STOCK MARKET WATCH, Wednesday 23 August

[ozymandius]

Wednesday August 23, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 882 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2069 DAYS
WHERE'S OSAMA BIN-LADEN? 1769 DAYS
DAYS SINCE ENRON COLLAPSE = 1730
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 6
Enron execs conveniently deceased = 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 August 22, 2006

Dow... 11,339.84 -5.21 (-0.05%)
Nasdaq... 2,150.02 +2.27 (+0.11%)
S&P 500... 1,298.82 +1.30 (+0.10%)
Gold future... 634.00 -1.20 (-0.19%)
30-Year Bond 4.95% -0.01 (-0.28%)
10-Yr Bond... 4.81% -0.01 (-0.17%)






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

[ozymandius]

1. WrapUp by Ike Iossif

IMPORTANT JUNCTURE FOR GOLD/XAU/HUI

The current chart patterns of gold/XAU/HUI suggest that the price action of the past 90 days will turn out to be either a double top, or a bullish consolidation. In either case, the bullish/bearish resolution appears to be 5-15 trading days away, and it ought to result in a 75-100 point move for the metal, and in a 25-35 point move for the XAU. See charts and comments below:

-cut-

Summary

If seasonality plays out this year in the same manner as it has in the past, we should see a bottom in gold/gold stocks this week and then a rally that will carry the XAU near the 170 level during the month of September. Yesterday's close above 145 has put us on a "bullish alert" looking for a close above 150 for confirmation. If the XAU closes above 150 and stays above 150, it would mean that in all likelihood we've seen the best in terms of the major indices; now it's time to start moving out of the major equity indices and into gold and gold stocks.

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

[ozymandius]

2. Today's Reports

10:00 AM Existing Home Sales Jul
Briefing Forecast 6.60M
Market Expects 6.55M
Prior 6.62M

10:30 AM Crude Inventories 08/18
Briefing Forecast NA
Market Expects NA
Prior -1607K

[54anickel]

25. Existing-home sales plunge to a two-year low

Inventories of unsold homes rise to 13-year high

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BDB73D707-FE88-4257-849E-79F720503BDC%7D&siteid=google

WASHINGTON (MarketWatch) -- Sales of existing homes plunged 4.1% to a seasonally adjusted annualized rate of 6.33 million in July, the lowest since January 2004, the National Association of Realtors said Wednesday.

The report shows a continued weakening in the housing market, with inventories up sharply while prices are softening. Sales are down 11.2% in the past year.

"Boom markets are cooling significantly," said David Lereah, chief economist for the realtors group. Sales fell in all four regions.

The housing market and the economy are "fragile," Lereah said. Some markets that never boomed are now weakening because of sluggish local economies, such as Michigan, Ohio and parts of the Northeast, he said.

"It's important for the Fed to understand how fragile the housing market is, and how fragile the economy is," Lereah said. "The economy impacts housing, and housing impacts the economy."

more...

[54anickel]

27. U.S. crude supply falls, but gasoline supply up: Energy Dept

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B20AB6113%2D649E%2D4F0C%2DA738%2D6CAF31221476%7D&siteid=google

SAN FRANCISCO (MarketWatch) -- The Energy Department said crude supplies fell a smaller-than-expected 600,000 barrels to 330.4 million for the week ended Aug. 18. Motor gasoline inventories stocks rose by 400,000 barrels to total 205.8 million barrels, marking their first climb in five weeks. Distillate supplies climbed 2.3 million barrels to 135.5 million. Following the news, October crude fell 85 cents to $72.25 a barrel. September unleaded gas shed 2.93 cents to $1.91 a gallon and September heating oil was at $2.0125 a gallon, down 2.41 cents

[54anickel]

28. API posts climb in U.S. gasoline supply

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B95D51328%2D0DA8%2D47DA%2DB33F%2D3E4AED62CD6F%7D&dist=newsfinder&siteid=google

SAN FRANCISCO (MarketWatch) -- The American Petroleum Institute said motor gasoline supplies rose 1.3 million barrels for the week ended Aug. 18. The Energy Department had reported a smaller climb of 400,000 barrels. Crude inventories were down 1.9 million barrels, the API said, compared with the 600,000-barrel decline reported by the government. Distillate stocks rose 2.1 million barrels, the API said, nearly matching the Energy Department's reported 2.3 million-barrel increase.

[ozymandius]

3. Oil prices slip on Iran's offer

SINGAPORE - Oil prices dropped slightly Wednesday as traders locked in profits in response to Iran's offer to continue negotiations on its nuclear program.

Traders also awaited the weekly U.S. inventory report, which was expected to show relatively small gasoline stock draws for this time of year, the prime American driving season.

Light, sweet crude for October delivery was down 18 cents to $72.92 a barrel in Asian electronic trading on the New York Mercantile Exchange. The September contract, which closed Tuesday, settled at $72.63 a barrel, up 18 cents.

October Brent crude on London's ICE futures exchange dropped 17 cents to $73.07 a barrel.

http://news.yahoo.com/s/ap/20060823/ap_on_bi_ge/oil_prices_26

[ozymandius]

4. Chavez: China to expand oil cooperation

BEIJING - Visiting Venezuelan President Hugo Chavez said China will expand its cooperation in oil exploration and help his country build a fiber-optic communications network under agreements to be signed in Beijing this week.

The visit by Chavez, who arrived in the Chinese capital early Wednesday, comes amid growing Venezuelan oil sales to China, which wants increased access to Latin American energy sources for its booming economy. Chavez also plans to go to Malaysia and Angola.

In China, Chavez is to meet with President Hu Jintao and Premier Wen Jiabao and also visit the eastern city of Jinan.

Chavez said Venezuela's growing relations with China are part of his government's efforts to create a "multipolar" world to counter U.S. hegemony. He accuses Washington of using its might to bully countries like his own from developing military technology.

http://news.yahoo.com/s/ap/20060823/ap_on_re_as/china_venezuela_1

[ozymandius]

6. Oil eases ahead of US inventories

Ahead of the latest US weekly inventories data which is expected to show a fall in crude stocks, oil prices fell on Wednesday as investors digested the implications of
Iran's response to western demands that it suspend its uranium enrichment programme.

-cut-

The consensus forecast from a survey of analysts conducted by Reuters showed US crude stocks were expected to fall 1.2m barrels last week after the loss of output from BP's Prudhoe Bay in Alaska due to a recent pipeline leak.

Gasoline inventories were expected to fall 1.9m barrels. US gasoline demand is running at record levels at 9.7m barels a day but pump prices have eased back below $3.00 a gallon for the first time in five weeks.

http://news.yahoo.com/s/ft/20060823/bs_ft/fto082320060608024895

[Roland99]

48. You mean Iran didn't launch nukes on Aug. 22 like the rapturists wanted?

:eyes:

[ozymandius]

5. European stocks poised for lower open

European equity markets were expected to open lower on wednesday after a lacklustre performance on Wall Street as interest rate concerns resurfaced and oil prices held at around $73 a barrel.

Spread betters in London were expecting the three main European indices - London's FTSE 100, Frankfurt's Xetra Dax and the CAC 40 in Paris - to open between 5 and 15 points lower.

very short

[ozymandius]

7. Fed officials send mixed signals on rates

BLOOMINGTON, Ill. -- Two veteran Federal Reserve officials gave different readings on the likely course of interest rate policy yesterday -- but only one will be around after the next meeting.

Chicago Federal Reserve Bank president Michael Moskow said inflation remains a bigger threat than slowing growth, and the central bank might need to raise interest rates again.

Soon-to-retire Atlanta Fed president Jack Guynn said monetary policy was ``properly calibrated" and expressed confidence that inflation was going to slow, as the Fed's own forecasts predict.

-cut-

Not so fast, Moskow said.

more

[ozymandius]

8. Fed Warning Damps Stocks

A Federal Reserve official's warning about a possible resumption of interest rate hikes rattled Wall Street on Tuesday, wiping out most of an early advance.

The comments by Chicago Fed President Michael Moskow unnerved investors looking to revive last week's rally after having collected some profits Monday. Retailers and other sectors dependent on consumer spending were weak after Moskow said, "Some additional firming of policy may yet be necessary to bring inflation back into the comfort zone within a reasonable period of time."

-cut-

Wall Street wants the economy to slow so inflation is contained but still grow enough to keep corporate profits strong.

more

[54anickel]

22. Central Bankers Are More Like Santa Than Scrooge

http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_pesek&sid=aV8vGABLs37Q

Aug. 23 (Bloomberg) -- Call it Alan Greenspan's global legacy.

Along with creating an ad-hoc policy style that influenced peers the world over, Greenspan changed the image of the villainous, curmudgeonly central banker during his 18-plus years running the Federal Reserve. He made the job seem glamorous.

Central bankers, when they are in the spotlight at all, used to be despised, a product of their tendency to take away the punch bowl just as the party gets going. Greenspan's predecessor, Paul Volcker, received death threats in the early 1980s as he raised interest rates to contain U.S. inflation.

By the mid-1990s, Greenspan was a bona fide celebrity; his picture routinely turned up in People magazine along with photos of Tom Cruise and Cameron Diaz. In 1998, Greenspan was a runner- up for Time magazine's person of the year, along with the late Princess Diana. ``Late Show'' host David Letterman often worked Greenspan into his comedy shtick. The Fed chairman ate up the attention.

Greenspan was in the limelight for the wrong reason: He participated in the U.S.'s boom -- some might even say he acted as cheerleader -- as opposed to regulating it. His easy-money policies brought the party to new heights, fueling asset bubbles in the U.S. and, more recently, China. Lots of cheap, U.S.- provided money flowed into already overheated Chinese assets.

Now it seems like it's Asia's turn to leave the punch bowl out for too long.

``Central bankers today look suspiciously like Santa Claus,'' said Andy Xie, chief Asia economist at Morgan Stanley in Hong Kong. ``They provide more booze and nibbles when the party starts to run low. They nurse bubbles like doting grandparents. Consequently, financial markets have come to expect central bankers to bail them out whenever they run into trouble.''

more...

[54anickel]

24. Oil Prices May Resolve Fed's Inflation Split

http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_berry&sid=aJ5aprGdWslM

Aug. 23 (Bloomberg) -- Oil prices, the bane of Federal Reserve officials trying to keep inflation low, could be on the verge of helping them resolve a serious split over monetary policy.

World crude oil prices have bounced around the $70 to $75-a- barrel range since the end of March after rising sharply for about 2 1/2 years. If prices continue at roughly that level, it would bring down inflation and allay concerns about future price increases.

snip>

The FOMC focuses primarily on core inflation, which excludes volatile food and energy prices. The officials most concerned about the outlook for inflation didn't take as much comfort as many analysts and investors did in the fact that the core consumer price index rose only 0.2 percent in July rather than the 0.3 percent of the previous four months.

As Goldman Sachs Group Inc. economists told their clients on Aug. 18, ``To hear some pundits in the financial press tell it, these data vindicate the FOMC's inflation forecasting prowess, as if the committee intended the phrase 'over time' to be measured in days rather than months or quarters. This is clearly over the top.''

``The core CPI is up 2.7 percent over the past 12 months, the same as in June,'' the economists noted. ``And if our calculations are right for the personal consumption expenditure core index, its year-to-year trend will also stay at 2.4 percent, well above Chairman Bernanke's 1 percent to 2 percent `comfort zone.'''

That figure for July will be reported by the Commerce Department on Aug. 31.

more...

[ozymandius]

9. A Builder of Luxury Homes Reports a 19% Drop in Profit

PHILADELPHIA, Aug. 22 (AP) — The luxury home builder Toll Brothers said Tuesday that its third-quarter profit fell by 19 percent as the housing market malaise weighed on sales and caused the company to abandon some building locations.

The company also cut its earnings estimate for the full year, signaling that it did not expect the housing market to stabilize soon. Investors have given up on flipping properties for a quick profit and builders have reduced prices to move homes, especially on the luxury end.

Robert I. Toll, the chief executive, told analysts in a conference call that he did not yet see signs of improvement nationwide.

-cut-

The housing market has been weakening faster than expected, said Alex Barron, senior housing analyst with JMP Securities in San Francisco. Toll Brothers’ vulnerability is its luxury niche.

http://www.nytimes.com/2006/08/23/business/23toll.html

[ozymandius]

10. Bye for a few days.

We are racing to the finish line for our move. 54anickel has generously volunteered to post the thread Thursday and Friday.

Have a great day and a pleasant end to your week.

Ozy :hi:

[NC_Nurse]

12. Good luck with the move!

See ya next week. :hi:

[Maeve]

13. Take care and may the move go well!

As well as a move can, anyway....:loveya:

[UpInArms]

15. Have a great move, Ozy!

I hope you and yours enjoy your new home :hug:

:hi:

[shrike]

21. Thanks for all you do n/t

[AnneD]

46. Hope you move is

uneventful...:hug:

[Buttercup McToots]

11. First Nickel, Then Silver?

http://www.investmentrarities.com/weeklycommentary.html


TED BUTLER COMMENTARY

August 21, 2006

First Nickel, Then Silver?

(This essay was written by silver analyst Theodore butler, an independent consultant. Investment Rarities does not necessarily endorse these views, which may or may not prove to be correct.)

This past week, the investment world witnessed an event that has only occurred rarely in the past. I am referring to the extraordinary developments in the nickel market on the London Metals Exchange (LME), the largest base metals exchange in the world. Due to an unprecedented scarcity of metal, the LME was forced to revise the delivery terms of its nickel contracts. In return for allowing short sellers to delay delivery of metal, a daily penalty fee of around 1% of the contract value was payable by the shorts to long holders.

Here are some excerpts from the LME’s press release of August 16 –

"Those with short positions in nickel falling prompt on Friday 18 August 2006, and on subsequent prompt dates until further notice, who are unable to effect physical delivery an/or unable to borrow metal at a backwardation of no more than $300.00 per tonne per day, shall be able to defer delivery for a day at a penalty of $300.00 per tonne. Those with long positions for prompt on those days who are subject to deferred delivery shall be entitled to compensation of $300.00 per tonne per day

Commenting on the announcement, Simon Heale, LME Chief Executive said:

link to article above...

[UpInArms]

14. daily dollar watch

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

Last trade 85.01 Change -0.16 (-0.19%)

The Fed Pause - Its Not Just About Economic Growth

http://www.dailyfx.com/story/special_report/special_reports/The_Fed_Pause_Its_Not_1156326368233.html

The Fed Pause – Its Not Just About Economic Growth

On the surface the US banking sector appears to be in tip top shape. At a time when the rest of the stock market is mired in range bound doldrums the Philadelphia KBW Bank index has posted a gain of 7.3% since the end of 2005 compared to a paltry 2.4% return from the broader S&P 500. While some investors worry that the broad slowdown in the economy will negatively impact big money center banks such as Bank of America and Wells Fargo, the market ignores these worries, rallying the stocks of both to record highs at beginning of August. Yet beneath the veneer of success reside nagging questions regarding the true health of the banking sector remain unanswered. The Fed’s recent decision to take a pause in its interest rate hike cycle may have more to do with monetary officials’ private worries about the state of these bank’s balance sheets than about the state of economic growth in the broader economy.
Is ARM a Ticking Bomb?

The advent of mass marketing of home mortgages over the past several years introduced a variety of “exotic” products to consumers. The most common new mortgage held by millions of households in the United States is the payment option ARM (Adjustable Rate Mortgage) that allows borrows to pick from a menu of selections. Borrowers can choose to fully amortize the loan, pay interest only or opt for the most dangerous choice of all by paying only a portion of the interest payments due each month - known as a negative amortization loan. In plain English this means that the size of the borrower’s mortgage actually increases over time because the unpaid interest payments continue to compound and accrue as liabilities. However, faced with escalating housing prices and stagnant wages, many US consumers have opted for the negative amortization option as a means of buying a home. Until now, most neg- amortization purchasers have enjoyed the benefit of rising house prices which allowed then to extract mortgage equity from their homes and in effect “grow out of their debts”. yet, with housing market cooling rapidly as days of double digit year on year gains clearly over, this strategy is no longer a viable solution.

As John C. Dugan, Controller of the Currency, recently noted,
“The fundamental problem with payment option ARMs, other than the growing principal balance due to negative amortization, is payment shock. A traditional 30-year fixed-rate mortgage requires the borrower to amortize the principal balance through equal payments over the 30-year life of the loan. In contrast, a typical payment-option ARM is a 30-year mortgage that permits five years of negative amortization by allowing a borrower to make very low minimum monthly payments during that period. Beginning in the sixth year, the borrower must begin paying the full amount of interest accruing each month, and must also begin amortizing the increased principal over the remaining 25-year life of the loan. The combination of these factors can produce sharply increased payments in year six. For example, a typical payment-option mortgage of $360,000 at 6 percent can produce a monthly payment increase of nearly 50 percent in that year, assuming no change in interest rates. If rates rise to just 8 percent, the payment increase when amortization begins would nearly double.”

The doubling of monthly mortgage payments would of course send many of these already stretched-to-the-limit consumers into foreclosure, rapidly increasing the number of non performing loans for the banks. This is one reason that Federal regulators recently proposed new guidance with respect to these non-traditional mortgage products, trying to curb some of the lax lending practices that that have permeated the industry.

<snip>

Mindful of Japan’s “Lost Decade”

Whether Suntrust’s problems are an insolated incident or a start of something far more serious in the US banking sector remains to be seen. One idea appears to be fairly certain however. The Fed Chairman Ben Bernanke is keenly mindful of the bursting of the real estate bubble in 1980’s Japan and the concomitant “lost decade” that followed, as that country was plunged into decade long deflation punctuated by three recessions before its banking sector was able to purge itself of all the massive non-performing loans on its books. Dr. Bernanke is adamant about not making the same policy mistakes in the US. Therefore, while the official policy line for the Fed pause may be the slowdown of growth in the overall economy, the real reason for the halt of monetary tightening may be due to concerns over the health of the banking sector. All of which could mean that fundamental economic factors may play a smaller role in future Fed policy making than the market currently believes and that the pause is likely to remain in place at least until the end of the year.

...more at link...

Tomorrow's Economic Releases: US Existing Home Sales: Lower Expectations

http://www.dailyfx.com/story/calendar/key_events/Tomorrow_s_Economic_Releases__US_Existing_1156283548515.html

US Existing Home Sales (JUL) (14:00 GMT; 10:00 EST)
(MoM) (YoY)
Consensus: -1.2% 6.55M
Previous: -1.3% 6.62M

Outlook: Economists project that the measure of existing homes sales, conducted by the National Association of Realtors, will decline by 1.2 percent in July, to an annual 6.55 million unit pace. If these forecasts are matched, the measure will be at its lowest level in two-year as high mortgage rates further curb demand that is already feeling the pinch of a more frugal consumer. Bringing into perspective the financial burden of home ownership, the most common 30-year fixed mortgage rate topped out at 6.8 percent over the week ended July 21st, the highest it’s been since May of 2002. Affordability of housing is now at its lowest in twenty years, leading economists to predict the first annual decline of house prices since April of 1995. Although consumer spending continues to show strength, further declines in housing will impose a serious threat to the US’s chief economic engine.

Previous: Sales of previously existing homes in the United states fell by 1.3 percent to an annual rate of 6.62 million in June, down from 6.71 million in May. The reading’s five-month low is primarily a product of higher borrowing costs as mortgage rates are pushed up from the rising benchmark rate. Inventories of homes that have yet to sell at the current sales pace rose to the highest since 1997. At four-year highs, mortgage rates are cooling the housing market, which until this year, has set five record years. Due its close ties to the consumer, housing has been pushing consumer confidence down as of late, as seen in the University of Michigan’s falling indicator.

...more...

[54anickel]

36. Today's Pfennig - The Birth / Death Adjustment Revisited...

http://dailypfennig.com/

snip>

I was reading Dr. Richebacher's latest letter yesterday, which is something you don't want to do when you have sharp objects laying around! I kid around here because the good Dr. is always on top of whatever it is he is talking about... Anyway, I think he did a great job this month explaining the Bureau of Labor Statistics' (BLS) Birth / Death adjustment... Recall, that I've talked about this stupid practice and have even called them "ghost jobs" in the past...

Anyway, the thing I wanted to highlight as proof that the U.S. economy is going south quickly was this observation by Dr. Richebacher... "Over the three months April-June, the BLS reported the creation of 329,000 non-farm jobs. But this has come about with a stunning contribution of 657,000 from the net birth/ death model, accounting thus for about 200% of the total job creation. Without this adjustment, reported employment would have slumped. Please note that these net birth/death jobs would, if annualized, add up to more than 2.6 million new jobs."

WOW! I hadn't checked on the "ghost jobs" lately because, quite frankly, as Dieter says... I had grown tired of the babble, we dance now! Seriously though, I had beaten that topic to a pulp, and still nobody cared... Well, now that the Dr. Richebacher is talking about it, maybe someone will take notice! Of course that's not cut in stone... The markets seem to want to pick and choose data that they want to focus on... But... I think they will rue the day they failed to do the math on the "ghost jobs"....

Well... I heard on the radio on my way into the office this morning that Iran has agreed to start Nuclear talks... That takes the "scared out of my bejeebers level" down a notch... And I think it will slow down the Risk Aversion that I talked about yesterday, at least until Iran balks... This will help the South African rand, Icelandic krona, and Mexican pesos among the Emerging Markets currencies that we offer...

Today, we will see the color of the July Existing Home Sales data, which is expected to show sales cooling... That won't help the dollar any.... For sometime now, I've been warning people about the housing bubble, and using phrases like, the housing bubble is floating around the room waiting for a pin to pop it... Yesterday, I told you about the letter that the nation's largest mortgage lender was sending to its customers regarding payments rising...

Well... Credit Suisse First Boston issued this report recently..."The portion of adjustable-rate mortgages that were at least 90 days past due has climbed 140% this year. And, according to a UBS study: About $137.5 billion face resets this year and about $524 billion face resets over the next four years."

more...

[UpInArms]

16. How do the very wealthy spend their money? You may not want to know

http://www.marketwatch.com/News/Story/DRz9bPgBCHTCtWLjDK7TjSN?siteid=mktw&dist=TNMostRead

SANTA MONICA, Calif. (MarketWatch) -- Private jet owners have an average annual income of $9.2 million and a net worth of $89.3 million. They are 57 years old. And 70% of them are men.

Hannah Shaw Grove and Russ Alan Prince, two researchers, surveyed the group to find out who they are, what makes them tick, and perhaps most interestingly, what they spend their money on.

The average jet setter spends nearly $30,000 per year on alcohol (wines & spirits). Grove and Prince note that this amount is about two-thirds of the median household income in the U.S. And that's the smallest category of spending they surveyed.

The next smallest was "experiential travel," which includes guided tours, such as photographic safaris, or hikes to Machu Picchu, or eco-tours to the Brazilian rainforest, or kayaking in Baja California during the gray whale migration. For these experiences, jet setters spend an average of $98,000 per year.

But these journeys are small potatoes when compared to how much these wealthy individuals spend on hotels and resorts ($157,000 a year), or events at hotels and resorts ($224,000 a year). Spa treatments even fetch more jet-set dollars than wilderness tours. The average jet setter spends $107,000 a year at spas around the world.

...more...

[RUMMYisFROSTED]

18. Where does "liver surgery" place?

The average jet setter spends nearly $30,000 per year on alcohol (wines & spirits). :wow:

[Tace]

43. Big Parties, I Assume

Then again, that's only 300 bottles of $100 wine.

[RawMaterials]

44. It not like their buying Budweiser

they are probably buying bottles of wine that cost 1k a peace

[UpInArms]

17. OT: JonBenet coverage - It's no wonder that the public hates journalists

http://www.marketwatch.com/News/Story/7jzksdw9F9XPcbdjNrvfwP7?siteid=mktw&dist=TNMostRead

NEW YORK (MarketWatch) -- I'm ashamed to be a journalist. Yes, again.

Like little kids who continually put their hands in a flame and get burned every time, my profession just never learns from its mistakes. We have an unfortunate habit of hyping the wrong stories. Over and over. And when it comes to assessing the effect that our foolishness has on our craft's reputation, it's practically a fatal flaw.

The most recent shining, hideous example of our collective disgraceful judgment is the coverage of the flake who claims he killed JonBenet Ramsey a decade ago. When the young Colorado girl was found dead 10 years ago during the notoriously slow Christmas news season, the saga had all the ingredients of a great pulp-nonfiction media sensation: a little (white) girl's mysterious death, suspicion centering on her parents and the utter inability of law enforcement figures to solve the case. (I suspect that there wouldn't have been a comparable media storm, if a little girl of color had been found dead.)

Here we go all over again. Yes, I'm sorry to say it: the circus is back in town.

No wonder people hate the media. I do, too, sometimes. We drop the ball again and again and yet we act baffled and indignant when those polls come out saying that in the public's view, journalists are one cut above, say, sanitation workers. We feel hurt when the public tells us that it hates and distrusts our profession.

Then we blow it all over again with a story like the JonBenet example. How did the media bungle this story? Let me count the ways:

...more...

[54anickel]

19. 9:36 and open for bidness

Dow 11,358.97 +19.13 (+0.17%)
Nasdaq 2,158.03 +8.01 (+0.37%)
S&P 500 1,301.06 +2.24 (+0.17%)
10-yr Bond 4.823 +0.012 (+0.25%)
30-yr Bond 4.956 +0.006 (+0.12%)
NYSE Volume 88,220,000
Nasdaq Volume 78,796,000

09:15 am : S&P futures vs fair value: -0.5. Nasdaq futures vs fair value: -1.0.

09:00 am : S&P futures vs fair value: -0.1. Nasdaq futures vs fair value: -0.2. Futures indications continue to strengthen heading into the opening bell, now signaling a relatively flat start for stocks. Be that as it may, traders aren't showing a lot of conviction in pre-market action as Iran remains a focal point, housing data and a sales warning in the chip sector remain overhanging factors and total market volume is again expected to be lighter than usual as the dog days of summer are upon us.

08:30 am : S&P futures vs fair value: -0.8. Nasdaq futures vs fair value: -1.2. Still shaping up to be slightly lower start for the indices, but the futures market continues to pare its early losses. Easing geopolitical tensions between Iran and the U.N. pushing oil prices lower are contributing to the improved sentiment; but that could change at 10:30 ET when the Energy Dept. releases its weekly oil inventory data.

08:00 am : S&P futures vs fair value: -1.8. Nasdaq futures vs fair value: -3.8. Futures versus fair value are again signaling a sense of reserve on the part of buyers before trading begins. Technology could be among the more influential areas losing ground after National Semiconductor (NSM) lowered its Q1 sales guidance while investors are more anxiously awaiting the latest update on the health of the housing market to set the tone for trading. After a two-day hiatus, economic data return just after the market opens (10:00 ET) in the form of existing home sales, which are expected to have fallen in July to a two-year low, providing further evidence of slowing economic growth.

06:26 am : S&P futures vs fair value: -2.2. Nasdaq futures vs fair value: -6.5.

[54anickel]

23. 10:18 the party's over

Dow 11,328.32 -11.52 (-0.10%)
Nasdaq 2,147.53 -2.49 (-0.12%)
S&P 500 1,296.59 -2.23 (-0.17%)
10-yr Bond 4.817 +0.006 (+0.12%)
30-yr Bond 4.951 +0.001 (+0.02%)
NYSE Volume 362,285,000
Nasdaq Volume 301,518,000

10:00 am : Not much has changed since the opening bell as seven out of 10 sectors trading higher continues to shut out sellers trying to express their concerns about overbought conditions amid signs of slowing economic growth, especially ahead of July housing data which will be out momentarily. Technology is still turning in the best performance and providing the bulk of early support, as evidenced by the Nasdaq's outperformance versus its blue chip counterparts. Energy, though, is under modest pressure but that's due largely to a 0.9% pullback in oil prices as Iran begins negotiations about its nuclear program, another contributing factor behind the market's modest recovery efforts right out of the gate. DJ30 +18.15 NASDAQ +7.71 SOX +1.3% SP500 +1.89 NASDAQ Dec/Adv/Vol 665/1643/194 mln NYSE Dec/Adv/Vol 826/1619/144 mln

09:40 am : Stocks open with little fanfare as today's only scheduled economic report remains the market's focal point. Helping the indices strengthen and now cling to modest gains, though, has been unexpected leadership from the Technology sector (+0.5%). After initially showing some apprehension after National Semiconductor (NSM 23.51 +0.93) lowered its Q1 sales outlook, tech investors appear to be focusing more on the fact that NSM's gross margin guidance was left unchanged. Takeover talks in the sector, following IBM's (IBM 79.47 +0.52) $1.3 bln cash bid for Internet Security Systems (ISSX 27.74 +1.74) and an unsolicited offer to acquire Gateway's (GTW 2.05 +0.33) retail operations for $450 mln, are also providing sector support. DJ30 +16.97 NASDAQ +6.85 SP500 +2.07 NASDAQ Vol 96 mln NYSE Vol 64 mln

[54anickel]

20. Prices Are High! Give Me More Money (Mogambo)

http://www.kitco.com/ind/Daughty/aug232006.html

If you are wondering why I am drooling and babbling incoherently, one reason could be that that I am pretty sloshed by this time. And I am "in my cups" because Total Fed Credit went down by $4 billion last week. Not overly remarkable in itself, but the growth of TFC, from which springs the excessive creation of money and debt that has been killing America for over 40 years, looks like it really HAS stopped accelerating! Wow! But only time will tell.

As I pour myself another drink of tequila anesthesia at the enormity of this, I note with disgust that Required Reserves in the banks dropped last week to a miniscule $40 billion, which is within a hair's breadth of revisiting the historic lows set in 2001. I almost yawn with the ennui of it all, as this is just more of the typical, and despicable, Federal Reserve crapola.

Then, suddenly, the glass dropped from my hand when my bleary, bloodshot eyes caught the headline "Yuan Gains Most Since Peg Ends as China Allows It to Track Asia", which is the headline of a Aug. 16 Bloomberg news article. It says "The central bank on Aug. 9 said it would allow more 'flexibility' in the new system, which allows the yuan to float with reference to currencies of leading trading partners." Subsequently, "China permitted the biggest gain in the yuan since ending a peg to the dollar in July last year, a day after allowing the largest decline, suggesting the central bank is easing controls over the exchange rate."

snip>

Then it really starts to get bizarre and surreal when we read about the new U.S. Treasury Secretary, Henry Paulson, saying that "a rising yuan would benefit both (America) and China." Hahaha! How things have changed! Up until just this moment, the "official" government policy and mind-numbing mantra has been "A strong dollar is in the best interests of the United States."

But now, suddenly, "A weaker dollar is in the best interests of the United States"? Hahaha! And people are NOT buying gold in panic when they hear such things coming out of the mouth of our Secretary of the Treasury? Maybe they will when they see what is coming out of the mouth of The Mogambo, which is the fabled Mogambo Vomit Of Fear (MVOF), which (in case you were wondering) is like ordinary puke, except with less of an alcohol-tinged after-taste. Some blood, though.

But it gets, thankfully, uproariously funny, as from the same Bloomberg article we hear about how a stronger yuan "would help China slow an economy that grew 11.3 percent in the second quarter from a year earlier, and threatens to ignite inflation." Hahaha! I'm busting a gut here! Hahahaha!

I thought all you had to do to be an economist in America was learn to spell "Economist" and memorize a few buzz-words, and so that is how I became the Famous Mogambo Economist (FME) that I am today. So you can see how my Tiny Mogambo Brain (TMB) would be confused by all of this. So let me see if I can get this straight: Because the yuan gains in strength, imports into China will be cheaper, and thus imported energy will be cheaper, and imported commodities will be cheaper, and this, somehow, is going to slow the booming Chinese economy, where there an unimaginable pent-up demand, where wages are rising at 10% a year, that also uses a fiat currency, that also allows low fractional-reserves via commands from a central bank, and has, in train, massive, massive, massive infrastructure plans for the next few decades? Hahaha! Stop! Please stop! Hahahaha! I'm laughing so hard here that I think I made a little poopie in my pants! Hahaha! How embarrassing!

more...

[54anickel]

26. A spectacular parting of the ways

http://www.ft.com/cms/s/1e4329b8-31f4-11db-ab06-0000779e2340.html

Trading volumes in the market for investment-grade corporate credit – both credit derivatives and actual bonds – have taken dramatically different paths in recent years.

The market for credit default swaps (CDS) – a type of insurance against a company defaulting on its debt – has taken off.

The total exposure underlying outstanding credit derivatives contracts at the end of 2005 was pegged at $17,000bn, a 105 per cent increase over 2004.

Less well documented is that as the CDS market has thrived, traded volumes of the underlying cash bonds have fallen for six consecutive quarters.

Average monthly volumes for US investment-grade corporate bonds slipped to $180bn in the first half of 2006, 13 per cent lower than in the first half of 2005.

One school of thought classes this as a cyclical phenomenon relating to a lack of volatility and supply in the cash bond market.

Others suggest that the divergence could be more permanent, with increasingly heavy derivatives trading sucking liquidity out of the cash market.

more...

[54anickel]

29. For 2 Giants of Soft Drinks, a Crisis in a Crucial Market

http://www.nytimes.com/2006/08/23/business/worldbusiness/23place.html?pagewanted=1&_r=2&ref=business

TWO of the world’s biggest brand names, known for wooing customers around the world, are facing a credibility crisis in one of their crucial emerging markets.

The Center for Science and the Environment announced in August that drinks manufactured by Coca-Cola and PepsiCo in India contained on average more than 24 times the safe limits of pesticides, which could come from sugar, water and other ingredients.

When those reports appeared on the front pages of newspapers in India, Coke and Pepsi executives were confident that they could handle the situation. But they stumbled.

They underestimated how quickly events would spiral into a nationwide scandal, misjudged the speed with which local politicians would seize on an Indian environmental group’s report to attack their global brands and did not respond swiftly to quell the anxieties of their customers.

Three weeks later, Coke and Pepsi are still struggling to win back the confidence of consumers. Partial bans on their products remain in a quarter of India’s states and a complex legal battle to overturn the bans is just beginning. The companies acknowledge that things have not gone smoothly.

The battle offers a cautionary tale for multinational corporations doing business in developing countries, especially one like India, where the market for soft drinks is about $1.6 billion, with Coke holding about 60 percent.

more...

[54anickel]

30. Junk Bonds Surge as Asian Firms Rush to Europe, U.S.

http://www.bloomberg.com/apps/news?pid=20601091&sid=awFgrCdJML90&refer=india

Aug. 23 (Bloomberg) -- In the junk bond market, Asian companies are rushing in where the region's investors fear to tread.

More than two dozen Asian companies have turned to Europe and the U.S. to raise a record $9.5 billion of high-risk, high- yield securities they were unable to sell at home. Fortescue Metals Group Ltd. sold $2.1 billion of notes to build an iron mine in the biggest sale by an Asian company with ratings below Baa3 at Moody's Investors Service and BBB- at Standard & Poor's.

``There isn't a pool of capital in Australia to fund a project of this size,'' said Chris Catlow, chief financial officer of Perth, Australia-based Fortescue, which will become the nation's third-largest producer once the mine is completed. ``We needed the money as soon as possible to keep the project on track to meet the huge demand for iron ore coming out of China.''

Funds are too scarce to meet the needs of non-investment- grade companies in a region that is growing 7.9 percent a year, according to International Monetary Fund estimates. Investors are attracted to the corporate debt because of yields 50 basis points to 200 basis points higher than U.S. company debt with similar ratings, according to HSBC Holdings Plc data.

more...

[54anickel]

31. Asean aims for single market by 2015

http://www.ft.com/cms/s/d8b2cd1c-31f9-11db-ab06-0000779e2340.html

The Association of South-East Asian Nations has agreed in principle to speed efforts to create a single market by 2015, five years ahead of schedule, Ong Keng Yong, its secretary-general, said yesterday.

The agreement came at the start of an annual conference of the region’s economic ministers, who will focus on achieving closer integration in response to competition from China and India.

But doubts remain over whether the goal can be achieved given the wide economic disparity and conflicting national interests among the 10 Asean members.

Even as the ministers were pledging support for a broader economic union, a dispute erupted between Malaysia and Thailand over the terms of the existing Asean Free Trade Agreement, which reduces import barriers for most manufactured goods.

snip>

Regional officials said foreign investments into Asean, which reached a record $38bn last year, would increase if businesses could gain access to a single market of 530m people.

“If we do not hasten the creation of that regional single market, Asean may run the risk of losing its position as an important investment destination,” said Abdullah Badawi, Malaysia’s prime minister, as he opened the conference in Kuala Lumpur.

more...

[54anickel]

38. Japan proposes creation of 16-nation Pan-Asian FTA

http://www.hindu.com/thehindu/holnus/003200608232122.htm

Kuala lumpur, Aug. 23 (PTI): Japan today proposed the creation of a 16-nation Pan-Asian Free Trade Area, including India, with economic activity worth USD nine trillion but Asean which has approved the idea asked Tokyo to conclude the Asean-Japan trade pact first.

"Asean insists on concluding the Asean-Japan FTA talks and adopt practical steps needed to accelerate negotiations by April next year," Malaysia's International Trade and Industry Minister Rafidah Aziz said here at the end of the 38th Asean Economic Ministers meeting.

Asean felt that while studies for a single market in East Asia covering 16 countries was fine, what was more crucial was the pact between the grouping and Tokyo. Only then, should the grouping clinch similar single markets with China and South Korea and thereafter bring in Ausralia, New Zealand and India, ministers felt.

"Both parties must prioritise the Asean-Japan Free Trade Agreement," Rafidah told reporters after meeting the Japanese Minister of Economy, Trade and Industry, Toshihiro Nikai.

more...

[54anickel]

39. U.S. Trade Chief Comments on ASEAN Pact

http://www.chron.com/disp/story.mpl/ap/fn/4135968.html

KUALA LUMPUR, Malaysia — The United States trade chief said Wednesday a trade pact to be signed with ASEAN nations this week is a great boost to economic relations, but she urged the bloc to do more to push Myanmar toward democracy.

Trade Representative Susan Schwab said the Trade and Investment Framework Arrangement, or TIFA, with the 10-member Association of Southeast Asian Nations will create building blocks to broaden and deepen relations _ previously hindered by Myanmar's poor human rights records.

"The U.S. is still very uncomfortable with policies of that government relating to treatment of its own citizens. That said, we do not want our concerns of Burma to jeopardize our broader relations with ASEAN," she told The Associated Press.

"It has been our hope and expectations that ASEAN will always be doing more to push Burma to move toward democracy and to have a better human rights record." Myanmar is also known as Burma.

Schwab is due to sign the TIFA _ which sets the stage for a full-fledged free trade agreement _ on Friday with the 10 ASEAN ministers. Myanmar's Commerce Minister Tin Naing Thein will be signing on behalf of the military junta, according to a copy of the draft obtained by the AP.

President Bush earlier this month renewed sanctions against military-ruled Myanmar following its refusal to speed up democratic reforms and free political prisoners, including pro-democracy leader Aung San Suu Kyi.

more...

[54anickel]

32. IPO delays reach five-year high

http://www.ft.com/cms/s/58e1811a-3202-11db-ab06-0000779e2340.html

The number of US initial public offerings that have been withdrawn or postponed so far this year has reached a five-year high, with companies being put off by uncertain market conditions and a difficult capital raising environment.

A total of 44 planned offerings worth a combined $10bn have been withdrawn or postponed, according to Dealogic. It is the highest level of withdrawals or postponements since 2001, when 127 deals worth a combined $12.8bn were pulled during the same period.

Uncertainty about the US Federal Reserve’s interest rate policy alongside worries about inflation, rising oil prices and volatile equity markets have made investors wary about taking on new stock issues, especially in sectors perceived as more risky, such as technology, biotechnology and telecommunications, analysts say.

The technology sector has been particularly affected in terms of deals withdrawn or postponed, with 10 deals pulled this year to date.

more...

[54anickel]

33. 11:17 still looking for the Visine

Dow 11,293.74 -46.10 (-0.41%)
Nasdaq 2,135.44 -14.58 (-0.68%)
S&P 500 1,292.78 -6.04 (-0.47%)
10-yr Bond 4.833 +0.022 (+0.46%)
30-yr Bond 4.971 +0.021 (+0.42%)
NYSE Volume 682,073,000
Nasdaq Volume 560,355,000

11:00 am : Indices continue to hit fresh session lows as further consolidation in oil prices is offset by rising bond yields. Crude oil prices are now off 1.6% and back below $72 a barrel following an unexpected build in weekly gasoline supplies. While oil's pullback is welcome news for consumers, the subsequent loss of leadership from the Energy sector (-0.7%) removes notable support behind the S&P 500's 4% year-to-date advance. Adding insult to injury and contributing to the reversal in overall sentiment, as decliners now outpace advancers, has been weakness in Treasuries, which has lifted borrowing costs across the yield curve. Aside from the weak housing data, bonds are taking on added weight after the Chicago Fed's national activity index for July fell 0.12. While not typically a high-level report, it did note that a 3-month moving average above zero (now at 0.07) "indicates the potential for inflationary pressures over the coming year."DJ30 -26.67 NASDAQ -9.79 SP500 -4.13 NASDAQ Dec/Adv/Vol 1498/1151/496 mln NYSE Dec/Adv/Vol 1743/1218/372 mln

10:30 am : Major averages spike lower and now trade in negative territory following a stronger than expected decline in monthly housing data. July existing home sales fell 4.1% to a 6.33 mln annual rate -- the lowest level since January 2004. Albeit not a huge surprise, further confirmation that higher interest rates are impacting consumption and acting as another reminder that economic growth is slowing has currently taken the legs out from under early attempts to recoup more of Monday's pullback. DJ30 -7.92 NASDAQ -2.34 SP500 -1.76 NASDAQ Dec/Adv/Vol 1271/1274/345 mln NYSE Dec/Adv/Vol 1325/1519/248 mln

10:00 am : Not much has changed since the opening bell as seven out of 10 sectors trading higher continues to shut out sellers trying to express their concerns about overbought conditions amid signs of slowing economic growth, especially ahead of July housing data which will be out momentarily. Technology is still turning in the best performance and providing the bulk of early support, as evidenced by the Nasdaq's outperformance versus its blue chip counterparts. Energy, though, is under modest pressure but that's due largely to a 0.9% pullback in oil prices as Iran begins negotiations about its nuclear program, another contributing factor behind the market's modest recovery efforts right out of the gate. DJ30 +18.15 NASDAQ +7.71 SOX +1.3% SP500 +1.89 NASDAQ Dec/Adv/Vol 665/1643/194 mln NYSE Dec/Adv/Vol 826/1619/144 mln

[54anickel]

35. 11:30 blather hints at today's targets (technical levels)

11:30 am : Indices extend their reach to the downside as the bulk of industry leadership is now on the defensive following reports that Iran will soon confirm their position as a "nuclear country." Homebuilding (-3.0%) continues to see the brunt of early selling pressure amid weaker than expected home resales and rising bond yields while Trucking (-2.3%), Steel (-2.1%) and Retail (-1.2%) are also among today's biggest laggards, despite the 1.6% decline in oil. Adding to this morning's struggles has been the inability by the Dow, S&P and Nasdaq to find support above key technical levels of 11300, 1295 and 2138, respectively.DJ30 -47.62 NASDAQ -13.68 SP500 -5.88 NASDAQ Dec/Adv/Vol 1832/912/623 mln NYSE Dec/Adv/Vol 2154/901/463 mln


There's my call for the close! :evilgrin:

[54anickel]

34. Insurance companies take on global warming

It's past time for the industry that rated vehicle safety and lobbied for building codes to address climate change, says Fortune's Marc Gunther.

http://money.cnn.com/2006/08/22/news/economy/pluggedin_gunther.fortune/index.htm

NEW YORK (Fortune) -- Throughout their history, insurance companies have done more than collect premiums and pay claims. They've made the world a safer place - by promoting fire prevention, lobbying for building codes, testing the crash-worthiness of cars and rating vehicles for safety.

Now some insurers are worried by the threat to their business posed by climate change. And they are starting to see what, if anything, they can do about it.

snip>

The fact that the U.S. insurance industry is finally taking up the issue of global warming shouldn't be surprising; the surprise is that the industry took so long to wake up to the problem.

snip>

Why the U.S. industry is changing now isn't clear. The growing scientific consensus around global warming, cited by AIG, is probably one reason. Another, surely, are the weather-related disasters of the last couple of years, notably Hurricane Katrina.

In 2005, the insurance industry paid out a record $57 billion in weather-related losses, as my colleague John Simon reports in the current issue of Fortune. The industry has responded, in part, by raising rates and refusing to insure homeowners in coastal regions. But those are neither growth strategies nor ways for a highly regulated industry to win friends.

It will be interesting to see whether the insurers will now join in the Washington debate over climate change. Such influential companies as General Electric, Wal-Mart and Shell now say that they believe that the government should regulate greenhouse gas emissions.

more...

[54anickel]

37. White House hails Katrina recovery

:spray:

http://www.chron.com/disp/story.mpl/nation/4134865.html

WASHINGTON - White House officials touted significant progress Tuesday in rebuilding the Gulf Coast after last year's hurricanes but conceded that less than half of the $110 billion allocated for recovery has been spent.

"There is always a balance in attention between getting the money out fast and getting the money out responsibly fast," said Don Powell, federal coordinator for the Office of Gulf Coast Rebuilding.

President Bush travels to the region Monday to mark the anniversary of Hurricane Katrina's landfall. Ahead of the trip, administration officials offered an upbeat assessment of progress in rebuilding, tempered by a list of what they think went wrong in the response last year.

The presentation served as a preview for how the White House plans to frame Bush's trip to the Gulf Coast, where recovery has been slower and more complex than many expected.

"The president is fulfilling his commitment," Powell said. "It won't happen overnight, but I'm convinced that the groundwork is being laid for a vibrant Gulf Coast area."

more...

[AnneD]

45. Afternoon Marketeers

:beer: and lurkers. I have been up to my elbows in head lice all day. Some folks look at them and see pests-I look at them and see job security. Yepers, that's why I get paid the big bucks as a school Nurse.:eyes:

Ah yes, the Bush Admin and Katrina. They managed to do what Osama and his 11 terrorists and 2 planes couldn't do---destroy a major US city (is YOUR city safe). That is what the DEM's should have as their slogan. We should hold the convention in NOLA and have Jimmy organize a few habitat for humanity homes constructions during the week and have confectioners work there. Heck I'll come, and I am not a delegate.

We are JUST, I repeat JUST now getting reimbursed at the city level here in Houston for the expenses. They opened a Coming Home center so NOLA residents can get the latest info on development. Mayor Nagin has a satellite office there too.

Watch out for the bears, they are on the prowl.

[OrangeCountyDemocrat]

49. Memories Of King george Will Live On For Years & Years & Years...

World Trade Center - GONE

Iraq - DISASTER

New Orleans - DISASTER

Only question is, what's next?

[TrogL]

40. Loonie Watch

(sorry I haven't done one in awhile. It's been pretty much no news is good news and I'm swamped at work)

Highlights

Current:



30-day and 90-day vs.greenback:



30-day vs. Euro, Yen, UK Pound and Swiss Franc




Currency Comparison: http://members.shaw.ca/trogl/looniewatch.html

Detailed analysis: http://quotes.ino.com/exchanges/?r=CME_CD

Up-to-the-minute graph: http://quotes.ino.com/chart/?s=CME_CD.H06&v=s

Historical values http://www.x-rates.com/d/USD/CAD/data30.html

2006-07-24 Monday, July 24 0.876117 USD
2006-07-25 Tuesday, July 25 0.87604 USD
2006-07-26 Wednesday, July 26 0.879121 USD
2006-07-27 Thursday, July 27 0.881368 USD
2006-07-28 Friday, July 28 0.885191 USD
2006-07-31 Monday, July 31 0.884251 USD
2006-08-01 Tuesday, August 1 0.884017 USD
2006-08-02 Wednesday, August 2 0.888257 USD
2006-08-03 Thursday, August 3 0.887942 USD
2006-08-04 Friday, August 4 0.88739 USD
2006-08-07 Monday, August 7 0.894294 USD
2006-08-08 Tuesday, August 8 0.892618 USD
2006-08-09 Wednesday, August 9 0.893096 USD
2006-08-10 Thursday, August 10 0.887942 USD
2006-08-11 Friday, August 11 0.892379 USD
2006-08-14 Monday, August 14 0.88968 USD
2006-08-15 Tuesday, August 15 0.890869 USD
2006-08-16 Wednesday, August 16 0.896057 USD
2006-08-17 Thursday, August 17 0.896057 USD
2006-08-18 Friday, August 18 0.890155 USD
2006-08-21 Monday, August 21 0.894214 USD
2006-08-22 Tuesday, August 22 0.89662 USD


Current values

Last trade 0.9009 Change
Previous Close 0.896 Open 0.8993
Low 0.8993 High 0.9039


Blather (from http://quotes.ino.com/exchanges/?r=CME_CD)

The September Canadian Dollar was higher overnight and above this summer’s downtrend line crossing near .8979. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above this summer’s downtrend line would confirm that a trend change has taken place while opening the door for a possible test of the reaction high crossing at .9076. Overnight action sets the stage for a higher opening in early-day session trading.




Analysis

From http://www.cbc.ca/story/money/national/2006/08/23/loonie.html

Loonie at 7-week high; above 90 cents US

The loonie was quoted at 90.29 cents US in morning trading, up 0.64 cents from Tuesday's close. That's the highest intraday level for the Canuck buck since the 90.48-cent mark reached on July 5.

Early Wednesday, Statistics Canada reported that strong consumer spending contributed to a 0.2 per cent increase in its composite index in July.


...

The loonie's recent high point came on May 31 this year when it traded at 91.34 cents US, according to statistics from the Bank of Canada. That was the dollar's highest level since 1978.

[54anickel]

41. US interventions have boosted Iran, says report

http://www.guardian.co.uk/Iraq/Story/0,,1856363,00.html

The US-led "war on terror" has bolstered Iran's power and influence in the Middle East, especially over its neighbour and former enemy Iraq, a thinktank said today.

A report published by Chatham House said the wars in Iraq and Afghanistan had removed Iran's main rival regimes in the region.

Israel's conflict with the Palestinians and its invasion of Lebanon had also put Iran "in a position of considerable strength" in the Middle East, said the thinktank.

Unless stability could be restored to the region, Iran's power will continue to grow, according to the report published by Chatham House

The study said Iran had been swift to fill the political vacuum created by the removal of the Taliban in Afghanistan and Saddam Hussein in Iraq. The Islamic republic now has a level of influence in the region that could not be ignored.

In particular, Iran has now superseded the US as the most influential power in Iraq, regarding its former adversary as its "own backyard". It is also a "prominent presence" in its other war-torn neighbour, Afghanistan, according to Chatham House's analysts.

more...

[54anickel]

42. 12:18 and I've gotta run for the day!

Dow 11,301.18 -38.66 (-0.34%)
Nasdaq 2,137.38 -12.64 (-0.59%)
S&P 500 1,293.64 -5.18 (-0.40%)
10-yr Bond 4.837 +0.026 (+0.54%)
30-yr Bond 4.973 +0.023 (+0.46%)
NYSE Volume 925,880,000
Nasdaq Volume 753,588,000

12:00 pm : Market remains under pressure midday as weaker than expected housing data, rising bond yields and ongoing uncertainty about Iran's nuclear ambitions (i.e. unsubstantiated reports of a potential nuclear breakthrough) overshadow a 2.0% decline in oil prices.

Just after the market opened, July existing home sales fell 4.1% to a 6.33 mln annual rate -- the lowest level since January 2004. Albeit not a huge surprise, further confirmation that higher interest rates are impacting consumption and acting as another reminder that economic growth is slowing pulled the carpet out from under early recovery efforts. Further, since anticipation of the weak data was already priced into Treasuries, traders consolidating four consecutive days of gains and lifting borrowing costs across the yield curve is impacting rate-sensitive Financials and sparking valuation concerns, especially in growth stocks (e.g. Tech -0.5%) following last week's impressive rally that helped the Nasdaq enjoy its best weekly gain in more than three years.

Eight out of 10 economic sectors are trading lower and the absence of notable leadership anywhere is contributing to the sense of reserve on the part of buyers and offsetting the plunge in oil prices following a build in gasoline inventories for the first time in five weeks. To wit, Energy is turning in the worst performance (-1.1%), eliminating influential support behind the S&P 500's 4% year-to-date advance. BTK -0.6% DJ30 -38.26 DJTA -0.5% DJUA -1.0% DOT -0.3% NASDAQ -12.01 NQ100 -0.6% R2K -1.0% SOX -0.5% SP400 -0.8% SP500 -5.05 XOI -1.1% NASDAQ Dec/Adv/Vol 1882/909/716 mln NYSE Dec/Adv/Vol 2169/925/542 mln

11:30 am : Indices extend their reach to the downside as the bulk of industry leadership is now on the defensive following reports that Iran will soon confirm their position as a "nuclear country." Homebuilding (-3.0%) continues to see the brunt of early selling pressure amid weaker than expected home resales and rising bond yields while Trucking (-2.3%), Steel (-2.1%) and Retail (-1.2%) are also among today's biggest laggards, despite the 1.6% decline in oil. Adding to this morning's struggles has been the inability by the Dow, S&P and Nasdaq to find support above key technical levels of 11300, 1295 and 2138, respectively.DJ30 -47.62 NASDAQ -13.68 SP500 -5.88 NASDAQ Dec/Adv/Vol 1832/912/623 mln NYSE Dec/Adv/Vol 2154/901/463 mln

I promise to try and get up early the next 2 days. Have a good move Ozy! :hi:

[UpInArms]

47. 3:07 EST Final Hour Perk Up

Dow 11,284.69 -55.15 (-0.49%)
Nasdaq 2,131.27 -18.75 (-0.87%)
S&P 500 1,290.40 -8.42 (-0.65%)
10-Yr Bond 4.817 +0.006 (+0.12%)

NYSE Volume 1,516,232,000
Nasdaq Volume 1,185,873,000

3:00 pm : No real change in sentiment as market internals continue to reflect a bearish bias. Decliners are outpacing advancers by at least a 2-to-1 margin on both the NYSE and Nasdaq while a nearly 3-to-1 ratio of down to up volume paints an even more dismal picture for the bulls struggling to get buying efforts back on track. Less convincing, however, is the fact that New High's outnumber New Low's by about 2 to 1 on the Big Board while below average volume again lends little confidence behind today's broad-based consolidation efforts. DJ30 -62.45 NASDAQ -20.71 SP500 -8.10 NASDAQ Dec/Adv/Vol 2050/901/1.16 bln NYSE Dec/Adv/Vol 2325/897/932 mln

2:30 pm : Stocks appear to be bottoming out at current levels as the indices now hover near key technical levels. The Dow, S&P 500 and Nasdaq have all found support near 11275, 1291 and 2129, respectively, perhaps as bonds catching a flight-to-quality bid and paring most of their intraday losses offer some sense of reprieve; the 10-year note is now down only 1 tick to yield 4.81%. DJ30 -63.87 NASDAQ -18.71 SP500 -7.92 NASDAQ Dec/Adv/Vol 2036/883/1.08 bln NYSE Dec/Adv/Vol 2322/884/860 mln

2:00 pm : Market breaks out of its afternoon trading range within the last 30 minutes and spikes to its worst levels of the day. The State Dept. recently noting that Iran's response to an incentives package falls "far short" of U.N. conditions has added to an already cautious tone tied to Iran's nuclear ambitions and exacerbates early-morning nervousness spurred by Iran's state-run Mehr News agency saying Iran will soon confirm their position as a "nuclear country." DJ30 -68.02 NASDAQ -20.37 SP500 -8.18 NASDAQ Dec/Adv/Vol 2001/912/998 mln NYSE Dec/Adv/Vol 2247/930/782 mln

[UpInArms]

50. closing numbers and bitter blather

Dow 11,297.90 -41.94 (-0.37%)
Nasdaq 2,134.66 -15.36 (-0.71%)
S&P 500 1,292.99 -5.83 (-0.45%)
10-Yr Bond 4.813 +0.002 (+0.04%)

NYSE Volume 1,899,009,000
Nasdaq Volume 1,487,648,000

Sellers regained complete control Wednesday as fresh signs of an economic slowdown returned, closing stocks lower across the board.

Kicking things off on a sour note was a larger than expected 4.1% drop in July existing home sales to its lowest level in over two years and lifted inventories to record levels, raising concerns the economy is slowing too much and that corporate profits will suffer.

Since anticipation of the weak data was already priced into bonds, traders consolidating four days of gains and lifting yields across the curve intraday weighed on Financials, economically-sensitive Industrials and sparked valuation concerns in growth areas like Technology, which recently helped catapult the Nasdaq to its best weekly gain in more than three years.

The absence of leadership from Energy, which led the way among the nine sectors posting losses, also took a toll as a market becoming more concerned about a slowing economy focused on potential earnings deceleration among oil companies instead of easing inflationary pressures tied to a 1.8% decline in the price of oil. Crude oil closed at $71.76 a barrel following an unexpected build in gasoline inventories, as refiners increased output by 1.3% to 92.8%, and signs that tropical storm Debby does not pose much of a threat to Gulf platforms.

Iran was also a focal point throughout the session, especially after Iran's state-run Mehr News agency said the world's fourth largest oil exporter will soon make an announcement that will reinforce their position as a "nuclear country." Even though no details were ever disseminated, an already cautious stock market became even more apprehensive, as the indices hit morning lows around 11:00 ET. Then, less than three hours later, the State Dept. saying Iran's response to stop enriching uranium fell "far short" of U.N. incentive conditions added insult to injury and left stocks trading near their worst levels of the day until a last-ditch buying effort merely pared some of the market's losses to make the session seem a bit less bearish than it actually was. BTK -0.6% DJ30 -41.94 DJTA -0.7% DJUA -1.0% DOT -0.6% NASDAQ -15.36 NQ100 -0.8% R2K -1.3% SOX -0.7% SP400 -0.9% SP500 -5.83 XOI -1.5% NASDAQ Dec/Adv/Vol 1982/1004/1.48 bln NYSE Dec/Adv/Vol 2229/1014/1.21 bln

[54anickel]

51. Whoa, didn't make support after all. "Last ditch buying effort" makes

the ending look better than the day really was. So, for today it was all about Iran. :eyes: