Reply #83: 2:09 EST numbers and blather (still red)

[UpInArms]

Dow 10,452.40 -8.94 (-0.09%)
Nasdaq 1,993.87 -5.48 (-0.27%)
S&P 500 1,180.77 -0.43 (-0.04%)
10-Yr Bond 4.442 -0.49 (-1.09%)

NYSE Volume 1,001,890,000
Nasdaq Volume 908,557,000

2:00PM: Major indices still mired in relatively tight trading ranges, showing little reaction to a spike in oil prices to session highs... Crude oil futures ($53.55/bbl +$0.23) have recently turned positive, perhaps due to some short-covering, as the commodity has declined more than 9.0% from an all-time high over $58/bbl reached one week ago... However, while higher crude oil prices have held the market hostage for quite some time, action in oil prices in either direction have had little impact on equities today...NYSE Adv/Dec 1441/1746, Nasdaq Adv/Dec 1204/1769

1:30PM: Equities continue to fluctuate in lackluster fashion, as the indices still trade with a tinge of caution... Treasurys, however, have recently touched their highs of the session despite a lack of economic data to move the market in either direction... Bolstered buying interest in bonds today has primarily been spurred by diminishing demand for corporate bond issues amid Ford's disappointing FY05 outlook...

Ford's credit rating outlook has subsequently been cut to Negative from Stable at S&P while Deutsche Bank has lowered its rating on Ford bonds to Sell from Hold, prompting investors to seek safety in Treasurys... The 10-year note is up 10 ticks to yield 4.42%...NYSE Adv/Dec 1401/1751, Nasdaq Adv/Dec 1190/1747