STOCK MARKET WATCH, Thursday 22 July

[ozymandius]

Thursday July 22, 2004

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 182
DAYS SINCE DEMOCRACY DIED (12/12/00) 3 YEARS, 223 DAYS
WHERE'S OSAMA BIN-LADEN? 2 YEARS, 277 DAYS
WHERE ARE SADDAM'S WMD? - DAY 490
DAYS SINCE ENRON COLLAPSE = 973
Number of Enron Execs in handcuffs = 19
Recent Acquisitions: Ken Lay
ENRON EXECS CONVICTED = 2
Other Arrests of Execs = 54

---

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

---

AT THE CLOSING BELL ON July 21, 2004

Dow... 10,046.13 -102.94 (-1.01%)
Nasdaq... 1,874.37 -42.70 (-2.23%)
S&P 500... 1,093.88 -14.79 (-1.33%)
10-Yr Bond... 4.49% +0.04 (+0.88%)
Gold future... 397.30 -5.10 (-1.27%)


|||


GOLD, EURO, YEN and Dollars

---

PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

---

[ozymandius]

1. WrapUp by Mike Hartman

THE GREENSPAN EFFECT DIDN'T LAST LONG

Federal Reserve Chairman Alan Greenspan concluded his obligatory, semi-annual testimony to the Senate and House Committees today, but it doesn’t look like the markets are buying his entire story for a continued self-sustaining economic recovery and benign inflation. The bond market is taking him seriously that interest rates will continue to rise, albeit at a slow pace. The stock market bulls tried to spin stocks higher this morning with Mr. Greenspan’s upbeat economic comments and some positive reports from Motorola, Eastman Kodak, and Microsoft. The follow-through from yesterday’s gains didn’t last very long as investors are more concerned about weaker corporate earnings to come in the second half of the year. As I write, stocks are bleeding lots of red ink, especially the technology shares. In hindsight, it looks like yesterday’s stock market rally was nothing more than a short squeeze before Greenspan’s prepared comments, and today looks like a big short squeeze on the U.S. dollar with rising interest rates as the catalyst.

After listening to the Fed Chairman’s remarks the last two days, what I consider the most disappointing is his uncanny way of confusing the markets with his “Fed-Speak” rhetoric. My wife commented yesterday that she tried to listen and understand what he was trying to say, but later said it was a waste of time because he was talking in circles. When I tuned in to CNBC this morning the commentators were saying that the headlines this morning were all over the place. Economists were saying you can read Greenspan’s comments any way you want.

-cut-

Watch the Pattern & the Spin

Since I usually write every Wednesday, which happens to be the most common day for auctions, I have made a consistent observation. It seems more obvious when the bigger auctions take place such as the quarterly refunding that usually take place on a Tuesday, Wednesday and Thursday right in the middle of the quarter. The last one happened Tuesday 5/11 through Thursday 5/13. In the weeks prior to the auction we seem to get really positive economic news with new jobs, good sales numbers, and strong growth overall along with worries of inflation. This would cause bond prices to drop making them more desirable as the auction approaches. The markets go into a coma during the debt sales, and then voila!! Like magic we start getting negative economic reports such as weaker job numbers, poor sales for durable goods, bad housing numbers, and threats of potential terrorist attacks that would all be good for bonds, pushing prices higher. The lower yields also work to weaken the dollar. The spin we should start to hear is all about how a lower dollar along with lower interest rates will be good for stocks by improving exports and adding to corporate earnings.

-cut-

Stocks and Interest Rates

Wow, I just checked back on the close for stocks today, and they really went skidding out on the lows. The Dow Industrials closed down by 102 to 10,046, the NASDAQ was nailed for 42 points or 2.2% to close at 1,874 led by the Semiconductor Index which was down nearly 4%, and the S&P 500 lost over 14 points to close at 1,093. I don’t believe this is what Uncle Al intended to happen with his report of a self-sustaining economic recovery. If stocks get too bloody, the hot money will continue to run…and possibly to the relative safety in U.S. Treasuries making it more difficult to bring Treasury prices lower. It’s a real mixed bag we have on our hands!

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

[UpInArms]

2. daily dollar watch

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

Last trade 88.36 Change -0.20 (-0.19%)

http://futures.fxstreet.com/Futures/content/100270/content.asp?menu=currencies&dia=2272004

THE CURRENCY REPORT

U.S. DOLLAR INDEX (DXM4)

The DX opened higher at our initial Support level of 88.30 and continued to rise to a morning Hi of 88.98, after Mr. Greenspan’s testimony about possible ‘rate increases’ as the economic growth accelerates. Prices continued to trade above the secondary Resistance area, retracing to a close of 88.77, up 81 tics. The close above the 18 day MA and stronger momentum indicators may attract more ‘specs’. A higher open should find Resistance at 89.19 and 89.62, while an open below 88.56 may find Support at 88.13 and 87.50.

...more...

http://www.nytimes.com/2004/07/22/business/22fed.html

Greenspan Says More Spending and Hiring Will Help Economy

WASHINGTON, July 21 (Reuters) - The economy will benefit next year if businesses shed their unusual reluctance to spend and hire, Alan Greenspan, the chairman of the Federal Reserve, told Congress on Wednesday.

In a second day of testimony on the central bank's semiannual report on monetary policy, Mr. Greenspan told the House Committee on Financial Services that even with the recovery gaining pace, corporate America has held back from new capital investments, inventory building and permanent hires.

"We are far from behaving the way we typically did" with other expansions, Mr. Greenspan said in answering questions from the panel. He attributed the corporate restraint to a number of "caution-creating factors." He cited the bursting of the stock market bubble in 2000, a spate of corporate scandals and latent fears of terrorist attacks as factors that had made businesses less willing to take risks.

In his opening remarks, Mr. Greenspan stuck to the upbeat script he used Tuesday before the Senate Banking Committee, which led markets to brace for a slightly faster increase in interest rates than they had been expecting.

...more...

It's MaeveDay! Unemployment numbers and Leading Indicators are the reports due out today.

Have a Great Day Marketeers!

[54anickel]

3. Midweek Analysis - From the Horses Mouth

http://www.prudentbear.com/midweekanalysis.asp

Earlier this month, retailers and automakers reported that June sales slowed significantly from the previous pace. There has also been a recent spate of conflicting economic data as well. As more and more companies started reporting second quarter results, the slowdown in June appears to be widespread. While, it could be the turn in the economy we have be waiting for, preliminary indications show that July has picked up a little. Target said that its sales are back on track and following their plan of 2% to 4% same store sales. Several companies addressed the slow period during their second quarter earning conference call. I’ve included several excerpts from the conference calls that offer explanations.

Earlier this month, several enterprise software companies indicated that sales that were expected to close toward the end of June didn’t materialize. CDW Computer Centers reported that average daily sales increased 22% from last year’s level. During its conference call the company said that software sales rose 23.7% year-over-year led by products from Adobe, Microsoft and Symantec. Notebook revenue and volume increased 44%, while server revenue climbed 29% with volumes up 26%. During the conference call, the company said that if pressed, Federal government spending was the weakest segment. And similar to the enterprise companies, sales slowed in August as well. Here is their explanation of what happened.

When things slow down a little bit in June, we looked at literally every single thing we can look at, and by the time we were finished looking and hadn't come up with an answer sales growth had begun to pick up again. So it is really interesting; it was just for whatever reason a slow couple of weeks.

Along with retailers, the automakers experienced one the slowest months in several years, and AutoNation was not immune. Similar to CDW Computer Centers, they didn’t offer much of an explanation for the weaker results.

You know, we've discussed this very question intensely, internally, and have come to the conclusion that we don't have the wisdom to give you the answer, quite frankly. So, it's a bit puzzling, because as you say, all the ingredients were there for a good month. I think going back to what John said earlier, it would seem to be that a pricing opportunity was taken, net pricing opportunity was taken, and the marketplace pushed back. Incentives have now changed for July, so we have to see where July comes out.

more...

[ozymandius]

4. Dollar extends Greenspan rally (huh?)

Did the headline writer have a dyslexic moment?

NEW YORK (AFP) - The dollar extended its rally as traders viewed Fed chairman Alan Greenspan (news - web sites)'s upbeat comments about the US economy as a sign that rate hikes should continue over coming months.

-cut-

The Federal Reserve (news - web sites) chief painted a bright picture Tuesday of the US economic recovery, and in the process cemented expectations the US central bank would raise the cost of borrowing at its rate-setting meeting on August 5.

Greenspan's testimony Wednesday to the House of Representatives did not alter much from that positive assessment though he did warn that job growth has been hindered by the United States' strong productivity gains

story

[54anickel]

5. Greenspan Says Workers' Lack of Skills Lowers Wages (BASTARD!)

http://www.washingtonpost.com/wp-dyn/articles/A4121-2004Jul21.html

Federal Reserve Chairman Alan Greenspan, disputing election-year assertions that the U.S. economy is producing lower-quality jobs than it has in the past, said yesterday that continuing wage sluggishness reflects the fact that many workers are ill-prepared to take advantage of the opportunities that the economy offers.



Growing U.S. income inequality largely reflects differences in workers' education and job skills, not an underlying problem with the economy, Greenspan said during a House Financial Services Committee hearing, echoing many of the remarks he made before a Senate committee the day before.

The growing pay gap reflects the "skill premium" commanded by relatively higher-educated, better-trained workers, and represents "a major problem of matching skills of workers to the technological base of the economy, which I believe is an education issue and requires that we address that as quickly and broadly as we can."

Greenspan, in similar remarks earlier this year, said it is critical that the nation better prepare its workers. The alternative is a workforce increasingly divided between those able to earn and compete and those struggling to get by.

"I think that the effective increase in the concentration of incomes here, which is implicit in this, is not desirable in a democratic society," Greenspan told the Senate Banking Committee on Tuesday.

[ozymandius]

8. What a prick!

Let's see...

I know a former systems analyst who now works in the garden shop at Home Depot because his job was outsourced.

NPR did a story recently focusing on highly educated IT professionals who are now taking jobs that pay less than half of their former salaries.

I wonder if there are any unemployed Ph.D. Economists who would care to respond to Mr. Greenspan's callous remarks.

[abelenkpe]

48. I cannot tell you

how many people I know here in LA who are well educated software engineers and talented computer technicians who are working crappy part time jobs at places like starbucks at a fraction of what they use to make. They struggle to pay their monthly bills and student loan payments and live without any health care benefits.

It's the same for the animation industry which has dried up in this town due to outsourcing and buzz word addicted executives who have declared the 'death of hand drawn animation.'

[Maeve]

11. Toss this paragraph from the NY Times into the mix

An equally dramatic picture emerges from the survey of American households. According to the Bureau of Labor Statistics, the total count of persons at work part time - both for economic and non-economic reasons - increased by 495,000 from March to June. That amounts to an astonishing 97 percent of the cumulative increase of the total growth in employment measured by the household survey over this period. By this measure, as the hiring dynamic has shifted gears in recent months, the bulk of the benefits have all but escaped America's full-time work force.
http://www.nytimes.com/2004/07/22/opinion/22roac.html

[InkAddict]

32. But, but, but

without a job, without food, how does one pay for housing, books, transportation, and tuition? Federal and State programs have gone unfunded and/or cancelled, while college costs meteorically rise.

[54anickel]

33. Greenspan's reply -

"You've obviously mistaken me for someone who gives a rat's ass. I got mine, you go get your own - no go away kid, you bother me".

He's not known as Meanspin for nothing I guess.

[davekriss]

50. An Ayn Rand huggin' Meanspin, too (eom)

[lovuian]

49. A Depression occurs when Wealth of Nation is held by a few

Its looking like Bush has put us in one...no matter what anybody says

Wealth of a Nation in the hands of a few is what triggered the Depression and thats what atmosphere we have going on here

[ozymandius]

6. Grasso Countersues NYSE for Defamation

NEW YORK - Former New York Stock Exchange (news - web sites) chief Richard A. Grasso countered the state attorney general's lawsuit against him Tuesday by naming the exchange and current NYSE chairman John Reed in a $50 million countersuit.

In the countersuit, a copy of which was obtained by The Associated Press, Grasso claims the NYSE breached its contract with him by withholding tens of millions of dollars in additional salary, and by "maliciously disparaging him through Mr. Reed's false and defamatory statements."

Grasso is also seeking the dismissal of part of a lawsuit by Attorney General Eliot Spitzer, who is seeking the return of the bulk of the $187.5 million compensation package that led to Grasso's resignation last September.

story

[54anickel]

26. Heh-heh-heh, what a weasel! Had to be to even have a nondisparagement

clause written in his contract. Sort of like saying, "yeah, I know I'm an asshole, but my contract says you can't call me that".
:puke:

snip>

Grasso's lawsuit said his employment agreements in 1999 and 2003 contained a "nondisparagement" clause, in which the exchange and its executives agreed not to make any statements against Grasso should he leave his position.

[Maeve]

7. Quiet report day on tap

Initial Claims expect to fall a tad from 349K to 345K and Leading Indicators also expected to decline (from .5% to flat)

A note on Greenspin--IF he really beleives that worker skills are a problem (see thread http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=701819&mesg_id=701819 ) then that IS a fundamental problem with the economy--as Robert Reich puts it, we need a "bubble up" economy with funds flowing to the folks at the bottom instead of a "trickle down" form. Lift the people at the bottom and the whole country comes up--but the money has to come from the folks who are benefiting from this misAdministration.

[54anickel]

10. Ahhh, but the supply-siders will never buy that argument. They are

of the "I got mine, go get your own" mentality. I am always amazed at some of those staunch supply-siders that have been hit by this recession yet still believe completely in the old Reaganomics. They say Clinton messed it up. :crazy:

[Maeve]

12. And Initial Claims fall again

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38190.3543865741-816144754&siteID=mktw&scid=0&doctype=806&
U.S. weekly initial jobless claims fall to 339,000 By Rex Nutting
WASHINGTON (CBS.MW) - First-time jobless claims dropped by 11,000 to 339,000 in the week ending July 17 from a revised 350,000, the Labor Department reported Thursday. Initial claims had gyrated lower and then higher in the previous two weeks due to the timing of seasonal layoffs. The four-week average of initial claims, meanwhile, fell by 2,500 to 336,250. The average number of workers receiving state benefits dropped to a fresh three-year low of 2.894 million in the four weeks ending July 10. The insured unemployment rate - the percentage of claimants among those eligible for benefits - fell to 2.2 percent from 2.4 percent. It's the lowest since May 2001.

[54anickel]

9. The $32 Billion With a Bonus in Tax Breaks

http://www.nytimes.com/2004/07/22/business/22place.html

Microsoft's decision to pay a $32 billion special dividend - by far the largest payout in corporate history - will create an opportunity for millions of American shareholders to receive income that will be taxed at low rates. But it is also likely to provide an incentive for foreign investors to sell the stock and could create tax-oriented trading in the company's shares.

By acting now, Microsoft is ensuring that high-income shareholders, a group that includes Bill Gates, its chairman and co-founder, will receive the $3-a-share dividend before a possible change in the tax laws that could more than double their tax bills on such a payout.

Senator John Kerry, the presumed Democratic nominee for president, has said that if he wins he will propose changes in the tax laws that will exclude high-income investors from breaks enacted during the Bush administration.

snip>

"The prospect of Senator Kerry becoming president could be viewed by some companies as an incentive to pay out dividends this year," said Mr. Garay, who said he could not discuss Microsoft specifically because Deloitte audits its books.

"It would be even more of an incentive," he continued, "for closely held companies whose owners will be directly affected" by large dividend payments, adding that there could be a flood of such dividends declared after a Kerry victory if there appeared to be a good chance that the tax law would be changed.

more interesting tax stuff....

[54anickel]

13. China's Murky Statistics Complicate Analysis

Heh, and that differs from the US how?

http://www.reuters.com/newsArticle.jhtml?type=reutersEdge&storyID=5738942

BEIJING (Reuters) - China has probably understated recent economic growth, say economists who reckon its statistics are still cooked with a generous helping of political seasoning.

China has been overhauling its dated statistical system as it steers the world's seventh-largest economy through free-market reforms that have transformed it into a major player in the global economy.

But far from being independent, China's statistical process still takes its cues from the political fashion set in Beijing, analysts say.

The latest case in point is data for the second quarter that showed gross domestic product up a less-than-expected 9.6 percent from a year earlier, perfectly in line with Beijing's recent mantra calling for stable, more sustainable growth.

more...

[54anickel]

14. Short-Changed Soldiers -

U.S. Army Reservists Encounter Pay Problems

http://abcnews.go.com/sections/WNT/US/reservist_pay_040721-1.html

W A S H I N G T O N, July 21, 2004 — An overwhelming number of U.S. Army reservists are having problems getting paid, and many are paid late.

A report issued today by the General Accountability Office, the investigative arm of Congress, discovered major problems with the way the Army compensates its reservists.

Such problems are causing a considerable hardship for Melinda Delain, a single mother who had just purchased a new home when her reserve unit was deployed to Afghanistan.

Like everyone else in her medical unit, she did not receive her full paycheck for three months.

snip>

George Riggins encountered a bizarre problem with his pay. After he returned to civilian life from duty in the Persian Gulf, the Army continued to compensate him. He returned all the money, but the Army wanted more.

more...

[54anickel]

15. Oil - Brent futures higher after mixed US inventory data

http://www.fxstreet.com/nou/noticies/afx/noticia.asp?pv_noticia=1090492633-9e32d306-21928

LONDON (AFX) - Brent futures were higher following yesterday's volatile session on the release of contradictory results from the two US energy agencies, with distillate stocks in focus ahead of the winter heating fuel season. At 10.53 am, Brent futures contracts for September delivery were 25 cents higher at 37.41 usd, in light volumes. "The data is not what was expected," said ICIS-Lor analyst Tony Dillon. "The expectation was for crude builds and gasoline draws," he said, adding, "it is difficult to see what will lead the market after the data." Weekly data from the Department of Energy showed gasoline stocks rose 2.5 mln barrels to 208.4 mln, confounding analysts' predictions on average of a 980,000 barrel draw. Distillate stocks rose 1.7 mln barrels to 118.4 mln, ahead of the average 900,000 barrel increase predicted by analysts. But crude stocks dropped 3.6 mln barrels to 299.6 mln, against analysts' forecasts of a 1.2 mln barrel build. Figures from the American Petroleum Institute, which are less closely watched, showed a larger 3.9 mln barrel build in gasoline stocks, a 59,000 barrel draw on distillate stocks and a 38,000 barrel build in crude stocks

Dillon said, when comparing the data to the previous week, it looks as if the discrepancies from last week have been ironed out," when looking at total stock figures. He added the focus has now shifted from gasoline to heating stocks in the US, in what is traditionally a time for stocking up before the on-set of winter. Predicting prices for the near term is difficult to gauge due to speculators' drving up prices on concern over supply problems

In the US "the next support level could either be under 40 usd per barrel, if speculators do not continue to drive up prices," Dillon added. But, "if prices do break through the 42 usd barrier then, prices could trade at 43 or 44 usd per barrel or even higher," Dillon said. He said while Brent contracts usually follow the American lead, physical strength in North Sea Brent, currently at record levels, is helping to keep prices at the same level or even higher than the US for the moment. Later today OPEC president Purnomo Yusgiantoro will address a press conference in Vienna to discuss an OPEC-commissioned report about the "latest supply and demand balance." OPEC's media relations officer in Vienna, Al Karagie, yesterday said there will be a press conference at 3 pm local time (1 pm GMT.)

bit more

[54anickel]

16. Gold Dinar fiat fiasco continues

http://www.mineweb.net/columns/american_notes/336075.htm

NEW YORK (Mineweb.com) -- It has become an annual ritual to follow the non-progress of Malaysia’s plan to monetize its trade in Gold Dinars. Three years on the project is still just rhetorical fluff and it seems to be losing momentum the further Dr Mahathir Mohamad gets into retirement.

Indeed, Malaysia’s former Prime Minister has been more industrious in donating timber to Zimbabwean crackpot president, Robert Mugabe, for the latter’s latest mansion. A $45,500 gift to a despot would hardly be enough to kickstart the moribund dollar alternative, but surely it could be a helpful gesture.

First mooted in 2001 as Mahatir wallowed in indignation over Malaysia’s earlier currency woes, the world was promised a functioning Gold Dinar bloc by 2003. Iran was supposed to be on the verge of signing up in late 2002 for the bilateral trade settlement scheme, as were a few other countries.

Evidently not and there is no reason to believe it can ever take off according to plan.

snip>

Alas for Malaysia, its potential Arab Islamic partners have informally snubbed it by pursuing the “Arab Dinar.” Saudi Arabia, Oman, United Arab Emirates, Qatar, Kuwait and Bahrain have been discussing a common market arrangement that would rely on an Arab Dinar pegged to . . . the euro.

more...

[54anickel]

17. Whoa, what just happened to the S&P futures? Here's a blather check

The DOW's showing +20.00, perhaps moving to the "safety" of the blue chips?

9:11AM: S&P futures vs fair value: -5.0. Nasdaq futures vs fair value: -4.0. Futures trade falls to its lowest levels of the morning, and now points to a modestly lower start for the cash market... Negative carryover from last session's 1.0-2.2% pullback, huge losses in Asian and European trading, and a number of earnings reports - that despite their positive headlines - continue to disappoint the market have weighed heavily on the proceedings.
8:34AM: S&P futures vs fair value: -0.9. Nasdaq futures vs fair value: +0.5. Futures market showing some modest improvement since the last update with the better than expected initial claims report lending a hand... cash market now slated for a relatively flat open

8:04AM: S&P futures vs fair value: -1.7. Nasdaq futures vs fair value: -4.0. Stage is set for a modestly lower open with weakness in foreign markets and yesterday's surprisingly sharp, and broad-based, decline in the U.S. keeping buyers on the sidelines... weekly initial claims report due at 08:30 ET followed by Leading Indicators at 10:00 ET; consensus estimates are 345K and 0.0%, respectively

6:03AM: FTSE...4315.60...-61.70...-1.4%. DAX...3811.52...-65.96...-1.7%.



INO:

The September NASDAQ 100 was slightly lower overnight due to spillover selling following Wednesday's sharp decline and low-range close. If September extends this week's decline, a test of May's low crossing at 1376.50 is the next downside target. Closes above yesterday's high crossing at 1438 are needed to signal that a low has likely been posted. Stochastics and the RSI are oversold and have turned neutral hinting that a low is in or is near. The September NASDAQ 100 was down 2.00 pt. at 1384.50 as of 6:49 AM ET. Overnight action sets the stage for a steady to weaker opening by the NASDAQ composite index later this morning.

The September S&P 500 index was slightly higher overnight due to short covering as it consolidates some of Wednesday's decline but remains below the 75% retracement level of the May-June rally crossing at 1095.17. If September extends this month's decline, May's low crossing at 1079.50 is the next downside target. Stochastics and the RSI are very oversold and hints that a low is near. Closes above Wednesday's high crossing at 1116 are needed to confirm that a short-term low has been posted. The September S&P 500 Index was up 0.70 pts. at 1091.30 as of 6:55 AM ET. Overnight action sets the stage for a steady to firmer opening when the day session begins later this morning.

[UpInArms]

18. markets open at 9:42 EST

Dow 10,015.31 -30.82 (-0.31%)
Nasdaq 1,878.14 +3.77 (+0.20%)
S&P 500 1,092.89 -0.99 (-0.09%)
10-Yr Bond 4.469% -0.018

[54anickel]

20. NAS up DOW down? Well THAT doesn't jive with what the futures

were reporting. :shrug:

[UpInArms]

21. 10:00 Update (all red)

Dow 10,007.41 -38.72 (-0.39%)
Nasdaq 1,873.45 -0.92 (-0.05%)
S&P 500 1,090.85 -3.03 (-0.28%)
10-Yr Bond 4.469% -0.018

[UpInArms]

22. DOW under 10,000 at 10:03 EST

Dow 9,994.29 -51.84 (-0.52%)
Nasdaq 1,870.83 -3.54 (-0.19%)
S&P 500 1,089.52 -4.36 (-0.40%)
10-Yr Bond 4.469% -0.018

[54anickel]

23. Just saw that! (Almost did a simul-post again). Wonder where that's

coming from? Brings up the topic from today's wrap-up on the debt auction.

[UpInArms]

25. 10:14 EST Update (It's a Miracle!)

Dow 10,034.33 -11.80 (-0.12%)
Nasdaq 1,875.43 +1.06 (+0.06%)
S&P 500 1,091.12 -2.76(-0.25%)
10-Yr Bond 4.462% -0.025

Buyers rush in!

[Maeve]

38. 11:23--they just don't make miracles like they used to

Darn that out-sourcing!
Dow 9,969.37 -76.76 (-0.76%)
Nasdaq 1,858.10 -16.27 (-0.87%)
S&P 500 1,086.17 -7.71 (-0.70%)
10-Yr Bond 4.452% -0.035

[54anickel]

24. Clawing back up rapidly at 10:13 Wonder if that's some of the 5 billion

of O/N Repurchases funneling in again. :shrug:

Dow 10,022.31 -23.82 (-0.24%)
Nasdaq 1,872.95 -1.42 (-0.08%)
S&P 500 1,090.71 -3.17 (-0.29%)
10-yr Bond 4.462% -0.025
30-yr Bond 5.190% -0.018

Repos:
http://www.321gold.com/fed/temp_bank_res.html

[54anickel]

19. U.S. Moves to Force Hospitals, Doctors to Go Digital

Wasn't this one of those arms of GE posted in an article earlier this week? I'm not saying it's a bad thing, as long as they address security issues, but what happened to the idea of "free markets"? Why is the gov't "forcing" this issue along with the latest changes in cholesterol targets and what-not. Sure seems like an attempt to appease the lobbyists to me. :shrug:

http://www.reuters.com/newsArticle.jhtml?type=healthNews&storyID=5734424

WASHINGTON (Reuters) - Medical records, a last bastion of paper and pen, may be dragged into the electronic age under a new strategy outlined by the U.S. government on Wednesday.

Health and Human Services Secretary Tommy Thompson said he was starting by appointing a panel of executives to figure out how much it will cost to switch hospitals, pharmacies and other bits and pieces of the health care system to computer-based technology.

By the end of this year the panel is also to report on the potential benefits of such a switch.

Health care experts agree that going digital will reduce errors that kill up to 98,000 patients a year, will speed many aspects of health care and reduce the paperwork burden.

more...


Tommy wants to make it a condition for doing business with the gov't. according to this article:

http://www.usatoday.com/tech/news/2004-07-20-healthtech_x.htm

snip>

More than 90% of the nation's health care transactions still occur via phone, fax or an exchange of paper. Technology could cut the nation's $1.6 trillion-a-year health care bill by at least 10%, says Secretary of Health and Human Services Tommy Thompson.

He added that it might not take 10 years to meet Bush's goal: "In the next couple of years, we will see electronic health records."

Because federal and state governments, through Medicare and Medicaid, pay much of the nation's health care tab, Thompson said, "It should be a condition of doing business" with the government for hospitals and doctors to use electronic medical records.

[UpInArms]

27. Leading indicators fall 0.2% in June

http://cbs.marketwatch.com/news/story.asp?guid=%7BE793E100%2D4329%2D49A1%2DB4EE%2D20DE1854A44B%7D&siteid=mktw

The index of leading economic indicators fell 0.2 percent in June, the first decline since March 2003, the board said. Five of the 10 leading indicators declined, led by building permits, the factory workweek, supplier's deliveries, money supply and interest rates.

Five of the indicators improved in June, led by consumer expectations, stock prices, jobless claims, capital-goods orders and consumer-goods orders. Read the full report.

Economists surveyed by CBS MarketWatch were expecting, on average, the index to rise 0.1 percent. See Economic Calendar.

May's index was revised lower to 0.4 percent from 0.5 percent.

"The data reflects a strong economic environment, but one with less momentum than last month," said Ken Goldstein, economist at the board. Goldstein said some of the decline was likely due to businesses closing for the funeral of former President Reagan during the payroll survey week.

Still, Goldstein said housing activity slowed in June and retail sales were weak.

...more...

[54anickel]

30. Sure, that's it! Rayguns funeral - and to think we nearly had forgotten

about him. :eyes:

Only "businesses" I know about closing were banks and gov't offices. Yeah, I'm sure it was due to that 1 day loss of snail-mail orders, that's it. :crazy:

[54anickel]

28. MY EYE, MY EYE!!! Damn them pointy things! 10:34 - check the blather

Dow 10,004.69 -41.44 (-0.41%)
Nasdaq 1,870.51 -3.86 (-0.21%)
S&P 500 1,090.37 -3.51 (-0.32%)
10-yr Bond 4.456% -0.031
30-yr Bond 5.186% -0.022
NYSE Volume 370,320,000
Nasdaq Volume 487,823,000

10:25AM: Indices take a hit from June Leading Indicators Index, which fell 0.2%...but then rebounded, perhaps recognizing that index is comprised almost entirely of already released data, and has had little predictive value or market impact for years...the initial negative reaction perhaps reflects underlying sentiment...the SOX index pushed to +1.4%, and helped to lift the Nasdaq and thus the broad market, but is now +0.7% as overall choppy action continues...Caterpillar (CAT 73.00 -3.95), which reported earnings below expectations, is a major drag on the Dow...NYSE Adv/Dec 941/1820, Nasdaq Adv/Dec 895/1662

[Zynx]

29. The advance/decline line is ugly for a relatively moderate decline.

[54anickel]

31. And I hadn't bothered to post that this time - didn't think anyone was

paying attention to that.

Advances & Declines
NYSE Nasdaq
Advances 979 (32%) 1028 (36%)
Declines 1864 (61%) 1591 (56%)
Unchanged 180 (5%) 190 (6%)

----------------------------------------------------------------------

Up Vol* 105 (37%) 204 (48%)
Down Vol* 175 (62%) 205 (49%)
Unch. Vol* 2 (0%) 9 (2%)

----------------------------------------------------------------------

New Hi's 10 11
New Lo's 60 115

[54anickel]

34. Update 5: Yukos Warns Oil Exports May Be Interrupted

http://www.forbes.com/business/services/feeds/ap/2004/07/22/ap1465303.html

Russian oil giant Yukos, which produces about 2 percent of the world's oil, warned Thursday it could run out of money within a month and may not be able to fulfill export contracts as it faces an enormous bill for back taxes.

Yukos renewed its plea to the government to be allowed to stagger payment of its $3.4 billion tax bill for 2000, but the government has shown no sign of interest and analysts interpreted the call as a reflection of desperation rather than hope.

Justice Ministry officials announced this week that Yuganskneftegaz, Yukos' largest production unit, was being readied for sale by the state in a move to settle the tax claim.

"The loss of Yugansk would be a very serious blow to the company, and would certainly put our ability to continue as a going concern under question," Yukos CEO Steven Theede said at a news conference.

Theede wouldn't comment on when the company could be forced to file for bankruptcy, but warned that if Yukos is forced to stop production, the global market would be certain to feel the impact and "how long it will take for things to smooth out only time will tell."

more...

[54anickel]

35. Mitsubishi Motors to shed jobs in U.S.

http://www.iht.com/articles/530593.html

Mitsubishi Motors has announced a third round of job cuts in two months, cutting more than a third of workers at its plant in the United States as the carmaker seeks to return to profit after a $4.5 billion bailout.
.
Japan's only unprofitable automaker will eliminate 1,200 jobs, or 38 percent of the 3,150 positions at its Normal, Illinois, factory, the Tokyo-based company's U.S. unit said Wednesday.
.
Mitsubishi Motors said in May that it would close both its Okazaki plant in Japan, cutting about 600 jobs, and its Lonsdale engine plant in Australia, with the loss of about 700 employees.
.
"The question is, will those output reductions be enough when their sales are slumping?" said Yasuhiro Matsumoto, a credit analyst at BNP Paribas Securities (Japan) in Tokyo. "Vehicle sales at home fell 37.5 percent in the April-June quarter and that may extend overseas, as there are many reports of accidents and additional recalls in Japan."
.
Mitsubishi Motors has had to make steeper cost cuts than planned as sales in the United States plunged after the company tightened loan policies in response to surging defaults.

more...

[54anickel]

36. FAA Faces Exodus Of Traffic Controllers

http://www.washingtonpost.com/wp-dyn/articles/A4401-2004Jul21.html

Federal officials said yesterday that they are preparing to deal with a nationwide wave of retirements by air traffic controllers over the next decade and that passenger safety will not be jeopardized.

snip>

The FAA estimates that nearly half of the nation's 15,000 air traffic controllers will be eligible for retirement before 2013. Many of the potential retirees were hired in 1982 after President Ronald Reagan fired more than 11,000 striking members of the Professional Air Traffic Controllers Organization the year before.

snip>

The association, which represents 30,000 controllers nationwide, has called on Congress to appropriate an additional $14 million for the FAA to hire controllers. The current budget is $6.2 billion. To stave off a crisis, at least 1,000 controllers must be hired annually for the next three to five years, Rinaldi said. The FAA hired 762 controllers in 2003.

snip>

In the meantime, the agency said, it is taking steps to stem a potential shortage. It has proposed raising the controller retirement age and is focusing on advancements in technology to help reduce the dependence on air traffic controllers.
(Well I for one am NOT interested in retraining yet again for a job where the chances of my being let go due to technology advancements would be pretty high, AGAIN - too old for that shit!)

It is also streamlining controller training, an extensive process that can take up to five years, officials said.

more...

[54anickel]

37. 11:16 numbers and I gotta run for a while

Hope to be able to check back later in the day. :hi:

Dow 9,971.50 -74.63 (-0.74%)
Nasdaq 1,859.57 -14.80 (-0.79%)
S&P 500 1,086.97 -6.91 (-0.63%)
10-yr Bond 4.452% -0.035
30-yr Bond 5.184% -0.024
NYSE Volume 552,286,000
Nasdaq Volume 689,498,000

11:00AM: Indices languish as Nasdaq slips to lows of the days...volume is a bit heavier today than in recent sessions, but still not heavy by any means...plenty of earnings due after the close today, including Coke (KO) and Microsoft (MSFT)... there has been some talk that Microsoft announced the dividend news earlier this week in order to offset potential negative trends in the earnings release...

Advances & Declines
NYSE Nasdaq
Advances 933 (29%) 939 (31%)
Declines 2050 (65%) 1840 (62%)
Unchanged 169 (5%) 184 (6%)

----------------------------------------------------------------------

Up Vol* 138 (28%) 244 (39%)
Down Vol* 335 (69%) 359 (57%)
Unch. Vol* 6 (1%) 16 (2%)

----------------------------------------------------------------------

New Hi's 13 15
New Lo's 66 137

[The_Casual_Observer]

39. Wasn't more than a few weeks ago

That the "NPR Marketplace" analysts were predicting substantially lower gas prices for the summer and a 10% jump in the stock market by the end of August. These predictions were of course baseless economic "war" propaganda. The implication was that Kerry didn't stand a chance in the face of all this good news. Much like the lies about WMD, these things didn't materialize either.

[hatrack]

40. Well I'll be damned - Dow 10,000 - at least as of 11:39 EDT

WOOOOOOOO!!!!!!! Let's all go SHOPPING!!! :evilgrin:

[Robbien]

42. as of 11:55 EDT it is at 9,949 according to CNBC.

What?

[hatrack]

43. Fuglier and fuglier

Gee, what will Unca Alan say now to make things all better?

[UpInArms]

44. 12:34 EST Update and blather (angels rushed in - still under 10K)

Dow 9,999.60 -46.53 (-0.46%)
Nasdaq 1,868.75 -5.62 (-0.30%)
S&P 500 1,090.56 -3.32 (-0.30%)
10-Yr Bond 4.464% -0.023

12:25PM: Indices bounce on possible program trade kick...Dow is underperforming today, due in large part to disappointing earnings from Caterpillar (CAT 72.28 - 4.67)...American International Group (AIG 66.32 -1.03), which also reported earnings, is the only other component down more than $1...NYSE Adv/ Dec 843/2280, Nasdaq Adv/Dec 784 /2206

12:00PM: The negative bias has continued all morning...few signs of any rally attemps...the reaction to earnings reports was to the bearish side...most reports were pretty good, but Caterpillar (CAT 72.27 -4.68) missed expectations by quite a bit...talk continues to be on slowdown of earnings growth in upcoming quarters, even though that was always expected...second quarter numbers are on track for 23% or so, and third quarter guidance is towards 14%...not bad, but there are underlying concerns slowdown may be even more...

oil prices have also picked up late morning after inventory data was released, and talk that a Russian company may have to curtail production in the near future due to cash flow problems...in contract to yesterday, the Biotech index (BTK 462.07 +1.00) and the SOX semiconductor index (SOX 409.62 +1.81) are fractionally higher...volume is a bit heavier than in recent sessions, but still only moderate...NYSE Adv/Dec 862/2220, Nasdaq Adv/Dec 703/2214

11:30AM: Negative bias continues unabated...oil prices have edged up now, even as the OPEC Secretary General said that OPEC is producing two million barrels a day above their self- stated ceiling, and may pump more...inventory data didn't increase as much as expected...a major Russian oil firm is also apparently facing a cash flow crisis and reportedly may have to curtail production...

[Robbien]

45. Angels very busy goosing the markets today, Dow at 10015 right now

eom

[Maeve]

47. The "angels" are probably buy programs

Kicking in when the DOW dropped below 10K--bargain-basement hunters. Trading is heavier than it has been recently as well.

[UpInArms]

41. Presidents And Prosperity

http://www.forbes.com/home/commerce/2004/07/20/cx_da_0720presidents.html

The death of Ronald Reagan and the popularity of Bill Clinton's book have sparked an unusually intense interest in presidents past.

During the week of his funeral, several commentators declared Reagan the best president of the 20th century, even better than Franklin D. Roosevelt, whom Reagan himself admired. A recent Gallup Organization poll indicates that Americans rank John F. Kennedy slightly ahead of FDR, and both of them ahead of Reagan. Clinton supporters, meanwhile, note that he turned large federal deficits into surpluses and presided over a booming economy.

It's the kind of argument that will never be settled, like who was a better ballplayer, Willie Mays or Mickey Mantle. But we took a look at the numbers, and for the money, among presidents since World War II, Clinton scores highest.

<snip>

The death of Ronald Reagan and the popularity of Bill Clinton's book have sparked an unusually intense interest in presidents past.

During the week of his funeral, several commentators declared Reagan the best president of the 20th century, even better than Franklin D. Roosevelt, whom Reagan himself admired. A recent Gallup Organization poll indicates that Americans rank John F. Kennedy slightly ahead of FDR, and both of them ahead of Reagan. Clinton supporters, meanwhile, note that he turned large federal deficits into surpluses and presided over a booming economy.

It's the kind of argument that will never be settled, like who was a better ballplayer, Willie Mays or Mickey Mantle. But we took a look at the numbers, and for the money, among presidents since World War II, Clinton scores highest.

<snip>

Clinton campaigned on the economy and had remarkable success. GDP growth during his eight years averaged 3.5% per year, second only to the combined Kennedy/Johnson years and ahead of Jimmy Carter and Reagan. The economy also added jobs at a faster rate under Clinton than under any postwar president except Carter. For Carter, however, job growth merely matched an increase in the size of the labor force, while Clinton had much better luck curbing the unemployment rate as well. The result: The public's confidence in the economy hit an all-time high in the summer of 2000, near the end of Clinton's second term, according to Gallup. In the summer of 1992, before he was elected, it was at an all-time low.

The key to Clinton's success, says Alice Rivlin, a Brookings Institution scholar who served as his director of management and budget, was adhering to the "pay/go" agreement first forged by President George H. W. Bush and a Democratic Congress, whereby tax cuts or entitlement increases had to be funded on a current basis. She says Clinton raised taxes at just the right time--when incomes were starting to rise after years of stagnation--leading to a surge of receipts. The result was the smallest government in terms of its percentage of GDP since Johnson, and the first substantial budget surpluses since Harry S. Truman.

...more...

[wetbandit2003]

46. Those who watch the markets

This closely and panick
at every drop in the dow
will probobly give themselves
a heart attack in the future...

We are just seeng a mixture of
short term investors( My opinion is these creeps are
more detrimental to portfolios than anything else), Stock
prices re adjusting to the SML line and the summer doldrums.
Stocks are the riskiest investment anyway. Besides.
The stock market always recovers. The greedy suits will be crying in their chardonay when thriftys buy up the sold shares, hold them and sell it back to them in a year for twice as much greedies sold them in the first place.


Just a thought from an economist.

[54anickel]

52. But you take away all of the fun that way!

[Maeve]

56. I like that one line

"The stock market always recovers"

I'm still waiting for the DOW to get back around 11K and the Nasdaq to get back in the 5K range....like they were in 2000, remember?

[54anickel]

59. But who's to say

You can't return to a bubble? Heh-heh. Someday, maybe they'll see those numbers again - (old CCR tune coming on)

Well, I'm here to tell you now, each and every mother's son,
That you better learn it fast, you better learn it young,
'Cause someday never comes.
Mmmmm-mmm-mm-mm Someda-ay-ay never comes.

[Maeve]

51. 2:26 and rising

Dow 10,035.67 -10.46 (-0.10%)
Nasdaq 1,882.68 +8.31 (+0.44%)
S&P 500 1,095.62 +1.74 (+0.16%)
10-Yr Bond 4.452% -0.035

Must..climb...back..in...black...

[54anickel]

54. 2:41 and "Looks like we made it"

(Now I'm gonna have that damn Barry Manilow song stuck in my head - crap!)

Dow 10,054.54 +8.41 (+0.08%)
Nasdaq 1,886.71 +12.34 (+0.66%)
S&P 500 1,098.10 +4.22 (+0.39%)
10-yr Bond 4.453% -0.034
30-yr Bond 5.190% -0.018

NYSE Volume 1,244,332,000
Nasdaq Volume 1,453,533,000

No update on the blather yet -

1:55PM: Modest losses for the major indices, which have been basically underwater since the start of trading... The industrial and consumer discretionary sectors are playing a big role in keeping the market down as they are littered with industry groups showing losses greater than 1.0%... The weakness in those specific sectors speaks to the underlying concerns about the pace of economic activity in the latter half of the year... Yesterday Briefing.com reiterated its Underweight rating on the consumer discretionary sector, highlighting the market's concerns about difficult comparisons... NYSE Adv/Dec 956/2262, Nasdaq Adv/Dec 896/2151

[54anickel]

55. Check out the 2:30 blather - didn't we read something about this

in the Market Wrap in the last couple of weeks, how just a few stocks could "move mountains"? :tinfoilhat:

2:30PM: Market on a recovery run again with some program trading activity providing an added push... Large-cap technology shares are setting the pace as evidenced by the Nasdaq 100, which is up 1.10% and outperforming the other indices by a significant margin... Qualcomm (QCOM 71.75, +4.07), which raised its guidance for fiscal Q4 (Sep) and FY04, tops the list of Nasdaq winners and is joined by the likes of Starbucks (SBUX 47.50, +1.86), Intel (INTC 22.96, +0.40), Lam Research (LRCX 24.10, +4.30) and Network Appliance (NTAP 18.87, +1.66)...
Leadership from these big guys helps explain the Nasdaq's and S&P's positive standing despite the decidedly negative breadth figures...Russell 2000 -0.43, S&P Midcap 400 -0.22, NYSE Adv/Dec 1109/2130, Nasdaq Adv/Dec 1130/1941

[54anickel]

53. U.S. Treasuries trim losses as data discounted

http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=5745205

NEW YORK, July 22 (Reuters) - U.S. Treasury prices ticked lower in lackluster trade on Thursday, pressured in part by U.S. job data which seemed strong on the surface though largely because of a statistical quirk.

The bears were encouraged when initial jobless claims fell a larger-than-expected 11,000 last week to 339,000. More importantly, continued claims dropped a huge 167,000 to 2.98 million, its lowest level since May 2001.

The figures could suggest that the softness of payrolls seen in June was just a passing fad and jobs would revive this month. However, analysts noted the Labor Department attributed the fall in continued claims to seasonal factors misreading the timing of summer auto plant closures, thus making it hard to draw any conclusions from the numbers.

The market seemed to agree since after slipping initially on the data, Treasuries quickly trimmed their losses. The benchmark 10-year note (US10YT=RR: Quote, Profile, Research) regained all its lost ground to be steady at 4.47 percent.

Traders said speculators were trying to break a chart barrier around 4.50 percent in the hope of triggering mortgage-related hedging, and would latch onto any reason to sell. :evilgrin:

more...

[54anickel]

57. Fun Greenspin pic (if this works for me this time!)

[Maeve]

58. Hi! My name is Alan! And I work in a money factory!

I've got a wife and a dog and a family....(a riff on an act-along kids song of Joe and the Button Factory--if you don't know it, lucky you)

[54anickel]

60. Didn't know it, but I looked it up! I'll stick with verse 5 for Alan!

Hey, My name is Joe
And I work in a button factory,
I've got a wife and a dog and a family,
One day the boss came up to me and said
Hey Joe, Are you busy? I said no,
He said turn the button with your _____.

1) Left hand
2) Right Hand
3) Left Foot
4) Right Foot
5) Butt
6) Tongue

[Maeve]

62. The trick is doing all of those things at once!

Final verse, Joe gets smart...

"Hey Joe, Are you busy? I said YES!!!!!"

[54anickel]

64. SNARF!! I'm getting a great visual here doing all at once - Just what

position would one have to be in to be able to do that? :crazy:

[Maeve]

61. 3:37 update and blather

Dow 10,071.72 +25.59 (+0.25%)
Nasdaq 1,892.04 +17.67 (+0.94%)
S&P 500 1,099.53 +5.65 (+0.52%)
10-Yr Bond 4.462% -0.025

3:30PM: Bulls are putting up a fight today as the indices have been in comeback mode since mid-day... For now, it can be labeled a bounce from oversold conditions, which makes this more of a technical than fundamental advance... Be that as it may, fundamentals remain solid as Q2 operating earnings are on track to be up 24% from the yr-ago period while guidance supports current expectations for 14% third quarter growth - not as strong, but unquestionably solid given tough comparisons... The semiconductor and biotech groups, which have been among the hardest hit of late, are leading today's rebound...

[54anickel]

63. I know it's just coincidence, but

semiconductor and biotech....on the heels of Tommy pushing electronic health records (if you're gonna do business with the gubbermint) and Shrub signing that bio-terror (or whatever it was called) yesterday.

Good timing anyway. This another one of those times where I put 2 and 2 together and come up with nineteen.

[54anickel]

65. OPEC Looks to Stop Rising Oil Prices (Ha-ha-ha-ha ROFLMAO!)

http://abcnews.go.com/wire/Business/ap20040722_861.html

VIENNA, Austria July 22, 2004 — OPEC is committed to keeping crude prices from rising further, and its members are investing to boost their output capacity to help stabilize the oil market, the group's president said Thursday.

The Organization of Petroleum Exporting Countries is already pumping 2 million barrels a day above its output target of 25.5 million barrels, Purnomo Yusgiantoro told a news conference at OPEC's headquarters in Vienna. "That's partly because we are concerned with the price level that we see today," he said.

Contracts of U.S. light crude for September delivery were trading 10 cents higher at $40.68 per barrel on the New York Mercantile Exchange.

Purnomo confirmed that the official target price for OPEC's benchmark blend of crudes remains between $22 and $28 per barrel.

more...

[54anickel]

66. Oil Prices Rise Again

http://www.thestreet.com/_tsclsii/markets/marketfeatures/10173303.html

Oil prices rose for the second day in a row Thursday, moving closer to their record high set seven weeks ago.

The benchmark U.S. crude closed 78 cents, or 1.9%, higher at $41.36 in regular New York Mercantile Exchange floor trading, a little less than a dollar shy of the $42.33 peak. Gasoline prices rose 1.5 cents to $1.257 a gallon.

Traders remain concerned about the outlook for short-term supplies, despite recent moves to steady the market.

snip>

The August increase will put OPEC's official production ceiling at 26 million barrels a day, although its members routinely produce more than their individual quotas. A recent International Energy Agency report said the cartel produced more than 28 million barrels a day in July, when its ceiling was just 23.5 million barrels a day.

At one point recently, oil prices had fallen 15% from their record high, closing below $36 a barrel in June.

See, it CAN drop - nothing to worry about. Just a blip. /sarcasm

[Maeve]

68. Ah, be fair now!

They want to squeeze, but not cause the kind of pain that makes certain people start muttering things about "regime change"...stable income is better than Dubya at the door!

Altho I suspect "official target" is more like "well, it's on the books but you ain't gonna see it again; market forces and all that crap"

[54anickel]

69. OK, you're right I'll be fair -

tee-hee, snarf, snort, chuckle, gig-a-giggle - sounds of supressed laughter. :evilgrin:

[Maeve]

70. If nothing else, you have to admit

I can ususally get you post at least one "snarf" a day! :P

[54anickel]

71. You got me! Just for that, howsbout

you post the wonderful closing for the day?

[54anickel]

67. Washington Mutual Cuts 2,500 More Jobs

http://www.washingtonpost.com/wp-dyn/articles/A5961-2004Jul22.html

NEW YORK (Reuters) - Washington Mutual Inc. , the largest U.S. savings and loan, will cut an additional 2,500 jobs this year on top of 7,700 previously announced layoffs, a spokesman said on Thursday.

The job cuts are part of the company's effort to improve profitability in its mortgage lending business as interest rates rise and demand for home loan refinancings declines.

Edit to add:
So much for the idea of retraining for the real estate career path. Hmmm, air traffic controller - nope. Mortgage lender/real estate agent - nope. Can't afford to become a doctor or lawyer. CPA/economist type - being outsourced quite a bit these days creating a glut of unemployed with those skills. Heh, with Tommy's idea of changes in health-care records maybe I should stay in IT? Nah, some will be outsourced and it's another saturated market right now. I'll think of something, I'm sure. Maybe Meanspin can step up with some ideas.

[Maeve]

72. Closing with a side of blather

Dow 10,050.33 +4.20 (+0.04%)
Nasdaq 1,889.06 +14.69 (+0.78%)
S&P 500 1,096.84 +2.96 (+0.27%)
10-Yr Bond 4.462% -0.025
NYSE Volume 1,682,010,000
Nasdaq Volume 1,961,932,000

Close:It was a tale of two markets today with sellers prevailing in the morning session and buyers prevailing in the afternoon... The weak start was presaged by the futures market and was an offshoot of yesterday's surprisingly sharp, and broad-based, decline... Notable losses in foreign markets didn't help sentiment nor did a disappointing Q2 report from Dow component Caterpillar (CAT 73.53, -3.42)... The latter development notwithstanding, the earnings results, in aggregate, remain quite good with S&P operating earnings on track to be up 24% in Q2 and guidance pointing to 14% growth for Q3...
The earnings deceleration has been a hang-up for the market, but when pitted against a difficult yr-ago comparison, 14% earnings growth suggests the fundamental backdrop remains solid... That consideration may have helped fuel the afternoon recovery bid, but in all likelihood, it was more of a technical thing as the market's oversold condition invited bargain hunting and some short covering perhaps ahead of Microsoft's (MSFT 29.00, +0.14) earnings report after the bell...

The oversold bounce was most evident in the semiconductor and biotech groups as they pivoted from being the biggest losers yesterday to being among the biggest winners today... The SOX Index and BTK Index were up 3.1% and 2.4%, respectively... Other standouts included the pharmaceutical, tire & rubber (GT 9.92, +0.41), and homebuilding groups... On the flip side, the gaming, construction & farming, REIT, health care equipment, and apparel groups were some of today's biggest laggards... Overall, the large-cap technology stocks were the main recipients of today's buying interest...

Their leadership helps explain the positive standing for the major indices despite negative breadth figures at the NYSE and Nasdaq... Relative to where it has been for most of the summer, volume skewed to the heavy side of things, as it did yesterday, with 1.93 bln shares trading at the Nasdaq and 1.68 billion shares trading at the NYSE... Separately, today's economic data passed without too much fanfare; initial claims were slightly better than expected at 339K (consensus 345K) but Leading Indicators were down 0.2% versus a consensus estimate of unchanged...

The decline in leading Indicators triggered some knee-jerk selling interest that was quickly overcome by the recognition that the report is largely a compendium of already-released data...

[54anickel]

73. SNARF!!!

Thanks Maeve! I was in the middle of mapping out tomorrows trip!