STOCK MARKET WATCH, Thursday 8 January (#1)

[ozymandius]

Thursday January 8, 2004

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 382
REICH-WING RUBBERSTAMP-Congress = DAY 000
DAYS SINCE DEMOCRACY DIED (12/12/00) 3 YEARS, 27 DAYS
WHERE'S OSAMA BIN-LADEN? 2 YEARS, 79 DAYS
WHERE ARE SADDAM'S WMD? - DAY 291
DAYS SINCE ENRON COLLAPSE = 775
Number of Enron Execs in handcuffs = 17
ENRON EXECS CONVICTED = 1
Other Arrests of Execs = 53

U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES-----------------------------S&P FUTURES




AT THE CLOSING BELL ON January 7, 2004

Dow... 10,529.03 -9.63 (-0.09%)
Nasdaq... 2,077.68 +20.31 (+0.99%)
S&P 500... 1,126.33 +2.66 (+0.24%)
10-Yr Bond... 4.25% -0.03 (-0.72%)
Gold future... 422.30 -0.90 (-0.21%)

DOW..........................NASDAQ.......................S&P

||


GOLD, EURO, YEN and Dollars


~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

[ozymandius]

1. WrapUp by Mike Hartman

Forecast 2004
<cut>
This may not be the most popular paragraph in this article, but I’ll take a shot at it anyway. I think Mr. Bush will be re-elected to a second term as President by defeating Mr. Dean. In his second term, President Bush can accomplish many things that won’t be popular with the American people since he will have no chance for another re-election. At that point the Democrats will bring Al Gore back in 2008 to clean-up the carnage remaining from Bush’s second term. I don’t think Al Gore has been forgotten since his “defeat” in Florida a few years ago. In any case, we will just have to watch and see how much influence the election year has over the financial markets.

The Ripple Effect

The goal with inter-market analysis is to take in the economic and financial news along with geopolitical developments and attempt to fill in the blanks as to how the new information will affect stocks, bonds, currencies and commodities. If we can anticipate the ripple effect through the various market sectors, then we can position our assets to benefit as the inter-market relationship changes between the different asset groups. How much of your money should be allocated to stocks, bonds, commodities or foreign currencies for the purpose of diversification, or which asset group has the best risk/reward relationships?

The other key is to determine the true “driving force” or cause behind the move. Have energy prices been moving higher because of geopolitical/supply problems, or because the dollar is getting weaker? Will stocks continue to rise next year as the bond market sells-off ushering in the first round of interest rate hikes? Will higher interest rates bring commodity prices back down? Will interest rates move higher next year to protect a falling dollar, or to slow inflation, or because the government won’t be able to sell new debt with such low yields to investors? Then, what if interest rates don’t go up at all? Some suggest the Fed can keep rates at existing levels for another year without causing inflation. You get the idea, so where do we stand?

Debts and Deficits – The Driving Force

For the purpose of this paper simplicity is the key, so I have no intent to beat the details to death. The bottom line is this: AMERICA IS SPENDING TOO MUCH MONEY. Just last night Arnold Schwarzenegger delivered his first State of the State Address where he made it VERY CLEAR that, “Cal-i-for-nia does not have a budget crisis. Cal-i-for-nia has a spending crisis! We are spending money we don’t have, therefore we must borrow it or quit spending so much money. We have been doing it for MANY YEARS and continue to add more and more debt at record speed. Our trade deficit is running over $40 billion every single month and the Federal Budget deficit continues to grow unabated. To support our incredible consumption machine, the BIS estimates that the USA is now absorbing 80% of all the world’s savings to fund the deficit spending of Americans. This is not a sustainable trend.

Very lengthy and covers much of what we regularly discuss here

[54anickel]

29. The myth of the populist stock market

An op-ed piece. This is what tends to bother me, those complacent investors mentioned in today's wrapup (buy and hold) and those on the sidelines, getting suckered into diving back in.

I don't believe today's market is a place for the unsavy investor, and until there has been some real progress on the scandal scene, my opinion will not change.

That's JMHO, my 401K rollover is sitting in some pretty conservative holdings. The value will get eatten up by inflation, but at least the balance is fairly safe from being lost again in the bowels of the market pit. What a rotten position to take.

http://www.csmonitor.com/2004/0108/p09s01-coop.html

NEW YORK – Wall Street analysts are predicting another great year for the stock market in 2004, and Americans are again pouring their savings into stocks. Tens of billions of dollars have flowed back into equities since last summer. As the Dow and Nasdaq soar, more money is likely to follow. There are also signs of a revival of the '90s myth of the populist stock market -a myth in which Wall Street gives everyone on Main Street a shot at a better life.

Can Americans possibly fall once more for this nonsense? Maybe. The scandals of recent years, most lately in the mutual-fund industry, have done little to debunk the notion that Wall Street is geared toward ordinary investors and that stocks offer a universal path to wealth creation. At the height of the boom, however, the bottom three-quarters of American households owned less than 15 percent of all stock. Barely a third of households hold more than $5,000 in stock. Most Americans have more debt on their credit cards than money in their mutual funds.

Stock-market gains have reflected the top-heavy ownership patterns. Between 1989 and 1997, the most recent year for which there is good data, 86 percent of stock market gains went to just the top 10 percent of households. Yet when the market tanked, it was often ordinary investors who felt the sharpest pain - pain that many will cope with well into retirement. According to a March survey by Greenwich Associates, major retirement pension plans lost $1 trillion from the beginning of 2000 through beginning of 2003.

more....

[ozymandius]

2. IMF Sees Risk of Disorderly Dollar Drop

WASHINGTON (Reuters) - Large and growing U.S. budget and current account deficits raise the risk of an abrupt drop in the value of the dollar, which could hit U.S. and global economic growth, the IMF (news - web sites) said on Wednesday.

"Although the dollar's adjustment could occur gradually over an extended period, the possible global risk of a disorderly exchange rate adjustment, especially to financial markets, cannot be ignored," the International Monetary Fund warned in a new report on Washington's fiscal stance.

"An abrupt weakening of investor sentiment vis-a-vis the dollar could possibly lead to adverse consequences both domestically and abroad," particularly since U.S. debts to the rest of the world are at record highs, the fund said.

<cut>
U.S. Treasury Secretary John Snow said earlier on Tuesday the United States backs a strong dollar, but appeared to signal little or no likelihood Washington would consider intervening in markets to boost its value.

story

[ozymandius]

3. On a related note: IMF: Clear Path Needed to Balance Budget

WASHINGTON (Reuters) - The IMF (news - web sites) said on Wednesday the United States needs a clear and credible framework to balance the federal budget to avoid a rise in interest rates that could harm both the domestic and global economies.

In a report on U.S. fiscal policies, the International Monetary Fund warned that reforms were crucial to put Social Security (news - web sites) and Medicare systems on a sound financial footing to cope with the retirement of the baby boom generation starting this decade.

very short story

[ze_dscherman]

27. .M.F. Report Says U.S. Deficits Threaten World Economy

This sounds pretty urgent:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=303012&mesg_id=303012

[ozymandius]

4. NYSE may sic Spitzer on Grasso to return some pay

NEW YORK - The New York Stock Exchange (news - web sites) may enlist New York Attorney General Eliot Spitzer to recoup some of former NYSE chief Dick Grasso's $140 million pay package, a person with knowledge of the matter says.

<cut>
The board is also expected to hire Richard Ketchum, general counsel of Citigroup's investment bank, as chief regulatory officer. The post of full-time chairman also needs to be filled. Former J.P. Morgan chief Dennis Weatherstone, a board member, has been offered the job. It was unclear Wednesday night if he would accept.

<cut>
By tapping Spitzer for help, the NYSE hopes the crusading attorney general will persuade Grasso to reach a settlement. As the regulator of not-for-profit organizations such as the NYSE, Spitzer has the power to guard against "excessive pay." NYSE Chairman John Reed met Spitzer on Monday at Spitzer's office to discuss the issue.

story

[54anickel]

30. Rather a bizarre twist, dont' you think.

I mean, the board had "some" involvment in his pay and conduct. I don't get it, pass the case off to Spitzer - for what, so they can take the 5th, or their involvement makes their case so weak. I mean, ya, I suppose the AG has a bit more to go after because of the not-for-profit status.

On another note, former Citigroup and JP Morgan execs? Well, OK but those 2 entities do not inspire warm fuzzy feelings for me.

[Maeve]

5. Thursday again and you know what THAT means!

The Initial Claims Show!

Okay, a quick note for the unsure--Initial Claims are just that--the first filing of someone out of a job. A certain amount of "churn" is normal for an economy--specific jobs come and go. In general agreement, Initial Claims over 400K per week is an indication of a shrinking job market. However, it can be argued that lower numbers, especially after the HUGE job losses and belt-tightening we've seen the past couple of years do not automatically indicate things are getting better--just that the hole is not growing as fast. The real issue is total unemployment and that's a different number and argument altogether.(That report is tomorrow, so we'll discuss it then)

Claims were down for Christmas week (not surprisingly) and reported as 339K with the market expecting 345K the week ending 1/2.

[Maeve]

10. Initial Claims up

Jobless claims rose to 353,000 in latest week from 339,000 in prior week. Details coming

[JNelson6563]

6. Good morning Marketeers!

UE #s out this morning. Could make for interesting happenings.

I won't be around much today. I'm co-hosting a fundraiser for Senator Stabenow later this month and have a meeting to finish organizing that and, being Thursday, the young Miss has violin lessons this afternoon. Will check in when I can. Will be around some this morning.

Julie

[ozymandius]

9. Good morning Julie and all! Looks like the market is going to start flat.

:donut: :donut: :donut: :donut: :donut:

Stocks Seen Flat to Higher at Opening

NEW YORK (Reuters) - Stocks are set for a flat to slightly higher start on Thursday as Wall Street waits for a snapshot of weekly jobless claims and reports on holiday sales a day after the Nasdaq jumped to a 2-1/2 year high.

U.S. jobless claims for the latest week, due at 8:30 a.m., will whet investors' appetite for the week's top economic figure - the employment numbers for December on Friday. Analysts are forecasting a rise in claims to 350,000 in the week ended Jan. 3 from 339,000 the week before -- the lowest since January 2001.

"We have economic data out today that will get attention. Initial jobless claims are always a buzzword for us," said Arthur Hogan, chief market analyst at Jefferies & Co. "Anything below 350,000 is going to be considered a positive, and I think we could move forward."

story

[trogdor]

12. Don't know about that.

Look at the dollar-euro chart and compare it with the Dow futures chart. They appear to be mirror-images of each other. The dollar tanks, and US stocks go up. Look for another up day, at least in the morning, as Euro investors snap up cheap American stocks.

[Frodo]

13. Futures point to a marginally higher open

S&P +3.3 Nasdaq (what is up with the Nasdaq?) up +9.5


Initial filings came in a bit ago a tad higher than expected, but strong at 353k, lowering the more important moving average by a few thousand to what is likely the lowest figure of shrub's term.

[pansypoo53219]

7. didn't you hear?

they found the doodles of mass destruction.

[Maeve]

8. Along with the flood of consumer debt, delinquencies

Credit Crunch Coming?
NEW YORK (CNN/Money) - The record percentage of consumers behind on their credit-card payments could be the ugly result of a weakening housing market -- and an ominous sign of greater credit pain to come, economists said Wednesday.
But some analysts suggested that the improving labor market would ease the sting of a softer housing market and help stop the bleeding in consumer balance sheets.
The American Bankers Association (ABA) reported Tuesday that 4.09 percent of all credit-card accounts were delinquent in the third quarter, the highest rate on record, and said the weak job market was probably to blame.
But Morgan Stanley senior economist Bill Sullivan suggested there may be another culprit -- the end of the mortgage refinancing boom
<more>

[54anickel]

37. Very sad. And so much more bad news can be derived from this report

How flush consumers are has big implications for the United States, since consumer spending fuels more than two-thirds of the economy.

Yes, and when you take it to the personal level of the unemployed/underemployed this does not bode well for a recovery. When I was employed, I made pretty decent money and had lots of descretionary spending. No longer true for me, wonder how many others are in the same boat. How will we make up what was lost of that two-thirds of the economy?

"In our judgment, this pattern could be another exhibition of household balance sheet stress, as the shift would seem to suggest that a relatively small rise in 30-year rates apparently excludes a significant number of prospective home buyers from qualifying for mortgage credit," Sullivan wrote.

Didn't they recently report housing starts up? How much of this development was on speculation? If it is getting harder to get a mortgage that is not ARM, I think we'll start to see a glut in housing. Dad was a builder, he was always afraid of building houses on spec in case it didn't sell right away. It's always a risky adventure.

But the job market has shown signs of life in recent months, and many economists hope that improvement will gather strength this year. If it does, said the ABA's Leggett, consumers will be able to bear the brunt of any housing slowdown -- eventually.

"Even if there's a pick-up today in job creation, we should not see a real improvement in delinquencies until later this year -- there's about a six- to nine-month lag," Leggett said.

If lenders are making assumptions like this regarding the job market/credit link they may be in for trouble. There has been so much info on those being considered employed in the data are actually under employed. That and the reports we have been seeing about the drop in real income. Very troubling news indeed.

[KoKo]

39. And in my area of NC, I just heard those coming off COBRA for health

insurance after being "downsized" are now causing a back up for BlueCross and allowing BlueCross to jump payments because of the influx.

How many folks in the last two years used home equity loans just to replace the income they lost and try to keep up their mortgage and health care payments. Maybe not everyone is out there spending on things, but just to keep themselves in food and housing and pay medical bills.

Another interesting thing that isn't reported is that many of those laid off or "downsized" got severance packages and aren't eligible for "Federal or State Unemployment benefits." When that money runs out and they don't get a new job that won't be counted in the Government figures. There are many in the middle and upper management category that fall into that group.

[54anickel]

41. Yes, those just being able to make ends meet will not be able to

help to contribute to that two-thirds of the economy beyond the basic necessities either.

Regarding the unemployed/severance, we've touched on that before but it is worth noting again. There is also the WARN Act for mass lay-offs, that comes into play. Both of these temporary incomes create the lag from the time we read about huge lay-off announcements to the time they start to hit the initial claims data.

There is always that difference between what is said by the data versus Mainstreet that gets lost.

[Maeve]

11. U.S. continuing jobless claims at 27-month low

WASHINGTON (CBS.MW) - Fewer Americans are collecting state unemployment benefits than at any time in the past 27 months, the Labor Department said Thursday. Meanwhile, the four-week average of initial claims for state unemployment benefits fell by 5,500 to 350,250 in the week ending Jan. 3. It's the lowest number since Feb. 3, 2001. However, claims in the most recent week increased by 14,000 to 353,000. Initial claims had fallen three weeks in a row. The number of Americans collecting state unemployment benefits in the most week ending Dec. 27 fell 12,000 to 3.27 million. The four-week average of continuing claims dropped to 3.275 million, the lowest since Sept. 22, 2001.
CBS MarketWatch

Reminder: since the benefits weren't extended, this was expected--folks fell off the rolls at the end of December

[54anickel]

34. Why do they leave those important little details out? Never mind.

Silly me for asking. :silly:

[KoKo]

40. And, that number doesn't count those who aren't eligible for Unemployment

because they got "Severance Packages" who have been laid off.

[54anickel]

14. Dollar Watch

Good Morning Everyone :hi:

WTF is this with the buck? Dog woke me at 2:00am and I couldn't get back to sleep (he had no problem). When I check the dollar, everything was just cooking right along, 86.4-5.
Noticed the gold chart in the opening post with that sharp rise, so just had to check the buck right away.

http://quotes.ino.com/chart/?s=NYBOT_DXY0&v=s

Last trade 85.99 Change -0.21 (-0.24%)

Settle 86.20 Settle Time 23:36

Open 86.47 Previous Close 86.20

High 86.64 Low 85.92

[54anickel]

15. ECB remains deaf to calls to cut rates in face of surging euro -

That 'splains it! Didn't think they'd have already had this meeting. Too early for me, need more coffee! (Thanks dog)

http://www.channelnewsasia.com/stories/afp_world_business/view/65424/1/.html

FRANKFURT : The European Central Bank, holding its first policy-setting meeting of this year, refused to heed calls for lower interest rates as a way of reining in the runaway euro.

As widely anticipated, the ECB's governing council announced it was holding the bank's central "refi" refinancing rate steady at 2.00 percent, where it has been since June.

And the guardian of the euro also left its other two key rates -- the deposit rate and the marginal lending rate -- unchanged at 1.00 percent and 3.00 percent respectively.

The announcement came just 45 minutes after the Bank of England had also decided to start the new year with steady rates.

more....

Did anyone really think they would change the rates? I mean, come on, the rise in their currencies is NOT because their economies are over heated or anything.
Sheesh, should the world realy be expected to abandon basic economic responsibility to cover our butts forever?:eyes:

[Timefortruth]

16. With all this bad news the Dow should be up at least 100.

Isn't is strange?

[Maeve]

17. Ah, but there is some good news

Smiles for retailers
NEW YORK (CNN/Money) - Wal-Mart's upside sales surprise, strong results from luxury retailers and better-than-expected performance from specialty apparel stores suggested Thursday that Santa came through for retailers in the holiday season.

"Wal-Mart's numbers are definitely a good sign for the group, especially since they had low-balled their figures all month," said Ken Perkins, retail analyst with Thomson Financial. "The indications are that the holidays were probably OK or even better than we thought."
~~~~~~~~~~
"Sales" are not the same as "profits", but we'll have to wait for that kind of analysis.

[Maeve]

18. 9:33 and here we go again!

Dow 10,559.55 +30.52 (+0.29%)
Nasdaq 2,087.96 +10.28 (+0.49%)
S&P 500 1,128.31 +1.98 (+0.18%)
10-Yr Bond 4.279% +0.033

[JNelson6563]

19. Whooo-hooo!!

UE #s up this week and Wal Mart beat the low expectatins they set for themselves. Time to party!

Black is white dontcha know? ;-)

Julie

[trogdor]

20. So my prediction was right.

The Dow rises as the dollar falls, not because black is white, but because Europeans are buying US stocks.

[Frodo]

21. That shouldn't be it.

I think it's as the dollar declines, many US frms become more profitable.

If europeans were buying large amounts of US stocks they would have to do it in US dollars. Buying those dollars would likely strengthen the dollar.

Right?

[Teaser]

22. European central banks are trying to prop up the falling dollar.

So they buy dollars and then plow them back into US investments. However, these dollar buys have not been sufficient to prop up the dollar.

[trogdor]

25. The falling $ makes US stocks cheaper...

...relative to the euro. Thus, as long as the $ trend remains negative, it pays to buy US stocks. You will see; when the $ bottoms out, the rally will end. Abruptly.

[ze_dscherman]

28. Stocks may be cheap, but they loose value quickly

The pace of dollar decline is much faster than the rise of the stocks. Eurozonesians that invest in U.S. stocks loose money. Buying U.S. stocks now will be cheap only if the Dollar regains strength.

[Maeve]

23. 10:23 pullback

Dow 10,541.48 +12.45 (+0.12%)
Nasdaq 2,080.75 +3.07 (+0.15%)
S&P 500 1,125.81 -0.52 (-0.05%)
10-Yr Bond 4.248% +0.002

[JNelson6563]

24. hmmm

Interesting. I have absolutely no feel for where this day is headed.

Julie

[Maeve]

26. 10:48 and the market doesn't seem to know, either

Dow 10,559.18 +30.15 (+0.29%)
Nasdaq 2,082.36 +4.68 (+0.23%)
S&P 500 1,126.87 +0.54 (+0.05%)
10-Yr Bond 4.241% -0.005

:shrug:

[54anickel]

35. Numbing, isn't it?

[mrsteve]

31. 11:56 - looks like they like the Euro news

Stock markets are happily upward, back to the highs for the day.

Dow 10,571.63 +42.60 (+0.40%)
Nasdaq 2,088.86 +11.18 (+0.54%)
S&P 500 1,128.51 +2.18 (+0.19%)
10-Yr Bond 4.245% -0.001

Compared to the last few days, just a trickle of cash into the 10 year.

[mrsteve]

32. Oops - forgot the S&P - it's falling

per the Yahoo Fi Update:
"10:30AM: The Dow and the Nasdaq are able to maintain their favorable stance, but the S&P 500 has lost the entirety of its earlier gains and is currently right around the flat line and flirting with negative territory... Previously lagging sectors in the S&P 500, which included the homebuilding, airline, and oil & gas groups, have been joined by the home improvement retailing, department stores, and insurance sectors... The homebuilding group has been weak since the beginning of January and was among the most notable laggards in yesterday's session..."

[54anickel]

36. Morning Steve

:hi:

Silly isn't it.
There's this sort of a stand-off going on whether the Fed raises interest rates or the ECB drops theirs. Both seem to be standing firm on their call.

Sorry, for me that just means the same level of uncertainty (is that a word?) as before the announcement - I mean nothing has changed other than the ball is back in the Feds court. Meanwhile the BoJ continues to sweep the floor between plays.

Seems FUD = buy, buy, buy

[TrogL]

33. Nortel hits it big

Nortel signed a multi-billion contract with Verizon to supply voice-over-internet technology.

Nortel is up 20% since yesterday.

(reported on CBC radio)

[mrsteve]

38. 1:11 - Afternoon lull

Nasdaq moving sideways near the top for the day, Dow and S&P sideways a bit below the highs.

Dow 10,565.03 +36.00 (+0.34%)
Nasdaq 2,089.87 +12.19 (+0.59%)
S&P 500 1,127.92 +1.59 (+0.14%)
10-Yr Bond 4.243% -0.003

[mrsteve]

42. 2:12 - kick with the numbers

New highs for the day on the Dow and Nasdaq, S&P just off day's highs. Money leaving treasuries, though - might be getting sucked into the markets.

Dow 10,569.55 +40.52 (+0.38%)
Nasdaq 2,094.73 +17.05 (+0.82%)
S&P 500 1,128.64 +2.31 (+0.21%)
10-Yr Bond 4.261% +0.015

[JNelson6563]

43. Hey there Steve and all Marketeers!!

Busy political doings all day for me and now I head out to do the mom thing. Had to stop in and see how the Street's doin' today and see what nuggets of info my fellow Marketeers posted.

Looks like things are settling down a bit, 2:32:


Dow 10,558.44 +29.41 (+0.28%)
Nasdaq 2,092.34 +14.66 (+0.71%)
S&P 500 1,127.65 +1.32 (+0.12%)
10-Yr Bond 4.256% +0.010

I won't be back till markets are closed but I'll check out how things finished up. Catch you all in the AM!!

Julie

[54anickel]

44. Dollar update - Wonder if we will see the 84 range next week? 80-85 was

Mr Greenjeans target at one time.

Last trade 85.55 Change -0.65 (-0.75%)

High 86.64 Low 85.45

[mrsteve]

45. Closing numbers - a blast of last minute "irrational exuberance"

Looks like I wasn't the only one in meetings this afternoon - no one else was able to post the closing numbers. ;-)

Plus, this is a kick for the evening crowd. :kick:


For the end of the day (4:00 PM EST), a decent rise in the last 30 minutes across all the indexes:

Dow 10,592.44 +63.41 (+0.60%)
Nasdaq 2,100.25 +22.57 (+1.09%)
S&P 500 1,131.92 +5.59 (+0.50%)
10-Yr Bond 4.249% +0.003

And a summary for the day from CNN/Money:
"NEW YORK (CNN/Money) - A broad stock rally Thursday on optimism about the start of the earnings reporting period pushed the Nasdaq to its highest close in more than 2-1/2 years. However, any disappointment in the morning's monthly jobs report could halt the positive momentum Friday.

An after-the-bell announcement Thursday from IBM (IBM: up $0.26 to $93.04, Research, Estimates) could potentially create some friction Friday as well. The company said that the Securities and Exchange Commission may take civil action against it for potential violation of securities laws, as per a Reuters report. "

(snip)

"Upbeat forecasts from Nokia and Procter & Gamble, and a better-than-expected earnings report from Taiwan Semiconductor Manufacturing, fostered the advance, giving credibility to bets that fourth-quarter earnings will show marked improvement from a year earlier and therefore justify and sustain the recent huge stock rally.

"The momentum to the upside continues as the Nasdaq makes new highs," said Peter Cardillo, director of research at Global Partners Securities. "We're waiting for the slew of fourth-quarter earnings and the granddaddy of economic news tomorrow, the monthly employment report." "

Hmm...tomorrow's December job report will be key.


See everyone tomorrow - same Bat time, same Bat channel!