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Sometimes it's not a chart, or the understanding that the markets are ruled by some really dodgy pieces of work who are particularly prone to push markets around during futures expiration. Sometimes it really is just a gut thing.
So yesterday, when Crude was above $121, I sent out a subscriber e-mail saying that while it was all well and good to babble about holding the fort like Beau Geste, I would understand completely if they wanted to pocket some proceeds, and look to re-enter below $120 (in the 118 range, was my first guess).
Actually I didn't say Beau Geste... I mentioned the Somme. And today da Boyz laid down an artillery barrage in the energy complex that drove Crude futures into its bunker. Doesn't matter which pointless defence was being written about - the point is that it came to pass.
Economic News
Who cares? It's Friday. {Actually, there wasn't any data. I was just being facetious.}
Fed Open Market Operations
The Fed's Open Market Operations desk did not perform any repurchases today.
Headline Indices
The Dow Jones Industrial Average advanced 197.85 points (1.73%) to 11628.06 points. The index high for the day was 11632.13, while the low was 11426.79 at the open. In fact, the high for the day was barely higher than the index reading at 10:40 a.m. NY time - an hour into the session.
The total volume traded in the Dow components was pretty light, at 568.98m units. 28 Dow issues rose, with aggregate volume of 540.74m units; 2 issues fell, with aggregate volume of 28.24m units. That's as near as dammit to a 20:1 volume tilt in favour of the advancers, and for what? The fact that a bunch of idiots who got us into this mess are now having a group masturbate in a ski resort - many of them there on the taxpayers' dime - and usually they will try and soothe us with platitudes as part of the show?
Give me a break.
The S&P500 Index added 14.48 points (1.13%) to 1292.20 points. Total volume traded in the index was 2.99bn units. Within the index, 406 issues rose, with aggregate volume of 2.26bn units; 85 issues fell, with aggregate volume of 676.18m units.
Bigest percentage gainers in the S&P advance were -
- KeyCorp (KEY) +0.94 (8.9%) to $11.47 on volume of 10.01m shares;
- King Pharmaceuticals (KG) +0.95 (8.5%) to $12.19 on volume of 7.2m shares;
- Huntington Bancshares (HBAN) +0.54 (7.7%) to $7.51 on volume of 9.46m shares;
- XL Capital (XL) +1.27 (7%) to $19.5 on volume of 5.44m shares; and
- Dillard Inc. (DDS) +0.77 (6.9%) to $11.85 on volume of 0.81m shares.
The Nasdaq Composite advanced 34.33 points (1.44%) to 2414.71 while the Nasdaq100 gained 24.73 (1.3%) to 1931.47 points.
Total volume traded in the Nasdaq100 was a paltry 570.86m units. Within the index, 87 issues rose, with aggregate volume of 489.94m units; 10 issues fell, with aggregate volume of 54.01m units.
Today the index rose by 24.73 points (1.3%) to 1931.47 points. Contributing to the advance were -
- UAL (UAUA) +1.39 (12.3%) to $12.72 on volume of 22.99m shares;
- Wynn Resorts (WYNN) +5.43 (6%) to $95.64 on volume of 1.97m shares;
- Akamai Technologies (AKAM) +1.08 (4.8%) to $23.67 on volume of 8.42m shares;
- NII Holdings (NIHD) +2.38 (4.7%) to $52.96 on volume of 2.42m shares; and
- Focus Media Holding (FMCN) +1.36 (4.4%) to $31.94 on volume of 2.88m shares.
The CBOE Volatility Index lost 1.01 points (5.1%) to 18.81 points while the CBOE Nasdaq100 Volatility Index dropped 0.77 points (3.33%) to 22.38 points.
A Total of 3457 issues traded today on the NYSE; today's total volume was 3.78 billion shares. A total of 2416 counters posted gains for the day, with aggregate volume of 2.68 billion shares trading to the upside. Exerting downwards pressure on the index were the 953 losers, which accounted for a total volume of 1.09 billion shares. 17 stocks made new 1-year highs on the NYSE, while 61 shares plumbed new 52-week depths.
Over on the Nasdaq 2956 tickers traded today; total Nasdaq volume was 1.4 billion shares. A total of 2004 stocks posted gains for the day, with aggregate volume of 1.13 billion shares trading to the upside. The red zone of the Nasdaq exchange was populated with 820 losers, which accounted for a total volume of 0.23 billion shares. 42 Nasdaq-listed stocks hit new 52-week highs, while 92 shares dipped to new 1-year lows.
| Major Market Statistics | |||
| Index | Close | Gain(Loss) | % |
| Dow Jones Industrial Average | 11628.06 | +197.85 | 1.73% |
| S&P500 Index | 1292.20 | +14.48 | 1.13% |
| Nasdaq Composite | 2414.71 | +34.33 | 1.44% |
| Nasdaq100 | 1931.47 | +24.73 | 1.3% |
| CBOE Volatility Index | 18.81 | -1.01 | -5.1% |
| CBOE Nasdaq100 Volatility Index | 22.38 | -0.77 | -3.33% |
Dow Darlings
- General Motors (GM) +0.52 (5.2%) to $10.44 on volume of 22m units
- American Express (AXP) +1.78 (4.8%) to $38.79 on volume of 13.7m units
- Bank Of America (BAC) +1.17 (4%) to $30.21 on volume of 55.4m units
- JPMorganChase (JPM) +1.41 (3.9%) to $37.67 on volume of 36m units
- Citigroup (C) +0.67 (3.8%) to $18.14 on volume of 62.4m units
Dow Duds
- Chevron (CVX) -0.42 (0.5%) to $88.1 on volume of 8.6m units
- Exxon-Mobil (XOM) -0.05 (0.1%) to $80.3 on volume of 19.7m units
Most Traded Dow stocks
- Citigroup (C) +0.67 (3.8%) to $18.14 on volume of 62.4m units
- Bank Of America (BAC) +1.17 (4%) to $30.21 on volume of 55.4m units
- Microsoft (MSFT) +0.66 (2.4%) to $27.84 on volume of 47.9m units
- AIG (AIG) +0.09 (0.5%) to $19.87 on volume of 47.7m units
- Intel (INTC) +0.44 (1.9%) to $23.49 on volume of 45.4m units
Precious Metals
Precious metals futures retreated somewhat, but not enough to draw us into a long position.
| Precious Metals Futures | |||
| Index | Close | Gain(Loss) | % |
| Gold | 829.5 | -5.5 | -0.66 |
| Silver | 13.477 | -0.25 | -1.82 |
| Palladium | 289 | -0.15 | -0.05 |
| Platinum | 1441.2 | -17.6 | -1.21 |
The Gold Bugs index (XAU) contains 16 components; the total volume traded in the index was 70.82m units. All index memebrs fell today, as the index fell by 4.94 points (3.21%) to 148.83 points. The main decliners (in percentage terms) were -
- Gold Fields Ltd (GFI) -0.48 (5.2%) to $8.82 on volume of 5.83m shares;
- Yamana Gold (AUY) -0.55 (4.8%) to $10.92 on volume of 14.89m shares;
- Coeur d'Alene (CDE) -0.09 (4.6%) to $1.87 on volume of 8.17m shares;
- Silver Stand Resources (SSRI) -1.14 (4.1%) to $26.55 on volume of 0.65m shares; and
- GoldCorp (GG) -1.29 (3.7%) to $33.59 on volume of 7.13m shares.
Energy Complex
Energy futures got absolutely crucified - typical of the sort of shenanigans seen at contract rollover. Thankfully a load of subscribers too the "Fielders' Choice" e-mail that I sent with Crude above $121, and we were looking to re-enter below $118. I will post the trigger e-mails in full on the main site over the weekend.
| Energy Futures | |||
| Commodity | Close | Gain(Loss) | % |
| Crude Oil | 114.59 | -6.59 | -5.44 |
| Heating Oil | 3.1593 | -0.1681 | -5.05 |
| Natural Gas | 7.843 | -0.409 | -4.96 |
| Gasoline RBOB | 2.8686 | -0.1766 | -5.8 |
| Ethanol | 2.34 | -0.058 | -2.42 |
The Oil Services index (OSX) contains 15 components; the total volume traded in the index was 58.06m units. Oddly enough, stocks seemed to understand that the move in crude was a typical rollover manipulation, because despite a 5% beating for the Energy complex, the OSX fell by just 5.47 points (1.8%) to 297.63 points. The main decliners (in percentage terms) were -
- Weatherford International (WFT) -1.29 (3.3%) to $37.75 on volume of 5.23m shares;
- Tidewater (TDW) -1.78 (3%) to $57.41 on volume of 0.62m shares;
- Nabors Industries (NBR) -1.02 (2.8%) to $35.03 on volume of 5.96m shares;
- BJ Services (BJS) -0.78 (2.8%) to $26.83 on volume of 3.97m shares; and
- Noble Corp (NE) -1.29 (2.4%) to $51.41 on volume of 3.52m shares.
Bellwethers
The nine-stock group that makes up the Rant bellwethers advanced on average by 0.6%. The fallout occurred as follows:
- General Electric (GE) +0.37 (1.29%) to $29.12 on volume of 29.85m units.
- Citigroup (C) +0.67 (3.84%) to $18.14 on volume of 62.42m units.
- Wal-Mart (WMT) +0.94 (1.61%) to $59.44 on volume of 12.72m units.
- IBM (IBM) +1.94 (1.58%) to $124.93 on volume of 5.99m units.
- Intel (INTC) +0.44 (1.91%) to $23.49 on volume of 45.35m units.
- Cisco Systems (CSCO) +0.48 (1.98%) to $24.71 on volume of 28.2m units.
- Google (GOOG) +4.06 (0.83%) to $490.59 on volume of 2.3m units.
- Fannie Mae (FNM) +0.15 (3.09%) to $5.00 on volume of 139.58m units.
- Freddie Mac (FRE) -0.35 (11.08%) to $2.81 on volume of 202.67m units.
Other Indices of Interest...
The Banks index (BKX) contains 24 components; the total volume traded in the index was 448.49m units. Within the index, 22 issues rose, with aggregate volume of 324.22m units; 2 issues fell, with aggregate volume of 124.27m units.
Today the index rose by 1.96 points (3.16%) to 64.04 points. Contributing to the advance were -
- Keycorp (KEY) +0.94 (8.9%) to $11.47 on volume of 10.01m shares;
- Huntington Bancshares (HBAN) +0.54 (7.7%) to $7.51 on volume of 9.46m shares;
- New M&I Corporation (MI) +0.83 (6%) to $14.62 on volume of 3.78m shares;
- Suntrust Banks (STI) +2.38 (5.9%) to $42.71 on volume of 5.94m shares; and
- Comerica Inc (CMA) +1.2 (4.7%) to $26.9 on volume of 3.63m shares.
The Semiconductor index (SOX) contains 18 components; the total volume traded in the index was 145.28m units. Within the index, 17 issues rose, with aggregate volume of 142.32m units; 1 issue fell, with aggregate volume of 2.96m units.
Today the index rose by 4.75 points (1.31%) to 366.2 points. Contributing to the advance were -
- Infineon Tech (IFX) +0.39 (4.6%) to $8.86 on volume of 2.11m shares;
- Broadcom (BRCM) +0.6 (2.2%) to $27.42 on volume of 8.72m shares;
- Sandisk (SNDK) +0.29 (2%) to $15.02 on volume of 6.57m shares;
- Intel (INTC) +0.44 (1.9%) to $23.49 on volume of 45.35m shares; and
- National Semiconductor (NSM) +0.39 (1.8%) to $22.51 on volume of 2.89m shares.
The ChildKiller ("Defence") index (DFX) contains 17 components; the total volume traded in the index was 53.58m units. Within the index, 14 issues rose, with aggregate volume of 49.83m units; 3 issues fell, with aggregate volume of 3.75m units.
Today the index rose by 4.14 points (1.12%) to 374 points. Contributing to the advance were -
- Gencorp (GY) +0.25 (3.4%) to $7.67 on volume of 0.22m shares;
- Boeing (BA) +2 (3.1%) to $65.55 on volume of 5.49m shares;
- Rockwell Collins (COL) +1.51 (3%) to $52.28 on volume of 0.85m shares;
- United Technologies (UTX) +1.77 (2.8%) to $65.98 on volume of 4.1m shares; and
- Esterline Tech (ESL) +1.23 (2.5%) to $51.16 on volume of 0.23m shares.
Currency Futures
Currency futures clawed back a bnch of the recent pullback in the US dollar - maybe we'll be able to get long Euro at a decent price on Monday.
| Currency Futures | |||
| Index | Close | Gain(Loss) | % |
| U.S. Dollar Index | 76.895 | 0.565 | 0.74 |
| Euro FX | 1.4758 | -0.0099 | -0.67 |
| Swiss Franc | 0.9107 | -0.0086 | -0.94 |
| Australian Dollar | 0.8639 | -0.0125 | -1.43 |
| Canadian Dollar | 0.954 | -0.0021 | -0.22 |
| Japanese Yen | 0.9102 | -0.0116 | -1.26 |
| New Zealand Dollar | 0.7063 | -0.0111 | -1.55 |
