STOCK MARKET WATCH, Friday 21 May

[ozymandius]

Friday May 21, 2004

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 248
DAYS SINCE DEMOCRACY DIED (12/12/00) 3 YEARS, 161 DAYS
WHERE'S OSAMA BIN-LADEN? 2 YEARS, 214 DAYS
WHERE ARE SADDAM'S WMD? - DAY 428
DAYS SINCE ENRON COLLAPSE = 911
Number of Enron Execs in handcuffs = 18
Recent Acquisitions: Jeff Skilling
ENRON EXECS CONVICTED = 2
Other Arrests of Execs = 54

U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES-----------------------------S&P FUTURES




AT THE CLOSING BELL ON May 20, 2004

Dow... 9,937.64 -0.07 (-0.00%)
Nasdaq... 1,896.59 -1.58 (-0.08%)
S&P 500... 1,089.19 +0.51 (+0.05%)
10-Yr Bond... 4.72% -0.08 (-1.59%)
Gold future... 378.50 -4.50 (-1.17%)

DOW..........................NASDAQ.......................S&P

||


GOLD, EURO, YEN and Dollars


~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

[ozymandius]

1. Two things: The charts are a little off. Here's another cartoon.

I was conflicted. They're both so damned good.

[54anickel]

2. LOL! They are both great. If I had to choose, I think I'd go with the

second one. That's just too funny! The first one is a bit gross and just WAY too stinking close to the truth.

[ozymandius]

6. But..but...the FOOT

Yes, it's a little gross. But then you gotta wonder how this creation is going to drink a cup of coffee.

:donut:

[54anickel]

10. "Talk to the hand". That was the saying around my old workplace

once in a while. Marketing would come crying to Engineering about one impossible creation or another that was not going to make it on to the development bench, much less off it and out to market. One of my co-workers would put his hand out stretch in that stop position and just say "talk to the hand".

Did I ever mention I worked in quite the Dibertesque environment? :evilgrin:

[54anickel]

3. Looks like Asia did well overnight.

7:59AM Asian Summary : Asian markets soared overnight, led by tech shares after a US report showed semiconductor equipment orders had doubled since last year, along with a book-to-bill ratio of 1.14 in April. The Nikkei posted almost a 2% gain, with Korea advancing 2.4% and Taiwan up 2.9%. Big movers for the day included Samsung Electronics +1.5%, Hynix Semi +3%, Tokyo Electron +2.6%, and Kyocera +2.1%. Sumitomo Trust & Banking will buy UFJ Holdings' trust banking business for US$2.68 bln, creating Japan's largest provider of pension fund services. The Hang Seng index gained 2.08% after Hutchinson Wampoa, run by billionaire Li Ka-shing, posted better than expected results and beat estimates for growth in high-speed mobile-phone subscribers. SE Asia rose in anticipation of an OPEC production increase, relieving concerns over high import prices.

[54anickel]

4. Forex News & Analysis

http://www.forexnews.com/na/default.asp?f=N20040521B.mgn

Dollar Follows Yields Lower, Larger Correction May Be in Store

The dollar fell below key support against the euro and yen at 1.2040 and 112.25 putting the dollar index within reach of violating its 3-month long rising trendline support at 90, suggesting that the dollar may correct a larger portion of its 3-month rally. Since we first wrote 5 weeks ago that the euro would find a “trio of support” at 1.1750, the euro has chopped sideways giving no hint of its intended direction. But this week we centered on the fact that the euro is getting squeezed between two important trendlines that would soon force its hand. Today the euro briefly moved above its 3-month long downtrend resistance at 1.2040, hinting that a multi-week rally may be in store.

Yields Break Down, Dollar Follows

On Tuesday we said that if bonds were to have reached a short term bottom last Friday, as we suspect, then the dollar, which has priced in the rising rates scenario, could easily fall along with a correction in yields over the coming weeks. Today the 10-year yield fell to 4.69%, after retesting its broken trendline of the 2-month rally from 3.65% to 4.9%.

While our outlook for the dollar remains bullish, due to rising interest rate expectations, bonds are oversold and due for a rally, which should weigh on the greenback. Moreover, the short dollar positions put on in 2003 have been sufficiently unwound this year making the dollar vulnerable to a larger correction of recent gains. In fact, on Monday we noted that an interesting aspect of the latest commitment of traders report showed that euro net longs actually rose 6k in the week ending May 11, despite the euro falling sharply from 1.2170 to 1.1760. This is where we highlighted a “trio of support” for the euro, and traders appear to have added to their euro positions at that very point. That the buying took place in the wake of April’s surprise payroll report suggested that traders are not yet willing to let the euro break down from its 2-year trendline support at 1.18.

Canadian Dollar Gives Hints to the Future

While a reversal in the dollar has not yet been confirmed, this week’s sharp decline in the US dollar/ Canadian dollar rate suggests that the dollar rally may need to correct before going higher. The dollar’s sharp reversal against the Canadian dollar will mark a weekly reversal if it closes below 1.39 today. Since that appears very likely, the bearish reversal should then see follow through next week hinting at an extended decline in the dollar over the coming weeks.

We highlight the severity of this week’s selloff in USD/CAD because this particular pair has been a leading indicator of the dollar’s overall direction since it bottomed in January, one full month before the dollar index bottomed in February. Therefore, traders should be aware that this might indicate a larger reversal for the dollar this month.

USD/JPY

The dollar fell below our cited support at 112.25, opening the way for a move to 110.45, the 38.2% retracement of the 103.40 to 114.84 rally. Key resistance at 115.45, the 38.2% retracement of the 135 to 103.40 decline, appears to have been too much for the pair after a 6-week rally.

more...

[ozymandius]

5. WrapUp by Martin Goldberg

Too Many Stores at the Mall, Too Much Optimism at Broad & Wall
A Look at Apparel Retailers

Tonight I would like to focus on some key specialty apparel retailers. With short-term economic conditions perfect for these companies in the short run, over-optimistic speculators have once again bid their shares to unrealistic and unsustainable valuations. History shows that they now have nowhere to go but down. Once the downward momentum builds, the rate of descent is likely to be fast and devastating to shareowners. While Wall Street trumpets “strong buy” recommendations, and the momentum crowd heads for the exits, the charts of these companies are indicating that trouble is near.

General Conditions

Are you seeing an overabundance of retail stores in your neighborhood? Retail is a viciously competitive business. The amount of potential growth available in retail is a function of the population growth, and the amount of “stuff” that the population buys. Over time, the amount of stuff purchased does not change significantly – It rises when economic conditions are more favorable, and falls when they are less so. The cyclical nature of retailing cannot be fundamentally changed the long-term. The purchase of stuff on credit card and home equity debt, which is practically encouraged by our government and the Fed, is simply sacrificing our ability to buy stuff in the future in order to buy stuff in the present. It’s a zero-sum game. The only way for retailers to grow is to take market share from the next guy, but the next guy never goes away. The massive amounts of speculation on Wall Street assures that there will always be excess retail companies going public during the boom times, and numerous failures (and loss of shareholder wealth) during the busts. In spite of these consistent reoccurring patterns, Wall Street analysts tend to trumpet, “strong buy” at market tops, and “avoid” at the bottoms. Company insiders always use the boom times to sell their shares to the public. During boom times like these with some retailers selling at valuations of over 30 times earnings, it’s difficult to believe that when times are bad, you can easily purchase consistently profitable retail companies with no balance sheet debt for less than their cash. Sharp technical analysts can make a living by buying retail companies near the market bottoms and selling them (and shorting them) near the market tops. However, long-term investors are almost assured sure heartbreak in this sector. Nowhere in retail is this pattern more pronounced as in the apparel retail game.

Credit Bubble on Main Street

The advertisement below is not a paid advertisement to FSO or Martin Goldberg, but an actual e-mail that I received this week from LendingTree. (Complete with commentary below, this advertising is “on the house”.)

Dear Martin Goldberg,

LendingTree is pleased to present you with another way to help you gain control of your finances. - See picture

I think that this add speaks volumes about the status of the existing credit bubble, which seems to be going parabolic. Note that Lending Tree is trying to sell home equity loans by encouraging homeowners with existing mortgages to take out an additional home equity loan in order to speculate. Note their statement, “Your home may be your single biggest investment. And a home equity loan or line of credit is without doubt the best way to earn a potentially significant return.” (My emphasis added) Amazing and tragic!

Note also LendingTree goes on to state, “You might be surprised to learn just how much equity you have. Then turn that equity into cash for just about any reason you can think of.” My opinion is that at some point LendingTree or the holder of the so-called “home equity” paper may be surprised to learn (the hard way), just how much equity they don’t have.

http://www.financialsense.com/Market/wrapup.htm

[ozymandius]

8. Sadly, this is the extent of my participation today.

Much work has to be done toward finishing some projects. This will mean long hours for me today.

Marketeers, have a great day at the Casino and a wonderful weekend!

Ozy :hi:

[54anickel]

7. Let the Market Do the Talking...

http://www.gold-eagle.com/editorials_04/rostenko052004.html

Quite the interesting stock market environment we find ourselves in lately, is it not? The data is bullish, the so-called recovery appears to be in full swing (the operative word being "appears") and yet the S&P 500 has broken under critical support to post a new 7-month low. The topping formation we've been discussing at The Sovereign Strategist for months looks to be confirmed, the "mini-bull" market hasn't seen new highs in seemingly forever, and the light is now green for sharply lower stock prices in months to come.

Hey man! What gives? Isn't this what the bulls have been waiting for? How can stocks be acting so cruddy when everything seems to be going so well? "Interest rates, man! They're gonna' raise 'em. Not good for stocks."

Is that right? Has anybody noticed that the Fed funds rate stands at 1%, a major historical low, and a low so low that it's considered at least a couple hundred basis points below where it should be? If the recovery is real, railing about a rate increase from these lows is like Rosie O'Donnell locked up in a cake shop, worrying about the ham sandwich she left in the glovebox.

If the economy is so bloody good, who cares if rates rise from a measly 1% to a just-slightly-less-measly 1.25%? Or 1.5% for that matter? Is this "full-fledged" recovery to come under threat with a 50 basis point increase? Surely a strong recovery can withstand a little rise from a nearly half-century low, can it not?

Right there you have it, folks. The most telling indication that the stock market is in trouble, that all this ballyhoo about a strong economy is not quite what it appears to be. In bull markets, stocks respond favorably to good news and ignore the bad news. Where are we today? The market has ignored most of the good news, failed to extend its highs and is OBSESSED WITH BAD NEWS.

more...

[UpInArms]

9. daily dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DXY0

Last trade 90.24 Change -0.79 (-0.87%)

http://www.fxstreet.com/nou/noticies/afx/noticia.asp?pv_noticia=1085127370-9e32d306-12447

Forex - Dollar drifts lower vs euro, stg after comments from Fed's Bernanke

LONDON (AFX) - The dollar drifted lower against major currencies as markets digested overnight comments from Fed governor Ben Bernanke that US rates are likely to rise gradually, in an otherwise quiet session

In a much awaited speech, Bernanke also said the interest rate outlook will ultimately be determined by the overall economic scenario

Analysts said the comments appear to be weighing on the dollar but added that trading remains quiet with little on the data calendar today

Especially after a weak reading in the Philadelphia Fed index of confidence yesterday, the Bernanke remarks suggest markets have been too aggressive in their US rate hike expectations, said Michael Klawitter, analyst at West LB

"The dollar should come under downward pressure once these expectations are revised lower," he said. Against this backdrop, the euro rose past the 1.20 usd mark while the pound was lifted above 1.78 usd

The next big hurdle for the dollar comes next week when US labour market figures are released. Expectations are running high after two straight months of better than expected job creation. Elsewhere, focus is also on the informal OPEC meeting in Amsterdam this weekend which many hope will yield in a hike in oil output, thereby keeping oil price rises in check.

...more...

(edited to remove redundancy - posted same link as "twin" :) )

I like the second 'toon, too, Ozy - it showed the passive/aggressive stance so well :D

Hey 54anickel, is it one of those witchiebroom days, or just a normal options expiration moment?

Have a great day Marketeers!

[54anickel]

11. "Normal" (if you can all anything in this market place that these days)

options expiration. Here's a bit on those witchy-thingies -

Quadruple Witching

A day on which contracts for stock index futures, stock index options, stock options, and single stock futures (SSF) all expire.

This is similar to the triple witching hour, except that the quadruple witching hour sees also the expiry of SSFs.

Quadruple witching days occur on the 3rd Friday of March, June, September and December.

These are the same dates for the Triple Witching

Triple Witching

An event that occurs when the contracts for stock index futures, stock index options, and stock options all expire on the same day. Triple Witching Days happen four times a year: the 3rd Friday of March, June, September, and December. It is sometimes referred to as Freaky Friday.

The final trading hour for that Friday is the hour known as triple witching. In this final hour the markets are quite volatile as traders are quickly offsetting their option/futures order before the closing bell. If you are a long-term investor, then triple witching has minimal impact.

source:http://www.investopedia.com/terms/q/quadruplewitching.asp

[54anickel]

12. Here's one for Ozy - Dinosaur - March 7, 2026

http://www.321gold.com/editorials/bonoff/bonoff052104.html

Fed Chairman celebrates 100th birthday

Mar 7 (Gloomberg) -- Alan Greenspan, the chairman of the Federal Reserve, yesterday celebrated his 100th birthday and hinted that he would welcome the chance to serve at the helm of the world's most important central bank for an unprecedented 11th four-year term.

President Chelsea Clinton honoured Mr Greenspan with a small celebration at the White House. They were joined by other senior Fed officials and a small group of individuals with whom Mr Greenspan has worked in his 50 years in public life. These included the president's father, the Rev Bill Clinton, rector of the Harlem Church of Reformed Transgressors and Arnold Schwarzenegger, the former actor, governor of California and International Monetary Fund managing director.

Mr Greenspan said he planned to celebrate by sticking to his usual daily regimen of playing a couple of sets of tennis, bench-pressing 300 lb and reciting the monthly statistics for cold-rolled steel production in the Midwest (seasonally adjusted) between 1923 and 1937.

He dismissed concerns that his age might be starting to undermine his capacity to run the world's largest economy.

more...

[54anickel]

13. Tidbit on executive pay in options here

http://www.prudentbear.com/marketsummary.asp

When 70% is not enough
Earlier this week 70% of the shareholders of Massey Energy Company voted for a proposal that would have given stockholders the right to limit bonuses paid to executives. That wasn’t enough for the measure to pass. A “supermajority” of 80% is required.

Similarly, 54% of Intel shareholders voted in favor of referendum calling on the board to require expensing all future stock options. The company declined to change the status quo, however, and would rather keep such matters far from the income statement.

Curiously, lawmakers can feel Intel’s pain on the issue. A House Subcommittee passed a bill that requires the SEC to complete an “economic impact study” before FASB (the accounting rule maker) is allowed to implement its proposed rule on stock options. Other measures designed to water down the FASB proposal include expensing only stock options granted to the CEO and the next four highest-paid officers. Newly public companies could skip the whole expensing thing for three years.

Robert Denham, FASB chief, was justifiably indignant over Congresses lack of reform minded zeal when it comes to high tech companies. CFO.com quotes Denham as saying, "By inserting Congress into the setting of standards for accounting by publicly traded companies, H.R. 3574 would undermine the independence of the Financial Accounting Standards Board, which Congress recently reaffirmed in the Sarbanes-Oxley Act."

Sar-Box good, options reform bad. Go figure.

[54anickel]

14. Intel Balks at a Request to Expense Stock Options

http://www.nytimes.com/2004/05/20/business/20chip.html

SAN FRANCISCO, May 19 - A majority of shareholders at the Intel Corporation challenged management on a contentious issue by backing a resolution calling for employee stock options to be treated as a normal business expense, Intel announced Wednesday at its annual meeting.

But as long as accounting regulators permit it, the company's executives said, Intel would continue to report stock options - fiercely defended in Silicon Valley and widely used in technology companies as a popular form of compensation - in a way that does not show up as a direct cost on its profit-and-loss statements.

Although Intel strongly opposed the shareholder proposal, 54 percent of the 5.7 billion votes cast backed the advisory referendum calling on the board to establish a policy expensing all future stock options, the company said. The vote represented a symbolic victory for those advocating the expensing of options.

As this debate has raged, Intel's senior management has been outspoken in its belief that expensing stock options would be bad both for the company and the entire technology industry. On Wednesday, Intel's top executives stuck to the same script.

"I will continue to advocate that we should not do expensing,'' Andy D. Bryant, Intel's chief financial officer, told wire service reporters after the meeting. He answered "yes'' when asked if he thought shareholders were wrong to vote in favor of the resolution, which was sponsored by the United Brotherhood of Carpenters and Joiners of America pension fund.

more...

[54anickel]

15. China Is Global Economy's 800-Pound Gorilla

http://quote.bloomberg.com/apps/news?pid=10000039&refer=columnist_pesek&sid=an4qVQXx9hgc

The Risks

Yet that's both the spin and the best-case scenario. It's astounding to see how little serious discussion there is these days about the risks inherent to China's retooling efforts.

China has a poor track record of achieving soft landings. Take 1994, when inflation was rising more than 20 percent. It slammed on the brakes, brutally curtailing borrowing. The result was skyrocketing unemployment and a loss of confidence in China's economy.

The most common remark one hears from international business people is that there's little to fear this time. ``Look, even if China slows from 9 percent to 7 percent, that's still tremendous growth,'' says William Weidner, president of Las Vegas Sands Inc., which this week opened the $240 million Sands Macau casino. ``I'm not too concerned.''

Those visiting Beijing tend to come back convinced officials understand the problems and are very much on top of them. Yet comprehension and competence aren't enough; China also needs the tools and experience to avoid a hard landing.

``The difficulties inherent in fine-tuning the Chinese economy suggest that the adjustment to more moderate growth is likely to be bumpy, with implications for the rest of the region and the world,'' the Washington-based Institute for International Finance said in its latest assessment of Asia's economies.

more...


Hmmm, would that be one of the reasons Snow wants to teach them all of the virtues of derivatives? :shrug:

[54anickel]

16. How Fears of Rising U.S. Interest Rates Sent World Markets Reeling

http://www.nytimes.com/2004/05/21/business/21norris.html

COULD stock markets in Brazil and China, not to mention the junk bond market in the United States and the price of gold, really be suffering because the Federal Reserve is sending out hints that it will raise short-term interest rates?

The answer is yes. Only now is it becoming clear just how much of the market froth of 2003 was based on what is known as the carry trade, in which people borrowed dollars cheaply and invested them in all manner of markets.

That process accelerated as 2004 began. ''We had a cluster of financed trades around the turn of the year, all funded by cheap U.S. credit with a falling dollar,'' said David Bowers, the London-based chief investment strategist for Merrill Lynch. But as it became clear that rates would rise, and as the dollar recovered some of its losses, ''Now we have the prospect of people being forced to liquidate.''

The first really good jobs report in the United States came out on April 2 - pointing to a robust economy that would finally force the Fed to move toward tightening monetary policy - and within days markets around the world were heading down. From April 6 through their lows this week, markets in Brazil, Argentina, India and Turkey all lost at least 20 percent of their value.

That sounds like an emerging market story, but it goes further. Gold, which is supposed to be a haven in times of economic uncertainty, and copper, a traditional measure of worldwide economic strength, have also shown significant losses. Developed markets also suffered, although not as much.

more...

[54anickel]

17. Whoa, what's up with gold all of a sudden? That's on the NY open, isn't

it? Something bad in the headlines or did the dollar take a break?

[UpInArms]

20. maybe this?

http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=5220171

Dollar Retreats; U.S. Rate Outlook Clouds

LONDON (Reuters) - The dollar suffered broad losses on Friday after a Federal Reserve official's comments raised doubts over how quickly the U.S. central bank would raise interest rates.

Federal Reserve Board Governor Ben Bernanke said on Thursday the bank should be able to push interest rates up at a gradual pace, wrong-footing many who had bet on aggressive rate hikes to cool the fast- growing U.S. economy.

With expected returns on U.S. deposits looking less appealing, the greenback slid to its lowest in two weeks against the euro, yen and British pound.

"Bernanke's comments have made people more cautious about aggressive U.S. rate hikes but positioning has also been behind the dollar's fall," said Shahab Jalinoos, senior currency strategist at ABN AMRO.

"At the moment conviction is low and intra-day ranges are high."

By 1200 GMT, the dollar was nursing losses of three-quarters of a percent at 111.91 yen (JPY=: Quote, Profile, Research) and $1.2045 per euro (EUR=: Quote, Profile, Research) .

...more...

[54anickel]

22. Probably, just noticed the overnight drop from 90.74 to 90.11 Must

have been NY correcting for that when it first opened. :shrug:

Figured old Ben's piehole would have some effect somewhere in the markets yesterday.

[UpInArms]

23. maybe they have put a "floor" under it

the low was 90.07

Last trade 90.13 Change -0.90 (-0.99%)

Settle 91.03 Settle Time 23:35

Open 90.74 Previous Close 91.03

High 90.87 Low 90.07

Volume 1,154

[54anickel]

18. Opec plays down oil output boost

http://news.bbc.co.uk/1/hi/business/3735405.stm

Oil cartel Opec is trying to pour cold water on expectations it will boost oil output in the face of record prices.

Ahead of an informal meeting in Amsterdam, Opec ministers are warning that factors such as security concerns, and not shortages, are driving costs.

Industrialised nations fear that high prices could damage the global economy, and have called for action from Opec.

snip>
In any case, recent figures show that Opec nations are already over-producing by as much as 2 million barrels a day.

Any increase in production would come almost entirely from Saudi Arabia, since other members are near their maximum output.

[54anickel]

19. American Express to face fund probe

http://money.cnn.com/2004/05/19/funds/fundsfire_amex.reut/

NEW YORK (Reuters) - American Express Co. Wednesday said it may face an NASD enforcement action alleging it improperly accepted money to market outside mutual funds through its network.

The New York-based financial services company said NASD staff made a preliminary recommendation the regulator act against American Express Financial Advisors' broker-dealer unit for possible securities law and NASD rule violations. It received notice of a possible NASD action this week, spokesman Michael O'Neill said.

American Express (AXP: Research, Estimates) is one of dozens of companies being investigated by regulators over improper mutual fund practices.

It said the NASD staff allegations concern arrangements under which AEFA received payments from non-proprietary mutual funds to make their products available through AEFA's national distribution network.

more...

[54anickel]

21. Stocks primed for a Friday bounce

http://money.cnn.com/2004/05/21/markets/stockswatch/

Early Friday, the Nasdaq-100 and the S&P futures were solidly higher.

Tech stocks traded higher overseas after North American semiconductor capital equipment makers saw orders rise 16 percent in April from March, as stronger sales of electronics boosted the spending plans of chip makers, according to Semiconductor Equipment and Materials International.

Orders for equipment reached $1.59 billion from $1.38 billion in March, and were up 111 percent from April 2003 orders, the industry group said Thursday, while shipments rose 10 percent to $1.40 billion from March's $1.27 billion level.

more...

[Maeve]

24. And here we go!

Dow 9,982.71 +45.07 (+0.45%)
Nasdaq 1,908.83 +12.24 (+0.65%)
S&P 500 1,094.03 +4.84 (+0.44%)
10-Yr Bond 4.690% -0.028

[Maeve]

25. 10:24 and not quite as cheerful

Dow 9,961.20 +23.56 (+0.24%)
Nasdaq 1,902.33 +5.74 (+0.30%)
S&P 500 1,091.64 +2.45 (+0.22%)
10-Yr Bond 4.690% -0.028

[UpInArms]

26. Market doing the "Happy Happy Joy Joy" Dance at 11:12 EST

Dow 10,018.55 +80.91 (+0.81%)
Nasdaq 1,912.50 +15.91 (+0.84%)
S&P 500 1,097.94 +8.75 (+0.80%)
10-Yr Bond 4.707% -0.011

[Maeve]

27. Buying on the dip, do you suppose?

:shrug: Never have understood gamblers...

[salin]

28. the numbers/graphs

aren't loading - have to rely on ya'll to keep posting the numbers.

[Maeve]

29. Here's where we usually pull the numbers from

http://finance.yahoo.com/mo

I keep a window open to that page and refresh periodically.

[salin]

34. Thanks, much, Maeve!

:D

[Merlin]

40. Wow! That's a lotta work. Many thanks! n/t

.

[Maeve]

30. Noon update with blather

Dow 10,012.52 +74.88 (+0.75%)
Nasdaq 1,912.63 +16.04 (+0.85%)
S&P 500 1,097.24 +8.05 (+0.74%)
10-Yr Bond 4.729% +0.011
NYSE Volume 560,129,000
Nasdaq Volume 666,424,000

12:00PM: Stock market started the day in the same daze it possessed last session, but furtively put together a broad-based rally around 11 ET... No one catalyst could be pinpointed for the spurt in buying interest - just a combination of technical factors (Dow cleared its 200-day moving average at 10099, Nasdaq broke above yesterday's high of 1912), trading conditions (today marks a monthly options expiration), and likely short-covering when early morning selling pressure failed to suppress the advance...
Buyers have shown more willingness to dabble in stocks following 3 weeks in which the indices sold off heavily... Other factors helped turn the tide today: Asia's large move higher (+1.9-2.0%), better than expected earnings reports from names like Nordstrom (JWN 39.46 +2.23), and an April semiconductor equipment book-to-bill that rose to 1.14... Semiconductor has thus been a strong group today, along with banking, transportation, basic material, and biotech...

http://finance.yahoo.com/mo

[UpInArms]

33. gack!!! More simulposting :)

:hi:

[UpInArms]

31. Market Numbers at 12:07 EST and blather

Dow 10,016.21 +78.57 (+0.79%)
Nasdaq 1,912.84 +16.25 (+0.86%)
S&P 500 1,097.05 +7.86 (+0.72%)
10-Yr Bond 4.732% +0.014

12:00PM: Stock market started the day in the same daze it possessed last session, but furtively put together a broad-based rally around 11 ET... No one catalyst could be pinpointed for the spurt in buying interest - just a combination of technical factors (Dow cleared its 200-day moving average at 10099, Nasdaq broke above yesterday's high of 1912), trading conditions (today marks a monthly options expiration), and likely short- covering when early morning selling pressure failed to suppress the advance...

Buyers have shown more willingness to dabble in stocks following 3 weeks in which the indices sold off heavily... Other factors helped turn the tide today: Asia's large move higher (+1.9-2.0%), better than expected earnings reports from names like Nordstrom (JWN 39.46 +2.23), and an April semiconductor equipment book-to- bill that rose to 1.14... Semiconductor has thus been a strong group today, along with banking, transportation, basic material, and biotech...

One of the only groups to fall behind is wireless service, where Nokia (NOK 13.07 -0.08) was downgraded by Morgan Stanley (out of Europe) to Underweight from Equal-Weight, and Goldman Sachs cut its fair value and earnings forecasts...

Dollar Numbers:

Last trade 90.37 Change -0.66 (-0.73%)

[Maeve]

32. Now cut that out!

You tandem post with 54anickel, not me!!!

[UpInArms]

35. LOL!

[54anickel]

44. Yep, dat be us! Who's the one in the white hat? Isn't that usually the

"good guy"?

[UpInArms]

36. Market Numbers at 1:04 EST and blather

Dow 10,016.06 +78.42 (+0.79%)
Nasdaq 1,912.50 +15.91 (+0.84%)
S&P 500 1,097.33 +8.14 (+0.75%)
10-Yr Bond 4.740% +0.022

1:00PM: Indices continue to sport large gains in the mid-afternoon session... Right now, the Dow, Nasdaq, and S&P 500 are set up for a slightly higher close to the week in a bounce off the recent weakness... The indices are all down 4%, 5%, and 1% respectively for the year as investors have fretted over rising interest rates... Briefing.com would concede that they will lower the present value of future earnings, but we would disagree with the notion that they will spell an end to stock appreciation...

We expect that the market will trade flat over the summer months, only to resume a slight positive bias in the fall months as investors adjust to the changing interest rate environment...NYSE Adv/Dec 2364/815, Nasdaq Adv/Dec 1888/1071

[Maeve]

37. Not as happy at 1:50

Dow 9,971.42 +33.78 (+0.34%)
Nasdaq 1,905.48 +8.89 (+0.47%)
S&P 500 1,093.00 +3.81 (+0.35%)
10-Yr Bond 4.755% +0.037
NYSE Volume 774,044,000
Nasdaq Volume 867,374,000

[salin]

38. struggling to try to close above 10,000

but given that has been the upper boundary for a little while... looks like the collective psychological pull to the current equilibrium just might "win" the competing push/pulls (ups and slight bumps down) we have seen today.

[Maeve]

39. I like this bit o'blather

2:30PM: Stocks continue to trade at the midpoint of today's range as buyers remain an uninspired bunch... Although today's news has been mostly uplifting - strong earnings reports last night and a jump in the April semiconductor equipment book-to-bill ratio - it has not stamped out this week's mostly disturbing news... Namely, the head of Iraq's Governing Council was killed, a bomb exploded in Turkey, India's stock market fell 11% in one day (Monday) - the combination of which sent shockwaves through global markets...

Dow 9,976.67 +39.03 (+0.39%)
Nasdaq 1,904.64 +8.05 (+0.42%)
S&P 500 1,093.48 +4.29 (+0.39%)
10-Yr Bond 4.757% +0.039

http://finance.yahoo.com/mo

[TrogL]

41. Getting worse - who let out the water?

Dow 9,957.30 +19.66 (+0.20%)
Nasdaq 1,901.71 +5.12 (+0.27%)
S&P 500 1,090.91 +1.72 (+0.16%)
10-Yr Bond 4.760% +0.042

[UpInArms]

42. market and blather at 3:06 EST

Dow 9,944.88 +7.24 (+0.07%)
Nasdaq 1,901.16 +4.57 (+0.24%)
S&P 500 1,090.36 +1.17 (+0.11%)
10-Yr Bond 4.766% +0.048

3:00PM: Market continues to run in place with moderate gains on the books for the day... Market internals remain positive, and up volume continues to outpace down volume at the NYSE and Nasdaq... A nice sampling of sectors have found favor with buyers, and kept the indices from dipping into negative territory... Basic material, airline, homebuilding, biotech, and casino have been the biggest winners and offset mild selling in pockets of technology.... Legg Mason initiated coverage of the gaming stocks (CZR, HET, MBG, and MGG) with Buy ratings...NYSE Adv/Dec 2159/ 1076, Nasdaq Adv/Dec 1709/1347

2:30PM: Stocks continue to trade at the midpoint of today's range as buyers remain an uninspired bunch... Although today's news has been mostly uplifting - strong earnings reports last night and a jump in the April semiconductor equipment book-to-bill ratio - it has not stamped out this week's mostly disturbing news... Namely, the head of Iraq's Governing Council was killed, a bomb exploded in Turkey, India's stock market fell 11% in one day (Monday) - the combination of which sent shockwaves through global markets...

Although the indices have all recovered some since then, they have yet to shrug of these concerns in a convincing fashion...NYSE Adv/Dec 2133/1083, Nasdaq Adv/Dec 1664/1380

[54anickel]

43. Closing numbers & Blather

The power went out here early this AM, so I never even got the chance to say good-bye for the day before I headed to the dinner theater. Saw "Annie" (been on my mind lately, hence the tomorrow song earlier this week). Anyway the play was GREAT! It's so cool to have such a nice little dinner theater in little old Fort Atkinson, WI.

Have a great weekend marketeers! :hi:

Dow 9,966.74 +29.10 (+0.29%)
Nasdaq 1,912.09 +15.50 (+0.82%)
S&P 500 1,093.56 +4.37 (+0.40%)
10-yr Bond 4.764% +0.046
30-yr Bond 5.460% +0.030

NYSE Volume 1,255,817,000
Nasdaq Volume 1,379,061,000

Close Dow +29.10 at 9966.74, S&P +4.40 at 1093.59, Nasdaq +15.50 at 1912.09: It was another roller coaster ride for investors today - as the indices started just above the unchanged mark, zoomed higher in late morning trading, and surrendered roughly half of their gains in late afternoon trading... The pattern has become symptomatic of the market as of late - traders buying on weakness and selling as soon as the market moves higher... The indices' range-bound trend has led market participants to be quick to take profits, which limits the gains of the indices... That was the case today, as the market finished higher, but well off its best levels...
Other factors that contributed to the choppiness of trading were the expiration of options, and the low volume levels on the exchanges... Biotech and technology performed particularly well (explaining the Nasdaq's +0.8% finish), the latter due to a rise in the April semiconductor equipment book-to-bill to 1.14... The blue chip issues also put up solid gains, thanks to advances in transportation, banking, homebuilding, and gold...

One of the few areas to drop was the oil drillers, due to the $0.87 fall in the price of crude oil to $39.33/bbl off Saudi Arabia's plan to increase OPEC production by more than 2 mln barrels per day when members of OPEC informally meet this weekend...NYSE Adv/Dec 2211/1069, Nasdaq Adv/Dec 1978/1121

3:30PM : Equities trade at lower levels as sellers continue to use any tick higher in the indices as an opportunity to take profits... The entire day's trade has been an exercise in give and take - traders accumulating shares on pullbacks, then selling when the stock turns higher... This has been the trend of the market over the past 3 months, although the bias to it has been rather bearish... Since hitting their 2004 highs in February, the Dow is down 8%, the Nasdaq is down 13%, and the S&P 500 is down 6%...

Long-term investors may want to open positions on weakness, but short-term investors should probably sit tight in this downward trading environment...NYSE Adv/Dec 2054/1199, Nasdaq Adv/Dec 1657/1424

Advances & Declines
NYSE Nasdaq
Advances 2187 (63%) 1980 (60%)
Declines 1086 (31%) 1120 (34%)
Unchanged 158 (4%) 163 (4%)

----------------------------------------------------------------------

Up Vol* 840 (66%) 994 (72%)
Down Vol* 402 (31%) 329 (23%)
Unch. Vol* 17 (1%) 56 (4%)

----------------------------------------------------------------------

New Hi's 24 36
New Lo's 29 78