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Ids World Markets Tues 2nd March 04


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Everyone on board for the open but intraday the index is rolling over and we're lacking the impetus from yesterday. All Ords currently +0.4% and most stocks off their high for the day. BHP did a monster leap on open, +2.4% but now back to 1.9%. The banks up slightly on low volume. Newscorp scraping up a seedy +0.2%. Still no emails, good as far as spam goes but my charts still not updated.

 

Golds mixed and oils up slightly.

 

Nikkers up 1% but looking wobbly, will be interesting to see if that one rolls over too.

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Coming attractions:

 

TREASURY DEPARTMENT:

Treasury Department holds weekly sale of 4-week bills, approx. 1 p.m. (1800 GMT)

 

FEDERAL RESERVE:

 

Federal Reserve Chairman Alan Greenspan speaks on "Current Account" before an Economics Club of New York luncheon, New York, 12:30 p.m. (1730 GMT)

 

Federal Reserve Board Gov. Ben Bernanke gives lecture on "Money, Gold and the Great Depression" at Washington and Lee University, Lexington, Virginia, 7:30 p.m. (0030 GMT)

 

ECONOMIC INDICATORS:

 

ICSC/UBS releases chain store sales for the week ended Feb. 28 versus the prior week, 7:45 a.m. (1245 GMT). In the previous week, sales fell 0.2 percent.

 

Redbook releases its weekly Retail Sales Index of department and chain store sales for the Feb. 28 week versus January, 8:55 a.m. (1355 GMT). In the prior period, sales rose 1.0 percent.

 

Challenger, Gray & Christmas Inc. releases its report on job cuts for February, 10 a.m. (1500 GMT). Challenger reported 117,556 layoffs in January.

 

ABC/Money releases consumer confidence index for the week ended Feb. 29 versus the prior week, 6:30 p.m. (2330 GMT). In the previous week, the index read -13.

 

U.S. automakers release February auto sales; no set time. Economists in a Reuters survey expect median annualized sales of 5.4 million cars and 8.0 million trucks. That compares with 5.9 million cars and 7.0 million trucks in January.

http://www.reuters.com/financeNewsArticle....storyID=4472829

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Action today not healthy for the bullz.... All Ords did the waterfall closing +8.3 (+0.2%). In the longer term probably a little more upside to go but expecting a pullback in the short term. Most stocks got a haircut from their opening prices and a red wash appeared on the screen as the day progressed. Volume reasonable.

 

Golds all over the place and oils up around 0.5%.

 

Nikkers did a fair drop shortly after open, currently +0.4%, well off the day's highs. Singers +0.4% and Honkers -0.3%.

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Why don't they just push it up to where they want it and give everyone the chance to get out while they've made some money!!! Argghhhh-I think that that maybe the prob--everyone gets out!

But how long can they continue the suspended animation?I would have expected the sagging euro to help,but as everyone knows,that's also a fix being run by the interventionists,so no logical or time-honoured conclusions can be drawn from anything today.

 

And just when all the players are sufficiently bored by the market and starting to lose interest,those in control will pump it back up again just to send the message "Ya have to be in it to win it" .That's the payoff line from the UK National Lottery---oops did I mention LOTTERY,sorry market!

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