STOCK MARKET WATCH, Friday 24 September

[ozymandius]

Friday September 24, 2004

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 118
DAYS UNTIL W* GETS HIS PINK SLIP 39
DAYS SINCE DEMOCRACY DIED (12/12/00) 3 YEARS, 287 DAYS
WHERE'S OSAMA BIN-LADEN? 2 YEARS, 341 DAYS
WHERE ARE SADDAM'S WMD? - DAY 554
DAYS SINCE ENRON COLLAPSE = 1037
Number of Enron Execs in handcuffs = 19
Recent Acquisitions: Ken Lay
ENRON EXECS CONVICTED = 2
Other Arrests of Execs = 54

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

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AT THE CLOSING BELL ON September 23, 2004

Dow... 10,038.90 -70.28 (-0.70%)
Nasdaq... 1,886.43 +0.72 (+0.04%)
S&P 500... 1,108.36 -5.20 (-0.47%)
10-Yr Bond... 4.03% +0.04 (+0.98%)
Gold future... 412.60 +3.70 (+0.90%)





GOLD, EURO, YEN and Dollars

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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

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[ozymandius]

1. Market WrapUp with Martin Goldberg (updated)

Impressive Short-Covering Rally Likely Over

The last few weeks have shown a stock market with tremendous apparent resilience at the surface. It may have seemed that the market is in a new bull, just after many technicians pronounced the bull dead a short time ago. But are we in a new bull market? There are many pieces of evidence ranging from simple trendlines to more complex analyses that all suggest that the latest rally was just one more sucker’s rally. In this article I present evidence to support that the rally is on its last leg.

-cut-

Hot Guru Method Suggests Rally Over

Accomplished technical analyst, Dr. Alexander Elder suggests, “When you spot a hot guru, it pays to follow his advice.” Following successful advice in both the March of 2000 Nasdaq top and the more recent “Ganymede” rally that concluded in January of 2004, Investor’s Business Daily (IBD) and their “CANSLIM” approach is the approach used by legions of hot gurus. That IBD is a “hot guru” is also confirmed by the approximate 100% “rally” in yearly subscription costs. The likely advice of IBD is to sell, and one should not underrate the effect of the “hot guru’s advice” on the stock market. The previous correctness results in legions of followers, until these legions actually can “become” the market to a great extent.

-cut-

Today’s Market

All three indices put out ugly candlesticks yesterday on healthy volume, suggesting that the short-term trend of the stock market turned from “up” to “down”. There was nothing in today’s action to suggest that yesterday’s signal was a false one. The Dow was down 70 (10,039), the S&P 500 down 5 (1886), the Nasdaq flat (1886), the Russell 2000 flat, and the mid-caps practically flat. Gold was up 2.00 at $411, and silver up $0.08 at $6.45. The XAU was up 0.27%, and the HUI up 1.2%. Silver stocks appear to be acting particularly well. A stock that was featured a few weeks ago as having outperformed its underlying silver metal consistently, silver standard (SSRI), has broken out of its short-term trend to the upside. As with many precious metals stocks, it is now approaching its spring of 2004 high. It would be technically healthy for these stocks to base for a while before making a run to fresh 52-week highs.

http://www.puplava.org/mpuplava/0923/goldberg.html

[ozymandius]

2. Symbionts and Parasites (from DU homepage)

By Ernest Partridge, The Crisis Papers

For more than two hundred years, the American republic has grown and flourished - politically free and economically prosperous - as its component institutions and social classes have worked cooperatively to the advantage of all. True, there has been class conflict and struggle along the way, but our laws and institutions have resolved them peacefully.

Now an emerging class of wealthy and powerful elites, the "oligarchs," are about dismantle this splendid political structure, unless they are thwarted in the upcoming election.

-cut-

This is an elementary fact, taught in any Econ. 101 class. Yet the emergent class of American oligarchs that have taken control of our government, our media, and quite possibly the means of counting our ballots as well, seem to believe that they can impoverish the producers of wealth and the next generations, and not suffer for it themselves.

-cut-

With the rise of so-called "neo-conservatism" (in fact, a radicalism), the investing class has transformed itself from an economic symbiont - prospering conjointly with its producer-partner - into an economic parasite - impoverishing its host, the workers, and thus, eventually, itself.

http://www.democraticunderground.com/articles/04/09/24_parasites.html

[trogdor]

3. Looks like another craptastic day on Wall Street.

I told you all the Dow couldn't hold 10,300. Look for the Dow to drop to about 9,600 or so by the end of next week before rallying again, just in time for Nov. 2nd.

[ozymandius]

4. Bund yields rise after hawkish Fed minutes

Eurozone government bond yields rose on Friday in line with the overnight trend of US Treasuries.

The publication of the minutes of the Federal Reserve (news - web sites)'s August meeting had indicated a tightening of interest rate policy.

This was in contrast with earlier comments by the Fed that inflationary expectations had cooled.

story

Looks like Greenspan hit another foul ball.

[ozymandius]

5. Demand for Big-Ticket Goods Drops in Aug.

WASHINGTON - Orders to U.S. factories for big-ticket goods dropped in August, largely weighed down by a sharp decline in demand for commercial airplanes.

The Commerce Department (news - web sites) reported Friday that orders for durable goods — costly manufactured products expected to last at least three years — declined by 0.5 percent, following a 1.8 percent advance in July.

The manufacturing picture, however, looked better when volatile transportation equipment, such as airplanes, was excluded: Orders rose by a solid 2.3 percent in August. That compared with a flat reading for July and marked the biggest increase since March.

Economists were forecasting a 0.3 percent decline in overall durable-goods orders for August based on the expectation that demand for commercial airplanes would decline after shooting through the roof in July. Orders for commercial aircraft plunged by 42.8 percent in August, compared with a 103.6 percent surge in July. Bookings for military airplanes and parts also declined in August.

story

[ozymandius]

7. Just thnking about this line -

The manufacturing picture, however, looked better when volatile transportation equipment, such as airplanes, was excluded:

What types of products are we talking about here?

[UpInArms]

9. I believe that would be "defense" related products

http://cbs.marketwatch.com/news/story.asp?guid=%7BFFB1F355%2D3728%2D4958%2DA6FB%2DFD1F45AD38DC%7D&siteid=mktw

excerpt:

Outside of transportation, most sectors recorded healthy gains in orders and shipments. Machinery and primary metals, two of the strongest sectors over the past year, were exceptions, lagging in August.

Orders for computers and electronics rose 4.1 percent for August, while shipments increased 1 percent. Most of the gains were in communications equipment.

Orders for machinery were unchanged with shipments falling 1.1 percent.

Orders for fabricated metals rose 4.2 percent, while shipments increased 0.2 percent.

Orders for primary metals dropped 0.5 percent, while shipments increased 1.8 percent.

Orders for electrical equipment increased 1.8 percent, outpacing a gain of 1.4 percent in shipments.

With orders falling 6.8 percent, transportation shipments increased 4.6 percent last month. Orders for motor vehicles increased 5.7 percent, while shipments increased 5 percent.

Orders for defense capital goods increased 4.5 percent, while shipments increased 1.5 percent.

[ozymandius]

13. DoD statistics skew these numbers.

from the article:

Breaking down the data

Orders for core capital goods -- excluding both defense goods and civilian aircraft -- fell 0.5 percent in August, but for the past year they were up 12.6 percent. Core capital goods orders are the best monthly indicator of demand for business investment goods.

As I recall Jesse Jackson saying some years ago: "America used to make VCRs, television sets, radios and other consumer goods. Now we export bombs, prisons and violence. In other words: we now make things for which there is no market."

This trend for core capital goods seems to follow the rise in mortgage applications as fence-sitters moved ahead of interest rate hikes. So (sheet) metal products could be traslated into refrigerators, washing machines, dryers and air conditioners.

[UpInArms]

17. that's why making war

is so very important to our "national security" :crazy:

[UpInArms]

6. daily dollar watch

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

Last trade 87.90 Change -0.54 (-0.61%)

http://www.fxstreet.com/nou/noticies/afx/noticia.asp?pv_noticia=1096030590-9e32d306-24669

Dollar falls after U.S. durable goods data

CHICAGO (AFX) -- The U.S. dollar extended an early decline after a report showed a decline in U.S. durable goods orders in August. Some details of the report, however, were stronger, including a substantial rise in orders when the volatile transportation sector is excluded. The dollar was quoted at 110.56 yen vs. 110.61 yen before the report's release. The euro was quoted at $1.2323 vs. $1.2315 before the data

the only other report due today:

Sep 24 10:00 AM
Existing Home Sales Aug
report -
briefing.com 6.80M
market anticipates 6.65M
last report 6.72M
revised -

Have a Great Day Marketeers!

[UpInArms]

8. pre-opening blather

briefing.com

09:12 ET S&P futures vs fair value: -1.1. Nasdaq futures vs fair value: -2.0. With a few minutes left in pre-market trading, all signs point to a lower open for the indices... Buyers remain wary in light of the market's dismal performance this week.

8:52AM: S&P futures vs fair value: -1.0. Nasdaq futures vs fair value: -2.0. Futures indications continue to signal a weaker open for the cash market following the 0.5% drop in August Durable Orders... That combined with carryover momentum from this week's pullback has led traders to be cautious.

8:32AM: S&P futures vs fair value: - 0.7. Nasdaq futures vs fair value: -1.5. Little response in the futures market to the weaker than expected August Durable Orders report... Orders fell for their largest rate since May, and have thus suggested business spending has slowed... Due in part to this, expectations for a lower start remain intact.

8:00AM: S&P futures vs fair value: -1.4. Nasdaq futures vs fair value: -2.5. Futures trade denotes a negative disposition, which should translate into a negative start for the cash market... Large losses in the Asian indices (Hong Kong's Hang Seng -1.6%), concerns the price of crude oil could breach $50/bbl, and worries about impending profit warnings have hung over the market.

ino.com

The December NASDAQ 100 was lower overnight as it consolidates below the 25% retracement level of the August- September rally crossing at 1411.71. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, the 38% retracement level crossing at 1393.45 is the next downside target. Closes above the 10-day moving average crossing at 1424.80 would temper the near-term bearish outlook in the market. The December NASDAQ 100 was down 1.00 pt. at 1410 as of 5:56 AM ET. Overnight action sets the stage for a steady to weaker opening by the NASDAQ composite index later this morning.

The December S&P 500 index was slightly higher overnight due to light short covering as it consolidates some of this week's decline. If December extends this week's decline, the 38% retracement level crossing at 1105.25 is December's next downside target. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Overnight action sets the stage for a steady to weaker opening when the day session begins later this morning.

[UpInArms]

10. Freddie tweaks profit, cautions on 2004

http://cbs.marketwatch.com/news/story.asp?guid=%7B6F398035%2D6BCA%2D4053%2D9677%2DBE9E990D5E6A%7D&siteid=mktw

NEW YORK (CBS.MW) -- Freddie Mac filed its 2003 annual report Friday, as the U.S. mortgage agency adjusted its previously reported earnings lower to reflect a reserve for legal proceedings arising from a previous restatement.

The adjustment had the effect of reducing the McLean, Va.-based company's 2003 profit by $75 million.

Also, Freddie (FRE: news, chart, profile) cautioned on 2004 results, saying volatility caused by accounting for derivatives will "adversely affect our GAAP results in the first half of 2004."

Freddie said in the 2003 annual report that it uses derivatives to "economically hedge the interest-rate risk of our mortgage business."

However, "the fair value of these derivatives can fluctuate significantly from period to period... The recognition of these fair value fluctuations in income can make our GAAP results very volatile from quarter to quarter and year to year," the company said.

...a bit more...

[UpInArms]

11. 9:47 EST markets are open

Dow 10,050.11 +11.21 (+0.11%)
Nasdaq 1,891.60 +5.17 (+0.27%)
S&P 500 1,109.92 +1.56 (+0.14%)
10-Yr Bond 4.041% +0.013

[UpInArms]

12. Oil dips as U.S. loans out supplies

http://money.cnn.com/2004/09/24/markets/oil.reut/

Traders say loans from strategic petroleum reserve will do little to alleviate supply concerns.

LONDON (Reuters) - Oil prices dipped Friday after a strong run as the U.S. government prepared to lend out some strategic crude stocks, but traders said the amounts were small and that supply worries remained.

U.S. light crude for November delivery shed 19 cents to $48.27 a barrel after trading as high as $49 Thursday, 40 cents below the $49.40 record set Aug 20.

London Brent crude fell 35 cents to $44.78. Brent also set a new record at $45.75 a barrel Thursday on nagging fears over a U.S. oil supply shortfall caused by Hurricane Ivan.


Traders said the slightly weaker market reflected some profit taking from gains of more than $4 over the last eight days.

"The next big question for the market is whether we can actually get above $50 in New York," said Tony Machacek of brokerage Prudential Bache.

"Otherwise everything in the nearby trend suggests that we are still going higher."

...more...

[UpInArms]

14. home sales report in

10:00am 09/24/04 U.S. AUG. EXISTING HOME SALES DOWN 2.7% TO 6.54 MLN

[ozymandius]

15. Wow.

Just in sync with higher interest rates. Are people buying new more than used?

[UpInArms]

16. 10:04 EST numbers and blather

Dow 10,050.63 +11.73 (+0.12%)
Nasdaq 1,892.88 +6.45 (+0.34%)
S&P 500 1,110.59 +2.23 (+0.20%)
10-Yr Bond 4.044% +0.016

10:00AM: Market improves its stance some, lifting modestly above the unchanged mark... Technology, transportation, drug, cyclical, basic material, and financial have shown slight gains and helped keep the S&P 500 bid... Serving to offset those gains, however, has been homebuilding, airline, utility, telecom service, and consumer staple with moderate losses... Interest-rate sensitive sectors such as homebuilding and utility have been hurt by the profit-taking action seen in the treasury market, which had been trading at its best levels since April...

Meanwhile, August Existing Home Sales just checked in at 6.54 mln (consensus of 6.65 mln).... So far, the market has had no response...NYSE Adv/Dec 1294/1132, Nasdaq Adv/Dec 1221/938

9:45AM: A mixed start for the indices as buyers have veered on the side of caution this morning... Asia plunged considerably (Hong Kong's Hang Seng -1.6%), corporate news has been limited, and - so far - economic data have been disappointing... August Durable Orders declined 0.5% (consensus of -0.3%) for their weakest rate since May as transportation orders plummeted... Non-transportation orders did rise a healthy 2.3%, but were not enough to offset the softness seen in civilian aircraft... The last economic report of the day will come out at 10 ET (August Existing Home Sales)...

The market expects a 70,000 drop to 6.65 mln...

Reality? What's that? Let's rally!

[ozymandius]

18. numbers and blather

10:11
Dow 10,051.00 +12.10 (+0.12%)
Nasdaq 1,893.18 +6.75 (+0.36%)
S&P 500 1,110.48 +2.12 (+0.19%)
10-Yr Bond 4.052% +0.024
NYSE Volume 162,087,000
Nasdaq Volume 194,902,000


Durable Goods, Lower Oil Lift Stocks

NEW YORK (AP) -- Stocks edged higher in early trading Friday as a slight dip in oil prices and a satisfactory report on durable goods orders cheered investors at the end of a losing week.

-cut-

Oil prices, which approached record high levels this week, fell modestly on the New York Mercantile Exchange, giving investors hope that crude would retreat further, easing pressure on consumers and businesses. A barrel of light crude was quoted at $48.20, down 26 cents.

Investors also got a lift from a Commerce Department report on durable goods orders for August. While orders for goods designed to last three or more years fell 0.5 percent for the month, a large falloff in aircraft orders was to blame. Without transportation equipment, durable goods orders actually rose a strong 2.3 percent -- a sign that businesses and consumers may have started spending again after a nervous summer.

Investors also awaited the National Association of Realtors report on existing home sales in August, another sign of whether consumers were ready to once again commit to the large purchases that help fuel economic growth.

http://biz.yahoo.com/ap/040924/wall_street_5.html

[ozymandius]

19. I must dash out for a few hours.

Here are the 10:21 numbers. Volume is picking up.

Dow 10,048.93 +10.03 (+0.10%)
Nasdaq 1,893.28 +6.85 (+0.36%)
S&P 500 1,110.47 +2.11 (+0.19%)
10-Yr Bond 4.048% +0.02
NYSE Volume 219,507,000
Nasdaq Volume 247,734,000

[UpInArms]

20. 10:35 EST numbers and blather

Dow 10,049.81 +10.91 (+0.11%)
Nasdaq 1,890.72 +4.29 (+0.23%)
S&P 500 1,110.38 +2.02 (+0.18%)
10-Yr Bond 4.043% +0.015

NYSE Volume 264,549,000
Nasdaq Volume 291,400,000

10:30AM: Major indices continue to sport incremental gains as buyers pick and choose from stocks... The breadth figures are mildly positive, but it cannot be said buyers possess strong conviction... They have instead expressed a preference for tech and biotech - areas that have performed well since Wednesday's massive pullback... Homebuilding shares (which have exhibited relative strength since the bond market zoomed higher the past month), however, have been not caught a bid... August Existing Home Sales fell 2.7% to 6.54 mln (consensus of 6.65 mln) as most regions of the US experienced drops...

Briefing.com would argue, though, that the housing/refinancing boom is not over yet as the yield on the 10-year note has returned to its spring levels...NYSE Adv/Dec 1671/1049, Nasdaq Adv/Dec 1475/998

[UpInArms]

21. 11:34 EST numbers and blather

Dow 10,055.42 +16.52 (+0.16%)
Nasdaq 1,894.69 +8.26 (+0.44%)
S&P 500 1,111.92 +3.56 (+0.32%)
10-Yr Bond 4.054% +0.026

NYSE Volume 443,830,000
Nasdaq Volume 479,319,000

11:30 ET Market lifts some and approaches its best levels, although gains remain moderate at best... Health care, retail, consumer discretionary, and energy have emerged as the biggest winners and helped position the S&P 500 (+0.4%) around the Nasdaq (+0.5%)... Retail itself has been the beneficiary of some positive analyst commentary - Deutsche Bank said it saw a possible inflection point for apparel specialty retail stocks October 7, when retailers release their September same store sales... The firm said it expected investors to look beyond the back-to-school season and shift their focus to a potentially rosier holiday... ..NYSE Adv/Dec 1865/1117. ..NASDAQ Adv/Dec 1685/1030.

11:00 ET Equities continue to run in place just above the flat line with few catalysts to send them noticeably higher... The impending Q3 (Sept) earnings season, which starts Thursday October 7 with Dow component Alcoa's (AA 30.93 -0.16) release, has cast a pall over trading as earnings pronouncements - so far - have been negative... Semiconductor companies especially have cut outlooks, and that has precipitated the S&P 500's fall below its 200-day simple moving average... With technical conditions fairly weak, investors have chosen the path of least resistance, and opted to hold back ahead of the weekend... ..NYSE Adv/Dec 1684/1210. ..NASDAQ Adv/Dec 1429/ 1168.

[strizi64]

22. Weekly ECRI-LEI down 0.3%

U.S. ECRI weekly leading index down 0.3%

WASHINGTON (CBS.MW) -- Momentum in U.S. economic growth has stalled for the eighth straight week, according to the weekly leading index complied by the Economic Cycle Research Institute. The ECRI index fell 0.3 percent last week, identical to the previous week's decline. A pervasive decline over a longer period of time would forecast a slowdown in the economy, the ECRI says.


http://www.businesscycle.com

[UpInArms]

23. 12:43 EST numbers and blather

Dow 10,057.56 +18.66 (+0.19%)
Nasdaq 1,884.19 -2.24 (-0.12%)
S&P 500 1,110.94 +2.58 (+0.23%)
10-Yr Bond 4.049% +0.021

12:30PM: Stock market takes a turn lower as the semiconductor group effectively collapses... After showing slight gains for most of the morning, the sector has plunged into the red after failing to work its way through its 50-day exponential moving average or yesterday's high... Members that have paced the decline have been programmable logic devices names such as Xilinx (XLNX 27.54 -1.54) and Altera (ALTR 19.21 -1.09)... Computer hardware, networking, disk drive, and internet have also joined the semiconductor share on the defensive...

As a result of such tech laggards, down volume now outpaces up volume at the Nasdaq...SOX -3.3, NYSE Adv/Dec 1833/1275, Nasdaq Adv/Dec 1512/1295

12:00PM: Buyers have tiptoed through stocks this morning - picking up shares selectively but not showing strong enough conviction for a rally... Worries about the Q3 (Sept) earnings season and the rate of economic growth have held buyers back in the early action... August Durable Orders, in fact, fell 0.5% (consensus of -0.3%) for their weakest rate since May, and August Existing Home Sales dropped 3% to 6.54 mln (consensus of 6.65 mln)... As a result, most of today's strength has been the result of stock and sector-related groups...

Retail, for instance, has moved higher off a Deutsche Bank prediction that October 7, the date of September same store sales, could represent an inflection point for the apparel retail stocks... Transportation, managed care, basic material, and energy have been the other areas to show relative strength this morning... Offsetting this, though, has been losses in airline, homebuilding, and mortgage...

[MARALE]

24. The 2:00 pixies are at it again!

N/T

[UpInArms]

25. 2:38 EST numbers and blather

Dow 10,063.16 +24.26 (+0.24%)
Nasdaq 1,885.73 -0.70 (-0.04%)
S&P 500 1,111.97 +3.61 (+0.33%)
10-Yr Bond 4.033% +0.005

2:30PM: Indices subside some, as the Dow and S&P 500 return to their earlier levels... The spike in the price of crude oil - which happened concurrently with the rally - has finally caused some selling in the broader market... At current levels, crude oil is only $1.50 off the $50/bbl mark and has raised worries about its impact to corporate profits... Tech remains the largest laggard at this point, where disk drive, networking, and semiconductor have all posted losses of 1% or more...

The blue chips, however, have maintained their positive stance thanks to gains in every single S&P group (except tech)...SOX -2.7, NYSE Adv/Dec 1940/1272, Nasdaq Adv/Dec 1616/1336

2:05PM: The market catches a bid, after nearly 5 hours of range-bound trading... Health care, basic material, indistrual, retail, and energy have all been at the front of the rally and have lifted the Dow and S&P 500 to new session highs... Energy itself has zoomed higher off the flattening of the crude oil price... The commodity was down as much as 2%, but has now reversed course for a slight gain... Some analysts have predicted crude oil prices may rise to $50/bbl next week as US refineries increase purchases to refill inventories that are close to a 29-year low...NYSE Adv/Dec 1940/1252, Nasdaq Adv/Dec 1335/1287

1:30PM: Equities continue to trade in split fashion, the Nasdaq trailing its blue chip counterparts... Tech has been punished in a late morning sell-off that originated in the semiconductor group... The source of the weakness was multi-fold, but involved talk of a Tier 1 firm buying Semiconductor Index (SOX) puts and more negative chatter in the space...

[TrogL]

26. Loonie Watch

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

Highlights.



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

2004-08-24 Tuesday, August 24 0.766401 USD
2004-08-25 Wednesday, August 25 0.76646 USD
2004-08-26 Thursday, August 26 0.762021 USD
2004-08-27 Friday, August 27 0.763126 USD
2004-08-30 Monday, August 30 0.759071 USD
2004-08-31 Tuesday, August 31 0.759532 USD
2004-09-01 Wednesday, September 1 0.765052 USD
2004-09-02 Thursday, September 2 0.769527 USD
2004-09-03 Friday, September 3 0.768935 USD
2004-09-07 Tuesday, September 7 0.776277 USD
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


Still climbing except against the Aussie.

[KoKo]

27. Closing Numbers and maybe a little "wall of worry" beginning to show up?

Lots of blather about oil prices...

Dow 10,047.24 +8.34 (+0.08%)
Nasdaq 1,879.48 -6.95 (-0.37%)
S&P 500 1,110.11 +1.75 (+0.16%)
10-Yr Bond 4.031% +0.003
NYSE Volume 1,255,327,000
Nasdaq Volume 1,356,544,000

[UpInArms]

28. here's the blather

Close: The market finished flat for the day, which reflects the noncommittal attitude of investors ahead of the Q3 (Sept) reporting season... This week has been loaded with disappointing earnings pronouncements from notables such as Morgan Stanley (MWD 50.03 +0.51) and Wendy's (WEN 32.94 -0.05), and thus buyers have been wary of stocks - explaining this week's downward action and today's lackluster performance... Volume was anemic throughout the session, sector participation was unimpressive, and breadth figures were fairly mixed...

Economic data were disappointing, with August Durable Orders declining 0.5% (consensus of -0.3% ) and August Existing Home Sales dropping 3% to 6.54 mln (consensus of 6.65 mln)... Crude oil also crept higher by the slimmest of margins - ending at $48.88/bbl and near the $50 bbl mark as forecasted by some observers aware of the low inventories situation at US refineries... Energy, thus, was one of the top performers today, and joined basic material, banking, managed care, and retail...

The latter was helped out by a call out of Deutsche Bank, which said October 7 (the date of September same store sales) could represent an inflection point for the apparel stocks as investors look out towards the holiday season... Tech, however, was the biggest loser of the day as networking, internet, computer hardware, and semiconductor headed lower... The latter plunged by 2.1% as investors continue to believe inventory problems could extend into the December quarter...

[KoKo]

29. Ahhhh....nitty gritty.....inventory problems with tech...not good.

The latter was helped out by a call out of Deutsche Bank, which said October 7 (the date of September same store sales) could represent an inflection point for the apparel stocks as investors look out towards the holiday season... Tech, however, was the biggest loser of the day as networking, internet, computer hardware, and semiconductor headed lower... The latter plunged by 2.1% as investors continue to believe inventory problems could extend into the December quarter...