Word: nasdaq
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...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...
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...
...NASDAQ has been in a serious funk, shedding nearly 400 points, more than 10 percent of its value, until suddenly a sliver of sun peeked out on Wednesday. Some credited Oracle, which lifted the index after some good news for the software maker. Others pointed to the day, the third day of the quarter, in which portfolio managers supposedly come out of their meetings and dump some investment money on the table. But for most, it seemed this cute little rally was like a flower pushing up through the tundra - not a full-blown spring yet, but hopefully a sign...
...behavior, and the sunniest outlook emerging from Wednesday's mini-bounce was the idea that the trading herd won't take the index any lower than that "floor" of 3400. (Of course, some were claiming today that a further shakeout has to hit - 3200, 3000 - before the NASDAQ can rally back for real...
...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...