STOCK MARKET WATCH THREAD--Wednesday, July 23, 2003--#1

[Maeve]

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 547
REICH-WING RUBBERSTAMP-Congress = DAY 253
DAYS SINCE DEMOCRACY DIED (12/12/00) 2 YEARS, 225 DAYS
WHERE'S OSAMA BIN-LADEN? 1 YEAR, 283 DAYS
WHERE'S SADDAM? WHERE ARE THE WMD'S? - DAY 125
DAYS SINCE ENRON COLLAPSE = 609
Number of Enron Execs in handcuffs = 17
ENRON EXECS CONVICTED = 0
Other Arrests of Execs = 53


U.S. FUTURES & MARKETS INDICATORS

]NASDAQ FUTURES...........S&P FUTURES



AT THE CLOSING BELL ON July 22, 2003
Dow 9,158.45 +61.76 (+0.68%)
Nasdaq 1,706.02 +24.61 (+1.46%)
S&P 500 988.10 +9.30 (+0.95%)
10-Yr Bond 4.150% -0.024
Gold future…350.70 -0.60 -0.17%
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DOW......NASDAQ......S&P (auto-update, hit refresh/reload)


GOLD, EURO, YEN and Dollars


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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 actionsCitizens For Legitimate Government
~~~~~~~~~~~~~~~~~~~~~~~~~~~~

[Maeve]

1. Financial Sense Online market Wrapup

Stocks Get a Bounce
Tuesday's wrapup by Mark Hartman
With the lack of economic reports today, stocks reacted upward to geopolitical news coming from Iraq that Saddam Hussein’s sons Uday and Qusay were killed in a battle with U.S. troops. The U.S. stock and bond markets reacted well to the news as it improves the perception that things will get better in the Middle East. Markets do not like uncertainty, and with all the blows the U.S. military has taken since the war was declared over, the hopes are that things will calm down in Iraq. Stocks also reacted to some decent earnings reports coming from Wall Street. The Dow Industrials gained 61 points to close at 9,158, the broader S&P 500 Index added nine points to close at 988, while the Nasdaq had the strongest gains by adding 24 points to close at 1,706 with some good news from the semiconductor sector.
<snip>
On the Energy Front
The news from Iraq actually had a much bigger impact on the energy complex as traders are hoping that the deaths of Uday and Qusay will reduce the amount of looting and sabotage in Iraq’s oil fields and refineries. The price of crude oil was nailed for a loss of $1.59 per barrel to $30.19. This could prove to be a one-day wonder for oil prices since U.S. inventory data is going to be released tomorrow. It is expected that crude inventories will show a further decline due to weather disruptions in the Gulf of Mexico from Hurricane Claudette last week. As it stands, the oil output from Iraq is only running at one-fourth the pre-war level. I do not expect today’s decline in crude to continue

[Maeve]

2. It's a JobLOSS economy

Kodak profit off, to ax up to 6,000 jobs

World's largest film manufacturer continues to be pressured by increased use of digital cameras.
July 23, 2003: 7:58 AM EDT
NEW YORK (Reuters) - Eastman Kodak Co., the world's top maker of photographic film, said Wednesday its second-quarter profit fell 60 percent, hurt by slack film sales and the increased use of digital cameras, adding that it will cut up to 6,000 jobs to trim costs.
<more>

[Maeve]

3. Consumer confidence steadier, but.....

ABC/Money poll says that confidence has leveled off after a four-point slide since mid-June
July 22, 2003: 6:32 PM EDT
NEW YORK (CNN/Money) - Consumer confidence treaded water last week, leveling off after a four-point slide since mid-June but still on pace for its worst annual performance in a decade.
The ABC News/Money magazine Consumer Comfort Index, based on public views of current economic conditions, stands at -21 on its scale of positive-100 to negative-100, for a second consecutive week, well off its -9 average.

[JNelson6563]

4. Good Mornin' Maeve!!

Well we've made it to hump day--oh boy!

Interesting wrap-up, I wonder if things will get bettter in Iraq now. I mean with Saddam's sons out of the picture will the Iraqis feel better that we're taking over the country and managing their natural resources?

BTW, after reading today's thread it occured to me I never did go back yesterday and get a toon! What a failure! haha

Checkin' back in in a bit....

Julie

[Maeve]

6. Good Wednesday! And some pre-market blather

9:00AM: S&P futures vs fair value: +2.2. Nasdaq futures vs fair value: +7.5. In the dearth of economic news, earnings are setting the tone of the trade. As such, the futures market is moderately higher on the back of a batch of better-than-expected reports and the cash market looks set to open in positive territory. The enthusiasm is being capped by anticipation ahead of Fed Governor Bernanke's speech on inflation at 11:00 ET and Dallas Fed President McTeer's talk about the U.S. economy at 13:00 ET.
http://finance.yahoo.com/mo

I expect some cheerfulness on Wall Street today, altho not to the point of irrational exhuberance. A quiet day would be good....
:hangover:

[Merlin]

5. Excellent cartoon!

I'm betting the market is up today on the corpses of Saddam's sons. After all, most market jockeys (present company excluded) are gingoists, aren't they?

[Maeve]

12. Ah, let's be generous to them!

Many were raised when Reaganomics was taken seriously and they can't help themselves! :D

However, if "buy on the rumor and sell on the news" is accurate, they may be selling today....

[Maeve]

7. Trouble in re-finance land?

Mortgage demand near 3-month low
Rising rates leave some to speculate that the refinancing, home buying boom is over.
July 23, 2003: 7:46 AM EDT
NEW YORK (Reuters) - Fewer Americans applied for mortgages last week, an industry group said Wednesday, as the highest borrowing rates in more than three months cut demand for refinancing.

Applications for home loans fell 5.4 percent last week to the lowest level since early May, the Mortgage Bankers Association of America said Wednesday.

The housing and mortgage sectors have been crucial props for the economy for over two years. By some estimates, about half the growth in the economy for the last year has come from housing and home loans.

But with rates rising, housing likely will slow, economists said Tuesday

[Merlin]

18. This should actually be devastating to the stock market.

If investors truly grasp how much of the consumer buying is a result of refi's and how much of the gdp is consumer buying (90%) this news should send a chill up the spine. With Shrubco's deficits, rates got nowhere to go but up. The long bond is already over 5%.

[Coventina]

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

Hi Everyone!

Today's reading is COMMUNITY changing to----- CHANGING!

By showing COMMUNITY, I feel that Ching is still worried about the employment situation, as well as America's continued flouting of world opinion. In the CHANGING hexagram Ching warns that the current situation is prone to stagnation and degeneration unless a change takes place. I take this to mean that nothing of note will happen in the market today, barring some huge news event, i.e. Saddam's capture/kill.

Let's be careful out there!
:-)

[Maeve]

9. Special Stock Thread note--for radfringe

You may remember this thread was originally started/maintained by radfringe and so y'all might want to go to her birthday thread in the Lounge
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=105&topic_id=38511&mesg_id=38511&page=

And from the Stock Watch Editorial Staff--

Have a great day!

[JNelson6563]

11. Thanks Maeve

I appreciate the heads-up because I almost never go to the lounge. Rad rocks, only 24 eh? Well she sure shows promise! ;-)

As you said above, a quiet day would be nice.


Julie

[Maeve]

13. Um...I think you misunderstand her turn of phrase

I think rad is 24 AGAIN, as my high school algebra teacher used to put it.

[JNelson6563]

15. ah, haha good one

good for her, I will forever be 39 now...

Julie

[Maeve]

10. 9:36 and so much for cheerful starts to the day!

:eyes:
Dow 9,144.03 -14.42 (-0.16%)
Nasdaq 1,707.17 +1.07 (+0.06%)
S&P 500 986.65 -1.46 (-0.15%)

[Maeve]

14. 9:50 and bouncing.......down

Dow 9,136.11 -22.34 (-0.24%)
Nasdaq 1,700.93 -5.17 (-0.30%)
S&P 500 984.44 -3.67 (-0.37%)

[JNelson6563]

16. Could be painful day on Street--

I am off to take young miss to violin, back noonish. Who knows what I'll find??

Julie

[Maeve]

17. Blather notes that the market is crazy

9:40AM: Despite moderately favorable indications from the futures market, the cash market is off to a lower start, with the Dow spearheading the retreat... The Dow's relative underperformance is particularly striking in the face of better-than-expected earnings results from its component Eastman Kodak (EK 26.65 +2.06), which reported Q2 earnings of $0.60, $0.33 above the Reuters Research consensus, and guided in-line for Q3 and Q4...
The Nasdaq is flirting with the flat line (comment--not now, it isn't!)and is supported by a batch of better-than-expected earnings reports, including from Amazon (AMZN 38.24 +3.37) and Amgen (AMGN 69.44 +0.51), in its relative outperformance of the blue-chip averages...
http://finance.yahoo.com/mo

Dow 9,110.97 -47.48 (-0.52%)
Nasdaq 1,695.90 -10.20 (-0.60%)
S&P 500 980.93 -7.18 (-0.73%)

[Maeve]

19. 10:41 and reversing course somewhat

Dow 9,145.99 -12.46 (-0.14%)
Nasdaq 1,705.34 -0.76 (-0.04%)
S&P 500 984.28 -3.83 (-0.39%)

[Maeve]

20. 11:02 and still down

A bumpy ride today

Dow 9,135.97 -22.48 (-0.25%)
Nasdaq 1,703.72 -2.38 (-0.14%)
S&P 500 982.89 -5.22 (-0.53%)

[JNelson6563]

22. 12:05 and getting darker

Hey all--Things look a lot like they did when I left tenish this morn.


Dow 9,127.71 -30.74 (-0.34%)
Nasdaq 1,700.54 -5.56 (-0.33%)
S&P 500 982.23 -5.88 (-0.60%)
10-Yr Bond 4.087% -0.063

Good to see some $$$ going into the 10yrs.

Julie

[Maeve]

21. Noon update--still down

Dow 9,131.00 -27.45 (-0.30%)
Nasdaq 1,700.62 -5.48 (-0.32%)
S&P 500 982.46 -5.65 (-0.57%)

[JNelson6563]

23. Still cloudy

US stocks fall on earnings concern

Wed 12:25pm ET - CBS MarketWatch
U.S. stocks fell for the second time in three days Wednesday as disappointing earnings reports from Sun Microsystems and AOL Time Warner cast doubt over the strength of corporate America's recovery.

http://finance.yahoo.com

1:41 up-date:


Dow 9,137.30 -21.15 (-0.23%)
Nasdaq 1,703.68 -2.42 (-0.14%)
S&P 500 983.29 -4.82 (-0.49%)
10-Yr Bond 4.076% -0.074


I hope this rally holds.......;-)

Julie

[Maeve]

24. 2:05 and a bit of black showing!

Dow 9,164.76 +6.31 (+0.07%)
Nasdaq 1,709.33 +3.23 (+0.19%)
S&P 500 986.00 -2.11 (-0.21%)

[Maeve]

25. 2:47 and rally-ette seems to be fading

Could just be catching its breathm tho.

Dow 9,180.44 +21.99 (+0.24%)
Nasdaq 1,716.77 +10.67 (+0.63%)
S&P 500 987.72 -0.39 (-0.04%)

[JNelson6563]

26. 2:56 must.....hold..........on.........

Dow 9,172.88 +14.43 (+0.16%)
Nasdaq 1,714.55 +8.45 (+0.50%)
S&P 500 986.97 -1.14 (-0.12%)
10-Yr Bond 4.103% -0.047


a slippery slope

Julie

[Maeve]

27. 3:46 back in black

Again, a very bouncy day that looks to end up. Lots of earning reports for number crunchers to digest

Dow 9,192.56 +34.11 (+0.37%)
Nasdaq 1,719.25 +13.15 (+0.77%)
S&P 500 988.93 +0.82 (+0.08%)

[radfringe]

28. Hello everyone,

been a bit crazy this week or two for me... we're going to be invaded by family and friends for most of August, so most of my "free" time has been taken up by cleaning, home repairs and other little projects

Thanks for your good wishes on this day, my Birthday... I've been roaming the earth and causing all sorts of trouble since 1955....

(you do the math) :evilgrin:

local scuttlebutt appears that people are conflicted... they generally agree that Saddam had to go, but don't like the idea of being lied to and manipulated by those "16 little words"... meanwhile there's alot of concern and anger over the crappy economy...blaming it on Clinton doesn't fly anymore in this neck of the woods. With the first "taxcut" they are placing the responsibility and blame squarely on AWOL's shoulders. It appears that it's STILL THE ECONOMY, STUPID

anywhoooo, with people falling on their swords left and right to protect AWOL, and AWOL blaming everyone - wonder how long it will be before Barney the Dog gets blamed for eating a memo? Good Morning America led with the latest sword-faller story, and the opening line to the story was "...yet another version of events from the White House...."

How many 'stories' are we going to get before AWOL is call to account? Condi Rice and Powell can't even get their stories straight. There's enough smoke around that someone should be able to find the fire.

AWOL goes on vacation next month, wonder if marketeers will be concerned about what kind of "product" AWOL will roll out in September? North Korea is ready to declare itself a "Nuke-ler" power in September - but that's just a "regional problem". Considering AWOL's numbers are circling the toilet bowl - my money is on Syria and/or Iran.

Magic 8-ball: remember during the 90's when the DOW was at 9k, 10k, 11k? and the talkingheads were blathering about how overpriced the markets were? where's that blather now?

August doldrums will be upon us soon, expect low volume and small gains for the month. Once we see the "new product" in September things will change rapidly. Greenspan doesn't have much wiggle room left, and I think any further decrease in the interest rates is going to result in Wall Street hitting the wall - major panic time.

[caber09]

29. GUNMAN ON LOOSE AROUND WALL STREET....

BUY BUY BUY STOCKS! Rally coencided with gunman shooting up city hall and killing a councilman, gunman still on loose around the stock exchange itself, but market skyrockets not once but twice....what gives?

[Maeve]

31. You've been causing trouble longer than I have!

Not much, but a bit...and I bet you've had a lot of fun doing it! :evilgrin:

A quiet August would suit me fine..I'll be off-line for part of it. I really am looking forward to not worrying and letting the world turn without me for a while!

[JNelson6563]

32. Hey there Birthday Girl

Glad you remembered your old marketeer pals. :-)

I too have wondered what this year's "new product" will be....terra-lert? A spectacular capture? Who knows?

I also believe that, in spite of claims to the contrary today, if interest rates do go much lower there will be panic.

A lot can happen between now and then though. A lot.

I hope you took some time out from all you're doing to enjoy your birthday Rad. :hi:

Julie

[Maeve]

30. Final figures for the day

Dow 9,194.17 +35.72 (+0.39%)
Nasdaq 1,719.15 +13.05 (+0.76%)
S&P 500 988.60 +0.49 (+0.05%)

[JNelson6563]

33. Glory Be! The rally's back!

A hint of rumour that interest may one day be lowered again if and when it is necessary. Talk about easily influenced! haha We're doomed.

See you all in the AM--

Julie