STOCK MARKET WATCH FRIDAY, SEPT 5.....(#1)

[ozymandius]

Friday September 5, 2003

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 507
REICH-WING RUBBERSTAMP-Congress = DAY 291
DAYS SINCE DEMOCRACY DIED (12/12/00) 2 YEARS, 266 DAYS
WHERE'S OSAMA BIN-LADEN? 1 YEAR, 324 DAYS
WHERE'S SADDAM? WHERE ARE THE WMD'S? - DAY 166
DAYS SINCE ENRON COLLAPSE = 650
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 September 4, 2003

Dow 9,587.90 +19.44 (+0.20%)
Nasdaq 1,868.97 +16.07 (+0.87%)
S&P 500 1,027.97 +1.70 (+0.17%)
10-Yr Bond 4.51% -0.09 (-1.87%)
Gold future 374.00 -1.00 (-0.27%)

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 Scott Middleton

Techs up, Blue Chips Continue Their Gains

A surge in factory orders and productivity growth helped reassure investors that the U.S. Economy is making headway. A lukewarm jobs report for the latest week was ignored, as tomorrow’s unemployment rate will hold more information regarding the health of the employment picture.

Technology stocks once again led the charge as more analysts, after a 38% rise in the Nasdaq Composite, upgraded stocks in the technology sector. What’s next, another call for Qualcomm at $1,000 per share? <..cut..> This was viewed as a positive to the chip sector and the rumors that the PC replacement “boom” has begun. At least one company is benefiting from the price war Dell has created in the PC market. The only negative gleaned from the report was that they would attribute a reduction in their earnings per share on a higher tax liability, because they are just making too much money.

In economic news, the labor market conditions remained tough, weekly initial claims rose to their highest level since mid-July, climbing 15,000 to 413,000. A jump in tomorrow’s monthly employment numbers will cast a pall over the outlook for consumer spending in the all-important Christmas season. On a positive note, non-farm productivity swelled 6.8 percent in the second quarter, more than economists’ projections for a 6.4 percent increase.

more...

[JNelson6563]

3. Good Morning Ozy

Ah yes, that pesky jobs thing! If only it would go away it'd be sooo much easier to convince the sheeple that everything's great! And there's no doubt all his rich pals who got the massive tax-cuts promised they'd help on that but they haven't. haha Double dealers betraying fellow double dealers.

So just a few minutes out from the 4 wk. moving average jobs report. They were working on softening the blow yesterday already by repeatedly reminding us that "jobs are a lagging indicator of economic recovery". Of course they forgot to mention we are working on a 3 year lag time.......

Could be an interesting day.

Julie

BTW, love the Toon Ozy!

[ozymandius]

5. Good morning Julie!

Oh yes! that jobs thingy. This is a bit of interesting news given that the GDP is up due to the busy bomb making business. (Just imagine what never-ending war will yield in riches for all!)

In my trolling for news, I read a nauseating column by Jim Wooten of the Atlanta Journal-Constitution. It contains some of the following drivel:

Thinking Right on the week gone by:
Headline: "Tax rebates stimulate spending." The economy rebounds. The liberal doubters, who jeered tax cuts, will no doubt be writing their apologies to President Bush. When what freezes over, you say?

Now, if the economy is doing so great why, pray tell, have more than 400,00 people listed themselves at the unemployment office during a stellar two-weeks of the stock market? Rhetorical question, I know. But some people just cannot grasp the concept that this stock market rally is akin to putting earrings on a pig.

[Maeve]

10. Getting an image of a bling-bling pig...

Greetings and a fine finally Friday to all! My favorite line on this whole job debacle has to be Dubya claiming that his tax bribes saved the job market from losing another 1.5 million jobs! :crazy: Yeah, he coulda beat out Herbert Hoover for sheer lousy employment....but instead he's beating Reagan in deficit spending :dunce:

I'm going to prophesy profit-taking today, as in "take the money and run." I think we're about due for a downer. But adding a disclaimer--as radfringe's 8-ball would say "Reply hazy, ask again later."

[ozymandius]

2. Stocks Poised for Wary Start; Data Looms

NEW YORK (Reuters) - Stocks are poised for a slightly weaker open on Friday as investors keep up their guard ahead of a key gauge of the nation's struggling job market, but a bullish forecast from technology titan Intel Corp. (Nasdaq:INTC - news) is helping underpin Wall Street sentiment.

"This is probably the biggest day of the week in terms of economic releases. We really want to see what the change in non-farm payrolls looks like," said Arthur Hogan, chief market analyst at Jefferies & Co. "But once again corporate America continues to give us good news on the earnings outlook front."

story

[ozymandius]

4. Dollar Soft Vs. Euro on Job Report Nerves

LONDON (Reuters) - The dollar was on a slightly softer footing against the euro ahead of key U.S. jobs data on Friday, but was little moved versus the yen, with traders wary Japan could step in for a second day to curb yen gains.

The yen found support from repeat warnings by U.S. Treasury Secretary John Snow against governments' heavy involvement in currency markets, but gains were modest with the threat of Japanese yen-selling intervention never far from people's minds.

story

[JNelson6563]

8. jobs report

non-farm payroll down 93,000 for August.

More details soon.

Julie

[ozymandius]

6. Payrolls slashed again (unemployment #s)

Unemployment falls, even as employers cut 93,000 workers from payrolls, surprising analysts.

NEW YORK (CNN/Money) - The U.S. unemployment rate slipped to 6.1 percent in August, despite the fact that employers cut thousands more workers from their payrolls, the government said Friday.

The jobless rate was 6.2 percent in July, the Labor Department said. Economists, on average, expected the rate to stay at 6.2 percent, according to a Reuters poll.

short story

[UpInArms]

7. the nonfarm payroll number should tank the markets today

but the PPT will probably intervene (not that I know anything and have been wrong more often than not)

but here are the report numbers:
http://biz.yahoo.com/c/e.html

Sep 05
8:30 AM
Average Workweek Aug 33.6 33.5 33.7 33.6 33.6

Sep 05
8:30 AM
Hourly Earnings Aug 0.1% 0.3% 0.3% 0.3% 0.3%

Sep 05
8:30 AM
Nonfarm Payrolls Aug -93K 25K 18K -49K -44K

Sep 05
8:30 AM
Unemployment Rate Aug 6.1% 6.2% 6.2% 6.2% 6.2%

[ozymandius]

9. Stocks Set to Drop After Weak Jobs Report

NEW YORK (Reuters) - Stocks are seen dropping at Friday's open after a report showed that U.S. employers unexpectedly slashed jobs in August, eroding investor hopes that the struggling labor market was on the mend.

The government said that employers cut jobs in August at the fastest pace since March. The number of workers on U.S. payrolls outside the farm sector slid 93,000 in August, the seventh straight month of declines. The number was far worse than the 12,000 increase expected by economists. The jobless rate fell, but only to 6.1 percent from 6.2 percent in July.

<..cut..>
"Even though the economy is expanding or output is beginning to expand, there is no sign of recovery in jobs," said Hugh Johnson, chief investment officer at First Albany Corp. "This remains a jobless recovery, and that is likely to haunt the Bush administration unless it changes."

story

[ozymandius]

11. You folks have a great morning. Market's open.

I am checking out for a few hours. Work calls.

9:33

DJIA 9,553.23 -34.67 (-0.36%)
NASDAQ 1,858.86 -10.11 (-0.54%)
S&P 500 1,024.23 -3.74 (-0.36%)

[Maeve]

12. 9:32 and we're off! Way off...

Altho it probably will bounce back up, at least for a while..

Dow 9,553.72 -34.18 (-0.36%)
Nasdaq 1,859.28 -9.69 (-0.52%)
S&P 500 1,024.38 -3.59 (-0.35%)
10-Yr Bond 4.409% -0.104

[Maeve]

13. Getting worse at 9:43

Dow 9,529.44 -58.46 (-0.61%)
Nasdaq 1,856.76 -12.21 (-0.65%)
S&P 500 1,022.87 -5.10 (-0.50%)
10-Yr Bond 4.404% -0.109

[jamesinca]

14. good morning all

Looks like we really have an uphill climb today! Interesting piece in the Economy forum here on DU. It is a discussion of the dollar being linked to Saudi oil. Yesterday in LBN there were a few links going to Russia and Saudi Arabia making an oil/natural gas deal. The prospect of the Euro bieng the currency of oil. How would that effect the markets?

[UpInArms]

15. Yahoo cheerleading section is priceless!

http://finance.yahoo.com/mo

10:00AM: Major indices lift off their knee-jerk sell-off at the open, but continue to trade with a negative bias... A streak of jobless claims below the 400K mark for five out of the last seven weeks had set the stage for an increase in August nonfarm payrolls, and when that failed to happen, investors voiced their disappointment by taking the stock market lower... Briefing.com would add, however, that job growth always lags in the business cycle, and that the upswing in services, manufacturing, and productivity will eventually lead to improvement in the employment picture...

As a result, we continue to believe that Q3 GDP could rise to 4.0% or more... For more perspective on our view, be sure to visit Story Stocks...NYSE Adv/Dec 921/ 1495, Nasdaq Adv/Dec 780/1618

knee-jerk sell-off????

GDP to 4% - if I understand this correctly - that just won't be good enough - because productivity is at 6.8%, the GDP must exceed 6.8% to even start to get job growth

these folks are rabid-ass stupid :crazy:

[Maeve]

16. Ah, but we are getting that 10:00 bounce!

Dow 9,550.99 -36.91 (-0.38%)
Nasdaq 1,870.49 +1.52 (+0.08%)
S&P 500 1,027.24 -0.73 (-0.07%)
10-Yr Bond 4.408% -0.105

[UpInArms]

18. if you look at the dollar chart

you can see the PPT intervention (dollar drops precipitiously (sp?) and then runs back up with the help of the Bank of Japan

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

Last trade 97.52 Change -0.69 (-0.70%)

and see http://money.cnn.com/2003/09/05/markets/bondcenter/bonds/

Meanwhile, there were widespread reports of Bank of Japan intervention against the yen on Thursday, said by some sources to have been worth in the region of $3 billion, according to Reuters.

Japanese officials have not confirmed the intervention, with top financial diplomat Zembei Mizoguchi saying only the foreign exchange policy was unchanged, the report said.

also see http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479590159

Traders said, too, the dollar's fall was partially due to profit- taking and position-squaring ahead of the weekend following a series of dovish comments by Fed officials on Thursday.

Ben Bernanke, a governor of the Fed, Robert McTeer and Robert Parry, heads of the Dallas and San Francisco Federal Reserves, all painted a dovish picture of the outlook for interest rates, which served to weigh on bond yields, denting confidence a US recovery meant a stronger dollar.

"Interest rates are likely to remain low for a considerable period of time - at least through the end of the first half next year," said Steven Saywell, senior currencies strategist at Citigroup. "Low rates may ultimately prove a barrier to continued medium- term dollar appreciation."

The dollar was steadier against the yen as fears of further intervention by the Bank of Japan kept speculators looking to short the dollar on the sidelines.

[Coventina]

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

Good morning all.

Well, today's reading is a bit of a head-scratcher. It is MODERATION changing to NATURAL RESPONSE. These are both hexagrams I don't think we've seen previously. MODERATION's message is just what you would think it would be, but I'll quote the changing line here, "With an unwavering commitment and hard work, you gain honor and fame. Maintaining the perseverance that brought you prominence will win you continued support." I'm not sure who that little message is directed toward.

NATURAL RESPONSE's message advises against leadership because, "You know only the situation around you but not the forces behind it."

That one makes more sense to me, because all of us have been scratching our heads over what is going on with this market.

I predict that today will be a down day, but not super dramatic.
Have a good weekend everyone!

on edit: dumb sentence structure

[JNelson6563]

19. I don't know about you but my

"natural response" is to run for my financial life, take cover and wait for the storm to pass.

Anyone catch the message from the WH this morn? CNBC, "this just in..." it was Reuters reporting that the WH says even tho' the jobs thing looks bad, it's all good. hahahaha Is this what they meant by concentrating on the economy?

Smacks of panic "knee-jerk" reaction to me.....

Julie

[JNelson6563]

20. 11:12 update

Hanging in there....not circling the bowl.....yet:


Dow 9,541.65 -46.25 (-0.48%)
Nasdaq 1,871.10 +2.13 (+0.11%)
S&P 500 1,026.19 -1.78 (-0.17%)
10-Yr Bond 4.418% -0.095


Julie

[mrsteve]

21. Afternoon to all - 12:50 numbers

And the Nasdaq does a Titanic right in from of us in the last hour:

Dow 9,524.60 -63.30 (-0.66%)
Nasdaq 1,867.57 -1.40 (-0.07%) (was up to 1880 at 12:00)
S&P 500 1,024.66 -3.31 (-0.32%)
10-Yr Bond 4.412% -0.101

Yahoo Finance sez:

"12:30PM: Major indices continue to straddle the unchanged mark after recovering from their earlier losses... The tone of trading has turned positive, with advancers leading decliners by a slight margin at the NYSE and Nasdaq.... Up volume is also pacing down volume as more buyers return to the action... Besides technology, airline has shown relative strength in the rally effort... "

"Recovering from earlier losses"? Looks more like sideways to down to me.

[mrsteve]

23. By the way - thanks for all the concern the other day...

..during the big layoffs here. You guys are great.

Like I said, a lot of lives and careers got seriously disrupted here on Wednesday simply because a bunch of Shrub clones are running this once proud company into the ground.

But yesterday I didn't get to post and thank you all because, well, when the going get tough, the tough go see the Cubs play ball. And it was a great game to boot.

If this company can now do without some of the really good people they let go Wednesday, then they'll just have to make do without me on a sunny Thursday afternoon.

That'll show 'em. :evilgrin:

[Maeve]

25. That's the spirit!

Besides, if you're TOO productive, the company won't need to rehire anytime soon, now will they? :evilgrin:

Seen too many companies who think this year's profits are the "bottom line" and don't look at the long-range picture...that usually results in a company WITHOUT a long-range picture.

[salin]

22. wall street's vote of confidence on bush's 6 pt plan?

If so, they don't seem to confident.

[JNelson6563]

24. 1:28 and looking grim

A "no confidence" vote on Chimpy's plan? Sounds about right Salin.


Dow 9,490.63 -97.27 (-1.01%)
Nasdaq 1,861.77 -7.20 (-0.39%)
S&P 500 1,021.45 -6.52 (-0.63%)
10-Yr Bond 4.397% -0.116


BTW, good to see you back Steve. Good idea taking in a ball game, it does the spirit good.

Will check back later--
Julie

[Changenow]

26. The end of day rally will be hard to pull out today.

But it wouldn't surprise me either.

[mrsteve]

27. 2:00 - still nosing downward

Dow 9,474.21 -113.69 (-1.19%)
Nasdaq 1,859.54 -9.43 (-0.50%)
S&P 500 1,019.81 -8.16 (-0.79%)
10-Yr Bond 4.378% -0.135

[mrsteve]

28. 2:15 - still sliding - even Yahoo can't spin today's activity

Dow 9,467.12 -120.78 (-1.26%)
Nasdaq 1,852.98 -15.99 (-0.86%)
S&P 500 1,018.85 -9.12 (-0.89%)
10-Yr Bond 4.385% -0.128

Yahoo Finance:
"2:00PM: Major indices continue to trade deep in negative territory as buyers cling to the sidelines... After bidding stocks higher over the course of two weeks, buyers have taken a backseat to the interests of sellers as the indices' near-term technical levels, combined with the disappointment surrounding the August employment report, have left little reason to pick up shares... Brokerage, homebuilding, and cyclicals have paced the retreat, and found support in utility, software, and defense..."

Gotta run to a meeting - will try to check in before the end of the day.

(on edit: typo in title)

[JNelson6563]

29. 2:32 still falling

Dow 9,469.93 -117.97 (-1.23%)
Nasdaq 1,854.22 -14.75 (-0.79%)
S&P 500 1,019.34 -8.63 (-0.84%)
10-Yr Bond 4.367% -0.146


I don't foresee a last hour "miracle" happening today.

Julie

[wetbandit2003]

30. Profit taking Galore.

Looks as if the wallstreeters are cashing in their winnings for the
week, using the payroll cuts as the excuse....It will be interesting to see the ISM's numbers at the end of this month. What I am still trying to figure out, If manufacturing numbers have gone up for the past period,,,,Then why doesn't the labor numbers reflect this????
I guess industry has found that they can get by on less labor.....
Id love to see these manufacturer's Cash flow statements and income statements to see how they perform this amazing feat.....
Sorry for the rambling,,,,,I just think alot!!!!!!
WET!!!!
:)

:bounce:

Cool sites www.nyse.com www.fark.com

flying barking death squirrels, :yourock:

[jamesinca]

31. I think it was in last nights debates

Good things do come out of Bush being on vacation, the stock market grew. He comes back and look what happens. The dollar is about to dip below the 0.90 Euro mark AGAIN. Watch the oil business people, it is going to go bad real big by years end I think. It may not be $5 per gallon, it will just feel like it.

[Maeve]

32. 3:03 and trying to lift

More luck on the Nasdaq side, but they are trying!

Dow 9,483.05 -104.85 (-1.09%)
Nasdaq 1,857.75 -11.22 (-0.60%)
S&P 500 1,020.56 -7.41 (-0.72%)
10-Yr Bond 4.371% -0.142

[UpInArms]

33. looks like PPT goal for the day is 9500

and boy are they pushing

dollar way down

Last trade 97.08 Change -1.12 (-1.14%)

and only 3(+) more points to buy futures into


Dow 9,497.02 -90.88 (-0.95%)

Nasdaq 1,860.11 -8.86 (-0.47%)

S&P 500 1,021.48 -6.49 (-0.63%)

[wetbandit2003]

36. what??

what is PPT????
:shrug:

[JNelson6563]

37. Plunge Protection Team

We see their finger prints quite often. ;-)

Julie

[UpInArms]

40. just google for

plunge+protection+team and you will find lots of info

here are some good starting places:

http://www.onlinejournal.com/Special_Reports/081703Wokusch/08-17-03_Wokusch.pdf

http://www.thisislondon.co.uk/news/business/articles/timid60605?version=1

http://www.users.dircon.co.uk/~netking/flinks.htm

http://www.gold-eagle.com/editorials_03/hultberg031103.html

excerpt (from last link)

How the PPT Does What It Does

Here's a hypothetical assessment of how such manipulation could be brought about. It's early Friday morning in Washington D.C. around 7 AM. Some of the head boys in the PPT are pretty certain that they are going to have to intervene into the markets today and do some price shoring up, as well as some price suppressing. The UN Security Council is meeting, and some of the higher-ups at the Treasury Department have let it be known that they do not want any embarrassing market plunges today. Since the Dow looks especially vulnerable, and gold is threatening to break $360 (which would requireWashington's banker buddies in New York to incur some big short position losses), it is necessary to swing the PPT into action in a vigorous way.

[JNelson6563]

34. climbing slowly

3:31 and we are here:


Dow 9,493.16 -94.74 (-0.99%)
Nasdaq 1,859.91 -9.06 (-0.48%)
S&P 500 1,021.29 -6.68 (-0.65%)
10-Yr Bond 4.354% -0.159

Nearly 16 basis pt drop in the 10yr!! Holy Cow!!

Julie

[mrsteve]

35. Trying to dig out at 10 minutes till close

Either someone is bottom feeding or the PPT comes to the rescue...will it be enough to bring the averages above se level? Stay tuned!

Dow 9,510.99 -76.91 (-0.80%)
Nasdaq 1,862.37 -6.60 (-0.35%)
S&P 500 1,022.56 -5.42 (-0.53%)
10-Yr Bond 4.354% -0.159


Yahoo Finance sure was gloomy at 3:30:
"3:30PM: Stocks remain stuck in a rut as sellers continue to take money off the table following the summer's strong run... The unexpected slump in August nonfarm parolls has provided plenty ammunition for traders to book profits... Looking ahead, next week promises to be a bit slower than this week with few earnings reports on the calendar, and only a smattering of economic releases..."

[mrsteve]

38. Oops - nosed back over in the final minutes

In the red across the board for today

Dow 9,503.69 -84.21 (-0.88%)
Nasdaq 1,858.12 -10.85 (-0.58%)
S&P 500 1,021.32 -6.65 (-0.65%)
10-Yr Bond 4.354% -0.159

[JNelson6563]

39. that leaves a welt

That's better than the pucture wound I was expecting though.

See all you marketeers on Monday. Have a great weekend! :hi:

Julie

[mrsteve]

41. Yahoo Finance closing wisdom

...fairly noncommital:

"Close: All good things must come to an end, and a discouraging August employment report brought a stop to the market's recent winning streak... The unexpected drop in nonfarm payrolls, combined with the indices' move to new 52-week highs over the past three sessions, provided ample reason for profit-taking activity across the board... Nonetheless, the Dow, Nasdaq, and S&P 500 still finished the week higher in a testament to the underlying bullish bias of this week's trade...
That was not the case, however, for most of the day as the indices posted sizable losses on the heels of the weaker than expected August employment report... Nonfarm payrolls tumbled 93K, mocking the consensus estimate of +18K and the string of sub-400K weekly initial claims readings, and brought the seven-month decline to -595K... News that the unemployment rate declined 0.1% to 6.1% (consensus of 6.2%) was not much of a consolation to investors, especially in light of the decrease in average hourly earnings to 0.1% (consensus of 0.3%)...

Given such evidence of weakness in the labor market, sellers unloaded positions in virtually every industry group, and concentrated the bulk of their efforts in financial, retail, and cyclicals... Technology fared a bit better, giving back only a portion of its recent gains, thanks to another influx of bullish analyst notes..."

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