Market News

[weatherweenie]

8:32am ET
[BRIEFING.COM] S&P futures vs fair value: +6.2. Nasdaq futures vs fair value: +10.5. New claims for unemployment for the week ended September 8 rose to 319,000 from 315,000 the week before, but that is still a very low level from a historical standpoint. That suggests the weak payroll trend is due to cautious hiring more than a high level of levels, and that businesses have not gone into retrenchment mode.

 

[weatherweenie]

09:00 am : S&P futures vs fair value: +8.8. Nasdaq futures vs fair value: +15.5. Futures push to highest level of the session on what could be a light trading volume day due to the Rosh Hashanah holiday. Oil holding steady at $79.91 a barrel apparently is not an impediment.

 

[weatherweenie]

08:01 am : S&P futures vs fair value: -7.7. Nasdaq futures vs fair value: -15.5. Futures indicate a lower open as European markets decline on news that the Bank of England will provide liquidity to UK mortgage lender Northern Rock. August retail sales data are due at 8:30 ET.

 

[weatherweenie]

8:38am ET
[BRIEFING.COM] S&P futures vs fair value: -9.9. Nasdaq futures vs fair value: -16.2. Futures dip following the slightly weaker than expected retail sales numbers. Total August sales were up 0.3%, below an expected 0.5% gain, but the July increase was revised upward 0.2% to a 0.5% gain. Lower gas prices also led to a decline in that category, which is not such a bad thing. Overall consumer spending remains on track and the impact should be limited.

 

[weatherweenie]

http://news.yahoo.com/s/nm/merrilllynch_credit_dc;_ylt=AkJt6ZOPgX8EQ3RaLSUoEQ4DW7oF

NEW YORK (Reuters) - Merrill Lynch & Co (MER.N) warned on Friday that shaky credit markets forced the world's largest brokerage to reduce the value of securities linked to risky subprime mortgages and other products, a move that could hurt third-quarter profit.

 

[weatherweenie]

Briefing.com
08:00 am : S&P futures vs fair value: -10.7. Nasdaq futures vs fair value: -15.2. Nervousness over Tuesday's Fed action not being as accommodative as hoped have futures indicating a lower open. Oil is down $0.57 to $78.53 a barrel.

 

[weatherweenie]

08:33 am : S&P futures vs fair value: -10.6. Nasdaq futures vs fair value: -11.2. Futures continue to point to lower open as focus remains on the Fed. NY Empire Index at 14.7 for September a bit lower than expected but still fairly strong.

 

[weatherweenie]

Briefing.com
2:30 pm : The major indices have been consolidating downward for just over an hour, though they are still off morning lows. However, indices have edged off afternoon lows in the last few minutes of action.
Any late afternoon moves could be helped by today's extremely light volume, but don't expect any conviction from investors ahead of the Fed's big day tomorrow.

 

[weatherweenie]

8:38am ET
[BRIEFING.COM] S&P futures vs fair value: +6.9. Nasdaq futures vs fair value: +12.5. Futures rise on Lehman earnings above average forecast. PPI -1.4% for August is seen as beneficial, but will be temporary as the 6.6% drop in energy prices is not sustainable. Core rate was in line with expectations at +0.2%. Oil is at $80.76 a barrel.

 

[weatherweenie]

Late summer brought no relief from soaring foreclosures. The number of homes in some stage of default jumped 36 percent month-over-month in August, according to a regular monthly survey.

http://biz.yahoo.com/cnnm/070918/091707_august_foreclosures_way_up.html?.v=4

 

[weatherweenie]

WASHINGTON (AP) -- The Federal Reserve cut a key interest rate for the first time in four years, seeking with an aggressive half-point move to prevent a steep housing slump and turbulent financial markets from triggering a recession.

http://biz.yahoo.com/ap/070918/fed_interest_rates.html?.v=14

 

[Birchtree]

Maybe the surprise results from when Alan Greenspan came out and opined on the possibility of double-digit housing price declines. I'll take a +343 point Dow banger today - I have to redeem my effeminate reputation. Is it true that gasoline prices fell 13.8%, the largest drop in prices since September 2006? Is it also true that residential natural gas prices fell 8.5%, the steepest drop on record?

 

[Hallatauer]

From all the talk of the pundits the last few weeks, I personally like Larry Kudlow, it seemed there was going to be a rate cut. The question really was how much? Well, we got .5% and the markets reacted. As always, what happens tomorrow? Do we get a little profit taking and a 200-300 pt drop in the DOW? Hmmmmmm

 

[Birchtree]

Perhaps more short squeezes tomorrow - wise not to stand on the tracks in front of this train. Now if you want to run in front of the train please join me, because you will get a strong work out.

 

[ATCJeff]

Perhaps more short squeezes tomorrow - wise not to stand on the tracks in front of this train. Now if you want to run in front of the train please join me, because you will get a strong work out.

Do you think many stayed in front of this train? I would think most would have ran for cover today @ 2:15PM.

Jeff

 

[Birchtree]

If I were from Canada, England, France, Germany, Japan, China or any other strong currency country I'd be buying American stocks right now in preparation for the epicenter of intermediate wave 3 of Primary wave 3 of Cycle wave 3. I wouldn't worry about wave 4 for several years. Volume should explode tomorrow as every company tries to buy their own shares while they are still cheap. Big demand lower supply equals a prolonged mega bull market. Be right and sit tight. Snort.

 

[Fivetears]

Very well put, Sir. Break out your favorite running tunes and grab your sneakers. Let's do some hill climbs.

Perhaps more short squeezes tomorrow - wise not to stand on the tracks in front of this train. Now if you want to run in front of the train please join me, because you will get a strong work out.

 

[Fivetears]

After-Hours Trading.

S&P 500 +5.50 1538.60 9/19 2:37am
NASDAQ +6.25 2065.50 9/19 2:36am
Dow Jones +44.00 13879.00 9/19 2:35am

 

[weatherweenie]

8:01am ET
[BRIEFING.COM] S&P futures vs fair value: +3.7. Nasdaq futures vs fair value: -1.2. Further demand for stocks is evident as futures indicate an up open even after yesterday's strong rally. Oil is at $82.02 a barrel. Morgan Stanley reported profits below expectations. CPI data are due at 8:30 ET.

 

[weatherweenie]

8:35am ET
[BRIEFING.COM] S&P futures vs fair value: +6.0. Nasdaq futures vs fair value: +2.8. August CPI fell 0.1% compared to an expected unchanged level, while the core rate was up 0.2%, in line with expectations. These data haven't changed the upbeat tone.