STOCK MARKET WATCH, Thursday July 12

[ozymandius]

Source: DU

Thursday July 12, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 560 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2379 DAYS
WHERE'S OSAMA BIN-LADEN? 2091 DAYS
DAYS SINCE ENRON COLLAPSE = 2052
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

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U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES-----------------------------S&P FUTURES

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AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON July 11, 2007

Dow... 13,577.87 +76.17 (+0.56%)
Nasdaq... 2,651.79 +12.63 (+0.48%)
S&P 500... 1,518.76 +8.64 (+0.57%)
Gold future... 662.10 -2.30 (-0.35%)
30-Year Bond 5.18% +0.05 (+0.99%)
10-Yr Bond... 5.08% +0.04 (+0.83%)






GOLD, EURO, YEN, Loonie and Silver

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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

Recent News from Home Depot and Sears
Reveals Consumer Retrenchment
BY CHRIS PUPLAVA

The markets were down sharply yesterday on negative news from big retailers indicating the housing spillover is getting worse, not better. Yesterday Home Depot lowered its 2007 earnings expectations, announcing earnings per share for the year would drop 15%-18%, greater than the 15% drop previously announced in May.

-cut-

Also weighing the markets down yesterday was Sears announcement that second-quarter earnings will be in the $1.06 to $1.32 a share range, roughly half Wall Street’s call of $2.12 a share. Sears reported that same-store sales fell 4% at U.S. Sears stores, with declines witnessed across most categories and the greatest weakness seen in home appliance sales.

-cut-

Total nonfarm employment growth in the first half of 2007 with removing the BDA has been anemic, with only 124,000 jobs created. That is 71% less than the 430,000 jobs created in the first half of 2006, and 84% less than the 773,000 jobs created in the second half of 2006.

Employment for construction is also weaker than reported when removing the BLS BDA. Like total nonfarm payroll employment, construction employment with the BDA removed has worsened from 2006. The first half of 2006 saw 61,000 construction jobs created while the second half of 2006 reversed course with 42,000 lost. Construction employment has fallen off a cliff with 104,000 construction jobs lost in the first half of 2007 alone, with February witnessing 88,000 construction jobs lost, more than twice the decline seen in the second half of 2006!

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

[ozymandius]

2. Today's Reports

8:30 AM Initial Claims 07/07
Briefing Forecast 315K
Market Expects 315K
Prior 318K

8:30 AM Trade Balance May
Briefing Forecast -$60.0B
Market Expects -$60.0B
Prior -$58.5B

2:00 PM Treasury Budget Jun
Briefing Forecast $25.0B
Market Expects $30.0B
Prior $20.5B

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

[UpInArms]

19. 8:30 reports: Trade Balance @ -$60 B / Initial Claims @ 308,000 (lg rev up last wk)

12. U.S. May exports led by aircraft, services, consumer goods
8:30 AM ET, Jul 12, 2007 - 7 minutes ago

13. U.S. May imports led by petroleum, capital goods
8:30 AM ET, Jul 12, 2007 - 7 minutes ago

14. U.S. May exports rise 2.2% to record $132.0 bln
8:30 AM ET, Jul 12, 2007 - 7 minutes ago

15. U.S. May imports rise 2.3% to record $192.1 bln
8:30 AM ET, Jul 12, 2007 - 7 minutes ago

16. U.S. May trade deficit widens 2.3% to $60.0 bln as expected
8:30 AM ET, Jul 12, 2007 - 7 minutes ago

17. U.S. 4-wk. avg. continuing jobless claims rise to 2.52 mln
8:30 AM ET, Jul 12, 2007 - 7 minutes ago

18. U.S. continuing jobless claims fall 4,000 to 2.55 mln
8:30 AM ET, Jul 12, 2007 - 7 minutes ago

19. U.S. 4-wk. avg. initial jobless claims fall to 317,750
8:30 AM ET, Jul 12, 2007 - 7 minutes ago

20. U.S. weekly initial jobless claims fall 12,000 to 308,000
8:30 AM ET, Jul 12, 2007 - 7 minutes ago

[JNelson6563]

34. Hey UIA!

I love these bulletins on all the latest reports out. I always stop by in the mornings to check this stuff out and give the Stock Watch Thread a recommendation.

The revolution in my part of the world is going full steam ahead and we've got a full slate of events this weekend. Big picnic in the park thing on Friday eve., a joint venture with our neighboring county. Next morning is the Governor's Breakfast and the day after that, a high end brunch fundraiser for Senator Levin. I look forward to hearing what he has to say about the latest happenings!

I'll try to participate here a little more often, maybe we can make every week a bit more like "old home week". ;-)

Cheers! :toast:

Julie

[ozymandius]

38. Hey Julie!

Thanks for dropping by and for the recommendation!

I'm wondering if Senator Levin could comment on this post from DailyKos: Carl Levin: The Good, The Bad And The Ugly

The story is deeply troubling since it makes one batshit crazy Lieberman look like Levin's BFF. Granted, the story is mostly about Lieberman. Can Levin square his position with this drama?

[JNelson6563]

39. I know! It confuses me.

Can Levin square his position with this drama?

This is one of the things I am especially anxious to hear about. I'll post a blurb on Monday to let you know what was said on the matter.

Julie

[UpInArms]

45. thanks Julie!

We, here at the SMW, remain ever confused about the doings and BFFs in our nation's capitol.

:hug:

[Demeter]

50. He's a Senile Coot Who Thinks He's a Statesman

He's my Senator for Life and I want him out. He's sucking up all the oxygen in Michigan and letting out farts.

[ozymandius]

3. Oil prices climb on mixed US fuel data

VIENNA, Austria - Oil prices rose Thursday after a bigger-than-expected gain in U.S. gasoline inventories was matched by lower-than-expected crude stockpiles.

-cut-

August Brent crude gained 92 cents to $76.36 a barrel on the ICE Futures exchange in London.

"There has been a lot of positive momentum built up in crude oil futures," said Victor Shum, energy analyst with Purvin & Gertz in Singapore. But "the market is vulnerable to a reversal because of the high level of investors, and we can expect near-term volatility, perhaps within a narrow band," he added.

Shum said a U.S. government inventory report presented a "neutral, almost bearish," picture of the country's refining industry.

Analysts in the U.S. said the neutrality of the report had traders waiting to see what hedge funds and speculative buyers would do.

The U.S. Energy Department's Energy Information Administration reported Wednesday that gasoline inventories rose 1.2 million barrels last week, almost double predictions of a 640,000-barrel increase in a survey of analysts by Dow Jones Newswires.

Crude inventories fell last week by 1.4 million barrels, more than twice expectations of a 600,000-barrel decline. Distillates, which include heating oil and diesel fuel, rose 800,000 barrels, in line with analysts' forecasts.

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

The article goes on to say that gasoline demand grew by 1.4% over the same period last year. That's 9.6 million barrels per day. Gasoline production fell by 173k barrels per day.

[ozymandius]

7. $80 oil lurks

Growing demand, tight supplies, turbulent geopolitics, hurricane season - a witches brew for crude prices.

NEW YORK (CNNMoney.com) -- Oil prices are again on a tear.

In the last four weeks, U.S. light crude oil futures have jumped about 12 percent and are now trading some $6 shy of the all-time trading high of $78.40 a barrel for a front-month contract set last July.

-cut-

The recent runup - crude is now above $72 but traded in the low $60s just a month ago - is the result of heightened tensions overseas, expectations of a pickup at refineries (read more demand) and overall a tighter supply and demand picture, said Antoine Halff, head of energy research at Fimat in New York.

-cut-

In Venezuela, ExxonMobil and ConocoPhillips recently said they were leaving the country after left-leaning president Hugo Chavez tried to renegotiate leases more favorable to the Venezuelan government. The departure of the big oil firms raises question as to whether Venezuela can keep up production, already faltering due to lack of investment in recent years.

--

Meanwhile, analysts say refiners will start using more crude in coming weeks as they work to churn out gasoline for the summer driving season and begin to make heating oil for winter. Refinery demand for crude typically wanes in the winter and early spring, then picks up in the late spring and summer.

U.S. refiners have been slow to ramp up production this summer due to heavy maintenance and a series of accidents and other problems, but traders expect they eventually will run at greater capacity.

http://money.cnn.com/2007/07/11/markets/oil_outlook/index.htm?postversion=2007071111

[wordpix]

43. refiners ramping up gas production for summer season in next few wks? That means gas will be ready

by fall, maybe.

Something doesn't smell right with comments like these.

[hatrack]

56. Brent Spot Crude at $77.98 as of this writing - 2:04 EDT

http://www.bloomberg.com/markets/commodities/energyprices.html

[ozymandius]

4. Motorola warns Q2 loss, sees no mobile profit in '07

NEW YORK (Reuters) - Motorola Inc. (NYSE:MOT - news) warned investors of a second-quarter loss on Wednesday and said it no longer expected its mobile phone business to be profitable this year, blaming weak sales in Asia and Europe.

The warning came at the end of a day when Motorola shares had risen as much as 3 percent on rumors its chief executive, Ed Zander, could resign amid a campaign by an activist shareholder to oust him.

Earlier this year, Zander had withstood pressure from another activist shareholder, billionaire investor Carl Icahn, but Wednesday's profit warning could trigger more speculation that he may be forced out, some analysts said.

-cut-

It had previously said second-quarter sales would be essentially flat with the first quarter's $9.4 billion. Wall Street, on average, had been looking for a profit of 2 cents per share on revenue of $9.2 billion, according to Reuters Estimates. The actual results will be released on July 19.

http://news.yahoo.com/s/nm/20070712/bs_nm/motorola_outlook_dc

[ozymandius]

5. Panama ratifies free trade deal with US

PANAMA CITY, Panama - Panama's legislature ratified a free trade agreement with the United States on Wednesday amid protests by hundreds of leftists and farmers opposed to the deal.

The National Assembly's approval of the pact by an overwhelming 58-3 margin, with one abstention, comes two weeks after it was signed by both governments in Washington. The agreement must still be ratified by the Democrat-controlled U.S. Congress.

"The treaty is a positive step for Panama to become an important exporter," said lawmaker Pedro Miguel Gonzales of the ruling Democratic Revolution Party.

-cut-

On May 10, U.S. lawmakers forged new trade policy guidelines that require free trade agreement countries be committed to adopting and enforcing laws that abide by basic international labor standards.

Opponents of the free trade treaty, including farmers and unions, say Panamanian producers cannot compete with their U.S. counterparts.

http://news.yahoo.com/s/ap/20070712/ap_on_bi_ge/panama_us_free_trade

[ozymandius]

6. Sallie Mae says planned buyout may fail

NEW YORK (AP) - A planned $25 billion buyout of the nation's largest student loan lender, Sallie Mae, could fail because of legislation pending in Congress, the potential buyers have said.

SLM Corp., more commonly know as Sallie Mae, said in a statement Wednesday that it disagreed with the investment group's assertion and it would proceed with the deal as swiftly as possible to protect its investors.

-cut-

The group, headed by J.C. Flowers and includes Bank of America Corp. and JPMorgan Chase & Co., informed Sallie Mae that legislative proposals pending before Congress 'could result in a failure of the conditions to the closing of the merger to be satisfied.'

Sallie Mae shares fell more than 14 percent before trading was halted.

http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-18070423.htm

[ozymandius]

8. Chinese buyers beware

BEIJING (Fortune) -- Last week, the Chinese government announced that nearly 20 percent of all food and consumer goods it examined in a survey were substandard or tainted, confirming to many outside China that "made in China" often means just poorly made. But most Chinese consumers - who have been dealing with this issue for years - reacted with a collective "duh," if they bothered to react at all. Indeed, the report simply showed what many already knew from painful experience: With government regulations eviscerated by corruption, the problem of tainted, substandard and fake products is almost all-pervasive in China.

Perhaps the most revealing measure of how frustrating - and how widespread - the problem has become for many consumers is not a number, but the fact that ordinary Chinese have developed a shorthand phrase - heixin, pronounced "hey sin" - to describe people who make, sell or profit from fake or dangerously low-quality goods, in addition to the illicit products themselves. Literally translated, it means black-hearted.

-cut-

For some, the answer is to avoid Chinese stores entirely and try to shop mostly in places like Carrefour, the French supermarket giant, and Wal-Mart (Charts, Fortune 500), especially for larger purchases, because of their reputations as sources of consistently high quality goods. In 1999 Carrefour introduced what it calls "Quality Line Products," to China. The Quality Line Products brand includes a limited number of items, mostly fruits, salmon and pork, whose key attributes are their guaranteed traceability and higher quality.

--

It was (and still is) government corruption that allowed for heixin products in the first place. And market forces will continue to exacerbate the problem, as the glut of incredibly cheap, low-quality goods gives local companies an incentive to cut corners in order to compete. Moreover, at this point a sudden increase in unemployment presents the Chinese government with much greater political problems than rampant consumer dissatisfaction. As a result, on this issue, other countries - whose potential export bans on Chinese goods could easily put many Chinese out of work - have more leverage with the Chinese government than ordinary Chinese citizens do. While the whole calculus could change if the domestic heixin problem sparks more serious, organized outrage, for now better enforcement of China's export standards is a possibility, but major domestic changes are unlikely.

http://money.cnn.com/2007/07/11/news/international/chinese_buyers.fortune/index.htm?postversion=2007071203

[NC_Nurse]

12. Avoiding Walmart is definitely a good first move.

I haven't been in there for at least 5 years. Even back then, everything was from China.

You get what you pay for, I guess.

[UpInArms]

17. China Prohibits Poisonous Industrial Solvent in Toothpaste

http://www.nytimes.com/2007/07/12/business/worldbusiness/12paste.html?ex=1341892800&en=94909fff86182457&ei=5088&partner=rssnyt&emc=rss

Amid rising international concern over the safety of its toothpaste, China banned manufacturers from making toothpaste with diethylene glycol, a poisonous industrial solvent used in some antifreeze, the official state news agency, Xinhua, reported yesterday.

The ban is the latest in a series of measures the Chinese government has taken to reassure customers concerned about the safety of drugs, food and other products.

Diethylene glycol is a cheaper substitute for glycerin, a safe ingredient in drugs, food and household products. It is used as a thickening agent in toothpaste.

The presence of diethylene glycol in Chinese toothpaste was first discovered two months ago in Panama, where at least 100 people died from using cold medicine laced with diethylene glycol. A state-owned Chinese exporter shipped the poison labeled as glycerin, and it was mixed into cold syrup.

In recent weeks, countries in North and South America, Europe and Asia have seized Chinese toothpaste containing the toxic chemical. There have been a few isolated reports of consumers claiming to have been harmed by the toothpaste, but none have been confirmed.

Chinese regulators said diethylene glycol in small amounts is safe, particularly since toothpaste is meant to be spit out, not consumed. But the United States Food and Drug Administration disagreed, saying children might swallow it. Some Chinese brands were aimed at children, with flavors like bubblegum and strawberry.

...more...

[ozymandius]

23. Did they ever get around to banning nuclear waste in glow sticks?

:sarcasm:

As for diethylene glycol - what took them so long?

[ozymandius]

9. Rio Tinto offers $38.1B for Alcan

LONDON (CNNMoney.com) -- Mining giant Rio Tinto has agreed to buy Alcan in a deal valued at $38.1 billion, a move that would create the world's largest aluminum producer and thwart Alcoa's hostile bid for the Canadian company.

Anglo-Australian firm Rio Tinto (Charts) and Alcan (Charts) announced the deal Thursday, saying Rio Tinto would pay $101 a share in cash, about a 13 percent premium to where Alcan shares closed Wednesday.

The offer trumps the cash and stock bid Alcoa (Charts, Fortune 500) made in May for its smaller rival, valued at about $27.7 billion. That hostile bid was spurned by Alcan, which said the offer was too low and didn't adequately reflect the company's value.

The merger would be the biggest metals deal ever and comes during a time of record deal activity. Worldwide announced mergers have already hit $2.7 trillion in the first half of this year, according to Thomson Financial.

http://money.cnn.com/2007/07/12/news/international/rio_tinto_alcan/index.htm?postversion=2007071207

[ozymandius]

10. Foreclosures dip, but that won't last-report

NEW YORK (Reuters) -- Home foreclosures fell in June after jumping to a 30-month peak in May, but default rates will escalate as a horde of mortgages resets at higher loan rates, real estate data firm RealtyTrac said Thursday.

Foreclosure filings fell 7 percent in June to 164,644 after jumping 19 percent in May, but they remain 87 percent above last June's pace, with one filing for every 704 households, RealtyTrac said in a monthly report.

"The outlook isn't terribly optimistic for the rest of this year," Rick Sharga, RealtyTrac's vice president of marketing, said in an interview.

"There are, depending on whose numbers you believe, somewhere between $600 million and $1 billion worth of adjustable-rate mortgages that are going to reset in the second half," he said. "We anticipate a fair number of those are going to go into default, so we really do expect probably to see another spike in the Fall" for foreclosures.

June's downturn in filings was broad-based, with 33 states reporting monthly decreases, but the drop may be a leveling off after a large rise in May, according to RealtyTrac.

http://money.cnn.com/2007/07/12/real_estate/bc.usa.housing.foreclosures.reut/index.htm?postversion=2007071206

[ozymandius]

11. Housing slump gets longer, and longer ...

NEW YORK (CNNMoney.com) -- The slump in home sales and prices will be deeper and last longer than previously expected, according to the latest forecast Wednesday by the National Association of Realtors.

The trade group is now looking for flat prices for existing homes in the first quarter of 2008 compared to the first quarter of 2007, and a more year-over-year declines for new home.

The group's previous monthly forecast had projected that both new and existing home prices would start to rebound to show a year-over-year rise in the first quarter of 2008.

Both new and existing home prices are now expected to show a less than 1 percent gain in the second quarter of next year, according to the latest forecasts. Those increases are less than previously forecast.

--

The group now sees second-quarter existing home sales falling below the 6 million annual sales pace to a 5.96 million rate. That is still only a forecast, as final sales and price figures from the just completed period are not yet available.

If it is correct, it would be the first time in four years that quarterly sales were below the 6 million home annual sales pace.

http://money.cnn.com/2007/07/11/real_estate/housing_forecast/index.htm

[kineneb]

41. only the first domino

next come the big homebuilders, business that supply the housing industry, and those that finance them. Awaiting more "interesting" times and more falling dominoes.

[mojavekid]

53. UK Independant: Huge increase in those forced to default on mortgages payments

http://money.independent.co.uk/property/mortgages/article2753390.ece

Buyers are being forced to borrow record amounts of money to finance their property purchases
Number of people defaulting on their payments this year has doubled to 77,000 each month
Fears are growing of a dramatic increase in the number of houses that are repossessed

Britain faces a mortgage crisis with payment arrears rising sharply as 18 million homeowners struggle to meet the fifth rise in interest rates in less than a year.

It is being predicted that high earners who have stretched themselves to buy a home will join less prosperous social groups in experiencing problems as they juggle finances to adjust to rises in monthly payments.

Research suggests that twice as many borrowers as last year have missed mortgage payments in the past six months. A website, MoneyExpert.com said that, while 36,000 borrowers a month fell into arrears last year, this year that figure will be 77,000.

Fears that homeowners are vulnerable to rate rises intensified when the Council of Mortgage Lenders (CML) said yesterday that first-time buyers were borrowing a record 3.37 times their income and other buyers just over three times.

more...

18 MILLION homeowners feeling the heat....!

[ozymandius]

13. Retailers struggle with sluggish June sales

NEW YORK (CNNMoney.com) -- Despite June being a heavy discount month, many retailers suffered disappointing sales at their stores last month, although Wal-Mart surprisingly escaped the bout of summer doldrums.

Among the retailers that reported their results early Thursday, women's clothing chain Chico's posted a dismal 7.3 percent drop in June sales at its stores open a year, a key measure of retail performance known as same-store sales.

Sales at children's clothing chain Children's Place fell 4 percent while wholesale club operator Costco (Charts, Fortune 500) posted a 6 percent gain in its sales, just shy of analysts' expectations for a 6.1 percent increase, according to Thomson Financial.

--

But there were some successes.

Wal-Mart (Charts, Fortune 500), the world's largest retailer posted a better-than-expected 2.4 percent same-store sales increase, citing strong year-over-year sales of flat-panel televisions, MP3 players, video game hardware and laptops and desktop computers to offset ongoing weakness in its apparel and home categories.

http://money.cnn.com/2007/07/12/news/economy/june_retailsales/index.htm

[UpInArms]

14. dollar watch

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

Last trade 80.609 Change -0.233 (-0.29%)

Euro Hits All Time High - Is 1.40 the Next Stop?

http://www.dailyfx.com/story/topheadline/Euro_Hits_All_Time_High_1184162216245.html

As the EUR/USD hits new all time highs, the question facing the FX market in Q3 of 2007 is how high can it go? The latest wave of dollar selling has been triggered by the market’s disappointment with the Fed Chairman Ben Bernanke’s lack of focus on headline inflation as well as the possibility of a ratings downgrade on sub-prime bonds by Standard and Poor’s. A lower rating means not only a higher risk of default on the loans, but also higher interest rates.

With Adjustable Rate Mortgages already being re-priced at much higher levels, the fear is that consumers could become even more stretched if their monthly payments continue to rise in the months to come. Problems such as these will continue to keep the Federal Reserve on hold, which contrasts with the European Central Bank’s plans to increase interest rates at least once this year. The adjustment that we are seeing in the currency market over the past 24 hours represents an increase of risk. For the past month, the market has become complacent as the bulk of problems in sub-prime have not filtered into prime. However, the rise in the EURUSD to 1.40 is not a foregone conclusion. The unit will likely face serious political opposition should it appreciate too rapidly. This may force the ECB to be less aggressive than the market expects souring sentiment against the unit should the projected rate hikes not materialize.

US – Consumer Tapped Out

In both April and May the spread between personal income and personal spending turned negative – an ominous sign that the US consumer may be tapped out. In April income actually declined by -0.2% while spending grew at 0.5%. In May incomes bounced back to 0.4% but spending increased by an even greater 0.5%. Faced with flat wage growth and rising debt service and energy costs the US consumer is clearly being squeezed from both sides of the ledger, and this dynamic bodes badly for any future forecast of US demand growth. As has been the case all year long, oil and housing remain key to the health of the US economy, but as we approach the second half of the year their importance may become even critical than at the start of 2007. With oil hovering at $70/bbl and gasoline persistently at $3/gallon the US consumer has been forced to divert a greater portion of his discretionary income to transportation. Furthermore, increases in transportation tend to quickly seep into the rest of the economy. While core CPI gauges have been relatively muted, headline numbers have increased materially from 2.1% annual rate at the start of the year to 2.7% average rate over the past 3 months. Some analysts have estimated that the true rate of inflation for the US consumer is presently running between 4%-8% per annum. Little wonder then that with such a sharp rise in cost of living the US consumer is feeling pinched.

Housing – Becoming More Worrisome

The situation is further aggravated by the persistent slide in housing values and the growing problems in the sub-prime sector. The possible downgrade by Standard and Poor’s could cut the rating of 612 US sub-prime mortgage backed bonds, affecting $12 billion in residential mortgages. This comes at a time when the annualized rate of New Home Sales had also declined from 2MM units a year ago to barely 900K in the latest monthly survey. The pressure in housing is coming from two fronts – the nearly 1 Trillion dollars of repricing of adjustable rate mortgages due to occur in the next 12 months and the considerably more stringent credit terms from lenders which have thinned the pool of potential buyers, driving down property values. That in turn has significantly depressed the use of Mortgage Equity Withdrawal to finance household purchases which was formerly a very potent source of additional funds for US consumers.

...more...

Dollar Rebounds as Fed Officials Try to Calm the Markets (huh?)

http://www.dailyfx.com/story/dailyfx_reports/daily_fundamentals/Dollar_Rebounds_as_Fed_Officials_1184189346135.html

Federal Reserve officials are out in force trying to pacify the market after the Euro hit a new record high on the back of yesterday’s sharp dollar weakness. Philadelphia Fed President Plosser and Governor Warsh downplayed the impact of the problems in the sub-prime sector with Plosser repeating the Fed’s general belief that economic growth will recover in the second half. Following in the footsteps of Standard and Poor’s, rating agency Moody’s also put sub-prime loans on watch for a potential downgrade. A lower rating means not only a higher risk of default, but also higher interest rates. With hedge funds already facing increased margin requirements by investment banks, it won’t take much to cause a wave of default and liquidation if another sizeable loss is taken by a prominent lender. Of course, a big write down by a company like Washington Mutual would be needed to completely shakeup the market, but the more defaults that occur, the more stringent lenders will become, capping any near term recovery in US housing. Does this mean that the EUR/USD is headed to 1.40 then? Not necessarily. The weakness of the US dollar could also be the economy’s saving grace because not only will it keep demand domestic, but it will also boost manufacturing and exports. The trade balance is due for release tomorrow. A narrower trade deficit will remind traders of the benefits that a weak dollar can bring to the overall economy. On Friday, we are also expecting retail sales and import prices – both of which could help the US dollar recover. Although 1.40 is a tempting target for technical traders, it can only be achieved if we see dollar bearish numbers Thursday and Friday.

...more...

[ozymandius]

16. Do Fed officials have a file drawer labeled "Market Calming Scripts"?

That seems to be the case. Chopper Ben, like Greenscam, pulls out a script with these pretty equivocal words and makes the markets feel pretty and sweet. Then the effect wears off; markets get a glimpse of reality again; then another script gets used.

Just my inference.

[DemReadingDU]

26. USD 80.42

:(


edit to add:
9:08am 80.39

[mojavekid]

42. Daily Pfennig 712/07: BOJ Leaves Rates Unchanged...

http://www.kitcocasey.com/displayArticle.php?id=1489

Good day.... As widely expected, the Bank of Japan voted 8-1 to keep its benchmark interest rate unchanged for a sixth straight month. Economists were certain of this outcome, so the Japanese yen didn’t really move on the rate announcement. The only good news resulting from this meeting is that the decision was not unanimous. The last time we had a split vote, rates were raised at the following meeting. So everyone is now looking for Japan to raise rates at their meeting next month. Unfortunately, unless policy makers decide to start making whole percentage point moves, it will take several months to get rates back up to more normalized levels. A single .25% move, which is widely expected (and already priced into the markets), will not move the yen. But after a couple of these small moves, Japanese investors may start moving funds back into their home currencies. I still think the yen is a good buy at 120+ for very patient investors; but you will have to stick with it for the long haul.

The dollar fell to another record low against the euro as concerns regarding the U.S. subprime meltdown dominated the currency markets. Signs a housing slump will deepen reinforced expectations the Fed will keep interest rates unchanged this year, adding to the dollar's decline. A report by the National Association of Realtors predicted 2008 single-family housing starts will fall to the lowest level since 1995. Housing will continue to be a drag to economic growth all the way through 2008.

We have reported at length about the subprime mortgage mess and the slowdown in U.S. housing, so I thought you would like to see some other thoughts on the matter. Our friends at Agora Financial publish a great recap of all the top stories called the 5 Min. Forecast. Here is what they had to say about the mortgage mess yesterday:

"This week and last, Moody’s has been taking heat for waiting too long to respond to the housing bust. They’ve now downgraded 399 bonds. S&P’s threat puts another 612 at risk. In their press release, S&P said they expect home values will decline 8% on average between 2006-2008.

more...

[mojavekid]

51. Bloomberg: Gold, Silver Gain as Dollar Falls to Record Low Against Euro

http://www.bloomberg.com/apps/news?pid=20601012&sid=aPOWW0jKSx6g&refer=commodities

July 12 (Bloomberg) -- Gold and silver rose in New York after the dollar fell to a record low against the euro, boosting the appeal of the precious metals as alternative investments

Gold generally moves in the opposite direction of the U.S. dollar. Before today, gold had gained 3.8 percent this year while the euro had climbed 4.2 percent against the dollar.

``The dollar has room to drop further, so gold looks very attractive,'' said Walter Otstott, senior broker at Dallas Commodity Co. in Dallas. ``Interest rates are staying put, so now is a good time to get into gold.''

Gold futures for August delivery rose $2.80, or 0.4 percent, to $664.90 an ounce at 9:06 a.m. on the Comex division of the New York Mercantile Exchange.

more...

[ozymandius]

15. Stock Futures Poised for Mixed Open

NEW YORK (AP) -- Stock futures traded mixed Thursday, with Wall Street pleased about takeover activity and recent earnings releases, but troubled by profit warnings from Motorola.

Investors were also awaiting reports on retailers' June sales and the U.S. trade deficit.

In a deal that could give the stock market a boost, mining company Rio Tinto offered to buy Canadian aluminum company Alcan Inc. for $38.1 billion, topping the Alcoa Inc. bid that Alcan's board rejected in May.

However, Wall Street appeared rattled after cell phone maker Motorola Inc. warned late Wednesday of a shortfall in second-quarter profit and sales. The company also said it no longer expects mobile devices -- its largest business -- to be profitable in 2007

The profit warning came amid strong earnings releases from fast-food chain Yum Brands Inc. and biotechnology company Genentech Inc., both of which reported profits that beat analyst forecasts. Hotel operator Marriott International Inc. Thursday also reported a second-quarter profit that topped estimates.

http://biz.yahoo.com/ap/070712/wall_street.html?.v=9

[ozymandius]

18. pre-open numbers and blather

8:00
S&P futures vs fair value: +6.0. Nasdaq futures vs fair value: +8.0. Early indications suggest that yesterday's recovery efforts will carry over into this morning's open. While it's still too early to tell just how healthy the consumer was last month, as June same-store sales continue to roll in, a potential blockbuster acquisition is helping investors so far look past a Q2 warning from Motorola (MOT).

Rio Tinto (RTP) has made a $38.1 bln cash bid for Alcan (AL). That's a 12% premium to yesterday's closing price and easily tops Alcoa's (AA) original cash and stock offer of $26.9 bln.

6:21
S&P futures vs fair value: +2.3. Nasdaq futures vs fair value: +6.8.

[UpInArms]

20. Ruling on Lawsuits in Refco Bankruptcy

http://www.nytimes.com/2007/07/12/business/12refco.html?ex=1341892800&en=1f7235588ea21553&ei=5088&partner=rssnyt&emc=rss

The court-appointed examiner reviewing the 2005 bankruptcy of Refco said yesterday that two law firms and two accounting firms could be sued in connection with the collapse of the firm, a futures and commodities broker.

Joshua R. Hochberg, the examiner, said there were grounds to sue Grant Thornton and Ernst & Young and the law firm of Mayer, Brown, Rowe & Maw for professional negligence. He also found grounds to sue Mayer Brown and Ernst for helping Refco commit fraud, though it was a “close question,” he said, regarding Ernst.

...a bit more...

[UpInArms]

21. S.E.C. Sets Hedge Fund Constraint - No Lying Allowed (hahahahaha!)

http://www.nytimes.com/2007/07/12/business/12hedge.html?ex=1341892800&en=481aba2a3375666e&ei=5088&partner=rssnyt&emc=rss

The Securities and Exchange Commission has adopted rules ensuring that it can sue hedge funds for misleading investors, after a court ruling put in doubt the regulator’s authority over the $1.6 trillion industry.

The S.E.C. barred hedge funds from lying about investing strategies, performance, a manager’s experience and the risks of putting money in a fund. Commissioners unanimously approved the rule in a public meeting in Washington yesterday.

“This rule will give the commission an important tool to help us police this market to deter misconduct,” the agency’s chairman, Christopher Cox, said.

The S.E.C. acted after a federal appeals court rejected regulations last year that required hedge funds to report their size to the agency and submit to routine inspections. In its decision, the court said the client of a hedge fund adviser was the fund itself, raising questions about whether the agency could take aim at managers for defrauding individual investors.

...more...

[UpInArms]

22. Moody's Ratings Cut Near for Debt Products

http://www.nytimes.com/2007/07/12/business/12mortgage.html?ex=1341892800&en=9317d57218476e1d&ei=5088&partner=rssnyt&emc=rss

Moody’s Investors Service may reduce the ratings of $5 billion of collateralized debt obligations after lowering the ratings of subprime mortgage bonds that make up the securities.

A downgrade would affect 184 tranches of 91 C.D.O.’s, representing about 3.6 percent of rated C.D.O.’s containing asset-backed securities, Moody’s said yesterday. C.D.O.’s are divided into tranches to allow investors to choose how much risk they bear for the returns they receive.

Moody’s and Standard & Poor’s, after coming under criticism for failing to downgrade subprime mortgage bonds, began taking action Tuesday. Moody’s lowered ratings on 399 bonds valued at $5.2 billion, and Standard & Poor’s said it might reduce ratings on 612 bonds valued at about $12 billion.

...more...

[mojavekid]

54. The Street: Managers: Subprime Blame Lies with Rating Agencies (Hot Potatoe!)

http://www.thestreet.com/funds/mutualfundmonday/10365816.html

Bond funds may have a reputation for being boring, but anybody who attended Morningstar's annual mutual fund conference in Chicago last week might have the impression that the fixed-income market is the most dangerous part of the U.S. financial system right now.

Both the opening and closing sessions featured tough-talking bond fund managers who pulled no punches about the state of the subprime mortgage market and about who was to blame for the mess.

"It's an unmitigated disaster," Jeffrey Gundlach, chief investment officer at TCW Group, said during the conference's opening address. "And it's only going to get worse."

Gundlach said that he expects to see more delinquencies in loans made to borrowers with poor credit histories and that the subprime mortgage market's woes would lead the Federal Reserve to cut interest rates.

more...

........and the blame game begins..

[UpInArms]

24. PIEHOLE ALERT: Bush to hold news conference 10:30 am: White House

http://www.reuters.com/article/topNews/idUSWAT00787020070712

WASHINGTON (Reuters) - President George W. Bush will hold a news conference at 10:30 a.m. EDT on Thursday, the White House announced.

Bush was expected to address a U.S. report showing mixed progress by the Iraqi government in meeting political and security benchmarks.

[Hugin]

28. How much you want to bet the whole topic gets redirected to how great...

the Economy is?

[ozymandius]

30. That speech was a recent feature at the Mannequin Impersonator covention.

http://www.reuters.com/news/video?videoId=59885&videoChannel=5

[UpInArms]

47. Piehole: Same Shit - Different Day

12. Bush: Early withdrawal would be dangerous for Iraq, U.S.
10:42 AM ET, Jul 12, 2007 - 1 hour ago

[ozymandius]

25. I found a new economic blog. Sure to resonate with regulars here.

The Mess That Greenspan made -
http://themessthatgreenspanmade.blogspot.com/

But the name is changing for reasons mentioned in a post yesterday. The substance, however, remains the same.
http://badmacro.blogspot.com/

[mojavekid]

55. Nice! From your link: Like Lab Rats..

Thanks Ozy!

http://themessthatgreenspanmade.blogspot.com/2007/07/like-lab-rats.html

It is fascinating to watch the ongoing developments in how the American consumer is adjusting to the new realities of a world where easy credit no longer abounds.

In some ways they are like the lab rats in those cocaine experiments where the little fellas just keep hitting the levers to dispense more of the narcotic. Over time, the drug causes a reaction that looks almost like an instinctual or natural survival response when in fact the little guys' internal chemistry is so messed up that his little world is anything but natural.

That same sort of behavior can be seen in a growing number of American consumers these days as there appears to be little choice other than to keep hitting one of several levers to get more credit, to perpetuate an existence that is anything but natural, their internal chemistry severely impaired as well.

Last week, the American Bankers Association reported that late payments on home equity loans rose during the first quarter while delinquencies for credit cards fell. While this is not that unusual, some have postulated that, sensing an accommodating environment in mortgage lending due to the overall distress in the industry, borrowers are seeking to preserve their access to credit cards while risking their homes.

more...

...

[ozymandius]

27. European shares stable amid Rio Tinto's bid for Alcan

LONDON (AFP) - Europe's main stock markets held steady after recent heavy losses, as investors looked to miner Rio Tinto's mammoth 38.1-billion-dollar takeover for Alcan, dealers said Thursday.

They added that sentiment was dampened by the euro striking another record high against the dollar, which is seen as negative for European exporters because their goods become more expensive on international markets.

London's FTSE 100 index of leading shares slid 0.13 percent to 6,606.40 points, in Paris the CAC 40 eased 0.01 percent to 6,000.31, while Frankfurt's DAX 30 index added 0.01 percent to 7,899.56.

The DJ Euro Stoxx 50 index of leading eurozone shares slipped 0.09 percent to 4,443.59 points.

http://news.yahoo.com/s/afp/20070712/bs_afp/stockseurope

[ozymandius]

29. bidness being dealt

9:37
Dow 13,656.15 Up 78.28 (0.58%)
Nasdaq 2,664.69 Up 12.90 (0.49%)
S&P 500 1,526.67 Up 7.91 (0.52%)
10-Yr Bond 5.074% Down 0.006
NYSE Volume 158,139,000
Nasdaq Volume 102,349,000

[UpInArms]

31. 9:45 Nothing to Fear but Fear itself! Wheee!

Dow 13,669.40 91.53 (0.67%)
Nasdaq 2,667.69 15.90 (0.60%)
S&P 500 1,528.53 9.77 (0.64%)
10-Yr Bond 5.069% 0.011

NYSE Volume 277,667,000
Nasdaq Volume 133,558,000

[ozymandius]

32. Dow bouncing up +100

9:55
Dow 13,692.81 Up 114.94 (0.85%)
Nasdaq 2,670.10 Up 18.31 (0.69%)
S&P 500 1,530.18 Up 11.42 (0.75%)
10-Yr Bond 5.071% Down 0.009
NYSE Volume 338,763,000
Nasdaq Volume 228,503,000

09:40 am : As expected, yesterday's recovery efforts have carried over into today's opening bell as investors rally around more M&A news and surprisingly decent June same-store sales figures. Rio Tinto (RTP 324.42) has agreed to acquire Alcan (AL 89.60) for $101 a share, or $38.1 bln, representing a 33% premium to Alcoa's (AA 42.43) bid of $76 per share.

On the retail front, a much stronger than anticipated 2.4% jump in June comps at Wal-Mart (WMT 47.68) has provided the best evidence that high gas prices and a weak housing market didn't keep consumers from spending last month. The Dow component also backed its Q2 outlook.DJ30 +84.08 NASDAQ +12.66 SP500 +8.69 NASDAQ Vol 102 mln NYSE Vol 32 mln

[ozymandius]

36. updating blather

10:00 am : The indices are extending their reach to the upside as the bulk of industry leadership remains positive. Of the 10 sectors trading higher, Materials (+2.1%) is pacing the way again as a potential blockbuster deal between Rio Tinto and Alcan strengthens takeover premiums in everything from Aluminum (+8.2%), today's best performer, to Steel (+2.3%).

Energy (+1.1%) is turning in the next best performance as oil prices surge 1.3% to $73.50/bbl; but a similar gain in the more heavily weighted Financial sector is the real key behind this morning's momentum. The influential sector is still down nearly 1.0% for the week and in negative territory for the year; but the return of its leadership is restoring investor confidence across the board.DJ30 +116.23 NASDAQ +18.59 SP500 +11.71 NASDAQ Dec/Adv/Vol 667/1812/178 mln NYSE Dec/Adv/Vol 569/1789/72 mln

[Nimrod2005]

33. Just broke another all time record!!! The gambling channel broke in

to celebrate...:woohoo:

[ozymandius]

35. Cognitive dissonance on the yahoo finance page

Here's the headlines -

Stocks Surge on Retail Sales Reports
AP -

Stocks surged Thursday, carrying the Dow Jones industrials into record territory as investors gleaned positive consumer spending trends from retailers' June sales reports.

* Rio Tinto Offers $38.1 Billion for Alcan AP
* Stores Post Lackluster Sales in June AP
* Trade Deficit Up Significantly AP
* Wal-Mart June Sales Climb 9.4 Percent AP

Sounds like this is a Wal-Mart rally.

[ozymandius]

37. The Piehole Openeth.

But, as usual, no one is paying attention.

10:47
Dow 13,699.72 Up 121.85 (0.90%)
Nasdaq 2,667.41 Up 15.62 (0.59%)
S&P 500 1,529.98 Up 11.22 (0.74%)
10-Yr Bond 5.099% Up 0.019
NYSE Volume 748,388,000
Nasdaq Volume 500,668,000

10:30 am : The major averages are off their best levels but broad-based buying still leaves the Dow five points above its all-time closing high. Of its 30 components, 26 are catching a bid and none are turning in as strong a performance as Alcoa (AA 45.13 +2.70). It is soaring 6.4% as such a large premium being paid for rival Alcan strengthens Alcoa as a takeover target.

Merck (MRK 50.10 +1.20) is up 2.5% after it was upgraded by AG Edwards while Wal-Mart (WMT 48.74 +1.06) is the other notable mover (+2.2%) keeping a bid in blue chips. Boeing (BA 99.81 -0.31) is the index's worst performer; but its down only 0.3% and came within $0.34 of closing at a new all-time high two days ago.DJ30 +103.88 NASDAQ +13.87 SP500 +9.56 NASDAQ Dec/Adv/Vol 809/1860/388 mln NYSE Dec/Adv/Vol 760/2198/248 mln

[mojavekid]

40. The Mogambo Guru: Pressure Cooker of Inflationary Food Prices

http://www.dailyreckoning.com/Writers/Mogambo/DREssays/MG071107.html

The dollar index seems to be dropping towards that psychologically-important level of 80 as the dollar's buying power falls and falls because the Federal Reserve is creating so damned many of them. One day, soon enough, it will fall to the psychologically-important level of 70 and then the psychologically-important level of 60 on its way to that psychologically-important level of a big, fat zero, which has always been the fate of fiat currencies.

This "psychologically-important" phrase keeps popping up because, surprisingly, the dollar index is also one-for-one with an index of the effectiveness of my medications in controlling my panic and outrage at the destruction of the dollar and the American economy. At a dollar index of 80, I am able to control 80% of my panic at the monetary and fiscal stupidities that are going to eat us alive. At a dollar index of 70, pills are but 70% effective. You can see where I am going with this. The bad news is that it gets really ugly and weird from there on down.

And helping that along, of course, is that the Federal Reserve is still constantly creating excess amounts of money and credit, and last week boosted Total Fed Credit (the fount of truly "money out of thin air" of story and song) by a whopping $9.7 billion. Admittedly, this only takes us to $857.3 billion TFC, which is actually lower than it was at the beginning of the year, but still within the dismal, long-standing up-trend since 1997.

Plenty more...

[UpInArms]

44. 12:05 EST Irrational Exuberance Abounding

Dow 13,750.61 172.74 (1.27%)
Nasdaq 2,675.87 24.08 (0.91%)
S&P 500 1,534.18 15.42 (1.02%)
10-Yr Bond 5.113% 0.033

NYSE Volume 1,455,118,000
Nasdaq Volume 869,980,000

12:00 pm : Stocks are trading at session highs midday as investors rally around better-than-feared June retail sales figures and another day of deal making.

Before the bell, Rio Tinto (RTP 309.00 -15.42) submitting a white-knight bid for Alcan (AL 98.80 +9.20) acted as the initial source of support. The proposed $38.1 bln deal, which represents a 33% premium to Alcoa's (AA 45.52 +3.09) hostile bid of $76 per share, has also increased the likelihood that Alcoa will also garner a hefty takeover premium should it fail to outbid Rio Tinto. Needless to say, more takeover activity in the Materials spaces again earmarks it as the day's best performing sector (+2.2%).

Of the other nine sectors trading higher, Financials ranks second. Not only does a 1.4% gain in the S&P 500's most heavily weighted sector provide a significant level of support, but the return of its leadership removes one of the market's only hurdles up to this point. The Dow is in record territory while the S&P 500 is only six points off its all-time closing high of 1539.18 reached on June 4.

With so many on Wall Street concerned of late about the health of the consumer, last month's same-store sales results checking in better than feared has also given investors something to cheer about. Wal-Mart (WMT 48.89 +1.21) posting a much stronger than anticipated 2.4% jump in June sales and backing its Q2 outlook has provided the best evidence that high gas prices and a weak housing market did not keep consumers from spending last month. DJ30 +161.60 NASDAQ +23.12 SP500 +14.20 NASDAQ Dec/Adv/Vol 949/1943/816 mln NYSE Dec/Adv/Vol 872/2267/574 mln

11:30 am : The latest wave of buying interest appears to have run into another wall of resistance. Market internals, though, continue to suggest the bulls are in complete control of today's follow-through efforts. Advancers outpace decliners on both the NYSE and Nasdaq by a 2-to-1 margin while the ratio of up to down volume offers even more conviction on the part of buyers.

All 10 sectors are trading sharply higher, with the one exception being Utilities. It is up only 0.1% as a modest rise in bond yields diminishes the attraction of owning dividend-paying stocks. However, with only a 3.5% weighting on the S&P 500, such limited influence from a defensive-oriented sector merely underscores the improved underlying tone to today's rally and potential for further upside. DJ30 +141.77 NASDAQ +18.68 SP500 +12.37 NASDAQ Dec/Adv/Vol 948/1892/676 mln NYSE Dec/Adv/Vol 898/2198/472 mln

[wordpix]

46. doesn't make sense---what's the happy glee for? Oil prices up isn't good

unless you've just invested in alternative energy stocks :)

[UpInArms]

48. Stocks surge as retail sales offset oil rise

http://www.reuters.com/article/bondsNews/idUSN1233951520070712

NEW YORK (Reuters) - Stocks rallied on Thursday and drove the Dow to a record high after Wal-Mart (WMT.N: Quote, Profile, Research) reported better sales, allowing investors to put aside worries over costlier oil and cheaper housing.

The gains in equities, however, took a toll on bonds as investors returned to riskier securities, curbing the safe-haven bid that had lifted Treasuries earlier in the week and pushing benchmark yields to 5.12 percent.

The good news from retailers on monthly sales figures and merger activity in the mining sector drove up the Dow up more than 1 percent to a record high of 13,744.59 points and pushed the Nasdaq to a more than six-year high.

The dollar, meanwhile, dropped to a record low against the euro as troubles in the U.S. mortgage and credit markets continued to dampen the greenback's appeal. The euro was up at $1.3776 after earlier hitting a record high of $1.3799.

A widening trade deficit, which amounted to over $60 billion in May alone, offered little solace to the beleaguered greenback.

...more...

[UpInArms]

49. UPDATE 1-US ex-auto retail sales slow in June-SpendingPulse

http://www.reuters.com/article/bondsNews/idUSN1228426920070712

NEW YORK, July 12 (Reuters) - U.S. retail sales excluding cars increased 0.2 percent in June, as falling gasoline prices curbed overall sales growth, according to data from SpendingPulse released on Thursday.

The seasonally adjusted gain was below May's 0.3 percent increase, according to SpendingPulse, the retail data service of MasterCard Advisors, an arm of MasterCard Worldwide (MA.N: Quote, Profile, Research).

Retail gasoline prices trended lower in June after reaching a record high of $3.22 a gallon in late May. However, the government said on Monday that regular unleaded gasoline prices averaged $2.98, rising for the first time in six weeks.

The protracted housing slump has also hurt demand for furniture and other home-related items, SpendingPulse said.

"Anything housing-related was generally negative in June," said Michael McNamara, SpendingPulse's vice president of research and analysis.

...more...

[NewYorkerfromMass]

64. Sales outstripping inventories

which is good for future factory orders. However, the big picture is still bad and getting worse.

[specimenfred1984]

52. The fascist float continues

I wonder how many Wal-Mart shoppers can even afford to buy stocks? Wal-Mart's not driving these stock prices up, fascist banks want lots of stock market money to cover all their real estate losses.

Bad for America = good for hedge funds.

[ozymandius]

59. Thanks for checking in specimenfred1984.

I always enjoy your posts.

[mojavekid]

57. 180 Trillion Leisure Hours Lost To Work Last Year

From 2005, Courtesy of The Onion

http://www.theonion.com/content/news/180_trillion_leisure_hours_lost_to

BOSTON—According to a report released Monday by Boston University's School of Lifestyle Management, more than 180 trillion leisure hours were lost to work in 2004.

"The majority of American adults find work cutting into the middle of their days—exactly when leisure is most effective," said Adam Bernhardt, the Boston University sociology professor who headed the study. "The hours between 9 a.m. and 6 p.m. are ideally suited to browsing stores, dozing in front of the television, and finishing the morning paper. Daytime hours are also the warmest and sunniest of the day, making them perfect for outdoor activities. Unfortunately, most Americans can't enjoy leisure during this time, for the simple reason that they're 'at work.'"

In addition to surveying 12,000 citizens nationwide, researchers studied data from seven different government agencies.

Deborah Kletter, an expert in the field of rest and relaxation, emphasized the pervasive nature of the problem, which she said affects 96 percent of employable Americans year-round.

"Week after week of potential relaxation time is squandered to jobs, with millions of would-be leisurers prohibited from sleeping in, working on hobbies, or taking trips," said Kletter, executive director of the Five-To-Nine Foundation. "An average employed person's ability to stroll aimlessly around his town and 'do whatever' is basically nonexistent 49 weeks out of the year."

more...

[ozymandius]

58. curbs close to kicking in at 3:33

Dow 13,825.07 Up 247.20 (1.82%)
Nasdaq 2,695.37 Up 43.58 (1.64%)
S&P 500 1,542.87 Up 24.11 (1.59%)
10-Yr Bond 5.116% Up 0.036
NYSE Volume 2,852,773,000
Nasdaq Volume 1,811,838,000

3:00 pm : After taking a breather for about 20 minutes, and creating the smallest of opportunities to sell into strength, the shorts again find themselves spitting into the wind and running for cover.

Upward momentum continues to lift the Dow (+1.6%) further into unchartered territory, which leads the way among the majors. The Nasdaq is a close second with a 1.4% advance while the S&P 500 (+1.3%) is now less than one point from its record close. DJ30 +212.03 NASDAQ +37.27 SP500 +19.97 NASDAQ Dec/Adv/Vol 992/2048/1.55 bln NYSE Dec/Adv/Vol 1114/2140/1.09 bln

[UpInArms]

60. Here are some Batshit Crazy Numbers at the close

Dow 13,861.73 283.86 (2.09%)
Nasdaq 2,701.73 49.94 (1.88%)
S&P 500 1,547.70 28.94 (1.91%)
10-Yr Bond 5.116% 0.036

NYSE Volume 3,402,453,000
Nasdaq Volume 2,165,414,000

dollar:

Last trade 80.647 Change -0.195 (-0.24%)

[ozymandius]

61. Did Lieberman steer the Big Board today?

Because this is batshit crazy optimistic.

[Demeter]

62. Plausible Scenarios:

1) The buyers are joyous that Harriet Miers never showed up and Bush stands tall

2) The buyers are betting that Bush and Cheney will be gone shortly because Harriet defied the subpeona

3) The Chinese are turning in all their dollars for equities

4) The world has gone mad

[capi888]

63. Could it be the MONEY missing in Bagdad??

The $$ sent over on the planes on skids, that is un-accounted for..hum...millions or billions...feeding the market and someone makeing a killing...this is insane!!! Really

[Demeter]

65. That Would Be Rovian--But Would They Just Throw It Away Like That?

Seems to me a foolish waste of ill-gotten gains. It's gonna crash, you know it will. And the bigger the market, the harder it falls....