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Reply #36: 1:44 post lunch check-in, and all is well [View All]

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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-20-04 12:47 PM
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36. 1:44 post lunch check-in, and all is well
Dow 10,096.49 +55.67 (+0.55%)
Nasdaq 1,833.67 +13.78 (+0.76%)
S&P 500 1,097.43 +6.20 (+0.57%)
10-yr Bond 4.211% N/A
30-yr Bond 5.021% -0.002

NYSE Volume 678,076,000
Nasdaq Volume 793,049,000

1:30PM: Equities pause around their best levels, digesting the gains from the past hour... Although a 39, 7, and 4 point move on the Dow, Nasdaq, and S&P 500 doesn't qualify as a big move in an absolute sense, it stands out in today's session given the slim trading range... Seeing the market's ability to hold resolutely in positive territory, more buyers have come into the fray..., however, would caution investors against seeing a large, broad-based session in today's action...
The impending weekend, Iraq's turmoil, and a fear the market's 'oversold bounce' might be over is apt to keep enthusiasm in check...NYSE Adv/Dec 2169/975, Nasdaq Adv/Dec 1900/1013

1:00PM: Buyers continue to pick up stocks as the indices extend their lead... Financial - an influential sector comprising 21% of the S&P 500 - has been one of the best groups this session as areas like brokerage and regional banking have marched 0.5% higher... Technology, conversely, has lagged behind and only managed a 0.2% gain... Semiconductor continues to hold that area back, although internet has done its best to keep tech well bid... Google (GOOG 102.98 +2.65) has continued to rise after its first day of gains (+18%)...

At this rate, the stock is starting to approach the IPO price range ($108-135) first intended by owners as day traders continue to flock to shares...NYSE Adv/Dec 2030/1076, Nasdaq Adv/Dec 1821/1061

12:25PM: Market edges higher some, nearing session highs in the process... Most sector groups have joined in the advance, with every single S&P industry moving higher with the exception of consumer staple... The area, popularly known for its defensive-oriented stocks, has lagged behind the broader market during this week's uptick...In keeping with regular trading patters, growth-oriented shares tend to disproportionately react to broad up or downswings in the market, while defensive-oriented issues tend to 'under-react'...

This can explain why stocks like household product or beverage performed relatively well during the 200-2002 retreat...NYSE Adv/Dec 1969/1077, Nasdaq Adv/Dec 1779/1070

12:00PM : Major indices have turned in a morning of gains, albeit very slim ones, as worries about oil, terrorism, and earnings continue to hang over the market... Crude oil rose as high as $49/bbl this morning (futures contracts are trading below that now) as worries were re-awakened about the Mideast region... Fighting in Najaf persisted overnight, and although witnesses said rebel forces have removed their weapons, traders remain worried about the potential of weekend violence...

That can partially explain the lack of upside momentum in the market, although the simultaneous expiration of options also plays into that... Energy has been the standout group today (+1%) off the oil gains and a Lehman Brothers upgrade of the Oil Service and Drilling group to Positive from Neutral... Brokerage, homebuilding, airline, and material have also performed well and kept the indices above the unchanged mark... Retail, however, has shown relative weakness - no doubt owing to the somewhat disappointing Q2 (July) reports from Gap Inc (GPS 20.50 +0.35) and Nordstrom (JWN 37.00 -3.56) last night...NYSE Adv/Dec 1996/1049, Nasdaq Adv/Dec 1763/1047

11:30AM : Equities continue to trade in slightly higher territory as most sectors sport modest gains... Investors, however, continue to be troubled by geopolitical fears and this has curbed the extent of the climb higher... Gold futures have pushed to a 4-month high as fighting in Iraq persists... Witnesses have said that militiamen loyal to rebel Shiite cleric Muqtada al-Sadr have removed their weapons from Imam Ali Shrine in Najaf, but US forces - cognizant this could be a false report - remain ready for further attacks...NYSE Adv/Dec 1893/1058, Nasdaq Adv/Dec 1795/974

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