STOCK MARKET WATCH, Thursday October 19

[ozymandius]

Thursday October 19, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 823 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2122 DAYS
WHERE'S OSAMA BIN-LADEN? 1828 DAYS
DAYS SINCE ENRON COLLAPSE = 1789
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 6
Enron execs conveniently deceased = 3
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
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON October 18, 2006

Dow... 11,992.68 +42.66 (+0.36%)
Nasdaq... 2,337.15 -7.80 (-0.33%)
S&P 500... 1,365.96 +1.91 (+0.14%)
Gold future... 592.60 -0.90 (-0.15%)
30-Year Bond 4.89% -0.02 (-0.39%)
10-Yr Bond... 4.76% -0.01 (-0.29%)






GOLD, EURO, YEN, Loonie and Silver


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 Chris Puplava

Value Still Lies Within Energy: Disbelief Leaves Room for Modest Multiple Expansion

Every decade has its investment theme where one asset class or sector outperforms its counterparts. There are different reasons for this, such as the economic environment at the time, whether the period was characterized by inflation or deflation, monetary tightening or easing, or liquidity contraction or expansion, as well as technological advancement.

What characterized the investment background of the 1970s was inflation as seen by the chart below, which shows rising bond yields and a corresponding rise in commodities as reflected by the CRB Spot Index.

-cut-

As seen in Figures 12-14, whenever the S&P 500 Energy index’s valuation multiples neared or exceeded one standard deviation above the mean, a correction occurred. Likewise, valuation multiples near or exceeding the lower standard deviation from the mean were attractive entry points as shares soon advanced. Looking at Figures 12-14 show that all three current valuation multiples are near the lower standard deviation bands, at levels not seen since the beginning of the bull run in energy stocks in 2003.

Some of the structural and fundamental underpinnings of the oil industry may sustain the bull market in energy for years to come. Unlike the past where shortages were created by manmade actions like war, and oil embargoes, the current situation is due to demand outstripping supply.

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

[ozymandius]

2. Today's reports

8:30 AM Initial Claims 10/14
Briefing Forecast 310K
Market Expects 310K
Prior 308K

10:00 AM Leading Indicators Sep
Briefing Forecast 0.3%
Market Expects 0.3%
Prior -0.2%

12:00 PM Philadelphia Fed Oct
Briefing Forecast 8.0
Market Expects 6.5
Prior -0.4

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

[UpInArms]

14. Initial Claims @ 299,000

8:30 AM ET 10/19/06 U.S. CONTINUING JOBLESS CLAIMS RISE 25,000 TO 2.45 MLN

8:30 AM ET 10/19/06 U.S. 4-WEEK AVERAGE INITIAL CLAIMS DOWN 5,750 TO 307,750

8:30 AM ET 10/19/06 U.S. WEEKLY JOBLESS CLAIMS AT LOWEST LEVEL SINCE JULY 22

8:30 AM ET 10/19/06 U.S. WEEKLY JOBLESS CLAIMS BELOW 310,000 FORECAST

8:30 AM ET 10/19/06 U.S. WEEKLY JOBLESS CLAIMS DOWN 10,000 TO 299,000

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7BEA984A29%2DD2E1%2D424E%2DA363%2DA5CFA2AD32CC%7D&symbol=

WASHINGTON (MarketWatch) - Weekly jobless claims fell to their lowest level in almost three months, the federal government said Thursday.

First-time applications for state unemployment benefits fell 10,000 to 299,000 in the week ended Oct. 14, the Labor Department said.

The four-week average of new claims, considered a more accurate indicator, also fell, dropping by 5,750 to 307,750, the lowest since June 24.

Initial claims figures bucked expectations. Economists were expecting initial claims to rise slightly to 310,000. See Economic Calendar.

Initial claims for the week ended Oct, 7 were revised to a rise of 5,000 to 309,000, up slightly from the initial estimate of a 4,000 rise to 308,000.

Initial claims have been quite steady since July, with the four-week average holding in a 310,000 to 320,000 range.

...more...

[Ghost Dog]

15. (Surprise!) U.S. jobless claims fell 10,000 last week

http://today.reuters.com/news/articleinvesting.aspx?type=economicNews&storyID=2006-10-19T123035Z_01_N18319097_RTRIDST_0_ECONOMY-JOBLESS-URGENT.XML

WASHINGTON, Oct 19 (Reuters) - The number of U.S. workers lining up for jobless benefits unexpectedly fell by 10,000 last week, the government said on Thursday in a report underscoring a relatively stable job market.

The Labor Department said a seasonally adjusted 299,000 workers filed new claims for state unemployment insurance benefits in the week ended Oct. 14, down from 309,000 claims a week earlier.

<snip>

The four-week moving average of new claims -- viewed as a more accurate indicator of longer-term labor conditions - fell to its lowest in nearly four months. It was the third week in a row the average declined, slipping to 307,750 in the week ended Oct. 14 from 313,500 the previous week.

The number of people who remained on the benefit rolls after drawing an initial week of aid rose 25,000 to 2.45 million in the week ended Oct. 7, the latest week these data were available.

/..

[Paulie]

29. Is there a chart

showing the relationship showing the stated unemployment rate, those no longer eligible to receive benefits (because they maxed out on them) and the hiring rate?

Probably be a sharply pointed graph. :)

[Ghost Dog]

30. And those who simply give up and/or drop out

of the 'official' (massaged statistics) labor market.

Good question Paulie... Anyone?

[AnneD]

39. Afternoon Marketeers....

:toast: and lurkers. That graph was buried next to the body of Jimmy Hoffa.:rofl:

We'll never see that one unless we construct it ourselves on this website. If memory serves this little shell game started with Reagan. They changed that way they calculated stuff like that. And now that I am thinking about that-isn't that the time they wanted to declare pickles and ketchup vegetables on the school lunch tray:eyes:I guess I could take it better from Reagan 'cause he could at least tell a good joke. Bush is still working on saying a complete sentence and coherent thought.

[Ghost Dog]

31. (Another Surprise!) 10:00 AM Leading Indicators Sep

10:00 AM Leading Indicators Sep
Actual 0.1%
Briefing Forecast 0.3%
Market Expects 0.3%
Prior -0.2%

http://today.reuters.com/news/articleinvesting.aspx?type=economicNews&storyID=2006-10-19T141603Z_01_N19216461_RTRIDST_0_ECONOMY-INDEX-URGENT.XML
U.S Sept. leading index up, first rise in 3 months

WASHINGTON, Oct 19 (Reuters) - A key gauge of future U.S. economic growth posted its first rise in three months during September, implying the economy should continue to grow at a slow rate in coming months, according to a report from a private research group on Thursday.

The U.S. Index of Leading Economic Indicators rose 0.1 percent in September to 137.7, the New-York based Conference Board said. That was below Wall Street economists' expectations for a 0.3 percent rise.

Five of the ten indicators that make up the leading index rose, including its gauge of consumer expectations, money supply and stock prices. In addition, there were positive contributions from reduced unemployment insurance claims and from higher manufacturers' orders for nondefense capital goods.

/...

http://www.marketwatch.com/News/Story/Story.aspx?column=economic+report&siteid=mktw&dist=
Leading index rises 0.1%, suggesting slow growth

WASHINGTON (MarketWatch) - A gauge of future growth shows the U.S. economy should continue to expand at a slow pace, the Conference Board said Thursday.

The index of leading economic indicators rose 0.1% in September after falling in July and August. The index has dropped in five of the past eight months, and is down 0.9% in the past six months.
Economists expected the leading index to rise 0.3%, according to a survey conducted by MarketWatch. See Economic Calendar.

The leading index fell 0.2% in August and 0.3% in July.

"The behavior of the leading index so far suggests that economic growth should continue at the slow rate in the near term," the New York-based private research group said.

Five of the 10 leading indicators rose in September: Consumer expectations, money supply, stock prices, jobless claims and core capital equipment orders. Five others fell: Building permits, factory working hours, delivery times, the interest-rate spread and new orders for consumer goods.

/...

(Whichever way you prefer your spin...)

[ozymandius]

3. Oil prices up as markets await OPEC news

LONDON - Oil prices rose slightly Thursday as markets awaited the outcome of OPEC's meeting to discuss a possible cut of 1 million barrels a day to prop up prices.

The potential move by the cartel follows a more than 25 percent decline in oil prices since a mid-July peak above $78 a barrel and would be the first cut since December 2004, when oil traded slightly above $40 a barrel.

An OPEC official said there was "a consensus" to cut output by 1 million barrels, but no agreement had been reached "especially on the details of such a cut."

-cut-

Analysts have been skeptical of comments from some members of the Organization of Petroleum Exporting Countries that the group has agreed on the 1 million barrel a day cut. Moreover, they are eager to find out whether the cartel plans to reduce its official output quota or to reduce production based on actual output levels.

more

[ozymandius]

4. OPEC prepares to announce cut to oil output

DOHA (AFP) - Determined to overcome a plunge in crude prices, OPEC is expected to formally agree to a one-million-barrel cut in daily oil output at an extraordinary meeting in Doha.

The Organization of Petroleum Exporting Countries was to outline details of the reduction, agreed in principle by its members last week as oil prices have fallen to below 58 dollars per barrel in recent days -- a drop of more than 25 percent from record highs above 78 dollars struck in July and August.

Meeting Thursday from about 8:00 pm (1700 GMT), the 11-member cartel must overcome divisions that analysts say are damaging its credibility.

The market is uncertain whether OPEC will decide to cut its official quota of 28 million barrels per day (bpd) -- which has stood since July 2005 -- or slash actual production levels which are currently below the quota, owing to disagreements among member nations.

more

[ozymandius]

5. Oil prices climb to nearly $58 in Asia

SINGAPORE - Oil prices rose Thursday as traders awaited the outcome of an OPEC meeting discussing a possible cut in production to prop up prices.

The price rise followed a drop of more than $1 a barrel overnight on U.S. government data that showed a large increase in domestic inventories of crude.

Light, sweet crude for November delivery rose 27 cents to $57.92 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. The contract fell $1.28 to settle at $57.65 a barrel Wednesday.

-cut-

In its latest weekly report, the U.S. federal Energy Information Administration, the statistical arm of the Energy Department, said crude oil supplies grew last week by 5.1 million barrels to 335.6 million barrels, or 7 percent above year ago levels. The supply of distillate, which includes heating oil, stood at 145.4 million barrels, or 15 percent above year ago levels even after a larger-than-expected 4.5 million barrel decline.

more

[Ghost Dog]

35. Saudi Oil Minister Supports OPEC's Proposed 1-Million-Barrel Cut

http://biz.yahoo.com/ap/061019/qatar_opec.html?.v=4

DOHA, Qatar (AP) -- Saudi Arabia's oil minister said Thursday that his country supports OPEC's proposed 1 million barrels-a-day production cut.

"We will try to make the market balanced," Ali Naimi said, ending two weeks of silence from the world's largest oil producing nation and giving a quick jolt to oil prices.

<snip>

Light sweet crude for November delivery rose 70 cents to $58.35 a barrel in electronic trading on the New York Mercantile Exchange.

/..

[ozymandius]

6. Banks begin to dip into 'dark pools'

Morgan Stanley (AMEX:MWD) is joining the growing list of banks that are challenging stock exchanges by forming "dark liquidity pools", internal trading platforms that anonymously match buy and sell orders.

The dark pools, also known as dark books or internal crossing networks, pose a potential competitive threat to exchanges, by internally matching orders without publishing quotes - a service that is particularly popular with traders using computer-executed strategies.

Morgan Stanley's new platform - called MS Pool - is the bank's first branded offering in this area, although it was one of the first entrants to the dark pool market in the late 1990s. It joins about a dozen such entities, each with a slightly different approach. Others include Goldman Sachs's Sigma X, Credit Suisse's CrossFinder and UBS's Price Improvement Network.

Bill Neuberger, head of electronic trading at Morgan Stanley, said, "Orders coming into the system will have the ability to interact with Morgan Stanley order flow before being routed externally to the exchanges."

more

[NC_Nurse]

7. Hmmmm...

no opportunity for rampant corruption THERE or anything....:eyes:

Hi Ozy! :hi:

[ozymandius]

10. Hi!

:donut: :donut: :donut:

Good morning.

:hi:

[stop the bleeding]

8. yep this crap really burns me up in trading

they are placing peoples trades against what they have in house - basically trading on your dime(s), getting rid of inventory and causing you not to get as good of a fill or market price. This is one of the reasons I use a platform to go direct market.


America and they ways people make money - you gotta love it.


thanks Ozy :donut:

[specimenfred1984]

37. There they are, the firms that rig the market

It's not "dark" though, it's obvious in the S&P futures volume on intraday charts.

Funny how when I tell people the markets are rigged, the brainwashed suckers just call me a "conspiracy theorist" until reality is reported in the "news".

Actually it's not funny for them, the poor suckers would rather believe lying TV suits than real people.

[ozymandius]

9. GLOBAL MARKETS-Investors eye Philly Fed, stocks fall

LONDON, Oct 19 (Reuters) - Investors pondering the future direction of U.S. interest rates were focused on a key regional Federal Reserve report on Thursday, leaving bonds and the dollar trading in narrow ranges.

European and Japanese stocks, meanwhile, fell on mixed company reports.

With the strength of the U.S. economy and its monetary policy at the core of investor concern, the U.S. Philadelphia Fed's business activity index for October (due at 1600 GMT) will be the main event of the trading day.

Last month's reading sent ripples across markets -- sparking global growth jitters with the first negative reading since April 2003.

more

[Ghost Dog]

16. Treasuries softer, spooked by ghost of Philly Fed

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20061019:MTFH55138_2006-10-19_13-01-53_N19202050&type=comktNews&rpc=44

NEW YORK, Oct 19 (Reuters) - Treasury debt prices edged lower on Thursday in anticipation of regional factory data that will help investors gauge the pace of U.S. industrial activity.

Weekly jobless claims figures only reinforced the downward momentum, falling more than expected to 299,000 and pointing to strength in the labor market. The decline was particularly relevant since it coincided with the week in which data from the monthly payrolls survey is collected.

But the manufacturing data also loomed large. It was an unusually sharp decline in the very same Philly Fed index that sent bond yields sharply lower last month as investors -- prematurely, in hindsight -- began pricing in an interest-rate cut from the Federal Reserve.

Wary of a rebound in the numbers, which were due out at noon, traders took benchmark 10-year notes <US10YT=RR> down 10/32 in price for a yield of 4.80 percent. This was up from 4.76 percent on Wednesday, but not far from where yields started the week.

/...

[Ghost Dog]

17. Dollar edges down to mid-118 yen on upbeat Japan economic report

http://asia.news.yahoo.com/061019/kyodo/d8krkm900.html

(Kyodo) The U.S. dollar edged down to the mid-118 yen level Thursday in Tokyo as a Bank of Japan report added to speculation that the central bank will sanction another interest rate hike by the year-end.

At 5 p.m., the dollar was quoted at 118.46-49 yen compared with Wednesday's 5 p.m. quotes of 118.86-96 yen in New York and 118.55-57 yen in Tokyo. It traded between 118.45 yen and 119.02 yen in the day, most frequently at 118.88 yen.

The euro was quoted at $1.2557-2560 and 148.78-82 yen against Wednesday's 5 p.m. quotes of $1.2528-2538 and 148.97-149.07 yen in New York and $1.2550-2553 and 148.80-84 yen in Tokyo.

In Tokyo on Thursday, the dollar stalled mostly in the upper 118 yen level before losing steam in the late afternoon on active yen-buying prompted by the BOJ's quarterly report on Japan's regional economies, dealers said.

The report said the Japanese economy "as a whole expanded moderately as all regions were on the expansion or recovery trend," boosting expectations of a rate hike by the year-end.

/...

[Ghost Dog]

18. Japanese Stocks Fall; Dollar Down

http://asia.news.yahoo.com/061019/ap/d8krknd80.html

Japanese stocks slipped Thursday as investors sold technology, insurance and pharmaceutical stocks and turned their attention to the beginning of third-quarter earnings season.

The benchmark Nikkei 225 index fell 101.64 points, or 0.61 percent, to finish at 16,551.36 points on the Tokyo Stock Exchange. The index rose 0.25 percent the day before.

"The market will be shifting away from macroeconomic data to company specifics and that will be key to moves from here," said Hitoshi Yamamoto, president of Commerz International Capital Management.

<snip>

The broader Topix index, which includes all shares on the exchange's first section, shed 5.95 points, or 0.36 percent, to 1,632.79 points. The Topix added 0.79 points, negligible in percentage terms, Wednesday.

Meanwhile, Bank of Japan Gov. Toshihiko Fukui, said Thursday that Japan's economy continues to expand moderately and remained upbeat on the future economy.

"As for the outlook for the economy, a long-lasting economic expansion on the basis of a favorable mechanism led by production, income and consumption will continue," Fukui said at the opening of the central bank's quarterly branch managers' meeting.

/...

[Ghost Dog]

19. Hong Kong shares retreat, mainland properties gain

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20061019:MTFH47738_2006-10-19_08-40-00_HKG69372&type=comktNews&rpc=44

HONG KONG, Oct 19 (Reuters) - Hong Kong stocks halted a seven-day rising streak to end 0.3 percent lower on Thursday, as investors cashed in recent gainers like cellular carrier China Mobile Ltd. (0941.HK: Quote, Profile, Research).

But mainland real estate developers like Shimao Property Holdings Ltd. (0813.HK: Quote, Profile, Research) surged in heavy volume as investors bet China was done with tightening measures after the country's latest GDP data showed its economic growth was slowing.

The benchmark Hang Seng index <.HSI> closed below 18,000 for the first time since last Friday after setting fresh six-year highs earlier in the week. It shed 61.12 points to end at 17,986.97.

The China Enterprises index of mainland H shares <.HSCE> set a fresh nine-year intraday high before ending flat at 7,440.32.

Turnover was HK$32.9 billion (US$4.2 billion), up from Wednesday's HK$28.2 billion.

"We've had a good run and now we need to digest it," said Howard Gorges, vice chairman at South China Brokerage.

/...

[Ghost Dog]

20. HK dollar extends decline, interbank rates mixed

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20061019:MTFH49066_2006-10-19_09-42-29_HKG165747&type=comktNews&rpc=44

HONG KONG, Oct 19 (Reuters) - The Hong Kong dollar fell against the U.S. dollar for a second day on Thursday, weighed down by diminishing demand with the closing of a hotly sought-after share offering.

The currency <HKD=> weakened to as low as 7.7888 to the U.S. dollar before pulling back to 7.7878/80 at 0932 GMT, but still lower than Wednesday's close of 7.7843/45.

The Hong Kong dollar is linked to the U.S. dollar and is allowed to trade between 7.75 and 7.85 per U.S. dollar.

"Buying orders for the Hong Kong dollar have been slowing down following the closure of the subscription for a jumbo IPO," said a dealer at a European bank.

Industrial & Commercial Bank of China , China's top lender, is expected to raise about US$19 billion through simultaneous Hong Kong and Shanghai listings, which would make it the world's largest stock offering.

It had attracted close to US$300 billion worth of institutional orders by the time the institutional books closed on Wednesday in the United States, while the share offer to Hong Kong retail investors closed at noon on Thursday.

Another trader also reported that there was some corporate demand for the U.S. dollars during the session.

/...

[Ghost Dog]

21. European shares slip on patchy earnings

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20061019:MTFH51711_2006-10-19_11-16-22_L19010232&type=comktNews&rpc=44

LONDON, Oct 19 (Reuters) - European shares retreated on Thursday after a mixed batch of earnings from companies including the world's largest mobile handset maker Nokia (NOK1V.HE: Quote, Profile, Research) and software firm SAP (SAPG.DE: Quote, Profile, Research).

Upbeat corporate numbers in previous months had helped European stocks climb back to five-year highs after May's and June's correction, but early third-quarter figures have been patchy, leading to a volatile week on indexes.

<snip>

By 1055 GMT, the FTSEurofirst 300 index <.FTEU3> of top European shares fell 0.4 percent to 1,435.9 points having closed up 0.9 percent in the previous session, rebounding from Tuesday's 1 percent loss.

The wider DJ Stoxx 600 <.STOXX> slipped 0.35 percent and the narrower DJ Euro Stoxx 50 <.STOXX50E> lost 0.41 percent. France's CAC 40 <.FCHI> fell 0.3 percent, Germany's DAX <.GDAXI> dipped 0.2 percent and the UK's FTSE 100 (.FTSE: Quote, Profile, Research) was down 0.12 percent.

/...

[Ghost Dog]

22. FTSE falls as banks, oils weigh; drugmakers rise

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20061019:MTFH52365_2006-10-19_11-42-34_L19586596&type=comktNews&rpc=44

LONDON, Oct 19 (Reuters) - The FTSE-100 (.FTSE: Quote, Profile, Research) fell, weighed by banks and oil stocks although pharmaceuticals rose.

Banks were the weightiest decliners as takeover speculation subsided and credit quality fears hit, traders said. LLoyds TSB (LLOY.L: Quote, Profile, Research) fell 0.4 percent and HBOS (HBOS.L: Quote, Profile, Research) fell 0.6 percent.

<snip>

By 1106 GMT, the FTSE 100 was down 10.9 points, or 0.18 percent, at 6,139.3, reversing some of its earlier decline. Data released at 0815 GMT showed September retail sales unexpectedly fell, easing some inflationary concerns, traders said.

/...

[Ghost Dog]

23. BoE hints at interest rates rise next month despite growing unemployment

http://money.guardian.co.uk/businessnews/story/0,,-1925504,00.html

The City was last night preparing for a November rise in borrowing costs after the Bank of England dropped a broad hint that it would shrug off growing unemployment and increase interest rates.

Despite the number of jobless benefit claimants hitting a five-year high last month, the minutes of the last meeting of the Bank's monetary policy committee (MPC) strongly suggested that a tightening of policy was imminent.

The two new members of the MPC - Andrew Sentance and Tim Besley - voted for an immediate increase in rates to 5%, and the minutes showed that most of the other seven objected to dearer borrowing only for reasons of timing.

<snip>

The minutes said the Bank's agents across Britain were picking up evidence of firms seeking to raise prices. A sharp drop in oil costs meant inflation as measured by the Consumer Price Index fell from 2.5% to 2.4% last month. But had it not been for cheaper petrol, inflation would have been 3.1%. Mervyn King, the Bank's governor, is obliged to write an explanatory letter to Gordon Brown when inflation deviates from its 2% target by more than one percentage point.

<snip>

Data from the Office for National Statistics showed that the number of people out of work and claiming benefit rose by more than 10,000 in September to just over 960,000. At that rate of increase, the total would pass 1 million early in 2007, but some analysts believe that a pick-up in growth this year will apply the brakes. The broader measure of unemployment - the labour force survey - found that numbers rose by 45,000 in the three months to August, pushing up the jobless rate from 5.4% to 5.5%.

Figures for average earnings showed that wage pressure remained muted. Earnings in the three months to August were up 4.2% on a year earlier, compared with a 4.4% increase in the three months to July. Excluding bonuses, average earnings growth eased to 3.6% in the three months to August from 3.7% in the previous three months, the lowest rate for more than two and a half years.

/...

[ozymandius]

11. Ford's small pickup truck fades as segment hits 24-year low

SAN FRANCISCO (MarketWatch) -- Ford Motor Co.'s (F) top sales analyst said Tuesday that sales of the U.S. small pickup truck segment is set to hit a 24-year low in 2006 as an increasing amount of buyers look to move up to larger trucks or out of the pickup truck market altogether.

The downturn mirrors Ford's waning commitment to the small pickup segment, where it has seen its sales shrink exponentially over the course of the decade. Asian competitors have gained a significant share of sales in the segment on the shoulders of redesigned models and threaten to dominate yet another segment once owned by Detroit's Big Three.

George Pipas, speaking during an interview at a vehicle launch event here, said the small pickup segment's sales volume, which includes vehicles like the once-dominant Ford Ranger, is on pace to reach only about 600,000 vehicles this year, or the lowest point since 1982, when the overall U.S. light vehicle market represented 10 million vehicles annually. By comparison, the market is expected to reach nearly 17 million in sales for 2006.

-cut-

As the segment shrinks, Ford's commitment to its small pickup truck presence in the U.S. has taken a hit. It plans to shutter its only U.S. small pickup plant in 2008 under its Way Forward restructuring plan and it has not announced plans for the Ranger beyond 2008. Pipas said the company had at one time built Rangers in three assembly plants.

But an abrupt falloff in demand has devastated Ranger sales.

[ozymandius]

12. Citigroup Q3 profit falls 23%, beats estimate

NEW YORK (MarketWatch) -- Citigroup on Thursday reported third-quarter net income fell 23% on flat revenue.

The New York financial-services giant reported profit of $5.5 billion, or $1.10 a share, compared with $7.14 billion, or $1.38, in the year-earlier period. Earnings from continuing operations were $1.06 against 97 cents.

-cut-

In the earnings statement, Citigroup Chief Executive Charles Prince said the quarter was driven by strength in several businesses. International revenue rose 11%. He also said the bank was pleased with the trends in its U.S. consumer franchise and with its overall "expense discipline."

short

[Ghost Dog]

26. Bank of America profits jump 41 percent (above expectations)

http://money.cnn.com/2006/10/19/news/companies/bac_earnings.reut/index.htm?section=money_latest

NEW YORK (Reuters) -- Bank of America Corp., the No. 2 U.S. bank, said Thursday its third-quarter profit rose 41 percent, helped by consumer lending growth and a surge in credit card fees.

Net income for the Charlotte, N.C.-based company rose to $5.42 billion, or $1.18 per share, from a restated $3.84 billion, or 95 cents, a year earlier.

Excluding merger costs, profit totaled $5.59 billion, or $1.22 per share, topping the average forecast of $1.16 according to analysts polled by Reuters Estimates. Revenue increased 32 percent to $18.65 billion, the bank said, topping forecasts for $17.97 billion. Noninterest expense rose 22 percent to $8.86 billion.

Results reflected Chief Executive Kenneth Lewis' $34.2 billion acquisition of MBNA Corp. on Jan. 1, which made Bank of America the largest U.S. credit card issuer. Card services revenue increased 137 percent to $5.33 billion. This helped offset a decline in net interest margin, the difference between what the bank earned on loans and paid on deposits, to 2.73 percent from 2.85 percent in the second quarter. Several banks have reported declines.

/...

[ozymandius]

13. Music companies have $50m stake in YouTube

Universal, Sony BMG and Warner have taken small stakes in YouTube estimated to be worth around $50m (£26.8m) collectively.

The three music companies are understood to have negotiated the stakes as part of the video and music licensing deals that each struck with YouTube shortly before its $1.65bn sale to Google.

Because a significant portion of the videos posted to YouTube contain copyrighted songs or video material, the website has been considered a major target for litigation. However, the deals that the music companies struck for stakes in YouTube, reported today in the New York Times, should help to shield Google from copyright-infringement lawsuits.

http://business.guardian.co.uk/story/0,,1925909,00.html

[Ghost Dog]

24. At the open: All (US) indicators red - 9:45

Dow 11,982.84 Down 9.84 (0.08%)
Nasdaq 2,330.51 Down 6.64 (0.28%)
S&P 500 1,363.53 Down 2.43 (0.18%)
10-Yr Bond 4.7940% Up 0.0300
NYSE Volume 207,851,000
Nasdaq Volume 165,682,000

09:40 am : Lending further support behind the underlying bullish tone that has let stocks run virtually unabated since bottoming out in mid July have been positive surprises on the earnings front across the board. Among the biggest names topping expectations are bellwethers Citigroup (C 49.75 -0.44), Pfizer (PFE 28.55 +0.45), Coca-Cola (KO 44.85 +0.89), and Honeywell (HON 43.00 +0.37) while fellow Dow component McDonald's (MCD 41.47 unch) matched upwardly revised forecasts. However, a nearly 1.0% pullback in shares of the S&P 500's third most influential component -- Citigroup (whose Q3 profits fell 23% year/year on flat revenue) -- is carrying some added weight to the downside in a market ripe for a pullback following recent gains. DJ30 -23.21 NASDAQ -12.13 SP500 -3.84 NASDAQ Vol 90 mln NYSE Vol 60 mln

Citigroup, huh?

[Ghost Dog]

25. Stocks Drift Lower on Earnings Reports

http://biz.yahoo.com/ap/061019/wall_street.html?.v=5
Thursday October 19, 9:45 am ET
By Joe Bel Bruno, AP Business Writer
Stocks Drift on Mixed Corporate Results, Dow Retreats Further From 12,000

NEW YORK (AP) -- Stocks drifted lower in early trading Thursday as mixed results from technology stocks like Apple Computer Inc. and Advanced Micro Devices Inc. caused investors to tread carefully.

The Dow Jones industrial average extended its retreat from 12,000, which it crossed for the first time on Wednesday amid growing investor enthusiasm about corporate earnings and the economy. However, results from several big companiese prompted some on Wall Street to pause Thursday.

Advanced Micro Devices Inc. plunged after its results left investors worried about falling profit margins at the world's second-largest chip maker. Mobile telephone maker Nokia Corp. dropped after its third-quarter profit disappointed, while Germany's SAP AG tumbled after it issued a cautious earnings outlook.

One bright spot was Apple Computer Corp., which surged more than 5 percent after reporting stronger-than-expected fiscal fourth-quarter results. Driving profit was sales of its iPod music players and Macintosh computers.

/...

[Ghost Dog]

27. Sudden simultaneous strengthening of Gold, Silver, Euro, Yen

and loonie prices there, as NY markets opened.

Hmm. Someone just got out of a lot of dollars all at once, I guess.

ed. Let's see. Yes, Sterling and Swiss Franc made more or less the same move:

[Ghost Dog]

32. Base metals higher across the board, Chinese, US data supports

http://www.forbes.com/home_europe/feeds/afx/2006/10/19/afx3104652.html

LONDON (AFX) - Base metals were higher across the board, with the secondary metals like tin, nickel, zinc and lead propping up copper and aluminium, and with traders finding comfort in relatively stable economic figures out in China and the US.

Chinese data released earlier showed industrial output rose 16.1 pct in September from a year earlier, while GDP rose 10.4 pct in the third quarter from a year earlier.

Although this represented a slight decline from second quarter GDP growth of 11.3 pct, Man Financial analyst Ed Meir said '10 pct growth is still pretty respectable'.

China is the world's biggest consumer of copper, aluminium and zinc.

<snip>

At 3.15 pm (in London), LME copper for 3-month delivery edged up to 7,690.00 usd a tonne against 7,650.00 usd at the close yesterday, zinc climbed to 3,970.00 usd against 3,881.00 usd while aluminium rose to 2,744.50 usd against 2,715.00 usd.

Tin climbed to 9,850.00 usd against 9,700.00 usd, nickel rose to 31,900.00 usd against 30,900.00 while lead was up at 1,500 usd against 1,495.00 usd.

/..

[Ghost Dog]

33. Gold futures top $600; near three-week high

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B6CD7439A%2DC420%2D4659%2DA17D%2D5C3B4352C8BE%7D&siteid=bigcharts&dist=news

SAN FRANCISCO (MarketWatch) -- Gold futures climbed above $600 an ounce Thursday morning to trade near their highest level in three weeks with the return of the precious metal's allure as a defensive investment measure in the face of strength in oil prices and weakness in the U.S. dollar.

"Gold continues to build a base after absorbing strong bouts of selling," said Peter Grandich, editor of the Grandich Letter.

"A close above $610 is needed to turn the market technically bullish again and that appears to be only a question of when," he said.

Gold for December delivery climbed $9.40 to $602 an ounce on the New York Mercantile Exchange, after rising as high as $604. The contract hadn't traded above $600 since Oct. 2.
December silver rose by 30 cents, or 2.5%, to stand at $12.12 an ounce.

In foreign exchange, the U.S. dollar fell against major rivals, but traded off the day's lows after the latest initial jobless claims report showed unexpected strength in the labor market. See Currencies.

Meanwhile, crude futures climbed with the Organization of the Petroleum Exporting Countries meeting in Qatar to discuss a production cut. See Futures Movers.

/...

Looks like news/rumors out of the OPEC meeting in Doha may have been a catalyst here...

[Ghost Dog]

34. Gold Advances in New York as Dollar Weakens Against Euro, Yen

http://www.bloomberg.com/apps/news?pid=20602013&sid=a5wmDExV11AE&refer=commodity_futures

Oct. 19 (Bloomberg) -- Gold rose in New York for the second time this week as the dollar weakened against the yen and euro, boosting the metal's appeal as an alternative asset.

Gold generally moves in the opposite of the U.S. dollar, which fell today against the yen and euro on speculation the U.S. economy is slowing. The dollar is down 4.9 percent this year against a basket of six major currencies. Gold is up 15 percent for the year.

``The dollar is facing some resistance and coming off right now and that's supportive for gold,'' said Frank Lesh, a trader at FuturePath Trading LLC in Chicago.

/..

[Ghost Dog]

28. 10:25 - Significant, perhaps unsustainable bounce

Dow 12,020.70 Up 28.02 (0.23%)
Nasdaq 2,342.24 Up 5.09 (0.22%)
S&P 500 1,367.08 Up 1.12 (0.08%)
10-Yr Bond 4.7980% Up 0.0340
NYSE Volume 593,402,000
Nasdaq Volume 463,466,000

10:00 am : Stocks are bouncing off their opening lows but still languish just below the flat line as the bulk of sector leadership remains negative. The absence of leadership from the rate-sensitive Financials sector (-0.8%), following Citigroup's miss and further deterioration in Treasuries lifting bond yields across the curve, is acting as the biggest overhang. Technology is also under pressure, led by an 11% drubbing on Advanced Micro Devices (AMD 21.57 -2.66), which also beat expectations but posted a significant decline in margins. On a positive note, Apple Computer (AAPL 78.81 +4.28) posted a 27% year/year rise in Q4 earnings, but the stock's 5.7% surge is being offset by a 5.0% sell-off in Dell (DELL 23.49 -1.21) following reports that Hewlett-Packard (HPQ 38.95 -0.06) has passed Dell as the leader in global PC shipments. DJ30 -1.60 NASDAQ -0.43 SOX -1.0% SP500 -1.38 NASDAQ Dec/Adv/Vol 1314/1078/208 mln NYSE Dec/Adv/Vol 1441/1098/104 mln

Citigroup, huh?

[RawMaterials]

36. 2:30 Market Update & Blather

Dow 12,011.09 Up 18.41 (0.15%)
Nasdaq 2,339.16 Up 2.01 (0.09%)
S&P 500 1,366.22 Up 0.26 (0.02%)
10-Yr Bond 4.7800% Up 0.0160

NYSE Volume 1,950,998,000
Nasdaq Volume 1,455,745,000

2:00 pm : Little changed since the last update as the major averages continue to trade in relatively narrow ranges. The market's holding pattern has been further evidenced in the A/D line, as advancers on both the NYSE and the Nasdaq hold about the same 3-to-2 edge they've had over decliners all afternoon. An evenly matched ratio of up to down volumes also paints a similarly neutral picture at the Big Board and the Composite. DJ30 +10.57 NASDAQ -2.58 SP500 -0.79 NASDAQ Dec/Adv/Vol 1281/1671/1.29 bln NYSE Dec/Adv/Vol 1346/1818/1.0 bln

1:30 pm : The market has rebounded somewhat over the last 15 minutes, but not nearly enough to make a significant change in the standings. Most noticeably, the Dow has inched its way back into positive territory, due in large part to 3M Co (MMM 76.28 +0.75) spiking to session highs (+1.0%) ahead of its Q3 report tomorrow morning. However, the Dow's latest move to the upside brings little conviction since 16 of the Dow 30 still sport losses.DJ30 +10.41 NASDAQ -2.33 SP500 -0.81 NASDAQ Dec/Adv/Vol 1318/1627/1.20 bln NYSE Dec/Adv/Vol 1405/1737/930 mln

1:00 pm : Market is retracing morning lows, taking a bearish cue from a spike higher in oil prices. Crude oil futures are now up 1.3% at $58.40/bbl as OPEC-related headlines continue to cross the wires. Per usual, though, market losses remain modest at best since higher oil prices also improve some of the waning optimism about the Energy sector's ability to sustain strong profit growth.DJ30 -6.88 NASDAQ -6.83 SP500 -2.72 XOI +1.3% NASDAQ Dec/Adv/Vol 1223/1672/1.09 bln NYSE Dec/Adv/Vol 1330/1793/836 mln

12:30 pm : Unlike the sell-off that ensued last month after a disappointing read on Philly Fed took the market by surprise, today's report has had a much more muted impact on trading. At the top of the hour, the Philadelphia Fed index unexpectedly fell for a second straight month, checking in with a read of -0.7 (consensus 6.5) to indicate contraction. However, the prices paid component falling to 32.0 in October (from 38.1 in September) easing inflation concerns while indicators for the next six months suggesting that firms are more confident about future conditions offset some of the worries about the pace of economic growth.DJ30 +6.97 NASDAQ -0.02 SP500 -0.84 NASDAQ Dec/Adv/Vol 1128/1753/990 mln NYSE Dec/Adv/Vol 1236/1857/744 mln

12:00 pm : The major averages are struggling to gain much traction midday as a sense that many of today's better than expected earnings reports have already been priced into the market leaves the door open for some profit taking.

Among the biggest names topping expectations this morning was Pfizer (PFE 28.55 +0.45), which more than doubled Q3 profits and announced a $10 bln share buyback. Also providing some notable support for the Health Care sector and keeping the S&P 500 on pace to enjoy a 13th straight quarter of double-digit growth was UnitedHealth Group (UNH 50.54 +2.54), which posted a 38% year/year rise in Q3 profits.

Bellwether Coca-Cola (KO 44.95 +0.99) also topped forecasts as did fellow Dow component Honeywell (HON 41.26 -1.37). The latter warning that a slower global economy could limit next year's growth, however, is weighing heavily on the Industrials sector and removing some notable leadership.

Faring even worse, though, is Financials. As if an increase in borrowing costs weren't enough to remind investors of the inverted yield curve that pressured net interest margins for banks in Q3, Citigroup (C 49.73 -0.46) missing expectations as Q3 profits fell 23% year/year on flat revenue is carrying some added weight to the downside, especially since its the S&P 500's third most influential component.

Technology is also under pressure after Advanced Micro Devices (AMD 21.57 -2.66) posting a significant decline in margins weighs on semiconductors and overshadows strong quarterly reports from Apple Computer (AAPL 79.35 +4.82) and eBay (EBAY 30.40 +1.91), a suggested holding in our Active Portfolio. DJ30 +10.85 NASDAQ -1.17 SOX -0.7% SP500 -0.99 NASDAQ Dec/Adv/Vol 1147/1713/880 mln NYSE Dec/Adv/Vol 1237/1811/656 mln

11:30 am : Market internals continue to reflect a positive bias, but renewed selling efforts now have the Dow and Nasdaq trading in opposing directions again. Currently providing the bulk of support on the Dow and helping it cling to a level just above 12,000 is Altria Group (MO 79.78 +1.44). The stock is up nearly 2.0% as a one-day delay with the release of next week's Q3 earnings report leaves some to believe it will announce a tax-free spin-off of Kraft Foods (KFT 35.70 +0.06). DJ30 +7.97 NASDAQ -1.87 SP500 -1.40 NASDAQ Dec/Adv/Vol 1094/1707/748 mln NYSE Dec/Adv/Vol 1230/1766/546 mln

11:00 am : Not much has changed since the last update as the recent resurfacing of the underlying bullish tone is again sidelining participants trying to fight the upward trend in equities. Nonetheless, there is a lack of conviction on the part of buyers as a rebound in oil prices, rising bond yields and no leadership from two of the S&P 500's most heavily weighted sectors -- Financials and Industrials -- keeps market gains at a minimum.DJ30 +18.97 NASDAQ +3.99 SP500 +0.08 NASDAQ Dec/Adv/Vol 995/1755/602 mln NYSE Dec/Adv/Vol 1020/1899/424 mln

10:30 am : Spearheaded by a turnaround in the very sector that was weighing on stocks at the onset of trading -- Technology, all three major averages are now in positive territory. Follow-through momentum in IBM (IBM 90.65 +0.83) and a fresh 52-week high on AT&T (T 33.86 +0.92), which is up 2.8% after being upgraded at Lehman Brothers, are providing some notable tech support and have helped lift the Dow back above 12,000. Tech names helping the Nasdaq improve its stance include AAPL (+6.7%), GOOG (+1.2%), YHOO (+2.2%) and EBAY (+7.0%). Last night, eBay (EBAY 30.49 +2.00), a suggested holding in our Active Portfolio, topped expectations with a 10% year/year rise in Q3 earnings while Google (GOOG 424.29 +4.98) is running ahead of its report tonight.DJ30 +28.90 DOT +1.0% NASDAQ +5.79 SOX +0.2% SP500 +1.31 NASDAQ Dec/Adv/Vol 909/1735/436 mln NYSE Dec/Adv/Vol 1026/1831/288 mln

[Ghost Dog]

38. Thanks, RawMaterials. I was called out on a job,

which led to another, and now another; so I may not be able to report again today (going to be up2late)...

[mojavekid]

40. Gold Influences; Prudent Squirrel,

http://www.financialsense.com/fsu/editorials/laird/2006/1019.html

In this article, I am going to discuss some of the major gold influences as of this time. The behavior of gold in this high jewelry demand season has been atypical this Fall.

Previously, I had presented some macro economic reasons for gold’s price drops/ weakness:

The CRB is reflecting speculation froth coming out of commodities.
The US economy has actually turned into a recessionary bias already- this started around the time the CRB turned several months ago.
Major terror or war news barely budges gold for any length of time in the last few months.
The USD is strengthening, as I suspected several weeks ago
Oil is not able to rally significantly, OPEC is having trouble coming to a consensus about how to implement the proposed oil production cuts of 1 million BPD.
There is selling into any gold rallies at this point, gold cannot get to 600 or higher yet. It broke over 600 for a couple of days recently, but fell back below. The latest gold mini rally to the mid 590’s is not leading to any continuing rally.
Major gold analyst banks have pushed back their predictions of $700 gold on the calendar, from Dec 06 to early 07.

snip..

Indian and Asian jewelry

India is just now seeing significant jewelry buying for their wedding and holiday season. This is gold bullish normally, but has not been enough to overcome speculative unwinding into any gold rallies. There is a lot more of this unwinding waiting to happen as well. I find it hard to understand how much this particular issue of speculative unwinding is being underestimated by the gold community. Last month there was a $5 billion out flow from gold paper by speculators. There is still a great deal of this kind of position to unwind should that be the desire of funds.

If seasonal jewelry buying at a normally bullish part of the year is failing to rally gold much, what do you think is going to happen after that is finished?


more at link...

[Ghost Dog]

41. So, such was the boring close, stupid, for the record:

Dow 12,011.73 Up 19.05 (0.16%)
Nasdaq 2,340.94 Up 3.79 (0.16%)
S&P 500 1,366.96 Up 1.00 (0.07%)
10-Yr Bond 4.7860% Up 0.0220
NYSE Volume 2,652,447,000
Nasdaq Volume 2,027,755,000

4:20 pm : For the second session in a row the Dow eclipsed the 12,000 level, but unlike yesterday, optimism on the earnings front fueled by another batch of better than expected reports was enough to close the blue chip index above its latest milestone. However, with a 13th consecutive quarter of double-digit profit growth having already been priced into stocks, coupled with the cautious tone that typically accompanies the start of earnings season, market gains were minimal.

A 1.5% rebound in oil prices was among the most noticeable excuses for taking some money off the table and preventing a more convincing rally in equities. After closing at their second lowest level this year, Saudi Arabia backing OPEC's first expected production cut in two years helped oil prices rebound to finish at $58.50/bbl.

While higher oil improved the Energy sector's prospects of generating strong profit growth, investors still had to contend with the absence of leadership from two of the most influential S&P 500 sectors -- Financials and Industrials -- and didn't get upside support from Technology until the closing minutes of trade.

Technology has been a focal point all week and was under the microscope well before the opening bell sounded. Last night, Advanced Micro Devices (AMD 21.57 -2.66) topped Wall Street forecasts but posted a significant decline in margins, which weighed on semiconductors all day. Fortunately for the bulls, all was not lost since Apple Computer (AAPL 78.81 +4.28) posting a 27% year/year rise in Q4 earnings played into our Overweight rating on Tech. A 6.7% drubbing on Dell (DELL 23.05 -1.65) was the sector's biggest blemish but that was the direct result of market erosion tied to Apple's record-setting Mac sales and a report showing that Hewlett-Packard (HPQ 39.59 +0.58) passed Dell as the leader in global PC shipments.

With regard to Financials, a Q3 earnings miss from the third most heavily weighted S&P 500 constituent -- Citigroup (C 49.74 -0.45) -- provided investors with a reason to lock in some of the sector's recent gains. Washington Mutual (WM 42.31 -1.40) badly missing expectations due to continued net interest margin compression from an inverted yield curve and further deterioration in Treasuries that lifted bond yields across the curve also prompted some consolidation.

The Industrials sector was in focus after Honeywell (HON 41.58 -1.05) beat expectations for a fifth straight quarter. However, a warning that a slower global economy could limit next year's growth left Honeywell as the day's worst performing Dow component (-2.5%). That in turn overshadowed a better than expected Q3 report from United Parcel Service (UPS 75.25 +2.84), which, as a bellwether of U.S. economic activity, supported our Moderately Bullish market view with a claim that it expects "solid" Q4 holiday sales.DJ30 +19.05 DJTA +1.6% DJUA +0.5% DOT +1.1% NASDAQ +3.79 NQ100 +0.3% R2K +0.5% SOX -0.4% SP400 +0.5% SP500 +0.94 XOI +1.8% NASDAQ Dec/Adv/Vol 1277/1757/1.96 bln NYSE Dec/Adv/Vol 1301/1959/1.58 bln

3:30 pm : Stocks continue to trade sideways going into the close with the Dow struggling to hold onto the smallest of gains. Of the six economic sectors still trading higher, Energy and Telecom pace the way to the upside; however as impressive as their 1.5% gains may be, profit taking to the tune of 0.9% in the more influential Financials sector is countering their outperformance. The sector's worst performing industry group continues to be Thrifts & Mortgage (-2.3%) after Washington Mutual (WM 42.04 -1.67) badly missed expectations due to continued net interest margin compression from an inverted yield curve.DJ30 +5.25 NASDAQ -0.15 SP500 -0.12 NASDAQ Dec/Adv/Vol 1323/1688/1.63 bln NYSE Dec/Adv/Vol 1342/1874/1.31 bln

3:00 pm : Not much excitement to speak of in the market at this point as the major indices still trade close to unchanged. Today's flat showing, however, is not all that unusual since the market is often cautious early in earnings season. Not to mention, today's action, as lackluster as it may seem, continues to speak volumes about the market's underlying bullish tone, even in the face of rising oil prices and bond yields. Oil recently closed up 1.5% near $58.50/bbl while the 10-year note is down 7 ticks to yield 4.78%. DJ30 +12.73 NASDAQ +0.52 SP500 -0.10 NASDAQ Dec/Adv/Vol 1299/1696/1.51 bln NYSE Dec/Adv/Vol 1333/1861/1.20 bln

2:30 pm : Range-bound trading persists as the market continues to show little conviction on either the bullish or bearish side of the aisle. It is worth noting, though, that while it appears to be a rather quiet day, 14 of 30 Dow components are trading either up or down at least 1.0%. Helping the price-weighted index hold onto just enough of a gain to stay above 12,000 are T (+2.6%), GM (+2.5%), KO (+2.2%), MO (+1.9%), VZ (+1.6%), HPQ (+1.2%), MMM (+1.2%), and XOM (+1.1%). Notable laggards include C (-1.3%), HON (-2.4%), JPM (-1.0%), MCD (-1.7%), MSFT (-1.3%) and UTX (-1.0%).DJ30 +11.89 NASDAQ -1.82 SP500 -0.69 NASDAQ Dec/Adv/Vol 1334/1641/1.39 bln NYSE Dec/Adv/Vol 1385/1783/1.09 bln

[ozymandius]

42. Thanks Ghost Dog.

:thumbsup:

Thanks for closing up the shop and minding the counter for so much of the day - and the past few days. I've really enjoyed your posts.

Ozy :hi: