STOCK MARKET WATCH, Friday 8 October

[ozymandius]

Friday October 8, 2004

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 104
DAYS UNTIL W* GETS HIS PINK SLIP 25
DAYS SINCE DEMOCRACY DIED (12/12/00) 3 YEARS, 301 DAYS
WHERE'S OSAMA BIN-LADEN? 2 YEARS, 355 DAYS
WHERE ARE SADDAM'S WMD? - Officially, NONE
DAYS SINCE ENRON COLLAPSE = 1051
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

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AT THE CLOSING BELL ON October 7, 2004

Dow... 10,125.40 -114.52 (-1.12%)
Nasdaq... 1,948.52 -22.51 (-1.14%)
S&P 500... 1,130.65 -11.40 (-1.00%)
10-Yr Bond... 4.24% +0.02 (+0.47%)
Gold future... 419.50 -0.40 (-0.10%)





GOLD, EURO, YEN, Dollars and Loonie

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PIEHOLE ALERT

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

For information on protests and other actions Citizens For Legitimate Government

---

[UpInArms]

1. daily dollar watch

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

Last trade 88.10 Change -0.23 (-0.27%)

DAILY COMMODITY MARKET COMMENTARY

http://futures.fxstreet.com/Futures/content/100530/content.asp?menu=commodities&dia=8102004

Currencies: The U.S. Dollar is consolidating the recent gains from the double bottom pattern. Next target is 89.50. This month look for aggressive Bullish moves in the U.S. Dollar and Bearish Moves in the Pound, Euro, and Yen. U.S. Dollar has forged a large double at the 87.50 and traders comfortable with futures should be adding positions or using long calls near these levels. Let's see if we can build off of this bottom formation and power above the resistance at 89.50. Dollar's 3 year downtrend is over if you wanted to get short the dollar there where 36 months to do it (unless you like being the last one to show up at the party). The U.S. deficits at record highs we and everyone else probably in the world already know that (maybe they going to get better over the next 6 months to a year and that is why the Dollar has stabilized at historical lows. The massive decline would probably explain why the commodity sectors have done well in that time frame. Futures traders should look for interday corrections down around the 88.50 level to get long. Traders should be adjusting their portfolios for a stronger dollar. Traders should remain bearish on foreign currencies by using long term put positions.British Pound hit are near term target of 1.79 dropping from $1.85 just 2 months ago and now sets up for a test of the recent lows around 1.74. Aggressive traders should be selling futures on rallies or long term puts that we have been advising since the 1.87 level (about 8 cents higher). Euro Currency needs to close below the 1.20 to 119.50 level to begin the next leg down to 1.15 or lower. Year end targets for the Euro to the Dollar are between $1.10 and $1.00. The Japanese Yen looks poised for a new leg down to the 83 cent level. Major support near 89.50 needs to get broken and is the near term target. Long-term top has been formed and looks poised for destruction (which helps the Japanese Economy) and is what the Bank of Japan has spent billions on trying to achieve by intervention. Japan's economic news should begin showing drastic signs of slowdown due to high energy prices. Foreign Currency traders should have bullish Dollar and Bearish Yen, Euro, and Pound positions into year end.
OCTOBER TRADING SUMMARY

...more...

Let's see if those writers have a crystal ball :D

http://www.fxstreet.com/nou/noticies/afx/noticia.asp?pv_noticia=1097232353-9e32d306-19162

China to pursue ´flexible´ forex policy - PBoC

BEIJING (AFX) - China is planning to give up its traditional practice of pursuing a large account surplus and expanding foreign exchange reserves, and will move to employ a more "flexible" foreign exchange management mechanism, the People's Bank of China governor Zhou Xiaochuan said, according to the Beijing-based Financial Times. "China's foreign exchange rate will be mainly up to demand and supply in the market ... and China will not pursue foreign-trade current account gains and galloping growth in its foreign exchange reserves," Zhou said. Zhou made the remarks at an International Monetary Fund annual meeting in Washington last week

China's foreign exchange reserves stood at 470.6 bln usd by end-June this year, and the country sets the value of the yuan at about 8.28 to the dollar. Zhou said China's huge foreign exchange reserves were a necessary guard against imperfections in the global financial system, but noted that the scope for loosening the country's exchange rate policy has increased as Asia continues to recover from the Asian financial crisis of 1996-7, the paper said. Zhou also hinted that China is preparing for a foreign exchange rate regime "with more flexibility" by reshaping its banking sector and foreign exchange management mechanism, the paper added

He said the government will continue these efforts by restructuring the Industrial and Commercial Bank of China (ICBC), China's biggest state-owned commercial bank, at an "appropriate" time, in much the same way the Bank of China and China Construction Bank have been reformed. Both now operate as joint stock companies after a 45 bln usd government injection last year

The Financial Times said Zhou also revealed that the central bank is studying a plan to allow international financial institutions to issue yuan-denominated bonds, while China's Foreign Exchange Trade Center is preparing to launch the trading of the dollar, and other mainstream currencies, in the interbank foreign exchange market

The government is looking at ways to permit social security funds and insurance companies to invest in overseas securities markets, and has cut red tape governing domestic companies' ability to make cross-border investments, Zhou added. "China is also mulling to liberate, step-by-step, foreign exchange and bonds markets to foreign-funded brokerages, and introduce market-makers into the inter-bank foreign exchange market," Zhou told the newspaper, adding that the relevant technical preparation is now under way

...more...

Reports Due Today:

Oct 08 8:30 AM
Average Workweek Sep
report -
briefing.com anticipates 33.7
market anticipates 33.7
last report 33.8
revised -

Oct 08 8:30 AM
Hourly Earnings Sep
report -
briefing.com anticipates 0.2%
market anticipates 0.3%
last report 0.3%
revised -

Oct 08 8:30 AM
Nonfarm Payrolls Sep
report -
briefing.com anticipates 155K
market anticipates 150K
last report 144K
revised -

Oct 08 8:30 AM
Unemployment Rate Sep
report -
briefing.com anticipates 5.4%
market anticipates 5.4%
last report 5.4%
revised -

Oct 08 10:00 AM
Wholesale Inventories Aug
report -
briefing.com anticipates 1.0%
market anticipates 0.8%
last report 1.3%
revised -

Great 'toon, Ozy!

Have a Great Day Marketeers!

[UpInArms]

8. Dollar smacked by weaker-than-expected U.S. payrolls

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38268.3608333333-822938192&siteID=mktw&scid=0&doctype=806&

CHICAGO (CBS.MW) -- The dollar tumbled in the wake of a U.S. report showing a smaller-than-expected gain in September payrolls. The dollar was quoted at 109.98 yen compared to 110.57 yen just before the report's release. The dollar is down more than 1 percent against its Japanese counterpart compared to late Thursday. The euro was quoted at $1.2369 vs. $1.2293 before the report and is up 0.7 percent from late Thursday.

We soon won't need China to lower its peg to weaken the dollar - we're doing a fine job all by ourselves.

[54anickel]

22. Geez, that futures commentary sounds like Bagdad Bob! Guess they

now have a Futures Fred!

[UpInArms]

2. Snow Says China Is `Intent' on Changing Currency Peg

http://quote.bloomberg.com/apps/news?pid=10000080&sid=a.MS864UWTbI&refer=asia

Oct. 7 (Bloomberg) -- U.S. Treasury Secretary John Snow said China is ``intent'' on changing its exchange rate system and its doing so would benefit the Chinese and global economies.

Snow also reiterated U.S. policy of support for a ``strong dollar'' whose value is set by markets.

``China should move to a floating exchange rate because a floating exchange rate is consistent with a well-functioning global economy,'' Snow told reporters after touring a toy store in Independence, Missouri. ``They are intent on doing that and we're urging them forward.''

China has fixed the value of the yuan at about 8.3 to the dollar since 1995. Chinese officials have promised to loosen that tie once they improve the country's economic and financial infrastructure. The U.S. says the peg artificially depresses the yuan's value, giving Chinese producers an unfair advantage over American rivals by making their goods cheaper abroad.

Snow discussed China's currency after touring a Build-a-Bear Workshop Inc. store in Independence, where he bought Chinese-made teddy bears for three of his four grandchildren. He named one ``Gordon,'' after U.K. Chancellor of the Exchequer Gordon Brown.

<snip>

Traders increased bets today the yuan will rise after the Korea Economic Daily, citing unidentified Chinese sources, reported China may strengthen its currency by about 7 percent next week to ease inflation now running above 5 percent.

...more...

[UpInArms]

3. Weak economic data could make Fed pause-McTeer

http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=6445795

NEW YORK, Oct 7 (Reuters) - How fast the Federal Reserve raises short-term interest rates depends on incoming U.S. economic data, Dallas Federal Reserve President Robert McTeer said on Thursday.

"Certainly, there could be a number so bad that we would pause," McTeer, who is not a voting member of the Federal Open Market Committee under this year's rotation, said at an event hosted by Market News International.

However, he said during later audience questioning that it is also possible the Fed could accelerate its tightening cycle should the data dictate this is needed.

He said the past three quarters of U.S. price numbers have put inflation fears to rest and offered an upbeat projection for third-quarter gross domestic product.

...more...

[ProfessorGAC]

27. This Guy Is What? The New Shining Star?

He made statements twice in one week, one of which contradicts the other.

He was wrong when he said the economy was doing well. Now, he says there are things that might stop the Fed from acting.

Hey, McTeer. The things that would stop the Fed are BAD ECONOMIC NEWS!

What an idiot.
The Professor

[UpInArms]

32. Professor, in this fascist media, there is no bad news

US rate futures jump on ideas of Fed pause in '05

http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=6453227

CHICAGO, Oct 8 (Reuters) - Short-term interest rate futures jumped on Friday after U.S. jobs growth for September was reported below expectations, suggesting the Federal Reserve could slow down its program of rate increases.

Futures still show about an 85 percent chance that the Fed will raise rates by another quarter percentage point at the Federal Open Market Committee policy-setting meeting on Nov. 10, but odds of an increase in December slipped.

The central bank has raised interest rates three times since June, pushing the federal funds rate to 1.75 percent from a four-decade low of 1.00 percent.

On Wednesday, Fed Governor Ben Bernanke said that a slowing economy could justify a pause in the Fed's interest rate hikes. "If a slowing of the economy, for example, justifies a pause, that certainly will be the response," he said.

Taking Bernanke at his word, dealers aggressively bid up 2005 Eurodollar futures contracts following the jobs report on prospects for a "Fed pause" in the new year.

"We still think the Fed will tighten again in November and probably December, but it also fits with the idea of a pause thereafter unless growth picks up from here," said Alan Ruskin, research director at 4CAST Ltd.

...more...

These are just opportunities to make more money for those that have millions and billions with which to play.

[ProfessorGAC]

35. I Didn't Mean Reported As "News"

I meant it as "New Information". The things that "Both Sides of His Mouth" McTeer is saying would slow the Fed down, would require the very thing he said wasn't in the cards because of the "good state of the economy". And he said that just 2 days ago!

Also, in your most recent snip, Ruskin says "...unless growth picks up from there." Unless????? This is obvious proof that these guys are not analyzing the data properly. There should be at least a ±10% prediction range and they would KNOW if growth will pick up or not.

Idiots.
The Professor

[UpInArms]

4. Layoffs set gloomy mood for jobs report

http://www.startribune.com/stories/535/5021988.html

NEW YORK -- A rash of job cuts -- more than 16,000 layoffs just this week from a handful of companies, including AT&T Corp. -- have created some gloom on the jobs front.

But today's release of jobs data for September was expected to show a steady unemployment rate and creation between about 50,000 to 250,000 new jobs, though uncertainties such as the effects of last month's hurricanes kept the estimates all over the map, said Wachovia Corp. economist Mark Vitner.

"It's an unusually wide range, because there are so many complicating factors this month," he said. "It's all over the board."

<snip>

"I think they're too optimistic," said John Challenger, CEO of Challenger, Gray & Christmas Inc. The job placement and research company's report Tuesday on corporate downsizing showed more than 100,000 announced job cuts in September, and Challenger added that there was little evidence of job creation that month.

...more...

AT&T job cuts to pass 12,000

http://www.chicagotribune.com/business/chi-0410080322oct08,1,591812.story?coll=chi-business-hed

Stung by a regulatory defeat and a rapidly changing telecommunications landscape, AT&T Corp. said Thursday that it will cut its workforce by 20 percent and slash the book value of its assets by $11.4 billion.

AT&T, which has already begun to pull away from offering traditional residential phone service, plans to cut about 12,300 jobs during 2004. That is significantly higher than its previously stated target of 4,900 job cuts.

"We have made some tough decisions to reduce our workforce and cut costs," said Dave Dorman, AT&T's chief executive.

Fundamental technological changes are roiling telecommunications, and AT&T's actions could signal a trend that may be followed by others, said Atlanta-based telecom analyst Jeff Kagan.

...more...

[UpInArms]

5. Consumer Confidence Dips on Prices, Jobs

http://www.forbes.com/infoimaging/feeds/ap/2004/10/08/ap1582314.html

Consumer confidence dropped to its lowest levels since midsummer amid worries about high energy prices, uncertainty about the labor market and anxiety about making major purchases like a car or a home.

The AP-Ipsos consumer confidence index slipped to 97.4 in September from 103.4 in August, the latest measure of consumer attitudes in recent weeks to reflect uneasiness over the economy. The consumer confidence index is benchmarked to a 100 reading on January 2002, the month the index was started by Ipsos.

"I think consumers have some caution," said Richard Yamarone, economist at Argus Research Corp. "It relates back to the slowing economy and the questionable job outlook and higher-priced energy as we head into the winter season."

Consumers cut back on their borrowing in August by the largest amount since the end of 1990. In recent weeks, mortgage rates have crept up.

With crude oil prices setting record highs, the Energy Department warned U.S. homeowners this week that they should expect their heating bills to rise this winter due to double-digit price increases for heating oil and natural gas. Gasoline is averaging $1.94 a gallon nationwide, 36.5 cents higher than a year ago.

"I work in Detroit, because of all the problems with the auto industry, the economy's going to heck, or at least it appears that way," said Rick Seifert, a dental technician who lives in Toledo, Ohio. "For a lot of assistants in our office, their husbands are losing their jobs, getting laid off."

<snip>

Some Americans acknowledge their feelings about the economy are affected by presidential politics. Republicans were twice as likely as Democrats to say they expect the economy to get stronger in the next six months.

...more...

Those repubs are brain washed by the just around the corner, in the next quarter, very soon, any day now bullshit that keeps being spewed to confuse anyone that doesn't have a functioning brain (see: republican)

[UpInArms]

6. U.S. Sept. nonfarm payrolls up disappointing 96,000

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38268.3546990741-822937281&siteID=mktw&scid=0&doctype=806&

WASHINGTON (CBS.MW) - The U.S. economy added a disappointing 96,000 jobs in September, the Labor Department estimated Friday. The unemployment rate was steady at 5.4 percent. Economists were expecting payrolls to grow by about 138,000 in September and for the unemployment rate to remain at 5.4 percent. Gains in nonfarm payrolls in July and August were revised down by a total of 4,000. Average hourly earnings increased 3 cents, or 0.2 percent, to $15.78. The average workweek was steady at 33.8 hours.

8:29am 10/08/04 U.S. SEPT. NONFARM PAYROLLS UP 96K VS. 138K EXPECTED

8:30am 10/08/04 U.S. SEPT. AVERAGE HOURLY WAGES UP 0.2%

8:30am 10/08/04 U.S. SEPT. AVERAGE WORKWEEK UNCHANGED AT 33.8 HOURS

8:30am 10/08/04 U.S. SAYS HURRICANES HAD UNKNOWN IMPACT ON JOBS

8:30am 10/08/04 U.S. JULY, AUG. PAYROLLS REVISED DOWN 4,000

8:30am 10/08/04 U.S. 2004 BENCHMARK REVISIONS ESTIMATED AT 236,000

8:30am 10/08/04 U.S. SEPT. MANUFACTURING PAYROLLS DROP 18,000

8:30am 10/08/04 U.S. SEPT. TEMP JOBS UP 33,000

[ozymandius]

9. more jobs blather

September Job Growth Less Than Forecast

WASHINGTON - Companies added 96,000 jobs to their payrolls in September, fewer than economists forecast for the last employment report before Election Day, highlighting a modest pace of hiring that has become an issue in President Bush (news - web sites)'s bid for re-election.

-cut-

Job growth was held down by losses in manufacturing, retail and information services. September's net increase of 96,000 payroll jobs was less than August's rise, which was revised down in Friday's report from 144,000 to 128,000.

-cut-

Bush's Democratic challenger, John Kerry (news - web sites), widened his lead on the question of who would create jobs. In a new AP-Ipsos Public Affairs poll, 54 percent of respondents favored Kerry on job creation, and 40 percent liked Bush. Less than half of likely voters, 47 percent, approved of Bush's performance on the economy.

Friday's report was sure to be closely scrutinized on both the Republican and Democratic sides, which offer starkly different views of the U.S. economy. Bush says the economy is growing steadily and jobs are being created. Kerry says jobs are being created, but there aren't enough new jobs to keep pace with population growth.


http://story.news.yahoo.com/news?tmpl=story&ncid=1203&e=1&u=/ap/20041008/ap_on_bi_go_ec_fi/economy&sid=95609868

[JNelson6563]

43. And the scary part here is

note the revision for July and August. Leading up to teh hard-campaign season and debates. You know they padded and could, without raising eyebrows cause it works everytime, simply "revise" those padded numbers.

The simian has had one real shitty debate and the next will be tonight, tell me this piece of crap job number isn't padded like crazy?

This look grim, look behind the curtain and see how truly ugly it is.

Julie--the cynic just popping in

[ozymandius]

47. Hi there, Julie!

Thank you for stoppping by. I know the Revolution keeps you too busy to hang out here more often. I believe that I speak for all of us when I say that we look forward to your regular return.

O.

[UpInArms]

10. more indepth article: U.S. Sept. nonfarm payrolls up 96,000

http://cbs.marketwatch.com/news/story.asp?guid=%7BC0BD5097%2D0073%2D42B5%2D9A74%2D51C6187B0A30%7D&siteid=mktw

WASHINGTON (CBS.MW) - In a blow to President Bush's re-election hopes, the U.S. economy added a disappointing 96,000 jobs in September, the Labor Department estimated Friday.

<snip>

In a presidential campaign that could hinge on the state of the economy, the latest figures show four straight months of weak job growth after three strong months in the spring.

In the past 13 months, payrolls have risen by 1.8 million, although payrolls are down about 800,000 since Bush took office in early 2001.

Bush would be the first president since Herbert Hoover to show no net job growth in his term.

<snip>

Economists were expecting payrolls to grow by about 138,000 in September and for the unemployment rate to remain at 5.4 percent, according to a survey conducted by CBS MarketWatch. See Economic Calendar.

The "real story was the weaker-than-expected payroll gain, particularly when looking only at the private sector," said Joshua Shapiro, chief economist for MFR. "This will heighten debate about the path of Fed tightening, particularly with core inflation quiescent."

<snip>

The government agency said it would revise or "benchmark" its 2004 payroll count in February by an estimated 236,000 more jobs, or about 0.2 percent of employment. The benchmark revision allows the government to incorporate better data from state unemployment offices to better capture jobs created by new firms.

Gains in nonfarm payrolls in July and August were revised down by a total of 4,000. July's gain was revised higher to 85,000 while August was revised lower to 128,000.

...lots more info at link...

[ozymandius]

11. That really is amazing, isn't it?

Non-farm jobs, nationwide, only increased by 96k. In a country of hundreds of millions of people - we have added 96,000 jobs. Last week's unemployment numbers were what? 136,000?

What does this say about our government's economic stewardship?

[UpInArms]

13. U.S. economy remains fragile, economist Kellner says

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38268.3790162037-822940854&siteID=mktw&scid=0&doctype=806&

WASHINGTON (CBS.MW) -- The employment report for September "is one more indication that economy is weak," said Irwin Kellner, chief economist for CBS MarketWatch and the Weller professor of economics at Hofstra University. Payroll growth has been weaker than expected for five straight months, he said. "Although the economy is not that bad, job creation is." Kellner said the Federal Reserve will likely take a breather and pause in its rate hikes in either November or December.

Looks like one economist has pulled his head from his ass.

[UpInArms]

16. U.S. shows 'solid job creation,' Evans says

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38268.402974537-822944076&siteID=mktw&scid=0&doctype=806&

WASHINGTON (CBS.MW) -- The U.S. economy has created jobs for 13 straight months, proof of "solid job creation," Commerce Secretary Don Evans said Friday. "For the 13th straight month, we've had job gains despite being in a wartime economy," Evans said. "Hurricanes and high energy prices haven't dampened our resilient recovery because America created over 1.9 million jobs since last August."

SnowJob shares the pipe :eyes:

[KoKo]

28. Idiot Bush sychophant Evans says "despite being in a wartime economy."

Huh? Wartime economy is always a "ramp" up in jobs and spending. :shrug: Maybe Evan's should have qualified it as "Bush's War Time Economy."

[UpInArms]

29. well, in this Orwellian nightmare of today,

up is down and down is up -

re-education camp for you, my friend :D

[Amigust]

75. How many new jobs are needed per month

just to accommodate newcomers to the job market?

Is it 45,000?

[UpInArms]

79. just to cover the new entrants to the job force each month,

we need to create 150,000 jobs - that doesn't cover those jobs that have been cut and laid off employees.

[ozymandius]

7. WrapUp by Mike Hartman

CURRENCY AND TRADE WARS JUST AROUND THE CORNER

As I begin writing about half-way through today’s trading session, I see the broad stock averages are all trading lower, Treasury bond prices are trading lower and the U.S. dollar is also trading lower against all major currencies. I refer to days like this as “triple-down-days” and ask myself, “Where did the money go?” The obvious answer is NOT into U.S. assets. The other simple answer says that traders are lightening-up on positions, especially in the dollar and bonds in front of the September Labor Report due out at 8:30 Eastern tomorrow morning. Stocks have been struggling throughout the day due to yet another record high for crude oil and weak sales reports coming from Wal-Mart, J.C. Penney, Starbucks, and Corning. Bonds have been selling-off in anticipation of improved labor conditions and optimism for economic growth, but stocks just can’t seem to break through the significant overhead resistance. It’s nearly impossible to comment on today’s financial markets without going into politics in some fashion. With the presidential elections just over three weeks away and our “jobless recovery” in question, the labor report should prove to be highly sensitive both politically and in the financial markets.

The labor report should have its biggest effect on the bond market since interest rates are very sensitive to expectations of economic growth and contraction. I made careful note to see that the bond futures prices for 5-year, 10-year and 30-year Treasuries closed the last two days just below the 50-day moving average. A good report tomorrow could easily send bond prices plummeting to test their respective 200-day moving averages in very short order. If the bullish spinsters get it right tomorrow with a good report we will see the money moving out of Treasuries find its way to the stock market. This would be a glorious time to see a two or three week rally in stocks if the goal is to get the incumbent president re-elected. Higher interest rates plus a renewed stock rally would also give the dollar a boost as we get closer to the polls.

-cut-

Economy and Stocks

In my mind the biggest negative influences on stock prices today came from the mixed retail sales numbers. Here are two more Bloomberg quotes that briefly summarize the retail sentiment. “‘There clearly are some pretty dismal numbers and some pretty nice numbers too –it’s mixed,’ said Michael Niemira, the shopping-center group’s chief economist. ‘The broad story though is one of a sluggish pace that kicked-in back in June. We really haven’t kicked out of that.’” Another analyst interviewed said, “The consumer is not in great shape. Confidence is weak and getting worse.” I’m also surprised to hear very little in the press about the weak report we got on Tuesday from the ISM. The ISM non-manufacturing index in September fell to 56.7 versus 58.2 in August. Expectations called for an increase to 59.0. Lately we have been hearing of improvements in the manufacturing sector, but that is only about 15% of the total U.S. economy. The recent report depicting weakness in the service sector accounts for nearly 85% of our economy! Waning consumer confidence with weak retail sales and a weakening service sector don’t bode well for stocks after the elections. Between now and election-day just about anything could happen.

-cut-

Today was a good example of how stocks, bonds and the dollar can all go down on the same day. In fact, I believe the correct LONG-TERM positions are short stocks with a slowing economy, short bonds because interest rates are still artificially low, and short the dollar because of the long-term fundamental problems with our federal budget deficit and trade deficits. They won’t all go down together like they did today, but by the end of next year I expect all three to be lower. You will need to be thinking “out of the box” with a special focus on currencies and commodities to make money over the coming year. (If you would like to discuss your portfolio, shoot me an email and we can exchange ideas.) Once the elections are out of the way it’s probably time to buckle your seatbelts and don your helmets for the coming volatility in stocks, bonds, and currencies. Interesting times we live in!!

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

[UpInArms]

12. Snow optimistic about U.S. economic future

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38268.3840162037-822941503&siteID=mktw&scid=0&doctype=806&

WASHINGTON (CBS.MW) -- Treasury Secretary John Snow said Friday he is confident in America's economic future if President Bush's policies continue. Bush's tax cuts and lower interest rates have given the economy the stimulus it needs for investment and growth, Snow said in remarks prepared for delivery at a Toledo, Ohio business center. Snow said it is important to keep tax rates low on business owners so they can hire more workers and keep the economy going.

This idiot must be partaking of the greatly enhanced Afghanistan export: heroin.

What a freakin' buffoon.

:argh:

[ProfessorGAC]

25. What Would He Know?

Since he was named to this post, one can review virtually every prediction he's made, every statement of postive spin, and refute all with the information that came out in the next quarter.

He's been completely wrong about everything. Now, he suddenly figured out how to do it? Now, the policies he was cheerleading about will suddenly work, when those same policies were the reason he thought his prior predictions would be correct?

My dog would be a better SoT.
The Professor

[UpInArms]

30. I was thinking that my cat, who is dumb as a stump,

would understand all of this better :)

[ProfessorGAC]

36. Probably Yes

We've grown tomatoes this year that know more about economics than Snow.
The Professor

[ozymandius]

39. In every campaign, it is someone's job to log this drivel.

Edit: I wonder if there is an economic blogger community that tracks the malfeasance of the MBA president's policies.

I would not believe a word that comes out of this man's mouth. Not even 'hello'.

How Snowjob can expect any respect for his window dressing is beyond me. Isn't he the shill who professed adherence to the strong dollar policy when it was politically convenient to do so, then undermined his own rhetoric months later when it was more financially convenient to address issues of dollar devaluation in order to magically reduce our trade deficit?

What a flip-flopper!

Funny how no ideas like fiscal discipline ever occur to these people. It just makes more sense to cook the books.

[UpInArms]

14. pre-opening blather

briefing.com

9:15AM: S&P futures vs fair value: -2.4. Nasdaq futures vs fair value: -5.0. Futures market lifts from its lows, but continues to point to a lower open for the cash market... Selling has also materialized in the European bourses, where most are showing large losses... The treasury market, conversely, has found impressive buying off the Sept jobs report... The 10-year note is up 24 ticks, bringing its yield to 4.15%.

8:56AM: S&P futures vs fair value: -5.0. Nasdaq futures vs fair value: -5.0. Futures indications continue to fall and now signal a fall in stocks at the open... The September employment report, which was viewed as disappointing by most for missing the consensus nonfarm payroll estimate, has taken the wind out of the indices' sails (futures were up earlier on GE and AMD's reports).

8:31AM: S&P futures vs fair value: +0.3. Nasdaq futures vs fair value: -1.0. Futures trade drops noticeably on the weaker than expected Sept nonfarm payrolls figure... The latter came in at 96K (consensus of 150K) - down from last month's number of 128K (which was revised lower from 144K)... As a result, the indices are poised for a relatively flat open.

8:25AM: S&P futures vs fair value: +3.5. Nasdaq futures vs fair value: +6.0. Futures market continues to move higher ahead of the 8:30 ET Sept employment report... Consensus for nonfarm payrolls is +150K.

8:02AM: S&P futures vs fair value: +2.9. Nasdaq futures vs fair value: +4.5. Futures trade denotes a positive bias, which should translate into a higher open for the cash market...

ino.com

The December NASDAQ 100 was higher overnight due to short covering as it consolidates some of Thursday's loss, which led to a close below the 75% retracement level of the June-August decline crossing at 1476.55. Stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be in or is near. If December extends the rebound off August's low, a test of test of the July 5th reaction high crossing at 1500.50 is the next upside target. Closes below the 10-day moving average crossing at 1441.50 would temper the bullish outlook in the market. The December NASDAQ 100 was up 4.50 pts. at 1467 as of 5:48 AM ET. Overnight action sets the stage for a steady to firmer opening by the NASDAQ composite index later this morning.

The December S&P 500 index was higher overnight due to short covering as it consolidates some of Thursday's loss. If the rally continues, a test of June's high crossing at 1146.50 is possible later this month. Stochastics and the RSI are bullish hinting that additional short- term gains are still possible. However, closes below the 10-day moving average crossing at 1125.80 would temper the friendly outlook in the market. Overnight action sets the stage for a steady to firmer opening when the day session begins later this morning.

[UpInArms]

15. 9:38 EST markets are open

Dow 10,101.88 -23.52 (-0.23%)
Nasdaq 1,941.46 -7.06 (-0.36%)
S&P 500 1,129.39 -1.26 (-0.11%)
10-Yr Bond 4.148% -0.096

NYSE Volume 43,069,000
Nasdaq Volume 115,047,000

[Rockholm]

17. Feels Like A "Black Friday" is Coming, Folks.

[UpInArms]

18. nah, the fairies will appear

to make sure that the markets don't go under 10,100 today - can't have the incompetent buffoon looking bad tonight - have to be able to point to that miracle stock market that says everything is coming up roses!

[UpInArms]

19. 9:59 EST numbers and blather (everything's ROSIE!)

Dow 10,141.48 +16.08 (+0.16%)
Nasdaq 1,948.66 +0.14 (+0.01%)
S&P 500 1,132.64 +1.99 (+0.18%)
10-Yr Bond 4.125% -0.119

NYSE Volume 159,156,000
Nasdaq Volume 264,423,000

10:00AM: Market improves some, but has yet to stage a definitive move to the upside... Decliners still outpace advancers at the NYSE and Nasdaq, serving to underscore the lack of conviction of the part of buyers... Industry leadership remains very much mixed - with semiconductor and industrial posting losses, and the rest of the groups showing slight gains... Biotech, drug, oil service, retail, and homebuilding have all moved somewhat higher and contributed to the S&P 500's reversal...

Homebuilding itself has been strong off the rally in the bond market, which has seen short covering and buying off the nonfarm payrolls miss...SOX -1.0, NYSE Adv/Dec 1185/1347, Nasdaq Adv/Dec 835/1463

9:45AM: Stock market begins with losses across the board as a weaker than expected employment report prompts more selling... The economy added 96K jobs in September, which was lighter than what the consensus estimate (+150K) called for... August nonfarm payrolls were also revised 16K lower, to 128K, and the average work week in September declined 0.1 to 33.7 hours (consensus of 33.7 hours)... Selling has been concentrated in technology especially as investors were dissatisfied with Advanced Micro Devices' (AMD 13.91 -0.20) Q3 (Sept) report - which missed the market's top-line expectation...

(added 10:00 blather on edit)

[UpInArms]

20. U.S. Aug wholesale inventories up 0.9 %

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38268.4171412037-822946057&siteID=mktw&scid=0&doctype=806&

WASHINGTON (CBS.MW) -- Wholesale inventories rose 0.9 percent in August after rising 1.5 percent in the prior month, the Commerce Department said Friday. The rise, the largest since March, was slightly higher than the 0.8 percent increase economists polled by CBS MarketWatch had predicted. Wholesale sales rose 1.2 percent in the month. The inventories/sales ratio, and indication of demand, remained at 1.15 for the third consecutive month.

Where's Frodo to tell me that rising inventories are wonderful?

I know when our inventories are up, our sales are down, money is short and life is grim.

But, I'm sure that this is good news because prosperity is right around the corner :crazy:

[UpInArms]

23. inventories detail

http://cbs.marketwatch.com/news/story.asp?guid=%7B8DEE74D7%2D2E73%2D4EFA%2DA2A8%2DEBC11AC2CFC9%7D&siteid=mktw

excerpt:

Wholesale sales rose 1.2 percent in the month. The inventories-sales ratio, and indication of demand, remained at 1.15 for the third consecutive month. That is slightly above April's record low of 1.12.

Inventories in July were revised to a 1.5 percent increase after the initial estimate of a 1.3 percent rise.

Durable goods inventories rose 1.7 percent for the second consecutive month. Automobile inventories rose 1.7 percent in August after rising 2.4 percent in July.

Non-durable goods inventories fell 0.3 percent in August after rising 1.2 percent in July.

[UpInArms]

21. Gold atop $425 to six-month highs

http://cbs.marketwatch.com/news/story.asp?guid=%7BB65D0BD4%2D7F10%2D45AA%2DB628%2D79DEAE2CA4B3%7D&siteid=mktw

SAN FRANCISCO (CBS.MW) -- Gold futures soared above $425 an ounce Friday morning for the first time in six months as a weaker-than-expected U.S. jobs report fueled a steep drop in the dollar.

The "weaker job growth than forecasted, combined with falling consumer confidence, runaway energy prices and constant geopolitical tensions worldwide, have given gold all the ingredients necessary for a run to new highs in the coming days and weeks," said Peter Grandich, editor of The Grandich Letter, an investment advisory publication.

Data on U.S. employment Friday showed that the economy added fewer jobs than expected in September. See full story.

The news sent the dollar reeling and that, in turn, sent more investors to gold as a hedge against financial losses. See full story.

Against this backdrop, gold for December delivery climbed as high as $426 an ounce on the New York Mercantile Exchange, level the futures market hasn't seen since April 13. The contract was last at $424.10, up $4.60.

"Gold is just incredibly strong on the back of the dollar getting pounded and growing fears of instability in various regions around the world," said Kevin Kerr, a senior trader at Kwest International.

...more...

dollar index:

Last trade 87.54 Change -0.80 (-0.91%)

Settle 88.34 Settle Time 23:36
Open 88.23 Previous Close 88.34
High 88.39 Low 87.56

Volume 1,738

Last tick: 2004-10-08 09:34:23 ET
30-min delayed quote.

[54anickel]

24. Tax Cut Weighs In at $145 Billion (WTF!!!)

http://www.cfo.com/article.cfm/3281840/c_3281847?f=home_todayinfinance

To offset the loss of $50 billion considered to be illegal export subsidies by the World Trade Organization, Congress is ready to dole out nearly three times that amount. And it seems just about everyone might be considered a ''manufacturer.''

Stephen Taub, CFO.com
October 08, 2004

Congress is expected to finalize $145 billion in tax breaks before adjourning until after the November elections — possibly today — according to press reports. The Senate may delay action until the weekend, according to the Associated Press, if an anticipated filibuster is mounted by anti-tobacco senators.

The intent of the bill, approved by a Senate-House conference committee on Wednesday, is to abolish $50 billion in tax breaks that were ruled an illegal export subsidy by the World Trade Organization. But in freeing American exports to Europe from stiff penalty tariffs, Congress is ready to dole out nearly three times that amount to U.S. corporations.

The largest tax break — valued at $76.5 billion over 10 years — is intended to help the manufacturing sector, which has lost 2.7 million jobs over the past four years, according to the Associated Press. The wire service noted, however, that "manufacturing" is broadly defined to include construction companies, engineering and architectural firms, and movie and recording studios. The New York Times reported that at the behest of Starbucks, coffee roasting (but not coffee preparation) would also be considered manufacturing.

What's more, the bill "will allow America’s largest energy companies — which are among the most profitable in the U.S. economy — to reclassify energy production as a manufactured good," asserted Joan Claybrook, president of consumer advocacy group Public Citizen, in a statement.

more...

[UpInArms]

26. I found the missing jobs ....... in India!

Reuters Plans to Triple Jobs at Site in India

http://www.nytimes.com/2004/10/08/business/worldbusiness/08reuters.html

LONDON, Oct. 7 - Reuters, the news service and data company, which is trying to meet stringent cost-cutting targets, said Thursday it would triple the number of employees it has in India by the end of next year.

As many as 1,500 employees, or a tenth of the company's total, will be in Bangalore by 2006, company executives said during a ceremony to open a building in southern India. Reuters already has 340 employees in Bangalore, including about 13 journalists. The company said it planned to move mainly data and technical jobs to Bangalore. The editorial staff in Bangalore is expected to increase to 50 by early next year, Reuters told union representatives.

The company's chief executive, Tom Glocer, is embracing outsourcing to reduce costs. He foreshadowed Thursday's announcement in September at an investor conference.

"The amazing thing - and this is the dirty little secret about outsourcing that people need to talk about publicly a bit more - not only is the cost conflation amazing at four, five or even six to one, but the quality and productivity is better too," Mr. Glocer said in September. "We are flooded. We have 100 qualified applications for every data input person and these people have qualified accounting degrees."

The company, which now employs 1,000 data-processing workers at about 40 sites worldwide, plans to shift 450 jobs to Bangalore initially, mainly from Tiverton, England; White Plains, N.Y.; and Singapore.

...more...

[54anickel]

31. Commodity indices hit historic highs

http://news.ft.com/cms/s/8b1466a6-188d-11d9-8963-00000e2511c8.html

Commodity indices hit long-term highs on Thursday as oil surged to $53 and base metal prices charged to their highest levels in a decade, propelled by the increasing amount of investment funds flowing into commodity markets.

The Reuters CRB Index, a basket of 17 commodity futures tracked closely by investors, reached a 23-year high, with oil prices nearing their real price levels touched in 1990, at the time Iraq invaded Kuwait. Energy prices comprise more than half of the weightings of most commodity indices.

snip>

Michael Overlander, managing director of Sucden, the UK-based commodities broker, said the investment flows into commodity markets was not just speculative, with long-term investors reassessing the long-term price of raw materials.

“There has been a psychological shift in the oil price,” said Mr Overlander, “$50 is no longer considered the ceiling, it's now looking like the floor price and investors are looking at other commodities in the same way,” he said.

more...

[54anickel]

33. Short-term funds ‘to gain in popularity’

http://news.ft.com/cms/s/5e66472a-1890-11d9-8963-00000e2511c8.html

Short-term funds, money market funds that invest in assets of up to a year in order to deliver higher returns, are expected to increase in popularity, Moody's Investors Service, the credit rating agency, said yesterday.

Moody's has expanded its rating of cash and "near cash" funds to include short-term funds, and has currently allocated credit and market risk ratings to five US funds.

These funds invest in medium to top-rated fixed income paper and money market securities with average maturities of up to 365 days. This compares with the 60- or 90-day maximum maturities more common with investments by money market funds.

"The driver has been the low interest rates of recent years," said Douglas Rivkin, senior credit officer at Moody's. "Institutional investors have been seeking better returns for their balances. They can do five to 30 basis points in yield better than money market funds."

Short-term funds have attracted more than $500bn in assets this year in the US market, according to estimates from iMoneyNet quoted by Moody's.

more...

[54anickel]

34. GE 3rd-Quarter Net Rises as Immelt Spurs Sales Growth

http://quote.bloomberg.com/apps/news?pid=10000006&sid=aYwSZccpDr6k&refer=home

Oct. 8 (Bloomberg) -- General Electric Co., the world's largest company by market value, said third-quarter profit rose as acquisitions and economic growth spurred the biggest quarterly sales increase in four years.

Net income rose 11 percent to $4.05 billion, or 38 cents a share, from $3.65 billion, or 36 cents a share, matching analyst estimates. Revenue rose 15 percent to $38.27 billion, General Electric said in a statement, the biggest rise since Jeffrey Immelt, 48, took over as chief executive from Jack Welch.

Profit next year may rise as much as 15 percent as Immelt expands in faster growing areas such as health care and pares units with lower returns like insurance, the company said. It was the first full quarter with medical-equipment maker Amersham Plc and Vivendi Universal SA's media assets. Orders rose 27 percent on higher demand for engine parts, appliances and consumer lending.

snip>

Eight of 11 main businesses had at least 10 percent profit growth, led by a 31 percent rise from health care and a 28 percent rise from transportation, which includes jet-engines and locomotives. Profit at the GE Energy, which was forecast to fall, declined 35 percent.

``The economy continues to be very strong,'' Immelt said in the statement.

more...

[54anickel]

37. From boom to bust, eventually

http://www.taipeitimes.com/News/edit/archives/2004/10/06/2003205791/print

snip>

No one predicted this boom, so predicting its end is risky. Housing prices have shown tremendous upward momentum in the face of previous warnings that the party is over. Any prediction concerning the boom's end requires understanding why it occurred in so many places. Surprisingly, there is no well-received explanation, because this boom's ultimate causes are mostly psychological. Economists would rather talk about interest rates or unemployment statistics -- factors that are concrete and knowable. Of course, these indicators do have a legitimate role to play in explaining housing markets, but they are simply not adequate to account for the recent booms.

Three psychological causes stand out: first, a change in people's perceptions about the source of value in a changing world economy; second, increasing public faith in "glamor" cities with international name recognition; and third, the plain giddy dynamics of speculative bubbles.

snip>

First, the world economy does look more chaotic than it did a decade ago. The crash in equity prices since 2000 in most countries has made financial assets look less secure, spurring a "flight to quality" -- in this case, housing. Moreover, terrorism is now viewed as a problem for everyone, with major tragedies in Indonesia, Spain and Russia. People feel safest investing in their homes, and there is little reason to expect imminent change. Fear and upward momentum in home prices go together.

Second, the public's faith in glamorous international cities has increased with the explosive growth in global communications due to the Internet and the mobile phone. Just as people increasingly admire international celebrities, so they believe that world famous centers of business, technology, and culture -- whose names are household words to people everywhere -- are uniquely valuable. As with fear of terrorism and suspicion of equities, geographical celebrity appears resilient, if not self-reinforcing: the more famous New York, Paris and London get, the more glamorous they become.

Third, and no less important, is the speculative contagion that underlies any bubble...

In contrast to the other two psychological causes, speculative contagion has a natural end. A speculative bubble, sustaining itself solely by reaction to price increases, cannot go on forever.

more...

[ozymandius]

38. figures and blather

11:08
Dow 10,110.43 -14.97 (-0.15%)
Nasdaq 1,938.22 -10.30 (-0.53%)
S&P 500 1,128.36 -2.29 (-0.20%)
10-Yr Bond 4.126% -0.118
NYSE Volume 411,272,000
Nasdaq Volume 600,288,000


U.S. stocks trade lower as Sept. job report weighs

NEW YORK (CBS.MW) - U.S. stocks traded lower Friday as blue chips failed to hold a brief move into positive territory, with investors questioning the robustness of the economy after a weaker-than-expected employment report for September.

The U.S economy added 96,000 jobs in September, the Labor Department reported. Economists polled by CBS MarketWatch had been looking for payrolls to rise by about 138,000.

-cut-

Slowdown in job creation

Investor confidence took a knock ahead of the bell after the Labor Department said the U.S. economy added only 96,000 jobs in September. The unemployment rate was steady at 5.4 percent.

Economists were expecting payrolls to grow by about 138,000 in September and for the unemployment rate to remain at 5.4 percent.

http://biz.yahoo.com/cbsm-top/041008/375cccccd1e4c303299609db308e5dd0_1.html

I gotta run for awhile. It's been a really busy morning away from the computer. So I aim to make up for lost time when my boy takes a nap.

:toast: I am so looking forward to tonight's debate! :toast:

[54anickel]

40. Well-Off Investors Feeling Less Bullish

http://www.latimes.com/business/la-fi-survey8oct08,1,627786.story?coll=la-headlines-business

snip>

Investment optimism among U.S. millionaires polled monthly by Chicago-based consultants Spectrem Group fell in September to a new low as uncertainty over the economy, terrorism and the presidential election clouded their outlook.

snip>

"Millionaires have been measurably more optimistic than affluent investors through the bulk of this year" and only now are "losing their last hint of bullishness," said George H. Walper Jr., president of Spectrem Group, in announcing the results this week.

snip>

"If news from the Middle East is starting to take such a toll on this generally more patient and positive group, it is not at all clear that sentiment will rebound once the November election is behind us."

In response to the open-ended question about the biggest threat to their household financial goals, the millionaires surveyed cited their key concerns, in order, as the economy, terrorism, the presidential election, unemployment, stock market performance and household income.

By contrast, the broader affluent investor group ranked the economy, the election and unemployment as greater concerns than terrorism.

The millionaire index recorded a new low of 7, a sentiment considered neutral, in September; that was down from 13, or mildly bullish, in August. The broader affluent investor index also hit a new low at 4, down from 5 in August. The index scale is 1 to 100, with 100 the most bullish possible reading.

more...

[54anickel]

41. Slowing Economy, Bullish Market!

http://www.gold-eagle.com/editorials_04/chapmand100704.html

After a consolidation of over six months the S&P 500 broke its downtrend line from the March 2004 highs on October 4. So is this it? The long awaited third leg up for the bulls? The move that will take the S&P 500 to its next level of nirvana at 1225 to 1275. We don't think so but we can never rule out a fool's gold rush. Key to this is that the S&P never trades back under 1120/1125. Knowing this one could continue to scalp long to the nirvana levels even if you don't believe it. And the sectors that must perform in order for this to be achieved are the financials, healthcare, information technology and of course consumer discretionary for if the consumer is not there adding to his bloated credit card debt then this doesn't stand a chance.

Of course the major Wall Street and Bay Street firms will never tell you that things are about to go to hell in a hand basket. Without the flow of funds and commissions from the public they wouldn't be in business very long. But the truth is we have been going through a drifting market now for 10 months and commissions are down sharply for the firms so any talk either fundamental or technical that supports the bullish case is good news. And that we are down only a little or up a little depending on which market you look at is also bullish. Too bad the bulls are really trapped in a still overvalued market.

Everyone is still in the market because as we pointed out in an earlier missive there has never been in the history of the markets a year ending in 5 that saw a down year. We are reproducing the table below of the history of the 10-year stock market cycle. We first saw the complete table in the August issue of the P.Q. Wall Forecast.

Down years, as you can note are more likely to happen in years ending in 7 or 0. But years ending in 5 have thus far been perfect including the best year ever in 1915 with an 81.7% gain. Statistically anomaly? Might be. Odds would tend to increase that as time goes on that a down year could happen.

We know that every Wall Street firm and Bay Street firm plus any money manager worth his salt knows this. So is it a lay up? It might be but then again ….

We were quite struck with the recent headline of The Economist - Scares ahead for the world economy, October 2-8, 2004. The Economist is not of course known for being shrinking violets when it is necessary to say what needs to be said but in reading the article there was a sense of déjà vu. What they were saying is what we have been reading for so many years at web sites such www.gold-eagle.com, www.financialsense.com, www.safehaven.com, www.prudentbear.com, and many others and of course written by the "Scoop".

Of course as the bulls would have it any of the problems even those outlined in The Economist are not insurmountable and that the market is just climbing the wall of worry that it always does...

more...

[54anickel]

42. 12:22 lunch time check

Dow 10,093.32 -32.08 (-0.32%)
Nasdaq 1,934.72 -13.80 (-0.71%)
S&P 500 1,127.16 -3.49 (-0.31%)
10-yr Bond 4.134% -0.11
30-yr Bond 4.904% -0.094
NYSE Volume 604,224,000
Nasdaq Volume 840,370,000

12:00PM : A weaker than expected September employment report has been all traders needed to continue their selling drive from yesterday - which marked the Dow's largest retreat in two weeks... Nonfarm payrolls rose 96K (consensus of 150K) as job creation was (for the fourth time in a row) less than what economists expected... The unemployment rate did hold steady at 5.4% (consensus of 5.4%), but the average work week declined 0.1 to 33.7 hours (consensus of 33.7)... That piece of data destroyed the positive bias in the futures market, and set the indices up for a down day of trading...
Internet, computer hardware, brokerage, homebuilding, cyclical, and semiconductor have been the hardest hit areas - the latter due to a Q3 (Sept) report from Advanced Micro Devices (AMD 13.72 -0.39) that missed the consensus revenue estimate... Basic material has also been weak following a lackluster Q3 (Sept) report from Dow component Alcoa (AA 33.55 -0.53)... At the opposite end of the Dow has been General Electric (GE 33.96 +0.01), which met Q3 (Sept) profits expectations and guided FY04 (Dec) to the high-end of the previous range...

Other economic reports - namely August Wholesale Inventories (+0.9%; consensus of 0.8%) - have gone undetected today as it represents old data...NYSE Adv/Dec 1613/1465, Nasdaq Adv/Dec 1056/1748

11:25AM : The market remains on the defensive as investors continue to be put off by the pace of economic growth... By and large, all of this week's economic reports (August Factory Orders, September ISM Services, September employment) fell short of expectations and reinforced fears about a global slowdown... The persistently high price of crude oil - which has set three all-time highs this week - hasn't helped in that regard and has helped keep Asia and Europe in the red too... Bonds and gold have been the natural beneficiares of the economic worries, both of them performing quite well...NYSE Adv/Dec 1677/1345, Nasdaq Adv/Dec 1063/1670

11:00AM : The morning's choppy trade continues as the major indices slide to their session lows... Sellers have slammed the tech sub-groups (semiconductor, computer hardware, networking, disk drive, internet) as well as areas that were showing previous gains... Biotech, brokerage, transportation, homebuilding, and cyclical have all collapsed under the weight of selling... Down volume now outpaces up volume at both the NYSE and Nasdaq... The price of crude oil - providing some catalyst - has lifted off its lows of the day and approached its highs from yesterday... Crude oil now trades at $52.55/bbl...NYSE Adv/Dec 1760/1193, Nasdaq Adv/Dec 1090/1571

Advances & Declines
NYSE Nasdaq
Advances 1684 (51%) 1136 (37%)
Declines 1426 (43%) 1708 (56%)
Unchanged 147 (4%) 167 (5%)

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

Up Vol* 203 (36%) 217 (26%)
Down Vol* 350 (62%) 582 (72%)
Unch. Vol* 8 (1%) 8 (0%)

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

New Hi's 106 52
New Lo's 13 32

[ozymandius]

44. 1:12 check-in

Dow 10,103.88 -21.52 (-0.21%)
Nasdaq 1,935.86 -12.66 (-0.65%)
S&P 500 1,127.58 -3.07 (-0.27%)
10-Yr Bond 4.131% -0.113
NYSE Volume 713,154,000
Nasdaq Volume 966,491,000

[ozymandius]

45. and some blather

U.S. stocks trade lower as September jobs report weighs

NEW YORK (CBS.MW) -- U.S. stocks traded lower Friday as an upbeat earnings outlook from General Electric failed to quell concern over the nation's economy after a weaker-than-expected employment report for September.

The economy added 96,000 jobs in September, the Labor Department reported. Economists polled byhad been looking for payrolls to rise by about 138,000.

-cut-

Slowdown in job creation

Investor confidence took a knock ahead of Friday's bell as the Labor Department said the U.S. economy added fewer jobs during September than Wall Street had anticipated. The unemployment rate was steady at 5.4 percent.

more...

http://biz.yahoo.com/cbsm-top/041008/0836d17c603c42682c1c094ffc9e114e_1.html

[ozymandius]

46. I Am Not Reassured That George W. Bush Understands Fiscal Policy

I found this while searching for economic bloggers.

Brad Delong: September 23: Today's Reason to Not Elect George W. Bush: I Am Not Reassured That George W. Bush Understands Fiscal Policy

Greg Mankiw writes to complain about my characterization of his public utterances:

...I do, however, often point out the importance of spending restraint in my public statements (as does the President)...

Greg is trying to reassure me that George W. Bush does understand that it is not low tax rates but low spending and balanced budgets that have beneficial supply-side effects on economic growth. Forgive me for not being reassured.

You see, George W. Bush *talks* about the importance of balanced budgets but does not *act*. Bush appears to know that he needs to talk about the importance of a balanced budget. But Bush appears not to know that it is important to balance the budget. Bush shows no sign of knowing that a reduction in current taxes coupled with a spending increase is not a tax cut, but is instead a tax shift and a tax *increase*--an increase in average taxes over the long run coupled with a shift in taxes from the present to the future.

Bush appears not to know that the overall tax increase bigger spending has set in motion will have bad supply-side effects on growth. He does not appear to know that the tax shift will have further (and in all likelihood much larger) destructive effects on growth: the borrowing to bridge the gap between the present taxes not collected and the future taxes collected would crowd-out capital formation and reduce productivity; the fact that the higher future taxes that will be levied one way or another (through the inflation tax, if all else fails) are uncertain makes investment for the future much more risky, and further diminishes investment and productivity.

Yet if there is one thing that is clear about the George W. Bush administration, it is that George W. Bush understands none of this. And there are no signs that anybody has made a serious effort to try to teach any of this to George W. Bush since Paul O'Neill was canned. This is the reason that all of our genuine right-wing small-government friends at the Cato Institute and other such places loathe the Bush administration with a loathing of truly amazing intensity.

more...

http://www.j-bradford-delong.net/movable_type/2004-2_archives/000232.html

[54anickel]

48. This piece from the comment section goes well with post #24

http://www.nytimes.com/2004/09/23/business/23income.html

Study Finds Accelerating Decline in Corporate Taxes
By LYNNLEY BROWNING

America's largest and most profitable companies paid less in corporate income taxes in the last three years, even as they increased profits, according to a study released yesterday.

Companies have always used write-offs, depreciation, deductions and loopholes to lower their taxes, but the study, by Citizens for Tax Justice and its affiliate, the Institute on Taxation and Economic Policy, suggested that tax breaks and subsidies enacted during the Bush administration had accelerated the decline in tax payments.

The study also cited the proliferation of abusive tax shelters and increasingly aggressive corporate lobbying as fueling the decline in tax payments by corporations.

The study was done by nonprofit research and advocacy groups that have been supported in part by labor unions. They contend that the tax system favors wealthy corporations and individuals.

The study, Corporate Income Taxes in the Bush Years, surveyed public filings by 275 of the nation's largest and most profitable companies, based on revenue from the Fortune 500 list of 2004. The 275 companies reported pretax profits from operations in the United States of $1.1 trillion from 2001 through 2003, the study said, yet reported to the Internal Revenue Service and paid taxes on half that amount.

Robert S. McIntyre, the lead author of the study, wrote, "The fact that America's companies were allowed to report less than half of their actual U.S. profits to the I.R.S., while ordinary wage earners have to report every penny of their earnings, has to undermine public respect for the tax system."

[Amigust]

76. I wonder if too much credit is being afforded Bush

by suggesting that any of the damage to the economy matters at all to him.

I look at the GOP's "starve the beast" plan and regard Bush's fiscal irresponsibilities as merely a part of the calculated execution of that overall plan.

[54anickel]

49. US bank profits may rise despite languid quarter

http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=6454543

NEW YORK, Oct 8 (Reuters) - Most large U.S. banks appear poised to post higher third-quarter profits, but may struggle to post big gains as sluggish commercial lending and weak stock trading volumes partially offset expected growth in consumer loans.

"It will be a good quarter overall, as credit quality is stable to improving, but the real question is going to be, how strong is (corporate) loan growth," said analyst Mark Batty of PNC Advisors Inc. in Philadelphia, which invests $51 billion.

The growing U.S. economy, meanwhile, probably helped spur continued growth in consumer borrowing. "Incomes are growing, and we've had the benefit of reduced marginal tax rates," said Jim Lyon, who helps invest more than $400 million for Oakwood Capital Management in Los Angeles. :eyes:

SunTrust Banks Inc. is expected on Tuesday to be the first big bank to report quarterly results. Bank of America Corp. and Citigroup Inc. plan to follow on Thursday; Wachovia Corp. on Friday; and Wells Fargo & Co., US Bancorp and J.P. Morgan Chase & Co. the following week.

[54anickel]

50. 2:04 and UGH

Dow 10,072.82 -52.58 (-0.52%)
Nasdaq 1,929.56 -18.96 (-0.97%)
S&P 500 1,124.70 -5.95 (-0.53%)
10-yr Bond 4.133% -0.111
30-yr Bond 4.902% -0.096
NYSE Volume 828,893,000
Nasdaq Volume 1,108,864,000

2:00PM: The bears take control of trading as the stock market moves another leg lower... Crude has crossed into the green for the first time this session, breaking above the $53/bbl resistance point... The failure of peace talks in Nigeria - ones that were first talked about earlier this week - has sent the commodity to $53.10/bbl... Supply disruptions have been a major worry of the market, with Hurricane Ivan wreaking havoc in the Gulf and oil worker strikes in Norway... Winter is not far away, and US heating oil futures should again shoot up to record highs in response...NYSE Adv/Dec 1877/1320, Nasdaq Adv/Dec 1189/1741
1:25PM: Equities pare their losses but still hold close to the afternoon's trading range... Traders have taken a more cautious approach, particularly in front of the weekend... The bond market actually just closed at the top of the hour as it will be closed on Monday for Columbus Day... Treasuries turned in a winning performance today, with the 10-year note racing 28 ticks higher for a yield of 4.13%... The discouraging September nonfarm payrolls figure has raised speculation on whether or not the Fed will increase the Fed funds rate again this year...

Some traders have speculated that they may skip at the October or November meeting, although the Fed funds futures still call for a 98% probability at both...NYSE Adv/Dec 1830/1325, Nasdaq Adv/Dec 1169/1718

12:55PM: Sellers dig in their heels and stocks extend their losses to new lows... Breadth figures remain bearish and sector participation has been strong in the pullback - helping to explain why the market has continued to trudge along in negative territory... The Dow itself has deteriorated technically, dropping below its 200-day exponential moving average at 10105...Not surprisingly, gold has been one of the best performing commodities - and stocks - of the session... The price of gold has climbed over 1% to $424.50/oz as traders have fled to the precious metal in a defensive move...NYSE Adv/Dec 1756/1405, Nasdaq Adv/Dec 1135/1738

Advances & Declines
NYSE Nasdaq
Advances 1871 (56%) 1161 (37%)
Declines 1326 (39%) 1768 (56%)
Unchanged 143 (4%) 180 (5%)

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

Up Vol* 318 (40%) 219 (20%)
Down Vol* 454 (57%) 837 (78%)
Unch. Vol* 11 (1%) 14 (1%)

[UpInArms]

51. 2:37 EST numbers and blather (UGH-lier)

Dow 10,058.15 -67.25 (-0.66%)
Nasdaq 1,922.97 -25.55 (-1.31%)
S&P 500 1,122.40 -8.25 (-0.73%)
10-Yr Bond 4.133% -0.111

2:30PM: Stocks continue to sink lower under the pressure of broad based selling activity... Several influential sectors (semiconductor, biotech, brokerage, and cyclical) have tumbled 1% or more and ensured that the market will remain well below the unchanged mark... The Nasdaq itself - due to the intense selling in tech - has dropped below a support level at its September highs... Next week will provide tech watchers plenty of opportunity to trade shares...

Intel (INTC), Yahoo! (YHOO), Novellus Systems (NVLS), Nokia (NOK) and Juniper Networks (JNPR) are all slated to report - giving traders plenty to chew on... For more detail on the week ahead, be sure to visit Briefing.com's Looking Ahead page... SOX -3.6, NYSE Adv/Dec 1721/1493, Nasdaq Adv/Dec 1027/1928

guess I called it wrong earlier - unless the pixies, fairies and all bring their dust to the party, it may not be very pretty by day's end.

[54anickel]

53. JINX-Owe me a Coke!!! (Think that's how that went in the old days)

[UpInArms]

55. never say I don't pay up

:D

[54anickel]

57. Ahhh! It's the real thing!

[54anickel]

52. 2:39 Blather conceding defeat for the day

Dow 10,059.40 -66.00 (-0.65%)
Nasdaq 1,923.47 -25.05 (-1.29%)
S&P 500 1,122.73 -7.92 (-0.70%)
10-yr Bond 4.133% -0.111
30-yr Bond 4.902% -0.096
NYSE Volume 930,770,000
Nasdaq Volume 1,244,685,000

2:30PM: Stocks continue to sink lower under the pressure of broad based selling activity... Several influential sectors (semiconductor, biotech, brokerage, and cyclical) have tumbled 1% or more and ensured that the market will remain well below the unchanged mark... The Nasdaq itself - due to the intense selling in tech - has dropped below a support level at its September highs... Next week will provide tech watchers plenty of opportunity to trade shares...
Intel (INTC), Yahoo! (YHOO), Novellus Systems (NVLS), Nokia (NOK) and Juniper Networks (JNPR) are all slated to report - giving traders plenty to chew on... For more detail on the week ahead, be sure to visit Briefing.com's Looking Ahead page... SOX -3.6, NYSE Adv/Dec 1721/1493, Nasdaq Adv/Dec 1027/1928

[UpInArms]

54. another abrupt CEO resignation

http://www.forbes.com/technology/ebusiness/feeds/ap/2004/10/08/ap1583432.html

Action Performance CFO Martin Resigns
10.08.2004, 01:19 PM

Action Performance Cos. said Friday that chief financial officer, secretary and treasurer R. David Martin resigned, effective immediately.

Shares of the company were down 7.4 percent, or 75 cents, to $9.40 in afternoon trading on the New York Stock Exchange.

Corporate controller Stephanie Caldwell will serve as interim chief financial officer until management completes its search for a permanent replacement. The company didn't provide further details of Martin's departure.

...very short newsblurb...

[54anickel]

58. Guess that might explain this headline that was linked on Prudent Bear

earlier this week. I didn't bother to look up the article though.

Executive Ranks See Surge In New Hires and Openings - WSJ (10/05/04)

[54anickel]

59. Some snips

Succession planning and scandals are among the factors contributing to these changes -- and to the bottom lines of executive-recruiting companies, some of which are enjoying their best year ever. Walt Disney Co.'s board said it will announce a successor to CEO Michael Eisner no later than June, after he said last month he would step down at the end of his contract in September 2006. Software company Computer Associates International Inc., whose former CEO Sanjay Kumar was indicted last month for alleged securities fraud and obstruction of justice, has been looking for a new CEO since April.

But more companies are giving executive hiring the green light simply because they are poised to grow. After enduring uncertainty for more than a year over the shaky economic recovery and turmoil in Iraq, corporate leaders say they can't wait any longer to upgrade some management positions, add new ones and replace weak executives. New accounting regulations are pressuring corporate directors to improve the expertise of chief financial officers and other financial managers.

snip>

All this is heartening for the recruiting industry, which suffered the worst downturn in its 50-year history in 2001 and 2002, following the bursting of the technology bubble and the Sept. 11, 2001, terrorist attacks. Executive hiring slowed to a crawl then. While picking up now, it still is highly selective, recruiters say. Companies want proven executives with specific skills and reject candidates who aren't currently top performers.

snip>

The shuffling of senior-level managers can be good news or bad for executives themselves. Inevitably, some executives in their fifties or sixties are being edged out to make room for younger managers. Others are choosing to step down earlier.

"People in their late fifties are saying, 'You know what, I'm going to opt out now or find my replacement,' " says Bert Hensley, chairman and CEO of Morgan Samuels Co., a Beverly Hills, Calif.-based executive-search firm. "I've never seen this happen before" to this extent as companies focus more on succession planning, he adds.

[KoKo]

67. hmmpht...they maybe should hire back the "honest Execs & Managers

before the "New Economy" took over. Those who reisted the "new accounting rules" and the "hanky panky" deals with the hand picked Board of Directors.

I know a few of those former employees asked during the late Roaring 90's. Bet you all do to. But, they aren't getting any younger while they way for honesty in Business to come back into vogue... A new crop of more "pliable" folks will be put in place and the game will go on..I suspect.

[54anickel]

56. Gold price forecast for 2005

http://www.kitco.com/weekly/paulvaneeden/oct082004.html

snip>

I’ll start with what you’re probably most interested in: his forecast for the gold price next year. On a probability-weighted basis Dr. Murenbeeld expects gold to average $430 an ounce in 2005 with a thirty percent probability of the average price being as high as $470.

Now, I realize that this forecast is a lot lower than what many hardcore gold-bugs would like to hear, but keep in mind that he forecast an average gold price of $405 an ounce for this year when he was at the Denver Gold Forum last year, and the actual average gold price so far this year has been just over $400 an ounce. For all practical purposes he was spot-on.

snip>

Nonetheless, Dr. Murenbeeld agrees that a weaker dollar means higher gold prices and a stronger dollar means lower gold prices. He also mentioned that the US current account deficit, which is near six percent of GDP, is undermining the dollar. For the dollar to remain stable in the face of the still growing current account deficit, enormous foreign capital inflows into the US are a necessity. At the moment foreigners have to invest about six hundred and fifty billion dollars a year in the US just to keep the dollar where it is.

The magnitude of these numbers tends to blunt the senses. How many people can actually wrap their heads around six hundred billion dollars? Furthermore, pundits have been belaboring debt and deficits for decades, and no catastrophe has developed yet, causing a numb, apathetic attitude towards prognostications of a falling dollar just because the US trade deficit is soaring.

But in his talk at the Cambridge House Investment Conference in Toronto last weekend Adrian Day (President of Global Strategic Management in Maryland) mentioned that to finance the current account deficit the United States needs to attract more than eighty percent of the world’s net export capital. Think about it, eighty percent of net capital being invested in the world has to be invested in the United States, or else the dollar will fall.

Now, back to Dr. Murenbeeld again. His models show that if the dollar does not decline, the US current account deficit could reach one trillion dollars in the next three to four years.

more...

[UpInArms]

60. The bathroom slaves

http://www.nydailynews.com/front/story/240058p-205828c.html

Attendants got just $2/hr. at top eateries

Talk about a job that stinks: Bathroom attendants at some swank city eateries take home less than $2 an hour in tips after paying for the privilege to clean up after patrons and dispense mints, a state study found.

Attorney General Eliot Spitzer yesterday said more than 40 well-known hotspots - including Tavern on the Green - work or have worked with bathroom-concession firms that illegally skim from tips and do not pay attendants an hourly wage.

<snip>

The company does not pay an hourly wage and charges attendants 25% to 30% of their tips just to get in the bathroom door, the lawsuit said.

"The idea of people working without wages and having to pay a fee to stand and wait for tips is unconscionable," Spitzer said. "I don't think anybody who goes into these bathrooms believes or knows that the are the only source of revenue for these workers."

...more...

Didn't Meanspin say that folks would just not work for $2 an hour?

More slaves for less money - I wonder who will own our efforts if this mal-adminstration manages to stay in power.

[UpInArms]

61. 3:23 EST numbers and blather (still ugly)

Dow 10,044.80 -80.60 (-0.80%)
Nasdaq 1,920.94 -27.58 (-1.42%)
S&P 500 1,120.69 -9.96 (-0.88%)
10-Yr Bond 4.133% -0.111

2:55PM: Selling continues to accelerate as buyers find little reason to get involved in the market... Earnings, economic, and corporate news have been a disappointment all day - and all week in fact - and traders have simply taken the path of least resistance... Crude oil closed today near its highs - up $0.68 to $53.35/bbl - and set the latest record level in its 21-year history as a tradeable commodity... With sentiment negative ahead of its appreciation, its price gain was seen as one more reason to avoid stocks... NYSE Adv/Dec 1653/1491, Nasdaq Adv/Dec 973/2

[54anickel]

63. Guess they've all blown thru Iossifs number for the week. n/t

[UpInArms]

65. 3:48 EST numbers and blather (back up above 10,050)

Dow 10,055.20 -70.20 (-0.69%)
Nasdaq 1,921.37 -27.15 (-1.39%)
S&P 500 1,121.79 -8.86 (-0.78%)
10-Yr Bond 4.133% -0.111

3:30PM: More of the same as the indices continue to bounce along their lows... The market actually opened relatively unchanged and moved to modest gains; however, those were soon erased when selling in tech kicked in and sent the indices consistently lower... The tone in trading quickly turned bearish and gave the market a similar performance as yesterday... As a result, the Dow, Nasdaq, and S&P 500 are all set to finish lower for the week after putting up gains last week...

Be sure to visit Briefing.com's Weekly Wrap (available on the After Hours page after 18:30 ET) for a summation - and analysis - of this week's events...NYSE Adv/Dec 1698/1570, Nasdaq Adv/Dec 956/2034

it looks like it's trying to find a nice round number :eyes:

[UpInArms]

62. Crude ends above $53, up more than 6% for the week

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&guid=%7B29F78B5A-771E-40B0-B2BA-BD5F81896E42%7D&

SAN FRANCISCO (CBS.MW) -- November crude closed at $53.31 a barrel in New York, up 64 cents for the session, and up $3.19, or 6.4 percent, for the week. Futures prices closed at another record high, with gains Friday fueled by reports of a halt in tanker unloadings at the Louisiana Offshore Oil Port due to stormy weather in the Gulf of Mexico.

I guess this won't impact the economy - per the Fed's and SnowJob's outlook :crazy:

[54anickel]

64. Simply transitory, nothing to worry about, Next we'll hear how this is

somehow GOOD for the economy. :crazy:

[54anickel]

66. Closing - look at those adv/dec and vol up/down numbers - weird

Dow 10,055.20 -70.20 (-0.69%)
Nasdaq 1,919.97 -28.55 (-1.47%)
S&P 500 1,122.14 -8.51 (-0.75%)
10-yr Bond 4.133% -0.111
30-yr Bond 4.902% -0.096
NYSE Volume 1,295,746,000
Nasdaq Volume 1,661,840,000

3:30PM: More of the same as the indices continue to bounce along their lows... The market actually opened relatively unchanged and moved to modest gains; however, those were soon erased when selling in tech kicked in and sent the indices consistently lower... The tone in trading quickly turned bearish and gave the market a similar performance as yesterday... As a result, the Dow, Nasdaq, and S&P 500 are all set to finish lower for the week after putting up gains last week...
Be sure to visit Briefing.com's Weekly Wrap (available on the After Hours page after 18:30 ET) for a summation - and analysis - of this week's events...NYSE Adv/Dec 1698/1570, Nasdaq Adv/Dec 956/2034

Advances & Declines
NYSE Nasdaq
Advances 1619 (47%) 947 (29%)
Declines 1663 (48%) 2092 (65%)
Unchanged 136 (3%) 178 (5%)

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

Up Vol* 334 (27%) 252 (15%)
Down Vol* 839 (70%) 1312 (83%)
Unch. Vol* 23 (1%) 16 (1%)

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

New Hi's 134 62
New Lo's 24 43

Have to wait for the closing blather. Guess Shrub won't be taking about the markets tonight either. He sure has run out of talking points this week. All that's left is FEAR :evilgrin:

Have a great weekend! :hi:

[54anickel]

68. Closing blather (for what it's worth)

Close Dow -70.20 at 10055.20, S&P -8.51 at 1122.14, Nasdaq -28.55 at 1919.97: Worries about jobs and oil - the same ones that had the market down this summer - were behind today's large-scale pullback... The market actually opened relatively flat, but selling soon set in after investors digested the ramifications of the disappointing September employment report and - later - the fourth record close for crude oil... The former checked in below the consensus estimate - at 96K - for nonfarm payrolls (consensus of 150K) and caused traders to doubt the strength of the labor market's recovery...
The average work week also declined 0.1 to 33.7 hours (consensus of 33.7 hours) in a sign that hiring may not be picking up anytime soon... Financial and tech were the first to turn lower - the latter due more to a Prudential initiation of coverage of the chip equipment stocks with a Neutral rating... Semiconductor was thus one of the largest laggards of the day, along with other pockets of tech like networking, software, and computer hardware... Things only got worse for the market when crude oil - earlier down for the day - began creeping higher... The commodity finished up 1%, at 53.31/bbl, as peace talks in Nigeria broke down...

Energy was thus one of the only winners of the session, along with utility... The latter caught a bid off the huge rally in the bond market due to the disappointing nonfarm payrolls number...SOX -3.4, NYSE Adv/Dec 1602/1683, Nasdaq Adv/Dec 934/2108

[NewYorkerfromMass]

69. I saw that too. NASDAQ is for shit though

Nice prelude to the debate. :)

[54anickel]

71. Can't wait! Got the beer and popcorn ready to go!!!!

[UpInArms]

74. Did I hear someone say "popcorn and beer"?

[TrogL]

70. Loonie Watch

http://www.angelfire.com/ab/trogl/looniewatch.html

Highlights.



http://www.x-rates.com/d/USD/CAD/data30.html


2004-09-08 Wednesday, September 8 0.774893 USD
2004-09-09 Thursday, September 9 0.776518 USD
2004-09-10 Friday, September 10 0.776398 USD
2004-09-13 Monday, September 13 0.769231 USD
2004-09-14 Tuesday, September 14 0.773994 USD
2004-09-15 Wednesday, September 15 0.770001 USD
2004-09-16 Thursday, September 16 0.774353 USD
2004-09-17 Friday, September 17 0.769112 USD
2004-09-20 Monday, September 20 0.772559 USD
2004-09-21 Tuesday, September 21 0.776036 USD
2004-09-22 Wednesday, September 22 0.780275 USD
2004-09-23 Thursday, September 23 0.78235 USD
2004-09-24 Friday, September 24 0.783515 USD
2004-09-27 Monday, September 27 0.785053 USD
2004-09-28 Tuesday, September 28 0.784068 USD
2004-09-29 Wednesday, September 29 0.785546 USD
2004-09-30 Thursday, September 30 0.790639 USD
2004-10-01 Friday, October 1 0.791828 USD
2004-10-04 Monday, October 4 0.785793 USD
2004-10-05 Tuesday, October 5 0.792079 USD
2004-10-06 Wednesday, October 6 0.794155 USD
2004-10-07 Thursday, October 7 0.795102 USD
2004-10-08 Friday, October 8 0.799233 USD





Almost hit an 80 cent loonie. It lost against all other major currencies so it's got to be the greenback's fault. Parliament opened yesterday and the government damn near fell so maybe people are skittish.

[54anickel]

72. Markets end lower

http://www.theage.com.au/articles/2004/10/08/1097089560118.html?oneclick=true

In NEW YORK, the major stock indexes ended one per cent lower on Thursday after crude oil rose to a record $53 a barrel and drug makers like Pfizer Inc and Merck & Co sank on worry that the government may intensify scrutiny of that sector.

snip>

LONDON - Pharmaceutical stocks, racked by new drug failures and tough operating conditions, dragged Britain's FTSE 100 off of 28-month peaks, but investor faith in a nascent fourth-quarter rally showed through in media stocks and mid-cap retailers. The blue-chip index closed down 7.6 points or 0.16 per cent to 4,698.7 after touching a session low of 4,686.

FRANKFURT - The DAX index ended at 4,043.36 points, down 6.3 or 0.16 per cent.

PARIS - The CAC-40 index closed at 3,758.7 points, down 5.89 or 0.16 per cent.

TOKYO - Stocks edged lower for the first time in six days as record-high crude oil prices weighed on exporters such as Canon Inc., offsetting gains in energy issues like Nippon Oil Corp. The Nikkei average ended down 0.27 per cent or 30.79 points at 11,354.59.

HONG KONG - Stocks rose 0.38 percent with China oil plays boosted by a fresh record high for world oil prices in a cautious session. The blue-chip Hang Seng Index rose 0.38 per cent, or 50.16 points, to close at 13,321.73.

[Mr2005]

73. huh

[54anickel]

77. Welcome to DU Mr2005

Out trying to rack up a few posts?

[ciaobox]

78. November 3, Kerry bounce?

It will be very interesting to see what happens to the DOW on 11/3. I predict a 200 point Kerry rally.

[UpInArms]

80. Welcome to DU ciaobox!

:hi: