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Post by merrillstanley on Mar 4, 2010 15:43:27 GMT -5
Stocks are setting fresh afternoon highs after briefly pulling back. Notably, energy is the worst performing sector. It is currently down 0.6%.
The commodities space traded 1.0% lower this session as the dollar index displayed strength in the face of a weak euro.
Energy commodities were also weak this session. They traded 1.3% lower, collectively. A smaller than-expected draw in natural gas inventories sent natural gas prices sharply lower this morning. After hitting a session low at $4.56 per MMBtu soon after the release of the inventory data, April natural gas traded relatively flat for the rest of the session. It closed 3.8% lower at $4.57 per MMBtu. April crude oil futures also traded lower. They were able to hold above the $80 level, however, and close down 0.8% at $80.21 per barrel.
Precious metals were weak primarily due to the strong dollar. April gold lost 0.9% to close at $1133.10 per ounce. May silver also lost 0.9% this session. It closed at $17.18 per ounce.DJ30 +34.23 NASDAQ +9.03 SP500 +3.03 NASDAQ Adv/Vol/Dec 1432/1.75 bln/1193 NYSE Adv/Vol/Dec 1650/674 mln/1356
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Post by abdogman on Mar 4, 2010 16:03:24 GMT -5
Well Dudes and our Dudette thx for the input and i will meet u here in the AM
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Post by elle on Mar 4, 2010 16:03:46 GMT -5
Sorry, not around much, too dull for words. Welcome, DM, hope you come back even if you figured out this is not the "cool" table. Still holding TSO short, may add at double top as no strong movement thru, but can't decide - don't like playing the middle.
Best to all guys, see you tomorrow
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Post by deadmoney95 on Mar 4, 2010 16:07:23 GMT -5
Oh, I'll be back. Thanks, all.
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Post by elle on Mar 4, 2010 16:11:27 GMT -5
SPX still inside current circle, top for tomorrow 1130.25
just sayin
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Post by triggerhappy on Mar 4, 2010 16:18:21 GMT -5
Thanks all! Good eve...
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Mikey
Broker/Dealer
Posts: 581
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Post by Mikey on Mar 4, 2010 16:32:32 GMT -5
Thanks all for keeping it rolling today see y'all tomorrow.
Interesting commentary from ITMS:
Traders Should Run The World By Nicholas Santiago on March 4th, 2010 3:23pm Eastern Time
Economists and analysts have had opinions for as long as one can remember. To my knowledge very few analysts and economists have been correct in predicting problems in the economy or in stock prices. If they made effective calls they would have accurately predicted the 2000 and the 2007 stock market declines. Stock traders seem to have a much better handle on the direction of the economy and the movement of stocks.
In 2007 it was the stock traders that accurately forecasted the decline in the stock market when the S&P 500 (INDEXSP:.INX) was trading at 1576.00. To my knowledge it was again stock traders that accurately predicted the severe decline in oil in July 2008. At that time the U.S. Oil Fund LP ETF (NYSE:USO) was trading at near 120.00 a share before finding a low in February 2009 at 23.00 a share. Spot crude was trading at 147.00 a barrel and Goldman Sachs (NYSE:GS) and many other analysts were predicting oil to trade above 200.00 a barrel. Again it was the traders that saw the decline that followed.
Here we are today with unemployment near 10 percent in the U.S. by government standards and deficits that are mounting in the trillions of dollars that can not be calculated. The only solution by our central bank and the government for the problem is to print more money and try and inflate it back to health. Traders know that this can only work so long. Meanwhile economists say things are getting better and the worst is over. It is really similar to putting a band aid on a fractured scull. Who thinks this is really working?
Now even traders will be wrong from time to time. However, a good trader knows when he or she is wrong and they will stop out of their position taking a small loss. Economists and analysts look for reasons why they were wrong. Why didn't Citigroup Inc (NYSE:C) analysts and economists down grade their own stock when it was 55.00 a share in 2007? Currently interest rates are set by the Federal Reserve Bank instead of being traded by supply and demand. Why? History has proven that they are not better than the market. Perhaps the administration should hire a trader to get this country in order.
Nicholas Santiago Chief Market Strategist InTheMoneyStocks.com
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Post by elle on Mar 4, 2010 16:38:03 GMT -5
thanks for the post, Mikey, I love Nick - but it put me back into "revolution" mode
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Post by merrillstanley on Mar 4, 2010 16:45:09 GMT -5
karma mikey, karma
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Post by deadmoney95 on Mar 4, 2010 16:45:22 GMT -5
I generally like the ITMS site, but that Santiago guy far too often feels the need to post these kinds of rants that seem straight out of the <shudder> FAZ YMB <shudder>. The ITMS site's whole theory is "cutting through all that Wall Street hype" and then he regularly posts missives like this that are utterly devoid of technical analysis. It's why I've loved this thread, that focuses on what people are seeing and analyzing. And I love that you guys have self-enforced a "no politics" regime, simply because it distracts from the task at hand. I'll shut up before somebody gives the new guy a wedgie.
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Post by merrillstanley on Mar 4, 2010 16:48:17 GMT -5
DM, no wedgies here,
Trade was subdued for most of the session as participants exercised caution ahead of the February nonfarm payrolls report on Friday and a stronger dollar acted as an overhang. However, financial issues helped lift the broader market to a modest gain late in the session.
With the government's official jobs report scheduled for tomorrow morning, participants paid little attention to news that initial jobless claims for the week ended Feb. 27 totaled 469,000, which was in-line with the consensus call for 470,000 initial claims. Continuing claims dropped more than expected to 4.50 million.
In other economic news, pending home sales for January fell 7.6% month-over-month. A 1.0% monthly increase had been expected.
Factory orders for January increased 1.7%, which was in stride with the 1.8% increase that had been widely expected.
Nonfarm productivity during the fourth quarter spiked 6.9%, according to the final reading. The surge exceeded the 6.3% increase that had been forecast. It was helped by a 5.9% plunge in unit labor costs, which were expected to fall 4.5%.
Retailers dominated corporate news flow with the release of February same-store sales figures. Overall results surpassed Wall Street's expectations to give the group a 1.3% gain. While Wal-Mart (WMT 53.96, +0.30) didn't report a monthly number, the company won favor with news that it hiked its annual dividend by 11% to $1.21 per share.
Given their weight in the broader market, financials led the stock market's advance into the close, though. Financials finished the session with a collective gain of 0.9%. Shares of investment banks and brokerages provided the most support -- they advanced 3.3% as Goldman Sachs (GS 163.61, +4.68) advanced to a one-month high in its best single-session percentage advance in months.
Strength among financials helped the broader market shrug off a stronger dollar, which gained 0.7% against competing currencies. The greenback's gain was helped by a weaker euro, which was pressured in the wake of the decision by both the European Central Bank and the Bank of England to keep target interest rates unchanged. The Bank of England also kept its quantitative easing measures unchanged.
Still, the greenback's gain hurt commodity prices. Specifically, oil futures prices fell 0.8% to $80.21 per barrel, while natural gas prices plummeted 3.8% to close at $4.57 per MMBtu. Pressure against natural gas was exacerbated by a smaller-than-expected weekly inventory draw. Weaker energy prices undercut energy stocks, which finished with a 0.4% loss.
Health-care stocks were also weak. They finished with a 0.2% loss as insurers lagged amid ongoing efforts by President Obama to pass new health care legislation.
Participation was paltry once again as fewer than 1 billion shares traded hands on the NYSE this session. The lack of participation is tantamount to lack of conviction, but also indicative of caution as many remain wary of tomorrow morning's jobs report, which is almost always a key catalyst for trade. DJ30 +47.38 NASDAQ +11.63 NQ100 +0.4% R2K +0.5% SP400 +0.1% SP500 +4.18 NASDAQ Adv/Vol/Dec 1547/2.15 bln/1090 NYSE Adv/Vol/Dec 1779/950 mln/1253
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Post by deadmoney95 on Mar 4, 2010 16:49:34 GMT -5
And mucho karma to Mikey. That wasn't meant to be a thread crap -- it just struck me that the guy who runs a pay trading advice site couldn't say anything half as useful as a single one of Mikey's posts today.
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Post by merrillstanley on Mar 4, 2010 16:51:09 GMT -5
if CASHFILLY were here, we could bottle this thread up and make people fortunes...
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Post by kryptos2009 on Mar 4, 2010 17:11:23 GMT -5
if CASHFILLY were here, we could bottle this thread up and make people fortunes... wholeheartedly agree with you on that one MS
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