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Market Talk
- Thread starter Spaf
- Start date
puertorico
Member
imported post
If the boat sinks, I'll swim to land
CSI ,that sound good to me ...
If the boat sinks, I'll swim to land
CSI ,that sound good to me ...
coolhand
Well-known member
imported post
The S&P just broke support at 1163. :shock:It's all uphill from here right?....right???
http://tinyurl.com/58yuy
The S&P just broke support at 1163. :shock:It's all uphill from here right?....right???
http://tinyurl.com/58yuy
teknobucks
Active member
imported post
let the phat lady sing tomm........pleeaaase!
everyone on with "cavuto on fox" was negative.....lol, must be near bottom
tekno
let the phat lady sing tomm........pleeaaase!
everyone on with "cavuto on fox" was negative.....lol, must be near bottom
tekno
teknobucks
Active member
imported post
DJIA now down 700 points from the 2005 high
DJIA now down 700 points from the 2005 high
teknobucks
Active member
imported post
Well Friday could tell us the trend. Another big hit and the market will be digging for a new low end. Goes up with people bargin hunting and this could be the lowend area.That is profit time. This has not been fun or pretty. Some bleeding is going on here.The fear factoris up thereso perhaps the market is set to take off. I have been hearing a lot of doom and gloom. Perhaps they hope we will sell while the buy. Imagine that try to throw us off and take our money. :X Any chance they get. Well now is the time to read those tea leaves. You go Spaf, Tom and the others that know what your doing.
On a side note. How many people are doing better then the G fund? LOL. I'm not,working on it though.
Well Friday could tell us the trend. Another big hit and the market will be digging for a new low end. Goes up with people bargin hunting and this could be the lowend area.That is profit time. This has not been fun or pretty. Some bleeding is going on here.The fear factoris up thereso perhaps the market is set to take off. I have been hearing a lot of doom and gloom. Perhaps they hope we will sell while the buy. Imagine that try to throw us off and take our money. :X Any chance they get.
Well now is the time to read those tea leaves. You go Spaf, Tom and the others that know what your doing.On a side note. How many people are doing better then the G fund? LOL. I'm not,working on it though.
Spaf
Honorary Hall of Fame Member
imported post
The Kingdom of TSP
Daily
Market Weather, Tea Leaves & Yak April 14, 2005 closing
Market weather.
Weather: Market in fear that economic growth could be slowing. Lube increased .91 to $51.13 a bucket.
Charts, and tea leaves.
Charts: S&P ended at 1162.05 down 11.74
P-SAR now 3 days red (short).
CMF money flow ended at -0.111 (leaking money).
RSI strength (50=mid rg) ended at 37.6 (decreasing strength).
MACD moving averages ended at -4.99 (at cross over to bearish).
Tea leaves: Caution. S&P near bottom of support, and trading range.
Yak
New support for S&P figured at 1161.66 and resistance at 1193.26.
Rgds. Spaf
The Kingdom of TSP
Daily
Market Weather, Tea Leaves & Yak April 14, 2005 closing
Market weather.
Weather: Market in fear that economic growth could be slowing. Lube increased .91 to $51.13 a bucket.
Charts, and tea leaves.
Charts: S&P ended at 1162.05 down 11.74
P-SAR now 3 days red (short).
CMF money flow ended at -0.111 (leaking money).
RSI strength (50=mid rg) ended at 37.6 (decreasing strength).
MACD moving averages ended at -4.99 (at cross over to bearish).
Tea leaves: Caution. S&P near bottom of support, and trading range.
Yak
New support for S&P figured at 1161.66 and resistance at 1193.26.
Rgds.
Spaf
teknobucks
Active member
teknobucks
Active member
imported post
Spaf wrote:
Market Activity (Day in Review) for 4-14-2005
--Provided by Briefing.com--
Close Dow -125.18 at 10278.75, S&P -11.74 at 1162.05, Nasdaq -27.66 at 1946.71:
The major indices added to yesterday's thrashing, as concerns about slowing economic growth and corporate earnings kept buyers on the sidelines and closed every economic sector in negative territory... The Dow hit a five-month low while the Nasdaq, which raised a "correction" red flag now that it's off more than 10% in 2005, and the S&P also touched new lows for the year... Just a couple of weeks ago, investors were concerned about inflationary pressures stemming from a growing economy...
Now, the market appears to be unnerved by exactly the opposite - a slowing economy, as demand for commodities like steel and oil has continued to deteriorate... The latter even managed to fall through the $50/bbl mark for the first time since Feb 22, albeit temporarily, before short-covering helped lift the commodity 1.8% to close at $51.13/bbl (+$0.91)... But just as falling oil prices over the last two weeks weren't a source of strength for stocks, it would be a contradiction in the current environment to suggest that rising oil prices were a source of weakness behind today's broad-based move to the downside...
The lack of sector leadership, however, was a huge factor behind today's disappointing performance, as the indices again failed to find support near key technical levels... All ten economic sectors closed lower, with Materials (-2.8%) pacing the way for the second consecutive session due to slowing demand for Steel (-5.1%) and strength in the dollar... The greenback hit a two-year high against the euro (1.2818) and a monthly high against the yen (108.13) after the ECB said there are "no clear signs" of accelerated growth in the euro region... Technology (-1.3%) was weak across the board, with losses in excess of 1.0% witnessed in every sub-sector...
Pacing the way lower was Computer Hardware (-2.5%) amid profit taking in Apple Computer (AAPL 37.26 -3.78), due to its cautious Q3 sales outlook, and selling pressure in Sun Microsystems (SUNW 3.96 -0.06) ahead of its Q3 earnings report... Financials, Industrials, Consumer Discretionary and Utility also posted losses of more than 1.0% while not even a late-day rebound in Energy (-0.5%) was sustainable, despite a 1.8% surge in oil...
Transportation was also weak, as downgrades on a few railroad stocks offset better than expected earnings from Southwest Airlines (LUV 14.94 +0.22) while Consumer Staples (-0.2%), despite finding modest buying interest late in the day, failed to benefit from better than expected Q1 earnings and raised FY05 guidance from PepsiCo (PEP 54.99 +1.36)... Buyers became defensive about Drug stocks (+0.5%), however, as evidenced by gains in Johnson & Johnson (JNJ 69.25 +0.66), Merck (MRK 34.78 +0.26) and Pfizer (PFE 27.46 +0.18) - the only Dow components to finish to the upside...
Some other bright spots on the day were Kerr-McGee (KMG 78.90 +4.93), which surged after announcing a $4.0 bln buyback to head off a takeover attempt by Carl Icahn; Mentor Corp (MNT 37.97 +2.64), which soared after an FDA panel surprisingly voted in favor of bringing its silicone breast implants back to market; and Sherwin-Williams (SHW 45.44 +1.93), which climbed after raising FY05 guidance above consensus estimates... Meanwhile, Treasurys - largely responsible behind yesterday' sell off - had much less of an impact on equities today, as the only pieces of economic data checked in exactly as economists expected...
Initial claims fell 10K to 330K (consensus 330K), which was also consistent with monthly gains of 175K in non-farm payrolls, while Feb business inventories rose 0.5% (consensus +0.5%), following a 0.9% gain in January... The 10-year note finished up 3 ticks to yield 4.34%... DJTA -3.0, DJUA -1.1, DOT -1.3, Nasdaq 100 -1.4, Russell 2000 -1.8, SOX -1.6, S&P Midcap 400 -1.4, XOI -0.1, NYSE Adv/Dec 728/2580, Nasdaq Adv/Dec 744/2304
3:30PM: Stocks still mired in relatively tight trading ranges, as the major averages continue to drift sideways in negative territory going into the close... Meanwhile, although today's in-line economic data had little impact on market action, a slew of economic data tomorrow should provide investors with another perspective on the economy...
At 8:30 ET, April NY Empire State Index (consensus 18.0) will be released while Mar. Industrial Production (consensus +0.3%) and Capacity Utilization (consensus 79.6%) will be out 9:15 ET and a preliminary read on April Consumer Sentiment (consensus 91.7) will hit the wires 15 minutes after the market opens... Earnings reports from General Electric (GE 35.73 +0.09) and Citigroup (C 45.41 -0.40) could also be influential factors...NYSE Adv/Dec 827/2481, Nasdaq Adv/Dec 858/2139
3:00PM: Major indices continue to chalk up losses, spearheaded by broad-based selling in technology... While losses in excess of 1.0% have been realized in every tech sub-sector, Computer Hardware (-2.4%) continues to account for the most weakness... Profit taking in Apple Computer (AAPL 37.24 -3.80) has added the most pressure to the group, but weakness in shares of Sun Microsystems (SUNW 3.89 -0.12), ahead of its earnings report tonight, has also weighed on the space... Analysts expect SUNW to breakeven in Q3, following a loss of $0.08 a year ago, on revenues of $2.72 bln... SOX -1.1, NYSE Adv/Dec 873/2420, Nasdaq Adv/Dec 893/2108
2:30PM: Market pares some of its losses, as buyers step in late in the day to selectively pick up shares, but the indices remain under pressure... Attracting much of the renewed interest in a down market have been defensive stocks, as Consumer Staples (+0.2%) and Health Care (+0.2%) - amid strong follow through in the Drug space - have both recently turned positive and cling to modest gains... Energy (+0.5%), however, has seen the biggest turnaround, as short-covering in crude oil futures ($51.35/bbl +$1.13) has sent oil to fresh session highs heading into the close of commodities trading... NYSE Adv/Dec 842/2424, Nasdaq Adv/Dec 973/1996
2:00PM: Indices continue to languish near session lows as buying interest remains scarce across the board... Perhaps some of the hesitation on the part of buyers could be tied to subdued action in Treasurys, in light of another bond auction... After all, yesterday's meager indirect bidder participation of 28.2% in the 5-year note auction lifted yields on the 10-year note (4.38%) and subsequently pushed the indices to unrecoverable levels...
However, even though today's $9 bln 10-year TIPS auction grabbed a more respectable indirect bidder participation of 42.4% (near an average of 44.3%), relatively quiet action in bonds - driven primarily by technicals ahead of tomorrow's economic data - has been overshadowed by the fact that nine of ten economic sectors remain underwater...NYSE Adv/Dec 786/2438, Nasdaq Adv/Dec 830/2117
1:30PM: Bearish tone persists in stocks as the indices extend their reach into negative territory... The lack of sector leadership continues to weigh on the proceedings, as the major indices have again failed to find support near key technical levels... The S&P 500, however, continues to vacillate just above its Jan/March lows near the 1163 level... Also of note, widespread weakness in small caps - which have paced this year's declines - has taken the Russell 2000 Index below the psychological 600 level for the first time since last November... NYSE Adv/Dec 934/2258, Nasdaq Adv/Dec 907/1999
1:00PM: Broader market action leaves little to be desired, but there are some individual stories of note that are generating excitement... Shares of Kerr-McGee (KMG 79.11 +5.14) have surged after announcing plans to buy back up to $4.0 bln of its stock (between $85 and $92 a share) to head off a takeover attempt by Carl Icahn...
Mentor Corp (MNT 37.92 +2.59) has also surged after an FDA panel surprisingly voted in favor of its silicone breast implants returning to the market while shares of Sherwin-Williams (SHW 45.56 +2.05) have climbed after the company raised FY05 guidance amid better than expected Q1 earnings... NYSE Adv/Dec 1116/2038, Nasdaq Adv/Dec 1035/1844
12:30PM: Sellers remain in control of the action as the major averages continue to trade near session lows... On the Dow, General Motors (GM 27.27 -1.06) has paced the way to the downside, after the SEC subpoenaed documents regarding a transaction conducted with Delphi... Alcoa (AA 29.83 -0.57), Caterpillar (CAT 86.94 -1.66) and DuPont (DD 48.19 -0.50) have also been under pressure, arguably victims of a stronger dollar, while defensive components like Coca-Cola (KO 42.30 +0.20), Proctor & Gamble (PG 55.43 +0.22) and Altria (MO 66.09 +0.22) have actually faired rather well...NYSE Adv/Dec 1080/2050, Nasdaq Adv/Dec 1054/1772
12:00PM: Major indices remain under pressure midday, as concerns over slowing economic growth amid mixed earnings and guidance weigh on sentiment... Even though most of the earnings reports have checked in better than analysts expected, a sell the news reaction has underpinned a negative tone to trading... For instance, Apple Computer (AAPL 38.90 -2.14) handily beat analysts Q2 forecasts and issued upside Q3 EPS guidance, but a cautious Q3 sales outlook has invited selling pressure in the stock that has spread through the rest of the technology sector...
Other notable names posting strong earnings reports today have been PEP, LUV, UNH, DJ, NAV and PGR; but perhaps more earnings data may be needed to get the market back on track, as it is still too early in the earnings season to draw more optimistic conclusions... A breakdown in key technical levels has also had an impact on equity trading, as both the Dow and the Nasdaq have touched new lows for 2005 while the S&P has found modest support just above its lowest levels of the year...
Meanwhile, market participants have found little else to get excited about following the Nasdaq's worst performance (-1.6%) in two months, as activity in Treasurys has been quiet all morning - as the 10-yr note is up 1 tick yielding 4.35% - amid lackluster economic data and oil's influence on trading continues to deteriorate... Both weekly jobless claims (330K) and Feb business inventories (+0.5%) have both checked in exactly as expected while crude oil prices ($50.60/bbl +$0.38), despite quickly falling through $50/bbl, have also been of little interest to investors as concerns over a weakening economy continue to hold precedence...
Eight out of 10 economic sectors continue to trade lower, with Materials (-1.6%) pacing the way for the second consecutive session due to slowing demand for Steel (-3.6%) and strength in the dollar... The greenback has hit a two-year high against the euro (1.2816) after the ECB said there are "no clear signs" of accelerated growth in the euro region... Technology has been weak across the board, led by losses in Hardware (-1.6%) - due in part to Apple's cautious Q3 sales outlook - while Transportation (-2.2%) has been weak following downgrades on a few railroad stocks...
Airline (+2.2%), however, remains strong following better than expected earnings from Southwest Airlines (LUV 15.04 +0.32) while Energy (+0.4%), due to higher oil prices, and Drug (+0.6%), amid decent follow through from yesterday's strong performance, have also posted modest gains... Consumer Staples (+0.3%) has also found modest buying interest amid better than expected Q1 earnings and raised FY05 guidance from PepsiCo (PEP 54.96 +1.33)...DJUA -0.4, DOT -0.7, Nasdaq 100 -0.7, Russell 2000 -0.4, SOX -0.3, S&P Midcap 400 -0.5, XOI +0.7, NYSE Adv/Dec 1128/1987, Nasdaq Adv/Dec 1090/1718
11:30AM: Little changed since the last update as the major averages continue to vacillate in roughly the same ranges... Meanwhile, the Dow Transports (-2.2%) continue to get pummeled, after JP Morgan downgraded railroad stocks Burlington Northern (BNI 47.80 -3.59) and Norfolk Southern (NSC 31.89 -1.59) to Neutral... Sure, Southwest Airlines (LUV 15.07 +0.35) has beaten analysts' Q1 expectations by $0.04, as its aggressive fuel hedging strategy helped protect it from rising fuel costs, but the air carrier has been the only bright spot in a group inundated with weakness... NYSE Adv/Dec 1231/1787, Nasdaq Adv/Dec 1138/1618
11:00AM: More of the same as selling remains widespread and market internals still suggest a bearish bias... Decliners on the NYSE hold a more than 2 to 1 advantage over advancers while declining issues on the Nasdaq outpace advancing issues by a 17 to 9 margin... Meanwhile, the Dow - which since 1950 has averaged a gain of 1.9% in April and earmarked the month as its best - has recently touched a new low (10343) for 2005 while the Nasdaq has slipped to its lowest level (1962) since last October...
The S&P, however, has shown resilience, finding enough support near the 1168 mark to prevent the index from falling below its lowest level (1163) of the year...NYSE Adv/Dec 960/2000, Nasdaq Adv/Dec 950/1717
10:30AM: Major indices spike to fresh session lows despite a decline in oil prices to below $50/bbl... From an economic standpoint the pullback in oil prices is certainly a good thing; however, it is noteworthy that the stock market hasn't been more enthused by the retreat... Arguably, there may be concern that, as oil prices come off, energy stocks, which have comprised one of the few pockets of strength for the broader market, may follow... On that note, oil prices have dropped 13.0% from their April 4 high, while over that same period, the Energy sector has declined 6.1%...NYSE Adv/Dec 1094/1716, Nasdaq Adv/Dec 1030/1530
10:00AM: Equities still on the defensive as the bulk of sector leadership remains negative... Pacing the way lower again has been Materials (-0.9%), due to slowing demand for Steel (-2.1%), while Financial (-0.2%), amid weakness in Brokerage and Banks, has also been under pressure... Technology has been weak across the board, with losses in Hardware (-0.8%) - due in part to Apple Computer's (AAPL 39.43 -1.61) cautious Q3 sales outlook - preventing the influential sector from recovering much of what was lost yesterday...
Consumer Discretionary and Utility have also been weak while Transportation (-1.2%) has been under pressure following downgrades on a few railroad stocks... Airline (+3.7%), however, has been strong following better than expected earnings from Southwest Airlines (LUV 15.30 +0.58) while Energy (+0.9%) has also been strong as oil prices hold onto modest gains...NYSE Adv/Dec 964/1597, Nasdaq Adv/Dec 1044/1269
9:40AM: Stocks open with little fanfare, in line with futures indications, as investors find little in the way of market-moving news to get them excited following yesterday's sell off... Meanwhile, the market had some economic data out this morning that could have perhaps unnerved investors had the data come in worse than expected... But weekly jobless claims of 330K, which is also consistent with monthly gains of 175K in nonfarm payrolls, and a rise of 0.5% in Feb business inventories, have both checked in exactly as expected, failing to aggressively nudge stocks or bonds in either direction...
9:15AM: S&P futures vs fair value: flat. Nasdaq futures vs fair value: +1.5.
9:00AM: S&P futures vs fair value: flat. Nasdaq futures vs fair value: +1.5. Still shaping up to be a relatively steady open for the indices, as futures indications continue to fluctuate around the unchanged mark... While most of this morning's earnings reports (i.e. PEP, LUV, UNH, DJ, NAV, PGR) have checked in better than analysts expected, it appears more data may be needed to give the market more of a boost since it is still too early in the earnings season to draw more optimistic conclusions
8:32AM: S&P futures vs fair value: -0.6. Nasdaq futures vs fair value: +1.0. Futures trade still denotes a mixed bias, possibly signaling a flat open for the cash market... Meanwhile, the Labor Dept. has just released a 10K decline in initial claims to 330K, in line with estimates, while Feb Business Inventories have also matched expectations, with a gain of 0.5%, following a 0.9% gain in January... Both stocks and bonds remain relatively unchanged in response to the data
8:00AM: S&P futures vs fair value: -1.0. Nasdaq futures vs fair value: +0.5. Futures market versus fair value suggesting a flat to slightly higher open for the cash market as oil tests the $50/bbl mark and investors await economic data... Technology will be in focus after Apple Computer (AAPL) reported strong Q2 earnings, but guided Q3 revenues in line with forecasts, while Advanced Micro Devices (AMD), despite missing Q1 expectations, has been upgraded by two analysts amid plans to spin off its flash business in an IPO...
At 8:30 ET, Initial claims (consensus 330K) and Feb Business Inventories (consensus +0.5%) will be released
6:22AM: FTSE...4951.60...-9.20...-0.2%. DAX...4396.08...-9.61...-0.2%.
6:22AM: S&P futures vs fair value: +1.3. Nasdaq futures vs fair value: +3.0.
6:22AM: Nikkei...11563.17...-74.35...-0.6%. Hang Seng...13772.40...-27.22...-0.2%.
Spaf wrote:
Thanks..hope it brings us some luck...sure was in early looking 4 this bottom:XteknobucksTekno....Glad to see your avatar back. Always liked that one!.........................................................................................
Market Activity (Day in Review) for 4-14-2005
--Provided by Briefing.com--
Close Dow -125.18 at 10278.75, S&P -11.74 at 1162.05, Nasdaq -27.66 at 1946.71:
The major indices added to yesterday's thrashing, as concerns about slowing economic growth and corporate earnings kept buyers on the sidelines and closed every economic sector in negative territory... The Dow hit a five-month low while the Nasdaq, which raised a "correction" red flag now that it's off more than 10% in 2005, and the S&P also touched new lows for the year... Just a couple of weeks ago, investors were concerned about inflationary pressures stemming from a growing economy...
Now, the market appears to be unnerved by exactly the opposite - a slowing economy, as demand for commodities like steel and oil has continued to deteriorate... The latter even managed to fall through the $50/bbl mark for the first time since Feb 22, albeit temporarily, before short-covering helped lift the commodity 1.8% to close at $51.13/bbl (+$0.91)... But just as falling oil prices over the last two weeks weren't a source of strength for stocks, it would be a contradiction in the current environment to suggest that rising oil prices were a source of weakness behind today's broad-based move to the downside...
The lack of sector leadership, however, was a huge factor behind today's disappointing performance, as the indices again failed to find support near key technical levels... All ten economic sectors closed lower, with Materials (-2.8%) pacing the way for the second consecutive session due to slowing demand for Steel (-5.1%) and strength in the dollar... The greenback hit a two-year high against the euro (1.2818) and a monthly high against the yen (108.13) after the ECB said there are "no clear signs" of accelerated growth in the euro region... Technology (-1.3%) was weak across the board, with losses in excess of 1.0% witnessed in every sub-sector...
Pacing the way lower was Computer Hardware (-2.5%) amid profit taking in Apple Computer (AAPL 37.26 -3.78), due to its cautious Q3 sales outlook, and selling pressure in Sun Microsystems (SUNW 3.96 -0.06) ahead of its Q3 earnings report... Financials, Industrials, Consumer Discretionary and Utility also posted losses of more than 1.0% while not even a late-day rebound in Energy (-0.5%) was sustainable, despite a 1.8% surge in oil...
Transportation was also weak, as downgrades on a few railroad stocks offset better than expected earnings from Southwest Airlines (LUV 14.94 +0.22) while Consumer Staples (-0.2%), despite finding modest buying interest late in the day, failed to benefit from better than expected Q1 earnings and raised FY05 guidance from PepsiCo (PEP 54.99 +1.36)... Buyers became defensive about Drug stocks (+0.5%), however, as evidenced by gains in Johnson & Johnson (JNJ 69.25 +0.66), Merck (MRK 34.78 +0.26) and Pfizer (PFE 27.46 +0.18) - the only Dow components to finish to the upside...
Some other bright spots on the day were Kerr-McGee (KMG 78.90 +4.93), which surged after announcing a $4.0 bln buyback to head off a takeover attempt by Carl Icahn; Mentor Corp (MNT 37.97 +2.64), which soared after an FDA panel surprisingly voted in favor of bringing its silicone breast implants back to market; and Sherwin-Williams (SHW 45.44 +1.93), which climbed after raising FY05 guidance above consensus estimates... Meanwhile, Treasurys - largely responsible behind yesterday' sell off - had much less of an impact on equities today, as the only pieces of economic data checked in exactly as economists expected...
Initial claims fell 10K to 330K (consensus 330K), which was also consistent with monthly gains of 175K in non-farm payrolls, while Feb business inventories rose 0.5% (consensus +0.5%), following a 0.9% gain in January... The 10-year note finished up 3 ticks to yield 4.34%... DJTA -3.0, DJUA -1.1, DOT -1.3, Nasdaq 100 -1.4, Russell 2000 -1.8, SOX -1.6, S&P Midcap 400 -1.4, XOI -0.1, NYSE Adv/Dec 728/2580, Nasdaq Adv/Dec 744/2304
3:30PM: Stocks still mired in relatively tight trading ranges, as the major averages continue to drift sideways in negative territory going into the close... Meanwhile, although today's in-line economic data had little impact on market action, a slew of economic data tomorrow should provide investors with another perspective on the economy...
At 8:30 ET, April NY Empire State Index (consensus 18.0) will be released while Mar. Industrial Production (consensus +0.3%) and Capacity Utilization (consensus 79.6%) will be out 9:15 ET and a preliminary read on April Consumer Sentiment (consensus 91.7) will hit the wires 15 minutes after the market opens... Earnings reports from General Electric (GE 35.73 +0.09) and Citigroup (C 45.41 -0.40) could also be influential factors...NYSE Adv/Dec 827/2481, Nasdaq Adv/Dec 858/2139
3:00PM: Major indices continue to chalk up losses, spearheaded by broad-based selling in technology... While losses in excess of 1.0% have been realized in every tech sub-sector, Computer Hardware (-2.4%) continues to account for the most weakness... Profit taking in Apple Computer (AAPL 37.24 -3.80) has added the most pressure to the group, but weakness in shares of Sun Microsystems (SUNW 3.89 -0.12), ahead of its earnings report tonight, has also weighed on the space... Analysts expect SUNW to breakeven in Q3, following a loss of $0.08 a year ago, on revenues of $2.72 bln... SOX -1.1, NYSE Adv/Dec 873/2420, Nasdaq Adv/Dec 893/2108
2:30PM: Market pares some of its losses, as buyers step in late in the day to selectively pick up shares, but the indices remain under pressure... Attracting much of the renewed interest in a down market have been defensive stocks, as Consumer Staples (+0.2%) and Health Care (+0.2%) - amid strong follow through in the Drug space - have both recently turned positive and cling to modest gains... Energy (+0.5%), however, has seen the biggest turnaround, as short-covering in crude oil futures ($51.35/bbl +$1.13) has sent oil to fresh session highs heading into the close of commodities trading... NYSE Adv/Dec 842/2424, Nasdaq Adv/Dec 973/1996
2:00PM: Indices continue to languish near session lows as buying interest remains scarce across the board... Perhaps some of the hesitation on the part of buyers could be tied to subdued action in Treasurys, in light of another bond auction... After all, yesterday's meager indirect bidder participation of 28.2% in the 5-year note auction lifted yields on the 10-year note (4.38%) and subsequently pushed the indices to unrecoverable levels...
However, even though today's $9 bln 10-year TIPS auction grabbed a more respectable indirect bidder participation of 42.4% (near an average of 44.3%), relatively quiet action in bonds - driven primarily by technicals ahead of tomorrow's economic data - has been overshadowed by the fact that nine of ten economic sectors remain underwater...NYSE Adv/Dec 786/2438, Nasdaq Adv/Dec 830/2117
1:30PM: Bearish tone persists in stocks as the indices extend their reach into negative territory... The lack of sector leadership continues to weigh on the proceedings, as the major indices have again failed to find support near key technical levels... The S&P 500, however, continues to vacillate just above its Jan/March lows near the 1163 level... Also of note, widespread weakness in small caps - which have paced this year's declines - has taken the Russell 2000 Index below the psychological 600 level for the first time since last November... NYSE Adv/Dec 934/2258, Nasdaq Adv/Dec 907/1999
1:00PM: Broader market action leaves little to be desired, but there are some individual stories of note that are generating excitement... Shares of Kerr-McGee (KMG 79.11 +5.14) have surged after announcing plans to buy back up to $4.0 bln of its stock (between $85 and $92 a share) to head off a takeover attempt by Carl Icahn...
Mentor Corp (MNT 37.92 +2.59) has also surged after an FDA panel surprisingly voted in favor of its silicone breast implants returning to the market while shares of Sherwin-Williams (SHW 45.56 +2.05) have climbed after the company raised FY05 guidance amid better than expected Q1 earnings... NYSE Adv/Dec 1116/2038, Nasdaq Adv/Dec 1035/1844
12:30PM: Sellers remain in control of the action as the major averages continue to trade near session lows... On the Dow, General Motors (GM 27.27 -1.06) has paced the way to the downside, after the SEC subpoenaed documents regarding a transaction conducted with Delphi... Alcoa (AA 29.83 -0.57), Caterpillar (CAT 86.94 -1.66) and DuPont (DD 48.19 -0.50) have also been under pressure, arguably victims of a stronger dollar, while defensive components like Coca-Cola (KO 42.30 +0.20), Proctor & Gamble (PG 55.43 +0.22) and Altria (MO 66.09 +0.22) have actually faired rather well...NYSE Adv/Dec 1080/2050, Nasdaq Adv/Dec 1054/1772
12:00PM: Major indices remain under pressure midday, as concerns over slowing economic growth amid mixed earnings and guidance weigh on sentiment... Even though most of the earnings reports have checked in better than analysts expected, a sell the news reaction has underpinned a negative tone to trading... For instance, Apple Computer (AAPL 38.90 -2.14) handily beat analysts Q2 forecasts and issued upside Q3 EPS guidance, but a cautious Q3 sales outlook has invited selling pressure in the stock that has spread through the rest of the technology sector...
Other notable names posting strong earnings reports today have been PEP, LUV, UNH, DJ, NAV and PGR; but perhaps more earnings data may be needed to get the market back on track, as it is still too early in the earnings season to draw more optimistic conclusions... A breakdown in key technical levels has also had an impact on equity trading, as both the Dow and the Nasdaq have touched new lows for 2005 while the S&P has found modest support just above its lowest levels of the year...
Meanwhile, market participants have found little else to get excited about following the Nasdaq's worst performance (-1.6%) in two months, as activity in Treasurys has been quiet all morning - as the 10-yr note is up 1 tick yielding 4.35% - amid lackluster economic data and oil's influence on trading continues to deteriorate... Both weekly jobless claims (330K) and Feb business inventories (+0.5%) have both checked in exactly as expected while crude oil prices ($50.60/bbl +$0.38), despite quickly falling through $50/bbl, have also been of little interest to investors as concerns over a weakening economy continue to hold precedence...
Eight out of 10 economic sectors continue to trade lower, with Materials (-1.6%) pacing the way for the second consecutive session due to slowing demand for Steel (-3.6%) and strength in the dollar... The greenback has hit a two-year high against the euro (1.2816) after the ECB said there are "no clear signs" of accelerated growth in the euro region... Technology has been weak across the board, led by losses in Hardware (-1.6%) - due in part to Apple's cautious Q3 sales outlook - while Transportation (-2.2%) has been weak following downgrades on a few railroad stocks...
Airline (+2.2%), however, remains strong following better than expected earnings from Southwest Airlines (LUV 15.04 +0.32) while Energy (+0.4%), due to higher oil prices, and Drug (+0.6%), amid decent follow through from yesterday's strong performance, have also posted modest gains... Consumer Staples (+0.3%) has also found modest buying interest amid better than expected Q1 earnings and raised FY05 guidance from PepsiCo (PEP 54.96 +1.33)...DJUA -0.4, DOT -0.7, Nasdaq 100 -0.7, Russell 2000 -0.4, SOX -0.3, S&P Midcap 400 -0.5, XOI +0.7, NYSE Adv/Dec 1128/1987, Nasdaq Adv/Dec 1090/1718
11:30AM: Little changed since the last update as the major averages continue to vacillate in roughly the same ranges... Meanwhile, the Dow Transports (-2.2%) continue to get pummeled, after JP Morgan downgraded railroad stocks Burlington Northern (BNI 47.80 -3.59) and Norfolk Southern (NSC 31.89 -1.59) to Neutral... Sure, Southwest Airlines (LUV 15.07 +0.35) has beaten analysts' Q1 expectations by $0.04, as its aggressive fuel hedging strategy helped protect it from rising fuel costs, but the air carrier has been the only bright spot in a group inundated with weakness... NYSE Adv/Dec 1231/1787, Nasdaq Adv/Dec 1138/1618
11:00AM: More of the same as selling remains widespread and market internals still suggest a bearish bias... Decliners on the NYSE hold a more than 2 to 1 advantage over advancers while declining issues on the Nasdaq outpace advancing issues by a 17 to 9 margin... Meanwhile, the Dow - which since 1950 has averaged a gain of 1.9% in April and earmarked the month as its best - has recently touched a new low (10343) for 2005 while the Nasdaq has slipped to its lowest level (1962) since last October...
The S&P, however, has shown resilience, finding enough support near the 1168 mark to prevent the index from falling below its lowest level (1163) of the year...NYSE Adv/Dec 960/2000, Nasdaq Adv/Dec 950/1717
10:30AM: Major indices spike to fresh session lows despite a decline in oil prices to below $50/bbl... From an economic standpoint the pullback in oil prices is certainly a good thing; however, it is noteworthy that the stock market hasn't been more enthused by the retreat... Arguably, there may be concern that, as oil prices come off, energy stocks, which have comprised one of the few pockets of strength for the broader market, may follow... On that note, oil prices have dropped 13.0% from their April 4 high, while over that same period, the Energy sector has declined 6.1%...NYSE Adv/Dec 1094/1716, Nasdaq Adv/Dec 1030/1530
10:00AM: Equities still on the defensive as the bulk of sector leadership remains negative... Pacing the way lower again has been Materials (-0.9%), due to slowing demand for Steel (-2.1%), while Financial (-0.2%), amid weakness in Brokerage and Banks, has also been under pressure... Technology has been weak across the board, with losses in Hardware (-0.8%) - due in part to Apple Computer's (AAPL 39.43 -1.61) cautious Q3 sales outlook - preventing the influential sector from recovering much of what was lost yesterday...
Consumer Discretionary and Utility have also been weak while Transportation (-1.2%) has been under pressure following downgrades on a few railroad stocks... Airline (+3.7%), however, has been strong following better than expected earnings from Southwest Airlines (LUV 15.30 +0.58) while Energy (+0.9%) has also been strong as oil prices hold onto modest gains...NYSE Adv/Dec 964/1597, Nasdaq Adv/Dec 1044/1269
9:40AM: Stocks open with little fanfare, in line with futures indications, as investors find little in the way of market-moving news to get them excited following yesterday's sell off... Meanwhile, the market had some economic data out this morning that could have perhaps unnerved investors had the data come in worse than expected... But weekly jobless claims of 330K, which is also consistent with monthly gains of 175K in nonfarm payrolls, and a rise of 0.5% in Feb business inventories, have both checked in exactly as expected, failing to aggressively nudge stocks or bonds in either direction...
9:15AM: S&P futures vs fair value: flat. Nasdaq futures vs fair value: +1.5.
9:00AM: S&P futures vs fair value: flat. Nasdaq futures vs fair value: +1.5. Still shaping up to be a relatively steady open for the indices, as futures indications continue to fluctuate around the unchanged mark... While most of this morning's earnings reports (i.e. PEP, LUV, UNH, DJ, NAV, PGR) have checked in better than analysts expected, it appears more data may be needed to give the market more of a boost since it is still too early in the earnings season to draw more optimistic conclusions
8:32AM: S&P futures vs fair value: -0.6. Nasdaq futures vs fair value: +1.0. Futures trade still denotes a mixed bias, possibly signaling a flat open for the cash market... Meanwhile, the Labor Dept. has just released a 10K decline in initial claims to 330K, in line with estimates, while Feb Business Inventories have also matched expectations, with a gain of 0.5%, following a 0.9% gain in January... Both stocks and bonds remain relatively unchanged in response to the data
8:00AM: S&P futures vs fair value: -1.0. Nasdaq futures vs fair value: +0.5. Futures market versus fair value suggesting a flat to slightly higher open for the cash market as oil tests the $50/bbl mark and investors await economic data... Technology will be in focus after Apple Computer (AAPL) reported strong Q2 earnings, but guided Q3 revenues in line with forecasts, while Advanced Micro Devices (AMD), despite missing Q1 expectations, has been upgraded by two analysts amid plans to spin off its flash business in an IPO...
At 8:30 ET, Initial claims (consensus 330K) and Feb Business Inventories (consensus +0.5%) will be released
6:22AM: FTSE...4951.60...-9.20...-0.2%. DAX...4396.08...-9.61...-0.2%.
6:22AM: S&P futures vs fair value: +1.3. Nasdaq futures vs fair value: +3.0.
6:22AM: Nikkei...11563.17...-74.35...-0.6%. Hang Seng...13772.40...-27.22...-0.2%.
teknobucks
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MaxPain
QQQQ 37
SPY 119
DIA 106
MaxPain
QQQQ 37
SPY 119
DIA 106
teknobucks
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http://www.alwayson-network.com/comments.php?id=9790_0_24_0_C
Ka-Poom Theory Revisited
Inflation could reach double digits again. Part Two of three.
ericjanszen [Trident Capital] | POSTED: 04.13.05 @00:30
This column is an update to Ka-Poom Theory, an idea I first proposed on iTulip.com in 1999. The theory is based on the idea that the benign inflation environment that we have enjoyed for the past ten years or so is the product of careful balancing—accomplished through monetary, trade, immigration, and fiscal policy—of deflationary forces represented by historically high household and corporate debt levels and inflationary forces represented by trillions in dollar-denominated assets held by U.S. creditors overseas.
The theory goes like this: After a period of tightening designed to deflate the latest bubble in the Bubble Cycle (which started in the early 1970s), a brief period of deflation occurs before a new round of monetary and fiscal stimulus kicks in. This is the "Ka" part of Ka-Poom. The Fed "gets behind" deflation, that is, inflation declines at a faster rate than the Fed's cuts in the Fed Funds rate. This is a scary time for the Fed and the markets, given the extreme deflationary forces bound up in household and corporate balance sheets. Fear may create buying opportunities at this phase, as market participants stare into a yawning chasm of deflation. Long-term rates will not only decline during this phase, but ten-year treasury bond rates may fall below two-year rates, delivering an inverted yield curve that usually presages recession.
http://www.alwayson-network.com/comments.php?id=9790_0_24_0_C
Ka-Poom Theory Revisited
Inflation could reach double digits again. Part Two of three.
ericjanszen [Trident Capital] | POSTED: 04.13.05 @00:30
The theory goes like this: After a period of tightening designed to deflate the latest bubble in the Bubble Cycle (which started in the early 1970s), a brief period of deflation occurs before a new round of monetary and fiscal stimulus kicks in. This is the "Ka" part of Ka-Poom. The Fed "gets behind" deflation, that is, inflation declines at a faster rate than the Fed's cuts in the Fed Funds rate. This is a scary time for the Fed and the markets, given the extreme deflationary forces bound up in household and corporate balance sheets. Fear may create buying opportunities at this phase, as market participants stare into a yawning chasm of deflation. Long-term rates will not only decline during this phase, but ten-year treasury bond rates may fall below two-year rates, delivering an inverted yield curve that usually presages recession.
teknobucks
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Blues In Spring
Not Just A Spike
by Jeff Rubin
from Occasional Report #53, CIBC World Markets
April 15th, 2005
http://www.321energy.com/editorials/rubin/rubin041505.html
Trying to Understand the Pain at the Pump
Todd Stein & Steven McIntyre
The Texas Hedge Report
April 14, 2005
http://www.321energy.com/editorials/texashedge/texashedge041405.html
NOTE:What I find ironic is that we hear all of the rationalizations as to why gas is expensive such as low ROI, summer blends, yada, yada, yada. Yet these oil companies are putting up record earnings and they want us to believe that they are not making money hand over fist. Making money is one thing, price gouging the public is another...
Record year at Exxon Mobil boosts pay for CEO
http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&dist=yhoo&gui....
Valero Energy 4Q Profit Soars
http://biz.yahoo.com/ap/050201/earns_valero_1.html
Blues In Spring
Not Just A Spike
by Jeff Rubin
from Occasional Report #53, CIBC World Markets
April 15th, 2005
http://www.321energy.com/editorials/rubin/rubin041505.html
Trying to Understand the Pain at the Pump
Todd Stein & Steven McIntyre
The Texas Hedge Report
April 14, 2005
http://www.321energy.com/editorials/texashedge/texashedge041405.html
NOTE:What I find ironic is that we hear all of the rationalizations as to why gas is expensive such as low ROI, summer blends, yada, yada, yada. Yet these oil companies are putting up record earnings and they want us to believe that they are not making money hand over fist. Making money is one thing, price gouging the public is another...
Record year at Exxon Mobil boosts pay for CEO
http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&dist=yhoo&gui....
Valero Energy 4Q Profit Soars
http://biz.yahoo.com/ap/050201/earns_valero_1.html
teknobucks
Active member
imported post
[align=center][font=Verdana,Arial,Helvetica]THE SWEET SPOT
[/font][font=Verdana,Arial,Helvetica]byMike Hoy
[/font][font=Verdana,Arial,Helvetica]April 14, 2005[/font][/align]
[font=arial,helvetica,verdana]
[/font][font=arial,helvetica,verdana]I love writing articles like this one. I haven’t spent much time writing lately because I have not had much new to say; all that is changing.[/font]
[font=arial,helvetica,verdana]For months I have sat back and absorbed the writings of other people. I get a charge out of what I read. I just love how some people “sing in the car” one day and are being “flushed down the toilet” the next. To me these people are missing the big picture![/font]
[font=arial,helvetica,verdana]Investing in the precious metals and natural resources is not that complicated. In fact, at this point in time, it is a “no brainier.” Why do I say it is a “no brainier?” Simple, there is no other place an investor can place his or her money and not get “creamed” with the coming events.[/font]
[font=arial,helvetica,verdana]Rising interest rates, in my opinion, change all the “accepted” norms, standards, givens and fundamentals that the investment world has accepted as a way of life for the last twenty-plus years.[/font]
[font=arial,helvetica,verdana]It is a fact of life, as interest rates rise, that the rules of the game will change. Not only will they change but they will not change for the better. An example of this is the refinancing game. There is no doubt in my mind that the games that gave the world ridiculously low interest rates created the greatest housing and real estate bubble that this world has ever seen. Rising interest rates will change this game for decades to come. The funny part to this is the fact that those playing the game refuse to accept the future and read the writing on the wall.[/font]
[font=arial,helvetica,verdana]Instead of putting their “financial ship” in order they have created new and more devastating “financial weapons of mass destruction!” With The introduction of adjustable rate mortgages, interest only mortgages, the forty year mortgage and let’s not forget to mention the games associated with no down payments, the risks associated with investments in the housing and real estate market have never been greater. These financial institutions and real estate investors are “selling their souls” to prolong the greatest bubble since the tech bubble. You would think that after the tech bubble they would learn?[/font]
http://www.[[financialsense.com/fsu/editorials/2005/0414.html
[align=center][font=Verdana,Arial,Helvetica]THE SWEET SPOT
[/font][font=Verdana,Arial,Helvetica]byMike Hoy
[/font][font=Verdana,Arial,Helvetica]April 14, 2005[/font][/align]
[font=arial,helvetica,verdana]
[/font][font=arial,helvetica,verdana]I love writing articles like this one. I haven’t spent much time writing lately because I have not had much new to say; all that is changing.[/font]
[font=arial,helvetica,verdana]For months I have sat back and absorbed the writings of other people. I get a charge out of what I read. I just love how some people “sing in the car” one day and are being “flushed down the toilet” the next. To me these people are missing the big picture![/font]
[font=arial,helvetica,verdana]Investing in the precious metals and natural resources is not that complicated. In fact, at this point in time, it is a “no brainier.” Why do I say it is a “no brainier?” Simple, there is no other place an investor can place his or her money and not get “creamed” with the coming events.[/font]
[font=arial,helvetica,verdana]Rising interest rates, in my opinion, change all the “accepted” norms, standards, givens and fundamentals that the investment world has accepted as a way of life for the last twenty-plus years.[/font]
[font=arial,helvetica,verdana]It is a fact of life, as interest rates rise, that the rules of the game will change. Not only will they change but they will not change for the better. An example of this is the refinancing game. There is no doubt in my mind that the games that gave the world ridiculously low interest rates created the greatest housing and real estate bubble that this world has ever seen. Rising interest rates will change this game for decades to come. The funny part to this is the fact that those playing the game refuse to accept the future and read the writing on the wall.[/font]
[font=arial,helvetica,verdana]Instead of putting their “financial ship” in order they have created new and more devastating “financial weapons of mass destruction!” With The introduction of adjustable rate mortgages, interest only mortgages, the forty year mortgage and let’s not forget to mention the games associated with no down payments, the risks associated with investments in the housing and real estate market have never been greater. These financial institutions and real estate investors are “selling their souls” to prolong the greatest bubble since the tech bubble. You would think that after the tech bubble they would learn?[/font]
http://www.[[financialsense.com/fsu/editorials/2005/0414.html
teknobucks
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imported post
U.S. Stocks Fall to 2005 Lows
50 minutes ago Business - Reuters
By Michael Flaherty
NEW YORK (Reuters) - U.S. stocks fell to 2005 lows on Thursday on concerns about economic growth, while chances of a rebound on Friday dimmed after IBM (NYSE:IBM - news) reported earnings unexpectedly early that were far short of Wall Street's estimates.
International Business Machines Corp., the world's largest computer company, posted quarterly results after the market closed and a week ahead of schedule. IBM's stock fell 4.2 percent to $80.15 on the Inet electronic brokerage from a close at $83.64 on the New York Stock Exchange.
"This is a complete, unpleasant surprise. It looks like revenue and earnings came in lighter than expected. I think investors may be very nervous that they unexpectedly reported tonight," said Steve Neimeth, portfolio manager at AIG SunAmerica Mutual Funds, who owns about 200,000 shares of IBM.
IBM's disappointment added further pressure to the market, especially tech shares, which were pulled lower by Apple Computer Inc.(Nasdaq:AAPL - news).
Apple fell 9.2 percent, or $3.78, to $37.26 a day after the computer maker's revenue forecast lagged some analysts' expectations. . It was the greatest drag on the Nasdaq.
The Dow Jones industrial average (^DJI - news) was down 125.18 points, or 1.20 percent, to close at 10,278.75. The Standard & Poor's 500 Index (^SPX - news) was down 11.74 points, or 1.00 percent, to end at 1,162.05. The technology-laced Nasdaq Composite Index (^IXIC - news) was down 27.66 points, or 1.40 percent, at 1,946.71.
Trading was heavy, with 1.90 billion shares changing hands on the New York Stock Exchange, well above the 1.46 billion daily average for last year. About 1.95 billion shares were traded on Nasdaq, above the 1.81 billion daily average last year.
Declining shares outnumbered advancing shares on the New York Stock Exchange by a ratio of more than 3 to 1 and by a similar margin on Nasdaq.
Chemical stocks slid on fears of a slowdown in demand. DuPont Co. (NYSED - news), a Dow component, was down 2.7 percent, or $1.33, at $47.36, while Dow Chemical Co.(NYSEOW - news) dropped 3.3 percent, or $1.55, to $45.28.
Reports of lagging steel demand hurt shares of AK Steel (NYSE:AKS - news), which fell 6.6 percent or 65 cents to $9.23. U.S. Steel Corp. (NYSE:X - news) slipped 3.6 percent, or $1.67, to $44.83 and Nucor (NYSE:NUE - news) declined 4.7 percent, or $2.44, to $49.90.
Companies especially sensitive to economic swings were hit hard, with shares of heavy equipment maker Caterpillar Inc. (NYSE:CAT - news) falling 3.6 percent, or $3.20, to $85.40. Aluminum maker Alcoa Inc. (NYSE:AA - news) slipped 1.6 percent, or 50 cents, to $29.90. Both are among the 30 stocks in the Dow.
General Motors Corp. (NYSE:GM - news) shares dropped 5.9 percent, or $1.67, to $26.66 in part because JP Morgan analyst Himanshu Patel published a note citing "unsubstantiated bankruptcy concerns." The stock fell as low as $26.48.
Railroad stocks Burlington Northern Santa Fe Corp. (NYSE:BNI - news) and Norfolk Southern Corp. (NYSE:NSC - news) slid after JP Morgan analyst Greg Burns cut his ratings on both companies.
Burlington Northern fell 6 percent, or $3.11, to $48.28 and Norfolk Southern slid 5 percent, or $1.68, to $31.80.
The Dow Jones Transportation Average (^DJT - news) lost 3.02 percent.
Oil prices bounced higher, with speculative buyers attracted by a 15 percent slide since last week that was triggered by rising U.S. crude inventory levels.
U.S. crude oil futures for May delivery settled up 91 cents at $51.13 a barrel after falling as low as $49.75, the first time below $50 in seven weeks.
U.S. Stocks Fall to 2005 Lows
50 minutes ago Business - Reuters
By Michael Flaherty
NEW YORK (Reuters) - U.S. stocks fell to 2005 lows on Thursday on concerns about economic growth, while chances of a rebound on Friday dimmed after IBM (NYSE:IBM - news) reported earnings unexpectedly early that were far short of Wall Street's estimates.
International Business Machines Corp., the world's largest computer company, posted quarterly results after the market closed and a week ahead of schedule. IBM's stock fell 4.2 percent to $80.15 on the Inet electronic brokerage from a close at $83.64 on the New York Stock Exchange.
"This is a complete, unpleasant surprise. It looks like revenue and earnings came in lighter than expected. I think investors may be very nervous that they unexpectedly reported tonight," said Steve Neimeth, portfolio manager at AIG SunAmerica Mutual Funds, who owns about 200,000 shares of IBM.
IBM's disappointment added further pressure to the market, especially tech shares, which were pulled lower by Apple Computer Inc.(Nasdaq:AAPL - news).
Apple fell 9.2 percent, or $3.78, to $37.26 a day after the computer maker's revenue forecast lagged some analysts' expectations. . It was the greatest drag on the Nasdaq.
The Dow Jones industrial average (^DJI - news) was down 125.18 points, or 1.20 percent, to close at 10,278.75. The Standard & Poor's 500 Index (^SPX - news) was down 11.74 points, or 1.00 percent, to end at 1,162.05. The technology-laced Nasdaq Composite Index (^IXIC - news) was down 27.66 points, or 1.40 percent, at 1,946.71.
Trading was heavy, with 1.90 billion shares changing hands on the New York Stock Exchange, well above the 1.46 billion daily average for last year. About 1.95 billion shares were traded on Nasdaq, above the 1.81 billion daily average last year.
Declining shares outnumbered advancing shares on the New York Stock Exchange by a ratio of more than 3 to 1 and by a similar margin on Nasdaq.
Chemical stocks slid on fears of a slowdown in demand. DuPont Co. (NYSE
D - news), a Dow component, was down 2.7 percent, or $1.33, at $47.36, while Dow Chemical Co.(NYSEOW - news) dropped 3.3 percent, or $1.55, to $45.28. Reports of lagging steel demand hurt shares of AK Steel (NYSE:AKS - news), which fell 6.6 percent or 65 cents to $9.23. U.S. Steel Corp. (NYSE:X - news) slipped 3.6 percent, or $1.67, to $44.83 and Nucor (NYSE:NUE - news) declined 4.7 percent, or $2.44, to $49.90.
Companies especially sensitive to economic swings were hit hard, with shares of heavy equipment maker Caterpillar Inc. (NYSE:CAT - news) falling 3.6 percent, or $3.20, to $85.40. Aluminum maker Alcoa Inc. (NYSE:AA - news) slipped 1.6 percent, or 50 cents, to $29.90. Both are among the 30 stocks in the Dow.
General Motors Corp. (NYSE:GM - news) shares dropped 5.9 percent, or $1.67, to $26.66 in part because JP Morgan analyst Himanshu Patel published a note citing "unsubstantiated bankruptcy concerns." The stock fell as low as $26.48.
Railroad stocks Burlington Northern Santa Fe Corp. (NYSE:BNI - news) and Norfolk Southern Corp. (NYSE:NSC - news) slid after JP Morgan analyst Greg Burns cut his ratings on both companies.
Burlington Northern fell 6 percent, or $3.11, to $48.28 and Norfolk Southern slid 5 percent, or $1.68, to $31.80.
The Dow Jones Transportation Average (^DJT - news) lost 3.02 percent.
Oil prices bounced higher, with speculative buyers attracted by a 15 percent slide since last week that was triggered by rising U.S. crude inventory levels.
U.S. crude oil futures for May delivery settled up 91 cents at $51.13 a barrel after falling as low as $49.75, the first time below $50 in seven weeks.
teknobucks
Active member
imported post
hedging the bull:
BEARX BRPIX BRPSX CPCRX DRCVX GRZZX PBRCX POTSX RSCOX RYURX RYVNX RYCDX RYAIX RYAAX RYACX SOPIX SOPSX URPIX USPIX USPSX
Here's the link to the profile for RYURX
http://finance.yahoo.com/q/pr?s=RYURX
hedging the bull:
BEARX BRPIX BRPSX CPCRX DRCVX GRZZX PBRCX POTSX RSCOX RYURX RYVNX RYCDX RYAIX RYAAX RYACX SOPIX SOPSX URPIX USPIX USPSX
Here's the link to the profile for RYURX
http://finance.yahoo.com/q/pr?s=RYURX
teknobucks
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imported post
Perhaps it is time to start looking at the F fund. This was an ugly day. With the other two days it has been real ugly. :s The F fund does better when the market does poor. I have never played heavy F fund but it has done well for me overall when I have played small amounts. Ijust don' know enough to do a smart move in thisfund. So I'm smart not to do to much in it. Where will the market stop. Has it hit bottom or will it go further. It would be nice to see calm to set in. Then perhaps we can bring it back to life.
Perhaps it is time to start looking at the F fund. This was an ugly day. With the other two days it has been real ugly. :s The F fund does better when the market does poor. I have never played heavy F fund but it has done well for me overall when I have played small amounts. Ijust don' know enough to do a smart move in thisfund. So I'm smart not to do to much in it.
Where will the market stop. Has it hit bottom or will it go further. It would be nice to see calm to set in. Then perhaps we can bring it back to life.