STOCK MARKET WATCH -- Wednesday, 7 October 2015

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Wednesday, 7 October 2015[font color=black][/font]

SMW for 6 October 2015

AT THE CLOSING BELL ON 6 October 2015
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Dow Jones 16,790.19 +13.76 (0.08%)
[font color=red]S&P 500 1,979.92 -7.13 (-0.36%)
Nasdaq 4,748.36 -32.90 (-0.69%)


[font color=green]10 Year 2.04% -0.03 (-1.45%)
30 Year 2.88% -0.03 (-1.03%) [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)
Market Updates
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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
08/03/15 Former City (London) trader Tom Hayes found guilty of rigging global Libor interest rates. Each fo eight counts carries up to 10 yr. sentence.
08/21/15 Charles Antonucci Sr, former pres. Park Ave. Bank sentenced to 2.5 years in prison for bribery, fraud, embezzlement, and attempt to steal $11MM in TARP bailout funds, as well as $37.5MM fraud on OK insurance company. To pay $54MM in restitution and give up additional $11MM.
09/21/15 Volkswagen CEO Martin Winterkorn apologizes for VW cheating on air quality standards with emission testing avoidance device. Stock drops 20%, fines may total $18B.
09/22/15 Stewart Parnell, CEO Peanut Corp. of America, sentenced to 28 years in prison for selling salmonella-tainted peanut butter that killed nine.





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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. Tuesday was the first day in 6 weeks I could actually sing

Not being able to sing is a real hardship for me. So I'm glad to have reached this level of recovery, at last. Other than whatever gardening or cooking I can manage, it's the only comfort in life at the moment, besides knowing the kids are all right and Bernie is turning the world upside down....


Friday is Euchre Night. Does anyone want to start off the Weekend for us? Your chance to pick a theme/artist/topic and broaden our horizons....even if you don't go beyond the opening post, it will help.

I just don't want to take on too much. Last weekend I was wiped after a full week of work.

[Demeter]

2. It appears the PPT and OPEC have reached points of balance

but it's a knife-edge they balance upon...falling off will be rather painful, and a long fall.

[Demeter]

3. Michael Hudson on Parasitic Financial Capitalism

Yves here. Get a cup of coffee! This is a meaty and wide-ranging interview.

The following is a transcript of CounterPunch Radio – Episode 19 (originally aired September 21, 2015). Eric Draitser interviews Michael Hudson.

http://www.nakedcapitalism.com/2015/10/michael-hudson-on-parasitic-financial-capitalism.html

[Demeter]

4. FED RESERVE'S Dudley Says Work Needed on Tools to Avert Financial Crises

I WOULD THINK THE FIRST THING NEEDED WAS A COMMITMENT TO STOP CRIMINALS IN THEIR TRACKS, ARREST, JAIL AND ASSET-STRIP THEM....UNTIL THAT HAPPENS, THE TOOLS ARE IRRELEVANT.

http://www.bloomberg.com/news/articles/2015-10-03/dudley-says-more-work-needed-on-tools-to-avert-financial-crises

Federal Reserve Bank of New York President William Dudley said U.S. policy makers are “a long way” from being able to identify developing risks to financial stability and act in time to prevent future crises.

“My own view is that while the use of macroprudential tools holds promise, we are a long way from being able to successfully use such tools in the United States,” Dudley said, according to the text of remarks he delivered Saturday at a conference hosted by the Federal Reserve Bank of Boston.

Dudley, who also serves as vice chairman of the Federal Open Market Committee, the Fed’s monetary policy panel, didn’t comment on current interest-rate policy or the economic outlook.

Dudley said the U.S. regulatory structure is fragmented, preventing any single regulator from being able to implement risk-reducing tools in a broad enough fashion...

IT'S NOT RISK THAT NEEDS TO BE REDUCED, IT'S FINANCIAL CRIMES

[Demeter]

5. TPP deal: US and 11 other countries reach landmark Pacific trade pact

FIRST, IT'S NOT A PACT, IT'S A PROPOSAL---SECOND, IT'S A POS, AND REAL PEOPLE WILL FIGHT IT! AS CHURCHILL SAID DURING WWII:

"...Even though large tracts of Europe and many old and famous States have fallen or may fall into the grip of the Gestapo and all the odious apparatus of Nazi rule, we shall not flag or fail. We shall go on to the end. We shall fight in France, we shall fight on the seas and oceans, we shall fight with growing confidence and growing strength in the air, we shall defend our island, whatever the cost may be. We shall fight on the beaches, we shall fight on the landing grounds, we shall fight in the fields and in the streets, we shall fight in the hills; we shall never surrender, and if, which I do not for a moment believe, this island or a large part of it were subjugated and starving, then our Empire beyond the seas, armed and guarded by the British Fleet, would carry on the struggle, until, in God's good time, the New World, with all its power and might, steps forth to the rescue and the liberation of the old..."

http://www.theguardian.com/business/2015/oct/05/trans-pacific-partnership-deal-reached-pacific-countries-international-trade

...The deal – in the works since 2008 – is a major victory for the US president, Barack Obama. “This partnership levels the playing field for our farmers, ranchers and manufacturers by eliminating more than 18,000 taxes that various countries put on our products,” the president said in a statement. “It includes the strongest commitments on labor and the environment of any trade agreement in history, and those commitments are enforceable, unlike in past agreements.”

While it still faces major hurdles, not least in Congress, the deal could reshape industries and influence everything from the price of cheese to the cost of cancer treatments. It is expected to set common standards for 40% of the world’s economy, become a new flashpoint for the 2016 presidential campaign, and could become a legacy-defining agreement for the Obama administration...

IF WE CAN'T GET HIM FOR WAR CRIMES, WE CAN ALWAYS TRY TREASON...

[Demeter]

7. Faint corporate praise for TPP as winners, losers sought

WHY FAINT, ONE WONDERS? CAN IT BE THAT NOT ALL BIG CORPORATIONS ARE ENAMORED OF THE TPP, OR THAT THEY CAN SMELL THE TORCHES AND SEE PITCHFORKS AND GUILLOTINES APPROACHING?

MAYBE THEY REALIZE THAT NOT ALL BIG CORPORATIONS ARE CREATED EQUAL, AND THEY STAND TO LOSE AS MUCH AS THE ORDINARY PEOPLE...

http://www.reuters.com/article/2015/10/06/us-trade-tpp-business-idUSKCN0S00I820151006?feedType=RSS&feedName=businessNews

Early industry reaction to a long-sought trade agreement reached between 12 Pacific Rim countries on Monday amounted to faint praise that it could have been worse and umbrage that the United States appeared to be the biggest winner...Initial ambitions for the deal, covering products and services from kiwifruit to semiconductors, were clipped back in many areas to find agreement. There was also concern that public summaries did not disclose the detail where the devils might lurk - making it hard to quickly pick winners and losers.

U.S. companies including Citibank Inc (C.N), Honeywell International Inc (HON.N) and Gap Inc (GPS.N) cheered the conclusion of a deal which is expected to bring the biggest comparative benefits (TO) Vietnam, where shares in seafood and textile companies rose after the news was announced. New Zealand's Fonterra Co-Operative Group Ltd (FCG.NZ), the world's biggest dairy exporter, said "entrenched" U.S. protectionism meant the deal fell far short of its original ambition to eliminate all tariffs, but was still "small but significant" step forward. The politically influential Dairy Farmers of Canada highlighted financial losses, albeit mitigated by a "fair compensation package," after Canada agreed to open 3.3 percent of its dairy market to imports. Beef, sugar, rice, seafood and horticulture companies in Australia and New Zealand welcomed the increased access to Japanese markets thanks to tariff reductions under the deal.

"We should focus on the gains made in this agreement for Australian sugar, and not the success of the powerful U.S. sugar lobby in maintaining their protectionist stance against bringing sugar into their deficit market," said Dominic Nolan, chief executive officer of the Australian Sugar Milling Council.

Canberra highlighted benefits for telecommunications companies, such as Telstra Corporation Ltd (TLS.AX), from the removal of foreign equity limits in Vietnam and Malaysia.

*****************************

The deal also has implications for non-TPP members. In India, there was concern that exports to the United States would suffer from competition in sectors like textile and leather, said Abhijit Das, head of the Centre for WTO Studies, a think-tank run by India's Ministry of Commerce and Industry. Shares in South Korean car makers such as Hyundai Motor Co (005380.KS) and Kia Motors Corp (000270.KS) fell on concerns of an export gain for rivals in TPP partner Japan. The United States agreed to cut tariffs on Japanese vehicles over 25 to 30 years but also won better access for U.S. carmakers to the relatively closed Japanese market. Still, Ford Motor Co (F.N) recommended lawmakers vote against the deal as it does not include sanctions against countries found to be manipulating their currencies.

Among those expected to welcome the deal are U.S.-based global e-commerce companies like Google Inc (GOOGL.O) and Uber [UBER.UL], which will have restrictions removed on sales into foreign markets, including existing requirements that they establish local infrastructures.

**************

The Pharmaceutical Research and Manufacturers of America (PhRMA) was disappointed that U.S. negotiators did not secure a minimum 12 years protection for new biologic drugs. But other companies were grudging in their welcome.

Osamu Nagayama, chairman and chief executive officer of Japan's Chugai Pharmaceutical Co Ltd (4519.T), which sells such drugs in the United States through Switzerland's Roche (ROG.VX), was grateful that the yardstick did not drop below eight years, Japan's current monopoly period.

"That said, given the current R&D environment, shortening the data protection period would be challenging for the overall pharmaceutical industry," he added.

[Demeter]

6. Looks like oil speculation is picking up

Perhaps they think Putin will make a bigger mess? I don't. And this article explains why:

http://www.informationclearinghouse.info/article43066.htm

[DemReadingDU]

8. Somebody wants to use Syria for a pipeline

Last edited Wed Oct 7, 2015, 10:30 AM - Edit history (1)

Assad & Putin want the pipeline to run from Iran, thru Iraq, thru Syria to supply gas to Europe

The US and its oil buddies want the pipeline from Qatar thru Saudi Arabia, Jordan, Syria and on to Turkey, with a view to supply European markets


8/30/13
http://www.theguardian.com/environment/earth-insight/2013/aug/30/syria-chemical-attack-war-intervention-oil-gas-energy-pipelines

[Ghost Dog]

9. "And, the fact is, Washington’s neocons don’t have the cojones

to take on Moscow mano-a-mano, so Putin’s clean-up operation is going to continue on schedule..."

... Perhaps provocative, but this analysis appears accurate to me. What do you guys think?