STOCK MARKET WATCH, Monday October 2

[ozymandius]

Monday October 2, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 842 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2105 DAYS
WHERE'S OSAMA BIN-LADEN? 1811 DAYS
DAYS SINCE ENRON COLLAPSE = 1772
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 September 29, 2006

Dow... 11,679.07 -39.38 (-0.34%)
Nasdaq... 2,258.43 -11.59 (-0.51%)
S&P 500... 1,335.85 -3.30 (-0.25%)
Gold future... 604.20 -6.70 (-1.11%)
30-Year Bond 4.77% UNCH (UNCH)
10-Yr Bond... 4.63% +0.01 (+0.15%)






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 Tim W. Wood

THE DOW REPORT
The Good, The Not So Good and The Not So Bad

The good news for this past week is that the Dow Jones Industrial Average bettered its May high. In turn, this changed some of the statistics surrounding the 4-year cycle that I shared with you last week. The reason this changed is because with the advance above the May high, we no longer have a failed annual cycle. This leaves this particular aspect surrounding the current set up of the 4-year cycle more positive. Therefore, the market expectations, based on this specific statistical quantification, have changed. As a result, the expectation for the decline into the 4-year cycle has now been lessened. The other good news is that my intermediate-term Cycle Turn Indicator turned up in association with the July low in the Industrials and remains positive today.

The not so good news is that while everyone seems to be focused on the fact that the Industrials bettered their May high and on an intra-day basis bettered the all time close, there is still an important Dow theory non-confirmation in place. Below is a daily chart of the Industrials verses the Transports. This complex non-confirmation began as the averages dropped from their July 3, 2006 highs. That decline carried the Transports below their June low, which marked the previous secondary low point, while the Industrials were able to hold above that level. When the Transports violated their previous secondary low point it put them in a bearish mode. However, the Industrials have not confirmed this bearish move and have held above their June low. This violation is noted in blue on the chart below. From the June/July low, the Industrials have managed to move higher. The Transports bottomed in August and have since failed to move back above their July 3rd high. As a result, this created a second non-confirmation that is illustrated in red. Now, with the Industrials bettering their May high while the Transports have not, this has created a third non-confirmation, which is illustrated in green. The bottom line here is that we have an important non-confirmation and most people seem to be overlooking its importance.

-see chart-

Now for the bad news. Bettering the May high lessened the statistical expectations for the decline into the 4-year cycle low, but it did not change the fact that the 4-year cycle low is still ahead. Based on the data surrounding the 4-year cycle I maintain that the 4-year cycle low is yet to come. The data tells me that the trap this time around is that most people are erroneously falling for the idea that the 4-year cycle low came back in the summer. As I reported here last week, there is no sound evidence in my opinion to support that notion. I have told subscribers all along that I did not look for the 4-year cycle low to occur in the fall. That has not changed. As I see it, this is another trap that most people are falling into as everyone has been conditioned to look for the low in September/October. As I reported here last week, my cyclical phasing has not called for the 4-year cycle low in this window. I do look for what will be perceived as a false low coming, but that will not be THE low. No, the 4-year cycle is stretching and throwing major curve balls this time around and it seems that most people are taking the bait.

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

[ozymandius]

2. Today's reports

10:00 AM Construction Spending Aug
Briefing Forecast -0.4%
Market Expects -0.3%
Prior -1.2

10:00 AM ISM Index Sep
Briefing Forecast 54.0
Market Expects 53.5
Prior 54.5

[54anickel]

20. August construction spending rose 0.3%

Private residential construction outlays fell 1.5%

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B47AE3868-DFE0-40CE-8D02-BE044C7558BB%7D&siteid=google&dist=

WASHINGTON (MarketWatch) -- Spending on U.S. construction projects unexpectedly rose 0.3% in August, pushed higher by a big gain in private nonresidential spending, the Commerce Department said Monday.

Economists had forecast construction spending would fall by a seasonally adjusted annual rate of 0.1% in August. See Economic Calendar.

Private nonresidential construction spending rose 3.4%, fueling the overall monthly gain, data show.
Spending on manufacturing facilities, power plants, commercial buildings and office projects all posted big gains in August.

Nonresidential construction spending has increased 23.9% in the past year, the largest year-over-year increase in 21 years. This comes after nonresidential spending had fallen a record 18% year-over-year in 2003.
Inflation is one factor behind the rising spending totals. Monday, a contractors' group said the price of construction materials is set to outpace consumer and producer prices. Read more.

Private residential construction spending posted its fifth consecutive monthly drop, falling by 1.5%. The last time spending on homes rose was in March. Private residential spending is down 5.2% year over year.

more...

[54anickel]

21. U.S. Sept. ISM factory index 52.9% vs 54.5% in Aug.

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BBCFC62B1%2D84CB%2D4042%2D8E6A%2DEA9D9B2B5D9C%7D&siteid=google

WASHINGTON (MarketWatch) -- Factory activity in the United States decelerated in September, the Institute for Supply Management reported Friday. The ISM index fell to 52.9% in September from 54.5% in August. This is the lowest level since May 2005. The decline was sharper than expected. The consensus forecast of estimates collected by Marketwatch was for the index to fall to 53.7. Readings above 50 indicate expansion. New orders remained steady at 54.2%. The employment index dropped to 49.4% from 54.0%. The price index dropped sharply to 61.0% from 73.0%. This is the lowest level since July 2005. (Corrects new orders index steady at 54.2%)

[54anickel]

22. U.S. Treasuries rise after manufacturing index dips

http://today.reuters.com/news/articleinvesting.aspx?type=bondsNews&storyID=2006-10-02T152327Z_01_N02360144_RTRIDST_0_MARKETS-BONDS-UPDATE-1.XML

NEW YORK, Oct 2 (Reuters) - U.S. government debt prices moved higher on Monday after a weaker-than-expected manufacturing survey pointed to an economy that was gradually cooling.

Bond investors welcomed the dip in the September index from the Institute for Supply Management, which countered concerns about recent strength in some factory data and might hasten the day when the U.S. Federal Reserve cuts interest rates.

"It looks like there is a cooling off in manufacturing but not a big decline underway," said Gary Thayer, chief economist with A.G. Edwards & Sons in St. Louis.

The ISM index for September slipped to 52.9 from 54.5 in August, the lowest reading since May 2005 and below economists' forecasts of 53.5. A reading over 50 indicates expansion.

snip>

"ISM is good from a bond perspective but it's getting perilously close to 50," said Robert Macintosh, chief economist with Eaton Vance Management in Boston. "The employment index was below 50 and that tells me companies on the manufacturing side will cut jobs."

snip>

The Federal Reserve has kept interest rates unchanged since late June and bond yields have rallied in the past three months as investors have increased their bets that the next move by the Fed will be an interest rate cut.

"Right now the Fed has to be nervous on whether they went too far, looking at employment. It's not 'cut' yet but it takes off the table virtually any chance of an increase," Macintosh said.

[ozymandius]

3. Oil prices edge up in Asian trading

SINGAPORE - Oil prices rose Monday in Asia after two key oil producing nations said they were cutting oil production, raising concerns that other members of the OPEC oil cartel would do the same.

On Friday, Venezuela said it will reduce oil output by 50,000 barrels a day to try and stem the recent fall in crude prices while Nigeria on Saturday said it is cutting oil exports by 5 percent in a move the state-owned oil company described as a routine seasonal reduction.

While the 11-member Organization of Petroleum Exporting Countries decided earlier this month to hold to a 28 million barrel a day output quota, many traders say the group would like to rein in production if crude-oil futures drop much lower than $60 a barrel.

"The market seems to have reached a floor in the low-$60s due to the widespread feeling among traders that OPEC may be galvanized to control output or cut production if prices are below $60 a barrel," said Victor Shum, an analyst with Purvin & Gertz in Singapore.

more

[ozymandius]

4. Giant Industries reports fire at Virginia refinery

NEW YORK (Reuters) - Oil refiner Giant Industries Inc. (NYSE:GI - news) said on Sunday a fire occurred at its refinery in Yorktown, Virginia, on Saturday morning.

The company said the affected unit had been shut down and the rest of the refinery was operating at normal levels.

Giant said it would be assessing the damage, as well as its impact on ongoing refinery operations.

very short

[ozymandius]

5. Automakers hearing our cries over gas prices (opinion)

So gas prices are down a quarter -- time to stop worrying and moaning about fuel economy. Yeah, right.

It has been a tense year that saw prices shoot over three bucks a gallon, and few believe it won't happen again. You see Middle East turmoil and yearn for a day when this nation is less dependent on foreign oil. And you wonder about how to keep a few more dollars in your pockets and a few less pollutants out of the environment.

-cut-

The world's automakers hear your cries and the evidence is five days away when doors open at the 36th Annual South Florida International Auto Show, which runs Friday through Oct. 15 at the Miami Beach Convention Center.

http://www.miami.com/mld/miamiherald/news/special_packages/5min/15648844.htm

[ozymandius]

6. Iran will back Opec move on prices

Iran said yesterday it would support any Opec moves to "solidify" the oil market and bolster plunging crude prices amid unilateral cuts by members and calls for an output quota reduction by the cartel.

"Iran will support any effort by Opec members to solidify the oil market and return prices to an acceptable and logical level," said Hossein Kazempour Ardebili, Iran's representative to Opec.

tiny blurb

[ozymandius]

7. Asian Stocks Climb, Led by Toyota, Mitsubishi UFJ; Taiwan Gains

Oct. 2 (Bloomberg) -- Asian stocks advanced after business confidence in Japan, the region's biggest economy, unexpectedly rose to a two-year high. Toyota Motor Corp. and Mitsubishi UFJ Financial Group Inc. led gains.

``Business conditions in Japan look good and investors are eyeing companies that will likely post higher first-half earnings,'' said Junichi Misawa, who oversees $655 million in funds at STB Asset Management Co. in Tokyo.

The Morgan Stanley Capital International Asia-Pacific Index climbed 0.5 percent to 129.18 as of 5:10 p.m. in Tokyo, its highest since Sept. 6. All 10 industry groups advanced.

Japan's Nikkei 225 Stock Average rose 0.8 percent to 16,254.29, its fourth day of gains. The Bank of Japan's quarterly Tankan survey showed confidence among the nation's largest manufacturers climbed to a two-year high. Japan buys more than 40 percent of its imports from Asia.

http://www.bloomberg.com/apps/news?pid=20601080&sid=aCYu6nMwkWSI&refer=asia

[ozymandius]

8. Growth in U.S. Slows to `Stall Speed,' Raising Recession Risk

Oct. 2 (Bloomberg) -- The U.S. economy has slowed more dramatically than most economists expected just a few weeks ago, leaving it more vulnerable to a recession.

Forecasters at Goldman Sachs Group Inc. and AllianceBernstein Holding LP in New York have cut their growth estimates for the just-ended third quarter to an annual rate of 2 percent or less. They don't foresee much, if any, improvement in the fourth quarter: Auto-production cuts and slumping home sales are likely to overwhelm any boost the economy gets from lower gasoline prices, they say.

``We're decelerating fairly significantly,'' says Peter Hooper, a former Federal Reserve official who's now chief economist at Deutsche Bank Securities Inc. in New York. He sees annual growth below 2 percent in the second half. The economy expanded at a 2.6 percent rate in the second quarter and 5.6 percent in the first.

Growth is getting closer to what Macroeconomic Advisers LLP President Chris Varvares describes as the ``stall speed,'' where an unexpected shock such as a terrorist strike or a hurricane might be enough to trigger a recession. A mathematical model of the economy developed by Federal Reserve economist Jonathan Wright puts the chances of a recession over the next year at about 40 percent.

http://www.bloomberg.com/apps/news?pid=20601103&sid=ahY7_Y5RkMVk&refer=us

[ozymandius]

9. Vanguard, Loomis, Pimco, Right on Bond Rally, Say Best Is Over

Oct. 2 (Bloomberg) -- The same bond fund managers who predicted the third-quarter rally in Treasuries now say the gains may be over for the year.

Vanguard Group Inc. fund manager David Glocke says U.S. bonds will fall if the Federal Reserve keeps its benchmark interest rate at 5.25 percent. Loomis Sayles & Co. Vice Chairman Daniel Fuss predicts 10-year Treasury note yields won't go lower than the 4.5 percent reached last week. Paul McCulley, who oversees $100 billion at Pacific Investment Management Co., says investors may have to wait until next year for gains.

Ten-year notes returned 3.65 percent in the past three months, the biggest gain in four years, amid growing speculation that the Fed will reduce rates to stimulate a slowing economy, according to data compiled by Merrill Lynch & Co. The return, which includes reinvested interest, wiped out a 1.2 percent loss from the first half.

-cut-

On July 5, fed funds futures contracts that trade on the Chicago Mercantile Exchange and expire in December yielded 5.55 percent, indicating traders were betting the central bank would raise rates one more time before year-end. Now the contract yields 5.23 percent, showing a slight chance of a reduction. The February contract reflects a 30 percent chance that the Fed will lower the target rate for overnight lending between banks to 5 percent when it meets in January.

http://www.bloomberg.com/apps/news?pid=20601103&sid=aKl.TJocTNWk&refer=us

[ozymandius]

10. Airlines Now in `Impossible' Position as EU, U.S. Miss Deadline

Oct. 1 (Bloomberg) -- Carriers have been left in an ``impossible situation'' after the European Union and the U.S. yesterday failed to salvage an agreement on the exchange of passenger data, said the Association of European Airlines.

The two sides broke off talks on an anti-terrorism accord that would have enabled European airlines such as Air France-KLM Group to give U.S. authorities details about trans-Atlantic passengers, such as their addresses and ticket-payment methods, without violating EU privacy rules. The lack of agreement by yesterday's deadline leaves carriers in a legal limbo.

-cut-

Without a new agreement, airlines that transfer information to the U.S. face the threat of lawsuits in Europe for breaching EU data-privacy rules, while carriers that refuse to give the information risk losing permission from the U.S. to land there.

http://www.bloomberg.com/apps/news?pid=20601085&sid=aUet6s.RxqnQ&refer=europe

[oldboy101]

11. Next year is likely to be a down year.

Cutting through the chase, the bottom line is that the current bull market in stocks is coming to a close. 2007 will likely be a down year and a bear market in stocks. Those who are heavily invested in stocks would be well advised to take some profits now and keep some money in reserve until better buying opportunities come along.

[ozymandius]

13. I remember when Saddam Hussein was captured.

Colgate shares jumped on the promise that this pivotal event would precipitate a massive leap in sales of toothpaste. (snark)

My point is: Looking ahead to 2007 portends little in the way of good news. Iraq is a freaking disaster. So forget about a runup in sales of homes, cars (and toothpaste) on news from there. Housing on the national average will continue to slump. A home's value as an ATM will no longer exist. Durable goods will, of course, suffer too from decreased new home construction. Fuel prices have found their floor. Employment? Feh.

Welcome to the discussion, oldboy. Just a word about issuing advice: Our little thread here is open to presenting personal investment decisions. But we shy away from being a resource for financial planning advice. You may have noticed that anyone who asks for pointers on where to invest their money will be directed to resources that offer investigative tools.

As for myself, we have some stocks that have done okay in mostly green and social equity issues. I am also partial to money market funds. Stocks will not take a front seat until we have legitimate (Democratic) Congressional oversight aided by the (non-Republican) SEC. That's not advice, just my position.

[oldboy101]

19. Thanks for your explanation.

I will freely admit that I am no expert although I do follow the markets. I simply offered my impression that most stocks are likely to be down next year, in line with what many others have said. I certainly agree with your observation that it is wise to have some investment in money market funds at this time and I do.

As for personal market experiences I put a good block of money into a REIT mutual fund a few years back and doubled my money. I sold that off recently as I believe that this investment has run its course for now. I do have a sizeable investment in a well-known balanced mutual fund now, as well as a junk bond fund that has done well for me. Since I am retired I do not invest in speculative stocks. I consider that to be gambling more than investing.

[Nimrod2005]

15. There is no profit if you have been in the market since * took over...

We are about flat on the DOW, way down on the Nasdaq and S&P.

I will take a profit when the DOW hits 15K, NASDAQ 5K and S&P 3K!!!

[mnhtnbb]

44. Actually, the profits were there if you made some good choices

Profits I've taken in the last two tax years have just about used up my capital loss carryovers!

[ozymandius]

12. 'Hedge fund bets were too large'

The bets in the natural gas market that lost $6bn for hedge fund Amaranth were "much too large for its capital base", according to a new study of the losses conducted by Edhec, the French business school.

The fund's risk managers could have identified how "massively risky" the fund's positions were, even based on historical market moves that would have underestimated the difficulty of exiting the trades, the study concludes.

-cut-

Hilary Till, a research associate at Edhec and a principal of Premia Capital Management in Chicago, said her analysis suggested the market moves that hit Amaranth were statistically even more improbable than those that brought down Long Term Capital Management in 1998.

The probability of those events has been likened to the chance of a meteor hitting the earth. But with positions as large relative to the market as Amaranth's, the attempt to get out of trades can itself dramatically move prices.

http://msnbc.msn.com/id/15095602/

[54anickel]

35. How safe are hedge funds as an asset class?

http://www.ameinfo.com/97802.html

The decision by Amaranth Advisors, the hedge fund manager which lost $6 billion in energy trades, to suspend redemptions and liquidate its remaining positions has sent shockwaves through the sector. Just how safe are hedge funds for investors?

Last week Connecticut-based Amaranth Advisors, a multi-strategy fund that in August reported assets of more than $9 billion, met with major investors to discuss its predicament. For Amaranth had suffered a $6 billion loss in natural gas derivatives in August, more than $560 million in just one day.

Not surprisingly investors are looking at how to get their money back. But as an article on Reuters pointed out Amaranth had delivered strong performance in the past, delivering a $3 billion profit from January 2005 to August 2006, mainly through commodity trades.

Some industry commentators are now saying that investors ought to have read this success as a warning sign. So often what appears to be too good to be true in the investment world turns out to be just that.

more...

[ozymandius]

14. Enjoy your day folks.

:donut: :donut: :donut:

It's that time again. I'll catch up with you when it's all said-n-done.

Ozy :hi:

[UpInArms]

16. daily dollar watch

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

Last trade 85.90 Change -0.13 (-0.15%)

Dollar Bounces As Data Mixed

http://www.dailyfx.com/story/special_report/special_reports/Dollar_Bounces_As_Data_Mixed_1159768437647.html

It was a strange week in FX land as the greenback bounced back from last week’s fall not necessarily on its own merits, but rather because data from Europe was even more negative than the results from United States. On the surface US housing sector appeared to have stabilized and even improved as both Existing and New Home Sales figures recorded much better than expected readings, but looking below the headlines the facts showed a different story. New Homes sales were revised markedly down - their eighth such revision in a row. Durable goods meanwhile also shocked to the downside contracting –0.5% vs. 0.5% expected. On the flip side, lower gasoline prices which have declined by more than 30% in the past six weeks boosted consumer confidence with both CCB and U of M surveys registering better than forecast readings. Finally personal income increased as forecast but personal spending did not – a clear sign that the US consumer is now more focused on debt service rather than spending. This is a fact that the market may not fully appreciate as we approach the critical Christmas season. Overall, there was little to suggest in last week’s data that the US economic slowdown has been averted and greenbacks gains appear to have been more a function of disappointment in the pace of growth in the Euro-zone rather that any sense of optimism about US economic prospects. In short the buck found it self in the unusual role of being the anti-euro.

Employment remains the critical component of the dollar bull “soft landing“ argument. If the US does in fact engineer a soft landing employment growth should remain steady. Though hardly spectacular, any result within the 100K level will keep that thesis alive. A sharp surprise to the downside however will once again revive talk of a recession and possible Fed cut by early next year – all quite negative prospects for greenback. Thus as is so often the case in the currency market next week comes down to Friday’s NFP.



...more...

Monday's Economic Releases: ISM Could Stall Dollar Advance

http://www.dailyfx.com/story/calendar/key_events/Monday_s_Economic_Releases__ISM_Could_1159575781944.html

US ISM Manufacturing (SEP) (14:00 GMT; 10:00 EST)
(ISM) (Prices Paid)
Consensus: 53.7 68.0
Previous: 54.4 73.0

Outlook: ISM manufacturing is expected to slow in September despite oil prices definitively below highs in the month of August. The bulk of analysts predict that the recently poor Philadelphia Fed figure will lead the broader index lower, as broader US growth continues past its peak and signs of slowdown abound. Markets will pay particularly close attention to the employment component of the report, with the reading typically highly correlated with subsequent Non Farm Payroll changes. Likewise bearish for the US dollar, the Prices Paid component looks to edge lower, as demand for manufactured goods slows. Needless to say, continued declines in industrial production bodes poorly for broader outlook on the world’s largest economy. Analysts will look to see if ISM Manufacturing numbers can sustain weakness seen in specific regions of the economy, while traders will likewise monitor other key US data releases in the coming week.

Previous: US manufacturing eased in the month of August, consistent with broader signs of slower growth in the domestic economy. The ISM Manufacturing survey reading fell from 54.7 to 54.5 on the month, representing little change, but a continued downtrend worsens outlook for US industry. Likewise, the prices paid component moved lower, from 78.5 to 73 in August. Slower housing growth has hurt disposable income levels for consumers, which in turn limits inflation on slower spending. It is important to note, however, that recently lower gasoline prices have boosted consumer confidence and may bring a slight rebound in spending. We look to the upcoming ISM Manufacturing and Prices Paid reports for early signs of such a change.

...more...

[54anickel]

30. Sucking pond scum....

Last trade 85.56 Change -0.47 (-0.55%)

Settle Time 15:00 Open 86.00

Previous Close 86.03 High 86.13

Low 85.51 2006-10-02 13:14:22, 30 min delay


Dollar Drops on U.S. Manufacturing Data
http://biz.yahoo.com/ap/061002/dollar.html?.v=1

BERLIN (AP) -- The dollar dropped against the euro Monday after a report showed U.S. manufacturing grew at its slowest pace in more than a year.

snip>

An index from the Institute of Supply Management attributed slower manufacturing growth to auto sales and the housing market.

snip>

Slowing growth could reduce pressure on the Federal Reserve to raise interest rates. Rising rates have buoyed the dollar for the past two years.

Other data this week -- such as August factory orders, due on Wednesday -- could also affect expectations of the Fed' future interest rate course.

Meanwhile, the ECB's governing council meets in Paris on Thursday amid signals that another rate increase in the euro zone may be on the cards.

more...

[UpInArms]

17. New trend in U.S. housing: the incredible shrinking lot

http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=2006-10-02T070115Z_01_N26339665_RTRIDST_0_ECONOMY-DENSITY-BUSINESS-FEATURE-PICTURE.XML

excerpt:

But Edgewater's construction boom also highlights a trend in U.S. housing: the incredible shrinking lot. Where once there was a single family home with a small garden, there is now a townhouse development. So-called McMansions, whose modern walls stretch almost to the neighbor's property line, are everywhere.

<snip>

In her book, "The Perfect $100,000 House," Karrie Jacobs described how an eclectic mix of styles in the Palisades Park neighborhood where she grew up had given way to "the two-family anonymous brick things that were now the norm in this part of New Jersey."

"Not only were there no yards, there were no trees or bushes or any of that anymore, and there were no people outside," she said in an interview. "I wonder if it was more than just a real estate issue, whether it's more of a broader cultural issue, that people's relationship with the outdoors in some cases is a little bit estranged."

'CRUEL AND MANIPULATIVE'

As in Edgewater, developers nationwide are generally putting attached housing on properties like failed shopping centers, in ravines and on former industrial sites -- "areas that were bypassed for decades because the economics didn't work for single-family," said David Dixon, principal of the Boston-based architecture and planning firm Goody Clancy.

...more...

[ozone_man]

23. "people's relationship with the outdoors

in some cases is a little bit estranged." That's not a good trend. Humans distancing themselves from nature. We're heading toward a paved environment

[54anickel]

25. Don't know what you've got 'til it's gone - Paved paradise and put up

a condominium.

[ozone_man]

36. Not all gloom and doom.

Hey, farmer, farmer, put away that D.D.T., now!
Give me spots on my apples
But leave me the birds and the bees, please!
Don't it always seem to go
That you don't know what you've got till it's gone?
They paved paradise and put up a parking lot.

Since then, our eagles and ospreys have come back to pre DDT levels.

My personal Joni Mitchell favorites:

Night Ride Home and Come In From The Cold

What a love for nature.

[UpInArms]

18. U.S. homework outsourced as "e-tutoring" grows

http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=inDepthNews&storyID=2006-09-29T150352Z_01_N27402079_RTRUKOC_0_US-LIFE-EDUCATION-INDIA.xml

BOSTON (Reuters) - Private tutors are a luxury many American families cannot afford, costing anywhere between $25 to $100 an hour. But California mother Denise Robison found one online for $2.50 an hour -- in India.

<snip>

It comes at a difficult time for the U.S. education system: only two-thirds of teenagers graduate from high school, a proportion that slides to 50 percent for black Americans and Hispanics, according to government statistics.

China and India, meanwhile, are producing the world's largest number of science and engineering graduates -- at least five times as many as in the United States, where the number has fallen since the early 1980s.

<snip>

"It's not that the U.S. education system is not good. It's just that it's impossible to give personalized education at an affordable cost unless you use technology, unless you use the Internet and unless you can use lower-cost job centers like India," he said over a crackly Internet-phone line from Bangalore. "We can deliver that."

<snip>

A New Delhi tutoring company, Educomp Solutions Ltd., estimates the U.S. tutoring market at $8 billion and growing. Online companies, both from the United States and India, are looking to tap millions of dollars available to firms under the U.S. No Child Left Behind Act for remedial tutoring.

<snip>

But No Child Left Behind, a signature Bush administration policy, encourages competition among tutoring agencies and leaves the door open for offshore tutors, said Diane Stark Rentner of the Center on Education Policy in Washington.

...more...

[Systematic Chaos]

26. What an absolute bunch of crap.

So now our school children, who are already lagging in their understanding of simple concepts, are now supposed to get "help" from the same people who can't provide decent tech support for most common computer issues? I pity the kids who are handed off to this instead of having their GODDAMN PARENTS help them like they should. :grr:

[54anickel]

27. Re-edumacation of Murekans - is your childurns learnin' the right stuff?

"...give children an edge that can lead to better marks, better colleges and a better future...

But No Child Left Behind, a signature Bush administration policy, encourages competition among tutoring agencies and leaves the door open for offshore tutors, said Diane Stark Rentner of the Center on Education Policy in Washington.

"The big test is whether the kids are actually learning. Until you answer that, I don't know if you can pass judgment on whether this is a good or bad way to go," she said. :eyes:

Yeah, right...and they don't want that question answered until there's an entire generation indoctrinated to the
"right stuff" in that No Child Left Behind crap. So, are these tutors also tutoring to the test? They go on and on about their educational credentials (probably a good thing) but are they willing to "dumb down" that possible vast knowledge and wisdom to fit the "Bush Dogma" in the tests that the No Child Left Behind program emphasizes?

[54anickel]

29. Entrants to US workforce 'ill-prepared'

http://news.yahoo.com/s/ft/20061001/bs_ft/fto100120061732449263;_ylt=Auf3PdzhgOIAmx.qqVPWrRn2ULEF;_ylu=X3oDMTA5aHJvMDdwBHNlYwN5bmNhdA--

snip>

The survey of 431 business leaders comes as many political and industry leaders are concerned about the US losing its competitive edge to fast-growing economies such as India and China.

Conducted by business research organisations including The Conference Board and the Society for Human Resource Management, the survey found nearly three quarters of incoming high school graduates were viewed as deficient in basic English writing skills, including grammar and spelling. Almost 30 per cent said they doubted their college graduate employees could write a simple business letter.

snip>

"As the economy and the world of business change, the perceptions of employers are that we don't have enough excellence out there - including in our college educated workers - to compete," she said. "If we're not demonstrating excellence in communicating in English - our native language - how will we compete internationally?"

Competence in mathematics was another trouble spot. More than half said they viewed high school graduates as deficient in mathematics. More than 10 per cent of respondents said college graduates were deficient in the subject, while 70 per cent said they are adequate.

"Employers are making decisions on where they hire and where they locate operations based on their perceptions," Ms Barrington said. "When the median income in the US is $50,000, is adequacy enough to keep those jobs that are being generated in the US?"

snip>

"This is very troublesome in a value-added world where these types of skills are very important," said Richard Cavanagh, president and chief executive of The Conference Board. "In the past, the US competed on 'doing it better' but now as other entrants in this marketplace train their people as well and do it cheaper, that's not possible any more."

more...

[54anickel]

24. 12:19 market check

Dow 11,715.73 +36.66 (0.31%)
Nasdaq 2,261.10 +2.67 (0.12%)
S&P 500 1,337.57 +1.72 (0.13%)
10-yr Bond 4.6060% -0.0270
30-yr Bond 4.7450% -0.0220
NYSE Volume 986,001,000
Nasdaq Volume 813,388,000

12:00 pm : After stumbling out of the gate as a sense that the impressive gains garnered in Q3 would prompt some early profit taking, stocks are now hitting fresh session highs midday, due largely to a sell-off in oil. To wit, the Dow is making another attempt at a record as it has recently eclipsed its all-time closing high of 11,722.98 but is still short of its all-time intraday high of 11,750.28.

As a reminder, oil prices plunging 13% in Q3 were a big reason behind a rally in equities that pushed the three major indices up 4.6% on average for the quarter. Crude oil futures tacking on another 2.2% decline and slipping to $61.50/bbl, as traders believe the decision by Venezuela and Nigeria to cut output will not have much of an impact on an already well-supplied market, is now giving the bulls a reason to keep the rally intact.

Some reassuring economic data and resurgence in M&A activity have also helped provide a floor of support. The day's key report was the September national ISM survey on manufacturing conditions, which fell to 52.9, the lowest level since May 2005 and below the expected 53.5 level. However, since any number above 50 still indicates expansion, the data did not reflect the degree of weakness shown in the September Philly Fed survey and has been viewed as supportive of a soft landing. The prices paid component falling off sharply to 61.0% (from 73.0%), the lowest level since July 2005, also eases concerns on the inflation front, as evidenced by renewed enthusiasm for bonds that has pushed the yield on the 10-year note (+06/32) back to 4.60%.

Meanwhile, Harrah's Entertainment (HET 75.91 +9.48) has received a $15 bln private-equity buyout offer while Gilead Sciences (GILD 65.10 -3.67) has made $2.5 bln bid for Myogen (MYOG 51.43 +16.35), lending further credence to the underlying bullish sentiment that has been behind the steady rally in stocks since Fed Chairman Bernanke's semi-annual testimony on July 19. That corporate news is also helping investors look past Wal-Mart (WMT 48.69 -0.63) saying it expects September same-store sales to be below the mid-point of its 1-3% forecasted range. DJ30 +44.43 NASDAQ +3.34 SP500 +2.22 NASDAQ Dec/Adv/Vol 1466/1351/716 mln NYSE Dec/Adv/Vol 1289/1800/516 mln

11:30 am : Little has changed since the last update as the indices still struggle to find much direction from either buyers or sellers. Even though the September ISM survey is supportive of the soft landing targeted by the Fed, the fact that four of the report's components falling to sub-50 levels, not exactly eliminating concerns that the manufacturing sector is about to enter a downturn, has stalled early recovery efforts. The lack of leadership from the S&P 500's three most influential sectors -- Financials, Technology and Health Care, is also adding to the lack of conviction. DJ30 +24.17 NASDAQ -2.21 SP500 +0.51 NASDAQ Dec/Adv/Vol 1563/1201/588 mln NYSE Dec/Adv/Vol 1507/1541/424 mln

11:00 am : Market continues to improve its stance, but not nearly enough to make a significant change in the standings. This time, stocks are taking a cue from further deterioration in oil prices. Crude oil futures are now down 1.5% and below $62 a barrel as traders believe the decision by Venezuela and Nigeria to cut production by 50,000 barrels and 120,000 barrels a day, respectively, will not have much of an impact on an already well-supplied market. The subsequent absence of leadership in Energy, though, is capping blue chip gains. Twenty of the Dow 30 are now trading higher. DJ30 +24.01 NASDAQ -3.12 SP500 +0.24 NASDAQ Dec/Adv/Vol 1590/1094/470 mln NYSE Dec/Adv/Vol 1547/1431/314 mln

10:30 am : Major averages now trade in split fashion, but today's economic data do little to sideline sellers. At the top of the hour, the September national ISM survey on manufacturing conditions fell to 52.9, the lowest level since May 2005 and below the expected 53.5 level. However, since any number above 50 still indicates expansion, the data did not reflect the degree of weakness shown in the September Philly Fed survey. The prices paid component falling off sharply to 61.0% (from 73.0%), the lowest level since July 2005, also eases concerns on the inflation front. To wit, Treasuries have since turned positive, pushing the yield on the 10-year note (+03/32) back down to 4.61%.DJ30 +3.04 NASDAQ -4.98 SP500 -0.85 NASDAQ Dec/Adv/Vol 1611/996/339 mln NYSE Dec/Adv/Vol 1516/1403/201 mln

http://finance.yahoo.com/marketupdate/update

[54anickel]

28. Did he really say that?

http://www.prudentbear.com/archive_comm_article.asp?category=Guest+Commentary&content_idx=58762

In the past two weeks I was treated to two particularly moronic public statements from market experts.

Last week, during an interview on CNBC, Dennis Gartman, editor of the highly regarded Gartman Letter, asserted that the storage currency of choice among drug traffickers, arms dealers, and the Russian Mafia had switched from $100 dollar US bills to €500 Euro notes. Gartman proclaimed the development to be bullish for the U.S. economy and bearish for the Euro zone. Say what?

Gartman’s “logic” was that when the dormant $100 bills sitting in attaché cases, safety deposit boxes, and mattresses returned to America, the additional spending would boost the US economy. Conversely, he asserted, the removal of euros from circulation would hurt the euro-zone economies. Basically, Gartman’s comments boiled down to the belief that economic growth can be created by introducing more money into circulation. Or, more precisely, that inflation creates prosperity.

The reality is that Americans receive a huge subsidy as a result of U.S. currency being stashed away in foreign suitcases. It’s like writing checks that no one cashes. Dollars circulating abroad do not bid up consumer prices at home, which results in Americans having more goods to consume at lower prices. If the hoarded bills were to suddenly return to domestic circulation, the result would not be more growth but only higher prices and interest rates. Alternatively, were those dollars deposited in foreign bank accounts, Americans would be required to pay interest on balances that previously earned nothing.

Any way you slice it, the fact that criminals are moving from dollars to euros is a negative development for an American economy accustomed to the subsidy. In addition, it reveals the diminishing prestige of the dollar and the increasing concerns others have for its reliability as a dependable store of value. Because cash under a mattress earns no interest, the only consideration given is it’s preservation of purchasing power. The fact that criminals increasingly prefer euros to dollars speaks volumes. If only Gartman had the good sense to listen.

Going from the sublime to the ridiculous, this week, in response to the first national year-over-year decline in housing prices since 1995, David Lereah, chief economist for the National Association of Realtors said “We've been anticipating a price correction and now it's here. The price drop has stopped the bleeding for housing sales. We think the housing market has now hit bottom.'

more...

[54anickel]

31. Gold futures fall, hold ground above $600

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B0E468CD1%2D69AA%2D4144%2D89E2%2DB84434421F2C%7D&siteid=bigcharts&dist=news

SAN FRANCISCO (MarketWatch) -- Gold futures inched lower Monday afternoon, but held above $600 an ounce as traders weighed expectations for higher gold demand in the fourth quarter against a drop in energy prices and uncertainty surrounding the U.S. economy and interest rate moves.

The precious metal has recently been supported by the rising tide of Indian jewelry consumption as well as the conclusion of official European central bank sales last Tuesday, said Jon Nadler, an investment products analyst at bullion dealers Kitco.com.

"On the other hand, apprehensions about exactly where the U.S. economy and the Fed are heading next, continued to undermine a full-blown and enthusiastic gold surge to resistance areas at about $640," he said.

snip>

With the market now in the last quarter of the year, the gold market will likely "see investment interest as well as physical buying pick-up as jewelry manufacturers in Europe and North American begin to stock-up ahead of the Christmas period," said James Moore, an analyst at TheBullionDesk.com. That could potentially see gold "work its way back towards the $700 level."

In a research note Monday, John Tumazos, an analyst at Prudential, estimated that private investment demand needed to balance the gold markets in 2006 will rise to 935 metric tons from 691 metric tons last year as "scrap supplies rose, jewelry demand fell 19%, central bank sales fell and producer hedge covering rose."

He expects prices to average $600 in 2006 and $450 in 2007.

more...

[54anickel]

32. Banana Republic!

http://www.321gold.com/editorials/saxena/saxena092906.html

BIG PICTURE - The US is widely adored as the world's greatest empire, yet few realise that the emperor has no clothes. As the masses look up to the nation in admiration, they are fooled into believing that it is swimming in wealth; the reality being that it is up to its eyeballs in debt. The US economy is living on borrowed time and judgement day is inevitable. No nation in history has ever managed to escape such economic imbalances and I suspect the US won't get away with it either. Let's take a look at how this imaginary cloak has been woven:

The economic recovery since the 2001 recession has been manufactured by excessive credit-growth and consumption. For the first time ever, a central bank has purposely engineered a credit bubble with the intention of bringing artificial prosperity via rising asset-prices. The Federal Reserve dropped interest-rates and the majority of Americans became the proverbial kids in the candy store, unable to resist the temptation of cheap credit. This is evident from the fact that over the past 6 years, US household debt soared from $6.99 trillion to almost $12 trillion - a staggering increase of 70%! However, some economists today discard this record debt-explosion as irrelevant because the net-worth of US households over the same period has surged from $42 trillion to roughly $54 trillion (largely due to the housing boom). In other words, due to rampant credit and leverage in the economy, asset-prices have risen much more rapidly than debt levels. But the key question is whether this is sustainable and at what cost?

In my opinion, asset-prices can continue to rise for a long time if there are willing borrowers and a central bank armed with an endless supply of credit. However, you have to understand that rising asset-prices only give the illusion of prosperity. The truth is that rapid monetary inflation and credit growth always impoverish a society as money becomes abundant and therefore less valuable. So, everyone may feel richer as their homes and stock portfolios appreciate in value, but it'd be a mistake to confuse rising asset-prices in an economy with real wealth creation. After all, wealth is a relative concept and if everyone else's homes have also risen in value, how wealthy have you really become?

snip>

In order to assess the US economy's prospects, the most important issue to understand is that the recent economic expansion hasn't been typical. The US wage growth has been extremely poor and the capital spending by American companies has also been dismal. In fact, real disposable income growth is now almost zero and over the past 5 years, capital spending has increased by a paltry 12%. So far, the US consumer alone has carried the baton through record-high indebtedness and consumer-spending; with home prices no longer appreciating, you have to wonder where the future borrowing-power will come from.

snip>

The world is littered with statistics which, more often than not, are misleading and distort the truth. In this regard, the "official" statistics released by the US establishment are no different. Take the US budget for example. The budget reported in the media claims that the deficit was reduced to $319 billion in 2005. However, the Financial Report issued by the Department of Treasury says it was $760 billion, or over twice as large. "But how come?" you may wonder. It is fascinating to note that the US budget process meant for general reporting uses accounting procedures that ignore long-term, future obligations such as Social Security and Medicare. The US keeps two sets of books, only wanting the world to see one of them. The "President's Budget," issued by the Office of Management and Budget and used to develop the annual budget, is based on cash-accounting. The other set of accounts, the "Financial Report of the United States," issued by the Department of the Treasury, uses a more realistic accrual-basis accounting. It is interesting to note that the US Federal law requires ALL businesses with revenues in excess of $5 million to use accrual accounting, yet the budget figures released to the public don't follow this rule. Take a look at Figure 2, which summarises the Financial Report issued by the US Treasury taking into account the future obligations of the federal government. According to this report, the US budget deficit is now at a record-high!



more...

[54anickel]

33. The Master Plan for the World and its effect on Resource Stocks

:tinfoilhat: Higly recommended while reading this one. :hide:

http://www.321gold.com/editorials/maund/maund092906.html

snip>

In order to comprehend what is going on in the Middle East and in the wider world for that matter it is necessary to have a grasp of certain realities. For reasons which we will not go into here, the countries of Israel, the United Kingdom and the United States constitute an "Axis", and they will hereafter be referred to as "The Axis". The elites who control these countries are one and the same, they have identical objectives and move as one. This is not to say, however, that these same elites don't control or partially control many other countries, they do, of course, as they also control many world bodies such as the United Nations, which they have effectively neutered and reduced to a costly talking shop. But their "centre of gravity", their "home turf" is clearly these three countries.

The UK has an interesting geopolitical role to play within the Axis power bloc. One of its main functions is to serve as the Loyal Lieutenant of the United States, and so give much needed credibility to the latter's policies and actions. Thus, when the United States forces invaded Iraq, the addition of forces from sidekick Britain, and token support from a ragbag of relatively minor states such as Australia and Poland trying to curry favor with the Axis, enabled CNN to label the invading force "The Coalition", a term used probably thousands of times in the weeks and months that followed, and which, from a propaganda perspective, sounds a whole lot better than "The US Invasion Force". The Prime Minister of Great Britain, Tony Blair, has the distinction of being the leader who presided over the final stages of the transformation of the British Labour party from a party representing the interests of "the working man", as it did many years ago, to a party completely in the control of the Axis elites, which is not surprising really as Tony Blair himself has been initiated into the inner circles of the elites. An immensely ambitious man, Mr Blair found he had hit an "absolute ceiling" when he became Prime Minister of Britain. He could go no higher - the only way he could aggrandize himself any further was by rubbing shoulders with the leader of the most powerful nation on earth, the United States, which put him in the rather awkward position of chummying up to a man with an IQ of 92 who has difficulty stringing a sentence together and who makes most other world leaders cringe. Fortunately for Mr Blair, he has a hide like an Ox. Why the leaders of the Axis elites have decided to have a man such as George W Bush as President of the United States, a man who brings disgrace and ridicule upon his country, remains a mystery. Some think it was a result of chance, a bizarre accident of circumstance, but the elites aren't known for leaving such matters to chance. One possible explanation is that the outlandish policies of the past 5 years or so would seem more acceptable and normal with a man like this at the helm. While the Patriot Acts have laid the foundations of a Police State in the US, the UK is actually more advanced in this regard. There are 7 million and upwards CCTV cameras in Britain for a population of 60 million, and the average citizen is filmed by 300 cameras every day. The roads are bristling with thousands of speed cameras. Cameras are everywhere, on high rise buildings and on top of huge masts etc. It's an exhibitionists paradise.

So, what are the prime objectives of the elites within The Axis? One objective is to achieve complete control over their own populations, in a manner that enables them to concentrate as much power and wealth into their own hands as possible. Another objective is the creation of a world government, so that they can exercise control not just over a group of countries, but the whole world. It would appear that these particular elites have not infiltrated and do not control up-and-coming countries such as China, India and Russia, who could conceivably constitute an opposing power bloc, therefore these countries will have to be initially contained before later being forced to kneel before the might of The Axis. This at least partially explains three things that are otherwise inexplicable - the gargantuan US "defense" budget, which after the end of the cold war should have contracted, not expanded, thus yielding a "peace dividend" for US taxpayers, the astonishing proliferation of US military bases across the Middle East and Central Asia, and finally the rolling takeover of the Middle East. Ordinary voters within the Axis countries clearly would not accept or condone the actions of the elites if they knew the real reasons for them, and might get rebellious, hence the need to invent a story which they can believe in - "The War on Terror", which is a smokescreen of cartoon book simplicity, which is what the masses need, as they are unable to grasp complex concepts. The term "War on Terror" is itself ludicrous and is clearly a crude slogan designed to appeal to the masses. The attacks on September 11th 2001 served three principal purposes - they enabled the rolling takeover of the Middle East to get underway in earnest, starting with Afghanistan and moving on to Iraq, under cover of The War on Terror, and they enabled the passing of The Patriot Acts, which have turned the Constitution of the United States into nothing more than an interesting historical document. These Acts have created a full blown Police State in waiting. One more major "terrorist" attack and the numerous draconian clauses lying dormant within these Acts can be invoked and a state of Martial Law may be declared at will. "Holding Centers" for dissenters have been under construction across the United States for some time, for the benefit of those whose views do not concur with those of their rulers. The borders can be sealed instantly, unless you fancy strolling over into Mexico, that is. The third main "benefit" is that they allowed more power and wealth to be channeled to the voracious Military-Industrial complex.

The United States is an unusual country in that it does not have a government in the normal sense of the word. This is because many politicians who ostensibly represent the people are primarily answerable to, and therefore controlled by, the big business interests who ultimately determine their fate. These interests are collectively known as the Military-Industrial complex and this power grid is the effective government of the United States. The Defense, Oil and Pharmaceutical lobbies in particular have immense power in Washington. This state of affairs explains why the food supply in the United States is adulterated with genetically modified crops and harmful additives such as Aspartame, and other substances that promote obesity.

When the Cold War ended in the early 90's, the people had a reasonable right to expect a "peace dividend" - reduced defense expenditure, because the United States no longer had any enemies of significance. The defense industry didn't like this at all, they were getting a big slice of the pie, and it is reasonable to suppose that they would bring whatever leverage they could to bear to ensure that their cut did not decrease, and if they could get it increased, so much the better. It is therefore obvious that the events of 11th September 2001 were like a Las Vegas jackpot to them. Barely had the victims been buried than big increases in the Defense budget were announced. Big defense budgets require an enemy to justify them, and if there is no enemy, well, you just have to invent one, hence the "War on Terror". Clearly, it is not enough to have an enemy in name only, you need, in addition, to get them stirred up and energized, and hence readily identifiable to the masses back home as an enemy. This is achieved by perpetrating atrocities and outrages against them, and making sure that these are publicized sufficiently to get the populations of the target countries or racial or religious groups sufficiently incensed to take to the streets and want revenge, the goal being to foment as much polarization as possible. This is the underlying reason for the interrogation and torture of prisoners, and for the recent pulverizing of Lebanon by Axis forces emanating from Israel. The elites within the Axis powers, who, to whatever extent they are religious, are either Christians or Zionists, view Arabs and Muslims in the same way that a gardener regards ants or termites - at best as an irrelevance to be tolerated, perhaps utilized as a source of slave labor, and at worst as a pest to be exterminated. When you understand this point you can readily appreciate why the Axis powers would be quite happy to foment an inter-Arab war, Shiites versus Sunnis, for example, and then stand back and watch with satisfaction as they wipe each other out - as long as they don't damage the oilfields. Not that they have much more respect for citizens in their own countries, who they broadly class into two groups. One is civilians who are farmed for their labor and tax revenue; the working classes of course, but also the broad swath of the middle class, the stewards of the system, who like to think that they are in control of their own lives, but are in reality just operatives for the elites. The other group is military personnel who are the unwitting henchmen that do their dirty work in far flung lands, putting their lives on the line to serve their master's geopolitical ambitions.

more...

[54anickel]

42. Neocons' Middle East Scheme Is Backfiring

http://world.mediamonitors.net/content/view/full/34037

"Back in 1996, a clique of Neocons, led by Richard Perle, concocted a scheme for Israel to “destabilize” the Middle East. The Palestinians were to be crushed and Iraq and Lebanon balkanized. The U.S. and UK were conned into doing the Neocons’ dirty work in Iraq. Now, Hezbollah fighters have tossed a huge wrench into the not-so-clever plot. Instead of Israel becoming “safer,” the Neocons have put its citizens at risk and its army in danger of defeat."


--------------------------------------------------------------------------------


“Do you represent Israel before you represent America?”

-- U.S. Senate Candidate Kevin Zeese's query to Rep. Ben Cardin <1>

The Neocons’ scheme to destabilize the Middle East, aka “The Clean Break Document,” and to create a “safer Israel” is backfiring. <2> Instead, residents of Haifa, Israel, are running for cover from the rocket attacks of Hezbollah. Hey, that wasn’t in the plan! The Arabs aren’t suppose to fight back. They are only suppose to serve as target practice for the Israeli Occupation Forces (IOF), like in Gaza, and/or kill each other in that scripted Civil War in Iraq. Israel's unjust invasion, and attempt to seize parts of Lebanon up to the Litani River, has to date, also resulted in 118 Israeli fatalities, including the deaths of 82 of its soldiers. Yanks and Brits dying in combat in Iraq, along with tens of thousands of Iraqi civilians, means little to the Neocons. Lebanon being destroyed is also inconsequential to these Wire Pullers. But, Israeli citizens and soldiers being killed, and their northern cities being damaged, well, that’s something different, indeed. None of the latter was suppose to be on the “Clean Break” agenda prepared by the Neocon wise guys years ago. <2>

Enter Hezbollah! The IOF has confessed that Hezbollah is a tenacious foe. One IOF member told a Washington Post reporter: “They are the masters of the field. They know the area better than us. They know where to hide and when to move. They always know where we are.” <3> Those remarks standing alone are a classic definition of a formidable guerrilla force, who are fighting on their own land, for their own country, and against a foreign enemy. The ultra-Rightist Israeli Prime Minister, Ehud Olmert, responded to the strong defense being put up by Hezbollah by declaring that there will be “no limitations” on the IOF. Since Israel doesn’t give a hoot about International law anyway, “El Supremo's” latest ominous threat means the IOF will stop pretending that it isn't open season on civilians. To date, the IOF has killed about 1,000 innocent Lebanese and displaced a million people from their homes with its terror air strike bombing campaign of over 8,700 sorties.

Meanwhile, our fearless leader, President George W. Bush, is hiding out at his farm in Crawford, TX. He’s afraid to come out of his compound, since Cindy Sheehan, the “Gold Star Mother for Peace,” is lodged down the road from him at “Camp Casey.” <4> Bush’s illegal war in Iraq was hatched by the cunning Neocon, Paul Wolfowitz, among others. <5> It has sent 2,598 American military personnel to their early graves and has cost the treasury $306 billion. Bush is another one who doesn't have the guts to take on Israel or its Lobby. <6> It's another sign that our Republic is on life support.

more...

[specimenfred1984]

34. The pumpsters are dumping in the S&P

Straight down for 16 consecutive minutes. It looks the exact same when it's going up too, I guess when Morgan Stanley and Goldman decide to do something they stick with it for a while.

[skids]

40. The Faeries Giveth and the Faeries Taketh Away. n/t

[54anickel]

37. Treasury: Questionable trading rising

http://www.hemscott.com/news/latest-news/item.do?newsId=36352603397601

WASHINGTON (AFX) - The U.S. Treasury Department has seen an increase in questionable trading practices for Treasury bonds over the past two years, and a market surveillance program run by U.S. regulators will be keeping a close eye on firms' trading activities and positions, a senior Treasury official said Wednesday.

In a speech prepared for delivery to the Government Securities and Funding Division of the Bond Market Association in New York City, Deputy Assistant Secretary for Federal Finance James Clouse said regulators have seen an uptick in questionable trading in the cash, repurchase and futures markets for Treasury securities.

'Simply put, we have observed instances in which firms appeared to gain a significant degree of control over highly sought after Treasury issues and seemed to use that market power to their advantage,' Clouse said.

snip>

Regulators, on the other hand, are very concerned by potential trading impropriety, which can undermine 'the integrity of the Treasury market and can also result in quite serious consequences for the persons and the firms engaged in that behavior,' Clouse said.

Wednesday's remarks from Clouse come on the heels of similar warnings about manipulation from an August refunding document that noted 'several incidents over the past 18 months suggest that the incentive to artificially reduce the supply of Treasury securities in the financing market has risen with the increase in short term rates.'

more...

[54anickel]

38. 2:39 Large program trade and Yom Kippur (whatever!)

Dow 11,677.63 -1.44 (0.01%)
Nasdaq 2,241.87 -16.56 (0.73%)
S&P 500 1,332.09 -3.76 (0.28%)
10-yr Bond 4.6140% -0.0190
30-yr Bond 4.7570% -0.0100
NYSE Volume 1,526,891,000
Nasdaq Volume 1,325,070,000

2:30 pm : Market bounces off its worst levels as investors begin to question the recent overreaction to what appears to have been linked to a large program trade. It is worth noting that, in light of the Jewish holiday Yom Kippur, below average volume has exacerbated the market's recent pullback, as limited participation has a tendency for such large sell orders to cascade throughout the market. With regard to today's light-volume session, the NYSE has yet to see 1.0 bln shares exchange hands. DJ30 +0.88 NASDAQ -16.96 SP500 -3.64 NASDAQ Dec/Adv/Vol 1919/1024/1.25 bln NYSE Dec/Adv/Vol 1660/1527/902 mln

2:00 pm : A renewed wave of selling interest has swept across all three major averages within the last 30 minutes, as the bottom falls out of stocks. Pacing the way lower is the Nasdaq, which is now down 0.8% to kick off a month that usually sees a lot of bargain hunting interest in beaten-down tech names. However, with the Nasdaq surging 3.4% last month alone, led by an 8.2% surge in Technology which lifted the sector into positive territory for the year, those sensing that stocks are overbought at current levels and believing much of the year-end rally has already occurred have stepped back in to take some money off the table. DJ30 -10.09 NASDAQ -18.07 SP500 -3.81 NASDAQ Dec/Adv/Vol 1765/1169/1.07 bln NYSE Dec/Adv/Vol 1339/1843/789 mln

1:30 pm : As alluded to in the last comment, with regard to selling pressure in two of the Nasdaq's three most influential components, further deterioration in AAPL (-1.9%) and QCOM (-4.2%) has now pushed the Composite back into the red. The Dow, though, is still enjoying gains from 22 of its 30 components, paced by a 2.0% surge in HPQ as well as gains of at least 1.0% from BA, GM, HD, HON, MCD, and UTX. As a reminder, the Dow has closed higher on the first trading day of October in six out of the last nine years, according to the Stock Trader's Almanac.DJ30 +33.22 NASDAQ -2.42 SP500 +1.35 NASDAQ Dec/Adv/Vol 1567/1317/986 mln NYSE Dec/Adv/Vol 1309/1862/732 mln

1:00 pm : More of the same for stocks as the blue chip indices continue to outpace the Nasdaq to the upside. The PHLX Semiconductor Sector Index erasing Friday's 1.1% pullback is helping the latter adhere to the smallest of gains; but a 4.0% sell-off in the tech-heavy Composite's third most influential component -- Qualcomm (QCOM 34.89 -1.46), and an analyst downgrade on Apple Computer (AAPL 75.74 -1.24), which ranks second on the Nasdaq in terms of weighting, are stalling an even better performance. DJ30 +37.62 NASDAQ +0.24 SP500 +1.86 NASDAQ Dec/Adv/Vol 1510/1369/910 mln NYSE Dec/Adv/Vol 1313/1846/674 mln

12:30 pm : Stocks are off their best levels but the major averages remain on the offensive as traders make their way through the New York lunch hour. Casinos & Gaming (+6.4%) continues to turn in the best performance following the possible takeover of Harrah's while some bargain hunting interest provides a boost for Education Services (+3.2%), which was the third worst performing S&P industry group in Q3 (-15.1%). DJ30 +33.38 NASDAQ +1.51 SP500 +1.40 NASDAQ Dec/Adv/Vol 1502/1355/822 mln NYSE Dec/Adv/Vol 1318/1814/608 mln

[54anickel]

39. Fruit left to rot as US farmers struggle with labor shortage

http://news.yahoo.com/s/afp/20061001/ts_afp/usimmigrationmexico_061001223823

snip>

Blame for the lack of labour is laid squarely at the door of a crackdown on illegal workers crossing the US-Mexico border and the absence of flexible legislation that would allow farmers to hire workers on a seasonal basis.

Toni Scully, co-owner of Scully Packing in northern California's Lake County, said she usually hired 900 fruit pickers to harvest their crop during the three-week window. This year, however, she could only find 500 workers.

"We think about 40 percent of our workers didn't come because of the increased security on the border," Scully told AFP.


snip>

"We are getting reports almost on a daily basis from our membership," said WGA spokesman Tim Chelling. "If it's not a crisis then it's certainly close to a crisis. Millions of dollars have been lost so far."

Chelling also said the industry was also losing workers to better paid jobs in the construction and tourism sector.

snip>

"The writing is on the wall for next year," Scully said.

"But I am optimistic that we will be able to make our point and that the American people will realise that we need to provide the people who grow our food with the workers to do it," she said.
:eyes: Please refer back to the bolded quote above

"If we don't, then our family farmers are going to be driven out of business for lack of workers ... the alternative is to be dependent on foreign food like we are on foreign oil."
:eyes: Again, please refer back to the bolded quote above, then think about what's been happening to the wages in the (at least non-union) construction and tourism sectors. Somehow special green cards for the "exploitation" of ag workers doesn't make a whole lot of sense to me. Wouldn't that be followed in a few years by a similar request for tourism and construction workers after they manage to get the pay for those positions low enough as to not atttract any workers as well? :shrug:

more...

[54anickel]

41. The Brashness Is Back in Money Talk, and Also at CNBC

http://www.nytimes.com/2006/10/02/business/media/02cnbc.html?_r=1&ref=business&oref=slogin

Red Bull energy drinks stowed out of sight of the cameras, the men of CNBC’s “Fast Money,” four financial traders and the ringmaster, Dylan Ratigan, began their pumped-up, sound effects-laden dissection of the day’s business news.

In the control room, Susan Krakower, who created the show with Mr. Ratigan and is its temporary executive producer, scolded the staff when an interview with Jeff Zucker, the chief executive of CNBC’s parent, NBC Universal Television Group, stretched to three minutes.

“The news doesn’t matter if you can’t trade on it,” she said in a later interview, even though she was talking about her own boss. “I don’t need bells and whistles and hearing people talk.”

“Fast Money,” which ran for 13 weeks over the summer and is now being tested in various time periods before it gains a permanent berth, is CNBC’s latest attempt to regain its programming footing, particularly in the hours after the market closes.

The “Fast Money” experiment is being undertaken at a critical time for CNBC. The financial network’s ratings fell to earth in recent years — this year’s prime-time viewership is less than half of 2001’s — as disillusioned day traders fled the tumbling market. But the market is returning to health. CNBC’s ratings have started to rebound during the day, and the News Corporation’s Fox News Channel is inching closer to starting a rival business news network, perhaps as early as next year.

While CNBC’s ratings may have been down, the network is profitable: pretax earnings for the year are expected to top $275 million, which, one insider said, would be a record. The insider would not be quoted by name because he is not authorized to reveal the numbers, which NBC Universal’s parent, General Electric, does not break out.

more...

[stop the bleeding]

43. Profit taking today, the AAPL downgrade did not help either

http://www.marketwatch.com/news/story/story.aspx?guid=%7B802B443B-25FD-4806-9640-52AF580AF8E5%7D

By Mark Cotton
Last Update: 4:07 PM ET Oct 2, 2006


NEW YORK (MarketWatch) -- U.S. stocks ended lower Monday, with weakness in the technology sector pacing the decline, while the Dow Jones Industrial Average once again backed off record highs as a disappointing sales outlook from Wall-Mart Stores Inc. weighed on sentiment. Nervousness over the upcoming third-quarter earnings season also contributed to the pullback, and overshadowed a sharp drop in the price of oil. The Dow industrials ($INDU : Dow Jones Industrial Average
News , chart, profile, more
Last: 11,670.35-8.72-0.07%

[54anickel]

45. The close

Dow 11,670.35 -8.72 (0.07%)
Nasdaq 2,237.60 -20.83 (0.92%)
S&P 500 1,331.32 -4.53 (0.34%)
10-yr Bond 4.6180% -0.0150
30-yr Bond 4.7610% -0.0060
NYSE Volume 2,058,191,000
Nasdaq Volume 1,845,572,000

4:20 pm : For the third straight session, the Dow momentarily surpassed its all-time closing high of 11,722.98 only to reignite a feeling of nervousness following such an impressive market rally last month that capped off the best third quarter performance for the blue-chip index since 1995.

Add to that some mixed economic data that kept investors pre-occupied with the pace of economic growth, and the absence of influential sector leadership and Wal-Mart (WMT) guiding below the midpoint of its September same-store sales guidance range, and the bulls were unable to embrace two of the catalysts responsible for the Q3 rally -- another sell-off in oil and falling bond yields. Evidence of a large program trade knocking the bottom out of stocks across the board, as thin volumes due in part to the Yom Kippur holiday that exacerbated the market's mid-afternoon pullback, also left it difficult for investors to get into buying mode.

Even with oil prices closing at session lows near $61/bbl and the Q3 earnings picture still largely intact, the lack of leadership from the profit engine that is Energy took a toll on blue chips. Crude oil futures fell 3.0%, the largest decline in nearly two weeks, as traders thought the decision by Venezuela and Nigeria to cut output will not have much of an impact on an already well-supplied market.

Failure by the rate-sensitive Financials sector to benefit from falling bond yields was also worth noting. Just after the market opened, the September national ISM survey on manufacturing conditions checked in with a lower than expected reading of 52.9, the lowest level since May 2005, renewing enthusiasm for Treasuries that pushed the yield on the 10-year note (+06/32) back to 4.60%. Even though any number above 50 still indicates expansion and the data did not reflect the degree of weakness shown in the September Philly Fed survey, the fact that four of the report's components fell to sub-50 levels, not exactly eliminating concerns that the manufacturing sector is about to enter a downturn, stalled early recovery efforts. Specialized Financials and Consumer Finance were two of today's worst performing S&P industry groups.

Profit taking in Health Care -- the best performing sector in Q3 -- also weighed on equities. The sector was in focus after Gilead Sciences (GILD 64.20 -4.57) agreed to acquire Myogen (MYOG 51.43 +16.35) for $2.5 billion and a 50% premium to Friday's closing stock price.

With regard to the three majors, the tech-heavy Composite (-0.9%) was hit the hardest, which wasn't all that surprising since it led the majors last month with a 3.4% advance fueled by an impressive 8.2% gain in the Tech sector. A 4.7% sell-off in the Nasdaq's third most influential component -- Qualcomm (QCOM 34.66 -1.69), amid renewed uncertainty about the impact of an ongoing patent dispute with Broadcom (BRCM 30.85 +0.51) -- and an analyst downgrade on Apple Computer (AAPL 74.86 -2.12), which ranks second on the Nasdaq in terms of weighting and was the sixth best performing S&P 500 component last quarter (+33%), accounted for the brunt of weakness in Tech. DJ30 -8.72 NASDAQ -20.83 SP500 -4.53 NASDAQ Dec/Adv/Vol 2022/999/1.81 bln NYSE Dec/Adv/Vol 1766/1490/1.32 bln

3:30 pm : Buyers remain few and far between going into the close as the bulk of sector leadership is still trading in negative territory. Energy continues to chalk up the day's biggest disappointment while losses of about 0.5% from the S&P 500's three most influential sectors -- Financials, Technology and Health Care, are also taking a toll on stocks. The underlying negative tone has been further reflected in the market internals, which are at their most bearish levels of the session. To wit, declining issues on the Nasdaq, which were evenly matched around midday, now hold a more convincing 2-to-1 edge over advancing issues. DJ30 -2.12 NASDAQ -19.34 SP500 -4.04 NASDAQ Dec/Adv/Vol 2089/921/1.50 bln NYSE Dec/Adv/Vol 1847/1378/1.09 bln

3:00 pm : Even with oil prices recently closing at session lows near $61/bbl, the absence of leadership from the profit engine that is Energy (-1.0%) has left the major averages retracing their worst levels of the day. Adding to today's struggles has been the inability by the S&P 500 and Nasdaq to find support above key technical levels of 1333 and 2237, respectively. The tech-heavy Composite (-1.0%) continues to feel the brunt of the selling pressure, which is understandable since it led the majors last month with a 3.4% advance fueled by an impressive 8.2% gain in the Tech sector. Weighing even more heavily on the blue chips, though, has been the failure by the Financials sector to benefit from falling bond yields amid weakness in Specialized Financials (-1.7%) and Consumer Finance (-1.4%), two of today's worst performing S&P industry groups.DJ30 -11.53 NASDAQ -22.51 SP500 -5.34 NASDAQ Dec/Adv/Vol 1990/991/1.37 bln NYSE Dec/Adv/Vol 1674/1525/998 mln

2:30 pm : Market bounces off its worst levels as investors begin to question the recent overreaction to what appears to have been linked to a large program trade. It is worth noting that, in light of the Jewish holiday Yom Kippur, below average volume has exacerbated the market's recent pullback, as limited participation has a tendency for such large sell orders to cascade throughout the market. With regard to today's light-volume session, the NYSE has yet to see 1.0 bln shares exchange hands. DJ30 +0.88 NASDAQ -16.96 SP500 -3.64 NASDAQ Dec/Adv/Vol 1919/1024/1.25 bln NYSE Dec/Adv/Vol 1660/1527/902 mln

[54anickel]

46. Self delete - wrong thread.

:blush: