Reply #45: 11:33 EST numbers and blather (good times are coming!)

[UpInArms]

Dow 10,622.12 -24.44 (-0.23%)
Nasdaq 2,170.25 -2.93 (-0.13%)
S&P 500 1,228.14 -1.21 (-0.10%)
10-Yr Bond 4.238 +0.49 (+1.17%)

NYSE Volume 756,947,000
Nasdaq Volume 779,292,000

11:00AM: Market rebounds some but not nearly enough to make a significant change in the standings as oil prices fall following inventories data... The EIA has reported a smaller than expected draw in crude oil supplies of 900K barrels (consensus -3.5 mln), a larger than anticipated build in distillates of 2.2 mln barrels (consensus +1.7 mln) and a 1.3 mln barrel decline in gasoline inventories (consensus -1.5 mln)...

But even though crude oil futures ($57.40/bbl -$0.06) have turned negative, providing some relief for investors, further deterioration in the Energy sector has removed some of the market's much needed leadership... XOI -1.0, NYSE Adv/Dec 1105/1842, Nasdaq Adv/Dec 1126/1591

10:30AM: Major indices extend their reach below the flat line, taking a bearish cue from a continued rise in benchmark yields... Within the last 30 minutes, bonds have fallen to session lows, lifting yields on the 10-year note (-13/32) to 4.23%, as traders keep a close eye on Greenspan's testimony... Even though inflation remains in check and the economy is on firm footing, Greenspan has said the Fed must "continue" to raise interest rates, as high energy costs continue to put pressure on consumer prices...NYSE Adv/Dec 1190/1639, Nasdaq Adv/Dec 1033/1576