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Federal Reserve Open Market Operations
The Fed's Open Market Operations desk performed 1 repurchase operation last night:
- a $3.5billion, overnight repurchase entirely in T-backed collateral.
Major US Indices
The DJIA dipped 4.88 points (0.05%), closing out the day at 10791.13 points; within the blue-chip index, 19 stocks rose, the biggest gainers being Pfizer (PFE, +1.31% to $25.48) and ExxonMobil (XOM, +1.28% to $56.83). Losers in the Dow numbered 11 and were led by Hewlett Packard C(HPQ, -2.49% to $20.77) and American International Group (AIG, -2.23% to $71.49); Volume traded in Dow stocks was tilted in favour of the gainers by 244.8m shares to 80.8m.
The broader S&P500 gained a scant 0.84 points (0.07%), ending the day at 1206.14. Over at Times Square, the Nasdaq Composite gained 6.25 points (0.3%), to close at 2082.91, while larger-cap technology issues fared better with the Nasdaq100 adding 7.7 points (0.5%), to end at 1538.21 points.
Over at Times Square, the Nasdaq Composite added 6.25 points (0.3%), to close at 2082.91, while larger-cap technology issues fared better with the Nasdaq100 adding 7.7 points (0.5%), to end at 1538.21 points.
NYSE Volume was actually quite soft, with 1.29 billion shares changing hands. The same could be said for Nasdaq Volume, with 1.64 billion shares turned over (and over, and over, and over).
| Index | Close | Gain(Loss) | % |
| DJIA | 10791.13 | -4.88 | -0.05% |
| S&P500 | 1206.14 | 0.84 | 0.07% |
| Nasdaq Composite | 2082.91 | 6.25 | 0.3% |
| Nasdaq100 | 1538.21 | 7.7 | 0.5% |
| NYSE Volume | 1.29bn | - | - |
| Nasdaq Volume | 1.64bn | - | - |
Bellwethers
My 9-stock "bellwethers" group rose by an average of 1.15%, thanks largely due to the gains in the toxic time-bombs of the market, Fannie and Freddie, although the last stages of the current flight to shite also gave some boost to the techs (CSCO and eBay).
- General Electric (GE) +$0.09 (0.25%) to $36.32;
- Citigroup (C) -$0.15 (0.3%) to $49.25;
- Wal Mart (WMT) +$0.05 (0.1%) to $52.15;
- I.B.M. (IBM) +$0.27 (0.29%) to $93.57;
- Intel (INTC) +$0.14 (0.58%) to $24.31;
- Cisco Systems (CSCO) +$0.27 (1.53%) to $17.97;
- eBay (EBAY) +$2.25 (2.74%) to $84.32;
- Fannie Mae (FNM) +$0.76 (1.22%) to $63.18; and
- Freddie Mac (FRE) +$2.55 (3.96%) to $66.91.
Market Breadth & Internals
NYSE advancing Issues exceeded decliners by 1837 to 1471 for a single-day A/D reading of 366; and Nasdaq losers exceeded gainers by 1567 to 1547.
NYSE advancing volume exceeded volume in decliners by 693.1 to 576.6 million shares; Nasdaq advancing volume was greater than volume in decliners by 1000.7 to 591.2 million shares.
293 NYSE-listed stocks rose to new 52-week highs, and 10 posted fresh 52-week lows, while on the Nasdaq there were 131 stocks that hit new 52-week highs, and 33 which fell to fresh 52-week lows.
| NYSE | Nasdaq | |
| Advancers | 1837 | 1547 |
| Decliners | 1471 | 1567 |
| Advancing Volume (m) | 693.14 | 1000.72 |
| Declining Volume (m) | 576.57 | 591.22 |
| New Highs | 293 | 131 |
| New Lows | 10 | 33 |
Market Sentiment
[Commentary]
| Index | Close | Gain(Loss) | % |
| CBOE Volatility Index | 11.54 | 0.09 | 0.79% |
| CBOE Nasdaq Volatility Index | 17.56 | 0.33 | 1.92% |
| Equity Put-Call Ratio | 0.67 | 0.01 | 1.52% |
| 10-day PCR | 0.67 | 0 | -0.02% |
| SPX-VIX Ratio | 105.34 | 0.0734 | 0.07% |
Bond Market Analysis
Bonds rose at the long end, with the yield on the benchmark 30-year Treasury bond shedding 3.9 basis points to 4.448%. US 30-year bond shorts from 117 are in profit by more than $1100, and now would be a good time to be moving any stop to breakeven (at least: a 50% gain on margin in 3 sessions is not to be sneezed at).
| Index | Close | Gain(Loss) | % |
| UST 13wk (yld) | 2.482 | 0 | 0% |
| UST 2Y (yld) | 3.34 | 0.04 | 1.21% |
| UST 5Y (yld) | 3.692 | 0 | -0.08% |
| UST 10Y (yld) | 4.073 | -0.022 | -0.54% |
| UST 30Y (yld) | 4.448 | -0.039 | -0.87% |
The Banks Index advanced 0.1 points (0.1%), to 101.86; within the index,
- Wells Fargo (WFC) +$1.01 (1.67%) to $61.31;
- National City Corp (NCC) +$0.47 (1.32%) to $36.16;
- Washington Mutual (WM) +$0.27 (0.67%) to $40.72;
- Suntrust Banks (STI) +$0.39 (0.54%) to $72.94; and
- Bank Of NY (BK) +$0.09 (0.29%) to $30.62.
The Broker-dealer Index gained 0.01 points (0.01%), ending the day at 152.11; the ticket clippers lined up as follows -
- Charles Schwab (SCH) +$0.20 (1.86%) to $10.97;
- Ameritrade (AMTD) +$0.18 (1.56%) to $11.70;
- A G Edwards (AGE) +$0.05 (0.12%) to $43.47;
- Merrill Lynch (MER) +$0.06 (0.1%) to $60.41; and
- Jeffries Group (JEF) -$0.00 (0%) to $40.30.
The Philadelphia SOX (Semiconductor) index added 0.7 points (0.16%), to 436.22
- Infineon Tech (IFX) +$0.17 (1.72%) to $10.06;
- Marvell Tech Group (MRVL) +$0.61 (1.68%) to $36.83;
- Broadcom (BRCM) +$0.29 (0.88%) to $33.10;
- Advanced Micro Devices (AMD) +$0.13 (0.72%) to $18.24; and
- Micron Technology (MU) +$0.08 (0.68%) to $11.81.
Gold & Silver Markets
Gold rose another $4.80 (1.14%) to close at $427.00 per ounce.
The Gold Bugs Index added 1.62 points (0.78%), to end the session at 210.43
- Agnico Eagle (AEM) +$0.56 (4.37%) to $13.38;
- Randgold Resources (GOLD) +$0.47 (4.17%) to $11.74;
- Iamgold (IAG) +$0.13 (1.77%) to $7.49;
- Hecla Mining (HL) +$0.10 (1.72%) to $5.90; and
- Eldorado Gold (EGO) +$0.05 (1.67%) to $3.04.
Silver rose $0.11 (1.46%) to close at $7.30 per ounce. The Gold and Silver Index (XAU) gained 0.43 points (0.45%), at 95.33 points.
- Agnico Eagle (AEM) +$0.56 (4.37%) to $13.38;
- Durban Rooderpoert Deep (DROOY) +$0.06 (4.08%) to $1.53;
- Kinross Gold (KGC) +$0.10 (1.5%) to $6.78; and
- Placer Dome (PDG) +$0.21 (1.17%) to $18.09.
| Index | Close | Gain(Loss) | % |
| Gold | 427 | 4.8 | 1.14% |
| Silver | 0.073 | -7.122 | -98.99% |
| PHLX Gold and Silver Index | 95.33 | 0.43 | 0.45% |
| AMEX Gold BUGS Index | 210.43 | 1.62 | 0.78% |
Oil Market
Oil was firmer, rising by $0.24 per barrel, closing at $47.40 per barrel. It was off its intraday high of $47.75 by the close.
The Oil and Gas Index (XOI) posted a rise of 2.57 points (0.32%), closing at 798.47
- ConocoPhillips (COP) +$1.93 (1.95%) to $100.97;
- Kerr Mcgee (KMG) +$0.94 (1.4%) to $67.86; and
- Exxon Mobil (XOM) +$0.72 (1.28%) to $56.83.
The Oil service stocks (OSX) Index shed 1.83 points (1.33%), closing at 135.37
- Varco International (VRC) -$0.89 (2.64%) to $32.81;
- Cooper Cameron (CAM) -$1.18 (2.03%) to $56.84; and
- BJ Services (BJS) -$0.90 (1.88%) to $47.10.
| Index | Close | Gain(Loss) | % |
| Reuters CRB | 287.87 | 1.69 | 0.59% |
| Crude Oil Light Sweet | 47.4 | 0.24 | 0.51% |
| Heating Oil | 1.2953 | -0.0105 | -0.8% |
| Natural Gas | 6.08 | -0.013 | -0.21% |
| Unleaded Gas | 1.2822 | -0.0015 | -0.12% |
| AMEX Oil Index | 798.47 | 2.57 | 0.32% |
| Oil Service Index | 135.37 | -1.83 | -1.33% |
Currency Markets
It seems only a couple of session ago that the USD index looked like gaining some upward traction; despite massive co-ordinated intervention by those arch-enemies of free markets (the central wankers of the world), the USDX has not managed to get a groove on.
Eventually, the centralist megalomaniacal overseers will give up their idiotic "pushing back the tide". Then, the financial Holocaust that is being incubated by these scumbag enemies of liberty (and their political masters - who likewise are the enemies of their populations) will continue to blossom.
| Index | Close | Gain(Loss) | % |
| US Dollar Index | 84 | -0.57 | -0.67% |
| Euro | 1.2962 | 0.0104 | 0.81% |
| Yen | 105.17 | -0.48 | -0.45% |
| Sterling | 1.8878 | 0.0201 | 1.08% |
| Australian Dollar | 0.788 | 0.0027 | 0.34% |
| Swiss Franc | 1.1988 | -0.01 | -0.83% |
| Canadian Dollar | 0.81 | 0.0015 | 0.19% |
Euro-Zone Indices
| Country | Index | Last | % | % |
| France | CAC 40 | 4012.11 | -4.64 | -0.12% |
| Germany | DAX-30 | 4386.4 | -1.4 | -0.03% |
| UK | FTSE 100 | 5041.8 | -2.4 | -0.05% |
| Italy | MIBTel | 24847 | 0 | 0% |
European Index Internals
| CAC-40 | DAX-30 | FTSE-100 | |
| Advancers | 16 | 13 | 46 |
| Decliners | 19 | 14 | 48 |
| Advancing Volume (m) | 26 | 33.7 | 475.9 |
| Declining Volume (m) | 95 | 31.7 | 491.1 |
Euro STOXX-50 Largest Volume
| Name | Close (€) | Change | % | Volume |
| Vivendi Universal | 24.85 | -0.07 | -0.28% | 2877697 |
| Unilever Cert | 51.2 | -0.15 | -0.29% | 2658972 |
| Unicredito | 4.403 | 0 | -0.07% | 104703 |
| Total | 171.8 | -0.2 | -0.12% | 2014140 |
| Tim | 5.396 | 0 | 0.02% | 39387 |
CAC-40 Largest Gainers
| Name | Close (€) | Change | % | Volume |
| Pinault | 81.35 | 1.75 | 2.2% | 707076 |
| Cap Gemini | 27.01 | 0.45 | 1.69% | 1213514 |
| Thomson | 19.64 | 0.31 | 1.6% | 1606971 |
| Vinci | 115.9 | 1.1 | 0.96% | 486485 |
| TF1 | 25.86 | 0.2 | 0.78% | 950270 |
CAC-40 Largest Decliners
| Name | Close (€) | Change | % | Volume |
| Michelin | 52.5 | -0.8 | -1.5% | 1164436 |
| Carrefour | 39.78 | -0.55 | -1.36% | 2301144 |
| Schneider Electronics | 59 | -0.7 | -1.17% | 435424 |
| Societe Generale | 80.7 | -0.9 | -1.1% | 1635983 |
| Lafarge | 80.35 | -0.85 | -1.05% | 481640 |
FTSE Largest Gainers
| Name | Close (£) | Change | % | Volume |
| Yell Group | 4.6525 | -0.03 | -0.69% | 3766541 |
| Xstrata | 10.465 | -0.05 | -0.48% | 3026445 |
| WPP Group | 5.89 | -0.02 | -0.25% | 4560635 |
| Wolseley | 11.13 | -0.01 | -0.04% | 3512771 |
| William Hill | 6.095 | 0.03 | 0.49% | 1138263 |
FTSE Largest Decliners
| Name | Close (£) | Change | % | Volume |
| 3I Group | 7.28 | 0.08 | 1.04% | 2807088 |
| Alliance & Leicester | 9.395 | 0.01 | 0.05% | 1086950 |
| Alliance Unichem | 7.75 | -0.06 | -0.77% | 922108 |
| Allied Domecq | 5.33 | 0.12 | 2.21% | 22764768 |
| Amvescap | 3.685 | -0.03 | -0.67% | 3487786 |
DAX-30 Largest Gainers
| Name | Close (€) | Change | % | Volume |
| Volkswagen | 38.38 | 0.99 | 2.65% | 6803220 |
| Infineon Tech | 7.73 | 0.17 | 2.25% | 11711101 |
| Metro | 40.99 | 0.59 | 1.46% | 1071789 |
| SAP | 125.21 | 1.63 | 1.32% | 1559378 |
| MAN | 31.24 | 0.25 | 0.81% | 827600 |
DAX-30 Largest Decliners
| Name | Close (€) | Change | % | Volume |
| Deutsche Boerse | 49.62 | -0.73 | -1.45% | 802143 |
| RWE | 47.11 | -0.54 | -1.13% | 2706372 |
| Thyssen Krupp | 16.73 | -0.19 | -1.12% | 3764399 |
| Schering | 53.05 | -0.5 | -0.93% | 581701 |
| HypoVereinsbank | 16.45 | -0.15 | -0.9% | 6233383 |
