STOCK MARKET WATCH, Thursday 7 July

[ozymandius]

Thursday July 7, 2005

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 3 YEARS, 198 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 4 YEARS, 200 DAYS
WHERE'S OSAMA BIN-LADEN? 3 YEARS, 263 DAYS
DAYS SINCE ENRON COLLAPSE = 1320
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 2
Other Arrests of Execs = 54


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




AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90

AT THE CLOSING BELL ON July 6, 2005

Dow... 10,270.68 -101.12 (-0.97%)
Nasdaq... 2,068.65 -10.10 (-0.49%)
S&P 500... 1,194.94 -10.05 (-0.83%)
10-Yr Bond... 4.08% -0.02 (-0.59%)
Gold future... 424.50 +0.60 (+0.14%)

GOLD, EURO, YEN, Dollars and Loonie




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

[wakeme2008]

1. I predict < 10,000 today :( nt

[Tandalayo_Scheisskopf]

2. Yup.

You just beat me to it.

[ozymandius]

4. That is a sound notion.

Look at the futures charts. Looks like they just fell off a cliff.

[radfringe]

5. London blasts

did it...

CNN crawler is saying it's terrorism, but haven't heard any confirmation of that from "officials"

so will bush* stay in Scotland, fly home or ride a bike?

Hope NY, Boston, LA and elsewhere are checking their mass transit systems this morning

[ozymandius]

6. How will the G8 get anything done after this?

What has Blair brought upon the people of Britain?

[RawMaterials]

13. we will close at 9970 if we fallow

all the other markets and drop 3% or so.

[UpInArms]

14. current futures

8:22am 07/07/05 DOW INDUSTRIALS FUTURES DOWN 123 AT 10,165

8:18am 07/07/05 S&P 500 FUTURES DOWN 15 AT 1,183

8:19am 07/07/05 NASDAQ 100 FUTURES DOWN 21 AT 1,485

8:19am 07/07/05 GOLD UP $3.60 AT $428.10 AN OUNCE

edited to add the following:

Market trackers SPY, QQQQ down in heavy pre-open vol

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38540.3504673495-837993838&siteID=mktw&scid=0&doctype=806&

NEW YORK (MarketWatch) -- Shares of market tracker stocks -- the S&P 500s (SPY) and the Nasdaq 100s (QQQQ) -- were down in heavy volume in pre-open trading. The SPY were last down 1.2% at $118 with 2.5 million shares traded on the Archipelago exchange. The QQQQ were down 1.5% at $36.38, also with 2.5 million shares traded. The tracker stocks dropped after explosions rocked the London transport system in suspected terror attacks.

[UpInArms]

21. Stocks to plunge on London attacks

http://www.marketwatch.com/news/story.asp?guid=%7BCFC7F216%2D4947%2D464C%2DAD1B%2D5A98ED538A28%7D&siteid=mktw

NEW YORK (MarketWatch) - U.S. stocks are set for a sharply lower opening, and sustained selling throughout the session is likely, following news of a series of deadly terrorist attacks in central London.

In recent trades, futures contracts for the Dow Jones Industrial Average, S&P 500 and the Nasdaq 100 were all pointing to a sharp drop in prices at the opening. However, the contracts were off their worst levels.

Dow futures were last down 127 points at 10,161, having earlier touched a low of 10,140.

Nasdaq 100 futures lost 19 to 1,488 and the S&P 500 futures fell 14 to 1,184.

Major European indexes lost at least 3% immediately after the news broke, but had since recovered some of those losses. See European Markets.

...more...

[Roland99]

29. It will be a temporary drop, though.

There will be some "bargain" hunters that will ratchet it back up but we're not seeing a good overall trend for the market.

[RawMaterials]

22. blast credit is taken

Secret Organization group of al-Qaeda of Jihad in Europe

not to be mean but that just sounds ridicules, didn't i say the markets were do for some sort of "terrorism" a couple of weeks ago?

[northzax]

24. Where's James Bond and SPECTRE?

it is an absurd name, you think these guys just use word replacement software?

or were they inspired by Life of Brian?


say, anyone want to buy some SPDRS? real cheap...

[UpInArms]

7. futures are way down

6:55am 07/07/05 S&P FUTURES DOWN 21.90

6:55am 07/07/05 NASDAQ FUTURES DOWN 35.50

6:55am 07/07/05 DOW INDUSTRIALS FUTURES DOWN 178.00

6:53am 07/07/05 AUGUST GOLD AT $429.90 AN OUNCE, UP $5.40

[ozymandius]

3. WrapUp by Mike Hartman

ISM Report Trumped by Energy Storms and Layoffs

In May the ISM Services Index was reported at 58.5 and expectations called for the June number to come in at 58.7, but growth in the service sector came in at 62.2. After solidly beating expectations, I expected the announcement would send stocks notably higher along with the U.S. dollar, and see bonds decline with the better than expected growth…not so!! In fact, just the opposite is happening. With about two hours left in the trading day, the Dow Industrials are down 39 points, the dollar is slightly lower and bonds are catching a bid thereby pushing interest rates down. Rising energy costs are weighing heavily on these markets, as supply concerns for the second half are being complicated by storms in the Gulf of Mexico.

Natural gas has risen for a third straight day from opening at $7.02 last Friday to today’s intra-day high of $7.70, crude is back above $60 a barrel, and unleaded gasoline is going through the roof. Unleaded opened Friday at $1.58 a gallon and closed above $1.79 today, a nifty, three-day gain of 13%! Tropical Storm Cindy brought heavy rain and 60 mph winds to the Louisiana coast and forced some oil and gas companies to evacuate workers and curtail production. Tropical Storm Dennis is expected to become a category-three hurricane, and is headed directly for the Gulf Coast. High energy costs are working as a tax on the global economy causing stocks to think again about economic growth moving forward. Higher bond prices are pointing to an economic slowdown caused by rising energy prices. Note that oil is back above $60 a barrel with the dollar also strong…this means the rest of the globe just got hit even harder with crude over $60. Crude at $70 or $80 a barrel sure looks real for the second half of the year.

-cut-

We have seen monetary aggregates explode at historically unprecedented rates. The dollar has rallied well off its lows, but I insist the fundamentals will again re-assert themselves. A weak jobs report on Friday or declining stock prices could well be the catalyst for global investors to see the house of cards we have built out of the fiat dollar. Bryant Blake, a contributor to LeMetropole Café had this “nutshell version” of the dollar fundamentals:

“The U.S. Federal Debt just rocketed 60 billion in one day to $7,836,495,788,085.86 on 6/30/05. This puts the fiscal year deficit at $457,443,091,755.54 since 9/30/04. The administration’s proposed budget deficit for FY 2005 was only $427 billion. They have now exceeded that amount and it is only 274 calendar days into the fiscal year. At this rate, the Federal debt will increase over $609 billion in FY 2005. But it gets worse than that for tax payers and better for gold currency advocates. The U.S. Office of Management and Budget projects that $186 billion in excess social security payments will be applied to the budget deficit this year. Hence, at the current rate, the true budget deficit for FY 2005 will exceed $795 billion. This is over $66 billion dollars per month and represents an annual increase of 10.78% in the debt. Combine this with the trade deficit, and the red ink is nearly $130 billion per month. I don’t know the exact numbers, but this is close to $1000 per month, per full time employee in this country. This house of fiat is built on sand!! Thanks for your perseverance, and unflinching optimism based on the fundamentals.”

more...

http://www.financialsense.com/Market/wrapup.htm

Read what he says about managed markets and managed data. The evidence will make your hair stand on end.

[Monkie]

8. Markets fall after London blasts 3% across Europe,Pound Down

http://news.bbc.co.uk/2/hi/business/4659349.stm

"The UK's benchmark FTSE 100 share index tumbled 177 points, or 3.4%, to 5,053. In France, Germany, Holland and Spain indexes all fell more than 3%.

The pound also dipped, while many investors sought safety in the Swiss franc and commodities such as gold. The price of crude oil dropped in London.
Firms including the London Clearing House were evacuated.
The London Stock Exchange has introduced "special measures" and has asked traders to swich off their "black box" programme trading systems.
The systems use algorithims to place huge trades in response to market volatitlity. "

http://newsvote.bbc.co.uk/2/shared/fds/hi/business/market_data/stockmarket/3/img/3+bbc-big_thick-line+intraday.png

[UpInArms]

9. daily dollar watch

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

Last trade 89.99 Change -0.39 (-0.43%)

Dollar Juggles Sharp Rise In Layoffs and Strong Non-Manufacturing ISM Report

http://www.dailyfx.com/index.php?option=com_content&task=view&id=2034&Itemid=39

US Dollar
Finally a strong whiff of fresh air for the US dollar. The service sector ISM report jumped a whopping 3.7 points to 62.2 from 58.5. This follows the rebound that we already saw in the manufacturing sector ISM last week. The most interesting point though about today's release is that the rally in the dollar was very limited after the strong number, with the euro recuperating its losses quickly. What we have been seeing lately is the dollar rallying more often off of weak numbers than strong numbers. This tells us that there are signs of exhaustion on the upside and that it will take far stronger data to push the dollar beyond current levels. Now we could very well see this from Friday's non-farm payrolls report which is one of the most market moving indicators for the US dollar. The market currently expects 198k jobs to be added in the month of June following the 78k growth that we saw in May. Most of the jobs are coming from the service sector and not the manufacturing sector, so the sharp rise in the employment component of the service sector ISM along with low jobless claims should support a much stronger number. However according to IFR, over the past 13 years, economists have over-forecasted payrolls at least two-thirds of the time, which means this time the odds are probably against them once again. This is a big possibility especially since the Challenger report of planned layoffs hit a 17-month high last month, increasing 35%. The most alarming thing is that according to the Challenger Group, there tends to be less layoffs in the summer months, but "The fact that job cuts are rising in the summer is not even the most surprising trend," said John Challenger, CEO of the firm. "The surprise is that we are seeing a growing number of mass job cuts." Don't expect any job additions in the manufacturing since the employment component of the ISM report for the sector contracted once again in June. Meanwhile, shifting focus for a second, we continue yesterday's look into the housing market. USA Today was running a report this morning on mobile homes having been recently sold for $1.3 million dollars and $1.1 million dollars in Malibu - If those numbers don’t signal a bubble, we wonder what would.

...more...

Dollar Storm Is Coming

http://www.dailyfx.com/index.php?option=com_content&task=view&id=2035&Itemid=39

EUR/USD – Euro traders continued to supply the pair with bids above the 1.1900 mark, with dollar longs failing to establish the new 2005 low. As the pair remains in the consolidation mode, the quiet is reminiscent of the quiet before a major storm, which might see the euro test the bids on the other side of the 1.1700 figure. Indicators signal trending market with ADX (DMI) on the daily chart to 28.47. Stochastic is treading below the oversold level on the daily chart at 18.02. The Stochastic on the dealer (4HR) chart is neutral at 65.85. RSI is neutral on the daily chart at 35.29 with the 4-hour chart RSI also neutral at 43.91. MACD is flat deep below the zero line on the daily chart and is pointing upward below the zero line on the dealer (4HR) chart.

<snip>

USD/JPY – Japanese Yen defenses crumbled, with the pair retreating above the 112.00 figure during the latest bout of the yen bearishness, due to all time high oil prices. As dollar longs continue to push the yen toward the 112.50, a break to the upside will most likely see the pair skyrocket toward the 115.00 figure and open the 120.00 as the next target for the greenback bulls. Indicators signal trend reversal, with ADX (DMI) climbing to 42.88. Stochastic is above the overbought level on the daily chart at 94.99 while the Stochastic on the 4-hour chart is back in neutral territory at 74.28, thus providing yen bulls with a chance to mount a counterattack. RSI is treading above the overbought level at 73.97 on the daily chart, while the dealer (4HR) chart RSI is on the fringe of the overbought level at70.83. MACD is pointing upward above the zero line on the daily chart, while the MACD on the (4HR) chart is pointing downward above the zero line.

...more...

[wli]

66. how sure are we about current account deficits?

There are influxes of unaccounted money..

[UpInArms]

10. Today's Report:

Jul 7	8:30 AM	Initial Claims	07/02	-	325K	320K	310K	-

Watch for revisions!

From the CNN futures page:

Monster Employment Index 	Jul 7 	
BOE Announcement 		Jul 7 	
GB - BOE Announcement 		Jul 7 	
ECB Announcement 		Jul 7 	
EMU - ECB Announcement 		Jul 7 	
Jobless Claims 			Jul 7 	
EIA Petroleum Status Report 	Jul 7 	
Chain Store Sales 		Jul 7 	
Treasury STRIPS 		Jul 7 	
Money Supply 			Jul 7

[UpInArms]

16. Initial jobless claims rise to 319,000

http://www.marketwatch.com/news/story.asp?guid=%7B34B03C0A%2D6D93%2D405A%2DB3CF%2D84E4ADDF4284%7D&siteid=mktw

(they revised last week up 2,000 - saying only a 7,000 gain :eyes: )

WASHINGTON (MarketWatch) - First-time claims for state unemployment benefits rose by 7,000 to 319,000 last week, the Labor Department said Thursday.

The gain was in line with expectations on Wall Street.

A "significant" portion of the gain was due to annual auto plant retooling and to schools closing for the summer, a Labor Department spokesman said without providing more details.

Seasonal adjustments by the government statisticians attempt to account for recurring events such as school vacations and plant closings for retooling, but the process is inexact.

Meanwhile, the four-week moving average of new claims - considered a more reliable gauge of labor market health - fell by 3,500 to 320,000 in the week ending July 2, the lowest in four months.

...more...

8:29am 07/07/05 U.S. 4-WEEK AVG. CLAIMS LOWEST SINCE MARCH 5

8:29am 07/07/05 RISE IN CLAIMS DUE TO AUTO RETOOLING, SCHOOLS: DOL

8:29am 07/07/05 U.S. WEEKLY CONTINUING CLAIMS FALL 16,00- TO 2.58 MLN

8:29am 07/07/05 U.S. 4-WEEK AVG. INITIAL CLAIMS FALL 3,500 TO 320,500

8:29am 07/07/05 U.S. WEEKLY INITIAL JOBLESS CLAIMS UP 7.000 TO 319,000

[Maeve]

19. With yesterday's Challenger report from yesterday

Of the rise in layoffs, this could be another "soft patch" in the bog

http://money.cnn.com/2005/07/06/news/economy/job_cuts/index.htm

[UpInArms]

11. In gauging living standards, GDP often misses mark

http://today.reuters.com/news/newsArticle.aspx?type=reutersEdge&storyID=2005-07-http://today.reuters.com/PrinterFriendlyPopup.aspx?type=reutersEdge&storyID=uri:2005-07-05T150805Z_01_N0599396_RTRIDST_0_PICKS-ECONOMY-GDP-LIFE-DC.XML

NEW YORK (Reuters) - Economic growth is often equated with better living standards, but critics argue that expansion alone may not always lead to greater prosperity.

Per capita gross domestic product, one of the broadest measures of economic output, often measures the wrong thing, some analysts say. It also completely misses the issue of how wealth is distributed, painting a misleading picture of national well-being.

In the United States, for instance, GDP increased at a solid 3.8 percent clip in the first quarter, according to a report published last week.

Yet two years of robust growth have failed to bring the sort of employment and wage gains associated with past economic recoveries, preventing many from reaping its benefits.

"GDP per capita is a bad measure, because it leaves out the whole question of distribution," said Anwar Shaikh, a professor of economics at New York's New School University.

<snip>

If the U.S. government buys a multibillion dollar aircraft carrier, for instance, it makes a huge contribution to GDP even though most Americans might not benefit directly from the purchase.

...more...

[UpInArms]

12. Fleetwood to cut 1,200 jobs

Fleetwood Enterprises, Inc.. The Group's principal activity is to manufacture recreational vehicles including motor homes, travel trailers, folding trailers and slide-in truck campers. The Group also produces and retails manufactured housing. Manufactured housing: produces single-family houses in accordance with regulations published by the Federal Department of Housing and Urban Development. Retail: provides retail distribution of manufactured houses. Supply operations: consists of supply companies that provide fiberglass parts, lumber and other wood components. Other: includes insurance and real estate activities. The products are distributed through a network of approximately 1,200 independent retailers in 48 states of the United States and Canada. At 24-Oct-2004, the Group operated 124 retail locations in 21 states under the name Fleetwood Retail Corp.

7:40am 07/07/05 Fleetwood cut workforce by 9%, or 1,200 employees in Q4 - MarketWatch.com

7:38am 07/07/05 Fleetwood Q4 revs cont ops off 12% to $560.2M - MarketWatch.com

7:39am 07/07/05 Fleetwood total Q4 loss $120.5M, or $2.16 a share - MarketWatch.com

7:38am 07/07/05 Fleetwood Enterprises Q4 losses cont ops $1 vs 13c - MarketWatch.com

[UpInArms]

15. Treasurys surge amid London blasts

http://www.marketwatch.com/news/story.asp?guid=%7BD6A04777%2D74B6%2D4E23%2DA0DC%2DB57134640EB7%7D&siteid=mktw

CHICAGO (MarketWatch) - Treasurys rallied Thursday as investors sought low-risk investments following a series of explosions across London, which Prime Minister Tony Blair described as terror attacks.

At least six explosions were reported on London's subway system, the Underground, and on city buses, with many casualties confirmed. See full story.

The benchmark 10-year Treasury note was last up 19/32 to 101 even.

The gain in price dropped its yield ($TNX: news, chart, profile) to 4% from 4.07% late Wednesday.

The yield on a 10-year Gilt, the U.K.'s government benchmark, slid to a two-year low.

Government debt is often considered a "safe haven" amid violent acts or political turmoil. U.S. stocks were expected to open weaker as European stocks tumbled in the aftermath of the explosions.

...more...

[UpInArms]

17. Neiman Marcus same-store sales rise 9.2%

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38540.3541131019-837994134&siteID=mktw&scid=0&doctype=806&

NEW YORK (MarketWatch) -- Neiman Marcus Group (NMG.A) (NMG.B) said June same-store sales rose 9.2% over year-earlier levels, amid a 7.6% increase at its specialty retail store business and 22% growth at its Neiman Marcus Direct business. Total sales rose 8.2% to $351 million. For the fiscal fourth quarter, the high-end department store chain expects same-store sales growth of 7% to 9%. The Class A shares closed Wednesday down 23 cents at $97.15.

[UpInArms]

18. $53 million package for new Boeing chief

http://www.chicagotribune.com/business/chi-0507070162jul07,1,7735248.story?coll=chi-business-hed

New Boeing Co. Chief Executive James McNerney received a pay package valued at $53 million, including $25.3 million in stock awards to replace what he would have received as CEO of 3M Co., Chicago-based Boeing said Wednesday in a Securities and Exchange Commission filing.

McNerney will receive an annual salary of $1.75 million and a bonus of as much as $4.03 million a year. His supplemental retirement benefits total $22 million, according to the filing, which said his contract is for three years and is renewable for a two-year term.

McNerney also will receive life-insurance coverage valued at as much as $267,937, use of company cars and aircraft, club memberships and financial services. Relocation expenses related to moving to Chicago will be paid by the company, but Boeing didn't give a value for those benefits.

Last year, McNerney received a $1.62 million salary and a bonus of $3.52 million, according to a 3M filing.

One of McNerney's first tasks will be trying to restore relations with the federal government over ethical lapses, including a procurement scandal that cost Boeing the exclusive right to a $23 billion contract for Air Force refueling tankers.

...more...

[UpInArms]

20. Don't ignore Lucent, AT&T layoffs

http://www.app.com/apps/pbcs.dll/article?AID=/20050707/OPINION/507070553/1032

The Press reported that the Lucent Technologies building in Holmdel is up for sale. The article mentioned that thousands of jobs have been lost at Lucent, obviating the need for that very large building. ("Lucent hangs "for sale' sign on giant Bell Labs building," June 28.)

<snip>

I am a former AT&T employee (17 years of service) and my husband is currently a Lucent employee (25 years of service). The question on my mind is why are those fort jobs worthy of all of this attention when Lucent, AT&T and Avaya (all former AT&T companies) have been laying off thousands over the past several years in Monmouth County, with nary a peep from any of our federal or local representatives?

Thousands of jobs have been lost — many more than the 5,000 that the fort stands to lose. The most recent layoffs at Lucent are the result of the continuous off-shoring of work to India. What are my federal representatives doing about that?

...more at link...

[UpInArms]

23. pre-opening blather

briefing.com

9:00AM: S&P futures vs fair value: -15.0. Nasdaq futures vs fair value: -17.0. Bearish bias persists in pre-market trading as futures indications remain well below fair value, setting the stage for stocks to open lower... On a positive note, U.S. retailers have turned in their best same-store sales performance in months... Target (TGT) has reported a 9.0% increase in June comps (consensus 6.9%) and sees a July same-store increase of 4-6% while Wal-Mart (WMT), which reported a 4.5% rise in June comps over the weekend, has reaffirmed Q2 EPS guidance of $0.63-0.67...

Better than expected June comps have also come from JCP, COST, KSS, GPS, AEOS, ANF, LTD and JWN while MAY, FD, DG and TJX have missed expectations

8:32AM: S&P futures vs fair value: -15.1. Nasdaq futures vs fair value: -21.0. Futures market is off its early lows but still indicates a noticeably lower open for the indices as investors continue to digest the ramifications of this morning's terrorist attacks in London... Meanwhile, the Labor Dept. has recently reported that initial claims rose 7K to 319K, basically matching forecasts; however, the data have had little impact on trading as the market remains primarily focused on tomorrow's jobs report

8:00AM: S&P futures vs fair value: -16.2. Nasdaq futures vs fair value: -23.5. Futures market versus fair value suggesting a sharply lower open for the cash market after several explosions rock London's financial district and send jitters throughout markets worldwide... Safe-haven buying has sparked a rally in the U.S. Treasury market, knocking benchmark yields down to 3.97%, while oil prices ($60.11/bbl -$1.17) have sold off amid concerns the deadly blasts will slow travel...

ino.com

The September NASDAQ 100 was sharply lower overnight due to an explosion in London as it extended the decline off May’s high and has broken out below the 62% retracement level of the April-June rally crossing at 1476.92. Stochastics and the RSI are oversold and are neutral signaling that sideways to lower prices are possible near-term. If September extends this month's decline, the 75% retracement level of the April-June rally crossing at 1453.30 is the next downside target. Closes above the 10-day moving average crossing at 1509.80 are needed to signal that the decline off May's high has come to an end. The September NASDAQ 100 was down 37.00 pts. at 1470 as of 5:46 AM ET. Overnight action sets the stage for a lower opening by the NASDAQ composite index later this morning.

The September S&P 500 index was sharply lower overnight and has broken out below the 62% retracement level of the April-June rally crossing at 1174.36. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. If September extends the decline off June’s high, the 75% retracement level of the April-June rally crossing at 1163.52 is the next downside target. The September S&P 500 Index was down 25.30 pts. at 1173.30 as of 5:50 AM ET. Overnight action sets the stage for a lower opening when the day session begins later this morning.

[Maeve]

25. And we're off--how low will it go?

Dow 10,239.45 -31.23 (-0.30%)
Nasdaq 2,050.80 -17.85 (-0.86%)
S&P 500 1,191.86 -3.08 (-0.26%)
10-Yr Bond 40.16 -0.59 (-1.45%)

[UpInArms]

26. 9:32 EST

Dow 10,217.89 -52.79 (-0.51%)
Nasdaq 2,051.22 -17.43 (-0.84%)
S&P 500 1,189.11 -5.83 (-0.49%)
10-Yr Bond 4.014 -0.61 (-1.50%)

NYSE Volume 25,639,000
Nasdaq Volume 70,194,000

[Maeve]

27. Two minutes later

Dow 10,197.17 -73.51 (-0.72%)
Nasdaq 2,051.86 -16.79 (-0.81%)
S&P 500 1,187.43 -7.51 (-0.63%)
10-Yr Bond 40.14 -0.61 (-1.50%)

[Roland99]

28. Ouch

[RawMaterials]

30. 9:37

Dow 10180.14 -90.54 (-0.88%)
Nasdaq 2052.37 -16.28 (-0.79%)
S&P 500 1183.56 -11.38 (-0.95%)
10-Yr Bond 4.012% -0.63

NYSE Volume 74,196,000
Nasdaq Volume 114,659,000

[UpInArms]

33. 9:41 EST calvary appearing

Dow 10,197.56 -73.12 (-0.71%)
Nasdaq 2,059.02 -9.63 (-0.47%)
S&P 500 1,184.52 -10.42 (-0.87%)
10-Yr Bond 4.015 -0.60 (-1.47%)

NYSE Volume 100,319,000
Nasdaq Volume 139,262,000

[UpInArms]

31. 9:37

Dow 10,177.84 -92.84 (-0.90%)
Nasdaq 2,052.37 -16.28 (-0.79%)
S&P 500 1,183.58 -11.36 (-0.95%)
10-Yr Bond 4.012 -0.63 (-1.55%)

NYSE Volume 74,196,000
Nasdaq Volume 114,659,000

will the PPT show up?

[JNelson6563]

32. Holy cow! Bumpy ride ahead!

Look at teh money flowing into Treasuries! No surprise here. Gold's up too. Good luck to Blair selling the "fighting in Iraq keeps the terrorisism over there" crap now. The simian cannot really make that claim either, but he might try anyway.

9 minutes in and here's how it looks:


Dow 10,184.21 -86.47 (-0.84%)
Nasdaq 2,055.02 -13.63 (-0.66%)
S&P 500 1,184.52 -10.42 (-0.87%)
10-Yr Bond 4.008% -0.07

Bloody Thursday to be sure.

Julie

[UpInArms]

34. 9:42 EST - moving back up (DOW -55)

Dow 10,214.82 -55.86 (-0.54%)
Nasdaq 2,060.48 -8.17 (-0.39%)
S&P 500 1,187.37 -7.57 (-0.63%)
10-Yr Bond 4.011 -0.64 (-1.57%)

NYSE Volume 115,782,000
Nasdaq Volume 158,864,000

[UpInArms]

36. 9:59 EST moving down again

Dow 10,196.87 -73.81 (-0.72%)
Nasdaq 2,054.65 -14.00 (-0.68%)
S&P 500 1,186.45 -8.49 (-0.71%)
10-Yr Bond 4.011 -0.64 (-1.57%)

NYSE Volume 241,944,000
Nasdaq Volume 280,062,000

9:40AM: Stocks open lower across the board as markets worldwide have been hammered after several explosions rocked London's financial district earlier this morning... Perhaps minimizing some of the broad-based losses have been lower bond yields, as flight-to-quality buying has provided a floor of buying support for Treasurys, and falling oil prices ($60.61/bbl -$0.67), as traders have locked in early profits (above $62/bbl) amid worries today's bomb blasts may slow travel...

9:15AM: S&P futures vs fair value: -12.5. Nasdaq futures vs fair value: -14.0. Futures market well off its lows but still trade below fair value, indicating the major indices will open on a downbeat note... Meanwhile, bonds have slipped from their highs, as benchmark yields are back above 4.0%, while oil prices ($60.65/bbl -$0.63) have rebounded somewhat ahead of today's weekly inventories report (10:30 ET)

[Maeve]

35. 9:58 and falling again--who has the drammamine?

Dow 10,198.26 -72.42 (-0.71%)
Nasdaq 2,055.48 -13.17 (-0.64%)
S&P 500 1,187.98 -6.96 (-0.58%)
10-Yr Bond 40.08 -0.67 (-1.64%)

[UpInArms]

37. Hiya Maeve (twin :D )

:hi:

gotta run - will be back next week

:hi:

[Maeve]

39. I won't see you next week---life's a beach for me then!

B-)

Catch you on the flip(flop) side!

[ozymandius]

42. Bye UIA!

Have a great time off. See you on the return!

Ozy :hi:

[RawMaterials]

43. HAve a Great time off

UIA :hi:

[RawMaterials]

38. Soaring numbers of rentals go condo

Tens of thousands of renters around the nation are facing a choice: Buy their apartments or move out as a wave of condominium conversions picks up speed

The number of apartments being renovated and sold as condos is escalating at a time when single-family homes are beyond the means of many Americans. (Related story: Renters must choose)

At least 70,800 apartment units were sold to condominium developers nationwide in 2004, up from 7,800 in 2002, according to Real Capital Analytics, a New York consulting firm.

snip..

Local officials from San Diego to Alexandria, Va., are grappling with how to help tenants pushed out by the conversions. Many people are unable to buy and need rental housing in markets that have few vacancies.

"Condominium conversions provide entry-level ownership opportunities," says Elizabeth Morris, CEO of the San Diego Housing Commission. "But there are concerns about what it does to the available supply of rental housing." (Related story: Home sales may have tapped the brakes)

Though a record 69% of households owned their homes last year, lower-cost rentals are dwindling, according to a study released last month by Harvard University's Joint Center for Housing Studies. About 43% of rental units built in the past five years are renting for above $800 a month, compared with 25% of the units built before then.

snip..

Other tenants say their lives have been disrupted. "I really feel let down," says Valerie Enos, 62, who was told to vacate her El Cajon apartment last week. "I think everybody is being squeezed out so they can cater to the wealthier people. It's not a good feeling."


http://www.usatoday.com/money/perfi/housing/2005-07-06-condos-renters_x.htm


so now you cant afford to own a home you cant rent because they are making it all condos, and even if you can afford a house wall-mart can just come in and take it, any time they want. under the scam of best public use witch really means increase the tax review for the city. Gee what a great country we are becoming. :shrug:

[Roland99]

40. Effects of the Federal Estate Tax on Farms and Small Businesses

Just noticed this was on the CBO site:

http://www.cbo.gov/ftpdoc.cfm?index=6512&type=1


Haven't had time to read beyond the title, though. Any tax/economic experts want to dig in?

[ozymandius]

41. 10:12 numbers and blather

Dow 10,215.90 -54.78 (-0.53%)
Nasdaq 2,057.07 -11.58 (-0.56%)
S&P 500 1,187.10 -7.84 (-0.66%)
10-Yr Bond 4.022 -0.53 (-1.30%)
NYSE Volume 327,641,000
Nasdaq Volume 363,957,000

9:40AM: Stocks open lower across the board as markets worldwide have been hammered after several explosions rocked London's financial district earlier this morning... Perhaps minimizing some of the broad-based losses have been lower bond yields, as flight-to-quality buying has provided a floor of buying support for Treasurys, and falling oil prices ($60.61/bbl -$0.67), as traders have locked in early profits (above $62/bbl) amid worries today's bomb blasts may slow travel...

[ozymandius]

44. 10:22 - stampede toward bonds

Dow 10,208.99 -61.69 (-0.60%)
Nasdaq 2,056.92 -11.73 (-0.57%)
S&P 500 1,187.18 -7.76 (-0.65%)
10-Yr Bond 40.16 -0.59 (-1.45%)
NYSE Volume 381,672,000
Nasdaq Volume 405,394,000

[RawMaterials]

45. Saudis warn of shortfalls as oil hits $61

Oil prices hit new record highs above $61 a barrel on Thursday, driven by short-term supply fears as the first hurricane of the season threatened crude production and refinery operations in the Gulf of Mexico.

But private warnings also point to a worsening long-term outllook, with Saudi officials saying that the Organisation of the Petroleum Exporting Countries will be unable to meet projected western demand in 10 to 15 years.

At today's prices, the world will need the cartel to boost its production from 30m to 50m barrels a day to 50m by 2020 to meet rapidly rising demand, according to the International Energy Agency, the energy watchdog for consuming countries.

But senior Saudi energy officials have privately warned US and European counterparts that Opec would have an “extremely difficult time” meeting that demand. Saudi Arabia calculates there is a 4.5m b/d gap between what the world needs and what the kingdom can provide.

Saudi Arabia has the world's largest oil reserves and will need to bear up to half Opec's production growth in the next 10 to 20 years, with the rest mainly coming from Kuwait and the United Arab Emirates.

http://news.ft.com/cms/s/e0cdc282-ee47-11d9-98e5-00000e2511c8.html

[ozymandius]

47. Oil Prices Drop Amid London Explosions

BUDAPEST, HUNGARY - Crude oil prices hit another record high above $62 a barrel Thursday before backing off, amid heightened market uncertainty following a string of explosions in the British capital.

Three near simultaneous explosions hit the London subway and one tore open a packed double-decker bus during the morning rush hour Thursday. The blasts killed at least two people and injured more than 300 in what a shaken Prime Minister Tony Blair called a series of "barbaric" terrorist attacks.

Light, sweet crude for August delivery slipped 66 cents to $60.62 a barrel on the New York Mercantile Exchange. It had earlier hit $62.10 a barrel, a new high.

-cut-

"The market is very concerned at the moment, but it's too early to draw any conclusions as we are in the middle of events and no one seems to have a clear idea of what exactly is going on," said Frederic Lasserre, head of commodities research with Paris-based SG Securities.

more...

http://news.yahoo.com/s/ap/20050707/ap_on_bi_ge/oil_prices

[TrogL]

49. So the ball's in Venezuela's court

...and Canada's to a lesser extent.

I can speak from first person experience to the latter. I was out near Leduc (site of Alberta's first oil well) Tuesday and there were drilling and seismic trucks all over the place. Two new wells were being drilled within ear-shot of where I was staying.

Chavez has been a thorn in Dubya's side for quite awhile. A few weeks ago he was bragging again that he's sitting on top of huge oil reserves. Some of them are heavier crude that's gonna take a bit of effort to extract. Nevertheless he needs to watch out :scared: for yet another US backed coup.

[Roland99]

50. But US corporations don't make as much money from Venezuela

[ozymandius]

46. European Markets Dive on London Blasts

LONDON - Stocks plummeted in Europe on Thursday after a series of rush-hour explosions in London's subway system and aboard a double-decker bus. Insurance and travel-related stocks declined sharply, and the British pound also fell.

The London Stock Exchange remained open after the explosions but its key index, the FTSE 100, fell as much as 4 percent by late morning before recovering a bit. It was down 102.40 points at 5127.20 by late afternoon, gaining back about half of its earlier losses. Germany's DAX was down 1.9 percent at 4,526.97 in Frankfurt. In Paris, the CAC 40 benchmark fell 1.7 percent to 4,208.10 after dipping as much as 4.5 percent earlier.

Stocks also fell in the United States in early trading. The Dow Jones industrial average fell 74 points to 10,196.56 and the Nasdaq composite index dropped 12.9 points to 2,055.72. The S&P 500 dropped 9.5 points to 1,185.48.

more...

http://news.yahoo.com/s/ap/20050707/ap_on_bi_ge/britain_explosions_markets

[Maeve]

48. Coming up on 11 and calming down

Not such wide swings, anywho...

Dow 10,189.06 -81.62 (-0.79%)
Nasdaq 2,052.84 -15.81 (-0.76%)
S&P 500 1,184.95 -9.99 (-0.84%)
10-Yr Bond 40.11 -0.64 (-1.57%)

[Maeve]

51. Finally got some blather

11:00AM: Market remains under pressure showing little reaction to further deterioration in oil prices... Crude oil futures ($59.70/bbl -$1.58) have recently slipped below $60/bbl following mixed inventories data... While the EIA has reported a larger than anticipated decline in crude supplies of 3.61 mln barrels, versus an expected draw of 1.63 mln, and a large draw of 974K in gasoline stockpiles, which economists expected to be unchanged, distillates rose by 4.07 mln barrels, much better than an expected build of 1.5 mln barrels... NYSE Adv/Dec 690/2226, Nasdaq Adv/Dec 664/2035

11:59

Dow 10,213.67 -57.01 (-0.56%)
Nasdaq 2,056.52 -12.13 (-0.59%)
S&P 500 1,187.51 -7.43 (-0.62%)
10-Yr Bond 40.18 -0.57 (-1.40%)
NYSE Volume 805,230,000
Nasdaq Volume 729,733,000

[Maeve]

52. lunchtime shopping--back up we go!

Dow 10,249.88 -20.80 (-0.20%)
Nasdaq 2,063.67 -4.98 (-0.24%)
S&P 500 1,191.43 -3.51 (-0.29%)
10-Yr Bond 40.24 -0.51 (-1.25%)

[ozymandius]

53. hovering

12:55
Dow 10,245.20 -25.48 (-0.25%)
Nasdaq 2,064.86 -3.79 (-0.18%)
S&P 500 1,190.97 -3.97 (-0.33%)
10-Yr Bond 4.037% -0.04
NYSE Volume 1,049,664,000
Nasdaq Volume 934,732,000

[ozymandius]

54. up-downdate

1:29
Dow 10,248.73 -21.95 (-0.21%)
Nasdaq 2,067.26 -1.39 (-0.07%)
S&P 500 1,192.08 -2.86 (-0.24%)
10-Yr Bond 4.043% -0.03
NYSE Volume 1,140,270,000
Nasdaq Volume 1,003,785,000

Travel Stocks Dip in Wake of London Blasts

Shares of major airlines and hotels fell Thursday in the wake of morning rush-hour blasts that rocked the London subway system and tore open a packed double-decker bus, and industry officials said they expect international bookings to be softer than usual in the near term.

-cut-

Shares of AMR Corp., the parent of American Airlines, slipped by 56 cents, or almost 5 percent, to $11.66 in morning trading on the New York Stock Exchange, where shares of Delta Air Lines Inc. dropped by 18 cents, or 5 percent, to $3.30.

Marriot Internationa Inc.'s stock fell 73 cents, or 1 percent, to $68.10 on the NYSE, while shares of Starwood Resorts and Hotels Worldwide Inc. declined by 87 cents, or 1 percent, to $60.43.

"We don't expect that there will be a major impact on international travel," said airline analyst Jim Corridore at Standard & Poor's in New York.

more...

http://biz.yahoo.com/ap/050707/explosions_travel_stocks.html?.v=6

[ozymandius]

55. Oil Prices Drop by Almost $1 Per Barrel

Oil Prices Drop by Almost $1 Per Barrel After String of Rush-Hour Blasts in London

WASHINGTON (AP) -- Oil prices fell by almost $1 per barrel on Thursday after a string of rush-hour blasts in London, an increase in U.S. heating oil supplies and as traders took profits from previous runups.

"There are concerns that terrorism could impinge on demand" by hurting the fuel-dependent airline industry, said oil analyst Marshall Steeves of New York-based brokerage Refco.

-cut-

In late morning trade, light sweet crude for August delivery fell 98 to $60.30 per barrel on the New York Mercantile Exchange.

Immediately after the explosions in London were reported, oil futures plummeted in electronic trade, dipping as low as $57.20 per barrel. Earlier Thursday, crude prices hit another record high above $62 a barrel before backing off.

more...

http://biz.yahoo.com/ap/050707/oil_prices.html?.v=17

[htuttle]

57. Remember when $50/barrel seemed expensive?

That was only a couple of months ago.

[ozymandius]

59. Heh -indeedy

I remember when people said that as oil crested the $40/barrel level that Japan's economy would teeter then tank. When it was about $38/barrel, Japan signed a deal with Iran to "manage" one of their far western oilfields for them. Smart people, those Japanese.

[ozymandius]

56. latest figures are mixed

1:39
Dow 10,257.33 -13.81 (-0.13%)
Nasdaq 2,070.37 +1.72 (+0.08%)
S&P 500 1,192.96 -1.98 (-0.17%)
10-Yr Bond 4.036% -0.04
NYSE Volume 1,176,297,000
Nasdaq Volume 1,033,507,000

[RawMaterials]

58. 2:33 Numbers and Blather

Dow 10253.87 -16.81 (-0.16%)
Nasdaq 2068.33 -0.32 (-0.02%)
S&P 500 1191.97 -2.97 (-0.25%)
10-Yr Bond 4.037% -0.38

NYSE Volume 1,365,955,000
Nasdaq Volume 1,187,552,000



2:30PM: Major indices still trade in split fashion but market breadth continues to suggest a modestly bearish bias... As reflected in the A/D line, decliners on the NYSE hold a 17 to 14 advantage over advancers while declining issues on the Nasdaq outpace advancing issues by a 16 to 13 margin... A split ratio of down to up volume, however, suggests a more mixed tone to trading... Meanwhile, the Dow, S&P and Nasdaq continue to trade above initial support levels but continue to find resistance near 10290, 1197 and 2075, respectively... NYSE Adv/Dec 1463/1701, Nasdaq Adv/Dec 1302/1619

2:00PM: Another wave of renewed buying interest this time around lifts the Dow into the green for the first time since Tuesday, although the blue chip index's climb above the unchanged mark has been shortlived... The only notable component turning positive, however, has been Alcoa (AA 26.03 +0.03) - the very company that will officially kick off earnings season after the bell... Analysts expect Alcoa to report Q2 earnings of $0.48 per share on revenues of $6.68 bln... NYSE Adv/Dec 1518/1605, Nasdaq Adv/Dec 1305/1593

[ozymandius]

60. 3:21 and everything's just fine. Never better.

Dow 10,291.24 +20.56 (+0.20%)
Nasdaq 2,073.73 +5.08 (+0.25%)
S&P 500 1,196.28 +1.34 (+0.11%)
10-Yr Bond 4.031% -0.04
NYSE Volume 1,581,339,000
Nasdaq Volume 1,364,866,000

[WillyT]

61. Of Course !!! - Everybody Is Banking On The Coming Defense Contracts !!!

Some serious coin to be made with endless war, dontcha know!!!

:argh:

[RawMaterials]

62. Wonder what The EU is going to think about us

once our markets are the only ones to close in the black??
Don't people realize the atlantic is not as big as it used to be?

[Roland99]

64. Oh, we're exercising hope and optimism that terror will be defeated.

[ozymandius]

63. Oil bounces back to close near $61

Hurricane concerns outweigh London blasts, supply data

August crude closed down 55 cents at $60.73 a barrel in New York, but that's well above $59.20, its lowest level of the day. Prices traded at record highs above $61 on Wednesday -- even climbing briefly above $62 a barrel overnight before word of the London blasts.

What had been Wednesday's lead story for the oil market -- Hurricane Dennis -- posed an increasing threat to oil and natural-gas operations in the Gulf of Mexico.

The storm situation "seems to be the thing weighing the most heavily on trader's minds right now and any major damage or further shutdowns could provide some very strong bullish momentum during trading," said Kevin Kerr, president of Kerr Trading International.

"It's as volatile as it gets right now and to say the markets are skittish is an understatement," he added.

more

[RawMaterials]

65. Closing Numbers and Blather

Dow 10302.29 +31.61 (+0.31%)
Nasdaq 2075.66 +7.01 (+0.34%)
S&P 500 1197.87 +2.93 (+0.25%)
10-Yr Bond 4.031% -0.44

NYSE Volume 1,943,634,000
Nasdaq Volume 1,617,871,000


Close: Bomb blasts rocked London's financial district, hammering markets worldwide, but U.S. markets showed their toughness in the face of tragedy, as stocks rebounded across the board to close eight out of ten economic sectors to the upside... Stocks opened noticeably lower after investors got wind of several explosions that crippled London's transportation system, claiming at least 33 lives... Within minutes, investors rotated out of stocks in favor of safer investments like bonds and gold, sparking a rally in the Treasury market that knocked benchmark yields on the 10-year note as low as 3.93%...

Gold prices also surged to around $430/ounce before lack of follow-through buying interest actually closed the commodity lower at $424.20/ounce (-0.1%) as stability returned to the markets... Reflecting on the market's resilience following the last major terrorist attack - bomb blasts that killed 191 people on commuter trains in Madrid, Spain (March 11, 2004) - investors were reminded that, while tragic no matter where terrorism strikes, such troubles occurring overseas typically have less of a lasting impact on financial markets than those taking place on U.S. soil...

Meanwhile, investors also had to contend with volatile oil prices... Prior to the explosions crude oil futures had touched another new record high ($62.10/bbl), amid concern of further supply disruptions in the Gulf since Dennis was upgraded to a hurricane, but immediately following the blasts, crude oil futures fell more than 7.5% to $57.20/bbl, before closing at $60.73/bbl (-$0.55) following a larger than expected build in distillates of 4.1 mln barrels (consensus +1.5 mln)...

Crude supplies fell 3.61 mln barrels (consensus -1.63 mln) while gasoline stockpiles fell 974K barrels, which economists expected to be unchanged... The demand side of the equation also weighed on the commodity, as many feared the explosions, which targeted London's subway and bus system, might discourage travel... However, despite consolidation in crude oil, the Energy sector paced the way higher... Expected to record aggregate EPS growth of about +27% from its 29 S&P components, energy stocks provided some timely support heading into earnings season... Consumer Discretionary, which in contrasts is estimated to turn in the worst earnings performance (-4%) also traded higher...

Providing the bulk of the sector's strength were gains throughout the retail group following June same-store sales growth of 5.3% (consensus +4.5%) - the best showing since May 2004... Better than expected June comps have come from TGT, GPS, JCP, COST, KSS, LTD, JWN, AEOS and ANF while MAY, FD, DG and TJX have missed forecasts... Interest-rate sensitive areas like Financial, Utilities and Homebuilding also showed relative strength...

Financial got a boost from Charles Schwab (SCH 12.63 +0.65), which surged as much as 13% earlier in the session amid renewed takeover talks (possibly by HSBC), while homebuilders climbed after Pulte Homes (PHM 88.43 +4.02) and MDC Holdings (MDC 85.28 +2.80) reported quarterly order increases of 26% and 14%, respectively... Separately, initial claims rose 7K to 319K (consensus 320K), checking in below 320K for the third straight week to leave a 4-week average of 321K - the lowest since early March; however, the data was overshadowed by tomorrow's more influential monthly jobs report...DJTA -0.1, DJUA +0.9, DOT +0.9, Nasdaq 100 +0.4, Russell 2000 +0.2, SOX +0.3, S&P Midcap 400 +0.4, XOI +1.1, NYSE Adv/Dec 1753/1467, Nasdaq Adv/Dec 1527/1482

3:30PM : Major averages continue to strengthen heading into the close, getting a boost from spirited leadership among a number of blue chip industry groups... Turnarounds in influential sectors like Financial, Industrials and Consumer Discretionary have provided a floor of late-day buying support while solid gains in Energy have also helped improve sentiment...

Leadership from the latter, which is expected to turn in the highest EPS growth (+27%) among the ten economic sectors, may also be reminding investors that upcoming Q2 earnings of about 7.0% (versus Q1 and Q404 EPS growth of 13% and 21%, respectively) probably won't be as bad as many have estimated... NYSE Adv/Dec 1614/1582, Nasdaq Adv/Dec 1397/1578

3:00PM : Range-bound trading persists in both stocks and bonds ahead of tomorrow's influential employment data... With the market looking for payrolls of around 195K, with a wide range of 95K to 300K, there's a good chance that only a significant increase in the nonfarm payrolls figure could generate the type of selling power one would normally expect, since a terror risk premium has most certainly returned...NYSE Adv/Dec 1425/1765, Nasdaq Adv/Dec 1254/1690



Everyone's Great in the US, just don't pay attention to realty.
:hi:
Have a great night Marketers