STOCK MARKET WATCH, Friday December 12.....(#1)

[ozymandius]

Friday December 12, 2003

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 409
REICH-WING RUBBERSTAMP-Congress = DAY 000
DAYS SINCE DEMOCRACY DIED (12/12/00) 3 YEARS
WHERE'S OSAMA BIN-LADEN? 2 YEARS, 55 DAYS
WHERE'S SADDAM? WHERE ARE THE WMD'S? - DAY 264
DAYS SINCE ENRON COLLAPSE = 748
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 December 11, 2003

Dow... 10,008.16 +86.30 (+0.87%)
Nasdaq... 1,942.32 +37.67 (+1.98%)
S&P 500... 1,071.21 +12.16 (+1.15%)
10-Yr Bond... 4.24% -0.08 (-1.85%)
Gold future... 405.40 -1.60 (-0.39%)

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 Martin Goldberg

"Is the Economy Fundamentally Sound?
'Yes' Say the Esteemed and Highly-Regarded Experts""

“…Wall Street in recent times has become, as a learned phrase has it, very “public relations conscious.” Since a speculative collapse can only follow a speculative boom, one might expect that Wall Street would lay a heavy hand on any resurgence of speculation. The Federal Reserve would be asked by bankers and brokers to lift margins to the limit; it would be warned to enforce the requirement sternly against those who might try to borrow on their own socks and bonds in order to buy more of them. The public would be warned sharply and often of the risks inherent in buying stocks for the rise. Those who persisted, nonetheless, would have no one to blame but themselves. The position of the Stock Exchange, its members, the banks, and the financial community in general would be perfectly clear and well protected in the event of a further collapse as sound public relations allow.

- John Kenneth Galbraith, The Great Crash 1929. (Written in 1954)

A Conspiracy Theory - Stock Market Operations 75 Years Ago Versus Today

The recent chart below for Oracle Corp. (ORCL) is but one of many similar examples that are occurring day after day in today’s stock market. I used this chart because it is so blatant and obvious. (Also, see my article on the department store sector for another typical example for an ill-timed and suspect analyst upgrade.) It appears that the entire “Pool” upgraded Oracle to “BUY” on June 13th, 2003. Take a careful look at the chart including the annotations in blue and subsequent stock action before reading the next two paragraphs from The Great Crash 1929 by Galbraith, (written in 1954):

<cut>
There is no logical reason why a brokerage that is managing client’s money would issue an analyst “upgrade” that is publicized until well after they have taken their positions for their clients. In fact, if they were representing the best interests of their clients, it would be logical that they issue the upgrade at about the time that they wish to sell the shares in order to best promote a market for these shares. In spite of this obvious conflict of interest that would almost insure that the broker’s analysts issue upgrades and downgrades that run contrary to their actions, the public continues to buy stocks when a public announcement of a brokerage upgrade is issued, and sell them on downgrades.

<cut>

Today’s Market

It was a return to the speculative party all be it on average trading volume. All of the major stock market indices were up today. The Dow was up 0.87 percent to finish above 10,000. (Break out the party hats!) The S&P 500 was up 1.15%, the NASDAQ was up 2%, the S&P Mid-Cap index was up 1.84%, and the Russell 2000 was up 2.73%. Those stocks that suffered the most over the most recent downturn seemed to increase the most today.

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

[0007]

37. I get drunk looking at those graphs

[Maeve]

39. Interesting way to save on liquor bills

:P
It the multiple super-technical ones that I have trouble with, especially before that second cuppa in the morning (Goldberg can be chart-happy, but another columnist,Iossif, is chart-wild).

[ozymandius]

2. Dollar hit by Federal Reserve caution

LONDON (AFP) - The dollar was back under pressure after newly released comments from Federal Reserve (news - web sites) policymakers suggested an increase in rock-bottom US interest rates might be some way off.

The main trigger for the dollar's renewed fall, following a relative respite the previous day, was the publication of the minutes of the Federal Reserve's interest rate-setting meeting held at the end of October.

<cut>
"At a time when any news is bad news for the greenback, and bearing in mind that one of the key reasons why the dollar is depreciating is the current account deficit, the October trade balance will be worth a check," said Audrey Childe-Freeman from Canadian Imperial Bank of Commerce.

more

[ozymandius]

3. Dollar Bears Emboldened

LONDON (Reuters) - The dollar slid back toward this week's record low against the euro and hit an 11-year low against the pound on Friday as looming U.S. trade data focused attention on the United States' current account deficit.

Worries the world's largest economy will find it increasingly hard to attract funds to plug its deficit have taken a heavy toll on the dollar, which has shed 17 cents against the euro this year, and seven cents in the past month alone.

"The market is focusing on structural factors, so the U.S. trade numbers are important," said Trevor Dinmore, currency strategist at Deutsche Bank.

more

[JNelson6563]

7. Pound Sterling=$1.75 today

Betcha. It's this close [] right now.

I don't care if the DOW is hitting 20,000, our debt level, weak dollar and trade deficits concern me.

Why would foreign investors want to keep buying our debt? In spite of the idea cheaper dollar good for US exports, pissing off the rest of the world seems to counter that supposed advantage.

Not to mention the consumer debt level. There is only so much equity one can squeeze out of their house. Government spending to rebuild Iraq helps make the #s look better but that alone cannot carry the whole load.

But many a lemming will see big DOW numbers and buy, buy, buy (much of it on margin!).

Oy!

Julie

[Maeve]

10. Why prop us up? So we don't take them with us

Ever see the cartoon where the giant falls off the beanstalk and the surrounding landscape slides into the hole with him?

Bush has gotten to where he is by always having someone bail him out. Why should he change what works so well for him? (Nevermind it doesn't work for us--he doesn't care about US)

[ozymandius]

4. Wall Street Set to Open Higher

LONDON (Reuters) - U.S. stocks are set to open higher on Friday, with solid results from Adobe Systems (Nasdaq:ADBE - news) a prominent feature while investors hope fresh data will add to evidence of an economic recovery.

All eyes will be on the University of Michigan consumer sentiment survey at 9:45 a.m. EST, which will show if Americans feel confident enough about their job prospects to keep on spending and sustain the economy.

"The big risk is on the downside but the market is ignoring a multitude of things they should be concerned about, such as the deficits and the weak labor market," said Steve Previs, U.S. share dealer at Jefferies International.

story

[Maeve]

5. Interesting that they quoted a contrarian

Sounds like something you might read around here---

"We are getting to a point now where so many stocks are so overvalued that it is ridiculous and somebody at some point is going to say 'Mummy the Emperor doesn't have any clothes on'," Previs said.

But we're Americans; we'll party like it's 1999!

[ozymandius]

6. Have a great day at the casino Marketeers!

Woohoo! Looks like all these layoffs are making all of us richer. This thread by mhr encapsulates the layoffs ricocheting through the economy. 11,000 announced this week and counting. What a great recovery eh? As Radfringe puts it: It's a JOBLOSS recovery.

Then there is this story reported this week in just about every major daily:
Citing Improved Economy, GOP Does Not Extend Jobless Benefits
By Jim Abrams Associated Press Writer

WASHINGTON (AP) - Citing the improving economy, Republicans decided Monday against extending federal unemployment benefits before Congress leaves for the year. Democrats said it would mean a joyless Christmas for tens of thousands of jobless Americans. <snip>

Federal unemployment benefits, which supplement state payments to the jobless, have been extended three times since March 2002. Without legislative action, they will be phased out beginning Dec. 21.

For this we pay money to these politicians?

Riches abound, right? Wrong!

States and municipalities are putting the squeeze on property owners. This thread by 54anickel demonstrates how Bush's tax cuts must be balanced somehow, adding substance to the notion that there is no such thing as a free lunch. Tax cuts lead to cuts in federally subsidized services to the city and state. Therefore, to maintain basic services the city and state must raise taxes. Thank you President Stupid!

I will try to check in later. Meanwhile, I am going to bury my head in a mound of sawdust.

Ozymandius

[UpInArms]

8. daily dollar watch

first the numbers

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

Last trade 88.66 Change -0.22 (-0.25%)

then some words from The Daily Reckoning

The Japanese bought themselves a nice little dollar rally
yesterday. According to the scuttlebutt from the London
trading pits, the Japanese central bank scooped up about 10
billion dollars in the open market yesterday, in an effort
to prop up the ailing greenback. The dollar purchases,
while large, were not out of the ordinary for the Japanese
central bank. The Bank of Japan has sold a record 17.8
trillion yen ($164 billion) this year in order to weaken
the yen against the dollar. We suspect these massive dollar
purchases will go down in history as one of the worst
Japanese investments since buying Pebble Beach.

if anyone is interested in receiving their very informative daily newsletter, you can subscribe here: http://www.dailyreckoning.com/subsvcs.cfm

now for my thoughts on the processes:

With a $10 Billion influx from the BoJ the dollar should have stayed in positive territory for at least a week and possibly longer if the "recovery" were "real". But with the lack of true fiscal policy, what we are seeing is a continued decline in the value of the greenback - two reasons spring to mind

1) Since the dollar is simply fiat money, it only has value if value is perceived. The global perception of the United States is currently very negative, not only for our foreign policies and conduct, but for our fiscal policies and conduct.

Even the most lame thinking individuals see that you must be able to sustain your abilities to pay your bills with something of value and IOUs must eventually be collected.

We are now viewed as Wimpy - from the old Pop-Eye cartoons -

remember him? Remember how he always was mooching and saying: I will gladly pay you for a hamburger tomorrow if you get it for me today? Well, they believe that we have not been paying for today's hamburgers for many days and that we may have promised far too many people for far too many hamburgers already consumed.

2) Then there is the "holding the bag" or "daisy-chain" theory. I don't know how many of you are familiar with the failure of the savings and loan industry in the 80s.

Here is a brief synopsis of how they inflated the value of commercial real estate.

You get a friendly appraiser (see BoJ) and he writes a glowing appraisal of a parcel of land (usually an old landfill) and states that this property has tremendous worth.

This appraisal is given to a bank along with a request for a loan exceeding the value stated on the appraisal (because you need not only the money to buy the land, but money to "develop" it).

The bank makes this large lovely loan and then decides to share the "benefits" with other banks (fees, interest and liability) and does a "participatory loan" -

The original loan then is "retired" by the bank because all the other banks have "kicked in" their portions of the loan and paid fees to share in the loan (basically covering the original banks loan).

The developer then begins this wonderful new project. (Don't you see the construction springing up around you? If this project is the only one you see out there, might indeed be legitimate, but if you see lots and lots of construction going on the question does become: who is going to occupy that property?)

Developers generally do not wish to remain in ownership of any of their properties - they are "developers" after all. They then want to share the fun with "management and maintenance" organizations, so they "sell" the development to those people, usually retaining an interest in the "gains" that are made (limited partnerships are formed) -

So they go back to their friendly appraiser and now since the property is "developed" the value is exponentially higher than the value for the raw land ('cause a guy's gotta make a profit - ya know).

The buyer for this property then goes to his friendly banker and get his own loan - and that loan cycle begins all over again.

Well, that is in a perfect world where the loans are always serviced - what happens when things are not as they seem?

If you have 10 acres of commercial property (land that was vacant or agricultural in nature now annexed by a city for tax revenue purposes) that begins in value as perhaps $1,000 per acre (as farmland) and then becomes "commercial" and gains in value (through the developer's appraiser) to $1 - 10 per foot (remember that there are 43,560 feet in an acre) - you do the math -

Then add to that the construction of any development in ranges of $20 - $80 per foot (think shopping malls and apartment complexes) -

So you have a piece of paper that inflates the value of land on a speculative basis.

When those final plans do not pan out, the magnitude of the loans that fail have a tremendous impact on the soundness of our banking industry.

So, you are asking, why did I need to give you those details?

Because if you see how "value" is "created" and how much debt is involved in that creation, you will understand that when the BoJ "intervenes" in the dollar, it is attempting to "create" a perception of dollar value.

If no one else believes that there is a basis for that value, they will simply "profit take" or "stem losses" and leave the next person/entity holding the dollar.

Those of us that live in the US have little choice about the color of our currency. Those not in the US have many other choices.

My thanks go out to all who contribute on this thread, with special thanks to Ozy (the threadmaster)!

Have a Great Day Marketeers!

[JNelson6563]

9. Great contribution

UIA you are a wonderful contributor to this thread. I really appreciate your info and insights. I too was alarmed at the short term relief BoJ intervention provided. Bodes ill IMO. I see trouble.

Great post. :hi:

Julie

[mrsteve]

29. Thanks UinA - great bit of explanation

Trying to understand the complexities of the modern economic system makes natural science and engineering look almost easy sometimes.

Stuff like this is why I love hanging around here every day. That, and the fact that I can use my knowledge of the markets to impress single women in casual conversation. :evilgrin:

[JNelson6563]

11. trade deficit up to $41.77 billion

for October. PPI down 0.1%.

I think all eyes are on the dollar.

Julie

[54anickel]

12. The Greenman speaks again, and I don't like what he's saying, being

unemployed from the IT industry and all. It's posted in LBN. Heard it last night on Business Week or whatever that show is on PBS.
This is what I heard, just as I was dozing off. Woke me up in a hurry!

http://www.chron.com/cs/CDA/ssistory.mpl/business/2289202
Greenspan, addressing the World Affairs Council of Dallas, acknowledged that "in recent years, competition from abroad has risen to a point at which our lowest-skilled workers are being priced out of the global labor market."

But the answer, he said, is education and retraining, not protectionism or adopting the position of antiglobalization forces that favor "employing the power of the state to override the outcomes arrived at through voluntary exchange
-----------------------------------------------
Here's the LBN thread:

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=266015

[UpInArms]

14. if you are unfamiliar with Mr. GreenJeans

opinions on wages, please read this

http://bernie.house.gov/documents/2001/07-18-2001-2.asp

WASHINGTON – Congressman Bernard Sanders (I-VT) was stunned today by the remarks of Federal Reserve Chairman, Alan Greenspan during his appearance before the House Financial Services Committee. When asked by Sanders if he was in support of abolishing the minimum wage, Greenspan replied, “I would say that if I had my choice, the answer is, of course, yes.” Sanders, is the Ranking Member of the International Monetary Policy and Trade Subcommittee of the Financial Services Committee. Sanders remarked, “I believe this is the first time Chairman Greenspan has ever acknowledged that he not only opposed increasing the minimum wage, but would outright abolish it.” A transcript of the exchange between Congressman Sanders and Chairman Greenspan follows below:

SANDERS: Mr. Greenspan, I think, many millions of Americans wonder why when issues come down the pike that, on one hand, affect the wealthy and multinational corporations and, on the other hand, affect working people, you always seem to side with the wealthy and the multinational corporations. I'd like to ask you three questions that, I think, Americans would like to know the answer to. My understanding is, unless you have changed your view, that you are opposed to raising the minimum wage, which is today at a disastrously low $5.15 an hour. So I'd like you to tell us if you think that a working person or a family can live on $5.15 an hour.

<snip>

SANDERS: Are you for abolishing the minimum wage?

GREENSPAN: I would say that if I had my choice, the answer is, of course.

SANDERS: You would abolish the minimum wage?

GREENSPAN: Well, I would, yes. Because if what I say is accurate, then the minimum wage does no good to the level of...

SANDERS: And you would allow employers to pay workers today $2 an hour if the circumstances provided that?

GREENSPAN: The problem is that they will not be paying $2 an hour because they won't be able to get people....

...more...

I detest Mr. GreenJeans for oh so many reasons - but he is promoting a 3rd world country here at home.

He is no "magician" - he is an evil manifestation of an erect invertebrate.

[54anickel]

18. He's all for the race to the bottom isn't he? CEOs making 450+ times

more than the rank & file workers isn't enough?
Lower those wages, double the CEO/worker ratio and make stuff that much cheaper for the elitist to buy at the same time!
Get rid of the OT pay, just too hard to forecast the P/E with such a variable cost.
Force those workers to save for their retirement by giving a portion of their hard earned pay back to the corporation through privatization of SS and 401Ks.

I dunno, I think I smell a revolution in the air.
When will people wake up!

[Maeve]

13. Wholesale prices fall

Not expected--imagine that!

Wholesale prices fall
The Labor Department said its producer price index (PPI), a measure of wholesale prices, fell 0.3 percent following a 0.8 percent gain in October.

The so-called core PPI, which excludes often volatile food and energy prices, fell 0.1 percent after rising 0.5 percent in October. Economists, on average, expected PPI to rise 0.1 percent and core PPI to be flat, according to Briefing.com.

[Coventina]

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

WOW! I guess Ching wanted to make a big splash on return, because today's reading is a Duzy!

We have SUBORDINATE changing to STAGNATION. Subordinate has no less that 4 changing lines! I think that is a record for my experiences with Ching! If I quoted them all at length, you would become bored, so I'll just hit some highlights: Your position within the situation is low in stature. The situation is disappointing. You must overcome vanity, pride, and any ostentatious behavior. If you are acting out of adherence to form, don't bother. Nothing will come of it.

STAGNATION is extremely negative: Do not compromise your principles or alter your standards, for there is no end to the chaos and nothing reasonable can be resolved. You will be pulled further and further into multifarious disorder. Do not be tempted by promises of rewards or extravagant remunerations in return for your participation in a stagnent situation.

Hmmmm......this to me sounds kind of like a warning about this "bull" market we're in. I'm going to have to predict little change today. But you know how it is, I'm usually wrong!!
:-)

[Capn Sunshine]

38. you know, I'm starting to buy into this Ching guy

I missed those things,I'm glad they're back! I think that Ching has tastefully portrayed the macro of the market dynamics, Coventina.

[Maeve]

16. And a cheerful start to the market at 9:40

Dow 10,024.08 +15.92 (+0.16%)
Nasdaq 1,947.04 +4.72 (+0.24%)
S&P 500 1,072.41 +1.19 (+0.11%)
10-Yr Bond 4.229% -0.009

[Maeve]

17. 9:51....oooops!

Dow 9,992.82 -15.34 (-0.15%)
Nasdaq 1,939.78 -2.54 (-0.13%)
S&P 500 1,069.59 -1.63 (-0.15%)
10-Yr Bond 4.228% -0.010

[54anickel]

20. One step forward and 2 steps back on the Dow n/t

[Maeve]

22. 10:18 and we have bounce

Set your watch, almost....still negative, tho

Dow 10,000.39 -7.77 (-0.08%)
Nasdaq 1,935.63 -6.69 (-0.34%)
S&P 500 1,069.56 -1.65 (-0.15%)
10-Yr Bond 4.210% -0.028

[Code_Name_D]

23. Do we see the PPT in action yet?

(;0.0)!!

[Maeve]

24. At this level, I'd say it's just buying on the dip

PPT doesn't swing into action unless something serious is happening. This is too penny-ante for them and the irrational exhuberence of the market will run a bit longer, I think.

Place your bets, the wheel is in motion!

[UpInArms]

25. 11:00 update

Dow 10,008.01 -0.15 (0.00%)
Nasdaq 1,936.72 -5.60 (-0.29%)
S&P 500 1,069.75 -1.46 (-0.14%)
10-Yr Bond 4.205% -0.033

and here's a skirt and some pom-poms

The preliminary figure for the index dropped 4.1 points to 89.6 (consensus of 96.0) as the current conditions and expectations components fell significantly... Briefing.com, however, would reminder readers that the survey has a weak correlation with actual consumer spending... The latter has run at impressive rates in the past months, boosted by the low interest rate environment and stimulative tax policy...

As a result, we would not read too much into the dip in Consumer Sentiment... NYSE Adv/ Dec 1791/790, Nasdaq Adv/Dec 1443/949

[Maeve]

19. Decline in Consumer confidence? Uh-oh

Michigan sentiment index drops
The University of Michigan's preliminary consumer sentiment index for December fell to 89.6 from 93.7 in November, according to market sources quoted by Reuters. Economists, on average, expected a reading of 96, according to Briefing.com.

The university's current conditions index, which measures the way consumers feel about the present state of the economy, fell to 93.6 from 102.5 in November.

[UpInArms]

21. more info from CBS Marketwatch

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?guid={B566C09A-8A79-4A17-8CE8-B9525A0A75B9}&siteid=mktw&dist=bnb

...The decline was unexpected. The consensus forecast of Wall Street economists was for sentiment to improve to 95.6. The current conditions index fell to 93.6 in December from 102.5 in November. The consumer expectations index fell to 87.1 in December from 88.1 in the previous month.

[JNelson6563]

26. 11:14 Markets confused

DOW 10,008.38 +0.22 (0.00%)
Nasdaq 1,937.33 -4.99 (-0.26%)
S&P 500 1,070.13 -1.09 (-0.10%)
10-Yr Bond 4.206% -0.032

Hmmm.

Julie

[Maeve]

27. 11:39 and climbing....back.....up....!

Dow 10,016.90 +8.74 (+0.09%)
Nasdaq 1,941.49 -0.83 (-0.04%)
S&P 500 1,071.30 +0.08 (+0.01%)
10-Yr Bond 4.224% -0.014

Waterline or bust!

[mrsteve]

28. 12:30 - Markets up a little. Consumer sentiment down.

Geez...wonder what would have happened had consumer sentiment been up? Dow 11,000, anyone?

As is, the 10,000 level seems to be a good place to be right now.

Dow 10,034.81 +26.65 (+0.27%)
Nasdaq 1,942.89 +0.57 (+0.03%)
S&P 500 1,073.09 +1.88 (+0.18%)
10-Yr Bond 4.199% -0.039

[mrsteve]

30. 1:10 - sliding a little off the days highs

Dow 10,024.97 +16.81 (+0.17%)
Nasdaq 1,938.18 -4.14 (-0.21%)
S&P 500 1,071.25 +0.03 (0.00%)
10-Yr Bond 4.209% -0.029

And a little side of Yahoo blather:
"1:00PM: Stocks fall off their afternoon highs, and resume their earlier pattern of trading... The market has yet to make much headway from the unchanged mark with valuation concerns - the Dow and the S&P 500 set new 52-week closing highs yesterday - lurking on the horizon... In the Dow, 11 out of the 30 components are showing losses for the day... Anchoring the Dow in positive territory, though, has been United Tech (UTX 91.19 +1.92)...
The company confirmed its FY03 (Dec) and FY04 guidance, and the stock was upgraded by Prudential to Overweight from Neutral-Weight, saying that the company is making faster than expected progress in restructuring to a global growth company..."

[54anickel]

31. United Tech? Hmmm interesting. I did a bit of digging.....

Elevators and airconditioners = building bubble
Black Hawk helicopters = more military $$$


http://money.cnn.com/2003/12/11/news/companies/unitedtech.reut/

...could surge as much as 14 percent due to stronger sales at its Otis elevator unit and productivity gains at its Carrier air conditioner business.
...which also makes Black Hawk helicopters...

http://www.yaledailynews.com/article.asp?AID=24125

But statistics fail to convey the seriousness of these massive job losses. On Oct. 6, the Carrier Corporation -- a manufacturer of air conditioners based in Syracuse, New York -- announced that it would be closing its two Syracuse manufacturing plants. Carrier indicated that workers in China, Singapore and Georgia would replace the 1,200 laid-off Syracuse employees. According to Carrier Chief Executive George David, it is three times more expensive to build units in the United States than in Asia; indeed, to remain competitive, Carrier was forced to relocate its manufacturing plants.

[mrsteve]

33. Good catch - I'd forgotten that UT was one of the defense biggies

Not only that, but from 1995 - 2002 they were the #3 US defense provider to Israel's IDF. And they probably aren't selling air conditioners there...
Top US Military Profiteers from the Israeli Occupation
(careful - the website itself is a bit anti-Israel, but the numbers quuoted on this particular page are from the Wall Street Journal, DefenseLink, Mother Jomes, etc.)

And per the UT website - their divisions include Sikorsky Helo (as previous listed by 54anickel), Hamilton Sundstrand (military and commercial avionics and parts), and Pratt Whitney (jets and rockets, military and commercial).

Ahh, it's good to be a bomb builder these days...

Sigh. :cry:

[54anickel]

36. Sort of scary when you put that together with the statement from your

Yahoo blather quote, isn't it.

"the company is making faster than expected progress in restructuring to a global growth company..."

[UpInArms]

32. other numbers

euro is currently 1.2291 (just under 1.23)

gold closed for the day at 409.20 (up 5.10)

dollar is currently 88.47 (down .41)

[JNelson6563]

34. yikes!

Interesting numbers!

I head out to see the man-child in concert today. I believe he will be the sole cellist at today's performance. He's only 12. :-)

Steppin' out but here's where things are now:


Dow 10,023.04 +14.88 (+0.15%)
Nasdaq 1,937.68 -4.64 (-0.24%)
S&P 500 1,071.31 +0.10 (+0.01%)
10-Yr Bond 4.215% -0.023

1:55

Sorry I wasn't around much today. Wonder how it'll all turn out? Will check back for final info. Great thred today, lots of great info. Thanks everyone for posting it all. You rock!

Catch you Marketeers Monday! Happy Weekend! :hi:

Julie

[mrsteve]

35. 2:00 - pretty much sideways for the last hour

Dow 10,017.64 +9.48 (+0.09%)
Nasdaq 1,936.10 -6.22 (-0.32%)
S&P 500 1,070.85 -0.36 (-0.03%)
10-Yr Bond 4.213% -0.025

And Bush and Cheney should be especially pleased - oil and gas is going great today on OPEC rumors.
"1:55PM: Equity market improves its stance incrementally as the blue chip issues continue to provide leadership to the upside... Oil & gas issues have been some of the best performing shares today, their trek higher aided by the $1.07 increase in the price of crude oil, to $32.92/bbl...
The Arab ministers of OPEC are meeting tomorrow, and there is some speculation that they could move to cut quotas... That fact has sent the price of crude oil noticeably higher, and contributed to the strong showing in the energy stocks...
Briefing.com maintained its Overweight rating on the energy sector yesterday, citing our belief that oil prices should stay above $28/bbl and support the upward move in the group..."

[mrsteve]

40. Closing numbers - up the day and the week

Dow 10,042.16 +34.00 (+0.34%)
Nasdaq 1,949.00 +6.68 (+0.34%)
S&P 500 1,074.14 +2.92 (+0.27%)
10-Yr Bond 4.242% +0.004


Long celebratory blurb from Yahoo Fi:
"Close: The market finished the day with modest gains, which is fairly commendable considering last session's rally that sent the S&P 500 and Dow to new 52-week closing highs - the latter finishing above 10,000 for the first time since May 2002... Most of the today's trade was spent fluctuating around the unchanged mark, buyers' enthusiasm temporarily dampered by the much worse than expected Michigan Consumer Sentiment report... The December preliminary figure of 89.6 missed the consensus estimate of 96.0 and renewed fears about consumer spending...
Briefing.com pointed out that there was a weak correlation between Consumer Sentiment and consumer spending - the latter being driven by interest rates and fiscal policy (both of which are currently supportive) and not expectations... Nonetheless, the market took a hit in the early action, and never recovered meaningfully until the last few hours of trading... Semiconductor was a notable laggard, and that group's weakness held the Nasdaq back for most of the session... The blue chip issues, conversely, showed relative strength thanks to gains in basic material, homebuilding, gold, and energy...

The combined leadership of the aforementioned sectors helped drive the market higher in the late afternoon trade, and position all the of the indices for a higher close for the week... Other economic reports of relevance that were released during the day were the October Trade Balance and the November PPI report... The former widened slightly to -$41.8 bln (consensus of -$41.8 bln), whereas the latter fell -0.3%... Although this decline was greater than the market expected (consensus of +0.1%), it was commensurate with October's large +0.8% gains..."

See all the marketeers on Monday!