Friday, September 24, 2010

Triple Digit Rally Questioned

Not to be a joykill,but today's rally was about as sound as the emperor's new clothes.For one thing,the volume remained light,meaning it was driven by a relative handful of the trading community.For another,the old 25% trading range of 1000 to 1250 on the S&P is still intact.As well,it's near the end of the quarter,and the proverbial window dressing by fund managers is going on.They have to put something other than cash in their portfolios under management,so they ran out and scooped up a lot of commodity and big multinational stocks.The economic data continue to be mixed,so there were ulterior motives behind this triple digit action.
The only motive the Philadelphia Phillies have is getting into the playoffs,and they are on the verge of doing just that.Tonight they brushed by the New York Mets 3-2 in Philly,their 11th straight win.They need two more wins to clinch the National League East title.In Toronto,Jose Bautista slammed two more homers,lifting the Blue Jays to a 6-4 victory over Baltimore and his home run total to 52.In golf,American Jim Furyk and Englishman Luke Donald lead the first two rounds of the PGA Tour Championship in Atlanta at eight under par,while Australian Jeff Ogilvy is third at -7.Furyk has won 46,000,000 dollars in his career.
The harvest moon is still visible,so you might stick your head out for a glimpse of it.It's the first full moon of autumn.The orient has been marking the harvest with an extended holiday,closing financial markets for at least part of the past week.
Stock futures rose sharply this evening,but bond futures rose as well,casting doubt on Monday's direction.

Friday, September 17, 2010

Tech Titans' Blowout Quarters

Strong earnings reports from tech titans Research In Motion and Oracle kept the market above water this week.Both companies beat expectations on both the top and bottom lines.The market dwelt on that,and brushed aside poor manufacturing results from the New York and Philadelphia Federal Reserve banks,as well as a low consumer confidence reading.The Federal Reserve's Open Market Commitee meeting next week will not be so easy to cloak,should it say anything unsettling to traders.
The Philadelphia Phillies weren't cloaking anything tonight,creaming the Washinton Nationals 9-1 at Citizens Bank Park in Philadelphia.As Atlanta topped New York 6-4,the Phils stay at 3 games ahead in the National League East.In golf,England's John Parry led the Austrian Open,shooting a 67 for eight under par after the second round at the Diamond Country Club.Three players shared second place at -7,including U.S. Open winner Graeme McDowell of Northern Ireland.
Stock futures were flat to modestly higher this evening,and bond futures dipped.

Saturday, September 11, 2010

Update:Prayer Answered

Pastor Terry Jones,the Florida preacher who threatened to lead a Koran-burning,now says he will never do so.The prayers of many who feared what such a provocation would lead to were thus answered,and Patriot Day was marked relatively peacefully.The only exception was a contentious demonstration in New York against a proposed Islamic center to be built near Ground Zero.
In golf Saturday,American Ryan Moore wrested the lead of the BMW Championship,and fellow American Michelle Wie,20,took control of the leaderboard at the LPGA's NW Arkansas Championship.At both tournaments,the American flag was used to mark the holes in observance of Patriot Day.
In baseball,the N.Y. Mets edged the Philadelphia Phillies 4-3 at Citi Field in New York.

Friday, September 10, 2010

A Ruffled Remembrance

On the eve of 9-11,patterns change.The memories flood back in.This year,there's a backdrop of stupidity,a possible provocation that could burden our service members with even more danger.The prayer must be that it doesn't take place.
At Cog Hill,just outside of Chicago,American Matt Kuchar shares the lead of the BMW Championship with Korean Charley Wi at six under par.Australian Marc Leishman is third at -5.In the LPGA,Morgan Pressel heads the leaderboard at the NW Arkansas Championship,shooting a 66 for -5.In baseball,Baltimore was over Detroit 6-3 at Comerica Park.
Skip the money numbers.It was made modestly in the market this week.The futures say that will continue on Monday.

Friday, September 3, 2010

Hurricane Earl Leaves Off

Hurricane Earl was moving Northeast at 23 mph tonight,not impressing many people very much.It's really little more than a few inches of rain and some gales-at worst.Unfortunately,a number of other tropical systems are forming off West Africa,so the next few weeks could be replete with worries for the East and Gulf coasts.The Labor Day weekend is proceeding pretty normally,although Amtrak train service was cancelled between New York and Boston and the White Sox/Red Sox baseball matchup was canceled in Boston.
The second leg of the PGA Tour Playoffs,the Deutcshe Bank Championship,began in Norton,Massachusetts as scheduled,though Hurricane Earl poured on the afternoon starters.Australian Jason Day and American Zach Johnson shared the first round lead,shooting -8 63s.Eight players were tied for second at -7 64.Tiger Woods was well back with his +1 72.Phil Mickelson did slightly better with his two under par.
The market was substantially up this week,with the Dow gaining 2.9,the S&P 3.8 and the NASDAQ 3.7%.There will be little economic data next week for the market to react to,but a lot of traders will be back from vacation,perhaps lending more volume to any reactions to developments that may occur in mergers and acquisitions,politics or other news.Stock futures continued the optimism this evening,all rising between one and two percent.Bond futures also gained.