In typical fashion, the pre-market futures were pumped higher to avoid a massive sell-off at the open. Prior to the opening bell, General Motors (GM), Schering-Plough (SGP) and Credit Suisse Group (CS) all announced 4th quarter earnings that were... well, horrible.
General Motors posted the largest one-year loss in US automaker history, a staggering $38.7 billion for 2007. The company also announced buyouts to some 74,000 employees.
At Schering-Plough, the losses were explained away as charges related to the buyout of Organon Biosciences, but nevertheless were massive. The drugmaker said it lost $3.4 billion in the fourth quarter, or $2.08 per share, compared with a year-earlier profit of $182 million, or 12 cents per share.
Credit Suisse reported profits off 72% from the year ago period due to writedowns in subprime and other bad investments.
So, with that news in tow, the indices rocketed skyward, with the Dow up more than 100 points just twenty minutes into the trading day. This broke a string of six consecutive sessions in which the Dow had not surpassed the previous day's high and, for all intents, it appeared as though a massive short squeeze was underway. In fact, by 10:45, the Dow had surpassed the highs of the previous four days.
Having had their way via juicing the futures, the Fed saw fit to only accept $6.25 billion in repos. With $8.25 billion maturing, it left the investment banks to do the Fed's bidding with $2 billion less than yesterday. This cash shortage would come into play later in the session.
Within the first hour of trading, the Dow was up a whopping 190 points, a 1.5% gain, with the other indices following its lead.
By 11:30, it was clear that the battle lines were drawn at Dow 12,400. The bears kept trying to break it down, but the bulls defended it fiercely until just after 3:00.
Dow 12,373.41 +133.40; NASDAQ 2,320.04 -0.02; S&P 500 1,348.86 +9.73; NYSE Composite 8,965.35 +97.07
The bears finally drove the Dow down to 12,310 before giving way late and allowing the market to float back up to where it closed. It was an odd day, but indicative of a market that is being day-traded by professionals and a very dangerous place for the novice or buy-and-hold investor.
Bias remains to the sell side, and after today's questionable trade, Wednesday will almost surely spend much of the day in the red. Tuesday's rally was built on false promise and only a slight oversold condition, so a resumption of selling is expected.
On the day, advancers topped decliners again, 3838-2529. New lows exceeded new highs, 201-104. Volume was improved over the previous three sessions.
Tuesday's rally was largely tied to investor Warren Buffet who told CNBC that Berkshire Hathaway has offered to assume $800 billion in municipal bond liabilities from MBIA (MBI), Ambac Financial (ABK) and FGIC Corp., the three main insurers of muni bonds and also the companies which insured much of the toxic subprime debt held by the largest banks in the world.
The idea is nice in theory, but Buffet's bold offer neatly avoids the subprime slime, so the market shouldn't really have pinned much hope on it as a rescue measure. Besides, at least one of the insurers has rebuffed Buffet already.
Mr. Buffet is not a savior. He is a skilled financier and investor. The market is obviously full of fools who think that somehow he'll single-handedly fix a world-wide credit dilemma. Buffet made his offer because he thinks he can make money at it, not because he's a beneficent saint.
Commodities all eased. Oil slid 81 cents to $92.78; gold fell $15.60 to $911.10; silver was off 22 cents to $17.25.
NYSE Volume 4,028,390,500
NASDAQ Volume 2,221,637,500
Tuesday, February 12, 2008
Monday, February 11, 2008
Minimalist Movement
Left to their own devices in a beaten down market, investors generally buy stocks. Such was the case on Monday, a day in which a dearth of news and/or economic reports left traders mostly on their own.
After an early mishap - the Dow was down more than 110 points - traders got just enough urging from the PPT to push stocks into the green and kept them there for the duration of the session.
Volume was once again on the "who cares?" side of the ledger, as all but hard-core day-traders and bullish lemmings are content to sit back and wait for the next economic shoe to fall.
The president delivered his annual economic report to congress amid much yawning and little else, restating his opinion that the economy was essentially sound (it's not) but there are short-term concerns (understatement of the year).
With few paying attention, the Financial Times released their version of good news, with this story: A repeat of the Great Depression is unlikely - a commentary that was neither concise nor convincing.
Of the Dow stocks, 11 were down and 19 up, with American International Group (AIG, -5.49, -11.72%) taking down insurers and General Motors (GM +1.32, +5/12%) leading the gainers, mostly on valuation.
AIG, the world's largest insurer, faced renewed calls that their exposure to subprime and other risky credit products had been underreported in filings.
Bargain hunters pumped up General Motors, despite reports of engine fires in Chevy Tahoe and Yukon SUVs.
In the broader market, advancers garnered a slender edge over losing issues, 3305-3009, though new lows continued to dominate new highs, 254-92.
Dow 12,240.01 +57.88; NASDAQ 2,320.06 +15.21; S&P 500 1,339.13 +7.84; NYSE Composite 8,868.28 +45.16
Commodities generally priced higher, with crude oil for March delivery registering a gain of $1.82, to end the day at $93.59. Gold added $4.40 to $926.70 and silver gained 36 cents to $17.47, nearly closing off the bargain window which has only been left open less than two weeks.
The guvs should take pains to avoid use of the "R" word so as to not spook the markets. Investors are still clearly on edge and it doesn't take much to trigger an avalanche of selling, as we've seen in recent weeks.
Wednesday's retail sales figures, Thursday's initial unemployment claims and Friday's capacity utilization and NY Empire State Index should provide most of the economic chatter.
Earnings reports continue to flow. On Tuesday, Applied Materials (AMAT), General Motors (GM), Schering-Plough (SGP) and Credit Suisse Group (CS) will give traders plenty to mull over, as all but AMAT report prior to the opening bell. Caveat emptor.
NYSE Volume 3,507,467,750
NASDAQ Volume 2,072,297,125
After an early mishap - the Dow was down more than 110 points - traders got just enough urging from the PPT to push stocks into the green and kept them there for the duration of the session.
Volume was once again on the "who cares?" side of the ledger, as all but hard-core day-traders and bullish lemmings are content to sit back and wait for the next economic shoe to fall.
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One feature of the recent market is that today marked the sixth straight day that the Dow failed to reach the previous day's high, an indication that the bears are having their way overall.The Path of Substantial Wealth and Riches: Your Parents' Influence on Your Finances
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The president delivered his annual economic report to congress amid much yawning and little else, restating his opinion that the economy was essentially sound (it's not) but there are short-term concerns (understatement of the year).
With few paying attention, the Financial Times released their version of good news, with this story: A repeat of the Great Depression is unlikely - a commentary that was neither concise nor convincing.
Of the Dow stocks, 11 were down and 19 up, with American International Group (AIG, -5.49, -11.72%) taking down insurers and General Motors (GM +1.32, +5/12%) leading the gainers, mostly on valuation.
AIG, the world's largest insurer, faced renewed calls that their exposure to subprime and other risky credit products had been underreported in filings.
Bargain hunters pumped up General Motors, despite reports of engine fires in Chevy Tahoe and Yukon SUVs.
In the broader market, advancers garnered a slender edge over losing issues, 3305-3009, though new lows continued to dominate new highs, 254-92.
Dow 12,240.01 +57.88; NASDAQ 2,320.06 +15.21; S&P 500 1,339.13 +7.84; NYSE Composite 8,868.28 +45.16
Commodities generally priced higher, with crude oil for March delivery registering a gain of $1.82, to end the day at $93.59. Gold added $4.40 to $926.70 and silver gained 36 cents to $17.47, nearly closing off the bargain window which has only been left open less than two weeks.
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The balance of the week looks to be dominated by Fedspeak, as a number of Fed governors, including Chairman Bernanke himself (slated to testify to the Senate Banking Committee), are scheduled to address a variety of groups.Stocks go up and down. Make money in both directions with exclusive options advisor.
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The guvs should take pains to avoid use of the "R" word so as to not spook the markets. Investors are still clearly on edge and it doesn't take much to trigger an avalanche of selling, as we've seen in recent weeks.
Wednesday's retail sales figures, Thursday's initial unemployment claims and Friday's capacity utilization and NY Empire State Index should provide most of the economic chatter.
Earnings reports continue to flow. On Tuesday, Applied Materials (AMAT), General Motors (GM), Schering-Plough (SGP) and Credit Suisse Group (CS) will give traders plenty to mull over, as all but AMAT report prior to the opening bell. Caveat emptor.
NYSE Volume 3,507,467,750
NASDAQ Volume 2,072,297,125
Friday, February 8, 2008
Not Such a Good Week; Stocks Continue to Tank
Friday capped off another ugly week for stocks, as the late January rally - built on the back of a whopping 1 1/4% in federal funds rate cuts - has proven to be nothing but a mirage. That's not surprising, considering the historical impact of rate cutting in the face of a depressed business cycle, which happens to be little to none.
On the other side of those rate cuts inevitably sits inflation, which will become the next bogey man to confront the balding and bespeckled geniuses at the Fed. The natural reaction to inflation is to raise rates, and since the Fed won't be doing that soon, expect to pay more for just about everything as the value of the US dollar on world markets continued to erode.
At the final bell, the Dow lost 551 points for the week; the S&P gave back 64; the NASDAQ dropped 99 and the NYSE Composite fell 454. It certainly wasn't pretty, but investors are beginning to get the idea that the US is already in a recession and the only reasonable thing to do is to sell stocks and get out of the way until some safe bottom forms.
Dow 12,182.13 -64.87; NASDAQ 2,304.85 +11.82; S&P 500 1,331.29 -5.62; NYSE Composite 8,823.12 -35.92
That bottom could be a distance off, as our brilliant leaders in congress decided to pass a stimulus package that will cost roughly $168 billion - money that will produce a deficit - in rebates to a large swath of individuals and families.
The plan is ridiculous. Consider a family I know well. Husband and wife both work, and have three kids in school, ages 10, 11 and 12. The kids go to public schools and both earners are making upwards of $45,000. They're pretty comfortable. This plan gives them $1200, plus another $900 for the kids ($300 per child) for a total of $2100. They don't absolutely need the money and much of it will likely go directly into the bank or to investments for the future (read: retirement or college funds). Nice country. Free money.
How an additional $168 billion of borrowed money is going to save the nation from the ravishes of recession is a good question, one which nobody in congress bothered to ask. After all, it's an election year and the incumbents saw an easy path to more votes for themselves. Hoo-rah!
Market internals were expectedly in-line with the headlines. Declining issues bettered advancers, 3679-2611. New lows topped new highs, 226-75.
The recession is here, and normally, I'd say there's nothing to worry about as it's just part of the normal business cycle. However, this one looks rather ominous and has rough edges to it, especially considering the dearth of leadership in Washington. Whomever inherits the White House in the fall, they'll be getting a very, very raw deal in an economy that's retreating quickly from 8 long years of wild excess.
Be sure to read the story directly below this for a better understanding of why US equity markets were not another 2-4% lower this week, as they should have been.
NYSE Volume 3,768,491,500
NASDAQ Volume 2,275,363,250
On the other side of those rate cuts inevitably sits inflation, which will become the next bogey man to confront the balding and bespeckled geniuses at the Fed. The natural reaction to inflation is to raise rates, and since the Fed won't be doing that soon, expect to pay more for just about everything as the value of the US dollar on world markets continued to erode.
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In any case, stocks fell for the 4th day out of 5, with the notable exception of the NASDAQ, which managed to finish marginally positive two days this week.Forex Foreign Currency Exchange Trading Beginner's Resource Center.
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At the final bell, the Dow lost 551 points for the week; the S&P gave back 64; the NASDAQ dropped 99 and the NYSE Composite fell 454. It certainly wasn't pretty, but investors are beginning to get the idea that the US is already in a recession and the only reasonable thing to do is to sell stocks and get out of the way until some safe bottom forms.
Dow 12,182.13 -64.87; NASDAQ 2,304.85 +11.82; S&P 500 1,331.29 -5.62; NYSE Composite 8,823.12 -35.92
That bottom could be a distance off, as our brilliant leaders in congress decided to pass a stimulus package that will cost roughly $168 billion - money that will produce a deficit - in rebates to a large swath of individuals and families.
The plan is ridiculous. Consider a family I know well. Husband and wife both work, and have three kids in school, ages 10, 11 and 12. The kids go to public schools and both earners are making upwards of $45,000. They're pretty comfortable. This plan gives them $1200, plus another $900 for the kids ($300 per child) for a total of $2100. They don't absolutely need the money and much of it will likely go directly into the bank or to investments for the future (read: retirement or college funds). Nice country. Free money.
How an additional $168 billion of borrowed money is going to save the nation from the ravishes of recession is a good question, one which nobody in congress bothered to ask. After all, it's an election year and the incumbents saw an easy path to more votes for themselves. Hoo-rah!
Market internals were expectedly in-line with the headlines. Declining issues bettered advancers, 3679-2611. New lows topped new highs, 226-75.
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The oil barons apparently grew tired of not making so much money over the past couple of weeks and drove crude for March delivery up $3.66 to $91.77. Traders were so busy selling off stocks, they barely noticed. Gold leapt another $12.30, closing at $922.30. Silver gained 34 cents to $17.11. There's still time to buy before the metals really take off.Stocks go up and down. Make money in both directions with exclusive options advisor.
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The recession is here, and normally, I'd say there's nothing to worry about as it's just part of the normal business cycle. However, this one looks rather ominous and has rough edges to it, especially considering the dearth of leadership in Washington. Whomever inherits the White House in the fall, they'll be getting a very, very raw deal in an economy that's retreating quickly from 8 long years of wild excess.
Be sure to read the story directly below this for a better understanding of why US equity markets were not another 2-4% lower this week, as they should have been.
NYSE Volume 3,768,491,500
NASDAQ Volume 2,275,363,250
Swimming Upstream with the Plunge Protection Team
Editor's Note: I wrote the following piece on the morning of Friday, Feb. 8, watching with considerable frustration a number of usual, obvious, upward spikes of 70, 50 and 40 points on the Dow, which I usually assign as the work of the Plunge Protection Team. Considering that very few investors and even fewer members of the general public even know of the existence of this group (officially, the President's Working Group on Financial Markets), it is my duty as a proponent of free markets and the Austrian school of economics, to expose them and explain how their interference caused more harm than good.
I have written about them before, and readers can check the tags or labels on this blog for PPT or Plunge Protection Team. It is also advisable to search the same and acquaint oneself with the workings of this group. They are not fictional, but sadly, oh, so real and a better understanding of their role and intentions may bring about some needed changes in our financial markets.
Being neither a zealot nor a fool, I understand that my proposal to the heads of the Federal Reserve, Treasury and other members of the PPT may lead nowhere, but I am hopeful that a robust, open discussion of their actions may lead us all to a better tomorrow.
Coincidentally, shortly after writing this piece, the Dow began an earnest descent. Maybe there is power in thought and force in words. In the end, all we have are faith, hopeful dreams, our good natures and desires.
As I watch the US equity markets gyrate in their long, slow-motion decline to some eventual oblivion, I cannot escape the intransigent maneuverings of the Plunge Protection Team (PPT) in their daily attempts to rescue the markets from their certain swoon.
Their actions are more and more transparent every day. As stocks decline in the somewhat orderly, time-honored tradition of bear markets, the PPT is at odds with the natural forces at work. In effect, they are swimming upstream against a logical, sensible tide of selling. Like salmon returning to their roots, the PPT believes the markets should return to glory days of all-time highs.
They are wrong. They are foolish. They will fail. Their actions speak of desperation, unlike the glorious salmon, which are guided by instinct and propagation, the PPT is swimming blindly into waters neither friendly nor where they are welcome.
A complete, final flushing of the markets is inevitable and preferable to the constant tinkering of these fondlers, who seek to govern what is known and what will be. While they think it right and good to prevent markets from tumbling - lest they incite an already angry public - they do more harm by the day. Their meddling reduces confidence in the fairness of the markets, to say nothing of the massive distortions created by their utterly false intentions.
No good or honest trader is accepting of sharp vertical ascents in the markets. They know what evil hands are at play, goosing the futures, bidding up the blue chips and pampering the investment community with talk of soft landings, strength in the economy and sustainable growth.
Poppycock. Rubbish. Nonsense.
It is time for the PPT, the Fed and Treasury to step back and cease open market operations. Allow the markets to function as they were intended - free and open, without interference - which, in the current environment more than likely means a crash, or at least a long, sustained recession and diminution of equity assets.
It is time for the Fed and their lackey PPTers to stop trying to fix what they themselves have broken, admit defeat and stabilize the situation. Set the federal funds rate at an acceptable 4 1/2-5%, allow the banks that have gorged on risky investments to pay their dues and liquidate their assets and let the American public breathe the clean air of a bottomed-out business cycle.
It would be a refreshing change from the eternal dithering and blathering to which we have become so accustomed. Let those which should fail, fail. Let the market decide. Let the indices fall to where they may, so that companies once again can be accountable and that investments actually start behaving like the fickle instruments of wealth that they are.
Surely, this would be a painful lesson for all, but no less painful than having to endure the uncertainty and unease associated with contrived markets and the grubby molestation of the PPT.
I have written about them before, and readers can check the tags or labels on this blog for PPT or Plunge Protection Team. It is also advisable to search the same and acquaint oneself with the workings of this group. They are not fictional, but sadly, oh, so real and a better understanding of their role and intentions may bring about some needed changes in our financial markets.
Being neither a zealot nor a fool, I understand that my proposal to the heads of the Federal Reserve, Treasury and other members of the PPT may lead nowhere, but I am hopeful that a robust, open discussion of their actions may lead us all to a better tomorrow.
Coincidentally, shortly after writing this piece, the Dow began an earnest descent. Maybe there is power in thought and force in words. In the end, all we have are faith, hopeful dreams, our good natures and desires.
As I watch the US equity markets gyrate in their long, slow-motion decline to some eventual oblivion, I cannot escape the intransigent maneuverings of the Plunge Protection Team (PPT) in their daily attempts to rescue the markets from their certain swoon.
Their actions are more and more transparent every day. As stocks decline in the somewhat orderly, time-honored tradition of bear markets, the PPT is at odds with the natural forces at work. In effect, they are swimming upstream against a logical, sensible tide of selling. Like salmon returning to their roots, the PPT believes the markets should return to glory days of all-time highs.
They are wrong. They are foolish. They will fail. Their actions speak of desperation, unlike the glorious salmon, which are guided by instinct and propagation, the PPT is swimming blindly into waters neither friendly nor where they are welcome.
A complete, final flushing of the markets is inevitable and preferable to the constant tinkering of these fondlers, who seek to govern what is known and what will be. While they think it right and good to prevent markets from tumbling - lest they incite an already angry public - they do more harm by the day. Their meddling reduces confidence in the fairness of the markets, to say nothing of the massive distortions created by their utterly false intentions.
No good or honest trader is accepting of sharp vertical ascents in the markets. They know what evil hands are at play, goosing the futures, bidding up the blue chips and pampering the investment community with talk of soft landings, strength in the economy and sustainable growth.
Poppycock. Rubbish. Nonsense.
It is time for the PPT, the Fed and Treasury to step back and cease open market operations. Allow the markets to function as they were intended - free and open, without interference - which, in the current environment more than likely means a crash, or at least a long, sustained recession and diminution of equity assets.
It is time for the Fed and their lackey PPTers to stop trying to fix what they themselves have broken, admit defeat and stabilize the situation. Set the federal funds rate at an acceptable 4 1/2-5%, allow the banks that have gorged on risky investments to pay their dues and liquidate their assets and let the American public breathe the clean air of a bottomed-out business cycle.
It would be a refreshing change from the eternal dithering and blathering to which we have become so accustomed. Let those which should fail, fail. Let the market decide. Let the indices fall to where they may, so that companies once again can be accountable and that investments actually start behaving like the fickle instruments of wealth that they are.
Surely, this would be a painful lesson for all, but no less painful than having to endure the uncertainty and unease associated with contrived markets and the grubby molestation of the PPT.
Thursday, February 7, 2008
Capitulation Day Forestalled
When push came to shove, the bulls proved to have a little more energy at the end of the day, but it wasn't for any lack of trying by determined bears.
The indices see-sawed their ways to positive closes, though the gains were negligible and narrow.
The day began on a sour note when Wal-Mart (WMT) reported disappointing January sales and Cisco Systems (CSCO) warned of slowing orders, adding to recession fears.
Wal-Mart, the world's largest retailer posted January sales from stores open at least a year below Wall Street's estimates.
Adding to the malaise nearing mid-day, the Wall Street Journal reported Ranks of Economists Forecasting Recession Grow - an article highlighting the call from forecasting firm Global Insight, which joined economists from Merrill Lynch, Goldman Sachs, UBS, Morgan Stanley and others, in saying the economy is already in recession.
Citing the National Bureau of Economic Research, the private outfit that dates recessions, “a recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”
That certainly seems to be the case on Main Street, while Wall Street attempts to figure the best way forward. The Dow is just 276 points above the recent closing low of 11,971.19.
At 3:00, Consumer Credit for December was reported to have contracted sharply, to $4.5 billion, from $17.1 billion in November. This seemed to squelch one of the day's mini-rallies, each of which was met with resistance and spirited selling.
Dow 12,247.00 +46.90; NASDAQ 2,293.03 +14.28; S&P 500 1,336.91 +10.46; NYSE Composite 8,859.04 +40.93
Stocks barely ended a three-day skid, though sentiment remains bearish and gloomy. Even though stocks closed the day on a positive note, the mark is still near the low end of the recent trough and a retest of the lows from two weeks ago seems all but certain.
Advancing issues took the edge over decliners, 3747-2519, though new lows continued to dominate new highs, 282-58.
Commodities also gained on the periphery. Oil rose 87 cents to $88.11, below the key $90 mark. With Winter nearly half over, a spell of early warm weather may mark a turning point for motorists suffering through a season of over-$3-a-gallon gas and are due for a break. We can only hope.
Gold edged up $5.00 to $910.00 and silver added 23 cents to $16.78. The buying opportunity is still available. Six months from now, gold should easily have surpassed the $1000 mark and silver should be $18+.
Friday can't come soon enough for wrangled floor traders. While volume has been somewhat on the light side this week, volatility has everyone on their toes. It may turn out to be one of the tamer sessions of recent vintage as there are no significant economic reports or companies reporting earnings.
Then again, this market doesn't need much to get excited one way or the other. We could see another roller coaster session with no clear direction heading into the weekend.
NYSE Volume 4,279,469,000
NASDAQ Volume 2,952,824,000
The indices see-sawed their ways to positive closes, though the gains were negligible and narrow.
The day began on a sour note when Wal-Mart (WMT) reported disappointing January sales and Cisco Systems (CSCO) warned of slowing orders, adding to recession fears.
Wal-Mart, the world's largest retailer posted January sales from stores open at least a year below Wall Street's estimates.
Adding to the malaise nearing mid-day, the Wall Street Journal reported Ranks of Economists Forecasting Recession Grow - an article highlighting the call from forecasting firm Global Insight, which joined economists from Merrill Lynch, Goldman Sachs, UBS, Morgan Stanley and others, in saying the economy is already in recession.
Citing the National Bureau of Economic Research, the private outfit that dates recessions, “a recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”
That certainly seems to be the case on Main Street, while Wall Street attempts to figure the best way forward. The Dow is just 276 points above the recent closing low of 11,971.19.
At 3:00, Consumer Credit for December was reported to have contracted sharply, to $4.5 billion, from $17.1 billion in November. This seemed to squelch one of the day's mini-rallies, each of which was met with resistance and spirited selling.
Dow 12,247.00 +46.90; NASDAQ 2,293.03 +14.28; S&P 500 1,336.91 +10.46; NYSE Composite 8,859.04 +40.93
Stocks barely ended a three-day skid, though sentiment remains bearish and gloomy. Even though stocks closed the day on a positive note, the mark is still near the low end of the recent trough and a retest of the lows from two weeks ago seems all but certain.
Advancing issues took the edge over decliners, 3747-2519, though new lows continued to dominate new highs, 282-58.
Commodities also gained on the periphery. Oil rose 87 cents to $88.11, below the key $90 mark. With Winter nearly half over, a spell of early warm weather may mark a turning point for motorists suffering through a season of over-$3-a-gallon gas and are due for a break. We can only hope.
Gold edged up $5.00 to $910.00 and silver added 23 cents to $16.78. The buying opportunity is still available. Six months from now, gold should easily have surpassed the $1000 mark and silver should be $18+.
Friday can't come soon enough for wrangled floor traders. While volume has been somewhat on the light side this week, volatility has everyone on their toes. It may turn out to be one of the tamer sessions of recent vintage as there are no significant economic reports or companies reporting earnings.
Then again, this market doesn't need much to get excited one way or the other. We could see another roller coaster session with no clear direction heading into the weekend.
NYSE Volume 4,279,469,000
NASDAQ Volume 2,952,824,000
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