STOCK MARKET WATCH, FRIDAY JULY 11.....(#1)

[ozymandius]

Friday July 11, 2003

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 559
REICH-WING RUBBERSTAMP-Congress = DAY 243
DAYS SINCE DEMOCRACY DIED (12/12/00) 2 YEARS, 214 DAYS
WHERE'S OSAMA BIN-LADEN? 1 YEAR, 272 DAYS
WHERE'S SADDAM? WHERE ARE THE WMD'S? - DAY 113
DAYS SINCE ENRON COLLAPSE = 598
Number of Enron Exec's in handcuffs = 17
ENRON EXEC'S CONVICTED = 0
Other Arrests of Exec's = 53

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




AT THE CLOSING BELL ON July 10, 2003

DJIA 9,036.04 -120.17 (-1.31%)
Nasdaq 1,715.69 -31.77 (-1.82%)
S&P 500 988.67 -13.54 (-1.35%)
10-Year Bond 3.68% -0.03 (-0.78%)
Gold future......344.60 +0.80 (+0.23%)
DOW..........................NASDAQ.......................S&P

||


GOLD, EURO, YEN and Dollars


~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
PIEHOLE ALERT

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

For information on protests and other actions Citizens For Legitimate Government

[ozymandius]

1. Good morning. Here's the WrapUp by Scott Middleton

Earnings in Earnest

All eyes on the market will be focused on earnings reports for the next couple of weeks. As many analysts have already written off the first half of 2003 to the buildup and the subsequent War in Iraq, they now focus their attention on corporate expectations for the second half of the year. We are all looking for the signals that business has started to pick up and the orders for capital equipment have started coming in. These are the same things that were expected in the first half of 2003 and never materialized.
<..cut..>
In economic news claims for unemployment insurance swelled, surprising many ‘experts’ as they predicted the number to decline from the prior week. For 21 weeks straight now, claims have remained stubbornly above the 400,000 level. The continued uncertainty in the job market has forced consumers to restrain from spending.

more...

[ozymandius]

2. Stocks Seen Opening Flat with GE in Focus

NEW YORK (Reuters) - Stocks are expected to open near the unchanged mark on Friday as investors sort through earnings reports from bellwethers like Juniper Networks Inc. JNPR.O and General Electric Inc. GE.N

The market could also take its early cues from a key report on producer-level inflation, with Wall Street searching for signs that profit-eroding declines in prices are at bay.

<..cut..>
But lately good has not been good enough for stock investors, who sent the market sharply lower on Thursday as fears emerged that the economy and corporate profits may not recover enough to support the market's recent rally.

story

This sounds optimistic when viewed under the light of yesterday's bloodletting. About that last paragraph: it would appear that they have already forgotten about the bad news last week and how that did not have anyimpact at all on the markets because Fisher the Fixer was on the job.

[ozymandius]

11. Stocks Are Poised to Open Higher - whaaa?

NEW YORK - U.S. stocks are set to open slightly higher Friday as investors await the latest round of second-quarter reports, including the one from General Electric Co.

Analysts expect the industrial and entertainment giant to report second-quarter earnings of 38 cents a share before Friday's opening bell. <..cut..>

An unexpected rise in jobless claims unnerved Wall Street on Thursday, sending stocks sharply lower on worries the market's recent rally might have come too far, too fast. Yahoo! earnings which met, but didn't beat, estimates also disappointed investors.

story

[ozymandius]

3. GE Reports Lower Second-Quarter Earnings

BOSTON (Reuters) - General Electric Co. GE.N on Friday reported a 14 percent decline in second-quarter profit as gas turbine shipments fell and its plastics business continued to suffer from high costs for raw materials.
<..cut..>
GE's revenue for the quarter was $33.37 billion, almost unchanged from $33.33 billion a year earlier.

story

[silverchair]

4. good morning to ya

i assume stocks will end up in red ink today.

[ozymandius]

6. Good morning silverchair

I will imagine you're right about the stocks seeing red again. GE is a big reason in my mind. It really is amazing to behold the weight and girth of GE. The company is so diversified in its interests that holding any stock in it is like buying into a mutual fund. So when GE slips a bit, the ground shakes.

[Maeve]

10. I'm going to be the contrarian today

The market may do a "rally" after the big fall, altho not back to Monday's opening.
GE may not be as important to Wall Street as you'd expect. The talking heads were already downplaying the expected earnings yesterday and that may have influenced the drop then--today it will be old news.

[ozymandius]

15. I see your point.

See my post #11 - because some voices in print agree with you. However, this runs contrary to the forecast of stocks opening "flat" as was the word from Reuters.

[ozymandius]

5. Greenspan warns again of natural gas crunch

WASHINGTON -- Homeowners should get ready for another winter of high heating bills as tight supplies will likely prop up natural gas prices, Federal Reserve (news - web sites) Chairman Alan Greenspan (news - web sites) said Thursday.

Greenspan said there was little that could be done in the near term to solve the problem, caused by demand growth outpacing supply.

''I'm not aware of any short-term expedients that can be employed at this stage to significantly alter the path that will occur in prices over the next six to nine months or a year,'' the Fed chairman told members of the Senate Energy and Natural Resources Committee.

story

[Maeve]

7. Breaking news on CNN--Coca-Cola

Coca-Cola says it's being investigated by the U.S. Attorney's office in northern Georgia. Details coming

detail on edit:
NEW YORK (CNN/Money) - Coca-Cola Co. said Friday that it is being investigated by the U.S. Attorney's office for Northern Georgia regarding allegations of deceptive marketing and accounting practices raised in a lawsuit filed against the company in May.

The company said it is cooperating with the inquiry.
http://money.cnn.com/2003/07/11/news/companies/coke_probe/index.htm

[ozymandius]

9. Good morning Maeve. This is really interesting.

I would love to know what marketing deception is alleged.

Speaking of Coca Cola: I saw a TV commercial for Dasani water yesterday. It was packaged as the "do it all" elixir for the "jet set glamour queen". Well, the honest truth is Dasani is filtered Atlanta municipal water. It's the same stuff as what comes out of your sink-mounted water filter. Really.

[trogdor]

22. I refuse to drink bottled water.

We have a well, and the water that comes from it is the best water I have ever tasted, IMO. We run a GE whole-house filter, which takes care of most of the sediment and lime that gunks up our appliances. We test our water from time to time, and it comes up clean. There is NO reason whatsoever to actually spend money on bottled water from elsewhere.

My wife buys this stuff, and I flat told her that unless there is a power outage and I can't get any water from the tap, she can drink all that stuff herself. I simply refuse to feed this industry.

[ozymandius]

8. growth vs. deflation - something I found at Economic Issues forum

Our central bank, the Federal Reserve, has cut the interest banks pay practically to the bone. This, they hope, will encourage businesses to borrow money and expand. President George Bush has succeeded in getting tax cuts for the same reason. He hopes the extra money will stimulate growth in the economy.
<..cut..>
Deflation can fuel itself. As demand drops, production is cut; as production is cut, jobs are eliminated; the additional unemployed people lower demand even more, so the cycle can repeat itself. Deflation is what the Great Depression was. All my life, people have said that it could never happen again because "they" have learned how to avoid it.

That's not what that central banker said. He didn't say there was a strategy to prevent deflation. He said, "There should be a discussion about strategies on how to prevent deflation and how to cope with it."

http://reese.king-online.com/Reese_20030711/index.php

[priller]

35. But all these things are supply-side boosts

Which is exactly the wrong thing to be doing. Right now we have over-capacity and weak demand. Why on earth is the administration trying to get companies to expand when they already have too much?

I'm sorry, I still sometimes expect reason and sense from these clowns.

[Coventina]

12. The "I Ching" on today's market

Hi everyone! Nice to be back and "see" you all! :-)

Well, I think today's reading is just about the most negative I have ever seen. Here are a few pieces of what the I Ching says today, "A mistake now could be an insurmountalbe setback....In overcoming this difficulty, you may temporarily align yourself with it....Such advice is meaningless, since you cannot be led...." WOW! I've NEVER seen Ching say that the advice it attempts to give is meaningless! Ching says now is a time of great DANGER. "Do not avoid confrontations in any difficult or threatening situation; you must now meet and overcome them through correct behavior. Maintain a continued resolve. Hold to your ethics and principles and do not for a moment consider compromising what you believe to be right. Acting with integrity and confidence is the key to surmounting the DANGER."

Hmmmm....the best I can make out from all this is that there are going to be some tough times ahead, whether staying in the market or not. I dunno, what do you guys think?
:shrug:

[Maeve]

13. I think you have it!

there are going to be some tough times ahead, whether staying in the market or not

Hang on, we may be in for a summer thrill ride!

[ozymandius]

18. These days are the weathervane for the Summer news season.

Have you noticed how Martha Stewart has flown off the front pages? I thought that she would be the diversion away from the Bush cabal's power grubbing, fraudulent and homicidal tendencies. Apparently, "sexing up" intelligence reports is sexier than an insider trading scandal.

It will be a bumpy ride this season. Better yet - bumpier for the crew at the White House.

[JNelson6563]

17. I Ching very accurate

DANGER is the word for sure!

:hi: Good to see you too Coventina! We've wondered where you were and how you were doing.

Today's Ching is one of the most accurate assessments I've seen BTW, maybe I should get me one of those... ;-)

Julie

[ozymandius]

26. Thank you for the return of the I Ching.

Personally speaking, I really appreciate this. And what a reading to trumpet its return too!

[Maeve]

14. 9:33 and starting cheerfully!

Dow 9,060.69 +24.65 (+0.27%)
Nasdaq 1,724.24 +8.38 (+0.49%)
S&P 500 992.04 +3.34 (+0.34%)

[Maeve]

21. 9:47 update and blather

9:40AM: As indicated by the futures market, the cash market opened with moderate gains... The Nasdaq is spearheading the advance, with the blue-chip averages following on its heels... Today's advance is coming on the back of a sizeable pullback in yesterday's session, ranging 1.3-1.8% for the major averages... This morning's economic data did not have much of an effect on the market, as inflation has not been cited as a major concern of late... To that effect, the PPI report checked in at 0.5% (consensus 0.3%) and ex-food and energy at -0.1% (consensus 0.1%)...
The Trade Balance report came in with a reading of -41.8 bln, basically in-line with the consensus of -41.5 bln...
http://finance.yahoo.com/mo

Dow 9,075.82 +39.78 (+0.44%)
Nasdaq 1,726.81 +10.95 (+0.64%)
S&P 500 993.43 +4.73 (+0.48%)

[JNelson6563]

16. Good morning all!

A little late start today, and what a day it will be!

The street is looking darker and darker, kinda like it's becoming the red-haired step-child.....

I too marvel at the size of GE, like the GOP it is an octopus with its tentacles everywhere. Well it should make a handy scape-goat for today's blood-letting.

I'll be seeing Senator Levin tonight. It's a cook-out with our local Dems. He's very supportive of our little group here and I can't wait to talk to him about all the WMD lies!! Whoo-hoo!! You Go Carl!!! If you all think of any specific questions you'd ask, pass 'em on, I'll do my best to get answers.

Looks like another batton-down-the-hatches day....

Julie--wishing all a happy Friday

[ozymandius]

19. Please send Senator Levin my warmest regards.

I wonder if he hangs out with Ron Paul. After Congressman Paul's appearance on C-Span last night("This is a 'dead man walking' administration."), I am sure they would have a lot to talk about.

[trogdor]

25. Doubt it.

Ron Paul is one of those really scary right-wing libertarian types.

[ozymandius]

30. They do have mutual interests.

They seem to have an immense distaste for what Bush and his neo-con buddies represent.

[JNelson6563]

37. and that can be a very

powerful thing, a mutual dislike. Look at how the neo-cons managed such a successful hate-campaign against Clinton.

Julie

[ozymandius]

20. 9:45 and gleefully bopping right along

DJIA 9,078.98 42.94 (0.48%)
NASDAQ 1,726.32 10.46 (0.61%)
S&P 500 993.51 4.81 (0.49%)

[JNelson6563]

23. thank goodness the storm has passed!

Happy days are here again!! That was a close one, eh? ;-)

9:55 and we're in the money!!


Dow 9,100.68 +64.64 (+0.72%)
Nasdaq 1,731.01 +15.15 (+0.88%)
S&P 500 995.66 +6.96 (+0.70%)
10-Yr Bond 3.682% +0.005


Julie

[Maeve]

24. 9:56 and on it goes

Dow 9,098.44 +62.40 (+0.69%)
Nasdaq 1,730.31 +14.45 (+0.84%)
S&P 500 995.36 +6.66 (+0.67%)

[ozymandius]

27. 10:07 downward bounce

DJIA 9,073.38 37.34 (0.41%)
NASDAQ 1,725.90 10.04 (0.59%)
S&P 500 992.74 4.04 (0.41%)

[ozymandius]

28. AP News Alert - Geneva

The Associated Press
Friday, July 11, 2003; 10:00 AM


GENEVA - World Trade Organization rules new U.S. duties on steel imports are illegal.


© 2003 The Associated Press



updating

[ze_dscherman]

31. Realiatory Duties

The EU said it was ready to impose US$2.2 billion in retaliatory duties on U.S. imports

SNIP

The action represented the fulfillment of a promise Bush made during the 2000 presidential campaign that if elected, he would do a better job than had President Bill Clinton's administration in protecting the domestic steel industry. That pledge was seen as valuable to Bush in winning several key swing states where the steel industry is a major force.



http://www.miami.com/mld/miamiherald/business/6282116.htm

[ozymandius]

32. Bush has undone major points in these steel duties.

Duplicitous? Yes.

Bush scaled back segments of the overall tarrif package, exempting one form of steel after another from duty fees. Consequently, a 100-year old steel company in Bethlehem, PA went under.

Question: would these fees imposede by the EU be legal under the same terms?

[robcon]

29. A little more umph in the upward bounce. 10:30AM

DJIA 9,128.34 +92.30 +1.02%

Nasdaq 1,735.04 +19.18 +1.12%

S&P 500 998.85 +10.15 +1.03%

Dow Util 241.54 +0.96 +0.40%

NYSE 5,586.93 +42.14 +0.76%

AMEX 971.27 +3.81 +0.39%

[Maeve]

33. 10:50 and blather

10:30AM: The indices are on a course of new session highs... The Dow's advance is being aided by gains in Home Depot (HD 33.06 +0.63) and General Electric (GE 28.58 +0.39)... HD was upgraded at Banc of America to Buy from Neutral, saying the company has corrected merchandising miscues and is a better operating company than it has been in years... GE reported Q2 earnings of $0.38 per share, in-line with the Reuters Research consensus, but beat on revenues of $33.37 bln versus the consensus of $32.17 bln...
GE also tightened its previous FY03 EPS range of $1.55-1.70 to $1.51-1.61, versus the consensus estimate of $1.60...
http://finance.yahoo.com/mo

Dow 9,122.75 +86.71 (+0.96%)
Nasdaq 1,733.48 +17.62 (+1.03%)
S&P 500 997.89 +9.19 (+0.93%)


BTW, I'm not feeling too well today and won't be around as much. Will try to check in occasionally, tho.

[ozymandius]

34. sorry to hear you're feelin puny Maeve

Thanks for checking in. My son and I will be heading out shortly for the lunch portion of the day. This is prime opportunity for usual readers to post.

10:58

DJIA 9,118.39 82.35 (0.91%)
NASDAQ 1,732.83 16.97 (0.99%)
S&P 500 997.33 8.63 (0.87%)

[ozymandius]

36. 11:36 and hanging

DJIA 9,117.00 80.96 (0.90%)
NASDAQ 1,732.35 16.49 (0.96%)
S&P 500 997.57 8.87 (0.90%)

[JNelson6563]

38. A lull for the time being?

Sorry to hear you are feeling crappy today Maeve and Ozy--hope you have a good visit with your son.

Looks like Quiet Time for the Street:

11:30AM: The indices pull back a bit, but maintain the bulk of their gains... Sectors supporting the retreat are drug, defense, computer-hardware, housing, networking, and semiconductor groups... The disk drive sector is entrenched underwater, while the housing and semiconductor sectors are flirting with negative territory...
The demise of the latter is particularly noteworthy in the face of Thomas Weisel's upgrade of Intel (INTC 23.42 +0.51) to Outperform from Peer Perform, based on checks suggesting growing optimism that an IT recovery is under way, which is likely to result in a gradual uptick in demand for IT products in 2H03 and a stronger spending environment in 2004.


Dow 9,123.58 +87.54 (+0.97%)
Nasdaq 1,733.90 +18.04 (+1.05%)
S&P 500 998.28 +9.58 (+0.97%)
10-Yr Bond 3.682% +0.005

http://finance.yahoo.com/mo

Will check in again in a bit~

Julie

[Maeve]

39. 12:30 check in and how high?

I really will be surprised if we haven't hit the top of the day, but only time will tell.

Dow 9,134.29 +98.25 (+1.09%)
Nasdaq 1,735.36 +19.50 (+1.14%)
S&P 500 999.84 +11.14 (+1.13%)

[silverchair]

40. well...well...

i feel like a dumbass. it looks as if we will end up in black today. stocks never really made sense to me anyways :shrug:

[JNelson6563]

41. silverchair, this market is totally unpredictable

and part of the reason for that is forces at work that are invisible to the naked eye. ;-)

2:29 and it looks like things are chillin' for a bit:


Dow 9,100.40 +64.36 (+0.71%)
Nasdaq 1,729.34 +13.48 (+0.79%)
S&P 500 996.19 +7.49 (+0.76%)
10-Yr Bond 3.663% -0.014


Two and a half hours, who knows where we could end up? :shrug:

Julie

[JNelson6563]

42. 3:21 and spinning about

was down to +44 now is going back up. Confused maybe. :-)


Dow 9,100.75 +64.71 (+0.72%)
Nasdaq 1,729.34 +13.48 (+0.79%)
S&P 500 996.11 +7.41 (+0.75%)
10-Yr Bond 3.640% -0.037


Julie

[ozymandius]

43. 3:22 and DJIA still stuck in the 60s

DJIA 9,102.14 66.10 (+0.73%)
NASDAQ 1,729.84 13.98 (+0.81%)
S&P 500 996.28 7.58 (+0.77%)

[ozymandius]

44. 4:01

DJIA 9,119.77 83.73 (0.93%)
NASDAQ 1,733.93 18.07 (1.05%)
S&P 500 998.14 9.44 (0.95%)

[radfringe]

45. can't have the market tanking - PPT hard at work

The magic 8-ball blew it for today...thought for sure we'd see a drop due to the weekend

AWOL & Co. are digging themselves in deeper and deeper. Every 'spin" is resulting in more question, and AWOL keeps passing the buck.

It's everyone else's fault.... :eyes:


Whatever happened to those good old repug values about taking responsibility?

back to the markets - Looks like some serious propping up is going on to keep marketeers happy over the weekend. Talkingheads mentioned that the continuing high unemployment is resulting in people clutching their wallets. But, not to worry - the taxcut will fix everything, just wait till the child credit checks hit the mailboxes...

:eyes: Deja Vu all over again.... :eyes:

Changing the batteries in my magic 8-ball... shake it up and it says - for Monday some gains early in the morning, left overs from today's gains, losses later in the day, PPT steps in at the witching hour to try to prop things up - slight gain at the closing bell