Thread: Market News

You're right, donkeys need to stop, or they are going to get this budget bill "tail" attached to them, even though they got more votes than promised last time. This kind of noise only generates lots of Elephant trunk waving and pointing.

It won't keep the blue dogs from possibly leaving - their problem is with all the early Christmas decorations on this version. I don't know why Reid is trying to star on Scare Tactics. I guess it's more in the Halloween season.

Donkeys shut up and get the elephants to pull more of the weight - Senate sent the elephants the off budget tax break decorations they ordered!

Originally Posted by fedgolfer

http://biz.yahoo.com/ap/081002/apfn_...ctor_snap.html

TSP annuitants in those "NO"-states better call their Congressmen... don't want that insurer to be Met Life. If its not the one Reid is reffering to, chances are more will fall. Whether it's a scare job or not, do you really want to play Russian roulette with your nest egg?

MetLife said in a statement Thursday the comment by Reid did not apply to the insurer and is financially sound.
http://biz.yahoo.com/ap/081002/metlife_mover.html?.v=1

08:00 am : S&P futures vs fair value: +10.00. Nasdaq futures vs fair value: +12.50. Stock futures have a solid lead on fair value, suggesting a positive tone ahead of the opening bell Friday. Wells Fargo (WFC) is merging with Wachovia Bank (WB) in a stock-for-stock transaction. Wachovia had been looking to combine its banking business with Citigroup (C) in a deal facilitated by the FDIC. The transaction between Wells Fargo and Wachovia does not require any assistance from a government agency, and has been approved unanimously by the boards of both companies. The transaction is valued at $15.1 billion, or $7.00 per WB share. Just a day after announcing it expected to earn a modest profit in its latest quarter, UBS (UBS) announced it is cutting 2,000 investment banking jobs, according to Reuters.

[BRIEFING.COM] S&P futures vs fair value: +11.50. Nasdaq futures vs fair value: +14.00. Stock futures continue to trade in front of fair value. Nonfarm payrolls fell 159,000 in September, marking the ninth consecutive month of declines. Economists, on average, were looking for a loss of 105,000 jobs. The unemployment rate continues to stand at 6.1%. The change in nonfarm payrolls for August was revised upward to reflect a loss of 73,000 jobs. The unemployment rate of 6.1% remains the highest since 2003. Though the data are rather disappointing, traders are keeping a watchful eye on the House of Representatives vote for the the asset purchase plan.

Down 159,000 jobs and unemployment rate is 6.1%.

One guest on CNBC said they expect 200k job losses in the next two reporting periods. It will get worse, the Fed will cut, ECB will cut, BOE will cut.

... yup, cut cut cut.

http://biz.yahoo.com/cnnm/081003/100...ia_crisis.html

Traders Just Plain Confused
Oct 3 9:30 AM
CNBC

Want graphic evidence of how confused traders are? Stock futures rallied for a couple minutes on the Wells Fargo/Wachovia deal,then quickly dropped. Futures dropped again as non-farm payrolls came out below expectations, then rallied back a few minutes later.

As poor as the jobs report was, traders were fearing worse. Plus, bulls are arguing that the Wells/Wachovia deal is a positive; add it to likely House passage and you have the makings of a modestly positive opening.
But there are so many cross-currents it is difficult to discern any pattern other than confusion.....
http://www.cnbc.com/id/27007387
[do NOT feel bad if are confused too!]

2:00 pm : A knee-jerk selling effort has followed the announcement that the House of Representatives approved the ammended asset purchase plan. That reaction erased more than 300 points from the Dow Jones Industrial Average. The Dow actually fell all the way into the red, though only for a moment. It quickly pulled back into positive ground.
The concerted selling effort follows the build up that led up to the House vote. That build up had each of the major indices sporting gains of at least 3.0%.
Advancing issues in the S&P 500 are now relatively in balance with declining stocks. There had been an overwhelmingly bullish tone early on.DJ30 +89.04 NASDAQ +20.94 SP500 +13.15 NASDAQ Adv/Vol/Dec 1382/1.50 bln/1334 NYSE Adv/Vol/Dec 1919/795 mln/1179

Originally Posted by Silverbird

Traders Just Plain Confused
Oct 3 9:30 AM
CNBC
Want graphic evidence of how confused traders are? Stock futures rallied for a couple minutes on the Wells Fargo/Wachovia deal,then quickly dropped. Futures dropped again as non-farm payrolls came out below expectations, then rallied back a few minutes later.

As poor as the jobs report was, traders were fearing worse. Plus, bulls are arguing that the Wells/Wachovia deal is a positive; add it to likely House passage and you have the makings of a modestly positive opening.
But there are so many cross-currents it is difficult to discern any pattern other than confusion..... http://www.cnbc.com/id/27007387
[do NOT feel bad if are confused too!]

I'm ALWAYS confused, but I don't think I'll waste any time worrying about the Wells Fargo/Wachovia deal. Mr. Buffett owns a big piece of Wells Fargo and I heard him say today that it was the most stable and best managed bank among all the rest.
http://www.cnbc.com/id/27011627

DJ UK Summary: FTSE 100 Ends -7.9% On Global Economic Fears