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What a lovely dinner we just had. It's 3 a.m., I lost count of the number of times my glass was refilled (but if it was less than 13 or 14 I am not here) and I hope I can get through this before I need to go puke.
Just kidding... I don't need to go puke, But I will regret this in the morning (if only because it is less than 6 hours before I must raise the weary bones and get OzRant out).
Economic News
Bah. The big fly in the soup was AIG's earnings, and AIG got creamed for it. Add in that Freddie Mac has negative net assets, and that tells you all you need to know about the condition of financial markets in the US. Government statistics are baloney anyhow - you're better off watching price action.
Fed Open Market Operations
The Fed's Open Market Operations desk performed 3 repurchase operations:
- a 1 Day repurchase totalling $5.25bn, with a lousy $250 million in Treasury-backed collateral, with a weighted average rate of 1.960%.
- a 7 Day repurchase totalling $10bn, with $8.15bn in Treasury-backed collateral, at a weighted average rate of 1.956%.
- a 14 Day repurchase totalling $5bn, with $1.428bn in Treasury-backed collateral, with a weighted average rate of 2.010%.
Headline Indices
The Dow Jones Industrial Average lost 224.64 points (1.93%) to 11431.43 points. The index high for the day was 11655.58 (at the open), while the low was 11417.02 ten minutes before the close.
The total volume traded in the index was 896.26m units. Within the index, 3 issues rose, with aggregate volume of 204.05m units; 27 issues fell, with aggregate volume of 692.21m units.
The S&P500 Index lost 23.13 points (1.79%) to 1266.06 points. Total volume traded in the index was 3.98b units. Within the index, 85 issues rose, with aggregate volume of 982.81m units; 409 issues fell, with aggregate volume of 2.95b units.
The main decliners (in percentage terms) were -
- American Int'l. Group (AIG) -5.25 (18%) to $23.84 on volume of 147.37m shares;
- King Pharmaceuticals (KG) -2.14 (17.5%) to $10.11 on volume of 7.92m shares;
- Fannie Mae (FNM) -1.65 (14.2%) to $9.95 on volume of 56.14m shares;
- Lehman Bros. (LEH) -2.62 (12.9%) to $17.67 on volume of 30.24m shares; and
- Verisign Inc. (VRSN) -4.31 (12.7%) to $29.57 on volume of 20.35m shares.
A Total of 3457 issues traded today on the NYSE; today's total volume was 4.8 billion shares. A total of 788 counters posted gains for the day, with aggregate volume of 96 0 million shares trading to the upside. Exerting downwards pressure on the index were the 2585 losers, which accounted for a total volume of 3.69 billion shares. 20 stocks made new 1-year highs on the NYSE, while 109 shares plumbed new 52-week depths.
The Nasdaq Composite lost 22.64 points (0.95%) to 2355.73 points; the Nasdaq100 lost 15.12 points (0.8%) to 1880.09 points. Total volume traded in the Nasdaq100 was 1.01b units. Within the index, 32 issues rose, with aggregate volume of 429.15m units; 67 issues fell, with aggregate volume of 575.83m units.
The main decliners (in percentage terms) were -
- VeriSign (VRSN) -4.31 (12.7%) to $29.57 on volume of 20.35m shares;
- Virgin Media (VMED) -0.94 (8.2%) to $10.47 on volume of 11.08m shares;
- Vertex Pharmaceuticals (VRTX) -2.57 (8.1%) to $28.97 on volume of 3.97m shares;
- Focus Media Holding (FMCN) -1.67 (5.9%) to $26.62 on volume of 1.38m shares; and
- Whole Foods Market (WFMI) -1.18 (5.9%) to $18.86 on volume of 7.73m shares.
On the Nasdaq 2977 tickers traded today; total Nasdaq volume was 2.16 billion shares. A total of 963 stocks posted gains for the day, with aggregate volume of 740 million shares trading to the upside. The red zone of the Nasdaq exchange was populated with 1890 losers, which accounted for a total volume of 1.41 billion shares. 55 Nasdaq-listed stocks hit new 52-week highs, while 100 shares dipped to new 1-year lows.
The CBOE Volatility Index advanced +1.07 points (5.29%) to 21.30 points and the CBOE Nasdaq100 Volatility Index advanced +0.47 points (1.93%) to 24.82 points.
| Major Market Statistics | |||
| Index | Close | Gain(Loss) | % |
| Dow Jones Industrial Average | 11431.43 | -224.64 | -1.93% |
| S&P500 Index | 1266.06 | -23.13 | -1.79% |
| Nasdaq Composite | 2355.73 | -22.64 | -0.95% |
| Nasdaq100 | 1880.09 | -15.12 | -0.8% |
| CBOE Volatility Index | 21.30 | +1.07 | 5.29% |
| CBOE Nasdaq100 Volatility Index | 24.82 | +0.47 | 1.93% |
Dow Advancers
- Intel (INTC) +0.87 (3.8%) to $23.67 on volume of 112.4m units
- Microsoft (MSFT) +0.37 (1.4%) to $27.39 on volume of 81.7m units
- Hewlett-Packard (HPQ) +0.36 (0.8%) to $45.51 on volume of 10m units
Dow Decliners
- AIG (AIG) -5.25 (18%) to $23.84 on volume of 147.4m units
- Wal-Mart (WMT) -3.8 (6.3%) to $56.96 on volume of 34.9m units
- Citigroup (C) -1.23 (6.2%) to $18.47 on volume of 96.5m units
- Bank Of America (BAC) -1.93 (5.8%) to $31.52 on volume of 74.6m units
- General Motors (GM) -0.5 (4.9%) to $9.75 on volume of 23.5m units
Dow Most Traded
- AIG (AIG) --5.25 (18%) to $23.84 on volume of 147.4m units
- Intel (INTC) +0.87 (3.8%) to $23.67 on volume of 112.4m units
- Citigroup (C) --1.23 (6.2%) to $18.47 on volume of 96.5m units
- Microsoft (MSFT) +0.37 (1.4%) to $27.39 on volume of 81.7m units
- Bank Of America (BAC) --1.93 (5.8%) to $31.52 on volume of 74.6m units
Precious Metals
Precious metals futures are sloughing off the last of the dead wood - we watch, we wait, we smile that smile that shows an inner calm and a readiness to position ourselves when the last nuffnuff switches from a late long position to a late short position... -
| Precious Metals Futures | |||
| Index | Close | Gain(Loss) | % |
| Gold | 876.4 | -2.4 | -0.27 |
| Silver | 16.215 | -0.29 | -1.76 |
| Palladium | 346.1 | -8 | -2.26 |
| Platinum | 1585.9 | -24.1 | -1.5 |
The Gold Bugs index (XAU) contains 16 components; the total volume traded in the index was 77.21m units. Within the index, 3 issues rose, with aggregate volume of 20.57m units; 13 issues fell, with aggregate volume of 56.64m units.
Today the index fell by 1.46 points (0.96%) to 151.16 points. The main decliners (in percentage terms) were -
- Kinroos Gold (KGC) -0.51 (3%) to $16.56 on volume of 6.63m shares;
- Coeur d'Alene (CDE) -0.05 (2%) to $2.46 on volume of 7.75m shares;
- Pan-American Silver (PAAS) -0.55 (2%) to $27.53 on volume of 0.7m shares;
- Barrick Gold (ABX) -0.68 (1.8%) to $36.28 on volume of 9.44m shares; and
- GoldCorp (GG) -0.56 (1.7%) to $33.18 on volume of 7.06m shares.
Energy Complex
Energy futures are not quite finished their shakeout of nuffnuffs - there is still the odd small-lot trader who hasn't switched to the short side. Give it a few days (maybe wait until the weekend and have a good pore over teh CoT numbers).
| Energy Futures | |||
| Commodity | Close | Gain(Loss) | % |
| Crude Oil | 119.99 | 1.41 | 1.19 |
| Heating Oil | 3.2375 | -0.0004 | -0.01 |
| Natural Gas | 8.577 | -0.196 | -2.23 |
| Gasoline RBOB | 2.9998 | 0.0505 | 1.71 |
| Ethanol | 2.228 | 0.069 | 3.2 |
The Oil Services index (OSX) contains 15 components; the total volume traded in the index was 75.91m units. Within the index, 2 issues rose, with aggregate volume of 23.99m units; 13 issues fell, with aggregate volume of 51.92m units.
Today the index fell by 3.67 points (1.24%) to 293.15 points. The main decliners (in percentage terms) were -
- Global Industries (GLBL) -0.61 (6.6%) to $8.61 on volume of 6.17m shares;
- National Oilwell Varco (NOV) -2.09 (2.8%) to $73.26 on volume of 5.11m shares;
- Nabors Industries (NBR) -0.87 (2.6%) to $33.14 on volume of 6.43m shares;
- Rowan Co (RDC) -0.89 (2.3%) to $37.4 on volume of 2.47m shares; and
- Cameron International (CAM) -0.88 (1.8%) to $47.71 on volume of 2.81m shares.
Bellwethers
The nine-stock group that makes up the Rant bellwethers declined on average by 4.1%. The fallout occurred as follows:
- General Electric (GE) -0.43 (1.48%) to $28.57 on volume of 37.52m units.
- Citigroup (C) -1.23 (6.24%) to $18.47 on volume of 96.5m units.
- Wal-Mart (WMT) -3.8 (6.25%) to $56.96 on volume of 34.94m units.
- IBM (IBM) -0.11 (0.09%) to $129.05 on volume of 5.27m units.
- Intel (INTC) +0.87 (3.82%) to $23.67 on volume of 112.41m units.
- Cisco Systems (CSCO) -0.35 (1.46%) to $23.58 on volume of 75.45m units.
- Google (GOOG) -7.22 (1.48%) to $479.12 on volume of 2.74m units.
- Fannie Mae (FNM) -1.65 (14.22%) to $9.95 on volume of 56.15m units.
- Freddie Mac (FRE) -0.6 (9.24%) to $5.89 on volume of 64.12m units.
Other Indices of Interest...
The Banks index (BKX) contains 24 components; the total volume traded in the index was 576.1m units. All 24 index components fell, with aggregate volume of 576.1m units.
Today the index fell by 3.44 points (4.95%) to 66.07 points. The main decliners (in percentage terms) were -
- New M&I Corporation (MI) -1.23 (7.3%) to $15.65 on volume of 4.24m shares;
- Huntington Bancshares (HBAN) -0.56 (7.1%) to $7.29 on volume of 12.09m shares;
- Wachovia (WB) -1.29 (7%) to $17.12 on volume of 67.79m shares;
- Regions Financial (RF) -0.67 (6.6%) to $9.47 on volume of 19.43m shares; and
- Zions Bancorp (ZION) -2.24 (6.5%) to $32.12 on volume of 5.48m shares.
The Semiconductor index (SOX) contains 18 components; the total volume traded in the index was 308.91m units. Within the index, 14 issues rose, with aggregate volume of 294.69m units; 4 issues fell, with aggregate volume of 14.21m units.
Today the index rose by 5.46 points (1.54%) to 359.66 points. Contributing to the advance were -
- Sandisk (SNDK) +0.93 (6.1%) to $16.17 on volume of 16.3m shares;
- Advanced Micro Devices (AMD) +0.23 (4.8%) to $5.03 on volume of 29.91m shares;
- Intel (INTC) +0.87 (3.8%) to $23.67 on volume of 112.31m shares;
- Applied Materials (AMAT) +0.53 (3%) to $18.48 on volume of 25.47m shares; and
- Marvell Technology (MRVL) +0.42 (2.8%) to $15.3 on volume of 16.89m shares.
The ChildKiller ("Defence") index (DFX) contains 17 components; the total volume traded in the index was 63.18m units. Within the index, 5 issues rose, with aggregate volume of 5.82m units; 12 issues fell, with aggregate volume of 57.36m units.
Today the index fell by 3.6 points (0.98%) to 365.6 points. The main decliners (in percentage terms) were -
- Embraer Empresa (ERJ) -1.25 (4.1%) to $28.89 on volume of 0.48m shares;
- United Technologies (UTX) -1.81 (2.7%) to $64.74 on volume of 5.85m shares;
- Esterline Tech (ESL) -1.01 (2%) to $48.51 on volume of 0.24m shares;
- Rockwell Collins (COL) -1.01 (2%) to $50 on volume of 0.96m shares; and
- ITT Corporation (ITT) -1.22 (1.8%) to $66.74 on volume of 0.99m shares.
Currency Futures
Currency futures are just the best fun - every moron in the world will now be convinced that if the USDX rises through 75 it's next stop 80, 82, 86, 90. Wrong-o. 75 will be penetrated - by as much as half a point - and then the reversal will be truly awful.
| Currency Futures | |||
| Index | Close | Gain(Loss) | % |
| U.S. Dollar Index | 74.715 | 0.305 | 0.41 |
| Euro FX | 1.5294 | -0.009 | -0.59 |
| Swiss Franc | 0.9417 | -0.002 | -0.21 |
| Australian Dollar | 0.9034 | -0.002 | -0.22 |
| Canadian Dollar | 0.9503 | -0.0037 | -0.39 |
| Japanese Yen | 0.9157 | 0.001 | 0.11 |
| New Zealand Dollar | 0.7108 | -0.003 | -0.42 |
