STOCK MARKET WATCH, TUESDAY SEPT 30....(#1)

[ozymandius]

Tuesday September 30, 2003

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 482
REICH-WING RUBBERSTAMP-Congress = DAY 316
DAYS SINCE DEMOCRACY DIED (12/12/00) 2 YEARS, 291 DAYS
WHERE'S OSAMA BIN-LADEN? 1 YEAR, 349 DAYS
WHERE'S SADDAM? WHERE ARE THE WMD'S? - DAY 191
DAYS SINCE ENRON COLLAPSE = 675
Number of Enron Execs in handcuffs = 17
ENRON EXECS CONVICTED = 1
Other Arrests of Execs = 53

U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES-----------------------------S&P FUTURES




AT THE CLOSING BELL ON September 29, 2003

Dow... 9,380.24 +67.16 (+0.72%)
Nasdaq... 1,824.56 +32.49 (+1.81%)
S&P 500.... 1,006.58 +9.73 (+0.98%)
10-Yr Bond... 4.08% +0.05 (+1.34%)
Gold future... 383.20 +1.40 (+0.37%)

DOW..........................NASDAQ.......................S&P

||


GOLD, EURO, YEN and Dollars


~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

[Maeve]

1. Morning, all! Today's economic calendar, Sun Micro

Today at 10, we have the September Consumer Confidence report and the Chicago Purchasing Management Index (PMI). Both are expected to show slight declines, but nothing major.

Sun Micro warns that its first-quarter loss was bigger than expected and that is expected to drag the Nasdaq down. And Friday's job report is expected to show an eighth straight month of jobloss, so the market is not so cheerful as yesterday.
Good quarter may end badly

[Maeve]

13. Breaking--PMI and Confidence fall

Consumer confidence index falls to 76.8 in September from August 81.7; Chicago PMI tumbles to 51.2 from 58.9. Details coming.

[ozymandius]

2. WrapUp by Jim Puplava

The Silver and Gold Train Wreck

There is not a day or week that goes by that precious metals investing isn’t grabbing a headline. Investing in precious metals is going main stream as an asset class. There is growing recognition from the investment community that precious metals and commodities are an attractive asset class that balances out investments in stocks and bonds in a portfolio. Recent studies have shown that investments in commodities can add diversification and help to increase portfolio returns. As an asset class, commodities can run contra-cyclical to asset groups such as stocks and bonds. Over the years commodities generally have a negative correlation with the stock market. There are also times when they can run parallel to the general market as shown in the charts of the NASDAQ and the Amex Gold Bugs Index (HUI) this year.

Investment Markets Mature

Where We Were
Most investors aren’t aware of this portfolio distinction since, as an asset class, commodities have been in a bear market for two decades, a time period where paper assets have been in ascendance. Most investors understand the financial markets and are comfortable investing in stocks, bonds, or their equivalent mutual funds. As an asset class, commodities are obscure and few investors really understand them as an investment. Few people care to know or follow pork belly, orange juice or coffee futures. This is an asset class dominated by the big boys. The average investor knows little about them. Part of this can be explained by the maturity of the investment markets. In the late 70’s most investors worked at companies that offered defined benefit pension plans. There were few investment choices and the investment decisions were usually made by the company. That changed during then 80’s as more companies switched over to contributory plans such as profit sharing, money purchase or 401(k) plans. In the early stages of the development of these plans investors were mainly invested in fixed income investments such as bonds and GICs (Guaranteed Income Contracts) which offered high double-digit returns. That was the 80’s when interest rates were high and you could get 10-12% on a bank CD.

The Approaching Storm

Even if the price of gold and silver were to rise sufficiently to trigger larger exploration budgets by the majors, it takes time to bring those discoveries from discovery to production. This time lag is getting longer in the U.S. and in Canada. The time required for permitting new projects can take as long as three to ten years depending on location and size of the project. Higher prices will not be the panacea that everyone thinks. You have to go out and find the stuff and then bring that new discovery into production--a process that can take 5-7 years on average. That is what is going to make this new bull market different from the last bull market that preceded it. The above ground stockpiles and the reserves aren’t as plentiful as they once were. Furthermore, the debasement of currencies is now almost universal. No currency is fully backed by gold anymore. So there are going to be very few places to hide when as the currency wars pick up the pace. Eventually institutions will be looking for a safe haven from the coming monetary storms. When the monetary storm becomes a Category 5 storm the investment public will be looking for a life preserver too. That is when gold and silver will begin to fly. You are going to see the metals markets gap up daily as demand overwhelms supply. And unlike the last bull market, supply will be limited. There won’t be enough silver in the COMEX to handle demand. You won’t be able to get your hands on silver; while gold will be so expensive, it will be beyond the reach of most investors. Gold and silver equities will be all that remains for most investors. Even then due to limited supply, investors will be paying dearly for them.

more

[JNelson6563]

3. Good Morning Marketeers!

Things are looking a little grim on the Street this morn. Seems investors are bracing for not-so-good numbers and I can't believe the scandal brewing at the WH doesn't play in. Smacks of unsurety and we all know how investors feel about THAT.

The dollar taking a beating can't be great for all either.

Julie

[UpInArms]

6. here's the morning dollar watch

and it looks pretty grim

http://quotes.ino.com/chart/?s=NYBOT_DXY0

Last trade 92.64 Change -0.44 (-0.47%)

it did get down to 92.34 during the night, so it appears that there has been a bit of positive activity - the yen was over 90 this morning, so it appears that they are no longer pegging it with the dollar (they used to intervene when the yen got at or near 85) - that appears to be really bad news for the dollar as the "support" is now gone by the wayside

perhaps the UK will do so dollar buying - what with the Queen wanting * to come and visit her - don't know how much weight she actually carries with the fiscal situation, but ...

[ze_dscherman]

4. Investment flows out of US equities markets

US investors' purchases of foreign equities have outstripped foreign buying of US stocks in the past year, new data show.


According to figures from UBS, the Swiss-based investment bank, and the US Treasury, the outflow from the US stock market was $41bn in the 12 months to July, the first time capital has left the US market since 1997.

This coincides with a rally on world stock markets, fuelled by expectations of economic recovery.

Where foreign investors are still buying into the US, much of the money has been going into Treasury bonds. The reverse in equity flows follows a decline in confidence in US companies.


SNIP

Albert Edwards, global strategist at Dresdner Kleinwort Wasserstein, said: "Investors just don't believe the story any more."

More: http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059480206907&p=1012571727102

And a good morning to the U.S. DU'ers - it's early afternoon here in Germany.

[JNelson6563]

5. Good afternoon Germany!

I have my suspicions that foreign investment in our Treasury markets could later be used against us. A WMD of sorts. How ironic that one of the potentially most dangerous WMD we face is seemingly invisible.

Not that that matters with this gang of thugs in the WH, they almost hasd 9/11 stuff bite 'em on the nose and they did nothing so who's to say they'd act any differently in this situation if theyhad a clue?

Julie

[ze_dscherman]

7. Foreign investment in Treasuries

Yes, indeed this is a dangerous weapon, but as well it gives a temporary security to the U.S. policies. Those who invested big time (Japan, China, S.A.) are interested to keep their money secure and thus avoid any major disruptions. But this is not a sustainable situation.

See: http://www.atimes.com/atimes/Asian_Economy/EG15Dk01.html (don't know if I already posted that link)

Martin

[Maeve]

8. I did NOT want to read that!

But I'm glad you posted it. :scared: I may be a pessimist on the economy, but that one just gives me the creeps!

[JNelson6563]

9. Sound the alarm!!

By the end of 2003, according to JP Morgan Chase economists in Hong Kong, the combined countries of Asia are expected to hold an astonishing 70 percent of the world's currency reserves. In the past decade, they estimate, Asia has added US$1.2 trillion to its US dollar reserves as it runs up whopping trade surpluses with the rest of the world - principally the United States, whose annual trade deficit is expected to reach US$500 billion. Credit Lyonnais Securities Asia (CLSA) in Hong Kong put the Asian reserves even higher, at perhaps $1.5 trillion.

Is this a danger to the world economy? For many years, America's strong-dollar policy served the world and chiefly the United States very well. Their currencies cheap against the US dollar, Asian manufacturers profited by making relatively inexpensive exports and selling them in the United States at a healthy profit. In a kind cat-and-rat-farm analogy, in which the cats eat the rats, are skinned for their fur, and then are fed back to new rats, the Americans benefited by getting cheap goods that kept their consumer-led economy roaring. The financial communities benefited from the repatriation of those profits as the funds flowed back in a ceaseless waterfall into US stock markets, treasury and corporate bonds, money-market funds and other financial instruments.

But perpetual-motion machines don't work. The monumental scale of Asia's dollar reserves and the size of America's deficit are starting to make economists and strategists nervous. Wayne Godley, an economist at the Levy Economics Institute in New York, writes: "If the balance of trade does not improve, there is a danger that over a period of time the United States will find itself in a 'debt trap', with an accelerating deterioration both in its net foreign-asset position and in its overall current balance of payments (as net income paid abroad starts to explode). Such a trap would call imperatively for corrective action if it is not at some stage to unravel chaotically."

It has been widely reported that the US must take in about $1.3 billion a day - about $55 million an hour - in foreign investment to finance its overseas debt. If that river of money falters or dries up, the difference must be made up by an inexorable fall in the value of the US currency. Indeed, if it had stopped already, the fall in the US stock markets since equities began to lose their luster in 2000 would have been catastrophic.

http://www.atimes.com/atimes/Asian_Economy/EG15Dk01.html

Thanks for posting that Ze, it confirms my worst suspicions and will hopefully alert others.

Good thing pResident Bush is out to flip off the entire world, eh? Let's hope he doesn't push the envelope so far as to inspire Asia to flex it's muscle....

Julie

[ozone_man]

19. Great article. It seems likely to happen eventually.

I just wonder if we go through a deflationary period (depression) first, before the hyperinflation and total collapse of our fiat currency. Got gold?

[Yavin4]

22. Those Bush Tax Cutss for the Rich at Work

Dollars fleeing the scene of the crime.

[mrsteve]

30. Ahh, so that's where the tax cut money went

I had a suspicion that much of the tax cut money that was supposed to be "invested in the US economy to build jobs" has gone overseas.

What is the exact share of the $41 billion that article says that left the US stock market went into foreign stocks, I wonder?

Just goes to show - for the wealthiest in the US, personal properity comes way ahead of patriotism.

[Maeve]

10. 9:37--starting in the red

Dow 9,339.21 -41.03 (-0.44%)
Nasdaq 1,809.17 -15.39 (-0.84%)
S&P 500 1,001.57 -5.02 (-0.50%)
10-Yr Bond 4.036% -0.041

[Maeve]

11. 9:50 with blather

9:45AM: Indices open even weaker than stock futures suggested...Sun Microsystems (SUNW 3.36 -0.50) down on news it will take a large charge to write-off a tax credit asset...not exactly warning, but not a sign of business strength either...the fact that this has hit the overall market hard suggests a fragile market more than that Sun's write-off is a sign of widespread weakness in technology demand...Revenue at Sun is down 37% over the past two years...broad weakness in early trading, however...
http://finance.yahoo.com/mo

Dow 9,334.69 -45.55 (-0.49%)
Nasdaq 1,809.15 -15.41 (-0.84%)
S&P 500 1,001.11 -5.47 (-0.54%)
10-Yr Bond 4.042% -0.035

[Maeve]

12. 10:04--AAAAAAAaaaaaaaaaaa........

Dow 9,243.80 -136.44 (-1.45%)
Nasdaq 1,789.37 -35.19 (-1.93%)
S&P 500 991.63 -14.95 (-1.49%)
10-Yr Bond 4.035% -0.042

[UpInArms]

14. looks like a mass murder scene 10:03 EST

Dow 9,243.06 -137.18 (-1.46%)
Nasdaq 1,789.09 -35.47 (-1.94%)
S&P 500 991.52 -15.06 (-1.50%)
10-Yr Bond 4.035% -0.042

[JNelson6563]

15. hoo-boy. I foresee curbs

Consumer Sent. (76.?)and Manufacturing (51.?--expected 57) down. sorry about the details, I jsut barely caught it.

Ugly.

Julie

[T Roosevelt]

16. What's that Tom Petty song?

Oh yeah...Free Fallin'

At 10:22
DOW Down 130
Nasdaq Down 34

[htuttle]

18. Wheee!

[ozone_man]

23. Here's a good one (The DOW is down)

Sung to a Springsteen tune that I don't remember. It probably sounds even better, if you're short the market.

http://www.twistedtunes.com/stf_pickup.asp?ID=112825

[JNelson6563]

17. the course is set

and we are taking a bumpy route today:

10:20

Dow 9,253.95 -126.29 (-1.35%)
Nasdaq 1,790.91 -33.65 (-1.84%)
S&P 500 993.28 -13.30 (-1.32%)
10-Yr Bond 4.013% -0.064


Lots of money heading into Treasuries. Will the Cap'n pop in and share the joy? ;-)

Julie

[Maeve]

20. 10:36 and it's bad when -116 is an improvment!

Dow 9,263.28 -116.96 (-1.25%)
Nasdaq 1,792.79 -31.77 (-1.74%)
S&P 500 994.67 -11.92 (-1.18%)
10-Yr Bond 3.967% -0.110

[ze_dscherman]

21. If you think that's bad, look at German Dax of today

-3%, and dragged down by Dow/Dow futures (getting a bit better now)

http://boersen.manager-magazin.de/mmo/popup_quickchart.htm?nr=0&u=0&p=0&k=0&w=0&liste=dax&typ=0&zeit=0

[JNelson6563]

24. The "rally" continues

Dow 9,269.28 -110.96 (-1.18%)
Nasdaq 1,794.67 -29.89 (-1.64%)
S&P 500 994.61 -11.97 (-1.19%)
10-Yr Bond 3.950% -0.127

11:15

Look at that 10yr!!! Holy Cow!!!

Julie

[ozymandius]

25. Hi folks. Here's an update.

at 11:16
DJIA 9,260.16 -120.08 (-1.28%)
NASDAQ 1,792.96 -31.60 (-1.73%)
S&P 500 993.64 -12.94 (-1.29%)
10yr Note 3.96% -0.12 (-2.85%)

Gold 387.30 +4.10 (+1.07%)

[ozymandius]

26. levelling at "just plain bad" as we head into lunch

11:42
Dow 9,263.36 -116.88 (-1.25%)
Nasdaq 1,794.29 -30.27 (-1.66%)
S&P 500 993.98 -12.61 (-1.25%)
10-Yr Bond 3.963% -0.114

[ozymandius]

27. U.S. stocks hit hard by Sun warning and data

NEW YORK (CBS.MW) -- U.S. stocks remained sharply lower lower late Tuesday morning as disappointing confidence and manufacturing data combined with a warning from Sun Microsystems to nip the previous session's rally in the bud.

Already feeling the heat of Sun's cautious comments, losses accelerated after on news consumer confidence had fallen to a six-month low as well as news that manufacturing activity in the Chicago region also was below expectations.

more

[Coventina]

28. The "I Ching" on today's market

Another great 'toon Ozy! Had me laughing!

Anyway, today's reading is UNITY changing to DEVELOPING. Because of the changing lines, UNITY is actually a negative one. I'll quote them here, "The people in the environment of your enquiry are not right for you at this time. Appearing committed to these people could darken your reputation later on." Also, "The moment for Unity has passed. This is unfortunate."

DEVELOPING is a little less negative, "This is not a time of quick profits or rapid advancements." Well, no kidding! Here's Ching's advice, "Once you understand yourself and your duties in a larger context, you can make meaningful progress."

I guess with the way things are going, and balanced with Ching's view, I have to predict a down day. Be careful out there!

[mrsteve]

48. How 'bout this line -

Duplicate - D-oh! Sorry for that.

[mrsteve]

49. How 'bout this line -

"The people in the environment of your enquiry are not right for you at this time. Appearing committed to these people could darken your reputation later on."

Do ya think if Colin Powell had read his own Ching in late 2000 he would have seen this? ;-)

And by the way - it was a quite down day. The Ching was prescient once again.

[Coventina]

51. One would hope

That he would have seen something to warn him, if he was willing to listen, anyway!

:hi:

[mrsteve]

29. Afternoon marketeers - and a bad afternoon it is

Heard the consumer sentiment and producer numbers on the radio this morning - Ouch!

And the markets are swimming way, way below the waterline:

Dow 9,274.32 -105.92 (-1.13%)
Nasdaq 1,795.90 -28.66 (-1.57%)
S&P 500 996.19 -10.39 (-1.03%)
10-Yr Bond 3.958% -0.119

Yahoo Finance analysis is apologetic:
"11:55AM: Stocks opened lower after Sun Microsystems announced a large write-off and said that business remains difficult in the current quarter...many analysts have come out and said that is probably company specific, and Briefing.com agrees...problems at Sun don't necessarily mean problems across the tech sector as Sun continues to lose market share...the fact that this announcement hurt the entire tech sector suggests traders are nervous and perhaps looking for an excuse to sell...then two early reads on September economic conditions were weak...
Consumer Confidence slipped to 76.8 from 81.5 and was well below the expected 80.5...the Chicago PMI came in at 51.2, which still reflects growth in manufacturing, but was down from 58.9 in August and below the expected 57.0 reading...the market has come off its lows in a slight uptrend that merits watching..."

[mrsteve]

31. 1:00 - sill in the dumps - but a little less so...

Dow 9,293.28 -86.96 (-0.93%)
Nasdaq 1,798.39 -26.17 (-1.43%)
S&P 500 997.88 -8.71 (-0.87%)
10-Yr Bond 3.974% -0.103

[Maeve]

32. It's part of an old pattern--lunchtime lull

Little movement between @ 11:30 and 1:00, usually more of a drift. But something usually starts clicking by 1:30 and all bets are off from 3 to 4!

Kinda nice to see an old pattern re-emerge, as nuts as the Street has been lately.

[mrsteve]

33. And you are correct - at 1:40, it begins a strong move up

Dow 9,306.39 -73.85 (-0.79%)
Nasdaq 1,802.09 -22.47 (-1.23%)
S&P 500 999.52 -7.07 (-0.70%)
10-Yr Bond 3.989% -0.088

PPT to the rescue? Or just bottom feeding off a quick day's drop?


"1:35PM: After a slow start, the market's reversal gains steam, and the S&P 500 approaches its 50-day average at 1002... The Nasdaq itself has spearheaded the rally, finding support above the 1805 level...
Renewed buying interest in a number of technology sub-sectors has improved the standing of the indices, and positioned for market for a sustained recovery effort...
Elsewhere, the treasury market has backed off its highs in response to the improvement in stocks, the 10-year note now only higher by 25 ticks, bringing its yield to 3.98%..."

[Maeve]

34. PPT intervention would be much more dramatic

This drift upwards has more of a "isn't this supposed to be going up?" sort of feel...go to a five-day chart of the DOW and you'll see that the highest volume has been on the drops. (from http://finance.yahoo.com/mo click on the word Dow under the charts, then 5d under that chart)

Still could go either way or just creep sideways until 4, depending on the way the wind blows the lemmings,er, traders.

Dow 9,312.32 -67.92 (-0.72%)
Nasdaq 1,802.35 -22.21 (-1.22%)
S&P 500 1,000.20 -6.39 (-0.63%)
10-Yr Bond 3.976% -0.101

[Maeve]

35. Climbing up, step by painful step

Dow 9,321.51 -58.73 (-0.63%)
Nasdaq 1,805.71 -18.85 (-1.03%)
S&P 500 1,001.54 -5.05 (-0.50%)
10-Yr Bond 3.968% -0.109

[Maeve]

37. Looks more like it's going sideways

Well, it's off the lows for the day, but that's weak praise

Dow 9,309.87 -70.37 (-0.75%)
Nasdaq 1,800.17 -24.39 (-1.34%)
S&P 500 1,000.33 -6.25 (-0.62%)
10-Yr Bond 3.938% -0.139

[UpInArms]

36. afternoon dollar report

http://quotes.ino.com/chart/?s=NYBOT_DXY0

Last trade 92.86 Change -0.22 (-0.24%)

it appear that the euro and the yen have leaned a little in their surge against the dollar - yen back under 90 and euro down from 1.17 -

found this while out prowling for information:

http://www.stevequayle.com/News.alert/03_Money/030925.dollar.free.fall.html

Dollar Cannot Risk a Sudden Free Fall

September 25, 2003
By Ken Moritsugu
Knight Ridder News Service

WASHINGTON — A slide in the value of the U.S. dollar has spooked stock and bond markets this week, a reminder that a dollar crash could devastate the American and global economies.

A rise or fall in the value of the dollar against other currencies matters little by itself for most consumers, unless they travel overseas.

<snip>

Economists say the dollar, despite falling 33 percent against the euro and 17 percent against the yen since early 2002, remains overvalued. The American currency needs to fall much further to emerge from the danger zone, they say.

"The road ahead will be long and arduous, and not without risk, especially in oft-volatile currency markets," Stephen Roach, the chief economist at Morgan Stanley investment bank in New York, wrote in a commentary this week.

Behind the dollar's vulnerability is the huge U.S. current account deficit, which consists of the trade deficit along with some financial transactions.

...more...

[mrsteve]

38. Now dropping again - 3:25

Dow down 20 points in the last 10 minutes:

Dow 9,289.65 -90.59 (-0.97%)
Nasdaq 1,794.21 -30.35 (-1.66%)
S&P 500 998.08 -8.51 (-0.85%)
10-Yr Bond 3.937% -0.140

[Maeve]

39. Damn! Wonder what bit them?

:shrug:
Dow 9,281.57 -98.67 (-1.05%)
Nasdaq 1,794.38 -30.18 (-1.65%)
S&P 500 997.43 -9.16 (-0.91%)
10-Yr Bond 3.937% -0.140

[mrsteve]

40. Yahoo Finance - September is a cruel month for the markets

Yahoo Finance Updates:
"3:30PM: The Nasdaq is at about 1795 as the final half hour of trading in September begins, down from a level of 1811 at the start of the month for a loss of about 0.9%...the S&P at 997 is down from 1008 for a loss of -1.1%, while the Dow at 9280 is down from 9416 for a loss of 1.4%...September once again proves to be a difficult month for the market..."

[Maeve]

41. But this year was supposed to be different!

Yeah, and next time Bullwinkle really WILL pull a rabbit out of his hat..

Dow 9,280.91 -99.33 (-1.06%)
Nasdaq 1,791.90 -32.66 (-1.79%)
S&P 500 996.83 -9.75 (-0.97%)
10-Yr Bond 3.937% -0.140

[mrsteve]

42. 15 minutes left - limping toward the finish

...of the day and the month.

Dow 9,278.02 -102.22 (-1.09%)
Nasdaq 1,790.61 -33.95 (-1.86%)
S&P 500 996.48 -10.11 (-1.00%)
10-Yr Bond 3.937% -0.140

[trogdor]

43. It's a good day to buy.

I did. ;)

[mrsteve]

44. At the close -

Here we are:

Dow 9,275.06 -105.18 (-1.12%)
Nasdaq 1,786.79 -37.77 (-2.07%)
S&P 500 995.94 -10.65 (-1.06%)
10-Yr Bond 3.937% -0.140

[JNelson6563]

45. Zowie!

14 basis pts. on that 10 yr! Wow!!

Julie

[mrsteve]

47. Yahoo Finance final word:

Yahoo Daily Updates:
"Close: The market was in a sour mood right from the start, and even though the indices came off their lows, the negative sentiment remained....the catalyst for early selling was an announcement by Sun Microsystems (SUNW ) that it would take a large one-time charge and the business remained poor this quarter...that doesn't necessarily have implications for other technologies, but the whole sector sold off nonetheless...then two disappointing economic releases at 10:00 ET knocked the market back further...
September Consumer Confidence fell to 76.8 from 81.7 in August, and the Chicago PMI manufacturing survey dipped to 51.2 from 58.9 in August...these early reads on the economic data for September created nervousness about the sustainability of the economic upturn...the Dow dipped as low as -150...from there the indices drifted higher through late afternoon, but a sell-off in the final hour suggested that underlying sentiment may still be fragile...the S&P ended the month with a loss of about 12 points (-1.2%), most of that today, and consistent with the historical nature of September as one of the worst months for stocks..volume was moderate...

the next big scheduled event is the employment data on Friday..."

And a big event it could be too - October is usually bearish for stocks, and it the unemployment data estimates miss as on the high side badly as the economic estimates today missed on the low side, hoo boy! The lemmings might burn down the barn in their race to get out.

[radfringe]

50. watch for

the inevitable "REVISED" unemployment figures....

[radfringe]

46. end of the month and end of the quarter

and the lemmings run to the SELL SELL SELL window...

meanwhile, cheer-up - heard the talking head blather on the way home from work - NEXT QUARTER WILL BE BETTER

:eyes:

[JNelson6563]

52. hahaha same ol' blather eh Rad?

Well we've got weekly out Thurs and monthly Fri (UE #s). I suspect today will be recalled with fondness after that........

Julie--who's taking bets on the revised #s for last week ;-)

[ozone_man]

53. I thought the bag holder lemmings only went to the buy window?

You're probably right. All those longs on margin are getting nervous. It could get ugly between here and the end of the year IMO.