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Boring, boring, boring. The Dow made a 7-month high (after making a 13-year low in March) and the entire mainswamp media is awash with pablum about how we're all going to go onwards and upwards from here.
They're wrong: I plan to short the Nikkei today - unlike the DAX short form last week and the SPI short mentioned on Twitter, the Nikkei short will not be short-term - it's going to be a 'leg in' to a long-term short that will probably be held until the end of November. During that period I'll switch out of Nikkei and into DAX and Nasdaq100, but the Nikkei is the best vehicle for the moment.
Headline Indices
The Dow Jones Industrial Average index (DJI) gained 31.9 points (0.37%) to 8770.92 points. The index high for the day was 8877.93 set at 1;30 p.m. NY time, while the low was 8736.23.
Total volume traded in the 30 components of the index was 1.4bn shares. Advancers outpaced decliners by 2.5 to one, with 20 advancers to 8 decliners. Advancing volume exceeded declining volume by 1.07bn to 159.03m shares. The biggest gainers (percentage-wise) were -
- Bank Of America (BAC) +0.99 (8.3%) to $12.97 on volume of 523.87m shares;
- Alcoa (AA) +0.73 (6.4%) to $12.22 on volume of 61.83m shares;
- Pfizer (PFE) +0.58 (4.1%) to $14.63 on volume of 70.4m shares;
- Chevron (CVX) +1.68 (2.4%) to $71.9 on volume of 14.57m shares; and
- Merck (MRK) +0.6 (2.3%) to $26.19 on volume of 17.07m shares.
The S&P500 Index advanced +5.74 points (0.61%) to 944.89 points..
The S&P500 index (SPX) advanced 5.74 points (0.61%) to 944.89 points. Total volume traded in the 500 components of the index was 4.56bn shares. Advancers outpaced decliners by 1.4 to one, with 278 advancers to 195 decliners. Advancing volume exceeded declining volume by 2.91bn to 1.43bn shares. The biggest gainers (percentage-wise) were -
- American CapitalLtd. (ACAS) +0.59 (21.4%) to $3.35 on volume of 24.71m shares;
- Genworth Financial Inc. (GNW) +0.6 (9.5%) to $6.91 on volume of 22.01m shares;
- Regions Financial Corp. (RF) +0.37 (9.3%) to $4.37 on volume of 103.79m shares;
- Bank of America Corp. (BAC) +0.99 (8.3%) to $12.97 on volume of 523.87m shares; and
- Jones Apparel Group (JNY) +0.73 (7%) to $11.2 on volume of 2.87m shares.
The Nasdaq Composite advanced +9.29 points (0.5%) to 1862.37 points. while the Nasdaq100 rose +1.74 points (0.12%) to 1497.01 points..
The Nasdaq100 index (NDX) added 1.74 points (0.12%) to 1497.01 points. Total volume traded in the 100 components of the index was 878.26m shares. Advancers outpaced decliners by 1 to one, with 49 advancers to 48 decliners. Advancing volume exceeded declining volume by 516.26m to 355.24m shares. The biggest gainers (percentage-wise) were -
- Level 3 Communications (LVLT) +0.32 (24.1%) to $1.65 on volume of 78.06m shares;
- Flextronics International (FLEX) +0.35 (8.2%) to $4.62 on volume of 10.17m shares;
- Cadence Design Systems (CDNS) +0.42 (7.1%) to $6.35 on volume of 6.32m shares;
- Hologic (HOLX) +0.73 (5.4%) to $14.36 on volume of 4.14m shares; and
- Intuitive Surgical (ISRG) +6.8 (4.3%) to $166.52 on volume of 1.89m shares.
Volatility
The CBOE Volatility Index dropped 0.35 points (1.23%) to 28.11 points. and the CBOE Nasdaq100 Volatility Index dipped 0.04 points (0.13%) to 29.73 points..
Breadth and Internals
A total of 3774 issues traded today on the NYSE; today's total volume was 2.14bn shares. A total of 2357 stocks posted gains for the day, and volume in advancing issues totalled 4.03bn shares. Exerting downwards pressure on the index were 1319 losers, which accounted for a total declining volume of 2.2bn shares. 36 stocks made new 1-year highs on the NYSE, while 48 shares plumbed new 52-week depths.
On the Nasdaq 2849 tickers traded today; total Nasdaq volume was 2.44bn shares. A total of 1752 stocks posted gains for the day, with aggregate volume of 1.46bn shares changing hands in the day's winners. The red zone of the Nasdaq exchange comprised 967 losers, and total declining volume was 0.81bn shares. 50 Nasdaq-listed stocks hit new 52-week highs, while 13 shares dipped to new 1-year lows.
| Major Market Statistics | |||
| Index | Close | Gain(Loss) | % |
| Dow Jones Industrial Average | 8770.92 | +31.90 | 0.37% |
| S&P500 Index | 944.89 | +5.74 | 0.61% |
| Nasdaq Composite | 1862.37 | +9.29 | 0.5% |
| Nasdaq100 | 1497.01 | +1.74 | 0.12% |
| CBOE Volatility Index | 28.11 | -0.35 | -1.23% |
| CBOE Nasdaq100 Volatility Index | 29.73 | -0.04 | -0.13% |
Dow Darlings
- Bank Of America (BAC) +0.99 (8.3%) to $12.97 on volume of 524m units
- Alcoa (AA) +0.73 (6.4%) to $12.22 on volume of 61.8m units
- Pfizer (PFE) +0.58 (4.1%) to $14.63 on volume of 70.4m units
- Chevron (CVX) +1.68 (2.4%) to $71.9 on volume of 14.6m units
- Merck (MRK) +0.6 (2.3%) to $26.19 on volume of 17.1m units
Dow Duds:
- American Express (AXP) -1.06 (4%) to $25.63 on volume of 25.3m units
- Boeing (BA) -1.64 (3.1%) to $50.66 on volume of 11.8m units
- Wal-Mart (WMT) -0.74 (1.5%) to $49.32 on volume of 21.6m units
- McDonalds (MCD) -0.69 (1.2%) to $57.67 on volume of 9.3m units
- Intel (INTC) -0.11 (0.7%) to $16.35 on volume of 52.3m units
Most Traded Dow stocks:
- Bank Of America (BAC) +0.99 (8.3%) to $12.97 on volume of 524m units
- General Electric (GE) +0.06 (0.4%) to $13.46 on volume of 71.1m units
- Pfizer (PFE) +0.58 (4.1%) to $14.63 on volume of 70.4m units
- JPMorganChase (JPM) +0.1 (0.3%) to $34.94 on volume of 66.5m units
- Microsoft (MSFT) +0.28 (1.2%) to $22.83 on volume of 65.1m units
Precious Metals
Precious metals futures advanced as follows -
| Precious Metals Futures | |||
| Index | Close | Gain(Loss) | % |
The Gold Bugs index (XAU) fell -0.42 points (0.28%) to 149.68 points. Total volume traded in the 16 components of the index was 93.3m shares. Advancers outpaced decliners by 1.7 to one, with 10 advancers to 6 decliners; however declining volume was greater than advancing volume by 50.24m to 43.06m shares. The main decliners (in percentage terms) were -
- AngloGold Ashanti (AU) -1.07 (2.7%) to $38.12 on volume of 2.53m shares;
- Yamana Gold (AUY) -0.26 (2.6%) to $9.9 on volume of 22.79m shares;
- Coeur d'Alene (CDE) -0.17 (1.3%) to $13.28 on volume of 1.58m shares;
- Barrick Gold (ABX) -0.4 (1.1%) to $34.66 on volume of 10.77m shares; and
- Newmnt Mining (NEM) -0.34 (0.8%) to $44.11 on volume of 6.71m shares.
Energy Complex
Energy futures performed as follows -
| Energy Futures | |||
| Commodity | Close | Gain(Loss) | % |
The Oil Services index (OSX) dropped -1.89 points (1.05%) to 178.9 points. Total volume traded in the 15 components of the index was 116.8m shares. Not a single stock declined withinin the index: 15 of the 15 index components rose, with total upside volume of 116.8mshares. The main decliners (in percentage terms) were -
Currency Futures
Currency futures performed as follows -
| Currency Futures | |||
| Index | Close | Gain(Loss) | % |
Bellwethers
The nine-stock group that makes up the Rant bellwethers declined on average by 0.3%. The fallout occurred as follows:
- General Electric (GE) +0.06 (0.45%) to $13.46 on volume of 71.13m units.
- Citigroup (C) -0 (0%) to $3.48 on volume of 166.8m units.
- Wal-Mart (WMT) -0.74 (1.48%) to $49.32 on volume of 21.56m units.
- IBM (IBM) +1.05 (0.97%) to $109.40 on volume of 9.11m units.
- Intel (INTC) -0.11 (0.67%) to $16.35 on volume of 52.27m units.
- Cisco Systems (CSCO) +0.15 (0.75%) to $20.10 on volume of 44.76m units.
- Google (GOOG) -3.6 (0.83%) to $429.00 on volume of 2.85m units.
- Fannie Mae (FNM) -0.01 (1.47%) to $0.67 on volume of 10.38m units.
- Freddie Mac (FRE) -0 (0%) to $0.71 on volume of 4.79m units.
Other Indices of Interest...
The Banks index (BKX) advanced 0.95 points (2.55%) to 38.19 points. Total volume traded in the 24 components of the index was 1.17bn shares. Advancers outpaced decliners by 19 to one, with 19 advancers to 1 decliners. Advancing volume exceeded declining volume by 985.04m to 16.07m shares. The biggest gainers (percentage-wise) were -
- Regions Financial (RF) +0.37 (9.3%) to $4.37 on volume of 103.79m shares;
- Bank Of America (BAC) +0.99 (8.3%) to $12.97 on volume of 523.87m shares;
- Keycorp (KEY) +0.37 (6.6%) to $5.97 on volume of 41.91m shares;
- Fifth Third Bancorp (FITB) +0.43 (5.9%) to $7.77 on volume of 46.22m shares; and
- Comerica Inc (CMA) +0.92 (4.2%) to $22.81 on volume of 3.51m shares.
The Semiconductor index (SOX) was unchanged at 271.31 points. Total volume traded in the 18 components of the index was 246.37m shares. Decliners outpaced gainers by 3.3 to one, with 13 decliners to 4 advancers. Declining volume was greater than advancing volume by 189.51m to 56.86m 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 -
- Micron Technology (MU) -0.27 (4.6%) to $5.59 on volume of 25.31m shares;
- Marvell Technology (MRVL) -0.41 (3.2%) to $12.51 on volume of 14.52m shares;
- Sandisk (SNDK) -0.46 (2.8%) to $15.7 on volume of 7.83m shares;
- Advanced Micro Devices (AMD) -0.12 (2.5%) to $4.7 on volume of 15.81m shares; and
- Broadcom (BRCM) -0.6 (2.2%) to $26.92 on volume of 13.17m shares.
The ChildKiller ("Defence") index (DFX) added 5.05 points (1.93%) to 266.21 points. Total volume traded in the 17 components of the index was 107.3m shares. Decliners outpaced gainers by 1.3 to one, with 9 decliners to 7 advancers; however advancing volume exceeded declining volume by 88.33m shares to 18.96m. The biggest gainers (percentage-wise) were -
- ITT Corporation (ITT) +0.61 (1.3%) to $46.13 on volume of 1.82m shares;
- Northrop Grummanl (NOC) +0.27 (0.6%) to $48.17 on volume of 2.26m shares;
- General Electric (GE) +0.06 (0.4%) to $13.46 on volume of 71.13m shares;
- General Dynamics (GD) +0.25 (0.4%) to $59.29 on volume of 2.02m shares; and
- FLIRr Systems (FLIR) +0.1 (0.4%) to $24.32 on volume of 1.29m shares.
