Dow down 60 at 10:00 AM : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Any "predictions" on where the market will close today? <:)=

-- Sysman (, September 28, 1999



The stock market will close up 46.23 points today. NASDAQ will close up 19.15. S&P will be up 8.70

-- (, September 28, 1999.

Sounds about right to me. You left out gold though - any thoughts?

-- Holy Shhhh (you're@too.late), September 28, 1999.

Dow will be down 225, NASDAQ down 64 points, S&P down 19 points.

-- stock watcher (stockwatcher@stockwatcherrr.xcom), September 28, 1999.

The stock market will close up 46.23 points today. NASDAQ will close up 19.15. S&P will be up 8.70

You're full of crap. NASDAQ will be up 19.18, not 19.15.


-- (another@dow.guy), September 28, 1999.

How could I have been so stupid?????

-- (, September 28, 1999.

You guys crack me up!


Dow: -110 Nasdaq: -48 S&P: -14

Tick... Tock... <:00=

-- Sysman (, September 28, 1999.

for some reason I'm thinking that if the DJIA should slip below the psychological threshold of 10000 today, there'd be a panic, what with all the gold activity. But that's another 200 points away; unlikely.

-- lisa (, September 28, 1999.

I agree. Dow 10,000 is a support level. If it drops below that, I think it will trigger a lot of sell orders. Dum da dum dum...


-- (, September 28, 1999.

Dow -138
Nasdaq -50
12:33/p ET

-- Ashton & Leska in Cascadia (, September 28, 1999.

Dow man,

I'm glad your not my stockbroker. Why are we buying on the dips.. Yea right..

Wall Street moved into correction territory by midday Tuesday as stocks declined on a number of worries, including rising interest rates, currency fluctuations and an overall lack of good news.

The Dow Jones industrial average was down 141 points, or 1.37 percent, at 10,161. A close below 10,193.44 on the Dow would represent a 10 percent decline from its all-time high of 11,326.04, set Aug. 25. Before midday, the Dow was in correction mode, down as much as 152.92 at 10,150.47.

Wall Street considers an index to be in a correction when it is down 10 percent or more from its all-time high.

The Standard & Poor's 500 stock index was down 17 points, or 1.35 percent, to 1,265. If the index closes below 1,277, it would end 10 percent below its all-time high close of 1,418.78 on July 16.

The Nasdaq composite index, heavy with technology shares, was down 50 points, or 1.82 percent, at 2,711. It was down about 6.4 percent from its all-time high of 2,887.06 set Sept. 10. The Nasdaq would have to fall another 113 points to 2,598.36 to be considered in correction.

The U.S. Treasury 30-year bond was down 16/32 with a yield of 6.05 percent.

``I think it all centers on the Federal Reserve meeting,'' said Joseph Battipaglia, the chief investment officer at Gruntal & Co.

One week away, the Federal Reserve's policy-setting committee will meet to decide whether interest rates should be raised in order to keep the economy in check.

Merely getting that decision out of the way -- regardless of what they do -- will be a relief to Wall Street, Battipaglia said.

``The Fed may actually may spark the next bull market,'' he said. Although consensus is shifting as to whether there will be a hike, Battipaglia said he is betting there will be a raise of .25 basis points, or nothing in all, but nothing in between.

He said the next catalyst for the market will be third quarter earnings -- expected in early to mid-October -- which he characterized at ``quite spectacular.''

Battipaglia said he's looking for earnings of at least 20 percent higher than a year ago, which was a particularly down period.

Analysts at Lehman Brothers made note of the negative market sentiment.

``The market is oversold enough to rally,'' Lehman Brothers' global technical market analysis team told investors. ``But momentum and sentiment data fall short of bullish remarks. In addition, bonds and financials have yet to clear important hurdles.''

As bad news continues to get more play than good news in the markets, the overall sentiment is unfavorable although the market could yet bounce for a couple of weeks, Lehman analysts said.

The dollar was at 106.0 at midday Tuesday. The yen has been trading near three-year highs against the dollar as Japan's economic recovery showed signs of promise. But after a weekend meeting of the Group of Seven commenting on the yen's strength, the Bank of Japan did not intervene.

The consumer confidence index for September was reported slightly lower than expected at 134.2, compared with the August number revised upward to 136. Economists polled by Reuters had expected the September index to rate at 136.3.

Gold stocks continued to do extremely well Tuesday, after European central banks said they would restrict their bullion purchases for five years. The S&P gold and precious metals index was up 5 points, or 3 percent, at 171. The Philadelphia Stock Exchange's gold and silver index was up 2 points, or 3 percent, at 89.

In company news, Chase Manhattan Corp., the No. 2 U.S. bank, said it will buy San Francisco-based investment bank Hambrecht & Quist Group Inc. for about $1.35 billion in cash, or $50 a share. Shares in Hambrecht & Quist were up 7-3/4 at 48-13/16 while Chase was down 7/8 at 73-1/4.

Internet venture capital company CMGI Inc. posted quarterly earnings that beat expectations, said next quarter's revenues would at least double from the current period, and said it would buy, a ``free'' Internet provider. The stock was up 2-5/16 at 95-7/16.

ITXC Corp., a provider of Internet-based voice and fax services was trading 56 percent higher after its $12 per share initial offering. It was selling at 18-3/4 near midday. Reut12:44 09-28-99

-- y2k dave (, September 28, 1999.

And at aprox 1:30 it's down aprox 160

-- Chuck, a night driver (, September 28, 1999.

Its 1:35 EST, dow is down 216 and Nasdaq down 64. ouch... Where is the dow guy???

-- y2k dave (, September 28, 1999.

and at 1:34 it's down 206+

-- Cowardly Lion (, September 28, 1999.

1:40 PM, down 207 ....


-- Lurker (, September 28, 1999.

It was down 221 a minute ago, now it's "up" to -206.

-- (, September 28, 1999. Midday Musings:

Support Levels Snap as Selling Wave Builds, By Thomas Lepri, Staff Reporter, 9/28/99 1:25 PM ET

Bulls were lying low at midday as the market continued its late regression.

All the proxies were solidly negative. The Dow Jones Industrial Average was off 136, or 1.3%, to 10,168; the tech-enfeebled Nasdaq Composite Index was down 45, or 1.6%, to 2717; and the S&P 500 was receding 16, or 1.3%, to 1267. Internet Sector index was sinking 15, or 2.4%, to 614, while the small-cap Russell 2000 was 6 lower to 416.

"We've broken some support levels, and that's significant in itself," said Jim Herrick, managing director of trading at Robert W. Baird in Milwaukee. "But the bottom line is that investors aren't focusing on earnings."

Earnings? You mean those pesky things that you're supposed to use to calculate the Price/Earnings ratio? When was the last time this market really focused on earnings? A few years back, methinks...

Listen. Can you hear it? Sounds like air slowly leaking from a balloon...

-- Mac (sneak@lurk.hid), September 28, 1999.

-200 a minute later.

-- (, September 28, 1999.

-186 another minute later.

-- (, September 28, 1999.


I don't own stock. I don't work on Wall Street. It's a fake email address. I don't even know any brokers. I was just commenting. I don't care which way the DOW goes. :)

-- (, September 28, 1999.

stock watcher,

Looks like you may win the prize.

What kind of crystal ball do you use? <:)=

-- Sysman (, September 28, 1999.

Let's move it up about 15 threads


-- Chuck, a night driver (, September 28, 1999.

What are the tracks/footprints of the plunge protection team? Is it possible to discern when they've stepped in? Andy?

-- lisa (, September 28, 1999.

DOW recovering nicely. I could be right yet!!! :)

-- (, September 28, 1999.

I predict that some people will continue to waste time and bandwidth trying to guess what the market will do later the same day instead of simply waiting a few hours and looking it up! :-)

Get a grip folks. :-)


-- Jerry B (, September 28, 1999.

Chuck, I was almost right and was right there for a while. Just a lucky guess that's all, nothing to it.

-- stock watcher (stockwatcher@stockwatcherrr.xcom), September 28, 1999.

Moderation questions? read the FAQ