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God stab my vitals... you would not credit the nature of my homicidal rage at whichever moronic intern is responsible for the automatic tag closing algorithm in kompozer. I inadvertently had two <bold> tags instead of an opening (<bold>) and a closing (</bold>) bold tag, and frigging kompozer thought it would help me out by trying to match the second tag... which it did by sprinkling opening an closing bold tags all over the bloody place... and refusing to accept 'Control Z' as anything which concerned it. So - having already added the wisdom and witticisms that you all find so enlightening and endearing, I had to go through and take all the bold tags out... BY HAND.
Oh, I suffer for my art, Dear Reader. O how I suffer to bring you the Daily Genius. Some clown gets nailed to a tree for trying to be a Judean version of bin Laden, and 2000 years later some deranged loonies still worship him. Where's the annual holiday that celebrates and perverts the underlying metaphorical message contained in MY suffering?
NO SPELL CHECK FOR YOU! All your bases is now belong to us. Eleventy.
Today it became clear that half my problems yesterday (the wrestling with Flex) was due to some sort of memory problem. I only noticed it today when in debugger the variable list included things which had not existed in the project for days. it's hard to have a watch on a variable that was deleted from the project days ago...
Anyhow, the other odd thing was that there appears to be a conflict between Flex and the JavaEE developer environment. It only affects the Windows partition that I use to write Flex and Flash stuff, and JavaEE is necessary for my impending test of streaming data for the soon-to-be-unveiled subscription site Version (oh, I dunno, let's say 7).
It might annoy some folks that they will have to have Flash if they want to run a stock/commodities/managed funds analysis site with a super duper portfolio manager and the best stock picker you've seen in your life (no, not your beloved GT... a mechanical 'screener'). Not to worry - I am retaining all the old stuff (by 'old' I mean 'state of the art until eight days ago') for those who don't want Flash... I am anti-Flash for the most part, but there are occasions where it really does fit the bill.
Economic News
Plenty... grab a handful of cashews and have a peruse...
- Retail Sales for July were reported as having fallen 0.1% - in line with market expectations. Retail Sales excluding motor vehicles rose 0.4%, just failing to meet the consensus guess which stood at 0.5% - and half of the prior reading of 0.8% despite rising prices for everything except knick-knacks, geegaws and anything tech. In fact even including the prices of tech, import prices excluding oil rose 0.9%.
- Business Inventoriesfor June rose 0.7% - slightly ahead of expectations (for a rise of 0.6%) and significantly above the prior reading of 0.3%. Inventories build when demand slows - don't listen to anybody who tries to fob this number off as being due to manufacturers building up inventories in anticipation of a sudden surge in consumption expenditure.
- Crude Inventories for the week ending August 9th came in at a drawdown of 316K barrels - well below last week's build of 1.6million barrels
Fed Open Market Operations
The Fed's Open Market Operations desk performed a single repurchases today - a 1 Day repurchase totalling $ 12.750 billion, with $12.564 billion in Treasury-backed collateral, with a weighted average rate of 2.019%.
Headline Indices
The Dow Jones Industrial Average lost 109.51 points (0.94%) to 11532.96 points. The index high for the day was 11633.78, while the low was 11453.34 set just after midday (from the low, the index actually rallied just under 150 points in just under 3 hours. Not spectacular, but hardly evidence of bearish sentiment, what?).
The 30 Dow components traded a total of 673.74m units. Within the index, 5 issues rose, with aggregate volume of 65.3m units; 25 issues fell, with aggregate volume of 608.43m units.
The S&P500 Index lost 3.77 points (0.29%) to 1285.82 points. As the name suggests, it has about 500 components; the total volume traded in the index was 3.24bn units. Within the index, 181 issues rose, with aggregate volume of 1.02bn units; 312 issues fell, with declining volume of 2.17bn units.
The main decliners (in percentage terms) were -
- Liz ClaiborneInc. (LIZ) -1.73 (11.6%) to $13.18 on volume of 7.86m shares;
- Regions Financial Corp. (RF) -0.7 (7.7%) to $8.36 on volume of 21.93m shares;
- General Motors (GM) -0.84 (7.6%) to $10.26 on volume of 21.26m shares;
- Wachovia Corp. (New) (WB) -1.19 (7.4%) to $14.81 on volume of 70.96m shares; and
- Bank of America Corp. (BAC) -2.27 (7.3%) to $28.86 on volume of 93.74m shares.
A Total of 3479 issues traded today on the NYSE; today's total volume was 4.2 billion shares. A total of 1462 counters posted gains for the day, with aggregate volume of 1.63 billion shares trading to the upside. Exerting downwards pressure on the index were the 1924 losers, which accounted for a total volume of 2.56 billion shares. 36 stocks made new 1-year highs on the NYSE, while 108 shares plumbed new 52-week depths.
Over on the Nasdaq 2992 tickers traded today; total Nasdaq volume was 1.98 billion shares. A total of 1517 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 1346 losers, which accounted for a total volume of 1.11 billion shares. 81 Nasdaq-listed stocks hit new 52-week highs, while 88 shares dipped to new 1-year lows.
The Nasdaq Composite lost 1.99 points (0.08%) to 2428.62 points and the Nasdaq100 advanced +0.95 points (0.05%) to 1942.02 points.
The Nasdaq100 index (NDX) contains - again, the name is a giveaway - 100 components; the total volume traded in the index was 846.71m units.
Within the index, 40 issues rose, with aggregate volume of 379.47m units; 58 issues fell, with aggregate volume of 466.47m units. So the index managed to squeak out a gain despite a broadly declining market and adverse market internals. So - as unfair as it may seem - we have to list the gainers in teh index. They were
- NVIDIA (NVDA) +1.19 (10.7%) to $12.26 on volume of 51.68m shares;
- Foster Wheeler (FWLT) +3.96 (8.6%) to $50.26 on volume of 4.56m shares;
- Steel Dynamics (STLD) +1.68 (7%) to $25.85 on volume of 5.42m shares;
- Applied Materials (AMAT) +0.86 (4.7%) to $19.33 on volume of 38.07m shares; and
- DISH Network (DISH) +1.07 (3.5%) to $31.48 on volume of 4.65m shares.
The CBOE Volatility Index advanced +0.38 points (1.79%) to 21.55 points. The CBOE Nasdaq100 Volatility Index advanced +0.06 points (0.24%) to 24.57 points.
| Major Market Statistics | |||
| Index | Close | Gain(Loss) | % |
| Dow Jones Industrial Average | 11532.96 | -109.51 | -0.94% |
| S&P500 Index | 1285.82 | -3.77 | -0.29% |
| Nasdaq Composite | 2428.62 | -1.99 | -0.08% |
| Nasdaq100 | 1942.02 | +0.95 | 0.05% |
| CBOE Volatility Index | 21.55 | +0.38 | 1.79% |
| CBOE Nasdaq100 Volatility Index | 24.57 | +0.06 | 0.24% |
Dow Gainers
- Alcoa (AA) +1.29 (4.2%) to $32.25 on volume of 11.8m units
- Chevron (CVX) +2.68 (3.2%) to $86.24 on volume of 12.8m units
- Exxon-Mobil (XOM) +1.29 (1.7%) to $78.17 on volume of 28.2m units
- Coca-Cola (KO) +0.42 (0.8%) to $55.21 on volume of 7.8m units
- IBM (IBM) +0.58 (0.5%) to $125.8 on volume of 4.7m units
Dow Decliners
- General Motors (GM) -0.84 (7.6%) to $10.26 on volume of 21.3m units
- Bank Of America (BAC) -2.27 (7.3%) to $28.86 on volume of 93.7m units
- Citigroup (C) -0.73 (3.9%) to $17.81 on volume of 92m units
- AIG (AIG) -0.8 (3.5%) to $22.05 on volume of 46.7m units
- Home Depot (HD) -0.96 (3.5%) to $26.52 on volume of 17.6m units
Most Traded Dow stocks
- Bank Of America (BAC) --2.27 (7.3%) to $28.86 on volume of 93.7m units
- Citigroup (C) --0.73 (3.9%) to $17.81 on volume of 92m units
- Microsoft (MSFT) --0.21 (0.7%) to $27.91 on volume of 49.1m units
- AIG (AIG) --0.8 (3.5%) to $22.05 on volume of 46.7m units
- Intel (INTC) --0.4 (1.6%) to $24.12 on volume of 45.9m units
Precious Metals
Precious metals futures finallygot a bit of a bid. Don't be too disppointed - there will be a re-test (and probably a 'tease tick' breach) of the recent low. Still and all, those who bought gold shares yesterday would have finished today feeling pretty chuffed with themselves.
| Precious Metals Futures | |||
| Index | Close | Gain(Loss) | % |
| Gold | 830.3 | 19.5 | 2.41 |
| Silver | 14.885 | 0.4 | 2.76 |
| Palladium | 321 | 10.45 | 3.36 |
| Platinum | 1519.9 | 41.1 | 2.78 |
The Gold Bugs index (XAU) contains 16 components; all of them rose today. The total volume traded in the index was 123.46m units.
The index rose by 8.32 points (5.91%) to 149.16 points. The major percentage gainers in the index were -
- Pan-American Silver (PAAS) +2.44 (9.7%) to $27.64 on volume of 1.7m shares;
- Agnico Eagle Mines (AEM) +4.64 (9.5%) to $53.48 on volume of 5.77m shares;
- Silver Wheaton (SLW) +0.82 (8%) to $11.13 on volume of 4.63m shares;
- Kinroos Gold (KGC) +1.21 (7.9%) to $16.5 on volume of 11.24m shares; and
- Royal Gold (RGLD) +2.46 (7.7%) to $34.51 on volume of 0.65m shares.
Energy Complex
Energy futures - like Precious Metals - need to dip back towards recent swing lows. they know full well that I refuse to chase a market that doesn't behave itself... but seriously: the pattern I mentioned yesterday (a lurch downwards during thin trade, then a spike reversal) might be thought to have happened over the last two sessions - but if you think that you're wrong. The entry time is very close indeed, but by not entering today we didn't miss any boats or trains or any other form of mass transit.
| Energy Futures | |||
| Commodity | Close | Gain(Loss) | % |
| Crude Oil | 116.42 | 3.41 | 3.02 |
| Heating Oil | 3.1385 | 0.0604 | 1.96 |
| Natural Gas | 8.48 | 0.15 | 1.8 |
| Gasoline RBOB | 2.9398 | 0.0966 | 3.4 |
| Ethanol | 2.235 | 0.135 | 6.43 |
The Oil Services index (OSX) contains 15 components; as with the Gold index all components rose. Total volume traded in the index was 84.11m units. The index rose by 11.35 points (4.02%) to 293.54 points. Contributing to the advance were -
- Global Industries (GLBL) +0.53 (6.2%) to $9.1 on volume of 7m shares;
- National Oilwell Varco (NOV) +3.79 (5.5%) to $72.54 on volume of 6.03m shares;
- Nabors Industries (NBR) +1.74 (5.3%) to $34.5 on volume of 7.89m shares;
- Transocean Inc (RIG) +5.97 (4.8%) to $131.43 on volume of 7.57m shares; and
- Noble Corp (NE) +2.2 (4.5%) to $50.73 on volume of 3.77m shares.
Bellwethers
The nine-stock group that makes up the Rant bellwethers declined on average by 1.2%. The fallout occurred as follows:
- General Electric (GE) -0.43 (1.45%) to $29.31 on volume of 33.72m units.
- Citigroup (C) -0.73 (3.94%) to $17.81 on volume of 92.04m units.
- Wal-Mart (WMT) -1.13 (1.91%) to $57.88 on volume of 16.8m units.
- IBM (IBM) +0.58 (0.46%) to $125.80 on volume of 4.65m units.
- Intel (INTC) -0.4 (1.63%) to $24.12 on volume of 45.86m units.
- Cisco Systems (CSCO) -0.19 (0.78%) to $24.31 on volume of 34.93m units.
- Google (GOOG) -2.58 (0.51%) to $500.03 on volume of 3.6m units.
- Fannie Mae (FNM) -0.33 (4.11%) to $7.69 on volume of 41.03m units.
- Freddie Mac (FRE) +0.18 (3.35%) to $5.55 on volume of 34.43m units.
Other Indices of Interest...
The Banks index (BKX) contains 24 components; the total volume traded in the index was 563.14m units. In contrast with Gold and Oil shares, all of the components of the BKX fell.
Today the index fell by 2.69 points (4.08%) to 63.24 points. The main decliners (in percentage terms) were -
- Regions Financial (RF) -0.7 (7.7%) to $8.36 on volume of 21.93m shares;
- Wachovia (WB) -1.19 (7.4%) to $14.81 on volume of 70.96m shares;
- Bank Of America (BAC) -2.27 (7.3%) to $28.86 on volume of 93.74m shares;
- Suntrust Banks (STI) -2.97 (6.9%) to $39.92 on volume of 12.19m shares; and
- Huntington Bancshares (HBAN) -0.44 (5.8%) to $7.12 on volume of 11.93m shares.
The Semiconductor index (SOX) contains 18 components; the total volume traded in the index was 228.78m units. Within the index, 6 issues rose, with aggregate volume of 64.8m units; 12 issues fell, with aggregate volume of 163.97m units.
Today the index fell by 2.18 points (0.58%) to 373.1 points. The main decliners (in percentage terms) were -
- Sandisk (SNDK) -1.02 (5.9%) to $16.27 on volume of 9.93m shares;
- Micron Technology (MU) -0.17 (3.2%) to $5.1 on volume of 13.71m shares;
- Taiwan Semiconductor (TSM) -0.23 (2.2%) to $10.4 on volume of 36.81m shares;
- ST Microelectronic (STM) -0.23 (1.8%) to $12.47 on volume of 3.85m shares; and
- Intel (INTC) -0.4 (1.6%) to $24.12 on volume of 45.86m shares.
The ChildKiller ("Defence") index (DFX) contains 17 components; the total volume traded in the index was 60.15m units. Within the index, 7 issues rose, with aggregate volume of 4.25m units; 10 issues fell, with aggregate volume of 55.89m units.
Today the index fell by 0.2 points (0.05%) to 378.07 points. The main decliners (in percentage terms) were -
- Boeing (BA) -1.67 (2.5%) to $64.26 on volume of 7.45m shares;
- General Electric (GE) -0.43 (1.4%) to $29.31 on volume of 33.71m shares;
- Lockheed Martin (LMT) -1.42 (1.2%) to $112.97 on volume of 3.39m shares;
- Raytheon (RTN) -0.65 (1.1%) to $60.42 on volume of 1.55m shares; and
- General Dynamics (GD) -0.79 (0.8%) to $93.46 on volume of 2.17m shares.
Currency Futures
Currency futures have fallen into a holding pattern - again, do not expect a whoosh downward in one go from here. A pullback, a re-test of the recent swing upwards (including a possible tease tick breach of the high) and then a move downwards which will not be neck-breaking, but it will be relentless. The USDX in particular had to wash off a very deeply oversold condition before resuming its trend toward its inherent value (zero).
| Currency Futures | |||
| Index | Close | Gain(Loss) | % |
| U.S. Dollar Index | 76.41 | 0.09 | 0.12 |
| Euro FX | 1.4907 | 0.0019 | 0.13 |
| Swiss Franc | 0.9215 | 0.0021 | 0.23 |
| Australian Dollar | 0.8728 | -0.0001 | -0.01 |
| Canadian Dollar | 0.941 | -0.0002 | -0.02 |
| Japanese Yen | 0.9147 | -0.0003 | -0.03 |
| New Zealand Dollar | 0.7015 | 0.0055 | 0.79 |
