Market this Thursday 9/20

[ron]

The key focus points today are the falling jobless claims. Q3 topping projections from Goldman Sachs. Bear Stearns (BSC) 3Q profit falls 62%. Fedex (FDX) lowering its outlook.



Meanwhile the Fed will be back in the spotlight with Bernanke and Paulson testifying in front of the House Financial Services Committee on mortgage markets at 10:AM. We also have reports on economic indicators at 10:AM and the Philadelphia Fed Manufacturing Index at noon. All in all, a very busy day....Dow red 21 Points Naz under 1.08 rtq

[ron]

some modest selling activity in the indices right now but given recent gains it is only normal...honestly i'd say some pulling back at these levels, would be healthy for the run up later on to 14K levels. The main pocket of weakness at this juncture is the Dow Jones Transportation Average (-1.4%) which has been knocked back by FedEx's reporting...Dow under 12 Points Naz red 0.41

[ron]

The equity market has shown some resilience to early sellling efforts, but has yet to make a concerted move higher as leadership is mixed...Dow red 15 Points Nas 2.91 rtq

[ron]

the indices are in the red but holding fairly and it seems a bit into a narrow range for the moment. Decliners have been unable to establish any momentum to this point despite red markets...Dow under 11.38 Points Nas - 2.24 rqt.

[lamborghini]

Bernanke .. When asked about the magnitude of the FOMC rate cut (the decision to cut 50 bps), Bernanke says in August the financial mkt turmoil effectively tightened credit conditions, and that has the risk of making housing correction more severe and having other effects on the economy, so they took that action to try to get out ahead of that situation. Says there's quite a bit of uncertainty so they'll continue to monitor how the financial markets evolve and how their effects on the economy evolve, and try to keep reassessing their outlook and adjusting policy, in order to meet Congress' dual mandate of maximum sustainable employment and price stability.