Markets - Thursday 12/13

ron · #1 (**permalink**) 12-13-2007, 01:07 PM

some negative news including Washington Mutual's downgrade by Banc of America and the Dept. of commerce reporting - October business inventories rose 0.1%, which was less than the expected rise of 0.3%...seem to be dictating the bearish tone of this session....Dow currently at 64.06, Naz -22.75, S&P -11.78, NDX -21.33 rtq.

ron · #2 (**permalink**) 12-13-2007, 01:16 PM

Lehman Brothers said its not suggesting that it won't see any further valuation reductions in its assets however during cc they reported earnings - topped expectations, but did not give futures a lift.....meanhwhile Dow has gained a bit since last update to +48 points, Naz -18, the S&P 500 slips to new session low of 1474, minor congestion is at 1472 with ystrd trough at 1468, NDX -18.16 rtq.

ron · #3 (**permalink**) 12-13-2007, 01:17 PM

economic reports:

- November PPI Ex food & energy rose 0.4% month over month, compared to the expected rise of 0.2%.

- November retail sales less autos rose 1.8%, compared to the consensus estimate that called for a rise of 0.6%

- Jobless claims for the week ended Dec. 8 came in at 333K, while economist expected 335K claims.

ron · #4 (**permalink**) 12-13-2007, 02:56 PM

The major indices are trading are currently off their worst levels of the session with sellers remaining in control of mrkt breadth.....Dow -56 Points, Naz -23.53, S&P -10.88, NDX -24.16 rtq.

ron · #5 (**permalink**) 12-13-2007, 03:31 PM

Mrkt still in the red but recouping substantially in the last 30 minutes with Dow posting +6 to tape.....highlighted intraday barriers at 2655 Naz, 1478 S&P 500 and 13439 Dow as initial levels to take out to begin to improve the very short term tone ....we saw a test and pause at these levels in recent action......follow through above the early highs (2668, 1484 and 13484) is the next hurdle. ....Dow -4.63, Naz -11.99, S&P -5.23, NDX -15.80 rtq.