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el7888
Veteran |
20-Aug-2009 07:08
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U.S. Markets Wrap: Stocks, Treasuries Advance; Dollar Declines By Kayla Carrick Aug. 19 (Bloomberg) -- U.S. stocks gained for a second day as energy shares climbed on a rebound in oil and Merck & Co. led drugmakers higher after a judge upheld a patent, helping the market erase an early drop triggered by a retreat in China. Ten- year Treasury notes rose, and the dollar fell against the euro. Occidental Petroleum Corp. and Murphy Oil Corp. led gains in energy shares as crude rose to a two-month high after the Energy Department said U.S. inventories declined the most in more than a year. Merck climbed 2.5 percent for the top advance in the Dow Jones Industrial Average after a federal judge said Teva Pharmaceutical Industries Ltd. can’t make a copy of its asthma drug Singulair. Pfizer Inc. added 2.4 percent. The Standard & Poor’s 500 Index increased 0.7 percent to 996.46 at 4:10 p.m. in New York. The Dow jumped 61.22 points, or 0.7 percent, to 9,279.16. Two stocks rose for each that fell on the New York Stock Exchange. Some 7.9 billion shares changed hands on all U.S. exchanges, 16 percent below the three-month daily average. “The economy is doing a little better than people thought,” said Edward Hemmelgarn, who oversees about $350 million as president of Shaker Investments Inc. in Cleveland. “We might be using a little more oil. People are taking that as a positive indicator of the economy expanding. You get news like this and that tends to dampen fears and causes people to want to get back in.” Oil’s Gain Energy shares in the S&P 500 climbed 1.9 percent collectively for the top gain among 10 groups after the government said oil stockpiles dropped 8.4 million barrels last week, the most since the week ended May 23, 2008. Crude for September delivery increased 4.7 percent to $72.42 a barrel. Prices are up 62 percent this year. Occidental Petroleum advanced 2.9 percent to $71.53. Murphy Oil, the crude producer and refiner that operates filling stations at Wal-Mart Stores Inc., added 3.1 percent to $58.05. Merck climbed 2.5 percent to $31.48, its highest price since October. U.S. District Judge Garrett E. Brown Jr. in Trenton, New Jersey, rejected Teva’s arguments that the patent on the main ingredient of Singulair is invalid or unenforceable. The judge said Teva can’t sell a generic version of the medicine, which had 2008 sales of $4.3 billion. Freeport-McMoRan Copper & Gold Inc. led a group of material producers in the S&P 500 to a 1.1 percent gain, the steepest among 10 groups after energy and health-care shares. Gold rebounded as the dollar’s decline enhanced its allure as an alternative investment. Gold futures for December delivery gained $5.60, or 0.6 percent, to $944.80 an ounce in New York. Freeport-McMoRan added 2.7 percent to $62.09. ‘Hopes on China’ Global stocks tumbled earlier today on concern a potential rebound in corporate earnings and economic growth will falter. China’s Shanghai Composite Index slumped as much as 5.1 percent, extending its drop from a 2009 high to more than 20 percent, the common definition of a bear market. It ended the day down 4.3 percent. “People are hanging their hopes on China pulling us out of a recession,” said Brad Brooks, senior money manager at Value Line Securities, which oversees $2.5 billion in New York. “China’s growth looks great, but things may be a bit overstated. There has been a lot more integration of global markets over the past couple of years.” Treasuries rose, pushing 10-year yields to near a five-week low, as a tumble in Chinese stocks spurred investors toward the relative safety of government securities. ‘Very Uncertain’ Ten-year notes rose even as U.S. stocks reversed earlier losses and gained for a second day. The Federal Reserve bought $2.599 billion of Treasuries due from February 2021 to February 2026 today, part of its plan to cap consumer borrowing costs. Goldman Sachs Group Inc. said demand for Treasuries will be “enough” to cover the government’s record sales of debt. “It’s still a very uncertain environment,” said Christopher Sullivan, who oversees $1.5 billion as chief investment officer at United Nations Federal Credit Union in New York. “The economy is getting better, but the bond market is seeing the pace of recovery as further out than earlier anticipated and is comfortable with the inflation outlook.” The yield on the 10-year note fell five basis points, or 0.05 percentage point, to 3.46 percent at 4:24 p.m. in New York, according to BGCantor Market Data. The rate touched 3.40 percent, the lowest since July 14. The 3.625 percent security maturing August 2019 rose 3/8, or $3.75 per $1,000 face amount, to 101 11/32. Dollar Falls The dollar dropped versus the euro as the rebound in U.S. stocks eased investor demand for safety triggered by a tumble in Chinese shares. The yen and Swiss franc gained against currencies including the New Zealand dollar as the Shanghai Composite Index briefly fell into a bear market. Sterling weakened versus the euro after minutes of the Bank of England’s policy meeting showed Governor Mervyn King favored a bigger increase in asset purchases. “In the longer term, medium term, we think it’s a risk- friendly environment,” said Achim Walde, head of currencies at Oppenheim KAG in Frankfurt, where he helps oversee 3 billion euros ($4.3 billion) in assets. “We should see an upward revision in growth.” The dollar declined 0.7 percent to $1.4233 per euro at 4:04 p.m. in New York, from $1.4136 yesterday. The yen appreciated 0.7 percent to 94 per dollar, from 94.69, after trading at 93.67, the strongest level since July 23. The yen was little changed at 133.80 per euro after touching 132.20, the strongest level since July 22. To contact the reporter on this story: Kayla Carrick in New York at kcarrick1@bloomberg.net. Last Updated: August 19, 2009 17:06 EDT |
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risktaker
Supreme |
20-Aug-2009 06:19
Yells: "Sometimes you think you know, but in fact you dont" |
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Like i say before the world cannot afford another Stock Crash. The chinese soon will know that. Some Americans know that and soon all will know that. Stupid Analyst. Today Genting HUAT ah. | ||||
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williamyeo
Senior |
20-Aug-2009 04:33
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Stocks end higher after a boost in oil prices. Dow climbs 60 points, while S&P and Nasdaq both gain more than 0.6%
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cheongwee
Elite |
20-Aug-2009 02:13
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Pls read .this and...dyodd There is no “official” definition of a bear market. But it’s widely accepted that a 20% drop in a major index constitutes one. The Chinese market just crossed that line…Last week, we warned you that China was a bubble looking for a pin. At the time, some air had already leaked. The Shanghai Composite Index was down by 10% from its high on August 4th. Last night, the index briefly dipped below the 20% threshold that marks a bear market. At its recent peak, the S&P 500 was up 50% from the lows in March. But Chinese stocks more than doubled from their lows. After a run like that in a major index, selling seems like a rational idea.But that’s not what Shanghai-based money manager, Larry Wan thinks. He oversees about $583 million in assets. Wan says that it is “irrational selling that has shattered market confidence.” He concludes that some mutual funds are reducing their stock holdings because they are “pessimistic about the economic outlook.” That doesn’t sound irrational at all. And it’s funny. We don’t recall Wan complaining about “irrational buying” that drove the Chinese stock market up 103% in nine months.
What is truly irrational is that the Chinese authorities did not allow the market to liquidate the mistakes of the first bubble.Instead, they pushed a stimulus plan which forced Chinese banks to make loans to state-preferred companies. The bulk of the money has gone into massive construction projects. Many of these projects were completely unnecessary and are now sitting empty. And many of these loans will not be repaid. As much as $145 billion of the Chinese stimulus money has gone directly into the stock market. According to Bloomberg, the Shanghai index is trading at 30.4 times reported earnings. That is after the recent decline. And it is still almost double the 17.5 times earning multiple on the MSCI Emerging Markets Index. The ProShares UltraShort China ETF (FXP) was over $180 a share when the Chinese market hit bottom in November last year. Today, the FXP trades for around $11. If you’re looking to short the new bubble in China, this is one way to play it. But keep in mind, this is a leveraged fund. Watch your position size. U.S. politicians embarked on our own emergency stimulus plan. And if you ask the average man on the street, he’ll tell you it’s not working. That’s what USA Today did.A USA Today / Gallup Poll found that 60% of adults believe the stimulus plan won’t help the economy in the years ahead. Only 18% believe it has done anything to help their personal situation. Almost half of those polled say they are “very worried” that the stimulus money is being wasted. Ha! We’re talking about a government program. What do they expect? And who are the other half who believe the money is being well spent? IDE analyst Andrew Gordon suffers no such delusions…He notes that companies made it through the second quarter with massive cost cuts. But revenue and earnings growth was a no show. As for “what’s next”, Andy listed four too-good-to-be-true scenarios...
The only one of these that has a chance of happening, according to Andy, is another government stimulus package. But if the public hates the first one, they won’t be clamoring for a second. And turning to failed policies is never a good sign. If a second stimulus package is passed, he says, “It will be a sign of how desperate we’ve become and how bad the economy is.” The past five months have been an earnings multiple rally. Earnings have actually declined during this period. Investors are paying more for companies during a time when the economy shrank 1%.The only explanation is that investors are pricing in a quick economic recovery. If they are wrong, the market will take back much of its recent gains. Andrew believes this rally has been a “huge leap of faith and is completely unsupported by what’s going on in the economy.” He points out that people are still losing several hundred thousand jobs a month. Consumers and companies are still cutting back on spending. And it is simply too much to expect the economy to resume a 3-5% growth rate anytime soon. “Swallowing Wall Street’s pie-in-the-sky optimism would be a grave mistake,” he writes. “The market has gone up too fast too soon. A fall back is unavoidable. I expect the S&P 500 to revisit the mid-500s in the next few months.” But there is one group of companies that consistently out-perform the market, especially during a downturn. These are companies that have consistently raised their dividends for many, many years. Even in this tough earnings environment, quite a number of companies are still rewarding shareholders with rising cash payments. For there to be any sustainable recovery, the housing market must pick up. And we’re beginning to see some signs of life.In June, sales of new homes rose by 11%, the biggest increase in eight years. Sales of existing homes increased 3.6%. Building permits are also up. And new home construction rose 2% last month. It was the fifth straight month that this indicator has gone up. New home construction is up 37% from its low this past winter and is expected to help the economy for the first time in over three years. The brightest news may be that two states hit hardest by the housing bubble – Florida and California – saw improvements this past month. And the median new home is $30,000 cheaper than before the big bust. That makes owning a home more reasonable for a lot of buyers. “Housing is no longer a drag on the economy” says Mark Vinter, a senior economist with Wells Fargo, “and that’s a good thing.” The world’s economies nearly imploded last fall. And it was the housing market that led the way. It’s reassuring that housing is finally showing signs of life. But it’s not all roses yet. The industry is off 70% from its high in 2006. And there are several dark areas that will put off a full recovery for quite a while., Steve McDonald, points out that unemployment is still expected to reach 11%. That means more people who can’t pay their mortgages. Also, the 10% tax credit for of the cost of a new home (up to $8,000) is due to run out in November. And the real estate market still has a large supply of low-priced foreclosures, which should keep prices suppressed. But the good news is the shift seems to have started. A mixed bag of data is expected at this point in a recovery. Finally, Steve writes, “If we see a strong selloff in the markets this fall, it will be time to take a look at the homebuilders. Most of the numbers are pointing to a big value play here.” . Good Investing, Bob Irish Investment Director Investor’s Daily Edge |
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richtan
Supreme |
20-Aug-2009 00:19
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handon
Master |
20-Aug-2009 00:11
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my boss shorted Big Time.... betting 9.3 the Great wall... hehe...  |
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louis_leecs
Elite |
19-Aug-2009 23:58
Yells: "half cash" |
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IM PARDON THOSE SAY SOMETHING ABOUT DURING GHOST MONTH,,,,,,,,,,,,,HOPE THE BROTHER OF ANOTHER WORLD CAN PARDON THEM,,,,,,,,,,,,HOPE THEM HAVE A PEACEFUL SLEEP,,,,,,,,,,UNLESS THEY WANNA TO CHALLENGE AND CONTINIOUS SAY ,,,,,,,,,,,,,,,,,,,,, | ||||
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richtan
Supreme |
19-Aug-2009 23:57
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Weekly Market Outlook - August 18, 2009 http://www.bigtrends.com/bigtv/wmo/watch/116/weekly-market-outlook--august-18-2009.html |
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cheongwee
Elite |
19-Aug-2009 23:56
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if today end up 100 pts...is good enough... wish everyone make $$$ tomolo.. |
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cheongwee
Elite |
19-Aug-2009 23:54
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Dow just turn green....BB baru start work...clubing last nite..cannot wake so late for work.. HO SAY LIAO LOH...
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smartrader
Elite |
19-Aug-2009 23:42
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institutions investors cashed out from SSE after recent strong gains - using economic data discrepancies in China as an excuse to cast doubts on its economy. Funds are shiftly moving from SSE to DOW .. wait till they see more physical cargo movement, more cargo flights and ships coming out from China..then they will be convinced....so do not sell so quickly if you already picked up shares at bottom price.. |
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cheongwee
Elite |
19-Aug-2009 23:32
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Why the Dow is still negative???no bad news is good news...BB start work in the afternoon or what?? |
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smartrader
Elite |
19-Aug-2009 23:23
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Fed is so smart... use profits earned from buying cheap shares in financial institutions to stabilise the markets - money attracts money .....MAS must learn ,, | ||||
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aleoleo
Master |
19-Aug-2009 23:18
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Fed buys about $2.6 billion in TreasurysNEW YORK (MarketWatch) -- The Federal Reserve Bank of New York bought $2.599 billion in Treasurys on Wednesday. Dealers submitted $13.087 billion in debt maturing between 2021 and 2026 to the Fed. When the Fed last bought debt with those maturities, it purchased about $3 billion. The U.S. central bank has purchased more than $250 billion of the $300 billion in U.S. debt it promised in March to buy in an effort to keep borrowing costs, particularly for companies and homebuyers, affordable. Fed policy makers said last week they will slow down purchases to finish the buybacks in October, a month later than previously anticipated. Ten-year note yields |
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dealer0168
Elite |
19-Aug-2009 23:17
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Not a bad idea, heard that show not bad. But maybe he should go Kuang Min Shang as well....haha
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richtan
Supreme |
19-Aug-2009 23:10
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Hahaha... go Bukit Brown followed by "Where got ghost" in cinema
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dealer0168
Elite |
19-Aug-2009 23:09
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Louis_leecs should go cementry this time hehehe.
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richtan
Supreme |
19-Aug-2009 23:08
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x 0
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Hahaha, Bukit Batok's xiao guilin
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cheongwee
Elite |
19-Aug-2009 23:08
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Thurs,... jobless claim ..shd be Ok,,,but Fri..existing home sale..a bit tricky.. Thursday: The weekly jobless claims report from the Labor Department is due in the morning. Economists expect that the numbers of Americans filing for jobless claims will fall to 553,000 from 558,000 in the previous week. The July index of leading economic indicators (LEI) is due from the Conference Board shortly before the start of trading. LEI is expected to have risen 0.6% after rising 0.7% in June. The Philadelphia Fed index, a regional reading on manufacturing, is expected to improve to negative 2 in August from negative 7.5 in July. Any reading that is negative implies weakness in the sector. Friday: July existing home sales are expected to have risen to a 5.0 million unit annualized rate from a 4.98 million unit annualized rate in June. The report from the National Association of Realtors is due shortly after the start of trading. The Labor Department releases the state-by-state employment reports for July in the morning. In June, the unemployment rate topped 10% in 15 states and the District of Columbia, with Michigan hit the hardest. Its 15.2% unemployment rate was the highest for any state in 25 years. Federal Reserve Chairman Ben Bernanke will speak at the Kansas City Fed's economic symposium in Jackson Hole, Wyo., starting at 10 a.m. ET. His topic will be "reflections on a year of crisis." |
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smartrader
Elite |
19-Aug-2009 23:07
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so many people (including fund managers and institutions) missed fishing the bottom, mar and jun rally....go and check who said what and how under-weight they were on equities before the run-ups..... they want to have a 3rd chance to make some money before year-end holiday.. | ||||
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