Guest guest Posted March 7, 2007 Report Share Posted March 7, 2007 Dear list members, As the attached news story indicates, there is still a lot of nervousness out there. Some analysts are worried that the correction so far has not gone far enough. A larger drop and some thrashing to find a bottom would make them more convinced the stock market could again head higher. As predicted based on the SAMVA USA chart, this is still early days for this correction... Best wishes, Thor U.S. Stock-Index Futures Fall; Home Depot, Boeing Shares Drop By Andreas Hippin and Michael Patterson March 7 (Bloomberg) -- U.S. stock-index futures fell on speculation that a regional survey from the Federal Reserve and a report on private employment will show a slump in housing has spread to the broader economy. Shares of Home Depot Inc., the world's largest home- improvement retailer, and Boeing Co., the second-biggest commercial planemaker, led a decline among companies whose earnings are most dependent on economic growth. ``Everybody's worried the U.S. economy continues to slow further,'' said Juergen Lukasser, who helps manage $20 billion as head of equities at Constantia Privatbank AG in Vienna. ``If there's no soft landing, we'll see more than a correction at the stock markets.'' Yesterday, U.S. stocks broke a weeklong slump and posted their biggest gains since July after Treasury Secretary Henry Paulson eased concern that rising mortgage defaults will undermine the economy. The Standard & Poor's 500 Index has fallen 4.4 percent from a six-year high on Feb. 20. S & P 500 futures expiring in March lost 2.5 to 1392.90 as of 8:07 a.m. in New York. Dow Jones Industrial Average futures fell 30 to 12,185. Nasdaq-100 Index futures slid 4.75 to 1740.25. The Fed will release its beige book, a commentary on regional economic conditions, at 2 p.m. New York time. Separate data from ADP Employer Services may show that companies in the U.S. added 100,000 jobs in February, the smallest increase since September, according to the median estimate of nine economists surveyed by Bloomberg. The report is scheduled to be released at 8:15 a.m. Jobs, Paulson In January, companies added 126,000 jobs, according to a private payroll figure from ADP. The U.S. Labor Department's February jobs report is scheduled for release on March 9. ADP's February data uses a bigger sample size than previous reports. ADP expanded the sample pool by about 100,000 to cover about 350,000 of the company's 500,000 customers. Paulson, moving to cool concern about rising defaults at subprime mortgage companies, said in Tokyo yesterday that ``credit issues'' arising from the U.S. housing slump will be limited. He said today in Seoul that global economic growth is ``solid.'' His outlook on the economy may be more optimistic than former Fed Chairman Alan Greenspan, who said in an interview this week that there's a ``one-third probability'' of a U.S. recession this year and that the current expansion won't have the staying power of its decade- long predecessor. Home Depot lost 10 cents to $38.70 in Germany. Boeing declined 9 cents to $87.73. CV Therapeutics Inc. plummeted $3.05 to $9.25. The maker of the first new drug for chronic chest pain in two decades said yesterday that a study showed the medicine failed to help patients with acute heart disease. Deutsche Bank AG lowered its recommendation for the shares to ``hold'' from ``buy.'' Nike, Google Nike Inc., the world's biggest athletic-shoe maker, slid 72 cents to $104.38 in Germany. Adidas AG, the second-largest sporting-goods maker, reported fourth-quarter profit that missed analysts' estimates and said orders for its Reebok brand fell. Google Inc. rose $5.95 to $463.50. UBS AG upgraded the shares to ``buy'' from ``neutral,'' because of the most-used Internet search engine's ``success'' with keyword advertising. Deere & Co. advanced 47 cents to $107.51. Lehman Brothers Holdings Inc. raised its recommendation for shares of the maker of lawn, garden and farm equipment to ``overweight'' from ``equal weight.'' Quote Link to comment Share on other sites More sharing options...
Guest guest Posted March 7, 2007 Report Share Posted March 7, 2007 Dear list members, The market continued to zig-zag today but closed down 15 points at 12192. The market is still struggling and is currently around 5% below its peak value of 12876 reached on Feb 20, 2007. As far as I can tell the tranists ease towards the weekend, but then the major aspects begin to be felt. As has predicted, the main strain would be from mid March to early May. So, the real test of this chart is before us. That said, the tension in the financial markets since Feb 27 is consistent with the numerous transit afflictions already in force and described in earlier posts. Best wishes, Thor U.S. Stocks Fall as D.R. Horton Warns on Housing; AT & T Declines By Michael Patterson March 7 (Bloomberg) -- U.S. stocks failed to extend their biggest rally since July after the nation's second-largest homebuilder darkened the outlook for a housing rebound this year and the Federal Reserve said growth in several local economies slowed. AT & T Inc., Intel Corp. and General Motors Corp. led a late retreat in the Standard & Poor's 500 Index and Dow Jones Industrial Average. American Eagle Outfitters Inc. slid the most in three months after its forecast trailed analysts' estimates, pushing the Nasdaq Composite Index to its fourth drop in five days. D.R. Horton Inc. Chief Executive Officer Donald Tomnitz said at a conference in New York the company's home closings will likely fall below last year's levels, adding to concern the housing market will restrain the economy. His comments overshadowed earlier statements from Chicago Fed Bank President Michael Moskow that the economy is ``quite strong.'' ``People are more concerned about too much slowing in the economy and profits, and are beginning to question the outlook for equities overall,'' said Christopher Sheldon, who helps manage $90 billion as director of investment strategy at Mellon Private Wealth Management in Boston. ``It would be too hasty to call the bottom and jump back in at this point.'' The S & P 500 declined 3.44, or 0.3 percent, to 1391.97. The Dow average decreased 15.14, or 0.1 percent, to 12,192.45. The Nasdaq slipped 10.50, or 0.4 percent, to 2374.64. SAMVA , " cosmologer " <cosmologer wrote: > > Dear list members, > > As the attached news story indicates, there is still a lot of > nervousness out there. Some analysts are worried that the correction > so far has not gone far enough. A larger drop and some thrashing to > find a bottom would make them more convinced the stock market could > again head higher. As predicted based on the SAMVA USA chart, this is > still early days for this correction... > > Best wishes, > > Thor > > U.S. Stock-Index Futures Fall; Home Depot, Boeing Shares Drop > By Andreas Hippin and Michael Patterson > > March 7 (Bloomberg) -- U.S. stock-index futures fell on speculation > that a regional survey from the Federal Reserve and a report on > private employment will show a slump in housing has spread to the > broader economy. > > Shares of Home Depot Inc., the world's largest home- improvement > retailer, and Boeing Co., the second-biggest commercial planemaker, > led a decline among companies whose earnings are most dependent on > economic growth. > > ``Everybody's worried the U.S. economy continues to slow further,'' > said Juergen Lukasser, who helps manage $20 billion as head of > equities at Constantia Privatbank AG in Vienna. ``If there's no soft > landing, we'll see more than a correction at the stock markets.'' > > Yesterday, U.S. stocks broke a weeklong slump and posted their > biggest gains since July after Treasury Secretary Henry Paulson eased > concern that rising mortgage defaults will undermine the economy. The > Standard & Poor's 500 Index has fallen 4.4 percent from a six-year > high on Feb. 20. > > S & P 500 futures expiring in March lost 2.5 to 1392.90 as of 8:07 a.m. > in New York. Dow Jones Industrial Average futures fell 30 to 12,185. > Nasdaq-100 Index futures slid 4.75 to 1740.25. > > The Fed will release its beige book, a commentary on regional > economic conditions, at 2 p.m. New York time. > > Separate data from ADP Employer Services may show that companies in > the U.S. added 100,000 jobs in February, the smallest increase since > September, according to the median estimate of nine economists > surveyed by Bloomberg. The report is scheduled to be released at 8:15 > a.m. > > Jobs, Paulson > > In January, companies added 126,000 jobs, according to a private > payroll figure from ADP. The U.S. Labor Department's February jobs > report is scheduled for release on March 9. > > ADP's February data uses a bigger sample size than previous reports. > ADP expanded the sample pool by about 100,000 to cover about 350,000 > of the company's 500,000 customers. > > Paulson, moving to cool concern about rising defaults at subprime > mortgage companies, said in Tokyo yesterday that ``credit issues'' > arising from the U.S. housing slump will be limited. He said today in > Seoul that global economic growth is ``solid.'' > > His outlook on the economy may be more optimistic than former Fed > Chairman Alan Greenspan, who said in an interview this week that > there's a ``one-third probability'' of a U.S. recession this year and > that the current expansion won't have the staying power of its decade- > long predecessor. > > Home Depot lost 10 cents to $38.70 in Germany. Boeing declined 9 > cents to $87.73. > > CV Therapeutics Inc. plummeted $3.05 to $9.25. The maker of the first > new drug for chronic chest pain in two decades said yesterday that a > study showed the medicine failed to help patients with acute heart > disease. Deutsche Bank AG lowered its recommendation for the shares > to ``hold'' from ``buy.'' > > Nike, Google > > Nike Inc., the world's biggest athletic-shoe maker, slid 72 cents to > $104.38 in Germany. Adidas AG, the second-largest sporting-goods > maker, reported fourth-quarter profit that missed analysts' estimates > and said orders for its Reebok brand fell. > > Google Inc. rose $5.95 to $463.50. UBS AG upgraded the shares to > ``buy'' from ``neutral,'' because of the most-used Internet search > engine's ``success'' with keyword advertising. > > Deere & Co. advanced 47 cents to $107.51. Lehman Brothers Holdings > Inc. raised its recommendation for shares of the maker of lawn, > garden and farm equipment to ``overweight'' from ``equal weight.'' > Quote Link to comment Share on other sites More sharing options...
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