STOCK MARKET WATCH, Tuesday August 28

[ozymandius]

Source: DU

Tuesday August 28, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 513 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2426 DAYS
WHERE'S OSAMA BIN-LADEN? 2138 DAYS
DAYS SINCE ENRON COLLAPSE = 2099
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 August 27, 2007

Dow... 13,322.13 -56.74 (-0.42%)
Nasdaq... 2,561.25 -15.44 (-0.60%)
S&P 500... 1,466.79 -12.58 (-0.85%)
Gold future... 676.20 -1.30 (-0.19%)
30-Year Bond 4.86% -0.03 (-0.69%)
10-Yr Bond... 4.60% -0.04 (-0.80%)






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. Market WrapUp

Asset Backed Paper Remains Illiquid
BY ROB KIRBY

Despite the best efforts of Central Banks around the world – responding to CDO/Sub-prime worries with unprecedented amounts of liquidity injections – the Asset Backed Paper market has remained illiquid.

European ABS market sees continued illiquidity
Mon Aug 20, 2007 6:20am ET
By Richard Barley

LONDON, Aug 20 (Reuters) - Liquidity in the European asset-backed securities market remains low despite moves by central banks to lubricate the financial system, with even the largest bonds with the highest credit ratings suffering..

Asset Backed Paper is created through a process known as securitization:

Securitization is a financing process in which a corporate entity moves assets, to an ostensibly bankruptcy-remote / low risk vehicle, to obtain lower interest rates from potential lenders. This is obtained because the assets cannot be seized in a bankruptcy proceeding, the risk is less for lenders and they are willing to offer a lower rate. The technique comes under the umbrella of structured finance as it applies to assets that typically are illiquid contracts (i.e. assets that cannot easily be sold). It has evolved from tentative beginnings in the late 1970s to a vital funding source with an estimated total aggregate outstanding of $8.06 trillion (as of the end of 2005, by the Bond Market Association) and new issuance of $3.07 trillion in 2005 in the U.S. markets alone.

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

[UpInArms]

2. dollar watch

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

Last trade 80.612 Change -0.138 (-0.17%)

Federal Reserve: Arguments For and Against a September Rate Cut

http://www.dailyfx.com/story/bio1/Federal_Reserve__Arguments_For_and_1188247422588.html

With London markets closed for their Summer Bank holiday, trading in both the equity and currency market has been extraordinarily quiet. The dollar was mixed as the degree of disappointment in the July existing home sales report failed to be as large as many people may have expected. The amount of homes sold was slightly higher than analyst expectations, but still the weakest level in close to 5 years. Furthermore, the supply of unsold homes hit the highest level since 1991 while the median home price dropped 0.6 percent from a year ago. Home sales could have been and could still be a lot worse. The conflicting housing market reports will do little to help the Federal Reserve determine what to do with interest rates next month. Expectations for a September rate cut have pared as volatility decreases. Although a rate cut will certainly be the Fed’s next move, there are a growing number of people calling for the move to come in October instead of September. They believe that the liquidity injections and the discount rate cut has done enough to help stabilize the credit markets for the time being. The Federal Funds effective rate has been below the Fed Fund’s 5.25 percent target rate since the beginning of August. Over the weekend, Federal Reserve Presidents Poole, Lacker and Fisher all attempted to calm the markets by talking up the resilience of the US economy and the possibility of a stable labor market. Fed watchers John Berry and Greg Ip have written extensive commentary on why a September rate cut is a possibility but not a certainty. This past weekend, Ip listed six other ways that the Fed could boost the markets before resorting to cutting interest rates. Meanwhile, the arguments in favor of a rate cut in Sept are just as compelling. Risk aversion still remains high in the financial markets as investors of all sizes stay in cash or as close to cash as possibility. A rate cut is needed to not only lower the cost of borrowing, but the lower yield will also give investors a reason to accept more risk for higher return. On a consumer level, adjustable rate mortgage repricing will not peak until October, which means that the real economy could feel more pain in the coming months. Lenders are already increasing interest rates on everything from mortgages to credit card balances. Corporate profitability has and will continue to be pinched. Non-farm payroll reports for August, September and October are not expected to be pretty. If the Fed does not want to see another 1000 point drop in the Dow, they may have no choice but to cut interest rates in September. The bottom line is the Fed needs to make up their mind about whether it is more important to be proactive or reactive.

...more...

EUR/USD, Dow Declines May Continue On Dismal Sentiment, House Prices

http://www.dailyfx.com/story/dailyfx_reports/cross_markets_data_reaction/EUR_USD__Dow_Declines_May_Continue_1188248369911.html

AUG 28
S&P/CS House Prices (YoY) (Q2) (09:00 EST; 13:00 GMT)

Expected: n/a
Previous: -1.4%

Consumer Confidence (AUG) (10:00 EST; 14:00 GMT)

Expected: 105.0
Previous: 112.6

How Will The Markets React?

This week is likely to see relatively thin range trading ahead of the US and Canadian Labor Day holidays, but nevertheless, Tuesday’s event risk could spark some volatility. First, S&P/Case Schiller will release housing data for Q2 and the month of June, but it is the quarterly release that may garner the most attention. In the first quarter, the index showed that existing single-family home prices dropped 1.4 percent, marking the first decline since 1991, and things may only get worse. In fact, the National Association of Realtors existing home sales report showed on Monday that non-seasonally adjusted house prices softened throughout Q2 from the year prior at a rate of -1.3 percent in April, -2.5 percent in May, and showing a flat reading in June. Furthermore, Q3 has gotten off to a weak start and with mortgage lending standards tightening dramatically in August, plunging demand for homes should send prices spiraling even lower. Just an hour after the S&P/Case Schiller report, US markets will face consumer confidence for the month of August. The index hit a six year high of 112.6 last month, but given current conditions including volatile financial markets, skyrocketing mortgage defaults, high gasoline prices, fears of rising unemployment, and global tensions, a sharp drop in the sentiment index will not be entirely surprising. Nevertheless, the news may be of concern as it could signal that weaker consumer spending looms on the horizon. Finally, much will likely be made of the release of the minutes from the FOMC’s August 7th meeting at 14:00 EST. We already know from the August 7th FOMC statement that the central bank was still relatively hawkish at the time. However, just 10 days later, the FOMC dropped their inflation bias and focused on deteriorating financial market conditions which “have the potential to restrain economic growth going forward.” With the comments from the August 7th meeting clearly having little bearing on the FOMC’s current stance, markets will likely brush off the news.

Bonds – 10-Year Treasury Note Futures

Range trading has prevailed for 10-year Treasury note futures, with the March high of 109-09 holding as resistance and Fibonacci support at 108-09 keeping the contracts elevated. Widespread event risk on Tuesday has the potential to push Treasuries higher, as a reminder of the dour condition of the housing sector could reignite credit concerns. However, if traders opt to brush off the data, price could continue to ease lower.

...more...

[mojavekid]

31. Bloomberg: Yen Strengthens the Most in Two Weeks as Carry Trades Unwound

http://www.bloomberg.com/apps/news?pid=20601087&sid=aqKwLtsO2rbo&refer=home

Aug. 28 (Bloomberg) -- The yen advanced the most in almost two weeks against the dollar and euro as speculation banks will report more credit-market losses pushed traders to reduce riskier investments funded by loans in Japan.

The Japanese yen gained against all 16 major currencies tracked by Bloomberg as investors pared the so-called carry trade. DBS Group Holdings Ltd., Singapore's largest bank, said it has more at risk from asset-backed debt than it earlier reported. State Street Corp. has credit lines to $22 billion of asset- backed commercial paper, the Times newspaper in London reported, citing regulatory filings. Global stocks dropped.

``People are taking risks off the table,'' said Adam Boyton, a senior currency strategist in New York at Deutsche Bank AG. ``In this environment, the carry trade is suffering and is going to continue to suffer.''

The yen rose 1.1 percent to 114.63 per dollar at 11:43 a.m. in New York from 115.86 yesterday, and is up 3.5 percent in August. Japan's currency increased 1.2 percent to 156.19 per euro from 158.12 yesterday, bringing gains to 3.9 percent this month. The euro fell 0.2 percent to $1.3626.

more...

[UpInArms]

3. Today's Reports:

Aug 28 10:00 AM
Consumer Confidence Aug
Briefing.com Com Forecast 104.0
Market Forecast 104.5
Last Report 112.6
Revised -

Aug 28 2:00 PM
FOMC Minutes Aug 7

[UpInArms]

15. Home prices fall in 15 of 20 cities in past year: S&P

03. Home prices fall in 15 of 20 cities in past year: S&P
9:03 AM ET, Aug 28, 2007 - 24 minutes ago

04. U.S. June 20-city home price index off 3.5% in past year
9:02 AM ET, Aug 28, 2007 - 25 minutes ago

05. U.S. June 10-city home price index off 4.1% in past year
9:02 AM ET, Aug 28, 2007 - 25 minutes ago

06. U.S. 2Q home prices down 3.2% vs. year ago: Case-Shiller
9:00 AM ET, Aug 28, 2007 - 27 minutes ago

[ozymandius]

25. Home prices: Steepest drop in 20 years

NEW YORK - U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since Standard & Poor's began its nationwide housing index in 1987, the research group said Tuesday.

The decline in home prices around the nation shows no evidence of a market recovery anytime soon, one of the architects of the index said.

MacroMarkets LLC Chief Economist Robert Shiller said the declining residential real estate market "shows no signs of slowing down."

The report came a day after the National Association of Realtors said sales of existing homes dropped for a fifth straight month in July while the number of unsold homes shot up to a record level.

http://news.yahoo.com/s/ap/20070828/ap_on_bi_ge/home_price_index

[ozymandius]

26. Home re-sales fall as inventories soar

WASHINGTON (Reuters) - Sales of pre-owned U.S homes fell slightly in July but the inventory of unsold single-family properties soared to the highest in over 15 years as troubles in the subprime mortgage market continued to wreak havoc on the housing sector.

Home sales slid 0.2 percent in July to a seasonally adjusted 5.75 million unit annual rate, according to a report from the National Association of Realtors on Monday.

That brought the supply of unsold homes at the current sales pace to 9.6 months' worth, the highest on record since 1999, when the association began tracking all types of properties, such as condominiums, together with single-family homes.

The supply of single-family homes, the bulk of the inventory included in the association's data, rose to 9.2 months' worth, which was the biggest on hand for sale since October 1991.

-cut-
HACK ALERT

Even with a somewhat dismal picture continuing on the housing front, National Association of Realtors economist Lawrence Yun maintained that this key segment of the U.S. economy is still holding on.

http://news.yahoo.com/s/nm/20070828/us_nm/usa_economy_dc_8

[ozymandius]

27. Dozens of home builders' ratings at risk: S&P

NEW YORK (Reuters) - More than half of the 26 home builders rated by Standard & Poor's are vulnerable to downgrades, and the outlook could worsen if current credit market turmoil is long-lasting, the rating agency said.

"Our rating bias for the U.S. home building sector remains decidedly negative," S&P said in a report late on Monday.

Fifteen of the 26 companies it rates are either on review for a downgrade or have negative outlooks, meaning the rating could be downgraded over the next six months to two years. The companies have about $30 billion in publicly rated debt, S&P said.

-cut-

Earnings and cash flow have been weaker than expected, and key credit quality measures will likely worsen as declining home prices and financial market turmoil weigh on home buyers' sentiment, S&P said.

http://news.yahoo.com/s/nm/20070828/bs_nm/homebuiders_ratings_sandp_dc_1

[UpInArms]

17. U.S. Aug. consumer confidence biggest drop since Katrina (105.0 vs rev 111.9 in July)

01. U.S. Aug. consumer confidence biggest drop since Katrina
10:00 AM ET, Aug 28, 2007 - 2 minutes ago

02. U.S. Aug. consumer confidence at lowest level since Aug. '06
10:00 AM ET, Aug 28, 2007 - 2 minutes ago

03. U.S. Aug. consumer confidence above consensus 104.0
10:00 AM ET, Aug 28, 2007 - 2 minutes ago

04. U.S. Aug. consumer confidence 105.0 vs rev 111.9 in July
10:00 AM ET, Aug 28, 2007 - 2 minutes ago

[UpInArms]

41. FOMC gloomy minutes

03. FOMC minutes: Staff trims growth outlook for H2 '07 and '08
2:00 PM ET, Aug 28, 2007 - 52 minutes ago

04. FOMC minutes: Inflation risks seen from dollar, productivity
2:00 PM ET, Aug 28, 2007 - 52 minutes ago

05. FOMC minutes: Moderate consumer, business spending expected
2:00 PM ET, Aug 28, 2007 - 52 minutes ago

06. FOMC minutes: Economy bolstered by jobs, income and exports
2:00 PM ET, Aug 28, 2007 - 52 minutes ago

07. FOMC minutes: No disagreement seen on policy statement
2:00 PM ET, Aug 28, 2007 - 52 minutes ago

08. FOMC minutes: Housing slump to last longer on mortgage woes
2:00 PM ET, Aug 28, 2007 - 52 minutes ago

09. FOMC minutes: Policy change might be needed if turmoil lasts
2:00 PM ET, Aug 28, 2007 - 52 minutes ago

10. FOMC minutes: Would watch market situation carefully
2:00 PM ET, Aug 28, 2007 - 52 minutes ago

11. FOMC discussed policy change due to market turmoil on Aug 7
2:00 PM ET, Aug 28, 2007 - 52 minutes ago

[Roland99]

4. Subprime may be hitting credit cards, too

Subprime may be hitting credit cards, too
The credit crunch has begun to affect consumers' wallets in areas other than housing.

http://money.cnn.com/2007/08/23/pf/credit_card_credit_crunch/index.htm?postversion=2007082312

Fallout from the mortgage mess and lower home prices may have started to creep into the credit card arena, judging from July payments and some initial moves by issuers to tighten the screws on cardholders.

After falling for three consecutive months, delinquent payments on credit cards -- defined as more than 30 days late - increased slightly in July, to 4.64 percent from 4.62 percent in June, according to CardWeb.com. A year ago, the delinquency rate was 4.18 percent.

...

CardWeb.com CEO Robert McKinley suspects delinquencies may increase in the fourth quarter because of the credit crunch. Mortgages and home equity loans are harder to come by, home prices have fallen and more than 2 million subprime adjustable rate mortgages (ARMs) are beginning to reset to much higher rates.

...

Credit card issuers, meanwhile, have begun to take steps to protect themselves. Curtis Arnold, CEO of CardRatings.com, has seen evidence of issuers boosting transfer fees and introductory rates, reducing the periods for which lower introductory rates are valid and even lowering credit limits on existing cardholders, including some prime customers.

It's a few days old but I've been kinda busy here at work so I don't know if that was posted in an earlier SMW thread but, there 'tis! :)

[UpInArms]

7. Credit-card defaults rising in the U.S.

http://www.marketwatch.com/news/story/credit-card-defaults-rising-us/story.aspx?guid=%7BC4FE2D82%2D06FD%2D400A%2DA524%2D4D2A76FE3ECB%7D

LONDON (MarketWatch) -- U.S. consumers are defaulting on credit-card payments at a significantly higher rate than last year, according to a Financial Times report citing Moody's data. Credit-card companies were forced to write off 4.58% of payments as uncollectable in the first half of 2007, almost 30% higher year-on-year, the report said. But Moody's said the rate of losses remained well below the 6.29% average seen in 2004, a year before the US enacted a new law that made filing for personal bankruptcy more onerous, the report said.

[UpInArms]

5. State Street faces exposure to conduits: report

http://news.yahoo.com/s/nm/20070828/bs_nm/statestreet_exposure_dc

NEW YORK (Reuters) - Institutional money manager State Street Corp (STT.N) faces $22 billion exposure to asset-backed commercial paper conduits, the off-balance sheet vehicles that have caused problems for rivals in recent weeks, British newspaper The Times reported.

The Boston-based bank has credit lines to at least six conduits, which account for 17 percent of its total assets, the paper said, citing regulatory filings.

The conduits are packages of retail and commercial loans financed by short-term debt raised in the commercial paper market, the report said.

Investors have increasingly worried about the conduits amid fears that banks will have to fund the debt from their own balance sheets if these vehicles cannot sell on their maturing paper, the report said.

...more...

[UpInArms]

6. Ohio sues Marsh & McLennan, AIG, other insurers

http://news.yahoo.com/s/nm/20070828/bs_nm/marshmclennan_lawsuit_dc

LOS ANGELES (Reuters) - The state of Ohio has filed an anti-trust lawsuit accusing Marsh & McLennan Cos (MMC.N), AIG (AIG.N) and three other insurers and their subsidiaries of price fixing and other anti-competitive behavior, Attorney General Marc Dann said on Monday.

The lawsuit, filed on Friday in Cuyahoga County Court of Common Pleas, accused the companies of participating in an "unlawful conspiracy to allocate customers, divide markets and restrain competition" for casualty insurance policies for businesses in Ohio between January 2001 and late 2004.

Commercial casualty insurance includes workers compensation insurance, which protects companies from liabilities from worker injuries.

Marsh & McLennan spokesman Mike Kachel said the company has already settled claims brought by most of its clients and intends to "vigorously" defend itself against the lawsuit.

A spokesman for AIG, the world's largest insurer, had no comment on the lawsuit.

...more...

ya think?

[UpInArms]

8. Carlyle fund gets second bailout in a week

http://www.marketwatch.com/news/story/carlyle-capital-fund-gets-second/story.aspx?guid=%7B3C885A8D%2D8A86%2D4A85%2D8EE2%2D0D6CDE651267%7D

LONDON (MarketWatch) -- Shares of a $18 billion Dutch investment fund run by a Carlyle Group affiliate dropped Tuesday, retreating after it received its second bailout in a week.

The move prompted an apology from its chief executive -- and a warning that the current round of credit-market problems are worse than the problems that brought about the demise of Long-Term Capital Management nine years ago.

Carlyle Capital Corp. (NL:86522: news, chart, profile) said it's taking a loss of $30 million to $40 million after being forced to sell $900 million in assets.
Moreover, it's "unlikely" to pay a dividend in the upcoming quarter and will likely see a third-quarter loss after earnings $33.4 million during the first half of the year, the company said.

The group said the asset sale represented less than 5% of total assets -- implying the fund had holdings of least $18 billion.

Carlyle Capital, scheduled to hold a meeting with analysts on Wednesday, said it's sold interests in four collateralized loan obligations and mezzanine debt securities to other Carlyle Group affiliates.

In addition, the fund sold a substantial portion of bank loans at or above book value, and it said it's been released from a commitment to fund $75 million to a distressed-debt investment fund.

It's fully drawn down a $100 million loan that Carlyle Group issued last week and has agreed to borrow another $100 million.

...more...

[wordpix]

58. boo, hoo, cry me a river, Carlyle

:no pity:

[UpInArms]

9. Comptroller General warns (again), we're 'bankrupting America'

http://www.marketwatch.com/news/story/if-we-rome-wall-street/story.aspx?guid=%7BE71DF12D%2D6F67%2D4D51%2D8A77%2D1AA17A4C57BC%7D

ARROYO GRANDE, Calif. (MarketWatch) -- What do Cassandra, "Chicken Little," the "Boy Who Cried Wolf" and David Walker, America's Comptroller General and head of the U.S. Government Accountability Office, all have in common?

Nobody pays attention to them!

Well, at least not until it's too late. Or till a brutal catastrophe wakes us up, forcing us into action. History's a great teacher, but so few graduate. Nobody listened to Churchill's warnings, until Hitler invaded France. We sat on the sidelines till Pearl Harbor.

It takes a 9/11. Before the direct hit, history lessons are academic. The David Walkers of the world are merely tolerated. We're polite, but nobody's really listening. In fact I missed his recent talk in Chicago. ...

even though the Comptroller General may be the only Washington insider we can trust to tell us the unvarnished truth ...

even though he was interviewed on "60 Minutes" in March, where he admitted that elected officials don't want to hear that they're "bankrupting America" ...

even though he's now on a "Fiscal Wake-up Tour" traveling across America taking his message directly to the people in town-hall style meetings ...

and even though he's one of my heroes, and I encouraged readers to make him a write-in candidate during the 2006 elections. See previous Paul B. Farrell.

Except for a short piece in London's Financial Times, Walker's warnings were generally ignored by the American press, by the public and even by the very Congress that hired him and has the power to do something, yet still refuses to heed his warnings.

...more...

[nadinbrzezinski]

10. Nobody will listen to him

and I would also use the R word insofar as recesion is concerned

[mojavekid]

32. GAO - Fiscal Wake-up Tour - Events

http://www.gao.gov/special.pubs/longterm/wakeuptourevents.html#events

Upcoming Events
September 11, 2007 Town Hall-Los Angeles Los Angeles, CA
September 12, 2007 Chamber of Commerce Las Vegas, NV
September 13, 2007 Bay Area Council San Francisco, CA
September 14, 2007 Commonwealth Club San Francisco, CA
October 16, 2007 University of Miami Miami, FL
October 29, 2007 University of Maryland Baltimore, MD

Fiscal Wake-up Tour
David M. Walker, the Comptroller General of the United States and head of the U.S. Government Accountability Office (GAO), has accepted an invitation to participate in a series of town hall-style forums around the nation to discuss the federal government’s current deficit and the challenges posed by long-term demographic and economic trends.

Objectives: To state the facts and speak the truth regarding the nation’s current financial condition and long-term fiscal outlook in order to increase public awareness and accelerate actions by appropriate federal, state, and local officials.

Key Partners: Concord Coalition, Heritage Foundation, Brookings Institution, Committee for Economic Development, Association for Government Accountants, AICPA, AARP, Committee for a Responsible Federal Budget, state treasurers and auditors, and others. Events are frequently hosted by colleges and universities.

Timing: Started in September 2005 and intend to continue at least through the 2008 Presidential elections.


edited to add intro..

[wordpix]

59. "key partners: Heritage Foundation." sounds like a bushie

[UpInArms]

11. Barclays exposed to failed debt vehicles - paper

http://www.reuters.com/article/bondsNews/idUSL2835340420070828

LONDON, Aug 28 (Reuters) - British bank Barclays (BARC.L: Quote, Profile, Research) has been left with several hundred million dollars worth of exposure to failed debt vehicles as a result of recent turmoil in the credit markets, the Financial Times reported on Tuesday. The report said news of the debt exposure, which had been unclear until now, may help to ease some investor concerns about the extent of potential losses arising from the debt vehicles.

The bank provided back-up financing to one of four structured investment vehicles set up by its investment banking arm Barclays Capital, the paper quoted people familiar with the matter as saying.

Barclays was not immediately available for comment.

Last week, the head of a key European structured finance division at Barclays Capital quit, sources familiar with the matter said, as market turmoil battered the investment structures that his team helped arrange.

On Monday, The Times reported the bank had helped set up the offshore financing vehicle that tripped up SachsenLB, the stricken state-backed German Landesbank.

...more...

[UpInArms]

12. Barclays denies exposure to failed debt vehicles

http://www.reuters.com/article/bondsNews/idUSL2883194620070828?sp=true

LONDON, Aug 28 (Reuters) - British bank Barclays Plc (BARC.L: Quote, Profile, Research) denied a report on Tuesday that it has several hundred million dollars of exposure to failed debt vehicles structured by its investment banking arm.

Barclays Capital has been one of the most innovative players in the debt market, embracing highly leveraged investment vehicles known as SIV-lites, which combine traditional structured investment vehicle (SIV) and collateralised debt obligation (CDO) technologies.

SIV-lites, however, have become a focus of investor jitters in recent weeks after credit market turmoil hit the value of assets underpinning the deals and led to short-term funding for them drying up.

"To say we have hundreds of millions of dollars of exposure to SIV-lites generally is inaccurate," a spokesman for the bank said, dismissing a report in the Financial Times.

The newspaper said Barclays could face "several hundred million dollars" of exposure to SIV-lites arranged by BarCap that have run into trouble as a result of credit turbulence.

...more...

[UpInArms]

63. Barclays unit EquiFirst to cut subprime jobs

http://www.reuters.com/article/bondsNews/idUSN2829474720070828

NEW YORK (Reuters) - EquiFirst Corp., a subprime mortgage unit of British bank Barclays Plc (BARC.L: Quote, Profile, Research), on Tuesday said it will cut an unspecified of number of jobs to cope with the U.S. housing slump.

"EquiFirst made this decision in response to a contraction in the industry," EquiFirst spokeswoman Jennifer Sharpe said in an interview. "This move will help to ensure EquiFirst has a viable future in the mortgage lending business."

The cuts were announced less than five months after Barclays acquired EquiFirst from Birmingham, Alabama's Regions Financial Corp (RF.N: Quote, Profile, Research) for $76 million. That price was one-third the original $225 million price agreed to in January, ahead of much of the deterioration in the U.S. mortgage market.

EquiFirst, based in Charlotte, North Carolina, employed about 1,400 people before the latest cuts.

...more...

[UpInArms]

13. Another Lender Down: CIT Group closes mortgage unit, takes charge

http://www.reuters.com/article/bondsNews/idUSWNAS299820070828

NEW YORK (Reuters) - CIT Group Inc (CIT.N: Quote, Profile, Research), the consumer and commercial finance company, on Tuesday said it has closed its home lending origination operations and will take a related $35 million third-quarter charge.

CIT had announced plans on July 18 to exit the mortgage business. The charge covers severance and other exit costs, CIT said.

[UpInArms]

39. CIT Group closes mortgage unit, cuts 550 jobs

http://www.reuters.com/article/bondsNews/idUSN2824224920070828

NEW YORK, Aug 28 (Reuters) - CIT Group Inc (CIT.N: Quote, Profile, Research), the consumer and commercial finance company, on Tuesday said it has closed its mortgage lending operations, the latest to abandon the sector amid difficult market conditions.

The company said it will take a $35 million pretax charge in the third quarter for severance and exit costs. It said its loan collection and customer service activities are unaffected.

New York-based CIT announced plans to stop mortgage lending on July 18, when it reported a surprising second-quarter loss because of a $495.3 million after-tax charge to reduce the value of some home loan receivables.

Chief Executive Jeffrey Peek on a conference call that day said the mortgage business had a "problematic outlook" and CIT was not willing to spend more to add scale and boost returns.

...more...

[UpInArms]

14. pre-opening blather

09:15 am : S&P futures vs fair value: -7.8. Nasdaq futures vs fair value: -12.7.

09:00 am : S&P futures vs fair value: -7.7. Nasdaq futures vs fair value: -13.0. Negative bias persists in pre-market action as sellers look to keep consolidating gains from the stock market's best weekly performance in months. After reaching a six-year high in July, expectations that consumer confidence eroded this month given the emotions surrounding the subprime mortgage problems which dragged equities lower is contributing to the bearish disposition. Investors are also awaiting the 14:00 ET release of the FOMC minutes. While the report typically carries market-moving potential, it remains to be seen how much weight the market will truly give to the August 7 minutes since the Fed subsequently changed its tune 10 days later when it cut the discount rate and revealed a greater concern about the economic risks from the liquidity crisis.

08:30 am : S&P futures vs fair value: -7.0. Nasdaq futures vs fair value: -12.0. Still shaping up to be another dismal start for stocks as investors lack any overwhelming evidence to get buying efforts back on track. Among a handful of positive developments, Warren Buffett's Berkshire Hathaway has bought another 10.1 mln shares of Burlington Northern Santa Fe (BNI) and MedcoHealth Solutions (MHS) has agreed to buy PolyMedica (PLMD) for $1.5 bln.

However, today's only notable M&A deal is hardly of the blockbuster variety and Buffett's interests in railroads has been public knowledge for several months, leaving the door open for investors to put renewed subprime concerns front and center as a reason to keep questioning valuations following last week's sizable market gains.

08:00 am : S&P futures vs fair value: -5.5. Nasdaq futures vs fair value: -11.3. Early indications suggest yesterday's consolidation efforts may carry over into this morning's opening bell. With subprime issues still acting as an overhang, reports that State Street (STT) faces $22 bln exposure to asset-backed commercial paper conduits and that Barclays (BCS) may have several hundred million dollars of exposure to failed debt, which BCS has denied, are acting as sources of concern and providing excuses to take more money off the table.

The credit market turmoil has also prompted Merrill Lynch to downgrade Citigroup (C), Lehman Brothers (LEH), and Bear Stearns (BSC) to Neutral, which will likely remove even more influential support from Financials. The absence of upside leadership from the most heavily weighted sector, which is down 7.6% year to date, is why the S&P 500 continues to lag behind the Dow and Nasdaq in 2007.

[UpInArms]

16. 9:56 EST ugly numbers and weird Nasdaq volume

Dow 13,236.78 85.35 (0.64%)
Nasdaq 2,538.78 22.47 (0.88%)
S&P 500 1,454.63 12.16 (0.83%)
10-Yr Bond 4.572% 0.024

NYSE Volume 13,102,110,000
Nasdaq Volume 25,868,732,416,000

09:40 am : Sellers are picking up where they left off yesterday, locking in more gains following last week's sizable market advance. Continued worries about the subprime fallout are among the biggest reasons contributing to another round of profit taking.

State Street (STT 61.57, -2.31) has opened down 3.6% amid reports that it faces $22 bln exposure to asset-backed commercial paper conduits. According to British newspaper The Times, that would make STT the most highly exposed bank to conduits among its European and American peers.

Merrill Lynch to downgrading Citigroup (C 46.87 -0.92), Lehman Brothers (LEH 55.96 -1.79), and Bear Stearns (BSC 108.77 -3.43) to Neutral is also taking a toll on an already depressed Financial sector (-1.3%) that is pacing the way lower among the nine sectors losing ground right out of the gate. DJ30 -63.00 NASDAQ -16.03 SP500 -9.34 NASDAQ Vol 86 mln NYSE Vol 28 mln

[hatrack]

18. 25 trillion shares?

And it's only 10:00 AM EDT?

:evilgrin:

[JNelson6563]

19. Gotta be a glitch

Nasdaq Volume 25,868,732,416,000

That's just to crazy to be real.

[UpInArms]

20. 10:59 EST and now at 156 Trillion shares on the Nasdaq

Dow 13,225.32 96.81 (0.73%)
Nasdaq 2,533.00 28.25 (1.10%)
S&P 500 1,451.35 15.44 (1.05%)
10-Yr Bond 4.559% 0.037

NYSE Volume 34,942,244,000
Nasdaq Volume 156,749,529,088,000

10:30 am : At the top of the hour, the Conference Board said consumer confidence fell to 105.0 (consensus 104.0) in August from a downwardly revised 111.9 in July. The August reading was the lowest in a year and marked the sharpest decline since the aftermath of Hurricane Katrina (Sep. 2005).

It appears investors are finding some comfort in the fact that the report checked in slightly ahead of economists' forecasts and since the data don't really correlate well with short-term consumer spending trends. However, the bounce off of morning lows has hardly been convincing enough to suggest investors aren't still very cognizant of the depressed housing market and stock market losses that got the better of their psyche earlier in the month.DJ30 -79.01 NASDAQ -21.00 SP500 -11.66 NASDAQ Dec/Adv/Vol 1973/619/258 mln NYSE Dec/Adv/Vol 2494/509/192 mln

10:00 am : The indices are extending their reach to the downside as bulk of industry leadership remains negative. The Financial sector (-1.65) continues to garner the brunt of early selling pressure. Asset Management (-2.7%), Investment Banks (-2.1%), and Thrifts & Mortgage (-2.0%) are among this morning's 10 biggest laggards.

Today's worst performing S&P industry group, though, is Homebuilding (-4.1%) after the Case-Shiller home price index showed U.S. home prices fell 3.2% in Q2. That marks the largest decline in the index's 20-year history and is contributing to further weakness in Consumer Discretionary (-1.0%). Energy and Materials are also down at least 1.0% while a 0.7% decline in the more influential Technology sector removes even more notable support. DJ30 -88.03 NASDAQ -23.11 SP500 -12.26 NASDAQ Dec/Adv/Vol 1819/598/112 mln NYSE Dec/Adv/Vol 2266/509/70 mln

[UpInArms]

21. Fed Prints and Pumps: Fed adds $2 bln in reserves via overnight repos

http://www.reuters.com/article/bondsNews/idUSNYG00071420070828

NEW YORK, Aug 28 (Reuters) - The Federal Reserve added $2 billion in temporary reserves to the banking system on Tuesday by undertaking an overnight system repurchase.

The Fed accepted $2 billion in mortgage-backed securities as collateral, of a total $62.3 billion bids submitted.

Moments after the transaction, the federal funds rate set by the central bank was trading at 5.375 percent, exceeding the Fed's 5.25 percent target.

[nadinbrzezinski]

22. Boy that looks ugly this moring

so how long until the feds pump in cash again?

[girl gone mad]

29. Looks like we might hit some trading curbs first..

Then look for the usual pump in late afternoon.

[nadinbrzezinski]

30. Yeah, have the chart on yahoo and we are getting close to curbs

[ozymandius]

23. I missed a lot this morning.

Had to bug out quickly to get my son to school (after forgetting to set the alarm last night). So much for my abbreviated appearance this morning. Truly the numbers and the news behind them are hideous to behold.

11:25
Dow 13,190.53 Down 131.60 (0.99%)
Nasdaq 2,529.27 Down 31.98 (1.25%)
S&P 500 1,449.64 Down 17.15 (1.17%)
10-Yr Bond 4.549% Down 0.047

11:00 am : Stocks are taking a turn for the worse as selling remains widespread across most areas. The Financial sector is now down 1.8%, still acting as the market’s biggest headwind; but the Energy sector ranking a close second also removes some notable leadership as crude for October delivery is now down 0.9% near $71.30/bbl.

Oil's recent downturn now leaves Energy off 1.6%, which combined with yesterday's 0.8% decline completely wipes out a 2.1% advance that contributed to the broad-based rally in equities on Friday.

The fact that further weakness in oil prices and Warren Buffett's Berkshire Hathaway buying an additional 10.1 mln shares of Burlington Northern Santa Fe (BNI 80.08 -0.25) failing to make transportation stocks more attractive further underscores the lack of enthusiasm to own equities. The Industrial sector (-1.2%) is also hitting fresh session lows. DJ30 -109.25 NASDAQ -30.15 SP500 -16.52 NASDAQ Dec/Adv/Vol 2014/686/376 mln NYSE Dec/Adv/Vol 2498/571/282 mln

[ozymandius]

24. Oil prices fall on refinery reports

VIENNA, Austria - Oil prices fell Tuesday on reports of restarts at two major U.S. refineries and upcoming U.S. petroleum inventory data.

The refinery problems caused some concern over gasoline tightness in the U.S., particularly after the U.S. Energy Department reported last week a surprisingly large decline in gasoline stockpiles and continued high demand beyond the traditional U.S. driving season.

But a crude distillation unit at Valero Energy Corp.'s refinery in Port Arthur, Texas, has been restarted at a lower rate after downtime of about a week.

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

[mojavekid]

28. Bloomberg: U.S. Stocks Fall for Second Day; Citigroup, Lehman Shares Drop

http://www.bloomberg.com/apps/news?pid=20601087&sid=au2b19rpP1E0&refer=home

Aug. 28 (Bloomberg) -- U.S. stocks declined for a second day after Merrill Lynch & Co. analysts said tighter credit markets will hurt earnings at banks and home prices fell by a record.

Citigroup Inc., Lehman Brothers Holdings Inc. and Bear Stearns Cos. retreated after Merrill lowered its recommendation on the shares and cut its profit estimates for this year and next. Lennar Corp. and D.R. Horton Inc. led homebuilder stocks to the lowest since May 2003.

snip...

``Our concern when we look out is with the U.S. consumer,'' said David Chalupnik, who helps manage about $100 billion as senior managing director at First American Funds in Minneapolis. ``Are the housing issues that we're seeing going to finally depress the U.S. consumer? That's the risk that we see.''

Europe, Asia

Stocks in Europe and Asia declined, led by financial companies on concern the subprime mortgage rout is spreading and will erode global economic growth. The Morgan Stanley Capital International World Index slipped 0.2 percent to 1,545.06.

more...

[TrogL]

33. Loonie Watch

(missed a colour)

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

2007-07-27 Friday, July 27 0.944287 USD
2007-07-30 Monday, July 30 0.935541 USD
2007-07-31 Tuesday, July 31 0.938438 USD
2007-08-01 Wednesday, August 1 0.946522 USD
2007-08-02 Thursday, August 2 0.949848 USD
2007-08-03 Friday, August 3 0.950029 USD
2007-08-06 Monday, August 6 0.951203 USD
2007-08-07 Tuesday, August 7 0.947598 USD
2007-08-08 Wednesday, August 8 0.952653 USD
2007-08-09 Thursday, August 9 0.946432 USD
2007-08-10 Friday, August 10 0.948947 USD
2007-08-13 Monday, August 13 0.951656 USD
2007-08-14 Tuesday, August 14 0.940291 USD
2007-08-15 Wednesday, August 15 0.930579 USD
2007-08-16 Thursday, August 16 0.929887 USD
2007-08-17 Friday, August 17 0.940291 USD
2007-08-20 Monday, August 20 0.94518 USD
2007-08-21 Tuesday, August 21 0.943307 USD
2007-08-22 Wednesday, August 22 0.94162 USD
2007-08-23 Thursday, August 23 0.946432 USD
2007-08-24 Friday, August 24 0.950119 USD
2007-08-27 Monday, August 27 0.951022 USD


Current values

Loonie:

Last trade 0.9415 Change -0.0085 (-0.90%)
Previous Close 0.9495 Open 0.9474
Low 0.9415 High 0.9482


Other combinations:

AS.M07 AUSTRALIAN $/CANADIAN $ Sep (NYBOT) 0.87425 +0.43
RA.M07 EURO/AUSTRALIAN $ Sep (NYBOT) 1.64595 -0.00990
GB.M07 EURO/BRITISH POUND Sep (NYBOT) 0.67935 +0.00045
EP.M07 EURO/CANADIAN $ Sep (NYBOT) 1.4473 +0.0084
EJ.M07 EURO/JAPANESE YEN Sep (NYBOT) 157.250 -2.36
EU.M07 EURO/US$ (LARGE) Sep (NYBOT) 1.3654 -0.0019


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

The September Canadian Dollar was lower overnight as it consolidates some of last week's rally but remains above the 20-day moving average. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last week's low, the reaction high crossing at .9567 is the next upside target. Closes above the reaction high crossing at .9567 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at .9424 would signal that a short-term top has been posted. Overnight action sets the stage for a steady to lower opening in early-day session trading.



Analysis

The drivein show was all about the exposure of various banks and companies to subprime mortgage losses, housing costs, homelessness etc. but nothing unusual (which is a sad thing to say). Hence, I have no idea what's going on with the loonie. Every other time we've been in this situation over the last six months, it's gone up, not down. Looking at the graphs, the yen's gone strange. The blather for the yen said it was bearish, but it's gained a US$0.01 over the past six hours I cut and paste the code above from a file I saved awhile ago and I had to change every +/- colour. Gold and silver are down (which is gonna piss off the gold bugs) so I guess we're just in lala land today.

[mojavekid]

34. Prudent Squirrel: Serious Credit Collapse Could Strengthen Dollar and Hit Gold

http://www.kitco.com/ind/Laird/aug282007.html

In the emerging credit crisis, the corporate paper market is in chaos. This IS a crisis.

What started as flight from sub prime mortgage derivatives, now has spread to flight from many of the largest credit markets in general. The CP market (corporate paper that rolls over every 90 days) is $2.2 trillion in the US alone. Banks, financial institutions, and companies use it to finance daily operations. That market is funded heavily by Money Market funds, who invest in the CP market to get better yields for their depositors than, say, an FDIC insured CD.

The trouble with the CP market developed when, first, investors fled the mortgage derivative market, but then, as revelations of widespread of losses started appearing, lenders started to pull back from rolling over CP to everyone. That is because no one knew who held secret losses in mortgage derivatives, so banks and institutions and investors decided not to roll over their CP when the time came. The entire CP market world wide froze in about a week. This situation continues in the EU and the US and Canada.

snip...


Serious Credit Collapse Could Strengthen Dollar and Hit Gold

By Chris Laird
Aug 28 2007 10:39AM

www.prudentsquirrel.com



In the emerging credit crisis, the corporate paper market is in chaos. This IS a crisis.

What started as flight from sub prime mortgage derivatives, now has spread to flight from many of the largest credit markets in general. The CP market (corporate paper that rolls over every 90 days) is $2.2 trillion in the US alone. Banks, financial institutions, and companies use it to finance daily operations. That market is funded heavily by Money Market funds, who invest in the CP market to get better yields for their depositors than, say, an FDIC insured CD.

The trouble with the CP market developed when, first, investors fled the mortgage derivative market, but then, as revelations of widespread of losses started appearing, lenders started to pull back from rolling over CP to everyone. That is because no one knew who held secret losses in mortgage derivatives, so banks and institutions and investors decided not to roll over their CP when the time came. The entire CP market world wide froze in about a week. This situation continues in the EU and the US and Canada.

This is forcing banks, institutions, and companies to hoard cash. The initial rise in the USD, in the week after BNP Paribas revealed they were freezing redemptions from two funds they had which had large mortgage derivatives, was due to people madly dashing into cash and getting as much cash as possible so they could operate, because short term money was not available. The USD strengthened significantly the first week. The short term money markets are in a real crisis.

Alternately, there was flight into gold as well, (second week) after the initial dash into dollars. The USD also benefited from flight into dollars and US Treasures for safety.

Last week’s panic buying of US Treasures, where short term 3 month yields dropped up to 2%, but recovered later in the week.

But the credit crisis dynamic has been illustrated. First, when a new scare appears, there is flight into the USD. Then, in real fear, there is flight into gold. Short term credit markets totally freeze, and then we see the central banks madly flooding money into financial markets. Central banks hoped this would stabilize the CP markets, but found that quite hard to do, as lenders did not want to be stuck holding the bag, if they rolled over their new CP to borrowers.

Now, what concerns me is that we have not seen a total credit meltdown yet. Even though the CP markets are reeling still, the central banks managed to stop a stampede (so far) out of equities, after their initial falls. I suspect that the central banks, and the financial industry are colluding to hold equity markets together, to prevent the Real Crash that is possible.

The other reason equity markets have held up so far, is because I think all the funds sent frantic emails to each other saying ‘for goodness sake, don’t sell right now!’

How long they can delay is not known. We know funds of all types, including money market funds, are begging for new deposits, and have had large redemptions. There is a lot of pressure on markets to fall right now, as eventually, the funds will have to give in and sell.

The central banks are doing their part, buying everything in sight at book value from troubled institutions, letting Citi, BoA, and Morgan move up to $25 billion of their capital to their brokerage units, in a relaxation of banking restrictions, and flooding well over $500 billion into direct infusions to troubled financial markets. (These are just a few examples of what CBs are doing. Not the least of which is to support panicky markets with their ‘Working Group on Markets – the so called plunge protection teams in the US and Japan).

The present credit meltdown is severe, but, if we see a real equity collapse due to forced selling, as funds see redemptions, then we will also see:

Derivative losses for institutions on a scale far greater than seen so far


Massive forced selling for fund redemptions


A total credit freeze where banks, institutions, and companies cannot get any short term money, and have no alternative but to hoard cash (dollars) to operate.


A possible huge spike up in the USD and the Yen, and drops in some of the stronger currencies of recent times.


Forced Yen carry unwinding, as several weeks ago, the Yen strengthened significantly in the onset of the equity sell offs after the Paribas incident and the EU banking crisis. The EU banking crisis, and the US’s is still in progress, but can get much worse.


Eventual flight into gold as the best cash available


A world stock crash like we have never seen in our lifetimes, if central banks cannot stay ahead of things. I expect them not to- they barely staved off the latest problems that are still with us, and presently equity markets look weak, rising last week on low volume.


more...

[nadinbrzezinski]

35. WOW, now I know why my parent's stock trader said

what he said... does not make sense but hey, what the hell?

Connecting personal dots

[antigop]

36. More on State Street -- .is this true???

http://www.marketwatch.com/news/story/state-street-corp-reportedly-has/story.aspx?guid=%7BA98480D3%2DB89C%2D42D2%2DB98F%2D3CDA2CE47DF7%7D&siteid=yhoof

>>
Separately, the Boston Globe reported Tuesday that an institutional bond fund managed by State Street's investment arm lost about 37% of its value during the first three weeks of August amid credit market woes. The fund may be facing losses from investments in mortgage-related securities which were heightened by leverage, according to the report.
The newspaper, citing an investor who has seen the returns of State Street Limited Duration Bond Fund, said the fund was down 42% for the one-year period ended Aug. 21.
>>

[antigop]

37. Boston Globe article-- Further Fiasco

http://www.boston.com/business/personalfinance/articles/2007/08/28/further_fiasco/

>>
A supposedly conservative bond fund managed by the investment arm of State Street Corp. lost more than a third of its value in a matter of weeks amid the turmoil in credit markets this month, according to an investor who has seen the returns.

The State Street Limited Duration Bond Fund, which managed $1.4 billion for institutional clients, lost about 37 percent of its value during the first three weeks of August, according to the investor. The fund, managed by State Street Global Advisors, had fallen 42 percent for the year by Aug. 21, the investor said.
>>

[UpInArms]

38. EarthLink to cut 900 jobs, close offices, in restructuring

http://www.marketwatch.com/news/story/earthlink-cut-900-jobs-close/story.aspx?guid=%7B31931FF6%2D71D7%2D4A65%2D93E9%2D72A4EAB932DB%7D&dist=TQP_Mod_mktwN

SAN FRANCISCO (MarketWatch) -- EarthLink Inc. (ELNK: 7.18, +0.32, +4.7%) on Tuesday outlined a corporate restructuring plan, including the elimination of about 900 jobs. The Atlanta-based Internet services provider said it plans to close its offices in Orlando, Fla.; Knoxville, Tenn.; Harrisburg, Pa.; and San Francisco, and "substantially reduce" its presence in the Pasadena, Calif., and Atlanta. EarthLink said it expects to record costs related to the restructuring of $60 million to $70 million, primarily in the third and fourth quarters of fiscal 2007, and generate cost savings of $25 million to $35 million through the remainder of the year. Additionally, EarthLink said it now sees a third-quarter net loss of $33 million to $43 million on revenue of $290 million to $300 million. Adjusted earnings before interest, taxes, depreciation and amortization are now expected to range between $30 million to $35 million for the quarter. For full-year 2007, the company said it now expects a net loss of $79 million to $109 million on revenue of $1.19 billion to $1.21 billion. Adjusted EBITDA is now expected to come in between $135 million and $145 million for the year. EarthLink also said it has authorized the buyback of an additional $200 million of its shares. The company named Joe Wetzel as chief operating officer, effective immediately.

[nadinbrzezinski]

40. -143.23 at 12:00 for the dow

[AnneD]

42. Morning Marketeers....

:donut: and lurkers.
It has been a wild ride in my life for the past few days.
Saturday I worked at the hospital, it was great. As I was pulling out of the parking lot, I reached to turn the radio up and I hear the story about the explosions in Hyderabad. Hubby is in Hyderabad and although I don't think he is anywhere near that area-with him you never know and I am speed dialing all our friends to get the word out. As I told a friend-I don't feel anything unusual so I think he is ok but You never know-so my heart stops for a few days.

Sunday I go to work, find out there was no night Nurse and my buddy that normally works 16 hours had to stay 20 and did not clock out until 2 in the morning. They found a replacement for her but an hour and a half into the shift-she had an asthma episode and I had to send her to the ER from our floor. Of course they could find no one and I was stuck with 12 heavy duty pts (Thank God for my 2 great aids). After the two Nurse's came in to relief me- I sat down to chart. One of them said to me not to stay to long over time because they were cracking down on that.:grr: :nuke: I told her (making sure she new it was not directed at her), that if they had a problem with my overtime-they should staff more adequately and that I would clock out when the job-and paperwork was done and not a minute before.

On both days I rushed to the school to get my clinic ready for the first day. Of course there was no A/C and the clinic wasn't ready despite my efforts.

Monday I had a non stop line of parents with special needs children that had not bothered to talk to me when they were registering their darlings. Yes I was here the day they registered. I have donated school clothing sorted and on both my beds-and what comes in but a larger kid that need a diaper changed, they just ordered a changing table Friday when they enrolled him but didn't bother to inform me that they would be using my clinic bed. They clothing on both beds was 3 feet high. I make room and the clothes that I spent all weekend after work are no longer sorted.:banghead: My daughter call to say that she has some tickets to a concert ,and could she go Friday even thought it is my weekend. I say ok and as the day wears on, I call her back and ask what concert is it (Marlyn Manson-now I know why she didn't tell me). I then remind her to have her clothes packed because I would pick her up early. There is silence on the line-You do remember I told you over a month ago that we were going out of town on my birthday weekend. More silence. So I guess that means you didn't tell your boss 4 weeks ago or when again when I reminded you 2 weeks ago. I start hearing lame excuses. I told her the family tree was about to get thinner cause she was having an aunt or uncle die and we were going out of town. I took some more tylenol for the sore muscles from working at the hospital. I worked late, got most of the clothing out of the clinic and left at almost 9 pm. I stop to have some Mexican food and a beer (Beer is not my first choice but I do indulge sometimes). I call my Mom and she laughs cause she has seen my clinic before so she says to have two beers but make sure I have the second one at home. I told her one was ll I could handle. She told me to be sure I didn't oversleep. We laugh and in the middle of the call a friend calls and says that Hubby is ok (men-he didn't call me cause he doesn't think too :grr: ). I thank them and tell Mom. She said she heard about the bombing when it first happened but didn't want to worry me at work and didn't want to tie up my line.
I go home, fall into bed and you guessed it....I overslept.

Happy hunting and watch out for the bears.

[Hugin]

45. Hi AnneD...

:hangover:

My... You've been busy! :hi:

[UpInArms]

47. gaaaa---cccckkkk!

:grouphug:

Glad hubby's okay and I (imho) think you should unplug your alarm :D

:hug:

[AnneD]

50. That over sleeping...

did me good though. I felt much better today. I told the Principal and she laughed about the oversleeping. Said we were going to have to get Hubby home soon 'cause I was turning into a wild woman. She said she'd post bail for me if I have trouble this weekend.

[Hugin]

43. 15:00 ET....

Index Last Change % change
• DJIA 13147.12 -175.01 -1.31%
• NASDAQ 2521.56 -39.69 -1.55%
• S&P 500 1443.57 -23.22 -1.58%


Oh, by the way... Have you heard there was a reduction in poverty in the U.S.?*



* Not statistically significant, but, widely reported in the Corporate Media anyway.

[UpInArms]

44. 2:59 EST Flying like a lead balloon

Dow 13,134.19 187.94 (1.41%)
Nasdaq 2,518.75 42.50 (1.66%)
S&P 500 1,442.51 24.28 (1.66%)
10-Yr Bond 4.528% 0.068

NYSE Volume 1,744,953,000
Nasdaq Volume 1,117,167,000

2:30 pm : After initially showing a muted response to FOMC minutes reflect members' views from prior to the August 17 discount rate cut meeting, investors clinging to hopes the report might offer something that wasn't inferred by the Fed's interim actions on August 17 have headed for the exits.

The indices are hitting fresh session lows as it remains to be seen whether the Fed's sensitivity to the problems in the credit markets have abated. DJ30 -162.94 NASDAQ -34.61 SP500 -19.46 NASDAQ Dec/Adv/Vol 2244/726/982 mln NYSE Dec/Adv/Vol 2730/542/764 mln

2:00 pm : Selling remains the name of the game as virtually every industry group continues to lose ground. Among the handful of bright spots, Gold (+3.2%) is by far today's biggest winner as unusual call buying activity in Newmont Mining (NEM 41.75 1.30) suggests it may be in play as a takeover target, perhaps by larger rival Barrick Gold (ABX 31.30 -0.83). Even though the latter has dismissed such speculation, saying that such a rumor has "no substance," NEM shares are still up a solid 3.2% after being up as much as 6.9% earlier.

The next best performer is Footwear, which is only up 0.6%. Next in line are Wireless Services, Independent Power Producers, Managed Health, and Multi-Utilities; but their gains are minimal and their defensive characteristics merely speak to the nervousness that has plagued stocks for two days. DJ30 -141.54 NASDAQ -31.42 SP500 -16.73 NASDAQ Dec/Adv/Vol 2207/730/892 mln NYSE Dec/Adv/Vol 2739/528/690 mln

1:30 pm : Stocks remain mired in relatively tight ranges as sellers struggle to find a new catalyst to push stocks even lower. Obviously oil prices briefly turning positive, after being down about 1.0% around 11:00 ET, did little to stir things up any more than they already are. The Energy sector hit afternoon highs but was still down 1.1%.

Whether or not the upcoming FOMC minutes will provide the bulls with something positive or merely feed into today's widespread consolidation remains to be seen; but the report's pending release does appear to be contributing to this afternoon's sideways trading. DJ30 -150.61 NASDAQ -33.89 SP500 -17.90 NASDAQ Dec/Adv/Vol 2221/696/826 mln NYSE Dec/Adv/Vol 2702/551/638 mln

[UpInArms]

46. General Mills to close two plants, cut 580 jobs

http://www.reuters.com/article/bondsNews/idUSWEN070320070828

LOS ANGELES, Aug 28 (Reuters) - General Mills Inc (GIS.N: Quote, Profile, Research) said in a regulatory filing on Tuesday that it would close two plants that make frozen waffles and dough, cutting about 580 jobs.

In a filing with the U.S. Securities and Exchange Commission, the food company said it would close a frozen waffle plant in Allentown, Pennsylvania with 111 employees and a frozen dough facility in Trenton, Ontario with 470 workers.

The company said in the filing that it would record a total of $13 million in charges in its fiscal first quarter related to the closures and job cuts and other restructuring actions.

...more...

[UpInArms]

48. 3:48 EST and buckets of blood on the floor

Dow 13,051.44 270.69 (2.03%)
Nasdaq 2,505.18 56.07 (2.19%)
S&P 500 1,433.75 33.04 (2.25%)
10-Yr Bond 4.53% 0.066

NYSE Volume 2,123,148,000
Nasdaq Volume 1,369,260,000

3:30 pm : Consolidation remains the driving mantra going into the close. The S&P 500 is now 15 points below its 200-day moving average (1455) as more than 90% of its constituents remain in negative territory. The Nasdaq is turning in a similarly dismal performance (-1.9%), and has also seen all of last week's rally erased, while the Dow is down about 1.6% on the day as 29 of its 30 components lose ground.

Faring even worse is the Russell 2000. It is down 2.3%, more than wiping out last week's 1.6% advance and further underscoring a market that is becoming more risk averse as the week progresses. DJ30 -216.24 NASDAQ -47.52 SP500 -27.40 NASDAQ Dec/Adv/Vol 2314/669/1.21 bln NYSE Dec/Adv/Vol 2802/495/962 mln

3:00 pm : The indices continue to slip further into negative territory as a widespread negative tone continues to weigh on equities. As reflected in the A/D line, decliners on the NYSE now hold a more than 5-to-1 edge over advancers while those on the Nasdaq hold a 3-to-1 margin. The ratio of down to up volume paints even more of a bearish picture at the Big Board and the Composite.

About the only thing the bulls have going for them at this point is the fact that total volume is again well below average. The Nasdaq just surpassed 1.0 bln shares and the NYSE, which barely hit that mark yesterday, runs the risk of missing it today. DJ30 -191.47 NASDAQ -43.06 SP500 -24.81 NASDAQ Dec/Adv/Vol 2270/701/1.08 bln NYSE Dec/Adv/Vol 2781/508/850 mln

[gratuitous]

49. Down more than 250 points

Dow dropping like Larry Craig's pants.

Okay, that was a cheap shot. I'm very ashamed. I need to grow up.

[AnneD]

51. I'm shocked, shocked I say

but not suprised. DMTA :toast: and welcome to SWT.

[BrotherBuzz]

52. LOL, chumming for a DUzy award?

:thumbsup:

[NC_Nurse]

53. Hah!

Good one. ;)

[Roland99]

56. Was he wearing blue....pants?

;)

[UpInArms]

62. ...

[NC_Nurse]

54. Dow down 280 for the day!

Dayum! :o

[Roland99]

55. Ouch! That'll leave a mark

[NC_Nurse]

60. LOL!

Really!

[ozymandius]

57. final numbers and blather - EEEAGHHH!

Dow 13,041.85 Down 280.28 (2.10%)
Nasdaq 2,500.64 Down 60.61 (2.37%)
S&P 500 1,432.36 Down 34.43 (2.35%)
10-Yr Bond 4.53% Down 0.066
NYSE Volume 2,901,791,000
Nasdaq Volume 1,664,752,000

4:20 pm : Stocks opened lower on Tuesday and continued to worsen throughout the day before closing at session lows as investors found a plethora of reasons to keep questioning the sustainability of gains that recently helped the stock market log its best weekly performance in months.

Another round of credit concerns, fueled by reports that State Street (STT 61.16 -2.72) has exposure to about $22 bln of asset-backed commercial paper conduits, and exacerbated by a second straight day of investment bank downgrades, set the stage for another dismal session. Merrill Lynch said that tighter credit markets will hurt the earnings of Citigroup (C 46.14 -1.65), Bear Stearns (BSC 108.42 -3.78), and Lehman Brothers (LEH 54.28 -3.47).

All three were downgraded to Neutral, leaving many to believe that more negative analyst commentary is forthcoming. Such concerns contributed to a 3.2% sell-off in Financials, which removed a significant source of leadership for the S&P 500 which saw last week's entire 2.3% advance erased in one day.

Of the other nine sectors getting crushed, Materials ranked a close second with a 3.0% decline even though Gold was the only S&P industry group (out of 147) to finish higher. Unusual call buying activity in Newmont Mining (NEM 41.07 +0.62) suggested it may be a takeover target, perhaps by larger rival Barrick Gold (ABX 30.82 -1.31) Even though ABX dismissed such speculation, saying that the rumor has "no substance," NEM shares still closed up a solid 1.5%.

Consumer Discretionary (-2.5%) was another big disappointment as the Homebuilding group (-4.8%) extended its year-to-date decline to 48% after the Case-Shiller home price index fell 3.2% in Q2. That marked the largest decline in the index's 20-year history.

A report hitting the wires at 10:00 ET showing the sharpest drop in consumer confidence since 2005 armed the bears with the next reason to extend Monday's profit-taking efforts.

After showing some semblance of stabilizing (albeit near session lows) heading into the 2:00 ET release of the FOMC minutes, the indices deteriorated further when the minutes from the August 7 FOMC didn't contain any good news for rate cut advocates.

The reaction, frankly, was overdone given the subsequent directive from the FOMC on August 17 that accompanied the cut in its discount rate and which noted downside risks to growth have increased appreciably. Nonetheless, the focus on most things negative today ignited another round of selling interest after the release of the minutes.

A 16% surge on the VIX (CBOE Volatility Index) underscored the lack of enthusiasm for owning equities and the bears' belief that stocks have further to fall.

On the NYSE, where trading curbs went into effect 30 minutes before the close, decliners outpaced advancers by a nearly 7--to-1 margin. Below average volume was about the only aspect of today's drubbing that gives the bulls anything to hang their hat on, as it implies there wasn't a great deal of conviction behind the selling efforts. For anyone who is the long the market, though, a loss looks just the same whether volume is high or low.BTK -1.5% DJ30 -280.28 DJTA -2.8% DJUA -1.2% DOT -2.2% NASDAQ -60.61 NQ100 -2.5% R2K -2.7% SOX -2.4% SP400 -2.4% SP500 -34.43 XOI -2.8% NASDAQ Dec/Adv/Vol 2391/631/1.58 bln NYSE Dec/Adv/Vol 2891/428/1.33 bln

[JNelson6563]

61. 10 yr yield down 14 basis pts in a day!

That's quite something!!

Another big day on the Street. I wonder what's in store for tomorrow.

Julie

[UpInArms]

64. LandAmerica axing 1,100 jobs

http://www.reuters.com/article/bondsNews/idUSWNAS303920070828

NEW YORK (Reuters) - LandAmerica Financial Group Inc (LFG.N: Quote, Profile, Research) a title insurance company, said on Tuesday it was eliminating 1,100 jobs as mortgage loan volume in the United States declines.

The company said severance payments linked to the layoffs will cut into pre-tax earnings in the third and fourth quarters.

LandAmerica is the latest company to get hit by the slowdown of the U.S. housing sector. CIT Group Inc (CIT.N: Quote, Profile, Research) said earlier on Tuesday it was eliminating 550 jobs as it closes its mortgage lending operations. Accredited Home Lenders Holding Co (LEND.O: Quote, Profile, Research) last week said it was cutting 1,600 jobs.

Layoffs are seen by many analysts as a sign the mortgage sector is not likely to return to prior levels anytime soon.

LandAmerica said it was cutting the equivalent of 1,100 full-time jobs in the second half of 2007 and had laid off 300 employees since July 1 as part of that target.

...more...

[dweller]

65. lordy, 2101 views on this thread?

oooh, somebody's watching ... :tinfoilhat:

nah, it's just me.
:D

dp