Reply #27: 10:30 EST numbers and blather (YEEHAW!)

[UpInArms]

Dow 9,921.95 +96.60 (+0.98%)
Nasdaq 1,779.44 +22.22 (+1.26%)
S&P 500 1,075.57 +10.77 (+1.01%)
10-Yr Bond 4.264% +0.051

10:30AM: Equities continue to climb in the first hour of trading, aided by the nearly 1% move lower in the price of crude oil as traders continue to sort out the morning's positive (Venezuelan President Chavez's win in a recall referendum) and negative (an oil well fire in Iraq) developments... The cautious tone of trading over the past 5 months - due, in part, to geopolitical concerns surrounding the active summer (DNC/RNC and Summer Olympics) - has prompted bargain-hunters to come in and take advantage of the weakness...

The Nasdaq itself has been on a course of new yearly lows over recent weeks - with last Thursday marking the latest worst level...NYSE Adv/ Dec 2123/628, Nasdaq Adv/Dec 1942/729

10:00AM: After a tepid open, the major indices lift higher, boosted by buying in nearly every sector... Tech, biotech, brokerage, transportation, homebuilding, and cyclical have all advanced 1% or more as investors have been relieved by the lack of terrorist activity at the Summer Olympics... The weak nature of trade last week, and the leveling off in the price of crude oil, has also lured more buyers off the sidelines... The only economic report of the morning - the New York Empire State Index - proved to be a bit of a disappointment as the August reading plunged 23 points to 12.8 (consensus of 32.3)...

However, this regional manufacturing report is relatively young and not widely followed, so most investors have dismissed its results in favor of the Philly Fed Index on Thursday...NYSE Adv/Dec 1693/803, Nasdaq Adv/Dec 1656/772

pay no attention to that man behind the curtain :eyes:

(edited to add 10:30 blather)