Interdum stultus opportuna loquitur...

Friday, September 10, 2004

Dammit... whole report went "Poooof"

Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.

I'll finish re-writing it sometime today. I'm moving house at the same time, so it'll be late-ish.

Short answer: Nokia helped, National Semi helped a flight to trash based purely on a short-squeeze (NSM released its results mid-session - 2 a.m. our time... look at the chart marked "SOX_20040910_15"...).
Broader market couldn't get as excited as techs - nuffnuffs on the charge. And the S&P had real trouble even holding above the top of the first little pop during Globex (started by Nokia's upgrade of earnings and revenue forecasts).
From now on I had better author the silly thing offline rather than into the publishing system. Soon I will be changing hosts and moving to what I lovingly call "GT's Green Site" (some of you will know the reference - suffice it to say that mine is better). Notice also that while the S&P was weak, the Dow was weaker still; it basically made lower highs and lower lows for most of the session, while the nuffnufs were buying chip stocks.

The Dow Jones Industrial Average lost 24.26 points (0.24%), closing out the day at 10289.1 points; the broader S&P500 Index gained 2.11 points (0.19%), finishing the session at 1118.38. Over at Times Square, the Nasdaq Composite gained 19.01 points (1.03%), to close at 1869.65, while the larger-cap stocks fared better with the Nasdaq100 Index adding 14.76 points (1.07%), to end at 1391.53 points.

The broader stock market measures were mixed: NYSE Composite Index gained 10.22 points (0.16%), closing at 6544.31, while the broadest measure of US equities, (the Wilshire 5000) posted a loss of20.16 points (0.18%), finishing the session at 10880

NYSE Volume was chunky, with 1.37 billion shares crossing the tape, while Nasdaq Volume was above average for the first time in a month, with 1.67 billion shares traded.

Nasdaq Composite1869.6519.011.03%
NYSE Composite6544.3110.220.16%
Wilshire 500010880-20.16-0.18%
NYSE Volume1.37bn--
Nasdaq Volume1.67bn--
US 30-yr yld4.99%0.03%0.69%

On the NYSE advancing Issues outpaced decliners by 2008 to 1295 while Nasdaq gainers outpaced losers by 1972 to 1082.

NYSE advancing volume outpaced volume in decliners by 844.43 to 510.28 - advancing volume is too low given the A/D numbers: indicates smart money moving out of stocks.

Nasdaq advancing volume outpaced volume in decliners by 4:1 - 696.17 to 161.21 million shares. Dumb money buying tech.

Advancing Volume (m)844.43696.17
Declining Volume (m)510.28161.21
New Highs10174
New Lows632
Equity Call Volume190939223152313.8%
Equity Put Volume155941218618813.56%
CBOE Volatility Index14.01-0.05-0.36%
CBOE Nasdaq Volatility Index20.58-0.7-3.29%
Bonds fell at the long end, with the benchmark US 30-year bond yield rising 0.034 points to 4.988%.

UST 2Y (yld)2.47300%
UST 5Y (yld)3.4070.0421.25%
UST 10Y (yld)4.1930.030.7%
UST 30Y (yld)4.9870.0340.69%

The Banks Index was almost unchanged - up 0.09 points (0.09%), to 99.14; within the index,

  • the Derivative King - JPMorganChase gained $0.37 (0.94%) to close at $39.74; and
  • Citigroup gained $0.13 (0.28%) to close at $46.95

The Broker-dealer Index lost 0.01 points (0.01%), finishing the session at 127.22; the ticket clippers lined up as follows -

  • Merrill Lynch gained $0.03 (0.06%) to close at $52.56
  • Morgan Stanley Dean Witter lost $0.24 (0.46%) to close at $51.96
  • Goldman Sachs gained $0.43 (0.47%) to close at $91.87
  • Lehman Brothers gained $0.65 (0.85%) to close at $77.19

The Philadelphia SOX (Semiconductor) index went absolutely berserk. It gained 18.92 points (5.37%), finishing the session at 370.98

  • Triquint gained $0.38 (11.34%) to close at $3.73
  • Micron Technology gained $0.37 (3.32%) to close at $11.52
  • Intel gained $0.45 (2.28%) to close at $20.17
  • Altera gained $0.98 (5.52%) to close at $18.73
  • JDS Uniphase gained $0.23 (7.57%) to close at $3.27

And National Semi was up over12%... madness.

Other indices popular with the beta-chasers were up, with the

  • Biotech Index gained 3.62 points (0.72%), finishing the session at 503.48
  • the Hi-Tech Index gained 8.65 points (2.05%), finishing the session at 430.66

Gold strengthened by $0.40 (0.05%). The Gold Bugs Index added 3.12 points (1.57%), closing at 201.48.

Silver fell by $0.02 (0.39%) to $6.17 per ounce. The Gold and Silver Index (XAU) gained 0.52 points (0.57%), finishing the session at 92.29.

PHLX Gold and Silver Index92.290.520.57%
AMEX Gold BUGS Index201.483.121.57%

Oil was firmer, rising by $2.03 (4.75%) per barrel, closing at $44.75 per barrel. the 'pundit" I spoke about yesterday looks dumber by the day.

The Oil and Gas Index (XOI) which gained 8.3 points (1.28%), finishing the session at 658.91, while the Oil service stocks (OSX) Index gained 1.93 points (1.7%), closing at 115.13.

Reuters CRB275.152.150.79%
Crude Oil Light Sweet44.752.034.75%
AMEX Oil Index658.918.31.28%
Oil Service Index115.131.931.7%
US Dollar Index88.800%
Australian Dollar0.6887-0.01-1.06%
Swiss Franc1.2589-0.0017-0.13%

France's benchmark CAC-40 Index lost 25.53 points (0.69%), finishing the session at 3652.02; the German DAX-30 Index lost 32.94 points (0.85%), finishing the session at 3851.22; and in the UK, the FTSE-100 Index lost 20.4 points (0.45%), finishing the session at 4538.