STOCK MARKET WATCH TUESDAY, 2 SEPTEMBER.....(#1)

[ozymandius]

Tuesday September 2, 2003

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 509
REICH-WING RUBBERSTAMP-Congress = DAY 289
DAYS SINCE DEMOCRACY DIED (12/12/00) 2 YEARS, 264 DAYS
WHERE'S OSAMA BIN-LADEN? 1 YEAR, 322 DAYS
WHERE'S SADDAM? WHERE ARE THE WMD'S? - DAY 164
DAYS SINCE ENRON COLLAPSE = 648
Number of Enron Execs in handcuffs = 17
ENRON EXECS CONVICTED = 0
Other Arrests of Execs = 53

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




AT THE CLOSING BELL ON August 29, 2003

DJIA 9,415.82 +41.61 (+0.44%)
Nasdaq 1,810.45 +10.27 (+0.57%)
S&P 500 1,008.01 +5.17 (+0.52%)
10-Yr Bond 4.45% +0.02 (+0.54%)
Gold future 376.80 +5.20 (+1.40%)

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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[ozymandius]

1. WrapUp by Mike Hartman

Ready For the Long Weekend!

The Financial Markets have been quite tame this week as summer vacations wind down and we prepare for the Fall Season. Since last Friday we have seen very little change in both stock and bond prices. Stocks began the week lower and have been climbing higher since the lunch break on Tuesday.

The bulls have made two attempts to break through to new highs, but both have failed. On July 14th the index reached an intra-day high of 1,015, but slide back to 1,003 by the closing bell. Then on August 21st the intra-day high of 1,009 was reached, but once again the index retreated to close at 1,003. Today’s close at 1,008 was better than the last two attempts, but still couldn’t climb over 1,012. Investors will cast their votes next week to see if the third time is a charm, or if it’s three strikes and you’re out! It’s time to get the hard closer out of the bullpen to throw some smoke in the ninth inning! Hello September!

The Patient is on Life Support

Where is the excess disposable income going to come from next year? We all know that mortgage refinancing has put lots of money in consumers’ pockets over the last two years, and that has dried-up dramatically in the last two months. Refinancing will not be a primary source of extra money going into 2004. Disposable income increased 1.5% recently, but 1.3% of the increase is attributed to federal tax cuts. To increase disposable income for consumers the federal government literally had to reduce their income and borrow more money, while income tax receipts declined. This is not a sustainable policy to keep the consumer spending. The Commerce Department reported consumer spending has increased 0.8% as expected, but incomes have only risen 0.2% after expectations of 0.3% growth. Income did not keep up with spending, therefore the high rollers had to go deeper into debt to increase consumption. That is also an unsustainable trend. Increased government and consumer debt is no way to set a base for sustained growth. They are temporary band-aids, with hopes that business spending and job creation will start sometime soon.

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

[ozymandius]

2. Wall Street Seen Higher, ISM Data Awaited

LONDON (Reuters) - U.S. stocks are expected to open firmer on Tuesday as they play catch-up with global counterparts after the Labor Day holiday weekend, with Vivendi Universal V.N likely to be in the spotlight.

<..cut..>

DATA DUE

The U.S. Manufacturing ISM data for August will be closely watched for further confirmation of the recovery story, with analysts polled by Reuters expecting an index rise to 53.8 from 51.8 in July.

"The U.S. manufacturing ISM index should show a decent gain today, reinforcing the market's conviction that the U.S. recovery is for real," E*TRADE Securities strategist Rupert Thompson said.

story

[ozymandius]

3. There is still a future in precious metals

The record sale price last week for a seat on Comex, the metal futures arm of the New York Mercantile Exchange (Nymex), reflects the belief that there is still serious money to be made in commodity trading. The $220,000 paid by an undisclosed buyer comes as trading volumes for Comex gold, platinum, palladium and copper contracts are near record levels.

"With a 29 per cent growth in metals trading volume year-to-date, this seat record is evidence of the value the market places on trading on the exchange," says Robert Collins, president of Nymex.

more...

[JNelson6563]

4. Good Morning Ozy and all

Well the futures are looking all bright sun-shiney. What could this mean? Nothing.

I think the props are wearing a bit thin and with re-fi's so dramatically down and jobs not appearing, the facade will be all that much harder to maintain.

Long dentist appt. later this morn and houseful of company now (with possibly the most spoiled little girl on the planet age 2). I'll be glad when the day is over.

Will chack back soon--
Julie

[JNelson6563]

5. September off to bright start

9:50, twenty minutes into the quarter and we're still lookin' good!! How's that for staying power??


Dow 9,450.35 +34.53 (+0.37%)
Nasdaq 1,822.19 +11.74 (+0.65%)
S&P 500 1,013.08 +5.07 (+0.50%)
10-Yr Bond 4.562% +0.108

With the 10yr up over 10 basis points already this could get interesting.

Will check in after dentist--if I live to tell about it.

Julie

[JNelson6563]

7. noon-time report

12:10 and it looks a bit like last time I posted:


Dow 9,429.72 +13.90 (+0.15%)
Nasdaq 1,815.76 +5.31 (+0.29%)
S&P 500 1,011.13 +3.12 (+0.31%)
10-Yr Bond 4.555% +0.101


Have caught no blather, has everyone forgetten Wall Street is open today? Looks dull....

Julie

[Changenow]

6. How is it that the market keeps increasing

when there is the dark clowd of rising interest rates so close?

When folks are using their disposable income for interest and energy how will the economy create jobs and growth?

[jiacinto]

17. There will be a correction at some point

People will start to take profits off eventually.

[Coventina]

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

Hope everyone had a good holiday.

LOVE the toon Oz!

Today's reading is REFORM changing to SYNERGY. These are hexagrams we have seen pretty frequently. I'll quote today's changing line from REFORM, "You lack sufficient power and authority to bring about Reform. Your attempts meet with indifference, and you may feel humiliated at your ineffective actions. Yet Reform is necessary, and therefore your endeavors are justified."
Well, I have to say that doesn't fill me with confidence and optimism.

I'm going to predict very little change for today, either a small loss or a small gain.

[ozymandius]

10. Did you read Krugman's column today?

His comments parallel the I Ching's guidance. This is an unjust world where the insane and corrupt succeed.

http://www.nytimes.com/2003/09/02/opinion/02KRUG.html

[ozymandius]

9. Good morning/afternoon everyone.

I have been "under the weather" for the past couple of days. So I have been trying to recover from some nasty head cold. Such was the case of my absence until now.

1:11 update

DJIA 9,449.93 34.11 (0.36%)
NASDAQ 1,820.70 10.25 (0.57%)
S&P 500 1,013.70 5.69 (0.56%)

Looks like everything is fine... just fine... *cough*.

[mrsteve]

11. Afternoon marketeers...

And here are the 1:15 (or so) numbers:

Dow 9,446.22 +30.40 (+0.32%)
Nasdaq 1,820.30 +9.85 (+0.54%)
S&P 500 1,013.38 +5.37 (+0.53%)
10-Yr Bond 4.565% +0.111

A little down earlier, a lot more up now. Where will it end today?

Here's Yahoo Finance's opinion:

"12:55PM: Indices show resilience in a pattern similar to a number of days last week when early drops were followed by a modest but steady uptrend...the market has handled any bad news quite well, perhaps because the economic numbers just keep on getting stronger...the most active lists are most the usual list today...broad nature of market move today is underscored by the fact the Russell 2000 index is up 0.90%, more than the major averages..."

[ozymandius]

12. 1:49 numbers

DJIA 9,440.25 24.43 (0.26%)
NASDAQ 1,820.98 10.53 (0.58%)
S&P 500 1,012.61 4.60 (0.46%)

[mrsteve]

13. 2:15 report

Pretty much sideways for the last hour

Dow 9,448.74 +32.92 (+0.35%)
Nasdaq 1,821.81 +11.36 (+0.63%)
S&P 500 1,013.72 +5.71 (+0.57%)
10-Yr Bond 4.557% +0.103

[mrsteve]

14. Comin' round the bend into the last hour - 3:08 numbers

Looking at that lately popular last hours climb...

Dow 9,512.53 +96.71 (+1.03%)
Nasdaq 1,834.81 +24.36 (+1.35%)
S&P 500 1,020.85 +12.84 (+1.27%)
10-Yr Bond 4.602% +0.148

And Yahoo analysis:

"2:55PM: Market continues to show that steady afternoon uptrend...Nasdaq leading the way again even though SOX semiconductor index is down 2.78, failing for once to participate in the rally...S&P 500 is at 1018 at this writing, above its 52-week high of 1015.36...Dow is about 50 points below its high, while the Nasdaq was already there last week..."

[ozymandius]

15. 3:37 and flying high

DJIA 9,525.72 109.90 (1.17%)
NASDAQ 1,836.95 26.50 (1.46%)
S&P 500 1,021.58 13.57 (1.35%)
10yr Note 4.47% 0.05

[ozymandius]

16. final numbers

DJIA 9,523.27 +107.45 (+1.14%)
Nasdaq 1,841.48 +31.03 (+1.71%)
S&P 500 1,021.99 +13.98 (+1.39%)
Gold future 374.30 -2.10 (-0.56%)
10-Year Bond 4.60% +0.15 (+3.30%)

[JNelson6563]

18. Holy Cannoli !

Zowie! What a day on the Street eh?? What the ????????

15 basis pts increase on the 10 yr yields. Um, that's pretty big for a day, isn't it? Seems to me that things ran a bit counter-intuitive, no?

What an interesting situation. Really big waves on this ocean. The kind you can drown in.

I'll check back with you in the AM fellow marketeers, Ozy I hope you are feeling better dear.

Julie

[mrsteve]

19. Yeeouch!

I was watching the stocks rise and didn't even see the 10 yr yield go so high. And we were watching it go up 5 - 7 basis points on several days last week and thinking that was high.

Stocks up 1 - 1.75% in one day, and the 10 year up .147% in the same day. Counterintuitive indeed.

Get well Ozy!