STOCK MARKET WATCH, Tuesday October 3

[ozymandius]

Tuesday October 3, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 841 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2106 DAYS
WHERE'S OSAMA BIN-LADEN? 1812 DAYS
DAYS SINCE ENRON COLLAPSE = 1773
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 October 2, 2006

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%)
Gold future... 603.30 -0.90 (-0.15%)
30-Year Bond 4.76% -0.01 (-0.13%)
10-Yr Bond... 4.62% -0.02 (-0.32%)






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 Rob Kirby

OCTOBER SURPRISE

While it’s still a little bit early for “tricks or treats” – anyone who watches TV or reads any amount of news has undoubtedly heard or seen the term “October Surprise” bandied about over the past few weeks.

As for me, I’ve heard the term enough that I decided to read up on the subject and share my findings with all of you on this first business day of October, 2006.

An October surprise is American political jargon describing a stunning news event with the potential to influence the outcome of an election, particularly one for the presidency. It is so called because Election Day in the U.S. is the Tuesday after the first Monday in November, and events shortly before the election have greater potential to swing votes. Most of the time, the term is used to label actions of a sitting president, especially with regard to military or foreign policy matters, but it can also apply to news stories unfavorable to the incumbent administration. "Historically, news outlets avoid investigative pieces critical of candidates within days of an election to avoid appearing partisan."

While news making events associated with “October Surprise” run the gamut from lurid to salacious to deadly seriousness – these news breakers always have the ability to alter political fortunes and thus move markets:

-see a list of surprises-

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

[ozymandius]

2. Today's reports

12:00 AM Auto Sales Sep
Briefing Forecast 5.4M
Market Expects 5.5M
Prior 5.3M

12:00 AM Truck Sales Sep
Briefing Forecast 7.2M
Market Expects 7.1M
Prior 7.1M

[54anickel]

16. Ford U.S. Sales Rose; DaimlerChrysler, Nissan's Fell (Update3)

http://www.bloomberg.com/apps/news?pid=20601087&sid=aIPULgZR8rXo&refer=home

Oct. 3 (Bloomberg) -- Ford Motor Co.'s U.S. auto sales rose 4.7 percent in September on demand for passenger cars, while DaimlerChrysler AG's fell 2.3 percent and Nissan Motor Co.'s declined 5.6 percent.

DaimlerChrysler's results included a drop of 3.8 percent at its Chrysler unit from September 2005 and a 13 percent increase at Mercedes-Benz. Ford's passenger-car sales jumped 26 percent.

Ford's sales increase breaks a streak of seven consecutive monthly drops. For much of 2006, Ford, Chrysler and General Motors Corp. have struggled as high fuel prices smothered demand for pickup trucks, sport-utility vehicles and minivans. The automakers are slashing production for the rest of the year because of slumping sales.

snip>

Nissan's September sales fell to 88,340 vehicles, the company said in an e-mailed statement. Sales of Altima and Sentra cars, which will be replaced with new versions over the next month, dropped 25 percent and 12 percent, respectively.

more...

[ozymandius]

3. Oil falls below $61 a barrel in Asia

SINGAPORE - Oil prices fell in Asian trading Tuesday after losing nearly $2 a barrel in the previous session amid easing concerns about the possibility of more production cuts by OPEC members.

The contract dropped 3 percent overnight in New York as traders discounted threats of output cuts and focused on high U.S. oil product inventories.

Despite reduced refinery runs, traders were expecting to see a build in U.S. gasoline and distillate stocks in weekly petroleum supply data released Wednesday by the U.S.
Department of Energy.

Light, sweet crude for November delivery dropped 11 cents to $60.92 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.88 Monday to settle at $61.03 a barrel.

more

[ozymandius]

4. Oil prices decline despite output cuts

NEW YORK - Oil prices dropped Monday as traders apparently shrugged off worries about whether production cuts by two key producing nations were harbingers of further restrictions by OPEC members.

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

-cut-

"High inventories are building even in the face of lower runs and macroeconomic figures are also coming out bearish," Raymond Mazzeo, vice president at Energy Merchant LLC. "This is a continuation of the most recent weakness that we've seen."

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 below $60 a barrel.

more

[ozymandius]

5. Oil Contract Dips Briefly Below $60 a Barrel, as Speculators Bet on Lower

Oil Contract Dips Briefly Below $60 a Barrel, as Speculators Bet on Lower Prices

LONDON, Sept. 25 — Crude oil prices dropped below $60 a barrel for the first time in six months on Monday before rebounding a bit as nervous speculators retreated from the commodity markets, spooked by the improving picture for oil supplies and cooling economies.

The market reacted at first to news that Iran was willing to enter negotiations about its nuclear program and that BP would resume pumping oil ahead of schedule from part of its site in Prudhoe Bay, Alaska. But underlying economic jitters, particularly fears about a United States slowdown, also contributed to the price drop, analysts said.

-cut-

Noncommercial buyers, which are generally pension, mutual and hedge funds, poured money into oil and other commodities in recent years, in part because they thought that the growing emerging-market economies had created a so-called supercycle that guaranteed price increases. In recent weeks, they have exited the market rapidly as prices started to fall when the hurricane season proved to be less severe than had been feared and several producers increased supplies or announced new oil discoveries.

-cut-

In the United States, market experts estimate that the falling oil prices will help soften the effect of the weakening housing market. “The sudden change in oil price direction in the last month has reduced the total cost of oil to the United States economy by $40 billion a year,” said Lawrence J. Goldstein, the president of the Petroleum Industry Research Foundation. The fall in oil prices has added back one-quarter to one-half of a point of growth to the United States gross domestic product, Mr. Goldstein estimates.

registration required

[ozymandius]

8. OPEC Nixes Quotas As Dissension Grows

Venezuela and Nigeria on Oct. 1 began to cut oil production, while Iran's representative to OPEC said Tehran would back any attempt by member countries to prevent further drops in the oil price. OPEC maintains that there is no agreement to cut output. The organization appears to have abandoned its quota system. OPEC's pricing power is dependent on its control of the marginal barrel. Discipline among members is the key to success.

OPEC has always had an interest in both supporting and moderating the price of oil. Historically, this has meant a loss of market share to non-OPEC supply. However, the concentration of the world's crude reserves within OPEC countries and decline of maturing non-OPEC provinces indicate that OPEC has less need to worry about losing market share to non-OPEC supply in the medium term.

-cut-

High oil prices mean OPEC risks losing market share permanently to renewable energy sources. However, this is not an inevitable consequence, and even if it were, the speed and manner in which the process takes places is extremely uncertain.

Following its meeting in Vienna, Austria, last month, OPEC, in its official communique, took the highly unusual step of failing to mention quotas at all. OPEC has good reason to question its existing quota system. Since the strike of 2003, Venezuela has been unable to produce to its quota level. In addition, lack of investment and new discoveries in Indonesia indicate there is little possibility of the country regaining an output capacity near its quota level. Iran has also struggled to increase production in line with rises in the quota level. By contrast, other members have expanded their oil industries successfully and now have capacity well in excess of their quota. The apparent abandonment of quotas may reflect the creation of a space in which to introduce a new system of operation.

http://www.forbes.com/business/2006/10/02/opec-venezuela-nigeria-biz-energy-cx_1003oxford.html

[AnneD]

14. Government to hold off on refilling oil reserve

The Energy Department said Monday it will put off buying replacement oil for the nation's emergency petroleum stockpile through the winter heating season in order to keep more supplies on the market.

To help make more oil available for producing gasoline over the summer and help lower then-soaring pump prices, President Bush in April ordered the Energy Department to delay deliveries and purchases of oil for the Strategic Petroleum Reserve until this autumn.

The department needs to replace 11 million barrels of crude oil that it sold last year from the stockpile for $600 million to oil companies that needed help after Hurricane Katrina disrupted petroleum supplies.

However, the department expects to delay buying that replacement oil during the winter, when demand for heating oil is strong, according to department spokesman Craig Stevens.

http://www.chron.com/disp/story.mpl/business/4231505.html

Might be interesting to follow the money. I think oil at the time was selling for more than $55 per gallon and I KNOW the oil companies were selling it for much much more and making an extreme profit from the public on the public's reserve oil.

[54anickel]

15. Gotta wait for the big sale to come to an end and pay full price with

the public's money. :evilgrin:

Did you catch this one the other day?

http://www.nytimes.com/2006/09/30/business/30trading.html?_r=1&dlbk&oref=slogin

Change in Goldman Index Played Role in Gasoline Price Drop

LONDON, Sept. 29 — Politics and worries about oil supplies may have caused gasoline prices to go up at the pump earlier this year, but one big investment bank quietly helped their rapid drop in recent weeks, according to some economists, traders and analysts.

Goldman Sachs, which runs the largest commodity index, the G.S.C.I., said in early August that it was reducing the index’s weighting in gasoline futures significantly. The announcement did not make big headlines, but it has reverberated through the markets in the weeks since and some other investors who had been betting that gasoline would rise followed suit on their weightings.

“They started unwinding their positions, and those other longs also rushed to the door at the same time,” said Lawrence J. Goldstein, president of the Petroleum Industry Research Foundation.

Wholesale prices for New York Harbor unleaded gasoline, the major gasoline contract traded on the New York Mercantile Exchange, dropped 18 cents a gallon on Aug. 10, to $1.9889 a gallon, a decline of more than 8 percent, and they have dropped further since then. In New York on Friday, gasoline futures for October delivery rose 4.81 cents, or 3.2 percent, to $1.5492 a gallon. Prices have fallen 9.4 percent this year.

The August announcement by Goldman Sachs caught some traders by surprise. The firm said in early June that it planned to roll its positions in the harbor contract into another futures contract, the reformulated gasoline blendstock, which is replacing the harbor contract at the end of the year because of changes to laws about gasoline additives.

more..

[AnneD]

24. No, I didn't catch it but I wonder...

Isn't there someone in the Bush admin that has ties with Goldman Sach's :think:

[54anickel]

26. Why yes, I believe it's the "gentleman" behind the agreement in post 25

[AnneD]

33. Funny how these things...

seem to sort themselves out, huh. :sarcasm:

[54anickel]

31. Oil Analysts Raise 2007 Forecasts on Greater Demand (Update1)

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

Oct. 3 (Bloomberg) -- Oil analysts are raising their price estimates for next year in anticipation of increased demand that may outpace the development of new deposits.

Crude oil will average $64 a barrel in New York in 2007, according to the median forecast of 29 analysts surveyed by Bloomberg News last week. That's $2 higher than estimated at the end of the second quarter. Most analysts failed to predict the extent of oil's five-year rally during which prices tripled.

``We see a very tight market continuing into next year,'' said Kevin Norrish, a director of commodities research for Barclays Capital in London. Barclays expects oil next year to average $76.70 a barrel, the highest forecast in the survey.

``The recent fall in prices is due to short-term factors,'' he said in an interview. ``We're looking for fairly strong global growth, and we don't see capacity expanding by much.''

snip>

Oil's climb from less than $20 a barrel at the end of 2001 has been driven by the failure of producers to generate new supplies fast enough to keep pace with rising demand, especially in China. Analysts are betting that trend will continue.

They forecast that oil would be $58 a barrel in 2006, according to the median in a Bloomberg survey in December. So far, crude oil has averaged $68.21, which is higher than any prior year.

``We just haven't seen dramatic increases in supply,'' said James Rollyson, an analyst at Raymond James Financial Inc. in Houston. Raymond James is predicting $70 oil next year after forecasting $58 at the beginning of this year.

more...

[ozymandius]

6. Techs and oil stocks lead Europe lower

European equities fell on Tuesday as technology stocks tracked their US and Asian counterparts lower after a number of downgrades, while energy companies were hit by falling oil prices.

In early trade, the FTSE Eurofirst 300 was down 0.6 per cent to 1,388.27, while Frankfurt's Xetra Dax fell 0.7 per cent to 5,957.65. In Paris, the CAC 40 shed 0.7 per cent to 5,206.45 and London's FTSE 100 lost 0.5 per cent to 5,927.5.

Technology stocks suffered after the US Nasdaq fell overnight following a downgrade of Apple Computer by Citigroup. Japanese tech issues were also on the decline after Goldman Sachs downgraded the likes of Sony and Pioneer.

http://news.yahoo.com/s/ft/20061003/bs_ft/fto100320060448519434

[ozymandius]

7. Tokyo stocks fall on Goldman downgrades

Japanese stocks fell on Tuesday morning, hit by Goldman Sachs (NYSE:GS - news) downgrades of tech stocks and profit-taking on some recent high-flying sectors such as real estate.

By midday the Nikkei 225 was down 0.4 per cent to 16,187.56. The broader Topix fell 0.6 per cent to 1,614.90.

Sony (NYSE:SNE - news) plunged another 2.8 per cent to Y4,600 after Goldman downgraded it to "neutral" from "buy". The brokerage cited the hard business environment in electronics and problems at Sony's game division.

Goldman also cut its rating on Pioneer, the electronics maker, to "sell" from "neutral", sending the company down 3.2 per cent to Y1,980. Goldman cited lower earnings in the company's key car electronics business.

more

[ozymandius]

9. Japanese Earned $2,400 More Per Car Than U.S. Rivals

Oct. 2 (Bloomberg) -- The biggest Japanese automakers earned an average $2,400 more per vehicle sold in North America than U.S.-based rivals in 2005 by charging more and spending less on labor and health care, according to a study released today.

Toyota Motor Corp., Nissan Motor Co. and Honda Motor Co. persuaded buyers to pay an average $24,289 per vehicle, 12 percent more than U.S. automakers, the Harbour-Felax Group study said. The Japanese paid $1,400 less per vehicle on health care, and their workers spent more time on the job.

-cut-

This year's first half showed some improvement for GM's per- vehicle earnings. In the first six months of 2006, GM lost $326 for each vehicle it made, compared with $1,271 last year. GM reduced its reliance on rebates and other incentives and cut back on low-profit sales to rental-car companies and other fleet operators, Harbour-Felax said.

Ford's First Half

Ford, by contrast, lost ground. In this year's first half, Ford's per-vehicle loss rose to $738 from $451 in 2005. The study didn't give information on Chrysler's first-half performance.

http://www.bloomberg.com/apps/news?pid=20601101&sid=agvBuODXiKKs&refer=japan

[ozymandius]

10. Washington's weekend ambush wipes £4bn off the value of online gaming shar

Washington's weekend ambush wipes £4bn off the value of online gaming shares

· Analysts compare crash with dotcom collapse
· Pension funds among the big losers

The online gaming industry's bet that American legislators would never get around to outlawing internet games such as poker went spectacularly wrong yesterday. An estimated £4bn was wiped off the sector's value as share prices crashed after a weekend ambush by Washington.

PartyGaming and 888 Holdings both admitted they will have to suspend their operations in the lucrative US market if a new bill, passed by Congress on Saturday, which is designed to cut off players' access to funds, is signed by President George Bush within the next two weeks. The legislation will knock a hole in profits. The prospect of the new law forced Sportingbet to abandon merger talks with World Gaming yesterday.

This disaster for the online gaming sector, which has made London its financial home after a flurry of flotations in 2005, was being compared in the Square Mile with the collapse of the dotcom boom. "Funds and investors will be licking their wounds for, what I believe, has been a mirror image of the technology crash only seen five years ago," said Marvin Sones of spread betting firm WorldSpreads.com.

http://www.guardian.co.uk/frontpage/story/0,,1886369,00.html

[ozymandius]

11. Have a great day everyone!

:donut: :donut: :donut:

Don't get too close to those pointy S&P futures. Might put an eye out.

Ozy :hi:

[Tandalayo_Scheisskopf]

12. Ooooo...

Looks like the S&P is on the downside of Head and Shoulders.

And I don't mean the shampoo.

[AnneD]

13. Morning Marketeers......

:donut: and lurkers. Do you think the general public will listen to the Gannon story and believe it this time. Foley has laided it on the GOP this time and there is not enough time to recover from this. It's the classic 'as long as I am not caught in bed with a dead girl or a live boy' theory of re-election. But what really ticks me off is this 'blame it on the alchol' routine. Alchol my ass. As Craig Ferguson said last night -blame it on the 'ic'...alchol'ic', not the alchol. And to take refuge in a treatment center:mad:. What a diaperload full. If we do win, it will take some major cleaning to get things back to order.

Happy hunting and watch out for the bears.

[54anickel]

17. Dollar Watch

http://quotes.ino.com/chart/?s=NYBOT_DX
Last trade 85.72 Change +0.12 (+0.14%)

Settle Time 15:00 Open 85.62

Previous Close 85.6 High 85.76

Low 85.47 2006-10-03 13:39:17, 30 min delay

The December Dollar was slightly higher overnight as it consolidates some of Monday's decline. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 85.82 are needed to renew the rally off August's low. Closes below the 20-day moving average crossing at 85.30 would signal that a short-term top has been posted. Overnight action sets the stage for a steady to higher opening in early-day session trading.


U.S. Dollar Regains a Little Ground
http://www.chron.com/disp/story.mpl/ap/fn/4232464.html

BERLIN — The U.S. dollar regained a little ground against the euro Tuesday after dropping sharply the previous day on disappointing U.S. economic data.

snip>

The dollar rose to 117.78 yen from 117.60 yen. The Japanese currency was pressured by North Korea's announcement that it will conduct a nuclear test.

On Monday, the euro gained more than half a U.S. cent as a report showed U.S. manufacturing growing at its slowest pace in more than a year.

Slowing growth could reduce pressure on the Federal Reserve to raise interest rates. Rising rates have buoyed the dollar for the past two years. They can bolster a currency by making certain types of investments more attractive.

Investors were looking ahead to comments from Fed officials _ including Chairman Ben Bernanke _ expected on Wednesday for any hints on the central bank's future course.

more...

[54anickel]

18. ISM Is Melting Away...Today's Pfenning

http://www.kitcocasey.com/displayArticle.php?id=985

snip>

Speaking of Prime Time... The dollar got thrown for a loop yesterday when the national ISM Manufacturing report printed and showed some real weakness not only in the manufacturing but in the prices paid part of the report... But still after all that, the dollar weakness was contained by the trading range. I'll come back to this report in a minute, but first there is some breaking news regarding Japan and N. Korea that is moving yen, so let's go to the tape!

The yen has spiked downward vs. the dollar this morning on reports that N. Korea has issued a statement saying they will conduct a nuclear test. This has been a knee-jerk reaction to this statement, and hopefully cooler heads will prevail after this initial reaction. I say this because while N. Korea has said on several occasions in the past that they possessed a nuclear bomb, they have never conducted any known tests.

OK... Back to the ISM report yesterday... The September ISM index came in at 52.9, below the "experts'" forecast of 53.5. Like I said yesterday, still "expanding" albeit at a slower pace than earlier this year, and a much slower pace than last year. Manufacturing is ever so close to falling below the 50 level, which is the line drawn in the sand between expansion and contraction for the sector. What this tells me is that simply, the dollar has fallen "enough" to allow manufacturing to keep its head above water, but more weakness from the dollar is needed to kickstart manufacturing before it begins to contract.

Reminds me of the scene in the greatest movie ever, the Wizard of Oz, where Dorothy throws the bucket of water on the wicked witch, and she starts screaming, "I'm melting, I'm melting." The ISM is melting...

The prices paid part of the ISM report took the markets by surprise, falling 12 points in September after falling 5.5 points in August. While it is clear to me, but probably not the Fed or the dollar buyers, that inflationary pressures do exist in the economy, these last two reports on prices paid may provide some comfort to the Fed...

more...

[54anickel]

25. As China's yuan rises, some see 'gentleman's agreement' with US

http://news.yahoo.com/s/afp/20061003/ts_afp/chinausforexpolitics_061003013948

BEIJING (AFP) - China and the United States have surprised observers by their willingness to compromise on crucial currency issues, leading some to see the outlines of a tacit "gentleman's agreement".

Just days after US lawmakers agreed to postpone controversial legislation that would have imposed punitive tariffs on China, Chinese central bank governor Zhou Xiaochuan promised a gradually more flexible exchange rate.

"The direction of Chinese policy on currency reform is clearly a steady expansion of flexibility," Zhou said in an interview published this week in Caijing, China's most respected business magazine.

"We will gradually allow supply and demand in the marketplace to play an increasing role."

snip>

"The economies of large nations (such as China and the Unites States) are complementary," Zhou was quoted as saying. "Only that way can each side allow its comparative advantages to come into play."

Lu Lei, a researcher at Caijing, was willing to make bolder statements on how politics and economics are linked in the Sino-US relationship.

"You make a concession, and then I'll make one," Lu was quoted as saying in an online analysis.

more...

[54anickel]

27. China snubs foreign investment

After years of courting foreign investors, Beijing may be losing its ardor for capital, reports Fortune's Clay Chandler.

http://money.cnn.com/magazines/fortune/fortune_archive/2006/10/16/8388651/index.htm?postversion=2006100306

(Fortune Magazine) -- Henry Paulson got a warm welcome when he returned to China last month in his new role as U.S. Treasury Secretary. But even as Beijing prepared to roll out the red carpet for the former Goldman Sachs (Charts) CEO, it was yanking the rug from under some of his old investment banking buddies. The week before Paulson's visit, China's securities regulator declared a moratorium on all foreign acquisitions of Chinese brokerages, making official a de facto ban that's been in effect for months.

Chinese authorities billed the suspension as a temporary measure to help domestic financial institutions gird for increased competition. But among foreign businessmen in China, the move was widely interpreted as further evidence of a backlash against outside investment in an economy that has eagerly sought it for more than a decade.

Since the beginning of the year, officials have scuttled Citigroup's bid for an 85% stake in Guangdong Development Bank, an insolvent state-owned lender, and rebuffed U.S. private-equity firm Carlyle Group's $375 million bid for an 85% stake in Xugong Construction Machinery, a state-owned heavy-equipment manufacturer.

Beijing has also dialed up pressure on foreign firms to allow their Chinese workers to be organized into state-controlled labor unions, forcing even Wal-Mart, notorious for resisting unions in the U.S., to accept them in China. Finally, in August, China introduced new rules requiring foreign investors to register with the Ministry of Commerce any transactions resulting in foreign control over companies in vaguely defined "key industries" or sectors that could influence state security.

With their economy growing at an annual rate of 10%, China's leaders feel they can afford to turn up their nose at foreign investment these days. As exports surge - China racked up a record $202 billion trade surplus with the U.S. last year - the country is awash in dollars. Indeed, Beijing's stack of foreign currency reserves, already the world's largest, is expected to top the $1 trillion mark within the next few months.

more...

[54anickel]

19. Whoops posted to yesterday's thread the first time.....1:51

Sorry about that....went to yesterday's thread since today's "At the Closing...." links to MarketWatch today. :shrug:

1:51 Market check in (fixed link from OP)
http://finance.yahoo.com/?u

Dow 11,737.18 +66.83 (0.57%)
Nasdaq 2,246.33 +8.73 (0.39%)
S&P 500 1,336.24 +5.96 (0.45%)
10-yr Bond 4.6180% 0.0000
30-yr Bond 4.7580% -0.0030
NYSE Volume 1,628,013,000
Nasdaq Volume 1,237,813,000

1:30 pm : Indices are pulling back from their best levels of the session, but eight out of 10 sectors continue to sport respectable gains. The bullish bias remains intact as investors continue to rotate out of Energy (-2.1%) and Materials (-0.9%), as evidenced by Halliburton (HAL 27.02 -0.84) and Newmont Mining (NEM 41.51 -1.70) hitting 52-week lows, and into Financials, led by the likes of Bank of America (BAC 54.29 +0.67) and Goldman Sachs (GS 172.61 +1.92), which are hitting historic highs. DJ30 +66.11 NASDAQ +8.19 SP500 +4.86 NASDAQ Dec/Adv/Vol 1388/1517/1.14 bln NYSE Dec/Adv/Vol 1359/1821/920 mln

1:00 pm : Buyers remain in control of the action as the Dow finally breaks through to set a new intraday high of 11754.55. As expected, though, stocks have since run into a wall of resistance as technicians jump at the chance to lock in some of the market's gains. While such a milestone is noteworthy from a psychological standpoint, since it bodes well for investor confidence, there's still a lot of time remaining to see if the Dow can actually close at a new record. DJ30 +73.96 NASDAQ +10.36 SP500 +5.54 NASDAQ Dec/Adv/Vol 1382/1500/1.04 bln NYSE Dec/Adv/Vol 1365/1786/836 mln

12:30 pm : The bulls kick off the afternoon session in strong fashion, pushing the major averages to their best levels of the day. To wit, the Dow is now flirting with its all-time intraday high of 11,750.28, due largely to strength across the board in the influential Financials sector and a turnaround in Technology. The latter has recently inched into positive territory, led by a 1.5% in bellwether Cisco Systems (CSCO 23.33 +0.35) and Qualcomm (QCOM 35.48 +0.82) recouping more than half of yesterday's 4.6% sell-off. Since the Financials sector has a history of outperformance in the period between the last rate hike and the first easing, further recognition that the Fed's tightening activity is reaching an end has helped renew interest in everything from banks to brokers and is acting as the biggest source of support.DJ30 +76.76 NASDAQ +10.70 SP500 +5.75 NASDAQ Dec/Adv/Vol 1366/1474/916 mln NYSE Dec/Adv/Vol 1482/1666/724 mln

12:00 pm : After getting to within nine points of the Dow's all-time closing high of 11,722.98, valuation concerns are again questioning the sustainability of September's surprising rally; but the market is still holding on to modest gains midday as investors weigh another sell-off in oil prices against concerns over earnings growth trends in a slower economic environment.

Since earnings season doesn't officially begin until one week from today, and there are no economic reports until tomorrow, investors preoccupied with the pace of economic growth and still on the lookout for warnings have struggled somewhat to get buying efforts back on track. The top story weighing on sentiment at the onset of trading and still taking a toll on the Tech sector has been Marvell Technology (MRVL 16.38 -2.71). The stock opened down 15% at a new 52-week low after cutting its Q3 revenue outlook last night and saying it will have to restate results back to its June 2000 IPO due to stock-option accounting errors.

However, further deterioration in crude oil futures, which briefly slipped below $59/bbl and are down 3.0% for a second straight day, has finally gotten investors looking beyond oil's continued decline as a possible precursor of the economy slowing too much and the growing understanding that Energy profits are eroding -- an issue that led Merrill Lynch to downgrade the sector to Underweight this morning.

Of the seven sectors now providing a floor of support for stocks, the most influential leader to the upside is Financials, as falling oil prices ease inflation fears and play into the soft landing scenario behind the Fed keeping interest rates unchanged, while Industrials and Consumer Discretionary are also contributing to the market's recent recovery. DJ30 +37.78 NASDAQ +0.98 SP500 +1.63 NASDAQ Dec/Adv/Vol 1503/1316/790 mln NYSE Dec/Adv/Vol 1538/1566/628 mln

for the rest of the blather....http://finance.yahoo.com/marketupdate/update

[54anickel]

20. Superstition and the Fed (Hussman)

http://www.hussmanfunds.com/wmc/wmc061002.htm

snip>

Of all the hopes that investors have at present, the strongest ones are centered on the Federal Reserve and its probable decisions regarding the Federal Funds rate. This obsession with the Fed comes at the expense of attention that should be focused on profit margins, normalized valuations, market internals, credit spreads, fiscal policy and the U.S. current account. In hopes of refocusing attention on factors that matter, my hope is that the following bit will further explain why the Fed is, in my view, irrelevant.

I should note at the outset that yes, as long as investors believe the Fed matters, it is important to consider the Fed. The real issue, however, is whether the Fed actually has any impact, and my argument is that it does not. It's an argument that goes against what we're conditioned to take for granted (and even what I once used to teach my own economics students). Nonetheless, the evidence against an effective Fed, when you scrutinize the data, is fairly compelling.

A quick primer

The “Federal Open Market Committee” (FOMC) is responsible for making “open market” purchases and sales, generally of U.S. Treasury securities, in order to affect the quantity of reserves (and currency) in the banking system. While Paul Volcker targeted the quantity of money directly, Alan Greenspan targeted the interest rate (the Federal Funds rate) that banks pay on overnight loans of bank reserves. If a bank's reserves fall short of required levels, it has to borrow them overnight from other banks that have excess reserves. If you're controlling the quantity of reserves, you have to let the Fed Funds rate fluctuate. If you're controlling the Fed Funds rate, you have to adjust the reserves.

Ben Bernanke has the stated intention of targeting inflation. Unfortunately, without the help of disciplined fiscal policy, inflation isn't a policy instrument that's controllable by the Fed. In practice, it's looking very much like he's sticking to Greenspan's script, focusing on the Fed Funds rate.

Here's how it works. In principle, the FOMC lowers the Fed Funds rate by buying securities (primarily U.S. Treasuries) on the “open market.” Notice that if you or I bought a Treasury bond, we would pay the seller from our bank account, and the seller would deposit the proceeds in their bank account. The total amount of currency and bank reserves (the "monetary base") wouldn't change. In contrast, when the Fed buys Treasuries, it creates new currency and bank reserves that didn't exist before (that's why your dollar bill says “Federal Reserve Note” at the top – it's basically a security that was created by the Fed when it bought securities issued by the Treasury). With reserves more plentiful, the Fed Funds rate tends to fall. In contrast, the FOMC raises the Fed Funds rate by selling Treasuries on the open market and essentially retiring bank reserves, making them more scarce and driving up the interest rate on overnight loans of those reserves. At least that's the idea.

To what effect?

more...

[stop the bleeding]

21. Day-trading update.....

I have been absent from the SMW thread for a few months lately, I have been learning some new day trading techniques. As many of you know my main forte is to trade/hold options anywhere from 10 seconds to 10 days. So day trading is not exactly foreign to me.

Well the techniques I use involve buying and shorting straight stock(not options) at a 1000 shares per trade.

In the beginning I was getting my ASS handed to me - had losses every day for 2 weeks straight :(

but then I started to find my "comfort zone" and things have turned around really well.

I know that this is not for everyone, but just like everything else in trading if you do it "correctly" no matter if it is for 10 seconds or 10 months, well you can eat pretty regular is what I am finding.


Have fun everyone - I know we can't keep our eyes off of the DOW's new high(s) :)

[54anickel]

22. OT - Fatal Vision: The Deeper Evil Behind the Detainee Bill

http://www.truthout.org/docs_2006/100206A.shtml

It was a dark hour indeed on Thursday when the United States Senate voted to end the constitutional republic and transform the country into a "Leader-State," giving the president and his agents the power to capture, torture and imprison forever anyone - American citizens included - whom they arbitrarily decide is an "enemy combatant." This also includes those who merely give "terrorism" some kind of "support," defined so vaguely that many experts say it could encompass legal advice, innocent gifts to charities or even political opposition to US government policy within its draconian strictures.

All of this is bad enough - a sickening and cowardly surrender of liberty not seen in a major Western democracy since the Enabling Act passed by the German Reichstag in March 1933. But it is by no means the full extent of our degradation. In reality, the darkness is deeper, and more foul, than most people imagine. For in addition to the dictatorial powers of seizure and torment given by Congress on Thursday to George W. Bush - powers he had already seized and exercised for five years anyway, even without this fig leaf of sham legality - there is a far more sinister imperial right that Bush has claimed - and used - openly, without any demur or debate from Congress at all: ordering the "extrajudicial killing" of anyone on earth that he and his deputies decide - arbitrarily, without charges, court hearing, formal evidence, or appeal - is an "enemy combatant."

That's right; from the earliest days of the Terror War - September 17, 2001, to be exact - Bush has claimed the peremptory power of life and death over the entire world. If he says you're an enemy of America, you are. If he wants to imprison you and torture you, he can. And if he decides you should die, he'll kill you. This is not hyperbole, liberal paranoia, or "conspiracy theory": it's simply a fact, reported by the mainstream media, attested by senior administration figures, recorded in official government documents - and boasted about by the president himself, in front of Congress and a national television audience.

And although the Republic snuffing act just passed by Congress does not directly address Bush's royal prerogative of murder, it nonetheless strengthens it and enshrines it in law. For the measure sets forth clearly that the designation of an "enemy combatant" is left solely to the executive branch; neither Congress nor the courts have any say in the matter. When this new law is coupled with the existing "Executive Orders" authorizing "lethal force" against arbitrarily designated "enemy combatants," it becomes, quite literally, a license to kill - with the seal of Congressional approval.

How arbitrary is this process by which all our lives and liberties are now governed? Dave Niewert at Orcinus has unearthed a remarkable admission of its totally capricious nature. In an December 2002 story in the Washington Post, then-Solicitor General Ted Olson described the anarchy at the heart of the process with admirable frankness:

"(There is no) requirement that the executive branch spell out its criteria for determining who qualifies as an enemy combatant," Olson argues.

"'There won't be 10 rules that trigger this or 10 rules that end this,' Olson said in the interview. 'There will be judgments and instincts and evaluations and implementations that have to be made by the executive that are probably going to be different from day to day, depending on the circumstances.'"

more...

[54anickel]

23. Cripes the repos seem to be large lately! I haven't been watching

too closely. 20 biggies between yesterday and today alone.

http://www.ny.frb.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE

[54anickel]

28. Dow Passes Intraday High Set in 2000

http://biz.yahoo.com/ap/061003/wall_street.html?.v=24

Dow Jones Industrials Pass All-Time Trading High, Move Into Uncharted Territory


NEW YORK (AP) -- The Dow Jones industrial average surged past its all-time trading high of 11,750.28 Tuesday, taking yet another step in its recovery from seven years of market turmoil.

The index of 30 blue chip stocks moved into uncharted territory after briefly passing its record high close of 11.722.98 on Thursday and Monday. Both records were set on Jan. 14, 2000, before the stock market began a precipitous decline caused by the dot-com bust and recession and worsened by the aftermath of terrorism and corporate scandals.

While investors welcomed the Dow's latest achievement, it came in a stock market that is more conservative, even more muted, than the Wall Street of early 2000. At that time, investors were still piling exuberantly into high-tech stocks. In 2006, the market's gains come only after investors' careful parsing of economic data and corporate earnings reports.

Tuesday's advance came on the second straiaght day that oil prices fell sharply, helping to calm fears about inflation and possible interest rate increases. But the market as a whole has been choppy, with traditionally defensive sectors such as pharmaceuticals and utilities leading the market higher since its May and June decline, said Doug Johnston, head of U.S. trading at Adams Harkness in Boston.

"I think we break out to the all-time high, then we could get a blow-off correction off of that," Johnston said.

more...

[54anickel]

29. Americans becoming increasingly house poor

http://www.msnbc.msn.com/id/15107993/

WASHINGTON - Americans are becoming increasingly house poor.

Homeowners in every state but one spent more of their incomes on housing costs last year than at the start of the decade, according to data released Tuesday by the Census Bureau. Those in Alaska spent the same.

Nationwide, homeowners spent nearly 21 percent of their incomes on housing costs last year, up from just under 19 percent in 1999.

Housing analysts blamed surging home prices, higher interest rates and lower incomes for hurting affordability.

“It is now much more difficult for first-time homebuyers to get into the market, and for existing homeowners to trade up,” said Mark Zandi, chief economist at Moody’s Economy.com. “This decline in affordability is the catalyst for the current sharp decline in housing activity.”

The housing market has gone soft in many areas, but home prices are still much higher than they were at the start of the decade. Nationwide, median home values jumped 32 percent from 2000 to 2005, to $167,500.

more...

[54anickel]

30. Drought Taking Toll on Farm Families

http://biz.yahoo.com/ap/061003/farm_scene.html?.v=2

WICHITA, Kan. (AP) -- Charlie Griffin gets two or three calls daily from farmers struggling with bills they cannot pay.

"Often the first thing out of someone's mouth is, 'I don't know where to turn,'" said Griffin, director of the Kansas Rural Family Help Line.

Widespread drought is taking a psychological, as well as financial, toll on American farmers and ranchers.

The summer of 2006 was the second warmest in the continental U.S. since records began in 1895, according to the NOAA National Climatic Data Center. Despite some rainfall last month in parts of the country, moderate to extreme drought conditions continue in about 40 percent of the country.

It's difficult to quantify how deeply the drought is affecting Kansas farmers. While the number of calls to the help line is running about the same as in past years, Griffin said, the drought has risen to the top of the average farmer's list of worries.

Calls to the help line typically increase as winter approaches and farmers start going over their account books.

"That is the time when a lot of farmers go through some seasonal depression, and some of them could benefit from assistance from a mental health professional," Griffin said.

more...

[AnneD]

34. Now if they could just make the connections...

between the GOP and their plight-the DEM's would be in charge.
I have been reading the book 'What's the matter with Kansas" very good. Hope they wake up. I see a Dust Bowl comming on.

[stop the bleeding]

32. Record close for the DOW

Last Update: 3:22 PM ET Oct 3, 2006


NEW YORK (MarketWatch) -- U.S. stocks rallied Tuesday, with the Dow Jones Industrial Average on track to close at an all-time high, after the price of oil slumped to a 14-month low, raising hopes lower energy costs will boost consumer spending and moderate any slowdown in economic growth.
The Dow industrials ($INDU : Dow Jones Industrial Average
News , chart, profile, more
Last: 11,727.34+56.99+0.49%

4:02pm 10/03/2006

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$INDU11,727.34, +56.99, +0.5%) rallied as much as 89 points to a session high of 11,758.95, topping the previous all-time high of 11,750.28 reached on Jan. 14, 2000. The index must end above 11,722.98 to set a new record closing high.
The blue-chip barometer was last up 76 points at 11,745, with 25 of 30 components contributing to gains.
The Nasdaq Composite Index ($COMPQ : Nasdaq Composite Index
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Last: 2,243.65+6.05+0.27%

4:09pm 10/03/2006

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$COMPQ2,243.65, +6.05, +0.3%) tacked on 10 points to 2,247, well above a session low of 2,224.21.
The S&P 500 Index ($SPX : S&P 500 Index
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Last: 1,334.11+2.79+0.21%

4:09pm 10/03/2006

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$SPX1,334.11, +2.79, +0.2%) was 5 points better at 1,336.
The all-time high for the Nasdaq is 5,132.50 and for the S&P 500 is 1,553.11.
"Investors are concluding that the economy is in for a soft landing," said Hugh Johnson, chairman of Johnson Illington Advisors. "They expect the good news about the decline in oil prices to offset the negative impact of a deteriorating housing market."
A soft landing happens when economic growth slows but is still solid enough to sustain job creation and corporate profits. A hard landing is when an economy tumbles into recession after a period of strong growth.



http://www.marketwatch.com/news/story/Story.aspx?guid=%7B62BF8F2F%2D238E%2D4160%2DB388%2DD5EF121CCD6D%7D&siteid=

[54anickel]

35. Closing - We're in the money

Dow 11,727.34 +56.99 (0.49%)
Nasdaq 2,243.65 +6.05 (0.27%)
S&P 500 1,334.11 +3.83 (0.29%)
10-yr Bond 4.6160% -0.0020
30-yr Bond 4.7530% -0.0080
NYSE Volume 2,599,173,000
Nasdaq Volume 2,016,904,000

4:20 pm : The Dow closed at a new all-time high today as investors rallied around a sell-off in commodities, prompting further rotation out of oil and gold stocks and into financials and cyclicals.

With no scheduled economic reports to potentially rattle investors preoccupied with concerns about the pace of economic growth, the absence of "incoming" data left investors focused on two things Tuesday: oil prices and a warning from chip maker Marvell Technology (MRVL 16.80 -2.29).

Marvell opened down 15% at a new 52-week low after cutting its Q3 revenue outlook and saying it will have to restate results back to its June 2000 IPO due to stock-option accounting errors, which weighed on sentiment at the onset of trading since the official start to earnings season still one week away leaves the door open for more pre-announcements. In fact, Pepsi Bottling Group (PBG 32.77 -2.46), the only S&P 500 constituent out with quarterly results today, matched analysts' Q3 expectations but issued downside FY06 EPS guidance, prompting investors to consolidate some of the stock's 24% year-to-date gain.

Nonetheless, further deterioration in oil as the day wore on finally got investors looking past corporate warnings and the growing reality that Energy profits are eroding -- an issue that prompted Merrill Lynch to downgrade the sector to Underweight. Thus, crude futures ($58.68/bbl -$2.35) plunging 3.8% to seven-month lows amid expectations of further inventory builds helped investors embrace heightened expectations that consumer spending will remain healthy as oil's inflationary characteristics continue to diminish. In fact, Kohl's (KSS 67.53 +2.04) reporting a strong 16.3% rise in September same-store that nearly doubled forecasts and raising its Q3 earnings outlook helped to assuage some of the doubt about the health of the consumer cast by Wal-Mart (WMT 49.46 +1.02) over the weekend.

Per usual, the drubbing in oil also made gold less attractive as a hedge against inflation, as evidenced by Materials being the only other sector failing to partake in today's rally. Further evidence of the rotation out of Energy and Materials and into the much more influential Financials sector was the fact that oil services giant Halliburton (HAL 26.59 -1.27) and gold miner Newmont Mining (NEM 40.90 -2.31) hit 52-week lows while the likes of Bank of America (BAC 54.44 +0.82) and Goldman Sachs (GS 174.23 +3.54) hit historic highs.

Reports late in the day suggesting the EU may pursue antitrust charges against bellwether Intel (INTC 20.57 +0.13) more than halving its intraday 1.7% gain stalled some of the market's momentum, nearly preventing the Dow from once again failing to hold its own in record territory. DJ30 +56.99 NASDAQ +6.05 SP500 +2.79 NASDAQ Dec/Adv/Vol 1658/1376/1.98 bln NYSE Dec/Adv/Vol 1566/1692/1.70 bln

3:30 pm : The market is showing no signs of slowing going into the close. The Dow is on pace to close at a new record high. While history in the making for the blue-chip index is important psychologically, it is worth noting that the S&P 500, a much broader representation of the economy, is still 12% below its best levels ever. That is largely because a roughly 30% weighting attached to the S&P Technology sector back in March 2000 was a big reason behind the S&P surpassing the 1500 level; tech now accounts for only 14.9% and is the second most influential sector behind Financials, which accounts for 21.4%. DJ30 +76.28 NASDAQ +11.71 SP500 +5.45 NASDAQ Dec/Adv/Vol 1560/1417/1.61 bln NYSE Dec/Adv/Vol 1461/1776/1.33 bln

3:00 pm : The indices are retracing session highs, lifting the Dow back toward record levels, as momentum continues to favor the blue chips. However, that doesn't mean all of the Dow components are also at or even near historic highs. In fact, even though JP Morgan Chase (JPM 47.67 +0.80) is at a 52-week high, the stock is down 3.6% since the Dow closed at its all-time record on January 14, 2000. Johnson & Johnson (JNJ 65.62 +0.53) is also at its best levels in 12 months while McDonald's (MCD 39.66 +0.15) and Pfizer (PFE 28.48 +0.17) have both come within a penny of matching 52-week (but not record) highs today.DJ30 +75.56 NASDAQ +10.42 SP500 +5.41 NASDAQ Dec/Adv/Vol 1524/1443/1.48 bln NYSE Dec/Adv/Vol 1450/1775/1.22 bln

2:30 pm : Market is paring some of its intraday gains as oil prices slipping to fresh session lows heading into the close of trading on the NYMEX removes even more leadership from the Energy sector (-2.8%), which is retracing its worst levels of the day. However, market internals are holding onto a modestly positive bias. As reflected in the A/D line, advancers on the NYSE outpace decliners by an 18-to-13 margin while those on the Nasdaq hold a narrower 15-to-13 edge. The ratio of up to down volume on both the Big Board and the Composite also underscores the change in sentiment for commodities and subsequent rotation into cyclicals. DJ30 +59.89 NASDAQ +7.06 SP500 +3.85 NASDAQ Dec/Adv/Vol 1383/1555/1.35 bln NYSE Dec/Adv/Vol 1340/1868/1.09 bln

2:00 pm : Stocks continue to put together a solid advance amid spirited leadership from a number of blue chips. Of the 24 Dow components trading higher, Boeing (BA 81.85 +1.88) is not only pacing the way with a 2.3% gain after rival EADS said it will cut Airbus A380 deliveries for the third time in 16 months but has recently surpassed International Business Machines (IBM 81.82 -0.05) as the highest price component on the price-weighted index. However, General Motors (GM 33.43 -0.07) recently reporting a larger than expected 6.8% drop in September sales (consensus -4.65%) has knocked the auto maker into the red.DJ30 +68.27 NASDAQ +10.09 SP500 +5.31 NASDAQ Dec/Adv/Vol 1443/1473/1.23 bln NYSE Dec/Adv/Vol 1411/1791/1.0 bln

1:30 pm : Indices are pulling back from their best levels of the session, but eight out of 10 sectors continue to sport respectable gains. The bullish bias remains intact as investors continue to rotate out of Energy (-2.1%) and Materials (-0.9%), as evidenced by Halliburton (HAL 27.02 -0.84) and Newmont Mining (NEM 41.51 -1.70) hitting 52-week lows, and into Financials, led by the likes of Bank of America (BAC 54.29 +0.67) and Goldman Sachs (GS 172.61 +1.92), which are hitting historic highs. DJ30 +66.11 NASDAQ +8.19 SP500 +4.86 NASDAQ Dec/Adv/Vol 1388/1517/1.14 bln NYSE Dec/Adv/Vol 1359/1821/920 mln

1:00 pm : Buyers remain in control of the action as the Dow finally breaks through to set a new intraday high of 11754.55. As expected, though, stocks have since run into a wall of resistance as technicians jump at the chance to lock in some of the market's gains. While such a milestone is noteworthy from a psychological standpoint, since it bodes well for investor confidence, there's still a lot of time remaining to see if the Dow can actually close at a new record. DJ30 +73.96 NASDAQ +10.36 SP500 +5.54 NASDAQ Dec/Adv/Vol 1382/1500/1.04 bln NYSE Dec/Adv/Vol 1365/1786/836 mln

12:30 pm : The bulls kick off the afternoon session in strong fashion, pushing the major averages to their best levels of the day. To wit, the Dow is now flirting with its all-time intraday high of 11,750.28, due largely to strength across the board in the influential Financials sector and a turnaround in Technology. The latter has recently inched into positive territory, led by a 1.5% in bellwether Cisco Systems (CSCO 23.33 +0.35) and Qualcomm (QCOM 35.48 +0.82) recouping more than half of yesterday's 4.6% sell-off. Since the Financials sector has a history of outperformance in the period between the last rate hike and the first easing, further recognition that the Fed's tightening activity is reaching an end has helped renew interest in everything from banks to brokers and is acting as the biggest source of support.DJ30 +76.76 NASDAQ +10.70 SP500 +5.75 NASDAQ Dec/Adv/Vol 1366/1474/916 mln NYSE Dec/Adv/Vol 1482/1666/724 mln


Advances & Declines
NYSE NASDAQ
Advances 1,692 (50%) 1,391 (44%)
Declines 1,565 (46%) 1,635 (52%)
Unchanged 154 (5%) 129 (4%)
Up Vol* 1,260 (49%) 1,065 (53%)
Down Vol* 1,318 (51%) 924 (46%)
Unch. Vol* 17 (1%) 11 (1%)
New Hi's 143 67
New Lo's 55 88



- I got it!
- Well, what is it?
- A penny, a nickel...
- You got hold yo' horses and let me get the dough off!
A dime!

We're in the money,
We're in the money;
We've got a lot of what it takes to get along!
We're in the money,
The sky is sunny;
Old Man Depression, you are through,
You done us wrong!

We never see a headline
'Bout breadline, today,
And when we see the landlord,
We can look that guy right in the eye .

We're in the money
Come on, my honey
Let's spend it, lend it,
Send it rolling around!

All:
We're in the money,
We're in the money;
We've got a lot of what it takes to get along!
We're in the money,
The sky is sunny;
Old Man Depression, you are through,
You done us wrong!

We never see a headline
'Bout breadline, today,
And when we see the landlord,
We can look that guy right in the eye.
Look that guy right in the eye-
Look that guy right in the eye-

We're in the money
Come on, my honey
Let's spend it, lend it, send it-
Let's spend it, lend it, send it
Rolling, rolling-
Rolling around!

Additional Verse
Gone are my blues,
And gone are my tears;
I've got good news
To shout in your ears.
The silver dollar has returned to the fold,
With silver you can turn your dreams to gold.


Will they be singing Brother Can You Spare a Dime by the end of the year?