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iPunter
Supreme |
12-Dec-2006 23:04
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The market is no respecter of persons... if it's time to fall or it wants to fall, the beast will just go ahead and fall regardless of who is saying what... But usually the people will say what confirms the market has just done. |
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maxsyn
Veteran |
12-Dec-2006 22:59
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12300 support seems not strong enough, let's hear what Mr Ben got to say latter. |
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iPunter
Supreme |
12-Dec-2006 22:47
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May close red today... BTW if you look at the term chart eg. 6-month, you will see that the Dow's "angle of attack" is flatter than previously. It's obviously getting a bit limp now. The bull phase seems to be ageing a bit already. |
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maxsyn
Veteran |
12-Dec-2006 22:45
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Dec. 12 (Bloomberg) -- The U.S. trade deficit shrank the most in almost five years in October as the price of imported oil dropped and faster growth abroad propelled exports to a record. The gap narrowed 8.4 percent to $58.9 billion, the Commerce Department said today in Washington, less than forecast by economists. The improvement came even as the U.S. had a record shortfall with China, which surpassed Mexico as the nation's second-biggest trading partner behind Canada. A weaker dollar and demand from Europe and Asia may spur exports and limit weakness in manufacturing, keeping the economy expanding as housing slumps. At the same time, the widening deficit with China is aggravating tensions between the two nations, friction that Treasury Secretary Henry Paulson is seeking to ease in meetings in Beijing this week. ``We're seeing slow but steady growth in exports, and I expect to see that continue,'' said Chris Low, chief economist at FTN Financial in New York. ``The big standout in the report was the new peak in the deficit with China. It may be time for Paulson to turn up the volume in pressuring China.'' Economists expected the trade deficit to narrow to $63 billion, from September's $64.3 billion, according to the median of 62 forecasts in a Bloomberg News survey. October's gap was the smallest since August 2005. Retreating Dollar The dollar was little changed after strengthening in the minutes after the report was released. The dollar lost 0.8 percent against a basket of currencies in October and weakened 2.8 percent in November, according to the New York Board of Trade's Dollar Index. It's down 7.4 percent this year. Imports of goods and services dropped 2.7 percent in October, the most since December 2001, to $182.5 billion. The deficit in petroleum products dropped by $3.9 billion to $18.8 billion, the smallest since June last year. The average price per barrel of imported crude oil fell to $55.47, the lowest since March, from $62.52. Consumer goods imports rose $238 million to $38.3 billion, reflecting demand for medicines, toys and stereo equipment. Exports rose 0.2 percent to $123.6 billion. The gain reflected increasing demand for computers, drilling equipment and medicines. ``We have strong growth abroad and that is good for exports,'' said Elisabeth Denison, an economist at Dresdner Kleinwort in New York. ``That should lead to a stabilization'' in the trade deficit next year, she said. China Role The trade deficit with China rose to $24.4 billion, from $23 billion in September. Imports from China rose to $29.3 billion in October. U.S. exports to the country rose to $4.9 billion from $4.6 billion. Year to date, total trade with China reached $281 billion, passing Mexico's $278.3 billion. Paulson, Fed Chairman Ben S. Bernanke and Commerce Secretary Carlos Gutierrez are among a group of U.S. officials going to China this week in what will become an ongoing effort to address differences. U.S. congressional leaders and manufacturers have criticized China for keeping its currency, the yuan, undervalued in order to promote sales overseas. They've also said the country has failed to crack down on rampant piracy and has kept some industries closed to overseas competition. `Very Frustrated' White House chief economic adviser Allan Hubbard said in an interview on Dec. 8 that President George W. Bush's administration is ``very frustrated'' with the pace of China's shift toward a market-based exchange rate. A brightening economic picture in Europe is helping spur exports. The European Central Bank last week raised its euro- region growth forecast to about 2.2 percent next year and 2.7 percent in 2006. Europe's economy probably continued to expand at a ``robust'' pace in the current quarter after growing 0.5 percent in the previous three months, ECB President Jean-Claude Trichet said at a press conference in Frankfurt last week after the bank raised its key rate for a sixth time this year. The Organization for Economic Cooperation and Development said Dec. 8 the world economy will continue to expand next year. The OECD's leading economic indicator rose to 109.7 in October, from 109.5 the previous month. The measure for Japan rose 0.2 and that for China increased 2.6. Other regions showing gains included Canada and Europe. Caterpillar Outlook ``I think we'll have a reasonably strong global economy next year, just a weak U.S. economy,'' James Owens, chief executive officer of Caterpillar Inc., the world's largest maker of earth-moving equipment, said at a manufacturing conference on Dec. 7. ``A lot of the major markets we serve -- oil and gas, mining --on a global scale are doing very well.'' Slower U.S. growth and a buildup in inventories in the third quarter may continue to limit imports, Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc. in New York, said before the report. The bigger-than-expected drop in the deficit may cause economists to raise their projections for gross domestic product this quarter. The U.S. economy will expand at a 2 percent rate the last three months of this year, according to the median forecast of economists surveyed by Bloomberg from Dec. 1 to Dec. 8. Last month, economists expected growth of 2.5 percent. |
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maxsyn
Veteran |
12-Dec-2006 22:40
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huh...green now |
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billywows
Elite |
12-Dec-2006 22:35
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Opening bells on FOMC day! US market Flatish RED ....... Dow down 8 points, while Nasdaq down 1 point now. |
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maxsyn
Veteran |
12-Dec-2006 22:34
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sigh....start with red |
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billywows
Elite |
12-Dec-2006 22:11
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LONDON (MarketWatch) -- U.S. stock market futures edged lower on Tuesday, with Texas Instruments' lowered revenue forecast and better-than-expected earnings from Goldman Sachs providing some direction to a market otherwise fixated on the Federal Reserve's interest rate decision due out later in the session.
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billywows
Elite |
12-Dec-2006 07:56
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US market closed GREEN before FOMC today ... ----------------- The Dow Jones Industrial Average rose 20.99 points to 12,328.48.
The S&P 500 rose 3.20 points to 1,413.04, and the Nasdaq Composite gained 5.50 points to 2,442.86.
Among blue-chip issues, shares of J.P. Morgan Chase & Co. led the gainers, adding 1.7% to $47.55 after Morgan Stanley upgraded the stock to overweight from equal weight and raised its share-price target to $53 from $44. Fellow Dow stock DuPont gained 1.1% after the chemicals company lifted its 2006 earnings forecast and said it would cut 1,500 jobs worldwide.
"People usually get excited about mergers," said Kevin Kruszenski, director of equity trading at KeyBanc Capital. "But it seems the market is a bit numbed about all this," and "it's now focusing on the Fed meeting tomorrow."
Deal-making provided momentum, although not necessarily to lift stocks.
Trading volume was 1.3 billion shares on the New York Stock Exchange and 1.84 billion on the Nasdaq.
Gaining issues outnumbered decliners 19 to 13 on the Big Board and 15 to 14 on the Nasdaq.
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singaporegal
Supreme |
12-Dec-2006 04:39
![]() Yells: "Female TA nut" |
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All waiting for the next Fed announcement tommorow |
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billywows
Elite |
11-Dec-2006 23:56
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Expect a Flat US market cos quiet data today. Dow up 23 points, while Nasdaq up 10 points now. |
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iPunter
Supreme |
11-Dec-2006 23:51
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Ah, the plot thickens... :) |
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billywows
Elite |
11-Dec-2006 23:37
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Maybe it's due to below news! Hehe!! -------------- ------------- |
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iPunter
Supreme |
11-Dec-2006 23:30
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This is good news for December market? |
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iPunter
Supreme |
11-Dec-2006 23:27
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hahaha... if this kind of report can boost the Dow, it clearly means the Dow is looking for an excuse, any excuse, to rise.... :) |
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billywows
Elite |
11-Dec-2006 23:25
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---------------------
ECONOMIC REPORT
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iPunter
Supreme |
11-Dec-2006 23:20
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Well done BW... keep up the good work.... as long as it helps our market tomorrow, since many are still wary of the record levels. Hope the moon's 1st Quarter phase on Tuesday will trigger another record high for the Dow. |
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billywows
Elite |
11-Dec-2006 23:14
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Yeah, US market GREEN now ... Dow up 28 points, while Nasdaq up 12 points. |
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billywows
Elite |
11-Dec-2006 22:51
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US market flatish mixed now. Dow up 10 points, while Nasdaq down 5 points. Boring day .... |
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billywows
Elite |
11-Dec-2006 22:15
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Good that Maxsyn is ready to keep us updated too! Today only wholesale inventories data to be out in US at 2300hrs ... Should be a Flat day in wait of FOMC meeting. Tomorrow's data to be out: Retail chain index Trade gap Treasury budget FOMC meeting (0315hrs S'pore time) |
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