STOCK MARKET WATCH -- Monday, 24 November 2014

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Monday, 24 November 2014[font color=black][/font]

SMW for 21 November 2014

AT THE CLOSING BELL ON 21 November 2014
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Dow Jones 17,810.06 +91.06 (0.51%)
S&P 500 2,063.50 +10.75 (0.52%)
Nasdaq 4,712.97 +11.10 (0.24%)


[font color=green]10 Year 2.31% -0.03 (-1.28%)
30 Year 3.02% -0.03 (-0.98%) [font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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(click on link for latest updates)
http://tools.investing.com/market_quotes.php?
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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.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.
02/06/14 Matthew Martoma convicted of insider trading while at hedge fund SAC (Stephen A. Cohen) Capital Advisors. Expected sentence 7-10 years.
03/24/14 Annette Bongiorno, Bernard Madoff's secretary; Daniel Bonventre, director of operations for investments; JoAnn Crupi, an account manager; and Jerome O'Hara and George Perez, both computer programmers convicted of conspiracy to defraud clients, securities fraud, and falsifying the books and records.
05/19/14 Credit Suisse, which has an investment bank branch in NYC, agrees to plead guilty and pay appx. $2.6 billion penalties for helping wealthy Americans hide wealth and avoid taxes.
09/08/14 Matthew Martoma, convicted SAC trader, sentenced to 9 years in prison plus forfeiture of $9.3 million, including home and bank accounts







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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]

[Crewleader]

1. Today's Cartoon

[xchrom]

2. 'When All Of A Sudden The Most Liquid Market Out There Isn't Liquid, It's Worrisome'

http://www.businessinsider.com/r-fund-boards-management-go-on-high-alert-around-bond-liquidity-2014-11

US fund firms are taking extra measures to make sure they don't get stuck holding hard-to-sell bonds in the event that fixed income markets see a massive race to the exits when interest rates start to rise.

Over the past few months a growing number of asset managers, including Neuberger Berman, Natixis Global Management, and T. Rowe Price have been testing their funds against various market scenarios, building cushions of cash, shorter-duration bonds, and other liquid securities, and regularly discussing risks with their boards.

The concern is this: As the Federal Reserve begins to raise rates, which many expect will begin to happen next year, investors will rush to sell bonds as their value drops in a rising interest rate environment. Historically Wall Street banks have been the buyers of these bonds, but regulations and capital requirements imposed since the financial crisis have forced these firms to slash their inventories.

"I look around and ask, 'At the end of the day how easy would it be to sell what I own?', and the answer is it is much more challenging," said Jason Brady, a fixed income portfolio manager at Sante Fe, New Mexico-based Thornburg Investment Management, which has $70 billion in assets under management, $17 billion of which is in fixed income.



Read more: http://www.businessinsider.com/r-fund-boards-management-go-on-high-alert-around-bond-liquidity-2014-11#ixzz3JzBlyzxy

[Demeter]

12. Supplements that Liquidity article from last weekend..

the natives are getting restless.

[xchrom]

3. European Stocks Are Up

http://www.businessinsider.com/european-stocks-are-up-2014-11

Here's the scorecard:

France's CAC 40 is up 0.90% after opening down.

Germany's DAX is down 0.54%

The UK's FTSE 100 is up 0.06%, the only loser.

Italy's FTSE MIB is up 0.69%

Spain's IBEX is up 1.61%

Asian markets closed up: Japan's Nikkei rose 0.33% on Monday, and Hong Kong's Hang Seng swelled 1.95%.

US futures are also climbing: the S&P is 9.5 points higher and the Dow is 83 points up from Friday's close.

It's a quiet day for data today: Markit's US PMI is out at 2.45 p.m. GMT. Economists expect a small uptick in the services part of the business survey, which should rise to about 57.3, signalling solid growth.



Read more: http://www.businessinsider.com/european-stocks-are-up-2014-11#ixzz3JzCDQ3iW

[xchrom]

4. Europe's Leaders Have An Opportunity To Launch A Joint Assault On Economic Stagnation

http://www.businessinsider.com/countdown-to-missed-opportunity-for-eu-economy-2014-11

PARIS (Reuters) - The countdown has begun to what threatens to be a missed opportunity to revive Europe's stalled economy.

When European Union leaders meet on Dec. 18-19 under new management, they have a chance to launch a joint assault on the economic stagnation and high unemployment that are fuelling disenchantment and anti-EU protest among voters.

All the signs are they are set to fall short.

The 18-nation euro zone is struggling to pull out of the aftermath of its debt crisis, aggravated by the economic impact of a standoff with Russia over Ukraine.

Inflation and growth are hovering below 1 percent while unemployment is stuck at 11.5 percent, and more than double that level in Spain and Greece. Even EU powerhouse Germany has hit a slowdown.



Read more: http://www.businessinsider.com/countdown-to-missed-opportunity-for-eu-economy-2014-11#ixzz3JzCkLKPq

[Demeter]

13. Too Many Lutherans

Garrison Keillor:

“Here in the Midwest, we all have long memories of suffering and pain, because, for one thing, winter is so long, and when finally it gets warm and beautiful as it is now, finally (the last ice went out last week) we try to relieve these painful memories of cold, of neglect, of suspicion, darkness, anger, Bologna sandwiches, stupidity, butterscotch pudding (we try to heal ourselves by subjecting ourselves to intensely pleasurable experiences) mindless pleasure in the sun while wearing as few clothes as possible (sand, air, water, sun, grass, gin) but we were not brought up to experience pleasure. It doesn't register on us. It's like trying to write on glass with a pencil. We get into as few clothes as possible and the sight of ourselves depresses us. Sunlight makes us gloomy. We are not Mediterranean people. We're Lutheran people. Even the Catholics up here are Lutheran. And I don't like to generalize about Lutherans, but one thing that's true of every single last one of them without a single exception is that the low point of their year is their summer vacation.”

http://prairiehome.publicradio.org/features/books/life_among_the_lutherans/

“God writes a lot of comedy... the trouble is, he's stuck with so many bad actors who don't know how to play funny.”

― Garrison Keillor, Happy to Be Here

“It is a sin to believe evil of others but it is seldom a mistake.”
― Garrison Keillor

ON THE OTHER HAND, THERE'S NO NEED TO ASSUME EVIL, WHEN STUPIDITY COVERS IT NICELY...

[xchrom]

18. +1

[xchrom]

5. A Boost In German Business Confidence Just Gave Angela Merkel Some Room To Breathe

http://www.businessinsider.com/germany-ifo-business-survey-2014-11

Germany's businesses are getting more confident, according to data just out from the IFO institute.

The institutes's overall confidence figure jumped to 104.7 from 103.2, with 100 representing the long-term average for Germany. That's a welcome relief after some dismal growth figures and signs that Europe's biggest economy is slowing down.

Analysts had expected a dip in the business climate part of the index, and a small improvement in the expectations part of the index. Both improved more than expected.

Germany policy makers have come under increasing pressure to revitalise their growth figures: despite the slowdown and low inflation, the government is refusing to budge from its goal of Germany's first balanced budget since 1969.



Read more: http://www.businessinsider.com/germany-ifo-business-survey-2014-11#ixzz3JzDTykov

[Demeter]

14. Then somebody put a hallucinogen in the drinking water

[xchrom]

6. The 10 Most Important Things In The World Right Now

http://www.businessinsider.com/the-10-most-important-things-in-the-world-right-now-nov-24-2014-11

1. We have only seen "the tip of the iceberg" in the Westminster child abuse scandal. Home secretary Theresa May says 40 detectives are investigating whether a Conservative MP murdered a boy at a pedophile sex party in London in the early 1980s.

2. Asian markets really liked that Chinese interest rate cut. The Shanghai and Hang Seng indexes both jumped in early trading, according to the FT.

3. Observers say China's interest rate cut is merely the first of more to come. The country appears to be going into an economic slowdown.

4. The UK government wants to keep Prince Charles' "black spider memos" a secret. The Guardian has been fighting a years-long freedom of information lawsuit to unveil the letters the future king has written to cabinet members promoting his policy views.

5. The Israeli cabinet has approved a bill that defines Israel as a nation state of the Jews, and reserves some rights for Jewish people that non-Jews would not have. Unsurprisingly, not everyone is completely happy about that. Prime Minister Benjamin Netanyahu is expected to amend the bill so that it provides equal rights for all.



Read more: http://www.businessinsider.com/the-10-most-important-things-in-the-world-right-now-nov-24-2014-11#ixzz3JzHiCciW

[Demeter]

15. Black spider? More likely Eensy Weensy Spider

and I seriously doubt that Netanyahu will do anything of the sort.

[xchrom]

7. World Bank: No Matter What Governments Do — Big Climate Change Is Coming

http://www.businessinsider.com/r-some-climate-change-impacts-unavoidable-world-bank-2014-11

OSLO (Reuters) - Some future impacts of climate change, such as more extremes of heat and sea level rise, are unavoidable even if governments act fast to cut greenhouse gas emissions, the World Bank said on Sunday.

Past and predicted emissions from power plants, factories and cars have locked the globe on a path towards an average temperature rise of almost 1.5 degrees Celsius (2.7 Fahrenheit) above pre-industrial times by 2050, it said.

"This means that climate change impacts such as extreme heat events may now be simply unavoidable," World Bank President Jim Yong Kim told a telephone news conference on the report, titled "Turn down the Heat, Confronting the New Climate Normal."

"The findings are alarming," he said.

Sea levels would keep rising for centuries because vast ice sheets in Greenland and Antarctica thaw only slowly. If temperatures stayed at current levels, seas would rise 2.3 metres (7 ft 6 in) in the next 2,000 years, the report said.



Read more: http://www.businessinsider.com/r-some-climate-change-impacts-unavoidable-world-bank-2014-11#ixzz3JzJY0Q9p

[xchrom]

8. GLOBAL STOCKS GAIN ON CHINA RATE CUT, GERMAN DATA

http://hosted.ap.org/dynamic/stories/F/FINANCIAL_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-11-24-04-22-24

KEEPING SCORE: Germany's DAX rose 0.7 percent to 9,804.31 while France's CAC-40 gained 0.9 percent to 4,385.75. London's FTSE 100 dipped 0.1 percent to 6,747.57. Wall Street looked set for gains, with futures for both the Dow Jones industrial average and the broader Standard & Poor's 500 up 0.2 percent in pre-market electronic trading.

ASIA'S DAY: China's Shanghai Composite Index jumped 1.9 percent to 2,532.88 and Hong Kong's Hang Seng rose by the same percent to 23,893.14. Tokyo was closed for a holiday. Seoul's Kospi added 0.7 percent to 1,978.54. India's Sensex rose 0.5 percent to 28,487.68 and Sydney rose 1 percent.

CHINA'S RATE CUT: Beijing's surprise rate cut Friday, its first in more than two years, was seen as a sign of increasing official concern after economic growth tumbled to a five-year low of 7.3 percent in the latest quarter. The central bank's move would cut financing costs for borrowers and could help to boost business sentiment and willingness to invest. Beijing has tried to avoid an across-the-board stimulus, using targeted measures to shore up individual industries instead, but analysts say the rate cut is an acknowledgement that isn't working well enough. They expect at least one more rate cut and possibly other steps to shore up flagging growth.

ANALYST'S TAKE: "Although central bank stimulus is helpful, it's shooting into the headwind of oversupplied markets and, in the case of Europe, ongoing structural problems," Ric Spooner of CMC Markets said in a report. "Rate cuts in China are likely to boost activity over the longer term, especially if these initial cuts turn out to the first in a series. However, at this stage, cheaper borrowing rates will need to overcome the natural caution that flows through an economy when the property market is oversupplied and housing prices are falling."

EUROPE: Sentiment was supported in European markets by a rise in the Ifo business confidence survey, the first after six months of declines. The increase suggests Europe's largest economy is improving after a weak summer, but growth is likely to remain subdued - like in most of Europe. Looking ahead, investors await Friday's release of eurozone inflation figures for November. European Central Bank President Mario Draghi caused a stir when he said Friday the bank is willing to "step up the pressure" to help the economy if current efforts do not achieve the desired effect. Traders took that as a sign the central bank for the 17 eurozone countries might soon start buying government bonds.

[xchrom]

9. BELGIAN STRIKE PARALYZES ANTWERP PORT

http://hosted.ap.org/dynamic/stories/E/EU_BELGIUM_STRIKE_?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-11-24-04-00-08

BRUSSELS (AP) -- Trade unions have opened a month of intermittent strike action by paralyzing the port of Antwerp and slowing train traffic through much of Belgium.

Monday's protest action targeted measures by the nation's business-friendly government to cut into employees' income, extend working time and restrict social services.

On their first of three Mondays of regional strikes, the unions targeted Antwerp, with Europe's second biggest port, and made sure no ships could enter of leave the docks. Port workers have been particularly angered by measures to extend the start of pensions by two years.

Port worker Frank Verhulst complained it would force them to work until the age of 67. "But it is a very hard job here," he said.

Labor action is to culminate in a nationwide strike on Dec. 15.

[xchrom]

10. CREDIT SUISSE GUILTY PLEA ON US TAXES IS OFFICIAL

http://hosted.ap.org/dynamic/stories/U/US_CREDIT_SUISSE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-11-21-16-09-57

WASHINGTON (AP) -- European bank Credit Suisse's guilty plea to helping wealthy Americans avoid paying taxes has been formalized by a federal judge.

U.S. District Chief Judge Rebecca Beach Smith in Norfolk, Virginia on Friday entered orders requiring Credit Suisse AG to pay $2.6 billion in fines and restitution to the U.S. government and regulators. Credit Suisse, Switzerland's second-largest bank, pleaded guilty in May in a settlement with the Justice Department to using secret offshore accounts to help Americans skirt their tax obligations.

The Justice Department said it was the largest penalty imposed in a U.S. criminal tax case. Officials said the bank's misconduct spanned decades and included failing to cooperate with investigators.

The settlement resolved a years-long investigation into allegations that Credit Suisse recruited U.S. clients to open Swiss accounts.

[xchrom]

11. Jets Are Out, Televisions In as U.S. Growth Benefits Spread

http://www.bloomberg.com/news/2014-11-24/jets-are-out-televisions-in-as-u-s-growth-benefits-spread.html


The benefits of the U.S. recovery that began more than five years ago are flowing downward.

Lower-wage workers saw bigger pay gains over the past year than the highest earners, reversing the trend from earlier stages of the recovery, according to economists at RBS Securities Inc. and Goldman Sachs Group Inc. (GS) While the improvement is nascent and minimal, the plunge in fuel prices is magnifying the effects.

Fatter paychecks bode well for economic growth as families at the lower end of the wage scale are more likely to spend extra cash than their wealthier counterparts, who tend to squirrel some of it away. That means the luxury categories such as private jets that dominated sales last year are giving way to the more mundane, including televisions and restaurant meals.

“For the first time, real paychecks of households in the middle class are not getting smaller anymore -- they’re getting incrementally bigger,” said Guy Berger, a U.S. economist at RBS Securities in Stamford, Connecticut. “This puts a little more strength behind consumer spending because you’re not very dependent on a small core of very wealthy households to power the recovery.”

[Demeter]

16. Nascent? Don't make me laugh

Minimal...that goes without saying.

"you’re not very dependent on a small core of very wealthy households to power the recovery"

Which country are we talking about here? ALL nations are currently kept alive by the spending of the rich and powerful, who are mostly buying war, war materiel, and mercenaries....when not rewarding themselves with outsized bonuses, salaries and stock options.

With the possible exception of Iceland.

[Demeter]

17. The Modus Operandi for our time