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08:30 am : S&P futures vs fair value: -6.0. Nasdaq futures vs fair value: -2.8. Futures retreated into the red after the Fed dashed speculation of inter-meeting cut when it announced its increasing its Term Auction Facility (TAF) to $100 billion. Futures then continue to slide on a recently reported worse than expected payroll reading. The Dept. of Labor said February nonfarm payrolls fell by 63K (consensus +20K). The unemployment rate decreased to 4.8% (consensus +5.0%), from the previous reading of 4.9%.
 
WASHINGTON (AP) -- Employers slashed jobs by 63,000 in February, the most in five years, the starkest sign yet the country is heading dangerously toward recession or is in one already.
The Labor Department's report, released Friday, also showed that the nation's unemployment rate dipped to 4.8 percent as hundreds of thousands of people -- perhaps discouraged by their prospects -- left the civilian labor force. The jobless rate was 4.9 percent in January.

http://biz.yahoo.com/ap/080307/economy.html
 
The financial sector (+0.4%) has outperformed this session, although Washington Mutual (WM 11.00, -0.76) has gotten clipped. The Wall Street Journal reported that WaMu is seeking a capital infusion from private equity and sovereign-wealth funds.
 
There is still no volume in the market- the weakness continues.

We should be due for a bounce back, but there are not enough people on the sidelines buying in for it to take hold.

Looks like 1290 isn't going to hold today- looks like were enroute to 1270 again.
 
James I couldn't agree with you more. I expect a possible up day here and there but the downtrend will continue for probably a couple more weeks. I expect panic selling then a bear market rally starting around the end of March or beginning of April. For now staying in the G fund. F-fund doesn't look very good here either.

I just joined TSPtalk and look forward to posting here. A great group of folks. I retired last October and can now follow the markets with more time available.
:)Good Luck to all!
 
[BRIEFING.COM] S&P futures vs fair value: +1.5. Nasdaq futures vs fair value: +1.5. Futures suggest a muted open. McDonald's (MCD) reported February global comparable sales were up 11.7%, topping the Briefing.com consensus of 6.5%. U.S. comparable sales were up 8.3%, topping the expected 6.5% gain.
 
[BRIEFING.COM] S&P futures vs fair value: +0.2. Nasdaq futures vs fair value: -1.0. It is shaping up to be a flat start to the trading day. Citigroup has again cut its earnings estimates estimates for several investment banks.​
 
12:30 pm : The major indices come off their lows, led by buying interest in financials (2.0%). CNBC reported that Bear Stearns (BSC 64.15, -5.93) Executive Committee Chairman Ace Greenberg said liquidity rumours regarding Bear are "totally ridiculous."
 
We're starting to see some bigger buying order come in right around the 1278 level on the S&P. If Yahoo is correct, it is showing 3 billion shares traded in a block within the last hour.

Anybody got a better website that shows volume? I really want to see accurate volume elsewhere besides the yahoo chart. Big volume would signal a possible bottoming, at least for the moment. But I can't really tell off the Yahoo site.
 
The Japanese yen continues to make gains, and is trading at its strongest level against the dollar since 1999. Despite the yen's advance, the Dollar Index is basically flat on the day.
 
Here is what is scarey.

There was basically little or no money coming in over the last hour. I was expecting to see more money flow in a the 1275 level, but it did not materialize.

Looks like we're in for more downward action ahead.

I'm sitting nicely in "F", thank you very much. Waiting for ANYTHING that looks like a captiulation. We're not there yet.
 
James48843 said:
Here is what is scarey.

There was basically little or no money coming in over the last hour. I was expecting to see more money flow in a the 1275 level, but it did not materialize.

Looks like we're in for more downward action ahead.

I'm sitting nicely in "F", thank you very much. Waiting for ANYTHING that looks like a captiulation. We're not there yet.
Click to expand...


Agree - what else is there to say :eek:
 
TSP is running late on calcuating share prices tonight. usually they are posted by 7:30 pm.

More daylight savings time troubles?
 
James48843 said:
TSP is running late on calcuating share prices tonight. usually they are posted by 7:30 pm.

More daylight savings time troubles?
Click to expand...


I don't know but I my La Crosse atomic clock is having troubles with DST. I manually set it and when I look at it later it's back off by 1 hour. :mad:
 
[BRIEFING.COM] S&P futures vs fair value: +20.0. Nasdaq futures vs fair value: +15.8. Futures get a boost to their best levels of the session on news that the Fed announced a new lending tool. The Fed plans to lend up to $200 billion in hopes to improve liquidity. Separately, the January trade balance deficit was $58.2 billion, compared to the prior reading of that saw a deficit of $57.9 billion. Economists expected a deficit of $59.5 billion. Last night after the close, healthcare provider WellPoint (WLP) lowered its earnings guidance.
 
CNBC announce that the Fed is allowing primary lenders to swap a basket of mortgages for Treasuries for 28 days.

It is over my head but the futures went wild.
 
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