03 Jul 2008 11:40:00 - Top 5 Stocks up on Unusual Volume
July 3, 2008
| Intraday Unusual Volume - Top 5 Up |
| Symbol | Volume % Change |
Price % Change |
News | |
| PENN | 2119% |  31.26% |
news | |
| CHDX | 278% | 16.29% |
news | |
| WDFC | 253% | 29.46% |
news | |
| AAUK | 164% | 32.16% |
news | |
| WPPGY | 162% | 46.32% |
news | |
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03 Jul 2008 11:40:00 - Top 5 Stocks up on Unusual Volume
Stimulus Checks Can’t Offset Weakening Job Market
July 3, 2008
James Picerno submits:
The stimulus checks may be propping up consumer spending, at least temporarily, but the job market is still weakening.
Initial jobless claims jumped to 404,000 mark last week, up from 388,000 the week previous the Labor Department reports. That’s only the second time the 400,000 mark has been passed on the upside in many a moon, the previous instance coming this past March 29 when claims reached 406,000.
Stimulus Checks Can’t Offset Weakening Job Market
More Happy Talk from the Same Clueless Crowd
July 3, 2008
Barry Ritholtz submits:
David Leonhardt discusses a few items today which are regular discussion points here at TBP. My favorite lately is why the public is so much gloomier than the pundits:
More Happy Talk from the Same Clueless Crowd
Payroll Numbers In Line, Dollar Lower on ECB Position
July 3, 2008
Kathy Lien submits:
The jobs number for the month of June was bad but not bad enough to stifle the gains in the US dollar. Non-farm payrolls fell by 62k, the sixth consecutive decline in a row. The April number also was revised down from -49k to -62k while the unemployment rate remained at 5.5%, matching the highest level since October 2004.
Anything short of 100k would have been dollar positive and that is exactly how the market reacted today. The biggest contributors were healthcare, education, leisure and government. The biggest losers were in goods producing and business services.
Payroll Numbers In Line, Dollar Lower on ECB Position
Central Bank Rates: U.S. vs. Euro
July 3, 2008
Hickey and Walters (Bespoke) submit:
With today’s 25 basis point increase in the ECB’s benchmark interest rate, the spread between central bank rates in the US and the Euro region is now at its widest level since the ECB’s inception in 1998. While some will argue that the ECB is being too hawkish in the face of a weaker economy, given that their sole mandate is on price stability, the strength or weakness of the economy is of little concern to them.
click to enlarge
Central Bank Rates: U.S. vs. Euro
A Selloff Follows the Out-of-the-Blue Rally - Not Good
July 3, 2008
Trader Mark submits:
That was not the right way to follow up
What Will Be Today’s Rate Action?
July 3, 2008
Macro Man submits:
This market just doesn’t get any easier, does it? Consider that in the last day and a half, we’ve observed the following:
a) A stunning intraday rally on Tuesday off the S&P 500 Maginot line, apparently based on GM (GM) sales figures, the flimsiest of possible justifications.
What Will Be Today’s Rate Action?
Yield Spreads Are Favorable For Further Euro Strength
July 3, 2008
Ashraf Laidi submits:
The dollar dropped to new session lows as the June ADP survey on private payrolls dropped 79K, versus expectations of an increase of 20K decline following a 40K increase in May.
Notably, the track record of the ADP survey in predicting the Department of Labor’s private payrolls has faltered significantly over the last 4 months. DoL’s initial readings on private payrolls showed -101K, -98K, -29K and -66K in Feb, Mar, Apr and May respectively, while the ADP private payrolls showed -18K, +3K, +13K and +40K. The considerable divergence of the last 3 releases means that a stronger than expected release yesterday morning may not be positively received by the dollar.
Yield Spreads Are Favorable For Further Euro Strength
A Look at the Russell 1000 and the Russell 2000
July 3, 2008
Dan Weiss submits:
Below, is an examination of performance for
Ominous Inflation Development: Investors Bidding Up TIPS
July 3, 2008
John Jansen submits:
The breakeven spread on 10 year TIPS has finally broken out. Previously, it had been unable to muster a close above 255/256 basis points. I was just perusing the public Bloomberg and that spread is 260 basis points currently.
I think this is significant for the Fed as they fret about whether of not higher levels of inflationary expectations have become embedded. Until now one could argue (and I have) that the only venue in which inflation expectations have jumped is in some of the sentiment surveys.
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