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Nnutt- Oil is your specialty--- What is oil doing today?
 
11:00 am : Stocks have taken a turn for the worse amid speculation that Beazer Homes (BZH 8.46 -5.53) may not survive the ongoing housing correction. Such conjecture has erased 40% of BZH's market value. The Homebuilding group, which is already down a whopping 43% year to date, is now today's biggest laggard by far, plunging 7%. The PHLX Housing Sector Index (HGX) is down 4.9%.
Oil recently spiking to new record intraday highs of $78.77/bbl, after the EIA reported the fourth straight weekly decline in crude supplies, has also taken some steam out of the market's latest recovery attempt. Bankruptcy fears surfacing throughout the troubled homebuilding space, though, is the causing the bulk of recent angst among investors. DJ30 -31.09 NASDAQ -19.10 SP500 -7.72 NASDAQ Dec/Adv/Vol 1778/1032/760 mln NYSE Dec/Adv/Vol 1998/1060/530 mln
 
8:00am ET
[BRIEFING.COM] S&P futures vs fair value: +1.4. Nasdaq futures vs fair value: +8.0. Futures indications are trading above fair value, suggesting some of yesterday's surprise heroics late in the session may carry over into the opening bell. A batch of better than expected earnings reports, from Dow component Walt Disney (DIS) and Starbucks (SBUX) last night to Viacom (VIA) and Nokia (NOK) this morning, is helping to comfort investors after being inundated of late with growing concerns of a credit crunch.
Even though the outlook for earnings growth remains problematic, more than two-thirds of the S&P 500 have now reported and profit growth stands at more than twice the average of analysts' forecasts heading into this earnings season.
 
9:56AM Notable laggards (TECHX) : Solid move higher in the overall market but have seen some lagging action in Semi and Energy which could signal a pause in the market run. The Semi HOLDRs (SMH)opened firmer but failed at to work through Wednesday's high and its 50 sma at 38.06/38.12 (session high 38.05) and has pulled back. Similar action in Energy with both the OIH and XLE back in the red after mildly positive starts
 
Briefing.com
11:00 am : Not much has changed since the last update as the indices settle into a relatively narrow range. The Nasdaq continues to outpace its blue-chip counterparts to the upside; but there is little conviction on the part of buyers.
While yesterday's late-day reflex rally has offered some stabilization and rationale that a floor has been established, we don't believe this is a time to try to pick a market bottom because volatility remains extremely high and tightening credit standards continue to undermine the basic market fundamentals. Also, August and September can be difficult months for the market, which further supports why our market view has been neutral since June 25.
 
Briefing.com
11:30 am : The major averages are now trading in split fashion amid a renewed wave of selling interest within the last 30 minutes which briefly pushed all three major averages below the flat line. A complete breakdown in Financials, which remains the market driver due to its very influential 20.8% weighting on the S&P 500, has been the biggest reason for the downturn.
Dow component American International Group (AIG 63.66 -0.91), which analysts estimate may have lost as much as $2.3 bln from its subprime-backed securities, is hitting fresh session lows and offsetting some reassurance on the subprime front. Earlier, Fed Governor Kroszner said the Fed is watching subprime "very, very closely" and the real economy hasn't been affected by the mortgage meltdown.
The Energy sector (-1.8%) and oil prices ($77.00/bbl +0.7%) trading in opposing directions is also disconcerting as the disparity offers less validation behind today's early efforts to build on yesterday's surprise rally.
 
From Aaron Task from www.thestreet.com regarding yesterday's late blast off:
One rumor making the rounds is that a "local" (i.e. individual) trader in the S&P 500 futures pit in Chicago "accidentally sold 5,400 mini S&P futures instead of the intended 54 contracts," writes Carley Garner of Alaron Research.

Garner couldn't identify the trader's name or affiliation, but said in a phone interview she heard the local "didn't realize [the mistake] until the rally whipped back in his face."

Richard D Bieber, managing director of Dominick & Dominick, heard a similar rumor and says that when the source of the alleged mistake "realized his error and put in to cover, people realized what was going on -- and they ran ahead of his order, buying Dow stocks."

Garner agreed "a lot of people benefited from the poor guys' mistake."
Click to expand...
 
tomorrow's July jobs report is being touted as one of this year's most important and always carries market-moving potential
 
Briefing.com
1:30pm ET ...After wallowing in inactivity for most of the session, the 10-year note is now up 8 ticks, pushing the yield to 4.75%. Unfortunately, the safe-haven interest in bonds is being sparked by speculation that another large brokerage firm will report sharp losses tied to subprime, hence the Financial sector hitting fresh session lows and the S&P 500 slipping back into negative territory.
 
Fivetears said:
We'll see how much of a pinch the collapse of two more subprime lenders hits the market tomorrow. :worried:
Click to expand...

I found it strange that when those rumors hit, this afternoon, the market ignored it shot up 100 points. Even now, the futures are normal and the Yen has even fallen a tad. I was expecting a big sell-off but instead, I got the opposite. I don't know what to make of it. Except that technically, the market made a temporary bottom and so it was going to rally anyway?
 
The fall of American Home Mortgage Investment Corp. is pretty big. However, with all the money on the sidelines... it (the market) can do what it wants; today proved that. AHM is now at .72 a share down 50% in after hours (36.40 a share at one point with 59 billion in loans). Can this collapse be ignored? Sure enough. :notrust:
350zCommTech said:
I found it strange that when those rumors hit, this afternoon, the market ignored it shot up 100 points. Even now, the futures are normal and the Yen has even fallen a tad. I was expecting a big sell-off but instead, I got the opposite. I don't know what to make of it. Except that technically, the market made a temporary bottom and so it was going to rally anyway?
Click to expand...
 
Briefing.com
08:30 am : S&P futures vs fair value: +9.0. Nasdaq futures vs fair value: +14.5. The futures market is off its best levels but still trades above fair value to suggest a healthy rebound in equities. With the heavily weighted Financial sector now down 12.7% year to date, 12.4% of which has occurred over the last three weeks, some encouraging developments in the space implies it may provide a floor of notable support.
Merrill Lynch (MER) is up 2.0% in pre-market action after being upgraded to Buy at UBS while Bear Stearns (BSC) is also catching an early bid after co-president and C.O.O. Warren Spector resigned.
 
http://biz.yahoo.com/ap/070807/fed_text.html?.v=1

Text of Federal Reserve Statement
Tuesday August 7, 2:21 pm ET
By The Associated Press

Text of Federal Reserve Policy Statement on Interest Rates

Text of Federal Reserve policy statement on interest rates.
The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent. Economic growth was moderate during the first
 
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