STOCK MARKET WATCH, Friday September 21

[ozymandius]

Source: du

Friday September 21, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 487 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2450 DAYS
WHERE'S OSAMA BIN-LADEN? 2162 DAYS
DAYS SINCE ENRON COLLAPSE = 2123
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 September 20, 2007

Dow... 13,766.70 -48.86 (-0.35%)
Nasdaq... 2,654.29 -12.19 (-0.46%)
S&P 500... 1,518.75 -10.28 (-0.67%)
Gold future... 739.90 +10.40 (+1.41%)
30-Year Bond 4.94% +0.12 (+2.49%)
10-Yr Bond... 4.67% +0.15 (+3.27%)






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

---

The Radical Fringe should return next week.




Read more: du

[ozymandius]

1. Market WrapUp: Bernanke Fed Strikes Out

US$ Plunges, Gold Soars, T-Notes Sink
BY GARY DORSCH

“Under a fiat money system, a central bank has a technology called a printing press that allows it to produce as many US$’s as it wishes at essentially no cost. By increasing the number of US$’s in circulation, or even by credibly threatening to do so, the US government can reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices of those goods and services.”

Those infamous words uttered by Ben Bernanke nearly six years ago still haunt the Fed chief today, whose nickname “helicopter” Ben just doesn’t seem appropriate anymore. Instead, “B-52” Ben might be a better fit, considering the huge bombshells of cash that have been dumped into the bond and stock index futures market by the central banker over the past five weeks. The Fed has pumped $320 billion of temporary cash into the banking system since mid-August.

-cut-

To defuse the credit crunch and still fend off inflation, Bernanke could have chosen a wiser path by simply lowering the discount rate by a half-point. Instead, Bernanke chose the most aggressive action by slashing the fed funds rate a half-point. Most ominously, Bernanke left the impression that more rate cuts are in the pipeline, which in turn has touched off a major speculative attack against the US dollar.

The Fed’s decision to slash the fed funds rate to 4.75% was very dangerous, considering the US dollar is skidding to a 15-year low, gold is climbing to 28-year highs, crude oil is zooming above $82 per barrel, soybean and wheat prices are spiraling to record highs, and the Baltic Dry Freight Index is jettisoning into the stratosphere. Signs of hyper-inflation are sprouting all around.

-cut-

Still, in order to keep the US dollar stable at a time when the Federal Reserve is inflating the US M3 money supply at a 14% annualized rate, the Saudi central bank must also turn up its money printing machines to keep the dollar peg stable. Saudi Arabian annual money-supply growth surged to 21.5% in July. M3, the broadest measure of money supply, was 725.71 billion riyals ($193.5 billion) on July 31, compared with 597.39 billion riyals on July 31 last year.

-cut-

Oh, what a tangle web Mr. Bernanke finds himself in today. Since his bold decision to slash the fed funds rate by a larger than expected half-point, the yield on the Treasury 10-year Note has actually jumped 25 basis points higher. Would more Fed rate cuts send long term mortgage rates higher, worsening the current US housing slump?

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

[Demeter]

15. Any Proof That This Cash Is "Temporary"?

Or is that just a code for inflation?

[ozymandius]

37. Inflation?

The Fed only, and I repeat only, cares about wage inflation. The Fed would not give two farts and a lick of spit about price inflation. So what! if a loaf of bread costs you nine bucks? That's factored out of the consumer price index.

[ozymandius]

2. no goobermint reports today n/t

[ozymandius]

3. Oil prices steady below $82 a barrel

SINGAPORE - Oil prices fell on profit-taking Friday but were expected to hold near record levels as traders kept a watchful eye on a potential tropical storm brewing off the west coast of Florida.

U.S. forecasters warned that a weather system swirling could make landfall as a tropical storm over the weekend. Computer models show possible tracks across Alabama, Mississippi and Louisiana.

-cut-

Light, sweet crude for November delivery lost 25 cents to $81.53 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.

The October crude contract hit a record high for the fourth straight session before expiring Thursday up $1.39 at $83.32 a barrel. It rose as high as $83.90 in intraday trading.

-cut-

The temporary closure of about a quarter of the Gulf of Mexico's daily oil production lent an extra boost to the oil market's already strong record-breaking run, because traders view U.S. crude inventories as tight. Last week, crude inventories declined.

But the real drive behind the rally, many analysts say, is an influx of speculative "nontraditional" capital into energy commodities, an inflow that increases when the dollar falls. On Thursday, the dollar fell to yet another record low against the euro, and dropped to the same value as the Canadian dollar for the first time since November 1976. A weak dollar supports oil prices by making futures cheaper for foreign investors.

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

[OnceUponTimeOnTheNet]

4. K&R nt

[ozymandius]

5. House prices to drop much lower: Greenspan

VIENNA (Reuters) - A big overhang of property will bring U.S. house prices down further, but it is too early to say if the economy will plunge into recession, former Federal Reserve chief Alan Greenspan was quoted as saying on Friday.

Greenspan said in an interview with Austrian magazine Format that low interest rates in the past 15 years were to blame for the house price bubble, but that central banks were powerless when they tried to bring it under control.

"It's a difficult situation, there is an enormous overhang on the real estate market," Greenspan was quoted as saying. "Many buildings which just have been finished can't be sold ..."

"So far, prices have dropped only slightly. But it was enough to cause alarm around the world," he said. "Prices are going to fall much lower yet."

http://news.yahoo.com/s/nm/20070921/bs_nm/greenspan_bubble_dc

[Rydz777]

9. Greenspan, on Charlie Rose last night, reiterated this point:

He said that "populist" political pressure in the US produces a continuing bias toward low interest rates - making it hard to fight inflation. I foresee the day when toilet paper costs a dollar a wipe.

[Odin2005]

14. LOL, how typical for Greenhit to blam it on "populism"

Greenshit follows a BS school of economic thought that says economic meltdowns only happen because of government intervention in the economy caused by "populist political pressure." This is a tenant of faith of right-wing libertarian economists.

[Roland99]

25. Guess we'll be Sheryl Crow at that point.

;)

[ozymandius]

6. UAW rejects retiree health care proposal

DETROIT - General Motors Corp. and the United Auto Workers continued to discuss the automaker's proposal to pay the union to take on retiree health expenses, even though GM's latest offer on the issue was rejected by the UAW president, a person who has been briefed on the talks said.

The person, and a union local leader who also was briefed on the talks, said negotiators have wrapped up work on all noneconomic issues and are trying to figure out the health care piece because the rest of the contract, including job security promises, pay and health insurance contributions, is contingent upon it.

Both people requested anonymity because the talks are private. Each said the UAW is still crunching numbers on GM's proposal to offload most of its $51 billion in unfunded retiree health care costs on the union.

http://news.yahoo.com/s/ap/20070921/ap_on_bi_ge/auto_talks

[Auggie]

8. Promises from 40 years ago continue to haunt GM

Current management can't be blamed for the mess they're in now. But to think they can simply pass obligations they made to retirees onto others is inexcusable.

Corporations are such spoiled brats.

[ozymandius]

7. Nike first quarter profit rises 51 pct.

PORTLAND, Ore. - In Nike Inc.'s global empire, it's the smaller subsidiaries that are about to get some attention.

Nike said Thursday that it plans to explore the sale of its Nike Bauer Hockey subsidiary. It also will conduct a strategic review of its Exeter Brands group and will be looking closely at adding new business to its portfolio, either grown from within or acquired.

Nike President and CEO Mark Parker said one of the company's competitive advantages is the breadth and diversity of its business portfolio. Now the Beaverton-based shoe giant is taking another look.

Nike subsidiaries constitute only $628 million of the $4.7 billion in revenue the company reported Thursday for its first quarter. But as the company continues with its aggressive growth plan, all niches of its business are being examined.

-cut-

Other Nike-owned brands will also be under scrutiny — including Converse, Nike Golf, Cole Haan, Exeter and Hurley.

http://news.yahoo.com/s/ap/20070921/ap_on_bi_ge/earns_nike

[Buttercup McToots]

10. Let us start the day...USD= $78.65

Alrighty then...
What will today bring us?
:eyes:

[UpInArms]

11. dollar watch

ino.com is not working this morning - per kitco the numbers:

USD 78.65 +0.17

Dollar Selloff, Euro Rally Show Few Signs of Slowing

http://www.dailyfx.com/story/currency/eur_news/Dollar_Selloff__Euro_Rally_Show_1190318896956.html

The US dollar fell yet again, setting fresh record-lows against the euro and parity against the Canadian dollar. Greenback weakness continues to dominate financial markets, with similarly pronounced moves in dollar-sensitive gold and oil prices. Given overall downward momentum, there seems to be little in the way of further greenback tumbles.

The euro surged to fresh record highs of $1.4097 through New York session trade—blowing through stop orders and option barriers with force. Yet the main story was a similar rally in the Canadian dollar, which reached parity with its US namesake for the first time in over 30 years. The USDCAD currently trades at an impressive C$1.0010 after a 150 point decline. The British Pound saw a much smaller rally against the dollar, as worries over UK financial stability continued to depress the sterling against major trading counterparts. Yet dollar weakness sent Cable 90 points off its daily open to $2.0096.

Speculators continued to ignore domestic economic data, as traders were more-than-willing to send the euro higher and dollar lower on overall momentum. Arguably the biggest news on the day came on rumors that the Saudi Arabian government would drop their domestic currency’s peg to the dollar—eliminating its need to hold tremendous reserves in the US currency. Such speculation came on the fact that the Saudi central bank declined to cut rates in lockstep with the US Federal Reserve. But many argue that the Saudi monetary policy authority was simply acting against rampant inflation and played down the possibility of a break of a change in the currency regime. US Treasury bond markets nonetheless fell in the wake of the report, with fears that Middle Eastern countries would look to sell their reserves in domestic debt.

On the US economic front, markets witnessed a further deterioration in the closely-followed Leading Indicator—falling more than expected at -0.6 percent in the month of August. A breakdown of the headline figure shows little signs of hope, with virtually all sub-indices registering declines through the period. Notables included a worsened Consumer Confidence coefficient, as well as worsening Jobless Claims numbers and a deterioration in Building Permits. Markets showed little concern on the figure, as much of the data had previously been reported. Yet it remains relatively clear that many broad measures of economic health reflect a dim outlook for the future of domestic expansion.

A later Philadelphia Fed manufacturing report showed a slightly more optimistic picture of regional industrial production, with the headline index printing far above consensus estimates for the month of September. Surging Prices and a surprising jump in New Orders boosted the overall index to its highest since June. This is one of the few positive US economic indicators seen through recent trade and may calm concerns over the future of industrial performance. Yet there remained some concerns among Philadelphia manufacturing firms, with the Number of Employees index falling from 21.2 in August to 7.5 in July. The employment figure remains strongly above medium term trends, but it nonetheless echoes the slowdown in payrolls growth throughout the broader economy.

...more...

Euro Hits Record High, How Much Further Can it Rise?
Thursday, 20 September 2007 22:02:36 GMT

http://www.dailyfx.com/story/bio1/Euro_Hits_Record_High__How_1190325933039.html

It has been an extremely active day in the currency markets with the US dollar falling to record lows against the Euro and 30 year lows against the Canadian dollar. For months, the currency market has been obsessed with 1.40 in the Euro and 1.0 in USD/CAD. Now that these targets have been achieved, the question ahead of us is how much further can the Euro rise. In the currency markets, trends can last far longer than most traders expect and even though the risk of a top increases with each pip rise, there is no reason to believe that the EUR/USD will top out until the currency pair itself manifests weakness. Fundamentally, the US dollar has been driven to a record low because of growing concerns about the US economy and the possibility of further interest rate cuts by the Federal Reserve. Although speculation of Saudi Arabia abandoning its dollar peg triggered the break of 1.40, the country’s later denial of this possibility did not lead to similar relief rally in the US dollar. Therefore this tells us that there is a lot more than speculation driving the dollar’s weakness. We have often said that the expectation of where interest rates are headed is the number one driver of currency movements. The latest bout of dollar weakness is a reflection of not only the larger rate cut delivered by the Federal Reserve earlier this week, but also the expectation of anywhere between 25bp to 50bp of further easing before the end of the year. Yet, the further the dollar falls, the greater the risk of a reversal. A weakening currency will not only help to boost exports and revive the economy, but it will also induce inflationary pressures. So the question in front of us is what will get out of hand first, growth or inflation. All it takes for the Euro to stop rising is a few pieces of stronger US economic data or any concern about Euro strength by ECB President Trichet. Unfortunately we have yet to see a meaningful improvement in US data. Even though the Philly Fed index jumped from 0 to 10.9, it was offset by a larger than expected drop in leading indicators. Fed Chairman Ben Bernanke made no direct comments about the state of the economy or monetary policy. He simply said that the rate cut was taken to stay ahead of the credit markets. Meanwhile gold prices hit 28 year highs while oil prices hit a new record high of $83 a barrel. Read our special report for more on whether it is a Coincidence that the US dollar, Canadian Dollar, Oil and Gold are Breaking Significant Levels at the Same Time.

...more...

[UpInArms]

12. Gold hits 28-yr high as dollar touches record lows

http://www.reuters.com/article/businessNews/idUSL2011990620070921?feedType=RSS&feedName=businessNews&sp=true

LONDON (Reuters) - Gold hit a 28-year high on Friday as the dollar's continued slide to record lows versus the euro raised the metal's appeal to speculative investors.

Other precious metals also advanced, with silver rising to its highest in more than three months, platinum hitting its highest since early May and palladium touching a five-week peak.

Spot gold rose as high as $739 an ounce, its highest since January 1980, also helped by technical buying and short-covering. It was quoted at $735.60/736.40 by 1010 GMT, up from $734.20/735.00 in New York late on Thursday.

"There has been substantial safe-haven buying. The dollar has weakened to record lows and we have revised our forecast up for oil as well. On the top of that environment, there is anticipation of slower U.S. growth momentum and Fed rate easing," said Suki Copper, analyst at Barclays Capital.

"These factors are very supportive for gold and we see prices traveling even higher. The positive investor sentiment is very evident in the ETF positions and also in the Comex futures positions." she said.

The euro hit an all-time high versus a broadly weak dollar as investors dumped the greenback after the Federal Reserve's aggressive rate cut this week.

Comments from Fed Chairman Ben Bernanke on Thursday that global financial losses stemming from disarray in the U.S. subprime mortgage market "far exceeded even the most pessimistic estimates" put more pressure on the dollar.

...more...

[54anickel]

17. Oh sure, he's willing to point to the elephant in the room now that it has

taken a dump...I mean who could miss it!!! So now it "far exceeded even the most pessimistic estimates"...You just know that sort of talk is meant to back up the call for sweeping this under the GSE rug. Essentially a public bailout of private interests - why???? - because once again private interests were given too much authority and allowed to behave with complete reckless abandon to the point where their survival is in the public interest. Whodathunk????

So, whatever happened to Greenspin's and Snow's tough talk warning the GSEs "weren't too big to fail"? They're gonna be now! :grr: :nuke: :eyes:

[kineneb]

31. "wise" men still blind, elephant still in middle of room

Bernanke must be holding onto the tail, since what we are getting is a lot of s**t.

[UpInArms]

13. SEC charges 38 traders in stock loan scheme

http://news.yahoo.com/s/nm/sec_stocktrading_dc

NEW YORK (Reuters) - The U.S. Securities and Exchange Commission said on Thursday that it had charged 38 traders in a multimillion-dollar scheme involving phony finder fees and illegal kickbacks in the "stock loan" industry.

Those charged include 17 current or former traders at several Wall Street brokerages, including Morgan Stanley (MS.N), Van der Moolen (VDMN.AS), Janney Montgomery (JNYXX.O), A.G. Edwards, Oppenheimer (OPY.N) and Nomura Securities, a unit of Nomura Holdings (8604.T).

Stock loans are made as part of short sales or other transactions that require the investor to borrow shares.

Federal prosecutors in Brooklyn have filed criminal fraud and conspiracy charges against five traders, who are scheduled to appear before a judge on Thursday afternoon.

Ten individuals have already entered guilty pleas in connection with the case in U.S. District Court in Brooklyn, the federal prosecutor's office said.

The SEC said the 38 conspired in various schemes to skim profits on stock loan transactions, pocketing more than $12 million from their actions.

...more...

[AnneD]

16. Morning Marketeers......

:donut: and lurkers. I wonder if in all this euphoria regarding the FED rate cut, it has begun to sink in that this means squat to Main Street. With the first rate cut, that just helped banks, yet the business newscasters were all dewy eyed. And the newscasters all but wet themselves when the FED's announced the half percent cut.

Your interest rates on the credit cards didn't get cut and in fact are still beyond usury rates and now the price of everything you buy will shoot through the roof. And if you need cash right away-forget it. You might as well hock something or borrow from Guido-the rates are better!

We haven't experienced food scarcity, but the weather hasn't been looking to good so that might be around the corner too. Using edible corn to fill a Hummer tank may be the feather that tipped the scale. Revolutions have been fought over less. Last time we had something this crazy was in the 70's.

And when is the last time the cost of living raise you got live up to it's expectations. If you get the raise yearly, you spend 11 month financially behind. One rent increase wipes out most folks 3% COLA. :eyes:

Many folks with ARMS will not be able to renegotiate their mortgages at a fixed or even lower their ARM's (now that's a role reversal-banks robbing folks and telling them to keep their ARM's up :spray:). It will take an even worse housing market for some of these business folks to realize you cannot squeeze blood out of a turnip.

The middle classes ledgers are looking like a miniature version of the government. And we know what sorry shape that is. yes, we are heading for hard times, but hey....look at that Stock Market go!

Happy hunting and watch out for the Bears.

[Tiberius]

19. Worthless dollar

One of my economic indicators is what I call "the dinner table factor". At dinner with my family last night, my sister and Mom brought up the plunging dollar and their upcoming trip to Ireland. Then we all talked about the parity with the loonie.

I think most people are actually acutely aware of the tradeoff concerning the Fed, i.e. how the dollar is rapidly going down the tubes. The rate cut will provide a short term, head fake rally... into which all of the smart money, i.e. the big boys, are currently unloading. Then we continue downward.

Which is why I've placed my money with the bears now.

[AnneD]

27. My daughter and I were talking last night .....

She said she was also applying at McGill in Canada because it would be cheaper. I told her about parity (she doesn't follow the markets etc like I do). Once I explained what it meant, using our previous travels as examples-she was shocked. She may be needing loans at some point before graduating. She is very concerned about what is going on right now in the economy.

She does all her homework at school and after school, if she is not working at the fabric store-she works until 10 or 11 on scholarship applications, application letters and grant searches. She said "Every night, when my head hits my pillow and before I go to sleep, I ask myself-did I do all I could do to apply for a scholarship or grant? Did I get the right paperwork in"?

And as much as I want to help-I can do very little for her at this point.

[ozymandius]

41. The bitterness and desire burn a hole in my heart.

I would do the same for my son. He's only five. Yet I wonder what will be left for him on the community table when he is ready for his future.

[ozymandius]

38. Watch your back AnneD.

You're broadcasting these views on the internets. Someone with a goobermint pension, maturing in twenty years, might take affront at your views.

Otherwise, ROCK ON! :yourock:

[DemReadingDU]

18. bonddad: Interest Rates Aren't That High

9/21/07
With all the talk of the rate cut you'd think that interest rates were currently at restrictive levels. That's simply not the case. Here are a few charts from the St. Louis Federal Reserve that show interest rates are pretty low by historical standards:

<lots of charts>

In other words, the current cost of money is far from restrictive. That means the problems in the economy are probably not driven by money being too expensive, but one of confidence. Lenders are still concerned about borrowers ability to pay back a loan even over a short time period. Lower rates won't solve that problem: there is still a ton a bad debt in the system.

http://bonddad.blogspot.com/2007/09/interest-rates-arent-that-high.html

[antigop]

20. 'morning. A question -- anybody know anything about securities lending?

State Street claims to be a leader

http://www.statestreet.com/securitiesfinance/en/index.html
>>State Street has been providing securities lending services since 1974. In the decades since, we've put that experience to work in order to achieve significant returns for our clients without ever compromising our conservative approach to risk. With a global presence, a top-quality team, and hundreds of lending and borrowing clients worldwide, we are proud to be the industry leader in securities finance.
>>

Transaction basics are at:
http://www.statestreet.com/securitiesfinance/en/resources/basics.html

Here is a chart of the securities lending process:
http://www.statestreet.com/securitiesfinance/en/resources/flipbookimages/Trans_Chart_Final.pdf

Now, it looks to me that the collateral for a securities lending transaction can be cash or non-cash.

So my question is: could a CDO be used as collateral in this type of transaction?

[DemReadingDU]

21. Mike Whitney: The Era of Global Financial Instability

So, why would Bernanke weaken the dollar even more by lowering rates 50 basis points?

We don’t know, but we do know that this is the beginning of Capital flight---the sudden exodus of foreign investment from US debt and equities. Most likely, it will be accompanied by the hissssing sound of gas escaping from a punctured equity bubble followed quickly by a painful round of deflation, massive unemployment and the gnashing of teeth.
.
.
.
Author Gabriel Kolko summed it up better than anyone in his article “The Predicted Financial Storm Has Arrived”:

“We are at an end of an era…Now begins global financial instability. It is impossible to speculate how long today's turmoil will last-but there now exists an uncertainty and lack of confidence that has been unparalleled since the 1930s-and this ignorance and fear is itself a crucial factor. The moment of reckoning for bankers and bosses has arrived. What is very clear is that losses are massive and the entire developed world is now experiencing the worst economic crisis since 1945, one in which troubles in one nation compound those in others.

http://www.informationclearinghouse.info/article18431.htm

[TrogL]

29. Somebody said it best a few years ago

"Thank God our current climate of peace and properity is finally over" (or something like that)

[TalkingDog]

34. Onion Headline: Attributed to Clown-in-Chief upon his taking office

"Our long national nightmare of peace and prosperity are finally over."

My fellow Americans," Bush said, "at long last, we have reached the end of the dark period in American history that will come to be known as the Clinton Era, eight long years characterized by unprecedented economic expansion, a sharp decrease in crime, and sustained peace overseas. The time has come to put all of that behind us."

Bush swore to do "everything in power" to undo the damage wrought by Clinton's two terms in office, including selling off the national parks to developers, going into massive debt to develop expensive and impractical weapons technologies, and passing sweeping budget cuts that drive the mentally ill out of hospitals and onto the street.

During the 40-minute speech, Bush also promised to bring an end to the severe war drought that plagued the nation under Clinton, assuring citizens that the U.S. will engage in at least one Gulf War-level armed conflict in the next four years.

.....

On the economic side, Bush vowed to bring back economic stagnation by implementing substantial tax cuts, which would lead to a recession, which would necessitate a tax hike, which would lead to a drop in consumer spending, which would lead to layoffs, which would deepen the recession even further.


Goddamn those too f*cking funny Cassandras

My Favorite Master Artist: Karen Parker GhostWoman Studios

[Roland99]

22. 10:07am - Ribbit! Mr. Toad's Wild Ride is back!

Dow 13,851.00 +84.30
Nasdaq 2,670.37 +16.08
S&P 500 1,527.65 +8.90
10 YR 4.64% -0.03
Oil $81.85 $0.07
Gold $744.00 $4.10

[TheWatcher]

24. The Free Market Miracle Continues (Sarcasm Intended)

Are We Not Entertained?

[Buttercup McToots]

23. USD $78:55....

:donut:

[Buttercup McToots]

35. USD $78.48 @ 4:03

Good Night and Good Luck:)

[TrogL]

26. LOONIE WATCH - SPECIAL REPORT

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

2007-08-20 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
2007-08-28 Tuesday, August 28 0.941974 USD
2007-08-29 Wednesday, August 29 0.944109 USD
2007-08-30 Thursday, August 30 0.946342 USD
2007-08-31 Friday, August 31 0.94697 USD
2007-09-03 Monday, September 3 0.94697 USD
2007-09-04 Tuesday, September 4 0.953016 USD
2007-09-05 Wednesday, September 5 0.951656 USD
2007-09-06 Thursday, September 6 0.949307 USD
2007-09-07 Friday, September 7 0.948227 USD
2007-09-10 Monday, September 10 0.949487 USD
2007-09-11 Tuesday, September 11 0.958773 USD
2007-09-12 Wednesday, September 12 0.964134 USD
2007-09-13 Thursday, September 13 0.968617 USD
2007-09-14 Friday, September 14 0.971628 USD
2007-09-17 Monday, September 17 0.970214 USD
2007-09-18 Tuesday, September 18 0.977135 USD
2007-09-19 Wednesday, September 19 0.985513 USD
2007-09-20 Thursday, September 20 0.998901 USD


Current values

Loonie: Dec 2007 (CME:CD.Z07)(http://quotes.ino.com/chart/?s=CME_CD.Z07&v=s)

Last trade 1.0007 Change +0.0007 (+0.07%)
Previous Close 0.9740 Open 0.9982
Low 0.9950 High 1.0012


Loonie: Cash (CME:CD.Y$$)(http://quotes.ino.com/chart/?s=CME_CD.Y$$)

Last trade 1.0001 Change +0.0006 (+0.06%)
Previous Close 0.9995 Open 0.9997
Low 0.9963 High 1.0001


Other combinations: (I'm dropping a few that haven't been updating - they'll be back when they're fixed)


GB.Z07 EURO/BRITISH POUND Dec (NYBOT) 0.7032 -0.0002
EP.Z07 EURO/CANADIAN $ Dec (NYBOT) 1.41250 +0.00265
EJ.U07 EURO/JAPANESE YEN Sep (NYBOT) 159.930 +0.285
EU.U07 EURO/US$ (LARGE) Sep (NYBOT) 1.41005 +0.01190


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

The December Canadian Dollar was steady to slightly higher overnight as it extends this month's
rally. At the same time, stochastics and the RSI are overbought, diverging and are neutral signaling
that a short-term top might be in or is near. Closes below the 10-day moving average crossing at
.9764 would confirm that a short-term top has been posted. Overnight action sets the stage for a
steady to higher opening in early-day session trading.


Analysis

When I create the Loonie Watch entry, I copy and paste from a template file I keep locally. Occasionally I'll update it one something has changed on the boilerplate (like today). Here's a snip from my current file:

>Modified: Wednesday, September 19, 2007, 8:02:12 AM

>I'm gonna go out on a limb and predict parity by sometime next week or even earlier.

OK, I wasn't really predicting THE NEXT DAY, but whatever.

I think the bot's still broken, cause we didn't get the "monthly resistance crossing..." thing that was broken yesterday.

Listening to the morning drivein, every economist in sight is on his soapbox yelling. The par loonie seems to have set them off but they're yammering about all sorts of stuff; subprime mortgages, China's greenback holdings, Japan, the pound, and the Euro as a the new "reserve" currency (ah, c'mon, why not the loonie?).

Of course, they were also doing man-on-the-street interviews about how parity affects people's travel plans as well as the impact on exporters to the US with mixed reviews. One big bone of contention was the price of books. In Canada they have a Canadian and US price, based primarily upon the differential between the greenback and loonie at the time of publication. Who knew? Now people are complaining (and rightfully so, IMHO) that they should be paying the US price.

The CBC drive-home last night was holding a "parity" poetry contest. It was awful.

[JNelson6563]

36. I never thought I'd see the day.

Holy cannolli.

On the upside the masses remain blissfully unaware. Know how I know this? Cause there ain't panic in the streets, that's how.

Next week should be interesting. Thanks for posting all this data.

Happy weekend Marketeers! Sorry I missed all the action today, had to drive out of town for a job interview.

:toast:

Julie

[ozymandius]

40. Good luck on the job prospect Julie!

I hope it's a job you really want... and, if so, that you get it.

:hi:

[Roland99]

28. 12:15pm - Dow pushing for triple digits

Dow 13,860.75 +94.05
Nasdaq 2,675.67 +21.38
S&P 500 1,529.55 +10.80
10 YR 4.66% -0.01
Oil $81.80 $0.02
Gold $737.30 $-2.60

[UpInArms]

30. Today's Comedic Routine: Strong greenback in U.S. interest, says Paulson

http://www.reuters.com/article/bondsNews/idUSN2137127720070921

CHELSEA, Quebec (Reuters) - U.S. Treasury Secretary Henry Paulson said on Friday that a strong U.S. dollar was in American interests and said he was optimistic the U.S. economy would continue to grow this year.

The Canadian dollar hit parity with its U.S. counterpart on Thursday, in part thanks to a steady decline in the greenback that has also cut its value against the Euro.

"I feel very strongly that a strong dollar is in our nation's interest and we believe currency values should be set in a competitive market place based on underlying economic fundamentals," Paulson told reporters after a meeting with Canadian Finance Minister Jim Flaherty.

Paulson, who was in Canada to sign a new tax treaty between the two countries, also said he was upbeat about the prospects for the U.S. economy.

"The housing slowdown in the U.S. and the capital markets turbulence we're going through right now will take a penalty to our growth, but, again, we're diverse and I'm very comfortable that we're going to continue to grow throughout this year," he said.

...more...

[Roland99]

32. Hmmm...didn't realize diversity = invading multiple countries

[specimenfred1984]

33. Dead fascist float all day long, wouldn't want any puts to pay off

the banks/funds that sold them would be out a fortune. Oh but somewhere in my propaganda reciting mind there's a little sloganeering going on that says "The economy is fine, the markets aren't rigged".

[ozymandius]

39. You still in the S&P pits?

If so, what's the sentiment like there?

[Joe for Clark]

42. Does anybody get the public/specialist short selling

ratios - like they used to publish in Investors Daily???

Joe

[ozymandius]

43. time to say goodnight

Dow 13,820.19 Up 53.49 (0.39%)
Nasdaq 2,671.22 Up 16.93 (0.64%)
S&P 500 1,525.75 Up 7.00 (0.46%)
10-Yr Bond 4.632% Down 0.04
NYSE Volume 3,679,462,000
Nasdaq Volume 2,394,356,000

Concerns on Thursday about the weakening dollar, the spike in commodity prices, and the jump in long-term rates were set aside today. Instead market participants shifted their focus to the better-than-expected earnings reports from Oracle (ORCL 21.98, +0.94) and Nike (NKE 57.26, -1.06) and drove the major indices higher into the weekend.

The positive finish was icing on the cake for market bulls who enjoyed healthy gains in the wake of the FOMC's decision on Tuesday to cut both the fed funds and discount rates by 50 basis points to 4.75% and 5.25%, respectively.

To be exact the Dow, Nasdaq, S&P 500, S&P 400, and Russell 2000 surged 2.8%, 2.7%, 2.8%, 2.3%, and 3.8% for the week.

Friday's showing was accented by heavy volume that was the byproduct of some index rebalancing and the quarterly expiration of stock options, index options, index futures and single stock futures.

The tech sector (+0.8%) provided influential leadership throughout the day with Oracle's reassuring report and outlook sparking the buying interest.

Nike's earnings news offered some early support for the consumer discretionary sector (+0.1%), but ultimately, the sector trailed today's action as weakness in a number of housing-related groups and a 21% decline in consumer electronics company Harman Intl. (HAR 85.00, -27.25) served as limiting factors.

Harman plunged on a Wall Street Journal report that Kohlberg Kravis Roberts and the private equity arm of Goldman Sachs were balking at following through with their $8.0 billion acquisition of the company. Harman confirmed late in the day that the aforementioned parties notified the company of their decision not to go through with the acquisition on the grounds that a material adverse change had occurred in the business.

The broader market's gains were pared in the afternoon trade, but the major indices still managed to finish comfortably above the unchanged mark as relative strength in the energy (+0.6%), telecom (+1.3%), materials (+0.7%) and health care (+0.6%) sectors provided the winning edge. The financial sector (+0.2%) ended the day higher, but underperformed due to a weak banking group which got clipped after Merrill Lynch downgraded several issues.

[AnneD]

44. Night OZY...

Have a fun weekend with the wee one.