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Wars and rumours of wars... I've read that somewhere. Matthew (24:6) and Mark (13:7) were such copycats.
The war between Russia and Georgia doesn't really amount to much - it is about the same size as a war between France and New Zealand.
That said, the outcome will be decidedly different to a Franco-Kiwi war, in which the Frogs could reasonably be expected to capitulate in six weeks. In point of fact, it has been more than a century since the French have successfully defended their capital against a belligerent for more than six weeks after the penetration of their frontier (they make a big deal about having defended themselves when Europe came after Shorty Bonaparte after he invaded Russia (from the South, in winter... what a maroon). The word "Bistro" entered the language after the Russians occupied Paris, if I'm not mistaken (apparently it means "Hurry up" in Russian... it was what the Russkies kept saying to serving wenches at the time).
I suppose you can't expect too much if your number 1 war hero is a bignosed twerp (de Gaulle) who ran away to England before the Krauts had even crossed the border, and came back after the shooting had stopped and declared himself the saviour of the country.
And it gets worse - French foreign minister Bernard Kouchner went to Georgia to bignote himself and the dwarf emperor Sarkozy... and promptly had to be evacuated.
Honestly, you can't make this shit up.
I'm a big fan of France as a place to live, but they ought to give up the whole "we are still a global power" kitsch (or even "we are a European power"). They've got some lovely countryside, the rural people are nice, and they have a fair range of wines. But their economy is in a shambles (and will get much worse over the next decade due to excessive social welfare expenditure and a shrinking industrial base).
As to rumours of wars... the carrier battle groups ought to be on station off the Gulf in about eight days. A chum from Castelnaudaray (home of the Legion) tells me that things are getting busy down there, too.
Tant pis, as far as I am concerned... we are out of the primary wind currents ex-Paris, Berlin and London, so if the exchanges get hot we have little to worry about (in terms of direct consequences or fallout dispersal at a level sufficient to cause immediate ill-health).
How funny that this sort of calculus has become important - almost twenty years after the fall of the so-called Evil Empire. As at current date, the new Evil Empire is bogged down in the same dry hellhole as the old Evil Empire was, and the new Evil Empire is spending itself to death on boy's toys fo their political class.
Economic News
Nothing.
Fed Open Market Operations
The Fed's Open Market Operations desk performed a single repurchases today - a 1 Day repurchase totalling $7bn, with $6.138bn in Treasury-backed collateral undertaken at a weighted average rate of 1.994%. So although it was enough to goose the markets a little, it was not undertaken at a sufficient discount to enable da Boyz to really swing for the fences.
Headline Indices
The Dow Jones Industrial Average advanced 48.029 points (0.41%) to 11782.35 points. The index high for the day was 11867.11, while the low was 11675.53.
Within the index, 18 issues rose, with aggregate volume of 546.32m units; 12 issues fell, with aggregate volume of 216.23m units. The total volume traded in the index was 762.55m units.
The S&P500 Index advanced 9.00 points (0.69%) to 1305.31 points. Total volume traded in the index was 3.8bn units. Within the index, 354 issues rose, with aggregate volume of 2.8bn units; 135 issues fell, with aggregate volume of 1.02bn units.
Tthe major percentage gainers in the SPX were -
- Amazon Corp. (AMZN) +7.58 (9.4%) to $88.09 on volume of 25.05m shares;
- Kohl's Corp. (KSS) +4.13 (8.8%) to $51 on volume of 22.73m shares;
- Starbucks Corp. (SBUX) +1.18 (7.8%) to $16.3 on volume of 29.36m shares;
- Nordstrom (JWN) +2.27 (7.7%) to $31.86 on volume of 8.68m shares; and
- Abercrombie & Fitch Co. (ANF) +3.73 (7.4%) to $54.11 on volume of 5.78m shares.
A Total of 3480 issues traded today on the NYSE; today's total volume was a tad over 5 billion shares (I don't believe that stat - I BET they count Nasdaq-listed stocks that trade in NYSE indices).
A total of 2104 NYSE counters posted gains for the day, with aggregate volume of 3.26 billion shares trading to the upside. Exerting downwards pressure on the index were the 1284 losers, which accounted for a total volume of 1.77 billion shares. 82 stocks made new 1-year highs on the NYSE, while 92 shares plumbed new 52-week depths.
The Nasdaq Composite gained 25.85 points (1.07%) to 2439.95 points and the Nasdaq100 added 15.00 points (0.78%) to 1941.23 points.
Total volume traded in the Nasdaq100 was 1.0bn units. Within the index, 72 issues rose, with aggregate volume of 763.46m units; 26 index components fell, with aggregate volume of 240.48m units.
The top 5 index components in terms of percentage gain were
- Hansen Natural (HANS) +2.73 (11.8%) to $25.96 on volume of 4.28m shares;
- Sirius Satellite Radio (SIRI) +0.15 (11.4%) to $1.47 on volume of 115.92m shares;
- UAL (UAUA) +1.14 (10.2%) to $12.27 on volume of 46.35m shares;
- Amazon.com (AMZN) +7.58 (9.4%) to $88.09 on volume of 25.05m shares; and
- Starbucks (SBUX) +1.18 (7.8%) to $16.3 on volume of 29.36m shares.
The CBOE Volatility Index lost 0.54 points (2.61%) to 20.12 points and the CBOE Nasdaq100 Volatility Index lost 0.05 points (0.21%) to 24.19 points.
| Major Market Statistics | |||
| Index | Close | Gain(Loss) | % |
| Dow Jones Industrial Average | 11782.35 | +48.029 | 0.41% |
| S&P500 Index | 1305.31 | +9.00 | 0.69% |
| Nasdaq Composite | 2439.95 | +25.85 | 1.07% |
| Nasdaq100 | 1941.23 | +15.00 | 0.78% |
| CBOE Volatility Index | 20.12 | -0.54 | -2.61% |
| CBOE Nasdaq100 Volatility Index | 24.19 | -0.05 | -0.21% |
Of the 30 Dow components, 18 gained ground for the day, with total upside volume of 546.32m units. 12 Dow components suffered losses for the day, with total volume in declining index components of 216.23m units.
Dow Gainers
- General Motors (GM) +0.73 (7.3%) to $10.76 on volume of 35.7m units
- Home Depot (HD) +1.14 (4.3%) to $27.51 on volume of 53.5m units
- American Express (AXP) +1.36 (3.6%) to $39.17 on volume of 12m units
- Bank Of America (BAC) +1.13 (3.5%) to $33.38 on volume of 63m units
- AT&T (T) +0.87 (2.8%) to $31.84 on volume of 26.8m units
Dow Decliners...
- Boeing (BA) -1.24 (1.8%) to $66.62 on volume of 6.9m units
- IBM (IBM) -2.21 (1.7%) to $126.6 on volume of 7.4m units
- Alcoa (AA) -0.53 (1.7%) to $31.23 on volume of 12.1m units
- AIG (AIG) -0.4 (1.6%) to $24.47 on volume of 40.9m units
- Microsoft (MSFT) -0.23 (0.8%) to $27.9 on volume of 68.4m units
Most Traded Dow stocks -
- Citigroup (C) +0.43 (2.2%) to $19.82 on volume of 73.7m units
- Microsoft (MSFT) --0.23 (0.8%) to $27.9 on volume of 68.4m units
- Bank Of America (BAC) +1.13 (3.5%) to $33.38 on volume of 63m units
- Home Depot (HD) +1.14 (4.3%) to $27.51 on volume of 53.5m units
- Intel (INTC) +0.15 (0.6%) to $24.38 on volume of 51.4m units
Precious Metals
Precious metals futures continued the recent softness. An interesting configuration in the various versions of the Dumb Bull Ratio made it clear over the weekend that Monday was a time to start steeling oneself for the impending long entry to Gold and Platinum... but iot was not the time to head once more into the breach -
| Precious Metals Futures | |||
| Index | Close | Gain(Loss) | % |
| Gold | 826 | -34.7 | -4.03 |
| Silver | 14.61 | -0.72 | -4.7 |
| Palladium | 322.8 | -7.95 | -2.4 |
| Platinum | 1534 | -25.6 | -1.64 |
The Gold Bugs index (XAU) contains 16 components; the total volume traded in the index was 172.88m units. All 16 index components fell
Today the index fell by 7.87 points (5.45%) to 136.6 points. The main decliners (in percentage terms) were -
- Coeur d'Alene (CDE) -0.35 (16.7%) to $1.74 on volume of 33.78m shares;
- AngloGold Ashanti (AU) -4.05 (13.6%) to $25.7 on volume of 5.46m shares;
- Barrick Gold (ABX) -2.43 (6.9%) to $32.77 on volume of 19.8m shares;
- Harmony Gold (HMY) -0.57 (6.8%) to $7.76 on volume of 3.76m shares; and
- Pan-American Silver (PAAS) -1.65 (6.3%) to $24.67 on volume of 1.58m shares.
Energy Complex
Energy futures actually recovered intraday, but closed with losses in the primary contracts. Those who subscribe to USSpy won't be wondering when to enter these markets again...
| Energy Futures | |||
| Commodity | Close | Gain(Loss) | % |
| Crude Oil | 114.84 | -0.36 | -0.31 |
| Heating Oil | 3.128 | 0 | 0 |
| Natural Gas | 8.413 | 0.165 | 2 |
| Gasoline RBOB | 2.875 | -0.0124 | -0.43 |
| Ethanol | 2.063 | 0.023 | 1.13 |
The Oil Services index (OSX) contains 15 components; the total volume traded in the index was 89.79m units. Within the index, 5 issues rose, with aggregate volume of 23.66m units; 9 issues fell, with aggregate volume of 58.71m units.
Today the index fell by 1.01 points (0.35%) to 283.99 points. The main decliners (in percentage terms) were -
- National Oilwell Varco (NOV) -2.06 (2.9%) to $68.46 on volume of 8.28m shares;
- Transocean Inc (RIG) -1.53 (1.2%) to $125.63 on volume of 8.53m shares;
- Weatherford International (WFT) -0.41 (1.1%) to $36.84 on volume of 7.47m shares;
- Noble Corp (NE) -0.42 (0.9%) to $48.47 on volume of 4.51m shares; and
- Rowan Co (RDC) -0.29 (0.8%) to $36.49 on volume of 2.69m shares.
Bellwethers
The nine-stock group that makes up the Rant bellwethers declined on average by 0.7%. The fallout occurred as follows:
- General Electric (GE) +0.31 (1.05%) to $29.95 on volume of 49.05m units.
- Citigroup (C) +0.43 (2.22%) to $19.82 on volume of 73.74m units.
- Wal-Mart (WMT) +0.70 (1.21%) to $58.56 on volume of 24.19m units.
- IBM (IBM) -2.21 (1.72%) to $126.60 on volume of 7.44m units.
- Intel (INTC) +0.15 (0.62%) to $24.38 on volume of 51.42m units.
- Cisco Systems (CSCO) +0.37 (1.53%) to $24.62 on volume of 43.25m units.
- Google (GOOG) +5.83 (1.18%) to $500.84 on volume of 4.23m units.
- Fannie Mae (FNM) -0.65 (7.18%) to $8.40 on volume of 57.42m units.
- Freddie Mac (FRE) -0.3 (5.08%) to $5.60 on volume of 41.2m units.
Other Indices of Interest...
The Banks index (BKX) contains 24 components; the total volume traded in the index was 484.01m units. All index components rose today.
Today the index rose by 2.16 points (3.16%) to 70.47 points. Contributing to the advance were -
- Capital One Financial (COF) +2.61 (6%) to $46 on volume of 13.61m shares;
- Keycorp (KEY) +0.62 (5.2%) to $12.56 on volume of 11.58m shares;
- New M&I Corporation (MI) +0.83 (5.1%) to $17.17 on volume of 5.57m shares;
- Wells Fargo (WFC) +1.44 (4.8%) to $31.61 on volume of 55.15m shares; and
- Comerica Inc (CMA) +1.44 (4.6%) to $32.85 on volume of 4.2m shares.
The Semiconductor index (SOX) contains 18 components; the total volume traded in the index was 220.7m units. Within the index, 16 issues rose, with aggregate volume of 181.03m units; 2 issues fell, with aggregate volume of 39.67m units.
Today the index rose by 6.95 points (1.89%) to 374.14 points. Contributing to the advance were -
- National Semiconductor (NSM) +0.99 (4.4%) to $23.51 on volume of 7.85m shares;
- Broadcom (BRCM) +0.97 (3.7%) to $26.98 on volume of 13.4m shares;
- Xilinx (XLNX) +0.73 (2.8%) to $27.15 on volume of 8.35m shares;
- Sandisk (SNDK) +0.46 (2.8%) to $17.13 on volume of 8.64m shares; and
- KLA-Tencor Cp (KLAC) +1.05 (2.7%) to $39.5 on volume of 4.89m shares.
The ChildKiller ("Defence") index (DFX) contains 17 components; the total volume traded in the index was 78.12m units. Within the index, 11 issues rose, with aggregate volume of 67.73m units; 6 issues fell, with aggregate volume of 10.39m units.
Today the index rose by 1.47 points (0.39%) to 376.22 points. Contributing to the advance were -
- Esterline Tech (ESL) +1.54 (3.1%) to $51.57 on volume of 0.38m shares;
- Gencorp (GY) +0.13 (1.6%) to $8.48 on volume of 0.63m shares;
- Embraer Empresa (ERJ) +0.38 (1.3%) to $29.9 on volume of 0.92m shares;
- General Dynamics (GD) +1.11 (1.2%) to $93.92 on volume of 2.24m shares; and
- General Electric (GE) +0.31 (1%) to $29.95 on volume of 49.05m shares.
Currency Futures
Currency futures continued to rise apace. Not to worry... not having sent out a USSpy entry, I can neither toot-toot nor commiserate.
| Currency Futures | |||
| Index | Close | Gain(Loss) | % |
| U.S. Dollar Index | 76.44 | 0.43 | 0.57 |
| Euro FX | 1.4901 | -0.0081 | -0.54 |
| Swiss Franc | 0.9216 | -0.0039 | -0.42 |
| Australian Dollar | 0.8791 | -0.0051 | -0.58 |
| Canadian Dollar | 0.9356 | -0.0001 | -0.01 |
| Japanese Yen | 0.9108 | 0.0018 | 0.2 |
| New Zealand Dollar | 0.6957 | -0.0048 | -0.69 |
