STOCK MARKET WATCH, MONDAY OCT 27....(#1)

[ozymandius]

Monday October 27, 2003

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 455
REICH-WING RUBBERSTAMP-Congress = DAY 343
DAYS SINCE DEMOCRACY DIED (12/12/00) 2 YEARS, 318 DAYS
WHERE'S OSAMA BIN-LADEN? 2 YEARS, 11 DAYS
WHERE'S SADDAM? WHERE ARE THE WMD'S? - DAY 218
DAYS SINCE ENRON COLLAPSE = 702
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 24, 2003

Dow... 9,582.46 -30.67 (-0.32%)
Nasdaq... 1,865.59 -19.92 (-1.06%)
S&P 500.... 1,028.91 -4.86 (-0.47%)
10-Yr Bond... 4.21% -0.10 (-2.41%)
Gold future... 389.20 +4.20 (+1.09%)

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

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

[ozymandius]

1. WrapUp by Tim W. Wood

THE DOW REPORT
"The Majority is Usually Wrong"

At first it may be difficult to accept such a statement as fact. So let us pursue the subject a bit. Let us start by dividing the population of this planet into two groups, the minority and the majority.

<cut>
It would seem that only a minority of the people on this planet have the ability and ambition to study hard, to figure out ways to accumulate wealth, and to raise their standard of living. The majority are apparently unable or unwilling to acquire the knowledge and take the action which would enable them to do the same.

<cut>
Another trouble with the majority is that they have a tendency to believe what they are told, especially if something is repeated frequently. The majority find it is easier to accept the statements of others than to think for themselves.

<cut>
One should try to think and act like the minority, for there is little hope for the success of the majority. There is not enough room at the top for the majority.

The words above are not mine.

[JNelson6563]

2. Good morning Ozy dear!

haha I loved the disclaimer (words above not mine). Great Toon too. They could charge admission fees for those wheel-chair battles and make a profit. As if they need me to come up with the idea. ;-)

Futures aren't looking so hot. I see the media filter is on the blink again and some bad news from Iraq has leaked out. What did our Dear Leader say about leaks? Hmmmm?

So California burns, Iraq explodes/implodes (not sure which), Americans by the tens of thousands took to the streets to flip Jr the bird (and leave us not forget the 10's who showed up to support him!) and it's all good according to the misAdminstration and their operatives. Just a little re-adjustment and all that. You know, those darned "bitter-enders."

Seems like Wood was right, those who once thought this war was a great idea were a large majority (many thanks to the media whores for so effectively spreading the dis-information)--that seems to be be changing more each day. I expect the clueless masses one often hears declaring the economy is looking good may also be joining us minorities....just a feeling I have. :-)

We could be in for one helluva day on the Street.

Julie

[ozymandius]

4. Good morning Julie.

I second that notion - one helluva day on the Street. I totally failed to mention the protests in my screed below. It seems that there is enough anger left over from the days before this ill-fated war to fill blocks around the People's House and Capitol buildings. No doubt, momentum will build to fill more Washington avenues with protesters.

Blessed be the tens of Freepers, too, who bothered to voice their support for jingoistic foreign policy. One has to admire the tenacity of a group outnumbered 7,000 to 1. Why would we have it any other way?

My thoughts today turn frequently to Capn Sunshine and others who are in harm's way as the fires burning in California remain unchecked.

All things good!

[Maeve]

6. I quoted the Wood article Saturday over in GD

Some folks who believed the happy talk could not understand how there could be a contrarian position--wasn't everything economic good, according to reports? Sigh...

Futures started jumping up earlier this morning, but there has been more of a disconnect lately between futures and actual market behavior, so take that for what it's worth.

And here's another commentary to toss on the pile:

Irrational Exuberance Redux
Lot's of valuation levels are back to where they were when Greenspan made his famous comments.
October 24, 2003: 11:36 AM EDT
By Justin Lahart, CNN/Money Senior Writer
NEW YORK (CNN/Money) - Remember irrational exuberance?
The first time most of us heard the term was in December of 1996, when Fed Chairman Alan Greenspan used it in a speech. It prompted a little worry among Wall Streeters at the time, but just a few days later it was off to the races.
Considering all that happened after -- the big bubble and the big blowoff -- lots of investors wish they had listened to the Chairman back then. And some of them also wish that the Chairman had listened to his words as well, and done something to keep the markets from getting out of hand.
Nobody talks much about irrational exuberance these days -- things just don't seem silly like they did in March 2000. But with the recovery in the market, stocks are beginning to look at least as expensive as when Greenspan first breathed what will go down as his most famous words. <more>

I'm out and about again today, so y'all enjoy the ride! I'll check in later.

[JNelson6563]

7. I think saw that thread

Even here on DU, where we post the scoop every day!! Should we advertise the thread in GD and the lounge? haha

I'll be around an hour or two into trading, then I am out working to overthrow the gubberment. ;-)

Julie

[JNelson6563]

8. Buffet thinking the same way

Reuters
Buffett Sees Little to Invest In
Sunday October 26, 4:32 pm ET

NEW YORK (Reuters) - Warren Buffett (News) sees very few attractive investments at the moment, and is sitting tight on a $24 billion war chest.

The billionaire investor and chief executive of Berkshire Hathaway said in an interview with Barron's that he is not impressed with the current opportunities in stocks, Treasury bonds or junk debt.

"We've got more cash than ideas. The question is whether that will prevail for an unduly long time," he told Barron's.

In fact, Berkshire sold $9 billion of long-term Treasury bonds this year, and Buffett said buying at current levels is not a wise move, according to the report, which appeared in the Oct. 27 edition of the newspaper.

Buffett expressed regret about not selling shares of big companies like Coca-Cola Co. and Gillette Co. when those stocks crested in the late 1990s.

more

http://biz.yahoo.com/rb/031026/financial_berkshirehathaway_3.html

Things are pretty pricey right now, no doubt.

Julie

[ozymandius]

3. Good morning! This is where my ride must end.

So far, the news that I have seen today reflects Iraq going to hell for anything and everything PNAC. Russia continues to ruminate on the idea of switching to the euro for oil and gas sales. Wolfowitz is awakened by a rocket attack in the most secure area of Baghdad. More soldiers die in roadside bomb atacks and mortar shells. The Taliban has retaken sizeable portions of Afghanistan's real estate. Southern California burns while a shortage of money and National Guard (they're in Iraq, ya know) personnel hinder fire management and disaster containment.

Meanwhile, the human toll of this so-called economic recovery is chronicled by the major daily newspapers. Yesterday, I read two stories that explore the plethora of problems facing the working poor and the "under-employed". One such story profiled a mother of two who lost her job because she could not find affordable childcare during the week before her kids started school. Compassion, anyone?

This senseless, immoral and illegal war is just a cherry on top of the cowpie Bush will eat come a year from now. No willful act from Bush can keep the economic clock from expiring before the elections. John Snow's incredulous comments on strong dollar policy and the country's coalescing economic fountainhead differ from reality to the point of being patently absurd.

So, you see, there are so many reasons to be happy.

[JNelson6563]

5. Merger news

Reuters
Bank of America to Buy FleetBoston
Monday October 27, 7:10 am ET

NEW YORK (Reuters) - Bank of America Corp. (NYSE:BAC - News), the third-biggest U.S. bank, on Monday said it agreed to buy FleetBoston Financial Corp. (NYSE:FBF - News), the No. 7 bank, for nearly $47 billion in stock.
Bank of America, based in Charlotte, North Carolina, will pay $45 per share for Fleet in an all-stock transaction. Shares of FleetBoston closed at $31.80 in Friday trading on the New York Stock Exchange

http://biz.yahoo.com/rb/031027/financial_fleet_2.html

Reuters
Stocks to Watch Monday
Monday October 27, 7:16 am ET

NEW YORK (Reuters) - Stocks to watch: WELLPOINT HEALTH NETWORKS INC. (NYSE:WLP - News)
WellPoint on Monday said its quarterly profit rose, as the second biggest health insurer kept premiums steep enough to cover soaring medical costs. Its shares ended Friday at $83.93.

ANTHEM INC. (NYSE:ATH - News)

Anthem, which agreed to acquire WellPoint Health Networks Inc. on Monday, also reported higher quarterly earnings, as it gained members and raised premiums. Its shares ended Friday at $77.26.

HUMANA INC. (NYSE:HUM - News)

Humana said on Monday it posted a higher third-quarter profit as the health insurer kept premiums ahead of racing medical costs. Its shares ended Friday at $19.76.

TRIAD HOSPITALS INC. (NYSE:TRI - News)

Triad on Monday reported a fall in quarterly profit after a charge for unpaid bills, mostly from uninsured patients. Its shares ended Friday at $28.60.

http://biz.yahoo.com/rb/031027/markets_stocks_headlines_2.html (more)

Futures have gotten happier than when I first looked in. :shrug:

Julie

[UpInArms]

9. daily dollar watch

and the euro has dropped from 1.18 last night - dollar takes the slack

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

Last trade 91.63 Change +0.35 (+0.38%)

[JNelson6563]

10. Keeping a close eye on things this week

CBS MarketWatch
Heavy expectations for U.S. earnings
Saturday October 25, 4:31 am ET
By Ciara Linnane

NEW YORK (CBS.MW) -- Corporate earnings will share the stage with some key economic releases this week as investors continue to weigh whether recent stock market gains are justified.
Alongside reports from Dow giants such as Boeing (NYSE:BA - News) , Procter & Gamble (NYSE:PG - News) and ExxonMobil (NYSE:XOM - News) , investors will be closely scrutinizing the latest economic data including durable goods orders, new and existing home sales, consumer spending, consumer confidence and third-quarter GDP.

The earnings season has delivered so far, but stocks have stumbled amid concerns that the good news is already priced in.

http://biz.yahoo.com/cbsm-top/031025/776e522ead261eeaf49976ae34cc880c_1.html

In spite of sunny futures I sense jitters.

Julie

[JNelson6563]

11. Relax everybody!!

You've just been getting your news through the "media filter"!! Everything's great! 9 minutes in and just look at the Stock Market!


Dow 9,636.31 +53.85 (+0.56%)
Nasdaq 1,884.08 +18.49 (+0.99%)
S&P 500 1,035.05 +6.14 (+0.60%)
10-Yr Bond 4.259% +0.047


The media is just against Bush and this proves it! ;-)

Julie

[UpInArms]

12. did you see where the "projected" GDP

numbers are?

Report Due: Oct 30 8:30 AM
GDP-Adv. Q3
-
Yahoo Briefing anticipates: 6.0%
Market anticipates: 6.0%
Last report (Q2): 3.3%

ya think???

Just can't see it myself, but then what the hell do I know?

[JNelson6563]

13. Wow!! This I cannot see either!

Did we double military spending or something? That's what carried it last time.

9:49 and rockin' on:


Dow 9,639.35 +56.89 (+0.59%)
Nasdaq 1,883.00 +17.41 (+0.93%)
S&P 500 1,035.11 +6.20 (+0.60%)
10-Yr Bond 4.263% +0.051


Just keep thinking happy thoughts! ;-)

Julie

[UpInArms]

14. Yowie!! Zowie!!

Home sales rocket in September!

Oct 27 10:00 AM Existing Home Sales (reported)Sep 6.69M
(Yahoo Briefing est) 6.25M
(market expected) 6.30M
(Aug Sales) 6.46M
(revised from) 6.47M

Oct 27 10:00 AM New Home Sales (reported) Sep 1145K
(Yahoo Briefing est) 1120K
(market expected) 1125K
(Aug Sales) 1147K
(revised from) 1150K

and the market is currently singing a merry tune

Dow 9,651.35 +68.89 (+0.72%)
Nasdaq 1,887.15 +21.56 (+1.16%)
S&P 500 1,035.98 +7.07 (+0.69%)
10-Yr Bond 4.273% +0.061

[JNelson6563]

15. Do you think it's everyone jumping off the fence?

I think everyone knows this is as good as it's gonna get and they are acting now.

A couple of minutes ago the DOW was up over 80 pts. Continuing violence in Iraq seems to take the wind out of the sails a bit....

Dow 9,640.83 +58.37 (+0.61%)
Nasdaq 1,881.91 +16.32 (+0.87%)
S&P 500 1,034.80 +5.89 (+0.57%)
10-Yr Bond 4.283% +0.071

10:29

Money fleeing Treasuries too. I hate to leave, looks like things could get very interesting but I have to. Overthrowing the gubberment takes a lot of work.

Julie

[mrsteve]

16. 11:02 - morning all

Looks like the home sales thing has really zipped up the markets - at least for a while. They've been sideways now for about the last 30 minutes.

Dow 9,620.09 +37.63 (+0.39%)
Nasdaq 1,877.74 +12.15 (+0.65%)
S&P 500 1,032.22 +3.32 (+0.32%)
10-Yr Bond 4.265% +0.053

Yahoo Finance Analysis:
"11:00AM: The market is off its highs as the influential technology, financial, and biotech sectors have slipped off their session highs and into negative territory in the case of the biotech group... Nevertheless, the underlying bias remains bullish, with the semiconductor sector among today's leaders to the upside (currently up +0.5%, as indicated by the SOX index)...
The group's positive sentiment has been incited by an upgrade of Micron Technology (MU 13.75 +0.56) by Merrill Lynch out of Europe to Buy from Neutral based on the potential for a short-term rise in DRAM spot prices...
Also contributing to the favorable bias is Bear Stearn's announcement that it revised its semiconductor industry revenue and growth forecast for 2004 from 15% to 19% or from $177.4bn to $188.1bn in dollar terms..."

[mrsteve]

17. 11:35 - still pretty much sideways

Looks like the lunch lull comes early today.

Dow 9,631.94 +49.48 (+0.52%)
Nasdaq 1,878.13 +12.54 (+0.67%)
S&P 500 1,033.50 +4.60 (+0.45%)
10-Yr Bond 4.263% +0.051

[Maeve]

19. Yep! Lunch time it is

You know, I find the fact that existng home sales are up and new starts down interesting--existing homes are generally cheaper and this may indicate the end of the housing bubble and/or a belief that great interest reates won't be lasting, so buy NOW. Or just the end of the best building weather.... :shrug:

Dow 9,634.76 +52.30 (+0.55%)
Nasdaq 1,879.34 +13.75 (+0.74%)
S&P 500 1,033.38 +4.48 (+0.44%)
10-Yr Bond 4.245% +0.033

[mrsteve]

18. 12:15 - lunch lull, markets still sideways but lightly climbing

Ahh, the relative boredom of the midday flat spot. Just makes me love to take the time to post.

Well, at least it keeps the thread kicked to the top so people get a chance to see Ozy, Julie, Maeve, Coventina, Up in Arms, and every else's great research.

And it keeps me awake here in the doldrums of cubicle land. :evilgrin:

</soliloquy>

Enough rumination - to the numbers:

Dow 9,632.76 +50.30 (+0.52%)
Nasdaq 1,878.74 +13.15 (+0.70%)
S&P 500 1,033.14 +4.23 (+0.41%)
10-Yr Bond 4.244% +0.032

[mrsteve]

20. 1:28 - Zzzzzzz - more sideways movement

But still in the gainers column, for all you bulls out there.

Dow 9,627.72 +45.26 (+0.47%)
Nasdaq 1,880.27 +14.68 (+0.79%)
S&P 500 1,032.46 +3.55 (+0.35%)
10-Yr Bond 4.240% +0.028


Volumes are little down today, though.

[mrsteve]

21. 2:10 - Sideways movement, though now sliding down

For the last 3 hours trading in a tight range, although there has been a .5% drop in the last 15 minutes.

Dow 9,607.51 +25.05 (+0.26%)
Nasdaq 1,876.65 +11.06 (+0.59%)
S&P 500 1,030.65 +1.75 (+0.17%)
10-Yr Bond 4.249% +0.037

(on edit: Typos...)

[JNelson6563]

22. looks like I haven't missed much

What a yawner of a day...Market wise anyway.

Will check back in a bit.

Julie

[Maeve]

23. Oh, it was a good day to hold onto your drinks

Or get splashed in one of the many meaningless bumps!

Dow 9,600.69 +18.23 (+0.19%)
Nasdaq 1,877.88 +12.29 (+0.66%)
S&P 500 1,030.15 +1.25 (+0.12%)
10-Yr Bond 4.265% +0.053

[Maeve]

24. Little lift at the end of the day

Dow 9,608.16 +25.70 (+0.27%)
Nasdaq 1,882.91 +17.32 (+0.93%)
S&P 500 1,031.13 +2.22 (+0.22%)
10-Yr Bond 4.265% +0.053