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Bugger. That long scalp from yesterday - which was showing a gain of 200 points just before yesterday's close - wound up getting stopped out for no gain..
Still, that's better than it would have been if it had been let ride: the US market got torched today and closed right on its session low.
Rather than put a link to the magnificent call (which as I say resulted in a stopout - although the stop was at breakeven as mentioned in TootRant), let's reminisce on yesterday's post in its entirety and then assess the outcomes.
ScalpRant: BUY NOW....Dow currently at 9790ish having made a CCI intraday divergence ten minutes ago. I'm betting that I will be able to exit my just-entered long position at least 200 points higher within two days.
Also, now is the time to buy Crude. I've not done so just yet - waiting for a half hour or so.
Euro opened gap down an is still weak - if you're not long already this is almost a gift.
Shorting the bond again can be an optional extra...'fielder's choice'
Today:
- Crude Oil added 2% (between the price half an hour ofter the post, and today's session high, there was a $5 gain);
- the Euro gained almost exactly 2c against the USD; and
- Platinum added 4% (helping lift Gold by $21, or 2.5%) - that was mentioned as a forthcoming long candidate in Sunday's post.
And finally: since yesterday when the post was posted, the "fielder's choice" (shorting the US 30-year bond) has added $1230 per contract to the balances of those who took the trade.
As prefatory witticisms, the foregoing is hardly up to the normal USRant standard - I thought I would dedicate the first USRant for a while as a boast post.
TOOT....
One other thing though... I heard a very sensible explanation for why there is such disdain for stock markets recently (even without short sellers - stick that up your collective pig-ignorant arses, politicians).
the reason: well, think like an investor - one who has just been shown that the regulatory environment can change on the whim of a set of politicians who would not know their arses from a set of hot rocks
In other words, the US and the UK and Australia and Japan have all showed that any decision to invest in their listed equities should incorporate a risk premium the same as a third world junta-run oligarchy. This is because the politicians in those economies (and their lickspittle 'regulators') have shown that they have no interest in a stable regulatory environment, or even (when push comes to shove) in the law of contract.
That should actually come as no surprise, when you consider that the whole of political life is predicated on the idea that that the 'voter' actually belongs to the government. Western governments arrogate to themselves, the right to change the terms of their relationship to the voter whenever they please - all they do is agree to write down their collective opinion, and call it a 'law': your contract with the government is then changed and there's not a damned thing you can do about it.
Economic News
Nothing - although as usual, some politicians (e.g., the terminally inarticulate 'Brokeback Cowboy' George the Turd) and their lickspittle hacks (e.g., Helichopper Bernanke) felt theat they were important enough to jawbone the market.
The PPT was called to action while Bush was pretending he knew how to run a business without his Daddy's money connections, and they drove the Dow up almost 100 points in ten minutes. But by the time George the Turd had finished, the Dow was lower than when he started. Sort of a microcosm of his reign.
(Those who aren't aware should know - the US has had three presidents called George... Washington, and the two Bushes.
Thus, the current George is the Third George, or George the Third. Hence George the Turd. And the 'brokeback cowboy' jibe is due to his barely-closeted homosexuality.
As an aside: how odd that the US was started as a result of a tax revolt against England's George III, and under its own third George the US has sowed the seeds of its final demise).
Fed Open Market Operations
The Fed's Open Market Operations desk performed a single repurchase today - a 28 Day repurchase totalling $ 20bn, yawn.
Headline Indices
The Dow Jones Industrial Average lost 508.39 points (5.11%) to 9447.11 points. The index high for the day was 10124.03, while the low was 9436.67.
The total volume traded in the index was 1395.41m units. Every single one of the 30 Dow members fell.
The main decliners (in percentage terms) were -
- Bank Of America (BAC) -8.45 (26.2%) to $23.77 on volume of 139.54m shares;
- Citigroup (C) -2.26 (13%) to $15.15 on volume of 125.32m shares;
- General Motors (GM) -0.92 (10.8%) to $7.56 on volume of 21.12m shares;
- JPMorganChase (JPM) -4.68 (10.6%) to $39.32 on volume of 60.88m shares; and
- AIG (AIG) -0.36 (9.3%) to $3.51 on volume of 88.35m shares.
The S&P500 Index lost 60.66 points (5.74%) to 996.23 points. Notice that? A close under 1000. That alone should be good for a bounce tomorrow, but frankly I would not try and take it on.
Anyway... moving right along...
You might get the hint from the name, but the S&P500 index (SPX) contains 500 components. Today the total volume traded in the index was 5.6bn units. Only 18 of the index's component issues rose, with aggregate rising volume of piddling 161.79m units. 472 issues fell, with aggregate volume of 5.4bn units.
The main decliners (in percentage terms) were -
- Generall Growth Properties (GGP) -3.25 (41.9%) to $4.5 on volume of 30.3m shares;
- Apartment Investment & Mgmt'A' (AIV) -9.5 (27.1%) to $25.5 on volume of 2.51m shares;
- Bank of America Corp. (BAC) -8.45 (26.2%) to $23.77 on volume of 139.54m shares;
- Merrill Lynch (MER) -6.2 (25.6%) to $18 on volume of 61.64m shares; and
- Morgan Stanley (MS) -5.85 (24.9%) to $17.65 on volume of 85.18m shares.
The Nasdaq Composite lost 108.08 points (5.8%) to 1754.88 points. The Nasdaq100 lost 81.3 points (5.76%) to 1329.98 points.
The Nasdaq100 index (NDX) contains 100 components; the total volume traded in the index was 1.36bn units. Within the index, only 1 component issue rose, and it only traded 2.45m units. 97 issues fell, with aggregate volume of 1.36bn units.
The main decliners (in percentage terms) were -
- UAL (UAUA) -1.68 (25.1%) to $5.02 on volume of 21.13m shares;
- Steel Dynamics (STLD) -1.4 (12.6%) to $9.7 on volume of 10.49m shares;
- NetApp (NTAP) -1.8 (12.2%) to $12.95 on volume of 20.67m shares;
- Lam Research (LRCX) -3.125 (12.1%) to $22.62 on volume of 6.11m shares; and
- NII Holdings (NIHD) -3.47 (11.8%) to $25.86 on volume of 3.41m shares.
Volatility
The CBOE Volatility Index (VIX) advanced +1.63 points (3.13%) to 53.68 points. Doubtless nobody now recalls that I called a long position in VIX futures back when it dipepd under 10... that was years ago, but I pointed out at the time that it was a long term trade..
The CBOE Nasdaq100 Volatility Index (VXN) advanced +3.15 points (5.69%) to 58.51 points.
Breadth
A Total of 3557 issues traded today on the NYSE; today's total volume was 2.73 billion shares. A total of 458 counters posted gains for the day, with aggregate volume of 360 million shares trading to the upside. Exerting downwards pressure on the index were 3067 losers, which accounted for a total volume of 2.36 billion shares. 7 stocks made new 1-year highs on the NYSE, while 1146 shares plumbed new 52-week depths.
Over on the Nasdaq 3062 tickers traded today; total Nasdaq volume was 2.83 billion shares. A total of 554 stocks posted gains for the day, with aggregate volume of just 90 million shares trading to the upside. The red zone of the Nasdaq exchange was populated with 2418 losers, which accounted for a total volume of 2.71 billion shares. 5 Nasdaq-listed stocks hit new 52-week highs, while 708 shares dipped to new 1-year lows.
| Major Market Statistics | |||
| Index | Close | Gain(Loss) | % |
| Dow Jones Industrial Average | 9447.11 | -508.39 | -5.11% |
| S&P500 Index | 996.23 | -60.66 | -5.74% |
| Nasdaq Composite | 1754.88 | -108.08 | -5.8% |
| Nasdaq100 | 1329.98 | -81.30 | -5.76% |
| CBOE Volatility Index | 53.68 | +1.63 | 3.13% |
| CBOE Nasdaq100 Volatility Index | 58.51 | +3.15 | 5.69% |
Dow Darlings: none
Dow Duds:- Bank Of America (BAC) -8.45 (26.2%) to $23.77 on volume of 139.7m units
- Citigroup (C) -2.26 (13%) to $15.15 on volume of 125.4m units
- General Motors (GM) -0.92 (10.8%) to $7.56 on volume of 21.2m units
- JPMorganChase (JPM) -4.68 (10.6%) to $39.32 on volume of 61m units
- Alcoa (AA) -1.4 (7.7%) to $16.71 on volume of 25.3m units
Most Traded Dow stocks
- General Electric (GE) -1.08 (5.1%) to $20.3 on volume of 156.1m units
- Microsoft (MSFT) -1.68 (6.7%) to $23.23 on volume of 144.2m units
- Bank Of America (BAC) -8.45 (26.2%) to $23.77 on volume of 139.7m units
- Citigroup (C) -2.26 (13%) to $15.15 on volume of 125.4m units
- Pfizer (PFE) -1.29 (6.8%) to $17.65 on volume of 93.5m units
Precious Metals
Precious metals futures advanced as follows -
| Precious Metals Futures | |||
| Index | Close | Gain(Loss) | % |
| Gold | 888.7 | 22.5 | 2.6 |
| Silver | 11.525 | 0.24 | 2.13 |
| Palladium | 202 | 0.3 | 0.15 |
| Platinum | 1012.2 | 39 | 4.01 |
The Gold Bugs index (XAU) contains 16 components; the total volume traded in the index was 169.98m units. Within the index, 6 issues rose, with aggregate volume of 67.45m units; 9 issues fell, with aggregate volume of 99.04m units.
Today the index fell by 1.6 points (1.52%) to 103.63 points. The main decliners (in percentage terms) were -
- Freeport McMoran (FCX) -5.02 (11.5%) to $38.69 on volume of 28.5m shares;
- Coeur d'Alene (CDE) -0.14 (10.9%) to $1.14 on volume of 11.75m shares;
- Silver Wheaton (SLW) -0.5 (7.7%) to $5.97 on volume of 7m shares;
- Newmnt Mining (NEM) -1.89 (5.5%) to $32.51 on volume of 10.45m shares; and
- AngloGold Ashanti (AU) -0.87 (5%) to $16.49 on volume of 2.98m shares.
Energy Complex
Energy futures performed as follows -
| Energy Futures | |||
| Commodity | Close | Gain(Loss) | % |
| Crude Oil | 89.64 | 1.83 | 2.08 |
| Heating Oil | 2.498 | 0.024 | 0.97 |
| Natural Gas | 6.797 | -0.038 | -0.56 |
| Gasoline RBOB | 2.05 | -0.0091 | -0.44 |
| Ethanol | 1.847 | 0.025 | 1.37 |
The Oil Services index (OSX) contains 15 components. Today all 15 issues fell, with aggregate volume of 175.05m units.
Today the index fell by 15.65 points (8.44%) to 169.67 points. The main decliners (in percentage terms) were -
- BJ Services (BJS) -1.87 (11.9%) to $13.78 on volume of 11.19m shares;
- Halliburton (HAL) -2.85 (11.6%) to $21.79 on volume of 40.47m shares;
- National Oilwell Varco (NOV) -4.27 (11.5%) to $32.75 on volume of 14.21m shares;
- Weatherford International (WFT) -2.07 (11.4%) to $16.1 on volume of 22.85m shares; and
- Global Industries (GLBL) -0.56 (10.2%) to $4.93 on volume of 4.68m shares.
Bellwethers
The nine-stock group that makes up the Rant bellwethers has been cut to a group of 7 - I removed Fannie and Freddie since they are now d-dot.
Today the bellwethers declined on average by 7.2%. The fallout occurred as follows:
- General Electric (GE) -1.08 (5.05%) to $20.30 on volume of 156.07m units.
- Citigroup (C) -2.26 (12.98%) to $15.15 on volume of 125.39m units.
- Wal-Mart (WMT) -3.06 (5.28%) to $54.84 on volume of 33.58m units.
- IBM (IBM) -4.97 (4.94%) to $95.65 on volume of 11.18m units.
- Intel (INTC) -0.91 (5.38%) to $16.02 on volume of 88.84m units.
- Cisco Systems (CSCO) -1.62 (7.92%) to $18.84 on volume of 103.36m units.
- Google (GOOG) -25.2 (6.79%) to $346.01 on volume of 10.98m units.
Other Indices of Interest...
The Banks index (BKX) contains 24 components; the total volume traded in the index was 672.23m units. Today all 23 index members fell, with aggregate volume of 672.23m units.
Today the index fell by 6.8 points (10.66%) to 56.97 points. The main decliners (in percentage terms) were -
- Bank Of America (BAC) -8.45 (26.2%) to $23.77 on volume of 139.54m shares;
- Bank Of NY Mellon (BK) -4.24 (15.8%) to $22.66 on volume of 11.9m shares;
- Huntington Bancshares (HBAN) -1.59 (14.6%) to $9.31 on volume of 4.91m shares;
- Zions Bancorp (ZION) -5.79 (14.3%) to $34.66 on volume of 2.37m shares; and
- Citigroup Inc (C) -2.26 (13%) to $15.15 on volume of 125.32m shares.
The Semiconductor index (SOX) contains 18 components; the total volume traded in the index was 386.24m units. Within the index, 1 issue rose, with aggregate volume of 79.55m units; 17 issues fell, with aggregate volume of 306.68m units.
The index fell by 16.73 points (6.09%) to 258.04 points. The main decliners (in percentage terms) were -
- KLA-Tencor Cp (KLAC) -2.81 (10.3%) to $24.6 on volume of 8.01m shares;
- Applied Materials (AMAT) -1.19 (8.8%) to $12.35 on volume of 40.81m shares;
- Teradyne (TER) -0.56 (8.3%) to $6.19 on volume of 4.2m shares;
- Broadcom (BRCM) -1.32 (8.3%) to $14.67 on volume of 15.59m shares; and
- Novellus Systems (NVLS) -1.39 (8.2%) to $15.63 on volume of 3.98m shares.
The ChildKiller ("Defence") index (DFX) contains 17 components; the total volume traded in the index was 206.17m units. Within the index, 2 issues rose, with aggregate volume of 3.58m units; 15 issues fell, with aggregate volume of 202.59m units.
Today the index fell by 9.61 points (3.24%) to 287.21 points. The main decliners (in percentage terms) were -
- Gencorp (GY) -0.56 (10.1%) to $5 on volume of 0.38m shares;
- Esterline Tech (ESL) -2.34 (6.3%) to $34.57 on volume of 0.48m shares;
- ITT Corporation (ITT) -2.77 (5.6%) to $46.39 on volume of 2.21m shares;
- Embraer Empresa (ERJ) -1.2 (5.5%) to $20.61 on volume of 1.38m shares; and
- General Electric (GE) -1.08 (5.1%) to $20.3 on volume of 153.49m shares.
Currency Futures
Currency futures performed as follows -
| Currency Futures | |||
| Index | Close | Gain(Loss) | % |
| U.S. Dollar Index | 81.31 | -0.64 | -0.78 |
| Euro FX | 1.3652 | 0.0191 | 1.42 |
| Swiss Franc | 0.8831 | 0.009 | 1.03 |
| Australian Dollar | 0.7152 | 0.0162 | 2.32 |
| Canadian Dollar | 0.9068 | 0.0012 | 0.13 |
| Japanese Yen | 0.9907 | -0.0089 | -0.89 |
| New Zealand Dollar | 0.6267 | 0.0101 | 1.64 |
