STOCK MARKET WATCH, WEDNESDAY SEPT 24....(#1)

[ozymandius]

Wednesday September 24, 2003

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 488
REICH-WING RUBBERSTAMP-Congress = DAY 310
DAYS SINCE DEMOCRACY DIED (12/12/00) 2 YEARS, 285 DAYS
WHERE'S OSAMA BIN-LADEN? 1 YEAR, 343 DAYS
WHERE'S SADDAM? WHERE ARE THE WMD'S? - DAY 185
DAYS SINCE ENRON COLLAPSE = 669
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 September 23, 2003

Dow... 9,576.04 +40.63 (+0.43%)
Nasdaq... 1,901.72 +27.10 (+1.45%)
S&P 500.... 1,029.03 +6.21 (+0.61%)
10-Yr Bond... 4.21% -0.03 (-0.64%)
Gold future... 387.00 -1.30 (-0.33%)

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. Good morning. Here's the WrapUp by Ike Iossif.

"Charts Don't Lie. They Tell The Story."

Charts may not always be able to predict where the market is going next, but they always reveal the truth with regards to where it's at the present time (Pictures do not lie!). With that in mind, I think it is appropriate to examine the charts of the Dow, SP500, NDX, and of the HUI, in three different time frames; monthly, weekly, daily.

We can make the same comment for both the Dow and the SP in examining their respective monthly charts. The markets have spent the last 11 months (starting in October of 2002) just rallying up to massive overhead resistance. During that time, the rally has consumed close to 650 billion according to the estimates of Aegean Capital Group, Inc. One has to wonder, if it took already 11 months of rallying and 650 billion just to get to resistance, where is the additional fuel going to come from to propel the market above resistance? The long-term charts, suggest that maybe it was too early for the bulls to have opened the expensive champagne bottle. The bulls have won one major battle, but the charts are telling us that the war is not over yet.

mostly charts with scant commentary

[Maeve]

2. Mortgage demand cools

New Loans down 7%
refinancing requests dip 0.4% even as rates drop
September 24, 2003: 7:18 AM EDT
NEW YORK (Reuters) - Total applications for mortgages in the United States fell last week on a decline in new loan requests to buy homes, even as mortgage rates slipped, according to an industry survey.
The Mortgage Bankers Association of America said Wednesday its seasonally adjusted gauge of overall mortgage requests fell to 699.6 for the week ended Sept. 19, down 3.7 percent from the previous week's 726.7.
<more>

[ozymandius]

4. Good morning Maeve.

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

Seems we have the same idea of big news. Same as Reuters and CNN.

I will be absent most of the day today. My son will be at daycare within the hour and then I am off to work to earn some bread. So my contributing leadup of news stories before the open will be shortened.

[Maeve]

7. Morning, Ozy!

The time you take to set up this thread and contribute to it are appreciated--of course your job and family have to take precedence!

I'm not sure how much life is in the housing industry--I think it could fold quickly if the economy hits more turbulence. (But y'all know I'm pessimistic!)

Eldest Son started college this morning and his part-time job yesterday. Maybe that contributes to my feeling of finances like a dark cloud overhead...

Ah, well! I'm sure the markets will be cheerful! :eyes:

[ozymandius]

3. Mortgage Applications Fall Last Week

NEW YORK (Reuters) - Total applications for mortgages in the United States fell last week on a decline in new loan requests to buy homes, even as mortgage rates slipped, according to an industry survey.

<cut>
Still, demand for loans to buy homes has dropped only modestly from all-time high late spring, despite an upswing in rates this summer. There is plenty of life in the housing market, which has solidly underpinned the U.S. economy.

story

[ozymandius]

5. Forecast: Recovery Hopes Are Too Rosy

SAN FRANCISCO (Reuters) - The U.S. economy faces at least another year of tepid growth despite a growing number of predictions that a stronger recovery is around the corner, according to a forecast released on Wednesday.

The widely watched survey issued by the Anderson School at the University of California, Los Angeles said neither consumers nor businesses have the buying or investment power to drive the solid growth seen in typical economic recoveries.

While a recent spate of better-than-expected economic data has pushed growth forecasts to 4 percent or more for the second half of the year, the Anderson Forecast pegs growth at a modest 2.5 percent on average through the middle of 2004.

story

BTW - this is just in time for the lead-up to the election. If correct, no economic boost for Squatter*.

[ozymandius]

6. Global Markets: Dollar Weakens

LONDON (Reuters) - Calls by leading industrial nations for flexibility in exchange rate policies continued to echo across financial markets on Wednesday, but with some signs that the fury of the past few days was running out of steam.

The dollar weakened against both the euro and Japanese yen, but was above its recent lows. European debt yields dropped after a two-day rally.

story

[JNelson6563]

8. Your toon is the best summary I've

seen yet of yesterday's "speech" by Chimpy at the UN. Love it!

Well the commentary from those in the know seems just dark enough to kick off a rootin' tootin' rally! Weehooo!!

Meanwhile, back behind closed doors, isn't the Chimp in Chief s'pose to meeting with heads of state to work his magical charms on them so they forget how he insulted them and cough up dough and troops to save our butts in Iraq? And I'll bet he's wetting himself at the thought of talkin' to ol' steely-eye Pooty-Poot this weekend at Camp David (at least it's not the pig farm!). Maybe he can get a more accurate reading of Pooty's soul this time. ;-)

I tell you, when I think of this administration setting out on "diplomatic" missions I cringe. The markets should too considering the precipice we are perched on.

Julie

[latebloomer]

9. Yes, great cartoon!

Thanks!

[jamesinca]

10. Good morning all

Got some good news for the farm labor people today. I bill has been presented that will change the working status of illegal aliens. This will allow the farm labors out here in CA to actually work legitamately. Half of all farm labor in CA is done by illegal aliens.
----------------------------------------------------------------------------
http://sfgate.com/cgi-bin/article.cgi?file=/c/a/2003/09/24/MN205246.DTL

As many as half a million undocumented immigrant farmworkers in the United States -- about half of whom work in California -- could gain legal status under a bill introduced in Congress Tuesday with bipartisan support and the backing of both the agricultural industry and advocates for farmworkers.

The proposal, introduced by Rep. Chris Cannon, R-Utah, and known as the Agricultural Job Opportunity, Benefits and Security Act, breaks a log-jam between growers and farm laborers, many of whom are illegal immigrants, and places the contentious issue of immigration reform back in the political spotlight.

<SNIP>

"When the majority of the seasonal workforce in this state is undocumented, it's a growing problem that needs to be addressed," said Gabriel, who has been involved in negotiating the bill for more than five years. "With this type of program, everybody's going to get identified, there's no more underground economy to deal with."

<SNIP>

The proposal would reform the H2A visa program under which agriculture employers can hire immigrants as temporary farmhands after showing they can't find U.S. workers. Growers have often complained that the program is too bureaucratic and burdensome.

<SNIP>

Rep. Nancy Pelosi, D-S.F., supports the bill, her press secretary Brendan Daly said. He called the plan a good first step in immigration reform but said "we need a broader legalization program that can provide an opportunity for these hardworking immigrants to live in this country legally."

<SNIP>

IMPACT IN CALIFORNIA
The plan could have the greatest effect in California, which employs half a million seasonal farmworkers, more than half of whom are illegal, according to Gabriel.

[Maeve]

11. 9:53 and mixed

Market has already been up, down, up and heading back down...

Dow 9,584.46 +8.42 (+0.09%)
Nasdaq 1,897.75 -3.97 (-0.21%)
S&P 500 1,028.35 -0.68 (-0.07%)
10-Yr Bond 4.214% +0.000

[Maeve]

12. 10;11 and falling

Dow 9,562.43 -13.61 (-0.14%)
Nasdaq 1,891.18 -10.54 (-0.55%)
S&P 500 1,025.43 -3.60 (-0.35%

[UpInArms]

13. daily dollar watch

and today's message is:

The future's so bright, we gotta wear shades!


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

Last trade 94.03 Change +0.04 (+0.04%)

[Maeve]

14. 11:14 with a side of blather

Dow 9,558.29 -17.75 (-0.19%)
Nasdaq 1,893.32 -8.40 (-0.44%)
S&P 500 1,025.52 -3.51 (-0.34%)
10-Yr Bond 4.224% +0.010

11:00AM: After a short-lived bout of buying, the indices are back to their session lows... Nevertheless, the underlying long-term bias in the stock market remains bullish as we approach Q3 earnings... Supporting this notion are the historically low interest rates, more favorable ratio than in the past of upward guidance versus earnings warnings, and strong economic data telling of an accelerating economy...
To that extent, three Fed Presidents are talking up the economy today, with the Texas Fed President McTeer saying "there is every reason to expect the expansion that we have now will get stronger", Minneapolis Fed President Stern in a Bloomberg interview saying economic growth will be "above 4%" next year and 2004 will be "a good year for the economy", and St. Louis Fed President Poole saying he's "optimistic" about the U.S. economy and that long term prospects are "superb"...
http://finance.yahoo.com/mo

[radfringe]

29. economy getting better, eh?

questions questions questions

Where are the jobs?
Where's Osama Bin-forgotten?
Where's Saddam in-hiding?
Where's the WMD's?
Where's the surplus?
Where's the BEEF?

[Maeve]

30. Not sure where the beef is, but the fat is in

the head of state!

[Coventina]

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

Ozy, I must also congratulate you on the 'toon.
Wonderful, made me laugh out loud.

Today's reading is a head-scratcher. It is CENSORSHIP changing to ZENITH. Let me quote you the changing line from Censorship, "You are in a fine position to perceive the present situation with clarity. If it appears hopeless and doomed, as it well might, now is a good time to exit."
This would appear to contradict the second hexagram, ZENITH, which is usually considered to be very positive. Of course, it does have a negative side, if today is the Zenith then "tomorrow marks the beginning of decline."

I'm going to predict that there will be little overall movement in the markets today, but that bad economic news will continue to pour in.

[mrsteve]

20. Very interesting...

Maybe the Ching is telling us the recent sucker's rally is over?

[JNelson6563]

16. 11:45 and getting dark

Market Summary

Dow 9,526.07 -49.97 (-0.52%)
Nasdaq 1,884.21 -17.51 (-0.92%)
S&P 500 1,021.30 -7.73 (-0.75%)
10-Yr Bond 4.222% +0.008

With OPEC's little surprise this morning and states calling for NYSE governance to come into existence things aren't looking so rosy. How how I long for the days when we only had good news like rising unemployment and Ken Lay raping California. Oh wait, those are bad news, no wait....bad news is good news....er, uh, fool me once....uh, uh, can't get fooled again.

Again, I can only take comfort in the increased chocolate rations. 3oz. per week. Up from 4. :-)

Julie

[UpInArms]

17. 12:11 est and seeing red

Dow 9,485.37 -90.67 (-0.95%)
Nasdaq 1,870.77 -30.95 (-1.63%)
S&P 500 1,016.88 -12.16 (-1.18%)
10-Yr Bond 4.212% -0.002

[Maeve]

18. 1:09 and redder (triple-digit down Dow)

Dow 9,454.21 -121.83 (-1.27%)
Nasdaq 1,862.92 -38.80 (-2.04%)
S&P 500 1,013.26 -15.78 (-1.53%)
10-Yr Bond 4.180% -0.034

[mrsteve]

19. 1:30 - downward spiral arrested

At least for a while.

Dow 9,456.32 -119.72 (-1.25%)
Nasdaq 1,862.04 -39.68 (-2.09%)
S&P 500 1,013.48 -15.56 (-1.51%)
10-Yr Bond 4.191% -0.023

Yahoo Finance recaps:
"1:00PM: The market is extending its losses, with all of the major averages at fresh session lows... The S&P 500, specifically, has fallen below its 20-day exponential moving average (at 1019 today), which had limited the downside on Monday and more recently through the top of its summer trading range at 1015... For now, the index has stalled at a minor support in the 1013 area... With 820 mln and 1.3 bln shares traded on the NYSE and the Nasdaq, volume is heavier than the levels seen of late...
Breadth figures are unfavorable with decliners leading advancers by a roughly 2-to-1 margin on both exchanges and down volume outpacing up volume by a roughly 3-to-1 margin on the NYSE and a 2-to-1 margin on the Nasdaq... The number of new 52-week highs maintains its bullish stance, with 138 and 253 new highs on the NYSE and the Nasdaq, respectively, juxtaposed with 5 and 1 new lows..."

[UpInArms]

21. 1:46 and the bloodletting continues

Dow 9,440.04 -136.00 (-1.42%)
Nasdaq 1,857.51 -44.21 (-2.32%)
S&P 500 1,011.60 -17.44 (-1.69%)

[mrsteve]

22. 2:00 - still sliding on all fronts

Dow 9,449.79 -126.25 (-1.32%)
Nasdaq 1,858.21 -43.51 (-2.29%)
S&P 500 1,012.50 -16.54 (-1.61%)
10-Yr Bond 4.145% -0.069

[JNelson6563]

23. 2:37 and still going downhill

Dow 9,447.68 -128.36 (-1.34%)
Nasdaq 1,858.89 -42.83 (-2.25%)
S&P 500 1,012.55 -16.48 (-1.60%)
10-Yr Bond 4.131% -0.083

A little blather:

Dow rings up triple digit loss after oil prices rise
Wednesday September 24, 2:24 pm ET
By Steve Gelsi

NEW YORK (CBS.MW) -- The Dow Jones Industrial average rang up a triple digit loss on Wednesday on heaviness in the financial sector, rising oil prices and concerns over earnings pushed stocks deep into the red.

Cisco (NasdaqNM:CSCO - News) failed to provide a lift to the tech sector, despite a big stock buyback announced by the networking giant. A profit warning from Viacom weighed on big caps, but oil stocks gained on an unexpected move by OPEC to cut production.

"There's no true cause and effect to the selling," said Brian Piskorowski, market commentator at Wachovia Securities. "There was some futures selling in Chicago, but for the most part, we've added $3 trillion to the stock market since March, and September isn't usually a positive month for the stock market anyway."

The Dow Jones Industrial Average (^DJI - News) dropped 111 points, or 1.2 percent, to 9,464 as losses accelerated in afternoon trades. Of the blue chip barometer's 30 components, 26 lost ground, led by DuPont, Hewlett-Packard, Eastman Kodak, Intel and Microsoft.

Yep, pretty ugly alright.

Julie

[Capn Sunshine]

24. Me Kill Lion

Its funny, when you're on the floor with all your competition and you can see the eyes and body language of the institutionals, you can sense blood in the water like a shark.

The new age alternative to this is private chatrooms where we watch screens flickering live time data and relate to each other almost in a BBS fashion like here.

So every so often , a wavelength comes through, a wiggle in the convexity charts , a bump on the volume , a flicker which tends to drop away the mists in the swamp for just a second to reveal the monster that lurks and conspires constantly to eat you whole.

Like neolithic hunters after a lion, we watch constantly for that moment when the behemoth institutions lose the cover of traffic and lie exposed for just a second, and you might find yourself with a cocked bow and an open shot!

We all feel the surge when this happens; no one has to say a word, but worldwide the small hedge traders leap to the fore as we see, suddenly .......bond futures bust through a resistance level on major buying! And they arrive ; HO!!! at a level SO CLOSE to the place where you know the behemoths are OBLIGATED , because their computer programs are on, they MUST BUY when this level is breached!

As one the little guys place order after order in the futures pits, long 10 years, long 2 yesr long 5 yrs long tbils long everything, me included , totally exposing ourselves to painful hideous loss if we fail, but we will not fail, this is ..primeaval, trading on instinct , chasing down the exposed monster , his short breath steamy and hot in the foggy mire as he realizes he's surrounded on all sides by the spear toting warriors...........

We're driving the levels up to a point of resistance where the institutions MUST buy because of technical programming; this is lust and greed and fear combining into momentum and the same guys that sold off so hard Monday are buying the exact same paper back as the orders fly like a snow flurry into the overwhelmed pits and it's beautiful in its symbiotic symmetry, thousands of traders globally hunting down the big monster lion and nailing his hide to the wall...

and like that. *poof* the fight is over , we have emerged victorious, and our instincts remain vindicated, John Snow be damned, what a frikking idiot, we put it to all of them again.

God, do I miss Bob Rubin.......

[JNelson6563]

25. I gather you are enjoying the rally?

I thought of you when I saw those Treasuries. haha

Glad you're benefitting from the system! :hi:

Julie

[Capn Sunshine]

28. It's sweet to see Snow and his band twisting in the wind

the dollar crash was all his doing and all he ended up doing was costing Bush patrons millions; no, billions....
BWAAAAAAHAAAAAAHAAAAAAAAAA!

[JNelson6563]

31. didn't he toss out his prepared remarks

and ad-lib some reassurances instead? Seems to me they may be seeing the error of their ways...likely too late which seems to be their way.

If only they could buy foresight!!! hahahaha


Julie

[Maeve]

26. Primeval hunter in a three-piece suit!

(Altho I'm willing to bet you aren't actually wearing such a uniform...)

Love the description! Get 'em, killer!

[Timefortruth]

27. The end of day rally might not save this one.

Anyone else have the feeling that this is the start of the disaster? I'm kind of feeling sick to my stomach.

[JNelson6563]

32. no last hour miracles today

no relief in sight at 3:11:

Dow 9,438.77 -137.27 (-1.43%)
Nasdaq 1,854.44 -47.28 (-2.49%)
S&P 500 1,011.59 -17.44 (-1.70%)
10-Yr Bond 4.137% -0.077

Ouch!

Julie

[radfringe]

33. not counting on a last minute rally

I thought the same thing, with an hour to go, that there might be a last minute rally.... but I'm not counting on it

I think what we are seeing today is the delayed reaction to the whistleass's piehole effect at the yesterday's UN "speech"

I suspect that the PPT was working hard yesterday to keep things looking rosey, but they are unable to ward of the stampeding lemmings at the SELL SELL SELL window....

Talkingheads on the tube have turned into ostriches, heads buried in the sand, (or up their ass?) as they babble happily about how things are going to get better by the end of the year. In a couple of weeks or so they will be babbling happily about how things will get better in the first quarter of 2004... haven't we heard this before? I am beginning to think that the talkinghead programs are just reruns from last year... no new news, move along nothing to see, things will get better next quarter.....

meanwhile - has anyone noticed the increase in happy-happy talk about the economy coincides with whistleass's numbers dropping?

[Maeve]

34. It would take a miracle just to get the Dow <-100

Dow 9,438.63 -137.41 (-1.43%)
Nasdaq 1,852.65 -49.07 (-2.58%)
S&P 500 1,011.38 -17.65 (-1.72%)
10-Yr Bond 4.135% -0.079


Hey! I get to fly my favorite colors for an avatar! Huzzah!

[radfringe]

35. someone flush

the market tanks for today

[mrsteve]

36. And at the wire - no last minute reprieve from that distant flushing noise

At 4:00 close - Ouch!

Dow 9,425.30 -150.74 (-1.57%)
Nasdaq 1,843.69 -58.03 (-3.05%)
S&P 500 1,009.35 -19.68 (-1.91%)
10-Yr Bond 4.135% -0.079


(on edit - added reference to indicate end of day numbers)