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think dow is toppish. next week may turned ugly
Record closing high was 11,722.98, hit on Jan. 14, 2000. However, the Dow remained below the record intra-day high of 11,750.28, hit on the same day in 2000.
Dow Jones briefly set a new record high of 11,724.86 before slipping back. The S&P is still way below its closing high of 1,527.46. The Nasdaq is not expected to approach its high close of 5,048.62 any time soon.
Its going positive now. It broke through all time high.
Slipping into RED now .... Crazy Americans!
DOW NASDAQ
The all-time record high for Dow has been breached a while ago in today's intra trading - up 35 points! Good sign! Shiok!
Yup, Americans are crazy bunch of pple .... US market opened FULL GREEN! Dow up 26 points now!!!!!!!! All time record high just 8 points away.
Hope Dow can touch its record high today - just 34 points away. So near and yet so far!
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U.S. stock futures turn slightly lower
Second-quarter economic growth rate revised lower
Last Update: 8:49 AM ET Sep 28, 2006
This jobless claims is the other US economic data for today .....
Tomorrow's data more interesting on Personal income, Consumer spending, Consumer sentiment and Chicago PMI.
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U.S. weekly initial jobless claims fall by 6,000
By Robert Schroeder
Last Update: 8:30 AM ET Sep 28, 2006
Wonder how US investors will react to this GDP figure just out at opening bell ...... US markets may swing up if this revised GDP reflects a weaker economy, thus signalling a Fed's rate cut by year end.
Or markets may swing down in natural response to sigh this GDP cut. And higher oil price.
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ECONOMIC REPORT
GDP revised down to 2.6% rate in the second quarter
By Greg Robb, MarketWatch
Last Update: 8:30 AM ET Sep 28, 2006
The downward revision was unexpected. Economists surveyed by MarketWatch had been forecasting second-quarter GDP to remain unrevised at a 2.9% rate.
Economic growth has averaged a 3.6% rate over the past four quarters. The economy expanded at a 5.6% rate in the first quarter.
The revisions to second-quarter GDP were largely due to lower inventory investment and a worsening trade balance.
I'll be wary if I were you. The market has been rallying on rate hikes. When the rate is cut, it'll signal the start of the bear market.
Housing slump woes could be Wall Street's gain. That's because a wide range of real estate experts agree that much of the current weakness in sales and home prices is due to investors pulling out of the sector. And some stock market experts say that the money being pulled out of homes is finding its way into stocks.
What an excuse to talk up the market!
Rate cut! Rate cut!
On Monday, existing home sales are down and, in the second sharpest decline in almost fourty years. Sales have now declined for five months in a row and 9 of the past 12 months.
After Dow Jones peaked at 11,722.98 on Jan 14 '00, the dot.com crash sent it down to 7,286 in Oct '02.
But US markets not responding to this good news now ...
ECONOMIC REPORT
New home sales rise 4.1% to 1.05 million pace
August median sales price down 1.3% from a year earlier
By Rex Nutting, MarketWatch
Last Update: 10:00 AM ET Sep 27, 2006
It was the first increase in new-home sales since March.
Sales are down 17.4% in the past year and are down 23% from the peak last July.
Sales in May, June and July were revised sharply lower. July's sales pace was revised to 1.009 million, the lowest since March 2003, from an earlier 1.072 million. See the full government report.
According to the MarketWatch survey, economists were expecting sales to fall about 3.4% in August to a seasonally adjusted annual rate of 1.036 million. The August result is about 1.4% higher than expected. See Economic Calendar.
US's new home sales data shows unexpected August pickup!!! S.H.I.O.K ...
okay, let's see!
Let's see how Dow performs after 10pm ...
No lah, Chipchip66 ....... I had expected a rally but not such a massive rally as this time of the year. And October is a risky month.
So, be wary cos this week may be a baseless 'after-summer cum Fed-pause' rally ya.