Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.
There are things that never cease to amuse me - like the fact that someone who is cheating on their husband with a married co-worker, will permit the sexual gymnastics of their trysts to be recorded for posterity.
It probably seemed like harmless fun to video the escapades... but it's a big "Oops", actually.
That the co-worker can be encouraged to hand over the tape, is not surprising... you might catch more flies with honey than with vinegar, but if you want to convince a human to do something that is not in their best interest, you get the best results by inflicting large amounts of non-lethal pain.
So... YouTube has a new Franco-American porn upload, and thirty or forty specially selected recipients have the link.
I love my new calling.
Economic News
Nothing of interest - the US economy is dead in the water, and its government continues to spend like a French schoolteacher in a Cuban whorehouse. Scum is attracted to its own kind, paraît-il.
Fed Open Market Operations
The Fed's Open Market Operations desk performed yet another $25bn repurchase today - a 3 Day jobbie entirely in Treasury-backed collateral. The repurchase was undertaken at a weighted average rate of 0.520% - almosst half a percentage point below Fed Funds.
These scumbags have been pumping $20-$25bn a day into bankers' accounts, and most days it has taken place at rates significantly below Fed Funds. This might serve to goose the stock markets a bit in the leadup to the election, but it is going to turn out to be yet another gift from the Cancer Fairy.
Headline Indices
The Dow Jones Industrial Average advanced 144.32 points (1.57%) to 9325.01 points. The index high for the day was 9454.36, while the low was 9119.20.
The index added 1200 points from its weekly low - set on Tuesday. Madness.
The total volume traded in the index was 1.17bn units. 21 index components rose, and advancing volume was 769.74m units. 8 Dow components fell, with aggregate declining volume equal to 393.38m shares.
Contributing to the advance were -
- AIG (AIG) +0.28 (17.2%) to $1.91 on volume of 101.06m shares;
- JPMorganChase (JPM) +3.63 (9.6%) to $41.25 on volume of 78.85m shares;
- Bank Of America (BAC) +1.39 (6.1%) to $24.17 on volume of 125.74m shares;
- American Express (AXP) +1.44 (5.5%) to $27.5 on volume of 15.85m shares; and
- Citigroup (C) +0.54 (4.1%) to $13.65 on volume of 89.3m shares.
The S&P500 Index advanced +14.66 points (1.54%) to 968.75 points. Total volume traded in the index was 5bn shares.
Of the 500 S&P components, 365 gained value for the session; advancing volume was 3.4bn shares. 124 index components fell, with declining volume totalling 1.58bn units.The biggest percentage gainers in the index were -
- MGIC Investment (MTG) +1.47 (61%) to $3.88 on volume of 14.48m shares;
- Dynegy Inc. (DYN) +0.55 (17.8%) to $3.64 on volume of 16.29m shares;
- American Int'l. Group (AIG) +0.28 (17.2%) to $1.91 on volume of 101.06m shares;
- International Game Technology (IGT) +1.99 (16.6%) to $14 on volume of 6.74m shares; and
- Genworth Financial Inc. (GNW) +0.65 (15.5%) to $4.84 on volume of 9.03m shares.
The Nasdaq Composite advanced +22.43 points (1.32%) to 1720.95 points, and the Nasdaq100 advanced +0.84 points (0.06%) to 1334.78 points..
The Nasdaq100 index (NDX) contains 100 components; the total volume traded in the index was 1144m units. Within the index, 58 issues rose, and accounted for advancing volume of 416.28m units. 41 issues fell, and declining volume was 727.73m units.
The major gainers in the index were as follows:
- Wynn Resorts (WYNN) +13.9 (29.9%) to $60.4 on volume of 6.51m shares;
- Monster Worldwide (MNST) +1.37 (10.6%) to $14.24 on volume of 7.29m shares;
- UAL (UAUA) +1.38 (10.5%) to $14.56 on volume of 16.54m shares;
- NII Holdings (NIHD) +2.36 (10.1%) to $25.76 on volume of 4.56m shares; and
- SanDisk (SNDK) +0.75 (9.2%) to $8.89 on volume of 13.82m shares.
Volatility
The CBOE Volatility Index lost 3.72 points (5.91%) to 59.18 points..
The CBOE Nasdaq100 Volatility Index lost 2.86 points (4.53%) to 60.33 points..
Breadth and Internals
A total of 3509 issues traded today on the NYSE; today's total volume was 2.05bn shares. Of these, 2512 stocks posted gains for the day, and volume in advancing issues totalled 310m shares. Exerting downward pressure on the index were 938 losers, which accounted for a total declining volume of 1.72bn shares. 11 stocks made new 1-year highs on the NYSE, while 99 shares plumbed new 52-week depths. {Note - I frankly think that this data is wrong... I've checked it against the feed, and it has been processed correctly, but it looks wrong to me}
On the Nasdaq 3020 tickers traded today; total Nasdaq volume was 2.44bn shares. A total of 2223 stocks posted gains for the day, with aggregate volume of 1.43bn shares changing hands in the day's winners. The red zone of the Nasdaq exchange comprised 702 losers, and total declining volume was 0.99bn shares. 7 Nasdaq-listed stocks hit new 52-week highs, while 106 shares dipped to new 1-year lows.
| Major Market Statistics | |||
| Index | Close | Gain(Loss) | % |
| Dow Jones Industrial Average | 9325.01 | +144.32 | 1.57% |
| S&P500 Index | 968.75 | +14.66 | 1.54% |
| Nasdaq Composite | 1720.95 | +22.43 | 1.32% |
| Nasdaq100 | 1334.78 | +0.84 | 0.06% |
| CBOE Volatility Index | 59.18 | -3.72 | -5.91% |
| CBOE Nasdaq100 Volatility Index | 60.33 | -2.86 | -4.53% |
Dow Darlings
- JPMorganChase (JPM) +3.63 (9.6%) to $41.25 on volume of 78.9m units
- Bank Of America (BAC) +1.39 (6.1%) to $24.17 on volume of 125.7m units
- American Express (AXP) +1.44 (5.5%) to $27.5 on volume of 15.9m units
- Citigroup (C) +0.54 (4.1%) to $13.65 on volume of 89.3m units
- Home Depot (HD) +0.87 (3.8%) to $23.59 on volume of 21.4m units
Dow Duds:
- General Motors (GM) -0.28 (4.6%) to $5.79 on volume of 18m units
- Verizon (VZ) -0.83 (2.7%) to $29.67 on volume of 23.8m units
- Coca-Cola (KO) -0.6 (1.3%) to $44.06 on volume of 15.8m units
- Microsoft (MSFT) -0.3 (1.3%) to $22.33 on volume of 90.1m units
- Exxon-Mobil (XOM) -0.93 (1.2%) to $74.12 on volume of 52.3m units
Most Traded Dow stocks:
- Bank Of America (BAC) +1.39 (6.1%) to $24.17 on volume of 125.7m units
- Intel (INTC) --0.139 (0.9%) to $16.03 on volume of 92.7m units
- General Electric (GE) +0.16 (0.8%) to $19.51 on volume of 90.4m units
- Microsoft (MSFT) --0.3 (1.3%) to $22.33 on volume of 90.1m units
- Citigroup (C) +0.54 (4.1%) to $13.65 on volume of 89.3m units
Precious Metals
Precious metals futures were mixed - Platinum has started to reverse upwards despite US dollar strength, and Gold will not be far behind.
| Precious Metals Futures | |||
| Index | Close | Gain(Loss) | % |
| Gold | 723.6 | -14.9 | -2.02 |
| Silver | 9.725 | -0.06 | -0.61 |
| Palladium | 200 | 3.3 | 1.68 |
| Platinum | 831 | 0.4 | 0.05 |
The Gold Bugs index (XAU) contains 16 components; the total volume traded in the index was 106.22m units. Within the index, 2 issues rose, with aggregate volume of 10.62m units; 14 issues fell, with aggregate volume of 95.6m units.
Today the index fell by 4.22 points (4.95%) to 81.06 points. The main decliners (in percentage terms) were -
- Kinroos Gold (KGC) -0.85 (7.5%) to $10.43 on volume of 11.8m shares;
- GoldCorp (GG) -1.33 (6.7%) to $18.66 on volume of 11.87m shares;
- Barrick Gold (ABX) -1.58 (6.5%) to $22.74 on volume of 10.83m shares;
- Yamana Gold (AUY) -0.32 (6.5%) to $4.63 on volume of 14.39m shares; and
- Newmnt Mining (NEM) -1.7 (6.1%) to $26.34 on volume of 6.59m shares.
Energy Complex
Energy futures have been a slaughterhouse for nuffnuffs in recent weeks - the DUmb Bull Ratio slid to its lowest value for the year, in the week where Oil made its low. In other words, small traders were going overwhelmingly short at the low. that's typical, and that's why the DBR is such a terrific contrarian tool.
| Energy Futures | |||
| Commodity | Close | Gain(Loss) | % |
| Crude Oil | 67.87 | 1.91 | 2.9 |
| Heating Oil | 2.0825 | 0.0829 | 4.15 |
| Natural Gas | 6.74 | 0.309 | 4.8 |
| Gasoline RBOB | 1.53 | 0.063 | 4.29 |
| Ethanol | 1.763 | -0.037 | -2.06 |
The Oil Services index (OSX) contains 15 components; the total volume traded in the index was 129.78m units. Within the index, 6 issues rose, with aggregate volume of 37.19m units; 9 issues fell, with aggregate volume of 92.59m units.
Today the index rose by 0.18 points (0.12%) to 153.41 points. Contributing to the advance were -
- Weatherford International (WFT) +0.6 (3.7%) to $16.88 on volume of 12.38m shares;
- Baker Hughes (BHI) +1.23 (3.6%) to $34.95 on volume of 6.26m shares;
- Transocean Inc (RIG) +2.7 (3.4%) to $82.33 on volume of 8.93m shares;
- Tidewater (TDW) +0.88 (2.1%) to $43.61 on volume of 1.39m shares; and
- Smith International (SII) +0.48 (1.4%) to $34.48 on volume of 3.95m shares.
Currency Futures
Currency markets have been all over the shop in recent weeks - small traders are scared to short the USD for fear of getting their hands cut off. But we have seen the swing high in the USD now, and all that remains is to wait for a new entry point (which will also be a short entry in the long bond).
| Currency Futures | |||
| Index | Close | Gain(Loss) | % |
| U.S. Dollar Index | 86.5 | 1.245 | 1.46 |
| Euro FX | 1.2741 | -0.021 | -1.62 |
| Swiss Franc | 0.8664 | -0.0137 | -1.56 |
| Australian Dollar | 0.6656 | -0.012 | -1.77 |
| Canadian Dollar | 0.8325 | 0.0087 | 1.06 |
| Japanese Yen | 1.014 | -0.0034 | -0.33 |
| New Zealand Dollar | 0.5829 | -0.0078 | -1.32 |
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) +0.16 (0.83%) to $19.51 on volume of 90.43m units.
- Citigroup (C) +0.54 (4.12%) to $13.65 on volume of 89.3m units.
- Wal-Mart (WMT) +1.06 (1.94%) to $55.81 on volume of 25.78m units.
- IBM (IBM) +2.28 (2.51%) to $92.97 on volume of 10.35m units.
- Intel (INTC) -0.139 (0.86%) to $16.031 on volume of 92.74m units.
- Cisco Systems (CSCO) -0.02 (0.11%) to $17.77 on volume of 80.38m units.
- Google (GOOG) -0.33 (0.09%) to $359.36 on volume of 7.33m units.
- Fannie Mae (FNM) -0.063 (6.36%) to $0.927 on volume of 25.05m units.
- Freddie Mac (FRE) -0.09 (8.04%) to $1.03 on volume of 19.36m units.
Other Indices of Interest...
The Banks index (BKX) contains 24 components; the total volume traded in the index was 751.84m units. Within the index, 22 issues rose, with aggregate volume of 745.01m units; 1 issues fell, with aggregate volume of 6.83m units.
Today the index rose by 2.48 points (4.42%) to 58.53 points. Contributing to the advance were -
- National City (NCC) +0.3 (12.5%) to $2.7 on volume of 172.18m shares;
- JPMorganChase (JPM) +3.63 (9.6%) to $41.25 on volume of 78.85m shares;
- Wachovia (WB) +0.5 (8.5%) to $6.41 on volume of 112.95m shares;
- Wells Fargo (WFC) +2.21 (6.9%) to $34.05 on volume of 63.04m shares; and
- Fifth Third Bancorp (FITB) +0.69 (6.8%) to $10.85 on volume of 9.64m shares.
The Semiconductor index (SOX) contains 18 components; the total volume traded in the index was 279.64m units. Within the index, 9 issues rose, with aggregate volume of 118m units; 9 issues fell, with aggregate volume of 161.64m units.
Today the index rose by 4.5 points (1.91%) to 239.56 points. Contributing to the advance were -
- Sandisk (SNDK) +0.75 (9.2%) to $8.89 on volume of 13.82m shares;
- KLA-Tencor Cp (KLAC) +1.91 (9%) to $23.25 on volume of 6.89m shares;
- Teradyne (TER) +0.4 (8.5%) to $5.1 on volume of 5.01m shares;
- Applied Materials (AMAT) +0.83 (6.9%) to $12.91 on volume of 27.14m shares; and
- Micron Technology (MU) +0.28 (6.3%) to $4.71 on volume of 20.88m shares.
The ChildKiller ("Defence") index (DFX) contains 17 components; the total volume traded in the index was 129.05m units. Within the index, 14 issues rose, with aggregate volume of 124.54m units; 2 issues fell, with aggregate volume of 4.45m units.
Today the index rose by 6.51 points (2.35%) to 283.13 points. Contributing to the advance were -
- Gencorp (GY) +0.45 (10.1%) to $4.9 on volume of 0.36m shares;
- Esterline Tech (ESL) +2.71 (8.1%) to $36.05 on volume of 0.4m shares;
- ITT Corporation (ITT) +1.75 (4.1%) to $44.5 on volume of 2.13m shares;
- L-3 Holdings (LLL) +3.14 (4%) to $81.17 on volume of 1.06m shares; and
- Teledyne Tech (TDY) +1.7 (3.9%) to $45.57 on volume of 0.26m shares.
