS: BIIB - news) . (BIIB) $138.52 +2.15%
QUALCOMM Inc. (QCOM) $61.91 +2.04%

Nasdaq 100 - Fallers
Microchip Technology Inc. (MCHP) $30.74 -3.66%
Nvidia Corp. (NVDA) $12.32 -2.84%
Apollo Group Inc. (APOL) $18.89 -2.58%
Activision Blizzard Inc (NasdaqGS: ATVI - news) . (ATVI) $10.74 -2.32%
Express Scripts Holding Co (ESRX) $53.59 -2.22%
Akamai Technologies Inc. (AKAM) $36.36 -1.92%
Randgold Resources Ltd. Ads (MCX: APDS.ME - news) (GOLD) $112.99 -1.75%
Nuance Communications Inc (NasdaqGS: NUAN - news) . (NUAN) $21.15 -1.27%
Dollar Tree Stores Inc. (DLTR) $37.72 -1.08%
Bed Bath & Beyond Inc (NasdaqGS: BBBY - news) . (BBBY) $57.22 -1.00%