STOCK MARKET WATCH, MONDAY SEPT 8.....(#1)

[ozymandius]

Monday September 8, 2003

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 504
REICH-WING RUBBERSTAMP-Congress = DAY 294
DAYS SINCE DEMOCRACY DIED (12/12/00) 2 YEARS, 269 DAYS
WHERE'S OSAMA BIN-LADEN? 1 YEAR, 327 DAYS
WHERE'S SADDAM? WHERE ARE THE WMD'S? - DAY 169
DAYS SINCE ENRON COLLAPSE = 653
Number of Enron Execs in handcuffs = 17
ENRON EXECS CONVICTED = 0
Other Arrests of Execs = 53

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




AT THE CLOSING BELL ON September 5, 2003

Dow 9,503.34 -84.56 (-0.88%)
Nasdaq 1,858.24 -10.73 (-0.57%)
S&P 500 1,021.39 -6.58 (-0.64%)
10-Yr Bond 4.35% -0.16 (-3.52%)
Gold future 378.70 +4.70 (+1.26%)

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

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[Dogmudgeon]

1. Voting on Mr. Bush's Dandy Little War

Probably a drop of 200 points at some point during the day.

Whether the DJIA ends up or down will depend on how the rich "vote".

--bkl
... but I could be wrong ...

[sirshack]

14. PHEW!

Quite a prediction...interested to see what happens.

[lanlady]

2. fantastic cartoon

and I daresay the balloon popped last night with the $87 billion piece of bad news.

I think the markets will react badly to the speech--more of our precious resources down the drain, plus more uncertainties (entirely of *'s making).

[ozymandius]

3. Good morning everyone!

Well, looks like it's going to be an $87 billion day. No one can be happy about this - especially my Republican friends who thought Bush* was going to deliver the Sun, Moon, Stars and a happy stock market throughout his tenure. It would appear that those days are far off and even further down the road now that Bush's* hubris has a price tag.

Why can't he just have a red face and bedone with it?

I will be out most of the day. My son is off for a play day and I am to work. So I will miss chatting with you as the stock market tries to find some reason, some way to justify its future existence in the face of massive budget deficits. Where is that money we needed for business startups and expansion? - OH YEAH! The government sucked it all up.

Please try to have fun with it. I would like to express my condolensces to the bond traders.

Ozymandius

[Maeve]

5. Best of the day to you!

This too shall pass....just not fast enough! Ah, well...anyone for coffee?

:donut::donut::donut::donut::donut::donut::donut::donut::donut::donut::donut::donut:

[Maeve]

4. Wall Street set for flat start

Bush speech could trigger some investors to cash in early Monday. Techs, financials get good news.
September 8, 2003: 7:39 AM EDT
By Mark M. Meinero, CNN/Money Staff Writer
NEW YORK (CNN/Money) - Stocks headed for a cautiously higher start Monday, as some better news in the tech and financial sectors acted to balance concerns over the growing cost of the war in Iraq.

Just before 7:15 a.m. ET, futures pointed to a flat start to slightly higher for the major indexes, which have advanced in recent weeks.

In his speech to the nation Sunday night, Bush said he'll ask for $87 billion to help support U.S. military efforts in Iraq and Afghanistan, telling Americans the fight against terrorists "will take time and require sacrifice." The war's cost is a factor in a rising budget deficit, leading to higher interest rates.
more

[Maeve]

8. Oh, wait! Maybe not....

8:59AM: S&P futures vs fair value: +2.2. Nasdaq futures vs fair value: +5.5. Stage remains set for a higher open for the cash market... A round of favorable analyst commentary on the technology sector, combined with positive carryover from last week's stronger finish, has contributed to the positive tone in the futures market
http://finance.yahoo.com/mo

[JNelson6563]

6. Good Mornin' Ozy, Maeve and all!

Well that was quite a little bombshell Chimpy dropped last night. So lemme get this straight. To spend endless amounts of $$$ on America's schools, health insurance and other socially beneficial programs is BAD. To spend it putting Iraq back together after we demolished it is GOOD.

Do I have that right?

I don't know about the rest of you but I am glad they increased the chocolate rations. :eyes:

Should be a very interesting day. Very interesting indeed.

Julie

[Tandalayo_Scheisskopf]

7. Yassir, I do believe...

That Chimpington The Dim has slipped the high, hard one to Phideaux the economy pooch. This "recovery" was essentially based upon moldy rye, Absinthe and Nasty Biker Crank, anyway. Sooner or later, the bill and the grinding hangover had to come along, and I believe that last night, the waitron brought the bill.

What rough beast is this that slouches towards Babylon?

Rocktober. Bombs away.

[Maeve]

9. Starting cheerful at 9:32

And if you think it will last, could I interest you in a bridge?

Dow 9,540.88 +37.54 (+0.40%)
Nasdaq 1,867.85 +9.61 (+0.52%)
S&P 500 1,024.43 +3.04 (+0.30%)
10-Yr Bond 4.370% +0.016

[FauxNewsBlues]

10. Haliburton should go up today

I bet that Shrub's friends are making "campaign contributions" today by pumping up the market. Won't even last the day though. The added debt load will bring more pressure on long term interest rates for home loans. Read a story yesterday here I believe, that the price of lumber in new house construction has nearly doubled in the last year. This economy is wobbly.

[Maeve]

11. Well, maybe I'll hold onto that bridge a bit longer...

:shrug: Someone still has a job and money to burn!

Dow 9,569.03 +65.69 (+0.69%)
Nasdaq 1,878.52 +20.28 (+1.09%)
S&P 500 1,029.22 +7.83 (+0.77%)
10-Yr Bond 4.375% +0.021

[JNelson6563]

12. Remarkable!!

I've never seen such an obvious train wreck about to happen and yet the lemmings belly up to the buy window.......

Julie

[Maeve]

13. Check out the commentary!

Interesting enough for me not to call it "blather"...
10:00AM: After a somewhat slow start, buying interest picks up and sends the indices noticeably higher... Favorable analyst commentary, along with continued momentum from the August rally in equities, has laid the groundwork for the morning advance... Additionally, reports that the hunt for Osama bin Laden has been narrowed to a 40-square-mile section of the Waziristan region of Pakistan have acted as a supportive factor to the bullish tone... Briefing.com, however, would exercise some caution at current levels and look for some near-term consolidation as the market heads into September and October...
The Nasdaq, in particular, has exhibited some bubble-like characteristics as stock valuations have outrun fundamentals, and for reasons spelled out in our Stock Brief, we would advise against chasing shares in high-flying areas such as tech...
http://finance.yahoo.com/mo
Emphasis added by Maeve

[ScotTissue]

15. You guys have the best thread on the board

Just to let you know, I have been a silent lurker on these stock market threads for a few weeks now. Luv 'em! And I've learned a lot, so thanks!

This should be an interesting day, alright. Everything is up right now, but hoo dawgie! it could get interesting.

[JNelson6563]

17. thanks ScotTissue & Update

Dow 9,585.59 +82.25 (+0.87%)
Nasdaq 1,886.20 +27.96 (+1.50%)
S&P 500 1,030.89 +9.50 (+0.93%)
10-Yr Bond 4.336% -0.018


11:21 and things couldn't be better!! Yessir! Colonization pays my friends!! Next stop Iran!! Whoo-hoo!!! Kick their ass and take their gas!!!!!

Sarcasm aside, IMO the PPT is meeting their obligation in this deal. Bush raids treasury, they help him look good.

Soon tho' the lemmings will all be dead (broke that is) and no one left to follow PPT leads.......

A sorry ass statement of today's America.

Julie

[Maeve]

16. 11:09 and hangin' high!

Dow 9,582.64 +79.30 (+0.83%)
Nasdaq 1,883.92 +25.68 (+1.38%)
S&P 500 1,030.40 +9.01 (+0.88%)
10-Yr Bond 4.316% -0.038

[Coventina]

18. The "I Ching" on today's market

Hi everyone,

Today's hexagram is REPEATING. No changing lines. Right now I'm scratching my head, and the only thing I can come up with is that we're REPEATING patterns of irrational exhuberance. The world is burning and the markets are fiddling away without a care in the world.

:shrug:

[mrsteve]

19. Noon numbers - hi y'all

What in the name of all that is good is going on? * says he needs almost 90 billion MORE bucks to dump down a rathole, and the markets go UP? Can you say "sucker's rally"?

Dow 9,573.87 +70.53 (+0.74%)
Nasdaq 1,881.15 +22.91 (+1.23%)
S&P 500 1,029.27 +7.88 (+0.77%)
10-Yr Bond 4.291% -0.063

Yahoo Finance might even be a little mystified:

"11:30AM: After a pause around the top of the hour, the major indices resume their advance and set new highs for the session... Conviction on the part of buyers remains impressive, with up volume outpacing down volume by more than a 2-to-1 margin at the NYSE and Nasdaq... Virtually every sector has received a lift in the buying drive, and contriubuted to the strength of the rally.."

[mrsteve]

20. 12:25 - a little sideways, a little down

Dow 9,575.06 +71.72 (+0.75%)
Nasdaq 1,880.98 +22.74 (+1.22%)
S&P 500 1,029.46 +8.07 (+0.79%)
10-Yr Bond 4.293% -0.061

But the 10 year is way down - no body wants debt today, just equity.

Yahoo Finance is now crowing:

"12:00PM: Judging from the morning session, last Friday's sell-off appears to be a deviation from the norm as buyers have returned to the action and sent the indices to substantially higher levels... Bullish momentum from the four-week winning streak in stocks has led traders to use the weakness as a buying opportunity, and enabled the Dow, Nasdaq, and S&P 500 to recapture the sum of their losses... In a further extension of the year-long upstreak, technology has been among the market standouts and paced the broad-based rally..."

[Maeve]

21. Don't try to make sense of it...

Ain't no sense to be had on Wall Street. It's full of bulls and bulls#*! today.

[JNelson6563]

22. no wants debt--just equities

Boy ain't it the truth?? So have we heard how much more paper is hittin' the block yet? 'Nother big Guv fund-raiser this week boys and girls......gotta keep the Gubberment workin'! If the Gubberment ain't working the Congress won't be around to pony up the $87 Billion for George, Unca Dickie, Perle-ly Dick and Donald's Most Excellent Adventure!

What a horrid mess we have on our hands!

Julie

[JNelson6563]

24. in a related story......

Check this out, posted by cthrumatrix here in LBN:

Asian debt withdrawal threat to US deficit
By Jenny Wiggins in New York
Published: September 7 2003 19:01 | Last Updated: September 7 2003 19:01


Economists fear that Asian investors, who are the largest foreign owners of US Treasuries, may cut their holdings of US government debt, withdrawing a key source of financing for America's large current account deficit.


The worries have been fuelled by recent sharp falls in the price of US government debt.

Weakness in the US Treasury market could make Asian investors "less willing" buyers of debt securities, said Marcel Kasumovich, head of G10 foreign exchange strategy at Merrill Lynch.

He said there had already been a "noticeable shift" downwards in the amount of debt issued by mortgage financiers Freddie Mac and Fannie Mae being bought by foreign investors.

Asian investors have piled into the US Treasury markets in recent years, helping to push Treasury prices high and interest rates low. China, Japan, South Korea and Hong Kong owned a combined total of about $696bn in Treasuries at the end of June, up from $512bn in December 2001, according to data from the US Treasury.

http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479617509&p=1012571727085

With much more revenue needed we could be up the creek, and nevermind the paddle, we won't even have a kayak. We'll be swimming against the current. No lifejackets. Lots of sharks. You get my meaning.

Julie

[Beetwasher]

23. There's apparently talk on CNN about repealing the tax cuts

Look for the market to react accordingly...

[mrsteve]

25. Yeah, but what's "accordingly", Beet?

The market SHOULD react favorably to a repeal of *'s tax giveaways to the rich, because it would reduce the deficit, thus decreasing public the load on the credit market and freeing up credit for private business expansion.

But how will it react today...who knows? :shrug:

1:15 numbers - still pretty much sideways:

Dow 9,570.85 +67.51 (+0.71%)
Nasdaq 1,880.90 +22.66 (+1.22%)
S&P 500 1,029.30 +7.91 (+0.77%)
10-Yr Bond 4.298% -0.056

[Maeve]

27. Briefing.com (Yahoo's pundits) are hedging their predictions

"Expectations of stronger economic and corporate growth have been the driving force behind the upswing, and thus far, such forecasts have (for the most part) been met... One element of the advance, though, that has troubled several investing pundits has been the momentum that has characterized the last leg of the rally...
Strategists such as Tom McManus of Banc of America have suggested that some portfolio managers will lighten positions in September in order to steer their portfolios back toward the benchmark..."
http://finance.yahoo.com/mo

Would you like a caveat with that order?

Life is just a chair of bowlies...don't take it serious...it's too mysterious...

[Robbien]

26. This has nothing to do with what is happening in the market today

but thought it was a fascinating financial story.

Billions in US Bonds Seized in British Drug Raids

The seizure of suspected U.S. bonds worth $6 billion (5.5 billion euros) by British police during a drug cartel investigation has dealt a significant blow to the cartel's operations, according to an expert on money laundering.

Working with Colombian authorities, British police came upon billions of dollars worth of bonds while conducting two raids in north London and in Essex, east of the capital.

During those searches, 13 people were arrested, nine of whom have now been charged and the rest released. In addition, several million dollars worth of cash and drugs were seized.

The British police operation took place in July and August but details were not released until Colombian authorities made the announcement on Thursday.

Officers from Britain's National Crime Squad are now in the process of determining whether the bonds are genuine. But even if not, money laundering expert Jeffrey Robinson says the bust caused real damage to the cartel.

So in addition to the bonds we peddle, there could be billions of phony bonds out there.

http://www.truthnews.net/daily/2003090034.htm

[mrsteve]

29. Yeah, but real or fake is just the start of the questions

$6 billion in bonds is not chopped liver!

If it's real, how did they get them? Why were they all in one place? And now who gets to keep them now they are found?

If they are fake, how in the world could you pass $6 billion in fake bonds without getting caught?

Some corraboration on this story would be good...

(edit for title typo)

[Robbien]

30. Right now the UK is keeping the bonds

There are quite a few stories on this in the foreign press. Some answers to your questions from this one:

http://www.belfasttelegraph.co.uk/news/story.jsp?story=440769

How they got them? One of the biggest problems for dealers is laundering the "dirty" drugs money into untraceable funds. Bonds are ideal as hundreds of billions of dollars are traded every day in the world's markets.

Are they real? A NCS spokeswoman explained: "We went in there looking for drugs, searching for drugs - anything other than that is a bit of a bonus.

"We are still conducting inquiries as to whether the bonds are genuine or not."

But Jeffrey Robinson, a money laundering specialist, argued that whether or not the US bonds proved to be genuine, the raids had grave implications for Britain.

"If the bonds are real it merely reinforces that Britain is a toilet of dirty money," he said. "If the bonds are not real it reinforces the point that drug traffickers are moving into other counterfeit business.

"Either way it is gravely serious for Britain and this is just the tip of the iceberg."

[mrsteve]

28. Okay, 2:00 and the weather is very sunny

Dow 9,595.27 +91.93 (+0.97%)
Nasdaq 1,885.37 +27.13 (+1.46%)
S&P 500 1,032.01 +10.62 (+1.04%)
10-Yr Bond 4.330% -0.024

The 10 year is recovering well, tho - maybe someone is still sane on Wall Street...

[mrsteve]

31. At 2:55, smiles with possible storm clouds

Markets nose over slightly in the last 45 minutes:

Dow 9,577.09 +73.75 (+0.78%)
Nasdaq 1,883.76 +25.52 (+1.37%)
S&P 500 1,030.27 +8.88 (+0.87%)
10-Yr Bond 4.359% +0.005

[JNelson6563]

33. home stretch

3:42 and it looks like a fabulous finish ahead:


Dow 9,580.81 +77.47 (+0.82%)
Nasdaq 1,882.96 +24.72 (+1.33%)
S&P 500 1,030.31 +8.92 (+0.87%)
10-Yr Bond 4.389% +0.035

I hope you all learned your lesson here friends. When our Dear Leader deigns to speak to us we are all the better off. <gag>

Julie

[Maeve]

34. As a seer, I plead a case of third-eye blindness

How dare I presume that reality would bring the market down! :eyes: I'm beginning to regret the low-carb diet I started...no alcohol allowed.

[ScotTissue]

32. Looks like its up all over

Not what I would have expected. Guess I still have much to learn, grasshopper.

[Maeve]

35. Ah, the error is in the expectations! (with numbers)

Bet you thought the Market was semi-sane, didn't you? A common mistake and one we all make from time to time.....

Dow 9,586.29 +82.95 (+0.87%)
Nasdaq 1,888.65 +30.41 (+1.64%)
S&P 500 1,031.64 +10.25 (+1.00%)
10-Yr Bond 4.389% +0.035