10/29/13…give Rand Paul a piece of your mind!…for your peace of mind!

Today’s Quote from the Friars Club Encyclopedia of Jokes: “What is the definition of minor surgery? Something performed on somebody else.” – unattributed

Bloomberg Quote of the Day: “I don’t know which is more discouraging, literature or chickens.” – E. B. White

Bloomberg Top Stories:

*Deutsche Bank-UBS Report Quarterly Profits Battered by Rising Legal Costs

*Housing Prices in U.S. Cities Rise Most Since Early ’06; Case-Schiller Says

*Sears Evaluating Separation of Lands’ End, Auto Center Units From Company – !!!

*Retail Sales in U.S. Rose Last Month Excluding Cars; Total Sales DOWN 0.1% – !!!

*UBS Acts on Employees in Currency Probe While Deutsche Bank Gets Request

*Pfizer Beats Estimates as Investors Seek Details of Potential Breakup Plan

*Failing Banks’ CEOs Face Ouster by Regulators in EU Deal on Lender Rescues – but nothing more…get it? Heads they win, tails you lose…disgraceful!

*Nokia Third-Quarter Loss Narrows as Cost cuts Take Hold Amid waning Demand

*Cornell University Posts 11.4% Return on Investments in Year Ended in June

*WTI Crude Oil Supplies Increases for Sixth Week in Survey – Gas $3.05 here!

*Goldman Encourages Junior Bankers to Take Weekends Off as Demands Change – hmm

*Feb Bubble Agonistes Persist With Zero-Rate Regime Prompting Great Debate

*Obamacare Cancels Insurance Policies in Latest Hurdle for Health-Care Law

*Food-Stamp Benefits Drop 5% for Recipients as 2009 Stimulus Ends

*Christie Confounded by N.J. Shore Patrolling Police Stay After Tourists Go

*Tax Revolts Hit Hollande as Brittany Farmers Join Soccer Clubs in Protest

*Cuomo Casinos Push Seeks to Return Catskills to ‘Dirty Dancing’ Glory Days


Monday’s Market Summary:

Stocks had a mixed day with only minor changes of 0.1% or less, except Dow Transports +0.4% vs -0.2% vs +0.9%, and Dow Utilities -0.2% vs +1%? Even NYSE Financials were only down 0.2%. NOTE that other than transports and utilities there have been only minor moves in the indices since a week ago Friday’s gains of over 1% across the board!

Total NYSE Volume rise to a still weak 3.19B shares vs 3.11B vs 3.63B. REAL NYSE Volume reversed Friday’s decline rising to an average 732M shares from a below average 670M shares vs 716M vs 709M shares vs 753M – a far cry from the prior Friday’s 892M shares – highest since 9/28’s 2.06B share day on quarterend with that big Dow member change.

The Nasdaq 100 was flat vs +0.5%. Five members LOST more than 1 point while just two gained more than a point: FB -7.8; AMZN -2.1 vs +12.7!!! vs +2.1 vs -2.3 vs +2.5 vs -1 vs +7.4; GILD -1.4; BIDU -1.3; MSFT -1 vs +14.9!!!; INTC +2; AAPL +2.6 vs -4.7 vs +5.7 vs +3.8 vs -1.2 vs +10 vs +3.5; AMGN +1.4

Advance/Declines and Breadth were modestly negative. New 52 week highs slipped to 380 vs 500 vs 476 two days after being cut by more than half to 298, while new lows barely budged to 31 vs 34 vs 29 vs 35 vs 36 vs 33 vs 40 – weak! VIX rose slightly, closing at 13.31 +.22. This since hitting 21.34 on 10/9 – close to the 12/28 high of 22.72 and 6/24 high of 21.91.

Bonds closed little changed and are slightly weaker overnight. Gold rallied in the sesson to a new recent high of $1361.80 (higher high, higher low) – highest print since 9/30 but closed -0.20, with the 50/40 day major support. Crude rose moderately, but remains weak, closing at $98.68 +.83 – right on the 200 day with an intraday high of  $98.82.

Dow 30 flat vs +0.4% vs 0.6% vs -0.3% vs +0.5%; Dow Transports +0.4% vs -0.2% vs +0.9% vs +0.6% vs +0.8%; Russell 2000 flat vs -0.1% vs +0.7% vs -0.4% vs +0.3%; Dow Utilities -0.3% vs +1%!!! vs -0.1% vs +0.3% vs +1.4%!!!; S&P 500 +0.1% vs +0.4% vs +0.3% vs -0.4% vs +0.6%; Nasdaq Composite -0.1% vs +0.4% vs +0.6% vs -0.6% vs +0.2%; NDQ 100 flat vs +0.5% vs +0.5% vs -0.7% vs +0.2%.

*NYSE Volume lunged rose to a still weak 3.19B shares vs 3.11B vs 3.63B vs 3.64B vs 3.8B vs  3.05B vs 3.64B. The record high (?) is 4.82B shares on Q3 end of quarter while 2.52B is 4th weakest of 20131.96B is the low). REAL NYSE Volume also rose to an average 732M shares vs 670M vs 716M vs709M vs 753M vs 678M from a strong 892M shares!!! (2.06B shares also on Sept. expiry was 3rd highest ever (6/30/06 3.38B; 7/12/02 2.29B while 482M on 7/3 in a shortened trading session is the 2013 low). The 12-month average is 723M shares. The average since 6/28’s 1.75B share day, is just 694M shares, ranging from 482M to 2.025B shares on 9/20. There have been just EIGHT 1B+ share sessions! There have been 34 800M+ shares in 2013: 14 up, 18 down, and two mixed.

*New 52 week highs have ranged from 33-864. They dropped back to 380 vs 500 vs 476 after falling to a weak 298 from a strong 745 vs 746 from a super-strong 890!!! New lows stable at a weak 31 vs 34 vs 29 vs 35 vs 36 vs 33 vs 40..  

  1. Advance/Declines were slightly negative: -1.2x vs +1.4x vs +1.4x vs -1.2x vs +2.7x (recent range -17.5x to +6x) on NYSE and -1.1x vs -1.1x vs +1.6x vs-1.4x vs +1.2x (recent -4x!!! to +3.8x). Breadth was similar: -1.2x vs +1.5x vs +1.4x vs -1.9x vs +2.1x (recent -18.6x!!! to +7.2x!!!) on NYSE and -1.3x vs -1.2x vs +1.2x vs -3.4x vs -1.1x (recent -12.8x to +6.5x).  
  2. NYSE Financials slipped a modest 0.2% vs +0.2% vs vs +0.4% vs -1%! vs +0.4%. BofA 2nd most active -0.2% vs +0.6% vs -0.3% vs -2.1%!!! vs +0.1%, closing at $14.25 -.01. It has struggled since hitting $15.03 on 8/1 – highest since Jan. 14 and major res. Brokers -0.4% vs +0.4% vs +0.6% vs -0.6% vs +0.2%; KBW Banks +0.2% vs +0.3% vs flat vs -0.7% vs -0.5%; Nasdaq Banks +0.5% vs +0.1% vs +0.4% vs +0.1% vs +0.1%.
  3. Volatility (S&P VIX) rose slightly to 13.31 +.22. The recent range is now 11.83-21.01!!! It peaked at 22.79 on 12/28/12. It is now well BELOW the 40 day (15.28), the 50 day (15.31) and the 200 day (14.39)…ytd the range is 11.05 (3/14) to 21.92 (6/24)!

European stocks stronger, Asia mixed, India strong: UK +0.6% vs -0.1% vs +0.1% vs +0.5% vs -0.3%; France +0.6% vs -0.7% vs flat vs +0.1% vs -0.7%; Germany +0.3% vs -0.2% vs +0.2% vs +0.5% vs -0.2%; Japan -0.5% vs +2.2% vs -2.8%!!! vs +0.4% vs -2%!; Hang Seng +0.2% vs +0.5% vs -0.6% vs -0.7% vs -1.4%; Korea +0.2% vs +0.7% vs -0.6% vs +0.5% vs -1%; India +1.7%!!! vs -0.6% vs -0.2% vs -0.2% vs -0.5%. U.S. equity futures slightly higher in an extremely narrow trading range: DOW +21; SPX +2.20; NDQ +4.50.

Bonds closed lower again. Slightly weaker overnight: 10 yr Treasury 2.53% -1/16 (recent range 2.99% to 1.63%!!!), and the 30 yr range 2.67% to 3.90%, 3.63% -3/16. The long TIP is 1.30% -3/16. The (record?) low of 0.36% was set on 4/5. Recent high yield: 1.63%! Libor update: 0.237% 3 mos, 0.355% 6 mos. Both just a tad above  record lows!!! Banks cautious and loaded with cash!!! Foreign bonds little changed and mixed – ex Italy/Spain: Germany 1.76% +1; UK 2.62% +2; France 2.24% +1; Italy 4.13% -6; Spain 4.04% -4; Portugal 6.10% +1; Greece 8.35% -1. Recent range: 8.04%-12.57%. Japan 0.60% -1.

Gold closed slightly weaker higher after putting in a slightly higher high since 9/30  of $1361.80 with the 50/40 day m/a’s major support, closing at $1353.20 -.30 This after putting in a low of $1251 on 10/15 – lowest since 7/10. Recent high was $1375.40 on 9/19.  6/27’s intraday low was $1179.40 – lowest since at least 2011 and critical support. $1300 remains psychological support, major support at the 50 day ($1342) and the 40 day ($1330). Major resistance at $1375, the 9/19 high. The 200 day is at $1439. Overnight it is lower at $1346.60 -$6.20.

Crude closed up again but remains weak. Thursday’s low of $95.95 – was lowest since 6/27!  It has shown no sign of strength since 9/18’s surge to $108.49 – closing at $98.68 +.83, right at the 200 day with a session high of $98.82. 9/19’s session high was $108.99! Recent rally high and close are $110.70 and $110.53 respectively. It is way below the 40/50 day m/a’s ($103.65-104.30), crossed, falling, and major resistance! The 200 day ($98.68) is major resistance. 4/18’s low of $85.61 was lowest since 12/11! The recent range is $85.61-$112.24 since March 1, 2012. Overnight is slightly lower at $98.14 -.54.

Some ‘rand’om thoughts:

Yesterday, TB asked that you contact Sen. Rand Paul and tell him off over his plan to hold up Janet Yellen’s nomination for Fed Chairman unless his bill limiting powers of the Fed is enacted. Once again the GOP is resorting to extortion – blackmail! …and for what? Ideologues are destroying America. They preach the Constitution and founding fathers – what would they think? Frankly, I believe they would be disgusted as is this reporter! I could not and will not consider myself a Republican as long as they act as fools! …nor am I a Democrat…just a fiscal conservative…with an eye to fairness!

So again, here is the link and phone number to tell Rand Paul off…or at least ruin his staffers day! http://www.paul.senate.gov. Better still…Call him at 202-224-4343!

Have a great day!




  1. Ron Gregoire said

    Why no comment on the millions (could be 20 million or more) receiving cancellation letters from Insurance Carriers while Obama promised over and over again that “if you like your doctor, you will be able to keep your doctor. Period. If you like your health care plan, you will be able to keep your health care plan. Period. No one will take it away.” The sad part to all of this is that Obama was aware the cancellations would happen when he made those comments. Can we label him a liar?

    • traderbill said

      You hit a trigger point…see today’s column. I have not held Obama harmless…but why not fix it instead of trying to destroy it? How much does it cost society in higher hospital costs due to emergency room treatmenst for minor ills that are never collected? Why are we the only major nation in the world without a universal health care program?
      I respect your comments but not about impeachment…of anyone!

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