Posts tagged Politics

Rehabilitate the Swastika

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A very sensible post over at the Church of Nobody, in which Nobody points out the historical injustice suffered by the symbol that we are all encouraged to hate: the swastika.

Imagine if Islamic countries banned the crucifix based on the violence they suffered during the Crusades: in a very real sense that would be fairer than the treatment accorded the 7000 year old symbol of peace  – because the Crusaders were explicitly furthering the cause of the people who adopted the crucifix-as-religious-symbol (yes yes, I know – the ankh is cruciform: don't try to out-symbolism-ise a freemason).

(Note – the image used as the thumbnail for this post is the division badge for the US Army's 45th Infantry Division – it is based on an American Indian symbol and has nothing to do wit hnasty old Adolf).

The Political System MUST Change

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[Note – this was a Draft in my Drafts folder… it is not unalloyed genius, but it would move us 3/5ths of the way to a more beautiful society if implemented… it was originally penned in 2004 and is presented unexpurgated]

To my way of thinking, the "conservative" ending of "neoconservative" is a malapropism which must be corrected if history is to provide a guide as to the reasons behind destruction that these ideologues are intent on wreaking. The inclusion of the "neo-cons" under the Conservative rubric reinforces the misconception that these vultures have anything to do with the Burkean tradition.

The fact that the overwhelming mass of neo-conservatives are ideological "migrants" from the Far Left should be the first sign. That they have shown no signs of discarding the far-left's demands for widespread upheaval as a means of procuring ideological ends, marks them definitively as anything but conservative. They are marxist-radical in everything but name – and they chose the "neo-conservative" name themselves, in an application of Leo Strauss' "noble lie" approach. If they simply called themselves "radical marxians" they would not get a job – not even in academia.

A Modest Proposal

I have long been an advocate for the complete abolition of political parties (more accurately, the establishment of a system which would effectively kill off political organisation within a country) on precisely this basis – that economic power seeks to influence political decision-making, and does so successfully in a "democratic" political system. And of course it seeks to influence political decision-making in ways that are not aligned with the majority of the electorate. (I say this as an ARDENT supporter of market forces in all goods and input markets).

The system I advocate is a return to the Athenian system of selection of officeholders by sortition (i.e., by lot), whereby government is formed by selecting adults at random from the population and giving them portfolio responsibilities for a period of two years. These officeholders are barred from receiving any side payments, as are their immediate families, for a period of five years after the individual leaves office. One individual is selected as "Head of State" and serves for a period of one year.

The upshot of this is to completely undo the political party system; the "legislature" would effectively become a body made up entirely of independents (and more to the point, of "last term" independents). Lots of gridlock – which limits the amount of damage that political institution can do to the economy.

In my cynical view, parties exist for their own ends, and serve as the rationing mechanism for "candidature". As such, members of the political class are "successful" primarily as a result of displaying service to the party machine, not to the political system (and certainly in no way as a result of their perceived benefit to the electorate). The upshot of this, is that politicians tend to be highly conformist to the ideologies of the major parties rather than advocates of social progress.

It is virtually impossible (under the current system) to win a seat without the backing of a political party. Under my proposed system it is impossible for a political party to determine who holds a seat. It is also impossible for a party to control the behaviour of incumbents (via threats of disendorsement, for example).

So political parties disappear. So does most corruption, since most corruption is performed "efficiently" under the current system, whereby capital buys an entire party by simply buying a share in its leadership structure (through political donations).

 

Furthermore, most political donation is performed in order to fund re-election: under my proposed system there is no amount of spending that could influence the outcome of the next election. The incumbent simply goes back into the raffle machine.

There are several additional benefits to "randomocracy" as I call it. The only argument against it is the high level of "turnover" amongst the leadership (why that is a bad thing is beyond me), plus the (spurious, in my judgement) assertion that those who rise to positions of political power are somehow "specialists" and to ration them out of the system would result in a sub-par outcome.

I believe that randomocracy aligns perfectly with Rawls; if you can guarantee that ON AVERAGE you legislature reflects the values of the median (and average) voter, you're halfway to a better society.

NonRant: Now It Makes Sense…

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I had always wondered what it was about Daniel Ellsberg (he of the "Pentagon Papers") that made him go from careerist Department of Death contractor at RAND (the house that declared that the US had killed every NVA by 1967, thanks to inpuit-output modelling) to whistleblower nonpareil (unequalled).

Turns out it was a high school teacher, and his Dad.

I hope that sentence above didn’t sound sarcastic; it was not meant to be.

Ellsberg’s latest piece is fantastic.

It was absolutely no surprise when I discovered that his PhD was in Economics.

(The Ellsberg Paradox, though, is not a paradox about revealed preference – it’s just a failure of people to do probability sums in their heads: if Pr(A) > PR(B) and A,B, and C are independent, then Pr(A or C) > Pr(B or C),  … now we all know that almost intuitively, but we’re not Americans: plus, nobody ever got a PhD for simply saying "people can’t do sums in their heads").

Anyway… Ellsberg is now advocating a global, co-ordinated whistleblower campaign to release documents and other information related to government miscreancy.

He must already have heard of WikiLeaks, and if he’s not on freenet I would be surprised; he is simply calling for folks who can leak, to follow his example.

HFTRant: Much Ado About The Wrong Thing…

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Everybody is getting energized about ‘high frequency trading‘ in the US, in which (as I understand it) brokerage houses use ‘bots’ to test whether a bidder on a stock is prepared to up their bid, by placing an order just above them and quickly removing it.

So imagine a stock is trading at $21.50 and you’re on the bid at $21.45; the last trade took place at the offer ($21.50). You want, say, 500 shares.

You’re watching market depth (so you’re not an ‘investor’ – you’re a trader) and you see a bid order for 100 shares enter the depth at $21.46.

Do you move your order?

If so, do you move it to $21.26 (i.e., into the queue behind the new order) or to $21.47 (to get in front of the new order)?

Let’s say you decide to jump above. (Why?).

You change your order to bid $21.47 and your order gets taken (doesn’t matter by whom). You now own 500 shares bought a little bit more expensive than you otherwise would have.

Then the 100-unit order disappears.

Bugger, you think. Coulda got ’em for $21.45 like I planned.

 

Two things need to be said here.

First: this only matters in instruments where the bid-ask spread is large relatlve to the stock price. In the example above (which is based broadly on NAB – one of the largest and most liquid stocks in the Strayan market), the spread is 5c on a stock price of $21.45 – in other words the spread is about 0.2%. In jumping your order, you paid less than 0.1% more than you otherwise would have paid. Taken over a whole portfolio, that’s not going to change your investment outcomes by more than a poofteenth.

Second: it only matters to traders (and dumbass traders, at that… no sensible trader should be falling for anything so stupid). If you’re an ‘investor’ you should not be watching market depth. If you’re a trader, then in jumping your order you’ve signalled you really wanted that order filled. Why were you desperate to get that order filled? Did you think the market was going to run away from you? Then you’re a breakout-buyer… the nuffnuff who gets torched 80% of the time.

This ‘flash order’ malarkey happens all the time in the ES futures market during the overnight lull… you will see the bid or offer ‘blink’ during that period, with a single contract (or two, or three) flashing in and out of depth.

It’s not very interesting to watch.

I’ve actually done it myself from time to time when bored – I had my trade platform set up so that

  • F5 was "Cancel all and Bid 2 at a tick above the current bid",
  • F8 was ‘Cancel all and offer 2 at a tick below the current offer"; and
  • F12 was "Cancel".

When the ES spreads got wide (they can get out to a full point in the lull), I would amuse myself by hitting F8-F8-F5…F12.

F5 was ‘dot’ and F8 was ‘dash’, and I would see if I could get my name spelt out in Morse Code before the order got filled.

 

So really? HFT is a non-issue (and it will absolutely not change the long run equilibrium price of a stock or index, as I made clear in a comment on ZeroHedge). 

Those of youse who were reading my rantings back in the InvestorWeb days (and before – a letter to the Financial Review in 1998) will recall that I became highly annoyed with the issue of ‘U’ orders in the Australian market.

These were orders with an ‘Undisclosed Quantity’, which were put into market depth in order to try and get bidders (or offerors) of stock to jump the spread, by making it seem as if there was a big buyer (or seller) sitting just below (above) them. (A ‘U’order was always a big order, because to be ‘U’ it had to be at least $100k worth).

The ‘U’ was always likely to be a manipulative order – trying to get the market to move toward a counter-order on the other side of the market: if you want to buy $5k worth ofstock, you OFFER a ‘U’ above the market, and watch the nuffies on the offer run the price down to your $5k bid

Related to this was the refusal of the exchange to disclose broker details to the broader public – in other wirds, if there was a ‘U’ order, it would have been good to know whether it was from a large broker (who would be likely to have a client who actually wanted to buy/sell $100k of stock) or a small broker (where the ‘U’ might well be a manipulative order).

Daytraders were manic ‘U’ spotters. There were times when an absolute flood of traders would jump the spread in a stock when they saw a ‘U’ order, even if there was already tens of millons of dollars worth of stock on both sides of the depth.

Fortunately, both the broker depth issue and the ‘U’ order issue have gone away nowadays.

 

HFT is symptomatic of the corruption in the US system – it is unambiguously designed to ‘nickel and dime’ the market, in order to enrich a few favoured-access firms and their clientele. Since it’s corrupt it ought to be stamped out – otherwise people will simply vote with their feet (and exchange volume stats show that people are already doing so). 

But what HFT is not, is a pox on a sensibly-constructed investment strategy (and it’s not even harmful to a sensibly-contrarian trading strategy).

In sum, there are far bigger issues when it comes to the rampant corruption in US and global equities markets. This is not so much a storm in a teacup, as it is an attempt to diligently remove a stray tea-leaf from a cup of tea, when the teapot has a gigantic turd in it.

It’s well motivated – and has been brilliant in bringing the issue to the fore – so it ought to be used as a launchpad for further work: in and of itself it’s neither important nor damaging to market functions.

OzRant: All Censors are Sick Pervs…

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Those who buy stocks based on the company's contracts with government got a super-clear lesson over the last two sessions, as the incoming government of Mongolia decided it didn't like the deal struck between RIO and the outgoing government. Doubtless the right palms were greased at the time the deal was signed, but as of yesterday they were the wrong palms.

That's the way it goes when you get into bed with the parasite-political class – they can change the rules whenever the hell they feel like it, and declare their actions 'legal' by simply generating a new 'law'. 

That's why any stock that does a significant portion of its business with government – any government – should be priced using a significantly higher risk premium than those who rely on private-sector clientele. It might seem great to be dealing with a counterparty whose budget constraint depends only on its ability to extort money from its 'citizens', but you have to remember that the political class are the most unprincipled, dishonest vermin to ever infest human settlements. There is only ONE way to the top in politics, and that is by dirty deeds. If you believe otherwise, then you're naive.

Anyhow… I'm certain that I've contracted Swine Flu. 

Just kidding – I have a runny nose and I'm feeling a bit tired, is all.

Swine Flu – like SARS and Bird Flu before it – is just another government beat-up to divert the limited attention of the populace (and to divert large amounts of public funds to politically-connectedPharma – Rumsfeld is a big player in Tamiflu). 

It's part of the TECK axis of fake evil… Terrorism, Epidemics, ClimateChaos and KiddiePorn. 

All of these represent completely government-generated scare campaigns encouraging couch-bound morons to over-estimate a set of absolutely microscopic risks – because it's easier to fleece a scared population if your claimed product is security.  

Plus, it helps to take people's minds off the fact that trillions of dollars are being siphoned out of their pockets and transferred to government cronies.

I also noticed that the Strayan government – in a typical Stalinist attempts to control the information flowing to its livestock – will impose fines of $11k on anybody who so much as links to one of the thousands of sites that the government has placed on its modern version of the Inquisition's Index of Banned Books.

The decision to copy such bastions of freedom and respect for human rights as North Korea and China is salutary: it shows that for parasitic scum like KRudd and his cronies, liberty is a word that is important only insofar as you can use it in a slogan which you then repudiate through your actions.

Well guess what – that only applies to sites hosted in Australia: KRudd is prepared to sound the death knell of Australian webhosts (who are already at a massive cost disadvantage relative to their overseas counterparts).

Here is the link to the WikiLeaks page that lists KRudd's banned sites list – some of which are there solely because their content is philosophically opposed to things that government thinks are important.

In Brief: Fuck You, KRudd. We are not children, nor are we livestock.

Major Market Indices

The broad market – the All Ordinaries (XAO) – declined gently, dropping 16.8 points (0.43%), finishing at 3887.4 points. 

The index hit an intraday high of 3914.9 at 10:19 am, while the low for the day was 3870.1 – set at 2:49 pm Sydney time. The closing print was 12 points higher than the index level at 3:59p.m. – indicating that somebody manipulated the closing matchout. 

Total volume traded on the ASX was 2.27bn units, 6.4% above its 10-day average of 2.13bn shares.The ASX's daily listing of all stocks included 1354 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 453 issues rose, with volume in rising issues totalling 883.4m units; there were 580 declining stocks, which traded aggregate declining volume of 1.06bn shares.

Of the 499 All Ordinaries components, 174 rose while 235 fell. Volume was tilted in favour of the losers by a margin of 1.3:1, with 662.44m shares traded in gainers while 893.02m shares traded in the day's losers.

The Index that forms the cash basis for the SPI Futures – the S&P/ASX 200 (XJO) – fell mildly, losing 19.3 points (0.49%), closing out the session at 3884.8 points.

GT Intraday Chart

Name Close +/-(%)
All Ordinaries 3887.40 -16.80 (0.4%)
ASX 20 2352.60 -9.30 (0.4%)
ASX 50 3910.50 -10.50 (0.3%)
ASX 100 3187.90 -9.20 (0.3%)
ASX 200 3884.80 -19.30 (0.5%)
ASX 300 3880.20 -19.50 (0.5%)
ASX Mid-Cap 50 3496.70 -15.00 (0.4%)
ASX Small Ordinaries 2068.50 -12.50 (0.6%)

The "heavy hitters" of the Australian market – the ASX 20 Leaders (XTL) – slid modestly, falling 9.3 points (0.39%), closing out the session at 2352.6 points.

Among the 20 big guns, 10 index components finished to the upside, and 11 lost ground. The stocks which make up the index traded a total of 276.39m units; 10 index components rose, with rising volume amounting to 85.27m shares, while the 11 decliners had volume traded totalling 186.56m units. The major percentage gainers within the index were

  • Macquarie Group Ltd (MQG), +$1.02 (2.84%) to $36.97 on volume of 2.1 million shares;
  • CSL Ltd (CSL), +$0.83 (2.74%) to $31.13 on volume of 5.8 million shares;
  • Foster's Group Ltd (FGL), +$0.10 (1.97%) to $5.17 on volume of 10.6 million shares;
  • Wesfarmers Ltd (WES), +$0.40 (1.86%) to $21.87 on volume of 7.3 million shares; and
  • Westfield Group (WDC), +$0.20 (1.82%) to $11.21 on volume of 12.2 million shares.

 

On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:

  • Rio Tinto Ltd (Rights) (RIOR), -$5.44 (18.29%) to $24.30 on volume of 3.4 million shares;
  • Rio Tinto Ltd (RIO), -$5.16 (8.95%) to $52.52 on volume of 9.2 million shares;
  • BHP Billiton Ltd (BHP), -$0.96 (2.69%) to $34.70 on volume of 26.9 million shares;
  • Telstra Corp Ltd (TLS), -$0.04 (1.19%) to $3.32 on volume of 72.2 million shares; and
  • Newcrest Mining Ltd (NCM), -$0.36 (1.16%) to $30.72 on volume of 3.2 million shares.

 

The ASX Small Ordinaries (XSO) The small end of the market had significantly worse day than its large-cap counterpart. The Small Ords slid modestly, falling 12.5 points (0.6%), closing out the session at 2068.5 points.

Among the stocks that make up the Small Caps index, 73 index components finished to the upside, and of the rest, 114 closed lower for the session.

The 214 stocks which make up the index traded a total of 537.58m units: volume in the 73 gainers totalling 164.06m shares, with trade totalling 290.02m units in the index's 114 declining components. The major percentage gainers within the index were

  • Eastern Star Gas (ESG), +$0.10 (13.29%) to $0.81 on volume of 8.4 million shares;
  • Macquarie Leisure Trust (MLE), +$0.16 (12.55%) to $1.44 on volume of 1.8 million shares;
  • Minemakers (MAK), +$0.06 (10.53%) to $0.63 on volume of 983.9 thousand shares;
  • Wotif.com Holdings (WTF), +$0.42 (10.22%) to $4.53 on volume of 2.6 million shares; and
  • Sundance Resources (SDL), +$0.01 (6.25%) to $0.17 on volume of 27.2 million shares.

 

In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):

  • Lynas Corporation (LYC), -$0.07 (12.84%) to $0.48 on volume of 17.4 million shares;
  • ING Industrial Fund (IIF), -$0.04 (12.07%) to $0.26 on volume of 9.3 million shares;
  • Apex Minerals NL (AXM), -$0.02 (10%) to $0.18 on volume of 9.4 million shares;
  • Centro Properties Group (CNP), -$0.01 (9.09%) to $0.10 on volume of 3 million shares; and
  • Hastie Group (HST), -$0.11 (7.92%) to $1.22 on volume of 4.2 million shares.

 

 

Index Changes
Code Name Close +/- % Volume
XAO All Ordinaries 3887.4 -16.8 -0.43 1698.4m
XFL ASX 50 3910.5 -10.5 -0.27 639.8m
XJO ASX 200 3884.8 -19.3 -0.49 1520.6m
XKO ASX 300 3880.2 -19.5 -0.5 1649.8m
XMD ASX Mid-Cap 50 3496.7 -15 -0.43 508m
XSO ASX Small Ordinaries 2068.5 -12.5 -0.6 502m
XTL ASX 20 2352.6 -9.3 -0.39 251.1m
XTO ASX 100 3187.9 -9.2 -0.29 1147.8m
Market Breadth
  ASX20 XTO XJO XAO XSO Market
Advances 10 45 85 174 73 453
Declines 11 57 108 235 114 580
Advancing Volume 85.3m 495.9m 618.4m 662.4m 164.1m 883.4m
Declining Volume 186.6m 679.3m 828m 893m 290m 1.06bn
GICS Industry Indices

Among the 11 industry indices, the outcome favoured the upside, but only just – the 6 advancing sectors just triumphed the 5 losing sectors.

The best performing index was Healthcare (XHJ), which added 107.1 points (1.37%) to 7934.1 points. The 10 stocks which make up the index traded a total of 23.67m units; 5 index components rose, with rising volume amounting to 13.81m shares, while the 5 decliners had volume traded totalling 9.86m units. The major percentage gainers within the index were

  • CSL Ltd (CSL), +$0.83 (2.74%) to $31.13 on volume of 5.8 million shares;
  • ResMed Inc (RMD), +$0.11 (2.29%) to $4.92 on volume of 1.3 million shares;
  • ISOFT Group Ltd (ISF), +$0.01 (1.49%) to $0.68 on volume of 2.5 million shares;
  • Healthscope Ltd (HSP), +$0.06 (1.4%) to $4.34 on volume of 2 million shares; and
  • Primary Health Care Ltd (PRY), +$0.01 (0.18%) to $5.46 on volume of 2.2 million shares.

 

Second in the index leadership stakes was Consumer Staples (XSJ), which gained 47.8 points (0.74%) to 6495 points. The 12 stocks which make up the index traded a total of 55.98m units; 7 index components rose, with rising volume amounting to 37.73m shares, while the 5 decliners had volume traded totalling 18.25m units. The major percentage gainers within the index were

  • Foster's Group Ltd (FGL), +$0.10 (1.97%) to $5.17 on volume of 10.6 million shares;
  • Wesfarmers Ltd (WES), +$0.40 (1.86%) to $21.87 on volume of 7.3 million shares;
  • Coca-Cola Amatil Ltd (CCL), +$0.10 (1.16%) to $8.75 on volume of 3.4 million shares;
  • Metcash Ltd (MTS), +$0.03 (0.71%) to $4.27 on volume of 6.2 million shares; and
  • Woolworths Ltd (WOW), +$0.12 (0.47%) to $25.62 on volume of 6 million shares.

 

The bronze medal for today goes to Financials ex Property Trusts (XXJ), which climbed 29.7 points (0.71%) to 4201.8 points. The 25 stocks which make up the index traded a total of 118.63m units; 14 index components rose, with rising volume amounting to 60.41m shares, while the 10 decliners had volume traded totalling 56.87m units. The major percentage gainers within the index were

  • Australand Property Group (ALZ), +$0.03 (5.49%) to $0.48 on volume of 4.9 million shares;
  • Eircom Holdings (ERC), +$0.05 (4.52%) to $1.16 on volume of 812.5 thousand shares;
  • Challenger Fin Ser (CGF), +$0.09 (4.04%) to $2.32 on volume of 2.3 million shares;
  • Platinum Asset Management (PTM), +$0.13 (3.17%) to $4.23 on volume of 976.5 thousand shares; and
  • Macquarie Group Ltd (MQG), +$1.02 (2.84%) to $36.97 on volume of 2.1 million shares.

 

The worst-performed index for the session was Materials (XMJ), which dipped 319.1 points (3.07%) to 10085.5 points. The 47 stocks which make up the index traded a total of 343.18m units; The 33 decliners had volume traded totalling 275.64m units, and 12 index components rose, with rising volume amounting to 55.74m shares, The major percentage decliners within the index were

  • Rio Tinto Ltd (Rights) (RIOR), -$5.44 (18.29%) to $24.30 on volume of 3.4 million shares;
  • Lynas Corporation (LYC), -$0.07 (12.84%) to $0.48 on volume of 17.4 million shares;
  • Rio Tinto Ltd (RIO), -$5.16 (8.95%) to $52.52 on volume of 9.2 million shares;
  • Mount Gibson Iron (MGX), -$0.06 (6.06%) to $0.93 on volume of 6.7 million shares; and
  • Panoramic Resources (PAN), -$0.14 (5.3%) to $2.50 on volume of 3 million shares.

 

Just missing out on the wooden spoon was Telecommunications (XTJ), which slid 13.7 points (1.19%) to 1142.2 points. The 3 stocks which make up the index traded a total of 85.25m units; The sole declining stock traded 72.25m units, and 2 index components rose, with rising volume amounting to 13m shares. The decliner within the index was

  • Telstra Corp Ltd (TLS), -$0.04 (1.19%) to $3.32 on volume of 72.2 million shares.

 

Third-to-last amongst the sector indices was Information Technology (XIJ), which slid 5.1 points (1.01%) to 499.8 points. The 2 stocks which make up the index traded a total of 3.4m units; The sole declining stock traded 2.67m units, and volume in the lone rising index component was 0.72m shares. The decliner within the index was

  • Computershare Ltd (CPU), -$0.11 (1.27%) to $8.54 on volume of 2.7 million shares.

 

Sector Indices
Code GICS Sector Close +/- % Volume
XHJ Healthcare 7934.1 107.1 1.37 24m
XSJ Consumer Staples 6495 47.8 0.74 56m
XXJ Financials ex Property Trusts 4201.8 29.7 0.71 119m
XPJ Property Trusts 741.8 4.6 0.62 442m
XUJ Utilities 4058.8 9.7 0.24 57m
XDJ Consumer Discretionary 1270.1 1.7 0.13 118m
XEJ Energy 14275.8 -7.2 -0.05 84m
XNJ Industrials 2947.1 -15.9 -0.54 237m
XIJ Information Technology 499.8 -5.1 -1.01 3m
XTJ Telecommunications 1142.2 -13.7 -1.19 85m
XMJ Materials 10085.5 -319.1 -3.07 343m

All Ordinaries Major Movers

All Ords Volume Leaders
Code Name Close +/- % Volume
GPT GPT Group 0.50 -0.02 -2.94 73m
TLS Telstra Corp Ltd 3.32 -0.04 -1.19 72.2m
GMG Goodman Group 0.40 0.02 3.95 63.6m
BLY Boart Longyear 0.25 -0.02 -5.77 59.6m
MOF Macquarie Office Trust 0.21 0.01 2.5 59.6m
All Ords Percentage Gainers
Code Name Close +/- % Volume
VIR Viridis Clean Energy Group 0.25 0.04 16.28 4.6m
ESG Eastern Star Gas 0.81 0.10 13.29 8.4m
MLE Macquarie Leisure Trust 1.44 0.16 12.55 1.8m
MAK Minemakers 0.63 0.06 10.53 983.9k
WTF Wotif.com Holdings 4.53 0.42 10.22 2.6m
All Ords Percentage Losers
Code Name Close +/- % Volume
RIOR RIO Tinto Ltd (Rights) 24.30 -5.44 -18.29 3.4m
LYC Lynas Corporation 0.48 -0.07 -12.84 17.4m
IIF ING Industrial Fund 0.26 -0.04 -12.07 9.3m
AXM Apex Minerals NL 0.18 -0.02 -10 9.4m
CNP Centro Properties Group 0.10 -0.01 -9.09 3m

USRant: I’m The Dandy Highwayman…

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You mustn’t think that I am a fan of mild-mannered academic Mahmoud Ahmedinijad, dearest Reader. He is a professional parasite (like all of his political-class brethren, everywhere in the world) and, and like all parasites should be expunged from this earthly realm. (‘Wiped off the map’, if you are one of the dumbasses who think that MEMRI’s deliberate mistranslation was accurate).

As I was saying… I’m not a fan of any political leader, anywhere. They should all be slaughtered and fed to pigs. So let’s get that clear as point 1.

With point 1 in mind, though, the demonisation of Iran must be countered with all the force we non-groupthinkers can muster. The thrum of the undercurrent of anti-Iran propaganda is a prelude to yet another Two Minutes’ Hate – last time it was Iraq (or if you prefer the nomenclature of the Old Testament, Ur of the Chaldees, home of Avram). 

Once the Two Minutes’ Hate has been triggered, the cruise missiles are never far behind: and then ‘brave’, ‘hero’ arseholes fly over at 30000 feet, dropping million-dollar parcels of death onto children and villagers. ‘Hero’ sociopaths who would shoot their own people if ordered to by their political masters, are sent onto the ground to continue the slaughter at close quarters.

Speaking of which – and thinking of that SAS redmuff sociopath who got given a medal recently … how come the Strayan Army still gives out Imperial [British] medals? 

I thought Gough Whitlam put an end to stuff like that forelock-tugging; we no longer have Knights, OBEs, MBEs, and so on… and of course no more QCs at the Bar. But we still give the VC – each medal supposedly forged from part of the metal of the guns of Balaclava (another signal lesson in military futility, albeit from the days when civilian carnage was studiously avoided and generals weren’t safely out of harm’s way). 

I guess if they’d awarded the little SAS-ginger the Strayan Medal for Shooting Foreigners In Their Own Country, he would not have known how much of a hero he was for being a Good German, killing people whose only crime is to occupy a bit of land that is the focus of the governments Two Minutes Hate.

I am glad that the West is getting its arse kicked in the meat-grinder of Afghanistan; eventually they will give up an we will all be blessed with having a bunch of trained psychopaths becoming ever-more alienated and bitter as they find that their promised retirement benefits are whittled away. And these folks kill because they like it – they’re not conscripts.

 

Headline Indices

The Dow Jones Industrial Average dropped 107.46 points (1.25%) to 8504.67 points. The index high for the day was 8643.65, set in the opening minutes and tested a few times in the first hour; the low was 8499.45, set right at the close. Total volume traded in the 30 components of the index was 1.27bn shares. Decliners outpaced gainers by 13.5 to one, with 27 decliners to 2 advancers. Declining volume was greater than advancing volume by 1.12bn to 148.95m shares. The main decliners (in percentage terms) were –

  • Bank Of America (BAC) -0.6 (4.5%) to $12.73 on volume of 367.7m shares;
  • Citigroup (C) -0.12 (3.6%) to $3.25 on volume of 183.61m shares;
  • AIG (AIG) -0.05 (3.3%) to $1.48 on volume of 54.13m shares;
  • Disney Corp (DIS) -0.76 (3.1%) to $23.49 on volume of 13.29m shares; and
  • General Electric (GE) -0.37 (2.8%) to $12.78 on volume of 91.11m shares.

The S&P500 index (SPX) fell 11.75 points (1.27%) to 911.97 points. Total volume traded in the 500 components of the index was 4.04bn shares. Decliners outpaced gainers by 5.3 to one, with 399 decliners to 75 advancers. Declining volume was greater than advancing volume by 3.31bn to 670.96m shares. The main decliners (in percentage terms) were –

  • Harman Int’l Industries (HAR) -2.91 (12.5%) to $20.4 on volume of 2.83m shares;
  • American CapitalLtd. (ACAS) -0.39 (9.1%) to $3.89 on volume of 13.44m shares;
  • E*Trade Financial Corp. (ETFC) -0.16 (8.8%) to $1.65 on volume of 40.41m shares;
  • Zions Bancorp (ZION) -1.15 (7.7%) to $13.83 on volume of 5.31m shares; and
  • Best Buy Co.Inc. (BBY) -2.82 (7.3%) to $35.84 on volume of 27.37m shares.

The Nasdaq Composite dropped 20.2 points (1.11%) to 1796.18 points. while the Nasdaq100 dipped 13.71 points (0.94%) to 1443.25 points. Total volume traded in the 100 components of the NDX was 802.22m shares. Decliners outpaced gainers by 5.1 to one, with 82 decliners to 16 advancers. Declining volume was greater than advancing volume by 608.27m to 193.95m shares. The main decliners (in percentage terms) were –

  • Level 3 Communications (LVLT) -0.08 (5.4%) to $1.41 on volume of 12m shares;
  • Genzyme (GENZ) -2.87 (5.2%) to $52.75 on volume of 16.89m shares;
  • Sears Holdings (SHLD) -3.02 (4.5%) to $63.8 on volume of 1.27m shares;
  • Joy Global (JOYG) -1.69 (4.4%) to $36.36 on volume of 5.97m shares; and
  • Marvell Technology Group (MRVL) -0.52 (4.2%) to $11.95 on volume of 12.99m shares.

Volatility

The CBOE Volatility Index added +1.87 points (6.07%) to 32.68 points. and the CBOE Nasdaq100 Volatility Index dropped 0.22 points (0.68%) to 32.32 points..

Breadth and Internals

A total of 3834 issues traded today on the NYSE; 1063 stocks posted gains for the day, and there were 2654 losers. 10 stocks made new 1-year highs on the NYSE, while 47 shares plumbed new 52-week depths.

On the Nasdaq 2816 tickers traded today; total Nasdaq volume was 2.19bn shares. A total of 779 stocks posted gains for the day, with aggregate volume of 0.48bn shares changing hands in the day’s winners. The red zone of the Nasdaq exchange comprised 1898 losers, and total declining volume was 1.7bn shares. 16 Nasdaq-listed stocks hit new 52-week highs, while 21 shares dipped to new 1-year lows.

Major Market Statistics
Index Close Gain(Loss) %
Dow Jones Industrial Average 8504.67 -107.46 -1.25%
S&P500 Index 911.97 -11.75 -1.27%
Nasdaq Composite 1796.18 -20.20 -1.11%
Nasdaq100 1443.25 -13.71 -0.94%
CBOE Volatility Index 32.68 +1.87 6.07%
CBOE Nasdaq100 Volatility Index 32.32 -0.22 -0.68%

Dow Darlings

  • Pfizer (PFE) +0.03 (0.2%) to $14.16 on volume of 45.5m units
  • Microsoft (MSFT) +0.03 (0.1%) to $23.45 on volume of 103.5m units

Dow Duds:

  • Bank Of America (BAC) -0.6 (4.5%) to $12.73 on volume of 368.4m units
  • Disney Corp (DIS) -0.76 (3.1%) to $23.49 on volume of 13.3m units
  • General Electric (GE) -0.37 (2.8%) to $12.78 on volume of 91.1m units
  • Alcoa (AA) -0.31 (2.8%) to $10.9 on volume of 44.9m units
  • Home Depot (HD) -0.65 (2.7%) to $23.2 on volume of 16.9m unit
    s

Most Traded Dow stocks:

  • Bank Of America (BAC) -0.6 (4.5%) to $12.73 on volume of 368.4m units
  • Microsoft (MSFT) +0.03 (0.1%) to $23.45 on volume of 103.5m units
  • General Electric (GE) -0.37 (2.8%) to $12.78 on volume of 91.1m units
  • JPMorganChase (JPM) -0.5 (1.5%) to $33.5 on volume of 56.2m units
  • Intel (INTC) -0.12 (0.8%) to $15.86 on volume of 52.8m units
Precious Metals

The Gold Bugs index (XAU) gained 0.66 points (0.47%) to 140.56 points. Total volume traded in the 16 components of the index was 94.64m shares. Advancers outpaced decliners by 1.7 to one, with 10 advancers to 6 decliners. Advancing volume exceeded declining volume by 55.66m to 38.97m shares. The biggest gainers (percentage-wise) were –

  • Gold Fields Ltd (GFI) +0.31 (2.8%) to $11.58 on volume of 4.41m shares;
  • Royal Gold (RGLD) +1.09 (2.6%) to $42.9 on volume of 0.58m shares;
  • GoldCorp (GG) +0.8 (2.4%) to $34.51 on volume of 8.41m shares;
  • AngloGold Ashanti (AU) +0.8 (2.2%) to $36.59 on volume of 1.99m shares; and
  • Yamana Gold (AUY) +0.19 (2.1%) to $9.19 on volume of 17.12m shares.
Energy Complex

The Oil Services index (OSX) lost 1.89 points (1.05%) to 178.9 points. Total volume traded in the 15 components of the index was 89.68m shares. None of the 15 index components rose today: all 15 stocks within the index fell, with downside volume of 89.68m shares. The main decliners (in percentage terms) were –

  • Global Industries (GLBL) -0.34 (5%) to $6.45 on volume of 1.28m shares;
  • Weatherford International (WFT) -1 (4.5%) to $21.06 on volume of 13.23m shares;
  • Oceaneering International (OII) -2.12 (4.1%) to $49.06 on volume of 0.52m shares;
  • Nabors Industries (NBR) -0.67 (3.9%) to $16.71 on volume of 7.39m shares; and
  • Smith International (SII) -1.12 (3.8%) to $28.51 on volume of 3.81m shares.
Bellwethers

The nine-stock group that makes up the Rant bellwethers advanced on average by 1.1%. The fallout occurred as follows:

  • General Electric (GE) -0.37 (2.81%) to $12.78 on volume of 91.11m units.
  • Citigroup (C) -0.12 (3.56%) to $3.25 on volume of 183.62m units.
  • Wal-Mart (WMT) -0.21 (0.43%) to $48.25 on volume of 20.65m units.
  • IBM (IBM) -0.30 (0.28%) to $107.32 on volume of 7.22m units.
  • Intel (INTC) -0.12 (0.75%) to $15.86 on volume of 52.8m units.
  • Cisco Systems (CSCO) -0.28 (1.45%) to $19.08 on volume of 44.15m units.
  • Google (GOOG) -0.77 (0.18%) to $416.00 on volume of 3m units.
  • Fannie Mae (FNM) +0.06 (9.84%) to $0.67 on volume of 28.39m units.
  • Freddie Mac (FRE) +0.06 (9.09%) to $0.72 on volume of 11.58m units.
Other Indices of Interest…

The Banks index (BKX) lost 0.91 points (2.42%) to 36.73 points. Total volume traded in the 24 components of the index was 908.38m shares. Decliners outpaced gainers by 20 to one, with 20 decliners to 1 advancers. Declining volume was greater than advancing volume by 887.93m to 20.45m shares. The main decliners (in percentage terms) were –

  • Zions Bancorp (ZION) -1.15 (7.7%) to $13.83 on volume of 5.31m shares;
  • New M&I Corporation (MI) -0.32 (5.3%) to $5.67 on volume of 13.45m shares;
  • Fifth Third Bancorp (FITB) -0.39 (5.2%) to $7.18 on volume of 34.14m shares;
  • Huntington Bancshares (HBAN) -0.22 (4.9%) to $4.3 on volume of 42.75m shares; and
  • Bank Of America (BAC) -0.6 (4.5%) to $12.73 on volume of 367.7m shares.

OzRant: Regarde-Nous…

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The propaganda matrix is in full voice since the election of mild-mannered academic Mahmoud Ahmedinijad to another term as almost-powerless president of Iran (the theocracy wields all actual political power in Iran).

The CIA’s dirty-tricks drawer is still useful in the vat of viscous slop that makes up the mainswamp media – where (according to the latest Ice Age movie) dinosaurs post-date mammals… and where Netan-Yahoo’s speech to a bunch of zionist tax-parasites was ‘statesman-like’ simply because it didn’t advocate out and out genocide of the people from whom the Ashke-Nazi stole Palestine.

So our vidscreens are full of Yank-produced glop pretending that there is a question mark over the Iranian election (oh the irony – the US running gloop about dodgy elections is like the New York Times lecturing bloggers about reliability). How double-plus-ungood those Eurasians are – I double-plus unbellyfeel all mujaheddin (or are they the good guys again?… I forget).

The new Rant/Mentat HQ – at the Antarctic end of Collins-Strasse – is not bad, although this new keyboard is giving me the shits.

Oh, and in case you were wondering… yes, I am rather pleased with myself for having thrown down short late last week. The Nikkei leg was underwater when last we met – it’s almost 300 points to the good now.

Major Market Indices

The broad market – the All Ordinaries (XAO) – dipped reasonably hard, registering a loss of 72.5 points (1.8%), finishing at 3957.9 points. The index hit an intraday high of 4030.4 at 10:00 am, while the low for the day was 3950.3 – set at 1:57 pm Sydney time.

Total volume traded on the ASX was 2.17bn units, 1.7% above its 10-day average of 2.14bn shares.The ASX’s daily listing of all stocks included 1385 different 3-letter FPO’s which traded (i.e., had non-zero trade volume). Of these, 307 issues rose, with volume in rising issues totalling 309.4m units; there were 767 declining stocks, which traded aggregate declining volume of 1.58bn shares.

Of the 498 All Ordinaries components, 90 rose while 331 fell. Volume was tilted in favour of the losers by a margin of 6.6:1, with 175.59m shares traded in gainers while 1.15bn shares traded in the day’s losers.

The Index that forms the cash basis for the SPI Futures – the S&P/ASX 200 (XJO) – registered a loss of 63.6 points (1.58%), closing out the session at 3968.1 points.

GT Intraday Chart
Name Close +/-(%)
All Ordinaries 3957.90 -72.50 (1.8%)
ASX 20 2398.40 -32.70 (1.3%)
ASX 50 3980.70 -63.90 (1.6%)
ASX 100 3245.00 -52.00 (1.6%)
ASX 200 3968.10 -63.60 (1.6%)
ASX 300 3963.10 -64.50 (1.6%)
ASX Mid-Cap 50 3559.90 -54.50 (1.5%)
ASX Small Ordinaries 2113.60 -74.10 (3.4%)

The "heavy hitters" of the Australian market – the ASX 20 Leaders (XTL) – registered a loss of 32.7 points (1.35%), closing out the session at 2398.4 points.

Among the 20 big guns, 3 index components finished to the upside, and 18 lost ground. The stocks which make up the index traded a total of 172.48m units; 3 index components rose, with rising volume amounting to 55.34m shares, while the 18 decliners had volume traded totalling 117.14m units. The major percentage gainers within the index were

  • Telstra Corp Ltd (TLS), +$0.03 (0.9%) to $3.38 on volume of 50.2 million shares;
  • Woolworths Ltd (WOW), +$0.04 (0.15%) to $26.16 on volume of 2.6 million shares; and
  • Newcrest Mining Ltd (NCM), +$0.04 (0.13%) to $31.60 on volume of 2.5 million shares.

 

On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:

  • Stockland (SGP), -$0.16 (4.73%) to $3.22 on volume of 15.1 million shares;
  • Suncorp-Metway Ltd (SUN), -$0.31 (4.67%) to $6.33 on volume of 3.3 million shares;
  • Macquarie Group Ltd (MQG), -$1.47 (3.76%) to $37.60 on volume of 2 million shares;
  • Westfield Group (WDC), -$0.4 (3.41%) to $11.33 on volume of 8.3 million shares; and
  • Woodside Petroleum Ltd (WPL), -$1.35 (3.2%) to $40.85 on volume of 2.7 million shares.

 

The ASX Small Ordinaries (XSO) The small end of the market had significantly worse day than its large-cap counterpart. The Small Ords copped a bit of a hiding, sliding 74.1 points (3.39%), closing out the session at 2113.6 points.

Among the stocks that make up the Small Caps index, 31 index components finished to the upside, and of the rest, 167 closed lower for the session.

The 214 stocks which make up the index traded a total of 527.93m units: volume in the 31 gainers totalling 27.29m shares, with trade totalling 474.45m units in the index’s 167 declining components. The major percentage gainers within the index were

  • SMS Management & Technology Ltd (SMX), +$0.26 (8.64%) to $3.27 on volume of 813.4 thousand shares;
  • Wattyl Ltd (WYL), +$0.04 (7.45%) to $0.51 on volume of 392.3 thousand shares;
  • Singapore Telecommunications. (SGT), +$0.10 (4.05%) to $2.57 on volume of 3.3 million shares;
  • Babcock & Brown Power (BBP), +$0.00 (3.09%) to $0.10 on volume of 4.1 million shares; and
  • Aspen Group (APZ), +$0.01 (3.03%) to $0.34 on volume of 633.3 thousand shares.

 

In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):

  • Aditya Birla Minerals (ABY), -$0.12 (15.13%) to $0.65 on volume of 2.9 million shares;
  • Energy World Corporation Ltd (EWC), -$0.09 (13.18%) to $0.56 on volume of 6.7 million shares;
  • Nexus Energy (NXS), -$0.06 (12.22%) to $0.40 on volume of 16.1 million shares;
  • Macarthur Coal Ltd (MCC), -$0.93 (12.16%) to $6.72 on volume of 2.1 million shares; and
  • Minara Resources Ltd (MRE), -$0.1 (10.87%) to $0.82 on volume of 4.1 million shares.

 

 

Index Changes
Code Name Close +/- % Volume
XAO All Ordinaries 3957.9 -72.5 -1.8 1448m
XFL ASX 50 3980.7 -63.9 -1.58 497.7m
XJO ASX 200 3968.1 -63.6 -1.58 1243.5m
XKO ASX 300 3963.1 -64.5 -1.6 1400.9m
XMD ASX Mid-Cap 50 3559.9 -54.5 -1.51 408.4m
XSO ASX Small Ordinaries 2113.6 -74.1 -3.39 494.7m
XTL ASX 20 2398.4 -32.7 -1.35 157.4m
XTO ASX 100 3245 -52 -1.58 906.1m
Market Breadth
  ASX20 XTO XJO XAO XSO Market
Advances 3 20 34 90 31 307
Declines 18 81 165 331 167 767
Advancing Volume 55.3m 146.9m 161m 175.6m 27.3m 309.4m
Declining Volume 117.1m 751.9m 1.03b 1.15b 474.4m 1.58bn
GICS Industry Indices

Among the 11 industry indices, 2 registered an advance for the session, the remaining 9 lost ground.

The best performing index was Telecommunications (XTJ), which added 16.4 points (1.42%) to 1168.4 points. This index only contains 3 stocks; they traded a total of 55.43m units today. 2 index components rose, with rising volume amounting to 53.49m shares, while the sole declining stock traded 1.94m units. The major percentage gainers within the index were

  • Singapore Telecommunications Ltd (SGT), +$0.10 (4.05%) to $2.57 on volume of 3.3 million shares; and
  • Telstra Corp Ltd (TLS), +$0.03 (0.9%) to $3.38 on volume of 50.2 million shares.

 

Second in the index leadership stakes was Information Technology (XIJ), which gained 4.7 points (0.93%) to 512.1 points. This index only contains 2 stocks; they traded a total of 2.
06m units today. The lone rising index component had volume amounting to 1.34m shares, none of the stocks in the index lost ground. The major percentage gainers within the index were

  • Computershare Ltd (CPU), +$0.08 (0.92%) to $8.78 on volume of 1.3 million shares.

 

The worst-performed index for the session was Energy (XEJ), which dipped 489.6 points (3.27%) to 14461.2 points. The 22 stocks which make up the index traded a total of 84.23m units; The 20 decliners had volume traded totalling 83.06m units, and 2 index components rose, with rising volume amounting to 1.17m shares, The major percentage decliners within the index were

  • Nexus Energy (NXS), -$0.06 (12.22%) to $0.40 on volume of 16.1 million shares;
  • Centennial Coal Co Ltd (CEY), -$0.26 (8.78%) to $2.70 on volume of 4.5 million shares;
  • Aquila Resources (AQA), -$0.45 (7.85%) to $5.28 on volume of 504 thousand shares;
  • Felix Resources (FLX), -$1.08 (7.73%) to $12.89 on volume of 488.8 thousand shares; and
  • Paladin Energy Ltd (PDN), -$0.35 (6.73%) to $4.85 on volume of 4.6 million shares.

 

Just missing out on the wooden spoon was Property Trusts (XPJ), which slid 21.8 points (2.79%) to 759.8 points. The 21 stocks which make up the index traded a total of 416.66m units; The 16 decliners had volume traded totalling 311.07m units, and 4 index components rose, with rising volume amounting to 46.08m shares, The major percentage decliners within the index were

  • Goodman Group (GMG), -$0.08 (15.31%) to $0.42 on volume of 104.1 million shares;
  • Centro Properties Group (CNP), -$0.01 (8.7%) to $0.11 on volume of 5.6 million shares;
  • Centro Retail (CER), -$0.01 (7.14%) to $0.13 on volume of 16.5 million shares;
  • Apn/Uka European Retail Property Group (AEZ), -$0 (6.45%) to $0.06 on volume of 1.1 million shares; and
  • Tishman Speyer Office Fund (TSO), -$0.02 (6.35%) to $0.30 on volume of 2.6 million shares.

 

Third-to-last amongst the sector indices was Materials (XMJ), which slid 252.1 points (2.33%) to 10578.1 points. The 46 stocks which make up the index traded a total of 312.79m units; The 43 decliners had volume traded totalling 306.28m units, and 3 index components rose, with rising volume amounting to 6.51m shares, The major percentage decliners within the index were

  • Macarthur Coal Ltd (MCC), -$0.93 (12.16%) to $6.72 on volume of 2.1 million shares;
  • Nufarm (NUF), -$1.47 (12.15%) to $10.63 on volume of 7.8 million shares;
  • Minara Resources Ltd (MRE), -$0.1 (10.87%) to $0.82 on volume of 4.1 million shares;
  • Murchison Metals Ltd (MMX), -$0.22 (10.8%) to $1.78 on volume of 2.2 million shares; and
  • OZ Minerals (OZL), -$0.09 (9%) to $0.91 on volume of 34.7 million shares.

 

Sector Indices
Code GICS Sector Close +/- % Volume
XTJ Telecommunications 1168.4 16.4 1.42 55m
XIJ Information Technology 512.1 4.7 0.93 2m
XHJ Healthcare 7815 -31 -0.4 14m
XSJ Consumer Staples 6585.5 -40 -0.6 34m
XUJ Utilities 4091.8 -37.4 -0.91 53m
XDJ Consumer Discretionary 1293.9 -13.3 -1.02 62m
XNJ Industrials 3046.3 -36.5 -1.18 183m
XXJ Financials ex Property Trusts 4229.4 -58.3 -1.36 74m
XMJ Materials 10578.1 -252.1 -2.33 313m
XPJ Property Trusts 759.8 -21.8 -2.79 417m
XEJ Energy 14461.2 -489.6 -3.27 84m

All Ordinaries Major Movers

All Ords Volume Leaders
Code Name Close +/- % Volume
GMG Goodman Group 0.42 -0.08 -15.31 104.1m
BLY Boart Longyear 0.33 -0.04 -9.72 75.8m
MOF Macquarie Office Trust 0.23 -0.02 -6.25 64.5m
GPT GPT Group 0.52 0.00 0 59.5m
TLS Telstra Corp Ltd 3.38 0.03 0.9 50.2m
All Ords Percentage Gainers
< td>MCG
Code Name Close +/- % Volume
PBB Pacifica Group 0.22 0.06 34.37 142k
Macquarie Communications Infra 2.93 0.61 26.29 14m
KIL KFM Diversified Infrastructure And Logistics Fund 0.61 0.05 8.93 98.3k
SMX SMS Management & Technology Ltd 3.27 0.26 8.64 813.4k
MOC Mortgage Choice Ltd 1.04 0.08 7.77 331.4k
All Ords Percentage Losers
Code Name Close +/- % Volume
GMG Goodman Group 0.42 -0.08 -15.31 104.1m
ABY Aditya Birla Minerals 0.65 -0.12 -15.13 2.9m
EWC Energy World Corporation Ltd 0.56 -0.09 -13.18 6.7m
NXS Nexus Energy 0.40 -0.06 -12.22 16.1m
MCC Macarthur Coal Ltd 6.72 -0.93 -12.16 2.1m

USRant: She’s Drifting With Nothing To Lose….

0

The entire planet is awash in bullshit at the moment – from the silly little ‘Salaam aleikum’ charade of The Great Brown Hope (the important phrases of which were actually censored out by AP in their reportage), through to the continued anal rape of taxpayers in order to pay for bankers’ palaces.

Still, from time to time you see clever people do clever things. Elizabeth Warren, for instance.

Warren is chair of the congressional oversight panel that oversees the Taxpayer Anal Rape Program (TARP). Ordinarily, anybody in such a position deserves scorn and calumny – suckling at the taxpayers teat for the sole purpose of helping in the propaganda effort to polish the government’s biggest post-Depression turd.

But Warren is slightly different: I first became aware of her when I saw a talk she gave in which she made it clear that the US was failing in its promises to the middle class. She did this quietly, concisely, and using unimpeachable sources. Her conclusions were dire – at least as dire as those I have already harped about.

Likewise her recent quiet vivisection of Geithner’s "stress tests". Anyone with half a brain knew that the ‘adverse scenario’ should actually have been the ‘base case’ – employment at 10%, GDP growth zero, and so on.

Recently, Warren suggested that the stress tests be re-done, with the following additional suggestions:

  • that the methodology used be completely transparent, in order for third parties to run their own scenarios;
  • that the tests be re-examined with a more adverse scenario and/or a longer timeframe.

As she noted, the US has already ‘blown past’ the unemployment assumption of Geithner’s "worst case" scenario – which, according to Geithner’s rose-coloured forecasts, had only a 10% chance of occurring.
 

Geithner is a hack – as is Bernanke (whose Fed is about to receive a summons for failing to provide documents requested by another oversight committee). For some reason unbeknownst to me, Warren – who really seems to be almost unimpeachable – has decided to go int o the maw of the parasite-political complex, and try to do good from within. I give her zero percent chance of succeeding, but it is highly interesting that she’s being as frank as that interview above shows.

Headline Indices

 

The Dow Jones Industrial Average index (DJI) dropped -1.43 points (0.02%) to 8763.06 points. The index high for the day was 8803.26, and was set in the first half-hour of trade. The low was 8725.12, set just after 11 a.m. NY time.

Total volume traded in the 30 components of the index was 994.78m shares. Decliners outpaced gainers by 1.3 to one, with 15 decliners to 12 advancers. Declining volume was greater than advancing volume by 486.26m to 298.88m shares. The main decliners (in percentage terms) were –

  • United Technologies (UTX) -0.97 (1.7%) to $55.52 on volume of 5.87m shares;
  • Hewlett-Packard (HPQ) -0.57 (1.5%) to $36.84 on volume of 15.42m shares;
  • Procter & Gamble (PG) -0.73 (1.4%) to $52.41 on volume of 11.55m shares;
  • Pfizer (PFE) -0.18 (1.3%) to $14.13 on volume of 42.45m shares; and
  • Boeing (BA) -0.48 (0.9%) to $52.35 on volume of 7.71m shares.

The S&P500 Index advanced +3.29 points (0.35%) to 942.43 points. Total volume traded in the 500 components of the index was 3.59bn shares. Advancers outpaced decliners by 1.6 to one, with 293 advancers to 180 decliners. Advancing volume exceeded declining volume by 1.94bn to 1.38bn shares. The biggest gainers (percentage-wise) were –

  • LSI Corporation (LSI) +0.45 (10.7%) to $4.64 on volume of 16.57m shares;
  • AK Steel Holding Corp. (AKS) +1.7 (9.8%) to $19.1 on volume of 19.51m shares;
  • United States Steel Corp. (X) +2.76 (7.9%) to $37.82 on volume of 18.85m shares;
  • Pall Corp. (PLL) +2.1 (7.8%) to $28.95 on volume of 2.64m shares; and
  • MEMC Electronic Materials (WFR) +1.38 (7.1%) to $20.89 on volume of 6.42m shares.

The Nasdaq Composite rose +17.73 points (0.96%) to 1860.13 points. while the Nasdaq100 gained +13.06 points (0.88%) to 1501.55 points. Total volume traded in the 100 components of the index was 779.09m shares. Advancers outpaced decliners by 3.9 to one, with 78 advancers to 20 decliners. Advancing volume exceeded declining volume by 675.44m to 103.65m shares. The biggest gainers (percentage-wise) were –

  • Marvell Technology Group (MRVL) +1.63 (14.5%) to $12.84 on volume of 48m shares;
  • Microchip Technology (MCHP) +1.3 (6%) to $23.07 on volume of 6.74m shares;
  • NII Holdings (NIHD) +1.11 (5.7%) to $20.58 on volume of 3.27m shares;
  • Broadcom (BRCM) +1.43 (5.5%) to $27.25 on volume of 15.7m shares; and
  • SanDisk (SNDK) +0.86 (5.5%) to $16.44 on volume of 9.74m shares.

Volatility

The CBOE Volatility Index dipped 1.5 points (5.04%) to 28.27 points. and the CBOE Nasdaq100 Volatility Index slid 1.49 points (4.78%) to 29.69 points..

Breadth and Internals

A total of 3808 issues traded today on the NYSE;2281 stocks posted gains for the day, and there were 1394 losers. 28 stocks made new 1-year highs on the NYSE, while 48 shares plumbed new 52-week depths.

On the Nasdaq 2855 tickers traded today; total Nasdaq volume was 2.12bn shares. A total of 1625 stocks posted gains for the day, with aggregate volume of 1.65bn shares changing hands in the day’s winners. The red zone of the Nasdaq exchange comprised 1069 losers, and total declining volume was 0.45bn shares. 45 Nasdaq-listed stocks hit new 52-week highs, while 15 shares dipped to new 1-year lows.

 

Major Market Statistics
Index Close Gain(Loss) %
Dow Jones Industrial Average 8763.06 -1.43 -0.02%
S&P500 Index 942.43 +3.29 0.35%
Nasdaq Composite 1860.13 +17.73 0.96%
Nasdaq100 1501.55 +13.06 0.88%
CBOE Volatility Index 28.27 -1.50 -5.04%
CBOE Nasdaq100 Volatility Index 29.69 -1.49 -4.78%

Dow Darlings

  • American Express (AXP) +1.28 (5%) to $26.93 on volume of 26.1m units
  • Alcoa (AA) +0.38 (3.5%) to $11.15 on volume of 35.5m units
  • Intel (INTC) +0.5 (3.1%) to $16.42 on volume of 63.4m units
  • Du Pont (DD) +0.72 (2.7%) to $26.93 on volume of 8.2m units
  • Chevron (CVX) +0.61 (0.9%) to $70.19 on volume of 10m units

 

Dow Duds:

  • United Technologies (UTX) -0.97 (1.7%) to $55.52 on volume of 5.9m units
  • Hewlett-Packard (HPQ) -0.57 (1.5%) to $36.84 on volume of 15.4m units
  • Procter & Gamble (PG) -0.73 (1.4%) to $52.41 on volume of 11.6m units
  • Pfizer (PFE) -0.18 (1.3%) to $14.13 on volume of 42.5m units
  • Boeing (BA) -0.48 (0.9%) to $52.35 on volume of 7.7m units

 

Most Traded Dow stocks:

  • Bank Of America (BAC) unchanged at $12.06 on volume of 201.2m units
  • Intel (INTC) +0.5 (3.1%) to $16.42 on volume of 63.4m units
  • JPMorganChase (JPM) -0.13 (0.4%) to $35.26 on volume of 58.9m units
  • General Electric (GE) +0.01 (0.1%) to $13.57 on volume of 54.2m units
  • Microsoft (MSFT) +0.03 (0.1%) to $22.08 on volume of 47.7m units
Precious Metals

 

The Gold Bugs index (XAU) gained 0.05 points (0.03%) to 151.13 points. Total volume traded in the 16 components of the index was 75.58m shares. Decliners outpaced gainers by 1.3 to one, with 9 decliners to 7 advancers. Declining volume was greater than advancing volume by 41.59m to 33.99m shares. The biggest gainers (percentage-wise) were –

  • Freeport McMoran (FCX) +2.48 (4.4%) to $58.96 on volume of 17.04m shares;
  • Silver Stand Resources (SSRI) +0.46 (2.1%) to $22.59 on volume of 1.23m shares;
  • Gold Fields Ltd (GFI) +0.13 (1.1%) to $12.16 on volume of 4.69m shares;
  • Silver Wheaton (SLW) +0.11 (1.1%) to $10.29 on volume of 4.45m shares; and
  • Pan-American Silver (PAAS) +0.21 (1%) to $21.71 on volume of 0.83m shares.

 

Bellwethers

The nine-stock group that makes up the Rant bellwethers advanced on average by 0.1%. The fallout occurred as follows:

  • General Electric (GE) +0.01 (0.07%) to $13.57 on volume of 54.22m units.
  • Citigroup (C) -0.01 (0.29%) to $3.41 on volume of 208.45m units.
  • Wal-Mart (WMT) -0.2 (0.39%) to $50.61 on volume of 14.37m units.
  • IBM (IBM) +0.65 (0.6%) to $108.14 on volume of 8.57m units.
  • Intel (INTC) +0.50 (3.14%) to $16.42 on volume of 63.43m units.
  • Cisco Systems (CSCO) +0.21 (1.06%) to $20.08 on volume of 49.55m units.
  • Google (GOOG) -3.15 (0.72%) to $435.62 on volume of 3.24m units.
  • Fannie Mae (FNM) unchanged at $0.69 on volume of 10.28m units.
  • Freddie Mac (FRE) -0.02 (2.74%) to $0.71 on volume of 5.46m units.
Other Indices of Interest…

The Banks index (BKX) added 0.17 points (0.45%) to 37.72 points. Total volume traded in the 24 components of the index was 722.9m shares. Advancers outpaced decliners by 1.1 to one, with 10 advancers to 9 decliners; however declining volume was greater than advancing volume by 374.51m to 143.4m shares. The biggest gainers (percentage-wise) were –

  • Keycorp (KEY) +0.18 (3.3%) to $5.64 on volume of 22.04m shares;
  • Capital One Financial (COF) +0.61 (2.6%) to $24.05 on volume of 10.12m shares;
  • BB&T Corp (BBT) +0.52 (2.4%) to $22.45 on volume of 10.15m shares;
  • Zions Bancorp (ZION) +0.33 (2.3%) to $14.65 on volume of 4.16m shares; and
  • PNC Financial (PNC) +0.8 (1.8%) to $44.18 on volume of 5.69m shares.

The Semiconductor index (SOX) was unchanged at 271.31 points. Total volume traded in the 18 components of the index was 318.75m shares. Not a single stock declined withinin the index: 17 of the 18 index components rose, with total upside volume of 318.75mshares. The index’s rather boring situation arose as a result of a mixed bag of results, the most notable amongst these (in percentage terms) being –

  • Marvell Technology (MRVL) +1.63 (14.5%) to $12.84 on volume of 48m shares;
  • Texas Instruments (TXN) +1.25 (6.3%) to $21.02 on volume of 45.75m shares;
  • Broadcom (BRCM) +1.43 (5.5%) to $27.25 on volume of 15.7m shares;
  • Sandisk (SNDK) +0.86 (5.5%) to $16.44 on volume of 9.74m shares; and
  • Micron Technology (MU) +0.28 (5.3%) to $5.58 on volume of 18.39m shares.

The ChildKiller ("Defence") index (DFX) advanced 5.05 points (1.93%) to 266.21 points. Total volume traded in the 17 components of the index was 88.08m shares. Decliners outpaced gainers by 2.2 to one, with 11 decliners to 5 advancers; however advancing volume exceeded declining volume by 57.74m shares to 30.34m. The biggest gainers (percentage-wise) were –

  • Gencorp (GY) +0.06 (2.8%) to $2.24 on volume of 0.42m shares;
  • FLIRr Systems (FLIR) +0.41 (1.7%) to $24.42 on volume of 2.17m shares;
  • Embraer Empresa (ERJ) +0.27 (1.5%) to $17.79 on volume of 0.59m shares;
  • Alliant Tech (ATK) +0.48 (0.5%) to $89.17 on volume of 0.37m shares; and
  • General Electric (GE) +0.01 (0.1%) to $13.57 on volume of 54.19m shares.

USRant: Green Shoots… and Misses

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The mainswamp press is chock-full of blather about ‘green shoots’, as befits an industry whose time has past. Both print media and broadcast TV are flailing around trying to slow the haemorrhage in market share of entertainment and news markets.

Newspapers have been in secular decline for a generation: nowadays, television is – more or less – a series of advertisements paid for by the government, interspersed with diversionary twaddle which has absolutely no use as information (or even as data).

Take TV ‘news’ for example – every single piece of ‘information’ that is presented in the news, is online before it’s on-screen. Even cable TV channels are always behind the web.

Newspapers are an even bigger laggard – who wants to wait for tomorrow’s paper to know the gold price? Their online versions now scrape the web for content, from which hack-writers then crib… that is, unless they are trying to foment progress in some or other government agenda (not necessarily the government of the country in which the newspaper is published).

The only remaining use for newspapers is as an aid to getting a fire going; those who aren’t keen on the smell of firelighters can use balled-up newspapers as accelerant – but that useful attribute is predicated on having bought a newspaper (something I have not done in ten years).

I’ve written before about the growth in government (i.e, tax-funded) advertisements – that they form a mechanism of control over networks by government. Put simply, every channel knows that if they don’t parrot exactly what the government wants, then they will be left out of the bonanza next time the government decides to waste more tax money on telling its livestock about some or other interference in their lives. The proportion of these ads is increasing, because for all these ‘green shoots’ it is clear that businesses are declining.

Lately there has been a welter of ads featuring the armed goon wing of government – pointing out some or other crap featuring the domestic variety of armed state thug (the ‘police’).  

As I have said before – anybody who carries a gun on behalf of the political-parasite class, is a self-declared valid target: anyone who believes that they exist to protect and serve the public is deluded – they exist to protect the political class from the public.

As state budgets fall into near-terminal imbalance as a result of the double-whammy of declines in asset values and declines in employment, we are already seeing reductions in expenditure on armed thuggery by the State.

In the short, term that means that the State will try and ramp up the aggressiveness of its livestock-pacification goons (shitbags who actually refer to themselves as ‘sheepdogs’). 

That will eventually settle down, because it costs a lot to employ the wanna-be Sardaukar who think being on a SWAT team makes them a ‘warrior’. These fucksticks are meatheads who want to play soldier, but only if the enemy is 99% unarmed – and they whine like bitches if one of their own finds himself on the receiving end.

Those who understand what the State can and cannot do, and who the State can and cannot protect, are already alive to what is coming down the pike. We are, effectively, shorting tyranny. 

Vae Victus.  

 

Headline Indices

The Dow Jones Industrial Average index (DJI) rose 1.36 points (0.02%) to 8764.49 points. The index high for the day was 8822.23 at about 3:30 p.m., affter a mad 150-point move in half an hour. The session low was 8633.07, set at about 12:30 p.m. NY time.

Total volume traded in the 30 components of the index was 1.12bn shares. Advancers and decliners were split evenly, 14 decliners to 14 advancers. Declining volume was greater than advancing volume by 581.12m to 499.03m shares. The biggest gainers (percentage-wise) were –

  • American Express (AXP) +0.7 (2.8%) to $25.65 on volume of 15.18m shares;
  • JPMorganChase (JPM) +0.84 (2.4%) to $35.39 on volume of 61.42m shares;
  • Bank Of America (BAC) +0.2 (1.7%) to $12.06 on volume of 244.86m shares;
  • Home Depot (HD) +0.39 (1.6%) to $24.56 on volume of 13.14m shares; and
  • Disney Corp (DIS) +0.38 (1.5%) to $25.33 on volume of 10.64m shares.

 

The S&P500 index (SPX) dipped 0.95 points (0.1%) to 939.14 points. Total volume traded in the 500 components of the index was 3.67bn shares. Decliners outpaced gainers by 1.6 to one, with 290 decliners to 181 advancers. Declining volume was greater than advancing volume by 1.89bn to 1.64bn shares. The main decliners (in percentage terms) were –

  • Verisign Inc. (VRSN) -3.29 (14.2%) to $19.9 on volume of 20.95m shares;
  • CIGNA Corp. (CI) -1.57 (6.9%) to $21.27 on volume of 7.06m shares;
  • Qwest Communications Int (Q) -0.24 (5.8%) to $3.93 on volume of 49.51m shares;
  • Dynegy Inc. (DYN) -0.12 (5.3%) to $2.14 on volume of 10.89m shares; and
  • Aetna Inc. (AET) -1.31 (5.2%) to $24.09 on volume of 6.98m shares.

The Nasdaq Composite declined 7.02 points (0.38%) to 1842.40 points. while the Nasdaq100 dipped 4.72 points (0.32%) to 1488.49 points. Total volume traded in the 100 components of the index was 693.81m shares. Decliners outpaced gainers by 1.7 to one, with 60 decliners to 36 advancers. Declining volume was greater than advancing volume by 367.59m to 240.18m shares. The main decliners (in percentage terms) were –

  • VeriSign (VRSN) -3.29 (14.2%) to $19.9 on volume of 20.95m shares;
  • UAL (UAUA) -0.39 (7.7%) to $4.65 on volume of 7.45m shares;
  • Wynn Resorts (WYNN) -1.67 (4.1%) to $38.93 on volume of 3.24m shares;
  • Millicom International Cellular (MICC) -2.34 (3.9%) to $57.04 on volume of 1.04m shares; and
  • Logitech International (LOGI) -0.58 (3.9%) to $14.48 on volume of 0.93m shares.

Volatility

The CBOE Volatility Index rose +0.15 points (0.51%) to 29.77 points. and the CBOE Nasdaq100 Volatility Index advanced +0.47 points (1.53%) to 31.18 points..

Breadth and Internals

A total of 3786 issues traded today on the NYSE; 1330 stocks posted gains for the day, there were 2339 losers. 18 stocks made new 1-year highs on the NYSE, while 46 shares plumbed new 52-week depths.

On the Nasdaq 2875 tickers traded today; total Nasdaq volume was 1.96bn shares. A total of 1062 stocks posted gains for the day, with aggregate volume of 810m shares changing hands in the day’s winners. The red zone of the Nasdaq exchange comprised 1674 losers, and total declining volume was 1.05bn shares. 41 Nasdaq-listed stocks hit new 52-week highs, while 12 shares dipped to new 1-year lows.

 

Major Market Statistics
Index Close Gain(Loss) %
Dow Jones Industrial Average 8764.49 +1.36 0.02%
S&P500 Index 939.14 -0.95 -0.1%
Nasdaq Composite 1842.40 -7.02 -0.38%
Nasdaq100 1488.49 -4.72 -0.32%
CBOE Volatility Index 29.77 +0.15 0.51%
CBOE Nasdaq100 Volatility Index 31.18 +0.47 1.53%

Dow Darlings

  • American Express (AXP) +0.7 (2.8%) to $25.65 on volume of 15.2m units
  • JPMorganChase (JPM) +0.84 (2.4%) to $35.39 on volume of 61.4m units
  • Bank Of America (BAC) +0.2 (1.7%) to $12.06 on volume of 245m units
  • Home Depot (HD) +0.39 (1.6%) to $24.56 on volume of 13.2m units
  • Disney Corp (DIS) +0.38 (1.5%) to $25.33 on volume of 10.6m units

 

Dow Duds:

  • Du Pont (DD) -0.79 (2.9%) to $26.21 on volume of 14.4m units
  • McDonalds (MCD) -1.15 (1.9%) to $58.72 on volume of 14.7m units
  • Alcoa (AA) -0.17 (1.6%) to $10.77 on volume of 33.1m units
  • Pfizer (PFE) -0.2 (1.4%) to $14.31 on volume of 47.8m units
  • Citigroup (C) -0.04 (1.2%) to $3.42 on volume of 282.2m units

 

Most Traded Dow stocks:

  • Citigroup (C) -0.04 (1.2%) to $3.42 on volume of 282.2m units
  • Bank Of America (BAC) +0.2 (1.7%) to $12.06 on volume of 245m units
  • JPMorganChase (JPM) +0.84 (2.4%) to $35.39 on volume of 61.4m units
  • General Electric (GE) +0.02 (0.1%) to $13.56 on volume of 58.3m units
  • Microsoft (MSFT) -0.09 (0.4%) to $22.05 on volume of 48.8m units
Precious Metals

 

The Gold Bugs index (XAU) rose 0.41 points (0.27%) to 151.08 points. Total volume traded in the 16 components of the index was 85.34m shares. Advancers and decliners were split evenly, 8 decliners to 8 advancers. Advancing volume exceeded declining volume by 46.52m shares to 38.82m. The biggest gainers (percentage-wise) were –

  • RandGold Resources (GOLD) +2.31 (3.4%) to $70.85 on volume of 2.02m shares;
  • AngloGold Ashanti (AU) +0.85 (2.2%) to $39.8 on volume of 2.43m shares;
  • Barrick Gold (ABX) +0.51 (1.4%) to $36.56 on volume of 7.7m shares;
  • Agnico Eagle Mines (AEM) +0.72 (1.3%) to $58.08 on volume of 3.86m shares; and
  • Yamana Gold (AUY) +0.07 (0.7%) to $10.72 on volume of 15.36m shares.
Energy Complex

 

The Oil Services index (OSX) declined -1.89 points (1.05%) to 178.9 points. Total volume traded in the 15 components of the index was 79.14m shares. Decliners outpaced gainers by 4 to one, with 12 decliners to 3 advancers. Declining volume was greater than advancing volume by 64.83m to 14.31m shares. The main decliners (in percentage terms) were –

  • Oceaneering International (OII) -1.12 (2.1%) to $51.23 on volume of 0.57m shares;
  • Weatherford International (WFT) -0.37 (1.8%) to $20.26 on volume of 11.66m shares;
  • Smith International (SII) -0.38 (1.3%) to $29.22 on volume of 3.94m shares;
  • Cameron International (CAM) -0.38 (1.3%) to $29.89 on volume of 3.92m shares; and
  • Transocean Inc (RIG) -1 (1.2%) to $81.43 on volume of 4.32m shares.
Bellwethers

The nine-stock group that makes up the Rant bellwethers declined on average by 0.9%. The fallout occurred as follows:

  • General Electric (GE) +0.02 (0.15%) to $13.56 on volume of 58.27m units.
  • Citigroup (C) -0.04 (1.16%) to $3.42 on volume of 282.21m units.
  • Wal-Mart (WMT) -0.26 (0.51%) to $50.81 on volume of 18.94m units.
  • IBM (IBM) +0.25 (0.23%) to $107.49 on volume of 6.34m units.
  • Intel (INTC) -0 (0%) to $15.92 on volume of 43.42m units.
  • Cisco Systems (CSCO) -0 (0%) to $19.87 on volume of 42.66m units.
  • Google (GOOG) -5.55 (1.25%) to $438.77 on volume of 3.08m units.
  • Fannie Mae (FNM) -0.01 (1.43%) to $0.69 on volume of 9.31m units.
  • Freddie Mac (FRE) -0.03 (3.95%) to $0.73 on volume of 5.86m units.
Other Indices of Interest…

The Banks index (BKX) rose 0.48 points (1.29%) to 37.55 points. Total volume traded in the 24 components of the index was 856.44m shares. Advancers outpaced decliners by 4.3 to one, with 17 advancers to 4 decliners. Advancing volume exceeded declining volume by 555.01m to 301.43m shares. The biggest gainers (percentage-wise) were –

  • PNC Financial (PNC) +1.36 (3.2%) to $43.38 on volume of 7.26m shares;
  • Wells Fargo (WFC) +0.67 (2.7%) to $25.39 on volume of 65.47m shares;
  • JPMorganChase (JPM) +0.84 (2.4%) to $35.39 on volume of 61.42m shares;
  • BB&T Corp (BBT) +0.52 (2.4%) to $21.93 on volume of 7.25m shares; and
  • Suntrust Banks (STI) +0.38 (2.2%) to $17.35 on volume of 16.21m shares.

The Semiconductor index (SOX) was unchanged at 271.31 points. Total volume traded in the 18 components of the index was 177.85m shares. Decliners outpaced gainers by 2.2 to one, with 11 decliners to 5 advancers. Declining volume was greater than advancing volume by 96.35m to 38.08m shares. The index’s rather boring situation arose as a result of a mixed bag of results, the most notable amongst these (in percentage terms) being –

  • National Semiconductor (NSM) +0.31 (2.3%) to $13.95 on volume of 6.68m shares;
  • Novellus Systems (NVLS) -0.39 (2.2%) to $17.62 on volume of 3.2m shares;
  • Teradyne (TER) -0.13 (1.8%) to $7.01 on volume of 6.4m shares;
  • Broadcom (BRCM) +0.36 (1.4%) to $25.82 on volume of 7.2m shares; and
  • Marvell Technology (MRVL) -0.16 (1.4%) to $11.21 on volume of 8.33m shares.

The ChildKiller ("Defence") index (DFX) rose 5.05 points (1.93%) to 266.21 points. Total volume traded in the 17 components of the index was 89.61m shares. Decliners outpaced gainers by 1.3 to one, with 9 decliners to 7 advancers; however advancing volume exceeded declining volume by 77.02m shares to 12.58m. The biggest gainers (percentage-wise) were –

  • Gencorp (GY) +0.02 (0.9%) to $2.18 on volume of 0.4m shares;
  • Northrop Grummanl (NOC) +0.32 (0.7%) to $48.7 on volume of 2.07m shares;
  • L-3 Holdings (LLL) +0.47 (0.6%) to $74.97 on volume of 0.83m shares;
  • Boeing (BA) +0.18 (0.3%) to $52.83 on volume of 7.94m shares; and
  • United Technologies (UTX) +0.1 (0.2%) to $56.49 on volume of 5.23m shares.

OzRant: A Shadow on the Door…

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On several occasions, I have talked about how – at times – the market behaves like a fly that is in its last throes, having been sprayed by a burst of Baygon or some other such chemical weapon (a deplorable way to kill any thing).

Today it was bzzzt bzzzt bzzzzt upwards… the criminals running the US government (and all governments) really want the public to be ‘all in’ before the gutting begins anew.

I’ve only recently become aware of this term ‘all in’ – apparently every nuffnuff in the world now loves some or other form of poker (I saw it on the telly just now, and it’s sadder than internet porn). The way to put your balls on the line when you’ve fucked everything else up, is to go ‘all in’… betting everything you have on the turn of three cards.

For the parasitic scumbags that live by raping the paypackets of society, ‘all in’ is WAR. It’s their ‘big bet’ – that they will come out of it as ‘statesmen’, and history will ignore the fact that their entire life was paid for by theft.

Think about Churchill – who was a big pusher of TWO world wars, which resulted in the fall of all of the major houses of Europe, the death of the British Empire, and the rise of both Hitler and Stalin. All as a result of bad bets by the Pommie parasite-class in general, but Churchill in particular. 250 million dead, and Eastern Europe under an iron boot for two generations… and all for hubris.

For now, the parasite class seem to be holding off on the whole ‘war’ thing… they’ve already got two unwinnable conflicts draining money from taxpayers, and a third front would be impossible due to funding considerations…. nobody is prepared to buy enough bonds to fund yet another front.

For the poor schlubs who are the host livestock for the parasites, well they are getting older: they understand that the State is unlikely to be able to fulfill its promises (i.e., that the State will not return their retirement contributions in the form of a pension). They have limited years left in which to squirrel away funds to (hopefully) furnish a retirement income… and there is always the peril that any funds they squirrel away will be stolen and transferred to the parasite’s banker symbiotes.

What would YOU do in such a situation, dearest Reader? Would you simply try and scrabble through, and hope that the banksters decide not to steal your little nest egg? If so, I hope you’ve got a flexible palate, because you’re going to wind up eating grass and carrion (dog food will be too expensive for you).

Me. I’m planning a much more concrete set of actions – chief among them is helping rid humanity of every last trace of political parasites (and not by setting a good example for them to follow, I assure you).

Headline Indices

The Dow Jones Industrial Average gained 74.96 points (0.86%) to 8750.24 points, having been unchanged just after midday. The index high for the day was 8751.17 (in the final minute of play), while the low was 8634.57, set at 10:05 NY time. 

Total volume traded in the 30 components of the index was 1.16bn shares. Advancers outpaced decliners by 1.9 to one, with 19 advancers to 10 decliners. Advancing volume exceeded declining volume by 995.12m to 168.78m shares. The biggest gainers (percentage-wise) were –

  • Alcoa (AA) +0.62 (6.2%) to $10.69 on volume of 40.6m shares;
  • Bank Of America (BAC) +0.66 (5.9%) to $11.87 on volume of 309.05m shares;
  • Citigroup (C) +0.18 (5.3%) to $3.57 on volume of 230.03m shares; and
  • Boeing (BA) +2.2 (4.5%) to $50.57 on volume of 7.15m shares.

The S&P500 Index advanced +10.70 points (1.15%) to 942.46 points. Total volume traded in the 500 components of the index was 4.32bn shares. Advancers outpaced decliners by 2.7 to one, with 345 advancers to 126 decliners. Advancing volume exceeded declining volume by 3.34bn to 917.93m shares. The biggest gainers (percentage-wise) were –

  • KeyCorp (KEY) +0.9 (19.6%) to $5.5 on volume of 89.4m shares;
  • Unisys Corp. (UIS) +0.18 (12.6%) to $1.61 on volume of 3.89m shares;
  • SLM Corporation (SLM) +0.71 (12.2%) to $6.54 on volume of 8.96m shares;
  • American Int’l. Group (AIG) +0.17 (11.6%) to $1.64 on volume of 68.15m shares; and
  • CIT Group (CIT) +0.33 (11%) to $3.34 on volume of 13.84m shares.

The Nasdaq Composite gained +24.10 points (1.32%) to 1850.02 points. while the Nasdaq100 gained +17.30 points (1.17%) to 1492.74 points. Total volume traded in the 100 components of the index was 710.58m shares. Advancers outpaced decliners by 1.9 to one, with 64 advancers to 33 decliners. Advancing volume exceeded declining volume by 570.79m to 135.59m shares. The biggest gainers (percentage-wise) were –

  • Sirius Satellite Radio (SIRI) +0.024 (7.4%) to $0.35 on volume of 23.75m shares;
  • Joy Global (JOYG) +2.25 (6.2%) to $38.36 on volume of 6.25m shares;
  • Steel Dynamics (STLD) +0.81 (5.8%) to $14.84 on volume of 33.69m shares;
  • Sears Holdings (SHLD) +3.75 (5.7%) to $69.33 on volume of 1.36m shares; and
  • Virgin Media (VMED) +0.47 (5.6%) to $8.91 on volume of 2.63m shares.

Volatility

The CBOE Volatility Index dropped 0.84 points (2.71%) to 30.18 points. and the CBOE Nasdaq100 Volatility Index lost 0.39 points (1.24%) to 31.06 points..

Breadth and Internals

A total of 3805 issues traded today on the NYSE;  2821 stocks posted gains for the day, and there were 876 losers. 28 stocks made new 1-year highs on the NYSE, while 55 shares plumbed new 52-week depths.

On the Nasdaq 2854 tickers traded today; total Nasdaq volume was 2.41bn shares. A total of 1948 stocks posted gains for the day, with aggregate volume of 1.95bn shares changing hands in the day’s winners. The red zone of the Nasdaq exchange comprised 767 losers, and total declining volume was 450m shares. 38 Nasdaq-listed stocks hit new 52-week highs, while 10 shares dipped to new 1-year lows.

 

Major Market Statistics
Index Close Gain(Loss) %
Dow Jones Industrial Average 8750.24 +74.96 0.86%
S&P500 Index 942.46 +10.70 1.15%
Nasdaq Composite 1850.02 +24.10 1.32%
Nasdaq100 1492.74 +17.30 1.17%
CBOE Volatility Index 30.18 -0.84 -2.71%
CBOE Nasdaq100 Volatility Index 31.06 -0.39 -1.24%

Dow Darlings

  • Alcoa (AA) +0.62 (6.2%) to $10.69 on volume of 40.6m units
  • Bank Of America (BAC) +0.66 (5.9%) to $11.87 on volume of 309.1m units
  • Citigroup (C) +0.18 (5.3%) to $3.57 on volume of 230m units
  • Boeing (BA) +2.2 (4.5%) to $50.57 on volume of 7.2m units
  • JPMorganChase (JPM) +1.37 (4%) to $35.35 on volume of 68.1m units

 

Dow Duds:

  • Merck (MRK) -0.63 (2.3%) to $26.58 on volume of 21.9m units
  • Pfizer (PFE) -0.25 (1.7%) to $14.64 on volume of 39.8m units
  • Procter & Gamble (PG) -0.46 (0.9%) to $53.35 on volume of 9.7m units
  • Du Pont (DD) -0.18 (0.6%) to $28.71 on volume of 8.9m units
  • Johnson & Johnson (JNJ) -0.32 (0.6%) to $55.84 on volume of 12m units

 

Most Traded Dow stocks:

  • Bank Of America (BAC) +0.66 (5.9%) to $11.87 on volume of 309.1m units
  • Citigroup (C) +0.18 (5.3%) to $3.57 on volume of 230m units
  • JPMorganChase (JPM) +1.37 (4%) to $35.35 on volume of 68.1m units
  • General Electric (GE) +0.25 (1.9%) to $13.75 on volume of 55.1m units
  • Intel (INTC) +0.19 (1.2%) to $16.13 on volume of 47.4m units
Precious Metals

The Gold Bugs index (XAU) advanced 4.91 points (3.22%) to 157.42 points. Total volume traded in the 16 components of the index was 86.67m shares. Not a single stock declined withinin the index: 16 of the 16 index components rose, with total upside volume of 86.67mshares. The biggest gainers (percentage-wise) were –

  • Coeur d’Alene (CDE) +1.12 (7.8%) to $15.53 on volume of 2.12m shares;
  • Freeport McMoran (FCX) +2.67 (5%) to $56.33 on volume of 15.04m shares;
  • Pan-American Silver (PAAS) +0.96 (4.3%) to $23.29 on volume of 1.21m shares;
  • Silver Stand Resources (SSRI) +0.93 (4%) to $23.97 on volume of 0.96m shares; and
  • AngloGold Ashanti (AU) +1.5 (3.7%) to $41.65 on volume of 2.25m shares.
Energy Complex

The Oil Services index (OSX) rose 5.69 points (3.25%) to 180.79 points. Total volume traded in the 15 components of the index was 91.84m shares. Not a single stock declined withinin the index: 15 of the 15 index components rose, with total upside volume of 91.84mshares. The biggest gainers (percentage-wise) were –

  • Rowan Co (RDC) +1.32 (6.2%) to $22.53 on volume of 4.79m shares;
  • Nabors Industries (NBR) +0.99 (5.5%) to $18.95 on volume of 6.41m shares;
  • National Oilwell Varco (NOV) +1.96 (5.3%) to $39.18 on volume of 8.18m shares;
  • Weatherford International (WFT) +0.85 (4.3%) to $20.85 on volume of 14.05m shares; and
  • Cameron International (CAM) +1.15 (3.9%) to $30.94 on volume of 5.81m shares.
Bellwethers

The nine-stock group that makes up the Rant bellwethers advanced on average by 2.6%. The fallout occurred as follows:

  • General Electric (GE) +0.25 (1.85%) to $13.75 on volume of 55.12m units.
  • Citigroup (C) +0.18 (5.31%) to $3.57 on volume of 230.05m units.
  • Wal-Mart (WMT) -0.01 (0.02%) to $50.87 on volume of 15.07m units.
  • IBM (IBM) -0.16 (0.15%) to $106.33 on volume of 5.33m units.
  • Intel (INTC) +0.19 (1.19%) to $16.13 on volume of 47.35m units.
  • Cisco Systems (CSCO) +0.31 (1.6%) to $19.67 on volume of 39.33m units.
  • Google (GOOG) +8.63 (2%) to $440.28 on volume of 3.57m units.
  • Fannie Mae (FNM) +0.05 (7.35%) to $0.73 on volume of 10.07m units.
  • Freddie Mac (FRE) +0.03 (4.11%) to $0.76 on volume of 4.59m units.
Other Indices of Interest…

The Banks index (BKX) added 1.74 points (4.81%) to 37.88 points. Total volume traded in the 24 components of the index was 1.16bn shares. Not a single stock declined withinin the index: 21 of the 24 index components rose, with total upside volume of 1.16bnshares. The biggest gainers (percentage-wise) were –

  • Keycorp (KEY) +0.9 (19.6%) to $5.5 on volume of 89.4m shares;
  • New M&I Corporation (MI) +0.6 (9.9%) to $6.66 on volume of 5.67m shares;
  • Comerica Inc (CMA) +1.77 (8.5%) to $22.58 on volume of 3.95m shares;
  • PNC Financial (PNC) +3.37 (8.4%) to $43.7 on volume of 7.27m shares; and
  • Fifth Third Bancorp (FITB) +0.48 (7.4%) to $7 on volume of 107.17m shares.

The Semiconductor index (SOX) was unchanged at 271.31 points. Total volume traded in the 18 components of the index was 224.01m shares. Advancers outpaced decliners by 16 to one, with 16 advancers to 1 decliners. Advancing volume exceeded declining volume by 200.03m to 23.98m shares. The index’s rather boring situation arose as a result of a mixed bag of results, the most notable amongst these (in percentage terms) being –

  • Micron Technology (MU) +0.53 (10.7%) to $5.5 on volume of 34.21m shares;
  • Teradyne (TER) +0.43 (6.1%) to $7.48 on volume of 8.39m shares;
  • Marvell Technology (MRVL) +0.56 (5.2%) to $11.34 on volume of 12.04m shares;
  • Sandisk (SNDK) +0.66 (4.4%) to $15.81 on volume of 8.09m shares; and
  • Advanced Micro Devices (AMD) +0.17 (3.8%) to $4.65 on volume of 19.63m shares.

The ChildKiller ("Defence") index (DFX) gained 5.68 points (2.22%) to 261.16 points. Total volume traded in the 17 components of the index was 87.4m shares. Not a single stock declined withinin the index: 16 of the 17 index components rose, with total upside volume of 87.4mshares. The biggest gainers (percentage-wise) were –

  • Rockwell Collins (COL) +2.14 (4.7%) to $47.69 on volume of 1.97m shares;
  • Boeing (BA) +2.2 (4.5%) to $50.57 on volume of 7.15m shares;
  • Gencorp (GY) +0.09 (4.3%) to $2.2 on volume of 0.38m shares;
  • Teledyne Tech (TDY) +1.03 (3%) to $35.71 on volume of 0.25m shares; and
  • ITT Corporation (ITT) +1.23 (2.9%) to $44.37 on volume of 1.61m shares.
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