NYSE down volume is now 87% of total GOLD was down some, now back to #320.6 HUI pushing below the critical 120 level USDollar was up sharply, now settling at modest 107.4 TEN yield is 7bpt to 3.75%
so stocks and bonds are both down, with the US$ up !?!?! I smell the PPTeam's fingerprints
somebody on SD2 mentioned the tight spread between spot gold and futures gold, which historically has meant an upward surge in gold is likely
dont tell Boston residents that jobs are growing EMC and Fidelity just laid off scads, see below
overheard a couple highranking guys in my firm talking about pensions "I dont know what to do, my 401k is getting decimated every month" these guys dont believe gold another VP down the hall is sharp as hell he talks openly about the doomed indebted economy to me someday soon I will inquire how he protects his pension
Puplava cites data on short open interest in silver stocks a short squeeze would result in a large upmove see it in his Market Wrap for Thursday http://www.financialsense.com/Market/wrapup.htm / jim
Up Vol**** 55 (11%) 139 (27%) Down Vol* 430 (87%) 351 (70%) Unch. Vol** 9 (1%) 10 (2%)
Ailing EMC Firing 1,350: Earnings will miss forecast by $150M
by Donna Goodison Friday, October 4, 2002
Data storage company EMC Corp. yesterday slashed another 1,350 employees, or 7 percent of its work force, and warned Wall Street of an unanticipated loss for the just-ended quarter.
The Hopkinton company's latest cuts will take its payroll down to about 17,000 worldwide, from a peak of 24,500 in early 2001. The latest downsizing victims will lose their jobs by New Year's Eve.
EMC's move came less than a week after another giant Bay State employer, Fidelity Investments, chopped nearly 1,700 jobs - more than 800 of them local. Fidelity took its action in the wake of the worst quarter on Wall Street in more than a decade.
At EMC, executives cited a sudden collapse in customer spending at the end of last month. Still an information technology powerhouse, EMC warned that its summer quarter revenue will miss Wall Street forecasts by $150 million.
"The IT spending environment continues to be brutal," Joe Tucci, EMC's president and chief executive, said in a statement. "The harsh reality of reduced budgets and the uncertainty of the economic and geopolitical climate are weighing heavily on business confidence, causing key projects and the corresponding IT spending to be delayed."
Tucci was not available for further comment yesterday. (for further details, click on EMC news)
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