STOCK MARKET WATCH, Thursday 9, February

[JNelson6563]

Thursday February 9, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 1075 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 1876 DAYS
WHERE'S OSAMA BIN-LADEN? 1576 DAYS
DAYS SINCE ENRON COLLAPSE = 1537
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 3
Other Arrests of Execs = 54


U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES-----------------------------S&P FUTURES




AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January
22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON February 8, 2006

Dow... 10,858.62 +108.86 (1.01%)
Nasdaq... 2,262.58 +22.02 (0.98%)
S&P 500... 1,264.03 +10.87 (0.87%)
30-Year Bond 4.68% +0.03 (0.54%)
10-Yr Bond... 4.60% +0.03 (0.61%)
Gold future... 553.80 -1.00 (-0.18%)









GOLD, EURO, YEN, Dollars
and Loonie>





PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details
& links are added as they become available so check back. And if you know more,
are organizing something, or would like to, contact [email protected]

For information on protests and other actions
Citizens
For Legitimate Government>








(Julie, filling in for Ozy. Sorry I couldn't get the tables all in row, I'm better at finances than techie stuff. Good luck at the casinos today Marketeers! :hi: )

[Danascot]

1. Commentary on Weak Dollar

Thanks for steping in for Oz, Julie. We couldn't make it through the session without SMW!

Succinct analysis of what's going on with the dollar

http://www.kitcocasey.com/displayArticle.php?id=536


Asia and Europe were up overnight

http://today.reuters.com/investing/worldmarkets.aspx

[EuroObserver]

9. Gold, currencies charts:

[EuroObserver]

10. Wrap Up: Inelastics of Supply & Demand

http://www.financialsense.com/Market/daily/wednesday.htm
...
WIDELY KNOWN INELASTIC DEMAND

Can anyone remember the last “gold fever” event? It occurred late in 1980, marked by daily news events, stories about a conspiracy to corner the world’s silver market by the infamous Hunt Brothers, and pictures of lines around street corners with hundreds of people (mostly young) suckered into buying at the top from coin dealers and jewelry outfits. My memory is vivid. Contrast for a moment to the year 2001, when gold was at its bottom $265 price. Nobody could give a rat’s ass, nobody could care less, as financial rags ignored the tremendous bargain, as dealers had to beg customers to purchase the barbarous relic in any form. So at the lowest price, gold went begging with little interest. So at the highest price, gold garnered enormous interest and enthusiasm. That is backwards, grasshopper. The gold market is unique, like other markets subject to frenzy. That screams of inelastic gold demand. Its demand curve is backwards, noted by a rising demand associated with a rising price. For this reason, few can gauge how high gold can go amidst the full force of the mania.

CROSS ELASTICITY

For comprehensive treatment, this topic deserves mention. It is essential that silver must enter the picture. Gold might skyrocket in price, but silver could languish, denied ample press coverage, ignored by the masses, simply overlooked, or suffering from industrial lack of demand. Perhaps it might suffer from the disinformation of harsh impact due to photographic demand in an increasingly digital world. Unlike gold, silver is consumed in large quantities, while most of the gold ever produced still rests in vaults. We know the concept in the form of “sympathy” as in Hewlett Packard rose in sympathy after IBM reported a big lift in revenues and profit margin. Cross demand is hereby addressed.

The same inelasticity claims apply to silver, since a precious metal, although of second class status. Silver might benefit from additional industrial demand, owing to its many unique and irreplaceable applications, as the global economy and especially the developing world matures. Commercial demand would augment investment demand to send silver into orbit for price. However, if a global recession occurs, commercial demand would dampen the investment demand.

In an attempt toward completeness, here are industrial usages of silver, with some surely omitted without intention.

* Sensitivity to light (photographic)
* Conduction of electricity (electronic circuitry)
* Super-conductivity transmission (low temperature)
* Heat dissipation (engines)
* Burn treatment (antiseptic)
* Water filtration (antiseptic)
* Preservative of lumber (pressure treated wood)
* Storage of electricity (batteries)
* Dietary supplement (health)
* Kill werewolves (full moon only)
...

For a good scare, check the BKX chart showing the bank stock index. Its decline off a recent upleg signals possibly that the US Federal Reserve might have more than one additional rate hike ahead. It had risen upon the prospect of a USFed end to tightening. Defense of the USDollar amidst a backdrop of deceptively strong USEconomic data will be the justifications for perhaps more rate hikes than are expected. A further inverted yield curve means missing profit margins for large bank lender operations. For a second good scare, check the HGX chart showing the home builder stock index. Its decline sets up a Head & Shoulder breakdown possibly in progress. The high-end builder Toll Brother TOL chart shows a much more dire completed breakdown off a similar H&S pattern with a downward biased neckline. The HGX is a forward indicator to the housing sector, and Toll Brothers is a leading indicator within housing itself, since high end homes of $700k price tags are its specialty. The impact of a housing stall and decline will be rather significant for the crippled USEconomy, far too heavily dependent upon housing for wealth and spending power. Remember that clowns continue to ply their twisted trade, and call for a “Soft Landing” which has never occurred since 1987. Something ugly this way comes, covered in other private publications with a clever title!!!

...plenty more...

[UpInArms]

16. daily dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DX

Last trade 90.27 Change -0.10 (-0.11%)

No Honeymoon Expected for Bernanke

http://www.dailyfx.com/story/dailyfx_reports/daily_fundamentals/6639_no_honeymoon_expected_for.html

A 50 pip 24 hour range in the EUR/USD is hardly something to write home about it. Against most of the majors, the US dollar gained back what it lost yesterday and then some. Even though Alan Greenspan is no longer our Fed Chairman, on a day devoid of any economic news, the market can’t help but tune into his comments. Speaking at a client conference for a Wall Street Bank, Greenspan was pretty bullish on the US economy and downplayed the possibility of a burst of the housing market bubble. Instead, Greenspan felt that any easing in house prices will be a gradual one. Such an optimistic view is sure to have helped the dollar recovery today as the greenback also benefits from another slide in oil prices. In fact, crude prices are now trading at monthly lows. Following up on the Federal Reserve, new Fed Chairman Ben Bernanke has announced that the March 28 FOMC meeting will now be a 2 day meeting. There is no need to be alarmed about the change however because Bernanke is simply giving himself more time to work with the entire monetary policy committee at their first meeting. It is quite timely then to highlight some of the comments made by Harvey Rosenblum, the Dallas Fed’s director of research and a 35 year veteran of the Federal Reserve on the “The Fed’s Changing of the Guard.” Rosenblum has worked under what now will be 4 different Federal Reserve Chairmen. He said that Bernanke’s role as a governor within the Federal reserve has given him a chance to establish himself as one of the FOMC’s “intellectual leaders.” The current committee’s experience and comfort working with him should make his transition seamless. However, even so, Bernanke is inheriting an economy that is going to be coming off a tightening cycle. Rosenblum cautions that “Whenever the Fed tightens, whatever financial fragilities there are in the economy are going to get exacerbated. Its possible Bernanke will encounter some financial vulnerabilities that were not necessarily of the Fed’s making, but the higher short-term interest rates will adversely impact some industries that are sensitive to high interest rates. At the same time, the yield curve is flat and actually has the potential to invert. An inverted yield curve has often been a precursor to a recession occurring within a year.” So in summary, he predicts that in all likelihood there will be no honeymoon period for the new Chairman.

...more...

[EuroObserver]

2. Indeed. Tokyo: 1% rebound on low yen, strong exports, consumer confidence

Japanese shares rose on Thursday, rebounding from the big losses seen on Wednesday.
The Nikkei 225 index of leading shares rose 1%, or 167 points, to 16,440. Investor confidence was boosted by strong exports and a government report showing that consumer confidence was at its highest for 15 years in January. Electronics giant Sony led the gainers, rising by 2.3%, while carmaker Toyota added nearly 1%. Camera company Olympus climbed more than 3%.

...more,,,


Tokyo shares rebound on gains on Wall St., yen's fall
(Kyodo)_ The Tokyo stock market rebounded Thursday as overnight sharp gains in U.S. shares and the yen's fall against the U.S. dollar encouraged investors to buy shares battered in the previous day's sell-off.

The 225-issue Nikkei Stock Average rose 166.99 points, or 1.03 percent, to 16,439.67. The Tokyo Stock Price Index of all First Section issues on the Tokyo Stock Exchange gained 10.87 points, or 0.65 percent, to 1,682.26.

Export-oriented high-tech issues fared particularly well, assisted by the dollar's rise to the upper half of the 118 yen level after its fall to the 117 yen level triggered strong selling in the sector the previous day, brokers said.
...

But the index came off the day's high due to selling spurred by disappointing earnings reports by major shipping firms Nippon Yusen K.K. and Mitsui O.S.K. Lines, released during the day's session, brokers said.
...

Trading volume on the TSE's main section shrank to 2,061.83 million shares from Wednesday's 2,219.35 million shares. Advancing issues led declining ones 950 to 623, with 99 shares ending unchanged.

The TSE's Second Section index lost 6.08 points, or 0.11 percent, to 5,353.59 on a volume of 138.81 million shares. In Osaka, the near-term March Nikkei 225 index futures contract gained 200 points to 16,500. ...more...


Tokyo stocks open sharply higher after strong Wall Street rally
(Kyodo) _ Stocks opened sharply higher Thursday on the Tokyo Stock Exchange, with a broad range of issues bought after an overnight rebound in U.S. shares. In the first 15 minutes of trading, the 225-issue Nikkei Stock Average rose 159.75 points, or 0.98 percent, to 16,432.43. The broader Tokyo Stock Price Index of all First Section issues was up 15.54 points, or 0.93 percent, to 1,686.93. The Second Section also rose. ...more...

[EuroObserver]

6. Japanese Stocks Higher, Dollar Mixed

...
Techs and issues sensitive to the domestic economy bounced back strongly as investors were cheered up by Wall Street's overnight gains and the dollar's strength against the yen.

Kyocera Corp. rose 6.13 percent to 10,740 yen ($90.25) and Advantest Corp. posted a 3.79 percent gain to 14,780 yen ($124.20). Oil issues also advanced, with Nippon Oil Corp. picking up 1.67 percent to 913 yen ($7.67), along with pharmaceuticals like Taisho Pharmaceutical Co., which climbed 4.40 percent to 2,375 yen ($19.96). Among banks and insurance issues, Mitsubishi UFJ Financial Group Inc. rose 1.24 percent to 1.63 million yen ($13,697.48) and Mitsui Sumitomo Insurance Co. gained 2.98 percent to 1,422 yen ($11.95).

"After (Wednesday's) sharp declines, the market's downside proved solid due to buying needs on dips," said Hiroichi Nishi, general manager at Nikko Cordial Securities.

Oil prices fell for the third straight session on Wednesday, with the front-month Nymex crude contract dropping 54 cents to $62.55 a barrel.
...

In currencies, the dollar bought 118.56 yen on the Tokyo foreign exchange market at 3 p.m. Thursday, up 0.05 yen from late Wednesday in New York. The euro rose to $1.1983 from $1.1953 in New York.

...more...

[EuroObserver]

7. East Asia: moderately positive all round

Taiwan stocks up 0.09 pct on rosy flat-screen earnings
TAIPEI, Feb 9 (Reuters) - Taiwan stocks closed up 0.09 percent on Thursday following a rally on Wall Street, with tech counters pulling the market higher. ...more...


HK shares up in lacklustre trade; Chalco down, autos up
HONG KONG, Feb 9 (Reuters) - Hong Kong stocks nudged 0.4 percent higher in subdued trade on Thursday, helped by Wall Street gains and a rally in auto shares such as Dong Feng Group (0489.HK: Quote, Profile, Research), which jumped 4.81 percent.

Aluminum Corp. of China Ltd. (CHALCO) (2600.HK: Quote, Profile, Research) fell 2.0 percent to HK$7.35 after it said it was unlikely to raise spot alumina prices soon. (For more details, double click ).

The benchmark Hang Seng index <.HSI> rose 63.19 points to 15,436.63 by the midday recess. The China Enterprise index of H-shares <.HSCE>, or shares in mainland firms listed in the city, gained 0.51 percent to 6,317.23. Inspired by the U.S. rally, Hong Kong stocks rose as high as 0.6 percent early in the day, but could not sustain the gain as investors awaited key data next week to see if the U.S. economy is as bullish as some are expecting.
...

Despite the gains by H-shares, investors appeared keen to grab profits on Chinese stocks, analysts say, as many of them have risen more than 50 percent this year. "It will take some time for the (H-shares) to consolidate around the 6,000 to 6,100 level," said Peter Lai, director at DBS Vickers.

Auto stocks were among consumer plays that made gains on bets that retail demand would rise in China as the government stimulates consumer spending to close the country's ballooning trade surplus with the West. China's Denway Motors Ltd. (0203.HK: Quote, Profile, Research) climbed 2.26 percent to HK$3.40 and Dong Feng Group surged 4.81 percent to HK$2.725. Geely Autombile Holdings Ltd. (0175.HK: Quote, Profile, Research) advanced 2.86 percent to HK$0.72.

...more...

[EuroObserver]

8. Bank of China to list in HK and Shanghai

HONG KONG/BEIJING, Feb 8 (Reuters) - Bank of China, the country's number-two lender, has agreed to list its stock in Shanghai, as well as its preferred bourse in Hong Kong, to win government approval for the $8 billion IPO, sources said on Wednesday.
...

Bank of China, 10 percent owned by a consortium led Royal Bank of Scotland Group Plc (RBS.L: Quote, Profile, Research), could now submit its IPO application to the Hong Kong exchange as early as this week, sources said.

Beijing is keen to shore up its ailing domestic markets with listings by high-profile companies, most of which have opted for the prestige and big money a Hong Kong IPO provides. A listing in Hong Kong, which could still be completed in the first half of the year, would be followed by a Shanghai IPO within a year, the sources said. The bank is expected to sell around 15 percent of its stock to the public.

"The move adds complexity to the offering as overseas investors would have to bear additional risks on BOC's domestic IPO pricing," one source said.
...

China first considered dual listings in 2004 ahead of large listings planned by China Shenhua Energy (1088.HK: Quote, Profile, Research) and Bank of Communications (3328.HK: Quote, Profile, Research). But the duo scrapped their Shanghai share sales as the market there slid to a six-year low. China Construction Bank (0939.HK: Quote, Profile, Research) raised $9.2 billion in Hong Kong last year in China's largest-ever IPO and the world's biggest in four years, but was criticised for selling its shares too cheaply. Domestic investors were unable to cash in on the stock's 39 percent rally since listing, adding to the pressure. "Some local fund managers and investors complained to Beijing that domestic investors missed the chance when China Construction Bank went for a Hong Kong listing only," said a Shanghai-based investment banker familiar with the situation.
...

The Shanghai market <.SSEA> has bounced back. It set an 11-month high on Tuesday and a top bourse official has said the ban on local IPOs could be lifted by April or May.

Many Chinese companies have shares listed in both Shanghai and Hong Kong, but prices can diverge because Chinese capital controls prevent investors trading between the markets.
...

Singapore state investment agency Temasek owns 5 percent and the Asian Development Bank 0.24 percent of the Bank of China, ahead of the float.

...more...

[EuroObserver]

3. Europe: plethora of corporate results; morning markets rising

Swiss SMI up +0.54% at 7874.02 in Zurich 09:54:54 CET
DAX up +0.84% 5,713.89 in Frankfurt 10:04 CET
CAC 40 up +0.58% at 4,923.57 in Paris 10:04 CET
CAC 40 opens up +0.9% at 4,937.29 in Paris 09:03 CET
FTSE-100 up +0.88% at 5,775.30 in London 09:04 GMT
FTSE 100 opens up +0.5% at 5,753.4 in London 08:03 GMT
FTSE 250 up +0.5% at 9,289.3 in London 08:56 GMT
FTSE EUROTOP up +0.79% at 2,829.12 in London 09:04 GMT
DJ EURO STOXX50 up +0.89% at 3,704.15 in Frankfurt 10:04 CET


Securitas ensures early European gains
Taking encouragement from a recovery in US and Asian equity markets overnight, European equity market made a positive start to trading on an extremely busy day for corporate results.

The FTSE Eurofirst 300 rose 8 points or 0.6 per cent to 1,323.82 while the German Dax gained 51 points or 0.9 per cent at 5,717.71 while the French CAC 40 added 44.2 points or 0.9 per cent at 5,760.1.

In London, the FTSE 100 rose 35 points or 0.6 per cent to 5,760.1 amid a positive reaction BG Group as the oil and gas company became the latest to report strong profits growth due to high energy prices.
...

Altadis jumped 4.9 per cent to €37.40 amid speculation that a takeover of the Spanish tobcco company had been agreed by Imperial Tobacco, up 2.5 per cent to £17.37.

Securitas led the FTSE Eurotop 300 with a gain of 15.2 per cent at SKr152.00 after the world’s largest security services group announced plans to spin off three business division along with fourth-quarter results which beat expectations.

...more...


Opening gains expected for Europe
Ahead of an extremely busy day for corporate results, Euroean equity market were expected to move higher at the opening on Thursday following a recovery in US and Asian equity markets overnight.

Spread betting companies in London were calling for the FTSE 100, German Dax and French CAC 40 to open between 15 and 35 points higher
...

Unilever, the Anglo-Dutch food giant, announced plans to sell the majority of its frozen foods businesses in Europe along with full-year results which came in towards the bottom end of expectations. Unilver’s frozen foods businesses includes the well-known Iglo and Birds Eye brands and has sales of around E2bn a year. The company also announced a 28 per cent increase in pre-tax profits to €751 in the year to December 31 with turnover up 3 per cent to €39,672.

Renault announced a steep drop in operating profits and cautioned that margins would remain under pressure this year. The French carmarker reported a 37.4 per cent decline in gross operating profits to €1.32bn last year, below the consensus market forecast with revenues up by 1.9 per cent to €41.34bn. Renault said the dividend would rise by one third to €2.40 a share from €1.80 last year.

Carlos Ghosn, chief executive said “Renault is not in crisis but confidence remains fragile.”

Among the other companies reporting on Thursday are Pernod-Ricard, Iberdola, BG Group, Alfa Lavel, ICI, Havas, Rolls-Royce, Smith & Nephew, Danske Bank, Bouygues, SAS, Dassault Systems, DSM, Syngenta, Micronas, Elisa.

...more...

[EuroObserver]

11. Midday: steady

Swiss SMI up +0.50% % at 7870.90 in Zurich13:12:10 CET
Xetra Dax 30 up +1% at 5,723.55 in Frankfurt 13:35 CET
CAC 40 up +0.8% at 4,933.96 in Paris 13:33 CE
FTSE 100 up +1.2% at 5,793.0 in London 12:33 GMT

[EuroObserver]

71. European markets closed strongly

Swiss SMI up +0.53% at 7873.61 in Zurich 17:31:42 CET
Xetra Dax 30 up +1.2% in closing exchanges in Frankfurt 17:46 CET
CAC 40 closes up +1.2% at 4,955.7 in closing Paris exchanges 17:45 CET
FTSE 100 up +1.5% at 5,808.7 in closing London exchanges as ongoing bid talk provides momentum and tobacco sector makes gains 16:44 GMT


Europe lifted by upbeat earnings
Upbeat earnings news on an extremely busy day for corporate results helped the FTSE Eurotop 300 gain 14.57 points or 1.1 per cent to 1,330.34 on Thursday. Securitas jumped 10.2 per cent at SKr145.50 after the world’s largest security services group announced plans to spin off three business divisions, along with fourth-quarter results which beat expectations. The underperforming company was a prime target for private equity and the management was under pressure from shareholders to crystalise value and close the conglomerate discount. Market talk suggested a bid for Rentokil’s Initial Manned Guarding division was also possible. Alfa Laval gained 10.5 per cent at SKr183.50 as earnings upgrades looked likely for the Swedish engineering group which reported a 22.7 per cent increase in orders in the fourth quarter.

London closes with strong gains as BG beats forecasts
London equities closed deep inside positive territory on Thursday after a strong showing from energy stocks, combined with further reports of imminent bid activity, led to a broad based rally. The FTSE 100 ended the day 1.5 per cent higher at 5,808.7 and the mid-cap FTSE 250 climbed 1.4 per cent to 9.368.7. BG Group topped the list of leading shares after its fourth quarter number beat expectations. The company led the energy sector higher, closing with gains of 9.3 per cent at 673.5p on news of a 21 per cent increase in production volumes and a 97 per cent rise in profits in the period.

[EuroObserver]

4. U.S. stocks get little respect from Europeans

LONDON (Reuters) - The United States may be in the driving seat when it comes to the world economy, but its equities continue to get little respect from many large European investors.

A clear consensus exists among these money movers that, globally speaking, equities are a better investment bet this year than fixed income assets. But within equities portfolios, U.S. stocks tend to rank poorly. Reuters's latest asset allocation polls, for example, showed North American stocks as the largest underweight position among European investors' equities portfolios.
...

Performance so far this year on the U.S. market has done little to warm the European investor's heart.

The Nasdaq <.IXIC> has done reasonably well -- up a bit less than 2 percent -- but the Dow Jones industrial average <.DJI> and S&P 500 <.SPX> have struggled and are currently only just in positive territory for the year to date.

By comparison, Europe's blue chip DJ Euro Stoxx index <.STOXXE> is up more than 4 percent and broader FTSEurofirst 300 <.FTEU3> has gained more than 3 percent.

Japan has offered mixed fortune, with fairly robust gains above 4 percent being wiped out in sudden corrections. But even given this, both the Nikkei <.N225> and TOPIX <.TOPX> have gained significantly more than the Dow and S&P.

This is a continuation from last year when the U.S. underperformed spectacularly.

As Japanese markets gained more than 40 percent, emerging markets more than 30 percent and Europe more than 22 percent, the S&P eked out just a 3 percent rise in 2005, the Nasdaq only 1.3 percent and the Dow closed with a small loss.

...a little more...

[JNelson6563]

12. I agree with them

I think there is only a thin veneer of stability for at least parts of the US economy and industry. I don't think it really passes the smell test either.

I enjoy reading all the European market info you post EU!

Julie

[EuroObserver]

17. Hi Julie. Thanks for the thread!

I wonder. I wonder if much more stability is to be found over this side of the water.

Frothy, makes me think of especially the winter surfers back on my canary island: that's the kind of active adjective that gives you a good idea what happens next (ie: downhill).

[AnneD]

26. Morning Marketeers,

:donut: My overseas investments have outpaced my American investments for some time now. I got in 3 yrs ago and have seen tremendous growth and I think We have a few more years on this train ride. In fact, I was the one that pushed my broker to put me in. He finally saw how well it was doing for me that he readjusted HIS portfolio. What can you do with these young pups. He said he loves to talk with me because he learn different things (don't know what that means). I told him about SW.
Our Katrina evacuees are now marching on DC. DEM's are receptive, haven't heard much about the GOP. Guess the are busy with reforming the lobbying industry (or burying bodies, shreding memos, or deleting e-mails).:eyes:

Happy Hunting and watch out for the bears!

[JNelson6563]

38. Good stuff Anne

Love that you teach your broker a thing or two! :toast:

Investment in European markets seems to be gaining in popularity in the circles I move in. You were ahead of the curve.

Julie

[AnneD]

64. He really is a nice young guy,

He works for a large company and my account is small, but he always returns my calls and does what I ask of him-no foot dragging. He loves when I come in to adjust my funds. I gave him some sales tips (that worked for him) and have loaned him some books that I found interesting. I keep him on his toes.
Some times you can get in close to the begining of the curve, at that is great. But I never have regretted getting out...of anything. I would rather be out early than loose my shirt.

[EuroObserver]

5. Gold Recovers On Tokyo Buying, Terror Scare

SYDNEY (Dow Jones)--Gold recouped almost half of Tuesday's losses in Asian trading Thursday as Japanese buyers returned to the market and a terror scare in the United States spurred some safe haven buying.

Spot gold raced to $559 an ounce from Wednesday's New York close of $550.45. But prices were still below last week's 25-year high $575.15.

Traders and analysts attributed the price bounce to Japanese investors keen to establish fresh long positions at lower prices after Wednesday's profit taking flurry. "Tokyo seems to see the market has stabilized around $550, prompting some panic buying on Tocom this morning as people missed the opportunity to buy last night," a Hong Kong-based trader said.
...

Besides growing confidence $540-$550 offers firm support as physical players re-enter the market, some participants said sentiment received an added boost from the evacuation of a U.S. senate building on suspicion of a possible nerve agent.

"We were sitting either side of $550 until news started to filter through and here we are at $558," Robert Rennie, senior currency strategist at Australia's Westpac bank, said at the time.

The incident later proved to be a false alarm, but safe haven investment sensitivities were running high after former U.S. Federal Reserve chairman Alan Greenspan, speaking in New York overnight, credited gold's recent rally to the threat of terrorism...

...more...

[UpInArms]

13. Today's Reports:

http://biz.yahoo.com/c/e.html

Feb 9	8:30 AM		Initial Claims		02/04	277K	285K	285K	273K	-	
Feb 9	10:00 AM	Wholesale Inventories	Dec	-	0.4%	0.5%	0.4%	-

[UpInArms]

14. Unemployment Claims rose to 277,000

8:30am 02/09/06 U.S. 4-WK AVG. JOBLESS CLAIMS LOWEST SINCE APRIL 2000

8:30am 02/09/06 U.S. CONTINUING JOBLESS CLAIMS FALL TO 5-YEAR LOW 2.58MLN

8:30am 02/09/06 U.S. 4-WK AVG. JOBLESS CLAIMS FALL 7,750 TO 276,500

8:30am 02/09/06 U.S. WEEKLY JOBLESS CLAIMS RISE 4,000 TO 277,000

[UpInArms]

15. more info

http://www.marketwatch.com/news/print_story.asp?print=1&guid={3E447DC7-5D03-4471-A9C0-0BEBC1F7313D}&siteid=mktw

WASHINGTON (MarketWatch) -- First-time applications for U.S. unemployment benefits edged higher by 4,000 to 277,000 in the week ending Feb. 4, the Labor Department said Thursday.

The four-week average of seasonally adjusted new claims fell to 276,500, the lowest since April 2000. The average number of new claims is nearly 50,000 lower than it was for most of 2005.

The four-week average is considered a better gauge of new claims because it smoothes out one-time disturbances, such as holidays, intense weather and strikes.

Economists were expecting an increase in new claims to about 283,000 in the most recent week, according to a survey conducted by MarketWatch. See Economic Calendar.

Meanwhile, the number of people receiving unemployment checks rose by 60,000 to 2.557 million in the week ending Jan. 28. The four-week average of continuing claims fell by about 34,000 to 2.54 million, the lowest since March 2001. Read the full release.

The insured unemployment rate - the percentage of those workers covered by unemployment insurance who are actually collecting - rose to 2% from 1.9%, which was the lowest rate since February 2001.

New filings in this range are consistent with steady job growth of 200,000 or more per month, economists say.

...more...

[mike923]

30. Nice job picking out the winning headline*

nfm

[UpInArms]

32. I post the numbers - not the spin

what's the problem?

(edited because I am not really that combative this morning)

[mike923]

44. re reading my post, i can...

see where it looks like i'm being sarcastic. I apologize. I was trying to point at the laughable lies i the other report announcments.

Sorry, i'm not a good at this posting thing.

[UpInArms]

47. it's okay - this posting thing is rather tricky

there's no way that one can tell which way things go - without those little emoticons we're sunk :)

check out that smilies lookup table (just above the posting box) for the codes

Me? I just hadn't had enough coffee yet :D

:toast:

[UpInArms]

31. Wholesale Inventories rise 1% - above concensus of .5%

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38757.4170638657-859997212&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

WASHINGTON (MarketWatch) - Inventories at U.S. wholesalers increased 1% in December, led by growing stockpiles of autos and drugs, the Commerce Department said Thursday. Sales at wholesalers also increased 1% in the month, led by durable goods and petroleum. Despite the biggest increase in inventories in a year, the inventory-to-sales ratio remained at a very tight 1.15 in December, up from a record low 1.14 in October. Economists surveyed by MarketWatch expected wholesale inventories to increase 0.5%. Inventories increased a revised 0.5% in November, up from 0.4% previously.

10:00am 02/09/06 U.S. NOV. WHOLESALE INVENTORIES REVISED UP 0.5% VS 0.4% PRV.

10:00am 02/09/06 U.S. DEC. WHOLESALE INVENTORY-SALES RATIO STEADY AT 1.15

10:00am 02/09/06 U.S. DEC. WHOLESALE SALES RISE 1% VS. -0.7% IN NOV.

10:00am 02/09/06 U.S. DEC. WHOLESALE INVENTORIES UP 1% VS. 0.5% EXPECTED

[UpInArms]

41. DOE: NatGas Stocks fall 38 bln cubic ft

10:32am 02/09/06 U.S. NATURAL GAS STKS FALL 38 BLN CUBIC FT: ENERGY DEPT

10:32am 02/09/06 MARCH NATURAL GAS DROPS TO LOWEST LEVEL SINCE LATE FEB '05

10:32am 02/09/06 MARCH NATURAL GAS DOWN 33.5C, OR 4.3%, AT $7.40/MLN BTUS

[spotbird]

46. Inventory is lower and so is price?

How'd that happen?

[UpInArms]

48. that looking glass syndrome

Up is Down
Black is White
War is Peace

[UpInArms]

18. Greenspan's private remarks raise ethics eyebrows

http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=uri:2006-02-08T223404Z_01_N08102472_RTRIDST_0_ECONOMY-FED-ETHICS.XML

WASHINGTON, Feb 8 (Reuters) - Former Federal Reserve Chairman Alan Greenspan, a symbol of integrity while in office, has raised eyebrows on Wall Street by speaking on the economy at private events just a week after leaving the central bank.

Greenspan's remarks at an evening event on Tuesday hosted by investment bank Lehman Brothers, which leaked into the public domain on Wednesday, were seen as bullish by sources who heard about them.

Sources said Greenspan, whose term atop the central bank expired on Jan. 31 after 18-1/2 years, suggested markets were underestimating how far the Fed may still need to go in a credit-tightening campaign that dates back to June 2004.

"What makes some red in the face is that he can speak about Fed policy and the economy just days after leaving the Fed when his insights are most relevant and freshest and impact markets," said David Gilmore, a partner at the research firm FX Analytics.

The reported comments gave a boost to the U.S. dollar, as traders increased bets that interest rates would rise further.

In addition to those remarks, one source said Greenspan also spoke to a small private luncheon at Lehman on Tuesday and a newspaper reported that Greenspan spoke about soaring gold and oil prices in video remarks to investors in Tokyo.

...more...

[UpInArms]

72. WUHBPH's crony defends unethical behavior

2:35pm 02/09/06 FED'S MOSKOW: GREENSPAN FREE TO TALK AS MUCH AS HE WANTS

[orwell]

77. That's funny...

...the words Greenspan and ethics in the same sentence.

[UpInArms]

19. G'morning Julie!

:donut::donut:

Sorry I'm late to the party this morning! Getting ready to go off and see how well that consumer is taking it on the chin and see what the state of the economy is up close and personal.

I'll be gone 'til Monday afternoon or Tuesday morning - but will be around most of today.

Thanks for starting the SMW thread and keeping us all together - you did great!

:grouphug:

[JNelson6563]

40. Thanks UIA!

Thanks for all the help keeping it going! Hope your journey goes well and that we don't crash before your return. ;-)

:toast: Julie

[AnneD]

62. Have fun.....

UIA,See new things, don't forget my tee shirt :hi:
Julie, thanks for posting-you did great:toast:
And EO...thanks for keeping us up to date with your posts. They add a whole other dimension to this thread.:toast:

[UpInArms]

20. Bear Stearns fined $1.5M for rules violations by NYSE

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38757.3854303819-859992340&siteID=mktw&scid=0&doctype=806&

NEW YORK (MarketWatch) -- The New York Stock Exchange on Thursday said it fined Bear Stearns & Cos. (BSC) $1.5 million over rules violations tied to index arbitrage trading, failure to supervise suspicious brokerage accounts and improper communications by a research analyst. The NYSE said the trading violations occured in July 2001, October 2002 and May 2003. The Big Board also said Bear Stearns failed to supervise 10 foreign customer accounts by not researching the custome and his orders. The customer had been alleged to have committed fraud at the bank where he was chairman. Shares of Bear Stearns closed up $1.50 to $128.90 on Wednesday.

[UpInArms]

21. pre-opening blather

09:00 am : S&P futures vs fair value: +1.4. Nasdaq futures vs fair value: +3.5. While Wednesday's U.S. rally spilled over to overseas markets, as evidenced by a 1.0% surge on the Nikkei 225 and strong gains across Europe, the fact that a conclusion has generally been reached about overall earnings trends provides little impetus this morning to fully embrace strong results from Aetna (AET), News Corp (NWS.A) and Prudential (PRU) and more aggressively extend yesterday's broad-based buying. As such, futures still trade above fair value but provide little conviction as to whether or not blue chips will open on an upbeat note.

08:30 am : S&P futures vs fair value: +1.1. Nasdaq futures vs fair value: +3.0. Still shaping up to be a flat to modestly higher start for the cash market as futures indications struggle to hold a positive slant. Separately, initial claims rose just 4K to 277K and were below the 285K consensus, suggesting labor conditions remain strong; however, market reaction has been relatively muted as corporate earnings continue to set the early tone to trading.

08:00 am : S&P futures vs fair value: +0.9. Nasdaq futures vs fair value: +1.5. Futures market versus fair value suggests a modestly flat start for stocks as investors sift though the week's largest batch of earnings reports and await relatively uneventful economic data -- initial claims (8:30 ET) and wholesale inventories (10:00 ET). To that end, a lack of market-moving catalysts so far has stalled follow-through buying efforts in the wake of yesterday's relief rally sparked by upbeat news from Pfizer (PFE) and Cisco Systems (CSCO).

[UpInArms]

22. EMAILS: Jack Abramoff Describes Relationship With President Bush

http://thinkprogress.org/2006/02/08/exclusive-abramoff-emails/

ThinkProgress has obtained emails written by Jack Abramoff in which the fallen lobbyist personally describes his relationship with President Bush. They depict a relationship far more extensive than has been previously reported.

The emails written by Abramoff were addressed to Kim Eisler, the national editor of Washingtonian magazine. The Washingtonian recently reported on the existence of several photographs showing Abramoff and Bush together. Eisler is also the author of Revenge of the Pequots, a book about tribal politics for which Abramoff was interviewed.

In the emails, Abramoff describes meeting Bush “in almost a dozen settings,” and details how he was personally invited to President Bush’s private ranch in Crawford, Texas, for a gathering of Bush fundraisers in 2003. Abramoff did not attend, citing a religious observance.

Abramoff emailed Eisler about his invitation to Crawford and his decision not to attend:

NO, IT WAS THAT I WOULD HAVE HAD TO TRAVEL ON SATURDAY (SHABBOS). YES, I WAS INVITED, DURING THE 2004 CAMPAIGN. IT WAS SATURDAY AUGUST 9, 2003 AT THE RANCH IN CRAWFORD.

The White House has continually downplayed the relationship between Abramoff and President Bush. At a January 26 press conference, President Bush said “You know, I, frankly, don’t even remember having my picture taken with the guy. I don’t know him.”

...more...

[UpInArms]

23. Bush often met with, and praised, corrupt lobbyist

www.capitolhillblue.com/artman/publish/article_8013.shtml

Abramoff kept a photo of himself with Bush, shot at the Crawford ranch, in his office in Washington. The autograph from Bush said “to my great friend Jack.”

Dale Knally, a campaign worker in the 2004 Bush-Cheney re-election campaign, recalls a meeting between Bush and Abramoff during a campaign stop in Florida.

“He put his arm around Abramoff and told us that ‘this man is one of this administration’s greatest friends,’” Knally recalls. Knally declined a job in the Bush administration and returned to school after the election and remembers some in the campaign privately calling Abramoff a “sleazeball.”

“That campaign taught me that I never wanted anything to do with the Bush administration or politics again,” Knally said. “No matter how many showers I took, I couldn’t wash away the stench.”

[UpInArms]

24. Bush introduced Abramoff to a campaign gathering in Florida in 2004

http://www.capitolhillblue.com/artman/publish/article_8081.shtml

Bush introduced Abramoff to a campaign gathering in Florida in 2004, calling the lobbyist “a great friend to this administration.” Capitol Hill Blue first revealed on January 18 that the lobbyist kept pictures of he and the President today at his office, including one taken at the President’s ranch in Crawford, Texas, and autographed to “My great friend Jack.” Other news sources quickly followed with reports of the photos but the White House refused to release them.

Bush also faces damaging new information that his former chief procurement officer, David Safavian provided "sensitive and confidential information" about four subsidiaries of Tyco International to Abramoff, warning the lobbyist of pending government actions against his clients.

Court records in a pending criminal case against Safavian also show a tight relationship between Abramoff and David Flanigan, a lawyer for Tyco who was nominated by Bush last October to be assistant attorney general under Alberto Gonzales. Bush later withdrew the nomination when questions surfaced over his relationship with Safavian and Abramoff.

“This web of scandal and deceit is ever-widening and Bush cannot escape the fact that he is at the center of it,” says Harleigh, who worked in the Nixon administration. “It is usually the cover up that brings an administration down. The President would do well to remember that.”

[wordpix]

49. K&R for LBN!

[UpInArms]

68. EUREKA! LINK to PICS of GWB and JACK ABRAMOFF!

PICTURES! WE HAVE PICTURES!

EXCLUSIVE: Abramoff Photos of President Bush, First Lady ‘Just Sitting In His Office’

In an interview yesterday, Washingtonian editor Kim Eisler confirmed to ThinkProgress that he has viewed several photographs of President Bush with Jack Abramoff. Eisler, who authored a book on tribal politics and is an associate of Abramoff’s, says he saw the photos during a visit to Abramoff’s house where they were “just sitting in his office.”

The White House has continually refused to release photos of President Bush with Jack Abramoff. Moreover, Press Secretary Scott McClellan has said that if photos of the two together exist, they are shots taken at “widely attended” Hanukkah receptions in 2001 and 2002. But according to Eisler, none of the photos in Abramoff’s office were taken at Hanukkah receptions.

One photo at Abramoff’s home depicts Bush shaking hands with Abramoff in the Old Executive Office Building, which is adjacent to the West Wing of the White House. Another photograph shows Bush with Abramoff at what appears to be the Corcoran Gallery of Art in Washington. A third photo, which previously has not been disclosed, is of Abramoff’s wife with Laura Bush.

...more...

[UpInArms]

25. Printing Press Report:Fed adds reserves via overnight system repos

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-09T143428Z_01_N09343118_RTRIDST_0_MARKETS-FED-OPERATIONS-UPDATE-1.XML

NEW YORK, Feb 9 (Reuters) - The Federal Reserve said on Thursday that it was adding temporary reserves to the banking system through overnight system repurchase agreements.

Earlier, the Fed added temporary reserves through 14-day system repurchase agreements.

The benchmark fed funds rate last traded at 4.5 percent, the Fed's current target for the overnight lending rate.

Further details of the operations are available at: http://www.ny.frb.org/markets/omo/dmm/temp.cfm

[UpInArms]

28. Treasurys under pressure ahead of 30-yr bond sale

http://www.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&guid=%7B25612224-5F1F-4F1E-9DD6-E5183902A198%7D&

NEW YORK (MarketWatch) - Treasury prices fell early Thursday, sending yields higher, as investors lightened positions ahead of this afternoon's auction of the revised 30-year bond. The long bond was retired in 2001, but the Treasury Department announced last year that it would be revived, largely to help governments and corporations fund pensions. Despite an abundance of corporate and government notes and bonds that have hurt demand this year, the 30-year auction is widely expected to go well. The 10-year benchmark note last was down 4/32 at 99-16/32 with a yield ($TNX) of 4.566%. The 30-year bond was 12/32 lower at 109-27/32, yielding 4.70%

[UpInArms]

66. 30-Yr Bond Sale Report (low bid-to-cover)

1:07pm 02/09/06 30-YEAR AUCTION INDIRECT BID 65.4%

1:04pm 02/09/06 30-YEAR BOND AUCTION MEDIAN YIELD 4.49%

1:04pm 02/09/06 30-YEAR BOND AUCTION BID-TO-COVER RATIO 2.05

[UpInArms]

67. US Treasury says 30-year high-yield lowest ever

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-09T184303Z_01_WAT004824_RTRIDST_0_ECONOMY-BOND-HISTORICAL-URGENT.XML

WASHINGTON, Feb 9 (Reuters) - The U.S. Treasury said the high yield of 4.53 percent in its 30-year bond auction on Thursday, the first in four years, was the lowest ever for a 30-year bond.

The Treasury's Bureau of Public debt said the high yield for Thursday's $14 billion 30-year issue was lower than that of 5.52 percent on the last 30-year bond auction in August 2001.

"We're pleased with the auction," Treasury spokeswoman Brookly McLaughlin told reporters at the Treasury, without elaborating.

The $14 billion issue 30-year bond issue sold at a high yield of 4.530 percent with 51.17 percent of the bids at the high. The bid-to-cover ratio was 2.05, with primary dealers taking $4.75 billion and indirect bidding taking $9.07 billion.

[UpInArms]

70. Treasuries 30-yr bond "disappointing" - curve inverted further

http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=uri:2006-02-09T191152Z_01_N09504193_RTRIDST_0_MARKETS-BONDS-UPDATE-1.XML

NEW YORK, Feb 9 (Reuters) - U.S. Treasury debt prices rose modestly on Thursday after the first 30-year bond auction drew disappointing overall interest but strong demand from indirect bidders.

That category includes large customers of primary dealers but also foreign central banks, who historically have avoided very long maturities.

The $14 billion in new bonds were sold at a high yield of 4.530 percent and drew bids for 2.05 times the amount on offer.

"I am surprised we did not see higher demand," said Alan Gayle, a managing director at Trusco Capital Management in Atlanta, Georgia.

Investors had been expecting broader interest from the likes of pension funds and insurance firms.

<snip>

"Still, bid-to-cover ratio was not very exciting and with the amount of Treasury supply coming due, it may indicate higher yields down the road," he added.

Also depressing the market were comments from Chicago Federal Reserve President Michael Moskow, who reminded Wall Street that the central bank's string of interest rate increases may not be over just yet.

<snip>

The yield curve inverted further, with spreads between 10- and two-year notes sliding to -10 basis points from -5 on Wednesday.

...more...

[UpInArms]

35. 30-year Treasuries move down ahead of bond sale

http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=uri:2006-02-09T150202Z_01_N09338769_RTRIDST_0_MARKETS-BONDS.XML

NEW YORK, Feb 9 (Reuters) - Prices on 30-year U.S. Treasury debt retreated on Thursday, hours before the first long bond auction since August 2001, as dealers continued to try to push down the prices before the $14 billion sale.

Ten-year debt prices also fell, but prices on shorter-dated maturities held steady.

Dealers often try to push down the prices of Treasuries ahead of an auction in the hope of picking up the new paper at a lower price, a tactic known as "cheapening" or building a concession into the market.

Thursday's 30-year bond auction, the third leg of the Treasury Department's $48 billion refunding this week, is expected to generate better buying than the first two auctions. Results were due at 1 p.m. EST (1800 GMT).

"Today, the first auction of 30-year Treasury bonds in (almost) five years is expected to go well," said Christopher Low, chief economist at FTN Financial in New York.

"So far, the refunding has been a mixed bag. The three-year saw little foreign interest and had a low bid-to-cover, but the 10-year went a little better yesterday," Low added. Bid-to-cover is a measure of demand in a bond auction.

...more...

[UpInArms]

52. Some top US pensions say no to long bond for now

http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=uri:2006-02-09T162426Z_01_N09198974_RTRIDST_0_MARKETS-30YEAR-PENSIONS.XML

NEW YORK, Feb 9 (Reuters) - Two of the biggest U.S. pension funds are taking a pass on bidding for some of the $14 billion in 30-year Treasury bonds being served up on Thursday even as overall demand for the long bond's rebirth appears high.

The new U.S. long bond, last issued in August 2001, has generated enormous interest, with trading on Wednesday on a when-issued basis yielding slightly less than yields on the 10-year Treasury notes.

But who the buyers are is far from clear, even though state officials and insurers say there is a need to match long-term liabilities with assets of similar duration.

Investment staff at California Public Employees' Retirement System, the No. 1 U.S. pension fund with $201 billion in assets known as Calpers, will pass on the 30-year notes because of pricing, a spokesman said.

"They're going to continue to watch them and it may be something we purchase in the future," said Brad Pacheco, a spokesman for Calpers, which is based in Sacramento, California.

Martha Stark, who as finance commissioner for New York City sits on the board of NYCERS, the city's retirement system for public workers, also said it was unlikely to bid.

"It's doubtful that we'd be interested. While it's sometimes used as an interest-standard, its earlier demise created some confusion. I don't think it's something we'd be interested in now," Stark said.

...more...

Pensions are not required to have those types of assets, so they're "not interested". Hmmm.... "Pension reform" might force them to buy government debt???

Wonder how those "free marketers" are going to pass that off :eyes:

[UpInArms]

55. Treasurys off; long-bond sale ahead - yield curve still inverted

http://www.marketwatch.com/news/story.asp?guid=%7B9ED8887C%2D11BB%2D4FE2%2DB9C5%2DB66104027132%7D&symbol=&siteid=mktw

NEW YORK (MarketWatch) - Long-term Treasury prices fell Thursday, sending yields up a bit, as investors lightened positions before the much-awaited revival of the 30-year bond.

The benchmark 10-year note was down 1/32 at 99-19/32 to yield ($TNX) 4.553%.

The 30-year bond, which has not been auctioned since 2001, was 3/32 lower at 110-5/32, yielding 4.683%.

The yield curve remained inverted, as the 2-year yield stayed above the 10-year yield. The 2-year note last was up 1/32 at 99-17/32 with a yield of 4.625%.

All eyes are trained on the Treasury sale of $14 billion in 30-year bonds, scheduled for 1 p.m. Eastern.

The 30-year sale is widely expected to go well. The Treasury Department retired the long bond in 2001 but is reviving it to help governments and corporations fund longer-term obligations like pensions. Demand from insurers is also expected to be strong.

Investors have shown a tepid response to some recent Treasury auctions, notably Tuesday's sale of three-year notes, which attracted a record low 22% of bids from foreign central banks and other indirect bidders.

The fixed-income market this year has been burdened with an unusually heavy supply of notes and bonds from corporations, the Treasury Department, other government agencies and foreign governments.

...more...

[UpInArms]

63. Fed's Moskow: Rates near neutral, may have to go higher

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B2EEC5B6B%2D6A09%2D4E9C%2D9F55%2DE140BF524968%7D&dateid=38757%2E5422446875%2D860016850&siteID=mktw&scid=0&doctype=806

CHICAGO (MarketWatch) - Overnight interest rates have crossed into neutral territory but may need to be tweaked some more to keep inflation expectations from rising, Chicago Federal Reserve President Michael Moskow said Thursday. "My view is that inflation will likely remain contained. But ... there are risks to the inflation outlook -- namely, the potential for energy cost pass-through, pressures from increases in resource utilization, or rising inflationary expectations," Moskow said in prepared remarks to the Chicago Chapter of the Risk Management Association. "With inflation near the upper end of my comfort zone, an unexpected increase in inflation would be a serious concern, while a decline in inflation would be beneficial."

1:00pm 02/09/06 MOSKOW: TIGHTER JOBS MARKET, ENERGY PRICE PASS-THROUGH RISKS

1:00pm 02/09/06 MOSKOW: SIGNS ECONOMY IMPROVING FROM SLOWER FOURTH QUARTER

1:00pm 02/09/06 MOSKOW: POLICY AIMED AT CONTAINING INFLATION EXPECTATIONS

1:00pm 02/09/06 FED'S MOSKOW: RATE IN NEUTRAL AREA BUT MAY HAVE TO GO HIGHER

[UpInArms]

27. Gold futures climb as much as $9 in morning trading @ $562.70 oz

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38757.4093666319-859996141&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (MarketWatch) -- April gold rose $8.90, or 1.6%, to $562.70 an ounce in morning trading, after rising to a high of $563.30. In overnight trading, "the market found strong buying interest by the funds, but also on news that a suspected nerve agent forced the evacuation of the U.S. Senate Office Building Wednesday evening," Nell Sloane, an analyst at NSFutures.com said in daily commentary. But gold held its gains "even though the vapor that caused the alarm tested harmless," she said, adding: "the bounce extended to other precious metals as well."

[ret5hd]

33. as the great mogambo told us yesterday:

"Tuesday's dramatic drop in the price of precious metals and oil is Lady Fate being very, very nice to you, and offering you a chance to load up at bargain prices. Lucky you!"

[OrangeCountyDemocrat]

37. Gold - "Reports Of My Death Have Been Greatly Exaggerated" nt

[OrangeCountyDemocrat]

45. Article - Has The Fat Lady Sung?

http://www.gold-eagle.com/editorials_05/orlandini020806.html

Has The Fat Lady Sung?

This will be quite short by my standards and to the point. No charts, no graphs! This is just a simple explanation that will let you know exactly where I stand. A lot is being said about gold having topped out and how we are headed down into the depths of despair. I couldn't disagree more! As most of my clients already know, I felt that we would encounter significant resistance at the 569.75 level in the spot price of gold, and that is exactly what happened. Why is 569.75 so important? Well, it just so happens that it represents the half way mark between the 1981 high and the 1999 low and that, ladies and gentlemen, brings us to the "50% Principal". When a major Bear Market like the one gold experienced from 1981 to 1999 come to and end, the subsequent Bull Market will begin to retrace lost ground. The "50% Principal" states that once you have made consecutive closes above the 50% mark (569.75), you stand a very good chance of testing the previous Bull Market high. That is precisely what we did a couple of days ago. We made two non-consecutive closes above 569.75.

It should be noted that I'm not the only geek with a slide rule who can calculate these things. You should also be aware that the number can vary from geek to geek depending if you use intraday highs and lows, New York closes, London AM fixes, London PM fixes, etc.,… The important thing is that everyone comes up with more or less the same number and programs it into their respective black boxes. Furthermore, just about everyone and their brother is a trader so they sit there with their fingers on the trigger, ready to take profits/cut their losses at the blink of an eye. That plays hell with my digestive system because I am a long-term investor who thinks in years and not minutes. I really don't care that gold fell $ 16.00 yesterday. As long as the primary trend is intact, and it most certainly is, I'm in the game.

With that being said, I want to talk about yesterday, and today, and even tomorrow because there is a plethora of less than holy people calling a top for probably the fifth time in the last month and a half. The first top was called back on December 12th when we hit an intraday high of 545.00 and then fell to 493.00 seven days later. My clients used that "top" to add on. There have been other tops as well, but you get the idea. Now what we are seeing is a self-fulfilling prophesy of resistance at 569.75, but we have not yet seen the top. Better yet, this is not the correction that everyone has been waiting for. What this is, in my opinion, is nothing more than a three to seven day move down which should be followed by some sort of short consolidation, and then a resumption of the leg up. This counter trend move down may find support at 553.25, but more than likely will test 539.50 or even 527.00, forcing all the speculative weak longs out at just the wrong time.

Paul Newman made a great movie back in the 1960's called Cool Hand Luke and in it he played a convict sentenced to one of those Mississippi prison farms famous in song and story. In that movie, there was a great line spoken as the warden looked down at Newman, whom his guards had just beat the hell out of for the umpteenth time, and says "what we have here is a failure to communicate". That is precisely the case with this Bull Market is gold, i.e., investors just don't get the message. The only message you need to understand is summed up in the following Monthly Chart (I lied about no charts) of gold:

This is the same chart I presented to you back in July of last year, and again in early December. Nothing has changed; the direction is up! The message you should be receiving is that this is a Bull Market for gold and it will continue for years. The Bull is doing absolutely everything in its power to get everybody on the wrong side of the trade as often as possible, and the current "top" is no exception. Take a good long look at any previous significant top put in since the Bull Market began in earnest in 2001, and none of them look like today's. They all exhausted in an almost vertical move up and most ended in one-day reversals. Not the case here. There is, in my opinion, more to come. We will see another test of 569.75 and I suspect we may even manage to work our way above it. I could be wrong (it wouldn't be the first time, or the last), but I suspect a test of 644.73 will be in order. Yes, it will be volatile as Tuesday was, and it will get investors turned the wrong way at just the wrong time. That's just the nature of this particular Bull. My best advice is to sit tight and take long walks on the beach. Oh, and leave the CNN-FX on mute. That will do wonders for your inner peace.

Enrico Orlandini
Lasco Report

[OrangeCountyDemocrat]

43. Welcome to 2006 and the spoils that belong to the victorious.

http://www.gold-eagle.com/editorials_05/hoy020806.html

Welcome to 2006 and the spoils that belong to the victorious.

I believe we have entered a period of time where most investors will appear to be geniuses when they look in the mirror. This is what being in the right place at the right time is all about. The old cliché of "a broken clock is right twice a day" is the one thing that investors must recognize about the precious metals and natural resource markets we have today. I have waited a very long time to be in the position that we are now in. I am also looking forward to hearing and reading about the stupidity that follows being able to" Walk on Water." Many of these people will confuse being able to "walk on water" with walking in water that is only a quarter of an inch deep. I am seeing the beginning of some serious exaggerations by a few people who are currently enjoying success.

It is very important for each of you to do your own homework, with an open mind, so that you may be able to separate the fact from the fiction and reality from wishful thinking. The fact that a property may have great potential, or even large proven reserves, does not necessarily mean that production is a given. There are many properties with economic ore bodies that have never been put into production and probably never will. The number one reason these properties never see production is the fact that permitting is an obstacle that simply cannot be overcome for one reason or another. These properties just seem to get passed down the line to the next company that wants to take a shot at "beating the odds." I believe that many of the stories and articles I read today are in essence the same thing as "buying a car without taking it for a ride." You never really know what you are getting if you don't; and even if you do go for a ride you still have no assurance the car will not be a "lemon" until it is too late. What do you see when you look in the mirror at this point; can you say "BAGHOLDER?"

After nearly 30 years in this business I have learned many things. The last 20 years have taught me that one may have all the answers but that does not make him right. Timing, right now, is the most important factor which, in the end, decides whether an investment will put you into the "poor house" or on "easy street." Right now the timing is perfect for making easy money in the precious metals industry.

Many young inexperienced investors and prognosticators are going to confuse their success with having the game figured out; when in reality they are simply in the right place at the right time. Their youth and inexperience will give them away down the road. There is no monopoly on pride, arrogance and ego.

As investors we must never forget the lessons history has taught over and over again. The most recent lessons were taught when the Tech sector was crushed. This ugly ending should never be cleansed from our minds. It should serve as a "Certainty of Life" when it comes to investing. The stupidity surrounding the rise and fall of the tech sector is legendary. We must never forget the insanity that swept the investing community as the book was closed on "The Rise and Fall of the New Economy!" I will never forget the man who once said to me, the week the NASDAQ peaked out above 5000, that I was stupid for not owning tech stocks. All I could do was look at him and smile. There is no way he could understand what I wanted to tell him; so, believe it or not, I didn't say a word. I just smiled and laughed.

By the time the end is ushered in on the "Golden Era" the craziness of the "Tech Sector" will look like "Child's Play" in comparison to what will have gone on in the precious metals sector. I can't wait to see the things that will be written by many as this "Bull Market of All Bull Markets" unfolds.

Without a doubt we are in for some very interesting times. Cocktail parties are once again going to be very lively as stories of success, wealth and perfect timing will monopolize the conversation; most of it stretched just a bit.

Enjoy the ride! The next year or two we should have a very prosperous and fun experience. I hope that I have the good fortune of being able to liquidate my positions within 20% of their ultimate highs. My fear is that I will take my money off the table way too early. Even if I take my money off the table too early I should never have to worry about my financial future.

[UpInArms]

59. April Gold @ $563.80 oz - March Silver @ $9.61 oz - March Copper @ $2.305

12:31pm 02/09/06 APRIL GOLD RISES $10, OR 1.8%, TO $563.80/OZ IN NY

12:31pm 02/09/06 MARCH SILVER UP 17C, OR 1.8%, TO TRADE AT $9.61/OZ

12:31pm 02/09/06 MARCH COPPER CLIMBS 3.05C, OR 1.3%, TO $2.305/LB

[UpInArms]

69. Gold futures close over $14 higher @ $568.10 oz

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B2CED6E03%2DCCCE%2D4E1F%2DB694%2DC9AB9290DD2D%7D&dateid=38757%2E5753816898%2D860022478&siteID=mktw&scid=0&categories=&doctype=806&property=symb&value=

SAN FRANCISCO (MarketWatch) -- April gold closed at $568.10 an ounce in New York, up $14.30, or 2.6%, for the session. Gold's climb Thursday is "deemed bullish after the dramatic fall on Tuesday," said Peter Spina, an analyst at GoldSeek.com. Prices fell almost $20 an ounce that day. But Spina said he remains "skeptical in the short term until we can break through $566 spot and follow that with a close above the $575 record highs hit last week. That would then signal $600 or more is on the way."

[UpInArms]

29. 9:54 EST numbers and blather

Dow 10,874.47 +15.85 (+0.15%)
Nasdaq 2,276.58 +9.60 (+0.42%)
S&P 500 1,270.07 +4.42 (+0.35%)
10-Yr Bond 4.557 -0.38 (-0.83%)

NYSE Volume 234,796,000
Nasdaq Volume 293,538,00

09:45 am : Market opens to the upside but a lack of more market-moving news items has left little to get too excited about. While most of this morning's big earnings reports have been relatively upbeat, the winding down of earnings season this week and the absence of notable economic data is leaving investors less incentive to extend yesterday's widespread buying efforts in the face of uncertainty regarding Fed policy. DJ30 +4.40 NASDAQ +3.23 SP500 +1.94 NASDAQ Vol 160 mln NYSE Vol 82 mln

[UpInArms]

34. 10:09 EST numbers and blather - WHEE!

Dow 10,905.53 +46.91 (+0.43%)
Nasdaq 2,281.14 +14.16 (+0.62%)
S&P 500 1,272.37 +6.72 (+0.53%)
10-Yr Bond 4.559 -0.36 (-0.78%)

NYSE Volume 344,184,000
Nasdaq Volume 416,436,000

10:00 am : Equities remain on the offensive as the bulk of industry leadership remains positive, but gains are modest at best. Energy is turning in the best performance so far, benefiting from a rebound in oil prices, while Health Care has gotten a boost from a surge in HMOs following strong Q4 earnings and an increased membership outlook from Aetna (AET 100.67 +4.55). Consumer Discretionary has also shown relative strength as raised Q4 guidance from Best Buy (BBY 52.87 +4.04) and solid earnings from Marriott (MAR 67.99 +1.88) have helped offset reports that negotiations between General Motors (GM 21.77 -0.22) and the UAW have stalled over restructuring at Delphi. DJ30 +17.57 NASDAQ +10.32 SP500 +4.65 NASDAQ Dec/Adv/Vol 1028/1342/336 mln NYSE Dec/Adv/Vol 1103/1547/213 mln

[JNelson6563]

39. I know I'm greatly relieved to see Energy doing so well!

At least our tax-dollars are funding subsidies to the most profitable of industries! Shows our "CEO (mis)Adminstration" can really pick winners!

:puke:

Julie

[UpInArms]

36. March Crude @ $62.80 bbl - March NatGas @ $7.62 mln btus

10:04am 02/09/06 MARCH NATURAL GAS CONTRACT DROPS TO A NEARLY ONE-YEAR LOW

10:04am 02/09/06 MARCH NATURAL GAS FALLS 11.5C TO $7.62/MLN BTUS

10:04am 02/09/06 MARCH CRUDE CLIMBS 25C TO $62.80/BRL IN EARLY TRADING

[UpInArms]

58. March Crude @ $63.40 bbl - March NatGas @ $7.45 mln btus

12:32pm 02/09/06 MARCH CRUDE CLIMBS 85C, OR 1.4%, TO $63.40/BRL

12:32pm 02/09/06 MARCH NATURAL GAS FALLS 3.7% TO $7.45/MLN BTUS

12:32pm 02/09/06 MARCH HEATING OIL RISES 1.2%; MARCH UNLEADED GAS DOWN 0.2%

[UpInArms]

42. 10:35 EST markets experience ecstacy attack

Dow 10,929.14 +70.52 (+0.65%)
Nasdaq 2,282.68 +15.70 (+0.69%)
S&P 500 1,272.33 +6.68 (+0.53%)
10-Yr Bond 4.557 -0.38 (-0.83%)

NYSE Volume 522,547,000
Nasdaq Volume 626,114,000

(adding blather on edit)

10:30 am : Indices get a boost since the last update, spearheaded by strength across the board in Technology. Semiconductor, led by a 2.2% surge in Intel (INTC 21.13 +0.46), has provided the biggest boost while follow-through buying in Dell (DELL 31.82 +0.30), which was up 6% yesterday on an analyst upgrade, has helped hardware turn positive. Continued upside momentum in Cisco Systems (CSCO 19.82 +0.42), adding 2.2% to yesterday's 7.2% surge, is also acting as a source of support. DJ30 +60.59 NASDAQ +15.84 SOX +1.1% SP500 +6.76 NASDAQ Dec/Adv/Vol 951/1614/564 mln NYSE Dec/Adv/Vol 903/1968/362 mln

[UpInArms]

50. Suit claims Duke Energy pension changes hurt employees

http://www.wcnc.com/sharedcontent/APStories/stories/D8FLK55G1.html

Six former and current Duke Energy employees claim the company committed age discrimination and violated pension laws when it made changes to its retirement plan in the 1990s, according to a lawsuit filed this week in federal court.

The suit claims "older workers lost thousands of dollars in the value of their pensions after putting in decades of work" for the company.

<snip>

The lawsuit, filed in South Carolina, resembles a landmark discrimination and pension suit against IBM in which IBM in 2004 agreed to pay $300 million to thousands of older workers.

North Carolinian Henry Miller, a Duke employee and one of the plaintiffs, had accrued pension benefits of $258,000 under the old plan. The complaint says under the new plan his opening account balance was $129,000.

The U.S. Department of Labor requires that changes to pension plans "cannot reduce benefits that participants have already earned."

...more...

Looks like out-and-out theft, if you ask me :eyes:

[AnneD]

57. Seems like a shell game to me....

except while the are moving the bean around, they manage to cut in half. Wonder if they do this to the CEO's retirement.

[UpInArms]

51. AIG to pay $800 mln to settle SEC securities fraud portion of probe

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-09T162057Z_01_WBT004758_RTRIDST_0_FINANCIAL-AIG-SEC-URGENT.XML

WASHINGTON, Feb 9 (Reuters) - American International Group Inc. (AIG.N: Quote, Profile, Research) has agreed to pay $800 million to settle securities fraud charges with the U.S. Securities and Exchange Commission as part of a $1.6 billion settlement deal, the agency said on Thursday.

New York-based AIG, the world's largest insurer, had been investigated by the SEC, New York State Attorney Eliot Spitzer, and the New York State Insurance Department.

AIG will pay $700 million in disgorgement and a penalty of $100 million in its settlement with the SEC. The agency accused the company of misstating its financial results by engaging in sham transactions, among other charges.

The SEC said AIG settled without admitting or denying the charges.

[UpInArms]

54. AIG settles with Spitzer, SEC for $1.6B - highest corp settlem't ever pd

http://www.marketwatch.com/news/story.asp?guid=%7B78B42B84%2D3B84%2D4073%2DBB40%2DD5C847EB750A%7D&symbol=&siteid=mktw

SAN FRANCISCO (MarketWatch) -- American International Group announced Thursday a $1.6 billion settlement to resolve regulators' charges that it used fraudulent accounting techniques to artificially bolster results and rigged bids for commercial insurance.

The settlement with New York Attorney General Eliot Spitzer, the Securities and Exchange Commission and the New York State Insurance Department is one of the largest ever paid by a company.

It's almost twice the $850 million that insurance broker Marsh & McLennan (MMC) paid last year to end a bid-rigging suit by Spitzer and tops the $750 million that telecom giant WorldCom Inc. agreed to pay the SEC after its fraud-fueled collapse into bankruptcy in 2002.

It also exceeds the $1.4 billion that 10 leading investment banks agree to pay Spitzer and the SEC in 2003 to settle claims that they produced dubious analyst research.

New York-based AIG (AIG) agreed to pay $800 million to investors deceived by false financial statements and $375 million to policyholders harmed by bid-rigging activities, Spitzer's office said in a statement.

AIG's also paying $344 million to states harmed by the company's efforts to avoid paying its fair share into state-run workers' compensation funds between 1986 and 1995, Spitzer's office added.

Moreover, AIG will pay penalties of $100 million to the New York Attorney General's office and $100 million to the SEC. The SEC's penalty will go into the fund for investors.

...more...

[UpInArms]

53. Verizon Jumps Onto the 30-Year Bond Wagon

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-09T165041Z_01_N09334686_RTRIDST_0_TELECOMS-VERIZON-DEBT-URGENT.XML

NEW YORK, Feb 9 (Reuters) - Verizon Communications (VZ.N: Quote, Profile, Research) on Thursday added a 30-year bond issue to its $3.5 billion four-part global debt sale, said joint book manager Banc of America Securities.

The 30-year bond issue will be priced over the old 30-year Treasury benchmark, Banc of America Securities said. The Treasury Department is auctioning a new 30-year bond issue later on Thursday, its first sale of 30-year debt since 2001.

The sale was originally slated to include an 18-month floating-rate note issue, and a five-year and a 10-year fixed-rate issue.

The joint book managers on the floating-rate note issue are Morgan Stanley, HSBC Securities and Merrill Lynch. The joint book managers on the five-year, 10-year issue and 30-year bond issue are Morgan Stanley, Banc of America and Goldman Sachs.

Who thinks Verizon will still be around in 30 years? :eyes:

[JNelson6563]

56. 12:35 Update

Dow 10,928.74 +70.12 (+0.65%)
Nasdaq 2,280.62 +13.64 (+0.60%)
S&P 500 1,272.18 +6.53 (+0.52%)
10-Yr Bond 4.565% -0.03

It's like a miracle! Money's pouring into stocks and Treasuries!


:bounce::bounce::bounce::bounce::bounce:

[UpInArms]

60. a side order of yammering blather

12:00 pm : Market continues to trade near session highs, as the last big batch of earnings reports checking in stronger than expected, coupled with falling natural gas prices and upbeat economic data, incite follow-through buying interest across the board. However, while an extension of yesterday's Cisco-induced relief rally is comforting, uncertainty related to Fed policy, which plays into why we recently lowered our Market View to Neutral from Moderately Bullish, will continue to act as an overhang on the market, especially since a conclusion has generally been reached about overall earnings trends as the season comes to a close.

With regard to sector strength, Materials (+1.4%) has turned in the best performance, but gains in steel and chemicals have been unable to offset Tuesday's 2.6% sector drubbing. Energy has also rebounded nicely (+0.8%), amid a rebound in crude futures, but has also barely chipped away at the sharp 3.7% decline endured two days ago. Health Care has gotten a boost from a surge in HMOs following strong Q4 earnings and an increased membership outlook from Aetna (AET 99.48 +3.36).

Financial has also been an influential leader to the upside, getting a lift after AIG (AIG 67.66 +1.28) reachied a resolution with the Justice Dept. and SEC, while continued upside momentum in Cisco Systems (CSCO 19.97 +0.57) and a surge in semiconductor provide a boost to Technology. Consumer Discretionary has also shown relative strength as raised Q4 guidance from Best Buy (BBY 52.93 +4.10) and solid earnings from Marriott (MAR 67.65 +1.54) have helped offset reports that negotiations between General Motors (GM 21.87 -0.12) and the UAW have stalled over restructuring at Delphi.

Separately, initial claims checked in below the 300K level for a fourth straight week, reflective of strong labor market conditions. Also, even though the market more often than not shrugs off the monthly read on wholesale inventories, as sales figures say close to nothing about personal consumption, a large swing can sometimes alter the aggregate inventory profile, which may affect the GDP outlook. To that end, the biggest increase (1.0%) in inventories in a year and the inventory-to-sales ratio staying at a very tight 1.15, has perhaps also acted as a source of support. DJ30 +67.08 NASDAQ +12.07 SOX +0.9% SP500 +6.11 NASDAQ Dec/Adv/Vol 1149/1712/1.07 bln NYSE Dec/Adv/Vol 1058/2056/750 mln

11:30 am : Little changed since the last update as the market continues to sport gains across the board. The Dow, though, now outpaces the Nasdaq to the upside as further appreciation in oil futures has boosted ExxonMobil (XOM 60.93 +0.54) and AIG (AIG 67.57 +1.19) continues to gain steam after reaching a resolution with the Justice Dept. and SEC.DJ30 +73.32 NASDAQ +11.89 SP500 +6.12 NASDAQ Dec/Adv/Vol 1146/1680/932 mln NYSE Dec/Adv/Vol 1131/1916/646 mln

[UpInArms]

61. Molson Coors 4th-Quarter Profit Falls 60% on Costs

http://www.bloomberg.com/apps/news?pid=10000082&sid=awFfGQo5zRzU&refer=canada

Feb. 9 (Bloomberg) -- Molson Coors Brewing Co., the world's fifth-largest beermaker, reported that fourth-quarter profit fell 60 percent, missing analysts' estimates, on costs to close a U.S. brewery and a sales operation in Russia.

Net income in the period ended Dec. 25 fell to $22.4 million, or 26 cents a share, from $55.7 million, or $1.45, a year earlier, Golden, Colorado-based Molson Coors said in a statement today. The year-ago figure reflects Adolph Coors Co.'s results before the merger with Molson Inc. last February.

Molson Coors recorded $30.2 million in costs partly from shutting the brewery, based in Tennessee. The brewer has sought to reduce costs through closures to make up for sales lost in the U.S. to rivals such as Anheuser-Busch Cos. That brewer has cut prices to lure back drinkers who have switched to hard liquor.

``We're pretty frustrated,'' said Ed Johnson, senior equity analyst at Allegiant Asset Management, which owns 110,000 Molson Coors shares among the $800 million the company oversees. ``The industry is struggling, people are switching to wine and spirits.''

...more...

[OrangeCountyDemocrat]

75. Nazi Family

Earth to Adolph Coors....your beer still tastes like Piss Water!

[UpInArms]

65. Boeing to close Melbourne, Ark facility in Q2

1:03pm 02/09/06 Boeing to transfer remaining Arkansas work to Salt Lake City - MarketWatch.com

1:02pm 02/09/06 Boeing expects to close Arkansas ops sometime in Q2 - MarketWatch.com

1:02pm 02/09/06 Boeing to close operations in Melbourne, Ark. - MarketWatch.com

[UpInArms]

73. Boeing Co. stock sets new high on Pentagon plans

http://www.marketwatch.com/news/print_story.asp?print=1&guid={237F749B-A9F6-47C4-82C0-82F9255D8415}&siteid=mktw

SAN FRANCISCO (MarketWatch) -- Buoyed by its resurgent jetliner business and a generally favorable defense budget, Boeing Co. stock set an all-time high on Thursday, helping push the Dow Jones Industrial Average skyward.

<snip>

Paul Nisbet, aerospace analyst with JSA Research, said the recently released defense budget was giving the stock a lift.

"Both their Future Combat Systems program and the Joint Tactical Radio System program were funded quite significantly," said This week, the White House budget fiscal year 2007 request for the Defense Department spared the industry from major cutbacks to big contracts. See full story.

"In general, the defense stocks are doing quite well because the budget was stronger than most people had thought it would be," said Nisbet.

The White House budget request for fiscal 2007, excluding at least $50 billion in supplemental spending for operations in Iraq and Afghanistan, calls for a 7% increase to $439 billion. See full story.

...more...

[UpInArms]

74. 2:50 EST and it's all good!

Dow 10,917.05 +58.43 (+0.54%)
Nasdaq 2,271.34 +4.36 (+0.19%)
S&P 500 1,269.12 +3.47 (+0.27%)
10-Yr Bond 4.527 -0.68 (-1.48%)

NYSE Volume 1,750,382,000
Nasdaq Volume 1,789,348,000

2:00 pm : Indices retrace earlier highs, getting a lift from spirited leadership from a number of blue chips. On the Dow, Intel (INTC 21.18 +0.51) continues to pace the way higher but a new 52-week high on Honeywell (HON 39.94 +0.92), a 2.2% surge in 3M Co (MMM 72.54 +1.54) and turnarounds in MCD, VZ and XOM have provided an extra boost since the last update. DJ30 +76.36 NASDAQ +12.07 SP500 +6.43 NASDAQ Dec/Adv/Vol 1136/1818/1.53 bln NYSE Dec/Adv/Vol 1032/2179/1.12 bln

1:30 pm : The major averages initially spiked to their best levels of the day 30 minutes ago, trading higher in sympathy with a rebound in Treasuries following a strong indirect bidder participation of 65.4% for the 30-yr bond auction. However, the 10-yr note slipping back into the red, after Chicago Fed President Moskow said the low jobless rate may put upward pressure on wages, and a subsequent pullback in oil prices knocking Energy into negative territory, has prevented the indices from maintaining its recent intraday peak and pushed them to their lowest levels of the afternoon. The 10-yr note is off 3 ticks to yield 4.55%. DJ30 +54.67 NASDAQ +10.64 SP500 +4.86 NASDAQ Dec/Adv/Vol 1093/1834/1.41 bln NYSE Dec/Adv/Vol 931/2254/1.02 bln

[JNelson6563]

76. 3:36 and things are mellowing

Dow 10,887.21 +28.59 (+0.26%)
Nasdaq 2,259.66 -7.32 (-0.32%)
S&P 500 1,264.89 -0.76 (-0.06%)
10-Yr Bond 4.541% -0.05

Ok, who took the wind out of their sails? :shrug:

Julie

[Roland99]

78. Just a bit more mellow at close...

DJIA 10,883.40 +24.80
Nasdaq 2,255.87 -11.11
S&P 500 1,263.78 -1.87
Russell 2000 718.16 -3.00
30 Yr Bond 4.64 -0.04
10 Yr Bond 4.54 -0.05

[AnneD]

79. They are lining up...

to stampede the exits tomorrow.