STOCK MARKET WATCH, WEDNESDAY OCT 1....(#1)

[ozymandius]

Wednesday October 1, 2003

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 481
REICH-WING RUBBERSTAMP-Congress = DAY 317
DAYS SINCE DEMOCRACY DIED (12/12/00) 2 YEARS, 292 DAYS
WHERE'S OSAMA BIN-LADEN? 1 YEAR, 350 DAYS
WHERE'S SADDAM? WHERE ARE THE WMD'S? - DAY 192
DAYS SINCE ENRON COLLAPSE = 676
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 30, 2003

Dow... 9,275.06 -105.18 (-1.12%)
Nasdaq... 1,786.94 -37.62 (-2.06%)
S&P 500.... 995.97 -10.61 (-1.05%)
10-Yr Bond... 3.94% -0.14 (-3.43%)
Gold future... 386.10 +2.90 (+0.76%)

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 Ike Iossif

"Correct identification of present market conditions is more important than forecasting how they may change in the future"

Quite often investors are paralyzed and unable/unwilling to take a position in the market, because they "can't forecast" where the market is going next. In my 14 years of being a student of the markets, I have found that being able to forecast accurately what changes may take place in the future is definitely a plus. It is NOT a "must" in order for one to be a successful investor/trader. In my view, being able to identify accurately the forces that are exerting influence on the market at the present time is a "must." The reason is simple. As long as we can understand the prevailing market climate, we don't really need to know--although it makes things easier if we do--when the climate will change. When it does, we'll identify it and act accordingly. In other words, investors should be more concerned with whether market conditions are favorable today, than whether they will continue to be favorable three months later. As long as we can identify the change in present conditions, in a timely manner, we can always adjust our strategy accordingly.

Over the weekend, I read plenty of commentary suggesting that last week's action meant that the "character of the market" had changed, is changing or was about to change. However, none of the commentary offered a "benchmark" by which we can objectively conclude that indeed a change in the market's character is taking place, and thus, action may be needed.

Three Conditions for an Intermediate Term Rally End- Continual Absence of Adequate Buyers

In my opinion, last week's action was characterized by only one of the three conditions that need to be present in order to conclude with a reasonable degree of certainty that an intermediate term rally has come to an end. The first condition that needs to be present is a continuous absence of adequate number of buyers to absorb available supply. This condition can be easily observed thru the market's repeated inability to sustain rally attempts, resulting in sharp losses during the last hours of trading. Usually, this is our first visible clue that a rally may have run out of fuel, which should put us on alert to look out for the emergence of the other two conditions: negative liquidity and price making both lower lows and lower highs. It should be kept in mind, that the mere absence of adequate number of buyers to absorb supply at a particular price level doesn't mean that there aren't enough willing buyers at another price level, which may be lower than the present one, but still within the existing uptrend.

more

[ozymandius]

2. Remember: It's a JOB-LOSS recovery.

Reports: Ford, Chrysler plan job cuts

DETROIT (Reuters) - Ford Motor Co. will cut as many as 12,000 jobs worldwide while DaimlerChrysler AG's Chrysler arm is also getting set to cut thousands, according to published reports.

Fresh off the negotiating table, new labor agreements with the United Auto Workers will allow Detroit's Big Three automakers to eliminate as many as 50,000 jobs through a combination of buyouts and normal attrition during the next few years, industry analysts have said.

<cut>
Earlier Tuesday, Ford (F: Research, Estimates), the nation's second-largest automaker, told employees it plans to cut 3,000 salaried jobs by releasing 1,700 contract workers and eliminating 1,300 vacant jobs in a bid to slash costs by the end of the year.

The company also announced Wednesday that its Belgian Genk unit has scrapped plans to produce Focus cars, the world's best-selling vehicle, and to cut production at the plant to two shifts from three, which will result in the elimination of 3,000 jobs there.

more story

[ozymandius]

3. Wall St. Seen Rising as Key Data Looms

NEW YORK (Reuters) - Stocks are expected to bounce at Wednesday's opening bell after a sell-off a day earlier, but the buying may be muted ahead of a closely watched survey of U.S. manufacturing activity.

"This national manufacturing number will be a key to the market," said Peter Boockvar, equity strategist at Miller Tabak & Co. "The economic data that we are going to be seeing now will be a good indicator of what we could be setting ourselves up for the rest of the year."

Stocks dropped on Tuesday after surprisingly weak data on business activity in the Midwest and U.S. consumer confidence (news - web sites) stoked worries over the pace of the economic recovery.

story

Per the norm, the markets' open rarely indicate what the rest of the day will bring.

[ozymandius]

4. Treasuries Soar, Yields Hit 10-Week Lows

NEW YORK (Reuters) - Treasury prices spiked on Tuesday, pushing benchmark yields to 10-week lows, as sagging consumer confidence and a drop in regional factory output cast doubt on the strength of the U.S. economic recovery.

Bond investors focused on the worsening jobs outlook, which seemed to suggest the Federal Reserve (news - web sites) could afford to take its time before hiking interest rates.

Short-term yields and Eurodollar futures rallied to reflect the shift in expectations, scaling back the timetable for any policy tightening.

more

[ozymandius]

6. This looks like the keystone.

Foreign holding will be the catalyst in the US economy's ability either to sink or swim. This was discussed yesterday, I know. But it appears ever more obvious that our debt, held mostly by foreign entities, gesticulates frantically when foreign investors merely twitch on our yoke.

Thus is the psychology of the markets: even a hint of dour speculation can make little landslides.

[JNelson6563]

5. Wonderful Wednesday Morning Marketeers!!

What a glorious day for the Republic! Finally the Felons in the WH are being exposed for the evil duers that they are!!! This is a huge thing going on! All good for those of us who have known the truth for soooooooo long! How delightful! Invigorating!! Vindicating!!!

Enough about the good news, on to the mediocre. Not much in the way of numbers out today so it looks like it might be a "safe" day on the Street. I believe some automotive #s may come out today but withthe announcements of all those job cuts any bad news should be cancelled out but the good (?) news that there will be lots more jobless people. As you all know what is bad news for the working stiffs in America is often really good news investors.

Futures look mighty bright. Not quite bright enough for shades haha but pretty good.

Great Toon Ozy and good wrap-up too. I'd like to see more from those guys on CNBC. Seems the only really honest guy on there is the Great Santelli. :loveya:

Julie

[ozymandius]

7. Good morning Julie.

I received a phone call yesterday from a like-minded gent who sometimes lurks in these corridors. He called with such glee (something he is not accustomed to doing) from the corroborated evidence that "Traitorgate" reaches into the highest levels of the White House. Specifically: Rove.

I am sure the vultures will be picking over the soft remains from the automakers' massive layoffs. Just think how profitable these companies will be when they don't have to make all that payroll and benefits expenses. Disgusting.

[ozymandius]

8. The Dollar Remains Sickly Today

LONDON (Reuters) - The dollar held just above the previous session's three-year low against the yen on Wednesday after suspected Bank of Japan intervention in Asian trade, remaining sickly ahead of a key U.S. economic report.

Dollar bears had been wrong-footed on Tuesday as Japanese authorities sold yen for dollars through the Federal Reserve (news - web sites) Bank of New York, their first confirmed intervention since the Group of Seven nations called for flexible currency rates on September 20.

The Japanese authorities were also suspected of buying dollars at around 111.10 yen in Wednesday's Asian session, but the greenback struggled to hold on to gains as nerves set in ahead of the U.S. Institute of Supply Management (ISM) survey at 10 a.m. EDT.

story

[UpInArms]

14. morning dollar watch

and the message is sustained weakness

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

Last trade 92.47 Change -0.38 (-0.41%)

the BoJ may intervene again - the yen is over 90 - but as Ozy says - they are watching the ISM numbers :shrug:

[Maeve]

9. Morning, all!

Bright and sunny forcast for Wall Street and the opening is just terrific!
Dow 9,327.58 +52.52 (+0.57%)
Nasdaq 1,801.06 +14.12 (+0.79%)
S&P 500 1,000.86 +4.89 (+0.49%)
10-Yr Bond 3.949% +0.012

Auto and truck sales are expected to show some decline at 10 as is the manufacturing index. But, hey, it's a new quarter and this is the one that is supposed to turn the world around, right?

[ozymandius]

11. Mornin' Maeve.

What a difference a day makes, eh? You might think that tens of thousands of freshly pressed non-consumers would be a good thing. It's just my little ol' opinion, but I can think of a few thousand people who will not be buying durable goods anytime soon. And then there's the layoffs in the insurance industry.

Time for a coffee break.
:donut: :donut: :donut: :donut: :donut: :donut:

[ozymandius]

10. opening with pom-poms

9:35

Dow 9,331.65 +56.59 (+0.61%)
Nasdaq 1,801.62 +14.68 (+0.82%)
S&P 500 1,001.19 +5.22 (+0.52%)
10-Yr Bond 3.951% +0.014

[ozymandius]

12. 9:52 and going up

Dow 9,345.58 +70.52 (+0.76%)
Nasdaq 1,805.71 +18.77 (+1.05%)
S&P 500 1,003.90 +7.94 (+0.80%)
10-Yr Bond 3.951% +0.014

[Maeve]

13. Another drain on the economy you may not know

This from Newsweek and I also heard it on BBC radio news last night--one reason businesses can't grow right now is that too many companies underfunded (or gambled in the market or stole from) their pension plans and now have to plow major money into them.
Business’s Killer I.O.U.
<snip>Huge pension liabilities are strangling corporate America, and execs say this new debt is choking off an economic recovery. Companies that offer workers traditional pensions are suddenly facing a yawning $350 billion deficit in those plans. To make up that shortfall, big business is expected to pour a record $83 billion into pension funds this year—nearly double last year’s contribution and six times what companies paid in 2001.<more>
`````````````````````````````
When a company goes under, its pension plan is backed by Pension Benefit Guaranty Corp., but the rules may change and the amount received lowered. And when they take over under-funded plans, the money has to come from somewhere...

[ozymandius]

18. This is frightening.

It looks like were in for a long winter. If startups are the backbone of the economy, when will we grow a new backbone?

[Maeve]

15. Pace of job cuts slows

Not out of the woods, but it's an improvement

Challenger Report
NEW YORK (CNN/Money) - U.S. corporate job cut announcements were surprisingly low in September, an outplacement firm said Wednesday, suggesting the labor market may at least have stopped hemorrhaging jobs -- though it may be too early to declare the start of a recovery.

U.S. companies announced 76,506 job cuts in September, compared with 79,925 in August, according to Chicago outplacement firm Challenger, Gray & Christmas, which publishes a monthly compilation of downsizing plans.

It was the lowest monthly figure since 68,623 in May, and the drop in the number of job cut announcements defied typical seasonal patterns -- normally, the last four months of the year are the worst for job cuts, Challenger, Gray & Christmas CEO John Challenger said
<more>

[Tempest]

23. Not much to cut when you're close to the bone

n/t

[JNelson6563]

16. Weak dollar, foreign entities hold our debt,

massive scandal brewing in the WH and great big chuncks of the work-force joining the UE....what a great time to buy stock!!! ;-)

10:07

Dow 9,359.06 +84.00 (+0.91%)
Nasdaq 1,811.11 +24.17 (+1.35%)
S&P 500 1,004.94 +8.98 (+0.90%)
10-Yr Bond 3.950% +0.013

I know this much, if Rove were a public holding he's be in the penny stocks category right now. hahahahahahahaha

Julie

[Maeve]

17. ISM index falls

ISM index falls
Closely watched measure of factory-sector business sentiment posts surprising drop in September.
October 1, 2003: 10:02 AM EDT
NEW YORK (CNN/Money) - U.S. manufacturing activity slowed in September, the nation's purchasing managers said Friday, missing Wall Street forecasts.

The Institute for Supply Management (ISM) said its index of manufacturing activity fell to 53.7 from 54.7 in August. Any number above 50 indicates expansion in the sector. Economists, on average, expected the ISM index to rise to 55, according to Briefing.com.

[ozymandius]

19. Residential Construction at Record in Aug

WASHINGTON (Reuters) - U.S. private residential construction pushed to an all-time high in August as builders rushed to take advantage of low mortgage rates, a government report showed on Wednesday.

At the same time, overall construction spending rose less than expected as non-residential building dropped, the Commerce Department reported.

Construction spending climbed 0.2 percent to a seasonally adjusted $882.7 billion in August, from $880.8 billion in July. Analysts polled by Reuters had expected a 0.4 percent increase.

<cut>
A separate report showed U.S. mortgage applications rose last week as homeowners jumped to take advantage of falling rates to refinance. But home-buying demand fell, according to the report by the Mortgage Bankers Association.

story

[ozymandius]

20. Family Dollar Earnings Rise 14 Percent (sign of the times)

CHICAGO (Reuters) - Discount retailer Family Dollar Stores Inc. (NYSE:FDO - News) said on Wednesday quarterly earnings rose nearly 14 percent as it sold more higher-profit goods such as apparel.

The Matthews, North Carolina-based company posted fourth-quarter net income of $47.7 million, or 28 cents a share, for the period ended Aug. 30. That compared with $41.9 million, or 24 cents a share, a year earlier.

story

[Maeve]

24. We were worried when WalMart's earnings rose

Because it meant folks were dropping down from buying at the malls.

Folks, I am cheap, but not Family Dollar cheap!

[ozymandius]

21. 10:25 up-update

Dow 9,361.58 +86.52 (+0.93%)
Nasdaq 1,810.69 +23.75 (+1.33%)
S&P 500 1,005.27 +9.31 (+0.93%)
10-Yr Bond 3.979% +0.042

[ozymandius]

22. I've gotta run, folks.

Please have a great day.

[Maeve]

25. 10:40 and easing down a tad

Dow 9,345.96 +70.90 (+0.76%)
Nasdaq 1,805.89 +18.95 (+1.06%)
S&P 500 1,003.56 +7.59 (+0.76%)
10-Yr Bond 3.958% +0.021

Also heading out for a while...try to limit the food fights!

[mrsteve]

26. Sucker's Rally On Its Last Legs? by Mark Rostenko

I was reading sme of the stuff at FinancialSense last night and I particularly liked this section:

at Financialsense.com

"As if that wasn’t enough, insiders are selling stock at record levels. According to Investors Intelligence, corporate insiders are selling more than 4.5 times as many shares as they’re buying. A 17-year record. Thomson Financial reported that in July insiders sold more than $32 of stock for every $1 they bought.

What do you suppose it means when the folks most intimately aware of what’s going on at their companies are selling their shares? Who sells their shares when they’re confident of higher prices? No one. You do the math.

Is heavy insider selling something you’d expect during the early stages of a developing bull? Of course not. Mark Hulbert informs us that at the bottom of the 1973-1974 bear market the ratio of selling to buying stood at 0.92. Insiders were buying more than selling. Following the 1987 crash, the ratio stood at 0.56. Again, insiders were buying more than selling. Almost two times as much. Today that ratio stands at greater than 4.5. Sound like a bear market bottom to you? Sound like insiders are bullish on their own companies’ prospects?"

Lot's of other great stuff too.

[Coventina]

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

Hello everyone!

:hi:

Hard not to have a grin on one's face these days, as we watch the squirming going on in the misAdministration! As the great Ricky Ricardo said, "YOU FIXED THE SHEETS AND BLANKETS! NOW GO TAKE A NAP!"

Anyway, today's reading is GRACE changing to FAMILY. The messages don't really seem to connect too well with market activity. Here is the changing line from GRACE, "You may wish to strengthen your connection with someone you admire, but you feel that what you have to offer is not grand enough to merit attention. However, your sincere feelings are all that truly matter. Your worth will be recognized and you will meet with good fortune." That's about the longest changing line I've ever seen! I'm kind of wondering if Ching is trying to tell us that it is time to get off our duffs and put ourselves out there because we have good stuff to offer. That would dovetail with the message of FAMILY. Here is a quote, "Actions speak louder than words, so don't waste time or money on rhetoric."

So what does it all mean for the market? I really don't know. Anyone have some insight to share?

[On the Road]

28. Majority of Opinion is Bullish

which means a perfect setup for an October crash. Seasonality and valuation both point to a reversal. The major indices closed below the 50-day moving average yesterday. The upward trend (green bar on NASDAQ) stopped several days ago. Up days (blue columns at bottom) are rarer and have lower volumne

NASDAQ Composite


If the market hits resistance at the 13-day moving average (1820-something for the NASDAQ) and begins to sink, it will confirm the pattern.

The first couple of days of a month are almost always positive. After that, I expect the correction to be sharp, lasting for a month or two.

This may be wishful thinking. A lot of daytraders and others who put their own money on the line are predicting a continuation of the uptrend. I am able to invest with $50,000 IRA money, and I started averaging into short funds several weeks ago, and am now over 100% short (a lot of the funds like URPIX are double-negative). Lucky to be even as of yesterday. This is the biggest gamble I've taken with my retirement money in six years.

[mrsteve]

29. Nice analysis Ribo

Jibes with my excerpts above. That article is all over an upcoming major drop in the markets.

And good luck with the short position. You are braver than I - my best contra-position right now is to get out of the stocks and into paper.

Going 100% short - :scared:

[On the Road]

33. Thanks for the Encouragement, Mr Steve

I've been a little TOO brave in the past. I lost $15K in a startup company in the mid-90's, and $20K to a crooked broker. Pushing 50, I've had to rethink my retirement strategy. (I bought three cheap rental houses this year, which will help.)

There's a big difference between knowing something about the market and being able to make money in it. For example, my biggest regret is NOT going short in August 2000, when the signs were screaming: late summer, NASDAQ double-topping at 4000 after violating long-term uptrends, economic indicators sinking. In retrospect, it was an easy double for any amount you wanted to put in. ("In retrospect" is the key.)

Signs are similar but not as dramatic this time. Hoping for a 20% gain. Ready to start selling off in 3-4 weeks, or by Thanksgiving at the latest.

[Maeve]

36. That sounds about right, but what do I know?

:D
Being the pessimist that I am, I've been predicting a drop this month since spring (bear rally in progress).

I hope your investment strategy pays off for you, altho that may get me accused of wanting the market to drop (I'm going to get used to that one of these days! Cassandras are never appreciated..)

[JNelson6563]

30. keep a very close eye

on it and you could fare very well. Gambling can be very profitable if done wisely, with calculation which you obviously employ.

11:38 and things are going swimmingly:


Dow 9,377.06 +102.00 (+1.10%)
Nasdaq 1,807.30 +20.36 (+1.14%)
S&P 500 1,007.00 +11.04 (+1.11%)
10-Yr Bond 3.935% -0.002

Julie

[On the Road]

34. Thanks, Julie

A close eye is easy to keep if you're in it to the hilt. The upward movement will only be worrisome if it's accompanied by strong volume or clearly breaks the 13-day moving average.

Scenario for the rest of the day (maybe): Market is flat until a little after 2PM, then sinks to end mixed or with a small gain. Tomorrow will be down.

[Maeve]

31. 12:31 and chugging right along

Woo-wooo!
Dow 9,407.13 +132.07 (+1.42%)
Nasdaq 1,812.75 +25.81 (+1.44%)
S&P 500 1,009.95 +13.98 (+1.40%)
10-Yr Bond 3.944% +0.007

[mrsteve]

32. 1:00 and chugging along indeed

Indexes 1 1/3% up today cross the board

Dow 9,403.58 +128.52 (+1.39%)
Nasdaq 1,812.67 +25.73 (+1.44%)
S&P 500 1,009.32 +13.35 (+1.34%)
10-Yr Bond 3.958% +0.021

[JNelson6563]

35. Soros coming up on CNBC in a few mins

Talking about how he's using money to get rid of Bush.

Markets are rocking today. If they are down tomorrow I wonder how the declines will compare to today's winners... ;-) No! I'm not alluding to padding for a sell off in the face of bad news expected tomorrow! How cynical do you think I am?? haha

Julie

[mrsteve]

37. 1:30 - still rising, but the curve's nosed over to nearly flat

Gains are more modest than they were an hour ago -

Dow 9,405.72 +130.66 (+1.41%)
Nasdaq 1,814.32 +27.38 (+1.53%)
S&P 500 1,010.05 +14.08 (+1.41%)
10-Yr Bond 3.948% +0.011

Yahoo Finance is all lathered up:
"1:00PM: Buyers are not showing a trace of exhaustion and all of the major averages are at their session highs... The bond market, in the meantime, is indecisive as traders await Friday's Employment report for further indications on the state of the job market and its effect on the yield curve...
Speaking of jobs, more are about to be lost... Specifically, last night Ford (F 11.22 +0.45) announced its plan to cut 12,000 jobs and DaimlerChrysler (DCX 34.95 -0.11) several thousand jobs..."

[mrsteve]

38. Where did the Ford and Daimler job cuts go?

Challenger above says that job cuts in September were below expectations. But just yesterday the two above announced up to 15,000 job cuts. If those are not yet counted, they would bring the cuts for September to 91,000, well past the August number of 79,925. And thus blow the premise of the Challenger article.

So, are the Ford and Daimler cuts counted September or October?

"Lucy, you got some 'splainin to do!"

[Maeve]

40. Good question--note this at the bottom

Challenger's "industrial goods" category was the biggest job-cutting industry in September, announcing 19,224 layoffs. The "computer" industry announced 7,172 cuts, the automotive industry 5,847, the "food" industry 5,672 and governments and non-profit organizations announced 4,882 cuts

Doesn't look like Ford and Daimler were counted!

[mrsteve]

41. Guess we'll wait till the October numbers come out then.

But it is interesting, no?

[Maeve]

39. 2:25 and hanging high

Dow 9,407.13 +132.07 (+1.42%)
Nasdaq 1,818.96 +32.02 (+1.79%)
S&P 500 1,011.24 +15.27 (+1.53%)
10-Yr Bond 3.920% -0.017

[mrsteve]

42. 2:40 - sideways near the highs

...except for the 10 year, which has tumbled -

Dow 9,405.35 +130.29 (+1.40%)
Nasdaq 1,817.53 +30.59 (+1.71%)
S&P 500 1,010.70 +14.73 (+1.48%)
10-Yr Bond 3.928% -0.009

Yahoo Fi recap:
"2:30PM: The favorable bias continues to hold and the major averages are vacillating near their session highs... Following last week's and yesterday's declines, the market is taking an opportunity to retrace some of its losses, which amounted to -1.5%, -1.2%, and -1.3% for the Dow, S&P 500, and Nasdaq, respectively, in the month of September... With a new month and quarter under way, traders are bidding the indices higher despite this morning's below consensus economic reports...
Specifically, the ISM report checked in at 53.7 (consensus 55.0), however the reading was expansionary and the report provided additional encouraging evidence of a strengthening manufacturing sector led by increased demand, as evidenced by new orders lifting to a fresh 16-month high..."

Lemmings! The ISM was below estimates! Arrgh!

Being contarian is painful these days.

[mrsteve]

43. 3:40 - day's almost done and still chugging along at top

Dow 9,453.28 +178.22 (+1.92%)
Nasdaq 1,828.17 +41.23 (+2.31%)
S&P 500 1,016.08 +20.12 (+2.02%)
10-Yr Bond 3.932% -0.005

[Maeve]

44. One bit of perspective

This will take the averages back up to about where they were one week ago.

[JNelson6563]

46. checkin' in for end of day

Hey all--was sure there'd be curbs today, thought that yesterday too but in the other direction. I'm batting 500. hahaha

A few pennies may shake out yet but here's what closing #s look like today:


Dow 9,466.17 +191.11 (+2.06%)
Nasdaq 1,832.25 +45.31 (+2.54%)
S&P 500 1,017.86 +21.89 (+2.20%)
10-Yr Bond 3.932% -0.005

See ya in the AM marketeers! :hi:

Julie

[UpInArms]

48. dollar was not impressed by the rally

Last trade 92.31 Change -0.54 (-0.58%)

[mrsteve]

45. At the close - exactly what I was about to say Maeve

The NYSE indexes are back at their highs from last week, while the Nasdaq needs about 1% more to get back to where it was.

Dow 9,466.76 +191.70 (+2.07%)
Nasdaq 1,832.25 +45.31 (+2.54%)
S&P 500 1,017.89 +21.93 (+2.20%)
10-Yr Bond 3.932% -0.005

[mrsteve]

47. Yahoo Finance is all smiles - but notes only moderate volume today

Yahoo Fi updates:
"3:30PM: The first day of the fourth quarter looks like it's going to end with a bang! as the indices reach for new session highs, with gains currently ranging 2.0-2.2% for the major averages... Today's advance can be largely characterized as a rally on the back of the weak last week and yesterday's losing session...
Also, contributing is the fact that today is the first day of the month/quarter, which normally sees an inflow of fresh capital to the market... Keep in mind, however, that volume is moderate at best, with 1.24 bln and 1.54 bln shares traded on the NYSE and the Nasdaq, respectively..."