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Blastoff
Elite

03-Aug-2009 20:40

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Stocks headed for gains

Expectations about Ford's July sales are part of the positive sentiment heading into Monday's open.

By CNNMoney.com staff

Last Updated: August 3, 2009: 7:30 AM ET

NEW YORK (CNNMoney.com) -- U.S. stocks were poised to kick off August on a positive note Monday, as investors took an upbeat view on the economy.

At 7:25 a.m. ET, Dow Jones industrial average, Standard & Poor's 500 and Nasdaq 100 futures were higher. Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.

U.S. stocks have been on a roll the past few weeks on positive earnings reports. The blue-chip Dow turned in its best July performance since October 2002.

But traders warn of volatility in August, which is typically a slow month for Wall Street.

"Stocks are expected to find strength early week," said Nick Kalivas, vice president of financial research at MF Global, in a research note. "Economic numbers should keep expectations for a recovery intact and profit growth forecasts buoyant."

A government report released last week showed the U.S. economy shrank at a smaller-than-expected 1% annual rate in the second quarter.

However, concerns about the weak job market could slow the momentum later in the week. The Labor Department will release its monthly jobs report Friday.

Economy: The Institute for Supply Management will release its index on nationwide manufacturing shortly after U.S. markets open.

0:00 /2:13More bank failures ahead

The index is expected to have improved to 46.5 in July from 44.8 last month, according to a consensus of economists surveyed by Briefing.com. That would still be below the 50 level that indicates expansion in the manufacturing sector.

Autos: Reports on July auto and truck sales are due later in the day. Ford (F, Fortune 500) is expected to report a gain in monthly sales, a company executive said Sunday.

Ford said sales were boosted by the Cash for Clunkers incentive program, which aims to help the auto industry by taking inefficient cars off the road and spurring new sales.

But the Clunkers program could be suspended this week if the Senate doesn't approve $2 billion more in funding.

Earnings: Companies due to post quarterly financial results include Humana (HUM, Fortune 500) and Marathon Oil (MRO, Fortune 500).

World markets: Most Asian markets finished the session higher. The Hang Seng in Hong Kong added more than 1%, although the Nikkei in Japan finished the session a shade lower. Major European markets rallied in midday trading on a wave of upbeat bank earnings.

Oil and money. Light, sweet crude for September delivery was up $1.38 to $70.83 a barrel in pre-market, electronic trading.

The dollar fell against rival currencies. Against the euro, the dollar was down 0.3% to $1.4292. It was off 0.7% against the British pound. Japan's yen was up 0.3% versus the dollar.

First Published: August 3, 2009: 5:14 AM ET

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el7888
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03-Aug-2009 10:25

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Updated: 3rd August 2009, 0455 hrs

Obama officials say US economy will likely grow in second half of 2009

Top Obama administration officials say economic growth in the US is highly likely to resume in the second half of the year.

But they warned of having to make "hard choices" to contain rising deficits once recovery is assured.

Treasury Secretary Timothy Geithner would not rule out higher taxes in the future, telling ABC television that what is necessary will be done.

Mr Geithner and White House economic adviser Larry Summers went on the Sunday television talk shows to make the case that the stimulus package is working.

In an interview with NBC television Mr Summers said there’s a “great likelihood” of growth in the second half of the year.

Former chairman of the Federal Reserve, Alan Greenspan, also said he was "pretty sure" the US economy had hit bottom and begun to turn around in mid-July.

Still, Mr Geithner and Mr Summers acknowledge that the US jobless rate will continue to climb from its current level of 9.5 percent.

The latest ray of light in the economic storm came in the wake of figures showing gross domestic product in the US contracted 1 percent in the second quarter.

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aleoleo
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03-Aug-2009 08:19

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New sentiment for starting of new week and new month again.

Probably a roller-coaster month again ..... investors will focus on the following result ... hopefully will beat the expectation and move further again:

Monday: Humana (HUM, Fortune 500) and Marathon Oil (MRO, Fortune 500) are among the companies reporting results in the morning, but neither are typically market movers.

Tuesday: Dow component Kraft Foods (KFT, Fortune 500) is due to report results after the close of trading. Kraft is expected to have earned 54 cents per share versus 58 cents a year ago.

Wednesday: Dow component Procter & Gamble (PG, Fortune 500) reports results in the morning. The consumer products firm is expected to have earned 79 cents per share versus 80 cents a year ago.

Dow component Cisco Systems (CSCO, Fortune 500) is expected to report results after the close of trading. The tech leader is expected to have earned 28 cents versus 40 cents a year ago.

Other companies due to report results Tuesday evening include Allstate (ALL, Fortune 500), Prudential (PRU, Fortune 500) and Sunoco (SUN, Fortune 500).

Thursday: Comcast (CMCSA, Fortune 500) and DIRECTV (DTV, Fortune 500) report results in the morning, but neither are usually market movers.

Friday: No notable financial reports are due.

Economy

Monday: The Institute for Supply Management releases its July manufacturing index shortly after the start of trading. The index is expected to have improved to 46.5 from 44.8 last month, according to a consensus of economists surveyed by Briefing.com.

The Senate will vote on a bill that would add $2 billion to the popular Cash For Clunkers program, which has been running low on funds. The House of Representatives approved the bill Friday. The program gives consumers who buy fuel-efficient cars refund vouchers worth as much as $4,500 on traded-in gas guzzlers.

Reports on July auto and truck sales are due in the afternoon. Sales are expected to show the impact of the Cash for Clunkers program.

The June construction sales report from the Commerce Department is also due in the morning.

Tuesday: The Commerce Department releases its June readings on personal income and spending before the start of trade. Income is expected to have fallen 1% after rising 1.4% in the previous month. Spending is expected to have risen 0.3% after rising 0.2% in the previous month.

The June Pending home sales index from the National Association of Realtors is due in the morning. The index is expected to have risen 0.3% after rising 0.1% in May.

Wednesday: The July reading on private-sector employment from payroll services firm ADP is due in the morning. Employers are expected to have cut 340,000 jobs from their payrolls after cutting 473,000 in the previous month.

The ISM services sector report from the Institute for Supply Management is due in the morning. The index is expected to have dipped to 48 in July from 48.8 in June.

The June factory orders report from the Commerce Department is also due in the morning, as is the weekly oil inventories report from the Energy Information Administration.

Thursday: The weekly jobless claims report is due in the morning from the Labor Department.

Additionally, July sales figures from the nation's retailers are due throughout the morning.

Friday: The July jobs report from the Department of Labor is due to be released shortly before the start of trading. Employers are expected to have cut 333,000 jobs from their payrolls after cutting 467,000 jobs in the previous month.

The unemployment rate, generated by a separate survey, is expected to have risen to 9.6% from 9.5%.

In the afternoon, a report on consumer credit is due, although its not usually a market mover

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smartrader
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02-Aug-2009 19:21

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beware of scam.. Jurong Tech will file to SGX if there is a sanctioned proposal..

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richtan
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02-Aug-2009 17:32

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Read today's Sunday Times, "World section", pg 24:

"Blue chips leading US stock mkt revival - Fundamentals, not euphoria, are driving latest rally"

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el7888
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02-Aug-2009 07:18

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Barack Obama

WASHINGTON : President Barack Obama said on Saturday that new economic data indicated a huge stimulus package approved in February had helped "put the brakes" on a deep recession.

Obama, speaking in his weekly radio address, referred to figures released on Friday that showed a narrower-than-expected 1.0 per cent decline in GDP in the second quarter.

"The report showed that in the first few months of this year, the recession we faced when I took office was even deeper than anyone thought at the time. It told us how close we were to the edge," Obama said.

"But it also revealed that in the last few months, the economy has done measurably better than expected. And many economists suggest that part of this progress is directly attributable" to the 787 billion dollar economic stimulus package known as the Recovery Act, he said.

"This and the other difficult but important steps that we have taken over the last six months have helped put the brakes on this recession," he said.

The Recovery Act included help for homeowners in danger of foreclosure to pay their mortgages; measures to unfreeze credit markets; extensions of unemployment benefits; tax cuts for middle-income Americans; and "investments that are putting people back to work rebuilding and renovating roads, bridges, schools, and hospitals.

"Now, I realise that none of this is much comfort for Americans who are still out of work or struggling to make ends meet," Obama said, noting that unemployment figures out next week are likely to remain bleak.

However economic growth precedes job growth, he said, and the Friday report "is an important sign that we're headed in the right direction.

"Business investment, which had been plummeting in the past few months, is showing signs of stabilising. This means that eventually, businesses will start growing and hiring again," he said.

Obama warned that a full recovery would take time. "It will take many more months to fully dig ourselves out of a recession - a recession that we've now learned was even deeper than anyone thought," he said.

The Commerce Department report out Friday lent credence to forecasts that the world's biggest economy was close to emerging from a recession that began in December 2007.

The US jobless rate hit a 26-year high of 9.5 per cent in June as more employers retrenched. Some expect the unemployment rate to rise to 10 per cent or higher.

Commerce Department revised figures showed a 6.4 per cent decline in the first quarter of 2009, worse than the previous estimate of a 5.5 per cent drop.

In the fourth quarter of 2008, the drop was revised to 5.4 per cent instead of 6.3 per cent.

Other revisions from 2008 showed a weaker GDP than originally estimated, with growth of 0.4 per cent for the full year instead of 1.1 per cent.

Some economists warn that rising unemployment could dampen any economic recovery. - AFP/ms

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richtan
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01-Aug-2009 23:40

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U.S. Stocks Advance for Third Week as Earnings Beat Estimates

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By Elizabeth Stanton

Aug. 1 (Bloomberg) -- U.S. stocks rose for a third week, completing the Dow Jones Industrial Average’s best month since 2002, as companies from Motorola Inc. to MasterCard Inc. topped analysts’ profit estimates.

Amgen Inc., the world’s largest biotechnology company, and Dow Chemical Co., the largest U.S. chemical maker, gained after earnings beat projections. General Electric Co. surged 11 percent on speculation new banking rules will allow it to keep its finance unit. Yahoo! Inc. slumped after terms of an Internet-search accord with Microsoft Corp. were less favorable than analysts predicted.

“What’s been driving the market is the idea that maybe this recession isn’t going to be as severe or prolonged as we thought,” said Samuel Stewart, president of Wasatch Funds, which manages $5 billion in Salt Lake City. “The market is now behaving as though the credit crisis was a blip on the radar.”

The S&P 500 rose 0.8 percent to 987.48, the highest since Nov. 4, capping its fifth straight monthly advance. The main benchmark for American equity has rebounded 46 percent from a 12-year low on March 9. The Dow Jones Industrial Average rose 78.37 points, or 0.9 percent, to 9,171.61, extending its monthly advance to 8.6 percent, the biggest since October 2002. The Russell 2000 Index of small companies added 1.5 percent to 556.71.

Earnings Top Estimates

About three-quarters of the 148 companies in the S&P 500 that released second-quarter results this week topped estimates, according to data compiled by Bloomberg. Companies slated to report next week include Kraft Foods Inc., Procter & Gamble Co. and Cisco Systems Inc.

Companies in the S&P 500 are still headed for a record eighth consecutive decline in quarterly profits. Per-share earnings have tumbled 32 percent for the 352 companies in the S&P 500 that have reported results since June 17. Analyst estimates compiled by Bloomberg call for a 31 percent drop in the second quarter and a 22 percent third-quarter decline. While earnings are falling, results have topped projections by an average 10 percent.

“There is a broader sense that the decline is over,” said Stephen Lieber, chief investment officer of Alpine Mutual Funds in Purchase, New York, which manages $6 billion. “Corporate earnings in the last week have been singular in importance.”

Motorola climbed 8.8 percent to $7.16. The biggest U.S. mobile-phone maker posted a narrower second-quarter loss than analysts projected, helped by job cuts and a recovery in handset shipments.

MasterCard Climbs

MasterCard rose 4.6 percent to $194.03. The world’s second- biggest payment-card network reported earnings excluding some items of $2.68 a share, 11 percent higher than the average analyst estimate. MasterCard raised fees, slashed expenses and processed more transactions during the quarter.

Amgen added 2.3 percent to $62.31. The world’s largest biotechnology company raised its full-year earnings forecast after second-quarter profit excluding some items beat the average analyst estimate by 11 percent. Amgen cut research costs and increased sales of its arthritis drug Enbrel.

Dow Chemical advanced 4.9 percent to $21.17. The largest U.S. chemical maker posted an unexpected second-quarter profit as demand for its products stabilized. The average analyst estimate was for a loss.

GE Gains

General Electric, the world’s biggest non-bank financial company, advanced 11 percent to $13.40. U.S. Representative Barney Frank said manufacturers that already own finance businesses should be allowed under revised banking rules to retain them without being subject to Federal Reserve oversight of their manufacturing operations. Frank heads the U.S. House Financial Services Committee.

Financial stocks in the S&P 500 climbed 4.4 percent, the steepest among 10 industries. Old National Bancorp, an Indiana- based financial-service company, reported second-quarter profit excluding some items that was more than four times the average analyst estimate, sparking a rally in regional banks.

Marshall & Ilsley Corp., Wisconsin’s largest lender, led gains, surging 26 percent to $6.04. Old National climbed 15 percent to $11.30 and Zions Bancorp., the Utah lender that operates in 10 Western states, rose 21 percent to $13.58.

Yahoo fell 18 percent to $14.32. The owner of the second- most popular U.S. Internet search engine will use Microsoft’s search engine on its Web sites and sell ads that appear next to search results. The agreement with Microsoft, the world’s largest software maker, didn’t include an upfront payment for Yahoo, which some analysts had estimated could be as much as $3 billion.

Recession Saps Demand

Exxon Mobil Corp. led energy companies to the second- biggest decline among the S&P 500’s 10 main industry groups. The world’s largest energy company fell 2.6 percent to $70.39 after reporting its lowest profit in more than five years as the recession sapped fuel demand.

Masco Corp. rose 26 percent to $13.93 for the biggest gain in the S&P 500. The insulation installer forecast a loss this year of as little as 5 cents a share, compared with the average analyst loss estimate of 26 cents.

Akamai Technologies Inc. fell 22 percent to $16.44 for the biggest drop in the S&P 500. The provider of software that makes Web sites load faster reported profit excluding some items of 40 cents a share in the second quarter, missing the average analyst estimate by 1.5 percent.

Reports next week will probably show employers cut jobs at a slower pace in July and the factory slump eased, according to economists’ forecasts, suggesting the recession is ending.

To contact the reporter on this story: Elizabeth Stanton in New York at estanton@bloomberg.net Last Updated: August 1, 2009 08:00 EDT

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Blastoff
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31-Jul-2009 07:13

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Stocks spike to new 2009 highs

Wall Street rallies as investors saw signs of stabilization on the labor front. Dow closes at highest level this year.

By Alexandra Twin, CNNMoney.com senior writer

Last Updated: July 30, 2009: 6:01 PM ET

NEW YORK (CNNMoney.com) -- Stocks surged Thursday, hitting their highest levels in nearly 9 months, as investors eyed the latest batch of better-than-expected profits and forecasts and a report that suggested the labor market is starting to stabilize.

The Dow Jones industrial average (INDU) rose 83 points, or 0.9%, ending at its best level since Nov. 4. It was also the highest close for the blue-chip index in 2009.

The S&P 500 (SPX) index added 11 points, or 1.2%, ending at its highest point since Nov. 4.

The Nasdaq composite (COMP) gained 16 points, or 0.8%, to reach its highest close since Oct. 1.

The major gauges had managed bigger gains earlier in the session, but lost a little momentum by the close.

Stocks drifted for the first three sessions of this week, as the recent euphoria that lifted markets faded out. The major gauges all gained between 11% and 12% in the previous two weeks as investors welcomed a spate of better-than-expected quarterly results.

But after this week's early volatility, stocks charged ahead Thursday.

"The market is finally getting its arms around the fact that we are close to being out of this recession," said Burt White, chief investment officer at LPL Financial.

White pointed to three supporting factors: the drop in the continuing claims portion of the weekly jobless report, the cumulative effect of better profit reports, and lessening fears about a slowdown in Asia and the global economy.

Friday brings the biggest economic report of the week, the first reading on second-quarter gross domestic product growth. GDP is expected to have shrank at a 1.5% annualized rate, according to forecasts. GDP shrank at a 5.5% annualized rate in the first quarter.

"It's important than GDP is roughly in line," said Ron Kiddoo, chief investment officer at Cozad Asset Management. "If we get a bad number, you're going to see a selloff."

The Chicago PMI, a regional reading on manufacturing, is due shortly after the start of trading and is expected to have risen to 43 in July from 39.9 in June.

Also on tap: quarterly results from Dow component Chevron (CVX, Fortune 500). The oil services firm is expected to report earnings of 90 cents per share, versus $2.90 a year earlier.

Labor market: The number of Americans filing unemployment claims for a week or more, a measure known as continuing claims, slipped by more than expected.

According to a Labor Department report, continuing claims dipped to 6.2 million last week, from a revised 6.25 million the previous week, for their lowest level since mid-April and short of forecasts for 6.3 million.

The continuing claims report overshadowed the regular weekly jobless claims report, which showed a bigger-than-expected rise to 584,000. However, that rise was largely related to seasonal issues related to auto plant shutdowns.

Quarterly results: Two Dow components reported results Thursday morning.

Oil behemoth Exxon Mobil (XOM, Fortune 500) reported a steep drop in second-quarter income due to weaker demand and falling oil and gas prices. Weaker quarterly earnings missed estimates on weaker revenue that topped estimates. Shares fell 1%.

Dow component Travelers (TRV, Fortune 500) also reported weaker profit that missed forecasts. But the financial company also boosted its full-year earnings forecast. Shares fell 2%.

Among other companies reporting results, telecom Motorola (MOT, Fortune 500) posted higher quarterly earnings that topped forecasts on weaker revenue that missed. The company shipped 14.8 million phones in the quarter, nearly half what it shipped a year ago, but more than what analysts expected. Shares gained 9.4%.

Other movers: Stocks gains were broad-based Thursday, with 25 of 30 Dow components rising, led by IBM (IBM, Fortune 500), Chevron (CVX, Fortune 500), Johnson & Johnson (JNJ, Fortune 500), Caterpillar (CAT, Fortune 500), Coca-Cola (KO, Fortune 500) and United Technologies (UTX, Fortune 500).

Shares of Dow component General Electric (GE, Fortune 500) gained nearly 7%. Goldman Sachs upgraded it to "buy" from "neutral" after legislators appeared to back down on the question of whether GE should separate itself from its troubled finance unit GE Capital.

A variety of financial shares gained, including Dow components Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and American Express (AXP, Fortune 500).

Other financial gainers included Morgan Stanley (MS, Fortune 500), Goldman Sachs (GS, Fortune 500) and Wells Fargo (WFC, Fortune 500). Regional banks KeyCorp (KEY, Fortune 500), Regions Financial (RF, Fortune 500) and Fifth Third Bancorp (FITB, Fortune 500) advanced as well.

Market breadth was positive. On the New York Stock Exchange, winners beat losers three to one on volume of 1.36 billion shares. On the Nasdaq, advancers topped decliners two to one on volume of 2.57 billion shares.

0:00 /4:32Recession spoils Obama's plans

Bonds: Treasury prices rose, lowering the yield on the benchmark 10-year note to 3.60% from 3.66% late Wednesday. Treasury prices and yields move in opposite directions.

Other markets: In global trading, European and Asian markets both gained on improved profit reports.

U.S. light crude oil for September delivery rose $3.57 to settle at $66.72 a barrel on the New York Mercantile Exchange.

In currency trading, the dollar gained versus the euro and fell against the Japanese yen.

COMEX gold for December delivery rose $7.60 to settle at $937.30 an ounce.

First Published: July 30, 2009: 9:48 AM ET

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richtan
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30-Jul-2009 22:57

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WOW!!! this bull is really SOLID N "SUPER-CHARGED"

richtan ( Date: 30-Jul-2009 22:20) Posted:

WOW!!! The bull is getting stronger - Give the man a "RED BULL"

richtan ( Date: 30-Jul-2009 21:46) Posted:

WOW!!!

DOW opened up strongly....

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dealer0168
Elite

30-Jul-2009 22:28

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So today n yesterday is the best loading day.

....N tomorrow should be a rally fr STI. Smiley

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foucs6900
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30-Jul-2009 22:23

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Haha, tink tmr can breach 2650 liao, hehehe

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richtan
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30-Jul-2009 22:20

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WOW!!! The bull is getting stronger - Give the man a "RED BULL"

richtan ( Date: 30-Jul-2009 21:46) Posted:

WOW!!!

DOW opened up strongly....

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cyjjerry85
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30-Jul-2009 21:59

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looking at the DOW certainly charging more than 100 points up

Peg_li ( Date: 30-Jul-2009 21:48) Posted:

Dow opens up very strongly, eropean market now also very strong.STI will go up again tomorrow, the bull coming!

richtan ( Date: 30-Jul-2009 21:46) Posted:

WOW!!!

DOW opened up strongly....

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cyjjerry85
Elite

30-Jul-2009 21:58

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thanks for ur input

richtan ( Date: 30-Jul-2009 10:36) Posted:

Hi cyjjerry85,

Yes, it is a hanging man, but confirmation is definitely required.

A confirmation tat the hanging man is bearish would be a lower opening the next day.

In any case, it is now at the resistance line and may or may not pullback to the neckline

to test the neckline as support, but still within the uptrending channel.

cyjjerry85 ( Date: 30-Jul-2009 10:08) Posted:

in the psychological numbers involved: DOW seems to float above the 9000 thread, while STI seems to be supported in psychological 2600...and HSI 20000...while Nikkei the 10000

dunno if this is all coincidental but...hope there's an underlying positive meaning behind it

just a TA question for Richtan, in terms of candlestick as seen in the last candle shown below...it is the "hanging man" meaning a reverse trend possibly coming into place...do u think tt this might mean a downtrend for correction coming into place soon?

thanks for ur analysis

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Peg_li
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30-Jul-2009 21:48

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Dow opens up very strongly, eropean market now also very strong.STI will go up again tomorrow, the bull coming!

richtan ( Date: 30-Jul-2009 21:46) Posted:

WOW!!!

DOW opened up strongly....

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richtan
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30-Jul-2009 21:46

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WOW!!!

DOW opened up strongly....

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Blastoff
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30-Jul-2009 21:30

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Stocks on track for early rise

Higher open seen for Wall Street as mood lifts ahead of another batch of earnings.

By CNNMoney.com staff

Last Updated: July 30, 2009: 9:12 AM ET

NEW YORK (CNNMoney.com) -- U.S. stocks appeared set to open higher Thursday although trading could be volatile as investors take in another round of corporate profit reports.

At 9:05 a.m. ET, Dow Jones industrial average, Standard & Poor's 500 and Nasdaq 100 futures were higher.

Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins in New York.

Len Blum, managing director at Westwood Capital LLC, said the U.S. futures are following the gains in overseas markets, and riding a swell from an earnings season that has beat expectations. But, Blum said there is also an undercurrent of "uneasiness."

"I think the markets are happy with earnings reports so far," said Blum. "But there's uneasiness with whether the economy is strong enough to grow the top line. Earnings seem to grow just from cost-cutting."

Wall Street has been volatile recently, as stocks have met resistance after the recent rally. On Wednesday, stocks dipped after a reading on durable goods orders reignited concerns about the economy.

Corporate results: Exxon Mobil (XOM, Fortune 500) reported that second-quarter income was down 66% to $3.95 billion, compared to the year-ago quarter, missing expectations.

The oil giant said that second-quarter earnings were down 64% to 81 cents per share, from the year-ago EPS of $2.22. The company blamed weak energy demand and volatile energy prices.

Cell phone maker Motorola (MOT, Fortune 500) reported second-quarter earnings per share of 1 cent, compared to a flat performance in the year-ago quarter, as sales dropped to $5.5 billion from $8 billion.

Dow Chemical (DOW, Fortune 500) reported a second-quarter loss of 47 cents per share, compared to 81 cents earnings per share in the year-ago quarter. The company cut $375 million in the quarter, and has cut more than $600 million year-to-date, as it undergoes restructuring.

Economy: Investors showed little reaction to the weekly jobless claims report, which increased beyond expectations.

Jobless claims rose 25,000 to a seasonally adjusted 584,000 in the week ended July 25. A consensus of economists surveyed by Briefing.com had projected 575,000 claims.

Ratings upgrade: Goldman Sachs (GS, Fortune 500) on Thursday upgraded its recommendation on General Electric (GE, Fortune 500) to "buy" from "neutral," after legislators seemed to ease their stance on whether the conglomerate should separate itself from GE Capital.

0:00 /4:32Recession spoils Obama's plans

World markets: Asian shares rose on upbeat earnings. Japan's Nikkei and the Hang Seng both finished about 0.5% higher. Major European markets were also in positive territory in midday trading.

Money and oil: The dollar was down slightly versus the euro and the British pound, but was up slightly against the yen. The price of oil rebounded from Wednesday's big selloff, gaining $1.17 a barrel to $64.52.

First Published: July 30, 2009: 4:51 AM ET

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el7888
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30-Jul-2009 12:48

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Updated: 30th July 2009, 1205 hrs

US may be starting to see recession end: Obama

US President Barack Obama says the US may be starting to see the end of the 19-month recession.

Mounting a defence of his economic policies, he says they have helped stop the country from plunging into a depression.

While acknowledging that unemployment remains high, Mr Obama says that the rate of job losses has slowed to nearly half the rate of when he took office in January.

Mr Obama's comments came as economic indicators from the US Federal Reserve suggested stabilization after a brutal slump.

The Fed's Beige Book survey on economic conditions says the decline is moderating, although many indicators remain weak and job prospects remain grim.

It also reported sluggish retail activity in most of the country, while manufacturing showed some gains in parts of the country.

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richtan
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30-Jul-2009 10:36

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Hi cyjjerry85,

Yes, it is a hanging man, but confirmation is definitely required.

A confirmation tat the hanging man is bearish would be a lower opening the next day.

In any case, it is now at the resistance line and may or may not pullback to the neckline

to test the neckline as support, but still within the uptrending channel.

cyjjerry85 ( Date: 30-Jul-2009 10:08) Posted:

in the psychological numbers involved: DOW seems to float above the 9000 thread, while STI seems to be supported in psychological 2600...and HSI 20000...while Nikkei the 10000

dunno if this is all coincidental but...hope there's an underlying positive meaning behind it

thanks for ur analysis

richtan ( Date: 30-Jul-2009 10:00) Posted:

Below is my daily chart analysis for sharing and exchange pointers.

My TA chart is posted to share n exchange pointers with those TA practitioner whom believes in TA.

If u are a TA detractor, plse just ignore n refrain from peeping at my chart posting n start

making unconstructive comments and plse do not be so childish or lunatic as to abuse the

rating system by rating it as "bad post", accumulating for yourself and your

next generation, "bad" karma for your "bad" deeds.

If u think it is a bad post, then be constructive and kindly post your TA for sharing.

This is only my view n I may be right or wrong, so dyodd.

Useful To Me Not Useful To Me

cyjjerry85
Elite

30-Jul-2009 10:08

cyjjerry85 About Contact Quote this Post! Style: Technical Mood:

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in the psychological numbers involved: DOW seems to float above the 9000 thread, while STI seems to be supported in psychological 2600...and HSI 20000...while Nikkei the 10000

dunno if this is all coincidental but...hope there's an underlying positive meaning behind it

thanks for ur analysis

richtan ( Date: 30-Jul-2009 10:00) Posted:

Useful To Me Not Useful To Me

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