STOCK MARKET WATCH, Wednesday 22 February

[ozymandius]

Wednesday February 22, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 1062 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 1889 DAYS
WHERE'S OSAMA BIN-LADEN? 1589 DAYS
DAYS SINCE ENRON COLLAPSE = 1550
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 February 21, 2006

Dow... 11,069.06 -46.26 (-0.42%)
Nasdaq... 2,262.96 -19.40 (-0.85%)
S&P 500... 1,283.03 -4.21 (-0.33%)
30-Year Bond 4.53% +0.02 (+0.40%)
10-Yr Bond... 4.56% +0.02 (+0.48%)
Gold future... 556.60 +2.00 (+0.36%)






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 - WEEKLY CHARTS

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

We want to bring to your attention two important observations:

A) All the major indices are back at the top of the trading range that has prevailed over the last 12 months. At the same time, oil is back down at the bottom of the rising channel which has provided price support over the last 12 months. Notice how lows/highs in oil prices have coincided with highs/lows in the Dow. The message from the picture is rather clear; in order for the equity markets to break above channel resistance, oil would need to break below channel support. If oil can stabilize above $60.00, the best the SP can do is 1315, and the best the Dow can do is 11350. Moreover, if the price of oil begins to rally again, then the equity markets can be expected to re-test channel support which is 1220-1200 for the SP, and 10250-10100 for the Dow. On the other hand, if miraculously the price of oil breaks down, then the equity markets can easily rally 3.5% to 5% from current levels.

B) Also notice how lows/highs in bond yields have coincided with highs/lows in equity prices over the same 12 month period. The 4.65-4.75 zone in yield for the 10 year has coincided with 3 bottoms in the equity markets which were followed by multi-week rallies. The message here is also clear, in order for the equity markets to break above channel resistance, the yield in the 10 year bond needs to remain below 4.60. The equity markets are betting that indeed this will turn out to be the case, as evidenced by the last week's advance. However, the chart has a distinct "inverted head and shoulders" look to it, and although only 55%-60% of the time the pattern comes to full fruition, it ought to be taken into consideration.

more...

[EuroObserver]

11. Compelling charts today

... very much in line with the sense I'm getting of general market psychology.

[ozymandius]

2. Today's Reports

8:30 AM Core CPI Jan
Briefing Forecast 0.2%
Market Expects 0.2%
Prior 0.2%

8:30 AM CPI Jan
Briefing Forecast 0.4%
Market Expects 0.5%
Prior -0.1%

10:30 AM Crude Inventories 02/17
Briefing Forecast NA
Market Expects NA
Prior 4853K

[UpInArms]

13. U.S. Jan. CPI up surprising 0.7% on energy costs

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BA2CFB58E%2DACDE%2D42A5%2DAB48%2DDD603E0111A3%7D&siteid=mktw&dist=bnb

WASHINGTON (MarketWatch) - U.S. consumer prices increased a larger-than-expected 0.7% in January, led by higher energy, food and housing costs, the Labor Department said Wednesday. The core consumer price index - which excludes food and energy prices - increased 0.2%, as expected. The increases in the seasonally adjusted CPI should keep the Federal Reserve on course to raise its overnight interest rate target to 4.75% in late March. Economists surveyed by MarketWatch had expected the CPI to rise 0.5% in January. After two months of declines, energy prices rose 5% in January. Food prices rose 0.5%. Housing prices increased 0.5%

[AnneD]

34. Let's see....

we have surprised economist and we can blame it on the weather :eyes:
What they consider news we consider SSDD.

[UpInArms]

71. Food and Energy Costs Push Consumer Prices Higher

http://www.nytimes.com/2006/02/22/business/22cnd-econ.html?ex=1141275600&en=5215f9bdd67b2204&ei=5099&partner=TOPIXNEWS

Sharp increases in energy and food costs pushed consumer prices higher last month, the government reported today, but prices of other goods and services rose more modestly.

The report appears to allay fears that the surge in energy prices from last year would push up inflation in the broader economy, but analysts suspect it may not be enough to dissuade Federal Reserve policy makers from raising interest rates at least once and maybe twice more before stopping.

Consumer prices were up 0.7 percent in January, after dropping by 0.1 percent in December and falling 0.7 percent in November, the Labor Department reported. Excluding food and energy, the so-called core index was up 0.2 percent last month, after a 0.1 percent increase in December and 0.2 percent rise in November.

Energy prices jumped 5 percent in the last month and the price of fruits and vegetables rose 1.7 percent. Oil, gasoline and other energy commodities, which fell at the end of last year from highs they set in the aftermath of Hurricane Katrina, began climbing higher last month because of concerns about Iran's nuclear ambitions and strife in Nigeria. Retail gasoline prices jumped 6.4 percent last month.

Economists have been expecting those and past increases in energy to filter into other prices as businesses pass on the higher cost of doing business to consumers, but that has not happened in a significant way thus far, with the apparent exception of some items of food.

...more...

[UpInArms]

40. Crude Inventories Report delayed until Thursday

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B7F1A54CC%2D2633%2D4386%2DAFFD%2D2F929CB23D8B%7D&siteid=mktw&symbol=

excerpt:

The Energy Department will release reports on supplies of oil and its products and on natural gas separately Thursday. The oil data is being released a day later than usual because of the Presidents Day holiday.

Fimat forecasts a 1.2 million-barrel rise in crude supplies for the week ended Feb. 17. Analysts polled by Platts see an increase closer to 1.1 million, but
Wachovia Corp. thinks inventories will be unchanged for the week.

Fimat expects that gasoline stocks to be up 2.1 million barrels, while distillates, which include heating oil, likely climbed by 115,000 barrels.

...more...

[EuroObserver]

3. Tokyo: calm markets slightly down: chips, motors sold; metals bought

Nikkei225 closed down -0.7% at 15,762.54
Topix closed down -0.2% at 1,609.46


Tokyo shares follow Wall Street lower
(FT) The Japanese stock market was in an uncharacteristically calm mood on Wednesday, following recent volatility. Chip-related stocks fell after overnight declines for their US rivals, depressing the Nikkei 225, which has a high weighting for technology shares. The index ended the day down 0.7 per cent to 15,762.54. But the Topix – the index preferred by most fund managers – fell only 0.2 per cent to 1,609.46, buoyed by the strong performance of steel stocks.

Advantest, the maker of chip-testing instruments, fell 4.5 per cent to Y12,740. Tokyo Electron, the world’s second biggest chip equipment maker, was down 2.7 per cent to Y7,870. But Komatsu, the construction machinery maker, jumped 4.9 per cent to Y1,967 after Daiwa Securities said demand was strong. In particular it cited recovering demand in China. JFE, one of Japan’s biggest steelmakers, rose 1.7 per cent to Y4,130. Nippon Steel, the largest, ended the day 1.2 per cent higher at Y432. Steelmakers have benefited from recent takeover speculation fuelled by international M&A activity. Falls on Wall Street also pushed down auto stocks, for which the US is an important market. Toyota, Japan’s biggest car maker, declined 1.7 per cent to Y6,280. Banking continued its rather listless performance since the beginning of the year, despite growing expectations of an end to quantitative monetary easing. Mitsubishi UFJ, the world’s biggest bank by assets, fell 0.6 per cent to Y1,590,000. Resona fell 3.5 per cent to Y382,000. ...more...

Foreign brokers place net Japan-share buy orders (before opening)
TOKYO, Feb 22 (Reuters) - Orders for Japanese stocks placed through 12 foreign securities houses before the start of trading on Wednesday showed an intention to buy a net 22.3 million shares, market sources said. There were buy orders for 53.3 million shares and sell orders for 31 million shares, the sources said.

Tokyo stocks may rise; all eyes on foreign orders (before opening)
TOKYO, Feb 22 (Reuters) - Tokyo stocks are likely to rise on Wednesday with investors picking up domestic plays on optimism about the Japanese economy, although orders placed by foreign brokers before the market open will likely set the tone. On Tuesday, orders for Japanese stocks placed through 12 foreign securities houses before the start of trading showed an intention to buy for the first time since Feb. 7, helping the Nikkei post its biggest one-day percentage gain in three weeks.

Hiroichi Nishi, general manager of equity marketing at Nikko Cordial Securities Inc., said despite Tuesday's rises, the market is still at a level attractive enough for investors. "The Nikkei will likely test its 25-moving average ... all the technical charts indicate 'Go ahead and buy'," he said. The 25-moving average stands at about 16,090. Traders expect the Nikkei average to move between 15,700 and 16,000 after it jumped 2.96 percent or 457.01 points to 15,894.94 on Tuesday. ...more...

[EuroObserver]

7. BOJ's JGB buying ops fail for first time in decade

TOKYO, Feb 22 (Reuters) - The Bank of Japan said on Wednesday a regular Japanese government bond (JGB) buying operation had failed to attract enough offers -- the first such failure in almost a decade.

The undersubscription underscored a big recent buildup of short positions in cash bonds as speculation heats up that the Bank of Japan will end its ultra-loose monetary policy by late April. But analysts said the failure was likely a one-off event, which they also attributed to some dealers' reluctance to run down their inventories ahead of the month-end, when they anticipate strong demand for JGBs. Dealers expect many portfolio managers will have to buy long-term JGBs in coming days to match a larger-than-average lengthening of benchmark bond indexes next month.

...more...

[EuroObserver]

8. Japan's Trade With China Rises in 2005

Japan's trade with China rose 12.7 percent in 2005 to $189.4 billion, marking the seventh straight year of growth, a government-affiliated trade organization said Tuesday. While exports to China rose 8.9 percent to $80.4 billion, said the Japan External Trade Organization, or JETRO, the rate was slower than in 2004, when it expanded 29 percent. The decline was led by decreasing exports of machinery and electronic appliances as Japanese companies shifted production to China, JETRO said.

The United States is Japan's leading export market, accounting for 22.4 percent of Japanese exports, followed by the European Union at 15.7 percent. China is a third biggest market with a 13.1 percent share.

Imports from China increased 15.7 percent to $109 billion in 2005, also rising for the seventh straight year, led by office appliances such as computers and printers as well as digital music players, it said. Imports of textile products also rose as last year's cold winter boosted demands for clothing, JETRO said. Japan's trade deficit with China rose to $28.7 billion, a record high, from $20.4 billion in 2004, it said.

...source...

[ozymandius]

4. Oil slips, eyes growing US fuel stocks

LONDON (Reuters) - Oil fell toward $62 a barrel on Wednesday, shedding some gains from a major disruption to Nigeria's exports as dealers braced for another increase in already robust U.S. inventories.

-cut-

Fears over Nigeria and continued anxiety about Iran's nuclear programme have helped oil prices rebound about 8 percent from a 2006 closing low of $57.65 a barrel a week ago, which followed a hefty increase in weekly U.S. crude and gasoline stocks.

Gasoline inventories already at their highest in six years are expected to have risen again last week by 800,000 barrels, while crude stocks were expected to have climbed by 700,000 barrels, a Reuters poll of nine analysts showed.

"With bearish U.S. statistics expected, traders have found a reason to take profit from a sharp gain since late last week on news about Nigeria and Ecuador," said Nahiro Niimura, vice president of Mizuho Corporate Bank's derivatives unit in Tokyo.

more...

[EuroObserver]

6. Oil slips as market eyes US inventory data

(FT) Oil prices fell on Wednesday as the market turned its attention to the US oil and petroleum products inventories data and away from the disruption to oil exports from Nigeria due to militant attacks on production facilities.

The latest weekly report is expected to show another increase when they are released on Thursday. US crude oil stockpiles are at their highest levels since last summer and US petrol inventories are at a five year high, further increases would underline the view that the market is well supplied. <-- These still look like war or embargo preparations to my eye

However, traders said the 25 per cent cut in Nigerian oil exports due to the sabotage attacks is expected to impact US oil imports next month. Supply disruption in Ecuador, South America’s fifth largest oil producer, also added to the unease in the oil market. Ecuador had a output before the stoppages of 530,000 barrels a day. The country stopped pumping oil through its main private oil pipeline, which has a capacity of 450,000 b/d due to local protests a day after a brief outage to exports from Petroecuador, the state-owned oil company. Ecuador declared a state of emergency in the Amazon province of Napo on Tuesday after soldiers fired on protesters.

IPE Brent for April delivery slipped 52 cents to $61.09 a barrel in early morning London trade, unwinding the 6 cent gain from the previous session. April West Texas Intermediate fell 54 cents to $62.20 a barrel in electronic trade on the New York Mercantile Exchange, reversing some of the $1.45 gain from the previous session.

...more...

[EuroObserver]

5. Europe: soft opening, pending US again...

Swiss SMI down -0.17% 7988.86 in Zurich 09:04:35 CET
CAC 40 opens down -0.2% at 4,984.5 in Paris 09:16 CET
Xetra Dax 30 opens down -0.2% at 5,790.0 in Frankfurt 09:15 CET
FTSE 100 opens down -0.2% at 5,846.4 in London 08:14 GMT



European stocks open mixed; Heineken, Anglo gain
LONDON, Feb 22 (Reuters) - European stocks kicked off Wednesday trade on a flat note, but still close to 4-1/2 year highs despite a dip in Asia and on Wall Street where interest rates worries nagged after the latest Federal Reserve minutes.

Anglo-American (AAL.L: Quote, Profile, Research) and Heineken (HEIN.AS: Quote, Profile, Research) gained after reporting earnings, while Rio Tinto (RIO.L: Quote, Profile, Research) eased after going ex-dividend alongside technology stocks and carmakers. Also among the losers, BASF (BASF.DE: Quote, Profile, Research) eased 0.8 percent despite a strong outlook, robust earnings and news of a further 500 million euro buyback.

"We're holding on. There's a lot of cash floating around, there are deals happening all the time," said Will Armitage at IG Index. "It's always tough to pick the top of the market." ...more...

European stocks - Factors to watch on Feb 22 (before opening)
LONDON, Feb 22 (Reuters) - European stocks are expected to open lower on Wednesday, after a dip on Wall Street and in Asia, as interest rate jitters spooked investors after the latest batch of Federal Reserve minutes with investors looking to U.S. CPI data, due later, for further clues on rate moves.

European corporate earnings continue at a brisk pace, with miner Anglo-American (AAL.L: Quote, Profile, Research) and chemical giant BASF (BASF.DE: Quote, Profile, Research) among companies posting results. The high price of oil will continue to weigh with crude still trading above $62 a barrel. ...more factors...

[EuroObserver]

53. Europe closed in the black

Swiss SMI up 0.44% at 8037.74 in Zurich 17:19:59 CET
FTSE 100 closes up 0.3% at 5,872.4 in London 16:43 GMT
Xetra Dax 30 closes up 1.1% at 5,862.06 in Frankfurt 17:42 ET
CAC 40 closes up 1% at 5,041.60 in Paris 17:42 CET
FTSE 250 closes up 0.2% at 9,472.9 in London 16:40 GMT
FTSE Eurofirst 300 up 0.6% at 1,358.31 in closing exchanges in London 16:26 GMT


Ah, I do enjoy (considered, judicious, little by little (don't panic) at the right time and best possible price) selling (for as long as the Man is prepared to take my orders :think: ). Above all when your own sales, especially in little-traded stocks, help (briefly) push up the price for others as well as I to follow... But then, maybe I'm wrong and I'm cutting out too soon...

[EuroObserver]

9. Investor confidence at low as growth worries rise

LONDON, Feb 21 (Reuters) - Institutional investors particularly in North America, are becoming more cautious about the economic outlook and have been pulling risk from their portfolios, State Street said on Tuesday. The U.S. financial services firm State Street said its Investor Confidence Index, based on actual fund flows among clients, fell to 73.4 in February from 77.0 in January, upwardly revised from 76.0. It was the lowest figure since State Street began compiling its index in September 1998.

North American investors showed most caution, although Asian investors also became more bearish. European confidence rose.

State Street's Paul O'Connell, a co-developer of the index, said worries about the U.S. economy appeared to be driving U.S. sentiment. "It seems that our North American institutional investors currently agree more with the outlook of the bond market versus that of the stock market," he said in a statement. The concern was that the U.S. Federal Reserve will raise interest rates so high that it ends up reducing growth, he said.

Giorgio Radaelli, chief strategist with Switzerland-based wealth manager BSI, said the caution suggested by the State Street index was understandable given the age of the investment cycle, which has been running for some years. "I would expect that as we head into the year people will become more risk averse," he said.

...more...

Well, what a surprise.

[AnneD]

15. Morning Marketeers,

:donut: I was listening to NPR on the way in this am. They noted that the European Markets were down in part because Germany and France did not have as much export growth that was expected (we get too much spoon fed pap when it comes to overseas markets).
I put on my Wall Street thinking cap and came up with this train of thought. Increased exports are good. We exported jobs over the last few years. If we increase the number of jobs we export, the economy will improve and the trade deficit will go down. We will then have a robust economy. Once I came up with that logical thought, I figured out why a company's stock goes up when they cut jobs or why SW goes down when we have a low unemployment figure. I am soooo glad that these smart economist have figured this out.:sarcasm: I had the whole thing back wards, silly me. I thought employed citizens made for a strong economy.:eyes:

[ozymandius]

10. Bulls could get priced out

NEW YORK (CNNMoney.com) - U.S. stock futures pointed to a lower open Wednesday ahead of the government's latest inflation reading, which might offer clues about the future of interest rates.

Futures were lower in advance of the 8:30 a.m. ET Consumer Price Index report.

Economists surveyed by Briefing.com forecast that the government's broad measure of retail prices gained 0.5 percent in January on higher energy prices, after a 0.1 percent decline in December. The so called core CPI, which excludes often volatile food and energy prices, is forecast to be up only 0.2 percent, the same gain as in December.

Inflationary pressure has gotten more attention in recent weeks amid signs that the Federal Reserve will continue to raise interest rates, even after its March 27-28 meeting, when a quarter-percentage point hike is widely expected. On Tuesday, the minutes of the Jan. 31 meeting showed that some central bank policy makers were concerned that readings on core inflation and inflation expectations were "somewhat" higher than desired, feeding those expectations of more rate hikes.

more...

http://money.cnn.com/2006/02/22/markets/stockswatch/index.htm

[Changenow]

22. CPI

Food is volatile? When has it ever gone down?

[AnneD]

36. It occasionaly does....

but that may not be a good thing. During the last few years of drought, ranchers were not able to grow feed. They will send their cattle to market early knowning that they cannot feed them during the winter. Beef drops in the summer but after that, there are fewer cattle to put on the market and the price goes up.

Another example...mega farms will price their crops and food lower than the average farmer can grow things. The farmer goes further into debt and ends up declaring bankruptcy. With out competition, mega farms can now raise their prices over and above cause they are the only game in town.

How do I know this...we have a lot of ex-farmers in my family that are now resigned to backyard gardens.

[EuroObserver]

37. Almost never. But following a major population cull, perhaps.

ed. I mean almost never, apart from the seasonally predictable, of course.

[UpInArms]

12. daily dollar watch

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

Last trade 90.80 Change +0.25 (+0.28%)

Fed Minutes Apply Pressure To Pair

http://www.dailyfx.com/story/dailyfx_reports/top_fx_market_movers/6886_fed_minutes_apply_pressure_to.html

Traders bid the USDJPY currency pair higher on the open following yesterday’s observance of the President’s Day holiday. With the carry trade still alive in the pair, investors continued to the keep the dollar bid. However, later on, position paring forced the underlying to retrace slightly as minutes of the most recent Federal Reserve meeting suggested a near term end to the current tightening bias. During the session, traders took to comments by officials that stated that the last rate hike looked to be efficiently applied and that further rate hikes would have to come upon consideration of fundamental pieces of data. Subsequently, even though the rate of return remains high between the two economies, concerns over dollar weakness may mount as focus looks to turn to the U.S. infrastructure and weakness through a growing deficit. In the meantime, the current momentum looks to be temporary as tomorrow’s focus on consumer prices will take center stage.

Rumorville
Bids look to keep the underlying propped higher at 118.80 with heavier considerations below at 118.20/25. Comparatively, with offers and plenty of selling pressure higher at 119.10, the pair looks to meet considerable resistance. Further stops reside at the even 119.00 figure.

...more...

[UpInArms]

14. US home loan applications rise, 1st time in 4 weeks

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-22T120155Z_01_N22256313_RTRIDST_0_ECONOMY-MORTGAGES-UPDATE-1.XML

NEW YORK, Feb 22 (Reuters) - U.S. mortgage applications increased for the first time in four weeks as a rebound in demand for loans to purchase homes more than offset a decline in refinancing, an industry trade group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended Feb. 17 rose 0.8 percent to 578.5 from the previous week's 574.1.

The MBA's seasonally adjusted purchase mortgage index -- considered a timely gauge on U.S. home sales -- rose 4.3 percent to 408.7 from the previous week's 391.7, which was its lowest level in over two years.

Despite last week's climb, purchasing activity was at its lowest level since the week ended Jan. 7, 2005, when the index hit 393.1.

Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.22 percent last week, down 0.03 percentage point from the previous week.

The 30-year fixed-rate mortgage, the industry benchmark, is substantially above its 2005 low of 5.47 percent in late June of 2005, but below its 6.33 percent high in the week of Nov. 11.

...more...

[ozymandius]

16. pre-open blather

09:00 am : S&P futures vs fair value: +2.7. Nasdaq futures vs fair value: +3.0.

In the wake of the January CPI data, futures trade continues to suggest a slightly higher open for the indices. The market appears comforted by the fact that the core rate's rise was in-line with expectations. In our view, the outlook remains unclear. Core inflation is likely to firm a bit, and may continue to track near the upper range of what the Fed views as acceptable. Separately, a pullback in the price of crude (-1.2% to $62.01 per barrel) is supportive to early trade.

08:34 am : S&P futures vs fair value: +2.0. Nasdaq futures vs fair value: +3.0.

The recently released Consumer Price Index reflected a 0.7% rise in the total rate during January. That is above the 0.5% increase that the market had expected. The core rate of CPI, which excludes food and energy, rose an expected 0.2%. On a year-over-year basis, core CPI is up 2.1%. In the stock market's immediate reaction, futures trade has ticked upwards and now suggests a moderately higher start for the cash market. The 10-year note has improved following the read, and is now down two ticks and yielding 4.57%.

[JNelson6563]

17. How will geo-political events play in?

With all the horrors surrounding the mosque attack that are sure to come, I can't see how it could possibly be positive for anyone but the defense industry.

Julie

[ozymandius]

18. Hi Julie.

You may have noticed the defense industry has been the beast carrying the weight of industrial output over several quarters. Even in job creation, this is the case. I recall how this administration trumpeted an increase of 21,000 jobs in one month. All were government/defense related. Scenarios before and after have rhymed with this "grand" statistical event.

[JNelson6563]

23. Hi Oz!

Yeah, if I didn't mind blood on my hands I'd've been buying defense several years ago and would be richer for it.

And the beat goes on....the beat of the war drums that is. :-(

All the more reason that the grass-roots work you're doing in your part of the country are very important! Thanks for that and starting us off here every day.

Your partner in the revolution :toast:

Julie

[EuroObserver]

42. Hi Julie!

Thanks for sharing your mind on this and other issues.

Personally, I feel I am in some way richer, although in the pocket surely poorer, for having turned down many such immoral propositions over the years.

In fact, back in the 'eighties, having worked on programming the London Stock Exchange (as a contractor) and having gained, I suppose, a certain reputation, I was offered work at the No.1 British military technology company, designing/developing the first or second generation of cruise missile software. Apart from the money, presumed stability of employment and the rest, the requirements were intellectually very challenging, very interesting, very tempting.

I turned them down, and decided, in the company of the woman I had recently fallen in love with (that helped, a lot) to emigrate to Spain where we lived simply, dropped out (again) for a few years...

Que siga el son.

[JNelson6563]

55. Wow. Good for you!

I wonder how many could have made the same choice if they found themselves in your shoes. Sounds like you have an interesting story. Certainly explains the broad scope and knowledgable insights of your posts. Thank you for sharing all that you do with us.

:toast:

Julie

[AnneD]

43. This is one of what I consider one of the great investment fallacies..

You make more money with war investments. Yes you make money in the short term. But what do you really get when you build that 1 billion per Stealth fighter. Outside of some freudian sense of power, what do you have to show when it gets shot shot down. Nothing! Now, spend that same amount on research-non war and see what you have to show. Probably new industries with jobs. How energy independent could we be if we spent a fraction of the cost of the Iraq on alternative energy. Military investment is short term bottom line thinking.

[EuroObserver]

46. Invest in useful alternative energy sources, conservation, for example n/t

[JNelson6563]

54. It's the old "smash'n'grab"

short term profits. Monetary only. Investors make money, at least short term, everybody else takes a loss (in countless ways).

Like I said, if I didn't mind blood on my hands....

Julie

[WhiteTara]

59. buying your own doom

is how I look at it.

[UpInArms]

19. US Jan consumer prices surge, more rate hikes seen

http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=uri:2006-02-22T141418Z_01_N22332208_RTRIDST_0_ECONOMY-WRAPUP-1.XML

WASHINGTON, Feb 22 (Reuters) - U.S. consumer prices rose more than expected in January but costs outside of food and energy were contained, a Labor Department report showed on Wednesday, sealing expectations for more interest rate hikes.

Consumer prices surged 0.7 percent last month, above Wall Street forecasts for a 0.5 percent increase, as energy costs soared. But the closely watched core Consumer Price Index, which excludes volatile food and energy costs, rose just 0.2 percent, matching economist expectations.

Analysts said the big gain in overall prices will catch the attention of the Federal Reserve and cements market expectations for an additional rate increase in March and perhaps one more in May.

"We can't dismiss the 0.7 number because people actually do spend money on food and energy, that's something to be thinking about and that's something that the Fed might have to be thinking about," said Richard Sichel, chief investment officer at Philadelphia Trust Co.

Sichel said the ability of retailers to pass on higher prices to consumers would boost profit margins, and U.S. stock futures gained on the report.

U.S. Treasury bond prices erased losses and the dollar weakened slightly.

...more...

[UpInArms]

20. "people actually do spend money on food and energy"

ya think?

Over the past year, consumer prices have climbed 4.0 percent, the largest 12-month increase since October 2005 and an acceleration from December's 3.4 percent increase.

The rise in consumer prices since January 2005 is well above the 3.6 percent increase in average weekly earnings in the same period -- meaning consumer budgets are not keeping pace with rising prices.

<snip>

The rise in overall consumer prices in January was driven by a 5.0 percent increase in energy costs, a 0.5 percent gain in food prices and a 1.8 percent surge in the cost of transportation, the Labor Department report showed.

Gasoline prices rose 6.4 percent, electricity prices advanced a record 5.5 percent and natural gas prices were up 1.7 percent last month. That was only slightly offset by a 1.9 percent decline in the cost of fuel oil.

"It's very clear that higher energy prices are now being passed along to consumers, and it's not difficult to do that when the economy is as strong as it is. This will put additional pressure on the Federal Reserve to continue to raise short-term interest rates," said Hugh Johnson, chief investment officer at Johnson Illington Advisors in New York.

[ozymandius]

21. Markets are open for giving you the bidness.

9:35
Dow 11,082.42 +13.36 (+0.12%)
Nasdaq 2,265.01 +2.05 (+0.09%)
S&P 500 1,285.07 +2.03 (+0.16%)
10-Yr Bond 45.47 -0.16 (-0.35%)
NYSE Volume 68,988,000
Nasdaq Volume 79,183,000

[ozymandius]

25. huge bounce

10:06
Dow 11,117.88 +48.82 (+0.44%)
Nasdaq 2,266.03 +3.07 (+0.14%)
S&P 500 1,287.66 +4.62 (+0.36%)
10-Yr Bond 45.47 -0.16 (-0.35%)
NYSE Volume 301,469,000
Nasdaq Volume 305,916,000

[ozymandius]

26. blather

10:00 am : Seven of the ten economic sectors stand on gaining ground and have helped the Dow and S&P edge higher. The Financial sector, up 0.7%, is the leader. The Treasury market took a bullish cue from the in-line read on core CPI, and rate-sensitive areas of the stock market reflect a similar interpretation. Banks demonstrate relative strength, and the thrifts and mortgage industry is presently one of the S&P 500's best-faring. On the flip side, crude's decline is weighing on the Energy sector (-0.8%), which is the market's early laggard. Extended selling across the Tech board has taken that sector 0.3% lower, and is behind the Nasdaq's decline. DJ30 +30.01 NASDAQ -2.16 SP500 +2.91 NASDAQ Dec/Adv/Vol 965/1438/240.2 mln NYSE Dec/Adv/Vol 928/1659/167.3 mln

09:40 am : As futures trade had foreshadowed, the equity market opened on positive turf. The January Consumer Price Index occupies the market's attention this morning. Total CPI rose a higher than expected 0.7%. Core CPI, which excludes food and energy, increased 0.2%. At this juncture, the market appears optimistic over the fact that the core rate's increase matched expectations - especially on the heels of a bearish surprise in last week's PPI data. In our view, it is not clear if there is a firming trend, and today's data does not alleviate inflation anxiety. The data support arguments that core inflation is at the high end of what the Fed will tolerate, and do not alter expectations of further rate hikes. On the corporate front, there is not much market-moving news. A separate supportive factor for early trade is a decline in crude prices. After two days of rebounding, the commodity is down 1.2% to $62 per barrel.DJ30 +20.89 NASDAQ +3.34 SP500 +2.51

[UpInArms]

27. 10:06 EST markets groovin' on higher interest rate fears

Dow 11,117.88 +48.82 (+0.44%)
Nasdaq 2,266.03 +3.07 (+0.14%)
S&P 500 1,287.66 +4.62 (+0.36%)
10-Yr Bond 4.547 -0.16 (-0.35%)

NYSE Volume 301,469,000
Nasdaq Volume 305,916,000

[UpInArms]

24. US store sales growth eases, saddled by snowstorms

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-22T145949Z_01_N22347081_RTRIDST_0_ECONOMY-RETAIL-REDBOOK-UPDATE-1.XML

NEW YORK, Feb 22 (Reuters) - The pace of sales growth at U.S. chain stores eased in the third week of February as snowstorms in the Northeast and mid-Atlantic states kept customers away from stores, a report said on Tuesday.

Sales at major retailers were up 2.5 percent in the week ending Feb. 18, compared with a year earlier, following a 3.0 percent rise in the prior week, said Redbook Research, an independent company.

The snow storms led some retailers to lower their sales targets for the month as the bad weather halted traffic and electricity was lost in some areas, the report added.

Shoppers at discount stores focused on buying snow shovels, firewood, and salt, Redbook said. Discounters also reported that bottled water and soup were popular purchases in the storm-hit regions.

Sales at U.S. retailers so far in February were unchanged compared with the same period in January, Redbook said.

...a bit more...

[AnneD]

50. I guess we really can blame it on the weather...

but people seem to be buying necessities only. I am worried more about the mortgage increases than anything else I have seen today. Are people doing seconds or refi to take out money. Home sales are slow in the winter-so what is going on.

[UpInArms]

28. Tyson CEO says current quarter in meat 'toughest one i've seen'

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B4591001E%2DB02D%2D4468%2D9FDA%2D1134D4073C18%7D&siteid=mktw&symbol=

DES MOINES, Iowa (MarketWatch) -- Tyson Foods Inc.'s (TSN) chief executive Tuesday termed the current quarter in the meat industry "the toughest one I've seen" and predicted a loss for the big meat processor in the period.

In remarks to the Consumer Analysts Group of New York, CEO John Tyson also reiterated the company's recent full-year earnings guidance of 42 cents to 72 cents a share.

"This has been one of the most highly volatile years we have seen in our segments, and that volatility continues today," Tyson said, referring to the chicken, beef and pork businesses, in which his company is a leading processor.

Tyson said his earnings forecast includes 8 cents for beef plant consolidation and 3 cents for costs associated with two Midwestern beef-processing facilities the company plans to close.

The CEO said the closings should save the company $40 million a year.
Referring to the closings in light of economic difficulties in the beef business, Tyson said management "would have made this decision with or without current market conditions, because it is best for our company."

...more...

[WhiteTara]

58. consolidating and closing processing plants

sounds like yet another recipe for disaster. More overcrowding, more overworking employees, more accidents, more disease.

[AnneD]

66. I can't figure why they are taking a loss.

chicken is cheaper than beef. The only thing I can think of is they might be anticipating problems with bird flu. Most of the places where they raise their chicken are a perfect breeding ground. And the processing plants???I swear they dredge the chicken through fecal soup. I suspect some strategy here.

Beef hasn't really recovered from mad cow. I certainly don't trust THIS government to protect me from mad cow.

I went through a period of time where I had one episode of food poisoning after another. I narrowed it down to chicken and gave it up. I discovered organic chicken some years ago and haven't been bothered from chicken for years. I still shy away from chicken in restaurants (tried it recently and got sick). When it comes to food...know your source.




edited cause I am a Texas gal that loves beef and misses it.

[UpInArms]

29. Dow Jones to take $14M restructuring charge

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B5D4E0165%2D3767%2D4FF3%2D85D7%2D3D32F8870915%7D&siteid=mktw&symbol=

NEW YORK (MarketWatch) -- Dow Jones & Co. on Wednesday said it will cut 20 jobs and take charges of about $14 million as part of a new organizational structure intended to save $8 million a year.

Dow Jones (DJ 38.47, +0.52, +1.4% ) , the New York publisher of The Wall Street Journal, will now be organized into three businesses: the consumer media group, which will include the Journal, MarketWatch and Barron's; the enterprise media group, which will include Dow Jones Newswires and Dow Jones Indexes, among other operations; and the community media group, including Ottaway community newspapers.

Dow Jones is the parent of MarketWatch, the publisher of this report.

<snip>

Dow Jones said the elimination of about 20 jobs will cost about $14 million in severance. Of that total, $2.8 million was recorded in the fourth quarter of 2005. The remainder will be charged in the first quarter of 2006.

"This new structure and leadership team is a major first step in transforming Dow Jones from a channel-focused publishing company to a franchise, market, and customer-focused media company," said Richard Zannino, chief executive, in a news release.

...more...

[KoKo]

30. Need Help from Marketeers. A Brain Pick...about this re UAI/Ports Issue.

:hi: All...I think you all here are the only ones who have the expertise to help me on this.

Do any of you remember Mark Mobius who used to advertise on CNBC for his Investment Fund? He was tall and bald and used to go "around the World finding the best investments" for his clients?

The reason I bring this up is that I have a :tinfoilhat: maybe hunch that the UAI's might be part of the "PPT" that all of us here have been watching for years now. I was reading "Digby's Website" this a.m. and one of the posters in his Comments Section on the UAE/Ports issue posted this. It's kind of fascinating and Mobius Investments is mentioned along with alot of other financially interesting ties that could have something to do with why Bush is "tone deaf" and pushing this deal which could cause his party to go into cardiac arrest.

It's a long read...and maybe some of you can't get to it today...but I wonder what you all think this could mean. The Kim petersen mentioned apparently has been all over the TeeVee pumping up the Ports Deal and the poster Fugetaboutwhat did some interesting research on his company
"Seasecure" which ends up with some very interesting ties:
----------------------

According to Seasecure website the bio on Kim Petersen follows:

About Kim Petersen:
Kim has over 25-years of experience in security and anti-terrorism activities. His civilian career has included senior staff positions with former US Secretaries of State Kissinger and Haig. He also served at the White House, US Senate, and US Defense Department and is a former Captain in the Army’s Special Forces. He has directed security for such companies as Princess Cruises and Renaissance Cruises. He attended Harvard Business School and Virginia Commonwealth University. Kim has frequently given expert testimony before Congress on maritime security and his writings have been published in several journals and books. He lectures extensively and has been featured on such programs as CBS’s “Sixty Minutes,” ABC’s “20/20,” the Evening News with Peter Jennings, and National Public Radio. He is a Visiting Professor at the UN’s World Maritime University and a Senior Associate Instructor at the US Federal Law Enforcement Training Center. In 2003, the Secretary of Transportation appointed Kim to the Marine Transportation System National Advisory Council.
---------------------------
Someone who served on Kissinger's and Haig's staff must be trouble!
Fugetaboutwhat? | 02.22.06 - 2:13 am | # As the infomercials say, "But wait that's not all". Upon further review I see that Kim Petersen and Seasecure's website show:
-----------------------------
Established in June 2001 to address the very specialized security requirements of the maritime industry, SeaSecure provides objective and expert assistance in the development, implementation, and maintenance of enterprise security solutions.

SeaSecure is a wholly-owned subsidiary of the Mobius Security Group, an integrated homeland security solutions provider. SeaSecure is headquartered in Fort Lauderdale, Florida with affiliate offices in South America, Europe, and Asia.
----------------------------------
Okay who is the Mobius Security Group and Seasecure was established in 2001? Random facts maybe. This from the Mobius website:
----------------------------------
Formed in January 2002, Mobius Risk Group, LLC is a commodity advisory firm that provides large energy-consuming companies, utilities and municipalities, and small to mid-sized exploration and production companies with innovative solutions to reduce exposure to energy market risks, improve energy procurement decisions, optimize and value assets, reduce energy consumption, and improve bottom-line financial performance.
-------------------------------
Okay ties to Big Oil perhaps? Their CEO is Eric Melvin who strangely enough shares the name with the lead singer of the group NOFX. What is his background? Taken from Yahoo News:
--------------------------------
One of Enron's many novel business ideas was offering long-term contracts that provided the likes of IBM (NYSE:IBM - News) and Owens Corning (owenq.ob.OB) with all of their energy, nationwide. It was a business called Enron Energy Services.
"The concept is good," says salesman Eric Melvin, who joined the company in 2000, after stints at Goldman Sachs (NYSE:GS - News) and Dallas-based utility TXU (NYSE:TXU - News). Like a lot of Enron schemes, however, this one didn't work so well in practice.
Nuff said???


http://www.haloscan.com/comments/digby/114055653343760298/#340593

[UpInArms]

35. do you remember Jeb Bush's EO of 9/7/01 - martial law - port terrorism?

EXECUTIVE ORDER NUMBER 01-261

WHEREAS, the Florida National Guard has the statutory responsibility to provide support to law-enforcement personnel and emergency-management personnel in the event of civil disturbances or natural disasters; and

WHEREAS, the Florida National Guard has the responsibility to provide training support to law-enforcement personnel and community-based organizations relating to counter drug operations; and

WHEREAS, the Florida National Guard must train to meet such responsibilities; and

WHEREAS, the Florida National Guard is funded for any such training by budgetary appropriation or grants before any such training; and

<snip>

Section 1.

Based upon the foregoing, I hereby find that the public welfare requires that the Florida National Guard train to support law-enforcement personnel and emergency-management personnel in the event of civil disturbances or natural disasters and to provide training support to law-enforcement personnel and community-based organizations relating to counter drug operations.

<snip>

Section 3.

The Florida National Guard may order selected members on to state active duty for service to the State of Florida pursuant to Section 250.06(4), Florida Statutes, to assist FDLE in performing port security training and inspections. Based on the potential massive damage to life and property that may result from an act of terrorism at a Florida port, the necessity to protect life and property from such acts of terrorism, and inhibiting the smuggling of illegal drugs into the State of Florida, the use of the Florida National Guard to support FDLE in accomplishing port security training and inspections is "extraordinary support to law enforcement" as used in Section 250.06(4), Florida Statutes.

<snip>

IN TESTIMONY WHEREOF, I have hereunto set my hand and have caused the Great Seal of the State of Florida to be affixed at Tallahassee, the Capitol, this 7th day of September 2001.

hmmmmm......

[UpInArms]

38. first-ever Florida Seaport Security Adviser Kim Petersen

Private sector could win seaport security role

Private companies could soon provide the security for the state's 14 deep-water ports under a new measure being promoted by the first-ever Florida Seaport Security Adviser Kim Petersen.

The policy shift, as proposed, would replace county police officers and Florida National Guard members currently assigned to ports with specially trained security guards familiar with maritime issues.

Currently, the cruise lines and shipping companies are responsible for protecting their individual passenger terminals, cargo yards and fuel storage facilities.

The ports, typically using contracted municipal police, provide the overall facility security outside of the leased space. The new plan has two functions, Petersen said.

<snip>

"It is my belief that we would have a solution available to the ports by early 2002," said Petersen, former member of the U.S. Special Forces and a security specialist who guarded diplomats Henry Kissinger, Alexander Haig and former President George Bush.

<snip>

One company interested in guarding Florida's ports is the $2.5 billion Wackenhut Corp. (NYSE: WAK) based in Palm Beach Gardens. It already offers a similar seaport service in Western Europe, said Wackenhut spokesman Patrick Cannan.

...more...

[KoKo]

45. Ahhh thanks for the Florida info, UIA's.

So Petersen is all over defending UAI take over while being a shill/crony of the Bushies.

Here's another snip from the end of the article:

As part of the state's effort, Petersen's consulting firm, Seasecure in Fort Lauderdale, was selected after a competitive bid in September to create, implement and maintain a security strategy for Florida's deep-water ports.

Petersen has a one-year, $200,000 contract with renewal options, a salary paid for through a fee-based fund created by the ports.


Besides the Privatization angle in this...I wondered if Bush's insistence was more to do with UAI's maybe funding our Stock Market and in a "quid pro quo" Bush has to give them the Ports Deal. I was wondering if any of you thought that the "mysterious PPT" could be funded by UAI's interests.

I guess when you look at it closely it's more Privatization Scheme for the Bushies buddies with maybe some financial skullduggery in that money is pouring into our Stock Market from somewhere, and I don't see how it can all be just helicopter money from our Treasury.

[UpInArms]

51. Giuliani partners with SeaSecure on LNG project

http://www.smpe.org/scuttlebutt.htm

Giuliani partners with SeaSecure on LNG project Giuliani Partners LLC has partnered with SeaSecure LLC to provide security and strategic consulting services to Broadwater Energy LLC for its proposed floating (LNG) terminal on Long Island Sound. Physically, the terminal would consist of what Broadwater describes as "a ship like vessel moored in the deep waters of Long Island Sound." "This Floating Storage and Regasification unit (FSRU)," says Broadwater, "would be approximately 1,200 feet long and 180 feet wide--roughly the same size as the Queen Mary 2 ocean liner. The FSRU's deck would rise between 75 and 100 feet above the water line." The proposed location is in the broadest part of Long Island Sound in New York State waters (about 9 miles from the closest New York shoreline and about 11 miles from the closest Connecticut shoreline). In 70 to 90 feet of water, the proposed site is about 25 miles from the subsea connection with the existing Iroquois pipeline. Giuliani Partners, assisted by SeaSecure, has completed a preliminary security assessment that indicates that, given a set of critical security assumptions, the proposed facility can be operated safely and securely. Giuliani Partners and SeaSecure have been working on this project since late 2004 and will continue to provide security consulting services on an ongoing basis to help enhance the security of the planned facility. "This facility will provide an important additional energy supply to the region, with an emphasis on security," said Rudolph W. Giuliani.

http://www.prweb.com/releases/2005/3/prweb214512.htm

March 4, 2005

Giuliani Partners has teamed with SeaSecure, a global leader in maritime and energy security & counterterrorism, to provide security services to Broadwater Energy for its proposed LNG facility on Long Island Sound.

FT. LAUDERDALE, FL (PRWEB) March 4, 2005 -- Giuliani Partners LLC has partnered with SeaSecure LLC, a global leader in maritime and energy security and counterterrorism consulting, to provide objective security and strategic consulting services to Broadwater Energy LLC for its proposed liquefied natural gas (LNG) facility on Long Island Sound.

Broadwater, a partnership between TransCanada Corporation and Shell US Gas & Power Company, has initiated public and regulatory review of a proposed offshore LNG Floating Storage and Regasification Unit in New York waters on Long Island Sound. If approved, the facility would be located nine miles offshore of Long Island and would receive overseas deliveries of LNG to supply New York and Connecticut with additional energy.

Giuliani Partners, assisted by SeaSecure, has completed a preliminary security assessment that indicates that, given a set of critical security assumptions, the proposed facility can be operated safely and securely. Giuliani Partners and SeaSecure have been working on this project since late 2004 and will continue to provide security consulting services on an ongoing basis to help enhance the security of the planned facility.

"This facility will provide an important additional energy supply to the region, with an emphasis on security,” said Rudolph W. Giuliani. “Giuliani Partners is pleased to be working with the SeaSecure team, which has a long and successful track record in maritime security and counterterrorism.”

Kim E. Petersen, SeaSecure's President, said, “All of us at SeaSecure take pride in teaming with Giuliani Partners for this important project, given their exceptional background in security, public safety, and emergency planning.”

About SeaSecure:
Headquartered in Ft. Lauderdale, Florida, SeaSecure is widely recognized as the nation's oldest, largest, and most respected dedicated provider of maritime and energy security services. A multi-disciplinary company, SeaSecure provides security and antiterrorism consulting services; risk management solutions; training; and maritime guard services. SeaSecure is a part of the Mobius Security Group, a diversified homeland security solutions provider that includes such other companies as RailSecure, Infrastructure Intelligence Group, and Oceanix.

About Kim Petersen:
In addition to being the President of SeaSecure, Mr. Petersen is also the Chairman of Mobius Security Group. Kim has over 25-years of experience in security and anti-terrorism activities. His civilian career has included senior staff positions with former US Secretaries of State Kissinger and Haig. He lectures extensively and has been featured on such programs as CBS's “Sixty Minutes,” ABC's “20/20,” the Evening News with Peter Jennings, the History Channel, and National Public Radio. He is a former Visiting Professor at the UN's World Maritime University, a current Senior Associate Instructor at the US Federal Law Enforcement Training Center, a Trustee of the Maritime Security Institute, and the Executive Director of the Maritime Security Council. In 2003, the Secretary of Transportation appointed Kim to the Marine Transportation System National Advisory Council; and in 2004, he was appointed by the Department of Homeland Security to the Area Maritime Security Committee for Southern Florida.

...more...

[wordpix]

64. Broadwater is galvanizing CT environmentalists: they & AG Blumenthal are

against it. Interesting to know that Giuliani is involved.

[KoKo]

67. Amazing the tentacles of connections that come back to the same

head of the beast.

So much money was made of "9/11" one almost think those 3,000 died to increase the wealth of a chosen few and to provide all those downsized Americans with jobs in security. Pretty soon we will be a nation of armed guards.

Thanks for all the links on this... :-)'s

[wordpix]

65. connection to ports?: Carlyle Grp backed by Dubai International Capital

Carlyle, KKR buyout funds secure Dubai's support

Carlyle Group and Kohlberg Kravis Roberts, which between them raised more than US$15 billion (HK$117 billion) for new buyout funds this year, are getting backing from Dubai.

Friday, November 18, 2005

Carlyle Group and Kohlberg Kravis Roberts, which between them raised more than US$15 billion (HK$117 billion) for new buyout funds this year, are getting backing from Dubai.
Dubai International Capital, a government-backed buyout fund set up in October last year, invested in the US$8 billion fund Carlyle raised in March and in Kohlberg Kravis Roberts' 4.5 billion euro (HK$40.8 billion) European takeover fund, chief executive Sameer al- Ansari said Wednesday. The fund also invests in Asia through firms such as Newbridge Capital.

Gulf nations are reaping windfall profits from record oil prices and investing in industries from leisure to property. Dubai has spent more than US$4 billion this year on stakes in companies such as DaimlerChrysler and Tussauds Group, owner of London's Madame Tussauds waxworks museum.

http://thestandard.com.hk/news_detail.asp?we_cat=10&art ...

[AnneD]

70. YA JUST KNEW...

the Carlyle Group had to be in there somewhere. I really wish Spitzer would investigate them....:evilfrown::argh:

[wordpix]

76. Carlyle owned CSX, which was bought by Dubai Ports International

http://www.thecarlylegroup.com/eng/news/l5-news2793.html

http://www.dpworld.com/fullnews.asp?NewsID=4

[wordpix]

77. "I wish Spitzer would investigate.." Now, that's a really good idea

You know the Dept. of Justice won't.

[AnneD]

81. Dept of Justice

in Bushspeak (Orwell) means BYOKY bring your own KY jelly.

[cosmicdot]

82. try this link

I had trouble opening your link, but searched, and found this one ... and, THANKS for that info ... and, that Carlyle sold its CSX/Horizon shipping ...

http://www.thestandard.com.hk/news_detail.asp?we_cat=10&art_id=5889&sid=5533595&con_type=1&d_str=20051118

[UpInArms]

31. Sprint Nextel posts 55 percent profit drop

http://www.businessweek.com/ap/financialnews/D8FU7M400.htm?campaign_id=rss_full_topix_bwdaily&chan=db

FEB. 22 9:53 A.M. ET Sprint Nextel Corp. reported Wednesday a 55 percent drop in fourth-quarter net income, dragged down by rising expenses at the telecommunications service provider.

The company also forecast that its 2006 revenue will total $41 billion or more, far below the $46.8 billion analysts were estimating. Its shares slumped in premarket trading.

The telecommunications service provider posted a quarterly profit of $197 million, or 7 cents per share, versus $437 million, or 29 cents per share, a year ago. Adjusted earnings, after removing the effects of amortization and special items, were 33 cents per share.

Analysts polled by Thomson Financial were expecting earnings per share of 34 cents. Fourth-quarter revenue of $11.3 billion slightly topped analysts' expectations of $11.28 billion.

...more...

[UpInArms]

32. "(AP) Former Sago Mine Foreman Indicted"

http://www.wkrn.com/node/5812

A former Sago Mine foreman was indicted Tuesday on federal charges that he falsified inspection reports at the mine in 2004 and was never certified as a miner or mining foreman.

The 116-count indictment against Robert L. Dennison is not related to the Jan. 2 explosion that led to the deaths of 12 miners.

Dennison, 35, was hired in May 2004 by the mine's former owner, Anker Energy, and was fired in August of that year after the company learned he was not certified to do safety inspections, according to the indictment.

"This type of allegedly fraudulent activity has no place in the mining environment, especially when the safety of miners is placed at risk," U.S. Attorney Thomas E. Johnston said.

If convicted, Dennison could face up to five years in prison and $10,000 in fines for each of 113 counts. He could receive up to five years and $250,000 in fines for each of the remaining counts.

<snip>

On his first inspection form, Dennison allegedly failed to include his foreman's certification number. On subsequent inspections, the indictment says, he listed a number that belongs to a foreman who does not know Dennison.

...more...

[UpInArms]

33. Tax gain helps Wal-Mart post record results

http://news.yahoo.com/s/afp/20060221/bs_afp/usretailcompanysales

BENTONVILLE, United States (AFP) - The world's biggest retailer, Wal-Mart Stores, Inc, posted a record set of fourth-quarter results, which it said were boosted by a significant tax benefit.

The Bentonville, Arkansas-based retailer also posted record earnings for its fiscal year ending January 31, 2006, but the retailer's expected earnings for the coming year disappointed Wall Street analysts.

Quarterly net income was a record 3.6 billion dollars, a gain of 13.4 percent, from the 3.2 billion dollars posted in the fourth quarter of the fiscal year 2005, Wal-Mart said.

The retail giant recorded sales of 89.3 billion dollars, an increase of 8.6 percent over the fourth quarter of fiscal 2005, while announcing quarterly earnings per share of 86 cents, up from 75 cents for the same period a year ago.

"Fourth-quarter earnings in fiscal 2006 were favorably impacted by a 103 million dollar net tax benefit recorded in the company's tax provision," Wal-Mart said in a statement.

...more...

Taxpayers subsidizing the destruction of our country :eyes:

[UpInArms]

39. Fed vice chair Roger Ferguson resigns

hmmmm..... the "calm" of post 9/11?

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B907BB70A%2D7B94%2D4CA7%2DB395%2D4F7C65422F66%7D&siteid=mktw&dist=bnb

WASHINGTON (MarketWatch) -- Roger Ferguson, the Federal Reserve's vice chairman who is best known for his calm handling of the central bank on Sept. 11, 2001, has resigned effective at the end of April. The resignation came in a letter sent Wednesday to President Bush. Ferguson, who served eight years at the Fed, was the senior Fed official in Washington on Sept. 11 as Fed chief Alan Greenspan was in Europe. Ferguson was also in charge of Y2K and international banking issues at the Fed. He is the last Fed governor first appointed by President Clinton.

Preventing the 'plunge'

The dramatic drop in the markets last week could have been much worse if it hadn't been for a shadowy committee of some of the biggest names in banking.

Analysts say the Working Group on Financial Markets, nicknamed the 'Plunge Protection Team', was extremely successful in helping co-ordinate a response across the markets when they reopened last Monday.

The team was set up in the late Eighties by Ronald Reagan and came into its own in 1998 when it drew up an emergency response in the wake of the collapse of the giant hedge fund, Long Term Capital Management. In the past it has comprised Fed Chairman Alan Greenspan, US Treasury Secretary Paul O'Neill, the heads of the various US stock exchanges and the bosses of a handful of leading investment banks.

<snip>

However, this time around no fewer than 35 individuals - including representatives of other central banks - are thought to have been in the team.

<snip>

Eventually the investment banking lobby won the day and when the markets did open on Monday there was an unprecedented level of co-operation between the financial institutions. Short selling seems to have been kept to a minimum as the banks resisted the temptation to bet on the markets plunging.

...more...

[UpInArms]

41. Taser profit falls as stun-gun sales slip

http://news.yahoo.com/s/nm/20060222/bs_nm/arms_taser_earns_dc

NEW YORK (Reuters) - Taser International Inc. (Nasdaq:TASR - news) on Wednesday reported sharply lower fourth-quarter profit as safety concerns depressed sales of its stun guns, sending its shares down 4 percent.

Taser, which has faced a barrage of lawsuits and bad publicity over deaths linked to its weapons, reported quarterly profit of $92,697, or nil per share. That compares with a profit of $4.7 million, or 7 cents per share, in the year-ago quarter.

Shares of Taser fell 36 cents to $10.04 on Nasdaq.

Sales fell 34 percent to $12.6 million, but selling, general and administrative expenses rose by 50 percent to $7.3 million, as the company defends a number of lawsuits and conducts an aggressive publicity campaign on the benefits of its weapons.

On average, Wall Street was expecting 1 cent per share profit, on revenue of $12.5 million, according to Reuters Estimates.

...more...

[AnneD]

47. I heard this am on CBS...

that they were designing the second generation which will fire some impact projectile an addition to the taser. Let me look into my crystal ball......I see broken ribs, sternums in addition to arms and legs. I also see concussions and comas. A 350 lb biker could take more of a hit than a 73 yo grannie (remember all the different people that were stunned). I see more lawsuits in this company's future.

[Gregorian]

48. Hey, you forgot blindness.

My fingers are crossed for bankrupcy. But then, it's not Tazer, it's the mentality of the American law enforcement. Pretty scary.

[UpInArms]

49. Taser Int'l Develops Shotgun Shells

http://www.chicagotribune.com/business/sns-ap-taser-shotgun,1,37046.story?coll=chi-business-hed

PHOENIX -- The nation's largest stun-gun manufacturer is working on a new way to deliver electricity to the human body: through 12-gauge shotgun shells.

Though it's still being developed, Taser International Inc. says the new product will allow police officers and U.S. troops to hit someone from a much greater distance than its current line of Tasers, which Amnesty International has cited in more than 120 deaths.

The eXtended Range Electro-Muscular Projectile, or XREP, will be a shotgun shell designed to combine the blunt-force trauma of a fast-moving baseball with the electrical current of a stun gun.

"It will truly cause incapacitation," company spokesman Steve Tuttle said.

Taser hopes to release the product in 2007. The Office of Naval Research funded the approximately $500,000 it took to develop the shotgun shells, Tuttle said.

The company has been selling its stun-gun weapons to law enforcement agencies since 1998. Today, more than 175,000 Tasers are being used by more than 8,500 agencies in the United States. More than 100,000 of the devices have been sold to private U.S. citizens, and U.S. troops in Afghanistan and Iraq also use them, Tuttle said.

...more...

Purveyors of death and destruction :grr:

[AnneD]

52. How do these people go to work in the morning,

and more importantly, how do they sleep at night. It is beyond me.

[UpInArms]

69. Taser earnings drop 98 percent on lower sales, higher expenses

http://www.azcentral.com/business/articles/0222AZ-Earns-Taser-ON.html

SCOTTSDALE - Stun-gun maker Taser International Inc. reported Wednesday its fourth-quarter profit dropped 98 percent on lower sales and higher expenses, as the company fought lawsuits during the period.

Taser said its quarterly income declined to $92,697, or break even per share, from $4.7 million, or 7 cents per share, a year ago. Sales fell 34 percent to $12.6 million from $19.2 million last year.

<snip>

For the full year, the Scottsdale-based company posted net income of $1 million, or 2 cents per share, down from $18.9 million, or 30 cents per share, in the previous year. Sales fell 30 percent to $47.7 million from $67.6 million.

The company has been fighting lawsuits that charge its weapons played a role in accidental deaths. Taser has denied the allegations.

In mid-December, the Securities and Exchange Commission ended a formal investigation into the company's claims about the safety of its stun guns, and recommended no enforcement action.

...more at link...

[UpInArms]

44. William Energy pays $50 Million to resolve CRIMINAL "allegations"

11:10am 02/22/06 Williams unit to pay U.S. to resolve criminal allegations - MarketWatch.com

11:11am 02/22/06 Williams Power to pay $50M as part of agreement w/ DOJ - MarketWatch.com

11:08am 02/22/06 Williams Power to pay $50M penalty to resolve allegations - MarketWatch.com

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B1130FDAF%2DA978%2D473E%2DA6E6%2DDFA6EF380F2A%7D&siteid=mktw&sid=5429&symb=

TULSA, Okla., Feb 21, 2006 /PRNewswire-FirstCall via COMTEX/ -- Williams (WMB 22.29, -0.40, -1.8% ) today announced it has reached agreements that substantially resolve its exposure from pending claims and investigations related to certain previously disclosed matters.

These matters involve the inaccurate reporting of natural gas prices and volumes to an industry publication by a few former non-management employees during a period that ended in the fall of 2002. As a result, the company will record a $64 million pre-tax charge to fourth-quarter 2005 earnings. Williams has previously accrued the difference between this charge and the total of the settlements.

The company said the agreements are consistent with its strategy to resolve legacy issues related to its historical energy marketing and trading business unit. Williams has taken substantial remedial actions and instituted additional controls designed to ensure the integrity of commodity price and volume reporting from that business unit.

The company also has significantly reduced the size of that business; substantially redirected its activities to focus on risk reduction; and changed the unit name to Power to more accurately reflect the remaining business.

Under terms of the independent agreements, Williams' power business unit will pay $50 million as part of a deferred prosecution agreement with the U.S. Department of Justice; $15.6 million to settle a matter in California State Court in San Diego; $9.15 million in U.S. District Court in the Southern District of New York; and $2.4 million in U.S. District Court in Nevada.

...more...

[54anickel]

56. Gather up your Gold, your Guns & Get Gas (Mogambo)

http://www.321gold.com/editorials/daughty/daughty022206.html

snip>

Now you want to know, "What upheaval?" Well, on the WorldNewsTrust.org site we read "The Laboratoire européen d'Anticipation Politique Europe 2020 (LEAP/E2020) now estimates to over 80% the probability that the week of March 20-26, 2006 will be the beginning of the most significant political crisis the world has known since the Fall of the Iron Curtain in 1989, together with an economic and financial crisis of a scope comparable with that of 1929." I re-read and re-read and re-read that part about it being "comparable" to 1929, which is the year that the stock market crashed and ushered in the Great Depression. But there is, so these guys say, only an 80% chance of that, which is the exact odds my wife figured of our marriage lasting less than a week. They are obviously not interested in my matrimonial problems, and blithely continue "This last week of March 2006 will be the turning-point of a number of critical developments, resulting in an acceleration of all the factors leading to a major crisis, disregarding any American or Israeli military intervention against Iran. In case such an intervention is conducted, the probability of a major crisis to start rises up to 100%."

Of course, I could not let it pass without a snide and sneering comment that the Treasury Department of the United States has now, illegally, put us $64 billion dollars farther in debt, in just a couple of weeks, than is authorized by law! As aghast as that makes me, I can only imagine with horror what foreign creditors make of this terrifying development, now that the damned Treasury Department has proved to the world that laws mean nothing to it, nor to the executive branch, nor to the legislative branch, who all sit there watching and doing nothing.

Addison Wiggin at the DailyReckoning.com site thinks about that for a minute, and innocently asks "But you have to ask yourself, how much faith would you put in an I.O.U. from a friend who has sinking job prospects, soaring credit card bills, a double mortgage, a chronic gambling problem and - it turns out - a bad habit of lying about how much money he has in the first place?" I thought he was talking about The Mogambo there for a minute, especially about that "sinking job prospects" thing.

So I asked, "What do you mean about 'sinking job prospects', Addison?" He answered, "If you use the real statistics to calculate unemployment, the way we used to calculate it back in 1980, the real unemployment rate is a much more devastating 12.5%." Yow!

The good news, they say (but they are wrong) is that consumer spending went up, even if nobody is working, by 2.3% in January. How to explain it? Well, it could be that consumers are still spending those gift cards they received for Christmas, I suppose. Or they may be out spending money because they are getting raises and bonuses I haven't heard about, and never hear about, because every time I go in and ask for a raise, they say "What? Are you still working here?" and then I scram, hoping to leave well-enough alone. And it's worked out very well all these years, except for, you know, the raise thing.

more...

[EuroObserver]

57. Hah! Huh. I suppose (outside W.Europe) guns will also

increasingly make sense, again :-(

[54anickel]

60. GACK! Fed Vice Chair Ferguson resigns

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2124953

http://www.washingtonpost.com/wp-dyn/content/article/2006/02/22/AR2006022200996.html

WASHINGTON (Reuters) - U.S. Federal Reserve Vice Chairman Roger Ferguson announced on Wednesday he will step down effective April 28, in a surprise announcement that comes at a time of upheaval at the central bank.

"My service on the board has been rewarding and stimulating, and it is now time for me to pursue other professional opportunities," he said in a letter to President George W. Bush dated February 22.

The Fed, in a separate statement, said Ferguson will not attend the March 27-28 meeting of the policy-setting Federal Open Market Committee.

snip>

The last Democrat on the Fed's board, Ferguson joined the central bank in November 1997. First nominated for an unexpired term on the Fed board by President Bill Clinton, the Harvard University-trained lawyer and PhD economist was elevated to the second highest post in October 1999.

more...

Oops, I see UIA already caught this one.

[wordpix]

63. over on other thread, we're discussing reasons--maybe he wants to leak

something---I'm guessing Snowjob-Dubai Ports deal

[AnneD]

73. Nahhhhh....

let's let the GOP take the entire blame when the shit hits the fan. If he's a DEM and familiar with economics, he is smart enough to know what is going on. Good for him.

[OrangeCountyDemocrat]

79. That's What I Was Thinking Anne...

He wants to get out while the gettin's good! Certainly he would never make a statement to that effect. What phony reason has he given? Wants to spend more time with his family? He's stressed with his workload?

I guess we'll never know, unless he comments, but I wonder if he sees the writing on the wall, and wants to be away from the board when, as you put it, the shit hits the fan.

[UpInArms]

61. US Jan consumer prices surge, more rate hikes seen

http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=URI:urn:newsml:reuters.com:20060222:MTFH00291_2006-02-22_17-38-32_N22332208:1

WASHINGTON, Feb 22 (Reuters) - U.S. consumer prices rose more than expected in January as energy and food costs soared, a Labor Department report showed on Wednesday, sealing expectations for more interest rate hikes.

Consumer prices surged 0.7 percent last month, above Wall Street forecasts for a 0.5 percent increase, as energy costs soared. But the closely watched core Consumer Price Index, which excludes volatile food and energy costs, rose just 0.2 percent, matching expectations.

Analysts said the big gain in overall prices will catch the attention of the Federal Reserve and cements market expectations for an additional rate increase in March and perhaps one more in May.

"We can't dismiss the 0.7 number because people actually do spend money on food and energy. That's something to be thinking about and that's something that the Fed might have to be thinking about," said Richard Sichel, chief investment officer at Philadelphia Trust Co.

Major U.S. stock indexes rose, with traders focusing on the core CPI and a more than $1 drop in oil prices. Treasury debt prices also rose, while the U.S. dollar pared gains following the report.

...more...

I certainly wish I had some of the drugs those WSers were using :eyes:

[UpInArms]

62. 1:37 EST numbers and blather

Dow 11,146.62 +77.56 (+0.70%)
Nasdaq 2,284.17 +21.21 (+0.94%)
S&P 500 1,292.66 +9.62 (+0.75%)
10-Yr Bond 4.537 -0.26 (-0.57%)

NYSE Volume 1,302,153,000
Nasdaq Volume 1,186,036,000

1:30 pm : The market has edged higher since the previous update. The Nasdaq continues to outperform its blue chip counterparts, largely due to the Technology sector's 1.1% gain. Nearly each of the S&P 500's 14 tech industries are advancing (IT consulting and services is the only one that's not). Of them, office electronics (XRX) is the leader. Communication equipment and semiconductor equipment are also strong forces behind the sector's, and the Composite's, advance. With respect the former, Banc of America issued positive comments on its Q1 outlook today. That area remains one of our favored spaces within Technology, on which we hold an Overweight rating. Semiconductor equipment, meanwhile, has surged approximately 1.7%.DJ30 +86.20 NASDAQ +23.33 SP500 +10.38 NASDAQ Dec/Adv/Vol 1104/1829/1.15 bln NYSE Dec/Adv/Vol 1017/2171/935.1 mln

[UpInArms]

68. U.S. health costs on unyielding rise

http://www.cnn.com/2006/HEALTH/02/22/health.carecosts.ap/index.html?section=cnn_latest

WASHINGTON (AP) -- Some of the very things that Americans relish -- longer lives, groundbreaking cures, more money to spend -- will be driving up health care costs in the coming decade.

Health care spending now represents about 16 percent of the economy. But in a decade, it will make up about 20 percent of the economy. The increase is gradual, consistent and unyielding, said analysts for the Centers for Medicare and Medicaid Services.

The trend could also lead to significant policy battles in the coming years.

"We anticipate that society will again need to confront the underlying question about the supply of and demand for health care services," the analysts said, "As we anticipate that one in every five dollars will be devoted to this sector in 2015."

The analysts said that projected income plays a central role in their predictions. As Americans make more money, they spend more to get healthy. People making $90,000 are more likely to visit a doctor and get their prescriptions filled than those who make $50,000, said John Poisal of the Centers for Medicare and Medicaid Services.

"It's consumption and investment," Poisal said. "But primarily it's about consumption."

...more...

[UpInArms]

72. Three Lead Paint Makers Are Found Guilty

http://sfgate.com/cgi-bin/article.cgi?f=/news/archive/2006/02/22/financial/f090530S62.DTL&type=business

Three former makers of lead paint created a public nuisance that continues to poison children, a jury decided Wednesday in the state's landmark lawsuit against the companies.

The verdict means the companies that once made lead paint and pigment could be held responsible for millions of dollars in cleanup and mitigation costs, although the state never put a dollar value on its lawsuit.

Superior Court Judge Michael Silverstein ordered jurors back to court next Tuesday, when both sides are expected to discuss whether the companies should pay damages in addition to cleanup costs.

The state argued that lead paint created a sweeping public nuisance that has poisoned tens of thousands of children since the early 1990s and contaminated hundreds of thousands of homes.

The sale of lead paint was banned in the United States in 1978 after studies showed it can cause serious health problems in children.

...more...

[UpInArms]

74. Former RadioShack Chief May Gain From Options

From LIAR to cheat (firing all the employees so that HE could profit)

http://www.nytimes.com/2006/02/22/business/22radio.html?ex=1141189200&en=3a2c949828bbd1d4&ei=5099&partner=TOPIXNEWS

If the turnaround plan developed by David J. Edmondson before he was forced to resign as chief executive of RadioShack works, he stands to become a very rich man. But right now nearly all of the more than one million options he holds on the company's stock stand to expire worthless if the stock does not recover.

RadioShack stock opened higher yesterday, the day after Mr. Edmondson resigned, trading as high as $19.95. But they quickly fell back and closed down 8 cents, at $19.

The company disclosed that he would receive a severance payment of $975,000 in four quarterly installments, the first one paid yesterday, and would also receive $57,692 for his unused vacation time. He will also keep his health insurance for four months.

The agreement with Mr. Edmondson specified that he would not seek to compete with RadioShack for 18 months, and said that he would have until Feb. 20, 2007, to exercise his stock options.

<snip>

The turnaround plan involves closing up to 700 of RadioShack's 7,000 stores and no longer selling some slow-moving items.

...more...

[UpInArms]

75. Mass layoffs increase in December

http://hr.cch.com/news/hrm/022206a.asp

In December 2005, employers took 1,308 mass layoff actions, seasonally adjusted, as measured by new filings for unemployment insurance benefits during the month, the Bureau of Labor Statistics of the U.S. Department of Labor reported on January 25. Each action involved at least 50 persons from a single establishment, and the number of workers involved totaled 149,565. The number of layoff events in December rose by 103 from November, and the number of associated initial claims increased by 28,782. In the manufacturing sector, 365 mass layoff events were reported during December 2005, seasonally adjusted, resulting in 49,641 initial claims. Both figures were higher than a month earlier.

...a bit more...

[ozymandius]

78. All's well in La-La Land.

3:39
Dow 11,148.46 +79.40 (+0.72%)
Nasdaq 2,284.89 +21.93 (+0.97%)
S&P 500 1,293.31 +10.27 (+0.80%)
10-Yr Bond 45.31 -0.32 (-0.70%)
NYSE Volume 1,912,086,000
Nasdaq Volume 1,661,439,000

3:30 pm : Heading into the close of trade, the market remains poised to finish solidly higher. The market's internals further reflect the bullish bias that has dictated trade today. On the NYSE, advancing issues currently have a 21-to-11 lead over their declining counterparts. On the Nasdaq, advancers maintain a three-to-two edge over declining stocks. Since early trade, advancers have maintained a solid edge over declining issues. DJ30 +64.59 NASDAQ +20.41 SP500 +9.01 NASDAQ Dec/Adv/Vol 1170/1822/1.62 bln NYSE Dec/Adv/Vol 1142/2118/1.37 bln

3:00 pm : Gains in the major averages remain off their session highs, but the Dow, S&P, and Nasdaq each continue to stand solidly higher. Within the Dow, 23 of the 30 components are advancing. Strength is broad based, with financial issues (C, JPM, APX, and AIG), the industrial giants (especially BA), and some pharmaceuticals (MRK and PFE) lending significant support. The majority's gains are somewhat tempered by weighty losses levied by General Motors (GM 21.06 -0.35) and Exxon Mobil (XOM 60.10 -0.66). With respect to the former, Moody's Investor Service cut its debt rating a further notch into junk territory today. The latter's decline is an effect of crude's 2.7% pullback.DJ30 +69.71 NASDAQ +20.44 SP500 +8.81 NASDAQ Dec/Adv/Vol 1140/1833/1.48 bln NYSE Dec/Adv/Vol 1146/2104/1.23 bln

[ozymandius]

80. Quittin' time.

Dow 11,137.17 +68.11 (+0.62%)
Nasdaq 2,283.17 +20.21 (+0.89%)
S&P 500 1,292.67 +9.63 (+0.75%)
10-Yr Bond 45.31 -0.32 (-0.70%)
NYSE Volume 2,186,435,000
Nasdaq Volume 1,868,438,000

4:20 pm : There were two primary factors behind Wednesday's advance. First, the latest rise in the Consumer Price Index matched the market's expectations. Second, crude ended its two-day rebound and dropped sharply. The indices sustained solid gains all day, and broad-based buying took eight of the ten economic sectors higher.

With respect to the CPI data, the total rate increased a more than expected 0.7% last month. It's the core rate of CPI, which excludes food and energy, to which investors pay attention, and its 0.2% increase brought no surprise. Especially on the heels of last week's higher than expected rise in the Producer Price Index, the market appeared relieved by the in-line read. In our view, however, that data does not assuage inflation concerns. The data support arguments that core inflation is at the high end of what the Fed will tolerate, and do not alter expectations of further rate hikes. Nonetheless, the stock market interpreted the data with a bullish perspective. The Treasury market similarly took a bid from the in-line core read, and rate-sensitive areas of the stock market rallied. Banks surged, and strength in the thrifts and mortgage industry helped the Financial sector advance 1.9%. That leadership was the muscle behind today's market, as the sector accounts for more than 20% of the S&P.

Technology was also a strong source of support. The sector was an early laggard, but buyers took it out of the red and to a 0.9% gain. Semiconductors, office electronics, and communication equipment were the strongest pockets. The latter industry is one of our favorite areas across the tech board, and positive comments from Banc of America about its Q1 prospects help attract interest. The industrial bellwethers helped drive today's Dow, and took the Industrial sector up a supportive 1.0%.

The second catalyst was a sharp decline in energy prices, specifically in crude oil. Continued geopolitical tensions had helped spur crude's rebound over the prior two sessions, but the commodity gave back close to 3% today and finished at $60.84 per barrel. The energy price action was supportive for the broader market. Transportation-related stocks benefited, and the particularly energy price sensitive Consumer Discretionary sector also gained. General Motors (GM 21.20 -0.21) was a sore spot there, after Moody's cut its debt rating a further notch into junk territory, but wide-spread strength that ranged from homebuilding to footwear to apparel countered its effect. Gaming was another bright spot, due to Harrah's (HET 72.77 +0.41) earnings-induced rise.

Selling across the Energy sector was a separate effect of the energy price action. That area of the market declined 1.4%. Its loss was offset by eight others' gains, but still had somewhat of a capping effect on the indices' advances. On a separate but related note, reports today indicated that, after decades of negotiations, Alaska has reached an agreement with XOM, BP, and COP to build a $20 billion pipeline to transport natural gas from the North Slope to the rest of North America. Although that's good news for the producers, the focus rested upon today's price action, and those stocks did not advance. Telecommunications was the other lagging sector. Sprint Nextel (S 23.80 -1.13) was the culprit there. The company reported fourth quarter earnings that fell a penny shy of expectations, and its decline weighed upon the sector. Strength in Centurytel (CTL 36.42 +1.59), which was a result of its announced $1 billion share buyback program, was a mitigating factor.

Separately, Federal Reserve Vice Chairman Feguson resigned. His resignation will be effective April 28, but reports indicate that he will not attend the March FOMC meeting. That development did not appear to have much, if any, effect upon today's trade.DJ30 +68.11 NASDAQ +20.21 SP500 +9.64 NASDAQ Dec/Adv/Vol 1155/1864/1.86 bln NYSE Dec/Adv/Vol 1064/2224/1.62 bln