Reply #37: 11:22 EST numbers and blather [View All]

[UpInArms]

Dow 10,004.84 +0.30 (0.00%)
Nasdaq 1,966.09 -9.65 (-0.49%)
S&P 500 1,125.54 -1.90 (-0.17%)
10-Yr Bond 4.053% -0.027

NYSE Volume 492,523,000
Nasdaq Volume 617,226,00

11:00AM: Equities continue to sport losses, albeit slight ones in the morning session... The Dow is trading right around its 10,000 mark as a run at yesterday's highs/its 50-day exponential moving average at 10044/10056 has proved largely unsuccessful... Buyers have been somewhat hesitant this morning despite the strong economic numbers found in Michigan Consumer Sentiment and Chicago PMI... The large rally observed during mid-week, combined with a slight increase in the price of crude oil (to $51.05/bbl), has instilled the basically flat tone of trading...

Advancers are essentially split with decliners at the NYSE...NYSE Adv/Dec 1472/1459, Nasdaq Adv/Dec 1085/1621

10:25AM: Sellers use the run-up in the indices following the strong Chicago PMI Index as a reason to book profits... After peaking at 10 ET, the market has deteriorated noticeably as semiconductor reverses course and posts notable losses... Nonetheless, several manufacturing-related industries (basic material, cyclical, and machinery) have marcher higher as the Chicago PMI spiked to 68.5 (consensus of 59.0)... The October figure jumped to a 16-year high as both new orders and production surged to levels just below 80...

This suggests there could be upward surprise in Monday's ISM Index (the national manufacturing report)...SOX -0.6, NYSE Adv/Dec 1628/1136, Nasdaq Adv/Dec 1115/1419

dollar jumping up

Last trade 85.30 Change +0.02 (+0.02%)

Settle 85.28 Settle Time 23:32

Open 85.18 Previous Close 85.28

High 85.37 Low 85.00

Last tick: 2004-10-29 10:49:22 ET
30-min delayed quote.

If I didn't know better, I would suspect a bit of intervention from some central banks :eyes: