Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.
Looks like we were a day early with the nuffie-skinning alert... had to weather a pretty awful lurch downward in the early going in Europe, which was not washed off until well after the first hour of the US session.
Still, managed a DAX scalp which clawed back about a little over a grand - will be buying DAX again on first oversold after the European open tonight. The DAX futures closed at 4283.5 - I reckon they will touch 4400 before the end of the week.
Only short prefatory waffle today - I am giving myself a lazy day in honour of it being 44 years since my first (albeit utterly incoherent) Rant.
Economic News
The US economy is weak - the few bits of data out last nght confirm that. That's not news, frankly.
Headline Indices
The Dow Jones Industrial Average lost 64.11 points (0.8%) to 7936.75 points. The index high for the day was 8000.62, while the low was 7867.45. Total volume traded in the 30 components of the index was 1.22bn shares. Decliners outpaced gainers by 2.2 to one, with 20 decliners to 9 advancers. Declining volume was greater than advancing volume by 707.37m to 500.91m shares. The main decliners (in percentage terms) were -
- Bank Of America (BAC) -0.58 (8.8%) to $6 on volume of 288.49m shares;
- 3M Co (MMM) -3.17 (5.9%) to $50.62 on volume of 8.94m shares;
- General Electric (GE) -0.51 (4.2%) to $11.62 on volume of 139.4m shares;
- General Motors (GM) -0.12 (4%) to $2.89 on volume of 9.92m shares; and
- AIG (AIG) -0.05 (3.9%) to $1.23 on volume of 30.45m shares.
The S&P500 index (SPX) dipped 0.45 points (0.05%) to 825.43 points. Total volume traded in the 500 components of the index was 4.24bn shares. Decliners outpaced gainers by 1.2 to one, with 256 decliners to 217 advancers. Declining volume was greater than advancing volume by 2.18bn to 1.96bn shares. The main decliners (in percentage terms) were -
- Huntington Bancshares (HBAN) -0.86 (29.9%) to $2.02 on volume of 27.71m shares;
- MattelInc. (MAT) -2.29 (16.1%) to $11.9 on volume of 18.49m shares;
- Regions Financial Corp. (RF) -0.54 (15.6%) to $2.92 on volume of 26.76m shares;
- Marshall & Ilsley Corp. (MI) -0.81 (14.2%) to $4.9 on volume of 9.37m shares; and
- Fifth Third Bancorp (FITB) -0.3 (12.6%) to $2.09 on volume of 26.07m shares.
The Nasdaq Composite gained +18.01 points (1.22%) to 1494.43 points. while the Nasdaq100 advanced +15.50 points (1.31%) to 1195.75 points. Total volume traded in the 100 components of the Nasdaq100 was 866.3m shares. Advancers outpaced decliners by 1.7 to one, with 61 advancers to 36 decliners. Advancing volume exceeded declining volume by 680.4m to 176.1m shares. The biggest gainers (percentage-wise) were -
- Sirius Satellite Radio (SIRI) +0.0109 (9.1%) to $0.1309 on volume of 36.65m shares;
- Sun Microsystems (JAVA) +0.31 (7.5%) to $4.47 on volume of 14m shares;
- Akamai Technologies (AKAM) +0.87 (6.5%) to $14.35 on volume of 7.06m shares;
- Apollo Group (APOL) +4.65 (5.7%) to $86.11 on volume of 5.63m shares; and
- Intel (INTC) +0.73 (5.7%) to $13.63 on volume of 69.09m shares.
Volatility
The CBOE Volatility Index added +0.68 points (1.52%) to 45.52 points. and the CBOE Nasdaq100 Volatility Index rose +1.54 points (3.43%) to 46.47 points..
Breadth and Internals
A total of 3866 issues traded today on the NYSE; 1637 stocks posted gains for the day, and there were 2122 losers. 9 stocks made new 1-year highs on the NYSE, while 193 shares plumbed new 52-week depths.
On the Nasdaq 2890 tickers traded today; total Nasdaq volume was 1.99bn shares. A total of 1489 stocks posted gains for the day, with aggregate volume of 1.25bn shares changing hands in the day's winners. The red zone of the Nasdaq exchange comprised 1286 losers, and total declining volume was 0.7bn shares. 8 Nasdaq-listed stocks hit new 52-week highs, while 164 shares dipped to new 1-year lows.
| Major Market Statistics | |||
| Index | Close | Gain(Loss) | % |
| Dow Jones Industrial Average | 7936.75 | -64.11 | -0.8% |
| S&P500 Index | 825.43 | -0.45 | -0.05% |
| Nasdaq Composite | 1494.43 | +18.01 | 1.22% |
| Nasdaq100 | 1195.75 | +15.50 | 1.31% |
| CBOE Volatility Index | 45.52 | +0.68 | 1.52% |
| CBOE Nasdaq100 Volatility Index | 46.47 | +1.54 | 3.43% |
Dow Darlings
- Intel (INTC) +0.73 (5.7%) to $13.63 on volume of 69.1m units
- Microsoft (MSFT) +0.73 (4.3%) to $17.83 on volume of 87.9m units
- Citigroup (C) +0.10 (2.8%) to $3.65 on volume of 167.9m units
- Verizon (VZ) +0.72 (2.4%) to $30.59 on volume of 14.2m units
- AT&T (T) +0.54 (2.2%) to $25.16 on volume of 26.5m units
Dow Duds:
- Bank Of America (BAC) -0.58 (8.8%) to $6 on volume of 288.5m units
- 3M Co (MMM) -3.17 (5.9%) to $50.62 on volume of 8.9m units
- General Electric (GE) -0.51 (4.2%) to $11.62 on volume of 139.4m units
- General Motors (GM) -0.12 (4%) to $2.89 on volume of 9.9m units
- Boeing (BA) -1.51 (3.6%) to $40.8 on volume of 8m units
Most Traded Dow stocks:
- Bank Of America (BAC) -0.58 (8.8%) to $6 on volume of 288.5m units
- Citigroup (C) +0.10 (2.8%) to $3.65 on volume of 167.9m units
- General Electric (GE) -0.51 (4.2%) to $11.62 on volume of 139.4m units
- Microsoft (MSFT) +0.73 (4.3%) to $17.83 on volume of 87.9m units
- Intel (INTC) +0.73 (5.7%) to $13.63 on volume of 69.1m units
Precious Metals
The Gold Bugs index (XAU) dropped 4.29 points (3.46%) to 119.72 points. Total volume traded in the 16 components of the index was 121.32m shares. None of the 16 index components rose today: the main decliners (in percentage terms) were -
- AngloGold Ashanti (AU) -1.75 (6.1%) to $26.94 on volume of 3.55m shares;
- Agnico Eagle Mines (AEM) -2.87 (5.4%) to $50.17 on volume of 5.57m shares;
- Yamana Gold (AUY) -0.43 (5.3%) to $7.63 on volume of 15.63m shares;
- Pan-American Silver (PAAS) -0.87 (4.8%) to $17.32 on volume of 1.15m shares; and
- RandGold Resources (GOLD) -2.09 (4.7%) to $42.37 on volume of 1.04m shares.
Energy Complex
The Oil Services index (OSX) dipped 3 points (2.35%) to 124.44 points. Total volume traded in the 15 components of the index was 98m shares. None of the 15 index components rose today: the main decliners (in percentage terms) were -
- Cameron International (CAM) -1.18 (5.1%) to $21.98 on volume of 5.53m shares;
- Smith International (SII) -1.15 (5.1%) to $21.55 on volume of 6.62m shares;
- Nabors Industries (NBR) -0.5 (4.6%) to $10.45 on volume of 6.92m shares;
- BJ Services (BJS) -0.47 (4.3%) to $10.53 on volume of 7.28m shares; and
- Global Industries (GLBL) -0.14 (4.1%) to $3.31 on volume of 0.68m shares.
Bellwethers
The nine-stock group that makes up the Rant bellwethers advanced on average by 0.2%. The fallout occurred as follows:
- General Electric (GE) -0.51 (4.2%) to $11.62 on volume of 139.4m units.
- Citigroup (C) +0.10 (2.82%) to $3.65 on volume of 167.87m units.
- Wal-Mart (WMT) -0.55 (1.17%) to $46.57 on volume of 20.6m units.
- IBM (IBM) -0.72 (0.79%) to $90.93 on volume of 9.75m units.
- Intel (INTC) +0.73 (5.66%) to $13.63 on volume of 69.1m units.
- Cisco Systems (CSCO) +0.34 (2.27%) to $15.31 on volume of 54.68m units.
- Google (GOOG) +2.04 (0.6%) to $340.57 on volume of 5.16m units.
- Fannie Mae (FNM) -0.01 (1.67%) to $0.59 on volume of 13.48m units.
- Freddie Mac (FRE) -0.01 (1.69%) to $0.58 on volume of 6.19m units.
Other Indices of Interest...
The Banks index (BKX) slid -0.2 points (0.7%) to 28.52 points. Total volume traded in the 24 components of the index was 796.8m shares. Decliners outpaced gainers by 1.1 to one, with 11 decliners to 10 advancers. Declining volume was greater than advancing volume by 465.98m to 330.82m shares. The main decliners (in percentage terms) were -
- Huntington Bancshares (HBAN) -0.86 (29.9%) to $2.02 on volume of 27.71m shares;
- Regions Financial (RF) -0.54 (15.6%) to $2.92 on volume of 26.76m shares;
- New M&I Corporation (MI) -0.81 (14.2%) to $4.90 on volume of 9.37m shares;
- Fifth Third Bancorp (FITB) -0.30 (12.6%) to $2.09 on volume of 26.07m shares; and
- Bank Of America (BAC) -0.58 (8.8%) to $6.00 on volume of 288.49m shares.
The Semiconductor index (SOX) gained 2.26 points (1.09%) to 210.52 points. Total volume traded in the 18 components of the index was 247.3m shares. Advancers outpaced decliners by 1.3 to one, with 10 advancers to 8 decliners. Advancing volume exceeded declining volume by 172.77m to 74.53m shares. The biggest gainers (percentage-wise) were -
- Intel (INTC) +0.73 (5.7%) to $13.63 on volume of 69.09m shares;
- Texas Instruments (TXN) +0.74 (4.9%) to $15.69 on volume of 25.34m shares;
- Broadcom (BRCM) +0.56 (3.5%) to $16.41 on volume of 13.44m shares;
- Altera (ALTR) +0.32 (2.1%) to $15.7 on volume of 8.05m shares; and
- Linear Technology (LLTC) +0.42 (1.8%) to $23.84 on volume of 6.5m shares.
The ChildKiller ("Defence") index (DFX) dipped -6.13 points (2.48%) to 241.37 points. Total volume traded in the 17 components of the index was 177.47m shares. Decliners outpaced gainers by 4.3 to one, with 13 decliners to 3 advancers. Declining volume was greater than advancing volume by 175.37m to 2.11m shares. The main decliners (in percentage terms) were -
- Rockwell Collins (COL) -2.51 (6.7%) to $35.17 on volume of 3.04m shares;
- Gencorp (GY) -0.16 (5.5%) to $2.74 on volume of 0.25m shares;
- General Electric (GE) -0.51 (4.2%) to $11.62 on volume of 139.4m shares;
- Raytheon (RTN) -1.93 (3.8%) to $48.69 on volume of 4.24m shares; and
- Boeing (BA) -1.51 (3.6%) to $40.8 on volume of 8m shares.
