STOCK MARKET WATCH, Tuesday June 12

[ozymandius]

Source: DU

Tuesday June 12, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 587 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2351 DAYS
WHERE'S OSAMA BIN-LADEN? 2063 DAYS
DAYS SINCE ENRON COLLAPSE = 2024
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
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 June 11, 2007

Dow... 13,424.96 +0.57 (+0.00%)
Nasdaq... 2,572.15 -1.39 (-0.05%)
S&P 500... 1,509.12 +1.45 (+0.10%)
Gold future... 659.00 +8.70 (+1.32%)
30-Year Bond 5.24% +0.02 (+0.38%)
10-Yr Bond... 5.14% +0.02 (+0.37%)






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

---

Read more: DU

[ozymandius]

1. Today's Market WrapUp

Crying Wolf or Crying Uncle
Does our dependence on foreign energy and credit really matter?
BY TONY ALLISON

For a country founded on rugged individualism, our current state of affairs is looking a lot less rugged and a lot more dependent. With a massively expanding debt to foreign creditors, and an insatiable appetite for energy, we as a nation become more dependent each and every day. Even if we eventually import fewer Chinese products, the trade deficit may march higher because the percentage of energy (crude, natural gas, and refined products) from overseas sources continues to grow. More ominously, if we are in fact nearing the front door of Peak Oil, the price of energy will be headed in one direction, higher. This will only exacerbate our trade deficit.

-see charts-

Asian demand rising

It’s a tight box we find ourselves in at this stage in history. If Americans conserve and use less energy, they would expect prices to drop. But we live in a time of the greatest Industrial Revolution on record, with China and India coming of age simultaneously. These two countries represent 2.4 billion people, or 40% of the world’s population. The Chinese and Indians are industrializing at a furious pace, and their demands for natural resources, particularly energy, will continue rising for decades. The price of energy is set on world markets, not local markets. So as global demand continues, the price will rise in the US, no matter how frugal we become. Further, Americans will only conserve to a point. They still have to get to work, so belt tightening may have to come from other areas of the family budget.

-cut-

Credit Dependence

With increasing energy dependence and a shrinking industrial base, we are not the self -sufficient nation of 30 years ago. We are creating trillions of dollars to pay for entitlement programs that are mushrooming with an aging population and an expanding government sector. We are financing an incredibly expensive war (off-budget of course) by simply printing the money.

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

[ozymandius]

2. Today's Report

2:00 PM Treasury Budget May
Briefing Forecast -$71.0B
Market Expects -$68.0B
Prior -$42.9B

http://biz.yahoo.com/c/e.html

[UpInArms]

26. Tresaury Budget May @ -$67.7 bln

15. U.S. federal receipts up 9.3% year-to-date
2:01 PM ET, Jun 12, 2007 - 2 hours ago

16. U.S. May receipts down 14.8%, outlays down 1.5%
2:01 PM ET, Jun 12, 2007 - 2 hours ago

17. U.S. May federal budget deficit $67.7 bln. vs. $42.9 bln
2:01 PM ET, Jun 12, 2007 - 2 hours ago

[UpInArms]

3. dollar watch

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

Last trade 82.792 Change +0.097 (+0.12%)

Dollar: Will US Retail Sales and Inflation Reports Really Matter for the Fed?

http://www.dailyfx.com/story/bio1/Dollar__Will_US_Retail_Sales_1181597782013.html

The US dollar is stronger across the board but intervention in the New Zealand dollar was by far the biggest event of the day. There was actually no data on the US calendar and only a few speeches by Fed officials. Both Pianalto and Moskow remained hawkish, which is not much of a surprise. Trading in the US dollar should remain relatively quiet until Wednesday when things will seriously heat up. We have the release of the Beige Book report, May retail sales, import and export prices along with the Treasury’s foreign exchange report. Although certain members of Congress have not been happy with the value of the Chinese Yuan and the Japanese Yen, the recent policy changes by China will probably save them from being branded currency manipulators. On Wednesday, traders will need to shift their focus to consumer spending and inflation. Last month, we saw record gasoline prices have a limited impact on consumer and producer prices. The rise in gasoline did not occur until late April and early May which means that this week’s data could show stronger inflationary pressures. Unfortunately retail sales and the inflation reports could be less market moving than they have been in the past because weaker or stronger numbers will do little to sway the Federal Reserve one way or the other. With the stock market heading back towards its record highs, the Federal Reserve will be reluctant to shift their bias to neutral if the numbers are soft. If they are strong, they also do not have much in the way of flexibility to raise interest rates. Therefore their on-hold policy will continue regardless of whether the numbers or strong or soft. The only thing that could stoke volatility continues to be the stock market. Equity traders are on pins and needles as they wait to see whether the moves in the Dow Jones Industrial Average today and Friday represent a rebound before further losses or an end to the shallow stock market correction.

...more...

New Zealand Currency Intervention: Is it Enough to Kill the Carry Trade?

http://www.dailyfx.com/story/topheadline/New_Zealand_Dollar_Intervention__Is_1181588821535.html

Having just hit a 22 year high, it is certainly surprising to see the New Zealand dollar down over 1.5 percent across the board. After raising interest rates to 8 percent last week, the last thing both analysts and traders expected was for the Reserve Bank of New Zealand to artificially weaken the New Zealand dollar by selling it outright in the foreign exchange market.

Not only is the impact of intervention completely inconsistent with the impact of an interest rate hike, this is also the first time ever that the RBNZ has intervened in the currency since it was floated back in 1985. The unprecedented move indicates that this is a very serious step for the central bank and not one that has been taken lightly. The next logical question to ask is whether the RBNZ will intervene again and if these moves are enough to kill the carry trade.

Before we attempt to answer these questions, it is important understand why they intervened in the first place:

Why Did the Reserve Bank of New Zealand Intervene?

NZD has become a one way bet

Over the past year, the New Zealand dollar has increased 26 percent against the US dollar and 32 percent against the Japanese Yen. As an export dependent country, the general fear is that the strength of the kiwi would take a big bite out of exports. Both RBNZ Governor Bollard and Finance Minister Cullen have repeatedly warned that the currency is extremely overvalued. Yet despite this strength, the RBNZ has had no choice but to raise interest rates. This year alone, they have already increased interest rates by 50bp and the interest curve is pricing in one and possibly even two more rate hikes by the end of the year. The reason why the RBNZ has been increasing rates is because they are mandated to keep inflation within a 1 to 3 percent range. Even though inflation has eased to 2.5 percent in the first quarter, domestic inflation which excludes import prices is still at 4.1 percent. This has made the New Zealand dollar a one way bet. Since the central bank still needs to raise interest rates to curb inflation, if they did not inject some sort of uncertainty into the direction of the currency, it would have most certainly hit 80 cents by the end of the year.

...more...

[mojavekid]

30. Daily Pfennig 6/12/07: Range Bound in the U.S....

http://www.kitcocasey.com/displayArticle.php?id=1434

Good day... As predicted, the currency markets traded in a tight range over the past 24 hours. With no data released yesterday and very little to move the markets today, I expect to see these flat trading patterns continue. Currency traders will be positioning themselves for the reports due later this week. As always, the market has tried to predict what this data will show. Right now, the US$ has moved higher because traders think the reports will indicate a strengthening U.S. economy as U.S. retail sales rise and consumer price gains accelerated in May. This would bring back calls for the FOMC to raise rates and quiet the calls for rate cuts.

But what happens if the data show the U.S. economy is continuing to slow? The dollar moves back into the downward trend it has been tracking all year. Most of the recent strength in the US$ has been caused by rate cuts being priced out of the market. If the reports due out later this week don’t confirm the U.S. has "turned the corner," the US$ will get whacked like an extra on the Sopranos.

The pound sterling rose vs. the dollar yesterday after BOE governor Mervyn King signaled he may raise rates again this year. King said late yesterday that the BOE "may need to take further action" to contain inflation. King's comments followed a report which showed consumer price inflation had slowed to an annual 2.5% in May, the lowest in seven months. This report seemed to justify the BOE's pause last week, so King's hawkish comments surprised the markets. According to King, if "indicators of capacity pressures, pricing intentions and inflation expectations remain elevated," then policy makers "may need to take further action." Sounds like the BOE is ready to get a little more aggressive on rate increases. The pound will continue to be supported by interest rate differentials, and I believe we will still see it trade near $2.07 by year end.

more...

[ozymandius]

4. Nymex crude oil rises on supply worries

A benchmark crude oil contract edged up Tuesday after climbing more than $1 a barrel a day earlier amid indications that OPEC is unlikely to boost production and a report outlining a possible oil crunch in the coming months.

The International Energy Agency raised the prospect of a global oil crunch this year on a recipe of higher-than-expected demand and below-par supply from the Organization of Petroleum Exporting Countries and other producers.

Light, sweet crude for July delivery on the New York Mercantile Exchange rose 6 cents to $66.03 a barrel in electronic trading by midday in Europe. The contract had gained $1.21 Monday to settle at $65.97 a barrel.

July Brent crude, however, lost 7 cents to $69.49 a barrel on the ICE Futures exchange in London in what some traders said was profit-taking.

-cut-

While weekly fuel stocks data from the U.S. Energy Information Administration was expected to show that U.S. inventories of crude oil fell by an average of 400,000 barrels for the week ended June 8, petroleum product stockpiles were expected to rise for the sixth straight week, boosted by rising refinery output and higher imports.

http://news.yahoo.com/s/ap/oil_prices

[ozymandius]

5. Blackstone CEO collected $400M in '06

NEW YORK - Private-equity powerhouse Blackstone Group LP said Monday that Chief Executive Stephen Schwarzman made $400 million in 2006 — almost double the combined compensation for the CEOs of Wall Street's five biggest investment banks.

Schwarzman, 60, will lead the New York-based firm to the highly anticipated initial public offering of its management company within the next few weeks. He could cash in as much as $677.2 million of his stake during the IPO, and still walk away with a 24 percent interest in the company valued at as much as $7.7 billion.

Blackstone's top five executives, including Schwarzman, earned a combined $771.5 million in 2006 — part of the $2.27 billion in net income the company paid out last year. Blackstone Group expects to record significant losses for a number of years following its IPO, because of amortization and compensation costs.

-cut-

Schwarzman's compensation easily eclipsed the CEOs of Wall Street's biggest investment banks: Goldman Sachs Group Inc., Merrill Lynch & Co., Lehman Brothers Holdings Inc., Bear Stearns Cos., and Morgan Stanley. The highest paid CEO on Wall Street last year was Goldman's Lloyd Blankfein, who made $54 million.

http://news.yahoo.com/s/ap/20070611/ap_on_bi_ge/blackstone_ipo

[Roland99]

10. That sound everyone just heard?

That was my jaw hitting the floor.

[Hugin]

15. I bet he doesn't worry about his Credit Score....

:eyes:

I'm begining to think even knowing one's Credit Score excludes one from the 'have' class.

[Roland99]

17. Give me just 1%... *1%* of his money and I'd be set for LIFE!

Plus both of my sisters and my nieces and nephews would have college paid for along with my own daughters.



Freakin' madness!!!

[Hugin]

19. "Shoot, a fellah could have a pretty good weekend in Vegas with all that stuff. "

:slimpickens:

:rofl:

[Demeter]

27. Well, Now We Know Where The "Missing" Iraq War Funds Went

[ozymandius]

6. Stocks move toward lower open

NEW YORK - U.S. stocks headed toward a moderately lower opening Tuesday ahead of a profit report from Lehman Brothers Holdings Inc.

Stocks finished little changed Monday as investors awaited economic data on inflation due later this week. After a pullback last week and a partial recovery Friday, investors are looking to earnings and economic data to help determine whether they should embrace a bearish or bullish stance.

Lehman is the first of the big Wall Street investment firms to release its fiscal second-quarter earnings. Bear Stearns Cos. and Goldman Sachs Group Inc. are expected to report later in the week.

-cut-

The bond and stock markets could be expected to show volatility ahead of reports on inflation due later in the week. The Labor Department's producer price index and the more closely watched consumer price index could help determine whether last week's stock market pullback was justified.

http://news.yahoo.com/s/ap/20070612/ap_on_bi_st_ma_re/wall_street

[mojavekid]

21. Cheating Leads TheStreet.com to Cancel an Investing Contest

http://www.nytimes.com/2007/06/12/business/media/12contest.html?_r=1&ref=business&oref=slogin

No one ever said stock picking was easy — or free of cheating.

TheStreet.com said last night that it would cancel the first round of its “Beat the Street” competition because some of the contestants had taken advantage of the system.

The financial news site did not disclose the tactics of the cheats, but it said that all participants of the first contest could enter its next stock picking match. The $100,000 prize money from the canceled contest will be used to increase the amount awarded in the second contest to $150,000.

“Players employed trading strategies to achieve returns that could not be duplicated in the real world, thereby depriving other contestants of an equal chance to win,” David Morrow, the site’s editor in chief, said, in part, in a Web posting to readers. “I invite you to participate in the soon-to-launch ‘Beat the Street 2.0’ game.”

CNBC also ran into problems with a similar contest this spring. That contest, awarding a prize of $1 million, became a popular feature on the CNBC Web site, with about 375,000 people participating. CNBC has hired outside investigators to determine if players rigged the system by, among other tactics, trading after hours, a statement from CNBC said last week.

more...

[UpInArms]

7. China's Trade Surplus Near High

http://www.nytimes.com/2007/06/12/business/12trade.html?ex=1339300800&en=ed7eea99a43a8e14&ei=5088&partner=rssnyt&emc=rss

BEIJING, June 11 (AP) — China’s politically sensitive trade surplus soared in May to the third-highest monthly level on record, government figures released on Monday showed. The figures are likely to increase pressure from United States lawmakers for sanctions against Beijing.

The surplus reached $22.5 billion (16.9 billion euros), an increase of 73 percent from May 2006, the Chinese customs agency said on its Web site. Exports jumped 28.7 percent, while imports rose 19.1 percent.

China has promised to narrow its growing trade gap under pressure from Washington and other governments, but economists say the multibillion-dollar surpluses will probably continue.

<snip>

The United States reported a $232.5 billion trade deficit with China in 2006.

<snip>

The May surplus was just below the $23.8 billion surplus reported in February, but experts said that figure was swelled by exporters shipping goods early to beat a change in taxes that was expected to occur in March. The March surplus was $6.9 billion.

...more at link...

[ozymandius]

8. Texas Instruments cuts top end of earnings view

WASHINGTON (MarketWatch) - Shares of Texas Instruments Inc. came under mild selling pressure in preopen trades on Tuesday after the chipmaker cut the top end of its second-quarter earnings forecast.

Late Monday, the Dallas-based company cited lower-than-forecast sales of calculators and wireless handsets.

Yet Texas Instruments, the biggest vendor of chips and components used in wireless devices, didn't alter its expectations dramatically. From continuing operations, it now sees profit per share in a range of 40 cents to 44 cents, compared to an earlier view of 39 cents to 45 cents.

-cut-

The downward shift stemmed in part from a delay by retailers in stocking back-to-school calculators. Cowen & Co. analyst John Barton said the company hinted that "customer inventory levels might be on the verge of becoming too lean," potentially triggering a snapback in demand.

http://www.marketwatch.com/news/story/mild-selling-texas-instruments-cuts/story.aspx?guid=%7B51C16332-4402-4EBB-822D-20CBABAC70E1%7D

[ozymandius]

9. Employers in U.S. to Keep Hiring at Same Pace, Manpower Says

June 12 (Bloomberg) -- Employers in the U.S. plan to maintain hiring next quarter at the same pace as in the previous three months, according to a private survey released today.

Manpower Inc., the world's second-largest provider of temporary workers, said its employment index held at 18 percent for July through September, the same as in the second quarter. The gauge subtracts the percentage of employers planning to cut jobs from those who plan to add workers and adjusts the results for seasonal variations.

The report suggests the weakest pace of growth in four years hasn't discouraged employers from expanding payrolls. More jobs and higher wages are critical to sustaining consumer spending as fuel costs climb, house prices stagnate and interest rates rise.

-cut-

The economy has created an average 119,000 jobs a month so far this quarter, compared with 142,000 a month from January though March, according to figures from the Labor Department. The jobless rate held at 4.5 percent last month, close to a five-year low.

http://www.bloomberg.com/apps/news?pid=20601103&sid=ahEjDC308318&refer=us

Which is way below where we need to be on a monthly basis.

[Roland99]

11. The same pace?? Now *that's* scary!!

40,000 jobs shy EACH MONTH!

[ozymandius]

13. And the bad news is

some people see this as good news.

[Roland99]

18. And those "some people" are the ones in control of the "filter"'s message.

[ozymandius]

16. Employers cautious on summer hiring

NEW YORK (CNNMoney.com) -- U.S. employers expect to take a cautious approach to hiring over the summer months, a survey released Tuesday showed.

Nearly three-fifths, or 58 percent, of employers plan no change in the pace of hiring, according to a seasonally adjusted survey of 14,000 employers by Manpower, a human resources company.

Twenty-nine percent expect to increase the hiring pace, while 7 percent expect to trim their payrolls, said the study. Six percent said they were undecided.

In the third quarter last year, 31 percent said they expected to increase the pace.

http://money.cnn.com/2007/06/11/pf/manpower/index.htm?postversion=2007061205

[ozymandius]

12. Lehman Brothers 2Q profit up 27 percent

NEW YORK - Lehman Brothers Holdings Inc., the nation's fourth-largest investment bank, said Tuesday robust stock trading and buyout business pushed second-quarter profit up 27 percent year-over-year.

For the three months ended May 31, profit after paying preferred dividends rose to $1.26 billion, or $2.21 per share, from $986 million, or $1.69 per share, a year earlier.

Fees charged for stock trading amid a record run on Wall Street, as well as those charged to companies for advice on takeover deals, helped drive Lehman's business during the quarter. Revenue rose 25 percent to $5.51 billion from $4.41 billion a year prior.

Results topped Wall Street projections for earnings of $1.88 per share on revenue of $4.97 billion, according to analysts polled by Thomson Financial.

http://news.yahoo.com/s/ap/20070612/ap_on_bi_ge/earns_lehman_brothers

[ozymandius]

14. pre-open blather

08:30 am : S&P futures vs fair value: -4.5. Nasdaq futures vs fair value: -7.3. Within the last 20 minutes, Lehman Brothers (LEH) handily topped Wall Street forecasts with record net revenues in all business segments. Unfortunately for the bulls, it's going to take more than today's only notable earnings report to get buying efforts back on track.

Bond yields are coming off their early highs but investors remain cognizant that an upcoming batch of influential economic data has the potential to help determine whether last week's sell-off was warranted.

08:00 am : S&P futures vs fair value: -4.3. Nasdaq futures vs fair value: -7.5. Early indications are pointing to a lower open for the cash market as yesterday's lackluster finish further underscores the recent change in sentiment and market's newfound tendency to sell into strength.

Another jump in interest rates is certainly not helping matters while Texas Instruments (TXN) merely tightening, not raising, its Q2 guidance last night is also contributing to the negative disposition.

[mojavekid]

20. USA Today: Wheat prices hit 2007 record highs

http://www.usatoday.com/money/markets/2007-06-11-wheat-prices_N.htm

NEW YORK — Wheat prices surged to a record high for 2007 Monday as heavy rains threatened to damage an already diminished crop.
While rain soaked Midwestern wheat fields on Monday, dry skies stifled the moisture-hungry eastern Corn Belt, sending corn prices above $4 a bushel.

"The rain falling in the U.S. is falling in all the wrong places," said DTN market analyst Elaine Kub.

Bullish traders also ran with a report from the U.S. Department of Agriculture on Monday in which the agency lowered its projections for winter wheat production this month.

Wheat for July delivery jumped 29.5 cents to $5.57 a bushel at midday on the Chicago Board of Trade. The exchange limits daily price swings to 30 cents in either direction.

more...

[ozymandius]

22. who ordered the red?

11:48
Dow 13,377.42 Down 47.54 (0.35%)
Nasdaq 2,560.81 Down 11.34 (0.44%)
S&P 500 1,504.22 Down 4.90 (0.32%)
10-Yr Bond 5.206% Up 0.069
NYSE Volume 1,079,924,000
Nasdaq Volume 779,875,000

11:30 am : Stocks are slowly clawing their way back as buyers' recent attempts to create a floor of support for stocks appear to be working... for now. Among the major averages, the Dow has seen the biggest improvement but 27 of its 30 components are still trading lower.

General Motors (GM 31.29 -0.48) is the index's worst performer, but its 1.5% decline only amounts to four Dow points versus the 1.4% pullback in Boeing (BA 96.18 -1.36) accounting for 11 Dow points. McDonald's (MCD 51.69 +0.44), which was added to Goldman Sachs' Conviction Buy List, really stands alone as the index's only bright spot. DJ30 -68.84 NASDAQ -16.49 SP500 -8.16 NASDAQ Dec/Adv/Vol 2121/708/656 mln NYSE Dec/Adv/Vol 2682/443/430 mln

11:00 am : The major averages are bouncing off their recent lows but hardly enough to make a significant change in the standings. Bond yields have come off their recent highs, offering some relief; but the recent pullback in stocks is hardly sparking a buying opportunity like the ones enjoyed of late by the bulls.

Adding to the market's struggles over the last hour have been the Dow, S&P 500 and Nasdaq's inability to find support above key technical levels of 13340, 1499and 2551, respectively. DJ30 -80.51 NASDAQ -18.04 SP500 -9.78 NASDAQ Dec/Adv/Vol 2117/649/516 mln NYSE Dec/Adv/Vol 2627/455/322 mln

[bagrman]

23. Insider tips:

Working for Edward Jones Investments I must keep up with the Stock Market -- I wanted to pass on these insider tips:

Helium was up, Feathers were down. Paper was stationary.
Fluorescent tubing was dimmed on light trading.
Knives were up sharply. Cows steered into a bull market.
Pencils lost a few points and Hiking equipment was trailing.
Elevators rose while escalators continued their slow decline.
Weights were up in heavy trading.
Light switches were off and Mining hit rock bottom.
Diapers remained unchanged while Shipping stayed on an even keel throughout the day.
Coca Cola fizzled while Caterpillar inched up a bit.
Sun peaked at midday, Balloon prices were inflated and once again, Scott Tissue touched a new bottom.

Joy Elgin

[Demeter]

28. I'm Stealing This!

[bagrman]

32. I'm Honored.

[TrogL]

24. Loonie Watch

Highlights

Current:



30-day and 90-day vs.greenback:



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




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

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

Up-to-the-minute graph: http://quotes.ino.com/chart/?s=CME_CD.Y%24%24&v=s&w=5&t=l&a=1

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

Friday, May 11 0.897989 USD
2007-05-14 Monday, May 14 0.903587 USD
2007-05-15 Tuesday, May 15 0.911079 USD
2007-05-16 Wednesday, May 16 0.906783 USD
2007-05-17 Thursday, May 17 0.911079 USD
2007-05-18 Friday, May 18 0.918864 USD
2007-05-21 Monday, May 21 0.921319 USD
2007-05-22 Tuesday, May 22 0.921319 USD
2007-05-23 Wednesday, May 23 0.924556 USD
2007-05-24 Thursday, May 24 0.922424 USD
2007-05-25 Friday, May 25 0.926441 USD
2007-05-28 Monday, May 28 0.926441 USD
2007-05-29 Tuesday, May 29 0.932923 USD
2007-05-30 Wednesday, May 30 0.929973 USD
2007-05-31 Thursday, May 31 0.934492 USD
2007-06-01 Friday, June 1 0.943218 USD
2007-06-04 Monday, June 4 0.945269 USD
2007-06-05 Tuesday, June 5 0.942951 USD
2007-06-06 Wednesday, June 6 0.944644 USD
2007-06-07 Thursday, June 7 0.942418 USD
2007-06-08 Friday, June 8 0.941442 USD
2007-06-11 Monday, June 11 0.942152 USD


Loonie:

Last trade 0.9399 Change -0.0030 (-0.32%)
Previous Close 0.9428 Open 0.9405
Low 0.9398 High 0.9410


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

The September Canadian Dollar was slightly lower overnight as it consolidates above the 10-day moving average crossing at .9432. Stochastics and the RSI are overbought and are turning bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at .9334 would confirm that a top has been posted. If September renews the rally off February's low, weekly resistance crossing at .9525 is the next upside target. Overnight action sets the stage for a steady to lower opening in early-day session trading.

Analysis


:cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry:
:cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry:
:cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry:

We're never gonna make parity at this rate.

/me looks at blather

"September"???? I thought this was June. :wtf:

[ozymandius]

25. bloody bloody bloody close

Dow 13,295.01 Down 129.95 (0.97%)
Nasdaq 2,549.77 Down 22.38 (0.87%)
S&P 500 1,493.00 Down 16.12 (1.07%)
10-Yr Bond 5.248% Up 0.111
NYSE Volume 2,999,867,000
Nasdaq Volume 2,048,757,000

blather to come

[Demeter]

29. The Fairies Went on Summer Vacation

[ozymandius]

31. here be blather

4:20 pm : Stocks tumbled Tuesday as a market increasingly sensitive to rising interest rates used the latest uptick in bond yields as an excuse to take some more money off the table. The S&P 500 paced the way lower among the majors as all 10 of its sectors closed sharply lower. Only four of the 147 S&P industry groups finished higher.

China's inflation rising at the fastest pace in more than two years exacerbated concerns about global tightening and was the initial spark behind the exodus out of Treasuries.

More unwinding of mortgage hedges and concerns that upcoming inflation data (e.g. PPI, CPI) may validate last week's sell-off in Treasuries also contributed to the rise in yields. In turn, that stirred concerns for equity investors that bonds will soon be seen as a more attractive alternative to stocks and that a continued rise in borrowing costs will slow down M&A activity.

The jump in bond yields undercut income-oriented sectors like Telecom (-1.8%) and Utilities (-1.5%) which were the day's biggest laggards. The rate-sensitive Financial sector (-1.1%), which held up rather well throughout most of the session, also got hit as the yield on the benchmark 10-year note closed at 5.24%, its highest level since May 2002.

Lehman Brothers (LEH 76.12 +0.44) kicked off the earnings season for Wall Street brokers on a positive note, handily topping expectations with record net revenues in all business segments. However, today's only notable earnings report was by no means enough to get overall buying efforts back on track.

The inability of the transportation stocks to take advantage of a nearly 1.0% decline in oil prices was also noteworthy. Railroads turning in one of the day's worst performances contributed to the 1.1% decline in the Industrials sector. The absence of leadership in Technology (-0.8%) also weighed on sentiment.

Semiconductors were in focus and actually turned positive intraday as Intel (INTC 22.20 +0.27) shareholders applauded a Bloomberg.com report that the Dow component plans to slash chip prices for its high-end processors by 50% as it works to regain market share lost to rival Advanced Micro Devices (AMD 13.80 -0.11).

An Intel spokesman wouldn't verify the accuracy of the article, citing company policy on pricing.

Separately, Texas Instruments (TXN 35.07 -0.72) merely narrowing its Q2 outlook last night failed to impress investors who are growing ever more skeptical about the Tech sector's potential to be a significant contributor this year to aggregate earnings growth on the S&P 500.

It is worth noting that the major averages briefly moved into positive territory a little after 2:00 ET when bonds showed some semblance of stabilizing after former Fed Chairman Greenspan said that he's not worried about China selling U.S. treasuries. However, the recovery in Treasuries was short lived and the higher rates climbed, the further stocks fell. DJ30 -129.95 NASDAQ -22.38 SP500 -16.12 NASDAQ Dec/Adv/Vol 2268/764/2.08 bln NYSE Dec/Adv/Vol 2870/444/1.55 bln