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Well, in order to skin the nuffies, you have to get them coming and going. today, in th face of realtively unpleasant US inflation data (which sent the bond market plummeting further, thus further lining the pockets of those who are holding the Bond short). Although the 30-year finished with a small gain for the session, it fell as low as 115-11/32... so despite the annoyance of the early entry some month or so ago (before the spike up), this represents another himer (and not in a 'D'OH!' way, neither).
Economic News
CPI worse than expected (both core and headline); headline was +0.4% for the month (consensus was for 0.2%) and core was 0.3% (consensus was for 0.2%).
Building Permits and Housing Starts were broadly in line with expectations; Permits were 1048k compared with consensus of 1.040k; Starts were 1012k compared with the grup-guess of 1015k.
Fed Open Market Operations
The Fed did a single overnight repurchase totalling #3.75 billion dollars, of which a scant 150 million was in Treasury-backed collateral. $150 million is about what the average failed CEO takes out of the average corporate rape victim during a normal CEO tenure... so it's no great shakes.
Headline Indices
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The Dow Jones Industrial Average advanced +90.04 points (0.73%) to 12427.26 points. The index high for the day was 12464.06, set just before 3 p.m.; the low was 12227.72 set just after 10 a.m.; the first half-hour is invariably populated by people who react late to whatever news is around.
Major Advancers in the Dow were
- Hewlett Packard (HPQ) +3.49 (7.94%) to 47.44 on volume of 34 million units
- IBM (IBM) +2.85 (2.71%) to 107.85 on volume of 5.9 million units
- AIG (AIG) +0.87 (1.85%) to 47.9 on volume of 16.5 million units
- Alcoa (AA) +0.63 (1.74%) to 36.83 on volume of 8.5 million units
- American Express (AXP) +0.75 (1.68%) to 45.3 on volume of 5.5 million units
Major Decliners in the Dow were
- AT&T (T) -1.53 (-4.26%) to 34.36 on volume of 123.9 million units
- General Motors (GM) -0.46 (-1.77%) to 25.54 on volume of 13.1 million units
- Boeing (BA) -1.37 (-1.6%) to 84 on volume of 6.7 million units
- Johnson & Johnson (JNJ) -0.43 (-0.68%) to 63.23 on volume of 11.2 million units
- Verizon Communications (VZ) -0.1 (-0.28%) to 35.24 on volume of 63.1 million units
Most Traded Dow stocks were
- AT&T (T) -1.53 (4.26%) to 34.36 on volume of 123.9 million units
- Microsoft (MSFT) +0.05 (0.18%) to 28.22 on volume of 91.8 million units
- Citigroup (C) +0.17 (0.67%) to 25.49 on volume of 73.5 million units
- Intel (INTC) +0.22 (1.09%) to 20.38 on volume of 71.1 million units
- Verizon Communications (VZ) -0.10 (0.28%) to 35.24 on volume of 63.1 million units
The S&P500 Index advanced +11.25 points (0.83%) to 1360.03 points; another close above this level and 1320 gets taken off the table.
The Nasdaq Composite advanced +20.90 points (0.91%) to 2327.10 points, while the Nasdaq100 advanced +22.64 points (1.28%) to 1787.45 points.
The CBOE Volatility Index lost 1.18 points (4.61%) to 24.41 points, and the CBOE Nasdaq100 Volatility Index lost 1.02 points (3.64%) to 26.97 points
NYSE Total Volume totalled 3.77billion units; Nasdaq Total Volume totalled 2.26billion units.
| Major Market Statistics | |||
| Index | Close | Gain(Loss) | % |
| Dow Jones Industrial Average | 12427.26 | +90.04 | 0.73% |
| S&P500 Index | 1360.03 | +11.25 | 0.83% |
| Nasdaq Composite | 2327.10 | +20.90 | 0.91% |
| Nasdaq100 | 1787.45 | +22.64 | 1.28% |
| CBOE Volatiity Index | 24.41 | -1.18 | -4.61% |
| CBOE Nasdaq100 Volatilty Index | 26.97 | -1.02 | -3.64% |
| NYSE Total Volume | 3.77bn | - | - |
| Nasdaq Total Volume | 2.26bn | - | - |
Precious Metals
Tomorrow, short the first overbought signal in Platinum. This instrument is massively overweight with small, idiotic, latecomer who are bout to get smashed.
| Precious Metal Futures | |||
| Index | Close | Gain(Loss) | % |
| Gold | 943.7 | +13.9 | 1.49 |
| Silver | 1781.0 | +30.2 | 1.72 |
| Platinum | 2137.8 | -15.3 | -0.71 |
| Palladium | 491.60 | -7.70 | -1.54 |
Energy Complex
Crude stuck its head above $100 again, and got smacked again. Everybody expects to be able to buy Crude without thinking, just because journalists are now blathering about it - a recipe for disaster Where were all these buyers back in 2002 when Oil was part of the SuperTrade?
| Energy Futures | |||
| Index | Close | Gain(Loss) | % |
| Crude Oil | 99.73 | +0.03 | 0.03 |
| Heating Oil | 2.7354 | -0.0084 | -0.31 |
| Gasoline RBOB | 2.5845 | -0.0186 | -0.71 |
| Natural Gas | 8.938 | -0.039 | -0.43 |
| Ethanol | 2.100 | unch | 0 |
Bellwethers
The nine-stock group that makes up the Rant bellwethers advanced on average by 1.5%. The fallout occurred as follows:
- General Electric (GE) up $+0.08 (0.23%) to $34.36 on volume of 34.13 million units.
- Citigroup (C) up $+0.17 (0.67%) to $25.49 on volume of 73.52 million units.
- Wal-Mart (WMT) up $+0.04 (0.08%) to $49.70 on volume of 17.13 million units.
- IBM (IBM) up $+2.85 (2.71%) to $107.85 on volume of 5.92 million units.
- Intel (INTC) up $+0.22 (1.09%) to $20.38 on volume of 71.05 million units.
- Cisco Systems (CSCO) up $+0.32 (1.4%) to $23.20 on volume of 48.75 million units.
- Google (GOOG) up $+0.05 (0.01%) to $509.00 on volume of 6.6 million units.
- Fannie Mae (FNM) up $+0.85 (2.93%) to $29.83 on volume of 10.29 million units.
- Freddie Mac (FRE) up $+1.12 (4.05%) to $28.75 on volume of 7.19 million units.
Currency Futures
| Currency Futures | |||
| Index | Close | Gain(Loss) | % |
| U.S. Dollar Index | 76.220 | +0.145 | 0.19 |
| British Pound | 1.9402 | -0.0054 | -0.28 |
| Canadian Dollar | 0.9873 | +0.0046 | 0.47 |
| Japanese Yen | 0.9262 | -0.0050 | -0.54 |
| Swiss Franc | 0.9102 | -0.0039 | -0.43 |
| Euro FX | 1.4707 | -0.0015 | -0.1 |
| Australian Dollar | 0.9160 | -0.0019 | -0.21 |
| New Zealand Dollar | 0.79510 | -0.0009 | -0.11 |
