Wednesday morning financial update........Stocks mixed, OIL up.

[Fishhead]

NEW YORK (CNNMoney.com) -- U.S. stocks appeared poised for a mixed start Wednesday, as the latest job report provided new cause for concern on our winter of discontent.
At 7:40 a.m. ET, Dow Jones industrial average, Standard & Poor's 500 and Nasdaq 100 futures were mixed, suggesting a lackluster open for Wall Street.
Futures measure current index values against perceived future performance and give an indication of how markets may open when trading begins in New York.
Wall Street mounted a rally Tuesday, but some of that optimism may fade as investors take in the latest reports on unemployment.
Job market: Planned job cuts totaled 241,749 in January, according to Challenger, Gray & Christmas, a six-year high for monthly layoffs. Many of the cuts came from record downsizing in the retail sector, the report said.
This report will be followed by payroll services firm ADP's survey on private-sector payrolls at 8:15 a.m. ET.
The global recession has forced companies around the world to reduce staff. Panasonic (PC) became the latest firm to announce cuts, saying it plans to slash 15,000 jobs by 2010.
Corporate results: The New York-based media corporation Time Warner Inc (TWX, Fortune 500)., which owns CNNMoney.com, missed expectations for fourth-quarter results and forecast a flat profit for the full year.
Time Warner reported a net loss of $16 billion, or $4.47 a share, for the fourth quarter.
Without charges, Time Warner reported a profit of 23 cents per share, falling short of the analyst consensus forecast of 26 cents per share, according to Thomson Reuters.
Kraft Foods (KFT, Fortune 500), based in Northfield, Ill., posted earnings that fell just short of expectations. The company said that diluted earnings, excluding charges, fell 2% in the fourth quarter to 43 cents per share, compared to the year-earlier quarter.
Analysts surveyed by Thomson Reuters forecast 44 cents per share.
After U.S. markets closed Tuesday, Walt Disney (DIS, Fortune 500) posted quarterly sales and earnings that missed expectations.
Executive pay: President Obama is due to unveil new rules that will impose salary caps on executives of firms that receive the most aid from government bailout funds. The new rules will limit executive pay to $500,000.
Companies: Other stocks to watch include discount retailer Costco (COST, Fortune 500), which warned early Wednesday that its earnings for the current quarter would fall well below expectations.
International markets: Asian indexes, including the Nikkei and the Hang Seng, closed higher. European indexes were also higher in midday trading.

Oil and money: Oil prices rose 83 cents a barrel to $41.61 in electronic trading. The dollar fell versus the yen, but rose against the euro and the British pound. First Published: February 4, 2009: 5:31 AM ET

 

[bellyputter]

My father's (estate) monthly royalty check from CHK(Chesapeake) has gone down 65% in 6 months.

 

[Fishhead]

My father's (estate) monthly royalty check from CHK(Chesapeake) has gone down 65% in 6 months.

CHK-my biggest losing stock in 2008.......and I had many.

 

[SSI]

look for market (SP market) to reach the upper (840's) then a selloff should take place...

in terms of the dow, another 100pts to the upside and then a dropoff of almost 500pts..

this is what im expecting in terms of trading.

SSI

 

[Fishhead]

look for market (SP market) to reach the upper (840's) then a selloff should take place...

in terms of the dow, another 100pts to the upside and then a dropoff of almost 500pts..

this is what im expecting in terms of trading.

SSI

EXACTLY what I'm somewhat expecting!!

This is what I'm hoping for and then will probably enter some minor positions when the DOW hits the 7750 level.

 

[SSI]

i need to see (844) on the sp as im currently long from 829 and then i am out, until i catch the ride down. last price 840.00

SSI

 

[PatPatriot]

Do yourselves a favor boys and girls.

Petrohawk (HK)

 

[SSI]

sorry Pat, i dont trade individual stocks, only the index (emini sp 500)...

makes no difference at all, which way it moves, as long as it moves.

SSI

 

[SSI]

fish, ill bump this, when i get short... probably late today, overnight or sometime tomorrow at the latest... max upside left today, should be 854.00, which is about another 100 still on the dow...

 

[PatPatriot]

sorry Pat, i dont trade individual stocks, only the index (emini sp 500)...

Hows that going for you, bud?

For others heres another Kansas City Southern (KSU). Railroad that has its own port in Mexicnce the economy gets rollin this is going to take off.Manage their money really well.

 

[SSI]

i just exited at 844.00, just now...

i am currently flat and will wait the next ride down...

Pat, overall going very, very good.

SSI

 

[SSI]

fish, we hit a high of 847.25, i dont think this is the top today however, we should have another 2 to 7pts to the upside, which is another 20 to 70 for the dow, over todays high..

im currently flat and will wait on rally to end, then jump on the train south.

SSI

 

[SSI]

fish, i was correct (so far)... high of 849.50 (so far)

last trade 844.50

i have a sellstop working at 836.50 (currently), it will remain there until filled or we make a new high over 849.50, at that point it would be cancelled...

SSI

 

[SSI]

fish, got short on the drop at 836.50

high of day was spot on...

will hold this short to 821.50, where ill be taking more profits..


word is, we see 797 easily on this down move...

SSI

 

[oldmanTED]

The markets will drop more then you guys think. The markets are still lagging behind the actual fundamentals of the economy. Expect to see massive more layoffs this year even with the stimulus plans. Those plans will take all of this year and many years to come to take full affect on the economy. The market is staying steady only because of hope but not reality. Liquidity will be a long time coming and thus more businesses will close and those that survive will reduce employment costs. The bottom of the markets is a long way away.

 

[SSI]

ted, makes absoultey no difference to me, from a trading standpoint..

only that it moves...

currently we are down again overnight, 824.50 on the emini..

im cashing out of this short at 821.50, so hopefully we get there overnight.

here is what you can expect out the dow and sp markets.


a continual GRIND lower, with many vicious rallies to the upside along the way, which is sort of what im looking for, again from a trading standpoint.

SSI

 

[wolfie_cr]

The markets will drop more then you guys think. The markets are still lagging behind the actual fundamentals of the economy.

you are absolutely right because people still dont comprehend the magnitude of what has happened (And the magnitude of the disconnection between 'reality' and 'fantasy' in the last few years

I heard some report the other day of 'amount of wealth that disappeared' and it was ridiculous, something like 1/3rd of the total......too bad I can't find the article

 

[SSI]

fwiw, warren buffet is now buying with both hands..

its when the crowd is selling, that you should be buying....

SSI

 

[WorldNumberOne]

i have a hunch that if you buy bank of america ( BAC ) , and hold it for 2 or 3 years , you will be very happy.

it is around 4.50 right now .

buy 2000 shares and risk 9000 grand. when it goes back to somewhere between 40 and 50 you will thank me.

if it goes to 0 , you took a shot.....

 

[ArkhamB]

Just bought some yesterday at 5.49 and it has been a disappointing 2 days...

The stock is tanking while Citibank goes up/ends even for the day. Citibank lost 18B last year while BofA made a profit last year. They both lost money last Q but BofA lost about 20% of what Citi lost.

Makes no sense.

If anyone knows a good stock forum, I am looking for one.

Thanks
Brian