Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.
This afternoon I was trying to load the new Flex-based Index Analysis suite (which will form part of the new subscription site) in time to announce its availability to perusal over the weekend. I didn't quite get it done (there are a lot of files that have to be given a web repository - and for the moment it can't be the site itself).
Anyhow - I found out this week that I was wise to keep my hands in my pockets last December (when I was genuinely thinking about putting together the financing to buy InvestorWeb - my old stomping ground).
As of next Friday, InvestorWeb is apparently going to be mothballed by the Commonwealth Bank (who bought IWL holus-bolus and sold offbits and pieces over time, losing loads of money overall... just like a bureacratic hidebound pack of morons should be expected the behave).
To think I was actually considering making a 'knockout' bid (in the low $1-mill range) in exchange for the site, the database, the name and some of the personnel. Now it seems that there is no need.
I am considering offering a transfer-subscription price for current InvestorWeb clients - for the first year (for the Aussie equities, indices, options/warrants, and portfolio manager and watchlists). Let's see what folks think of the index summary (which I'll stickytape into an internet hole over the weekend)
Economic News
- NY Empire State Index for August was 2.8, handily above the 'lowered bar' expectations of -5.0. Honestly, financial markets have lower expectations than George Bush's parents...
- Net Foreign Purchases of US assets for June came in at $53.4B, which is well down on the prior month of $83.2b, and below the consensus estiamte of $57.5B;
- Industrial Production for July rose by 0.2% - half of the prior rate. However it was better than expected (expectations were for no change); Capacity Utilization was in line with the consensus guess, at 79.8%;
- The preliminary reading of the August University of Michigan Consumer Sentiment survey. The outcome was 61.7, which was pretty much in line with consensus expectations of 62.0.
Fed Open Market Operations
The Fed's Open Market Operations desk performed a single repurchase today - a 3 Day (weekend) repurchase totalling $ 14.250 billion, with $7.027 billion in Treasury-backed collateral, with a weighted average rate of 2.169%.
Headline Indices
The Dow Jones Industrial Average advanced 43.971 points (0.38%) to 11659.90 points. The index high for the day was 11709.89 set at 9:45 a.m., while the low was 11599.73 set shortly after 10 a.m. - yep, that's right... the entire intraday range was covered in under half an hour. What do you expect on a Friday?
Total volume traded in the Dow was 637.63m units. Within the index, 22 issues rose, with aggregate volume of 459.14m units; 8 issues fell, with aggregate volume of 178.49m units.
Today the index rose by 43.971 points (0.38%) to 11659.9 points. Contributing to the advance were -
- Procter & Gamble (PG) +1.89 (2.7%) to $71.6 on volume of 17.62m shares;
- Citigroup (C) +0.47 (2.6%) to $18.55 on volume of 64.83m shares;
- American Express (AXP) +0.87 (2.3%) to $39.07 on volume of 15.3m shares;
- Wal-Mart (WMT) +1.27 (2.2%) to $59.37 on volume of 22.56m shares; and
- AT&T (T) +0.54 (1.7%) to $31.66 on volume of 21.95m shares.
The S&P500 Index advanced 5.26 points (0.41%) to 1298.19 points. Total volume traded in the index was 3.1bn units. Within the index, 340 issues rose, with aggregate volume of 2bn units; 154 issues fell, with aggregate volume of 1.1bn units.
Today the index rose by 5.26 points (0.41%) to 1298.19 points. Contributing to the advance were -
- AutodeskInc. (ADSK) +4.02 (11.7%) to $38.37 on volume of 13.38m shares;
- MGIC Investment (MTG) +0.77 (9.9%) to $8.57 on volume of 5.56m shares;
- MBIA Inc. (MBI) +0.9 (8.7%) to $11.22 on volume of 24.02m shares;
- Penney (J.C.) (JCP) +3.11 (8.4%) to $39.94 on volume of 10.36m shares; and
- Kohl's Corp. (KSS) +3.52 (7.3%) to $51.79 on volume of 17.26m shares.
The Nasdaq Composite lost 1.15 points (0.05%) to 2452.52 points; the Nasdaq100 lost 6.82 points (0.35%) to 1957.56 points.
Total volume traded in the Nasdaq100 was 765.67m units. Within the index, 42 issues rose, with aggregate volume of 353.17m units; 56 issues fell, with aggregate volume of 410.91m units.The main decliners (in percentage terms) were -
- Vertex Pharmaceuticals (VRTX) -1.51 (5%) to $28.46 on volume of 2.37m shares;
- Hansen Natural (HANS) -1.35 (4.5%) to $28.63 on volume of 4.67m shares;
- Foster Wheeler (FWLT) -2.01 (4.2%) to $46.09 on volume of 3.74m shares;
- Sigma-Aldrich (SIAL) -2.57 (4.2%) to $59.17 on volume of 2.13m shares; and
- IAC/InterActiveCorp (IACI) -0.58 (3%) to $18.62 on volume of 4.96m shares.
The CBOE Volatility Index lost 0.76 points (3.74%) to 19.58 points and the CBOE Nasdaq100 Volatility Index lost 0.08 points (0.35%) to 22.52 points.
Over on the Nasdaq 2998 tickers traded today; total Nasdaq volume was 1.79 billion shares. A total of 1357 stocks posted gains for the day, with aggregate volume of 0.85 billion shares trading to the upside. The red zone of the Nasdaq exchange was populated with 1493 losers, which accounted for a total volume of 0.93 billion shares. 92 Nasdaq-listed stocks hit new 52-week highs, while 76 shares dipped to new 1-year lows.
| Major Market Statistics | |||
| Index | Close | Gain(Loss) | % |
| Dow Jones Industrial Average | 11659.90 | +43.971 | 0.38% |
| S&P500 Index | 1298.19 | +5.26 | 0.41% |
| Nasdaq Composite | 2452.52 | -1.15 | -0.05% |
| Nasdaq100 | 1957.56 | -6.82 | -0.35% |
| CBOE Volatility Index | 19.58 | -0.76 | -3.74% |
| CBOE Nasdaq100 Volatility Index | 22.52 | -0.08 | -0.35% |
Major Advancers in the Dow were
- Procter & Gamble (PG) +1.89 (2.7%) to $71.6 on volume of 17.6m units
- Citigroup (C) +0.47 (2.6%) to $18.55 on volume of 64.8m units
- American Express (AXP) +0.87 (2.3%) to $39.07 on volume of 15.3m units
- Wal-Mart (WMT) +1.27 (2.2%) to $59.37 on volume of 22.6m units
- AT&T (T) +0.54 (1.7%) to $31.66 on volume of 21.9m units
Major Decliners in the Dow were
- Chevron (CVX) -1.68 (2%) to $84.25 on volume of 15.7m units
- General Motors (GM) -0.17 (1.5%) to $11.18 on volume of 23.8m units
- Boeing (BA) -0.32 (0.5%) to $64.45 on volume of 7.7m units
- Exxon-Mobil (XOM) -0.38 (0.5%) to $77.07 on volume of 26.3m units
- IBM (IBM) -0.58 (0.5%) to $126.36 on volume of 5.6m units
Most Traded Dow stocks were
- Citigroup (C) +0.47 (2.6%) to $18.55 on volume of 64.8m units
- Bank Of America (BAC) +0.52 (1.7%) to $30.7 on volume of 55.5m units
- Microsoft (MSFT) --0.1 (0.4%) to $27.81 on volume of 47.3m units
- Intel (INTC) --0.1 (0.4%) to $24.26 on volume of 43.1m units
- General Electric (GE) +0.28 (0.9%) to $29.8 on volume of 40.2m units
Precious Metals
Precious metals futures made new swing lows for the move - as I surmised the other day (when some of you thought we had missed the boat for the long side), it required one last reversal to thoroughly cleanse the long side of its last few nuffnuffs. Next week (conditional on the CoT data which I will peruse this weekend) is now the killzone.
| Precious Metals Futures | |||
| Index | Close | Gain(Loss) | % |
| Gold | 788.7 | -22 | -2.71 |
| Silver | 12.75 | -1.48 | -10.4 |
| Palladium | 285 | -23 | -7.47 |
| Platinum | 1381.6 | -107.5 | -7.22 |
The Gold Bugs index (XAU) contains 16 components; the total volume traded in the index was 104.52m units. Not a single index component rose. The index fell by 5.24 points (3.67%) to 137.38 points. The main decliners (in percentage terms) were -
- Silver Stand Resources (SSRI) -1.41 (5.6%) to $23.74 on volume of 0.87m shares;
- Pan-American Silver (PAAS) -1.41 (5.5%) to $24.38 on volume of 1.9m shares;
- Gold Fields Ltd (GFI) -0.44 (4.8%) to $8.66 on volume of 6.07m shares;
- GoldCorp (GG) -1.36 (4.4%) to $29.56 on volume of 14.51m shares; and
- Coeur d'Alene (CDE) -0.08 (4.2%) to $1.81 on volume of 9.9m shares.
Energy Complex
Crude oil futures - again, as I detailed that they would in Wednesday's USRant - gave back every cent of the mini-rebound that started earlier in the week. In fact it made a new low for the recent move, and hit its lowest level since May 2nd. So the market is very nearly bereft of hopeful nuffnuffs... aren't you glad we kept our powder dry now? Next week - if the thing behaves like it should - there will be that last lurch down on a volume spike and then the reversal will be a delight to behold.
| Energy Futures | |||
| Commodity | Close | Gain(Loss) | % |
| Crude Oil | 113.79 | -1.22 | -1.06 |
| Heating Oil | 3.125 | 0.0259 | 0.84 |
| Natural Gas | 8.075 | -0.061 | -0.75 |
| Gasoline RBOB | 2.86 | -0.052 | -1.79 |
| Ethanol | 2.136 | -0.113 | -5.02 |
The Oil Services index (OSX) contains 15 components; the total volume traded in the index was 88m units. Within the index, 1 issue rose, with aggregate volume of 4.3m units; 14 issues fell, with aggregate volume of 83.7m units.
Today the index fell by 6.6 points (2.28%) to 283.43 points. The main decliners (in percentage terms) were -
- Weatherford International (WFT) -1.38 (3.6%) to $36.56 on volume of 10.07m shares;
- National Oilwell Varco (NOV) -2.41 (3.4%) to $68.46 on volume of 8.88m shares;
- Nabors Industries (NBR) -1.09 (3.2%) to $32.83 on volume of 6.74m shares;
- Rowan Co (RDC) -1.17 (3.2%) to $35.3 on volume of 3.35m shares; and
- Schlumberger (SLB) -2.58 (2.7%) to $91.47 on volume of 11.43m shares.
Bellwethers
The nine-stock group that makes up the Rant bellwethers advanced on average by 0.1%. The fallout occurred as follows:
- General Electric (GE) +0.28 (0.95%) to $29.80 on volume of 40.19m units.
- Citigroup (C) +0.47 (2.6%) to $18.55 on volume of 64.83m units.
- Wal-Mart (WMT) +1.27 (2.19%) to $59.37 on volume of 22.56m units.
- IBM (IBM) -0.58 (0.46%) to $126.36 on volume of 5.57m units.
- Intel (INTC) -0.1 (0.41%) to $24.26 on volume of 43.07m units.
- Cisco Systems (CSCO) +0.24 (0.97%) to $24.91 on volume of 45.25m units.
- Google (GOOG) +4.66 (0.92%) to $510.15 on volume of 3.54m units.
- Fannie Mae (FNM) -0.32 (3.89%) to $7.91 on volume of 32.15m units.
- Freddie Mac (FRE) -0.09 (1.52%) to $5.85 on volume of 34.49m units.
Other Indices of Interest...
The Banks index (BKX) contains 24 components; the total volume traded in the index was 410.37m units. Within the index, 21 issues rose, with aggregate volume of 302.07m units; 3 issues fell, with aggregate volume of 108.3m units.
Today the index rose by 0.95 points (1.46%) to 66.17 points. Contributing to the advance were -
- Capital One Financial (COF) +2.17 (5.2%) to $43.95 on volume of 8.79m shares;
- Washington Mutual (WM) +0.19 (4.4%) to $4.55 on volume of 36.11m shares;
- BB&T Corp (BBT) +0.89 (3%) to $30.09 on volume of 6.43m shares;
- US Bancorp (USB) +0.93 (3%) to $31.58 on volume of 16.8m shares; and
- Keycorp (KEY) +0.31 (2.7%) to $11.73 on volume of 7.49m shares.
The Semiconductor index (SOX) contains 18 components; the total volume traded in the index was 196.45m units. Within the index, 9 issues rose, with aggregate volume of 91.39m units; 9 issues fell, with aggregate volume of 105.06m units.
Today the index fell by 0.66 points (0.18%) to 376.43 points. The main decliners (in percentage terms) were -
- Marvell Technology (MRVL) -0.44 (2.7%) to $15.88 on volume of 19.32m shares;
- Xilinx (XLNX) -0.45 (1.6%) to $27.06 on volume of 4.79m shares;
- Altera (ALTR) -0.29 (1.2%) to $23.85 on volume of 5.58m shares;
- Sandisk (SNDK) -0.18 (1%) to $17.64 on volume of 7.65m shares; and
- Texas Instruments (TXN) -0.25 (1%) to $25.52 on volume of 18.5m shares.
The ChildKiller ("Defence") index (DFX) contains 17 components; the total volume traded in the index was 71.65m units. Within the index, 14 issues rose, with aggregate volume of 62.78m units; 3 issues fell, with aggregate volume of 8.87m units.
Today the index rose by 3.36 points (0.89%) to 382.5 points. Contributing to the advance were -
- Lockheed Martin (LMT) +3.49 (3.1%) to $116.67 on volume of 4.94m shares;
- Raytheon (RTN) +1.4 (2.3%) to $61.71 on volume of 2.76m shares;
- Alliant Tech (ATK) +2.28 (2.1%) to $110.98 on volume of 0.45m shares;
- L-3 Holdings (LLL) +2.11 (2%) to $105.83 on volume of 0.84m shares; and
- Northrop Grummanl (NOC) +1.07 (1.5%) to $71.13 on volume of 2.53m shares.
Currency Futures
Currency markets continue to try to pretend that the US is not in terminal post-Empire decline. It took a generation for the pound to lose its glamour; don't think for a minute that repricing will be that slow this time around.
| Currency Futures | |||
| Index | Close | Gain(Loss) | % |
| U.S. Dollar Index | 77.29 | 0.455 | 0.59 |
| Euro FX | 1.4655 | -0.0133 | -0.9 |
| Swiss Franc | 0.9113 | -0.0029 | -0.32 |
| Australian Dollar | 0.8629 | -0.0059 | -0.68 |
| Canadian Dollar | 0.9434 | 0.0032 | 0.34 |
| Japanese Yen | 0.9062 | -0.0064 | -0.7 |
| New Zealand Dollar | 0.7035 | 0.007 | 1.01 |
