Word: dow
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...oversold-yesterday bull session that almost none of the Street's pundits was willing to declare the end of the slide, the lately ailing indexes were all in the black, with NASDAQ soaring a fabulous 241 points (almost 8 percent, the second best of all time) and the Dow regaining 157 of its 379-point Thursday plummet. It was the right sort of rally, steady and uninterrupted, and it's sure tempting to look at the previous sessions' new lows - 3074 for the NASDAQ and 10,034 for the Dow - as the floor we've been looking...
Earnings worries, euro worries, Greenspan worries - they've been dragging the Dow and NADSAQ down, session by session, doldrum by doldrum, for weeks. But throw in some Gulf War flashbacks, and you've got a real live selloff...
...Dow plunged 379 points Thursday on one word: oil. (OK, oil and Home Depot's earnings report, but let's not split hairs.) With U.S. sailors dead in a likely terrorist attack on a Navy ship in the Persian Gulf and Israel bombing Palestinian headquarters in retaliation for a Palestinian lynching of Israeli soldiers (and with Iraq threatening to suspend crude production in some wacky euro-support blackmail scheme and Venezuela mired in oil-labor troubles) there was only one commodity scarcer than confidence Thursday, and that was black gold...
...Time to buy? Sure, there's talk of a floor - the Dow and NASDAQ are both back to milestones they last saw in 1999. Friday's session, in fact, began with some bargain-hunting, even in the face of a report that the inflation-harbinger Producer Price Index jumped 0.9 percent in September, double expectations. But when your hoped-for floor depends ene in part on the shifting sands of Middle East tensions, it's hard to picture a sustained, multi-session rally starting anytime soon...
...Sure, there's always Treasuries, which have thrived amid the interest-rate tension all summer. And the Dow is holding up rather well in a dour season. But the word on the Street is that NASDAQ will be back, one of these days. Maybe when this earnings season gets rolling in earnest later this month - what we're in now is called "pre-announcement purgatory," when the news is almost all bad - and some happier numbers come...