Reply #58: 3:20 EST numbers, blather and the buck

[UpInArms]

Dow 10,460.68 -86.38 (-0.82%)
Nasdaq 2,124.91 -26.34 (-1.22%)
S&P 500 1,180.23 -10.02 (-0.84%)
10-Yr Bond 4.226% -0.014

NYSE Volume 1,237,718,000
Nasdaq Volume 2,226,055,000

3:05PM: Sellers remain an active bunch as ongoing consolidation keeps the indices under water... Profit taking within technology, materials and energy remains the most prolific as all three have been some of the best performing sectors in 2004... Meanwhile, the Federal Reserve just reported an October Consumer Credit reading of 7.7 bln, which came in much higher than the $6.0 bln economists had anticipated, and an adjusted figure for last month of $13.6 bln versus a prior reading of $9.8 bln...

But while the lagging data is volatile and remains subject to massive revisions, investors have again paid little attention to the report as the market has barely budged...NYSE Adv/Dec 900/2379, Nasdaq Adv/Dec 1012/2103

2:30PM: The market still trades near its lows of the day, as a bearish bias remains firmly intact... Decliners on the NYSE hold a nearly 3 to 1 edge over advancers while declining issues on the Nasdaq outpace advancing issues by a 2 to 1 margin... At the Dow, 23 out of the 30 components have shown losses and kept the blue chip average trapped in negative territory... Caterpillar (CAT 91.43 +0.86) and Pfizer (PFE 27.38 +0.17), though, have managed to buck the trend and move higher... At 15:00 ET, the Fed is expected to report October Consumer Credit (consensus $6.0 bln)...NYSE Adv/Dec 909/2330, Nasdaq Adv/Dec 970/2119

Last trade 81.23 Change -0.05 (-0.06%)

Settle 81.28 Settle Time 23:36

Open 81.20 Previous Close 81.28

High 81.43 Low 80.92

Last tick: 2004-12-07 14:48:13 ET
30-min delayed quote.