STOCK MARKET WATCH, Wednesday 13 October

[ozymandius]

Wednesday October 13, 2004

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 99
DAYS UNTIL W* GETS HIS PINK SLIP 20
DAYS SINCE DEMOCRACY DIED (12/12/00) 3 YEARS, 306 DAYS
WHERE'S OSAMA BIN-LADEN? 2 YEARS, 360 DAYS
DAYS SINCE ENRON COLLAPSE = 1056
Number of Enron Execs in handcuffs = 19
Recent Acquisitions: Ken Lay
ENRON EXECS CONVICTED = 2
Other Arrests of Execs = 54

---

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

---

AT THE CLOSING BELL ON October 12, 2004

Dow... 10,077.18 -4.79 (-0.05%)
Nasdaq... 1,925.17 -3.59 (-0.19%)
S&P 500... 1,121.84 -2.55 (-0.23%)
10-Yr Bond... 4.10% -0.03 (-0.75%)
Gold future... 416.60 -6.60 (-1.58%)





GOLD, EURO, YEN, Dollars and Loonie

---

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

---

[undergroundrailroad]

1. Thanks ozymandius!

I love the charts, the cartoon, and the countdown information. Very nice!

Thanks again.

Undergroundrailroad

_____________________________________________________________________________________

[ozymandius]

7. You're welcome!

I gotta say - I love the job. There are so many wonderful, smart people on this thread. That in itself is a tremendous boon.

Thank you for the compliment.

Ozy :hi:

[UpInArms]

2. daily dollar watch

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

Last trade 88.33 Change +0.31 (+0.35%)

http://futures.fxstreet.com/Futures/content/100270/content.asp?menu=currencies&dia=13102004

HE CURRENCY REPORT

excerpt:

The DX opened higher at 88.12, as weaker economic reports from Germany and the UK along with higher oil prices helped the DX rise to a morning Hi of 88.29, before trailing back to 88.12 as we begin the afternoon session. The DX traded sideways as falling oil prices helped the equity markets recover and the DX rose to a close of 88.15, up 48 tics. The s/t trend has changed to ‘positive’ with the close above the 9 day MA, but momentum indicators have moved to ‘neutral’ and could be vulnerable to a Yuan speculation date, when and if the Chinese will allow the Yuan to float, unpegged to the U.S. Dollar. A higher open should find Resistance at 88.40 and 88.66, while an open below 88.07 may find Support at 87.81 and 87.48.

http://futures.fxstreet.com/Futures/news/afx/singleNew.asp?menu=economicnews&pv_noticia=MTFH53274_2004-10-13_11-47-12_L13396112

FOREX-Dollar notches up week's highs as rebound continues

LONDON, Oct 13 (Reuters) - The dollar rose to this week's highs against the euro and the yen on Wednesday as upbeat U.S. earnings reports allowed the greenback to claw its way back from losses late last week.

The dollar tumbled across the board on Friday as data showing weak job creation raised questions over the sustainability of the U.S. recovery and the need for further U.S. interest rate rises.

But with little fresh selling momentum emerging, investors were happy to push the dollar back into well-worn ranges ahead of key U.S. data releases later in the week.

"There is a big reluctance to push currencies out of ranges so we are seeing some stabilisation in the dollar," said David Mann, foreign exchange strategist at Standard Chartered.

The dollar was a touch firmer at 109.80 yen <JPY=> and $1.2295 per euro <EUR=> at 1130 GMT, having successfully fended off attempts to push it into lower trading ranges earlier in the week.

The dollar has now recovered virtually all of its losses against European currencies made on Friday and nearly half its losses against the yen.

...more...

No reports due today.

Have a Great Day Marketeers!

[UpInArms]

3. Intel Profit Rises 15%, Slowest Pace in Five Quarters (Update3)

http://quote.bloomberg.com/apps/news?pid=10000103&sid=ashN4UBHf9GY&refer=news_index

Oct. 12 (Bloomberg) -- Intel Corp. said third-quarter profit rose 15 percent, the slowest pace in five quarters, as a record stockpile of computer chips prompted the company to cut prices and slow production.

Net income rose to $1.91 billion, or 30 cents a share, from $1.66 billion, or 25 cents, a year earlier, Intel, the world's biggest semiconductor maker, said in a statement. Sales rose 8.1 percent to $8.47 billion, in line with the Santa Clara, California-based company's reduced forecast.

Intel is reducing inventory that ballooned to $3.2 billion in the second quarter amid falling demand from personal computer makers, Chief Financial Officer Andy Bryant said. The backlog will probably decline this quarter, he said. The company spent $26 billion in the past four years to speed up production, only to slow output last quarter.

``Management is attacking inventory and that's the big issue,'' said Daniel Morgan, who helps manage $6 billion, including Intel shares, at Synovus Investment Advisors in St. Petersburg, Florida. ``Intel's taking strides to reduce it and that's construed as a positive.''

<snip>

The company slowed production at some of its 13 plants from Ireland to New Mexico in the third quarter and may cut production ``aggressively'' this quarter and next, San Francisco-based Credit Suisse First Boston analyst Michael Masdea said in research note yesterday. Intel may also cut spending on new plants, he said.

<snip>

The expense of higher inventory caused Intel to also cut its forecast for third-quarter gross margin to 58 percent from 60 percent.

``The fact that the management misjudged is very disconcerting,'' said Mark Herskovitz, who manages $2.2 billion, for Dreyfus Premier Technology Growth Fund in New York.

...more...

[UpInArms]

11. Intel Earnings Rise, But PC Demand Is Lower Than Expected

http://informationweek.com/story/showArticle.jhtml?articleID=49901221

Microprocessor giant Intel slightly exceeded the lowered third-quarter expectations it had set for itself last month. But growth was inhibited by inventory adjustments at some of major customers and lower than expected PC demand.
By Darrell Dunn

Intel Corp. slightly exceeded the lowered expectations it had set for itself last month, when it announced third-quarter revenues on Tuesday of $8.5 billion, and earnings of 30 cents a share.

Growth in the quarter ended Sept. 25 was driven by record sales of server and mobile microprocessors, and gains in flash memory, said Intel CEO Craig Barrett in a statement.

"Growth was not as high as we originally expected due to inventory adjustments at some of our major customers and lower than expected overall demand for PCs," he said.

...more...

[UpInArms]

4. Chip gear industry seen bracing for layoffs

http://www.usatoday.com/tech/techinvestor/industry/2004-10-12-chipgear-layoffs_x.htm

SAN FRANCISCO — The $22-billion industry that supplies production equipment to chip makers appears to be bracing for layoffs as it heads into a long winter of slumping business, according to analysts.

Analysts who have been briefed on cost-cutting preparations say the first round of layoffs could be announced as early as Wednesday, when Novellus Systems (NVLS) reports quarterly results.

"We think they will be under pressure to reduce costs, and headcount reduction will probably be one of those," said Mark FitzGerald, an analyst with Banc of America Securities, speaking of Novellus. "I would bet on that."

Novellus declined to comment on any plans for layoffs.

Merrill Lynch analyst Brett Hodess said hiring freezes were already in effect at major equipment suppliers, although he declined to specify which ones. "There's talk about the potential for layoffs, but not that they've actually been formally decided."

The very notion of layoffs flies in the face of the industry's projections that there is at least one more year left of strong growth in the current up-cycle, which followed the worst downturn on record in 2001 and 2002. In July, the trade group Semiconductor Equipment and Materials International forecast 63% sales growth this year and 24% growth next year.

But now analysts are betting not on the magnitude of growth, but on how far orders for new equipment will fall in the fourth quarter. Novellus, the first major chip equipment supplier to report quarterly earnings, is expected by many analysts to forecast a fall in fourth-quarter orders of as much as 10%.

...more...

[ozymandius]

13. talk about lowered expectations!

Intel: Could've been worse

NEW YORK (CNN/Money) - Intel reported third-quarter sales and earnings that were roughly in line with Wall Street's diminished expectations.

But shares rallied after-hours even though the company provided guidance for the fourth quarter that was slightly below analysts' estimates.

The stock has plunged more than 36 percent this year on concerns about rising inventories and slowing growth. Intel now trades just 3 percent above its 52-week low. So investors might have been breathing a sigh of relief that the company's outlook was not significantly worse.

http://money.cnn.com/2004/10/12/technology/intel/index.htm

For this, their stock should be rewarded?

[UpInArms]

15. Intel leads early tech sector rally

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38273.4081828704-823446547&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (CBS.MW) -- Technology stocks rose in early trading Wednesday, as Intel (INTC) climbed $1.18, or more than 5 percent, to trade at $21.47. Intel rose after posting quarterly results that met its reduced estimates. Other gains came from Apple Computer (AAPL) , Sun Microsystems (SUNW) and Microsoft (MSFT) , and the tech-heavy Nasdaq Composite Index ($COMPQ) rose 17 points to 1,941.

Ozy, does it not seem that when the bar is lowered to the floor (as in the expectations for *Co to form a coherent sentence), the crazies fall all over themselves in fighting for the crumbs and declare them the best meal ever eaten?

[UpInArms]

23. uh roh - they're digging out the truth on the Intel report

http://cbs.marketwatch.com/news/story.asp?guid=%7B445F91DC%2D9524%2D4E76%2D9ED3%2D7A8E60D0CC06%7D&siteid=mktw

Intel inventory raises more questions
Analyst wonders about unexplained accounting reserves

SAN FRANCISCO (CBS.MW) -- Intel investors keyed on a slight inventory reduction in the third quarter, but the company was less than clear regarding how it accounted for the inventory decline.

Intel reported its inventory declined $43 million to $3.18 billion in the third quarter from $3.22 billion in the second quarter. Only a month ago, Intel said its inventory was likely to increase by $100 million to $150 million, which would have marked the third straight quarterly increase.

<snip>

Intel said inventory would continue to decline, by an unspecified amount, in the fourth quarter.

Analysts weren't convinced, however, that the inventory situation is on its way to being completely fixed.

"The progress made on reducing inventory levels on their books was primarily driven by write-downs and higher reserves, not stronger demand," said analyst Kevin Rottinghaus with FTN Midwest Research.

He told clients in a morning research note this all gets back to the uncertainty and lackluster demand in today's environment.

...more...

spitting out those dirty ratfeces-infested crumbs?

[UpInArms]

33. digging deeper: Why Intel's inventory really rose

http://cbs.marketwatch.com/news/story.asp?guid=%7B0E4AE5F9%2DF282%2D4B38%2D9618%2D6DCA20EB642B%7D&siteid=mktw

SAN DIEGO (CBS.MW) -- Intel's claim that inventory fell by $43 million last quarter from the second quarter may really be little more than smoke-and-mirrors.

While the dollar amount of inventory may have fallen, the number of parts gathering dust may have ballooned -- and not necessarily by a small amount.

The actual number is impossible to tell because as I noted Tuesday night in Herb Greenberg's RealityCheck, Intel CFO Andy Bryant went out of his way not to disclose the size of an inventory write-off and a higher-than-expected inventory reserve.

<snip>

How large?

Try between $400 million to $500 million -- or $472 million, to be exact. That's the amount of increase in cost of sales, which is where Intel records inventory write-offs and reserves. After hovering at around $3.2 billion for at least four quarters, it shot up last quarter by nearly 15 percent to $3.75 billion. In a business where costs are fairly stable, it would appear most of the rise is related to the write-off and reserves.

...more...

[TrogL]

44. I think they may have inventory problems

It really comes down to this.

Do I absolutely have to have a 3.3 ghz CPU in a PC I'm using primarily to run a browser.

Do I absolutely have to run Doom 3 at 1280*1042*a bazillion colours with every feature cranked up as far as it will go?

Many consumers are saying no and opting for slower chips. Last year's model.

My company just bought a new server and we deliberately DIDN'T get the 3.3 Ghz model because it was just too damn expensive. It's just a file server. We're not trying to model weather on it.

Hence, I don't think Intel is selling a lot of the top-end chips and they may also be getting beat out by AMD some some of the others.

I've got several friends in the retail computer industry and they're fed up with motherboard wars trying to keep up with the various manufacturers.

[54anickel]

48. Yep, the product managers and customers of the computer company

I worked for discovered there was a "sweetspot" in the CPU and motherboard markets. It was usually 1 or 2 back from the latest that Intel was rolling off of the line. Still plenty of inventory and "life expectancy" left in those puppies. Noticed that to combat that idea, Intel started trying to move up the "end of life" dates for a lot of their CPUs and MBs. Then they had to deal with angry customers. Been out of it for over a year now so I don't know what Intel's product life expectancy looks like anymore. Used to be you were guaranteed a 9 month window.

[UpInArms]

5. Textile industry switches allegiance

http://www.myrtlebeachonline.com/mld/myrtlebeachonline/business/9883026.htm

COLUMBIA - For decades, the backbone of South Carolina's economy, the textile industry, could always be counted on to provide plenty of jobs and a solid bloc of votes for the Republican Party.

Not anymore.

Blaming GOP free-trade policies for the loss of tens of thousands of jobs, textile leaders are doing what was once unthinkable: rallying behind a Democrat for the U.S. Senate.

"There's a lot of Republicans up here who would struggle to vote for a Democrat," said Carl Lehner, head of Leigh Fibers in Spartanburg and a former Republican supporter. "But in the textile industry, there's a number of us who are finding it much easier this election."

That is not only because Democrat Inez Tenenbaum takes a more protectionist stance on trade. It also is because she is not Republican Rep. Jim DeMint, who infuriated the textile industry by voting consistently for free-trade policies that have been blamed for a flood of cheap imports and the flight of jobs to countries where labor is cheaper.

Since 2001, South Carolina has lost more than 57,000 manufacturing jobs.

...more...

[UpInArms]

6. Heard on the Beat: Layoffs at Novellus Systems?

http://www.siliconstrategies.com/article/showArticle.jhtml?articleId=49901181&_requestid=169345

(free registration or try www.bugmenot.com)

Amid a lowered forecast for its third quarter, chip-equipment maker Novellus Systems Inc. is expected to reduce its workforce by year's end, said Cristina Osmena, an analyst with Jefferies & Company Inc. (New York). "We believe that the company may be preparing to conduct a layoff by the end of the year, potentially on the order of 5 percent," she said in a report issued on Tuesday (Oct. 12).

For the third quarter, Osmena estimates that Novellus will report $410 million in sales and earnings of $0.36, slightly below the company's revised guidance of $412 million and $0.37.

<snip>

"Our fourth quarter order forecast calls for a 13 percent decline in orders, consisting of a 15 percent sequential decline in core semiconductor orders and flat orders for the industrial business.

...more...

[ozymandius]

8. WrapUp by Ike Iossif - weekly charts

-cut past lotsa charts-

CONCLUSION:

The indices did stall at resistance but there are two important observations that can be made:

a) The short-term up-trend is still intact, which means by definition until the up-trend is violated the indices are in a short-term bullish mode.
b) The intermediate-term down-trend is still intact, which means, by definition until the down-trend is broken the indices are in an intermediate-term bearish mode.

Consequently, next week we can expect either another test of intermediate term resistance, or another test of short-term support. If short-term support is tested early in the week, we would expect a bounce which may carry the indices back up to intermediate term-resistance the week after. Therefore, if the decline of the past two days continues on, short-term traders ought to be buyers if short term support holds. If the indices turn around at the opening on Monday, then we'll get another test of intermediate term resistance by Tuesday-Wednesday. If the markets can't overcome resistance once again, or they do just marginally and turn down again, then both short and intermediate term traders ought to be sellers.

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

[UpInArms]

9. job opportunities in Slovakia!

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38273.3822337963-823443606&siteID=mktw&scid=0&doctype=806&

Visteon to invest $49 mln to open plant in Slovakia

NEW YORK (CBS.MW) -- Visteon Corp (VC) said Wednesday that it will invest up to $49 million in a new manufacturing plant in Nitra, Slovakia in order to support new business with carmakers Kia and PSA Peugeot Citroen. The plant will make car interiors and climate control systems. Production is scheduled to begin in the spring of 2006 and the site is expected to eventually employ about 400 workers. Visteon shares were off 0.5 percent, at $7.53 at the close of trading Tuesday.

[UpInArms]

10. pre-opening blather

briefing.com

9:17AM: S&P futures vs fair value: +5.1. Nasdaq futures vs fair value: +15.0. Futures market has had a distinctly positive bid to it throughout the morning as traders are keying off the dip in oil prices and the earnings reports from Intel and Yahoo!... The bullish bias is expected to carry over to the cash market when regular trading begins

9:03AM: S&P futures vs fair value: +5.4. Nasdaq futures vs fair value: +15.5.

8:34AM: S&P futures vs fair value: +4.5. Nasdaq futures vs fair value: +13.5. A decidedly positive bias in pre-market action, with the tech sector likely to lead the gains for the cash market in the early-going... not surpisingly, the Treasury market is a bit weaker this morning (10-yr down 6 ticks at 4.12%) as the dip in oil prices and expected stock market strength are prompting some profit taking

8:09AM: S&P futures vs fair value: +4.1. Nasdaq futures vs fair value: +12.5. Futures market exhibiting a bullish bias, which should translate into a higher open for the cash market... A better-than-feared earnings report from Intel (INTC), solid earnings results from Yahoo! (YHOO), McDonald's (MCD) boosting its Q3 EPS guidance above consensus, and a dip in crude futures (now -$0.76 at $51.75) have acted as supportive influences

ino.com

The December NASDAQ 100 was higher overnight due to short covering as it consolidates some of last Friday's decline but remains below the 10-day moving average crossing at 1451.50. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December extends the recent breakout below the 10-day moving average, a test of the August-September uptrend line crossing near 1406.11 is the next downside target. The December NASDAQ 100 was up 9.00 pts. at 1448.50 as of 5:47 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 below the 10-day moving average crossing at 1128.87 and above the August-September uptrend line crossing near 1118.20. Stochastics and the RSI are bearish signaling sideways to lower prices are possible near-term. Closes below the aforementioned uptrend line would open the door for a test of the 38% retracement level of the August-October rally crossing at 1112.30 and then September's low crossing at 1101.60 later this fall. Overnight action sets the stage for a steady to firmer opening when the day session begins later this morning.

[ozymandius]

12. Stocks Seen Higher as Oil Holds Below $52

U.S. stocks looked to open higher on Wednesday, as McDonald's Corp. said third-quarter earnings rose sharply, while quarterly reports from Intel Corp. and Yahoo Inc. pleased Wall Street and lifted technology shares.

http://story.news.yahoo.com/news?tmpl=story&ncid=1196&e=1&u=/nm/bs_nm/markets_stocks_dc&sid=95609877

[durablend]

29. Is gasoline futures also down?

CNN was showing November down to mid 1.30s (off the 1.40+ from the last few days)

[UpInArms]

41. Crude higher as heating oil sets record (Crude above $53 bbl)

http://cbs.marketwatch.com/news/story.asp?guid=%7B8128DFF5%2D627A%2D4459%2D977E%2D0B0E2DEC9272%7D&siteid=mktw

SAN FRANCISCO (CBS.MW) -- A rally in heating-oil futures to a fresh record and gains for natural gas for the first time in four sessions pulled crude prices more than $1 a barrel higher Wednesday.

Traders braced for U.S. energy inventories data, much of it a day later than usual this week.

"Heating oil led the charge," said Tim Evans, a senior analyst at IFR Markets, of Wednesday's action. But "nothing has changed -- there is no snowstorm in the Northeast or a new Ice Age, inventory data not out until tomorrow."

But Todd Hultman, president of commodity information provider Dailyfutures.com argued that "the news background is still very bullish for crude prices." He cited the general strike in Nigeria against high gasoline prices and Russia's plan to break up the assets of oil giant Yukos (YUKOF: news, chart, profile) to pay back tax debts, as well as the slow pace of recovery in Gulf of Mexico output.

"Oil demand is strong and there is not enough production to go around," he said, adding he believes $60 oil is likely this winter.

At last check, crude for November delivery traded at $53.60, up $1.09 on the New York Mercantile Exchange. It traded as low as $51.49 earlier, its lowest level since Oct. 6.

November heating oil was up 4.55 cents, or 3.1 percent, at $1.50 a gallon -- a fresh record high for the futures market. November unleaded gasoline followed, tacking on 2.57 cents to $1.406 a gallon.

...more...

I believe that last paragraph answers your gasoline question. :hi:

[UpInArms]

14. 9:39 EST markets are open (YeeHaw!)

Dow 10,119.35 +42.17 (+0.42%)
Nasdaq 1,944.34 +19.17 (+1.00%)
S&P 500 1,125.17 +3.33 (+0.30%)
10-Yr Bond 4.131% +0.029

NYSE Volume 64,974,000
Nasdaq Volume 150,740,000

[UpInArms]

16. Limited (Brands) lays off part of Express work force (140 jobs)

http://www.kansascity.com/mld/kansascity/business/9903911.htm?1c

COLUMBUS, Ohio - Limited Brands has laid off 25 percent of its headquarters work force at Express because of declining sales and earnings, company officials said.

Limited said 100 of 400 Express office workers in Columbus and 40 in New York were told that they were being offered jobs in other divisions of the company or let go.

The affected workers include managers and support personnel but not store employees or warehouse workers, Limited Brands spokesman Anthony Hebron said.

Express products are aimed at young working men and women. It has been in transition as the company remakes itself into a slightly more upscale brand.

...more...

[ozymandius]

17. Check out this cheerleading.

Techs cheer market

NEW YORK (CNN/Money) - Stocks gained early Wednesday as investors cheered upbeat earnings from a pair of tech bellwethers and a drop in the price of oil.

The Nasdaq composite (up 19.79 to 1,944.96, Charts) gained 1 percent after ten minutes of trading. The Dow Jones industrial average (down 4.79 to 10,077.18, Charts) and the Standard & Poor's 500 (up 3.42 to 1,125.26, Charts) index both posted smaller gains.

The third-quarter earnings reporting period kicked into high gear after the close Tuesday with reports from Intel and Yahoo!

-cut-

Investors seemed to take a "could-have-been-worse" attitude and pushed the (Intel) shares higher in the early going.

http://money.cnn.com/2004/10/13/markets/markets_nyopen/index.htm

[UpInArms]

18. 10:14 EST numbers and blather

Dow 10,096.42 +19.24 (+0.19%)
Nasdaq 1,939.77 +14.60 (+0.76%)
S&P 500 1,122.63 +0.79 (+0.07%)
10-Yr Bond 4.124% +0.022

NYSE Volume 252,115,000
Nasdaq Volume 389,955,000

10:00AM: The market eases off its opening levels, but continues to trade with a bullish bias... Advancers are leading decliners by more than a 2-to-1 margin, and up volume is pacing down volume by a 3-to-1 margin at the NYSE and a 9-to-1 margin at the Nasdaq... Virtually ever tech sub-group has traveled higher in the early action - internet, semiconductor, and networking jumping more than 1%... Biotech, however, has shown relative weakness and kept the Composite's gains in check...

As for the blue chips, they have seen selling in homebuilding, basic material, and energy mostly offset by buying in transportation and retail... Separately, the weekly oil inventories report has been postponed until tomorrow (at 10:30 ET) due to the Columbus Day holiday on Monday...SOX +2.8, NYSE Adv/Dec 1545/979, Nasdaq Adv/Dec 1579/801

9:45AM: It's off to the races for buyers, who have been spurred on by a continuation in the price of crude oil's decline and a number of tech reports that were well-received... Intel (INTC 21.31 +1.03) fell short of earnings expectations by a penny in its Q3 (Sept) report and also guided Q4 (Dec) revenues to the low-end of estimates; however, traders have reasoned that such bad news was already priced into the stock (-37% year-to-date)... The bulls have also made note of the world's largest chip maker's 14 day decline in inventories...

Yahoo! (YHOO 35.97 +1.74) and Linear Tech (LLTC 37.63 +1.15) also delivered solid earnings reports that have supported the bid in tech shares...

[UpInArms]

19. U.S. mortgage applications fall last week

http://msnbc.msn.com/id/6237320/

Refinancings decline despite lower interest rates

NEW YORK - New applications for U.S. home loans dropped more than 9 percent last week even as average 30-year mortgage rates also eased from the previous week, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted market index, a measure of mortgage activity, dropped 9.2 percent to 658.2 for the week ended on Oct. 8, down from the previous week’s 724.8.

Thirty-year mortgage rates, excluding fees, averaged 5.69 percent, down 0.09 percentage point from the previous week and 0.12 percentage point lower than a year ago, the Washington trade group said.

...more...

[UpInArms]

27. Real estate purchases decline

http://www.inman.com/inmannews.aspx?ID=43220

Overall mortgage applications dropped 9.2 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association's weekly survey.

The MBA seasonally adjusted purchase index decreased by 4.9 percent to 436.3 from 459 the previous week. The seasonally adjusted refinance index decreased by 14.2 percent to 1,949.2 from 2,270.8 one week earlier.

The refinance share of mortgage activity decreased to 44.5 percent of total applications from 47.1 percent the previous week. The adjustable-rate-mortgage share of activity increased to 34.9 percent of total applications from 33.9 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.69 percent from 5.78 percent one week earlier. Points including the origination fee decreased to 1.3 from 1.36 the previous week for 80 percent loan-to-value ratio loans.

...more...

[ozymandius]

20. Odd figures to go with this blather.

However, the Nasdaq does not surprise.

10:46
Dow 10,070.46 -6.72 (-0.07%)
Nasdaq 1,934.96 +9.79 (+0.51%)
S&P 500 1,120.44 -1.40 (-0.12%)
10-Yr Bond 4.113% +0.011
NYSE Volume 405,478,000
Nasdaq Volume 568,926,000


U.S. stocks open with strong gains

(CBS.MW) - Boosted by an improved outlook from McDonald's, gains in Intel after its third-quarter report and lower crude oil prices, Wall Street opened sharply higher Wednesday morning.

-cut-

Intel (NasdaqNM:INTC - News) paced the blue chip advance, surging 5.1 percent ad investors breathed a sigh of relief that the company did a better-than-expected job moving part of its excess inventory and that the weakness it sees in the fourth-quarter isn't as bad as some feared.

The world's largest chipmaker reported late Tuesday third-quarter sales near the top of its reduced expectations, but the company said fourth-quarter sales could fall below what Wall Street expects as it continues to deal with bloated inventories.

Shares of fellow blue chip McDonald's Corp. (NYSE:MCD - News) , meanwhile, jumped 3.3 percent after it said it expects third-quarter earnings per share of about 61 cents, including a tax benefit of 7 cents per share, exceeding Wall Street's forecast for earnings of 49 cents a share. The fast food giant cited 'strong' global comparable sales growth.

http://biz.yahoo.com/cbsm-top/041013/c883326f32809c969e1daded8b30258e_1.html

[ozymandius]

21. See you later.

I have to dash out and expect to be away for a few hours. Watch the pot for me will ya?

Ozy :hi:

[UpInArms]

22. 11:10 EST numbers and blather (slipping downward)

Dow 10,041.04 -36.14 (-0.36%)
Nasdaq 1,928.50 +3.33 (+0.17%)
S&P 500 1,117.01 -4.83 (-0.43%)
10-Yr Bond 4.105% +0.003

NYSE Volume 502,995,000
Nasdaq Volume 674,764,000

11:05AM: Stocks improve somewhat but continue to trade in mixed fashion... The Nasdaq continues to command a large lead, with semiconductor, internet, computer hardware, and networking pacing the way... The blue chip averages, however, remain held underwater by pronounced selling in homebuilding, basic material, and energy... Looks like the latter two groups are the victim of sector rotation - traders have taken profits following their latest rally, and placed money in underperforming sectors such as tech...

Homebuilding itself has taken a hit (-2%) off the largest decline (-9%) in mortgage applications since May... The bond market is also trading lower today, the 10-year note down by 1 tick, bringing its yield to 4.10%...NYSE Adv/Dec 1169/1753, Nasdaq Adv/Dec 1423/1262

10:30AM: In a matter of minutes, the major indices re-position themselves around the unchanged mark - after having run-up noticeably at the open... The cause of the retreat appears to be a combination of technical considerations (the Nasdaq pulled back after gapping in the first few minutes) and commodity concerns... The price of crude oil has begun to re-trace some of its losses, and is now just above the $52/bbl mark... Crude oil had turned lower earlier due to an IEA forecast that showed slower demand in 2005 (in response to higher prices)....

Now the commodity has begun to approach the unchanged level - which suggests to some another wave of speculative buying which could prompt a drop in equities...NYSE Adv/Dec 1363/1452, Nasdaq Adv/Dec 1571/1021

'bye Ozy - will watch the pot :D

[UpInArms]

24. CEO confidence falls in third quarter

http://cbs.marketwatch.com/news/story.asp?guid=%7BA3042A22%2DE440%2D4885%2D9E75%2D076E32D3DC90%7D&siteid=mktw

WASHINGTON (CBS.MW) -- The nation's chief executives are less confident about the U.S. economy in the third quarter compared to the prior three months, according to a survey released Wednesday by the Conference Board.

The survey, which asks a range of questions to nearly 100 chief executives in a wide range of industries, showed a decline to 63 from 70 in the second quarter. It's the second consecutive quarterly decline. A reading above 50 indicates more positive than negative responses.

"CEO confidence has slipped considerably over the past two quarters, as both current conditions and expectations have softened," said Lynn Franco, director of the Conference Board's Consumer Research Center.

...more...

[UpInArms]

25. 12:07 EST numbers and blather

Dow 10,036.47 -40.71 (-0.40%)
Nasdaq 1,929.91 +4.74 (+0.25%)
S&P 500 1,117.17 -4.67 (-0.42%)
10-Yr Bond 4.100% -0.002

12:00 ET Dow -34, Nasdaq +6, S&P -3.97
The market ran up at the open, but has spent the rest of the morning traveling lower - undercut by a weak sense of conviction among buyers... The bulls have refused to come out in full force as concerns about valuation, crude oil, and corporate earnings remain... Last night's Q3 (Sept) releases from tech bellwethers Intel (INTC 21.18 +0.90) and Yahoo! (YHOO 35.38 +1.15) seemed to provide the indices' some upward impetus - and indeed they did for the Nasdaq - but have not translated into broad-based gains...

Even though Intel made some progress with its inventories' situation, gross margins deteriorated significantly, guidance for Q4 (Dec) was unimpressive, and the company said it was seeing weaker than usual seasonal patterns... As a result, strength in semiconductor (and tech) has not translated into other areas... Biotech, transportation, homebuilding, basic material, and energy have been particularly weak - the latter due to a slight decline in the price of crude oil... The commodity, however, still trades above the $52/bbl mark, and has kept traders on edge... The only ares to move significantly higher in the blue chips has been restaurant... McDonald's (MCD 28.73 +1.16) raised its Q3 (Sept) EPS guidance citing a September comps gains of over 10%... ..SOX +2.3%. ..BTK -1.1%. ..NYSE Adv/Dec 1148/1959. ..NASDAQ Adv/Dec 1393/1462.

[UpInArms]

26. Halliburton "does" Brazil

Halliburton close to resolving issues with Petrobras

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38273.5157638889-823458177&siteID=mktw&scid=0&doctype=806&

DALLAS (CBS.MW) -- Halliburton (HAL) said Wednesday it has reached an agreement in principle with Petrobras to resolve all outstanding issues related to the Barracuda-Caratinga project in Brazil. Problems with the projects, including disputed cost overruns, led Halliburton to take charges in five of the last six quarters. Shares of Halliburton were at $33.78, off 32 cents.

[54anickel]

28. Ominous: The US deficit vs the dollar

http://atimes.com/atimes/Global_Economy/FJ14Dj01.html

Doublethink means the power of holding two contradictory beliefs in one's mind simultaneously, and accepting both of them." - George Orwell

The US deficit is good, because it stimulates US demand and Asian exports. The deficit is bad because it has created a massive global financial imbalance that will one day need to be balanced. I think that qualifies as doublethink.

I am guilty of doublethink more often than I care to admit. But as I examine the financial "realities" and the implications of the US current-account deficit, the word "ominous" is the only thought that seeps into my mind. And though the timing is anyone's guess, the US dollar is poised to be overwhelmed by the deficit.

Peter G Peterson, chairman of the Council on Foreign Relations, the Institute of International Economics, and the Blackstone Group, had this to say in the September/October edition of Foreign Affairs magazine:
The United States is now borrowing about $540 billion per year from the rest of the world to pay for the overall deficit funding Americans' consumption of goods and services and US foreign transfers. This unprecedented current-account deficit is paid through direct lending and the net sales of US assets to foreign business or persons: everything from stocks and bonds to corporations and real estate. The United States imports roughly $4 billion of foreign capital each day, half of that to cover the current-account deficit and the other half to finance investments abroad. At 5.4% of GDP in the first quarter of 2004, the deficit is substantially higher than its previous record (3.5% of GDP) in 1987, when the dollar fell by a third and the stock market took its "Black Monday" plunge.
I think Peterson does an excellent job of explaining the deficit problem and its relationship to the dollar. The deficit truly is the common thread binding dollar bears. Here's a look at what they are seeing:

more...

[54anickel]

30. 1:50 and HOLY SHIT

edit to add blather

Dow 9,976.37 -100.81 (-1.00%)
Nasdaq 1,918.17 -7.00 (-0.36%)
S&P 500 1,111.68 -10.16 (-0.91%)
10-yr Bond 4.082% -0.02
30-yr Bond 4.867% -0.013
NYSE Volume 978,931,000
Nasdaq Volume 1,188,429,000

1:30PM: Equities dive sharply lower as industry leadership turns vastly negative... Semiconductor has come off its highs (up as much as 3%) and is now showing gains of 1.7%... Biotech, transportation, homebuilding, drug, oil service, energy, utility, and industrial are all down more than 1%... At this point, the Nasdaq, Dow, and S&P 500 are all along their lows of the day... The S&P 500 is trading 5 points below its 200-day simple moving average at 1120, while the Dow is trading 6-14 points below its 50-day moving average at 10117/10125...
With the indices deteriorating rapidly, buyers have stuck to the sidelines and sellers - seeing the tone turn bearish - have picked up the pace...NYSE Adv/Dec 1171/2015, Nasdaq Adv/Dec 1419/1520

1:00PM: More of the same as the indices hold to the same range as two hours ago... Sector rotation seems to be the name of the game today, as traders rotate into tech and out of energy and basic material... The latter has plunged today on a commodities' sell-off in the futures market... Copper, specifically, has fallen the most in 8 years on signs of China's growth slowing... A report today showed that China's consumption/buying of the metal fell 21% in July, leading a global decline of 3.3%... Aluminum and steel have also been hit by the implications of China's moderating economy...

This news is hardly new - as the government has said it wants to cool the economy to curb inflation - but the headline buzz of today's report has still had a significant impact on trading...NYSE Adv/Dec 1189/1987, Nasdaq Adv/Dec 1420/1510

Advances & Declines
NYSE Nasdaq
Advances 1056 (31%) 1228 (39%)
Declines 2158 (63%) 1729 (55%)
Unchanged 159 (4%) 167 (5%)

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

Up Vol* 247 (27%) 706 (61%)
Down Vol* 657 (72%) 415 (36%)
Unch. Vol* 6 (0%) 19 (1%)

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

New Hi's 102 96
New Lo's 31 44

[UpInArms]

32. 2:00 EST and all is not well

Dow 9,967.52 -109.66 (-1.09%)
Nasdaq 1,916.84 -8.33 (-0.43%)
S&P 500 1,110.76 -11.08 (-0.99%)
10-Yr Bond 4.085% -0.017

Did somebody yell "fire"?

[UpInArms]

34. adding blather

2:00PM: Bears continue to make their mark on the market, sending the indices even lower in the past half hour... At this point, the Dow, Nasdaq, and S&P 500 are all down 83, 16, and 9 points, respectively, since the sell-off began last hour... A program trade most likely brought about this intense selling, which saw the major averages fall through a number of key support levels... The market's inability to hold its earlier bid - particularly as crude oil lifted off its lows and is now showing slight gains (at $52.58/bbl) - has provoked traders to change their positions...

The opening optimism came despite Intel's (INTC 20.96 +0.68) Q3 (Sept) report - which all things considered, wasn't that encouraging... This has bearish implications for the global economy and makes downbeat comments about China all the more worrisome...NYSE Adv/Dec 1023/2193, Nasdaq Adv/Dec 1206/1744

looks like other people started reading those numbers with more than one candle :evilgrin:

[54anickel]

36. Looks like the pixies are kicking in, but can they bring the Dow back

to 10K before the close? Stay tuned for today's exciting episode of The Pixie Chronicles.

[UpInArms]

37. 2:30 EST still 100+ down

Dow 9,975.19 -101.99 (-1.01%)
Nasdaq 1,916.52 -8.65 (-0.45%)
S&P 500 1,110.88 -10.96 (-0.98%)
10-Yr Bond 4.076% -0.026

NYSE Volume 1,120,677,000
Nasdaq Volume 1,330,305,000

dollar going soft also

Last trade 87.87 Change -0.15 (-0.17%)

[Eloriel]

56. What/Who do you mean by the Pixies?

I don't read this thread that often -- just on "fun" days like this one. :evilgrin:

Does Bush&Co. have a Plunge Protection Team? (Looks like something was up in the last hour, esp. last half hour, of trading today.)

TIA

[KoKo]

42. As Mario Cuomo said recently: "He was WRONG about Iraq/Wrong about

Everything!

They can jabber on and on about how all is well...and they are WRONG.

No excuses, no more blather can be believed of these people. We are in that handbasket on the way to Hell...:-(

[Dogmudgeon]

35. Pre-Debate Jitters?

Looks like the world economic community is weighing in early on the debate. Tonight is Domestic Issues night.

You know that if Bush does as good job as he did in the last two, all our friends and half our population will be sure that Bush is none other than Abbadon, The Destroyer.

--bkl

[54anickel]

31. The worst kind of debt: Charging the groceries

http://moneycentral.msn.com/content/Savinganddebt/Managedebt/P95340.asp

A whopping balance used to be evidence of a shopping frenzy or luxurious trip. Now, we're paying the rent with plastic. Survival debt is a bad, bad sign.

By MP Dunleavey

Editor's note: Columnist M.P. Dunleavey and six other women have come together online to strip away the myths surrounding money, lay bare their assets and liberate themselves from debt. Follow the quest for financial fabulousness of these "Women in Red" in Dunleavey's column on MSN Money.

Like many of her financial sisters, Yalitza knows from debt. She partied hard in her 20s and didn’t think too much about saving for the future. “I honestly didn’t think I’d live to be 30,” she says.

That “I’ll die before I have to pay this back” logic helped Yali to amass about $18,000 in frivolous debt, which -- after the cold light of her 30th birthday dawned -- she worked double time to pay back. And did.

Now 33, she finds herself battling an even more insidious financial burden: Survival debt.

more...

[UpInArms]

38. S&P cuts HCA debt to 'junk' status

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38273.6007060185-823466976&siteID=mktw&scid=0&doctype=806&

NEW YORK (CBS.MW) -- Standard & Poor's downgraded HCA, Inc.'s (HCA) debt to "BB+," or the highest "junk" rating, from "BBB-," due the hospital operator's plan to repurchase $2.5 billion worth of its common stock. S&P feels that because of the debt required to accomplish its stock buyback plan, "credit protection will be more characteristic of a speculative-grade financial profile." Credit analyst Michael Kaplan said this war particularly true given the company's warning of a third-quarter earnings shortfall. The stock was trading down $1, or 2.7 percent, at $36.37.

Did that HCA CEO make like $62 Mill a year? Will have to look that one up - but it was definitely outrageous pay when a nurse couldn't earn $18K and they were laying off staff.

Oh, the good things that health care for profit has brought to us all :eyes:

[UpInArms]

45. still looking, but found this

What with lawsuits and poor financial performance, 1999 could hardly be termed a good year for HMOs. Despite those setbacks, the some HMO executives seemed to do OK for themselves. Of course, what's not shown here is how executives in other industries fare while in the trough. (Remember all those articles about golden parachutes during the recession of the early 1990s?) Regardless of any such comparison, it's a safe bet that these salaries -- if published in a consumer magazine -- wouldn't be used to highlight the positive aspects of managed care.

What top executives made in 1999

(see chart at: http://www.managedcaremag.com/archives/0006/0006.compmon.html )

[UpInArms]

46. here's HCA's CEO compensation

Jack O. Bovender
Chairman and CEO
HCA Inc.

In 2002, Jack O. Bovender raked in $9,372,270 in total compensation including stock option grants from HCA Inc..

And Jack O. Bovender has another $19,201,323 in unexercised stock options from previous years.

http://www.aflcio.org/corporateamerica/paywatch/ceou/database.cfm?tkr=HCA&pg=1

[54anickel]

49. Cripes! That's just nuts!!! Look at that Cigna guys bonus. n/t

[UpInArms]

39. Texas A&M taps Fed's McTeer

http://cbs.marketwatch.com/news/story.asp?guid=%7BD3DB3962%2D31C6%2D48C8%2D8767%2D8F7FECEC9647%7D&siteid=mktw

WASHINGTON (CBS.MW) -- Robert McTeer, the president of the Federal Reserve Bank of Dallas, has been named as the new chancellor of the Texas A&M University system.

McTeer's nomination was announced by Texas A&M on Wednesday.

Technically, McTeer remains the "sole finalist" for the job. Under Texas law, the Texas A&M System Board of Regents cannot formally vote on McTeer's nomination until Nov. 4 to allow for public comment.

McTeer has headed the Dallas Fed since February 1991. A spokesman for McTeer was not available for immediate comment.

McTeer, a native of Georgia, has been a longtime employee of the Federal Reserve. He joined the Richmond Fed in the 1970s and became head of the bank's Baltimore branch in 1980.

Popular with the media because of his folksy charm, McTeer became known as the "Lonesome Dove" for being the only Federal Open Market Committee member to vote against Fed rate hikes in June and August 1999.

<snip>

In the past few years, McTeer was one of the Fed officials who argued that the U.S. had a "new economy," able to grow at a faster pace without fostering inflation.

...more...

[UpInArms]

40. 2:50 EST numbers (pixie dust put in appearance)

Dow 9,995.03 -82.15 (-0.82%)
Nasdaq 1,920.99 -4.18 (-0.22%)
S&P 500 1,113.39 -8.45 (-0.75%)
10-Yr Bond 4.076% -0.026

NYSE Volume 1,187,568,000
Nasdaq Volume 1,401,965,000

2:30 ET The speed of selling slows some as the market bounces off its lows... The Nasdaq has held at a support level - 1915 - that was highlighted in today's The Technical Take, a Briefing.com Platinum service... The semiconductor sector has managed to retain most of its gains, which has improved the position of the Nasdaq...

The blue chip averages, however, remain weighed down by broad-based and intense selling in most of its groups... With the exception of airline and restaurant, every area has traded lower in keeping with the theme of the afternoon... Down volume outpaces up volume by a 3-to-1 margin at the NYSE... ..NYSE Adv/Dec 931/2311. ..NASDAQ Adv/Dec 1107/1886.

[UpInArms]

43. 3:06 EST numbers and blather (just under 10K)

Dow 9,997.32 -79.86 (-0.79%)
Nasdaq 1,919.91 -5.26 (-0.27%)
S&P 500 1,112.68 -9.16 (-0.82%)
10-Yr Bond 4.078% -0.024

NYSE Volume 1,241,783,000
Nasdaq Volume 1,460,827,000

3:00PM: Stocks remain on the defensive as buyers continue to take shelter from this trading environment... It has become increasingly difficult to be long in this market, as the indices have been prone to volatile, short-term swings... That being said, the S&P 500 is still relatively flat for the year (+1%) despite the wide gyrations... This suggests that certain things (earnings, economic data) have not been entirely disappointing, and have partially offset the negative headlines that have dominated the year (rising interest rates, slowing profits growth, record crude oil prices)...

Briefing.com continues to believe the tone of trading will remain bearish through the general election - at which point the market should assume a more definitive tone... NYSE Adv/Dec 957/2316, Nasdaq Adv/Dec 1131/1878

[UpInArms]

47. 3:36 EST numbers and blather

Dow 9,980.36 -96.82 (-0.96%)
Nasdaq 1,917.91 -7.26 (-0.38%)
S&P 500 1,111.52 -10.32 (-0.92%)
10-Yr Bond 4.078% -0.024

NYSE Volume 1,363,209,000
Nasdaq Volume 1,575,596,000

3:30 ET The market continues to trade near its worst levels in what has been a disappointing session for bulls... First the market started higher - fueled by a strong tech sector - but then quickly began its descent as the indices failed to clear a number of key resistance levels and crude oil began creeping higher... At this point, there appears to be a lot of speculative interest in the commodity - particularly in front of tomorrow's release of weekly US oil inventories... It would not be surprising to see the commodity remain high going into the report (at 10:30 ET)... As a reminder, several influential tech companies (AAPL, NVLS, QLGC, and SNDK) will be reporting after the close... A number of banks (BAC, C specifically) will also be reporting before the open tomorrow... For a preview, be sure to visit Briefing.com's Story Stocks page... ..NYSE Adv/Dec 1046/2224. ..NASDAQ Adv/Dec 1182/1856.

[54anickel]

50. Looks like the Pixies are loosing the battle today.

[54anickel]

51. Take that back, a minute to go and 26 cents left to spare!

[TheWatcher]

52. And somehow the Dow MAGICALLY closes JUST above 10K.

We mustn't handicap the Boy King too much. :)

What a farce our Markets have become.

[54anickel]

57. Yep, you know they're a farce when a non-savy watcher like me can make

the damned call. B-)

[Eloriel]

61. Farce? Or just a nice, legal gambling operation?

:evilgrin:

[Norbert]

53. Sinclair @7.20, -.09 today, -1.24% change

Glad they are not in my rather anemic portfolio

[54anickel]

54. I'd love to see every mutual fund and 401K fund holder contact their

fund adminstrators to see if Sinclair is one of the holdings, then demand they drop it. There are a lot of "little people" in these types of funds. Too bad most tend to be on auto-run when it comes to their 401K.

[54anickel]

55. Weird, the buck dropped off the cliff at 2:00 pm

Back down below its open.

Last trade 87.86 Change -0.14 (-0.16%)

Settle 87.88 Settle Time 15:37

Open 88.02 Previous Close 88.02

High 88.57 Low 87.74


check out the chart:
http://quotes.ino.com/chart/?s=NYBOT_DXY0&v=s

[UpInArms]

60. that may have something to do with this

August trade gap seen deteriorating

http://cbs.marketwatch.com/news/story.asp?guid=%7BA4A0A754%2DFE93%2D49CE%2DAE97%2D25817B68BD5F%7D&siteid=mktw

WASHINGTON (CBS.MW) -- The U.S. trade deficit likely widened to its second-largest level on record in August, economists said.

The Commerce Department will release the August trade report at 8:30 a.m. Eastern Thursday.

Economists indicated all the underlying trends pointed to a wider deficit.

"Trends in oil prices, the ISM import component, custom duties and port data all suggest the deficit will get worse before it gets better," said the economic team at Action Economics.

The consensus forecast of Wall Street economists is for the August deficit to widen to $51.6 billion from $50.1 billion in July.

The only higher deficit was the $55 billion level hit in June.

...more...

[54anickel]

63. Ph hell, why not just go for the record! 56Bigones

[54anickel]

58. Closing (still waiting on the blather - may take a while for them to

dream up a fairy tale)

Dow 10,002.33 -74.85 (-0.74%)
Nasdaq 1,920.53 -4.64 (-0.24%)
S&P 500 1,113.64 -8.20 (-0.73%)
10-yr Bond 4.078% -0.024
30-yr Bond 4.871% -0.009
NYSE Volume 1,548,970,000
Nasdaq Volume 1,769,039,000

Advances & Declines
NYSE Nasdaq
Advances 1085 (31%) 1195 (36%)
Declines 2223 (64%) 1876 (57%)
Unchanged 158 (4%) 175 (5%)

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

Up Vol* 390 (25%) 879 (50%)
Down Vol* 1139 (73%) 803 (45%)
Unch. Vol* 15 (0%) 75 (4%)

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

New Hi's 105 104
New Lo's 43 55

[54anickel]

62. Here's the blather

Close Dow -74.85 at 10002.33, S&P -8.19 at 1113.65, Nasdaq -4.64 at 1920.53: A bullish bias swept the market in the opening minutes of trading, but sellers soon killed that vibe and sent the indices progressively lower throughout the day... The reason for the downturn was the usual suspects: another climb in the price of crude oil (+2% to $53.64/bbl), worries about the global economy (via a negative report on China), and misgivings about what initially sent the market higher in the first place - an earnings report from Intel (INTC 20.99 +0.71)...
The world's largest semiconductor company did report a 14-day decline in inventories, but this came in conjunction with its Q3 (Sept) earnings miss and discouraging guidance for Q4 (Dec)... The news was good enough to launch the semiconductor group higher, but did not translate into broad-based gains for stocks... The rest of the market was worried about a report today that showed China's consumption/buying of copper - considered an indicator of the economy - falling 21% in July, leading to a global decline of 3.3%... This news sent the commodities market spiraling, and effectively slammed the basic material stocks...

Just about every other industry group joined basic material with losses as biotech, transportation, drug, oil service, utility, and homebuilding dropped notably... The latter was hit with news that mortgage applications experienced their largest decline since May... The only sector (other than most of tech) that bucked the bearish bias was restaurant, which benefited from a raised Q3 (Sept) outlook from McDonald's (MCD 28.86 +1.31)... Tonight, look for earnings reports from AAPL, NVLS, QLGC, and SNDK, and tomorrow (before the open) look for earnings from C, BAC, GM, LUV, and UNH...SOX +1.8, XOI -2.1, NYSE Adv/Dec 1085/2221, Nasdaq Adv/Dec 1195/1876

3:30PM : The market continues to trade near its worst levels in what has been a disappointing session for bulls... First the market started higher - fueled by a strong tech sector - but then quickly began its descent as the indices failed to clear a number of key resistance levels and crude oil began creeping higher... At this point, there appears to be a lot of speculative interest in the commodity - particularly in front of tomorrow's release of weekly US oil inventories... It would not be surprising to see the commodity remain high going into the report (at 10:30 ET)...

As a reminder, several influential tech companies (AAPL, NVLS, QLGC, and SNDK) will be reporting after the close... A number of banks (BAC, C specifically) will also be reporting before the open tomorrow... For a preview, be sure to visit Briefing.com's Story Stocks page...NYSE Adv/Dec 1046/2224, Nasdaq Adv/Dec 1182/1856

[UpInArms]

64. Do you think we can "manufacture" enough bigmacs to

save the economy?

The only sector (other than most of tech) that bucked the bearish bias was restaurant, which benefited from a raised Q3 (Sept) outlook from McDonald's

:shakeshead:

:crazy:

[TrogL]

59. Loonie Watch

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

Highlights.



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


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
2004-10-12 Tuesday, October 12 0.795229 USD
2004-10-13 Wednesday, October 13 0.791139 USD





A bit of a bad day for the loonie generally. I can't always post good news. However, some Canadian stocks are doing well.

http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh62033_2004-10-13_19-10-55_n13433828_newsml

BK OF MONTREAL 58.00 +0.55 +0.96%
MITEC TELECOM 1.38 +0.19 +15.97%