Market Soapbox 07/09/07
MON, DJIA +38 on lower volume with midlin internals. All UP.
Bonds up, 10 yr yield -4 bps 5.14, $ up vs 1.362E & vs 123.391Y, WTI crude down $72.19, gold up 1.2% $662.5
Seven Middle-Men Out?? LaBranche & Co., the largest specialist firm at the NYSE, will post a Q2 loss as electronic transactions continue to make floor trading obsolete.
The 7 specialists at the Big Board have been hurt by NYSE Euronext CEO John Thain's move over the past year to automate much of the trading done by floor traders.
The new Hybrid Market has undermined opportunities for specialists to profitably pair off buyers and sellers of assigned stocks using their own capital.
Printermaker Lexmark profit warning for Q3 & Q4, down 8%, tech suffered, but semis roared.
Intraday, SP500 within 6 pts of 1539.18; DJIA 20 pts short of 13676, RUT within 1/2 pt of 855.09, these all time closing highs would form a triple top.
Today $6.5B in Fed reanimation. NDX 1989. SP500 1531, DJUA hanging at 506, SOXX at 520 new 52 week high
Friday: "Next week, bad news? import & export prices, retail sales, Bank Of Canada rate & Options Unwind."
We neglect the opening of Q2 earnings season, Alcoa reports today after the bell (#1 in the Dow 30 +40% this year).
Alcoa beats number by penny, but profit falls -3.9%... Until SP500 closes above 1550 for 2 days, we reserve judgment on an overall change in market direction.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
Bonds up, 10 yr yield -4 bps 5.14, $ up vs 1.362E & vs 123.391Y, WTI crude down $72.19, gold up 1.2% $662.5
Seven Middle-Men Out?? LaBranche & Co., the largest specialist firm at the NYSE, will post a Q2 loss as electronic transactions continue to make floor trading obsolete.
The 7 specialists at the Big Board have been hurt by NYSE Euronext CEO John Thain's move over the past year to automate much of the trading done by floor traders.
The new Hybrid Market has undermined opportunities for specialists to profitably pair off buyers and sellers of assigned stocks using their own capital.
Printermaker Lexmark profit warning for Q3 & Q4, down 8%, tech suffered, but semis roared.
Intraday, SP500 within 6 pts of 1539.18; DJIA 20 pts short of 13676, RUT within 1/2 pt of 855.09, these all time closing highs would form a triple top.
Today $6.5B in Fed reanimation. NDX 1989. SP500 1531, DJUA hanging at 506, SOXX at 520 new 52 week high
Friday: "Next week, bad news? import & export prices, retail sales, Bank Of Canada rate & Options Unwind."
We neglect the opening of Q2 earnings season, Alcoa reports today after the bell (#1 in the Dow 30 +40% this year).
Alcoa beats number by penny, but profit falls -3.9%... Until SP500 closes above 1550 for 2 days, we reserve judgment on an overall change in market direction.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!
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