STOCK MARKET WATCH -- Wednesday, 11 September 2013

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Wednesday, 11 September 2013[font color=black][/font]

SMW for 10 September 2013

AT THE CLOSING BELL ON 10 September 2013
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Dow Jones 15,191.06 +127.94 (0.85%)
S&P 500 1,683.99 +12.28 (0.73%)
Nasdaq 3,729.02 +22.84 (0.62%)


[font color=red]10 Year 2.96% +0.02 (0.68%)
30 Year 3.89% +0.01 (0.26%)[font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
Wall Street on Parade
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout


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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
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[font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.








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[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]

[Demeter]

1. I am beat

Rather like that poor kid in the 'toon...

Going to bed tonight. Not enough of me left to post. Damn this humidity!

[Warpy]

2. It's soggy here in the high desert

A Pacific tropical storm is raining itself out over us and is supposed to stall over us for the next 48 hours. Everything feels damp and sticky and I'm remembering why I left the east coast in favor of the usually arid southwest.

Meanwhile, the Atlantic has two tropical storms, one of which might be a hurricane by daybreak. Neither is a threat at present, but surf will be up on the Atlantic seaboard.

[Ghost Dog]

10. Ah. Over the islands here we have humid tropical air (1st light rain of the year the other night)

bubbling up from the South, where we can see tropical storms brewing:

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(Lajares Jazz: http://www.aridisland.com/records/ )[/center]

[AnneD]

20. Where is....

Carmen Miranda when you need her!

[Ghost Dog]

26. Music biz has gone digital

on the one hand (where pirates are being repelled as we speak: composers/musicians need to eat); and is going out live in person into the real world, living, performing, sharing real music with real people.

We're planning to digitally publish a couple of albums soon... and go on tour, troubadour style.

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[Ghost Dog]

28. P.S. Hey, AnneD, it would be great to add a sitar into the mixx...

Canela Café, Lajares, Fuerteventura, Canary Islands; every wednesday evening.

[AnneD]

30. Hate to say this...

but I tell hubby he sometimes a bit snooty about adding sitars or playing sitars in a western style. Of course, I always present Ravi Shankar as exhibit A in my argument. I am a firm believer in mixing things up. You should hear me play Irish folk tunes on my uke!

[Ghost Dog]

32. Oh, we'd follow his lead there, of course...

Irish tin-whistle player (long ago), myself.

[xchrom]

3. ASIAN MARKETS MIXED AMID SYRIA TENSIONS

http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-09-11-02-40-48

BEIJING (AP) -- Asian stocks were mixed Wednesday amid optimism about a possible Chinese recovery and concern over a possible U.S. attack on Syria.

Tokyo's Nikkei 225 index, the regional heavyweight, shed early gains to flatten out at 14,425.07 points while Hong Kong's Hang Seng fell 0.3 percent at 22,898.16. South Korea's Kospi rose 0.5 percent to 2,003.85.

Traders were encouraged by signs China, an important market for its Asian neighbors, is recovering from its deepest economic slump since the 2008 global crisis. Markets were buoyed by data Tuesday that showed Chinese auto sales, factory output and investment all improved in August.

Those indicators "cemented the view that the China economy has stabilized," said DBS Bank in a report.

[xchrom]

4. Shake-up for Dow Jones industrial average

http://www.bbc.co.uk/news/business-24043230

The Dow Jones industrial average, one of the world's best known measures of stock market performance, is having a revamp.

Alcoa, Bank of America and Hewlett-Packard are being dropped from the index of the top 30 US companies.

From 23 September they will be replaced by Goldman Sachs, Nike and Visa.

It is a matter of corporate prestige to be part of the elite group of firms making up the index, often referred to as the Dow.

[xchrom]

5. Plastic banknotes ready for 2016, says Bank of England

http://www.bbc.co.uk/news/business-24029785

Smaller, wipe-clean plastic banknotes could be introduced by the Bank of England from 2016, matching some currencies across the world.

The new polymer notes stay cleaner, are more secure and should even survive a spell in the washing machine, the Bank says.

It has spent three years studying the impacts of a change from cotton paper.

The switch could start with the new £5 note, featuring Sir Winston Churchill, with the £10 note to follow.

[AnneD]

22. They already....

have those in Canada. We had fun dipping them in water. The problem I for see is that static electricity may cause them to stick together if you are not careful.

[xchrom]

25. !

gotta keep those cling free dryer sheets handy.

[AnneD]

29. It gives...

a whole new meaning to money laundering.

[Demeter]

6. Sheer escapism

[xchrom]

7. 8 Spreads to Amp Up Your Yom Kippur Break Fast

http://food52.com/blog/8092-8-spreads-to-amp-up-your-yom-kippur-break-fast

We're not trying to mess with a good thing.

Because believe us, the traditional meal to break the fast of Yom Kippur -- the bagels piled high with cream cheese and lox, the onions and tomatoes and capers and lemon that accompany them -- is a beautiful thing. It's a necessary thing (no cooking during the day!). And when our heads are buzzing and our hands are trembling and we yearn for the day to end, it's exactly what we want.

But there's no reason you can't make your feast better. And so we're telling you to think a day or two ahead, and to make spreads and condiments for your bagels and lox -- and to justify eating a fourth bagel or a tenth piece of toast. You thought bagels and cream cheese were all you wanted to break the fast? Think again.

Roasted Tomato Jam by Amanda Hesser
?1378384740

Yotam Ottolenghi & Sami Tamimi's Basic Hummus by Genius Recipes
?1373399262

***more yummy-ness at the link

[AnneD]

23. Mom made...

Tomato jam and mock strawberry jam using tomatoes from our copious garden and a box of strawberry jello.

[xchrom]

24. boy does that sound good!

[xchrom]

8. U.K. Unemployment Rate Unexpectedly Declines to 7.7%

http://www.bloomberg.com/news/2013-09-11/u-k-unemployment-unexpectedly-falls-to-eight-month-low-of-7-7-.html

U.K. unemployment unexpectedly fell in the quarter through July, moving a step closer to the threshold at which Bank of England Governor Mark Carney has said officials will reassess their policy stance.

The unemployment rate measured by International Labour Organization methods declined to 7.7 percent from 7.8 percent in the second quarter, the Office for National Statistics said in London today. The median forecast of 28 economists was for 7.8 percent. In August, jobless claims fell 32,600, more than economists had forecast. The pound rose to a seven-month high.

Bank of England officials linked policy to unemployment last month, saying they wouldn’t raise their key interest rate until joblessness falls to 7 percent. While they don’t see that happening until late 2016, recent signs of strength in the economy have prompted investors to bet on a rate increase before then. Carney and three other members of the Monetary Policy Committee will testify in front of U.K. lawmakers on guidance tomorrow.

“The momentum in activity seems to be feeding through into lower unemployment,” said Alan Clarke, an economist at Scotiabank in London. “We see it getting down to 7 percent around mid 2015.”

[xchrom]

9. China Shadow Banking Returns as Growth Rebound Adds Risks

http://www.bloomberg.com/news/2013-09-10/china-shadow-banking-returns-as-growth-rebound-adds-risks.html

China’s broadest measure of new credit almost doubled in August from the previous month in a sign leaders are committed to meeting economic goals even at the cost of adding financial risks.

Aggregate financing was 1.57 trillion yuan ($257 billion), the People’s Bank of China said in Beijing yesterday, topping the 950 billion yuan median estimate of 10 analysts surveyed by Bloomberg News. New yuan loans from banks accounted for about 45 percent of the total, down from July’s 87 percent, as non-traditional credit played a bigger role.

The first pickup in credit growth after an unprecedented four straight declines, the fastest gain in industrial output in 17 months and above-forecast exports signal better odds that Premier Li Keqiang will achieve his 7.5 percent expansion target this year. The data also mark a resurgence in shadow banking that poses risks for the financial system after a record credit boom in the first quarter.

“If credit growth picks up persistently from here, China’s current growth recovery may well last a bit longer and go a bit further,” said Yao Wei, China economist at Societe Generale in Hong Kong. “However, that only adds to the downside risk afterwards, as the leverage of Chinese corporates and local governments keeps rising from the already alarmingly high level.”

[xchrom]

11. There's Just One Problem With China's Economic Recovery...

http://www.businessinsider.com/chinas-investment-led-recovery-2013-9

Chinese economic data has been impressive lately for two reasons.

One is that overall, emerging markets have been getting slapped pretty hard lately, and China is standing out to the upside.

The other reason is that just a few months ago, there was tons of chatter about a "hard landing" or at least the immediate need to rebalance the Chinese economy. And yet the hard landing, for now, is off.

That being said, one of the whole reasons people are talking about a need to rebalance the economy is the perceived massive overcapacity and slack in the economy (thanks to tons of investment-led growth post-crisis). This has created a situation of collapsing producer profits, lots of unused infrastructure, and a need to let the demand side catch up.



Read more: http://www.businessinsider.com/chinas-investment-led-recovery-2013-9#ixzz2eZlBnkFN

[xchrom]

12. California city approves eminent domain for negative equity mortgages

http://www.reuters.com/article/2013/09/11/us-richmond-eminentdomain-idUSBRE98A0FN20130911

(Reuters) - Richmond, California's leaders approved on Wednesday a plan for the city to become the first in the nation to use eminent domain to acquire mortgages with negative equity.

Eminent domain allows governments to seize private property for a public purpose. Critics say the plan threatens the market for private-label mortgage-backed securities.

The 4-3 vote by Richmond's city council allows the city invoke eminent domain if trusts for more than 620 delinquent and performing "underwater" mortgages reject offers by the city to buy the loans at deep discounts pegged to their properties' current appraised prices to refinance them and reduce their principal.

[xchrom]

13. Insight: Changing China set to shake world economy, again

http://www.reuters.com/article/2013/09/10/us-china-economy-transformation-insight-idUSBRE9891HN20130910


(Reuters) - Long after concerns about tightening U.S. monetary policy have faded, a more profound issue will still dog global policymakers: how to handle the second stage of China's economic revolution.

The first phase, industrialization, shook the world. Commodity-producing countries boomed as they fed China's endless appetite for natural resources. Six of the 10 fastest-growing economies last decade were in Africa.

China's flood of keenly priced manufactured goods hollowed out jobs in advanced and emerging nations alike but also helped cap inflation and made an array of consumer goods affordable for tens of millions of people for the first time.

The second stage of China's development promises to be no less momentous.

[Ghost Dog]

17. That's the plan, anyway.

... Consumption will take over the growth baton from investment. Services will grow as a share of the economy, while industry shrinks. Commodity-intensive mass manufacturing based on cheap labor will give way to greener, cleaner ways of making things.

More of the value added by a better-educated, more productive workforce harnessing new technologies will stay in China instead of going to multinational companies.

That's the plan, anyway...

/... http://www.reuters.com/article/2013/09/10/us-china-economy-transformation-insight-idUSBRE9891HN20130910

[xchrom]

14. Greece will need help once more, possibly twice: ECB's Coene

http://www.reuters.com/article/2013/09/11/us-eurozone-greece-coene-idUSBRE98A09W20130911

(Reuters) - Bailed out euro zone nation Greece will need further help at least once and possibly twice more, European Central Bank Governing Council member Luc Coene said on Wednesday.

"It's clear that we are not yet at the end of the Greek problem. We will need to make further efforts, certainly once, perhaps twice more. We will see how the situation develops," Coene told La Premiere radio station.

International lenders estimate that Greece will need around 10-11 billion euros from the second half of 2014, although several euro zone governments are reluctant to extend further loans because of negative public opinion.

"There is an improvement but it is very slow. Naturally the economic base of Greece is extremely small and it will take a lot of time gradually to put it back in order," Coene, who is governor of Belgium's central bank, continued.

[xchrom]

15. ECB's Asmussen sees risk of large spillovers from Fed tightening

http://www.reuters.com/article/2013/09/10/us-ecb-fed-exit-idUSBRE9890X820130910

(Reuters) - The impact of the U.S. central bank unwinding its policy stimulus risks being greater now than in 1994, when it started a tightening cycle and bond markets crashed, a European Central Bank policymaker said on Tuesday.

ECB Executive Board member Joerg Asmussen said the 1994 episode highlighted the importance of central banks clearly communicating exit strategies from their expansionary policies.

The U.S. Federal Reserve is expected to start slowly reducing its bond purchases when it meets later this month, beginning to unwind a policy that has helped foster recovery in the world's largest economy and buoyed financial markets.

"In early 1994, when the U.S. recovery gained strength, the Fed started a tightening cycle and bond markets crashed not only in the U.S. but also around the world," ECB Executive Board member Joerg Asmussen said on Tuesday.

[xchrom]

16. U.S. small business confidence slips in August

http://www.reuters.com/article/2013/09/10/us-usa-economy-optimism-idUSBRE9890J420130910


(Reuters) - U.S. small business optimism dipped in August as owners worried about the economy's near-term outlook, but gains in sales expectations and hiring plans hinted at a pick-up in the pace of economic growth.

The National Federation of Independent Business said on Tuesday its Small Business Optimism Index slipped 0.1 point to 94 last month.

While details of the survey were fairly mixed, key indicators such as planned hiring, capital spending, inventory accumulation and sales all advanced in August, suggesting an improvement in sentiment in the months ahead.

"Capital spending and inventory investment plans increased as well, all activities that would put some energy into GDP (gross domestic product) growth," the NFIB said in a statement.

[Fuddnik]

18. Because Obama.......

Sent to me by a friend who was a former two time Democratic Congressional nominee.

[Fuddnik]

19. Just posted that in Jonestown.

Saying good-bye in advance.

[westerebus]

21. Because....

Way way too much truthiness...

[Tansy_Gold]

27. Now, seriously, that was silly

Why would you want to get yourself banned because of those idiots?


Two hundred of them ain't worth the one of you!

[AnneD]

31. So....

any hints as to your new nom de plume.

[Fuddnik]

33. Carlos Danger?

[AnneD]

34. I think my alternate name would be...

Crazy Hands because I would have violated my first rule......Don't put your hands in the crazy.

[Fuddnik]

35. I might have to go to work.

I've been looking around for a little something, part time, out of boredom, and pick up a little extra golf and beer money.

Well, a golf course called me for an interview tomorrow for 2 days a week, money and free golf!

[AnneD]

36. Do you have...

19th hole privileges? They could go into debt hiring you.

[Fuddnik]

37. That's why they give you mone too!

[AnneD]

38. Well Hell's bells....

that sounds like a job your wife dreamed up....something to get you out of the house and out from underfoot.