Others   

Dow

Its Veteran's Day in US today, but the US market will still open ....... Sorry. That's why I put a '?' mark in my earlier post. :P

 

Ic.... no wonder the STI is listless.

When US or Europe markets are closed, it tends to reflect on STI also.

 

Today is Veteran's Day holiday in US ..... US market to be closed tonite?!

Btw, crude prices extended their gains after the U.S. government reported gasoline inventories fell last week. A barrel of light sweet crude soared $1.33 to $61.16 last nite.

 

MARKET SNAPSHOT

NEW YORK (MarketWatch) -- U.S. stocks closed lower Thursday, snapping a three-session winning streak, felled by weaker-than-expected consumer sentiment data, higher crude prices and worries about how pharmaceutical companies will fare under a Democratic party-dominated Congress.

The Dow Jones Industrial Average closed down 73.24 points at 12,103.30, with 22 of 30 components contributing to losses.

The S&P 500 slipped 7.39 points to 1,378.83, while the technology-rich Nasdaq Composite gave up gains to close down 8.93 points at 2,376.01, after earlier trading as high as 2,401.33.

Thursday's lower prices followed a boisterous rally Wednesday that saw the Dow industrials end at a record after Democrats, who called for greater fiscal responsibility, took control of the House of Representatives for the first time in 12 years. See Market Snapshot.

"Today you're seeing the market react in another way to the shifting to a Democratically-controlled Congress," said Robert Pavlik, chief investment officer at Oaktree Asset Management.

"The reaction is steepest in the drug sector," due to concerns the Democrats may find new ways to regulate it, Pavlik said.

"In my opinion, the selling in the pharmaceutical sector is overdone, and some investment professionals may be waiting to step in and buy soon," he said.

However, Paul Nolte, director of investments at Hinsdale Associates, said "To me this is a very minor correction, after a pretty good run-up. All the excitement today is in the gold and oil markets."

On the data front, the U.S. Commerce Department said the trade deficit narrowed by 6.8% to $64.3 billion, which was the largest narrowing since December 2004, and slightly below the consensus forecast of a $66.3 billion deficit. See full story.

Other data reports pointed to economic weakness. The University of Michigan's consumer sentiment report fell to 92.3 this month from 93.6 in October. Economists polled by MarketWatch had expected a reading of 93.8. See full story.

Ian Shepherdson, chief U.S. economist at High Frequency Economics, said the report showed that "the boost to confidence from the plunge in gas prices is over."

The Commerce Department said wholesale inventories reached their highest level relative to sales in over a year. See full story.

In the broad market, there were 1.857 billion shares traded on the New York Stock Exchange, where declining stocks outnumbered advancing shares by 19 to 13. About 2.419 billion shares traded on the Nasdaq market, with almost 2 falling stocks for every 1 on the rise.

------------------

 

Wah .... US consumer sentiment data declined. Dow down 25 points, while Nasdaq still up 7 points.

----------------

WASHINGTON (MarketWatch) -- Consumer sentiment eroded in November, according to researchers at the University of Michigan on Thursday.

The consumer sentiment index fell to 92.3 in November from 93.6 in October.

The increase was below the consensus forecast of Wall Street economists who had expected sentiment to rise to 93.8.  
-------------

 

Consumer sentiment data to be out at 11pm ... Dow down 9 points, while Nasdaq up 11 points due to Cisco strong earnings.

 

US market to open GREEN due to positive economic data just out ....

--------------------



LONDON (MarketWatch) -- U.S. stock futures were mostly higher Thursday, as investors took comfort that strong results from technology bellwether Cisco Systems, a narrowing of the trade deficit, and drops in jobless claims and import prices would help extend recent gains.

S&P 500 futures erased earlier losses to turn up 1.20 points to 1,392.80 to 1,391.10 and the futures contract on the technology-heavy Nasdaq 100 rose 7.25 points to 1,769.00.

Dow industrial futures eased 3 points to 12,205.

-------------------------

 

NEW YORK (MarketWatch) -- U.S. stocks ended higher Wednesday, with the Dow Jones Industrial Average setting a new record close, after investors concluded that little market-moving legislation is likely to come out of the new Democratic party-controlled House of Representatives and a Senate whose leadership remains uncertain.

The broader market also welcomed the resignation of Defense Secretary Donald Rumsfeld, although some defense stocks came under some pressure.

The Dow Jones Industrial Average rose 19.77 points to set its new record at 12,176.54, after earlier touching a session low of 12,102.90.

The Nasdaq Composite Index rose 9.06 points to close at 2,384.94, its best level in nearly six years.

The S&P 500 Index rose 2.88 points to 1,385.72.

Exxon Mobil Corp. was the biggest percentage gainer on the Dow, rallying 2.2% on a rise in the price of oil. Gains for Altria Group Inc., DuPont and McDonald's lent further support.

Within the Dow, shares of Merck & Co.led the decliners, closing down 3.4% after a news report said the drug maker has disclosed four separate tax disputes in Canada and the United States with potential liabilities totaling $5.58 billion. Fellow blue-chip components Pfizer Inc. and Johnson & Johnson also came under pressure on concern congressional control by the Democratic Party could lead to more government intervention in the negotiation of drug prices for its vast Medicare drug program.

-----------------

 

DOW close in record high with resignation of Def Minister. However, The record high comes with a RSI divergence. Short term (1week )may not be affected but after that, there may be a mild correction.

 

What a reversal, the market move w/o  any TA at all, moving by news and emotions. very volatile market this few days.. not very good for stock markets as many investors would stay sideline to watch or wait for emotion to subside.

What u say Singgal, can u predict the trend using TA?

 

If inflation expectations, which are currently well contained, were to increase, it would be "incumbent" on the Fed to "affirm our commitment to price stability," Moskow said.



Although it is likely inflation will ease somewhat over time, helped by lower energy prices, there are no guarantees and in the meantime the Fed remains dependent on incoming economic data, he said.



U.S. economic growth is likely to run slightly below trend of "around 3%" for the next year or so, which will reduce pressures from resource constraints including a tight labor market, he said.



Moskow said "solid trends" underlie U.S. productivity growth, even after the surprise result in the third quarter, when productivity was flat.





Moskow did not see the slowing in housing creating more prolonged weakness in the overall economy.



"On balance, the 95% of the economy outside of housing remains on good footing," he said.



Moskow said developments in the labour force -- such as falling rates of participation -- meant that a monthly jobs increase of about 100,000 was likely consistent with potential. October's payrolls growth of 92,000 jobs was thus "fairly solid," Moskow said.



"The labour force participation rate ... is also declining and expected to continue to trend down, as more baby boomers retire," he said.

 

Chicago Federal Reserve President Michael Moskow on Wednesday repeated that more interest rate hikes might be needed to bring down inflation, even at a time when economic growth is likely to be slightly below trend.



"Taking all of the factors on growth and inflation into account, my current assessment is that the risk of inflation remaining too high is greater than the risk of growth being too low," Moskow said in remarks prepared for a Ball State University business forecasting round-table,





The comments were broadly similar to those in a speech given by Moskow on Monday. Moskow will be a voting member of the policy-setting Federal Open Market Committee in 2007.



"By my standards, inflation has been too high," Moskow said, noting that his preferred range on the core personal consumption expenditures (PCE) index is 1-2%. In September that rate was 2.4%.



Core inflation could run above 2% "for some time," he said.



Financial markets suggest the Fed will hold steady through at least January, but favour a rate cut in the first half of 2007 -- even though the Fed has maintained a tightening bias.

 

Now Democratz owns both House and Senate, making the Policy setting to the democratz and the president only can veto or approve the Bills passed/proposed .  Now Democratz is holding the decision power and advantage. Hopefully they will not stray from the biz friendly bills set by the republican. else..



Anyway, current support at 12120 broken, next support is 12070, expect huge dip today as there is no strong support at 12100 region.

 

yo-yo now, let see how it close end of the day

 

Recovering liao .... Dow down only 12 points, while Nasdaq up 1 point.

 

NEW YORK (MarketWatch) -- U.S. stocks opened lower Wednesday as Wall Street expressed disappointment over the midterm election results, in which Democrats took control of the House of Representatives for the first time in 12 years.

The outcome of the race for the Senate remained undecided, but the possibility of another Democratic victory in the upper chamber is a distinct possibility.

The Dow Jones Industrial Average fell 45 points to 12,110. The Nasdaq Composite Index was off 15 points to 2,360 while the S&P 500 Index dropped 6 points to 1,377.   

 

US market opened down as expected. Dow down 46 points while Nasdaq down 14 points .... :(

 

Hope so .......

-------------

Bush, whose anemic approval ratings proved a drag on Republican prospects, was described as "disappointed" with the House results.

However, spokesman Tony Fratto said the president was "still optimistic about the Senate."

 

Two more states still counting votes for the stake of the Senate now - Montana & Virginia ....... Let it be Republicans, pls!

 

The result means President Bush for the first time faces the prospect of working with a Democratic-controlled House. Bush has scheduled a news conference Wednesday at 1 p.m. ET.