STOCK MARKET WATCH WEDNESDAY, SEPT 10.....(#1)

[ozymandius]

Wednesday September 10, 2003

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 502
REICH-WING RUBBERSTAMP-Congress = DAY 296
DAYS SINCE DEMOCRACY DIED (12/12/00) 2 YEARS, 271 DAYS
WHERE'S OSAMA BIN-LADEN? 1 YEAR, 329 DAYS
WHERE'S SADDAM? WHERE ARE THE WMD'S? - DAY 171
DAYS SINCE ENRON COLLAPSE = 655
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 9, 2003

Dow 9,507.20 -79.09 (-0.83%)
Nasdaq 1,873.43 -15.19 (-0.80%)
S&P 500 1,023.17 -8.47 (-0.82%)
10-Yr Bond 4.37% -0.02 (-0.41%)
Gold future 382.80 +6.60 (+1.75%)

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

||


GOLD, EURO, YEN and Dollars


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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

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

[JNelson6563]

1. Good Morning Ozy!

Well futures are looking a bit grim this morn. No surprise there.

I can only imagine what the day holds. I won't be around much after market open, heading to the cottage for the day.

Julie

[ozymandius]

2. Good morning folks! WrapUp by Ike Iossif

The first question that comes to mind is: was that a little correction in the markets yesterday. Or was it sheer profit taking?

I will be out most of the day again. So please watch the pot, make sure it doesn't boil over.

Now with a most academic WrapUp...


"The Meaning of Divergences"

hear many talking about "divergences" a subject that is often misunderstood. Anyone who has ever worked on a project involving the development of any particular indicator is aware of the fact that "not all divergences are created equal!" Normally, a divergence between price and an indicator is a warning sign that price may be soon changing direction. Eighty to ninety percent of all divergences between price and an intermediate or long-term indicator "signal" a potential change in the direction of price. That is the reason most people are aware of only this type of signal that is derived thru divergences, also known as "directional signal."

<..cut..>

When a variety of intermediate/long term indicators have been diverging with price, for a period longer than half the duration of the period they are measuring, then we need to consider the possibility that the market is undergoing a "cyclical" or "secular" change. If it is, price will continue to move in its own direction and the indicators will again begin to confirm price, as soon as the data from the previous environment are replaced with all current data.

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

[Pale Blue Dot]

3. Interesting (and scary) article on MSN this morning

A jobless recovery can't go on for long

http://moneycentral.msn.com/content/P58078.asp

But there are trends working their way through the economy that aren’t cyclical. Some -- and no one knows exactly how many -- of the jobs lost in the recent economic downturn won’t be coming back. They’re gone for good, exported to low-wage countries such as China. That’s especially the case in the manufacturing sector.

Since February 2001, the United States has lost about 15% of all jobs in the manufacturing sector. Those job losses haven’t been limited to old-economy, metal-bending industries. About 25% of jobs in the computer and electronics manufacturing sector are gone, too.

Some of those will return along with demand for networking equipment, machine tools and PCs. But the vast majority of the 2.7 million jobs lost since the 2001 recession began are the result of permanent changes in the U.S. economy, a recent report by the Federal Reserve Bank of New York concludes. Job creation of the magnitude needed to significantly reduce unemployment will require the creation of new jobs in emerging economic sectors, the Fed’s report continues.

There is more....

[mrsteve]

12. But he's wrong at this spot

"Some of those will return along with demand for networking equipment, machine tools and PCs."

Nope. Most of the big computer software and hardware companies are moving jobs to Asia as fast as they can. Don't look for the Internet Boom of the 90's to ever return to the US. Maybe China, India, and Russia, but not here.

[Maeve]

4. Seems to be a day for the non-regulars to pick up the slack

I'm also not going to be around much--lunching with a friend. But I can kick it off...9:34 and

Dow 9,485.58 -21.62 (-0.23%)
Nasdaq 1,857.58 -15.85 (-0.85%)
S&P 500 1,020.49 -2.68 (-0.26%)
10-Yr Bond 4.338% -0.033

[Maeve]

6. 9:42

Dow 9,484.53 -22.67 (-0.24%)
Nasdaq 1,854.61 -18.82 (-1.00%)
S&P 500 1,019.94 -3.23 (-0.32%)
10-Yr Bond 4.341% -0.030

[Maeve]

7. 10:03 and still down

Some ups and downs, little real movement.

Dow 9,489.23 -17.97 (-0.19%)
Nasdaq 1,856.71 -16.72 (-0.89%)
S&P 500 1,020.51 -2.66 (-0.26%)
10-Yr Bond 4.343% -0.028

[ozymandius]

8. I was about to say.

I am poking my head in here for a moment as I finish my breakfast. The market does not like to be down. Its drug-enduced high has a very long half-life. This also makes for some nasty withdrawal.

10:04

DJIA 9,485.02 -22.18 (-0.23%)
NASDAQ 1,855.59 -17.84 (-0.95%)
S&P 500 1,019.67 -3.50 (-0.34%)

[Maeve]

9. 10:26 and movement---straight down

Dow 9,467.26 -39.94 (-0.42%)
Nasdaq 1,849.42 -24.01 (-1.28%)
S&P 500 1,017.47 -5.70 (-0.56%)
10-Yr Bond 4.329% -0.042


Y'all have fun and I'll see you later!

[Maeve]

5. Investing like it's 1999? Look out

1999,again
Investors are plowing money into the 1999 favorites. That's incredibly dangerous
September 10, 2003: 8:43 AM EDT
By Justin Lahart, CNN/Money Senior Writer
NEW YORK (CNN/Money) - The rally in stocks is too close to the 1999 rally for comfort.
As in 1999, this year's top performing sectors in the S&P 500 are tech, consumer cyclicals and industrials, with tech leading by a mile. The best performing industry group within tech is Internet software and services, just like in 1999.
<snip>
To think that the market somehow owes people the money that they lost back is sort of like a slot player feeling like the slot machine owes him back the quarters that he pumped into it. Is there any real difference between playing the market to get rich and playing the market to get back the riches that you used to have (if only on paper)?

[Coventina]

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

Today's reading is REUNITING changing to CONTEMPLATING. The changing line from Reuniting is, "Your problems originate from within." Yeah, they sure do! Corrupt corporations, PPT manipulation, an administration running things for personal gain.

I'm feeling a little grim today.

I predict another down day, moderate to bloody.

[jamesinca]

11. Good morning all

I wonder if I am allowed to say that looking at todays start? I did a little research yesterday because of the denial about sending jobs to India that came up on one of the boards. I found my newspaper clipping, Bush promised jobs to India over state protest of outsourcing.

<SNIP>

US gives India assurance on outsourcing
TIMES NEWS NETWORK< SATURDAY, JUNE 14, 2003 10:01:26 AM >
WASHINGTON: The Indian government and businesses have won a major assurance from the Bush Administration on the issue of outsourcing.

A senior US official has said Washington is against any attempt by state governments to legislate a ban on outsourcing on the lines of what is being considered in New Jersey and other states.

The official, US Trade Representative Robert Zoellick, gave this assurance in course of three hours of intensive talks with Indian Commerce Minister Arun Jaitley, during which they discussed subjects ranging from the movement of people to the export of Indian mangoes to the US.

The length of the talks itself was indicative of the wide range of bilateral and multilateral topics under discussion as the two sides try and bump up their modest $ 15 billion trade to greater levels.
But the controversial issue of outsourcing was clearly on top of the pile and Jaitley said he had explained that the public and political opinion in India regards the move by some US states as "completely contrary to the spirit of market access and creates an adverse environment when negotiations were on in various other sectors."

Zoellick, he said, was alert to the brouhaha the issue had caused in India and conveyed to him that the Bush Administration opposes the states’ move and is persuading them not to go ahead with it.

In at least half a dozen states, state legislators are considering legislation to put a crimp on outsourcing claiming it is taking away local jobs. Outsourcing to India is projected to be a $ 20 billion business in the next five years, mostly from the United States.

<SNIP>
----------------------------------------------------------------------


Lets hope for an UPHILL climb for the afternoon.

[Maeve]

16. Of course you're allowed to say "good morning"

Just put an ironic twist on it! :crazy:

So let me get this straight...they get our jobs and we get their mangos? Dubya run out of cows to sell for beans?

[mrsteve]

13. 12:30 numbers - Hello Everyone

Lunchtime numbers and Yahoo's Prognosis - not good:

Dow 9,472.53 -34.67 (-0.36%)
Nasdaq 1,843.75 -29.68 (-1.58%)
S&P 500 1,017.35 -5.82 (-0.57%)
10-Yr Bond 4.338% -0.033

"12:30PM: Stocks lift from their worst levels of the day but continue to trade in negative territory... The Nasdaq, specifically, continues to chalk up the largest losses of the indices, stumbling 1.5% amid profit-taking in groups whose multiples have been strectched to - in many investors' minds - overbought levels... In fact, just about every growth-oriented area that has enjoyed an influx of new money over the course of the past six months (with the exception of airline) has dropped... Conversely, defensive-oriented sectors have attracted some buying interest as they have lagged the rally..."

[mrsteve]

14. Now 2:00 - sideways still under the open level

Dow 9,470.77 -36.43 (-0.38%)
Nasdaq 1,843.20 -30.23 (-1.61%)
S&P 500 1,016.86 -6.31 (-0.62%)
10-Yr Bond 4.324% -0.047

And Yahoo Finance tries to make things look better:

"1:30PM: Very little change to the market action as the indices remain on the defensive... Although today's downturn is discouraging from a near-term vantage point, Briefing.com believes that the market was overdue for some profit-taking... The Dow, Nasadq, and S&P 500 rounded out a five, seven, and eight day, respectively, winning streaks last week, and some consolidative activity is probably healthy at this point... Provided that the major indices are able to hold above key support levels, the long-term outlook for stocks remains bullish...
A large reason for this would be rising economic growth forecasts... The Blue Chip survey was released this morning and showed that the average Q3 GDP estimate had jumped to a 4.5% annual rate from 3.7% a month ago... Briefing.com sees GDP at 6% or more, for reasons spelled out in our Story Stock..."

[mrsteve]

15. 2:30 - goin' down, down

Dow 9,436.39 -70.81 (-0.74%)
Nasdaq 1,834.73 -38.70 (-2.07%)
S&P 500 1,012.84 -10.33 (-1.01%)
10-Yr Bond 4.300% -0.071

Yahoo Finance tries to make lemonade from lemons:

"2:00PM: Market continues to head south as buyers, for the most part, have taken today off... Decliners are nearly twice those of advancers at the NYSE, while they are more than twice those of advancers at the Nasdaq... Concerns regarding the frothy stock prices that resulted from the recent run-up have fueled the selling drive today, and signaled that the underlying bias of trading may be shifting to neutral from bearish..."

[Robbien]

17. Lemonade being made over at Reuters also

Their headline says US Treasuries firm, dealers take much of auction

But what happened was we were only able to sell 25% of the five-year notes to foreign banks, down from the dismal 32% of the last auction. So, of the $16 billion, we are left with about $12 billion to pawn off on US buyers.

Tomorrow we will be auctioning off $13 billion in 10 year notes. Wonder if either China or Japan will be in a buying frame of mind.

[mrsteve]

19. 10 year note has dropped like a rock in the last 5 days

So I wonder what tomorrow's auction will hold?

[mrsteve]

18. 3:00 Numbers - "bad day for the bulls has turned even uglier"

So says Yahoo Finance:

"3:00PM: A bad day for the bulls has turned even uglier as the indices spiral deeper into negative territory... The stock market's inability to mount an afternoon recovery attempt - as it has proven successful in doing in past sessions - has weighed on sentiment, and prompted traders to unload even more positions... Buyers' unwillingness to use the earlier pullback as an opportunity to add to positions speaks to pressing worries surrounding the indices' overextended levels...
Briefing.com would note, however, that volume at the NYSE and Nasdaq has been only moderate for the day, and thus not indicative of particularly strong conviction on the part of sellers..."

Not a good start for the last hour.

Dow 9,419.54 -87.66 (-0.92%)
Nasdaq 1,831.95 -41.48 (-2.21%)
S&P 500 1,011.86 -11.31 (-1.11%)
10-Yr Bond 4.275% -0.096

[Maeve]

20. 3:22 and triple digit Dow droppings

Dow 9,405.93 -101.27 (-1.07%)
Nasdaq 1,827.97 -45.46 (-2.43%)
S&P 500 1,010.14 -13.03 (-1.27%)
10-Yr Bond 4.269% -0.102

[mrsteve]

24. "Triple Digit Dow Droppings"

Wow - what a euphonious phrase. I like the sound of the words themselves, but as for the meaning - fooey!

[ozymandius]

21. Yay! Looks like I made for the closing numbers!

BTW - these aren't them. Give it about ten minutes.
DJIA 9,421.09 -86.11 (-0.91%)
NASDAQ 1,823.92 -49.51 (-2.64%)
S&P 500 1,010.83 -12.34 (-1.21%)

[Maeve]

23. Stereo posting!

Catch you on the flip side, ozy! Have a good evening.

[ozymandius]

26. G'night Maeve.

See you tomorrow. Can't wait to see what the markets have in store for us then.

[ozymandius]

25. We finally got the bleeding stopped.

Looks final.


DJIA 9,420.46 -86.74 (-0.91%)
Nasdaq 1,823.88 -49.55 (-2.64%)
S&P 500 1,010.93 -12.24 (-1.20%)
10-Year bond 4.27% -0.10 (-2.33%)
Gold 381.10 -1.60 (-0.42%)

[Maeve]

22. Final figures for the day

Well, the "causes" being given are varied--including the airing of the latest from Osama bin Forgotten and folks just wanting to take money off the table before tomorrow's anniversary date (can I get an eyeroll with that? :eyes::eyes::eyes: Thank you) Just don't say that the economy really isn't doing all that well, whatever you say! Sigh.

Whatever the reason, the ink runs red tonight.

Dow 9,420.25 -86.95 (-0.91%)
Nasdaq 1,823.88 -49.55 (-2.64%)
S&P 500 1,010.93 -12.24 (-1.20%)
10-Yr Bond 4.269% -0.102

[gratuitous]

27. Well, that takes care of Monday's brief bump

I recall more than one anchor Monday evening gushing about the salutary effect Chimpy's speech had on the market. Probably going to be no comment tonight.