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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-09-06 06:33 AM
Response to Original message
1. WrapUp by Mike Hartman
AMERICA VOTES FOR CHANGE DOLLAR UNDER PRESSURE

The Democratic Party pulled-off some big victories yesterday to gain control of the House of Representatives, and the Senate majority awaits the results from Virginia and Montana. In pre-market trading, stock index futures were under pressure to the downside with the power split in Washington, but overall stock prices stabilized by the second hour of trading. Generally speaking, there is very little volatility in todays trading across all asset classes including stocks, bonds, currencies, and commodities. As I write, we are now two hours into todays session, and the Dow Industrials are lower by 0.1%, Ten-year Treasuries are higher by 0.01%, the U.S. Dollar Index is higher by 0.14%, and commodities are mixed with energy prices moving higher. The big focus for investors is to figure out which sectors will be most affected by the outcome of yesterdays vote.

So far the biggest gainers this morning are the oil and oil services companies with the oil index higher by 1.0% and oil services higher by 1.6%. Energy companies got a boost today with the release of the weekly inventory data showing a smaller than expected build in crude inventories (expected +750,000 barrels, actual +400,000 barrels) and a bigger than expected drawdown of distillate inventories (expected -800,000 barrels, actual -2.7 million barrels). This is the fifth consecutive week of declining distillate inventories. Crude is higher by nearly a dollar to $59.90, heating oil is 2.2% higher at $1.717/gal. and unleaded gasoline is 2.4% higher at $1.56 a gallon. The only other sector flashing noticeable green at the moment is the Utility Sector with a gain of 0.5%. (Watch out for Halliburton in the energy sector as commentators expect the new Congress to subpoena Halliburton to question their no-bid contracts in Iraq.)

By far the biggest sectors getting hit lower today are drugs and healthcare, both down by 1.7%. It is widely assumed the changing of the guard will bring changes to Medicare coverage making future profits more difficult for big-pharma and healthcare companies. The airline sector is also moving lower by 2.4%, in part due to the rising fuel costs, but Im not sure how much of the decline could be due to less government support expected to bail-out the struggling airlines. The Semiconductor and Computer Indexes are fractionally lower, but fighting to get into positive territory. In terms of volatility, I expect very little change through the balance of todays trading as the U.S. Treasury is scheduled to auction $19 billion in three-year notes at 1:00pm today. Tomorrow they will borrow another $13 billion with the sale of ten-year notes.

http://www.financialsense.com/Market/wrapup.htm
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  -STOCK MARKET WATCH, Thursday November 9 ozymandius  Nov-09-06 06:23 AM   #0 
  - WrapUp by Mike Hartman  ozymandius   Nov-09-06 06:33 AM   #1 
  - Today's reports-a-plenty  ozymandius   Nov-09-06 06:36 AM   #2 
  - US September trade gap down to $64.3bn from a record 69.9bn in August (ft) n/t  Ghost Dog   Nov-09-06 07:38 AM   #17 
  - 8:30 reports:  UpInArms   Nov-09-06 07:41 AM   #20 
  - Jobless claims fall by 20,000 to 308,000  UpInArms   Nov-09-06 07:42 AM   #21 
  - Morning Marketeers.....  AnneD   Nov-09-06 08:42 AM   #32 
  - Morning Marketeers.....  AnneD   Nov-09-06 08:43 AM   #33 
  - U.S. import prices fall 2.0% in Oct. on drop in oil price  UpInArms   Nov-09-06 07:43 AM   #23 
  - University of Michigan Index Stays Near 15-Month High (Update1)  54anickel   Nov-09-06 11:58 AM   #60 
  - Oil prices climb above $60 a barrel (election's over)  ozymandius   Nov-09-06 06:39 AM   #3 
  - Big oil companies a target in new Congress  ozymandius   Nov-09-06 06:42 AM   #4 
  - Good! Any idea what the 5 other major task are?  WePurrsevere   Nov-09-06 07:38 AM   #18 
     - Ed. Dubious dial-up dupe.  Ghost Dog   Nov-09-06 08:15 AM   #27 
     - Short version: sell your large caps.  trogdor   Nov-09-06 08:24 AM   #29 
     - Thank you. I would think it would be like a kid in a candy shop  WePurrsevere   Nov-09-06 08:33 AM   #31 
     - Some clues here, WePurrsevere?  Ghost Dog   Nov-09-06 08:19 AM   #28 
  - Oil prices climb on falling gas supplies  ozymandius   Nov-09-06 06:44 AM   #5 
  - How Chevron spins black gold  54anickel   Nov-09-06 08:45 AM   #34 
  - Rising costs weigh on U.S. refinery expansion plans  54anickel   Nov-09-06 09:28 AM   #43 
  - Macy's sales climb 6%, but profit falls in 3rd quarter  ozymandius   Nov-09-06 06:47 AM   #6 
  - Field's costs Federated  ozymandius   Nov-09-06 06:50 AM   #7 
  - NYSE to eliminate 17% of its workforce  ozymandius   Nov-09-06 06:53 AM   #8 
  - The definition of recession  AnneD   Nov-09-06 09:00 AM   #35 
  - Next step - outsourcing  54anickel   Nov-09-06 09:21 AM   #40 
  - UnitedHealth's Options Just Got Messier  ozymandius   Nov-09-06 06:57 AM   #9 
  - Japanese Stocks Drop; Dollar Up vs. Yen  Ghost Dog   Nov-09-06 07:13 AM   #10 
  - Key 10-year Japanese gov't bond yield falls to 1-month low  Ghost Dog   Nov-09-06 07:29 AM   #15 
  - Dollar hovers in upper-117 yen range ahead of U.S. trade data  Ghost Dog   Nov-09-06 07:34 AM   #16 
     - Yen Reflected Weakness Against Other Major Currencies During Thursday Morning Trading In NY  Ghost Dog   Nov-09-06 09:40 AM   #47 
  - China shares end up 1.6 pct on banks, property  Ghost Dog   Nov-09-06 07:19 AM   #11 
  - Emerging Asia FX-Taking a breather, portfolio flows slow  Ghost Dog   Nov-09-06 07:25 AM   #14 
  - Democrats surge in US puts (Indian) IT, BPO firms on edge  Ghost Dog   Nov-09-06 09:19 AM   #39 
  - Widespread crime, graft cripple Afghan economy  Ghost Dog   Nov-09-06 09:36 AM   #44 
     - Palestinian economy to shrink 15pc  Ghost Dog   Nov-09-06 09:38 AM   #46 
     - Isn't that the "starve 'em out" policy? Get the locals so desperate and  54anickel   Nov-09-06 10:43 AM   #51 
        - The more 'civilised 'international community'  Ghost Dog   Nov-09-06 02:33 PM   #68 
     - Zakhailwal sounds like he gets his talking points from Dimson  54anickel   Nov-09-06 10:03 AM   #50 
  - FTSE briefly at 5-1/2 yr high on bid talk, BoE caps  Ghost Dog   Nov-09-06 07:21 AM   #12 
  - M&A, earnings nudge European stocks higher  Ghost Dog   Nov-09-06 07:23 AM   #13 
  - Europe turns lower as banks and miners weigh  Ghost Dog   Nov-09-06 07:49 AM   #25 
     - Europe dragged lower by US economic data  Ghost Dog   Nov-09-06 02:51 PM   #70 
  - FTSE slips as drug stocks weigh  Ghost Dog   Nov-09-06 07:40 AM   #19 
     - UK trade gap narrows in September  Ghost Dog   Nov-09-06 07:43 AM   #22 
     - UK interest rates hit 5 per cent  Ghost Dog   Nov-09-06 07:47 AM   #24 
     - (UK) House price inflation accelerates  Ghost Dog   Nov-09-06 07:52 AM   #26 
     - London lower as merger talk offset by weak pharmas  Ghost Dog   Nov-09-06 02:54 PM   #71 
  - Gold Rises in London as Inflation May Spur Investment Demand  54anickel   Nov-09-06 08:28 AM   #30 
  - Gold May Reach $850 an Ounce `Within Two Years,' GoldCorp Says  54anickel   Nov-09-06 09:16 AM   #38 
  - Euro Gains to Record Against Yen, Climbs Versus Dollar on Rates  54anickel   Nov-09-06 09:03 AM   #36 
  - Bernanke's Inflation Target May Encounter Democratic Opposition  54anickel   Nov-09-06 09:13 AM   #37 
  - 10:20 update  ozymandius   Nov-09-06 09:23 AM   #41 
  - Lawmakers will meet on power deregulation (Texas)  54anickel   Nov-09-06 09:23 AM   #42 
  - All I know is that my  AnneD   Nov-09-06 11:16 AM   #57 
  - Oversight Of Fannie, Freddie Tightened  54anickel   Nov-09-06 09:37 AM   #45 
  - Faulty accounting costs Fannie Mae another $850m  54anickel   Nov-09-06 12:20 PM   #61 
  - Dems pledge to scrutinize big business  54anickel   Nov-09-06 09:43 AM   #48 
  - Many Ariz. workers in poor health, Phoenix wellness company finds  54anickel   Nov-09-06 09:49 AM   #49 
  - OT - Plebiscite on an Outlaw Empire  54anickel   Nov-09-06 10:50 AM   #52 
  - The buck's on quite the roller coaster ride this morning. Cripes, look at gold. Where's  54anickel   Nov-09-06 10:53 AM   #53 
  - That would be  markam   Nov-09-06 11:04 AM   #55 
     - Bushs Chernobyl economy; hard times are on the way  54anickel   Nov-09-06 11:17 AM   #58 
     - Thanks for this article ...  AnneD   Nov-09-06 12:43 PM   #63 
        - The course has been set. I wonder if this is the same "New World Order"  54anickel   Nov-09-06 01:50 PM   #64 
     - Dollar at 2-month euro low on China reserve talk  54anickel   Nov-09-06 11:56 AM   #59 
  - JPMorgan, Morgan Stanley Close to Solving Derivatives Impasse  54anickel   Nov-09-06 10:57 AM   #54 
  - THE INTERNATIONAL FORECASTER  54anickel   Nov-09-06 11:10 AM   #56 
  - I've been reading Chapman for months.  KayLaw   Nov-09-06 02:10 PM   #67 
  - 1:21 numbers and yada  54anickel   Nov-09-06 12:24 PM   #62 
  - the Witching Hour cometh  ozymandius   Nov-09-06 02:00 PM   #66 
  - Heading into the final hour t 2:50  54anickel   Nov-09-06 01:53 PM   #65 
  - updating blather  ozymandius   Nov-09-06 02:45 PM   #69 
  - all over but the blathering  ozymandius   Nov-09-06 03:21 PM   #72 
     - Side o' Blather  54anickel   Nov-09-06 04:53 PM   #73 
 

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