STOCK MARKET WATCH THURSDAY, SEPT 11.....(#1)

[ozymandius]

Thursday September 11, 2003

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 501
REICH-WING RUBBERSTAMP-Congress = DAY 297
DAYS SINCE DEMOCRACY DIED (12/12/00) 2 YEARS, 272 DAYS
WHERE'S OSAMA BIN-LADEN? 1 YEAR, 330 DAYS
WHERE'S SADDAM? WHERE ARE THE WMD'S? - DAY 172
DAYS SINCE ENRON COLLAPSE = 656
Number of Enron Execs in handcuffs = 17
ENRON EXECS CONVICTED = 1
Other Arrests of Execs = 53

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




AT THE CLOSING BELL ON September 10, 2003

Dow 9,420.46 -86.74 (-0.91%)
Nasdaq 1,823.81 -49.62 (-2.65%)
S&P 500 1,010.92 -12.25 (-1.20%)
10-Yr Bond 4.27% -0.10 (-2.33%)
Gold future 381.10 -1.70 (-0.44%)

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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[Maeve]

1. Greetings, all

There are several reports due out in a few minutes...import, export, trade balance and the ever-popular Inital Claims report. Note that last week's report was 413K new claims. We'll see where it gets revised to....predictors expect 395-400K.

Market will be interupted (paused) a few times today in memorial of the attacks two years ago, but otherwise will go on as usual.

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

[ozymandius]

2. Good morning folks!

This is a wildcard day for the markets, I think. 9/11. Nasty day yesterday. Osama is hiking freely somewhere in Pakistan...

I think this session could go either way - with my inclination pointing downward.

[JNelson6563]

3. Good Morning!

haha Love the toon Ozy! Most appropriate.

Well things are looking a bit grim today, no? IBM downgraded, Bank of America fires executives over scandal and some brutal beatings yesterday on the major indices. Hmmmm. It's kind of dark and foggy here in the great North, I suspect it is similar on the Street today.

And if I hear "jobs are a lagging indicator of recovery" one more time I may very well snap. ;-)

Julie

[ozymandius]

4. WrapUp by Mike Hartman

Stocks Get Hit Again

The stock market took another one on the chin today, especially the high flying technology stocks on the NASDAQ exchange. The NASDAQ 100, otherwise known as the “QQQ’s,” lost nearly 3% today with some of America’s darling stocks showing significant declines. The NASDAQ Composite closed today with a loss of 49 points or 2.6% to close at 1,823, the Dow Industrials dropped 86 points or 0.9% to close at 9,420, and the S&P 500 fell 12 points or 1.2% to close at 1,010. Of the most widely held and most actively traded technology stocks, Sun Microsystems fell 7.0%, Lucent dropped by 6.8%, Nortel lost 3.4%, JDS Uniphase closed 6.4% lower, Cisco dropped 1.6% and Intel was hit for a loss of 4.0%. It will be interesting to see how long the retail investing community will hold on to these stocks when the going gets tough. Insiders have been selling into the current rally with the notorious month of October just ahead.

<..cut..>

The market timing for this rally has been nothing less than very difficult. If you have been on the short side, your patience has clearly been tested. I have lightened up a few of my higher-leveraged short positions over the last few weeks to maintain discipline on risk management, but I will not capitulate my primary short positions. The markets are cruel to those investors that struggle with emotional discipline and patience. This is a time to be calculating, cautious, and conservative as we move into the fall season. When I look at charts I am constantly working to measure the upside potential versus the downside risk. With the index at the higher end of the current range, my calculations show there is more downside risk than upside potential, therefore it’s better to have less exposure to the overall stock market. When stock prices come down significantly the risk-reward relationship will improve, making it a good time to re-deploy long positions.

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

[ozone_man]

8. I think the rally top is in.

We should see an ABC move up, followed by a major down turn. Elliott, you know. Can't defy the gravity of high PE ratios for ever.

[ozymandius]

5. Wall St.'s memorial day

NEW YORK (CNN/Money) - Stocks headed for a flat open Thursday, as investors found hope in Adobe's better quarterly report but awaited a reading on weekly jobless claims amid reflection on the second anniversary of the Sept. 11 terrorist attacks.

Just after 8 a.m. ET, futures pointed to a flat start for the major indexes.

The markets will open and close at the usual times, but activity will be halted on the NYSE at 9:59 a.m. and 10:29 a.m. ET for a minute of silence to mark the moments the World Trade Center's north and south towers fell after being struck by hijacked jetliners. The Nasdaq will also observe the moments of silence and has urged its members to refrain from trading during these times. In addition, both markets will pause for a minute at 8:46 a.m. and 9:03 a.m., before the official start of trading, to mark the times when the airplanes hit each tower.

story

[Maeve]

6. Jobloss economy continues

The Labor Department report said 422,000 people filed for benefits in the week ended Sept. 6, compared with an upwardly revised reading of 419,000 in the prior week. Economists, on average, expected 400,000 new claims, according to a Reuters poll.
Jobless claims rise again

It was wose than reported last week, so it doesn't look "as bad" this week.

Damn, I wish they weren't so predictable.

[JNelson6563]

7. so right Maeve the Seer

It seems last week's numbers are always revised upwards these days, just in time for the new (even worse) numbers.

It's to the point that, when this stuff is announced, my usual reaction is "*yawn* Huh? Did they just say something...? Zzzz"

Yanno?

Personally I'm going to keep an eye on Metals and Treasuries today. I think therein will lie some truth.

Julie-the-one-eyed

[JNelson6563]

11. here's a blurb

The average number of first-time applications for state unemployment benefits over the past four weeks rose by 4,500 to 407,250, the highest in six weeks. The number of new claims in the week ending Sept. 6 rose by 3,000 to 422,000, the most in two months.

Also reported, the U.S. trade deficit widened by 0.7 percent in July to $40.32 billion, the Commerce Department said. The widening of the trade deficit was expected. The consensus forecast of Wall Street economists was for the trade deficit to widen to $40.4 billion in July.

Despite a well-received 5-year note auction on Wednesday, the market was on the defensive ahead of an auction of $13 billion in new 10-year notes later Thursday.

http://cbs.marketwatch.com/news/story.asp?siteid=mktw&dist=mktwmore&guid=%7BA3632E4B%2D1A2C%2D42E3%2DA300%2D84C8C79049F4%7D

Julie

[Maeve]

9. Trade gap increases

U.S. trade gap widened in July to $40.3 billion from $40 billion. Details coming.
http://money.cnn.com/

[ozymandius]

10. Bonds Rise as Auction Draws Strong Buying

NEW YORK (Reuters) - U.S. Treasury prices marched higher on Wednesday as a government debt auction garnered solid demand and equity markets swung lower.

On the eve of the two-year anniversary of the Sept. 11 attacks, traders also noted a tendency to hide in the safe-haven of bonds, particularly as a purportedly new tape showing al Qaeda leader Osama bin Laden (news - web sites) rattled nerves.

In the Treasury auction, the $16 billion of five-year notes drew bids for 2.47 times the amount on offer, about matching the lofty 2.48 times achieved at August's auction and well above the 1.92 average of the last 12 sales.

more...

[ozymandius]

12. I'm outta here.

I hope you have a wonderful day. My son starts music classes this morning - in just a little over an hour.

Take care.

[JNelson6563]

13. Happy trails Ozy!

May the little prodigy make you proud! :-) Thanks for kickin' things off as always.

Julie

[Coventina]

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

Good morning everyone.

Today's reading is a little strange. It is CREATIVE POWER changing to INNOCENCE. Creative Power is a time when, "righteous and worthwhile goals will meet with success." Innocence is, "a time for acting without conscious purpose, without ulterior motive, and with complete rectitude."

I'm guessing that Ching is feeling (through me) the somber, serious tone of the day.

I'm going to say that the markets will probably be steady today, or maybe a slight dip.

[Maeve]

15. 9:59 and everyone happy? Why not--Wall Street is

Dow 9,442.28 +21.82 (+0.23%)
Nasdaq 1,832.73 +8.92 (+0.49%)
S&P 500 1,015.31 +4.40 (+0.43%)
10-Yr Bond 4.316% +0.047
:shrug:

[JNelson6563]

16. Bad news is good news.

War is peace.
Freedom is slavery.
We have always been at war with Eurasia.

Do you love Big Brother?

Julie

[RUMMYisFROSTED]

17. BB makes me feel safe!

[Maeve]

18. And we'll rally round the flag, boys...(10:31)

Dow 9,454.14 +33.68 (+0.36%)
Nasdaq 1,831.52 +7.71 (+0.42%)
S&P 500 1,015.43 +4.51 (+0.45%)
10-Yr Bond 4.326% +0.057

[Maeve]

19. 11:05 and some slippage (esp. Nasdaq)

Dow 9,445.23 +24.77 (+0.26%)
Nasdaq 1,825.93 +2.12 (+0.12%)
S&P 500 1,014.56 +3.65 (+0.36%)
10-Yr Bond 4.332% +0.063

[Maeve]

20. Noon update and blather

12:00PM: Today's market is indecisive and choppy... While the major averages have traded with a positive bias for most of the session, profit-taking has acted as a limiting factor and has undermined the market's momentum sending the blue-chip averages to within the unchanged line and the Nasdaq into negative territory in the course of the session... Among today's worst performers are the biotech and semiconductor sectors, both of which spearheaded the market's advance off of its March lows... Other laggards include the disk drive, oil services, healthcare, and gold sectors...
Among the leaders to the upside are the retail, computer hardware, networking, and software sectors... The latter is higher, at least partially, due to the gains in Adobe (ADBE 39.95 +3.56) following the company's better-than-expected Q3 (Aug) earnings of $0.28 reported last night and the associated upgrade of ADBE by Merrill Lynch to Buy from Neutral this morning... The economic reports didn't make much of a splash... The July trade deficit came in near expectations at $40.3 bln as exports continued their stronger growth with a 2% rise and imports rose 1.6%... August import prices ex-petrol prices fell -0.2%...
http://finance.yahoo.com/mo

Dow 9,466.64 +46.18 (+0.49%)
Nasdaq 1,834.79 +10.98 (+0.60%)
S&P 500 1,017.16 +6.24 (+0.62%)
10-Yr Bond 4.312% +0.043

[ozymandius]

21. Hi folks. Poking my head in for awhile.

at 12:49
DJIA 9,465.30 44.84 (0.48%)
NASDAQ 1,836.17 12.36 (0.68%)
S&P 500 1,016.69 5.77 (0.57%)

[ozymandius]

22. 1:34 and isn't everything dandy?

DJIA 9,488.18 67.72 (0.72%)
NASDAQ 1,843.20 19.39 (1.06%)
S&P 500 1,019.37 8.45 (0.84%)
10yr Note 4.27% -0.08

[Maeve]

23. 2:08

Dow 9,492.81 +72.35 (+0.77%)
Nasdaq 1,847.49 +23.68 (+1.30%)
S&P 500 1,020.28 +9.36 (+0.93%)
10-Yr Bond 4.340% +0.071

..shouting the battle-cry of "Freedom fries!"

[ozymandius]

24. 2:30 and rising

DJIA 9,496.39 75.93 (0.81%)
NASDAQ 1,848.27 24.46 (1.34%)
S&P 500 1,020.16 9.24 (0.91%)

[Maeve]

25. 2:58 and little changed since last

Dow 9,498.56 +78.10 (+0.83%)
Nasdaq 1,851.39 +27.58 (+1.51%)
S&P 500 1,020.11 +9.19 (+0.91%)
10-Yr Bond 4.332% +0.063

[mrsteve]

26. 3:20 and still up

Dow 9,486.42 +65.96 (+0.70%)
Nasdaq 1,848.95 +25.14 (+1.38%)
S&P 500 1,018.75 +7.84 (+0.78%)
10-Yr Bond 4.334% +0.065

Actually, I guess I'm the stock market jinx. I stay away for most of the day, and the the market goes up. :evilgrin:

Sorry I missed my usual lunchtime posts - had lunch with the boss. Can't say no to that, can we?

[mrsteve]

27. Wow, techs are really zooming

Yahoo Financial spin:

"3:00PM: The major averages are sticking to trading near their respective best levels of the session, while the Nasdaq has set a new high since the last update... Topping the Nasdaq's Most Actives list are Intel (INTC 28.28 +0.62), Cisco (CSCO 20.78 +0.32), and Oracle (ORCL 13.09 +0.24)... INTC is higher despite a Wall Street Journal article disclosing that Samsung has apparently closed the gap in revenues from Flash memory with INTC... ORCL is slated to report earnings tomorrow before the market opens...
The NYSE's Most Actives list is headed by Lucent (LU 2.19 +0.13), Nortel (NT 4.02 +0.07), and Texas Instruments (TXN 24.09 +0.67)... LU was upgraded to Neutral from Underperform at Soundview this morning based on checks showing that a strong seasonal uptick in wireless infrastructure spending is occurring during 2H03..."

Woo-hoo for the rising Tcoms - we don't need any more layoffs 'round here in my office. :scared:

[Maeve]

28. Wondered what had happened to you

I usually "bless" the market by going shopping! Consumer spending lifts all boats, that sort of thing...

Looks like the Dow and S&P lost a tad of the gain at the end there. Don't suppose it had anything to do with the Israel vs Arafat brouhaha, do ya?

Dow 9,459.76 +39.30 (+0.42%)
Nasdaq 1,846.11 +22.30 (+1.22%)
S&P 500 1,016.42 +5.50 (+0.54%)
10-Yr Bond 4.334% +0.065

[mrsteve]

29. Yeah, maybe a bit of profit taking at the end -

since it was a pretty good runup in the last four hours.

Yahoo Finance says that there are several reports coming out tomorrow, along with Oracle's earning which are a tech bellwhether. Tomorrow could be interesting.

Although looking at CNN/Money, under the headline "Rally Recharged!" comes the headline "This time's different - Make no mistake: The weak job market is not business as usual." and "Jobless claims rise again". Maybe a few people are finally getting really worried about the job-loss recovery, even while Wall Street parties.

Ah well - apocryphal or no, the Chinese curse "may you live in interesting times" certainly applies. See everyone for the fun tomorrow.