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Reply #49: 16:50 - I believe we have WS closure. But do keep comments coming!! [View All]

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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-16-06 03:54 PM
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49. 16:50 - I believe we have WS closure. But do keep comments coming!!
Dow 11,980.60 Up 20.09 (0.17%)
Nasdaq 2,363.84 Up 6.55 (0.28%)
S&P 500 1,369.05 Up 3.43 (0.25%)
10-Yr Bond 4.7880% Down 0.0180

NYSE Volume 2,248,854,000
Nasdaq Volume 1,875,105,000

4:20 pm : Stocks extended their winning streak to three on Monday and, more notably, lifted the Dow to within 3 points of 12,000 before closing at another new all-time high of 11980.60.

After stumbling out of the gate on early profit taking efforts, it didn't take long for the market's underlying bullish tone to resurface and again sideline those trying to fight the upward trend in equities. Even though the Q3 earnings season is not expected to begin in earnest until Tuesday, any evidence to support a 13th straight quarter of double-digit profit growth for the S&P 500 kept investors keyed in on the bottom line.

Better than expected Q3 earnings from Eaton (ETN 75.53 +5.23) and WW Grainger (GWW 72.70 +2.18), coupled with a stronger than expected early read on October manufacturing conditions which suggested the much desired soft landing remains on track, provided a floor of support for the Industrials sector. Even the sector's transportation components turned in notable performances despite dealing with a third consecutive rise in oil prices.

Directly benefiting from crude's 2.4% climb back toward $60/bbl was the profit engine that is Energy - the day's best performing sector (+2.2%). Crude oil was up in sympathy with cold weather in parts of the U.S. boosting the prices of natural gas futures (+14%).

The financial sector was also in focus after Charles Schwab (SCHW 17.10 -0.46) beat expectations and Wachovia (WB 55.25 -1.22) matched Wall Street forecasts. However, with SCHW shares up more than 30% since bottoming out in mid-July, shareholders took some money off the table. In turn, Wachovia missing on its top line renewed some concerns about how much of an impact an inverted yield curve will have on other money center banks. Thus, the absence of leadership in Financials kept blue chip gains at a minimum and left investors still waiting for the Dow to reach its next milestone. DJ30 +20.09 NASDAQ +6.55 SP500 +3.44 NASDAQ Dec/Adv/Vol 1093/1942/1.85 bln NYSE Dec/Adv/Vol 1015/2243/1.42 bln

3:30 pm : A renewed wave of buying entering the final stretch now has the Dow just 10 points away from 12,000. Market breadth remains positive as eight out of 10 sectors post gains. With oil closing higher for a third straight session and up 2.4% on the day, it's easy to see why Energy (+2.2%) is pacing the way higher. Materials continues to hold on to the #2 spot in terms of performance (+0.8%) but the influential Industrials sector is providing more notable leadership, getting a boost after Eaton (ETN 74.76 +4.46) and WW Grainger (GWW 72.37 +1.85) topped analysts' expectations. DJ30 +29.61 NASDAQ +7.63 SP500 +3.58 NASDAQ Dec/Adv/Vol 1157/1840/1.51 bln NYSE Dec/Adv/Vol 1092/2138/1.11 bln
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  -STOCK MARKET WATCH, Monday October 16 ozymandius  Oct-16-06 06:18 AM   #0 
  - WrapUp by Tim W. Wood  ozymandius   Oct-16-06 06:21 AM   #1 
  - Sea Containers files for Chapter 11  acmejack   Oct-16-06 06:28 AM   #5 
  - Today's report  ozymandius   Oct-16-06 06:24 AM   #2 
  - Empire State Index at 22.9  UpInArms   Oct-16-06 07:37 AM   #9 
  - Oil prices rise ahead of OPEC meeting  ozymandius   Oct-16-06 06:26 AM   #3 
  - OPEC lowers world oil demand forecast  ozymandius   Oct-16-06 06:28 AM   #4 
  - India sees Africa as business frontier  ozymandius   Oct-16-06 06:29 AM   #6 
  - Morning Marketeers.....  AnneD   Oct-16-06 11:42 AM   #34 
     - Lions, and tigers, and bears,  Ghost Dog   Oct-16-06 12:19 PM   #37 
        - Ghost Dog  AnneD   Oct-16-06 12:23 PM   #38 
  - Clinton Touts Oil Tax Measure at UCLA Rally  ozymandius   Oct-16-06 06:34 AM   #7 
  - Russia threatens Shell with sanctions  Ghost Dog   Oct-16-06 10:24 AM   #25 
  - Sakhalin, paradise for Rosneft, but majors struggle  Ghost Dog   Oct-16-06 10:27 AM   #26 
  - NYT: A Power-Grid Report Suggests Some Dark Days Ahead  Ghost Dog   Oct-16-06 10:40 AM   #29 
  - The oil market says OPEC are not going to cut production  legin   Oct-16-06 11:33 AM   #32 
  - Worlds Largest Carbon Sequestration Project Approved  Ghost Dog   Oct-16-06 01:42 PM   #44 
  - daily dollar watch  UpInArms   Oct-16-06 07:27 AM   #8 
  - Russian reserve switch boosts yen  Ghost Dog   Oct-16-06 08:20 AM   #10 
  - Sterling hits 1-wk high at start of key data week  Ghost Dog   Oct-16-06 10:29 AM   #27 
  - European oil stocks lift markets  Ghost Dog   Oct-16-06 08:23 AM   #11 
  - FTSE 100 extends gains in commodities slipstream  Ghost Dog   Oct-16-06 08:25 AM   #12 
  - German economic recovery continues apace  Ghost Dog   Oct-16-06 10:20 AM   #24 
  - London FTSE stays strong  Ghost Dog   Oct-16-06 12:34 PM   #39 
  - European stocks gain for ninth straight session  Ghost Dog   Oct-16-06 12:35 PM   #40 
  - Japanese stocks hit new five-month high on Wall Street, soft yen  Ghost Dog   Oct-16-06 08:26 AM   #13 
  - China says investment curbs starting to pay off  Ghost Dog   Oct-16-06 08:28 AM   #14 
  - China's economy to grow 10.5 percent in 2006  Ghost Dog   Oct-16-06 08:30 AM   #15 
  - Foreign direct investment (FDI) inflows in South, East, & South-East Asia  Ghost Dog   Oct-16-06 12:14 PM   #36 
     - UN World Investment Report 2006 (Irish Vew & Source Doc.):  Ghost Dog   Oct-16-06 01:33 PM   #43 
  - Gold hovers at 2-week high, dollar limits gains  Ghost Dog   Oct-16-06 08:32 AM   #16 
  - Nickel hits new record  Ghost Dog   Oct-16-06 10:10 AM   #23 
  - The phony American economy continues on with bushco.........  Double T   Oct-16-06 08:47 AM   #17 
  - Yup. See eg:  Ghost Dog   Oct-16-06 09:11 AM   #18 
  - Good post!!! Every time I watch the GIANT A-HOLES...........  Double T   Oct-16-06 09:23 AM   #20 
  - Don't Worry....Be Happy!!!  OrangeCountyDemocrat   Oct-16-06 02:52 PM   #47 
     - The 'great economy' must have something to do with.........  Double T   Oct-16-06 08:13 PM   #52 
  - Excellent post, but we can't talk about this - it's a secret.  donkeyotay   Oct-16-06 03:12 PM   #48 
  - Assessing the Quality of the Equity Rally from July 2006  Ghost Dog   Oct-16-06 09:27 AM   #21 
  - Well that sounds like a reasonable explanation.  Egnever   Oct-16-06 09:57 AM   #22 
  - US ponders market manipulation  Egnever   Oct-16-06 10:38 AM   #28 
     - Very interesting, thanks.  Ghost Dog   Oct-16-06 11:32 AM   #31 
  - 10:15 - Little fanfare and questioned sustainability  Ghost Dog   Oct-16-06 09:19 AM   #19 
  - 11:40 - Much the same now after earlier slip  Ghost Dog   Oct-16-06 10:46 AM   #30 
  - "Economy of Fantasy"  specimenfred1984   Oct-16-06 11:40 AM   #33 
  - oof this scares the crap out of me  Egnever   Oct-16-06 12:14 PM   #35 
  - 13:35 - A little firmer?  Ghost Dog   Oct-16-06 12:39 PM   #41 
  - The Helicopter Speaks  Ghost Dog   Oct-16-06 01:19 PM   #42 
  - Democrats favored when economy uncertain  Ghost Dog   Oct-16-06 01:46 PM   #45 
  - 15:10 - Mostly psychological?  Ghost Dog   Oct-16-06 02:11 PM   #46 
  - 16:50 - I believe we have WS closure. But do keep comments coming!!  Ghost Dog   Oct-16-06 03:54 PM   #49 
  - U.S. stocks up, Dow at record on economy, oil shares  Ghost Dog   Oct-16-06 04:28 PM   #50 
     - Couldn't ask for a better birthday present than record highs in the market  Roland99   Oct-16-06 07:52 PM   #51 
        - The Dow is full of a lot of 'hot neocon reelection air'...........  Double T   Oct-16-06 08:19 PM   #53 
           - I'd probably rise on a thermal instead of falling!  Roland99   Oct-16-06 08:56 PM   #54 

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