Markets January 8

[ron]

stock market ended mixed on Monday and is holding on to a mildly positive bias this morning but significant work is needed to begin to improve the short term negative bias...Topping headlines this morning: Starbucks (SBUX) announced strategic initiatives to increase shareholder value and that its Chairman will be reclaiming the CEO position.... WSJ reports Bear Stearns (BSC) CEO James Cayne is stepping down in the wake of the company's subprime related losses and flagging stock price.....Dow up 33 Points, Naz +10.38, S&P +7.91, NDX +9.15 rtq (real time quotes)

[ron]

Stocks extend their gains with all ten economic sectors in positive territory. as reported 30 mnts ago - November pending home sales fell 2.6%, compared to the expected decline of 0.7%. The prior reading was revised up to 3.7% from a gain of 0.6%, which is offsetting some of the disappointment in November's weaker than expected sales.....Dow up 55 points from earlier highs of +72, Naz +24.52, S&P +11.35, NDx +22.80 rtq.

[ron]

Stocks climbed to fresh intraday highs, and then slightly dip. The buying interest is broad-based with noteable strength within the tech sector (+0.9%), which is aiding in the Nasdaq's outperformance. .... Meanwhile, Philidelphia Fed President Plosser said he is open on further rate cuts, but he has not yet made up his mind. Boston Fed President Rosengren is set to speak at 10:50 ET. Rosengren was the only on that dissented at the Dec. 11 FOMC meeting, prefering a 50 basis point cut instead of the 25 basis point cut the FOMC voted on....Dow up 36 Points, Naz +17.01, S&P +9.12, NDX +17 rtq.

[ron]

we have broad-base selling with no news to account for as catalyst justifying the recent mrkt dip ......Dow -24 points, Naz -1.10, S&P barely flat, NDX +5.42 rtq.

[ron]

some renewed credit concerns are contributing to mrkt's broad-base selling starting with ....Moody's downgrading 46 Bear Stearns tranches back by Alt-A Mortgage loans. 2) Moody's has placed National City's (NCC 14.47, -0.72) credit rating under review for a possible downgrade. 3) Several troubled CDOs are liquidating over $5 billion in distressed securities this week, according to Reuters....Treasury Secretary Paulson said there are no signs that the housing market problems are easing and if anything signs are pointing to a further downturn. He expects to see a period of slower growth..........Dow -44.39 Points, Naz -2.86 (7th straight down session), S&P -2.46, NDX +4.48 rtq (real time quotes)