STOCK MARKET WATCH, Wednesday 11 January

[ozymandius]

Wednesday January 11, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 3 YEARS, 11 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 1847 DAYS
WHERE'S OSAMA BIN-LADEN? 1546 DAYS
DAYS SINCE ENRON COLLAPSE = 1508
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 3
Other Arrests of Execs = 54


U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES-----------------------------S&P FUTURES




AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON January 10, 2006

Dow... 11,011.58 -0.32 (-0.00%)
Nasdaq... 2,320.32 +1.63 (+0.07%)
S&P 500... 1,289.69 -0.46 (-0.04%)
30-Year Bond 4.61% +0.04 (+0.92%)
10-Yr Bond... 4.43% +0.05 (+1.12%)
Gold future... 545.70 -4.80 (-0.88%)






GOLD, EURO, YEN, Dollars and Loonie


PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

[ozymandius]

1. WrapUp by Ike Iossif - THE TECHNICAL PICTURE

Summary

In the report for week of 11-25-05 we had said, "We got to look for the advance to continue until price reaches the 1285-1290 zone for the SP, and in 2280-2300 zone for NASDAQ. At those levels, we ought to get a sharp and short reaction back to support." (see report112505, and also see report121605)

In addition, the technical setup appears to be almost identical to the one that accompanied the rally that started in July of 2005. Consequently, we believe that the rally may have another 1%-2% to go on the upside. However, when the current advance is over, we can expect a decline in excess of 3%, and it could be as much as 7%. Notice the similarities between the current rally and the one that started under similar technical circumstances in mid-July of 2005.

a whole slew of charts...

http://www.financialsense.com/Market/wrapup.htm

[zippy890]

4. so what goes up must come down?

Hi ozy, I always read your thread and enjoy you & the other posters on SMW thread.

:hi:

[ozymandius]

6. Thanks!

Your kind words are always appreciated.

Ozy :hi:

[ozymandius]

2. One report today

10:30 AM Crude Inventories 01/06
Briefing Forecast NA
Market Expects NA
Prior -1013K

[UpInArms]

27. DOE Petroleum Inventories Report

10:31am 01/11/06 DOE: DISTILLATE SUPPLIES UP 4.9 MILLION BARRELS

10:31am 01/11/06 DOE: CRUDE SUPPLIES DOWN 2.9 MILLION BARRELS

10:31am 01/11/06 DOE: GASOLINES SUPPLIES UP 4.5 MILLION BARRELS

[UpInArms]

33. API Petroleum Inventories Report

11:00am 01/11/06 API: GASOLINE SUPPLIES UP 5.4 MILLION BARRELS

10:59am 01/11/06 API: CRUDE SUPPLIES DOWN 5.4 MILLION BARRELS

11:00am 01/11/06 API: DISTILLATE SUPPLIES UP 6.1 MILLION BARRELS

[ozymandius]

3. Oil Prices Slip Ahead of Inventory Report

VIENNA, Austria - Crude-oil prices slipped Wednesday in cautious trading as investors weighed expectations for gains in U.S. fuel stocks against tension over Iran's suspected nuclear weapons program.

Light, sweet crude for February delivery fell 7 cents to $63.30 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. February Brent crude futures on London's ICE Futures marked time, rising just a penny to $61.93 a barrel.

Heating oil fell and gasoline fell less than a cent each to $1.7305 a gallon, and $1.7306 a gallon, respectively.

-cut-

Distillate stocks, which include heating oil and jet fuel, were expected to jump by about 1.7 million barrels last week, an average of estimates from 10 analysts polled by Dow Jones Newswires showed. A rise of that size would push distillate stocks to just above the EIA's five-year average.

more...

[UpInArms]

62. Crude, gasoline turn higher (@ $63.95 bbl/$1.746 gal)

http://www.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&guid=%7B7FB6C3E2-DE5C-49BE-8A83-94F265AD57D4%7D&

NEW YORK (MarketWatch) - Crude and gasoline futures turned higher Wednesday afternoon, bid up, an analyst said, by speculators with no regard for fundamentals. Crude stood at $63.95 a barrel, while gasoline tacked on 0.89 cent to $1.746 a gallon. The Energy Department and American Petroleum Institute reported ample supplies in crude and its products.

[UpInArms]

72. Crude closes @ $63.94 bbl - NatGas @ $9.238 - Heating Oil @ $1.7271

3:04pm 01/11/06 GASOLINE SETTLES AT $1.7331 A GALLON, OFF 0.4 CENT

3:05pm 01/11/06 HEATING OIL SETTLES AT $1.7271 A GALLON, DOWN 1.08 CENTS

3:03pm 01/11/06 CRUDE SETTLES AT $63.94 A BARREL, UP 57 CENTS

3:04pm 01/11/06 NATURAL GAS SETTLES AT $9.238, DOWN 9.8 CENTS

[ozymandius]

5. Rates on 30-Year Mortgages Drop This Week

WASHINGTON - Rates on 30-year mortgages dipped this week, although it was a mixed bag for rates on other home loans.

Mortgage giant Freddie Mac reported Thursday in its weekly survey that rates on 30-year, fixed-rate mortgages dropped to 6.21 percent for the week ending Jan. 6. That was down slightly from last week's average rate of 6.22 percent and was the lowest since late October.

"Interest rates for 30-year fixed-rate mortgages currently are below the monthly averages set in November and December of 2005," said Frank Nothaft, Freddie Mac's chief economist.

-cut-

Movements in mortgage rates were subdued as investors in financial markets — which influence the direction of mortgage rates — digested minutes of the Federal Reserve's December meeting released Tuesday. The minutes suggested the Fed's nearly two-year rate-raising campaign could be winding down this year.

more...

[UpInArms]

13. Seasonally Adjusted U.S. mortgage applications increase last week-MBA

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-01-11T115912Z_01_NAT001953_RTRIDST_0_ECONOMY-MORTGAGES-URGENT.XML

NEW YORK, Jan 11 (Reuters) - U.S. mortgage applications rose for the first time in five weeks as interest rates on fixed loans fell to more than a two-month low, spurring a surge in demand for home loans, an industry trade group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended Jan. 6 increased 9.9 percent to 600.1 from the previous week's 545.9.

The group's seasonally adjusted index of refinancing applications increased 9.9 percent to 1,497.5 compared with 1,363.2 the previous week. The index rose for a second consecutive week.

...more...

I do believe the operative words here are: seasonally adjusted :eyes:

[Tace]

7. MOGAMBO GURU: "Shut Up And Deal"

(The Mogambo is sure to rankle a few feathers at DU this week with his rants about gun control, minimum wage, and public-funded child care. But for those of us who need our weekly dose of The Mogambo, here you go.)

Richard Daughty -- World News Trust

Things are spinning out of control, and I have locked myself inside the Mogambo Bunker Of Raw Fear (MBORF), whimpering like the little crybaby I am. For example, the damned Federal Reserve is still cranking out the money and credit with both hands, which they figure is real clever, I suppose, although a retarded monkey could do as much, and for far less salary, and in its off-time it could entertain us by roller skating on the table. But this is not about hilarious monkeys wearing funny hats, but the damnable Federal Reserve, and last week they created another $6.4 billion in credit. The reason that I am all a-tremble is that all this money inflation that they have been creating for decades is showing up as price inflation, which is one damned good reason why gold is doing so well.

As proof, I demur to the keen eye of Mike in Dallas, who writes that an article in the Dallas Morning News business section listed some price increases and plans for them. Michelin, Goodrich, Uniroyal prices up 8%. Clorox 8%. Kleenex 5%. Cottonelle 6.5%. Glad bags 8%. He didn't mention health care, but maybe everybody knows that already.

And let's not forget the Postal Service, which increased the price of a first-class stamp to 39 cents, which is an increase of 5.4%.

And it is not just consumer products that will be going up in price, but lots and lots of things, especially in California, as we learn from the newsletter View From Silicon Valley, which shows that the politicians in California in general and Silicon Valley in particular are as ignorant and stupid as the rest of their loathsome political class of morons, and the have instituted the "millionaire taxes," whereby "Anybody getting a seven-figure W-2 in 2005 will be required to pony up an extra 1% (so $10K+) earmarked for 'mental health' in 2006'" and a new 1.7% tax for "universal day care." Hahaha! Public-funded babysitters!

more

http://worldnewstrust.org/modules/AMS/article.php?storyid=2130

[UpInArms]

8. daily dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DX

Last trade 89.23 Change -0.15 (-0.17%)

China yuan closes at 8.0682 to US dollar vs 8.0657 in exchange-traded market

http://www.forbes.com/markets/feeds/afx/2006/01/11/afx2442560.html

BEIJING (AFX) - The Chinese yuan closed on the exchange-traded market at 8.0682 to the US dollar versus 8.0657 the previous trading day, according to traders.

Today's central parity rate was set at 8.0705 to the dollar. The central bank allows a trading band of 0.3 pct on either side of the midpoint.

On Jan 4, China launched an over-the-counter system for the interbank foreign exchange market, allowing two market participants to make currency trades on credit without the intervention of a third party.

Previously it relied exclusively on an automatic price-matching system, overseen by a centralized government trading center, called the exchange-traded market.

The closing price of 8.0682 is derived from trades in the exchange-traded market only.

...a bit more...

[EuroObserver]

29. Sterling, US Dollar falling (LOONDON)

http://investing.reuters.co.uk/Investing/FinanceArticle.aspx?type=ukPoundRpt&storyID=URI:urn:newsml:reuters.com:20060111:MTFH90183_2006-01-11_12-47-28_L11744988:1

LONDON, Jan 11 (Reuters) - Sterling dropped to a new week's low against the dollar and the day's low against the euro on Wednesday after UK posted a record trade deficit in November.

A report by the Office for National Statistics showed that the British trade gap reached 5.966 billion pounds in November, the widest since records began in 1697.

Trade with non-EU countries showed a deficit of 3.019 billion pounds. Both figures beat forecasts by a wide margin.

Moreover, October's trade deficit was revised upwards to 5.05 billion pounds.

"(It was) a very poor set of trade numbers," said Paul Robson, FX strategist at RBS Financial Markets. "That emphasises the fact that sterling looks expensive at current levels."

At 1229 GMT sterling was down 0.42 percent against the dollar trading at $1.7577, after earlier hitting the week's low at $1.7521, and was also down two-thirds of a percent against the euro at 68.74 pence.

But analysts said the data did not have much impact on expectations that the Bank of England will hold interest rates at 4.5 percent when it announces its decision on Thursday.

"Trade deficits are not necessarily a problem for currencies when they have high interest rates to attract enough long-term capital," Robson said adding that in Britain a rate cut was very likely over the next 12 months.

more/...

[UpInArms]

37. Japanese Finance Minister to "visit" with Cheney today

US's Snow talked FX with Japan's Tanigaki-official

WASHINGTON, Jan 11 (Reuters) - U.S. Treasury Secretary John Snow and Japanese Finance Minister Sadakazu Tanigaki talked about foreign exchange rates at a meeting on Wednesday, a U.S. Treasury spokesman said, but he declined further comment.

"Yes, exchange rates were discussed, but we're not going to get into any details," U.S. Treasury spokesman Tony Fratto told reporters after the two met.

Sentiment on the dollar has deteriorated since the year-end on perceptions that the U.S. Federal Reserve's campaign to raise official short-term interest rates may end soon.

<snip>

Snow and Tanigaki also talked about the upcoming Group of Eight meeting in Moscow and their economic outlooks, while Snow praised his counterpart for Japan's rebound in growth, Fratto said. Tanigaki is in the United States for a week and plans to visit Vice President Dick Cheney later on Wednesday.

...more...

[EuroObserver]

49. Look at her go (down)!

http://quotes.ino.com/chart/?s=NYBOT_DX

Last trade 88.94 -0.44 (-0.49%)

more here: http://news.ft.com/markets/currencies

http://today.reuters.com/Investing/FinanceArticle.aspx?type=usDollarRpt&storyID=URI:urn:newsml:reuters.com:20060111:MTFH96591_2006-01-11_17-03-45_NYH000121:1

Dollar slips after rates remark by SNB's Roth
Wed Jan 11, 2006 12:04 PM ET

NEW YORK, Jan 11 (Reuters) - The dollar slipped broadly on Wednesday after Swiss National Bank chairman Jean-Pierre Roth said he was aiming for neutral interest rates, speaking in a weekly business newspaper interview.

"Roth's comments got the ball rolling ... The market needed something to kick start it and this was it," said a proprietary trader with a European bank in New York.

Against the Swiss franc, the dollar slipped briskly to session lows around 1.2735 francs and was trading down 0.5 percent from late Tuesday.

Against the yen the dollar dipped below 114.0 yen to session lows around 113.97 yen according to Reuters data.

/more...

http://today.reuters.com/Investing/FinanceArticle.aspx?type=usDollarRpt&storyID=URI:urn:newsml:reuters.com:20060111:MTFH95042_2006-01-11_15-56-14_N11347989:1

FOREX-Dollar slips before Fed speaker, trade data
Wed Jan 11, 2006 10:57 AM ET

NEW YORK, Jan 11 (Reuters) - The dollar slipped on Wednesday as traders awaited a speech by a Federal Reserve official later in the day and the release on Thursday of the influential U.S. trade deficit for November, strategists said.

Currency investors will be looking for any clues on the interest rate outlook in a noon (1700 GMT) speech on monetary policy by New York Fed President Timothy Geithner, a voting member of the policy-setting Federal Open Market Committee (FOMC).

"Until (new Fed Chairman nominee Ben) Bernanke comes in and gives us direction in terms of interest rates, we are going to be looking towards other members of the FOMC and that should provide the dollar with some direction round about noon," said Tim Mazanec, a director with Investors Bank & Trust in Boston.

/more...

[EuroObserver]

50. More

Last trade 88.89 Change -0.49 (-0.55%)

[UpInArms]

53. Wow! check out the chart at

http://quotes.ino.com/chart/?s=NYBOT_DX

straight down :(

[EuroObserver]

55. So, what did the "fed official" have to say?

(This earlier):

http://today.reuters.com/news/newsArticle.aspx?type=reutersEdge&storyID=2006-01-11T140908Z_01_BAU149061_RTRUKOC_0_US-MARKETS-CURRENCIES-RISK.xml

Political, event risks stack up against dollar
Wed Jan 11, 2006 9:09 AM ET167

By Veronica Brown

LONDON (Reuters) - Investors' appetite for risk is expected to wane as global uncertainty moves into focus, with the dollar seen as a casualty as its fundamental safety barriers fall away.

/more...

[UpInArms]

59. Policy tied into Bubble Popping - "fed official"

1:15pm 01/11/06 GEITHNER: LOW RISK PREMIUMS FOR ASSETS COMPLICATES OUTLOOK

1:15pm 01/11/06 GEITHNER: ASSET PRICE DOUBTS WIDEN RANGE OF NEUTRAL FED RATE

1:15pm 01/11/06 GEITHNER: CURRENT FED POLICY COMPLICATED BY ASSET PRICES

1:15pm 01/11/06 GEITHNER: FED POLICY HAS TO TAKE ASSET VALUES INTO ACCOUNT

1:15pm 01/11/06 FED'S GEITHNER: FED POLICY CAN'T BE USED TO POP BUBBLES

[EuroObserver]

61. Bubble, bubble, toil and trouble.

Did somebody say bubble?

Better not hear that :hippie: :party:

[EuroObserver]

64. Fed's Geithner: Asset price targets OK at times

http://asia.news.yahoo.com/060111/3/2dt21.html

Yahoo! Asia News

Reuters
Thursday January 12, 2:26 AM
Fed's Geithner: Asset price targets OK at times

NEW YORK (Reuters) - Central banks should in some cases use monetary policy to target asset prices, despite longstanding rules against such uses, Federal Reserve Bank of New York President Timothy Geithner said on Wednesday.

"Central banks have to be prepared to adjust policy when past asset price increases could be a significant factor putting upward pressure on aggregate demand, as well as when past declines threaten to reduce output relative to potential," Geithner said in prepared remarks at the Harvard Club in New York.

Geithner also said that low long-term interest rates, or risk premia, do not necessarily mean the future will confirm current confidence.

That said, the permanent voter on the Fed's policy-making committee stressed current confidence in a low and stable inflation outlook.

Hmmmm...

[UpInArms]

73. Fed's Geithner--US current account deficit a worry

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-01-11T191640Z_01_NAT001955_RTRIDST_0_ECONOMY-FED-GEITHNER-URGENT.XML

NEW YORK, Jan 11 (Reuters) - It would be difficult for anyone looking at the U.S. current account deficit to not be worried, Federal Reserve Bank of New York President Timothy Geithner said on Wednesday.

In a question-and-answer session following a speech on monetary policy in New York, Geithner said: "It would be hard for anyone looking at the size of the U.S. current account deficit to not be worried."

The current account gap, about 90 percent of which is due to a deficit in traded goods, has been growing sharply over the last few years. Last month, the U.S. government said the current account deficit totaled $195.82 billion in the third quarter of 2005, up from $166.98 billion in the third quarter of 2004.

...more...

It's a good thing that Dimson only has yes-men/women surrounding him. Otherwise, he might have to be "looking at the U.S. current account deficit". :eyes:

[UpInArms]

9. U.S. consumer bankruptcies set record in 2005-study

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-01-11T125915Z_01_N11342033_RTRIDST_0_FINANCIAL-BANKRUPTCY-FILINGS.XML

NEW YORK, Jan 11 (Reuters) - U.S. consumer bankruptcies increased to a record 2.04 million in 2005, as people rushed to seek protection from creditors ahead of tough new laws, data released on Wednesday show.

Filings rose 31.6 percent from 1.55 million in 2004, with increases in every U.S. state and double-digit percentage increases in every geographic region, according to Lundquist Consulting Inc., a financial research firm. One in every 53 households filed for court protection, the firm said.

Chapter 7 filings, which provide the greatest relief for consumers, surged 47.2 percent, while Chapter 13 filings declined 7.9 percent.

The Bankruptcy Abuse Prevention and Consumer Protection Act, which took effect Oct. 17, made it harder to erase debts and made filings more costly. The changes constituted the biggest overhaul to the U.S. Bankruptcy Code since 1978.

In perhaps the biggest change, a new "means test" prevents debtors from using Chapter 7 if they earn more than the median income in their states, and can repay some of their debt. They must instead use Chapter 13, which requires repayments.

Credit-card issuers championed the new law, saying old laws encouraged abuse.

...more...

[UpInArms]

10. GM Needs To Get Scared And Stay That Way

http://www.forbes.com/business/2006/01/10/general-motors-automobiles_cz_jm_0111gm.html

DETROIT - General Motors is burning through cash at an estimated $24 million per day, its market share is sliding, and brutal competition is eroding the margins on its most profitable products--sport utility vehicles and pickup trucks.

If there is a silver lining to this, it is that a crisis can--and should--scare people to make the hard decisions they might otherwise resist.

GM deserves credit for the steps it has taken so far, like cutting factory capacity and streamlining its dealer channels, says Jerome York, adviser to billionaire investor Kirk Kerkorian and one of GM’s biggest critics. The problem, says York, is that GM is not moving fast enough. “This situation calls for the company to go into crisis mode,” said the former Chrysler and IBM (nyse: IBM - news - people ) executive, who spurred turnarounds at both companies.

<snip>

But York doesn't think that's enough. He said GM should sell its Saab and Hummer brands, cut its $2 dividend by half, and cut the salaries of everyone, from the board of directors to the janitors. Most important, it needs to take a clean-sheet-of-paper approach to restructuring the company.

York is convinced that if GM follows his advice, it can turn itself around and avoid a bankruptcy filing, which some analysts have suggested is possible. He’s so convinced, in fact, that he said Kerkorian’s Tracinda would be willing to plop down $525 million to repurchase the 12 million GM shares it sold in December for tax purposes--and add an additional 12 million shares on top of that.

...more...

[AnneD]

20. Shhhhh.....

This may give GM some ideas....Like paying our workers the same wages- $3.50 per hr. IN race to the bottom-no one wins, ESP the workers :eyes:


http://www.consumerist.com/consumer/shopping/the-10k-car-should-we-feel-bad-for-buying-a-geely-144212.php

[UpInArms]

44. Moody's cuts Ford's ratings deeper into junk

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-01-11T170320Z_01_WNA8340_RTRIDST_0_AUTOS-FORD-MOODYS-URGENT.XML

NEW YORK, Jan 11 (Reuters) - Moody's Investors Service on Wednesday cut its ratings on Ford Motor Co. (F.N: Quote, Profile, Research) deeper into junk territory, saying the automaker may remain under stress through 2007 despite restructuring efforts.

Moody's also cut its ratings on Ford's finance arm, Ford Motor Credit, to junk status from investment grade. Most of Ford's $142 billion of consolidated debt is issued by Ford Credit.

Ford has seen its profit margins squeezed by fierce competition from foreign rivals and a slowdown in sales of large sport utility vehicles due to high gasoline prices. Ford's key North American operations lost $1.2 billion during the third quarter before taxes and excluding special items.

...more...

[UpInArms]

11. DuPont warns of earnings miss

http://www.marketwatch.com/news/story.asp?guid=%7BC771110D%2D9513%2D4E2B%2DA356%2DECAF2A837236%7D&symbol=&siteid=mktw

NEW YORK (MarketWatch) -- DuPont warned that fourth-quarter earnings would fall short of expectations due to operation disruptions from hurricane's Katrina and Rita, as well as weaker-than-anticipated performances in a number of its businesses.

The Wilmington, Del. chemical company now expects to earn 10 cent a share for the quarter ending December, below its previously provided forecast of 20 to 25 cents a share.

Analysts surveyed by Thomson First Call had been expecting earnings of 24 cents a share, on average.

<snip>

The company said the hurricanes in the Gulf region had caused prolonged disruptions in power, logistics and product supplies. In addition, there were unexpected plant disruptions in Brazil, the Netherlands and the United States.

Separately, lower-than-anticipated sales, coupled with higher-than-expected costs, reduced earnings in its crop-protection chemicals, performance coatings and surfaces businesses.

...more...

[ozymandius]

18. Stock futures indicate flat open, DuPont weighs

NEW YORK (Reuters) - U.S. stock futures signaled a flat start on Wednesday, with investors rattled by an earnings warning from DuPont (NYSE:DD - news), the second Dow component to stir doubts about the outlook for U.S. corporate profits.

But reported brokerage upgrades of Apple Computer Inc. (Nasdaq:AAPL - news) and Hewlett-Packard Co. (NYSE:HPQ - news), a Dow component, appeared set to offer some support on the technology front.

DuPont shares slid 3.2 percent to $41.18 on the Inet electronic brokerage system before the bell from a close at $42.55 on the New York Stock Exchange on Tuesday.

The latest earnings season is all the more significant as investors expected it to give catalysts to extend the market's gains after 2006 got off to a strong start.

more...

[UpInArms]

12. Big CEO pay packages may soon be crystal clear

http://www.usatoday.com/money/companies/management/2006-01-10-sec-usat_x.htm

Responding to a wave of outrage over the pay packages of some CEOs, federal regulators will propose a rule next week that would force public companies to disclose, in a single number, the total compensation of each of their top executives.

In a meeting with journalists Tuesday, Securities and Exchange Commission Chairman Christopher Cox explained that the proposal, to be voted on next Tuesday, would bring the SEC rules on compensation disclosure up to date with changes in the way the marketplace rewards senior managers.

Cox pointed out that since 1992, the last time the SEC weighed in on the matter, various forms of pay — from stock options to deferred compensation to post-merger termination payments — had led to some confusion over how compensation should be disclosed. "We are moving from the status quo to a disclosure regime in which, to the maximum extent possible, the current year's compensation is fully reported," he said.

<snip>

• A requirement that companies disclose, in tabular form, the total compensation paid to the CEO, CFO and the next three highest officers. Until now, a CEO's cash salary and bonus might be in one part of a company's financial disclosures, while information about supplemental compensation and other benefits were in a different part. Under the new rule, all of that compensation would have to be spelled out in one easy-to-read table. Companies would also have to put a dollar value on the stock options granted to executives.

• A requirement that companies disclose the value of the retirement packages awarded to the top five named officers of a company. This component gained popularity following the disclosure of a generous retirement package awarded to Jack Welch, former CEO of General Electric. GE never disclosed details about Welch's retirement package, which included use of a Manhattan apartment, a country club membership, use of the corporate plane and Red Sox tickets. Instead, they came out in 2002 during divorce proceedings between Welch and then-wife Jane Beasley.

• A lowered threshold for reporting "perks" awarded to top executives. Companies now must report perks that add up to more than $50,000, or 10% of an executive's salary and bonus. The new rule would require reporting all perks that add up to $10,000.

...more...

[AnneD]

19. Morning Marketeers,

:donut: UIA,:hi: you beat me to the punch! This is just a proposal, I don't know who it will go through to become law. If it is Congress...I won't hold out much hope. This is one of the best ideas to come out in a while, since more of the CEO compensation packages are hidden from the shareholders and compensation is not tied in to performance (unlike you and I who have to jump through all kinds of hoops for 2-3%). I think it will be MOST illuminating. As a shareholder-I am a business co-owner. I do not want my company assets pissed away in a frivolous manner. Any employee that does not preform (esp when he is well compensated) should get canned.
Happy Hunting and watch out for the bears.

[UpInArms]

21. G'morning, AnneD!

The grotesquely huge compensation packages that these corporate honchos receive are destructive in every way.

I think that some exposure would definitely be a good thing :D

:donut::donut:

[UpInArms]

14. Shuffling the chairs on the deck of the Titanic

http://www.washingtonpost.com/wp-dyn/content/article/2006/01/10/AR2006011001612.html

excerpt:

So your company's stock is not doing well? Need a quick fix? Well, hire former Health and Human Services secretaryTommy G. Thompson, now practicing law here, as a special adviser.

That's what Alfacell Corp., a biotechnology company developing cancer treatments, did on Monday. By early afternoon, its price per share rocketed up 59 cents, to $2.63, according to a Bloomberg News report.

Seems that just knowing that Thompson was on board excited investors. Alfacell shares had lost 53 percent in the 12 months before hiring the one-time Wisconsin governor, Bloomberg reported.

And Thompson, we recall, would also be able to provide expert advice to clients on real estate matters as well.

White House Departure


Michael Meece, a major behind-the-scenes player for the White House and the administration, and a former deputy chief of staff at the Commerce Department, is leaving his job as deputy director of the Office of Public Liaison. Meece, who has been a key contact for the business community, is going back to private law practice.

...more (but not about this topic)...

[UpInArms]

15. pre-opening blather

09:03 am : S&P futures vs fair value: +1.7. Nasdaq futures vs fair value: +5.5. Futures trade has ticked slightly upward, and now suggests a moderately higher open for the cash market. Although downside guidance from DuPont (DD) and last night's somewhat disappointing earnings report from Genentech (DNA) weigh upon sentiment, a host of upbeat items across the Technology board has helped maintain 2006's bullish bias. Prudential upgraded Hewlett-Packard (HPQ) to Overweight from Neutral, news that may adds to the effect of Apple's (AAPL) strong revenue report in supporting the hardware industry. Additionally, BRCM was upgraded to Buy at UBS.

08:31 am : S&P futures vs fair value: +0.6. Nasdaq futures vs fair value: +2.0. The cash market remains poised to start the session slightly higher. Although the fourth quarter earnings season has begun, marked by the release of Alcoa's (AA) report Monday evening, today's calendar is a quiet one. The economic front is similarly subdued, but the EIAs latest report on energy inventory could serve as a trading catalyst. The data will be released at 10:30 ET; ahead of it, the price of crude has modestly pulled back to $63.17 per barrel. Separately, today's docket of Fed speak includes Governor Bies at 10:45; New York president Geithner at noon; and Governor Olson after the close of regular trade.

08:05 am : S&P futures vs fair value: +0.9. Nasdaq futures vs fair value: +3.0. Futures trade suggests that Wednesday's market will open in flat to slightly higher fashion. The resiliency to profit-taking that yesterday's market demonstrated helped catalyze bullish overseas trade that has, in turn, helped support the futures market. Traders' digestion of slashed Q4 profit guidance from Dow component DuPont (DD) has interjected some cautious sentiment, though. The company foresees EPS of approximately $0.10 vs. the $0.24 Reuters Estimates consensus, citing operational disruptions from prolonged power, logistics and product supply disruptions from Katrina and Rita, as well as a combination of lower than expected sales and higher than expected costs primarily in crop protection chemicals, performance coatings, and surfaces.

[UpInArms]

16. Huge trade surplus recorded by China

http://www.iht.com/articles/2006/01/11/business/yuan.php

SHANGHAI China said Wednesday that its trade surplus with the rest of the world tripled in 2005 to a record $102 billion, a figure that could reignite global trade friction and also increase pressure on the country to allow its currency to appreciate further.

The United States and the European Union have been pressuring China for much of the past year to allow its currency to rise, in order to restrain a flood of Chinese exports and to rebalance China's own economy to allow for more imports.

In Wednesday's report there was evidence that imports into China had begun to rise and export growth to the rest of the world had slowed slightly in the latter part of the year, easing concern among some economists.

Still, the blockbuster trade figures were further evidence of China's dramatic and unparalleled rise as a global economic power.

The government said that exports in 2005 were a record $762 billion, up 28 percent, while imports climbed to $660 billion, up nearly 18 percent.

...more...

[UpInArms]

17. BP Says Output Fell, Texas City Closure Cost $900 Mln

http://quote.bloomberg.com/apps/news?pid=10000103&sid=agimkpj_clcI&refer=news_index

Jan. 11 (Bloomberg) -- BP Plc, Europe's largest oil company, said a decline in oil and gas production worsened in the fourth quarter, with damage from hurricanes costing more than $900 million in profit at its Texas City refinery.

Output in the period was about 4.01 million barrels of oil equivalent a day, 2.2 percent less than the 4.1 million reported in the year-earlier period, London-based BP said today in a statement. Production fell 2.1 percent in the previous quarter, the first quarterly drop in two years.

The hurricanes hurt BP's output after Chief Executive Officer John Browne spent about $90 billion on acquisitions in the U.S. to build the country into the company's most important market. The Texas City plant, the third-biggest refinery in the U.S., remains closed after a March explosion and damage from the storms and is a setback for BP at a time of high oil prices.

``Like other oil companies, they have not captured all of the upside'' of higher prices, said Ivor Pether, who helps manage about $12 billion, including BP stock, at Royal London Asset Management. ``I'm not sure why they haven't been able to give us a target start-up date'' for Texas City.

...more...

[AnneD]

24. Still buying the gubment lie ....

that everything is ok? This was hurricane RITA, the one that wasn't severe. Getting aid has been a nightmare. Workers are scattered to the winds. I pray we don't have a Cat 4-5 direct hit to Houston this next season because if it does...the rest of you can kiss the US economy goodbye. Oil and gas production in the Gulf WILL be shut down. I won't even postulate how badly the US will miss the deep water port. We have seen how efficient Bushco is at response and rebuilding:sarcasm:
Well, that's what you get for building the 5th largest city and 2nd busiest port (I think) in a hurricane area. Serves us right for being so stupid as to locate rigs and ports here. I guess we can always relocate to Utah :eyes:. Should have learned that lesson from NOLA.

[EuroObserver]

32. Yes, coverup appears to be continuing.

Somehow, somewhere, corpses are being hidden.

[AnneD]

38. Funny you should mention corpses....

try getting stats on those missing persons from NOLA. Those stats use to be published as missing and presumed dead. Katrina happened over 3 mos ago. Those missing should be on that list, but you won't see that. What a cover up. Check out the Times Picayune website. There are 'missing' folks found dead almost daily (at least those not washed to sea).

[AnneD]

25. edited

dreaded double post

[UpInArms]

22. 9:45 EST wallowing around

Dow 11,008.54 -3.04 (-0.03%)
Nasdaq 2,318.49 -1.83 (-0.08%)
S&P 500 1,289.18 -0.51 (-0.04%)
10-Yr Bond 4.414 -0.14 (-0.32%)

NYSE Volume 150,021,000
Nasdaq Volume 207,491,000

[UpInArms]

23. Printing Press Silent - Day 2: Fed refrained from open market operations

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-01-11T144950Z_01_N11353404_RTRIDST_0_ECONOMY-FED-OPENMARKET.XML

NEW YORK, Jan 11 (Reuters) - The Federal Reserve took no action in the open market on Wednesday at its usual time for open market operations.

Federal funds were trading at 4.25 percent, the Fed's current target for the rate, at mid-morning.NEW YORK, Jan 11 (Reuters) - The Federal Reserve took no action in the open market on Wednesday at its usual time for open market operations.

Federal funds were trading at 4.25 percent, the Fed's current target for the rate, at mid-morning.

[UpInArms]

26. Treasurys rise as investors await auction, Fed remarks

http://www.marketwatch.com/news/print_story.asp?print=1&guid={8F2C1865-2837-4BFE-85A7-BCBAD0165000}&siteid=mktw

NEW YORK (MarketWatch) - Treasury prices were stronger Wednesday, clamping down a bit on yields, as the market awaited an afternoon auction of new five-year notes and a monetary-policy speech by New York Federal Reserve President Timothy Geithner.

The benchmark 10-year Treasury note last was up 2/32 at 100-20/32 to yield ($TNX) 4.419%. On Tuesday the yield finished the session at 4.427%.

Investors will turn their attention Wednesday to speeches by Federal Reserve officials, given a dearth of economic reports in the U.S.

In addition to Geithner, Fed Governors Susan Bies and Mark Olson are scheduled to speak on Wednesday.

In recent weeks, investors have all but concluded that the Fed is on the verge of wrapping up its current program of quarter-point interest rate increases.

...more...

[UpInArms]

35. Treasuries slip ahead of 5-year debt auction - helicopter money!

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-01-11T155645Z_01_N11369552_RTRIDST_0_MARKETS-BONDS.XML

NEW YORK, Jan 11 (Reuters) - U.S. Treasury debt prices slipped on Wednesday hours before a 5-year note auction as the U.S. government embarked on its first major debt sale of a quarter of expected record high borrowing.

The Treasury Department plans to sell $13 billion in five-year notes on Wednesday at about 1 p.m. (1800 GMT) and $9 billion in 10-year Treasury inflation protected securities, or TIPS, on Thursday.

Beyond that, the government is projected to issue nearly $130 billion in Treasuries over the first two months of the year, including $14 billion in 30-year bonds, which it decided to reintroduce after a four-year hiatus.

"Part of yesterday's (downward price) move was in anticipation of all the paper that is coming this month -- some of it was corporate rate-locking but also the auctions this month," said William John, co-head of U.S. Treasury trading at Barclays Capital in New York.

The Treasury late last year told markets it expects borrowing needs of a record high $171 billion in the January-March quarter, based on emergency spending and reduced local government securities issuance during a quarter when the government is paying out tax refunds.

...more...

[UpInArms]

57. Treasuries fall after 5-year note auction (Ruh-roh)

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-01-11T180947Z_01_N11363793_RTRIDST_0_MARKETS-BONDS-AUCTION-URGENT.XML

NEW YORK, Jan 11 (Reuters) - U.S. Treasury debt prices extended losses on Wednesday after a $13 billion auction of five-year notes garnered relatively weak demand.

The notes were sold at a high yield of 4.370 percent and drew bids 2.10 times per dollar of debt on offer, below the 2.52 average of the 12 five-year note auctions in 2005.

Indirect bidders, which include customers of primary dealers and foreign central banks, took home $3.68 billion, or 28.3 percent of the deal, below the 38.1 percent average of 2005's 12 five-year note auctions.

...more...

[UpInArms]

69. US Treasuries sag after tepid five-year auction

http://today.reuters.com/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=uri:2006-01-11T190111Z_01_N11391739_RTRIDST_0_MARKETS-BONDS-UPDATE-1.XML

CHICAGO, Jan 11 (Reuters) - U.S. Treasury debt prices slumped on Wednesday after the first government note auction of 2006 drew tepid demand from investors.

The Treasury said it sold $13 billion in five-year notes at a high yield of 4.370 percent. The auction drew bids of 2.10 times per dollar of debt on offer, below the 2.64 average for the past six five-year auctions and the lowest since April.

<snip>

"The light cover and indirect bid would suggest that investors were less happy with the lingering (yield) inversion of fives relative to twos, and the proximity of the Fed funds rate at 4.25 percent," said strategists at Action Economics.

<snip>

"Home buying is at relatively high -- although no longer robust -- levels while refinancing activity has slumped despite its rebound in the last two weeks. Less refinancing activity should dampen consumer spending, although that has not yet occurred," said Stephen Wood, economist at Insight Economics.

<snip>

"Given the relatively long position now of large speculators, yields may be vulnerable to a near-term correction higher," analysts at Wachovia Securities said in a report.

...more...

[Roland99]

28. Excellent thread on LFPR and Unemployment in GD >>>>>

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=364x105343

[EuroObserver]

41. Vital statistics there n/t

[ozymandius]

51. most excellent thread!

I recommended it for the general public.

[UpInArms]

30. Boeing to invest $185 mln in India, gets firm order

http://today.reuters.com/business/newsArticle.aspx?type=ousiv&storyID=2006-01-11T124333Z_01_ARM138399_RTRIDST_0_BUSINESSPRO-AIRLINES-INDIA-BOEING-DC.XML

MUMBAI (Reuters) - Boeing Co. will invest $185 million in facilities in India and source 85 billion rupees ($1.9 billion) in products and services over a period of 10 years, India's civil aviation minister said on Wednesday.

The Chicago-based aerospace company will spend $100 million on a repair, maintenance and overhaul facility and $75 million on a pilot training facility, with a further $10 million on other facilities, Praful Patel told a news conference.

State-run Air-India also on Wednesday finally placed a firm order with Boeing for 68 aircraft.

"The introduction of these aircraft will allow Air-India to expand and modernize its fleet, effect cost savings and add new long-range routes," Air-India Chairman V. Thulasidas said at the joint news conference.

...more...

[UpInArms]

31. 10:57 EST numbers and blather

Dow 10,997.82 -13.76 (-0.12%)
Nasdaq 2,319.39 -0.93 (-0.04%)
S&P 500 1,288.32 -1.37 (-0.11%)
10-Yr Bond 4.430 +0.02 (+0.05%)

NYSE Volume 651,311,000
Nasdaq Volume 747,562,000

0:30 am : Flat-line vacillation persists; currently, each of the major averages trend above it. The Energy Department has recently released its latest energy inventory report, which reflected a greater than expected 2.89 million barrel drawdown in crude supply (analysts had expected a 555K barrel drop) but better than expected builds in both gasoline and distillates inventory. Gasoline rose 4.52 million barrels (versus the estimated 1.73 million barrel build), while distillates supply increased 4.86 million barrels (compared with an expected 2.13 million barrel build). Upon initial digestion of the mixed data, traders have sent the price of crude sharply lower to $62.50 per barrel. The Energy sector, meanwhile, continues to levy a 0.6% loss.DJ30 +7.21 NASDAQ +2.52 SP500 +1.51 NASDAQ Dec/Adv/Vol 1480/1182/588.8 mln NYSE Dec/Adv/Vol 1524/1377/339.8 mln

10:00 am : Challenged by seven of the ten economic sectors, the indices have slipped into the red. Losses are, at this point, modest and led by a 0.6% slide in Energy and a 0.4% decline in Materials. DuPont (DD 41.20 -1.35) is the culprit there - as well as within the Dow - as its Q4 profit warning has spurred a 3.2% drop in its shares. However, the fact that the company cited hurricanes Katrina and Rita for its large expected EPS miss may help limit selling as it's essentially a one-time problem. With respect the the Energy sector, a slight pullback in the price of crude and caution ahead of the EIA's stats have given investors reason to take some of its 7% year-to-date profits. On the flip-side, Technology leads on account of relative strength in hardware; Financials, while only up 0.1%, also lend relative support.DJ30 -4.32 NASDAQ -1.65 SP500 -0.43 NASDAQ Dec/Adv/Vol 1446/1044/343.1 mln NYSE

[UpInArms]

36. updated blather

11:00 am : Due primarily to an supply data-induced drop in the Energy sector, the market has turned south and sent the indices back into the red. A rise in the influential Tech sector (+0.6%) helps limit the broader market's decline, though. Hardware is the sector's, and one of the broader market's, brightest spots. An upgrade at Prudential on Hewlett-Packard (HPQ 30.76 -0.02), to Overweight from Neutral on account of continued cost reductions, improved tactical execution, consistency and credibility, as well as strong earnings growth momentum works to underpin the bullish sentiment sparked by Apple's (AAPL 82.95 +2.09 solid preliminary sales report yesterday. In addition, disk drive supplier Komag's (KOMG 39.94 +0.70) increased Q4 revenue guidance bodes well for the industry. Semiconductors continue their streak, and upgraded Broadcom (BRCM 56.90 +1.17) shares help add 0.6% to the 10.1% the SOXX index has already notched this year. DJ30 -12.22 NASDAQ -0.52 SP500 -0.97 NASDAQ Dec/Adv/Vol 1546/1193/743.0 mln NYSE Dec/Adv/Vol 1545/1436/410.4 mln

[EuroObserver]

34. Nikkei 225 rose 1.5%

http://newsvote.bbc.co.uk/1/hi/business/market_data/2946860.stm

(Close): The main Japanese share index rose 1.5% on Wednesday, boosted by rises for property and chip firms.

Semiconductor companies rose after Tokyo Electron reported stronger than expected quarterly orders.

Shares in Matsushita also rose after it announced plans to build the world's largest plasma display factory.

The Nikkei ended up 239.24 points to 16,363.59. Chip firms were further aided by an upbeat trading report from Apple Computer in the US.

[54anickel]

39. 2006 - The Year Americans Will Begin To Pay the Piper

http://www.kitco.com/ind/grandich/jan102006.html

snip>

On New Year’s Eve, someone asked me what was the one thing that surprised me the most in 2005 regarding matters of money. I told them without a doubt, it was Federal Reserve Chairman Allen Greenspan’s numerous warnings of the dangers he foresaw for America. Knowing how he specialized in “double-talk” during most of his reign, I found his comments in the twilight of his career extremely candid and very chilling. Here are just some of his recent comments:


• In London, he said, “If… the pernicious drift toward fiscal instability in the United States and elsewhere is not arrested and is compounded by a protectionist reversal of globalization, the adjustment process could be quite painful for the world economy.”


• “History cautions that extended periods of low concern about credit risk have invariably been followed by reversal.”


• “Our budget deficit will substantially worsen in the coming years unless major deficit-reduction actions are taken…The likelihood of growing deficits is of especially great concern because the deficits would drain a correspondingly growing volume of real resources from private capital formation and cast an ever-larger shadow over the growth of living standards.”



The “Don’t Worry, Be Happy” crowd on Wall Street and those who “live” on Tout-TV (CNBC-TV) pay no heed to what Mr. Greenspan said on August 26, 2005, in Jackson Hole, Wyoming:

“This vast increase in market value of asset claims (stocks, bonds, houses) is in part the indirect result of investors accepting lower compensation for risk. Such an increase in market value is too often viewed by market participants as structural and permanent… But what they perceive as newly abundant liquidity can readily disappear… history has not dealt kindly with the aftermath of protracted period of low risk premiums.”

much more...

[UpInArms]

40. Wall St. Bonuses set Record $21.5 Billion - highest levels since 2000

11:19am 01/11/06 <$XBD> BONUS LEVELS HIGHEST SINCE 2000, NYS COMPTROLLER HEVESI

11:18am 01/11/06 <$XBD> NYC TO GET $5 MILLION TAXES FROM BONUSES, NYS COMPTROLLER

11:17am 01/11/06 <$XBD> YEAREND WALL ST. BONUSES SET RECORD, AVG $125,500

11:18am 01/11/06 <$XBD> NYS'S HEVESI: $1.5 TAX REVENUE FROM FINANCIAL INDUSTRY

11:17am 01/11/06 <$XBD> NY COMPTROLLER HEVESI: $21.5 BILLION BONUSES FOR 2005

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-01-11T162227Z_01_N11373218_RTRIDST_0_FINANCIAL-NEWYORK-BONUSES-URGENT.XML

NEW YORK, Jan 11 (Reuters) - Wall Street bonuses are expected to have risen to a record $21.5 billion in 2005 from $18.6 billion in 2004, New York State Comptroller Alan Hevesi said on Wednesday.

Last year's bonuses beat the record set in 2000 at the peak of the equities boom, Hevesi said during a conference call with reporters.

[54anickel]

42. Global: The End of Labor (Roach)

http://www.morganstanley.com/GEFdata/digests/20060109-mon.html#anchor0

America’s once mighty job machine is struggling as never before. The combination of subpar job creation and real wage stagnation puts extraordinary pressure on the income-generating capacity of the world’s most aggressive consumer. Of course, you’d never know that from the spin that followed the release of the latest monthly labor market surveys of the US Bureau of Labor Statistics. From Washington to Wall Street, the verdict was nearly unanimous -- all is fine on the US labor market front. Nothing could be further from the truth.

The overall pace of job creation in December (108,000) was half that expected by the market consensus (200,000). Consolation for this miss was taken from a big upward revision to the original job count in November (from 215,000 to 305,000). As if that’s all that mattered. Never mind that the two largest contributors to this upward revision were temporary hiring agencies and the so-called leisure industry (mainly restaurants); the basic point is that the underlying hiring trend is decidedly on the wane. You can’t tell that by fixating on the vigor of average gains in November and December -- they were hugely distorted by a post-Katrina rebound effect. The four-month average, which covers the storm-related disruption -- which held employment growth to a mere 21,000 in September and October -- and its subsequent rebound, was a mere 114,000. That’s the only accurate way to measure the underlying trend in job growth during this storm-distorted period, and it represents a decided shortfall from the more robust pace of job creation that had prevailed over the preceding 18 months (197,000 per month).

But context is key in understanding that subpar job creation is now the norm in America. The US economy has just completed the 49th month of an expansion that began in November 2001. At this juncture in the four long cycles of the past -- the ones that began in 1961, 1976, 1982, and 1991 -- job growth was cruising ahead by about 210,000 per month. Moreover, in those earlier cycles both the economy and labor market were considerably smaller than is the case today. Adjusting for the scale effect, the 210,000 cyclical norm from earlier cycles would translate into about 325,000 per month in today’s economy. On that basis, the latest four-month average of 114,000 on the hiring front looks all the more pathetic -- literally 35% of the pace that would be expected at this phase in a normal business cycle expansion. Of course, this has never been a normal business cycle expansion insofar as hiring has been concerned. For the first two years, it was the infamous “jobless recovery.” While the pace of hiring has picked up somewhat in the subsequent two years, growth has been chronically weak when compared with any expansion of the past 40 years. Had hiring followed the trajectory of the previous four expansions, our calculations suggest about 11 million more workers would have been added to nonfarm payrolls by now.

Unfortunately, for the American worker, this jobless recovery has also been “wageless” -- characterized by an extraordinary stagnation in real wages. This also shows up loud and clear in the just-released December employment report -- a 3.1% increase in average hourly earnings, which falls short of the 3.4% CPI-based reading of inflation over the 12 months ending in November. The apologists would tell you to strip out food and energy in measuring real wages, or argue that wages must be judged against the likely moderation in headline inflation that is bound to occur once the energy shock subsides. I’m not sure wage earners would buy that logic as they now write their checks for this winter’s home heating bills. Moreover, the private industry wage component of the Employment Cost Index -- long thought to be the most comprehensive measure of worker pay rates -- decelerated to just a 2.2% increase in the 12 months ended September 2005. Not only is that virtually identical to the underlying rate of core inflation -- thereby providing further validation to the stagnation of real wages -- but, as Dick Berner recently noted, it is the smallest annual increase in the 25-year history of this wage series (see his 6 January 2005 dispatch, “Will the Real Wage Measure Please Stand Up”).

more...

[54anickel]

48. Excellent Careers for 2006

http://biz.yahoo.com/special/job06_article1.html

[AnneD]

58. Eeewwwhhhh

I need to take a shower. I looked at the good careers. Politician were with lumped with us. Journalist were also rated. Corruption pays.

[EuroObserver]

60. Caring careers, oh yes.

On second thoughts, I think I'll join you in the shower.

[AnneD]

66. Is that a European thang????

Shared showers;), you saucy little pony you. I think the shower might become crowded, esp after the rectal journalism post. Thanks for the chuckle.

[EuroObserver]

67. No offence intended!

My shower, of course <grin>

ed. on the other hand, shared showers are, usually, very ecological. Yes, it's a european thing.

[AnneD]

71. None taken...

Japan has some of the most interesting bath rituals btw.
One of the more exciting things about world wide travel 'bath rooms, toilets, and electrical outlets'. You just never know what you are going to encounter (or who).

[UpInArms]

43. IRS is blasted in fraud probes

http://www.chicagotribune.com/news/nationworld/chi-0601110189jan11,1,938136.story?coll=chi-newsnationworld-hed

WASHINGTON -- The government improperly identifies hundreds of thousands of taxpayers every year as potential cheats, forcing them to endure needless delays of up to three years to receive the refunds they deserve, according to the IRS's own taxpayer advocate.

The IRS also does not make a practice of contacting taxpayers under investigation and allowing suspects the chance to prove that their returns were accurate--or to show that errors were honest mistakes rather than fraud.

Many taxpayers whose refunds have been held back are working poor people who desperately need the money, said Nina Olson, who heads the Taxpayer Advocate Service, an agency created within the IRS to handle taxpayer complaints.

The average adjusted gross income of taxpayers whose refunds were frozen and whose cases were reviewed was $13,300--and the average refund was $3,519. The survey found that the average delay lasted 8 1/2 months.

<snip>

The overwhelming number of people affected were poor. One possible contributor: the complexity of the earned income tax credit for the working poor.

...more...

[54anickel]

45. Bush's Botched War on Terror

http://www.antiwar.com/engelhardt/?articleid=8362

Losing the War on Terrorism
Our Incompetent Commander in Chief
by Michael T. Klare

President Bush has lost the support of most Americans when it comes to the economy, the environment, and the war in Iraq, but he continues to enjoy majority support in one key area: his handling of the war on terrorism. Indeed, many analysts believe that Bush won the 2004 election largely because swing voters concluded that he would do a better job at this than John Kerry. In fact, with his overall opinion-poll approval ratings so low, Bush's purported proficiency in fighting terror represents something close to his last claim to public legitimacy. But has he truly been effective in combating terror? As the war on terrorism drags on – with no signs of victory in sight – there are good reasons to doubt his competency at this, the most critical of all his presidential responsibilities.

Consider, for a moment, the president's view of the global war on terror. While the White House keeps trying to stretch this term to include everything from the war in Iraq to the protection of oil pipelines in Colombia, most Americans wisely view it in more narrow terms, as a global struggle against Muslim zealots who seek to punish the United States for its perceived anti-Islamic behavior and to free the Middle East of Western influence through desperate acts of violence. These zealots – or "jihadists" as they are often termed – include the original members of al-Qaeda along with other groups that claim allegiance to Osama bin Laden's dogmas but are not necessarily in direct contact with his lieutenants. It is in fighting these adversaries that the public wants Bush to succeed, and it is in this contest that he is failing.

Why is this so? Consider the nature of the commander in chief's primary responsibilities in wartime. Surely, his overarching task is to devise (with the help of senior advisers) a winning strategy to defeat, or at least pummel, the enemy and to mobilize the forces and resources needed to successfully implement this framework. Choosing the tactics of battle – the day-by-day management of combat operations – should not, on the other hand, fall under the commander in chief's responsibility, but rather be delegated to professionals recruited for this purpose. Bush has failed on both counts, embracing a deeply flawed blueprint for the war on terror and then meddling disastrously in the tactics employed to carry it out.

Finding Terrorism's Center of Gravity

As all the great masters of strategy have taught us, devising a winning strategy requires, first and foremost, understanding one's opponent and correctly identifying his strengths and weaknesses. Once that has been accomplished, it is necessary to craft a mode of attack that exploits the enemy's weaknesses and undermines or overpowers his strengths. In modern military parlance, this task is often described as locating and destroying the enemy's "center of gravity."

For example, in both the 1991 Gulf War and the 2003 invasion of Iraq, American war planners correctly identified the Iraqi center of gravity as the highly centralized, top-down command structure of the Saddam Hussein regime; once this structure was crippled early in the fighting, the Iraqi combat units in the field – however capable and dedicated – were unable to perform effectively, and so were easily routed. In the current war in Iraq, by contrast, American commanders have been unable to locate the enemy's center of gravity, and so have been incapable of crafting an effective strategy for defeating the insurgents.

What, then, is the enemy's center of gravity in the war on terror? This is the critical question that President Bush and his top advisers have been unable to answer correctly. According to Bush, the terrorists' center of gravity has been the support and sanctuary they receive from "rogue" regimes like the Taliban in Afghanistan and, supposedly, Saddam Hussein in Iraq as well as the mullahs in Iran. If these regimes were all swept away, the White House has long argued, the terrorists would find themselves weakened, isolated, and ultimately defeated. "The very day of the <9/11> attacks," Condoleezza Rice later recalled, " told us, his advisers, that the United States faced a new kind of war and that the strategy of our government would be to take the fight to the terrorists. That night, he announced to the world that the United States would make no distinction between the terrorists and the states that harbor them." From this basic proposition, all else has followed: the war in Afghanistan, the war in Iraq, and the current planning for a war in Iran.

more...

[punpirate]

56. Y'know, I read this and think...

... yup, it's simple incompetence. It's possible (just look at the people trying to micro-manage this war--Bush, Cheney and Rumsfeld). I keep wondering, though, is it by design? Do these people really want this "war" on terror to go on forever--for purely political purposes--because it's their only remaining hold on power in this country? There have been enough people saying, over the years, that nothing in this WH is ever done without calculating the political advantage.

Somehow, I'm not sure that we've finally seen the Peter Principle coalesce in all the top WH jobs. Bush himself is a perfect example of it, yes, and Cheney has been promoted way over his optimum pay grade. Rumsfeld, in another time and place, would very likely be writing his manifesto with his own shit on the walls of some mental institution (if we still had them).

But, still I wonder. Who's really running the show and are they too clever by half? Of course, that particular musing leads me to some exceedingly dark thoughts.

[UpInArms]

46. 12:15 EST numbers and blather

Dow 11,007.41 -4.17 (-0.04%)
Nasdaq 2,322.56 +2.24 (+0.10%)
S&P 500 1,290.77 +1.08 (+0.08%)
10-Yr Bond 4.428 0.00 (0.00%)

NYSE Volume 1,087,707,000
Nasdaq Volume 1,163,702,000

12:00 pm : The morning's trend of flat-line vacillation continues as the session's second half begins. Following yesterday's late-day bounce to unchanged territory, today's market continues to demonstrate resilience in the face of what are arguably overbought conditions.
While the major indices had been poised to start the session higher, a fourth quarter profit warning from Dow Component DuPont (DD 41.02 -1.53) interjected an air of caution as investors' focus turns toward the upcoming torrent of Q4 earnings reports. The fact that DD's disappointment is said to be based on the one-time, external impact of hurricanes Katrina and Rita, however, has helped mitigate its effect. Nonetheless, the Materials sector (-0.5%) remains the session's laggard. Further to the earnings front, Genentech (DNA 89.59 -3.75) delivered a solid Q4 report following yesterday's close, but relatively disappointing sales of its growth-driving cancer drug Avastin has sunk the stock. Contributing to Healthcare's relative weakness today are substantial declines in both Johnson & Johnson (JNJ 62.21 -0.89) and Boston Scientific (BSX 25.89 -0.59); this morning, The New York Times reported that JNJ has made last ditch efforts to counter BSX's bid for Guidanct (GDT 30.38 +0.99) - which followed its own slashed offer for the beleaguered medical device maker. Industrials (-0.2%) continues to trend lower, pulled particularly by downgrade-plagued United Technologies (UTX 55.77 -1.07), and Utilities (-0.4%) similarly remains in the red.

Technology's (+0.5%) leading gain serves as the market's best source of support. Adding to the SOXX index's 10% year-to-date gain, semiconductors continue to exhibit relative strength; an analyst upgrade on Broadcom (BRCM 57.15 +1.42) helps the industry continue its streak. Hardware stands as one of the S&P's brightest patches - as upgraded Hewlett-Packard (HPQ 30.88 +0.10) shares underpin the bullishness Apple (AAPL 83.35 +2.49) catalyzed with its preliminary sales results yesterday. Raised revenue guidance from Komag (KOMG 40.07 +0.83) lends additional upside.

Recently erasing its sharp decline that followed the Department of Energy's mixed inventory report, the Energy sector's recovery has helped the indices move off of their lowest levels. Much better than expected builds in both gasoline and distillates supply incited selling that sent crude futures and the Energy sector south, but the data also showed that crude supply fell a more than expected 2.89 million barrels (versus an estimated 550K barrel drop) last week. At this point, energy traders appear more focused on the latter element. Despite crude's rebound, the Consumer Discretionary sector (+0.1%) manages to remain higher. Home improvement retail, on the heels of Home Depot's (HD 42.31 +0.51) addition to the Fresh Money Focus List as well as to Banc of America's 30-Stock Model, teams with relative strength in apparel to support the sector. The brokerage industry's outperformance and a somewhat steepening yield curve holds the influential Financial sector (+0.2%) above the unchanged mark.
DJ30 -4.963 NASDAQ +2.39 SP500 +0.90 NASDAQ Dec/Adv/Vol 1659/1201/1.11 bln NYSE Dec/Adv/Vol 1617/1475/714.0 mln

[54anickel]

47. The Housing Bubble Will Probably Burst (Lotsa charts)

http://www.investorsinsight.com/otb_va_print.aspx?EditionID=256

Most observers look for slower but still positive growth in house prices this year. The 20% or greater fall in average median prices on a national basis we foresee is decidedly nonconsensus. And it will have substantial effects at home and abroad. Indeed, even a flattening of house prices will be meaningful. The Fed estimates that through refinancing and home equity loans, homeowners extracted $600 billion from their homes in 2004, up from $439 billion in 2003, and spent half of it on goods and services. That $300 billion accounted for 40% of GDP growth in 2004, and the zeal for home equity borrowing in 2005 (Chart 5) suggested that it was even more important to economic advance last year.

Flat house prices this year would curtail vastly this withdrawal of money to finance consumer spending. It also would make many much less willing to borrow more on credit cards and save less because their house appreciation piggy banks would no longer seem as likely to keep filling themselves. Falling house prices will magnify these effects greatly.

Furthermore, those many who recently bought second homes and homes for investment (Chart 25) will get quite nervous if house prices stop rising. They've flooded the market with rentals, depressing rents (Chart 26), so even with interest only mortgages, many have negative carrying costs with taxes, interest, maintenance and other costs exceeding rental income. Once their confidence in rapid appreciation fades, their zeal to dump their properties onto the market leaps.

The resulting jump in supply will depress prices, probably substantially because of the rapid rise in the number of houses owned by speculators in recent years (Chart 25). And note that many second home purchases are in part spurred by visions of rapid appreciation. Earlier, Alan Greenspan said that a housing bubble wasn't likely because people needed to live somewhere. Selling a house out from under one's family could strain domestic bliss. But widespread multiple homeownership eliminated that restraint, fueled the bubble, and makes a big price break more likely than a flattening of house prices.

Bust or Flat?

more...

[UpInArms]

52. The Rise of Rectal Journalism

http://www.opednews.com/articles/opedne_david_si_060111_the_rise_of_rectal_j.htm

A lot has alreay been written about Joe Klein's latest column - a true foray into fantasy. The man is the eitomy of a journalist who is so self-absorbed, so obsessed with himself, or so lazy that he quite literally thinks he can just make things up. But sadly, Klein epitomzes a new brand of journalism sweeping the nation. It's what I call Rectal Journalism because its based on reporters and pundits simply pulling stuff right out of their asses and peddling it as fact, when in fact it is anything but.

<snip>

This penchant by pundits to pull things straight out of their rectum is really becoming a widespread problem - and it has been on full display over the last few weeks. For example, MSNBC's Chris Matthews recently painted Rep. Tom DeLay (R-TX) as living a middle-class lifestyle - days after the Associated Press published an expose actually analyzing hundreds of documents showing that as DeLay "became a king of campaign fund-raising, he lived like one, too." Specifically, "over the past six years, the former House majority leader and his associates have visited places of luxury most Americans have never seen, often getting there aboard corporate jets arranged by lobbyists and other special interests."

Then Newsweek's Eleanor Clift called Newt Gingrich a "bipartisan reformer" in the wake of the revelations about the GOP corruption. There is, of course, no mention about how Gingrich was the architect of the K Street Project at the center of the scandals.

Then we saw Time Magazine's Matt Cooper and Mike Allen pull out of their asses the fairy tale that President Bush is fully distanced from the GOP corruption scandals because he supposedly "does not like to have contributors or local officials in his cars, planes or holding rooms unless they are there for a good reason, and he sometimes questions his underlings sharply if someone he considers extraneous is admitted." No, that wasn't the recollection of some acid trip Cooper and Allen had - they repoted that as fact, and simply decided not to mention that "GOP fundraiser Jack Abramoff and his lobbying team logged nearly 200 contacts with the new administration" in just its first 10 months, according to a May 2005 story by the Associated Press.

...more (lots of great embedded links)...

[54anickel]

54. Ewww, I gotta save some time later tonight to closely go thru that one!

Great find!!! So indicative of what's been happening in this country for years - started in corporate America, moved to politics and journalism (one sort of dependent on the other). That's JMHO from my life time experiences anyway, and mediocrity is being way too kind for this bullshit.



Gotta run for the day! :hi:

[AnneD]

63. Love that David Sirota........

It has been obvious to anyone (esp DU'rs) that even attempt to check the facts in the loosest of ways---they have been pulling the facts for their 'journalism' out of their asses for years now. In high school I had a journalism teacher George Druschell. He was a thick skinned, chain smoking, hard drinking reporter of the old school (was with local Chronicle). He wrote stories from Main Street not Wall Street. He would eat at a lunch counter with the average Joe as opposed to dining with CEO's or Politicians. Journalism ceased to be the 4th estate when they made that walk from Main Street to Wall Street. Today, with a few glaring exception , they are nothing but 'presstitutes'. I am so thankful George is no longer here to see what has happened to his beloved profession. It was a good article.

[UpInArms]

65. Gold Futures close @ $550.10 oz

1:51pm 01/11/06 GOLD FUTURES CLOSE UP $4.40 AT $550.10 AN OUNCE

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38728.5804471759-856953252&siteID=mktw&scid=0&doctype=806&

NEW YORK (MarketWatch) -- Gold futures closed a mixed session higher, with the front-month contract recapturing the $550-an-ounce level amid continued bullish sentiment for the metal. Gold for February delivery closed up $4.40 at $550.10 an ounce. Other metals were also higher with silver up 5 cents at $9.065 an ounce, platinum up $6.80 at $1025.30 an ounce and palladium up $1.50 at $277.50 an ounce.

[EuroObserver]

68. CHF gold also up:

[OrangeCountyDemocrat]

70. Gold holds above $550; sentiment upbeat

Gold holds above $550; sentiment upbeat

By Ciara Linnane, MarketWatch
Last Update: 2:11 PM ET Jan. 11, 2006

NEW YORK (MarketWatch) -- Gold futures closed higher Wednesday, extending their gains above $550 an ounce as sentiment on the metal continued to be upbeat amid strong physical and investment demand.

Gold for February delivery closed up $4.40 at $550.10 an ounce, after trading as low as $543.70 and as high as $550.80.

"Expectations for strong demand out of China and other major emerging economies, such as India, coupled with supply constraints and Middle East geopolitical concerns (Iran nuclear concerns and Israeli prime minister issue) has fed medium-term bullish sentiment," said Action Economics.

In the past week, gold has found support from a weaker dollar after China said it is considering diversifying its $800 billion of foreign reserves. Many analysts predict that China will switch part of its reserves into gold, not just into other currencies.

William Adams, metals analyst at BaseMetals.com, said funds are also keeping a floor under gold prices.

"The overall environment for the metals looks supportive, even though it remains vulnerable to a price correction," he said.

At Altavest Worldwide Trading, analyst Thomas Hartmann said the market will likely see bouts of profit taking and liquidiation in the near term.

However, "we're clearly in a bull market so there are not many aggressive sellers at this point," he said.

From a technical standpoint, support around $542 an ounce has held for three days now, and the metal faced a crucial test today to avoid a triple top on the overnight charts, said Hartmann.

"A close above 551 would help keep the short term bullish posture alive, otherwise we could see a correction down to 536 to ease some of the overbought technical indicators," he said. "Some bearish divergence is beginning to show on some indicators so investors should be ready to take profits as overhead targets near."

On the supply side, copper inventories were unchanged at 7,762 short tons as of late Tuesday, according to the New York Mercantile Exchange.

Gold supplies were unchanged at 7.01 million troy ounces, while silver inventories were flat at 120.6 million troy ounces.

Silver also reversed its early losses to close up 5 cents at $9.07 an ounce. Platinum was up $6.80 at $1,025.30, and palladium added $1.50 to $277.50.

Copper was down 1.2 cent at $2.095 a pound.

Metals and mining equities clawed back from their lows with the shift in metals prices. The CBOE Gold Index (GOX:
Last: 131.53+0.51+0.39%

GOX131.53, +0.51, +0.4%) was last up 0.3% at 131.46. The Amex Gold Bugs (HUI: amex gold bugs index equal-$ weight
Last: 305.78+1.73+0.57%

HUI305.78, +1.73, +0.6%) rose 0.6% to 305.75, and the Philadelphia Gold and Silver Index (XAU: phlx gold silver index capital-weight
Last: 139.60+0.47+0.34%

XAU139.60, +0.47, +0.3%) was up 0.3% at 139.56.

[ozymandius]

74. closing time

Jeebus - look at the volumes!

Dow 11,043.44 +31.86 (+0.29%)
Nasdaq 2,331.36 +11.04 (+0.48%)
S&P 500 1,294.18 +4.49 (+0.35%)
10-Yr Bond 44.58 +0.30 (+0.68%)
NYSE Volume 2,382,281,000
Nasdaq Volume 2,417,066,000

4:20 pm : Late-day buying interest sent the stock market's major averages out of flat-line vacillation mode and to 2006's sixth day of gains. Resisting the consolidation efforts that set in Tuesday, buyers added to the indices' average 3.7% gain despite a profit warning from DuPont (DD 41.78 -0.77) and a 1% jump in the price of crude.

Due to the Dow component's slashed fourth quarter earnings forecast, the blue chip average wavered throughout most of the session, and the Materials sector (-0.9%) was the worst performer.

As investors' attention shifts towards the impending torrent of Q4 earnings reports, DuPont's sharp downside guidance blew a bearish air through what had been a generally upbeat futures trade before the open. The fact that DuPont's disappointment was pinned in part on the one-time, external impacts of hurricanes Katrina and Rita, however, helped minimize its effect upon the broader market.

With respect to the earnings front, Genentech (DNA 89.26 -4.08) delivered a solid Q4 report following Tuesday's close, but relatively disappointing sales of its growth-driving cancer drug Avastin drove the stock lower. Contributing to Healthcare's negative stance were declines in both Johnson & Johnson (JNJ 62.40 -0.70) and Boston Scientific (BSX 25.27 -1.21). In spite of its previous reluctance and a lowered bid that BSX had trumped, J&J is reportedly making last-ditch efforts to acquire the beleaguered medical device maker Guidant (GDT 70.45 +1.06). Utilities (-0.3%) also suffered some selling pressure today.

Another session of outperformance across the Technology (+1.0%) board served as the market's best source of support. Led by upgraded Broadcom (BRCM 58.55 +2.82) shares, semiconductors continued their streak - driving what is now a near 12% year-to-date gain in the SOX index. The hardware industry put in an equally strong performance; upgraded Hewlett-Packard (HPQ 31.37 +0.59) shares underpinned the bullishness Apple (AAPL 83.78 +2.92) catalyzed with its preliminary sales results Tuesday. Bank of America's raised price target and upped iPod estimates spurred further upside for AAPL.

A mixed inventory report from the Department of Energy initially sparked a market-dragging drop in the Energy sector, but traders' attention appeared to turn from higher than expected builds in gasoline and distillates to a considerably sharper than expected drop in crude supply. As a result, crude futures jumped 1.1% and re-incited buying action across the Energy sector that fostered a supportive 0.5% gain. At the same time, crude's rise had a muted impact upon other areas of the market.

The Consumer Discretionary sector (+0.4%), in particular, was unfazed. Home improvement retail was its brightest patch; Home Depot (HD 42.90 +1.10) extended the rise that Tuesday's acquisition news fueled, as it was helped by Banc of America adding it to the firm's Fresh Money Focus List and 30-Stock Model Portfolio. Lifted by Boeing (BA 70.64 +1.54), the Industrial sector (+0.2%) recovered late in the afternoon. The company beat out Airbus for a 68 plane, $11.8 billion contract with state-run Air India - the largest deal in the country's civil aviation history - and can be largely credited for the Dow's afternoon rise. Relative strength in brokers kept the influential Financial sector (+0.4%) on positive ground, a position that helped the broader market sustain Wednesday's gains. DJ30 +31.86 NASDAQ +11.04 SP500 +4.49 NASDAQ Dec/Adv/Vol 1478/1545/2.41 bln NYSE Dec/Adv/Vol 1449/1850/1.71 bln

[54anickel]

75. WTF? Do these people actually believe the Fed can corral the

inflation they are burying us in and drive it directly into the equity markets?

Stocks up, gold up, buck and bonds down...which would I rather buy....stocks or gold, gold or stocks, stocks or gold...maybe I should join Mogambo and build me a bunker full of ammo?

[ozymandius]

77. like the Mogambo - we may all be on the evening news before

this side show is over. I mean WTF!?! That's what the M3 money supply is being hidden. No one who knows anything about money knows this is an inflation shield for Big Capital (BC). The whole scheme makes a mockery of the notion that the markets are a good investment for your future. The markets do not exist for the individual anymore. Investing in the markets right now is investing in BC's future - not your own.

Inflation be damned. BC's got to make the books look really pretty.

[OrangeCountyDemocrat]

76. For Those Still Here - One More Gold Article

Gold consolidates before seen spiking again

Wed Jan 11, 2006 6:15 PM GMT

By Atul Prakash

LONDON (Reuters) - Gold consolidated on Wednesday after touching a 25-year high earlier in the week, but analysts and traders said it was building steam for another charge higher.

A rise in the dollar earlier had prompted some investors in Asia to drag down the metal, which surged 18 percent in 2005 and added another 5 percent in the past 10 days. It recovered some losses in European business.

"It's just a kind of consolidation phase but on a very, very high level. We always have to be prepared to see some sell offs but the overall direction is up," Wolfgang Wrzesniok-Rossbach, head of precious metals marketing at Germany's Heraeus, said.

Spot gold was quoted at $544.20/545.00 an ounce by 1557 GMT, slightly up from $543.80/544.60 late in the U.S. market on Tuesday. It spiked to $550.75 on Monday, the highest since January 1981.

Talk of China diversifying some of its dollar asset reserves was a major factor in driving gold higher earlier this week, although a senior central banker said media had wrongly interpreted a statement from the foreign exchange regulator.

Analysts said gold was set for further gains in 2006 and had the potential to breach $600 an ounce.

Australian investment bank Macquarie said it had raised its gold price forecast by an average of 19 percent in 2006 to $565, while Barclays Capital hiked its average price forecast for 2006 by 13 percent to $525 an ounce from $465 previously.

Physical demand for gold has also been affected due to such high price levels.

"We will be more comfortable with a positive view on the metal once physical demand has re-appeared again, although...we believe lower and more stable prices are required for physical buyers to re-emerge," John Reade of UBS Bank said in a note.

Reade noted gold had already broken above his $540 one-month forecast, but remained short of his 3-month objective of $555.

Dealers remained positive on gold, with investors diversifying into precious metals due to worries about the outlook for the dollar, global tensions and firm oil prices.

"I think they are going to try and push it higher towards this $550 level again, although I remain a bit wary of people taking profits," one dealer said.

The dollar lost ground against the euro and steadied versus the yen, as the market waited data that could offer clues about U.S. economic growth and the monetary policy.

Thursday's data is expected to show a narrowing of the U.S, trade deficit in November from a record shortfall the previous month.

In other precious metals, platinum was mostly stagnant, dipping to $1,008/1,012 per ounce from $1,008/1,012. Palladium fell to $267/271 from $272/275.

Silver eased to $8.90/8.93 an ounce from $8.94/8.97 late in the U.S. market.