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The mainswamp press is chock-full of blather about 'green shoots', as befits an industry whose time has past. Both print media and broadcast TV are flailing around trying to slow the haemorrhage in market share of entertainment and news markets.
Newspapers have been in secular decline for a generation: nowadays, television is - more or less - a series of advertisements paid for by the government, interspersed with diversionary twaddle which has absolutely no use as information (or even as data).
Take TV 'news' for example - every single piece of 'information' that is presented in the news, is online before it's on-screen. Even cable TV channels are always behind the web.
Newspapers are an even bigger laggard - who wants to wait for tomorrow's paper to know the gold price? Their online versions now scrape the web for content, from which hack-writers then crib... that is, unless they are trying to foment progress in some or other government agenda (not necessarily the government of the country in which the newspaper is published).
The only remaining use for newspapers is as an aid to getting a fire going; those who aren't keen on the smell of firelighters can use balled-up newspapers as accelerant - but that useful attribute is predicated on having bought a newspaper (something I have not done in ten years).
I've written before about the growth in government (i.e, tax-funded) advertisements - that they form a mechanism of control over networks by government. Put simply, every channel knows that if they don't parrot exactly what the government wants, then they will be left out of the bonanza next time the government decides to waste more tax money on telling its livestock about some or other interference in their lives. The proportion of these ads is increasing, because for all these 'green shoots' it is clear that businesses are declining.
Lately there has been a welter of ads featuring the armed goon wing of government - pointing out some or other crap featuring the domestic variety of armed state thug (the 'police').
As I have said before - anybody who carries a gun on behalf of the political-parasite class, is a self-declared valid target: anyone who believes that they exist to protect and serve the public is deluded - they exist to protect the political class from the public.
As state budgets fall into near-terminal imbalance as a result of the double-whammy of declines in asset values and declines in employment, we are already seeing reductions in expenditure on armed thuggery by the State.
In the short, term that means that the State will try and ramp up the aggressiveness of its livestock-pacification goons (shitbags who actually refer to themselves as 'sheepdogs').
That will eventually settle down, because it costs a lot to employ the wanna-be Sardaukar who think being on a SWAT team makes them a 'warrior'. These fucksticks are meatheads who want to play soldier, but only if the enemy is 99% unarmed - and they whine like bitches if one of their own finds himself on the receiving end.
Those who understand what the State can and cannot do, and who the State can and cannot protect, are already alive to what is coming down the pike. We are, effectively, shorting tyranny.
Vae Victus.
Headline Indices
The Dow Jones Industrial Average index (DJI) rose 1.36 points (0.02%) to 8764.49 points. The index high for the day was 8822.23 at about 3:30 p.m., affter a mad 150-point move in half an hour. The session low was 8633.07, set at about 12:30 p.m. NY time.
Total volume traded in the 30 components of the index was 1.12bn shares. Advancers and decliners were split evenly, 14 decliners to 14 advancers. Declining volume was greater than advancing volume by 581.12m to 499.03m shares. The biggest gainers (percentage-wise) were -
- American Express (AXP) +0.7 (2.8%) to $25.65 on volume of 15.18m shares;
- JPMorganChase (JPM) +0.84 (2.4%) to $35.39 on volume of 61.42m shares;
- Bank Of America (BAC) +0.2 (1.7%) to $12.06 on volume of 244.86m shares;
- Home Depot (HD) +0.39 (1.6%) to $24.56 on volume of 13.14m shares; and
- Disney Corp (DIS) +0.38 (1.5%) to $25.33 on volume of 10.64m shares.
The S&P500 index (SPX) dipped 0.95 points (0.1%) to 939.14 points. Total volume traded in the 500 components of the index was 3.67bn shares. Decliners outpaced gainers by 1.6 to one, with 290 decliners to 181 advancers. Declining volume was greater than advancing volume by 1.89bn to 1.64bn shares. The main decliners (in percentage terms) were -
- Verisign Inc. (VRSN) -3.29 (14.2%) to $19.9 on volume of 20.95m shares;
- CIGNA Corp. (CI) -1.57 (6.9%) to $21.27 on volume of 7.06m shares;
- Qwest Communications Int (Q) -0.24 (5.8%) to $3.93 on volume of 49.51m shares;
- Dynegy Inc. (DYN) -0.12 (5.3%) to $2.14 on volume of 10.89m shares; and
- Aetna Inc. (AET) -1.31 (5.2%) to $24.09 on volume of 6.98m shares.
The Nasdaq Composite declined 7.02 points (0.38%) to 1842.40 points. while the Nasdaq100 dipped 4.72 points (0.32%) to 1488.49 points. Total volume traded in the 100 components of the index was 693.81m shares. Decliners outpaced gainers by 1.7 to one, with 60 decliners to 36 advancers. Declining volume was greater than advancing volume by 367.59m to 240.18m shares. The main decliners (in percentage terms) were -
- VeriSign (VRSN) -3.29 (14.2%) to $19.9 on volume of 20.95m shares;
- UAL (UAUA) -0.39 (7.7%) to $4.65 on volume of 7.45m shares;
- Wynn Resorts (WYNN) -1.67 (4.1%) to $38.93 on volume of 3.24m shares;
- Millicom International Cellular (MICC) -2.34 (3.9%) to $57.04 on volume of 1.04m shares; and
- Logitech International (LOGI) -0.58 (3.9%) to $14.48 on volume of 0.93m shares.
Volatility
The CBOE Volatility Index rose +0.15 points (0.51%) to 29.77 points. and the CBOE Nasdaq100 Volatility Index advanced +0.47 points (1.53%) to 31.18 points..
Breadth and Internals
A total of 3786 issues traded today on the NYSE; 1330 stocks posted gains for the day, there were 2339 losers. 18 stocks made new 1-year highs on the NYSE, while 46 shares plumbed new 52-week depths.
On the Nasdaq 2875 tickers traded today; total Nasdaq volume was 1.96bn shares. A total of 1062 stocks posted gains for the day, with aggregate volume of 810m shares changing hands in the day's winners. The red zone of the Nasdaq exchange comprised 1674 losers, and total declining volume was 1.05bn shares. 41 Nasdaq-listed stocks hit new 52-week highs, while 12 shares dipped to new 1-year lows.
| Major Market Statistics | |||
| Index | Close | Gain(Loss) | % |
| Dow Jones Industrial Average | 8764.49 | +1.36 | 0.02% |
| S&P500 Index | 939.14 | -0.95 | -0.1% |
| Nasdaq Composite | 1842.40 | -7.02 | -0.38% |
| Nasdaq100 | 1488.49 | -4.72 | -0.32% |
| CBOE Volatility Index | 29.77 | +0.15 | 0.51% |
| CBOE Nasdaq100 Volatility Index | 31.18 | +0.47 | 1.53% |
Dow Darlings
- American Express (AXP) +0.7 (2.8%) to $25.65 on volume of 15.2m units
- JPMorganChase (JPM) +0.84 (2.4%) to $35.39 on volume of 61.4m units
- Bank Of America (BAC) +0.2 (1.7%) to $12.06 on volume of 245m units
- Home Depot (HD) +0.39 (1.6%) to $24.56 on volume of 13.2m units
- Disney Corp (DIS) +0.38 (1.5%) to $25.33 on volume of 10.6m units
Dow Duds:
- Du Pont (DD) -0.79 (2.9%) to $26.21 on volume of 14.4m units
- McDonalds (MCD) -1.15 (1.9%) to $58.72 on volume of 14.7m units
- Alcoa (AA) -0.17 (1.6%) to $10.77 on volume of 33.1m units
- Pfizer (PFE) -0.2 (1.4%) to $14.31 on volume of 47.8m units
- Citigroup (C) -0.04 (1.2%) to $3.42 on volume of 282.2m units
Most Traded Dow stocks:
- Citigroup (C) -0.04 (1.2%) to $3.42 on volume of 282.2m units
- Bank Of America (BAC) +0.2 (1.7%) to $12.06 on volume of 245m units
- JPMorganChase (JPM) +0.84 (2.4%) to $35.39 on volume of 61.4m units
- General Electric (GE) +0.02 (0.1%) to $13.56 on volume of 58.3m units
- Microsoft (MSFT) -0.09 (0.4%) to $22.05 on volume of 48.8m units
Precious Metals
The Gold Bugs index (XAU) rose 0.41 points (0.27%) to 151.08 points. Total volume traded in the 16 components of the index was 85.34m shares. Advancers and decliners were split evenly, 8 decliners to 8 advancers. Advancing volume exceeded declining volume by 46.52m shares to 38.82m. The biggest gainers (percentage-wise) were -
- RandGold Resources (GOLD) +2.31 (3.4%) to $70.85 on volume of 2.02m shares;
- AngloGold Ashanti (AU) +0.85 (2.2%) to $39.8 on volume of 2.43m shares;
- Barrick Gold (ABX) +0.51 (1.4%) to $36.56 on volume of 7.7m shares;
- Agnico Eagle Mines (AEM) +0.72 (1.3%) to $58.08 on volume of 3.86m shares; and
- Yamana Gold (AUY) +0.07 (0.7%) to $10.72 on volume of 15.36m shares.
Energy Complex
The Oil Services index (OSX) declined -1.89 points (1.05%) to 178.9 points. Total volume traded in the 15 components of the index was 79.14m shares. Decliners outpaced gainers by 4 to one, with 12 decliners to 3 advancers. Declining volume was greater than advancing volume by 64.83m to 14.31m shares. The main decliners (in percentage terms) were -
- Oceaneering International (OII) -1.12 (2.1%) to $51.23 on volume of 0.57m shares;
- Weatherford International (WFT) -0.37 (1.8%) to $20.26 on volume of 11.66m shares;
- Smith International (SII) -0.38 (1.3%) to $29.22 on volume of 3.94m shares;
- Cameron International (CAM) -0.38 (1.3%) to $29.89 on volume of 3.92m shares; and
- Transocean Inc (RIG) -1 (1.2%) to $81.43 on volume of 4.32m shares.
Bellwethers
The nine-stock group that makes up the Rant bellwethers declined on average by 0.9%. The fallout occurred as follows:
- General Electric (GE) +0.02 (0.15%) to $13.56 on volume of 58.27m units.
- Citigroup (C) -0.04 (1.16%) to $3.42 on volume of 282.21m units.
- Wal-Mart (WMT) -0.26 (0.51%) to $50.81 on volume of 18.94m units.
- IBM (IBM) +0.25 (0.23%) to $107.49 on volume of 6.34m units.
- Intel (INTC) -0 (0%) to $15.92 on volume of 43.42m units.
- Cisco Systems (CSCO) -0 (0%) to $19.87 on volume of 42.66m units.
- Google (GOOG) -5.55 (1.25%) to $438.77 on volume of 3.08m units.
- Fannie Mae (FNM) -0.01 (1.43%) to $0.69 on volume of 9.31m units.
- Freddie Mac (FRE) -0.03 (3.95%) to $0.73 on volume of 5.86m units.
Other Indices of Interest...
The Banks index (BKX) rose 0.48 points (1.29%) to 37.55 points. Total volume traded in the 24 components of the index was 856.44m shares. Advancers outpaced decliners by 4.3 to one, with 17 advancers to 4 decliners. Advancing volume exceeded declining volume by 555.01m to 301.43m shares. The biggest gainers (percentage-wise) were -
- PNC Financial (PNC) +1.36 (3.2%) to $43.38 on volume of 7.26m shares;
- Wells Fargo (WFC) +0.67 (2.7%) to $25.39 on volume of 65.47m shares;
- JPMorganChase (JPM) +0.84 (2.4%) to $35.39 on volume of 61.42m shares;
- BB&T Corp (BBT) +0.52 (2.4%) to $21.93 on volume of 7.25m shares; and
- Suntrust Banks (STI) +0.38 (2.2%) to $17.35 on volume of 16.21m shares.
The Semiconductor index (SOX) was unchanged at 271.31 points. Total volume traded in the 18 components of the index was 177.85m shares. Decliners outpaced gainers by 2.2 to one, with 11 decliners to 5 advancers. Declining volume was greater than advancing volume by 96.35m to 38.08m shares. The index's rather boring situation arose as a result of a mixed bag of results, the most notable amongst these (in percentage terms) being -
- National Semiconductor (NSM) +0.31 (2.3%) to $13.95 on volume of 6.68m shares;
- Novellus Systems (NVLS) -0.39 (2.2%) to $17.62 on volume of 3.2m shares;
- Teradyne (TER) -0.13 (1.8%) to $7.01 on volume of 6.4m shares;
- Broadcom (BRCM) +0.36 (1.4%) to $25.82 on volume of 7.2m shares; and
- Marvell Technology (MRVL) -0.16 (1.4%) to $11.21 on volume of 8.33m shares.
The ChildKiller ("Defence") index (DFX) rose 5.05 points (1.93%) to 266.21 points. Total volume traded in the 17 components of the index was 89.61m shares. Decliners outpaced gainers by 1.3 to one, with 9 decliners to 7 advancers; however advancing volume exceeded declining volume by 77.02m shares to 12.58m. The biggest gainers (percentage-wise) were -
- Gencorp (GY) +0.02 (0.9%) to $2.18 on volume of 0.4m shares;
- Northrop Grummanl (NOC) +0.32 (0.7%) to $48.7 on volume of 2.07m shares;
- L-3 Holdings (LLL) +0.47 (0.6%) to $74.97 on volume of 0.83m shares;
- Boeing (BA) +0.18 (0.3%) to $52.83 on volume of 7.94m shares; and
- United Technologies (UTX) +0.1 (0.2%) to $56.49 on volume of 5.23m shares.
