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Could this be IT? The catalyst????
Dow & Nasdaq super very flat pancake. Waiting for the 10pm August's new home sales data! Get ready ...
Testing a record DOW is really a psychological barrier than anything else. With all the economic indicators monitored like chewing gums, I don't see US economy going to recession. It is just a soft landing when FED start to cut rates next month. The market just need a catalyst to find a justification to overtake the previous DOW high. What kind of catalyst i don't know. Anyone want to share share??
Hahaa ... Good one, Chipchip66. But cars in US so much cheaper there. Pple may be spending less due to fear of recession in August.
I think the rally can still last .Buying autos are large ticket items. All other sectors falling bcos people cut down on spending to buy cars!!! Logical rite??
Wah .... US stock futures slipping after this data out!
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ECONOMIC REPORT
Durable-goods orders unexpectedly fall 0.5%
Weak demand seen almost everywhere except autos
By Rex Nutting, MarketWatch
Last Update: 8:30 AM ET Sep 27, 2006
It was the first back-to-back decline in orders since early 2003. July's decline was revised lower to 2.7%.
Ominously, the report showed weak demand in almost every sector except autos, which is undergoing a traumatic restructuring and is not likely to contribute much to growth in the near-term.
Orders for core capital goods equipment - business investment goods - fell 0.3% in August. Shipments of core capital goods rose 0.3% after a 1.6% gain in July, an indication that business investment could be weaker than expected in the third quarter after a surprising drop in the second quarter.
Continued strength in capital spending is considered to be essential to the expected soft landing in the U.S. economy.
Economists were expecting a small gain of around 0.5% in orders, according to a survey conducted by MarketWatch.
Ironically, Dow's record high of 11,722.98 was on Jan 14 2000 .... That year was when the dot.com crashed, remember? Be wary of oil now ...
Two economic data to be released tonite at 8.30pm and 10pm ... Dow just need only 54 points now to set all-time record high! What a shiok last week of September ya!
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U.S. stock futures up slightly as Dow record looms
Durable-goods orders data to come
By Steve Goldstein, MarketWatch
Last Update: 5:55 AM ET Sep 27, 2006
On Tuesday, the Dow industrials closed at its highest level of the year, as investors reacted to a consumer confidence survey that appeared to show an economy not floundering as some had feared, but not growing too much to spur inflationary pressure. The Dow climbed 93 points, the S&P 500 rose by nearly 10 points and the Nasdaq Composite rose 12.3 points.
The all-time high on the Dow is 11,722.98, reached in January 2000, meaning the Dow will have to climb a moderate 54 points to set a new record.
Durable-goods orders probably rose 0.5% in August after a 2.5% drop in July, according to economists polled by MarketWatch, in data due out 8:30 a.m. Eastern.
Investors also will be looking to new home sales in August, which probably fell to 1.04 million from 1.07 million in July. That data is due out 10 a.m. Eastern
Crude-oil futures rose 45 cents to $61.46 a barrel ahead of weekly energy inventory numbers.
Shiok!
US stocks rally on confidence data
S&P ends at 5-1/2 year high; Dow in striking distance of all-time high
By Mark Cotton, MarketWatch
Last Update: 4:54 PM ET Sep 26, 2006
DOW is 60 points away from All time high as of now.. Will be create new high or is it a double top?
See how Dow & Nasdaq shooting up from 10pm ... Shiok!
DOW NASDAQ
Okay, all systems green!
Data just out! Consumer confidence up .... Dow up and Nasdaq climbing steeply! Another US rally in store - provided oil price don't up too much.
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U.S. Sept consumer confidence rises to 104.5 vs 100.2 Aug
By Greg Robb
Last Update: 10:00 AM ET Sep 26, 2006
US consumer confidence data out at 10pm S'pore time later ....... let's see what's in store.
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INDICATIONS
U.S. stock futures flat before confidence statistics
Builder Lennar warns again; Lowe's makes profit warning
By Steve Goldstein, MarketWatch
Last Update: 7:48 AM ET Sep 26, 2006
S&P 500 futures slipped 0.7 points at 1,335.40 while Nasdaq 100 futures rose 1.5 points at 1,666.75. Dow industrial futures slipped 2 points.
Stocks surged after Dallas Federal Reserve President Richard Fisher suggested inflation would be dampened by a slowing economy. He added that while the housing and auto sectors are economic weak points, the rest of the U.S. economy is doing "extremely well."
Fisher's comments, made after a speech in Monterrey, Mexico, were a tonic to the market. Fisher said "the recent tempering of U.S. economic growth to a more sustainable rate ... should act to lower the inflation rate over time." Less inflation means less likelihood the Fed will continue to raise interest rates.
Apparently, the home sales were better than expected.
The inventory of unsold homes rose 1.5 percent to an all-time high of 3.92 million units. At the August sales pace, it would take 7.5 months to sell the backlog of unsold homes, representing the longest period since April 1993.
Stocks sold off after the National Association of Realtors reported that the median home price for the month was $225,000, compared with a revised $230,000 in July, marking the fist year-to-year median price decline since 1995. The drop was the second-biggest in the survey's 38-year history.
Wait ... Ohh .... Dow and Nasdaq climbing to GREEN now!
Dow is down now! Housing index dropped again for the 5th month.
Housing data is seen as one of recession indicators.Therefore, until Fed cut rates, US markets will trade on a negative bias. This will also depend on oil futures that can give a boost to stocks if it dips further. Cheerz!