STOCK MARKET WATCH, MONDAY OCT 13....(#1)

[ozymandius]

Monday October 13, 2003

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 469
REICH-WING RUBBERSTAMP-Congress = DAY 329
DAYS SINCE DEMOCRACY DIED (12/12/00) 2 YEARS, 304 DAYS
WHERE'S OSAMA BIN-LADEN? 1 YEAR, 362 DAYS
WHERE'S SADDAM? WHERE ARE THE WMD'S? - DAY 204
DAYS SINCE ENRON COLLAPSE = 688
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 October 10, 2003

Dow... 9,674.68 -5.33 (-0.06%)
Nasdaq... 1,915.31 +3.41 (+0.18%)
S&P 500.... 1,038.06 -0.67 (-0.06%)
10-Yr Bond... 4.25% -0.05 (-1.26%)
Gold future... 374.10 +4.30 (+1.16%)

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

||


GOLD, EURO, YEN and Dollars


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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

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[truthisfreedom]

1. love the cartoon.

everyone loves a bake sale.

[ozymandius]

2. Good morning Marketeers! Here's the WrapUp.

WrapUp by Tim W. Wood

THE DOW REPORT
"Market Fuel"

Quotable Quotes

September 1928, “There is no cause to worry. The high tide of prosperity will continue.” - Andrew W. Mellon, Secretary of the Treasury.

October 14, 1929 – “Secretary Lamont and officials of the Commerce Department today denied rumors that a severe depression in business and industrial activity was impending, which had been based on a mistaken interpretation of a review of industrial and credit conditions issued earlier in the day by the Federal Reserve Board.” - New York Times

December 5, 1929 – “The Government’s business is in sound condition.” - Andrew W. Mellon, Secretary of the Treasury

December 28, 1929 –“Maintenance of a general high level of business in the United States during December was reviewed today by Robert P. Lamont, Secretary of Commerce, as an indication that American industry had reached a point where a break in New York stock prices does not necessarily mean a national depression.” - Associated Press dispatch.

January 13, 1930 – “Reports to the Department of Commerce indicate that business is in a satisfactory condition, Secretary Lamont said today.” – News item.

January 21, 1930 – “Definite signs that business and industry have turned the corner from the temporary period of emergency that followed deflation of the speculative market were seen today by President Hoover. The President said the reports to the Cabinet showed the tide of employment had changed in the right direction.” – News dispatch from Washington.

January 24, 1930 – “Trade recovery now complete President told. Business survey conference reports industry has progressed by own power. No Stimulants Needed! Progress in all lines by the early spring forecast.” – New York Herald Tribune.

March 8, 1930 – “President Hoover predicted today that the worst effect of the crash upon unemployment will have been passed during the next sixty days.” – Washington dispatch.

May 1, 1930 – “While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover. There is one certainty of the future of a people of the resources, intelligence and character of the people of the United States – that is, prosperity.” - President Hoover

August 29, 1930 – “American labor may now look to the future with confidence.” - James J. Davis, Secretary of Agriculture.

October 20, 1930 – “President Hoover today designated Robert W. Lamont, Secretary of Commerce, as chairman of the President’s special committee on unemployment.” – Washington dispatch.

October 21, 1930 – “President Hoover has summoned Colonel Arthur Woods to help place 2,500,000 persons back to work this winter.” - Washington dispatch

Market Fuel

One of the basic principles of Dow theory is volume. Volume is simply the number of shares traded on a given day. We can think of volume as being a fuel source used to propel the market. If you have ever run out of gas in your car you know that your car will begin to spit and sputter before it finally comes to a halt. The only question is how far can the car continue to spit and sputter before running completely out of gas and then how long can it coast before it comes to a complete stop. This is precisely how I see the current condition of the stock market. It is spitting and sputtering and unfortunately most of it’s passengers are not aware that they are about to be caught in a market that is out of gas.

more... short and sweet

Have a great day! I'll try to join the fun later this afternoon.

[JNelson6563]

3. Interesting quotes!

Hoy cow!! An amazing similarity! Great toon too! What remarkable times we live in.

Lots of earnings reports out today. I wonder what we'll be hearing? Probably lots of sunshine and flowers, thanks in part to lots of job cuts. Oy! One man's pink slip is another's increased dividend.

Will check back in just a bit. Thanks for kicking us off Ozy! :hi:

Julie

[Code_Name_D]

15. Any long term charts on volume?

I would be kind of curiouse what that would look like?

[JNelson6563]

4. Spending in Iraq

I was able to catch some of the commmittee hearing last week on the Iraq spending bill. I only caught it in passing so I don't recall the names but the jist of one Congressman's comment was this:

A cmemnt plant in Iraq needed rebuilding. For Halliburton to do it would cost $5 million. An American General had a local Iraqi firm do it and it cost $80,000.

Wow!! I share this because of how well it fits with the toon. Just as we have all said, Jr. and his pals are looting our treasury to feather their own nests. Seeing this testimony last week really shoud confirm this for all but the seriously intellectually dishonest drones.

Julie

[Code_Name_D]

12. Question?

Dose Halibertion sell hammers too?

[Maeve]

5. Dia doibh a maidin!

Good morning, y'all! Back from a lovely weekend bracketed by drives through some beautiful fall color. Ahhh...and now back to reality, or what passes therefor.

Looks like the casino took a bit of a ride Friday before ending up back at about where it started the day. This week's market will be focusing on earning reports and right now the futures look all bright and shiny. A few stories seem focused on how the bear market is dead (we shall see--wouldn't be the first time the report of a demise was greatly exaggerated).

:donut::donut::donut::donut::donut:

[UpInArms]

6. daily dollar watch

and can't you feel the love?

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

Last trade 92.20 Change +0.68 (+0.74%)

Euro falls after Duisenberg redirects market view

http://www.forbes.com/work/newswire/2003/10/13/rtr1106729.html

LONDON, Oct 13 (Reuters) - The euro shed one percent against the dollar and yen on Monday after European Central Bank President Wim Duisenberg stoked market suspicions the dollar's recent fall against the single currency had been overdone.

After climbing to within a cent of June's record peak on the dollar last week, the euro beat a swift retreat as European traders came on line and Duisenberg pointed out a recent G7 call for more flexible exchange rates did not specify euro/dollar.

<snip>

"I would think generally this is not going to be a great week for the dollar again, even though we're going to see some good releases both on the supply and demand side in the U.S.," said Mitul Kotecha, head of global foreign exchange research at Credit Agricole Indosuez.

...more...

[Trojan]

7. Overseas Report

London shares edge higher midday on broker comment, Wall Street seen higher

Leading shares continued to edge higher in midday trade, as broker comment and weekend reports continued to dominated trade with expectations growing that Wall Street will open higher later today, dealers said.

By 12.00 am, the FTSE 100 was trading 28.6 points higher at 4,339.6, while
the broader indices, with the exception of the tecMARK, were all sharply higher as well.

Volumes were average as 959.6 mln shares changed hands in 65,214
transactions.

Wall Street is expected to open higher as US earnings season hits high gear.

Investors are pinning hopes that earnings from US blue chips -- such as Intel, IBM, General Motors and Coca- Cola -- will demonstrate that the economy is recovering.

Spread betting firms IG Index and City Index peg the DJIA opening gains at
44 points and 37 points respectively.

On Friday, the DJIA slipped 5.33 points to close at 9,674.68, while the
Nasdaq Composite inched 3.41 points higher to end at 1,915.31.

It is a busy week on the economic front on both sides of the Atlantic. In
the UK, domestic retail price inflation and employment figures are expected out later this week.

While today was the UK PPI report for September, which revealed a
larger-than-expected drop in raw material costs from August.

UK September manufacturers' raw material costs fell a seasonally adjusted
1.2 pct from August. According to economists polled by AFX News, producer input prices were expected to drop 1.0 pct on the month.



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[Maeve]

8. And down-right cheerful at the opening bell

Dow 9,738.75 +64.07 (+0.66%)
Nasdaq 1,926.46 +11.15 (+0.58%)
S&P 500 1,043.44 +5.38 (+0.52%)
10-Yr Bond 4.255% +0.007

[JNelson6563]

9. Yahoooo!!!!!!!!!

And we are off to a glorious start!!! Absolutely fabulous!

Maeve, glad you had good weekend away. I went to several political events, expanding my knowledge to better overthrow the fascist regime I like to think of as Simian & Friends.

Anybody playing today's market--play smart, not hard. ;-)

12 minutes in:

Dow 9,740.01 +65.33 (+0.68%)
Nasdaq 1,929.20 +13.89 (+0.73%)
S&P 500 1,044.46 +6.39 (+0.62%)
10-Yr Bond 4.255% +0.007

Julie

[JNelson6563]

10. Riding high this morning!

Motorola beat expectations so Party On Marketeers!!

10:10 and it's mighty bright:

Dow 9,756.68 +82.00 (+0.85%)
Nasdaq 1,935.15 +19.84 (+1.04%)
S&P 500 1,046.44 +8.38 (+0.81%)
10-Yr Bond 4.255% +0.007


Julie

[Maeve]

11. 10:52 and beware of nosebleeds today

So high, the air is thin...

Dow 9,771.05 +96.37 (+1.00%)
Nasdaq 1,936.37 +21.06 (+1.10%)
S&P 500 1,047.57 +9.51 (+0.92%)
10-Yr Bond 4.255% +0.007

[Coventina]

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

Happy Monday all,

Today's reading has no changing lines, so the only hexagram shown is CONTEMPLATING. "In matters of business, your ideas will have true impact. Use this opportunity to explore, contemplate, and modify any practices that seem unsuitable. Your example, through honest contemplation, will create trust among your associates."

Ching seems pretty positive, so I'm going to predict an up day today.
Have to run everyone!
:hi:
Take care!!

[mrsteve]

14. 11:45 - morning all - exuberance is moderating in the markets

Although still a big day thus far:

Dow 9,768.61 +93.93 (+0.97%)
Nasdaq 1,932.59 +17.28 (+0.90%)
S&P 500 1,047.08 +9.02 (+0.87%)
10-Yr Bond 4.255% +0.007

NYSE volumes are a little down, Nasdaq is normal for the day.

Yahoo Finance Update:
"11:30AM: Although off their session highs, the major averages are sticking close to their best levels of the day... The bulk of the sectors maintain their positioning in the green and the gold group, which had previously been among the laggards, has been lifted into positive territory at this juncture... Currently, the oil services sector is the only remaining laggard of note...
Its weakness coincides with a $0.30 decline in the price of crude oil to $31.67/bbl, which has been incited by OPEC President Abdullah bin-Hamad al-Attiyah's mention that prices may plunge next year because of increased flows of Iraqi oil unless other producers, such as Russia and Norway reduce production..."

[mrsteve]

16. 12:40 - lunchtime lull - full ahead sideways

Dow 9,770.02 +95.34 (+0.99%)
Nasdaq 1,933.76 +18.45 (+0.96%)
S&P 500 1,047.32 +9.26 (+0.89%)
10-Yr Bond 4.255% +0.007



Yahoo Fi Analysis:
"12:00PM: Today's relatively slow economic and corporate news day has been used as an opportunity to bid the markets higher... In their advance, the major averages have been lifted to new 52-week highs, with the Nasdaq trading at its best level since March of 2002...
The bullish bias has been supported by Motorola's (MOT 13.88 +0.09) better than expected Q3 earnings of $0.06 (consensus $0.03) per share, which augur well with respect to the market's expectation for a strong Q3 earnings season...
The bulk of the sectors are sponsoring the advance, with the oil sector being the only laggard of note...
Among the leaders to the upside are the biotech, financial, transportation, healthcare, housing and technology (particularly software) groups...
The advance of the latter is at least partially attributable to Lehman Brothers' upgrade of select software stocks based on the belief that Q3 was a strong quarter for the bulk of the software universe, which is also positioned for a solid Q4..."

Oh boy - looks like my current employer is today's golden boy.

[Maeve]

17. 1:45 and we've had a bit of a dip

Nothing serious, I'm sure....

Dow 9,738.61 +63.93 (+0.66%)
Nasdaq 1,926.71 +11.40 (+0.60%)
S&P 500 1,043.65 +5.59 (+0.54%)
10-Yr Bond 4.255% +0.007

[JNelson6563]

18. downgrade to "rational exhuberance"

from irrational. ;-)

Julie

[mrsteve]

19. 2:20 - notch down, but still doggedly sideways

Dow 9,746.90 +72.22 (+0.75%)
Nasdaq 1,928.61 +13.30 (+0.69%)
S&P 500 1,044.26 +6.20 (+0.60%)
10-Yr Bond 4.255% +0.007


Volumes for both markets are still a bit low for the day.

[mrsteve]

20. 2:55 - going into the last hour, gains still strong with little change

Dow 9,739.87 +65.19 (+0.67%)
Nasdaq 1,926.56 +11.25 (+0.59%)
S&P 500 1,043.54 +5.48 (+0.53%)
10-Yr Bond 4.255% +0.007

[mrsteve]

21. 3:30 - "still spinning it's wheels" into the last half hour

Dow 9,761.05 +86.37 (+0.89%)
Nasdaq 1,930.35 +15.04 (+0.79%)
S&P 500 1,045.29 +7.23 (+0.70%)
10-Yr Bond 4.255% +0.007


A possible explanation from Yahoo Fi:
"3:00PM: The market is spinning its wheels, not making much headway one way or another... While volume is relatively light, which would normally be attributed to a lack of conviction on the part of traders, today's limited participation is being chalked up to it being a partial holiday... Breadth figures are decidedly bullish, with advancers leading decliners by more than a 2-to-1 margin on both exchanges and up volume outpacing down volume by a 3-to-1 margin on the NYSE and a 2-to-1 margin on the Nasdaq..."

Guess it make sens that the volumes are down on a holiday. I forget that today's a holiday, since I've never gotten &^&$%#@ Columbus Day off even once in a 15 year career.

Yeah, just a little bitter.

[Maeve]

22. Final figures for the day

Dow 9,764.38 +89.70 (+0.93%)
Nasdaq 1,933.53 +18.22 (+0.95%)
S&P 500 1,045.35 +7.29 (+0.70%)
10-Yr Bond 4.255% +0.007