Market News

[peterson82]

With all that recent foreign United States bashing, they certainly need us for their own wealth!

 

[Silverbird]

With all that recent foreign United States bashing, they certainly need us for their own wealth!

They're upset because they've attached themselves to our currency, market, consumer market .....and toxic waste investment vehicles.:worried: So they bash.

But it's not that they need us, they just can't help but get affected by us. Even though the EU is now the largest market overall, that's a bit of a misnomer since that's like saying ASEAN is the fastest growing. On an individual counry basis, the U.S. is the big bear/bull, both militarily and in GDP.

We are the biggest economy, we got economic mononucleosis. We directly or indirectly touch almost everything, and us sneezing and coughing is going to spread.

 

[Frixxxx]

Baby Rally today, maybe a good sell-off this afternoon from those who need to lick their wounds???????

Honestly, If you need cash now, I hope you're in today, but mark my words, interest rate cates can't keep coming!:suspicious:

I hate it when I'm right...geesh........:notrust:

Dow9,258.10-189.01-2.00%

Nasdaq1,740.33-14.55-0.83%

S&P 500984.94-11.29-1.13%

10 Yr Bond(%)3.7130%+0.2070

 

[weatherweenie]

08:30 am : S&P futures vs fair value: +7.60. Nasdaq futures vs fair value: +3.30. Stock futures continue to point to a rebound. Central banks in Asia cut key interest rates in a move to help stimulate global growth. South Korea, Hong Kong, and Taiwan participated in the action, according to Financial Times. Just yesterday a coordinated rate cut was made by several central banks in the West. IBM (IBM) preannounced third quarter earnings of $2.05 per share, which exceeds the consensus of $2.02 per share. The company expects revenue of $25.3 billion, which is shy of Wall Street's $26.5 billion top line estimate. IBM remains confident it will earn at least $8.75 per share for the year, but analysts are expecting a penny more. Jobless claims for the week ending October 4 came in at 478,000, which is down 20,000 from the week before and slightly more than the 475,000 claims that were expected. Continuing claims were up to 3.66 million from 3.60 million. They were expected to total 3.61 million.

 

[Frixxxx]

I am expecting that the Dow discussion over the next few weeks will be 8500. :suspicious:

I may have to readjust my numbers, 8500 may not be bottom.

But then again, maybe I'm a banker at heart.:toung:

 

[weatherweenie]

The Dow's 2,271-point tumble over the last seven sessions is its steepest seven-day point drop ever. Its seven-day percentage decline of 20.9 percent is the largest since the seven-day plunge ending Oct. 26, 1987, when the Dow lost 23.8 percent. That sell-off included Black Monday, the Oct. 19, 1987 market crash that saw the Dow fall nearly 23 percent in a single day.

 

[weatherweenie]

08:03 am : S&P futures vs fair value: -25.90. Nasdaq futures vs fair value: -38.80. Futures point to a sharply lower open as overseas markets plunge on continued economic fears. In Asian trading, Japan's Nikkei dropped 9.6% and Hong Kong's Hang Seng fell 7.2%. In European trading, London's FTSE is down 7.2%, Germany's Dax is down 9.6% and France's CAC is down 8.5%. Credit markets remain tight and uncertainty remains high. The TED spread, which is the difference between what banks charge each for three month dollar loans (three-month Libor) and what the government pays (three-month T-Bill) is up 11 basis points to 4.34%. For comparison, the Ted Spread averaged 0.36% in 2006. Dollar Libor climbed across eight of the 15 terms, although the overnight rate did ease to 2.47% from 5.09%. In earnings news, General Electric (GE) posted a 10% year-over-year drop in third quarter earnings per share to $0.45, which met estimates. The company also said it is on track to meet its full year guidance and will maintain its dividend for the full year. The long-term credit ratings of Goldman Sachs (GS) and Morgan Stanley (MS) are on review for a possible downgrade at Moody's, according to Reuters.com.

 

[weatherweenie]

08:33 am : S&P futures vs fair value: -19.10. Nasdaq futures vs fair value: -31.30. Futures are off their worst levels, but a sharply lower open is still expected. Just hitting the wires, September import prices fell 3.0% month-over-month, compared to the expected decline of 2.8%. Prices are up 14.5% year-over-year, versus the expected increase of 12.2%. Export prices are down 1.0% month-over-month and are up 6.8% year-over year. Separately, the August trade deficit narrowed to $59.1 billion from $61.2 billion, compared to the expected deficit of $59.0 billion.

 

[Birchtree]

Hang on here comes the hot poker - oil is down over $7 an we're headed for a down 400 point open. Should flush out most of the small investors that are cutting and running.

 

[Warrenlm]

With the seeming vagueness of the G7, the lack of interbank loan guarantee in the US, and the continual parade of bad news over the weekend, I'm wondering how to interpret the brief but dramatic bull run Friday on next week's early action. Seems likely that the small guy will be giving sell orders Monday morning?

 

[Birchtree]

Let'em sell as much as they want. In all probability (the stock market) is wrong, as it always has been wrong in its major judgements of the future. In fact, the market is probably wrong again in its obsession over whether this decline will turn into a cataclysmic collapse. I'm willing to take my chances.

http://www.online.wsj.com/public/us

 

[coolhand]

Let'em sell as much as they want. In all probability (the stock market) is wrong, as it always has been wrong in its major judgements of the future. In fact, the market is probably wrong again in its obsession over whether this decline will turn into a cataclysmic collapse. I'm willing to take my chances.

http://www.online.wsj.com/public/us

I'm sure that's true, but it sure is ugly under the surface.

Put my wife's ROTH into cash on Jan 4. It's going back into the market Monday.
If things really do go to chit in a hand basket it won't matter a whole lot anyway. But boy, the upside potential!

 

[FUTURESTRADER]

S&P futures opened up 33 pts

 

[James48843]

Australia opens solidly higher. Up

199.30 (+5.06%)

Question: Japan's Nikkei is still showing friday's fall. Are they opening today, or is there a Japanese holiday??

Anyone know?

thanks

 

[jayhawker]

Australia opens solidly higher. Up

199.30 (+5.06%)

Question: Japan's Nikkei is still showing friday's fall. Are they opening today, or is there a Japanese holiday??

Anyone know?

thanks

Japanese financial markets will be closed Monday, Oct. 13, a national holiday (National Sports Day).

 

[James48843]

Japanese financial markets will be closed Monday, Oct. 13, a national holiday (National Sports Day).

Thank you Jayhawker. You learn something new every day.

National Sports day.

Now there is a good reason to close the markets.

Beats the heck out of watching another day of bloodshed. I simply couldn't take another day of that.

 

[James48843]

Australia's earlier jump has eased a bit, but still is a solid 4% gain.

And now South Korea is open as well-

33.56 (+2.70%).

Thank goodness- maybe at least some stabilization ahead.

Thank you Australia and South Korea.

Now, let's see if we can get China, and Indian markets to also settle down, so that when Europe opens seven hours from now, we can get some green there as well.

 

[James48843]

Hong Kong opens pre-market trading in one minute.

Cross your fingers- here we go.

P.S- I case anyone is interested- India's stock market has it's own song. You can download and listen to it here:

http://www.nseindia.com/content/us/us_nse_tsong.htm

 

[weatherweenie]

08:30 am : S&P futures vs fair value: +47.60. Nasdaq futures vs fair value: +51.50. S&P 500 futures spike to session highs. Dollar Libor, which is the rate that banks charge to lend each other short term loans, declined across all terms, indicating an improved liquidity situation. Despite the decline, Libor remains at elevated levels. In overseas trading, Japan's Nikkei, which was closed Monday, surged 14.2% and Hong Kong's Hang Seng rose 3.2%. In Europe, London's FTSE is up 5.8%, Germany's Dax is up 5.5% and France's CAC is up 5.5%. In earnings news, grocery store operator Supervalu (SVU) reported fiscal second quarter earnings of $0.61 per share, which was $0.08 worse than Wall Street had forecast.

 

[weatherweenie]

09:01 am : S&P futures vs fair value: +46.00. Nasdaq futures vs fair value: +43.50. Stocks futures extend their gains and then dip a bit as financial officials make their statements. The Treasury confirmed that it plans to make up to $250 billion available in capital to U.S. financial institutions in the form of preferred stock in a voluntary program. A maximum of $25 billion will be available to each institution. Firms that participate must restrict executive compensations, including golden parachutes. In a joint statement from Treasury Secretary Paulson, Fed Chairman Bernanke and FDIC Chairman Bair said the "overwhelming majority of banks in the U.S. are strong and well-capitalized." The actions are being taking to increase confidence in the financial system and improve liquidity, the statement said.