STOCK MARKET WATCH, Thursday 13 July

[ozymandius]

Thursday July 13, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 923 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2028 DAYS
WHERE'S OSAMA BIN-LADEN? 1728 DAYS
DAYS SINCE ENRON COLLAPSE = 1689
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 6
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 July 12, 2006

Dow... 11,013.18 -121.59 (-1.09%)
Nasdaq... 2,090.24 -38.62 (-1.81%)
S&P 500... 1,258.60 -13.92 (-1.09%)
Gold future... 651.20 +8.10 (+1.24%)
30-Year Bond 5.14% -0.01 (-0.12%)
10-Yr Bond... 5.10% UNCH (UNCH)






GOLD, EURO, YEN, Loonie and Silver


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

[Roland99]

1. Here's some wonderful numbers: Oil at Record Highs!

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2385757

[ozymandius]

3. Thanks Roland! Here's some more figures, story.

Oil prices hit new high of $75.88 a barrel

SINGAPORE - Oil prices hit a record Thursday as an escalation of violence in the Middle East triggered concerns about stability in the region.

Light, sweet crude for August delivery rose 93 cents to $75.88 a barrel in electronic trading on the New York Mercantile Exchange, breaking the previous intraday high of $75.78 set last Friday.

-cut-

Earlier in the day, Israeli warplanes struck the runways of Beirut's international airport as part of a campaign against Hezbollah, which attacked Israeli border positions Wednesday and captured two soldiers.

While latest developments don't directly threaten security of Mideast oil supply, growing instability in region adds a risk premium to prices.

more

Explosions hit Nigerian oil installations

YENAGOA, Nigeria - Twin explosions hit oil installations belonging to an Italian oil company in Nigeria's volatile southeastern delta region, officials said Thursday.

Officials suspected sabotage in the explosions Wednesday along two Agip pipelines in Baleysa state.

One of the blasts blew apart an 18-inch oil pipeline at the Clough Creek Tepidapa flow station, and heavy spillage was reported, said Dikivie Ekiogha, an oil industry adviser to the local state governor. A second blast hit a 10-inch riverside pipeline the same day in Lagoagbene.

more

[UpInArms]

14. Oil hits record near $76 on Nigeria, Mideast

http://today.reuters.com/news/newsarticle.aspx?type=businessNews&storyid=2006-07-13T105359Z_01_SP327883_RTRUKOC_0_US-MARKETS-OIL.xml&src=rss

LONDON (Reuters) - Oil surged to a record high near $76 a barrel on Thursday on renewed worries over supply from major exporter Nigeria and as conflict between Israel and Hizbollah in Lebanon heightened international tensions.

Prices also rose as the Iran nuclear row appeared to be heading to the U.N. Security Council, North Korea walked out of talks with South Korea and crude inventories in top consumer the United States fell more than expected.

"Geopolitical risk is out of control," said Tony Nunan, a risk manager at Mitsubishi Corp. "There's...Nigeria, Israel is taking a strong stance and that's adding fuel to the fire, but more than anything it's U.S. gasoline demand holding up and the Iran situation."

U.S. crude <CLc1 traded 80 cents higher at $75.75 a barrel by 1036 GMT, after hitting a record $75.89. London Brent was up $1.08 at $75.47 after reaching a record $75.60.

In Nigeria, two suspected explosions at a crude oil pipeline operated by Agip, a unit of Italy's Eni, caused oil spills, Nigerian officials said. Eni denied reports of sabotage and extensive oil spills and said the damage would be repaired soon.

...more...

[stop the bleeding]

17. Sweet Jeebus,

$76 :wow: How soon until $80?

What really is interesting to watch is the fact that oil has been holding above $70 for several days now, seems like we might not see $60 ever again.

on edit: glad me and my honey drive 4 cyl. cars ;)

[Bushwick Bill]

20. I thought Chimpy could just jawbone them Saudis?

Can't they just on the spigot for us and make this all go away?
:eyes:

[burf]

21. I remember when

gas hit $2 a gallon when Clinton was prez. Some fat assed drug addict radio talk show host said
"What we need are some guys in the White House who know the oil business"

Yeah, that sure did the trick!

[davekriss]

41. And I remember when...

...the per barrel price during the Clinton years dipped to $9.39 in nominal $, which is $11.79 per barrel expressed in 2005 dollars. No wonder the oil cabal had to impeach, drag the "Democratic" brand through the mud, then cheat to install their Oil President, Oil Vice President, and Oil Secretary of State. Now we've got $75.89 per barrel, the Oil Lords can rest easy and wallow in their ill-gotten gains.

[UpInArms]

77. a walk down memory lane - the year 2000

Do Rising Oil Prices Threaten Economic Prosperity?

Issue 6, November/December 2000
Federal Reserve Bank of Dallas

This year's sharp oil price increases have led to concerns about a threat to continued economic prosperity, and with good reason. Rising oil prices have preceded eight of the nine post-World War II recessions. But rising oil prices do not seem to be having much effect on U.S. economic growth this year. Are we waiting for the other shoe to drop, hoping oil prices will fall, or has there been a change in the relationship between oil prices and the economy?

Most of us have become accustomed to thinking of supply shocks originating in the Middle East as being the primary impetus to rising oil prices. OPEC meetings have helped reinforce this thinking. And much of the analysis about the possible economic effects of rising oil prices shares this conventional wisdom.

But the oil price increases occurring in 2000 owe more to growing world demand fostered by a robust world economy than to a supply shock. Consequently, U.S. economic activity has been and should remain much less responsive to rising oil prices than the conventional wisdom might have us expect. The unconventional wisdom suggests that rising energy prices are more evidence of a robust economy than a threat to it. That bodes well for the sustainability of the current economic expansion in the United States and the Southwest, as well as for the continued recovery of the oil and gas industry.

<snip>

Implications for U.S. Economic Activity
In assessing the effect of rising oil prices on economic activity, the conventional wisdom has been to attribute rising oil prices to supply shocks. For example, Brown and Yücel (2000) estimate each $10-per-barrel increase in the oil price will reduce U.S. GDP growth by 0.3 percentage points and boost the GDP deflator by 0.3 percent during the first year. The OECD estimates are a 0.2 percentage point reduction in U.S. GDP and a 0.4 percent increase in consumer prices in the first year.

As Brown and Yücel found, the U.S. economy is about half as sensitive to rising oil prices resulting from an oil shock as it was in the early 1980s, and prices have risen to about half what they were at that time. The economy's reduced sensitivity can be attributed to lower energy use per unit of GDP, as well as the fact that the economy never fully adjusted to the oil price declines of 1997 and 1998. The conduct of monetary policy may also have weakened the link between oil-price movements and core inflation since the mid-1980s.

<snip>

This is not to argue that rising energy prices help the U.S. economy. In fact, strong energy prices are likely to reduce U.S. GDP below the baseline trajectory that analysts might have expected if oil prices had not increased and all other factors had remained constant. For example, if oil prices remain close to the current spot price of $35 per barrel, annualized U.S. real GDP could be about 0.2 percent to 0.5 percent lower in the final quarter of 2002 than would occur if oil prices fell to the $25 per barrel that is forecast by the futures market. Against a backdrop of strong economic growth, however, the slowing effects of rising oil prices will not be very visible.

...more...

But $76-80 a barrel oil is no problem! :sarcasm:

[mike923]

38. Remember, we are at peak oil....

the price will only go up as we run out.

[stop the bleeding]

40. yep and the world's consumption has been increasing

something like 2%/year for the last 50-60 years - truly a disaster on the horizon.

[4dsc]

53. And depletion rates are at 8-15%

So when you take into effect the depletion rates over the discovery rates, you can see we are truely headed for a disaster..

[rman]

76. "Geopolitical risk" would not be nearly as much "out of control"

as it is, if supply wouldn't be getting increasingly tight to begin with.

But that is rarely mentioned by the MSM.

[cosmicdot]

109. "The Bu$h Administration's Energy Policy: a 5 year review"

"THE BUSH ADMINISTRATION’S ENERGY POLICY: A FIVE YEAR REVIEW" prepared for Henry Waxman (May 2006):

~snip~ "On January 20, 2001, when President Bush was sworn into office, the price of gasoline was $1.44 per gallon."

~snip~ "The price of crude oil has increased by 143% since May 2001 (from $28.63 per barrel to almost $70.00 per barrel today). The price of heating oil has increased by 162%.18 The price of jet fuel has increased by 146%.19 The cost of propane is 105% higher than five years ago, while the cost of natural gas is 46% higher." ~snip~

http://tinyurl.com/k6rpb

The Bu$h-Cheney-Rice-Rumsfeld 'foreign policy' in a nutshell.

Mission Accomplished-in-process.
Now, watch this drive.


In California ....

Weekly Transportation Fuels Trend

July 10, 2006 - The average price in California for regular gasoline increased 2.6-cents from the previous week.

The average statewide price for regular was $3.224. Mid-grade and premium prices increased as well.

The national average for self-serve regular is at $2.871, up 10.2-cent from the previous week.

This is 25.1-cents lower than the price of regular in California.


http://www.energy.ca.gov/gasoline/




Both Henry Waxman and John Conyers deserve promotions

[UpInArms]

115. "Mission Accomplished" Screams the Chimpanzee!

(with a nod to Saigon68)

[UpInArms]

36. August Crude @ $76 bbl - August NatGas @ $5.86 mln btus

10:03 AM ET 7/13/06 AUGUST CRUDE CLIMBS PAST $76 TO RECORD LEVEL IN EARLY TRADE

10:03 AM ET 7/13/06 AUGUST CRUDE UP $1.05 AT $76/BRL AFTER A $76.05 RECORD

10:03 AM ET 7/13/06 AUGUST NATURAL GAS UP 7.8 CENTS AT $5.86/MLN BTUS

[UpInArms]

46. DOE: US NatGas Supply up 89 bln cubic ft

10:32 AM ET 7/13/06 U.S. NATURAL GAS SUPPLY UP 89 BLN CUBIC FEET: ENERGY DEPT.

10:32 AM ET 7/13/06 AUGUST NATURAL GAS DOWN 6.2 CENTS AT $5.77 ON SUPPLY RISE

[UpInArms]

55. Crude futures reach new record above $76 (@ $76.30 bbl)

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7BB8976CDF%2DFBFF%2D4C3C%2DAB75%2D537F4B14C238%7D&symbol=

SAN FRANCISCO (MarketWatch) -- Crude-oil futures rallied to record level above $76 a barrel Thursday as violence in Lebanon and uncertainty over the conflict between Western nations and Iran's nuclear program combined to fuel concerns about the stability of oil production in the Middle East.

"Oil prices surged to a new record level as the Middle East crumbles into chaos," said Phil Flynn, a senior analyst at Alaron Trading in Chicago.

Combined with seasonal demand, "the price of oil will continue to move closer to $80 as these situations continue to plague nation's dependence on oil and fossil fuels," said John Person, president of National Futures Advisory Service.

Crude for August delivery climbed as high as $76.35 a barrel -- a record level for a front-month contract on the New York Mercantile Exchange -- as the conflict between Israel and Lebanon following the abduction of two Israeli soldiers escalated. The contract was last up $1.35 at $76.30 a barrel.

The old front-month electronic trading record of $75.78 a barrel had been reached on July 7, the same day the front-month contract reached an all-time intraday high of $75.55.

...more...

[UpInArms]

73. August Crude @ $76.30 bbl - NatGas @ $5.96 mln btus

12:12 PM ET 7/13/06 AUGUST CRUDE UP $1.35 AT $76.30/BRL AFTER $76.55 RECORD

12:12 PM ET 7/13/06 AUGUST NATURAL GAS UP 17.8 CENTS AT $5.96/MLN BTUS

[UpInArms]

85. August Crude at Record of $76.85 bbl

1:50 PM ET 7/13/06 AUGUST CRUDE HITS A RECORD $76.85/BRL IN NY, UP $1.90

[UpInArms]

102. Ah-OOO-Gah! Crude ends @ $76.70 bbl

3:04 PM ET 7/13/06 AUGUST NATURAL GAS CLOSES AT A TWO-WEEK HIGH

3:04 PM ET 7/13/06 AUGUST NATURAL GAS UP 34.7 CENTS TO END AT $6.129/MLN BTUS

2:57 PM ET 7/13/06 AUGUST CRUDE SCORES A RECORD CLOSE OF $76.70/BRL

2:57 PM ET 7/13/06 AUGUST CRUDE ENDS THE DAY UP $1.75, OR 2.3%

[Theres-a]

108. :faints:

You all do a good job on this thread,I lurk everyday.:hi:

[UpInArms]

116. hiya, there-s a!

Come on in, the water's fine!

:hi:

[UpInArms]

129. Crude futures climb past $77 in electronic trading (@ $77.16 bbl)

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B84F91810%2DD25D%2D4093%2DAB72%2D2399903616AA%7D&dist=newsfinder&symbol=&siteid=mktw

SAN FRANCISCO (MarketWatch) -- August crude continued climbing in electronic trading, gaining as much as 0.6% from the regular session's closing level of $76.70. The contract was last at $77.16 a barrel, up 46 cents, after a record front-month electronic trading record of $77.25.

[OrangeCountyDemocrat]

137. Faster Than You Can Post UIA - Futures Over $78 Now.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2387554

[ozymandius]

2. WrapUp by Chris Puplava

SIXTH LARGEST TRADE DEFICIT IN HISTORY SEEN IN MAY

The trade deficit rose by 0.8% to $63.8 billion compared to the revised April deficit of $63.3 billion, though it came in below analyst expectations. Economists from Moody’s Economy.com forecasted a deficit of $64.0 billion and Thomas Financial Consensus forecasted a deficit of $64.5 billion. May’s deficit was the sixth largest deficit ever recorded, with oil imports and a widening trade deficit with China contributing to the imbalance.

-chart-

The goods deficit with China rose 4% from April to May, increasing from $17.0 billion to $17.7 billion. The goods deficit with the European Union increased from $9.4 billion in April to $10.8 billion in May, while the goods deficit with Japan decreased from $7.8 billion in April to $7.1 billion in May. Relative to May of 2005, imports of goods and services rose 12.7%, whereas exports rose 12.6%.

The U.S. sent $27.9 billion dollars to foreign countries to pay for our oil demand in May, rising over 21% from May’s oil bill of $23 billion. Both price and consumption led to the substantial increase in May’s foreign oil bill, where the unit price of crude oil was $4.92 per barrel higher than in April and total crude oil imports increased from 293 million barrels in April to 323 million in May. The increase of $4.92 per barrel in May from April marked the biggest monthly jump in crude prices since a $6.06 increase from August to September 1990 after Iraq 's invasion of Kuwait sent global oil prices soaring. The January-May value of energy-related petroleum imports, not seasonally adjusted, is $116 billion this year compared to $86 billion in 2005, an increase of 35%.

-cut-

The markets were down today after digesting the drawdown in oil inventories that raised fears of higher energy prices and pass through inflation and the news of the trade deficit, which was the sixth largest ever. The markets were in a clear downtrend until finally bottoming in the last hour or so of trading. Advancing issues represented 30% and 24% for the NYSE and NASDAQ respectively, with up volume representing 21% and 79% of total volume on the NYSE and NASDAQ.

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

[ozymandius]

11. Run-up in price of oil increases trade deficit

WASHINGTON -- The U.S. trade deficit rose in May as the price of imported oil jumped by the largest amount in nearly 16 years.

The Commerce Department said Wednesday that the trade imbalance edged up 0.8 percent, to $63.8 billion, from April. Although that was smaller than the 2.5 percent rise economists had been expecting, it is the sixth-largest deficit in history.

This year the trade deficit is running at an annual rate of $763 billion, 6.5 percent higher than last year's record of $716.7 billion.

-cut-

"Oil is sucking us dry, and even stronger world growth cannot keep the trade deficit from widening," said Joel Naroff, chief economist at Naroff Economic Advisors.

more

[Roland99]

4. US Markets set to open lower...

S&P 500 -3.30 1265.00 7/13 6:07am
Fair Value 1265.22 7/12 5:49pm
Difference* -0.22
NASDAQ -5.50 1511.25 7/13 6:04am
Fair Value 1514.28 7/12 5:49pm
Difference* -3.03
Dow Jones -23.00 11060.00 7/13 6:03am

[ozymandius]

7. Wall St seen down as Mideast unnerves, oil spikes

PARIS (Reuters) - Shares on Wall Street were expected to fall again on Thursday as mounting tension in the Middle East pushed oil prices to new record highs, near $76 a barrel, which in turn rekindled inflation worries.

Soft drink giant PepsiCo (NYSE:PEP - news), hotelier Marriott International Inc. (NYSE:MAR - news) and media company Tribune Co. (NYSE:TRB - news) top the earnings agenda, but macroeconomic and geopolitical concerns looked set to take precedence over corporate issues.

-cut-

Heightened tension in the oil-rich Middle East, as well as suspected explosions at a pipeline in OPEC exporter Nigeria and lower U.S. crude stocks, were behind a new rise in oil prices to $75.85 a barrel.

"Oil prices have risen to an all time high, fanning inflationary concerns, especially during the American driving season which sees high demand for gasoline," said Matthew Bristow, head of trading at Pacific Continental Securities.

more

[ozymandius]

5. Today's Reports

8:30 AM Initial Claims 07/08
Briefing Forecast 320K
Market Expects 320K
Prior 313K

2:00 PM Treasury Budget Jun
Briefing Forecast $19.0B
Market Expects $20.0B
Prior $22.9B

[UpInArms]

15. U.S. weekly jobless claims rise by 19,000 to 332,000

8:30 AM ET 7/13/06 U.S. SEASONALLY ADJUSTED INSURED UENEMPLOYMENT RATE 1.9%

8:30 AM ET 7/13/06 U.S. CONTINUING JOBLESS CLAIMS FALL BY 18,000 TO 2.4 MILLION

8:30 AM ET 7/13/06 U.S. 4-WEEK JOBLESS CLAIMS AVERAGE RISES 8,750 TO 317,250

8:30 AM ET 7/13/06 U.S. WEEKLY JOBLESS CLAIMS RISE BY 19,000 TO 332,000

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BE248FCA2%2D8F63%2D4477%2D9349%2D8506029D9567%7D&dist=newsfinder&symbol=&siteid=mktw

WASHINGTON (MarketWatch) -- First-time applications for unemployment benefits rose by 19,000 in the latest week to 332,000, the highest since May 27, the Labor Department said Thursday. The four-week moving average of new claims rose by 8,750 to 317,250. Continuing jobless claims fell in the week ending July 1 by 18,000 to 2.4 million. The four-week average of continuing claims rose by 2,000 to 2.4 million, the Labor Department said. Data for the week ending July 8 included 4,000 claims related to a government shut-down in New Jersey, a Labor Department spokesman said.

[UpInArms]

88. U.S. budget surplus falls to $20.5 billion in June

2:00 PM ET 7/13/06 U.S. JUNE BUDGET RECEIPTS UP 13% TO RECORD $264.4 BLN

2:00 PM ET 7/13/06 U.S. JUNE BUDGET OUTLAYS UP 15% TO RECORD $243.9 BLN

2:00 PM ET 7/13/06 U.S. BUDGET DEFICIT $206.5 BLN YEAR-TO-DATE, DOWN 17%

2:00 PM ET 7/13/06 U.S. JUNE BUDGET SURPLUS $20.5 BLN VS. $19 BLN EXPECTED

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B384CC2A0%2D3D87%2D4C42%2D9C6D%2D85B340320E2C%7D&dist=newsfinder&symbol=&siteid=mktw

WASHINGTON (MarketWatch) -- The U.S. federal government ran a $20.5 billion surplus in June on a surge of corporate and individual tax receipts, the Treasury Department reported Thursday. The surplus was down from $22.9 billion in June 2005, but excluding calendar and timing differences, the surplus would have been about $30 billion, the Congressional Budget Office estimated earlier. For the fiscal year so far, the deficit is down 17% to $206.5 billion from $249.5 billion this time last year. For the year, the government estimates the deficit will shrink to $295.8 billion from $318.5 billion. In June, receipts increased 13% to $264.4 billion, a record for June. Outlays rose 15% to $243.9 billion, also a record for June.

[ozymandius]

6. FTSE retreats as Middle-East violence pushes oil to record

Insurers were in focus in early trade in London on Thursday after Aviva unveiled a $2.9bn cash offer for US life insurer AmerUS.

-cut-

Elsewhere in the sector, Old Mutual was down 1.8 per cent at 160¾p and Friends Provident fell 1 per cent at 180¼p, as the wider market retreated amid escalating violence in the Middle-East and ongoing geopolitical tensions.

The FTSE 100 was down 47.7 points, 0.8 per cent at 5,811.8 amid worries over violence in the Middle East after Israeli aircraft attacked Beirut airport.

more

[ozymandius]

8. Bill promotes credit-rating oversight

WASHINGTON - The House on Wednesday approved legislation that would promote competition in the bond rating industry, now dominated by three Wall Street agencies, while subjecting the industry to more stringent oversight.

The bill, passed 255-166, would give the Securities and Exchange Commission expanded power to oversee those agencies that grade company creditworthiness and can determine whether banks and other financial institutions invest in a company. Such agencies were criticized for their failure to foresee the financial meltdowns of Enron Corp., WorldCom Inc. and other big companies.

It also would encourage competition in the industry by removing the SEC's ability to designate so-called nationally recognized statistical rating organizations (NRSROs) and creating a voluntary registration process open to agencies that have been in business for three years.

more

[Robbien]

16. Another bait and switch bill

It says increased power of oversight, but really just opens up the market for fraud. Any company older than three years old can do whatever it wants and we are asked to rely on them to voluntarily report to the SEC.

[ozymandius]

9. NatWest Three on extradition flight

The three British bankers at the centre of an extradition row with the US are today on a flight to Texas after surrendering to US marshals at a south London police station.

The so-called NatWest Three - David Bermingham, Gary Mulgrew and Giles Darby - are flying to Houston, where they will face fraud charges in connection to the collapsed energy company Enron.

-cut-

The three men are accused of an £11m fraud in which NatWest, their former employer, was advised to sell part of LJM SwapSub, a company owned by Enron, for less than it was worth.

-cut-

The extradition of the NatWest Three under a treaty yet to be ratified by the US Senate has sparked a political furore that has embarrassed Tony Blair's government.

http://business.guardian.co.uk/story/0,,1819393,00.html

[ozymandius]

10. Army to Rebid Halliburton Unit's Contract (updated)

WASHINGTON Jul 12, 2006 (AP)— The Army will rebid the multibillion-dollar contract under which a Halliburton Co. subsidiary has been providing services to troops around the world after years of complaints over how the deal has worked in Iraq.

Critics of the contract said the move was overdue and that hundreds of millions of dollars had probably been wasted.

-cut-

Halliburton is a Texas-based oil services conglomerate once led by Vice President Dick Cheney. Bush administration officials have come under fire since the beginning of the war in Iraq for awarding more than $10 billion to the company and its subsidiaries in 2003 and 2004, some of it in no-bid contracts. There have been allegations of fraud, poor work, overpricing and other abuse, which the company has denied.

Army spokesman Dave Foster said Wednesday that although the service will rebid the contract, it has not decided yet how that will be done. KBR would be allowed to bid in the new competition, but one option Army officials are considering is to divide the work among three companies.

http://abcnews.go.com/Politics/wireStory?id=2184701

[UpInArms]

12. daily dollar watch

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

Last trade 85.83 Change +0.04 (+0.05%)

Better Trade Deficit Brings Confidence to Dollar Bulls

http://www.dailyfx.com/story/dailyfx_reports/daily_fundamentals/Better_Trade_Deficit_Brings_Confidence_1152740490352.html

US Dollar
A stronger trade balance report has helped the US dollar recuperate yesterday’s losses, but for the most part, the currency pair remains trapped in a tight trading range. Although both USD/CHF and the EUR/USD appear ready to break out, it is unlikely to do so tomorrow. We expect another quiet trading day as the market awaits the Bank of Japan’s interest rate decision later in the evening on Thursday followed by US retail sales on Friday. Consumer spending numbers are always important, especially since the market is expecting a strong report, but there remains the risk that traders will hold out until next week when we have more potentially market moving events on the calendar. Furthermore, even though the market is expecting strong retail sales, the risk for a weaker report is greater. Today we saw weaker imports of cars and non-oil products in the details of the trade balance number, which signals to us that there could be potential weakness in demand. With gas prices on the rise once again, it is also very likely that consumers are not spending as freely. A survey by the International Council of Shopping Centers actually reported weaker sales in June than the six month average for the first half of the year. If we learn that this is true on Friday, it would be even better reason for the EUR/USD to recuperate its losses and revert back to its trading range. In the meantime, all of our readers should have July 19 circled on their calendars because this is the big day when the consumer price report will be released along with Ben Bernanke’s testimony on the economy and monetary policy. As for the trade balance report released this morning, the deficit widened from a -$63.3 billion to -$63.8 billion in the month of May, which is far less than the market’s -$64.9 billion forecast. The value of oil imports did rise, but that was offset by strong exports and weaker imports of autos and non-oil industrial supplies. Even though this number should contribute positively to GDP, the extent of its benefit to the US dollar will not be clear until we see next week’s report on net foreign purchases of the US dollar. In the meantime, sit tight and focus your attention to the Bank of Japan tomorrow night as they are expected to make the first tightening move in close to six years.

...more...

[UpInArms]

27. dollar begins to react

Last trade 85.74 Change -0.05 (-0.06%)

Settle Time 15:00 Open 85.80

Previous Close 85.79 High 85.90

Low 85.64 2006-07-13 09:16:48, 30 min delay

**********

perhaps they are beginning to understand that the trade deficit was actually the 4th highest ever, there are no jobs and that elusive "rate increase" may not materialize - or Chopper Ben is printing dollars as fast as virtually possible.

[UpInArms]

65. High Oil Boosts Demand for Dollars

Last trade 85.98 Change +0.19 (+0.22%)

Settle Time 15:00 Open 85.80

Previous Close 85.79 High 86.00

Low 85.64 2006-07-13 11:46:28, 30 min delay

[UpInArms]

13. Countrywide says June mortgage fundings decrease 11%

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-07-13T121246Z_01_WEN1018_RTRIDST_0_FINANCIAL-COUNTRYWIDE-FUNDINGS-URGENT.XML

NEW YORK, July 13 (Reuters) - Countrywide Financial Corp. (CFC.N: Quote, Profile, Research) said on Thursday it funded $42 billion of mortgage loans in June, down 11 percent from the same month last year, reflecting a broader slowdown in mortgage industry activity.

Rising mortgage rates have reduced consumer demand for home loans. Countrywide funded $117 billion of loans in the second quarter, down 3 percent from the same quarter last year.

The company's pipeline of loans that consumers had applied for, but not yet closed on, was $65 billion on June 30, a 16 percent decline from a year earlier.

[UpInArms]

18. Las Vegas Strip feels economy pinch

http://news.yahoo.com/s/nm/20060713/bs_nm/leisure_lasvegas_dc

NEW YORK (Reuters) - Casinos on the Las Vegas Strip, the heart of the U.S. gambling industry, are starting to feel the pinch from a slower economy and high fuel prices after a two-year run with Lady Luck.

While the richest Las Vegas residents and visitors still splurge at blackjack tables or on high-end suites, marginal visitors are cutting back as prices at the pump curb their enthusiasm, analysts said.

Revenue growth for major Las Vegas Strip casinos is likely to slow in the second quarter after two years of double-digit increases, as glitzier properties draw gamblers away from older haunts and rising costs keep others at home, an analyst said.

<snip>

Casinos, which have so far been resilient, are starting to see discretionary income eroded by rising costs for fuel and borrowing, analysts said. The housing boom, which boosted home owners' net worth over the past five years, is also largely over.

Las Vegas Strip game usage -- the level of play at gaming facilities -- fell 4.4 percent year over year in the second quarter through late June, according to a recent Jacob research note.

...more...

and for today's laugh - I'm going to see if I can copy the ad on this news article for you:

[UpInArms]

19. Treasuries rise on weaker stocks, Mideast tension

http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=2006-07-13T122424Z_01_N13298032_RTRIDST_0_MARKETS-BONDS.XML

NEW YORK, July 13 (Reuters) - U.S. Treasury debt prices climbed on Thursday on buying tied to stock weakness and increased geopolitical tensions after Israel's strike on Beirut airport.

Yields on benchmark 10-year U.S. government notes <US10YT=RR> fell to their lowest levels in nearly four weeks, as investors flocked to low-risk assets such as Treasuries and in times of uncertainties.

"It's mainly on the geopolitical risk in the Middle East and stock weakness. There's firmness in the market," Rick Klingman, head of U.S. government trading at ABN Amro in New York, said of the factors sending Treasuries higher.

<snip>

In addition to political developments, traders will monitor the latest reading on U.S. jobless claims due 8:30 a.m. (1230 GMT) and auction results on $9 billion of Treasury Department's 10-year inflation-protected securities at about 1 p.m. (1700 GMT).

U.S. weekly jobless claims were not expected to significantly move markets. Analysts expected the government report would show new claims rising to 318,000 in the latest week from 315,000 a week earlier.

...more...

[UpInArms]

22. Printing Press Hums: Fed adds reserves through 14-day system repos

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-07-13T125657Z_01_N13320747_RTRIDST_0_MARKETS-FED-OPERATIONS.XML

NEW YORK, July 13 (Reuters) - The Federal Reserve on Thursday said it added temporary reserves to the banking system through $8.0 billion in 14-day system repurchase agreements.

Fed funds last traded at 5.25 percent, the Fed's target for the benchmark overnight lending rate.

For further details on the operation, see http://www.ny.frb.org/markets/omo/dmm/temp.cfm

[Roland99]

25. They've been busy lately. So much for busting those deficits.

:eyes:

[skids]

28. What's sorely needed...

Is a guy with a megaphone who's calling is to sneak into office buildings, individually corner these parasites one by one, stick the megaphone in their face, and yell "Hey you! You are Broke! You are out of Cash!"

Though considering he'd then be hauled away and jailed, we'll probably need signifigantly more than one.

[donkeyotay]

133. I'll do it

Except I want to tell them their social security is gone, kaputz, out-sourced, privatized, no-bid contracted to Bush Crime Family, Inc. 3 TRILLION DOLLARS! 3 TRILLION DOLLARS this incompetent moran sorry fuckin excuse for a preznit has lost in 5 years. Iraq alone requires that social security be reworked ala the Pension Guaranty Corp magic where we'll be lucky if we get 25 cents on the dollar. Now mission not accomplished is going to take on WWIII. We are so screwed. Where's my megaphone?

[UpInArms]

136. just for you, donkeyotay!

[Viva_La_Revolution]

26. jobless rates went to 332,000

jee, they were only off by 14,000.

:(

[UpInArms]

44. Printing Press Overdrive:Fed added reserves through overnight system repos

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-07-13T142944Z_01_N13376576_RTRIDST_0_MARKETS-FED-OPERATIONS-UPDATE-1.XML

NEW YORK, July 13 (Reuters) - The Federal Reserve said on Thursday it added $10.25 billion in temporary reserves to the banking system through overnight system repurchase agreements.

Earlier, the Fed added $8.0 billion in temporary reserves through 14-day system repurchase agreements.

Fed funds last traded at 5.25 percent, the Fed's target for the benchmark overnight lending rate.

For further details on the operation, see http://www.ny.frb.org/markets/omo/dmm/temp.cfm

[UpInArms]

45. Treasuries cling to slim gains before TIPS auction

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-07-13T140647Z_01_N13355748_RTRIDST_0_MARKETS-BONDS-UPDATE-2.XML

NEW YORK, July 13 (Reuters) - U.S. Treasury debt prices were slightly firmer on Thursday, retreating from their earlier highs, ahead of an auction of $9 billion in Treasury Inflation-Protected Securities.

Buying interest tapered off as investors moved to the sidelines prior to the TIPS sale, analysts and traders said.

Earlier buying sent benchmark yields to four-week low, as investors sought safety in government bonds on broad weakness in global stocks and intensified fighting in the Middle East.

"The market's valuation was stretched ahead of the auction," said Bernd Wuebben, senior bond market strategist at BNP Paribas in New York.

Treasury's gains have been capped by oil prices jumping to record highs on the news of Israel's air strikes in Lebanon, which fanned fears of crude oil supply disruption from the Middle East.

Traders brushed off a bigger-than-expected 19,000 rise in jobless claims last week from the prior week. The median estimate among analysts polled by Reuters was a 5,000 gain.

...more...

[UpInArms]

74. Pump and Dump Time?: U.S. inflation likely to stay contained-Dallas Fed

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-07-13T153638Z_01_N13443021_RTRIDST_0_ECONOMY-FED-INFLATION.XML

WASHINGTON, July 13 (Reuters) - U.S. inflation has been "disappointingly" high but slow labor cost growth and hefty profits should keep it from gaining a firm foothold, economists at the Dallas Federal Reserve Bank said on Thursday.

In a monthly update on the U.S. economy posted on the regional Fed bank's Web site, economists Evan Koenig and Nicole Ball also said long-term inflation expectations appeared contained, which should also help keep price gains in check.

"Inflation has been disappointingly, but not exceptionally, high," they wrote. "Looking ahead, stable long-run inflation expectations and slow growth in labor costs provide encouragement that inflation will remain contained."

The Dallas Fed economists said U.S. economic growth was set to slow, "reflecting a marked deceleration in consumer spending and a deteriorating outlook for private residential investment.

"Because of slowing consumer spending and declines in home construction, second-quarter GDP growth was likely fairly weak," they added. The government releases its first estimate of second-quarter growth on July 28.

...more...

[UpInArms]

81. Treasury TIPS sale meets limp response (very low bid-to-cover)

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BFB221926%2D17C2%2D40E6%2D99EE%2D5EC33D12A16E%7D&dist=newsfinder&symbol=&siteid=mktw

NEW YORK (MarketWatch) - An afternoon auction of $9 billion in 10-year Treasury Inflation-Protected Securities met with lackluster response. The auction attracted a low bid-to-cover - or bids rendered to bids accepted - ratio of 1.76, down from 1.85 at the most recent TIPS new issuance. The indirect bid, a closely watched category that includes foreign central banks, was 36.2%; according to Action Economics the market had expected an indirect bid of about 50%. The average indirect bid for a TIPS sale is about 46.9%. The sale also produced a high yield of 2.550% and a median yield of 2.510%.

Pirates of the Carribean?

[UpInArms]

132. Foreign cenbanks sellers of Treasuries in week

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-07-13T203118Z_01_NYG000279_RTRIDST_0_ECONOMY-FED-FOREIGNERS-URGENT.XML

NEW YORK, July 13 (Reuters) - Foreign central banks were net sellers of Treasury bonds last week, although an increase in agency purchases partly offset the overall decline in overseas holdings, Federal Reserve data showed on Thursday.

The Fed said its holdings of Treasury and agency debt kept for overseas central banks fell by $6.64 billion in the week ended Wednesday, to stand at a total $1.631 trillion.

The breakdown of custody holdings showed overseas central banks sold $8.79 billion in Treasury debt to stand at a total $1.111 trillion.

The foreign institutions continued to show appetite for securities from government-sponsored agencies like Fannie Mae (FNM.N: Quote, Profile, Research) and Freddie Mac (FRE.N: Quote, Profile, Research), adding $2.15 billion to their holdings, to stand at a total $519.75 billion.

...more...

[UpInArms]

118. Fed's Stern Predicts Two More Ugly Years for Economy

3:35 PM ET 7/13/06 STERN: ECONOMY OVER NEXT 2 YEARS WILL LOOK LIKE LAST 2 YEARS

3:34 PM ET 7/13/06 FED'S STERN: CENTRAL BANK CAN STAY ON TOP OF INFLATION

[UpInArms]

126. Flat yield curve still testing regional banks

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7B3250ED67%2D6F15%2D44C2%2D9630%2D2B101CFD512F%7D&symbol=

BOSTON (MarketWatch) -- Analysts see a flat yield curve pressuring regional-banking earnings with a bevy of companies from the group on the slate to report quarterly results next week.

"We expect the persistency of the flat/inverted yield curve to be the single greatest challenge as, on average, 50% of large-cap revenues are dependent on spread lending," wrote analysts at CIBC World Markets in a recent research note.

Yet they added "the continued benign credit environment will partially mitigate the negative effects of the flat yield curve."

Banks have been facing an uphill climb the past year as short-term interest rates have risen faster than the long end, although the sector basket Regional Bank HOLDRS (RKH : 144.46, -1.54, -1.1% ) are up 7.9% for the year ended Wednesday, according to financial researcher Morningstar Inc.

Still, uncertainty over the Federal Reserve and interest rates has analysts cautious on the stocks.

"We would view a pause in the Federal Reserve tightening campaign as a positive for the group, but it would be short-lived . . . as long as the yield curve remained flat to modestly inverted," said analysts at Bear Stearns. "We expect increased volatility between now and year-end 2006."

...more...

[UpInArms]

23. Tyson Food to cut 420 jobs and leave 430 jobs unfilled

9:03am 07/13/06 Tyson Food expects Q4 severage charge 2c-3c - MarketWatch.com

9:03am 07/13/06 Tyson Foods to cut 420 jobs and leave 430 jobs unfilled - MarketWatch.com

9:01am 07/13/06 Tyson Foods plans $200M in cost cuts - MarketWatch.com

adding blurb on edit:

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BD9D9BFDB%2D72D6%2D4C61%2D8462%2DC2FD2DD58465%7D&dist=newsfinder&symbol=&siteid=mktw

NEW YORK (MarketWatch) -- Tyson Foods Inc. (TSN : 15.16, -0.33, -2.1% ) said Thursday it will implement $200 million in cost cuts by eliminating 420 jobs and leaving another 430 unfulfilled. The Springdale, Ark., poultry, beef and pork processor expects to take fourth-quarter charges of 2 cents to 3 cents a share for severance payments and other related costs.

[UpInArms]

24. pre-opening blather

09:00 am : S&P futures vs fair value: -6.1. Nasdaq futures vs fair value: -13.0. Still shaping up to be a sharply lower open for stocks as escalating tensions in the Middle East and the subsequent spike in oil to record highs weighs on markets around the globe. Asia's two major indexes were off at least 1.0% while the European bourses are all down at least 1.5%. Also, the struggling Technology sector could again be in focus as investors digest the consequences behind Dell's (DELL) scheduled "major pricing initiative" at 12:00 ET.

08:32 am : S&P futures vs fair value: -6.0. Nasdaq futures vs fair value: -11.0. Futures trade continues to deteriorate, setting the stage for stocks to extend Wednesday's losses. As an aside, PepsiCo (PEP) and Marriott (MAR) both beat forecasts and provided reassuring outlooks; however, Tribune (TRB) reporting a 62% decline in Q2 profits only adds to the uncertainty as to whether a 12th straight quarter of double-digit earnings growth can be achieved. Separately, initial claims rose 19K to 332K (consensus 320K); but action in both stocks and bonds has been relatively muted.

08:00 am : S&P futures vs fair value: -4.5. Nasdaq futures vs fair value: -10.0. Early indications suggest that yesterday's weakness may carry over into this morning as futures trade languishes below fair value. With the Fed eyeing elevated energy prices and their potential to sustain inflation pressures, oil prices hitting a new all-time high near $76 per barrel amid escalating geopolitical concerns and the lack of clarity on the earnings front have underpinned a sense of nervousness. To wit, Merrill Lynch questioning Wal-Mart's (WMT) sustainable revenue growth rate and subsequently downgrading the Dow component to Neutral is also weighing on sentiment.

[UpInArms]

29. 9:32 EST bright red opening

Dow 10,965.23 -47.95 (-0.44%)
Nasdaq 2,072.43 -17.81 (-0.85%)
S&P 500 1,254.77 -3.83 (-0.30%)
10-Yr Bond 5.096 -0.04 (-0.08%)

NYSE Volume 2,250,452,000
Nasdaq Volume 61,171,000

(I think that the volume number is from yesterday's NYSE)

[UpInArms]

30. Gold extends gains as Middle East tensions mount

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7B69D74D32%2DE93B%2D4FAB%2D8E92%2DB6F0918AC44F%7D&symbol=

NEW YORK (MarketWatch) - Gold futures rose Thursday, extending their prior-day gains, as escalating violence in the Middle East sent oil prices to record levels.
Gold for August delivery was last up $4.60 at $656 an ounce on the New York Mercantile Exchange. The yellow metal rallied on Wednesday as political instability in the Middle East, India and North Korea increased safe-haven demand.

Other metals prices were mixed. Silver added 6.50 cents at $11.620 an ounce and palladium rose $1.05 to $331.0 an ounce. Platinum dropped 60 cents to $1,267.0 an ounce and copper declined 1.7 cents at $3.648 a pound.

"Note that it is only gold that is strong this morning," said Dennis Gartman in The Gartman Letter. "The "industrial/precious" metals are all weak, for it is only gold that garners or sustains demand during periods of geopolitical duress; the other metals falter."

<snip>

"It seems that oil is destined to hit $80 before the end of July and maybe even higher should tensions erupt abruptly," said Kevin Kerr, editor of Global Resources Trader, a newsletter published by MarketWatch. "The U.N. will have a full slate of activity trying to negotiate all of the hot spots on the planet right now."

...more...

[UpInArms]

31. 9:47 EST still bleeding with blather

Dow 10,954.75 -58.43 (-0.53%)
Nasdaq 2,069.41 -20.82 (-1.00%)
S&P 500 1,252.44 -6.16 (-0.49%)
10-Yr Bond 5.098 -0.02 (-0.04%)

NYSE Volume 2,250,452,000
Nasdaq Volume 148,799,000

09:40 am : As expected, yesterday's broad-based losses carry over into the open as several factors keep investors focused on all the negatives. Most notably are the escalating tensions in the Middle East, which have pushed oil prices (+1.1%) to new all-time highs near $76 per barrel and weighed heavily on global markets as well; Japan's Nikkei lost 1.0%, the Hang Seng finished 1.3% lower while the three major European indexes are averaging a decline of 1.8%. As a result of such "stiffening macro headwinds" and now questionable sales growth, Merrill Lynch has downgraded Dow component Wal-Mart (WMT 44.50 -0.65), which is off 1.4% and also stalling any attempt at a recovery from Wednesday's widespread sell-off. DJ30 -55.87 NASDAQ -18.84 SP500 -4.92 NASDAQ Vol 84 mln NYSE Vol 56 mln

09:15 am : S&P futures vs fair value: -6.3. Nasdaq futures vs fair value: -12.0.

[stop the bleeding]

32. today's magic number for the DJIA

is 10920'ish this an area where the 200 day MA is set in the DJIA was below this back in May but like the others made a good recovery. These #'s are worth watching.

[UpInArms]

34. 9:54 EST and closing in on the "magic" number

Dow 10,926.74 -86.44 (-0.78%)
Nasdaq 2,063.37 -26.87 (-1.29%)
S&P 500 1,249.53 -9.07 (-0.72%)
10-Yr Bond 5.098 -0.02 (-0.04%)

NYSE Volume 2,250,452,000
Nasdaq Volume 148,799,000

[stop the bleeding]

35. I meant June, and it went as low as 10700'ish,

but today's and Friday's close will be key.

[UpInArms]

33. (Well, Duh! Moment) Tribune Co. profit off 62% on TV station sales

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7B802ACFA9%2D00B6%2D4AB7%2DAA8A%2D97EE70462003%7D&symbol=

CHICAGO (MarketWatch) -- Tribune Co. said Thursday that its second-quarter profit fell 62% from the prior year on a charge related to the value of the licenses of two television stations it sold last month.

Also Thursday, southeastern newspaper publisher and broadcaster Media General (MEG : 41.32, -0.78, -1.9% ) said net income in the second quarter fell 47%, reflecting a gain on the sale of its Denver Post stake in the year-ago period.

Tribune (TRB : 32.35, -0.25, -0.8% ) , locked in a boardroom struggle with its largest shareholder over what strategy to pursue to revive its flagging stock price, said its profit for the quarter ended June 30 was $85.7 million, or 53 cents a share, compared with net income of $231.3 million, or 72 cents a share, a year earlier.

The figure in the latest quarter includes a loss from discontinued operations of $76.1 million, or 25 cents a share, related to the sale of TV stations in Atlanta and Albany, N.Y. Under federal accounting rules, broadcasters are required to evaluate the fair value of licenses to operate TV and radio stations that are sold. The value of Tribune's Atlanta and Albany stations was determined to be less than that of its remaining TV stations.

The company recorded a gain of 13 cents a share in the year-ago quarter.

...more...

[UpInArms]

82. Newspaper publishers have dismal quarter

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7B802ACFA9%2D00B6%2D4AB7%2DAA8A%2D97EE70462003%7D&symbol=

CHICAGO (MarketWatch) - Newspaper publishers Tribune Co. and Media General reported weaker second-quarter profits on Thursday, as strength in online and classified real estate advertising was offset by declines in other categories.

Tribune (TRB :) , said its second-quarter profit fell 62% from the prior year on a charge related to the value of the licenses of two television stations it sold last month.

Media General's (MEG) net income in the second quarter tumbled 47%, reflecting a gain on the sale of its Denver Post stake in the year-ago quarter.

The newspaper industry has been struggling with higher newsprint costs, a weak advertising environment, declining circulation and frustrated shareholders. Once-robust advertising categories such as automotive, retail and employment have been lackluster for some time.

...more...

[UpInArms]

37. 10:04 EST heading for the shitter with blather

Dow 10,903.68 -109.50 (-0.99%)
Nasdaq 2,060.77 -29.46 (-1.41%)
S&P 500 1,248.82 -9.78 (-0.78%)
10-Yr Bond 5.098 -0.02 (-0.04%)

NYSE Volume 117,957,000
Nasdaq Volume 299,184,000

10:00 am : Indices extend their reach to the downside as nine out of 10 sectors trade in negative territory. Despite a weakening dollar and escalating geopolitical tensions which have culminated in a perfect storm-like environment for commodities, the Materials sector (-1.4%) is pacing the way lower. Acting as the biggest constraint for a second straight day, though, is Technology as a warning from SAP AG (SAP 46.55 -3.79) only makes matters worse for competitors like Microsoft (MSFT 22.43 -0.21), Oracle Corp (ORCL 13.82 -0.40) and IBM (IBM 74.37 -1.11). Financials are another influential leader to the downside as investors continue to consolidate gains in the brokerage space while further deterioration throughout the retail group and 52-week lows in homebuilding continue to play havoc on the Consumer Discretionary sector. Utilities, however, are attracting modest buying interest as falling bond yields make dividend-paying stocks more attractive. DJ30 -86.12 NASDAQ -25.77 SP500 -8.02 NASDAQ Vol 286 mln NYSE Vol 196 mln

[stop the bleeding]

39. look at the volume

the perfect storm is right.

batton down the hatches and hand on tight cause we are going for a ride.

[Roland99]

43. Recovered a tad bit at this point. Notice the Marketwatch headline?

Wall St. Gives in to Gloom.




:eyes:

[UpInArms]

47. Israel steps up attacks on Lebanon

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7BAD3C76A4%2DB025%2D4CE1%2D87F5%2D7C10BAB9FE71%7D&symbol=

WASHINGTON (MarketWatch) -- Israel imposed an air and sea blockade on Lebanon Thursday after its forces bombed the airport in Beirut and dozens of other targets throughout the country.

Israeli tanks and troops moved into southern Lebanon with the goal of driving Hezbollah forces back from the Israeli border, Israel said. Roads and bridges in the region were bombed.

Israel mounted its strongest attack on Lebanon since the 1982 invasion after Lebanese Hezbollah militiamen crossed into Israel on Wednesday and killed three Israeli soldiers and kidnapped two others. Five other Israeli soldiers were killed following the initial attack.

Israel warned residents to evacuate a southern Beirut neighborhood where Hezbollah leader Sayyed Hassan Nasrallah is said to live. "Nothing is safe" in all of Lebanon, said Brig. Gen. Dan Halutz, the Israeli army commander.

Hezbollah said it would attack Haifa, Israel's third largest city, if Beirut came under attack.

...more...

The entire ME is ticking like a timebomb :scared:

[stop the bleeding]

49. words to die by

"Nothing is safe" in all of Lebanon, said Brig. Gen. Dan Halutz, the Israeli army commander.

I don't see this going away any time soon with vernacular like that.


:hide:

[UpInArms]

89. Haifa Hit with Rocket Attack

1:59 PM ET 7/13/06 HAIFA HIT WITH ROCKET ATTACK: AP

[UpInArms]

50. U.S. stocks slide on Mideast tensions; Nasdaq hits 9-month low

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7B479B2C1D%2D35EF%2D41EF%2D86B4%2D942CCC83733B%7D&symbol=

NEW YORK (MarketWatch) -- U.S. stocks tumbled Thursday as record oil prices, a revenue warning from German software giant SAP AG and brokerage downgrades for Wal-Mart Stores Inc. and Walt Disney Co. sent the Nasdaq Composite to a more than nine-month low and sparked a triple-digit decline on the Dow Jones Industrial Average.

The Dow Jones Industrial Average ($INDU) was down 105 points at 10,907.

The Nasdaq Composite Index ($COMPQ) fell 26 points to 2,064. It was up from a low of 2,060, its worst level since October 2005.

The S&P 500 Index ($SPX) dropped 8.5 points to 1,250.

"All the world's problems have turned the markets into a vortex of losses across the board," said James Park, managing director at Rodman & Renshaw. "And by across the board, I mean worldwide markets in all sectors."

...more...

[RawMaterials]

42. UK recovery 'steady but fragile'

The UK's economic recovery is steady but fragile, the British Chambers of Commerce (BCC) has said in a report.

It added that while firms were feeling more confident, problems were evident.

According to the business group, the UK rate of growth fell to 0.6% in the period between April and June, down from 0.7% in the previous three months.

Citing weaker European Union demand and increasing red tape, the BCC warned that the UK recovery could be snuffed out by higher interest rates or taxes.

snip..

The Bank of England has left its main interest rate unchanged for the past 11 months at 4.5%.

However, in recent weeks there have been concerns that the rate of inflation may prompt the Bank to change its stance.

Mr Kern said it would be a mistake to hike borrowing costs as most of the price growth had come from imported energy costs that now seemed to have stabilised.

At the same time, unemployment has increased and figures have shown that wage growth was below key levels, he explained.





http://news.bbc.co.uk/2/hi/business/5175986.stm

[UpInArms]

48. 10:38 EST sharp recovery in progress (PPT?)

Dow 10,938.10 -75.08 (-0.68%)
Nasdaq 2,074.88 -15.36 (-0.73%)
S&P 500 1,252.27 -6.33 (-0.50%)
10-Yr Bond 5.087 -0.13 (-0.25%)

NYSE Volume 599,325,000
Nasdaq Volume 542,053,000

10:30 am : The bottom continues to fall out of the market as buyers are nowhere to be found, except in oil. Crude futures are now up 1.7% at a record $76.30 per barrel amid escalating Israeli strikes in Lebanon and news of explosions on Nigerian pipelines; but the Energy sector (+0.3%) so far has barely taken notice. Adding to this morning's struggles have been the indices' inability to find support near key technical levels of 10931, 1253 and 2065 on the Dow, S&P and Nasdaq, respectively.DJ30 -107.17 NASDAQ -26.90 SP500 -9.39 NASDAQ Dec/Adv/Vol 2091/489/450 mln NYSE Dec/Adv/Vol 1997/404/342 mln

[UpInArms]

51. 10:42 EST Wings! We have Wings!

Dow 10,949.71 -63.47 (-0.58%)
Nasdaq 2,077.94 -12.30 (-0.59%)
S&P 500 1,253.93 -4.67 (-0.37%)
10-Yr Bond 5.087 -0.13 (-0.25%)

NYSE Volume 630,979,000
Nasdaq Volume 573,221,000

[Roland99]

52. Hmm...what's the market cost of a 40-50pt. rise in the DJIA?

Meaning, how much money does that represent?

[UpInArms]

54. probably have to wait 'til tomorrow to find out how many $$$$ repos issued

http://www.321gold.com/fed/temp_bank_res.html

[Roland99]

56. $10.25 billion today?

http://www.ny.frb.org/markets/omo/dmm/temp.cfm

[UpInArms]

57. $18.25 billion with those 14-day repos

how far will that go?

:banghead:

[UpInArms]

58. 11:04 EST numbers and blather

Dow 10,924.98 -88.20 (-0.80%)
Nasdaq 2,073.00 -17.24 (-0.82%)
S&P 500 1,250.22 -8.38 (-0.67%)
10-Yr Bond 5.096 -0.04 (-0.08%)

NYSE Volume 767,008,000
Nasdaq Volume 697,647,000

11:00 am : Market bounces off its worst levels but not nearly enough to make a significant change in the standings. Spearheading the recovery efforts has been a turnaround in chip stocks, as a sense that the 20% sell-off on the PHLX Semiconductor Sector Index over the past two months may be overdone invites some bargain-hunting interest. Reports that Intel Corp (INTC 17.98 +0.10) may announce a restructuring plan later today may be offering a sense of comfort for a sector that has struggled to find a bottom. Other notable chip stocks posting noticeable gains include ADI +2.1%, ALTR +2.5%, AMD +1.3%, BRCM +2.2%, LLTC +1.7%, and NSM +2.4%. DJ30 -79.89 NASDAQ -17.12 SOX +0.9% SP500 -7.15 NASDAQ Dec/Adv/Vol 1927/745/674 mln NYSE Dec/Adv/Vol 1984/744/504 mln

[skids]

59. So riddle me this...

Feed the onlookers, please...

Stocks are down, metals are down, futures are down, real estate is quicksand, and forex doesn't seem to be doing much of nothin.

The only thing up is oil (which there is only so much of to buy even in futures) and other than that, the only other place to put assets (at least major enough to be listed here) is in bonds, which are down/up depending on your personal polarity -- basically not the best deal you could get there versus a short time ago.

I'm just assuming on a big news day volumes are up due to an emotional need to "do something" in an "energency."

So where is the money/wealth (or I should say ALL THAT MONEY/WEALTH) going? Metals down probably means not under the mattress... Is today a simply a mass excercise in cutting Uncle Sam a sweetheart loan check for some new Hummers and Helicopters?

[UpInArms]

60. I'd be looking toward off-shore banking

probably Bermuda or the Pirates of the Carribean :eyes:

[JNelson6563]

61. Foreign investments

and of course military stocks are always good during a Rethug admin, even in spite of brief drops.

Me, I'm still long on gold. :toast:

Julie

[Roland99]

62. Funny you should ask....

http://www.marketwatch.com/news/story/Story.aspx?guid=%7B479B2C1D%2D35EF%2D41EF%2D86B4%2D942CCC83733B%7D&siteid=

"All the world's problems have turned the markets into a vortex of losses across the board," said James Park, managing director at Rodman & Renshaw. "And by across the board, I mean worldwide markets in all sectors."

Park said investors are seeking safe-haven investments, such as U.S. Treasurys.

"Interest-rate concerns seem to be a thing of the past, at least for the last few days. We'll see if earnings can break the downward cycle but most players I've spoken to see more risk ahead."

[mike923]

72. An opprotunity to make money if there ever was one....

as we point out often, the market generally performs in a heard like fashion, where people sell as the market dives, and buy when the market rises.

You make money in the stock market doing the reverse, and that's why i've got the check book open today. I guarantee the market will be 11,200 by this time next week.

[Roland99]

63. Got some range trading going on at this point?

[stop the bleeding]

66. the DJIA is putting in lower swing highs if this keeps up and faries

stay away then the DJIA will close at or below 10900 for the day, but I am more interested to see how we finish for the week. @ 10918 as I type

[UpInArms]

64. Boeing may shut California factory due to lack of C-17 orders (5500 jobs)

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7B6DE7EEC9%2D6DB7%2D43EA%2D9159%2DF518BFFC0124%7D&symbol=

NEW YORK (MarketWatch) -- Boeing Co. (BA) has told the Air Force that without further Pentagon orders for its C-17 cargo plane by mid-August, the company will have to begin steps to wind down production and close a California factory that employs 5,500 people.
The Chicago aerospace giant has enough U.S. and foreign military orders to keep building C-17 aircraft in Long Beach, Calif., through 2008. But barring new business, Boeing said it will begin instructing subcontractors and suppliers next month to halt production of so-called long-lead components.

[UpInArms]

67. University of Texas Medical Branch to layoff 1,000 people

http://news.galvestondailynews.com/story.lasso?ewcd=4347aee433db9f41

GALVESTON — The first of 1,000 layoffs at the University of Texas Medical Branch were made official Monday.

The Human Resources Department is notifying 17 of its own employees they will no longer have jobs.

The manner in which the layoffs were undertaken is likely to typify how most of the cuts in the coming months will occur.

Department heads will recommend cuts to the Strategic Executive Committee. If the committee approves them, it will submit them to the university’s human resources, legal and affirmative action offices for review.

<snip>

Stobo says the university needs to find the savings to cover an operating deficit created by medical inflation, declining government reimbursements and depreciation. The savings are also intended to help create a small surplus.

...more...

[Roland99]

68. Right in the Propagandist's home state but he doesn't give a sh*t

[ramapo]

103. Not good for patient care

Funny how there is no mention of how this might affect patient care at the center.

[UpInArms]

104. dear ramapo - bidness has nothing to do with people

"You must cut costs ruthlessly by 50 to 60 percent. Depopulate. Get rid of people. They gum up the works. (Enron President Jeffrey Skilling at an electricity industry conference in Arizona, quoted in "Enron President: `People Gum Up the Works,'" The Seattle Times, April 5, 1997.)

[ramapo]

107. Silly me

I'm so numb to seeing people thrown to the wolves by their coworkers and managers that I forgot that medical care is a business, not a right.

[UpInArms]

113. here is some old info regarding CEO compensation in the "medical industry"

http://www.managedcaremag.com/archives/0006/0006.compmon.html

What top executives made in 1999
Company	Name/title	Annual salary	Bonus	Other compensation	Total compensation
Cigna	
Wilson Taylor, chairman	$1,173,100	$4,000,000	$286,987	$5,460,087 
H. Edward Hanway, president and CEO	$711,500	$2,500,000	$82,815	$3,294,315 
Aetna U.S. Healthcare	
Richard Huber, former chairman, CEO, president	$1,000,000	$680,800	$73,513	$1,754,313 
WellPoint Health Networks	
Leonard Schaeffer, chairman, CEO	$999,992	$2,200,000	$138,444	$3,338,436 
PacifiCare Health Systems	
Alan Hoops, former CEO, president	$920,000	$1,104,995	$580,992	$2,605,987 
Trigon Healthcare	
Norwood Davis, chairman	$764,000	$917,280	$352,651	$2,033,931 
Thomas Snead, president, CEO	$405,940	$463,777	$24,528	$894,245 
Sierra Health Services	
Anthony Marlon, chairman, CEO	$654,320	$327,600	$99,487	$1,081,407 
Foundation Health Systems	
Jay Gellert, president, CEO	$500,000	No bonus	$68,971	$568,971 
Mid-Atlantic Medical Services	
Thomas Barbera, president, CEO	$497,859	$499,994	$3,200	$1,001,053

[UpInArms]

69. Saudi Prince Bandar's Aspen, Colorado Home For Sale: $132 Million

http://www.nationalledger.com/artman/publish/article_27267019.shtml

If you ever wanted to live like a prince and you have over $100 million burning a hole in your pocket, Saudi Prince Bandar has placed his Colorado home on the market.

The price tag - a hefty $132 Million.

According to AP, a real estate agent named Joshua Saslove told the Aspen Times for a story Tuesday that Bandar's 15-bedroom, 16-bathroom, 56,000-square foot mountain palace - complete with a racquetball court, indoor pool and outdoor water features - is up for sale because the prince is too busy to enjoy it.

...more...

[Roland99]

70. Too busy counting his stacks of money

[UpInArms]

71. 12:04 EST numbers and blather

Dow 10,926.32 -86.86 (-0.79%)
Nasdaq 2,077.51 -12.73 (-0.61%)
S&P 500 1,252.43 -6.17 (-0.49%)
10-Yr Bond 5.098 -0.02 (-0.04%)

NYSE Volume 1,113,981,000
Nasdaq Volume 954,934,000

12:00 pm : Equities are lower across the board midday as oil prices at all-time highs amid escalating geopolitical issues and pressing concerns about earnings prospects as the pace of economic activity slows weigh on sentiment.

With the Fed eyeing elevated energy prices and their potential to sustain inflation pressures, crude futures hitting new records above $76 per barrel following Israeli strikes in Lebanon and news of explosions on Nigerian pipelines, coupled with the Energy sector's inability take notice, is underpinning an even greater level of uncertainty for investors. As a result of such "stiffening macro headwinds" and now a questionable sales growth rate, Merrill Lynch downgraded Dow component Wal-Mart (WMT 44.19 -0.96) to Neutral, stalling attempts to recover from Wednesday's widespread sell-off. Only Walt Disney (DIS 29.00 -0.91), which was downgraded at CIBC on concerns of slowing growth, is turning in a poorer performance (-3.0%) among the 28 Dow components losing ground.

Despite a weakening dollar and escalating geopolitical tensions which have culminated in a perfect storm-like environment for commodities, the Materials sector (-1.4%) is pacing the way lower among the nine SnP sectors posting losses. Industrials is an even more influential sector losing at least 1.0% as profit-taking has pushed all 20 components of the Dow Jones Transportation Index sharply into negative territory. Technology has also been weak, as a warning from SAP AG (SAP 47.19 -3.15) initially weighed heavily on the software group; however, some renewed enthusiasm for beaten down chip stocks has helped offset weakness throughout the rest of the underperforming sector.

Not even Consumer Staples and Health Care have been able to catch a bid. However, the sector's defensive characteristics have renewed enthusiasm for a few select industry groups. Most notably, the former has found some support from modest strength in Soft Drinks, as PepsiCo (PEP 61.98 +0.88) hits an intraday all-time high after topping analysts' forecasts and raised its FY06 outlook. Be that as it may, since earnings season is still in its infancy and the inevitable slowdown in the economy raises concerns of more analysts downwardly revising estimates, it may take some time before the market shifts its focus back on the positives. DJ30 -81.16 DJTA -1.6% NASDAQ -13.42 SOX +0.8% SP500 -6.04 NASDAQ Dec/Adv/Vol 2008/783/924 mln NYSE Dec/Adv/Vol 2179/807/736 mln

[UpInArms]

75. 12:21 EST here's the pump

Dow 10,951.47 -61.71 (-0.56%)
Nasdaq 2,085.57 -4.67 (-0.22%)
S&P 500 1,255.18 -3.42 (-0.27%)
10-Yr Bond 5.100 0.00 (0.00%)

NYSE Volume 1,189,233,000
Nasdaq Volume 1,036,192,000

[UpInArms]

78. Money mgr (Gabelli) allegedly defrauded FCC in spectrum auctions

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7B828B0B05%2DA305%2D47CD%2D831F%2D053D78013EAD%7D&symbol=

SAN FRANCISCO (MarketWatch) -- Money manager Mario Gabelli and affiliates agreed to pay $130 million to settle a civil-fraud lawsuit that alleged they used sham small-business affiliates to fraudulently buy parts of the U.S. cell-phone spectrum, the Department of Justice said Thursday.

The government's civil complaint names Gabelli and 38 other entities or individuals that participated in the alleged scheme over the course of eight Federal Communications Commission auctions from 1995 to 2000.

FCC rules for some of the auctions permitted only small and very small businesses to bid. Once qualified, bidders could get credits and favorable financing to help them in the auction, the Justice Department said.

Gabelli didn't qualify, so the money manager recruited friends and relatives who pretended to be officers of small businesses, the Justice Department alleged, labeling those small businesses bogus as well. An aerobics instructor, the caretaker of Gabelli's vacation home, an ex-basketball player and a relative were part of the scheme, the Justice Department claimed.

<snip>

On several occasions, the licenses ended up being sold to other investors at a substantial profit, the Justice Department added.

...more...

[UpInArms]

79. Fannie Mae suspends construction lending program

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-07-13T163000Z_01_N13451627_RTRIDST_0_FINANCIAL-FANNIE.XML

WASHINGTON, July 13 (Reuters) - Home funding company Fannie Mae said on Thursday it has agreed to suspend its acquisition, development and construction loan transactions due to concerns raised by its regulator, the Office of Federal Housing Enterprise Oversight.

"We will be working closely with OFHEO to work through our current pipeline and issues related to risk management reporting, policies and procedures, and oversight of the program," Fannie Mae said in a statement.

It said the suspended program represents "less than one-tenth of one percent of the company's overall book of business (approximately $1.7 billion), and we do not anticipate that this action will have a significant financial impact on the company."

Fannie Mae, the largest U.S. home funding company, is still dealing with the effects of a nearly $11 billion accounting scandal and expects to complete an earnings restatement by the end of 2006.

...more...

[stop the bleeding]

80. DJIA is now below 10900

look out below ;)

[stop the bleeding]

83. down to 10880

looks like the faries will have to come back a prop the DJIA back up to at least 10900 - come on bulls where is all of the spectulative buying that I have heard about on the talk box and internets:eyes:

[UpInArms]

84. 1:41 EST sucking pond scum

Dow 10,878.07 -135.11 (-1.23%)
Nasdaq 2,067.13 -23.11 (-1.11%)
S&P 500 1,247.61 -10.99 (-0.87%)
10-Yr Bond 5.096 -0.04 (-0.08%)

NYSE Volume 1,506,753,000
Nasdaq Volume 1,293,689,000

1:30 pm : Market spikes lower since the last update as reports of a rocket hitting Israel's third largest city, Haifa, suggest the situation in the Middle East could easily get much worse before it gets better exacerbate underlying nervousness. Oil prices are now up almost 2.0% at $76.40 per barrel while gasoline futures, up 4.66 cents to $2.3035/gal, are hitting their highest level since last September.DJ30 -129.12 NASDAQ -20.12 SP500 -10.48 NASDAQ Dec/Adv/Vol 2043/842/1.27 bln NYSE Dec/Adv/Vol 2252/867/1.01 bln

1:00 pm : Indices lose some of their recent momentum as Tech's stint above the flat line doesn't last long. Unfortunately for the bulls trying to find a short-term bottom before getting back into equities, above average volume is lending even more credibility behind today's broad-based decline than previous pullbacks. To wit, the Nasdaq has already surpassed 1.0 bln shares; but three of the four most actively-traded issues -- MSFT, SUNW and ORCL -- are all losing ground. DJ30 -85.72 NASDAQ -11.63 SP500 -5.87 NASDAQ Dec/Adv/Vol 1914/946/1.15 bln NYSE Dec/Adv/Vol 2129/946/916 mln

[UpInArms]

86. Intel to cut 1,000 managers jobs worldwide

1:38 PM ET 7/13/06 INTEL SAYS RESTRUCTURING ON-GOING

1:37 PM ET 7/13/06 INTEL JOB CUTS AFFECT ALL MANAGEMENT LEVELS

1:37 PM ET 7/13/06 INTEL JOB CUTS ACROSS ALL BUSINESS UNITS

1:37 PM ET 7/13/06 INTEL TO CUT 1,000 MANAGERS WORLDWIDE

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B825F1140%2DCB55%2D4D4E%2DA8A4%2D3C8F5A1568D3%7D&dist=newsfinder&symbol=&siteid=mktw

SAN FRANCISCO (MarketWatch) -- Intel Corp. (INTC : 17.87, -0.01, -0.1% ) , the world's largest chipmaker, plans to cut 1,000 managers worldwide as part of the company's ongoing restructuring announced in April, company spokesman Chuck Mulloy said Thursday. The job cuts affect all management levels, he added. Intel Chief Executive Officer Paul Otellini wants to cut $1 billion in expenses this year as the company focuses more on PC and server chips after losing market share to smaller rival Advanced Micro Devices Inc. (AMD : 22.76, -0.08, -0.4% ) over the past year. Last month, Intel sold its cellular processor unit to Marvell Technology Group (MRVL : 39.93, -0.51, -1.3% ) for $600 million, a deal that involved 1,400 Intel employees. Since 2004, Intel's workforce has swelled to 103,300 employees, up 30%, from a base of 79,700 employees.

[UpInArms]

87. Gold closes @ $654.40 oz - Silver @ $11.485 oz - Copper @ $3.6765 lb

1:57 PM ET 7/13/06 SEPT. PALLADIUM SETTLES UP $4.10 AT $334.05/OUNCE ON NYMEX

1:56 PM ET 7/13/06 SEPT. COPPER SETTLES UP 1.15C AT $3.6765/POUND ON NYMEX

1:57 PM ET 7/13/06 OCT. PLATINUM SETTLES DOWN $3.60 AT $1264.00/OUNCE ON NYMEX

1:55 PM ET 7/13/06 AUG. GOLD SETTLES UP $3.20 AT $654.40/OUNCE ON NYMEX

1:56 PM ET 7/13/06 SEPT. SILVER SETTLES DOWN 7C AT $11.485/OUNCE ON NYMEX

[UpInArms]

130. August Gold @ $660 oz in electronic trading

:17 PM ET 7/13/06 AUGUST GOLD UP $5.60 AT $660/OZ IN ELECTRONIC TRADING

[UpInArms]

90. ALERT: Tax Overhaul Coming: Elimination of Mortage Deduction part of plan

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-07-13T175120Z_01_N13454370_RTRIDST_0_ECONOMY-TREASURY-TAXES.XML

WASHINGTON, July 13 (Reuters) - U.S. Treasury officials are likely to put their own stamp on a proposed comprehensive overhaul of the tax system suggested by a blue-ribbon panel in November, an official said on Thursday.

"We have been considering our own possible options," said Treasury Department tax official Eric Solomon, who has been nominated to fill the long-vacant position of assistant secretary for tax policy.

Senate Finance Committee Chairman Charles Grassley, an Iowa Republican, pressed Solomon to tell the panel when Treasury would forward its recommendation to President George W. Bush. The Treasury is working from the recommendations of a bipartisan panel that proposed a series of steps aimed at making the U.S. tax system simpler and fairer, including eliminating many deductions and reducing tax rates.

<snip>

The committee expects to have Solomon's nomination cleared by the Senate before the August recess, but expects an answer on the timing of tax overhaul recommendations before then, a committee aide told reporters after the hearing.

The panel recommended eliminating deductions for many taxpayer costs, including mortgage interest and state and local taxes. The panel also proposed requiring workers to pay taxes on health care benefits provided by their employers.

...more...

[Roland99]

91. Are they REALLY wanting to DESTROY this country?

Do they really want a few thousand people living like kings and the rest of us picking through garbage cans while wearing burlap sacks?

[UpInArms]

92. is that a rhetorical question?

Do they really want a few thousand people living like kings and the rest of us picking through garbage cans while wearing burlap sacks?

[Roland99]

93. I'd really like to think it wasn't but, alas, reality says otherwise.

:(

[Bushwick Bill]

94. There will be riots if this happens.

One of my Repub thug friends went nuts when this was discussed a year or two ago because he has a fricking mansion and I am sure he enjoys the tasty deduction. In fact, I am going to email this to him right now.

[UpInArms]

95. thanks Bushwick Bill

those Reuters headlines are written to obscure the news - I get really exhausted reading all the crap just to find out what is going on -

print it out - pass it around - send it everywhere

:thumbsup:

:hi:

[ramapo]

111. Will never happen

This idea is floated now and then. It is probably fairer to the general population to get rid of the deduction. After all, why should taxpayers that don't own homes subsidize the mortgage costs of others?

The deduction has been limited to $1,000,000 for some years. It should be lowered. Hard to pick the right number since a $500,000 mortgage in NJ gets you a whole lot less than the same in Kansas. But no way should the general population be supporting somebody with $1,000,000 in mortgage debt.

Funny how the welfare haters never talk about this gift to the rich.

[PassingFair]

139. You can bet that they won't be subject to

the loss of exemption on properties valued at over ....
say..... $600,000.00?

[UpInArms]

96. 2:49 EST We're Riding on a Down-bound train

Dow 10,853.42 -159.76 (-1.45%)
Nasdaq 2,060.28 -29.95 (-1.43%)
S&P 500 1,244.05 -14.55 (-1.16%)
10-Yr Bond 5.081 -0.19 (-0.37%)

NYSE Volume 1,867,793,000
Nasdaq Volume 1,553,069,000

2:30 pm : Blue chips pare some of their losses following a Vioxx victory for Merck (MRK 36.89 +0.19), but the market continues to sport hefty losses. Merck, which was off as much as 4.6% following the abrupt departure of a key executive, has since turned positive after a jury sided with the drug maker, awarding no substantial damages and easing pressure to settle more than 12,000 cases. Unfortunately, MRK's gain has only been accompanied by four other Dow components, one of which is ExxonMobil (XOM 64.36 +0.39), as oil prices close up 2.3% at session highs at $76.70 per barrel -- a concern that is weighing heavily on the rest of the market. DJ30 -131.26 NASDAQ -22.33 SP500 -11.07 NASDAQ Dec/Adv/Vol 2226/707/1.49 bln NYSE Dec/Adv/Vol 2366/832/1.21 bln

2:00 pm : The bloodletting continues as selling remains widespread across most areas. Nine out of 10 sectors are still trading lower, paced by a 2.0% pullback in Materials but more negatively impacted by declines of at least 1.0% in Technology, Industrials and Consumer Discretionary. Oil prices continuing to hit new highs, now up 2.2% at $76.60 per barrel amid escalating tensions in the Middle East, are particularly weighing on the latter but prompting a flight-to-quality bid in Treasuries. The 10-yr note is up 4 ticks to yield 5.07% and even leaning into less inverted territory with the 2-yr note, but only Utilities -- among the least influential SnP sectors -- is benefiting from the slight decline in bond yields. DJ30 -146.76 NASDAQ -25.67 SP500 -12.03 NASDAQ Dec/Adv/Vol 2169/749/1.38 bln NYSE Dec/Adv/Vol 2346/811/1.10 bln

(my apologies to Springsteen)

[Roland99]

98. "Going down, down, down, down, down."

[ozone_man]

110. The Dow is Down.

http://www.bobrivers.com/search/index.asp

I get a bear
When I’m clickin’ my mouse
But now I hate to see that ticker comin’ round
I go to check the Dow and Nasdaq baby
They’re dropping points
Like Jenny Craig’s droppin pounds
Well say unemployment’s not on the rise
But Sysco just laid off a thousand guys

It’s going downdown down
Dow Jones is down down down
Nasdaq is down down down
Everything is down down down
Touchdown

I used to have an estate baby
But now my golden years are all in Dow
I remember when the 90’s started
My stocks would split
Every time the sun came out
I used to day trade dabble in margin
My portfolio was lookin’ stout
I used to love that Alan Greenspan
But everytime he speaks
It’s going down down down
The Nasdaq is down down down
Greenspan’s a clown clown clown clown
Down down down
Hey how about that deep down Dow

The Dow is down down down
Nasdaq is down down down
Greenspan’s a clown clown clown
Down down down
Down down down
The market’s down down down down

[UpInArms]

128. ..

[Roland99]

97. 2:53pm - Bloody Lows for the Day

DJIA 10,847.65 -165.53 -1.50%
Nasdaq 2,058.56 -31.68 -1.52%
S&P 500 1,243.13 -15.47 -1.23%
Dow Util 417.82 -0.48 -0.11%
NYSE 7,999.50 -113.68 -1.40%
AMEX 1,902.01 -20.10 -1.05%
Russell 2000 688.69 -12.48 -1.78%
Semcond 411.20 -5.79 -1.39%
Gold future 654.40 +3.20 +0.49%
30-Year Bond 5.11% -0.02 -0.41%
10-Year Bond 5.07% -0.03 -0.53%

[UpInArms]

100. 3:03 EST Cut so deep, it's going to leave a scar

Dow 10,836.36 -176.82 (-1.61%)
Nasdaq 2,055.58 -34.66 (-1.66%)
S&P 500 1,241.76 -16.84 (-1.34%)
10-Yr Bond 5.077 -0.23 (-0.45%)

NYSE Volume 1,973,957,000
Nasdaq Volume 1,625,187,000

3:00 pm : As if matters couldn’t get worse, Ford Motor (F 6.62 -0.26) recently cutting its dividend in half takes what little steam Merck's (MRK 36.55 -0.15) Vioxx victory temporarily offered and merely adds to the ongoing difficulties of renewing buying interest in equities. Treasuries, however, continue to catch a safe-haven bid as tensions between Israel and Lebanon boil over into war, prompting some investors to get out of stocks and into bonds. The yield on the 10-yr note now stands at a four-week low. DJ30 -162.25 NASDAQ -30.66 SP500 -14.74 NASDAQ Dec/Adv/Vol 2283/678/1.60 bln NYSE Dec/Adv/Vol 2450/773/1.33 bln

[UpInArms]

99. Whirlpool To Move Faster On 730 Layoffs In Fort Smith

http://www.todaysthv.com/news/news.aspx?storyid=31216

Whirlpool Corporation has announced that it is moving up the time frame for laying off 730 workers in Fort Smith. The move will trim the rolls by Sept. 1 instead of in October.

The company says most of the layoffs are expected to be voluntary. The workers will be rehired when positions come open. Workers who return to the plant keep their seniority and benefits.

The company says reduced consumer demand prompted the company to move up the termination date for the workers. Whirlpool is moving some of its side-by-side refrigerator model production to a new plant in Mexico.

[stop the bleeding]

101. 3:04pm @ 10834 - my trading partner

predicted a 200 point drop today - I was laughing at him earlier now I think he may be laughing at me.

Any takers on faries today?

[Roland99]

105. NASDAQ down 33, S&P down 17. Faeries don't have much time left.

[UpInArms]

106. 3:30 EST Heading for the close with a bloody nose (among other things)

Dow 10,856.54 -156.64 (-1.42%)
Nasdaq 2,058.86 -31.38 (-1.50%)
S&P 500 1,243.43 -15.17 (-1.21%)
10-Yr Bond 5.071 -0.29 (-0.57%)

NYSE Volume 2,181,967,000
Nasdaq Volume 1,774,415,000

Let's see if they pour the coal oil on it :eyes:

[ramapo]

112. Nothing to see here

Just the summer doldrums. The economy is in excellent shape. I heard it on the radio.

[Roland99]

114. And I read it on the internets!

[stop the bleeding]

117. well I feel better now that it is settled by the talk box

this radio device that you speak of - does it also hold predictions for other events ie: Iran, Global Warming, and thinning out those crazy wrinkles?

[Roland99]

119. Faeries gonna keep it under a 150 pt. loss?

[stop the bleeding]

120. jeeze I thought they would at least bring it back to 10900

where are all of the bulls?

[UpInArms]

121. they spent all their extra money filling up their Hummers

SUV=Stupid Ugly Vehicle

(edit spulling/typo)

[stop the bleeding]

123. !

:spray::rofl::toast:

[Roland99]

122. Looks like the weight was too much for the faeries. DJIA -165

[RUMMYisFROSTED]

124. At times like this, I like to point out that the DJIA is up less than

300 points since Chimp took, and I mean "took," office.

4 points a month. :party:

[Roland99]

125. And NASDAQ and S&P are DOWN from Jan. 2001.

[RUMMYisFROSTED]

127. And the real indicator, savings, as well. In fact, they're negative.

[UpInArms]

131. red closing numbers and insulted by the world blather

Dow 10,846.29 -166.89 (-1.52%)
Nasdaq 2,054.11 -36.12 (-1.73%)
S&P 500 1,242.29 -16.31 (-1.30%)
10-Yr Bond 5.071 -0.29 (-0.57%)

NYSE Volume 2,544,328,000
Nasdaq Volume 2,073,885,000

Stocks got rocked for a second straight day Thursday as mounting geopolitical concerns in the Middle East lifting oil prices to record highs merely exacerbated pressing concerns about earnings prospects amid an already slowing economy.

As if matters couldn't get worse, with World Powers only a day removed from agreeing to send Iran back to the U.N. Security Council for possible punishment over its nuclear ambitions, escalating unrest between Israel and Lebanon rattled what little confidence investors had left amid so much uncertainty tied to Fed policy. Now, even with the focus switching more toward corporate earnings over the next few weeks, the fact that policy makers remain focused on "elevated energy prices and their potential to sustain inflation pressures" question whether a 12th straight quarter of double-digit earnings growth can still be achieved.

Lending some support for the continuation of such an impressive streak were PepsiCo (PEP 62.07 +0.97) and Marriott (MAR 36.15 -1.22), which reported 14% and 35% year/year earnings growth, respectively, and also offered reassuring outlooks. Nonetheless, crude oil prices surging 2.3% to $76.70 per barrel, amid geopolitical worries that also included explosions on Nigerian pipelines, weighed heavily on overall sentiment. To wit, market breadth was decidedly bearish as decliners on both the NYSE and Nasdaq outpaced advancers by 3 to 1.

Adding insult to injury were analyst downgrades on two Dow components. As a result of such "stiffening macro headwinds" and now a questionable sales growth rate, Merrill Lynch lowered its rating on Wal-Mart (WMT 44.19 -0.96) to Neutral, which diverted attention from the defensive characteristics of the Consumer Staples sector. Faring even worse was Walt Disney (DIS 28.70 -1.21), which was downgraded at CIBC on concerns of lackluster sales growth in 2007, raising concerns that more Wall Street analysts may need to downwardly revise estimates to truly reflect the impact higher rates and oil price have had on corporations.

Also weighing heavily on a Consumer Discretionary sector already reeling from the consequences record oil prices could have on consumption patterns was Ford Motor (F 6.62 -0.26), which helped push the sector even lower following late-day reports that management cut the auto maker's dividend in half. In fact, Ford's announcement at 2:30 ET removed what little steam Merck's (MRK 36.90 +0.20) Vioxx victory temporarily offered just 30 minutes earlier. Merck, which was off as much as 4.6% following the abrupt departure of a key executive, briefly turned positive after a New Jersey jury sided with the drug maker, awarding no substantial damages.

Be that as it may, when it was all said and done, 26 Dow components finished in negative territory as the blue chip index recorded its worst loss (-1.5%) in a month. The SnP 500, amid losses in all 10 economic sectors, slipped back into negative territory for the year while the Nasdaq hit its worst level in nine months. In fact, the NASDAQ Volatility Index (VXN) surging 10.8% to its highest level since mid-June suggested that more market declines may be on the way. BTK -1.7% DJ30 -166.89 DJTA -2.7% DJUA -0.2% DOT -1.3% NASDAQ -36.13 NQ100 -1.6% R2K -2.0% SOX -1.4% SP400 -1.7% SP500 -16.31 XOI -0.6% NASDAQ Dec/Adv/Vol 2422/583/2.08 bln NYSE Dec/Adv/Vol 2500/774/1.78 bln

[RUMMYisFROSTED]

138. Blatherriffic!

[dweller]

141. perspective.

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.

.

(red closing numbers and insulted by the world blather
Posted by UpInArms)

Dow 10,846.29 -166.89 (-1.52%)
Nasdaq 2,054.11 -36.12 (-1.73%)
S&P 500 1,242.29 -16.31 (-1.30%)
10-Yr Bond 5.071 -0.29 (-0.57%)

{Oil-http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=2386130&mesg_id=2387145
Gold- guess i'll check in with the Mogambo Guru}

dp

[ozymandius]

134. I missed all the action and adventure.

That's what happens when the work schedule is obscene.

I am forced to comment on these events because they are, at the time, momentous. The daily numbers not withstanding - the particularly irritating item is the recommendation to eliminate the tax deduction for mortgage interest. Do you want to talk about special interest groups? This is the largest special interest group in the country. It's also a special interest group I am on the cusp of joining.

Will it happen? I can see how it would happen: hidden in a bill full of pork for those who deserve it least, while ignoring those who need pork the most. They passed that hideous bankruptcy bill warts-n-all. However, the "why" question remains to be answered since any Congressional representative who votes for screwing the largest single economic constituency in the country would commit an act of political suicide.

Meanwhile, tax cuts for the wealthiest Americans remain intact. And nothing has been done to address the alternative minimum tax. It's a political ad that virtually writes itself.

No one should look upon this as being inevitable despite the fact that it will be trumpeted as such, as all these hideous economic initiatives have been.

[UpInArms]

135. thank you, Ozy

No one should look upon this as being inevitable despite the fact that it will be trumpeted as such, as all these hideous economic initiatives have been.

I just think that their plan must be exposed and killed before it is allowed to grow in the dark, unnoticed and unheeded by the sheep they are attempting to fleece.

:hi:

[JNelson6563]

140. Shocking, isn't it?

And yes, you're correct when you say this is possibly the biggest special interest groups there is. I know it would hit us mighty hard as it would many, many others.

Sorry to hear they are working you so hard old friend. Hope you're getting to enjoy that family of yours.

:toast:

Julie