STOCK MARKET WATCH, Tuesday 31 May

[ozymandius]

Tuesday May 31, 2005

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 3 YEARS, 235 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 4 YEARS, 163 DAYS
WHERE'S OSAMA BIN-LADEN? 3 YEARS, 226 DAYS
DAYS SINCE ENRON COLLAPSE = 1283
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 2
Other Arrests of Execs = 54


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




AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90

AT THE CLOSING BELL ON May 27, 2005

Dow... 10,542.55 +4.95 (+0.05%)
Nasdaq... 2,075.73 +4.49 (+0.22%)
S&P 500... 1,198.78 +1.16 (+0.10%)
10-Yr Bond... 4.07% -0.01 (-0.20%)
Gold future... 422.40 +1.80 (+0.43%)

GOLD, EURO, YEN, Dollars and Loonie




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. WrapUp by Tim W. Wood

THE DOW REPORT
Another Look at the Industrials and the Transports

Today I want to take a quick look at the Industrials vs. the Transports and then I want to look at the Transports vs. some of the other shipping indexes. In the first chart below we have the Dow Jones Industrial Average and the Dow Jones Transportation Average. As you should all know, it is these two indexes that we use in our Dow theory work. On April 14, 2005 both of these averages fell below their January 2005 secondary reaction low points. When this occurred it put both of the averages “in gear” with each other and realigned the secondary trend with the primary trend. To date, nothing has happened to change or invalidate this setup. Therefore, according to Dow theory there have been absolutely no changes in the longer-term outlook for the averages.

-cut-

(lotsa charts)

Now, the reason that I am bringing these charts up again is to show you that in spite of the flashy rally, which has occurred out of the April lows, nothing has really changed. Both the Transports and the Industrials remain in gear to the downside. And two of the three Transportation indexes are still in gear with the Dow Jones Transportation Index as well as the Dow Jones Industrial Average.

more...

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

[UpInArms]

2. daily dollar watch

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

Last trade 87.64 Change +1.22 (+1.41%)

Euro Crosses Retreat Across the Board

http://www.dailyfx.com/index.php?option=com_content&task=view&id=1319&Itemid=39

Trading Currency Crosses opens a whole new side of the currency markets, as different crosses possess different qualities that can suit any style of trading. Some crosses move fast and are extremely volatile with daily ranges that may exceed over 100 pips. While other crosses move relatively slow and exhibit low volatility, which is more suited for novice tradersCrosses also add another dimension to traders, that is the ability to collect substantial amounts of interest (i.e. GBP/JPY, NZD/JPY and other high yielding crosses) as the positive carry created by the interest rate differentials can add to the trader’s bottom line P/L.

<snip>

EURJPY remains confined to a large triangle with the last swing finding support at the triangle’s lower boundary. As the range continues to shrink expect the cross to have a violent breakdown below the triangle’s lower boundary and test the bids at 133.72, a 50.0 Fib of the 125.81-141.62 euro rally. A further breakdown will most likely see the EuroYen target the support at 131.85, a 61.8 Fib of the Apr-Dec euro bull swing. Indicators point to strong trending conditions. Stochastic is neutral at 54.06. ATR is falling, pointing to a drop in volatility, as range continues to shrink, creating a pre-breakdown setup (currently favored). ADX(DMI) is at 38.83, well above 25, continuing to send a strong trending signal.

...more...

Euro Descent Continues But For How Much Longer?

http://www.dailyfx.com/index.php?option=com_content&task=view&id=1331&Itemid=39

Is it really a surprise that the euro broke the 1.2400 figure in tonight’s European session? Given the French rejection of the EU Constitution on Sunday, the likely Dutch rejection of the same treaty this Wednesday and tonight’s torrent of EU eco data which continues to show the region mired in a no-growth environment today’s yearly low in the EUR/USD could only be a shocker to the most die hard euro bulls. As we wrote yesterday, after Sunday’s results had been confirmed, “While the short term trading (in the pair) is following the classic ‘sell the rumor buy the news’ dynamic, the longer term implications for the price action may not be as benign for euro longs. “

Yet now having lost its long term support of 1.2500 and besieged by an array of political and economic problems, the key question for market watchers on the euro is how much more to the downside? In our opinion, in the short term not much. The pair is grossly oversold on technical grounds and with most of the 1.2500 – 1.2400 stops cleared off the books and positioning now strongly skewed to the euro short side, the market will need to see much better than expected US eco data in order to take the pair below the 1.2200 level.

Today’s Chicago PMI number will be of great interest to the market as it may confirm the signals of US economic slowdown emitted earlier by the Empire Manufacturing and Philly Fed reports. The same dollar rally that heartened greenback longs may be also extracting a severe toll on US manufactures which have now seen their costs skyrocket by 12 cents in euro terms, while providing the export based European manufactures with a much needed boost in competitiveness.

...more...

The dollar climb seems more about the euro than truly about the dollar.

Have a Great Day Marketeers!

[UpInArms]

33. peek at the buck

Last trade 87.36 Change +0.94 (+1.09%)

Settle 86.42 Settle Time 23:36

Open 87.35 Previous Close 86.42

High 87.74 Low 86.86

Last tick: 2005-05-31 10:42:23 ET
30-min delayed quote.

Losing its glow even before the rube speaks :shakeshead:

[UpInArms]

3. Today's Reports:

http://biz.yahoo.com/c/e.html

May 31	10:00 AM	Chicago PMI		May	-	62.0	62.0	65.6	-	
May 31	10:00 AM	Consumer Confidence	May	-	94.0	96.0	97.7	-

[UpInArms]

17. Chicago PMI down at 54.1(sucks bad) - surprised economist time

10:00am 05/31/05 U.S. MAY CHICAGO PMI 54.1 VS. 65.6 APRIL

10:01am 05/31/05 U.S. MAY CHICAGO PMI FALLS SHORT OF 61.1 EXPECTED

[UpInArms]

19. CHICAGO-REGION FACTORY EXPANSION COOLS

http://www.marketwatch.com/news/newsfinder/pulseone.asp?guid={F87FBE8B-90F4-4753-98FD-D85FFF027DAD}&siteid=mktw

WASHINGTON (MarketWatch) -- Business activity in the Chicago region fell to its lowest level since June 2003, according to the Chicago Purchasing Manager's index released Tuesday. The index dropped to 54.1% in May from 65.6% in April. Economists were expecting it to slide to about 61.1%. Readings over 50% indicate expansions. The production index fell to 56.0% from 68.9%, while new orders dropped to 57.9% from 71.0%. Prices paid dropped to 54.3% from 66.1%.

[UpInArms]

29. Chicago region activity falls to 2-year low

http://www.marketwatch.com/news/story.asp?guid=%7BD4B88E3D%2DA76D%2D449E%2D8DE8%2D47103C746276%7D&siteid=mktw

WASHINGTON (MarketWatch) -- Business activity in the Chicago region fell to its weakest level since June 2003, according to the National Association of Purchasing Managers of Chicago.

The Chicago purchasing managers' index dropped to 54.1% in May from 65.6% in April, the lowest since June 2003.

Economists were expecting the Chicago index to slide to about 61.1%, according to a survey conducted by MarketWatch. See Economic Calendar.

Readings over 50% indicate expansions. The index has been above 50% for 25 months.

The Chicago PMI is watched primarily as a guide to the national Institute for Supply Management index to be released on Wednesday. Economists expect the ISM to fall to 52.1% from 53.3% in May.

"This brings the Chicago Business Barometer more in line with the Empire State and Philadelphia Fed surveys," said Amanda Wingard-Phillips, an economist for Economy.com.

<snip>

Employment dropped back to 54.7% from 62.3%, signaling weaker payroll growth. Inventory accumulation slowed, with the index slipping to 51.2% from 53.6%.

...more...

Didn't that lying blather try to rah-rah the employment numbers?

Sacks of rat dung are caught out in the lies again :grr:

[ozymandius]

45. More leaky sacks of rat dung uncovered.

Bush Says U.S. Economy `Strong,' More Action Needed (Update1)

May 31 (Bloomberg) -- President George W. Bush, citing job growth and high rates of home ownership, said the U.S. economy is thriving and will continue to grow if Congress enacts his agenda on trade, spending and energy.

``Our economy is strong, but we need to work together to make sure we continue to have a prosperous economy so people can find jobs,'' Bush said at a White House news conference, citing the country's 5.2 percent unemployment rate. ``Congress can make sure that the signs remain hopeful.''

The U.S. economy grew 4.4 percent last year and may expand in 2005 by 3.4 percent, according to the median of 64 forecasts in a Bloomberg News survey. Oil prices that are 21 percent higher than a year ago are one reason economists cite for the weaker growth rate this year.

-cut-

Polls show that voters' perceptions of the economy are taking their toll on Bush's approval rating. An NBC News/Wall Street Journal poll conducted May 12-16 revealed that 42 percent of those surveyed believe the economy has worsened in the past year, the highest-such reading in two years. And for the first time in Bush's presidency, a majority believed the economy will worsen in the coming 12 months.

more... sometimes I almost pity this stooge. So ill-prepared to deliver his talking points, so unknowledgable about that of which he spews as gospel truth.

http://www.bloomberg.com/apps/news?pid=10000087&sid=aNLwKQAdTRDw&refer=top_world_news

[ozymandius]

46. to further this point...

Bush's Rosy View of Economy Doesn't Mesh With Public Perception

May 31 (Bloomberg) -- Ellen Westbrook, an employment counselor in Asheville, North Carolina, says she just rolls her eyes when she hears about how the U.S. economy is strong and getting stronger.

``I've seen 300 manufacturing jobs disappear down here in the last three weeks,'' she says. ``How can I think the economy is good when I am watching high-paying jobs disappear overseas?''

-cut-

The White House isn't the only place where optimism on the economy prevails; many economists agree with the president's view. ``The economy is going the speed limit,'' Stuart Hoffman, chief economist at PNC Financial Services Group Inc. in Pittsburgh, said after the Commerce Department reported May 26 that the economy expanded at an annual rate of 3.5 percent in the first quarter. ``It doesn't look like the economy is soft at all, and we're off to a good start in the current quarter.''

Public Perception

An NBC News/Wall Street Journal poll conducted May 12-16 illustrates the gap between Bush and the public: 42 percent of those surveyed said the economy has worsened in the past year, the highest-such reading in two years. For the first time in Bush's presidency, a majority says the economy will be in worse shape a year from now, according to the poll. More than 60 percent say Bush hasn't paid enough attention to record gasoline prices, jobs and health care.

http://www.bloomberg.com/apps/news?pid=10000103&sid=azgDOmWkfKuE&refer=us

[UpInArms]

50. I'm certain a full-blown taxpayer funded PR campaign is about

to ensue - to assure us to all not believe our lying eyes and lives.

The economy is great and roaring! :puke:

This sorry-sack of dirty diapers has done absolutely nothing but destroy any vestige of economic prosperity starting with his criminal cabal stopping the vote count in November 2000 and swearing that the country was "already in a recession".

:argh:

[ozymandius]

44. That's a lie!

Here it is in black-and-white. Or is it white-is-black?

On another topic, Bush also put in a good word for the U.S. economy, saying it is strong and getting stronger. Bush kept his promise to reporters to hold at least one full-blown news conference a month during his second term.

http://www.theindychannel.com/news/4549001/detail.html

[UpInArms]

18. As Gasoline and Food Prices rise - so does Consumer Confidence!

U.S. May consumer confidence rises to 102.2 vs 97.5

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38503.4185564931-836101502&siteID=mktw&scid=0&doctype=806&

WASHINGTON (MarketWatch) -- U.S. consumer confidence rebounded in May after three straight monthly declines, the Conference Board said Tuesday. The consumer confidence index rose to 102.2 in May from 97.5 in April. Economists expected the index to fall to 95.9 from the earlier estimate of 97.7. The present situation index rose to 116.7 from 113.8, while the expectations index rose to 92.5 from 86.7.

Yeah! We're BROKE! Privatize SS! Take all our job! Hurrah for China!

[UpInArms]

22. "Confident" Consumers have no money to go to the movies!

Box-office sales on important weekend down versus 2004

http://www.marketwatch.com/news/story.asp?guid=%7B9EFAFED8%2DD578%2D4D48%2DA7A0%2D83EF056BA945%7D&siteid=mktw

excerpt:

Memorial Day weekend is one of the most important of the year for the movie industry, setting the tone for the summer season to come.

The top 12 movies this weekend generated a total of $225 million in ticket sales, down from a record $239 million in 2004, Exhibitor Relations said. That's the 14th straight weekend this year that box-office receipts have lagged comparable revenues from 2004.

...more...

[UpInArms]

4. Are hedge-fund investors dashing for the exits?

Are hedge-fund investors dashing for the exits?

http://www.marketwatch.com/news/story.asp?dist=signin¶m=archive&siteid=mktw&guid=%7B269FF69B%2D7356%2D4A3B%2D9227%2D79E85F18D9FB%7D&garden=&minisite=

(free registration or try www.bugmenot.com)

SAN FRANCISCO (MarketWatch) -- Recent trouble roiling the highflying world of hedge funds may get worse before it gets better.

After big losses by some funds and generally stagnant performance this year, more investors have begun asking for their money back, said several experts who track the vast, unregulated private investment groups that cater to the world's richest investors.

Redemption requests that may come due in late June or in early July are expected to undercut the performance of some already struggling hedge funds as managers unwind market bets so they can come up with enough cash to return to investors.

"People were sold on the idea that hedge funds were investment products that had no down months and would perform all the time," said Cyril Delamare, a director at Tara Capital SA, a Swiss advisory firm. "Now they're waking up to the reality that this isn't true."

Some hedge fund investors and brokers are talking of a less likely, but more worrying scenario: A wave of redemptions could force lots of managers in the same market to liquidate positions at the same time, sparking a chain reaction of sharp price drops that could force other investors to lose money.

...more...

[UpInArms]

35. Hedge fund industry hits $1 trillion mark (in 2004)

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38503.4799812269-836105935&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

NEW YORK (MarketWatch) -- In 2004, the hedge fund industry grew 27% to $1 trillion from $795 billion, according to a survey by the Hennessee Hedge Fund Advisory Group.

[Zynx]

61. The death of the hedge funds would be a positive development.

[UpInArms]

5. AIG files 10-K (accounting shown to be fraudulent)

http://www.marketwatch.com/news/story.asp?guid=%7BE6098A15%2DB2D3%2D4888%2DB1B9%2D0F7A3850730F%7D&siteid=mktw

LONDON (MarketWatch) -- American International Group Inc. (AIG: news, chart, profile) as expected filed its 10-K with the Securities and Exchange Commission on Tuesday, restating previous financial statements and knocking 2.7%, or $2.26 billion, off shareholder equity, down to $80.61 billion at Dec. 31, 2004.

AIG's net income for 2004 amounted to $9.73 billion, a reduction of $1.32 billion or 11.9 percent from the $11.05 billion previously announced in the Feb. 9 earnings release.

"In many cases these transactions or entries appear to have had the purpose of achieving an accounting result that would enhance measures believed to be important to the financial community and may have involved documentation that did not accurately reflect the true nature of the arrangements," AIG said.

...a bit more...

[UpInArms]

6. AIG Lowers Five Years of Profit by $3.9 Bln to Fix Accounting

http://quote.bloomberg.com/apps/news?pid=10000103&sid=aJYWTojK4rxo&refer=news_index

May 31 (Bloomberg) -- American International Group Inc., the insurer accused by New York Attorney General Eliot Spitzer of duping investors, lowered five years of profit by $3.9 billion to correct improper accounting.

The restatement, the result of a 14-week internal review triggered by Spitzer's investigation, fixes reinsurance contracts and other transactions that understated liabilities for claims and inflated underwriting profit, the company said in a regulatory filing today.

<snip>

AIG, now led by Martin Sullivan, still faces investigations by federal prosecutors, and UBS Securities LLC analyst Andrew Kligerman said last week that the restatement may not preclude the company from finding more abuses.

AIG also faces higher borrowing costs after being stripped of its top AAA credit rating and will probably produce lower profit margins in property and casualty insurance after eliminating allegedly sham reinsurance contracts, said Kligerman, who has a ``neutral'' rating on the stock.

...more...

So basically, the stock price was based on fraudulent and cooked books - it looks like their shares are up in pre-market which is stupid imho because the numbers still don't show the all the lies: the restatement may not preclude the company from finding more abuses

[UpInArms]

58. more details: AIG overstated 5 years of net income by $3.9 bln

http://www.reuters.com/financeNewsArticle.jhtml;jsessionid=FKHVLATZTE2M4CRBAEKSFEY?type=governmentFilingsNews&storyID=8656141§ion=investing

excerpt:

"But the big negative from our perspective is the asbestos reserve review. That will leave a cloud over the shares."

The reserves were adjusted to reflect a new view that potentially more claims could hit the company as AIG increasingly takes into account the losses it has experienced.

The company said it will commission an independent actuarial review of loss reserves of its main property and casualty insurance operations.

<snip>

In its latest filing, which ran to over 400 printed pages, AIG said its management identified material weaknesses in its internal control over financial reporting. It expects to file a 10-Q report for the first quarter of 2005 by the end of June.

...more...

[UpInArms]

9. AIG increases claims reserves by $850 mln

http://www.reuters.com/financeNewsArticle.jhtml?type=governmentFilingsNews&storyID=8650555§ion=investing

WASHINGTON, May 31 (Reuters) - American International Group (AIG.N: Quote, Profile, Research) , the beleaguered insurer facing scrutiny from regulators, said in its much-delayed annual report on Tuesday that it increased its reserves for asbestos and environmental exposures by $850 million in the fourth quarter of 2004.

The company reported $1.51 million in net reserve for losses and loss expenses at the end of 2004 related to asbestos and environmental claims.

...very short newsblurb...

[UpInArms]

7. Top China bank sheds $30 bln bad debt pre-IPO

http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=8650385

SHANGHAI, May 31 (Reuters) - Industrial and Commercial Bank of China will offload $30 billion of bad assets to a state debt clearer, officials said on Tuesday, as the nation's top lender moved to shore up its fiscal health before a multi-billion-dollar share sale.

Huarong Asset Management Company, one of four government debt-clearing agencies, will take on 246 billion yuan ($29.7 billion) in non-performing loans (NPLs) from ICBC , a Huarong official told Reuters, confirming a state media report.

The move follows a smaller-than-expected $15 billion injection for the bank, as Beijing pushes lenders to float shares; attacks industry corruption; and otherwise scrambles to shore up a sector laden with more than $200 billion in sour debt before it opens wider to foreigners in 2007.

An ICBC executive told Reuters the deal would be overseen by the finance ministry but would not elaborate.

"Is this a back-door recapitalisation? It seems like it is," said David Marshall at Fitch Ratings.

...more...

[UpInArms]

8. Parts suppliers souring on GM

Study says auto parts manufacturers give company low marks for trustworthiness, accessibility.

http://money.cnn.com/2005/05/31/Autos/gm_parts.reut/

CHICAGO (Reuters) - General Motors Corp.'s relationships with its U.S. parts suppliers, never particularly cordial, have worsened, a study released Tuesday has found.

Suppliers gave GM (Research), struggling to stem market share losses, lower marks for timely and candid talks with parts makers than last year, according to the annual study by consulting firm Planning Perspectives Inc.

"General Motors' supplier working relationships are now clearly and unequivocally the worst they have ever been," study author John Henke told Reuters in a telephone interview.

"The level of trust that suppliers have of General Motors is at the lowest we have seen in 15 years of doing this," said Henke, chief executive of Planning Perspectives.

...more...

[UpInArms]

10. Treasurys up ahead of confidence, manufacturing news

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38503.3578366435-836097573&siteID=mktw&scid=0&doctype=806&

NEW YORK (MarketWatch) - Treasury prices rose early Tuesday, pushing yields lower, ahead of the Chicago purchasing managers and consumer confidence reports for May. Treasury buying was spurred by dollar gains against the euro in the wake of France's rejection of the EU constitution, a development which has made U.S. assets more attractive. According to a MarketWatch poll of economists, the Chicago PMI report is expected to have a May reading of 61.1%, down from 65.6% and the consumer confidence report should come in at 95.6, down from 97.7 In recent trades the yield on the 10-year note was 4.04%, down from 4.07% late Friday.

[UpInArms]

59. Treasuries march forth as factories grind slower

http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=8656413§ion=investing

NEW YORK, May 31 (Reuters) - U.S. Treasury debt rallied on Tuesday as fresh evidence of a manufacturing slowdown allowed benchmark yields to plumb 3-1/2-month lows.

Government bonds also benefited from France's rejection of the European Union constitution, which sparked fears of political instability in the eurozone and thus cast U.S. assets in a more favorable light.

Combined, the events were enough to push benchmark 10-year notes (US10YT=RR: Quote, Profile, Research) 19/32 higher in price for a yield of 4.00 percent, down from 4.08 percent on Friday, before the long holiday weekend.

Yields hit 3.99 percent for a brief moment, their lowest level since early February, and some traders identified 3.98 percent as the next key barrier for chart buffs to test.

Still, the pullback in regional factory activity in the Chicago purchasing managers' survey was not in itself sufficient to dissuade the Federal Reserve from raising interest rates further, analysts suspected.

...more...

[Merlin]

11. My suggestion for cartoon title: NO FURTHER DELAY n/t

.

[UpInArms]

12. pre-opening blather

briefing.com

9:00AM: S&P futures vs fair value: -1.0. Nasdaq futures vs fair value: -0.5. Stage remains set for stocks to open in lackluster fashion as buyers still show some reserve at the moment... The dollar, however, has surged to an eight-month high against the euro (1.2339) after the French voted "no" for a new EU constitution... Such global and economic concerns have also provided a floor of buying support for bonds, as the 10-yr note is up 11 ticks to yield 4.02%

8:30AM: S&P futures vs fair value: -1.5. Nasdaq futures vs fair value: -1.0. Still shaping up to be a slightly lower open for the indices, as futures indications still trade below fair value... Meanwhile, AIG has filed its long delayed 10-K, the EU has filed a counterclaim against Boeing (BA) at the WTO and ExxonMobil (XOM) should be in focus following two analyst upgrades... Other notable ratings changes include upgrades on CVX, DCX, DCN, SYMC and AZN

8:00AM: S&P futures vs fair value: -2.3. Nasdaq futures vs fair value: -2.0. Futures market versus fair value suggesting a lower open for the cash market as investors wait for key economic data to set a more definitive tone to trading... Two consecutive weeks of solid gains have perhaps also contributed to some early consolidation efforts... At 10:00 ET, May Chicago PMI (consensus 62.0) and May Consumer Confidence (consensus 96.0) will be released

ino.com

The June NASDAQ 100 was slightly lower overnight due to light profit taking as it consolidates below the 62% retracement level of this year's decline crossing at 1554.62. Stochastics and the RSI are overbought and are neutral hinting that a short-term top might be in or is near. If June extends this spring's rally, the March high crossing at 1564.50 is the next upside target. Closes below the 10-day moving average crossing at 1533 would signal that the short covering rally off April's low has come to an end. The June NASDAQ 100 was down 2.00 pts. at 1550 as of 5:55 AM ET. Overnight action sets the stage for a steady to lower opening by the NASDAQ composite index later this morning.

The June S&P 500 index was lower overnight due to profit taking as it consolidates above the 62% retracement level of this year's decline crossing at 1196.54. Stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be in or is near. If June extends this month's rally, the 75% retracement level of the March- April decline crossing at 1209.52 is the next upside target. Closes below the 10-day moving average crossing at 1192.16 would signal that a short-term top has been posted. The June S&P 500 Index was down 3.00 pts. at 1197.20 as of 5:56 AM ET. Overnight action sets the stage for a steady to lower opening when the day session begins later this morning.

[UpInArms]

13. 9:32 EST markets are open

Dow 10,537.31 -5.24 (-0.05%)
Nasdaq 2,074.82 -0.91 (-0.04%)
S&P 500 1,198.26 -0.52 (-0.04%)
10-Yr Bond 4.042 -0.31 (-0.76%)

NYSE Volume 28,096,000
Nasdaq Volume 53,212,000

[UpInArms]

14. 9:44 EST numbers and blather

Dow 10,512.03 -30.52 (-0.29%)
Nasdaq 2,071.90 -3.83 (-0.18%)
S&P 500 1,195.45 -3.33 (-0.28%)
10-Yr Bond 4.042 -0.31 (-0.76%)

NYSE Volume 105,483,000
Nasdaq Volume 136,394,000

9:40AM: Stocks open slightly lower, as investors consolidate some gains and await a report that may show consumer confidence (consensus 96.0) fell for a fourth straight month... Also contributing to the lack of early follow-through buying interest has been some uncertainty ahead of the latest read on regional manufacturing - May Chicago PMI (consensus 62.0) - in the wake of disappointing reads in the NY Empire Manufacturing Index and Philly Fed... Both reports will be released at the top of the hour...

9:15AM: S&P futures vs fair value: -0.8. Nasdaq futures vs fair value: +0.5. Futures market trading at its best levels of the morning, now suggesting a mixed open for the cash market... Nasdaq futures have recently inched above fair value, following upbeat industry comments and raised Q2 guidance from Novellus Systems (NVLS), while blue chips remain poised to open on a relatively flat note

[RawMaterials]

15. States say $5.15 an hour too little

More states are raising their minimum wages, pushing hourly rates above $7 in some and shrinking the role of the federal minimum wage, which hasn't gone up in eight years.

Eleven states have raised their rates since January 2004, and Wisconsin will become the 12th on Wednesday. Employers there must pay at least $5.70 an hour through June 2006, when the minimum wage rises again to $6.50 an hour.

In all, 17 states and the District of Columbia — covering 45% of the U.S. population — have set minimums above the federal rate of $5.15. That has helped cut the number of workers earning the minimum or less (for those earning tips) from 4.8 million in 1997 to 2 million last year, or 2.7% of hourly earners, the Bureau of Labor Statistics says.

snip..

"The federal government is not living up to its responsibility, so the states are acting," says New Jersey state Sen. Steve Sweeney, a Democrat who sponsored a law that will raise the state's minimum.


http://www.usatoday.com/news/washington/2005-05-30-minimum-wage_x.htm

[UpInArms]

16. CEOs see pace of U.S. expansion moderating-survey

http://www.reuters.com/financeNewsArticle.jhtml?type=economicNews&storyID=8652538§ion=investing

NEW YORK, May 31 (Reuters) - U.S. chief executives still expect robust economic growth but are less bullish than they were a few months ago, according to a quarterly survey by the Business Roundtable released on Tuesday.

The survey of Roundtable members -- CEOs from large U.S. companies -- found that 85 percent expect their sales to increase in the second half of 2005, down from 89 percent in the previous survey.

It found 49 percent expect to raise capital spending, down from 60 percent in March, and 35 percent expect to increase employment, compared with 36 percent three months ago.

"The economy seems to be growing strongly," Hank McKinnell, chairman of the Business Roundtable and chairman and CEO of Pfizer Inc. (PFE.N: Quote, Profile, Research) , told CNBC television. "It's looking like what I call the Goldilocks economy. It's not too hot and not too cold."

...more...

Ooooh! Nursery Rhymes and Fairy Tales! How Fun! :sarcasm:

[UpInArms]

20. 10:13 EST numbers and blather

Dow 10,500.21 -42.34 (-0.40%)
Nasdaq 2,071.76 -3.97 (-0.19%)
S&P 500 1,194.06 -4.72 (-0.39%)
10-Yr Bond 4.029 -0.44 (-1.08%)

NYSE Volume 267,017,000
Nasdaq Volume 291,776,000

10:00AM: Equities still on the defensive as the bulk of sector leadership remains negative... Energy has paced the way lower amid falling oil prices while a stronger dollar has also weighed on the Materials sector... Technology has been weak across the board while Financial and Industrials have also been influential leaders to the downside... Consumer Staples has also been weak, losing some ground after Smith Barney downgraded the Food, Beverage & Tobacco sector...

Utilities, however, have shown relative strength, benefiting from falling bond yields, while Airlines has been one of the best performing S&P groups after Merrill Lynch upgraded Northwest Airlines (NWAC 5.93 +0.34) to Buy from Neutral... Separately, investors are currently sifting through mixed economic data - May Consumer Confidence rose to 102.2 (consensus 96.0) while May Chicago PMI plunged to 54.1 (consensus 62.0)... NYSE Adv/Dec 1294/1218, Nasdaq Adv/Dec 1258/1132

[UpInArms]

21. Fed seeks a way to deflate housing slowly

http://www.marketwatch.com/news/story.asp?guid=%7BE012F0EE%2D16F5%2D49EF%2D8825%2D8F848CA3E14F%7D&siteid=mktw

HEMPSTEAD, N.Y. (MarketWatch) -- Now that Federal Reserve chief Alan Greenspan has effectively acknowledged that there may be a housing bubble out there, the big question is how will this affect Fed policy?

First, a few facts for your consideration.

Prices of both new and existing homes combined are up eight percent over the past year -- the biggest annual increase in 25 years.

For existing homes alone prices are 15 percent higher than they were last year at this time. In some parts of the country, the gains are even bigger.

Since personal incomes are growing much more slowly, the typical home now costs 3.4 times the average household's annual income -- the most in at least 25 years. From 1984-1999, this ratio averaged 2.8 times; in the early 1970s, when housing also boomed, this ratio was only 2.4.

<snip>

To make matters even more interesting, 80 percent of these home equity loans carry an adjustable rate, as borrowers have sought the lowest possible cost. What is more, many loans are high relative to the value of the home used as collateral, and also high relative to the borrower's income.

...more...

EEEEEKKKK! 80% of home equity loans are ARMs!!!!

[UpInArms]

23. Activist Supreme Court sets CRIMINAL CORPORATION free

Supreme Ct overturns A. Andersen's Enron conviction

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38503.4281631597-836102063&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (MarketWatch) -- The Supreme Court has overturned the conviction of the accounting firm Arthur Andersen for destroying Enron Corp.-related documents before the energy giant's collapse, the Associated Press reported Tuesday.

[UpInArms]

24. Look out for falling junk bonds!

10:22am 05/31/05 GM, FORD BONDS FALL AHEAD OF TRANSITION TO JUNK MARKET

[UpInArms]

25. GM, Ford bonds fall ahead of transition to junk market

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38503.4387636806-836103116&siteID=mktw&scid=0&doctype=806&

NEW YORK (MarketWatch) -- Bonds issued by General Motors Corp. (GM) and Ford Motor Co. (F) fell Tuesday as traders adjusted their portfolios a day ahead of the companies' transition into the junk-bond market. Following recent downgrades by the major ratings agencies, GM and Ford debt will be pushed out of the investment-grade Lehman Aggregate Bond Index at the close of trade today. GM's 6.875% note due 2011 was last yielding 9.447%, according to corporate bond tracker Market Axess. Its spread, or difference in yield to a comparable, lower-risk Treasury, widened 10 basis points to 547 basis points. Ford's 5.8% note due 2009 was yielding 7.945%. Its spread widened 42 basis points to 418 basis points over a Treasury.

[ozymandius]

42. GM, Ford Junk Bonds Should Be Called 'Yaegashi Bonds'

WASHINGTON, May 9 /PRNewswire/ -- Now that the Standard & Poor's rating
agency has downgraded the General Motors Corporation and Ford Motor Co. to
junk bond status, Wall Street should take the next logical step and refer to
any such new debt issued by the struggling U.S. automakers as "Yaegashi
bonds," according to 40mpg.org, a Web-based campaign organized by the Results
for America arm of the nonprofit Civil Society Institute (CSI) to promote
higher fuel-efficiency standards for U.S. vehicles.

Why "Yaegashi bonds"? The little-known Takehisa Yaegashi is the Toyota
engineer who is referred to in Japan as "the father of the hybrid." Part of
Yaegashi's training took place in the United States where he realized that
passage by U.S. lawmakers of limits on automotive tailpipe emissions would
require cleaner, more fuel-efficient autos. The story of Yaegashi's role in
hybrids and the broader problem of the short-sighted thinking of U.S.
automakers was spelled out more than a year ago in a prescient April 2004 MIT
Technology Review article ("Hybrid's Rising Sun") by author Peter Fairley.

-cut-

Civil Society Institute President Pam Solo said: "The reason that Japan
has at least a six-year lead today on red-hot hybrid auto technology is
because people like Yaegashi saw the handwriting on the wall more than 30
years ago and set out to do something about it. Japanese automakers built
their pickups and SUVs just like U.S. automakers, but they also hedged their
bets by focusing on fuel efficiency in a way that the U.S. companies did not.
Hybrids are not necessarily yet a major factor in what ails Ford and GM today,
but the Japanese leadership in hybrids reflects everything that is wrong at
U.S. automakers."

more...

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/05-09-2005/0003590134&EDATE=

[UpInArms]

26. 10:41 EST numbers and blather confused about market not buying lies

Dow 10,501.83 -40.72 (-0.39%)
Nasdaq 2,074.70 -1.03 (-0.05%)
S&P 500 1,194.40 -4.38 (-0.37%)
10-Yr Bond 4.014 -0.59 (-1.45%)

NYSE Volume 385,698,000
Nasdaq Volume 404,296,000

10:30AM: Major indices continue to chalk up losses, regardless of an improvement in consumer confidence... After three consecutive monthly declines, May consumer confidence jumped to 102.2, versus economists' expectations of 96.0 and an April read of 97.5... While the data suggest that consumers may finally be starting to identify with much improved job market conditions, the fact that the Conference Board's report doesn't correlate well with spending patterns has so far failed to give stocks much of a boost... NYSE Adv/Dec 1339/1510, Nasdaq Adv/Dec 1324/1321

but..but..but... Our lies have worked so well in the past! Why don't they believe it now???

[UpInArms]

27. PieHole Alert!

Bush to hold press conference shortly (10:45 a.m. ET)

<<SNIP>>
http://www.msnbc.msn.com/id/8046041 /

Bush to hold press conference shortly
Opening statement will be about economyThe Associated Press
Updated: 9:41 a.m. ET May 31, 2005WASHINGTON - President Bush is keeping his second-term pledge to hold at least one full-blown news conference each month.

He was squeezing one in on Tuesday, the last day of May, starting at 10:45 a.m. ET. The White House said he would open with a statement declaring that the nation’s economy was strong and getting stronger.

The session in the Rose Garden would be Bush’s first full-scale news conference since April 28 when he held a prime-time meeting with reporters in the East Room.

<</SNIP>>

thanks to sabra and this DU thread:

http://upload.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x1511994

[UpInArms]

28. Full-blown Bullshit Spew (LOL!)

So many lies, so little time:

10:48am 05/31/05 BUSH SAYS WILL KEEP PRESSING FOR SOCIAL SECURITY REFORM

10:47am 05/31/05 BUSH SAYS CAFTA 'WILL KEEP JOBS IN AMERICA'

10:46am 05/31/05 BUSH URGES CONGRESS TO RESTRAIN SPENDING

10:47am 05/31/05 BUSH CALLS ON CONGRESS TO PASS CAFTA PACT

10:45am 05/31/05 BUSH SAYS WANTS ENERGY BILL BEFORE AUGUST RECESS

10:45am 05/31/05 BUSH SEES HOPEFUL SIGNS FOR U.S. ECONOMIC OUTLOOK

10:45am 05/31/05 BUSH REPEATS CALL FOR CONGRESS TO PASS ENERGY BILL

That giant sucking noise that is CAFTA being pushed by the giant lying thing that squats :puke:

[UpInArms]

30. 10:58 EST numbers getting redder

Dow 10,496.52 -46.03 (-0.44%)
Nasdaq 2,069.48 -6.25 (-0.30%)
S&P 500 1,193.18 -5.60 (-0.47%)
10-Yr Bond 4.007 -0.66 (-1.62%)

NYSE Volume 456,443,000
Nasdaq Volume 467,052,000

you should look at the charts at http://finance.yahoo.com/mo to get a feel for the U-turn when the idiot babbles

[UpInArms]

31. but wait! there's more! PIEHOLE still spewing!

10:59am 05/31/05 BUSH: CONGRESS MUST MAKE TAX CUTS PERMANENT

10:57am 05/31/05 BUSH: U.S. WATCHING RUSSIAN OIL TYCOON CASE CLOSELY

[UpInArms]

32. 11:09 EST numbers still dropping - Piehole still spewing?

Dow 10,488.16 -54.39 (-0.52%)
Nasdaq 2,066.16 -9.57 (-0.46%)
S&P 500 1,192.42 -6.36 (-0.53%)
10-Yr Bond 4.012 -0.61 (-1.50%)

NYSE Volume 497,201,000
Nasdaq Volume 513,261,000

11:00AM: Stocks remain under pressure as selling remains widespread across most areas... Treasurys, however, have continued to attract buyers on the heels of disappointing manufacturing data... The May Chicago PMI plunged to 54.1 - the lowest level since June 2003 - below expectations of 62.0 and an April read of 65.6...

While any reading over 50% still indicates expansion, the fact that new orders tanked to 57.9 (from 70.1), production dropped to 56.0 (from 68.9) and employment fell to 54.7 (from 62.3) has helped sustain a rally in the benchmark 10-year note (+16/32) that has knocked yields down to the important 4.0% level... NYSE Adv/Dec 1473/1459, Nasdaq Adv/Dec 1478/1276

[UpInArms]

36. Bush sets out his agenda for Congress

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38503.4750177662-836105379&siteID=mktw&scid=0&doctype=806&

WASHINGTON (MarketWatch) -- President Bush on Tuesday set out four priorities for Congress when it returns from a Memorial Day recess. Bush urged Congress to complete work on energy legislation before its August recess, pass the Central American Free Trade Agreement and to press ahead on Social Security reform. He also said Congress should hold its spending in line with the budget the White House submitted earlier this year. Bush also said Congress should vote to make his tax cuts permanent.

Spending more "political capital" than is his yet again.

[ozymandius]

39. fifteen minutes yet up?

[ozymandius]

38. Howdy there UIA! Sorry to have missed so much of the show today.

Things have been hopping here at the museum with a short week ahead of us.

Bush has a long wish list. It seems like he's scraping for some more political capital. Maybe he's just attention starved.

Ozy :hi:

[UpInArms]

43. Hiya Ozy!

Glad that the museum is keeping you busy and happy!

Had to run away and get a few things done - I see that the markets haven't recovered by the spew :shakeshead:

The swampthing certainly has an agenda that might not work for the rest of the people in this country - but he's gonna push it anyway.

:hi:

[ozymandius]

48. thanks!

I keep getting called away to tend some business.

A theory has been rolling through my head about the Bush agenda: he plans to wreck whatever is good an solid, benefitting the most in this country. Forget any kind of benevolence. The overall goal is destruction.

Pardon me while I state the obvious.

[UpInArms]

34. LOL! American Century launches inflation protection fund

But they said there's no inflation! :rofl:

http://www.marketwatch.com/help/default.asp?page=support/help/reprint.asp&dist=reprints&siteid=mktw

BOSTON (MarketWatch) - American Century Investments, a Kansas City, Mo.-based money management firm, Tuesday said it has launched a fund that strives to protect investors from U.S. inflation. American Century Inflation Protection Bond Fund (APOIX) , which is offered only through financial professionals, is managed by Jeremy Fletcher. Fletcher also runs the firm's other inflation-linked products, American Century Inflation Adjusted Bond Fund (ACITX) and American Century VP Inflation Protection.]

If there's no inflation, why are the protecting investors against it?

[UpInArms]

37. Job cuts increased across the country in April

http://stlouis.bizjournals.com/stlouis/stories/2005/05/30/daily2.html?jst=b_ln_hl

excerpting past the spin:

The nation had 1,373 mass layoffs and 158,582 claims in April. This compares with 1,458 layoffs and 157,314 claims in April 2004.

The bureau said that the manufacturing sector accounted for 29 percent of all mass layoffs and 37 percent of all initial unemployment insurance claims filed in April. This compares with 24 percent of all layoffs and 23 percent of initial claims in April 2004.

...spin can be found at link...

How about that "improved employment climate"? :eyes:

[ozymandius]

40. 1:15 downdate

Dow 10,486.17 -56.38 (-0.53%)
Nasdaq 2,068.11 -7.62 (-0.37%)
S&P 500 1,193.21 -5.57 (-0.46%)
10-Yr Bond 4.006 -0.67 (-1.64%)

NYSE Volume 854,208,000
Nasdaq Volume 838,611,000

12:30PM: Market improves its stance somewhat, benefiting from a modest recovery effort in Financial... While the influential Financial sector (-0.2%) - which accounts for roughly 20% of the S&P 500 - has been under modest pressure all morning, strength in the Brokerage space (+0.4%) has minimized losses... Confirmation that Ameritrade (AMTD 14.81 +0.42) and TD Waterhouse (TD 42.59 +1.24) are discussing a possible merger valued between $2.0 bln and $3.0 bln has helped shares of both companies surge nearly 3.0%... NYSE Adv/Dec 1499/1633, Nasdaq Adv/Dec 1354/1528

[UpInArms]

41. Citigroup to pay $208M to settle SEC fraud charges

http://www.marketwatch.com/news/newsfinder/pulseone.asp?guid={7F9F08C4-57ED-4F5F-A728-828C0F956662}&siteid=mktw

SAN FRANCISCO (MarketWatch) -- Two Citigroup Inc. (C) subsidiaries have agreed to pay $208 million to settle fraud charges relating to the creation and operation of an affiliated transfer agent that has served the Smith Barney family of mutual funds since 1999, the Securities and Exchange Commission said Tuesday. The SEC found that Citigroup Global Markets Inc. and Smith Barney Fund Management LLC, the investment adviser to the mutual funds, misrepresented and omitted material facts when recommending to the boards of the mutual funds that the funds change from the third party transfer agent they previously used to a transfer agent that was a Citigroup affiliate. Without admitting or denying the findings, they have agreed to pay $128 million in disgorgement and interest, $80 million in penalties and to comply with remedial measures including putting certain contracts for transfer agency services for the mutual funds out for competitive bids.

[ozymandius]

47. 2:33 info

Dow 10,503.32 -39.23 (-0.37%)
Nasdaq 2,071.29 -4.44 (-0.21%)
S&P 500 1,195.20 -3.58 (-0.30%)
10-Yr Bond 4.008 -0.65 (-1.60%)

NYSE Volume 1,089,208,000
Nasdaq Volume 1,044,058,000

2:00PM: Buyers show some resolve, as the indices pare some afternoon losses... While much of today's selling has been prompted by end-of-the month profit taking - as the S&P and Nasdaq have surged 3.2% and 7.5%, respectively, in May alone - another recovery effort in Financial and a modest turnaround in the Semiconductor Index (+0.2%) have helped improve sentiment... NYSE Adv/Dec 1637/1553, Nasdaq Adv/Dec 1449/1522

[ozymandius]

49. witching hour

3:05
Dow 10,510.48 -32.07 (-0.30%)
Nasdaq 2,074.21 -1.52 (-0.07%)
S&P 500 1,196.27 -2.51 (-0.21%)
10-Yr Bond 40.02 -0.71 (-1.74%)

NYSE Volume 1,219,367,000
Nasdaq Volume 1,161,217,000

3:00PM: Indices show some resilience at current levels, as plummeting bond yields offset a rebound in oil prices... Even though crude oil futures have recently closed near session highs ($52.00/bbl +$0.15), strong follow-through buying interest in bonds has sent the yield on the 10-yr note (+20/32) down to 3.998% for the first time today... Meanwhile, the interest-rate sensitive S&P 500 Utilities Index (+0.4%), paced again by a surge in shares of Calpine Corp. (CPN 2.90 +0.20) - which is selling a UK power plant for roughly $900 mln - has clawed back toward session highs... NYSE Adv/Dec 1785/1433, Nasdaq Adv/Dec 1553/1454

Look at bonds go! Dang! at what little effect this is having on stocks.

[UpInArms]

51. Crude-oil edges higher at the close - $51.97 bbl

http://www.marketwatch.com/news/story.asp?guid=%7B8C4B477E%2D1B94%2D49C0%2DAEB2%2DC64A7847BAC9%7D&siteid=mktw

DALLAS (MarketWatch) - After an almost 7% advance last week, crude-oil contracts managed to add to gains at Tuesday's close on the New York Mercantile Exchange, ahead of the weekly U.S. supply data.

Expectations are mixed, with trading and research firm Fimat expecting a 1-million-barrel increase in U.S. crude inventories, and IFR Energy Services expecting a decline of 1 million to 2 million barrels. The Energy Department will release the data Thursday, a day late due to the Memorial Day holiday.

July-dated light sweet crude contracts rose 12 cents to close at $51.97 a barrel after trading as low as $50.90. Crude-oil contracts added 6.6% last week, carried higher by an unexpected decline in U.S. crude supplies. The hospitalization late last week of Saudi Arabia's King Fahd for pneumonia also boosted prices. His health improved over the weekend.

"Instability in Saudi Arabia would have serious ramifications for oil prices," said Mike Fitzpatrick, an energy analyst at Fimat, in a note to clients. "However, with Saudi Arabia effectively being run by Fahd's half brother for the last 10 years, the transition probably won't be that difficult.

"The real question is whether or not extremists would attempt to use this transition, or the next, to divide the kingdom," Fitzpatrick said.

...more...

[Roland99]

55. Glad I filled up yesterday at $1.81...$2.13 today

[UpInArms]

52. Able Labs drops on layoff news (200 jobs)

http://www.marketwatch.com/news/story.asp?guid=%7B208DF348%2DA2D6%2D4FBA%2DA2D8%2DCC369DF0433E%7D&siteid=mktw

BOSTON (MarketWatch) -- Shares of imperiled generic drugmaker Able Laboratories dropped significantly on Tuesday, following news late Friday that it was making dramatic cuts in its workforce.

Able shares were down 18% to $4.35 in afternoon trading.

Late Friday, Able (ABRX: news, chart, profile) said that it will lay off about 200 people, or about half of its staff. Able announced earlier this month that it was suspending all manufacturing and would be recalling all of its remaining products due to chronic quality-control problems.

"This disruption in the company's operations and the reduction in workforce is expected to have material adverse effect on the company's results of operations and financial position," Cranbury, N.J.-based Able said in a statement Friday. "The company can give no assurance as to when it will be able to resume manufacturing operations, or if it does, whether it will be able to hire, train and retain the manufacturing and other operating personnel necessary to operate effectively."

Also on Friday, the U.S. Food and Drug Administration issued a public advisory on Able's products.

...more...

[UpInArms]

53. 3:32 EST numbers and blather

Dow 10,503.97 -38.58 (-0.37%)
Nasdaq 2,072.17 -3.56 (-0.17%)
S&P 500 1,194.65 -4.13 (-0.34%)
10-Yr Bond 4.006 -0.67 (-1.64%)

NYSE Volume 1,360,740,000
Nasdaq Volume 1,283,808,000

3:30 PM Equities continue to retrace some of their losses heading into the close, but the market still trades in negative territory... The Nasdaq, however, has recently inched into positive territory for the first time today, benefiting from modest strength in Software (+0.6%) - in particular, a 3.0% surge in AutoDesk (ADSK 39.29 +1.14) and a 1.3% gain on shares of Symantec (SYMC 22.54 +0.29), which was upgraded to Outperform at Piper Jaffray... ..NYSE Adv/Dec 1801/1448. ..NASDAQ Adv/Dec 1548/1488.

3:00PM: Indices show some resilience at current levels, as plummeting bond yields offset a rebound in oil prices... Even though crude oil futures have recently closed near session highs ($52.00/bbl +$0.15), strong follow-through buying interest in bonds has sent the yield on the 10-yr note (+20/32) down to 3.998% for the first time today... Meanwhile, the interest-rate sensitive S&P 500 Utilities Index (+0.4%), paced again by a surge in shares of Calpine Corp. (CPN 2.90 +0.20) - which is selling a UK power plant for roughly $900 mln - has clawed back toward session highs... NYSE Adv/Dec 1785/1433, Nasdaq Adv/Dec 1553/1454

[ozymandius]

54. Headed up for awhile - then back down again

3:35
Dow 10,501.90 -40.65 (-0.39%)
Nasdaq 2,072.32 -3.41 (-0.16%)
S&P 500 1,194.63 -4.15 (-0.35%)
10-Yr Bond 40.06 -0.67 (-1.64%)

NYSE Volume 1,378,838,000
Nasdaq Volume 1,299,300,000

3:30PM: Equities continue to retrace some of their losses heading into the close, but the market still trades in negative territory... The Nasdaq, however, has recently inched into positive territory for the first time today, benefiting from modest strength in Software (+0.6%) - in particular, a 3.0% surge in AutoDesk (ADSK 39.29 +1.14) and a 1.3% gain on shares of Symantec (SYMC 22.54 +0.29), which was upgraded to Outperform at Piper Jaffray... NYSE Adv/Dec 1801/1448, Nasdaq Adv/Dec 1548/1488

[UpInArms]

56. do you think they'll be able to hug that 10,500 number?

betcha it's within fractions at the close :evilgrin:

[UpInArms]

57. 3:44 EST numbers (all bets are off)

Dow 10,477.60 -64.95 (-0.62%)
Nasdaq 2,070.12 -5.61 (-0.27%)
S&P 500 1,192.62 -6.16 (-0.51%)
10-Yr Bond 4.006 -0.67 (-1.64%)

NYSE Volume 1,445,317,000
Nasdaq Volume 1,356,457,000

Gonna need some mighty big faeries to get it back near 10,500 :shrug:

[ozymandius]

60. close: Fairies don't show. They were busy filing for unemployment.

Dow 10,467.48 -75.07 (-0.71%)
Nasdaq 2,068.22 -7.51 (-0.36%)
S&P 500 1,191.51 -7.27 (-0.61%)
10-Yr Bond 40.06 -0.67 (-1.64%)

NYSE Volume 1,811,426,000
Nasdaq Volume 1,578,669,000

Close: The major averages finished the month of May sharply higher but ended the day on a downbeat note, as widespread profit-taking following mixed economic data overshadowed plummeting bond yields and closed virtually every sector in negative territory... After returning from the long holiday weekend, investors had little in the way of upside catalysts to hold onto to recent gains following the market's best monthly advance since last November...
Sure, an unexpected jump to 102.2 in May consumer confidence, versus expectations of 96.0 and an April read of 97.5, ended three consecutive months of declines and suggested that consumers may finally be starting to identify with improved job market conditions... However, the fact that the Conference Board's report doesn't correlate well with spending patterns failed to provide investors with enough optimism to offset disappointing regional manufacturing data... May Chicago PMI plunged to 54.1 - the lowest level since June 2003 - below expectations of 62.0, an April read of 65.6 and a 17-yr high of 69.2 in March...

Even though any number above 50 reflects expansion, that point was lost in the recognition that May marked the second consecutive month that the new orders, production, and employment components of the report were also lower than the prior month... The discouraging data - on the heels of disappointing reads in the NY Empire Manufacturing Index and Philly Fed - also checked in a day before tomorrow's 10:00 ET release of the May ISM Index (consensus 52.2)... Meanwhile, eight out of ten economic sectors closed lower... Technology (-0.9%) was the most influential leader to lose ground...