Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.
Itis my fervent dream that that al-Waleed bloke has done his balls. Recall it was he who almost certainly got an inside tip from Hankie Paulson regarding Citigroup - after a two-day visit to the States which included a meeting with Paulson, this 'prince' went and signed up for a couple of bilion bucks worth of the world's biggest white elephant.
Four days later Citi management were the beneficiaries of a theft from America's future, and the 'prince' made a couple of billion bucks (on paper).
And today Citi is right back where it was before the 'Hankie Saves Citi' schtick that helped massage the bloated corpse above $5 to keep it investible for fund managers' year-end.
I hope this al-Waleed was stupid and greedy enough to think that the gains would stick (but he is probably smart enough to have exited, truth be told).
{Note - the reason I put 'prince' in quotes when referring to Saudi 'royals' is the same reason I put 'Israel' in quotes when referring to the racial-supremacist apartheid ocupation of Palestine}
Economic News
Core CPI unchanged; overall CPI down 0.7% (consensus was for a drop of about 1%). The real cost of living still rose by over a pecent though.
Industrial Production was down 2% (expectations were for a fall of 1%) and Capacity utilisation was down 2% to 73.6% (expectations were for a fall to about 774.6%).
The preliminary number for the University of Michigan Sentiment Survey was a staggeringly-high 61.9 (consensus was for 59.0); people clearly started to believe that the change of hands on the tiller at Washington would improve things somewhat.
Morons.
Headline Indices
The Dow Jones Industrial Average gained 68.73 points (0.84%) to 8281.22 points. The index high for the day was 8341.20, while the low was 8109.58, set just before 12:30 p.m. NY time.
You really have to ask yourself why the thing managed to bounce 200 points between 12:30 p.m. and 3:30 p.m. - nothing changed; the market is still well below the 8470 'swing point' identified the other day, and front-running an 'inauguration bounce' is now probably a very very bad idea.
Total volume traded in the 30 components of the index was 1.86bn shares. Advancers outpaced decliners by 4 to one, with 24 advancers to 6 decliners; however declining volume was greater than advancing volume by 1.15bn to 714.53m shares. The biggest gainers (percentage-wise) were -
- Boeing (BA) +1.5 (3.7%) to $42.46 on volume of 9.31m shares;
- Intel (INTC) +0.45 (3.4%) to $13.74 on volume of 83.39m shares;
- McDonalds (MCD) +1.69 (2.9%) to $59.67 on volume of 12.42m shares;
- United Technologies (UTX) +1.41 (2.8%) to $51.1 on volume of 8.18m shares; and
- Microsoft (MSFT) +0.47 (2.4%) to $19.71 on volume of 79.05m shares.
The S&P500 index (SPX) rose 6.38 points (0.76%) to 850.12 points. Total volume traded in the 500 components of the index was 5.16bn shares. Advancers outpaced decliners by 3.3 to one, with 365 advancers to 110 decliners. Advancing volume exceeded declining volume by 2.81bn to 2.27bn shares. The biggest gainers (percentage-wise) were -
- First Horizon National (FHN) +1.36 (18.2%) to $8.82 on volume of 11.95m shares;
- Genworth Financial Inc. (GNW) +0.32 (15.5%) to $2.38 on volume of 25.81m shares;
- Micron Technology (MU) +0.41 (13.7%) to $3.4 on volume of 25.2m shares;
- Tesoro Petroleum Co. (TSO) +1.48 (10.3%) to $15.91 on volume of 12.59m shares; and
- Goodyear Tire & Rubber (GT) +0.52 (8.4%) to $6.71 on volume of 8.85m shares.
The Nasdaq Composite advanced +17.49 points (1.16%) to 1529.33 points. while the Nasdaq100 rose +14.62 points (1.24%) to 1198.14 points..Total volume traded in the 100 components of the index was 968.3m shares. Advancers outpaced decliners by 2.6 to one, with 70 advancers to 27 decliners. Advancing volume exceeded declining volume by 711.34m to 254.04m shares. The biggest gainers (percentage-wise) were -
- UAL (UAUA) +0.81 (7.3%) to $11.95 on volume of 9.32m shares;
- SanDisk (SNDK) +0.72 (6.4%) to $12.03 on volume of 6.63m shares;
- Baidu.com (BIDU) +6.46 (5.9%) to $115.9 on volume of 2.95m shares;
- NVIDIA (NVDA) +0.42 (5.5%) to $7.99 on volume of 20.7m shares; and
- Linear Technology (LLTC) +1.2 (5.3%) to $23.94 on volume of 10.3m shares.
Volatility
The CBOE Volatility Index declined 4.89 points (9.59%) to 46.11 points. and the CBOE Nasdaq100 Volatility Index fell 4.14 points (8.57%) to 44.19 points..
Breadth and Internals
A total of 3885 issues traded today on the NYSE; 2499 stocks posted gains for the day, and there were 1276 losers. 13 stocks made new 1-year highs on the NYSE, while 87 shares plumbed new 52-week depths.
On the Nasdaq 2897 tickers traded today; total Nasdaq volume was 2.23bn shares. A total of 1521 stocks posted gains for the day, with aggregate volume of 1.51bn shares changing hands in the day's winners. The red zone of the Nasdaq exchange comprised 1229 losers, and total declining volume was 640m shares. 7 Nasdaq-listed stocks hit new 52-week highs, while 76 shares dipped to new 1-year lows.
| Major Market Statistics | |||
| Index | Close | Gain(Loss) | % |
| Dow Jones Industrial Average | 8281.22 | +68.73 | 0.84% |
| S&P500 Index | 850.12 | +6.38 | 0.76% |
| Nasdaq Composite | 1529.33 | +17.49 | 1.16% |
| Nasdaq100 | 1198.14 | +14.62 | 1.24% |
| CBOE Volatility Index | 46.11 | -4.89 | -9.59% |
| CBOE Nasdaq100 Volatility Index | 44.19 | -4.14 | -8.57% |
Dow Darlings
- Boeing (BA) +1.5 (3.7%) to $42.46 on volume of 9.3m units
- Intel (INTC) +0.45 (3.4%) to $13.74 on volume of 83.7m units
- McDonalds (MCD) +1.69 (2.9%) to $59.67 on volume of 12.4m units
- United Technologies (UTX) +1.41 (2.8%) to $51.1 on volume of 8.2m units
- Microsoft (MSFT) +0.47 (2.4%) to $19.71 on volume of 79.2m units
Dow Duds:
- Bank Of America (BAC) -1.14 (13.7%) to $7.18 on volume of 493.4m units
- Citigroup (C) -0.33 (8.6%) to $3.5 on volume of 425.5m units
- JPMorganChase (JPM) -1.52 (6.2%) to $22.82 on volume of 156.7m units
- Hewlett-Packard (HPQ) -0.98 (2.7%) to $34.77 on volume of 28.8m units
- American Express (AXP) -0.31 (1.8%) to $17.01 on volume of 20.6m units
Most Traded Dow stocks:
- Bank Of America (BAC) -1.14 (13.7%) to $7.18 on volume of 493.4m units
- Citigroup (C) -0.33 (8.6%) to $3.50 on volume of 425.5m units
- JPMorganChase (JPM) -1.52 (6.2%) to $22.82 on volume of 156.7m units
- General Electric (GE) +0.19 (1.4%) to $13.96 on volume of 128.9m units
- Intel (INTC) +0.45 (3.4%) to $13.74 on volume of 83.7m units
Precious Metals
The Gold Bugs index (XAU) advanced 5.07 points (4.66%) to 113.78 points. Total volume traded in the 16 components of the index was 154.84m shares. Not a single stock declined withinin the index: 16 of the 16 index components rose, with total upside volume of 154.84mshares. The biggest gainers (percentage-wise) were -
- Silver Wheaton (SLW) +0.62 (11.2%) to $6.15 on volume of 11.15m shares;
- Coeur d'Alene (CDE) +0.08 (10.5%) to $0.84 on volume of 6.71m shares;
- Harmony Gold (HMY) +0.83 (8.8%) to $10.23 on volume of 4.3m shares;
- Yamana Gold (AUY) +0.48 (7.5%) to $6.85 on volume of 17.71m shares; and
- AngloGold Ashanti (AU) +1.79 (7.4%) to $25.96 on volume of 2.42m shares.
Energy Complex
The Oil Services index (OSX) dropped -0.15 points (0.12%) to 120.55 points. Total volume traded in the 15 components of the index was 115.09m shares. Advancers outpaced decliners by 1.5 to one, with 9 advancers to 6 decliners. Advancing volume exceeded declining volume by 64.16m to 50.93m shares. The main decliners (in percentage terms) were -
- Weatherford International (WFT) -0.36 (3.2%) to $10.77 on volume of 16.16m shares;
- Rowan Co (RDC) -0.33 (2.3%) to $13.81 on volume of 6.3m shares;
- BJ Services (BJS) -0.23 (2%) to $11.18 on volume of 8.96m shares;
- Baker Hughes (BHI) -0.58 (1.8%) to $31.88 on volume of 4.58m shares; and
- Oceaneering International (OII) -0.52 (1.7%) to $29.53 on
volume of 0.78m shares.
Bellwethers
The nine-stock group that makes up the Rant bellwethers advanced on average by 0.1%. The fallout occurred as follows:
- General Electric (GE) +0.19 (1.38%) to $13.96 on volume of 128.92m units.
- Citigroup (C) -0.33 (8.62%) to $3.50 on volume of 425.52m units.
- Wal-Mart (WMT) +0.21 (0.41%) to $51.56 on volume of 21.67m units.
- IBM (IBM) +0.80 (0.95%) to $84.92 on volume of 11.21m units.
- Intel (INTC) +0.45 (3.39%) to $13.74 on volume of 83.71m units.
- Cisco Systems (CSCO) +0.01 (0.06%) to $15.82 on volume of 66.66m units.
- Google (GOOG) +0.68 (0.23%) to $299.67 on volume of 5.19m units.
- Fannie Mae (FNM) +0.01 (1.52%) to $0.67 on volume of 13.96m units.
- Freddie Mac (FRE) +0.01 (1.45%) to $0.70 on volume of 7.69m units.
Other Indices of Interest...
The Banks index (BKX) dropped -1.36 points (4.13%) to 31.56 points. Total volume traded in the 24 components of the index was 1.47bn shares. Decliners outpaced gainers by 3.2 to one, with 16 decliners to 5 advancers. Declining volume was greater than advancing volume by 1.42bn to 55.57m shares. The main decliners (in percentage terms) were -
- Bank Of America (BAC) -1.14 (13.7%) to $7.18 on volume of 493.21m shares;
- PNC Financial (PNC) -4.11 (9.9%) to $37.54 on volume of 13.47m shares;
- Zions Bancorp (ZION) -1.75 (9.6%) to $16.49 on volume of 6.88m shares;
- Citigroup Inc (C) -0.33 (8.6%) to $3.5 on volume of 425.32m shares; and
- Wells Fargo (WFC) -1.48 (7.3%) to $18.68 on volume of 173.4m shares.
The Semiconductor index (SOX) added 7.35 points (3.55%) to 214.42 points. Total volume traded in the 18 components of the index was 281.3m shares. Advancers outpaced decliners by 5 to one, with 15 advancers to 3 decliners. Advancing volume exceeded declining volume by 250.39m to 30.91m shares. The biggest gainers (percentage-wise) were -
- Micron Technology (MU) +0.41 (13.7%) to $3.4 on volume of 25.2m shares;
- Sandisk (SNDK) +0.72 (6.4%) to $12.03 on volume of 6.63m shares;
- Novellus Systems (NVLS) +0.73 (5.6%) to $13.88 on volume of 3.62m shares;
- Linear Technology (LLTC) +1.2 (5.3%) to $23.94 on volume of 10.3m shares; and
- Applied Materials (AMAT) +0.48 (4.9%) to $10.18 on volume of 24.75m shares.
The ChildKiller ("Defence") index (DFX) added 5.16 points (2.04%) to 258.61 points. Total volume traded in the 17 components of the index was 168.2m shares. Advancers outpaced decliners by 15 to one, with 15 advancers to 1 decliners. Advancing volume exceeded declining volume by 167.99m to 0.21m shares. The biggest gainers (percentage-wise) were -
- Northrop Grummanl (NOC) +1.88 (4%) to $48.63 on volume of 3.68m shares;
- Boeing (BA) +1.5 (3.7%) to $42.46 on volume of 9.31m shares;
- L-3 Holdings (LLL) +2.68 (3.5%) to $78.72 on volume of 1.12m shares;
- Lockheed Martin (LMT) +2.68 (3.4%) to $82.16 on volume of 3.45m shares; and
- Alliant Tech (ATK) +2.73 (3.3%) to $84.53 on volume of 0.4m shares.
