STOCK MARKET WATCH, Friday 23 July

[UpInArms]

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 181
DAYS SINCE DEMOCRACY DIED (12/12/00) 3 YEARS, 224 DAYS
WHERE'S OSAMA BIN-LADEN? 2 YEARS, 278 DAYS
WHERE ARE SADDAM'S WMD? - DAY 491
DAYS SINCE ENRON COLLAPSE = 974
Number of Enron Execs in handcuffs = 19
Recent Acquisitions: Ken Lay
ENRON EXECS CONVICTED = 2
Other Arrests of Execs = 54







(Excuse my poor subbing job - but am not any good at this part)

[Renew Deal]

1. What's going on with the S&P going bellow the 200 day average?

I read that here a few days ago. Is that still the case?

[On the Road]

19. 200-Day Moving Average Watch

Funny you should mention, Bleachers7 -- I was just getting ready to post.

Actually, the S&P is so close to the average that it depends on WHICH average you use and the time period selected. (Time period shouldn't matter, but for some reason many programs show different values depending on whether you look at 3 months, 2 years, etc.) The EMA weights more recent values more heavily -- otherwise the 200th day dropping off has just as much weight as today's numbers.

Here's where the S&P 500 is today:


Ambiguous. Depends on which average you prefer. But the Dow is a little clearer:


The clearest one of all is the NASDAQ:


Not only has it convincingly broken the average, it has even retrace, hit the 200-day EMA, and bounced back down. That's the classic pattern you see when the support is broken and becomes resistance.

There's still time for it to turn around -- God knows the markets have shown surprising strength the last year or so. But with every down day, the chances increase for a long-term downtrend.

[Renew Deal]

25. According to those numbers

the S&P is dipping for the first time. Is this particularly significant? That was the vibe in the other thread.

[ozymandius]

27. Have they run out of companies to dump and their replacements?

The S&P is notorious about this. They routinely dump sagging companies and replace them with robust ones to keep the index numbers cheery.

[On the Road]

28. That May Have Been My Thread

I put more weight on what the S&P500 does because that's where 3/4 of the capitalization in US markets is. I don't know if it's backed by reasearch or not.

The NASDAQ, on the other hand, tends to have more volatility and technical traders, so broad trends may show up first on the NASDAQ. Again, I don't know if that's backed up by research.

[UpInArms]

2. daily dollar watch

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

Last trade 88.94 Change +0.49 (+0.55%)

http://futures.fxstreet.com/Futures/content/100270/content.asp?menu=currencies&dia=2372004

THE CURRENCY REPORT

U.S. DOLLAR INDEX (DXM4)

The DX opened lower at 88.49 and rose to a morning Hi of 88.70 after Jobless Claims showed a decrease of a better than expected 11,000 vs the expected 6,000. Traders were awaiting the Conference Boards Leading Economic Indicators for further direction, following the boost provided by Mr. Greenspan’s remarks. Prices retraced to a morning Lo of 88.28 and recovered to 88.40 as we begin the afternoon session. The LEI report showed the economy slowing in June, down 0.2% to 116.2 vs. May’s 116.4, as retail sales and new car sales decreased. As bargain hunters entered the equity market, the DX rose to a daily Hi of 88.78, before drifting to a close of 88.63, down 14 tics. The ‘inside-day’ and down close is still above the 18 day MA , but could see further weakness, unless there is ‘good’ news to motivate traders, which may be tough on a Friday. A higher open should find Resistance at 88.85 and 89.06, while an open below 88.56 may find Support at 88.35 and 88.06.

<snip>

JAPANESE YEN (JYM4)

The JY opened higher at .9147 as favorable comments from the BoJ, “ that the Japanese economic recovery is firmer than expected”, pushed the JY to a morning Hi of .9169, despite a drop of 148 points in the Nikkei. As we begin the afternoon session, prices have retraced to .9138. The retracement continued to a daily Lo at our Filter level of .9123, before ending the day at .9124, up 9 tics. Another ‘inside-day’, down close, with weak momentum indicators, would suggest further weakness, should the DX remain firm. A lower open may find Support at .9108 and .9093, while an open above .9139 should find Resistance at .9154 and .9185.

...more...

[UpInArms]

3. pre-opening blather

briefing.com

9:17AM: S&P futures vs fair value: -4.2. Nasdaq futures vs fair value: -14.5. Still looking for a lower open for the major indices... There are no economic reports today, so traders will largely cue off of last night and this morning's earnings reports.

8:59AM: S&P futures vs fair value: -3.6. Nasdaq futures vs fair value: -14.5. Expectations remain intact for a lower start to the day as the futures market trades below fair value... Despite yesterday's slight advance in afternoon trading, the technical outlook remains weak and continues to undercut buying efforts.

8:32AM: S&P futures vs fair value: -4.5. Nasdaq futures vs fair value: -15.0. Bearish tone prevails in the pre-market, which should translate into a negative start for the cash market... Earnings reports have fallen short - in one manner or another - of the market's lofty expectations... Analysts have pointed to inventory in regards to BRCM, margins in regard to AMZN, and industry concerns in regards to ERTS...

ino.com

The September NASDAQ 100 was lower overnight and is working on a possible inside day. If September extends this week's decline, a test of May's low crossing at 1376.50 is the next downside target. Closes above Wednesday'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 6.50 pt. at 1399 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 lower overnight as it consolidates 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 oversold and are turning neutral to bullish hinting that a low is in or is near. Closes above the 10-day moving average crossing at 1103.06 are needed to temper the near-term bearish outlook in the market. The September S&P 500 Index was down 0.70 pts. at 1093 as of 6:51 AM ET. Overnight action sets the stage for a steady to weaker opening when the day session begins later this morning.

[UpInArms]

4. 9:59 EST market numbers and blather

Dow 9,993.77 -56.56 (-0.56%)
Nasdaq 1,863.39 -25.67 (-1.36%)
S&P 500 1,090.50 -6.34 (-0.58%)
10-Yr Bond 4.450% -0.012

9:40AM: Sellers move in in the opening minutes of trading, taking the indices 0.2-1.2% lower... The Nasdaq has been the favorite target of sellers, as a number of technology companies released earnings reports that were not well received... Microsoft (MSFT 28.33 -0.67) issued weaker than expected guidance for Q3 (Sept), Amazon.com (AMZN 42.21 -3.61) missed analysts EPS estimates in its Q2 (June) report, and Broadcom (BRCM 35.37 -1.03) saw its inventories increase sequentially...

Earnings out of the blue chips, however, have enjoyed a warmer response, and can explain why selling in those groups has been lighter...

[Sven77]

5. The Money Masters

I just saw a great video yesterday called the Money Masters.

http://www.themoneymasters.com/

-part of the synopsis>

The success of the central banking scheme developed into a far-reaching plan described by President Clinton's mentor, Georgetown Professor Carroll Quigley, "to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank....sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the levels of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

it can be downloaded on bittorrent and emule p2p.

[TrogL]

18. Do I catch a whiff of anti-Semitism and "blame Clinton"

or am I imagining things?

[Sven77]

29. did you read my post ?

I said nothing of jews and clinton bashing. :crazy: and yes you imagined it.

this movie has some interesting facts>

debt money system designed and controlled private bankers, money from created nothing, and fractional reserve principal.:bounce:

[54anickel]

6. When Politicians Write Accounting Rules, Reality Can Be Forgotten

http://www.nytimes.com/2004/07/23/business/23norris.html?adxnnl=1&adxnnlx=1090579283-ecC9BfkZYW5JKxz®oWbA

snip>

A European official, speaking on the condition of anonymity, told me this week that he expected the European Commission to block the controversial parts of the International Accounting Standards Board rule on derivatives. "David Tweedie needs to learn to listen," he said of the international board's chairman.

snip>

Officials at the accounting boards say they have listened. They have held countless meetings with those who opposed the rules. But what they asked for were rational arguments about proper accounting policies.

They were willing to change the rules if they heard such arguments, and in fact they made changes. But they were unwilling to compromise on the basic issues - in one case that options are an expense and in the other that changes in the value of derivatives should be reported in financial statements even if the results are inconvenient for banks and cause volatility in reported profits.

Opponents prefer not to discuss whether accounting is proper. They would rather warn of disasters that will follow if companies have to report unpleasant realities in their financial statements. The result of the accounting wars is more likely to be tragic in Europe than in the United States, where the bill is expected to die in the Senate. Still, legislators ought to be embarrassed about arguing that more people will be hired if companies can keep the costs off their books.

Or as Representative Cliff Stearns, a Florida Republican who is chairman of the House Subcommittee on Commerce, Trade and Consumer Protection, noted in opposing the bill, "a Congressional mandate to change economic reality does not change economic reality."

snip>

But a European rejection of the derivatives rule would set that effort back, perhaps fatally. If the international board caves in, that could destroy its credibility with investors, showing it is not an independent rule maker but a political body. If it does not, its rules could have little acceptance, and it could wither away. In either case, the eventual establishment of American accounting rules as the de facto worldwide standard would be more likely.

more...

[TrogL]

22. I'm confused (as if this wasn't normal)

a Congressional mandate to change economic reality does not change economic reality

Once upon a time I took accounting. I even tried my hand at it but wasn't very good at it. I'd rather write accounting software than actually use it.

Be that as it may, when I took accounting my understanding of the situation was that the purpose of it was to give the people in charge of the operation of a business a meaningful understanding of what was going on. There were accounting standards to be followed and auditors to make sure the standards were followed and all the columns added up like you said they did. If there were stockholders involved, there were checks and balances in place to make sure they weren't being lied to. Break the rules - go to jail.

We were warned, however, that Canadian accounting standards and practices were in same cases waaaaaaay different that US standards.

IIUC, the main difference is over the "disasters that will follow if companies have to report unpleasant realities in their financial statements".

Where I'm confused is where the European commission sits - strict, "wiggle room" or lie. Are they after accounting rules where everybody knows what's going on (for better or worse), rules where the accountant does his best effort to make the company look good for the stockholder's meeting, or something in between.

[54anickel]

7. Corporate Reforms Reassessed

http://www.washingtonpost.com/wp-dyn/articles/A7227-2004Jul22.html

Nearly two years after Congress passed corporate reform legislation, the law still gets enthusiastic public reviews from chief executives. But behind the scenes, there is growing pressure to scale back some of its provisions.

At a hearing yesterday to mark the July 30 anniversary of the Sarbanes-Oxley Act, lawmakers and corporate officials raised the prospect of reopening debate as soon as next year on the part of the law that requires companies to assess how well their internal financial controls work, a provision that a study by Financial Executives International said cost some large companies more than $5 million each this year.

Also under attack is a provision that prohibits companies from making loans to top executives -- an idea that picked up momentum after disclosures that WorldCom Inc. chief executive Bernard J. Ebbers accepted $408 million in loans when the company's earnings were being misrepresented.

Business executives now complain that the law went too far by prohibiting relocation loans and insurance payments that are common in business.

more...

[UpInArms]

8. Halliburton Reports $663 Million Loss

http://www.forbes.com/home/feeds/ap/2004/07/23/ap1467404.html

An unexpected charge on a troublesome project off the coast of Brazil pushed Halliburton Co. to a $663 million net loss in the second quarter, the company announced Friday.

The net loss, which amounted to $1.51 per share, also included a charge of $609 million, or $1.39 per share, related to the Houston-based oil services conglomerate's pending $4.17 billion cash and stock settlement of 400,000 asbestos and 21,000 silica claims. Halliburton reported net income of $26 million, or 6 cents per share, in the second quarter of 2003.

Last month the Houston-based oil services conglomerate said it would take a $200 million, 46 cent per share after-tax charge on the Brazil project, pushing after-tax charges on the $2.5 billion project to about $500 million since 2000.

<snip>

The losses came despite revenues of $4.96 billion, up 38 percent from year-ago revenues of $3.60 billion. Halliburton said the increase in revenues was "largely attributable" to its KBR subsidiary's government contracts in the Middle East. Congress is investigating allegations that Halliburton overcharged the government on contracts related to the U.S.- led invasion of Iraq, and the company denies any wrongdoing.

...more...

[Beetwasher]

9. Halliburton Is Being Used As A Shell and a Funnel

All the money from Iraq is being looted, so it can't show up in Halliburton's coffers. It's being laundered and funneled into the Cayman's I'd be willing to bet.

[UpInArms]

11. looks a lot like the shady Enron accounting schemes

to me also, Beetwasher.

[Media_Lies_Daily]

14. Ditto....I guess they can't use Rigg's anymore.

[UpInArms]

10. Regulators order Enron to forfeit $32 million

Regulators order Enron to forfeit $32
million
Energy giant conspired to control market

http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2004/07/23/BUGN77RQ2H1.DTL&type=business

Sacramento -- Federal energy regulators ordered Enron on Thursday to give back more than $32 million in "unjust'' power profits in a ruling that could lead to much broader findings that the disgraced energy giant unfairly gamed West Coast electricity markets for six years.

Concluding that Enron secretly conspired with another Texas electricity company, the Federal Energy Regulatory Commission ruled that Enron broke market rules by hiding its business relationship with a supposed competitor. The commission also ordered an administrative law judge to review all of Enron's dealings in the West between 1997 and 2003 to determine if the company should be forced to refund all of its profit during the period, which includes the California energy crisis.

The order is symbolically significant, as it will lead to more scrutiny of Enron's entire electricity business during a lengthy period when the company scored huge profits at the expense of consumers in California and throughout the West.

<snip>

On Thursday, regulators ruled that Enron violated federal market law by working with El Paso Electric Co. without reporting the arrangement.

"In short, Enron at times had control over the quantity, availability and pricing of wholesale power sales by a competitor,'' the commission wrote in an order that will require Enron to deposit $32.5 million into a U.S. Treasury Department account.

...more...

[UpInArms]

12. 10:35 EST market numbers and blather

Dow 9,992.60 -57.73 (-0.57%)
Nasdaq 1,866.38 -22.68 (-1.20%)
S&P 500 1,090.49 -6.35 (-0.58%)
10-Yr Bond 4.438% -0.024

10:30AM: The major indices stabilize around the top of the hour, and have begun retracing a small amount of their losses... The sustainability of the recovery effort, however, lies with its most influential sectors... While financial has shown more signs of perking up, technology is still notably low for the day... Traders continue to flee from that sector as it has been on a steady downtrend since late June... The Nasdaq is currently within a few points of its worst levels for the year, and has not exactly inspired much confidence from buyers...

Market internals remain extremely bearish this morning, with decliners outpacing advancers by more than a 3-to-1 margin at the Composite...NYSE Adv/Dec 761/1996, Nasdaq Adv/Dec 677/1894

10:00AM: Selling in tech tugs the S&P 500 and Dow lower - the blue chips tumbling 3 and 37 points, respectively... Right now, trading screens are virtually all red, with only a few pockets of strength... UBS upgraded the Regional Bells (SBC Communications, Verizon, Bell South) to Buy from Neutral as it expects expect the Bells to recapture 80% of the estimated 8 mln lost UNE-P customer lines... Telecom has actually shown relative strength this week, benefiting from positive developments like AT&T's (T 14.12 -0.12) better than expected Q2 (June) report...

Everywhere else - for much of this week and especially today - is down - semiconductor, biotech, airline, material, and consumer staples posting losses of 1% or greater this morning...NYSE Adv/Dec 859/1638, Nasdaq Adv/Dec 735/1616

[UpInArms]

13. Microsoft short by a penny, outlook soft

http://www.ottawabusinessjournal.com/281261505672026.php

Microsoft Corp., the world's largest software maker, fell short of analysts' expectations by a penny in its fourth- quarter earnings released late Thursday despite a 15- per-cent rise in revenues.

The Redmond, Wash.-based company reported a profit for the quarter of $2.69 billion, or 25 cents a share, up from $1.48 billion, or 14 cents a share, in last year's Q4 (all figures in U.S. dollars).

Excluding one-time items, Microsoft reported a per- share profit of 28 cents. The consensus among analysts polled by Thomson First Call was for 29 cents.

One-time items included a charge of five cents per share for expensing stock options and a tax benefit that added two cents a share.

Revenues rose by 15 per cent to $9.29 billion from $8.07 billion, topping the analyst forecast for $9 billion.

...more...

Microsoft's quarterly results shoot up 82%

http://seattlepi.nwsource.com/business/183302_msftearns23.html

Microsoft Corp. posted solid revenues and an 82 percent increase in quarterly earnings yesterday, helped by strong sales of its Office productivity software and another profitable quarter from its MSN division.

But the company's earnings per share just missed Wall Street analysts' expectations, causing its share price to drop in after-hours trading -- wiping out, at least temporarily, the modest gain the stock experienced after executives announced plans this week to make an unprecedented payout to shareholders.

Also yesterday, the company reported fiscal 2004 revenue of $36.84 billion, an increase of $4.65 billion, or 14 percent, from its revenue the previous year. Microsoft's net income for the year was $8.17 billion, up from $7.53 billion last year.

"This was a great quarter that closed a terrific year," said John Connors, Microsoft chief financial officer, in a conference call with analysts.

...more...

[ozymandius]

15. UpInArms THANK YOU!

It has been quite a morning. My wife had to be at the hostpital at 6:30am for a planned prodecure. DU was down at 6am when I tried to post the thread. We just arrived home.

So thank you! thank you! thank you! very much. :toast:

I could not help but bite my nails over missing this post - knowing that so many people look for this thread.

:loveya:

[UpInArms]

16. you are so welcome Ozy :)

I'm sorry that my sub-post was sub-par - don't know how you do all that linking stuff - am quite an inept thread-starter and have the utmost in appreciation and respect for what you do every day -

Then, I started worrying about you and ....

and then I just hoped that the moving issue was the problem.

Am so happy that you are okay :D and hope your wife is well as well :D

Have a great day!

[ozymandius]

20. Again, thanks for your concern.

My wife received a clean bill of health.

The few times that I have missed posting unexpectedly (twice I think in past the year-or-so, both due to local ISP trouble) - Maeve kept the ball rolling with her own copy of the code sheet. Now that Maeve has other demands on her time, perhaps I can PM or e-mail you and 54anickel the codes should anything happen again.

The code sheet is a simple text file.

BTW - the page looks great.

Ozy

[54anickel]

17. Same here Ozy, very happy to know everything is alright! This is

"Hello, I must be going". I look forward to reading through all the posts when I return this evening.

Have a great weekend everyone! :hi:

[ozymandius]

21. Thanks 54anickel!

And have a wonderful weekend. My blessings to you for doing so much to make this thread a wonderful evening read.

Ozy

[ozymandius]

23. My money guy told me the market is going to hell.

I should talk with him more often. Maybe I'll introduce him to this thread. I'm going to see him on Monday or Tuesday.

[ozymandius]

24. Speaking of hell --- WrapUp by Martin Goldberg

Prediction: Nasdaq Will Not Crash for Awhile
(It will see 1,650)

Last week I was listening to a radio broadcast and was marveling at how confident stock market prognosticators can be when predicting the long and intermediate term stock market. Many gurus are so confident they will actually predict both the precise numerical value and date that their estimates will occur. For most of us mortal souls though, trying to predict the stock market can be a very humbling experience. (It can also be quite rewarding.) However, unlike stock personality prognosticators, the most successful traders are those who can technically evaluate the market and stocks, select and wait for their appropriate entry point, and then stay with their position as long as the market agrees with their trade. It is with this disclaimer in mind, that I want to briefly present to you, my intermediate term Nasdaq prediction and its supporting basis.

-cut-

The Nasdaq Has Topped – Now Looks to Complete Multiple Head and Shoulders Pattern

Below is a one-year daily chart of the Nasdaq index. I believe that the index has topped and formed a multiple head and shoulders (HAS) pattern. As I draft this on Wednesday evening, it appears that the neckline at about 1,875 has been “tickled” but not yet decisively broken to the downside.

-cut-

Money Flow Suggests Intermediate Nasdaq Downtrend

In addition to price action itself, there are more secondary indicators such as Chaikin Money Flow, which suggest that the Nasdaq is technically weak. Quoting from John Murphy of Stockcharts.com, “

-cut-

Today’s Market

The Nasdaq, which is sitting on the crossroads of its multiple head-and-shoulders pattern, appeared to be in danger of a decisive downside break today. Following an extreme high volume sell off yesterday in the face of all of the cheese put out by Microsoft and Greenspan, it appeared that the downside break might have happened today. This seemed to be a stronger possibility following Ebay’s earnings announcement that didn’t meet expectations. As would be expected, the Nasdaq sold off in the morning. Yet, at about 1:30 in the afternoon, the Nasdaq 100 got a sudden “afternoon delight.” I think it is notable that it was the Nasdaq 100 that accounted for practically the entire increase in the Nasdaq index which totaled 0.78%.

more...

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

[ozymandius]

26. Anyone care for the cartoon slated for today's thread?

[JNelson6563]

30. UpInArms to the Rescue!!

Hi UIA--I was putting the SWT together at about 9:30-9:45 and was having some trouble with html. I got an important phone call pertaining to a major political crisis we have here (locally) and had to leave it for a time. When I came back you had it up, thankfully! I shudder to think at what these poor Marketeers were nearly subjected to. ;-)

Great thread everybody. Lots of great info. Things are looking grim and anyone who's curioius can check this thread for explanation.

Thanks to all and expecially UpInArms! Ozy, I hope it's all good in your world. Sounds like tough times right now. Sending good vibes your way. I owe you a Levin update too Oz, had the pleasure of his company quite a bit this month.

:toast:

Julie

[ozymandius]

31. Cheers Julie!

Good to share the message board with you again. Please do tell, when time allows, about the Revolution. Time seems to be at a premium for so many of us these days. If you wish, I will send you the code sheet too.

Ozy

[UpInArms]

34. you are welcome Julie -

When Ozy went missing this AM, I wasn't sure what to do - but finally decided that something needed to go up and did my level best not to muck it up too badly.

Am so glad that you are working to keep our democracy for us :)

Cheers to you, my friend :toast:

(edited 'cuz Ah kant spull)

[fearnobush]

32. New lows for the day. DOW - 75.14 NASDAQ - 31.42

DJIA 9975
NASDAQ 1857

I hate to see the markets tank. But I love it if only temporary to see them tank Bu$h. He is mananging to steal the money of wall street too.

[UpInArms]

33. 1:12 EST Update and some really hateful blather (re: Dems)

Dow 9,987.80 -62.53 (-0.62%)
Nasdaq 1,858.75 -30.31 (-1.60%)
S&P 500 1,088.34 -8.50 (-0.77%)
10-Yr Bond 4.444% -0.018

12:55PM: Sellers send the market even lower, and the Dow, Nasdaq, and S&P 500 hit new session lows... The technical outlook continues to weaken as the Dow falls through the 10,000 mark, the Nasdaq approaches its worst levels this year (1853.58), and the S&P 500 comes within 11 points of its 2004 lows... Buyers can find little incentive to get involved in this market which only seems to know one direction... The start of the Democratic National Convention, next Monday in Boston, may also be working to keep this market down... Events such as that have been cited as potential terrorist targets...NYSE Adv/Dec 1025/2070, Nasdaq Adv/Dec 902/2006

12:30PM: The indices continue to trade deep in negative territory, weighed down by a sluggish technology sector... Other areas in the blue chips, however, have also turned lower as this is not a solely-led tech selling drive... Casino, soft drink, basic material, and gold have traded substantially lower and locked the broader market noticeably below the unchanged market... The latter two areas have performed so poorly on account of the dollar's recent strength... The greenback has climbed for its first weekly gain in six against the euro, on talk that the Fed will continue raising rates at a sharp clip...

At a talk in Chicago, Fed member Moskow said that that the bank's 1.25% rate is 'accomodative' and 'not appropriate going forward'...NYSE Adv/Dec 1084/1987, Nasdaq Adv/Dec 964/1892

12:00PM: Handed a bunch of technology earnings report that left a little to be desired, the market chose it usual course of action (as of late) and traded lower - notably lower... The Nasdaq has tanked 1.4%, whereas the blue chip averages have fallen only 0.6-0.7%...

Yeah, right - the "threats" to the Dems have been coming from rightwing hate groups. That just pisses me off :grr:

[nolabels]

35. Ah ha, what a joke, your market sucks so blame it on Terra

Somebody needs to tell them "Hey moron marketeers get a clue already"
(the skeptic in me says they are lying, and I couldn't help myself anyway)


http://www.angryblueplanet.com/

[UpInArms]

36. 3:00 EST numbers and blather

Dow 9,957.64 -92.69 (-0.92%)
Nasdaq 1,853.01 -36.05 (-1.91%)
S&P 500 1,086.14 -10.70 (-0.98%)
10-Yr Bond 4.432% -0.030

2:30PM: Market takes another hit and the Nasdaq tumbles to its lowest level for the year... Buyers just remain hesitant to step in during a downtrodden market, although the indices' current levels arguably make a case for bargain-hunters... The fall could provide some catalysts for upward movement - as the summer passes (hopefully uneventfully) and the winner of the Presidential election becomes clear... Until then, though, the indices will probably stick to their range... The small cap shares have continued to underperform the broader market in an extension of their recent weakness...

Small-cap, and growth-oriented stocks especially, have been punished in the recent sell-off...Russell 2000 -0.9, NYSE Adv/Dec 1122/2045, Nasdaq Adv/Dec 919/2059

2:00PM: Equities head a bit lower as the indices continue to chop around in negative territory... Semiconductor, biotech, networking, software, utility, consumer staple, and health care continue to register large losses and confine the major indices to narrow ranges... Briefing.com has said that the summer will not present the most favorable trading conditions for investors... The low volume totals, the fears about rising interest rates, and the number of events (Democratic and Republican National Conventions, the Summer Olympics) that could be terrorist targets have kept most buyers on the sidelines...

NYSE Adv/Dec 1225/1921, Nasdaq Adv/Dec 983/1956

[UpInArms]

37. updated blather and numbers (getting worse)

Dow 9,938.32 -112.01 (-1.11%)
Nasdaq 1,848.93 -40.13 (-2.12%)
S&P 500 1,084.35 -12.49 (-1.14%)
10-Yr Bond 4.436% -0.026

3:00PM: The stock picture grows grimmer for the bulls as the indices continue to sink deeper into negative territory... At this point, the only sectors finding buyers are telecom (off the UBS upgrade of SBC, VZ, and BLS to Buy from Hold) and homebuilding (off the recent strength in the bond market and fall in interest rates)... Everywhere else is awash in red figures... The catalyst for the selling remains the same - frustration that leading names like Microsoft (MSFT 28.18 -0.82), Amazon.com (AMZN 40.03 - 5.79), and Amgen (AMGN 55.43 -0.67) did not post picture perfect results...

It is important to point out that most earnings this season have been good - with aggregate earnings for S&P 500 companies running about 3% ahead of expectations - but the few that haven't have really stood out...NYSE Adv/Dec 1058/1137, Nasdaq Adv/Dec 859/2153

[Maeve]

38. Late day rally! (or what passes for one...)

Dow 9,982.12 -68.21 (-0.68%)
Nasdaq 1,854.62 -34.44 (-1.82%)
S&P 500 1,088.08 -8.76 (-0.80%)
10-Yr Bond 4.432% -0.030


Nice work, UPI! My family took the day off to Kings Island and I just turned the computer on for the day--glad you were here to pick up the thread!

[Maeve]

39. Closing and blather

Dow 9,962.22 -88.11 (-0.88%)
Nasdaq 1,849.09 -39.97 (-2.12%)
S&P 500 1,086.20 -10.64 (-0.97%)
10-Yr Bond 4.432% -0.030

Close: Earnings reports once again proved to be a thorn in the market's side as investors dissatisfied with results took the indices significantly lower... The source of the market's malaise was a number of June quarter reports from major tech players, such as Microsoft (MSFT 28.10 -0.90), Amazon.com (AMZN 39.97 -5.85), Amgen (AMGN 55.50 -0.60), Broadcom (BRCM 34.30 -2.10), and Xilinx (XLNX 29.82 -0.85)... Each report missed analyst expectations in one manner or another, and gave sellers another reason to take high beta stocks down...
Microsoft, specifically, missed the First Call consensus EPS estimate by a penny and issued downside forecasts for Q3 (Sept)... Brokerage firms actually defended the name, noting that the Q2 (June) shortfall was a benign event and that Q3 guidance did not include the effects of a $30 bln stock buyback plan (which would reduce the number of shares outstanding)... Nonetheless, traders focused on the negative and took tech (software, communication equipment, networking, semiconductor, computer hardware, internet, disk drive, storage) sharply lower...
http://finance.yahoo.com/mo

[spotbird]

40. No real end of day rally.

My, this is serious.

[54anickel]

41. Time to dump stocks? (CNN Money)

http://money.cnn.com/2004/07/23/markets/technical/index.htm

NEW YORK (CNN/Money) - After running in place for several months, the stock market has recently shown troubling signs of fatigue, leading some analysts to believe that, instead of prepping for a summer rally, investors should stay away from stocks.

snip>

Some technical analysts are also on the look-out for the so-called "death cross," in which the market's 50-day moving average converges with its 200-day average. The last "golden cross," when the S&P's 50-day crossed above the 200-day in early 2003, was another bullish sign. The two are converging again, but this time the 50-day is moving in the opposite direction.

Meanwhile, the S&P is treading perilously close to what some analysts consider its technical support level of about 1,080. This has lately been the point at which traders have seen buying opportunities and jumped back in. If they've lost their appetite for stocks even at that low level, prices could be headed much lower.

With these technical factors partially in mind, the Standard & Poor's investment policy committee on Wednesday voted to cut its recommended exposure to stocks, to 45 percent of a portfolio from 50 percent, and raise cash levels to 35 percent from 30 percent.

"The equity markets will likely trend lower in the weeks ahead," the committee wrote in a research note released Wednesday evening.

The committee cited technical worries and the market's decidedly negative response even to good news such as Microsoft's $75 billion cash give-away and Fed Chairman Alan Greenspan's recent bullish tone in explaining its decision.

more....

Looks like Meanspin scared 'em all away.:evilgrin:

[54anickel]

42. What a Week: Growling Bear (My what a rapid change in tone these days)

http://www.thestreet.com/comment/aarontaskfree/10173827.html

The Rolling Stones classic Let It Bleed would have been an apt soundtrack for this week, one in which the Nasdaq Composite slid to its lowest levels since October while the Dow fell below the psychologically significant 10,000 level. The acceleration of recent stock market weakness came amid some disappointing earnings news, hawkish comments by Federal Reserve Chairman Alan Greenspan, and concerns about terrorism ahead of the upcoming Democratic convention.

For the week, the Dow Jones Industrial Average fell 1.8%, closing Friday below 10,000 for the first time since May; the S&P 500 lost 1.4%, its sixth consecutive losing week; and the Nasdaq Composite shed 1.8% to 1849.09 on Friday, its lowest close since Oct. 2.

In the "Gimme Shelter" department, Rick Bensignor, chief technical strategist at Morgan Stanley, does not think this week marked the end of the decline, even though the S&P managed to hold above its year-to-date low of 1076, a minor technical victory Friday in an otherwise destructive week.

"We could get a bounce, but I don't think the downside game is over," said Bensignor, who forecast a harsh selloff two weeks ago, as reported here. "I think we're still going lower."

more...

[54anickel]

43. World Economy Seen Growing 4.6 Percent (Tee-hee!)

http://www.reuters.com/newsArticle.jhtml?jsessionid=NRNLRNBIPJHAKCRBAELCFEY?type=businessNews&storyID=5756118

LONDON (Reuters) - The world economy is on track for its best performance since 2000 this year, thanks to an improved employment market in the United States and Japan's much better than expected performance, a Reuters poll showed.

Growth is also expected to be above trend in 2005, despite a slowdown in the world's top three economies by purchasing power parity (PPP) -- the United States, China and Japan.

The median forecast in the July 21-22 survey of 27 strategists at major banks showed global growth of 4.6 percent this year, making it, according to IMF figures, the best year since growth of 4.7 percent during the tech boom of 2000.

For 2005, growth was seen slowing to 3.9 percent.

"We believe that growth will be strong this year, based upon very strong growth seen in both the U.S. and Japan and continued growth in China," said Michael Woolfolk at Bank of New York.

more...