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tanglinboy
Elite |
27-Feb-2008 21:29
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Stocks await BernankeFutures edge lower as dollar sinks to all-time low versus the euro; Federal Reserve chief heads to Capitol Hill.NEW YORK (CNNMoney.com) -- Stocks were poised to move lower at Wednesday's open as the weak dollar soured the mood ahead of Fed Chairman Ben Bernanke's testimony on Capitol Hill. About 90 minutes before the start of trading, Nasdaq and S&P futures were lower, indicating a negative start for Wall Street. Investors shrugged off a string of bad economic news on Tuesday, including a surge in wholesale prices and a weak reading on consumer confidence, to finish that session higher. But they appeared less upbeat on Wednesday, as the dollar sank to an all-time low against the euro and crude prices kept up their record run. Also, The Journal of the American Medical Association reported that anti-anemia drugs like Aranesp from Amgen (AMGN') and Procrit from Johnson & Johnson (JNJ, Fortune 500) raised the risk of blood clots and death in patients. "I think there's more bad news than good news," said Art Hogan, chief market strategist at Jefferies & Co. Hogan said that all eyes will be on Bernanke, who is expected to get grilled before the House Financial Services Committee. Investors will be looking for clues about what the Fed plans to do with interest rates. They'll also scrutinize comments any comments he makes about the economy and credit problems. "That's a difficult conundrum that [Bernanke] finds himself in," said Hogan, noting that the positive impact of aggressive interest rate cuts haven't been felt yet. Also, economic reports are expected today. Durable orders are expected to show decline of 4% in January, according to economists surveyed by Briefing.com. In December, durable goods orders fell 5.2%. A separate report on new home sales is expected to show sales slowed to an annual pace of 600,000 in January compared to 604,000 the prior month. This decline pales in comparison to the plunge in sales over the last couple months. Oil prices hit a new intraday high above $102 a barrel. Traders will be watching a government report on fuel inventories that is expected to show an increase in oil stocks last week. The dollar sank to a record low against the euro. The euro bought $1.5057 in early trading before slipping to $1.5048. Stocks to watch include Microsoft (MSFT, Fortune 500), which was fined a record $1.3 billion by European Union regulators for failing to obey an antitrust order. Homebuilder Toll Brothers (TOL, Fortune 500), which reported weak first-quarter results. The company swung to a net loss amid the housing crunch. Film studio DreamWorks (DWA) reported results late Tuesday. The studio swung to a quarterly profit on "Shrek 3" sales. In global trade, Asian markets finished the session higher. European stocks tumbled in morning trading.  |
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evercare
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27-Feb-2008 10:18
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yes it will come down briefly, and rally again. Dow is rather bullish for the time being till Fed meeting, able to absorb any kind of bad news. | |||||||||
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cyjjerry85
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27-Feb-2008 09:56
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the oil price hit record high again...and after DOW rally for these few days...isn't it logical for them to take a break and come down soon? | |||||||||
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cyjjerry85
Elite |
27-Feb-2008 03:02
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haha` u r right...anyway...just a click of a button only...doesn't really have the purest honest opinion...i also voted personally | |||||||||
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elfinchilde
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27-Feb-2008 01:54
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haha. it's america. they don't call it the land of make-believe for nothing. ;) | |||||||||
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cyjjerry85
Elite |
27-Feb-2008 01:46
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Look at this poll from CNN Money as of today:
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cyjjerry85
Elite |
27-Feb-2008 01:43
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From Bloomberg on some headlines: U.S. Stocks Rise, Erasing Declines, on $15 Billion IBM Buyback IBM Plans $15 Billion Stock Buyback, Boosts Forecasts U.S. Economy: Confidence Declines, Producer Prices Increase Bernanke Fails to Cut Loan Rates for Most Americans Home Prices Plummet, Foreclosures Rise as Housing Slump Deepens Goldman, Lehman May Not Have Dodged Credit Crisis |
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cyjjerry85
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27-Feb-2008 01:28
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i m beginning to feel that..."heck care..whether US DOW is up or down" kinda feeling...funds had flow out in Asia and in Singapore as well....but the thing is...when will it quietly move back again? Singapore sure is a promising place to be at for business... anyway...back to the DOW...the resistance in the region of 12800 is looked upon at...after the US rally for these fews days hundreds and hundreds in gain..points up...it will be profit taking soon when the resistance of 12800 is hit or nearer...probably Weds profit taking? |
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Green8
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27-Feb-2008 01:21
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Europe and US big funds would not invest in SGX so fast. Warded. | |||||||||
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elfinchilde
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27-Feb-2008 01:04
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technically for the dow: 12,500 was a strong resistance; now that it is broken, it's become the support. the next level is 12,800. Wld actually expect the market to hit it irregardless of bad news, since there's one other thing on the cards: Fed rate cuts for March. Market's pricing in a cut. so the more bad news, the more the cut is likely. perverse cycle. don't bother too much with the whys and wherefores. just follow the trend. repeat: either play fast (intraday to max 5 days) or play long term strategy. these are likely the only ways to survive these two quarters. Shorting, of course, if you're able; but be very careful with that. So much funds have flown out of Asia, you dont know when they may suddenly decide to hop back in. Do what you know. Good luck to all! :) |
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cyjjerry85
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27-Feb-2008 00:42
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er...i am seeing oil hitting $100 AGAIN...."Home Price Plunge Accelerate" ...so much bad news... "Consumer Confidence Lowest in 14 years"..."Wholesale price surges upwards"... wa piangz* Why is the DOW still currently up (above 12600 some more)!!??? seriously don't understand....i will be in a state of shock should this week close above 12800... |
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Green8
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27-Feb-2008 00:26
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The effect of steel price, labor cost, inflation, global economy etc........ understand their contract profit margin.......... | |||||||||
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cyjjerry85
Elite |
27-Feb-2008 00:07
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seriously guys...i think alot of us expected the DOW to be in the red this week due to many important economic factors coming out that won't be favourable... and indeed...it doesnt sound very good with all these figures...Home Sales...Home Price...the oil price still so high...etc etc.... how come at the moment...it can still climb to positive!!! wa lauz..............i m still waiting for the downfall so as to short...but now it seems like DOW is staying above 12600...at least for now tt i m seeing.... wacky DJI...hope to be surprise again when i wake up in the morning...hahah` |
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viruz7667
Senior |
26-Feb-2008 23:16
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this morning woke up and DOW indeed surprise me....but then again doesnt mean Singapore will follow, juz like yangzijiang..cosco...all disappointed. Somehow, still prefer to wake up 2moro DOW turn remain green ... |
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cyjjerry85
Elite |
26-Feb-2008 23:04
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From CNN Money at around 11pm BREAKING NEWS Consumer confidence index tumbles well below expectations in February - lowest level in 15 years. More soon.
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moneyface
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26-Feb-2008 20:33
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yeah elfinchilde i also noticed that ferro and Gent had something going on. but would not go in as i hate china plays now and Gent looks like 2 groups are fighting judging by the big buy ups and sell down today... just wondering if they are trying to push down the prices for the 2nd set of bonds. while the other side is maintaining the price. | |||||||||
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jasonrxz
Senior |
26-Feb-2008 20:07
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DOW JONES future right now reading @ +3 gain only and with news of Home Depot having their first declining profit earning and following on with the Product price data @ 2100hrs local time.... I have a bad feeling of closing RED. i have still quite a few stocks on hands... Hope yesterady VISA IPO news still can draws investors into the market and shoot up to Green zone.. cheers 
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tanglinboy
Elite |
26-Feb-2008 20:05
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Futures flat... Dow +3 only |
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elfinchilde
Elite |
26-Feb-2008 01:07
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lol. this is a heavy week for US news. at 330 pm US time there'll be the existing home sales report. so huge intraday swings will be the norm this week. yea, go to sleep! nites! |
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cyjjerry85
Elite |
26-Feb-2008 00:59
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just one hour ago i was still seeing positive +100 from DJI....one hour later now at 1am...i m seeing +28...hahah` gonna sleep now and wake up to another day of surprise | |||||||||
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