STOCK MARKET WATCH, Monday 11 September

[ozymandius]

Monday September 11, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 863 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2084 DAYS
WHERE'S OSAMA BIN-LADEN? 1790 DAYS
DAYS SINCE ENRON COLLAPSE = 1751
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 6
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54


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




AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON September 8, 2006

Dow... 11,392.11 +60.67 (+0.54%)
Nasdaq... 2,165.79 +10.50 (+0.49%)
S&P 500... 1,298.92 +4.90 (+0.38%)
Gold future... 617.30 -7.60 (-1.23%)
30-Year Bond 4.92% -0.02 (-0.47%)
10-Yr Bond... 4.77% -0.02 (-0.50%)






GOLD, EURO, YEN, Loonie and Silver


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. no new WrapUp and no Federal reports today n/t

[Roland99]

2. Good morning, Marketeers!

:hi:

[ozymandius]

4. Good morning Roland.

:donut: :donut: :donut:

I like your new bumper stickers.

Ozy :hi:

[Roland99]

24. Thanks, ozy!

They seem to get more attention than the other ones.

[AnneD]

14. Morning Marketeers,

:donut: and lurkers. This is the 3rd time I have tried to post this so I hope it works. Roland good to see you drop us a line. Hope all is well for you.

I have been thinking about 9-11 a lot and have tried to avoid the tv as much as possible. I turned it on today and I have some thoughts I like to voice. I am wearing flame resistant thongs-so I am ready.

Now don't get me wrong, we almost lost a BIL that worked at the WTC for the Port Authority (he was in the commuter trains that got turned around). Had he been there 10 minutes earlier-he would have been killed-no doubt about it. We count our blessings.

But we are chocking on our grief just as surely as the first responders chocked on the air at ground zero. Wallowing around in this media hyped pity party is not healthy or productive at this point. How much longer can we wave this bloody shirt. For those that lost family and friends, I say yes, your grief will take a long time heal, if ever. And to you I send healing prayers and prayers for strength and courage. And for those first responders-I too have had to deal with PTSS and I know all to well the roller coaster of emotions that you deal with and I send prayers of healing and courage your way.

Yes we should show respect for those that lost their lives, but taking positive action will go a lot further in healing the pain. The closest similar incident we had was Pearl Harbor. I know people mourned but according to my Mom and great aunts and uncles, folks rolled up their sleeves and did what they needed to do. They did not give up their rights as Americans. The one group that was discriminated sought and received an apology and reparations-as well they should have. I hope we have learned from that experience (but I am less hopeful as time wears on). This grief is stirred up only to make us cower. I may have been knocked on my knees by the sucker punch that was the WTC bombing, but my mind is clear and my thoughts are focused. There is action that needs to be take, and it needs to be taken against the terrorists that have control of our government. Who needs terrorist when your own government doesn't heed warning. Who needs terrorists when your own government cannot respond to a natural disaster and loses a second city. I know where the buck stops and it seems to be in this administration's pocket. Let them continue to bring up 9-11. Maybe folks will put 2 and 2 togather.

Happy hunting, watch out for the bears.

[ozymandius]

3. Oil dips under $66 on improved supply picture

SINGAPORE (Reuters) - Oil prices dipped under $66 on Monday on a more comfortable supply picture, underlined by growing U.S. inventories and expectations that
OPEC will keep production steady at high rates this year.

U.S. light crude for October delivery fell 19 cents to $66.06 a barrel by 0757 GMT, after hitting a new five-month low of $65.68. It had plunged $1.07 on Friday and lost more than 4 percent last week.

London Brent crude eased 15 cents to $65.18.

Prices continued a slide from Friday after the potential early recovery of output from BP's giant Alaskan oil field and inventory data last week showing rising U.S. fuel stockpiles.

more

[ozymandius]

5. OPEC will likely hold production steady

VIENNA, Austria - OPEC will likely hold its oil production steady for now — but it's casting a wary eye on prices as the cost of crude plummets to five-month lows.

The Organization of Petroleum Exporting Countries, meeting in Vienna on Monday, was expected to maintain its output quota of 28 million barrels a day. With supplies outstripping demand but markets still jittery, key members of the 11-nation cartel said they see no reason to tighten or loosen their taps, and OPEC's own advisory panel urged the group to keep production at current levels.

But tumbling prices have grabbed OPEC's attention, and Iran's oil minister hinted that a cut in output targets could come before winter in the Northern Hemisphere.

more

[AnneD]

16. They aren't called...

OPECers in the oil patch for nothing (output going down before winter):evilgrin:

[ozymandius]

7. OPEC aims to hold output, discuss price drop

VIENNA (AFP) - OPEC ministers headed into their meeting here signalling that they would maintain the cartel's official output ceiling for now against the backdrop of falling oil prices.

However, they were ready to at least discuss the risk of deeper decline in prices and the spectre of oversupply.

"I don't think there will be any change in the quota at this meeting," Iran's Oil Minister Kazem Vazirir Hamaneh told journalists Monday.

But Hamaneh said he shared concerns expressed notably by Open's President, Nigerian Oil Minister Edmund Daukoru, about the decline in crude oil prices.

Asked about a possible cut in the output ceiling for the end of the year, he said: "We are going to discuss this at this meeting."

more

[54anickel]

19. Oil Continues Biggest Decline in 10 Months; Gold, Silver Tumble

http://www.bloomberg.com/apps/news?pid=20601103&sid=a243syvuQuBg&refer=us

Sept. 11 (Bloomberg) -- Crude oil continued its biggest decline in 10 months on signs the world economy is slowing, and gold, copper, aluminum and silver tumbled.

Oil fell for a sixth day and is now down 17 percent from its all-time high. Javier Solana, European Union foreign policy chief, said a meeting yesterday with Iran's top negotiator in the dispute over the country's nuclear research, was ``productive,'' easing concern the country may halt crude exports. Gold had its largest drop since July, and silver fell the most since June.

``People are looking to sell anything that's not nailed down,'' said Paul Sutherland, chief investment officer for Traverse City, Michigan-based Financial & Investment Management Group. They are concerned declines in commodity prices might accelerate, he said. ``They're saying, `I'll take my bets off the table and raise some cash and be able to sleep tonight.'''

snip>

``People were playing gold up in the past two months on the basis of oil, and now it's on the way down,'' said Mark Pervan, research head at Daiwa Securities SMBC, in Melbourne. Some investors buy gold as a hedge against rising inflation, and as a asset that retains its value better than, for example, stocks during times of geopolitical tension.

snip>

``The mega-run for commodities has run its course,'' Stephen Roach, chief global economist at Morgan Stanley, said on Sept 5. He said in May said that the surge in oil and metals was a bubble about to pop.

snip>

Richard Steinberg, president of Steinberg Global Asset Management, took the opposite view. ``Commodity cycles are extremely volatile,'' he said today. ``I don't think this is the end to the bull run.'' His firm, in Boca Raton, Florida, oversees $400 million in assets.

more....

Where are the speculators going to go next? Stocks? :rofl: Keep pushin' that bubble around!

[ozymandius]

6. (European) Bourses undermined by oil and metal

European equities were dragged lower on Monday by weakness in London-listed miners and oil heavyweights as copper prices dropped and oil fell below $66 a barrel.

Telecom Italia said its board will discuss the restructuring of its mobile and fixed-line mobile operations later today. This could pave the way for a sale of all or part of TIM, its mobile arm. Telecom Italia was suspended. Telecom Italia Media however rose 3.4 per cent to EU0.4045.

On Sunday, the daily Il Sole 24 Ore said Telecom Italia could raise EU35bn from the sale of its Italian mobile unit TIM and EU6bn from TIM Brasil, in a move that would allow the group to erase its more than EU40bn of debt.

The FTSE Eurofirst 300 fell 0.9 per cent to 1,343.84, with the Xetra Dax in Frankfurt off 0.9 per cent to 5,744.66, the CAC-40 in Paris down 1 per cent to 5,044.66 and London down 0.9 per cent to 5,825.9.

more

[ozymandius]

8. Wall Street seen down as oil, metals weigh

PARIS (Reuters) - Shares on Wall Street geared for a lower start on Monday as weaker oil and metals look set to depress heavily weighted energy and mining stocks, with investors also wary ahead of this week's economic reports.

Investors will scrutinize retail data on Thursday, followed by consumer price index and industrial production and capacity utilization data on Friday for clues on the health of the world's biggest economy and the likelihood of the
Federal Reserve tightening borrowing costs further.

No major economic report is scheduled on Monday so the focus will be on the corporate side, where cellphone chips giant Texas Instruments (NYSE:TXN - news) and soup maker Campbell Soup (NYSE:CPB - news) are due to hand in quarterly scorecards.

more

[54anickel]

20. The dreaded R-word is making headlines again....

UPDATE 2-Global imbalances could spark world recession-IMF
http://today.reuters.com/news/articleinvesting.aspx?type=bondsNews&storyID=2006-09-11T181117Z_01_L11636603_RTRIDST_0_IMF-RATO-UPDATE-2.XML

BERLIN, Sept 11 (Reuters) - If global imbalances in the world economy are not resolved properly a worldwide recession could result, International Monetary Fund chief Rodrigo Rato was quoted as saying on Monday by a German paper.

The United States' current account deficit is an imbalance of particular concern and the country needs to work on boosting private saving and fiscal consolidation, Rato wrote in a guest contribution for business newspaper Boersen-Zeitung.

"The debate on these imbalances should be taken very seriously because a disorderly resolution of the problem could spark a global recession which we don't want," he wrote in an article to be published in the paper's Tuesday edition.

"However, adapting to global demand in an orderly fashion is difficult and can't be achieved in a rush," he added.

Rato said that the flipside of the U.S. deficit was the high current account surpluses being run by oil exporting countries, Japan, China and developing economies in Asia.

He said economies with current account deficits needed to reduce their dependence on global savings and countries with surpluses needed to lower their reliance on foreign demand.

more...



http://news.yahoo.com/s/nm/20060908/bs_nm/economy_wallst_recession_dc_1

Risk of U.S. recession growing: HSBC

NEW YORK (Reuters) - Investment bank HSBC has revised downward its forecast for 2007 economic growth and cautioned that the risk of an outright recession is growing as a retreat in housing threatens household balance sheets.

The company argues that while corporate profits have remained sky-high, the incomes of most Americans have effectively fallen over the last 18 months.

That, say economists Stephen King and Ian Morris, could be a recipe for hard times in an economy that relies on consumers for over two-thirds of its strength.

"Never before have households been so hard hit at a time companies are doing so well," the two economists said in a research note to clients. "So it's likely that the U.S. could slow down quite a long way."

snip>

In the last recession, a massive round of tax cuts and a super-loose monetary policy helped the economy get a second wind. Americans will have no such luck this time around, King and Morris warn.

more...

[54anickel]

21. Behind That Sense of Job Insecurity

http://www.nytimes.com/2006/09/10/business/yourmoney/10view.html?_r=2&ref=business&oref=slogin&oref=slogin

snip>

According to the Bureau of Labor Statistics, the United States economy — a giant job-churning machine — each quarter destroys nearly 7 percent of existing jobs and creates a roughly equivalent percentage. Even for those at the top rungs of the labor ladder, job stability isn’t what it used to be. Burson-Marsteller, the public relations firm, reported earlier this year that 470 of the Fortune 1000 companies have changed C.E.O.’s since 2000.

Yet labor economists, who prefer sifting through reams of yesterday’s data to parsing today’s headlines, detect a seemingly counterintuitive trend. During the last few decades, job stability and job tenure for the typical worker don’t seem to have changed much, if at all.

snip>

So what accounts for the public concern over job instability? Professor Davis notes that job stability at publicly held companies — large, brand-name businesses like Intel that make news when they restructure — has decreased markedly. “But such companies only account for about one-third of all business employment,” he said. Among privately held companies — a much larger sector — job stability has actually been on the rise in recent years.

What’s more, workers have plenty of reason to feel anxious about their prospects. “Job stability isn’t the same as job security,” said Jacob S. Hacker, a professor of political science at Yale and author of “The Great Risk Shift” (Oxford University Press). The consequences of losing a job are far more severe today than they were in previous generations, as laid-off employees tend to see their compensation and benefits fall sharply when they find new employment. As a result, “people are more likely today to worry about what will happen if they lose their job,” Professor Hacker said.

CLEARLY, in today’s economy, workers have to prepare for the possibility that their jobs won’t last as long as they once expected. “It was and still is the case that roughly a quarter of jobs end within a year,” said Professor Neumark of U.C. Irvine. Americans today should expect to have many different jobs over the course of their working lifetime, especially when they are starting out.

more...

[54anickel]

22. Tax Uncertainty Sparks R&D Jitters

To the surprise of companies across the country, the research and experimentation tax credit wasn't extended by Congress. The clock is ticking for Congress to resurrect it.

http://www.cfo.com/article.cfm/7901570/c_7901942?f=home_todayinfinance

Executives at corporations with sizable research budgets are on tenterhooks about whether Congress will bring the research and experimentation tax credit back to life in September before members head home to campaign for the November elections.

A provision for such a credit is part of a larger estate tax bill that was passed by the House but has been mired in the Senate since early August. Corporate jitters abound because the credit's uncertain status has led to accounting and reporting challenges — not to mention actual earnings shortfalls — for U.S. companies at a time when other countries are using tax incentives to attract research companies. Between 14,000 and 16,000 firms a year claim the R&D credit on their tax returns, according to a 2004 report by Washington Council Ernst & Young.

In the past 25 years, a temporary tax credit has been extended almost every time it expired. Despite its inclusion in two different House and Senate versions of budget reconciliation legislation that passed the respective houses in 2005, however, the credit has not been extended.

To the surprise of companies across the country this year, a compromise budget reconciliation bill that did not include the extension was signed into law, notes Tony Mondoro, a partner at Ernst & Young's national federal tax practice. There is broad support for the credit, he says, and President Bush called for its permanent extension in this year's State of the Union address. The proposed credit would provide annual benefits to companies of about $5 billion by 2010, according to the Congressional Joint Committee on Taxation.

snip>

The uncertainty has resulted in some challenges for companies. "Will this translate into a decrease in spending and hiring in research and development — not only for 2006, but also on a go-forward basis?" asked Mondoro. "This uncertainty comes at a time when other jurisdictions are courting…these types of research jobs."

more...

[54anickel]

23. The end of the American dream?

http://news.bbc.co.uk/1/hi/business/5303590.stm

The US economy has been generating strong economic growth over the past few years as it has come out of recession.

After growing at more than 3% a year in 2004 and 2005, the pace picked up to a blistering 5.6% annual rate in the first quarter of this year - although the pace has since then slipped back to 2.9%.

So far, though, little of that growth has translated into the hands of the average worker, according to new research from the Economic Policy Institute (EPI).

Click here for a graph of wages vs. productivity
For real household incomes, the median point - the level at which half of households earn more and half less - has actually fallen over the past five years.

That marks a notable contrast with the 1990s, when the economic boom boosted both jobs and incomes.

The puzzle of economic expansion without significant job or wage growth has been troubling US economists and commentators of all political persuasions.

Uhmmmm, maybe because the books their extrapolating their data from have been cooked far beyond "well-done". We're toast!

[ozymandius]

9. Stock markets will find it tough to find traction amid US economic worries

TORONTO (CP) - Stock markets will likely find it tough slogging this week following a series of losing sessions last week and investors likely to express continued concern about the health of the U.S. economy.

The Toronto market is under added pressure as falling oil prices drive energy stocks lower and all of this is taking place during a month with a reputation as the worst of the year.

-cut-

Stocks started to sell off last week as worries deepened that wage inflation could force a vigilant U.S. Federal Reserve to resume raising interest rates.

Investors were discouraged as the U.S. Labour Department reported that wages rose at an annual rate of 4.9 per cent in the second quarter, stoking fears that wage inflation will further slow an already cooling economy.

more

[fasttense]

11. Oh Toronto didn't you get the conservative talking points?

The US economy is grrrrrreat. Except for the increase in poverty, increase in children with no medical care, increase in divide between rich and poor, increase in inflation, increase in unemployment, increase in foreclosures, decrease in wages, decrease in middle class income, decrease in savings rate, decrease in price of homes. But aside from that the US economy is grrrrreat.

[Danascot]

12. Krugman 9/8

More broadly, right-wing commentators would like you to believe that the economy’s winners are a large group, like college graduates or people with agreeable personalities. But the winners’ circle is actually very small. Even households at the 95th percentile — that is, households richer than 19 out of 20 Americans — have seen their real income rise less than 1 percent a year since the late 1970’s. But the income of the richest 1 percent has roughly doubled, and the income of the top 0.01 percent — people with incomes of more than $5 million in 2004 — has risen by a factor of 5.

[ozymandius]

10. Good morning to everyone.

:donut: :donut: :donut:
It's time leave. I hope you have a wonderful day watching emotions churn the numbers.

Ozy :hi:

[Egnever]

13. Let me see if I have this right....

Everything is pointing to the American economy going in the crapper, And somehow this makes the dollar rally?

WTF is going on ?

I just don't even begin to get it.

[AnneD]

15. This is why we think something is going on....

Egnever.:hi: I liken to a game of musical chairs. The music will have to stop and some folks will discover ,to their sorrow, they have no chair. They are trying to draw more folks into the ponzi scheme is my guess.

[Danascot]

17. The short term is meaningless

Think long term; invest long term. If you compare what is happening now to booms and busts of the past what is coming is very clear. The warning signs are the size of the Hollywood sign in LA.

[54anickel]

18. Closing numbers and the day's blather - for historical purposes anyway

Dow 11,396.84 +4.73 (+0.04%)
Nasdaq 2,173.25 +7.46 (+0.34%)
S&P 500 1,299.54 +0.62 (+0.05%)
10-yr Bond 4.799 +0.028 (+0.59%)
30-yr Bond 4.94 +0.024 (+0.49%)
NYSE Volume 2,602,026,000
Nasdaq Volume 1,754,040,000

4:20 pm : While today's trading paled in importance to a solemn remembrance of the five-year anniversary of the 9/11 terrorist attacks, investors Monday juggled an encouraging sell-off in commodities and mixed sentiment about the tech sector against renewed concerns of decelerating profit growth.

Oil prices fell for a sixth straight day -- the longest losing streak in nearly three years -- and gold prices plunged 3.2% to close under $600 an ounce for the first time since June. That combined retreat eased the worst of inflation fears, but weakness and the loss of leadership from the S&P 500's biggest earnings drivers -- Energy (-3.1%) and Materials (-2.7%) -- created doubts as to whether the S&P 500 can sustain double-digit profit growth. The sell-off in commodities exacerbated ongoing concerns about a slowing economy, especially on the heels of a press report out this morning discussing studies done by some Wall Street investment banks on the prospects for a recession.

The diminishing desire to own commodity-related stocks presented opportunities to rotate into underperforming areas like Technology -- the only sector sporting a loss on the year. The sector was in focus and under pressure early after Dell (DELL 21.19 -0.46) delayed its Form 10-Q filing, suspended share buybacks and cancelled its analyst meeting. However, Texas Instruments (TXN 31.76 +0.76) showing strength ahead of its mid-quarter update, and Freescale Semiconductor (FSL.B 36.84 +5.90) surging 19% to a 52-week high amid reports that a consortium of private equity firms is nearing a deal to acquire it for more than $16 bln, renewed enthusiasm throughout the struggling semiconductor group.

Consumer Discretionary also provided some notable leadership. Aside from another sharp pullback in oil prices easing concerns about consumption patterns, Best Buy (BBY 47.74 +1.43) rallied in anticipation of a strong Q2 earnings report tomorrow while the likes of Home Depot (HD 35.01 +0.73) and Lowes Cos. (LOW 27.84 +0.60) got a lift after Chicago's Mayor Daley vetoed a "living wage" ordinance requiring big box retailers to pay workers more.

In the absence of any scheduled economic reports, the market also looked to more Fed speak to get an idea as to what policy makers will do at the next FOMC meeting on September 20. Among the Fed officials in focus, St. Louis Fed President Poole saying the economy is "really not fragile, it's robust," and reminding investors that inflation is expected to come down in coming quarters, relieved some of the market's worries about interest rates. DJ30 +4.73 NASDAQ +7.46 SOX +2.4% SP500 +0.62 XOI -2.4% NASDAQ Dec/Adv/Vol 1620/1367/1.71 bln NYSE Dec/Adv/Vol 1743/1457/1.58 bln

3:30 pm : Stocks are losing some momentum going into the close as the indices now trade in split fashion. The loss of leadership from Financials is acting as the biggest constraint, as several rate-sensitive issues remain under pressure amid rising bond yields while an analyst downgrade on Bank of America (BAC 50.97 -0.69), the fourth most influential S&P 500 component, is weighing even more heavily on both the Financials sector and the broader market. DJ30 -1.50 NASDAQ +6.28 SP500 -0.40 NASDAQ Dec/Adv/Vol 1622/1338/1.42 bln NYSE Dec/Adv/Vol 1726/1450/1.31 bln

3:00 pm : Not much has changed since the last update as the Nasdaq continues to reflect a more convincing move to the upside than its blue chip counterparts. While chip stocks (e.g. BRCM +1.1%, LLTC +1.6%, MXIM 3.9%, and NVDA +2.2%) continue to get most of the credit behind the Nasdaq's outperformance, renewed enthusiasm across the retail space (e.g. BBBY +4.7%, COST +1.5%, ROST +1.6%, SPLS, +1.6%, and URBN +1.3%), due in part to a sixth straight decline in oil prices, is also lending some notable index support.DJ30 +13.77 NASDAQ +9.59 SOX +2.3% SP500 +1.11 NASDAQ Dec/Adv/Vol 1554/1388/1.33 bln NYSE Dec/Adv/Vol 1687/1477/1.23 bln

2:30 pm : Blue chip averages are still trading in positive territory but are now clinging to paltry gains. On the Dow, Home Depot (HD 34.88 +0.60) continues to pace the way among the 12 components trading higer, but a 2.5% sell-off in Exxon Mobil (XOM 65.15 -1.66) to two-month lows is putting pressure on the price-weighted index as well as the S&P 500, especially since XOM is the most heavily weighted of the 500 constituents. DJ30 +6.57 NASDAQ +8.03 SP500 +0.34 NASDAQ Dec/Adv/Vol 1485/1440/1.22 bln NYSE Dec/Adv/Vol 1630/1515/1.12 bln

2:00 pm : Buyers continue to return from the sidelines but the indices are settling into a relatively tight trading range. The market's holding pattern has been further evidenced in the A/D line, as advancing and declining issues on both the NYSE and the Nasdaq remain evenly matched. A 3-to-1 ratio of up to down volume on the Composite, however, paints a much more positive picture for the underperforming tech sector which is close to halving its 2.9% year-to-date decline.DJ30 +18.24 NASDAQ +12.31 SP500 +2.35 NASDAQ Dec/Adv/Vol 1431/1465/1.13 bln NYSE Dec/Adv/Vol 1561/1582/1.04 bln

1:30 pm : Market extends its reach into positive territory as a brief turnaround in oil prices since the last update helps the Energy sector shave about 1.0% off its intraday decline. Further appreciation in Technology, fueled in part by St. Louis Fed President Poole saying the economy is "really not fragile, it's robust," and reminding investors that inflation is expected to come down in coming quarters, are also helping market internals reflect a more improved tone to trading.DJ30 +21.98 NASDAQ +12.21 SOX +2.6% SP500 +2.79 NASDAQ Dec/Adv/Vol 1538/1341/1.02 bln NYSE Dec/Adv/Vol 1614/1510/952 mln

1:00 pm : Major averages continue to hold their own above the flat line as six out of 10 sectors are now trading higher. Joining Health Care (+0.4%) and Tech (+0.6%) to the upside within the last hour has been Consumer Discretionary (+0.6%). Renewed enthusiasm for two of the sector's most influential components -- Home Depot (HD 34.75 +0.47) and Lowes Cos. (LOW 27.66 +0.42), following reports that Chicago's Mayor will veto a wage law aimed at Wal-Mart (WMT 46.85 +0.13) and other big box retailers, are among the biggest reasons behind the sector's turnaround.DJ30 +7.53 NASDAQ +6.62 SP500 +1.17 NASDAQ Dec/Adv/Vol 1572/1277/906 mln NYSE Dec/Adv/Vol 1668/1424/848 mln

12:30 pm : Market kicks the afternoon session with a spike to the upside and are now at their best levels of the day. While Technology is providing the bulk of support, as evidenced by the Nasdaq pacing the way higher among the majors, Health Care has also staged a noticeable turnaround. The sector has gotten a big boost from Aetna (AET 38.47+1.97), which opened down 1.2% but is now up 5.4% after suggesting at a Bear Stearns Healthcare Conference that its Medical Cost Ratio (MCR) would not be as bad as predicted for the rest of the year. Competitors UNH (+1.2%), WLP (+1.6%), HUM (+2.4%) are also at session highs following these comments, making HMOs one of today's best performers.DJ30 +4.12 NASDAQ +3.74 SOX +2.1% SP500 +0.12 NASDAQ Dec/Adv/Vol 1666/1167/804 mln NYSE Dec/Adv/Vol 1760/1314/746 mln

12:00 pm : A sell-off across the commodities complex has renewed concerns about decelerating profit growth while negative news on the technology front has also weighed on sentiment.

Even though oil prices falling for a sixth straight day and gold prices plunging 4.0% ease the worst of inflation fears, subsequent weakness and the loss of leadership from the S&P 500's biggest profit engines -- Energy (-3.2%) and Materials (-2.4%) -- have also raised worries of decelerating profit growth and are taking a toll on investor confidence. Crude oil futures are down 1.8% at $65.10 a barrel and gold futures for December delivery are below $600 an ounce for the first time since late June as Iran setting a two-month suspension of uranium enrichment program takes some of the momentum out of both commodities as safe-havens.

Couple ongoing concerns about an economic slowdown with negative news in the tech sector and investors have found little incentive to begin the week on an upbeat note. Today's biggest disappointment has come from tech bellwether Dell (DELL 21.29 -0.36), which was off as much as 5.2% after delaying the filing of its Form 10-Q and suspending share buybacks while the EU widening its probe of Intel (INTC 19.27 -0.18) to investigate anti-competitive practices is also weighing the sector.

Among the few stocks in Technology unaffected by the news, as well as the impact higher interest rates are currently having on growth stocks in the space, are Oracle (ORCL 16.23 +0.32), which is at a new 52-week high, and Texas Instruments (TXN 31.82 +0.82), which is showing strength ahead of its mid-quarter update. Also helping chip stocks lend some market support is Freescale Semiconductor (FSL.B 36.37 +5.43), which has surged to a 52-week high amid reports that a consortium of private equity firms is nearing a deal to acquire it for more than $16 bln. DJ30 -34.50 DJTA -0.7% DJUA -0.4% NASDAQ -10.05 NQ100 -0.4% R2K -0.5% SOX +1.6% SP400 -0.6% SP500 -5.61 XOI -2.6% NASDAQ Dec/Adv/Vol 1827/949/678 mln NYSE Dec/Adv/Vol 1936/1083/620 mln

11:30 am : Market bounces off its worst levels of the morning even as selling remains widespread across most areas. Among the few areas bucking this morning's overall bearish bias and providing some recent support, most can be found in the Consumer Staples sector, due largely to their defensive characteristics. To wit, Housewares & Specialties (+1.8%) is turning in today's best performance, getting an additional lift following reports that Newell Rubbermaid (NWL 28.39 +1.39) has agreed to sell its Little Tikes unit to MGA Entertainment. Household Products (+0.9%) and Personal Products (+0.8%) are also among today's Top Ten. DJ30 -24.89 NASDAQ -8.19 SP500 -4.65 NASDAQ Dec/Adv/Vol 1982/758/586 mln NYSE Dec/Adv/Vol 2140/865/522 mln

11:00 am : More of the same for stocks as the Nasdaq continues to be the hardest hit among the majors. However, a renewed wave of selling since the last update, fueled by further unwinding of a safe-haven bid in the Treasury market which has lifted yields across the yield curve, has contributed to all of the indices slipping to session lows; the yield on the 10-yr note (-08/32) is back at 4.80%. Since higher interest rates spark valuation concerns among growth stocks and greatly impact the borrowing power of smaller companies, the Russell 2000 has fared even worse and is now down 1.0%; the S&P 400 MidCap index is not far behind with a 0.9% decline. DJ30 -46.42 NASDAQ -15.83 SP500 -7.23 NASDAQ Dec/Adv/Vol 2012/684/458 mln NYSE Dec/Adv/Vol 2123/813/386 mln

10:30 am : Major averages continue to languish below the flat line, as selling remains widespread across most areas. It is worth noting though that Technology has recently turned positive. However, a subsequent improvement has not been seen on the tech-heavy Nasdaq since much of the sector's turnaround can be attributed largely to strength in the chip space, led by a 17% gain in Freescale Semiconductor (FSL.B 36.22 +5.28). The NYSE-listed stock has surged following a report saying a consortium of private equity firms is nearing a deal to acquire it for more than $16 bln.DJ30 -27.13 NASDAQ -13.76 SOX +1.3% SP500 -6.25 NASDAQ Dec/Adv/Vol 1799/764/302 mln NYSE Dec/Adv/Vol 1963/857/238 mln

10:00 am : Equities are still on the defensive as nine out of 10 economic sectors remain in negative territory. Pacing the way lower and acting as the biggest drag on the market is Energy (-2.3%), as a 1.5% decline in crude oil futures to $65.30 a barrel questions the sector's ability to keep the S&P 500 on track for another quarter of double-digit profit growth. To wit, of today's 10 worst performing S&P industry groups, five are linked directly to Energy. Albeit among the least influential sectors on the S&P, Materials posting a noticeable 1.8% decline is also exacerbating worries about slowing earnings growth.DJ30 -25.12 NASDAQ -11.61 SP500 -5.33 NASDAQ Dec/Adv/Vol 1636/748/152 mln NYSE Dec/Adv/Vol 1760/809/82 mln

09:40 am : As if the five-year anniversary of the 9/11 terrorist attacks wasn't already conjuring up a rather somber tone for trading, ongoing concerns about an economic slowdown and negative news on the technology front are preventing stocks from extending Friday's gains. While oil prices falling for a sixth straight day and gold prices plunging 2.7% ease the worst of inflation fears, declines across the commodity complex also raise worries of decelerating profit growth, which are taking a toll on this morning's underlying tone. Couple that with Dell (DELL 20.55 -1.10) tumbling 5.0% after delaying the filing of its Form 10-Q and suspending share buybacks and investors are finding little incentive to begin the week on an upbeat note. DJ30 -20.02 NASDAQ -11.02 SP500 -3.76 NASDAQ Vol 98 mln NYSE Vol 66 mln

09:15 am : S&P futures vs fair value: -4.6. Nasdaq futures vs fair value: -12.0.

09:00 am : S&P futures vs fair value: -4.2. Nasdaq futures vs fair value: -12.2. Stage remains set for the indices to stumble out of the gate, with particular nervousness being attributed to concerns throughout the tech sector. Dell (DELL) delaying the filing of its Q2 Form 10-Q and suspending share buybacks stands out as the biggest news item while the EU widening its probe of Intel (INTC) to investigate anti-competitive practices and Hewlett-Packard (HPQ) saying the Justice Dept has begun an informal probe into controversial board leaks are also weighing on overall sentiment.

08:30 am : S&P futures vs fair value: -4.0. Nasdaq futures vs fair value: -12.0. Futures indications have improved somewhat but continue to trade below fair value. Meanwhile, investors are digesting remarks from Boston Fed President Cathy Minehan, but it's still too early to tell if her unbalanced view on inflation and the pace of economic activity will have any impact on trading since she is not a voting member of the FOMC this year. To wit, the 10-yr note remains unchanged to yield 4.77%.

08:00 am : S&P futures vs fair value: -5.6. Nasdaq futures vs fair value: -14.0. Futures versus fair value suggest stocks will kick off the week on a downbeat note. With no specific corporate news items and a lack of economic data on the docket to perhaps set a better tone for trading, oil slipping for a sixth straight day toward $65 a barrel and gold prices falling below $600 an ounce are exacerbating concerns about an economic slowdown, especially on the heels of a press report out this morning discussing studies done by some Wall Street investment banks on the prospects for a recession.

06:26 am : S&P futures vs fair value: -7.0. Nasdaq futures vs fair value: -15.3.

06:25 am : FTSE...5838.00...-41.30...-0.7%. DAX...5762.42...-33.08...-0.6%.

06:25 am : Nikkei...15794.38...-286.09...-1.8%. Hang Seng...16948.59...-197.17...-1.2%.

[Roland99]

25. Not a lot of movement, eh?

[VegasWolf]

26. Thanks 54anickel and Ozzy for your work day in day out! A lot of us

read the thread and don't always respond! Thanks guys!