Word: nasdaq
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Dates: during 2000-2009
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Well, the bounce held for a day. After a we-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...
...much for the Strategic Petroleum Reserve. Those oil-price reductions were wiped out as November crude touched $37 (right near the September 10-year high) during the session and settled at $35.50 a barrel, and heating oil prices have hit new highs again. So much for the NASDAQ's signs of life Wednesday afternoon; the tech index started the day up but got swept into a 93-point slide as visions of the '70s danced in investor's heads...
...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...
After a month of pre-announcements, preemptive strikes, and plenty of nail-biting over oil prices and the euro - a month that's hacked away nearly a fifth of the NASDAQ index's value - the third-quarter earnings season finally comes to Wall Street. After Monday's Yom Kippur/Columbus Day wasteland, in which a middling-to-down day showed signs of life in stocks like day-trader favorites Juniper and JDS Uniphase but a sort of languid absenteeism in almost everything else, investors will get a chance starting Tuesday to place their bets...
...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...