STOCK MARKET WATCH -- Thursday, 30 January 2014

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Thursday, 30 January 2014[font color=black][/font]

SMW for 29 January 2014

AT THE CLOSING BELL ON 29 January 2014
[center][font color=red]
Dow Jones 15,738.79 -189.77 (-1.19%)
S&P 500 1,774.20 -18.30 (-1.02%)
Nasdaq 4,051.43 -46.53 (-1.14%)


[font color=green]10 Year 2.68% -0.04 (-1.47%)
30 Year 3.62% -0.04 (-1.09%) [font color=black]


[center][/font]

[HR width=85%]

[font size=2]Market Conditions During Trading Hours[/font]
[center]


[/center]

[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

[/center]

[center]

[/center]

[HR width=95%]

[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
[center]
Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
[/center]

[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
[center]
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
[/center]

[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
[center]
Matt Taibi: Secret and Lies of the Bailout


[/center]

[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
[center]
LegitGov
Open Government
Earmark Database
USA spending.gov
[/center]

[font color=black][font size=2]Handy Links - Videos:[/font][/font]
[center]
Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
[/center]

[div]
[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.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.








[HR width=95%]


[center]

[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. Dilbert is My Soul Brother

While Lucy is my alter ego

http://assets.amuniversal.com/78f70bd0436d01315168001dd8b71c47

[kickysnana]

16. I have freqently had that discussion with doctors.

It mainly happens when treatment for one debilitating condition makes another one worse.

[xchrom]

2. Asian stocks tumble on Fed taper and currency fears

http://www.bbc.co.uk/news/business-25956782

Asian markets have tumbled after the US central bank cut stimulus spending for a second month, and fears persisted over emerging market currency losses.

The Federal Reserve said it was scaling back its monthly bond-buying programme by another $10bn to $65bn (£39bn) due to the improved US economy.

Unexpected interest rate rises this week in India, Argentina and Turkey added to the skittish mood.

Concerns about weakness in their economies has caused market volatility.

[xchrom]

3. Bernanke Memorable Moments From AIG Anger to Dimon Encounter{OY VEY}

http://www.bloomberg.com/news/2014-01-30/bernanke-memorable-moments-from-aig-anger-to-dimon-encounter.html

Intellectually, Ben S. Bernanke was prepared to tackle the gravest economic crisis since the 1930s as chairman of the Federal Reserve. A Princeton University economics professor, he was an expert on the causes of the Great Depression. He was a practitioner as well as economic historian, serving on the Fed’s Board of Governors and as chairman of President George W. Bush’s Council of Economic Advisers. Yet in other ways, from dealings with reporters to bankers and members of Congress, there was little that could have prepared Bernanke for the challenges to come. Here are some highlights of his eight-year term, which ends tomorrow:

***

KEEP SWINGING: Known for his love of baseball, Bernanke’s attitude as the crisis intensified was to “keep swinging” with unconventional policies, recalled four-decade Fed veteran Donald Kohn, who retired as vice chairman in 2010.

Bernanke would say that, while he didn’t agree with all of President Franklin D. Roosevelt’s policies to fight the Depression, he admired his willingness to try new approaches.

The chairman didn’t want to be afraid to “swing and miss for a strike” because the welfare of the U.S. was at stake, Kohn said. “That general idea, that you’ve got to keep innovating, that was really important, and that you’re willing to try these unconventional policies.”

[Demeter]

4. I may vomit

Does that Hagiography mean the bastard is finally out?

[xchrom]

6. yes, i think it's like today ...or this week. nt

[xchrom]

5. Brazil’s Unemployment Rate in December Falls to Record Low

http://www.bloomberg.com/news/2014-01-30/brazil-s-unemployment-rate-in-december-falls-to-record-low-1-.html

Brazil’s unemployment rate in December fell to a record low, adding inflation pressure even as the central bank continues raising interest rates. Swap rates rose.

The jobless rate fell to 4.3 percent from 4.6 percent in November, the national statistics agency said in Rio de Janeiro today. That was lower than forecast by 31 economists surveyed by Bloomberg, whose median estimate was 4.4 percent.

Joblessness remained near record lows all last year and helped stoke inflation, which exceeded the government’s target for the fourth straight year. The central bank has responded by raising the benchmark rate in seven successive monetary policy meetings. Today’s data reinforce the likelihood of another 50 basis-point increase, according to Neil Shearing, chief emerging-markets economist at Capital Economics Ltd.

“Conditions in the labor market remain extremely strong,” Shearing said by phone from London. “That is another reason to think the central bank will remain in tightening mode, because that will support nominal income growth.”

[xchrom]

7. Rajan Warns of Global Policy Breakdown as Emerging Markets Slide

http://www.bloomberg.com/news/2014-01-30/rajan-warns-of-global-policy-breakdown-as-emerging-markets-slide.html

India central bank Governor Raghuram Rajan warned of a breakdown in global policy coordination a day after the Federal Reserve further cut stimulus, weakening emerging-market currencies from the rupee to the Turkish lira.

Rajan, a former chief economist at the International Monetary Fund, called for greater cooperation among policy makers weeks before finance chiefs from the world’s top developed and emerging markets gather in Sydney. The Fed’s statement yesterday made no mention of developing economies.

“International monetary cooperation has broken down,” Rajan, 50, said in an interview in Mumbai today with Bloomberg TV India, noting how emerging markets helped pull the global economy out of crisis starting in late 2008. “Industrial countries have to play a part in restoring that, and they can’t at this point wash their hands off and say we’ll do what we need to and you do the adjustment.”

Rajan raised interest rates this week along with central bankers from Turkey to South Africa as the Fed pressed on with a reduction in monthly bond purchases put in place to speed a recovery from the worst recession since the Great Depression. Emerging-market stocks have had the worst start to a year since 2008 as currencies from Argentina to Russia tumbled.

[xchrom]

8. Detroit May File $18 Billion Bankruptcy Plan in Two Weeks

http://www.bloomberg.com/news/2014-01-29/detroit-may-file-18-billion-bankruptcy-plan-in-two-weeks.html

Detroit’s emergency financial manager may file a proposed debt-adjustment plan in federal court in about two weeks, an action that would start the final phase in the city’s record $18 billion municipal bankruptcy.

The manager, Kevyn Orr, has given a copy of the plan to creditors, his spokesman, Bill Nowling, said yesterday in a statement. Creditors will have a chance to vote on the proposal once it’s filed in U.S. Bankruptcy Court in Detroit and the judge determines it gives enough information.

The plan reflects details already presented to creditors who have been negotiating with the city since it filed for bankruptcy in July, Orr said. U.S. Bankruptcy Judge Steven Rhodes had told the city he wanted it to file a plan by March 1.

“The longer we remain entrenched in our positions and fail to reach an agreement, the worse life gets for Detroit’s 700,000 residents and the greater our collective challenges become,” Orr said in the statement, which didn’t provide any details of the proposal.

[xchrom]

9. Chicago Bomb-Sting Defense Lawyer Can See FISA Papers

http://www.bloomberg.com/news/2014-01-30/chicago-bomb-sting-defense-lawyer-can-see-fisa-papers.html

A defense lawyer won permission to see secret foreign intelligence papers that may have led to evidence against his client, the first such ruling in an American terrorism case.

Over the objection of U.S. Attorney General Eric Holder, a Chicago federal judge yesterday granted lawyer Thomas A. Durkin’s request to see applications for intelligence gathering submitted to the Foreign Intelligence Surveillance Court. The judge said she was the first to allow a defendant’s attorney to see such FISA court records.

Durkin represents Adel Daoud, 20, a Hillside, Illinois, man arrested in September 2012 after he allegedly tried to detonate a phony bomb outside a downtown Chicago bar in a Federal Bureau of Investigation sting operation. Daoud has pleaded not guilty.

Holder said in an affidavit that the disclosure would harm national security. The ruling comes as the federal government is coming under increasing scrutiny for surveillance at home and abroad using the National Security Agency’s collection of telephone and Internet metadata.

[Demeter]

15. Good! Let truth ring out

[xchrom]

10. Europe's New Volcker Rule Enrages Everyone Equally

http://www.bloomberg.com/news/2014-01-29/europe-s-new-volcker-rule-enrages-everyone-equally.html

day the European Commission proposed rules that would prohibit systemically important European banks from engaging in proprietary trading. It's part of a big glop of other rules designed to make those banks safer, and I confess I haven't read the whole glop, and in any case it hasn't been approved yet, so there's a European Volcker Rule only in the sense that there was a Volcker Rule in the U.S. for the like three years before the regulators actually wrote it.

Here you can read about how "Bank lobbyists reacted angrily" to the proposal, and how anti-bank lobbyists reacted with equal anger, and how the proposal's author, EU commissioner Michel Barnier, takes this equal and opposite anger as a good sign:

"I'm not surprised by these reactions. When I put them all on the table…I tell myself we have found an equilibrium," Mr. Barnier said.
I guess "enrage everyone equally" is no worse a regulatory approach than any other.

What's fun about the Volckerish proposal is that it says that those systemically important banks "shall not: engage in proprietary trading." That's it!1 There's some other stuff about other things that aren't allowed, but the not allowing prop trading comes in the form of saying "you shall not engage in proprietary trading." Bracingly quick, especially compared to the infinity billion pages of the U.S. Volcker Rule.2

[xchrom]

11. Euro-Area Economic Confidence Increases for Ninth Month

http://www.bloomberg.com/news/2014-01-30/euro-area-economic-confidence-increases-for-ninth-month.html

Euro-area economic confidence increased for a ninth month in January, led by the services industry, adding to evidence that the 18-nation currency bloc’s recovery is gaining traction.

An index of executive and consumer sentiment rose to 100.9 from a revised 100.4 in December, the European Commission in Brussels said today. That’s the highest reading since July 2011, though it missed the median estimate of 101 in a Bloomberg News survey (EUESEMU) of 34 economists.

European stocks and bonds have rallied amid signs that growth is gradually picking up in the euro zone, with economists estimating a 0.2 percent expansion in the fourth quarter after 0.1 percent growth in the previous three months, according to a Bloomberg News survey. Sovereign borrowing costs this month fell to euro-area records from Greece to Ireland while the Stoxx Europe 600 Index hit a six-year high.

“Growth in the euro area is gaining dynamism but it remains modest,” Ruben Segura-Cayuela, a former Bank of Spain economist who works at Bank of America Merrill Lynch in London, said by telephone. “Growth of 1 percent in the region this year won’t be enough to address concerns about public finances in some countries and will barely create jobs.”

[xchrom]

12. German Joblessness Fell More Than Forecast in January

http://www.bloomberg.com/news/2014-01-30/german-joblessness-falls-more-than-forecast-as-economy-grows.html

German unemployment declined more than forecast in January as companies grew more confident in the strength of Europe’s largest economy.

The number of people out of work decreased by a seasonally-adjusted 28,000 to 2.93 million, after falling a revised 19,000 in December, the Nuremberg-based Federal Labor Agency said today. Economists predicted a drop of 5,000, according to the median of 34 estimates in a Bloomberg News survey. The adjusted jobless rate unexpectedly fell to 6.8 percent, unchanged from a revised December figure and matching the lowest rate in at least two decades.

The Bundesbank predicts that Germany’s economy will expand “strongly” in the coming months, supporting the still-frail recovery in the rest of 18-nation euro area. The Ifo index of business confidence in the country is at the highest level in 2 1/2 years as businesses benefit from strengthening domestic demand and foreign trade.

“German companies might expect increasing profitability in the future, stepping up with some new hirings,” said Annalisa Piazza, a fixed-income strategist at Newedge Group in London. “Part of the improvement in the labor market is due to the positive effects of the German structural reforms implemented ahead of the crisis. Those have helped to create a more resilient and more flexible labor market that is not affected much by cyclical swings.”

[xchrom]

13. Putin Uses Oil Giant Rosneft to Tighten Grip on Economy

http://www.bloomberg.com/news/2014-01-29/putin-uses-oil-giant-rosneft-to-tighten-grip-on-economy.html

When Igor Sechin was working as President Vladimir Putin’s deputy chief of staff a decade ago, visitors to his Kremlin office noticed an unusual collection on the bookshelves: row after row of bound volumes containing minutes of Communist Party congresses.

The record stretched across the history of the party and its socialist predecessor -- from the first meeting in March 1898 to the last one in July 1990, a year and a half before the Soviet Union collapsed, Bloomberg Markets will report in its March issue.

Sechin regularly perused the documents and took notes, says Dmitry Skarga, who at the time was chief executive officer of Russia’s largest shipping company, OAO Sovcomflot.

“He was drinking from this fountain of sacred knowledge so that Russia could restore its superpower status and take its rightful place in the world,” Skarga says.

[mahatmakanejeeves]

14. ETA News Release: Unemployment Insurance Weekly Claims Report (01/30/2014)

Source: Department of Labor, Employment and Training Administration

Read More: http://www.dol.gov/opa/media/press/eta/ui/eta20140132.htm

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending January 25, the advance figure for seasonally adjusted initial claims was 348,000, an increase of 19,000 from the previous week's revised figure of 329,000. The 4-week moving average was 333,000, an increase of 750 from the previous week's revised average of 332,250.

The advance seasonally adjusted insured unemployment rate was 2.3 percent for the week ending January 18, unchanged from the prior week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending January 18 was 2,991,000, a decrease of 16,000 from the preceding week's revised level of 3,007,000. The 4-week moving average was 2,970,250, an increase of 43,500 from the preceding week's revised average of 2,926,750.

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 354,604 in the week ending January 25, a decrease of 59,707 from the previous week. There were 369,480 initial claims in the comparable week in 2013.
....

The total number of people claiming benefits in all programs for the week ending January 11 was 3,583,501, a decrease of 122,586 from the previous week. There were 5,916,993 persons claiming benefits in all programs in the comparable week in 2013.

== == == ==

Good morning, Freepers and DUers alike. I ask you to put aside your differences long enough to read this post. Following that, you can engage in your usual donnybrook.

The word "initial" is important. The report does not count all claims, just the new ones filed this week.

Note: The seasonal adjustment factors used for the UI Weekly Claims data from 2007 forward, along with the resulting seasonally adjusted values for initial claims and continuing claims, have been revised. These revised historical values, as well as the seasonal adjustment factors that will be used through calendar year 2012, can be accessed at the bottom of the following link: http://www.oui.doleta.gov/press/2012/032912.asp