STOCK MARKET WATCH, TUESDAY NOV 11...(#1)

[ozymandius]

Tuesday November 11, 2003

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 440
REICH-WING RUBBERSTAMP-Congress = DAY 358
DAYS SINCE DEMOCRACY DIED (12/12/00) 2 YEARS, 333 DAYS
WHERE'S OSAMA BIN-LADEN? 2 YEARS, 24 DAYS
WHERE'S SADDAM? WHERE ARE THE WMD'S? - DAY 233
DAYS SINCE ENRON COLLAPSE = 717
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 November 10, 2003

Dow... 9,756.53 -53.26 (-0.54%)
Nasdaq... 1,941.64 -29.10 (-1.48%)
S&P 500.... 1,047.11 -6.10 (-0.58%)
10-Yr Bond... 4.46% +0.01 (+0.22%)
Gold future... 386.70 +3.30 (+0.86%)

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

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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

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[ozymandius]

1. WrapUp by Mike Hartman

"Markets Remain Quiet for Treasury Auctions"

As I go from screen to screen looking for movement in stocks, bonds, commodities and currencies, I see very little change in percentage terms. The markets are quiet as volatility remains low. The trading action today reminded me of a Wrap-Up that I wrote on October 8 titled, “Freeze Frame – Nothing Moved Today.” I can use the same sentences today that I used a month ago to describe my observations of market activity during the days of U.S. Treasury auctions. On 10/8 I wrote, “Overall for the day the markets remained calm throughout the trading session. The broad stock market averages floundered in negative territory most of the day, but in the end the losses were marginal. In percentage terms, stocks, bonds, and the dollar changed very little. This seems to be the standard any time the U.S. government is forced to auction more Treasury debt.” The absolute identical thing happened today (HUGE Treasury debt sales today), and I expect the balance of this week to be very close to what happened today due to additional debt issuance from the Feds on Wednesday and Thursday.

<cut>
Since the stock market closed a few minutes ago, I can say that the biggest difference that I see from today versus what happened on 10/8, is the way stocks closed today’s session. During the last hour of trading today we saw stocks fall to their lowest levels of the day with a tiny bounce in the last few minutes. Stocks clearly ended the day weaker today than when I last watched during Treasury auctions. With the $57 billion in new government debt for this week, it seems that the Feds are working harder to support the bond and foreign exchange markets, while bleeding off some of the recent stock gains to influence money to move into Treasuries. If market participants saw money flooding into stocks this week, the momentum crowd (most of the bulls) would pile into equities leaving less money to support the heavy issuance of debt.

Currency Wars & Trade Wars

The following Bloomberg headline really caught my attention this morning, “U.S. to Tolerate Japan’s Yen Sales, Citigroup Says.” The article doesn’t go on to say much more except that Citigroup said some traders were speculating that the Bush Administration “tolerated” yen sales to help Mr. Koizumi get re-elected. By the sound of the article, it looks like Japan has to ask our government for permission to intervene in the Forex market. When the U.S. decides to go out and sell more debt (create more debt and sell it for cash) who is it that has to “tolerate” our governments actions? The world has been protesting against U.S. policies for some time now. In fact, that is the main reason the euro was created in the first place. The rest of the world does not want the U.S. to be boss-dog of everything. The Europeans have just about had it with us. They are doing all they can to work “around” the U.S. as they watch our policy makers shoot themselves in the feet, especially with regard to Iraq. The situation is getting much worse in Iraq and Saudi Arabia and it is sure to drive the U.S. deeper into debt.

<cut>
The situation in Iraq and Saudi Arabia is clearly deteriorating. We will need to go even deeper into debt than originally planned to unravel the problems in the Middle-East. We could use some help from the rest of the international community, but they won’t help us because we stepped on everyone’s toes to go to war against Sadaam. We started lobbing bombs before we had broad-based international support. Now we have Russia and Venezuela among others that are thinking about selling oil for euros. It will be interesting to see the U.S. response to Russia if they move closer to the European Union.

more...

[ozymandius]

2. Some experts skeptical about US economic rebound despite solid data

WASHINGTON, (AFP) - The figures show the US economy surged in the third quarter, and job growth is back, but some analysts remain skeptical that the US economy has turned the corner.

Although most economists say the recent reports showing 7.2 percent growth in the most recent quarter and a quarter-million jobs created in the past two months herald a solid recovery, hard-core skeptics say the numbers belie underlying weakness in the US economy.

"a nation of burger flippers."

[ozymandius]

3. Have a great day Marketeers! (and a word of caution)

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

I hope to see you this afternoon. Right now - it's off to work I go.

BUT before I leave - (cautionary statement)

That illness I had last week turned out to be a virus. My MIL in California has just taken ill. Please consider this (unsolicited) advice should you suspect something is wrong: take some anti-nausea medicine as soon as you can. If we had done this, my wife and I could have avoided severe dehydration and, thus, a stay in the hospital.

The docs told us that this bug is springing up everywhere.

Take care.

[Maeve]

5. Too late!

I seem to have gotten a touch of flu or some such (nausea, aches and pains, general rotten feeling) and will be camping in front of the television with a miniseries and some tea and toast today.

Veterans' Day means the treasury market will be closed, but stocks will trade. (No mail today, either, remember!) Right now it looks like we may see a third down day. Excuse me...a third day of profits going into pockets.

[JNelson6563]

6. my daughter also seems to have it

or something like it. Sorry to hear you too Maeve are under the weather.

Chrissy came home yesterday, feeling sick to her stomach and achey. Headache too. This morning she looked a bit green and was clammy to the touch. Didn't feel good, more of the same. I sent her back to bed.

Spreading fast around the country. It's almost like we'vew got a "seven plagues" thing goin' on when you figure in all that is going wrong these days. ;-)

Julie

[JNelson6563]

4. Good morning Marketeers!

Thanks for the tip Ozy. Will definitely keep an eye on my little brood. Great Toon BTW!! hahahahaha!!!!!!!!! I love it. Everything about this misAdministration is a facade....

Also a great wrap-up!! Those guys are pretty smart and I appreciate their insights. I foresee trouble in stocks too and knew about the recent load to Treasuries hitting the block.

Futures seem to be dropping as the morning goes on. Could be an interesting day but I always think that. ;-)

More later.

Julie

[JNelson6563]

7. Trade war ahead?

US goods set to double in price as Europe plans huge trade war
By Stephen Castle in Brussels
11 November 2003

American jeans, Florida orange juice and dozens of other US products could double in price from next month because of a growing transatlantic trade war.

The World Trade Organisation gave the European Union permission yesterday to impose huge import tariffs, which will allow price increases of between 8 and 100 per cent on a range of goods.

The row, which began when America imposed special duties of up to 30 per cent on European steel last year, reached a climax yesterday when the trade watchdog gave a final decision in favour of the EU. It said the US action was "inconsistent" with free trade commitments. Europe can now impose duties on products ranging from T-shirts and lavatory paper, to bras, pantyhose, suspenders, ballpoint pens, ski suits and bowling alley equipment. Harley Davidson motorcycles were included in an early draft of the sanctions list, but were not included yesterday.

The EU says its sanctions, amounting to ¤2.2bn (£1.5bn) a year, will come into force on 15 December unless Washington drops its steel duties. The sanctions would be the biggest in the history of the WTO.


http://news.independent.co.uk/world/politics/story.jsp?story=462607

I think the world is about fed up with the US. They appear to be getting ready to flip us the bird in a big way.

Julie

[Don_G]

14. Japan, China and South Korea Have Joined The EU

For a call to end the US steel tarriffs. The news broke about 3 AM EST.

Link: http://www.voanews.com/article.cfm?objectID=0945D9A5-A223-48BC-AAA11D3D17710486

[UpInArms]

8. daily dollar watch

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

Last trade 93.12 Change +0.07 (+0.08%)

and I did have the suspicion that the BoJ was intervening (didn't I?)

http://www.channelnewsasia.com/stories/marketnews/view/56700/1/.html

US dollar firms against yen in Asia on intervention fears

SINGAPORE : The US dollar firmed against the yen in Asia on Tuesday on concerns the authorities would intervene to stop the yen's rise after suspected intervention overnight when the US unit hit a fresh three-year low.

After a roller-coaster ride overnight, the greenback was quoted at 108.99 yen in early afternoon dealings, up from 108.83 yen in New York late on Monday.

The US dollar had earlier weakened sharply to the lowest levels in three years, touching 107.83 yen in New York on speculation that Tokyo would relax its intervention policy after Japanese Premier Junichiro Koizumi secured a fresh mandate in weekend parliamentary polls.

...more...

Good Morning Marketeers! And stay well! (or get well!)

[Maeve]

9. Note that a stable dollar is desired during Treasury sales

re: Market Wrap-up quoted above

Seems that the moneymen have an awful lot of balls in the air...and more keep getting tossed to them (the EU sanction threat, etc.)

[Maeve]

10. Interesting opening

Started down, climbing up to the water line quickly:

Dow 9,756.75 +0.22 (0.00%)
Nasdaq 1,943.43 +1.79 (+0.09%)
S&P 500 1,047.76 +0.64 (+0.06%)

[Maeve]

11. Ooops! Couple more minutes and...

Dow 9,749.94 -6.59 (-0.07%)
Nasdaq 1,941.28 -0.36 (-0.02%)
S&P 500 1,046.92 -0.19 (-0.02%)

[JNelson6563]

12. 10:00 downward trend continues

Dow 9,730.38 -26.15 (-0.27%)
Nasdaq 1,930.23 -11.41 (-0.59%)
S&P 500 1,044.68 -2.43 (-0.23%)
10-Yr Bond 4.460% +0.000

That early upswing and subsequent downturn makes for a pointy graph. Wear safety glasses. ;-)

Julie

[Maeve]

13. Definitely wear safety glasses

Especially when looking at the DOW

Dow 9,742.83 -13.70 (-0.14%)
Nasdaq 1,927.75 -13.89 (-0.72%)
S&P 500 1,045.81 -1.30 (-0.12%)

[Maeve]

15. Well, there WAS a rally last hour...but...

It seems to have been the cue for more selling...

Dow 9,737.42 -19.11 (-0.20%)
Nasdaq 1,928.64 -13.00 (-0.67%)
S&P 500 1,045.75 -1.36 (-0.13%)

[mrsteve]

16. Afternoon everyone - 1:00 numbers

Looks like the markets are shooting for a recovery - rising in the last 30 minutes.

Dow 9,741.35 -15.18 (-0.16%)
Nasdaq 1,931.40 -10.24 (-0.53%)
S&P 500 1,046.53 -0.58 (-0.06%)

Sorry to hear that so many people are feeling ill. You guys take care of yourselves, dammit - we can't lose any footsoldiers for the war to unseat the Bush dynasty and send them packing back to Connecticut.

Besides, the stock market thread wouldn't be the same without you. :loveya:

[Maeve]

18. Thanks, mrsteve!

Glad you're here to keep us going in the afternoon doldrums! And speaking of doldrums....
Dow 9,736.31 -20.22 (-0.21%)
Nasdaq 1,932.30 -9.34 (-0.48%)
S&P 500 1,045.93 -1.18 (-0.11%)



BTW--don't miss the http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=111&topic_id=10975">latest cartoon roundup I'm particularly fond of the one called "Perspective"

[mrsteve]

17. 1:50 - no big changes as markets begin moving sideways

Still under water, though.

Dow 9,740.61 -15.92 (-0.16%)
Nasdaq 1,932.84 -8.80 (-0.45%)
S&P 500 1,046.49 -0.63 (-0.06%)

[mrsteve]

19. 2:30 - starting to edge downward

Dow 9,730.87 -25.66 (-0.26%)
Nasdaq 1,929.77 -11.87 (-0.61%)
S&P 500 1,045.40 -1.72 (-0.16%)

[Maeve]

20. 2:58 and they'd better start that rally soon

Dow 9,726.02 -30.51 (-0.31%)
Nasdaq 1,927.50 -14.14 (-0.73%)
S&P 500 1,044.93 -2.19 (-0.21%)

[mrsteve]

21. 3:30 - uptick in the last 15 minutes

Dow 9,725.50 -31.03 (-0.32%)
Nasdaq 1,926.08 -15.56 (-0.80%)
S&P 500 1,044.98 -2.13 (-0.20%)

Is this the start of the lightning rally that will raise the markets above sea level for the day? Stay tuned to find out!

[JNelson6563]

22. The end is near!

5 minutes to go:

Dow 9,725.05 -31.48 (-0.32%)
Nasdaq 1,926.40 -15.24 (-0.78%)
S&P 500 1,045.28 -1.84 (-0.18%)
10-Yr Bond 4.460% +0.000


Julie

[Maeve]

23. Not so bad in the end

Dow 9,737.79 -18.74 (-0.19%)
Nasdaq 1,930.75 -10.89 (-0.56%)
S&P 500 1,046.57 -0.54 (-0.05%)

[mrsteve]

24. Yahoo Finance says "its a slow day" about three different ways...

Yahoo Fi Updates:
"Close: Stock indices opened lower on a continuation of the moderately poor sentiment established by the down days on Friday and Monday...from there, it was up a bit, down a bit, ending with a late push that left the indices will small losses...frankly, not much happened through the day, as there was little news and very little volatility...the negative sentiment is generally ascribed to concerns that interest rates might move higher, slowing down the economic upturn...interest rates weren't a problem today, however, as banks and the bond market were closed for Veterans Day...
the mutual fund industry problems also hang over the market a bit...the weakest sectors were generally the areas that have seen strong runs, prompting typical "profit taking" talk...biotech and small caps were lower, although semiconductors managed an up day...retail stocks were higher as Merrill Lynch made positive comments on the sector and upgraded a number of stocks...volume was light due to the partial holiday...decliners outpaced decliners by almost a 5 to 3 margin, reflecting broad, but shallow, weakness today...

the slow day may have reflected a cautious underlying tone, but it would be wrong to read too much from today's action..."