STOCK MARKET WATCH, Thursday March 6

[ozymandius]

Source: du

STOCK MARKET WATCH, Thursday March 6, 2008

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 321
DAYS SINCE DEMOCRACY DIED (12/12/00) 2601 DAYS
WHERE'S OSAMA BIN-LADEN? 2327 DAYS
DAYS SINCE ENRON COLLAPSE = 2618
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 March 5, 2008

Dow... 12,254.99 +41.19 (+0.34%)
Nasdaq... 2,272.81 +12.53 (+0.55%)
S&P 500... 1,333.70 +6.95 (+0.52%)
Gold future... 988.50 +21.40 (+2.16%)
30-Year Bond 4.61% +0.12 (+2.70%)
10-Yr Bond... 3.69% +0.11 (+3.19%)






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: The Slow Decline of the U.S. Consumer/Economy - Part II

BY CHRIS PUPLAVA

One exercise that Brian Pretti from ContraryInvestor.com employs that is both insightful and fun in his writings is to ask readers if they would buy or sell a chart with the description removed; two such charts are provided below. The question being, would you buy them or be more inclined to sell?

-see charts-

So what are the mystery charts? Figure 1 is total vehicle sales while Figure 2 is personal consumption and residential fixed investment as a percent of GDP. Although the trend in Figure 1 has only been marginally broken and the trend in Figure 2 is has yet to be broken, material breakdowns are likely to be seen ahead as the data is leaning towards that conclusion as the age of the consumer comes to a close. The consumer is not going to fall off a cliff, but rather decelerate in terms of relative importance to marginal GDP growth going forward in what is likely to be an inflationary environment marked by higher interest rates in the future. Higher interest rates are likely to result from a drop off in foreign government purchases of U.S. treasury securities due to a weaker dollar and lower domestic interest rates.

Rising interest rates increase the cost of credit which then reduces its demand. As credit becomes more expensive, consumers cut back on discretionary spending and on big purchases such as autos and homes. Conversely, when interest rates fall, consumers are more likely to take on more debt and increase their consumption. This was seen when interest rates peaked in the early 1980s and total household debt outstanding began to accelerate meaningfully as shown below.

.....

This coming secular shift in a deceleration in debt accumulation and consumption by the U.S. consumer will not be devastating but a healthy realignment. For example, higher savings rates will mean the U.S. consumer will be planning for future retirement instead of spending it away through consumption. Capital will be allocated toward better resources such a business investment to increase productivity which is a far more efficient use of capital than consumer goods that end up at trash dumps. In a sense, the economy will be getting more bang for its buck as it did prior to the secular shift in falling interest rates that started in the early 80s as compared to the recent period. This can be seen in the figure below that shows the dollar increase in GDP per dollar increase in new debt. An end to the consumption age will bring about increased savings and improving returns on each dollar of new debt in the economy.

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

[Demeter]

9. I Won't Dispute The Need and Benefits of Ending Consumerism as a Way of Life

Both for people and for corporations, nut the dislocations that it will cause will be brutal and last a significant amount of time. And there will probably be a massive over-correction.

[Roland99]

11. And, assuming David Walker is correct (and I've no reason to think otherwise)

we're going to have to face a mix of higher taxes and cuts to Medicare/SS, too.


Oh, what grand times we face as the citizenry has to pay the toll for the lifestyles of the rich and infamous.

[Demeter]

14. No, We Are Going to Have To Seize Assets

Starting with the assets of those convicted of crimes against the Constitution and corporate fraud, including Ken Lay's treasure,

then going on to soak up excessive wealth hoarded in the offshore accounts

and squeezing out the profiteering in health care.

[Roland99]

27. But that won't even come close to touching the over $50 trillion in obligations.

[Demeter]

31. It Will Pay for Universal Health Care and Social Security

the corporations will have to reinvent themselves without government handouts.

We could have tarriffs, cut down on imports, though. Get home-grown manufacturing off the ground again.

[Ghost Dog]

53. There are those that say the US's Powers That Be

will launch further predatory wars first.

[AnneD]

23. That is a key reason that....

I have been pumping money into a Roth IRA instead of a 403B. I shifted last year. This will do 2 things...1)boost my total earnings for SS purposes and 2)give me some money that can be withdrawn tax free. This will cover the gap from when I retire until SS can kick in if needed.

The real problem with this is that most folks have had their wages cut. Instead of getting a little bit from so many payers, they will be forced to get more money from the bigger players. Looks like the chickens have finally come home to roost.

[antigop]

37. Here is my fear about Roth IRAs....

(although I did put some money in them at one time)


There is NOTHING to prevent the law from changing to make the withdrawals taxable. I fear that someone will see the ROTH IRA pile as a way to help pay off our debts. Face it, the Treasury will need money to pay off the horrendous interest on our horrendous debt. VOILA! Tax the ROTH IRAs of the boomers.

Although some would say that would be political suicide, I'm sure a "bipartisan" (wink-wink) solution will be arranged.

That's my fear about ROTH IRAs. A simple law change would make them taxable.

[AnneD]

51. Any time you have a pile of money hidden some where....

there will always be someone trying to take it from you. But these guys have their money in them too. Believe you me, there will be some way for them to get it out before the government taxes it.

I don't think they really can't tax it because you have already paid taxes on it once. If they change the laws-I will move it again. Remember-they right laws to favour the well to do so use those laws to your advantage.

[antigop]

52. The big guys have their money in deferred compensation plans and executive

retirement plans. Any money they could put in a ROTH IRA pales in comparison to stock options, deferred comp plans, and SERP (supplemental executive retirement plans).

<edit to add> And NONE of these are available to me. (deferred comp, SERP, options)

I truly believe the ROTH IRAs (or a portion thereof) WILL be taxed. The earnings on the ROTH compound tax-free -- so you haven't been taxed on the earnings (yet).

<Second edit> I would also venture to guess the "big guys" have a fair amount off-shore.

[DemReadingDU]

77. Earnings are taxed on withdrawal of Traditional IRA

Someone possibly could change the rules to say the Roth IRA is a Traditional IRA so the earnings on the Roth could be taxed on withdrawal.

edit: but Traditional IRA is pre-tax money, and Roth IRA is after-tax. Guess there would have to be some kind of provision to charge at a very low rate. The government will find a way, if they want the money from us. :(

2nd edit: sounds just like my regular bank savings account or CD. After-tax money goes into bank savings account/CD, then tax the earnings. :(

[Demeter]

89. You Know They Do't Have To Tax You--They Will Just Inflate Your Savings Away

Tangibles seem to be the only way to go nowadays. Hoard goods, not cash. And pick goods that have long storage and lasting value. And don't eat or need paint!

[ozymandius]

2. Today's Reports

8:30 AM Initial Claims 03/01
Briefing Forecast 360K
Market Expects 360K
Prior 373K

10:00 AM Pending Home Sales Jan
Briefing Forecast NA
Market Expects NA
Prior -1.5%

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

[UpInArms]

21. Initial Claims at 351,000 last week rev'd up 1,000 to 374,000

01. U.S. 4-wk. avg. continuing claims rise to 2.79 million
8:30 AM ET, Mar 06, 2008 - 50 seconds ago

02. Continuing jobless claims highest since Sept. 2005
8:30 AM ET, Mar 06, 2008 - 50 seconds ago

03. U.S. continuing jobless claims rise 29,000 to 2.8 million
8:30 AM ET, Mar 06, 2008 - 50 seconds ago

04. U.S. 4-wk. avg. jobless claims fall 1,500 to 359,500
8:30 AM ET, Mar 06, 2008 - 50 seconds ago

05. Weekly jobless claims lowest since Jan. 19
8:30 AM ET, Mar 06, 2008 - 50 seconds ago

06. U.S. weekly jobless claims fall 24,000 to 351,000
8:30 AM ET, Mar 06, 2008 - 50 seconds ago

[UpInArms]

40. U.S. mortgage delinquencies at highest rate in 23 years

01. U.S. foreclosures hit another record in 4Q: MBA
10:00 AM ET, Mar 06, 2008 - 38 seconds ago

02. U.S. mortgage delinquencies at highest rate in 23 years
10:00 AM ET, Mar 06, 2008 - 38 seconds ago

03. MBA says 2.04% of mortgages in foreclosure process
10:00 AM ET, Mar 06, 2008 - 38 seconds ago

04. Delinquent mortgages represent 5.82% of total
10:00 AM ET, Mar 06, 2008 - 38 seconds ago

05. Foreclosure record driven by falling home prices: economist
10:00 AM ET, Mar 06, 2008 - 38 seconds ago

06. California, Florida: a 'disproportionate' foreclosure share
10:00 AM ET, Mar 06, 2008 - 38 seconds ago

07. U.S. Jan. pending home sales index flat: NAR
9:59 AM ET, Mar 06, 2008 - 1 minute ago

[UpInArms]

86. U.S. Q4 household net worth falls 3.6% annual rate

03. U.S. Q4 business borrowing steady at 12% growth rate
12:01 PM ET, Mar 06, 2008 - 16 minutes ago

04. U.S. Q4 household borrowing slows to 5.6% pace
12:01 PM ET, Mar 06, 2008 - 16 minutes ago

05. U.S. Q4 household net worth falls 3.6% annual rate
12:01 PM ET, Mar 06, 2008 - 16 minutes ago

[UpInArms]

87. U.S. household wealth dips for first time since 2002

http://www.reuters.com/article/bondsNews/idUSN0648283420080306

WASHINGTON (Reuters) - The net wealth of U.S. households fell for the first time in five years during the fourth quarter last year as the value of real estate holdings and stocks weakened, the Federal Reserve said on Thursday.

The U.S. central bank's "flow of funds" quarterly report showed the net worth of American households dipped to $57.72 trillion in the final three months of 2007 from a revised $58.25 trillion in the third quarter.

The last time that quarterly net worth fell was in 2002, when it declined to $37.9 trillion in the third quarter from $39.6 trillion in the second quarter, the Fed said.

Total U.S. debt, excluding the financial sector, rose at an adjusted 7.7 percent annual rate in the fourth quarter, slowing from a revised 8.8 percent rate in the third quarter.

"In the fourth quarter, growth of home mortgage debt decreased to a rate of 5.5 percent -- the slowest quarterly pace since 1997 -- and consumer credit rose at an annual rate of 4 percent," the Fed said.

The decline in household net worth was evident both in home values and in widely held shares in mutual funds, pointing to significant sources of stress for consumers.

...more...

[Maeve]

91. Homeowner equity is lowest since 1945

NEW YORK - The Federal Reserve says Americans' percentage of equity in their homes has fallen below 50 percent for the first time since 1945.

The Fed's U.S. Flow of Funds Accounts shows homeowners' percentage of home equity slipped to a revised 49.6 percent in the second quarter of 2007 and declined further to 47.9 percent in the fourth quarter. It marks the first time homeowners' debt on their houses exceeds their equity since the Fed started tracking the data in 1945.

Home equity is equal to the percentage of a home's market value minus mortgage-related debt.

On average, housing is Americans' single largest asset. Economists expect falling home prices to continue to eat into equity.

http://news.yahoo.com/s/ap/20080306/ap_on_bi_ge/home_equity_3;_ylt=AqzvNrj2VItec06SgBoBD44E1vAI

[ozymandius]

3. Oil steady in Asia after surge to record

SINGAPORE - Oil prices steadied Thursday after rising to a trading record near $105 a barrel after a surprising drop in U.S. crude oil supplies.

Also supporting oil prices were OPEC's decision to hold its output steady, an escalating crisis involving three oil-producing South American nations, and as the U.S. dollar sank to another record low against the euro.
.....

In Vienna, the Organization of Petroleum Exporting Countries said Wednesday it would hold production levels steady, at least for now. OPEC ministers cited falling demand in announcing their decision to hold production steady.

The EIA report and OPEC announcement fed a new frenzy of investing in oil futures, which have risen to new inflation-adjusted records this week as the falling dollar drew investors to the market.

Light, sweet crude for April delivery slipped 6 cents to $104.46 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.

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

[ozymandius]

4. Update: Oil price hits record above 105 dollars

.....New York's main oil contract, light sweet crude for delivery in April hit an 105.10 dollars per barrel, topping the previous record of 104.95 dollars that was set on Wednesday.

-tiny blurb-

http://news.yahoo.com/s/afp/20080306/ts_afp/commoditiesenergyoilpricerecord_080306104237

[UpInArms]

16. Oil Hits $104 as OPEC Rebuffs Bush (gotta love that headline)

http://www.nytimes.com/2008/03/05/business/worldbusiness/05cnd-opec.html?em&ex=1204952400&en=756d439ffff8e10b&ei=5087%0A

Oil prices reached a record close, surging above $104 after OPEC decided Wednesday to keep its production unchanged. The cartel ignored calls from President Bush to pump more oil into an ailing economy.

OPEC rebuffed its top consumer, arguing that the world was well supplied with oil and blaming financial speculators and mismanagement of the United States economy for the current high prices.

But the Organization of the Petroleum Exporting Countries was not completely oblivious to the political and economic impact of $100 oil. The sharp surge in prices recently has deterred the group’s ministers from cutting their production, a move they seriously contemplated a few weeks ago to offset a seasonal slowdown in global oil demand in the second quarter.

With the United States economy slowing down, oil prices have risen sharply as investors seek refuge in commodities like oil and other hard assets to offset the drop in the value of the dollar and hedge against inflation.

<snip>

The close exceeded the inflation-adjusted record of $103.76 — $39.50 at the time — set in April 1980 during the second oil shock.

As prices have risen in recent years, relations between energy producers and their consumers have been increasingly acrimonious. Oil producers are seeking better terms for their dealings with foreign oil companies, and often restricting access to investments. OPEC ministers are also increasingly confident in their ability to prevent prices from falling below $80 a barrel.

...more...

[wordpix]

70. Pretty soon Bushie might ask for a separation from his hand-holding sheik puppetmasters

but don't count on it

[UpInArms]

25. Oil hits another record near $106 (@ $105.96)

http://money.cnn.com/2008/03/06/markets/oil_prices.ap/index.htm

SINGAPORE (AP) -- Oil prices were sent soaring above $105 a barrel Thursday after a surprise drop in U.S. crude oil supplies and OPEC's decision not to boost production sent oil to a record settle Wednesday.

Light, sweet crude for April delivery rose $1.44 a barrel to hit an intraday record of $105.96 a barrel before cooling slightly to $105.36 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.

"The primary factor causing the surge in oil prices is the surprising drawdown in crude inventories, which caused traders to really react quite dramatically," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.

Most analysts had expected the U.S. Energy Department's Energy Information Administration to report oil stocks rose last week for the eighth straight time. Instead, the stocks fell 3.1 million barrels.

...more...

[4dsc]

62. Talking heads claim $100 is now a comfortable level for oil

I guess the time has come to the talking heads on CNBC to proclaim that the markets are now getting used to the idea of $100+ oil and that the next upside to oil will be $120..

[Dr.Phool]

63. I'm not comfortable with it!

[kineneb]

73. I'm not either- have bicycle fixed up and ready to go.

All our basic needs are within walking/biking distance...(we looked for this convenience when we had to move)

[AnneD]

69. the frog in boiling water theory......

:rofl:

[wordpix]

71. let's give them some more SUBSIDIES b/c poor BigOil doesn't make enough profits!

:sarcasm:

[ozymandius]

5. Carlyle Fund Gets Default Notice After Margin Calls (Update4)

March 6 (Bloomberg) -- Carlyle Capital Corp., the publicly traded credit fund private-equity firm Carlyle Group started last year to invest in AAA rated mortgage securities, failed to meet margin calls and said it received a notice of default.

Carlyle Capital missed four of seven margin calls yesterday totaling more than $37 million, the Guernsey, U.K.-based fund said today in a statement. The fund expects to get at least one more notice of default related to the margin calls.

The collapse of the subprime mortgage market has prompted investors to flee all but the safest forms of debt, leading to the failure of hedge funds including Peloton Partners LLP. The Carlyle fund raised $300 million in July and used loans to buy about $22 billion of AAA rated so-called agency mortgage securities issued by Fannie Mae and Freddie Mac.

.....

The Carlyle fund said in today's statement that margin prices requested for securities weren't ``representative of the underlying recoverable value'' of the notes. ``Unfortunately, this disconnect has created instability and variability in our repo financing arrangements,'' Stomber said.

Carlyle's counterparties are Wall Street firms, which use repurchase agreements to lend money and require securities be put up as collateral. As the perceived credit worthiness of asset- backed bonds declined, the amount of money that can be borrowed using them as collateral fell.

http://www.bloomberg.com/apps/news?pid=20601087&sid=at775UXbeCkE&refer=home

[Demeter]

12. Count Coup on Poppy!

http://www.aepronet.org/pn/vol4-no1.html


Coup was counted to establish position in the tribal honor system. Status mattered, and competition to count the greatest coup was intense. Personal exploits of exceptional bravery and daring counted most. Killing an enemy at long range counted no coup; winning by overwhelming numbers counted no coup. But the solitary warrior in a headlong battle charge climaxed by harmlessly touching an enemy scored a coup; honors were given for the daring required of close contact. Indians fashioned wooden sticks for just that purpose. The surprise nudge from a coup stick would sting in one person's memory and sing in another's for a long time. Dishonor followed a coup counted on oneself...

Coup Counted Today

The white-shifted, darkly-suited tribe of the Americas counts coup today. But don't look for bravery or daring—we are the fainthearted counters of pen and paper coup.

The coup recalled here touches you with stinging words fashioned into contracts of indemnity. By them, one party holds to fortifications and counts coup, while the other meets and answers the dangers outside for both. The darkly-suited tribe counts coup when it has saddled another with peril. Risks squarely met in ancient ways are nowadays foisted on others with premeditation.

How were ancient rules reversed? What council decided? It sounds mendacious, but, look, it is down on paper. Whether coup is counted on you will be unrecognized without training. That is our business here.

It is the business of moving responsibility from the backs of some onto the backs of others. It is the business of hoarding precious justice for oneself. We are joined in trial systems where self-esteem is basely made on the courage of others, and little honor is involved.

Council fires die; all light dissolves to the pale grey shades favored by the darkly-suited. They see best here, and you need insights to unlock their clauses, repel their coup. Align with the older rhythms: You will hear the beat of ponies, and you will catch the flash of the coup stick. The Mont Blanc's stain on a paper landscape marks coup in our time.

[Hugin]

35. Very nice excerpt, Demeter.

:)

[Demeter]

88. Thanks, Prag!

I sure hope this is one economic contraction that hurts Poppy more than anyone else.

[UpInArms]

13. this isn't good

:wearesoscrewed:

:faint:

(edited because I wasn't reading the article correctly - Carlyle is using agents to get $$$ which is then backed by their worthless holdings - think hedge funds and CDS and the alphabet soup of crap paper that's out there)

[Karenina]

24. Their reason for defaulting

cannot be lack of access to the wherewithal... :freak:

[Pale Blue Dot]

15. Can someone explain to an average joe (me) what this means?

It seems important, but I don't know why. :shrug:

[UpInArms]

17. basically (after re-reading) it is showing how these pirates have

looted the treasury with their worthly collateral and the Fed notes are being hollowed out and that is another reason our dollar will tank even further.

[Hugin]

34. And here we see the crux of the problem...

"used loans to buy about $22 billion of AAA rated so-called agency mortgage securities"

Using borrowed money to buy securities... I'm having a Deja-Vu moment here. This is exactly
what those who survived the Great Depression said would never be allowed to happen again.
Here we are, tho. Back to square one... Congratulations, you've done what you set out to do
and have erased the "New Deal".

I ask... How exactly is this different than using a cash advance on a credit card to bet on craps?

And, yet, these same people cringe when someone mentions taxes. At least you get something for paying
taxes... Yes, yes... Before all you Libertarians and Randian Objectivists out there pounce. I know what
I'm saying is heresy and I should be burned at the stake. Here I'm talking about taxes which go to the
common good... Improving I-N-F-R-A-S-T-R-C-T-U-R-E, providing Education for our future, etc.

But, losing big on borrowed money and at the same time destroying the hard won value and credibility
in our markets seems to me to be a much larger crime than paying taxes. Yet, you say nothing and would
even revere those who do these things. Unbelievable. :shakeshead:

[Robbien]

47. Yep. It sure does reek of fraud and corruption

Except it isn't because they changed the laws and legalized these type of shady transactions.

Headlines should be calling these guys crooks, and would have been before the 1999 repeal of the Glass-Steagall Act.

What a mess.

[Dr.Phool]

55. Glass-Steagall. That was a fond memory.

It was put in place to avert just the mega-mess we're watching now. But, at least we got our convenient "one-stop shopping".

[Robbien]

61. Glass-Steagall, the stop the robber barons law

Take it away and almost every finance mogul becomes a robber baron.

And it was taken away by the same President who gave us NAFTA and welfare reform.

Joining in on the
:shakeshead:

[Dr.Phool]

64. I wasn't going to mention that.

We're gonna get change all right.

If we're lucky, it'll be 2 nickels to rub together.

[donkeyotay]

93. If you break it down, it follows the familiar pattern of insiders passing

costs onto the public.

Carlyle - insiders making obscene profits in the confluence of crime and government.
Carlyle Capital - PUBLICLY traded shell for losses, raises $300m from unsuspecting public in July and uses LOANS to buy $22 Billion of bad paper issued by Mac and Mae - also a taxpayer's problem.
The Wall Street firms will also be protected by the Fed and taxpayers.

There are no losses here for anybody except the public.

[ozymandius]

6. Merrill Quits Subprime Lending, Cuts 650 Jobs

NEW YORK (Reuters) - Merrill Lynch & Co on Wednesday said it will eliminate 650 jobs as it stops making subprime mortgages through its First Franklin Financial Corp unit.

New York-based Merrill said it is quitting the subprime lending business because of the deteriorating market for home loans, which go to people with poor credit.

It said it will try to sell Home Loan Services, a unit of First Franklin that handles billing and collections. Merrill expects to incur $60 million of charges related to First Franklin, mainly for severance payments and closing offices, with about half the amount in the first quarter.

Merrill bought First Franklin and much of its loan portfolio from Cleveland-based National City Corp (NCC.N: Quote, Profile, Research) for $1.3 billion in December 2006.

First Franklin's demise follows a $9.83 billion fourth-quarter loss at Merrill, the worst quarter in its 94-year history, reflecting about $16 billion of mortgage-related write-downs and adjustments.

http://www.reuters.com/article/bankingFinancial/idUSN0564931920080306

[ozymandius]

7. H&R Block posts third-quarter loss

NEW YORK (Reuters) - H&R Block Inc (HRB.N: Quote, Profile, Research), the tax preparer trying to recover from losses at a subprime mortgage unit, posted a quarterly loss on Wednesday, due to discontinued operations and staff reduction expenses.

The Kansas City, Missouri-based company reported a $47.4 million loss, or 14 cents per share, for the fiscal third quarter ended January 31. That compared with a loss of $60.3 million, or 18 cents per share, a year earlier.

Excluding results from its former Option One Mortgage Corp unit, Block reported earnings from continuing operations of $25 million, or 8 cents per share.

Revenue from continuing operations rose 4.4 percent to $972.6 million.

http://www.reuters.com/article/businessNews/idUSN064519920080306

[ozymandius]

8. UBS shares sink on Alt-A writedown talk

ZURICH (Reuters) - Shares in Swiss bank UBS AG fell on Thursday on speculation it had sold a huge portfolio of risky mortgages at a deep discount and planned to announce another massive writedown in the first quarter.

Analysts said they believed UBS had sold its Alt-A investments -- U.S. mortgages ranked between prime and subprime -- to U.S. bond manager Pimco for 70 cents to the dollar, taking a deep discount on a 26.6 billion Swiss franc ($25.7 billion) portfolio.

Analysts also see the ailing bank making further possible writedowns on a massive 400 billion franc portfolio of repurchase agreements as it rushes to cut its exposure to the capital markets in general and to risky assets in particular.

While the Alt-A sale would help free UBS of some of the uncertainty that has dogged its share price, it could come at a steep price and force additional losses. Any losses resulting from repricing its repo portfolio amid turbulent markets may, however, introduce new doubts about more losses lying in wait.

http://www.reuters.com/article/businessNews/idUSL0611198620080306

[Robbien]

67. How's this for a headline: UBS Whopped By Fire Sale Talk

http://www.forbes.com/markets/commodities/2008/03/06/ubs-alt-a-markets-equity-cx_vr_0306markets09.html

Forbes is getting a bit sardonic in this crazy market.

Best line of the article: "The fear is that if this is the stuff UBS can sell easily, what can the rest of their portfolio look like?"

[UpInArms]

10. dollar watch

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

Last trade 73.223 Change -0.252 (-0.33%)

Dollar at New Lows as Chinese Diversify

http://www.dailyfx.com/story/bio2/Dollar_at_New_Lows_as_1204802496310.html

Dollar hit new lows in early European trade today with EURUSD reaching 153.45 after rumors of Chinese CB selling swept the market. The diversification away from the dollar has been a slow but ongoing process amongst many of the world’s central banks, but the recent weakness in the unit may have execrated the trend as central banks are losing millions on their dollar positions every day. The PBOC in fact has been losing more than $4 Billion per month as the spread between rates on its US investments and its domestic rates continues to grow more negative with each Fed rate cut.

USDCHF also weakened considerably breaking the 103.00 figure on a report of small bomb explosion at the Times Square Army recruiting office. The news instantly sent traders scurrying for the Swissie as a safe haven bid as police cordoned off the area and subways bypassed the busy Times Square station. In a testament to dollars weakness USDCHF is now within three big figures of parity – a level unimaginable to most analysts just a few months ago. The Swissie was also aided by better than expected unemployment data which printed at 2.7% versus 2.8% forecast.

Unemployment also improved in Eurozone where French data registered a much bigger than expected drop from 8.2% to 7.8%. The rate was a 24 year low for France and suggests that economy in EZ 2nd largest economy continues to perform well putting little pressure on the ECB to change its resolutely hawkish bias.

Nevertheless, the one way price action in the EURUSD is clearly a concern for European finance officials. Yesterday, Jean-Claude Junker noted that growth in the region was slowing and the exchange rates do not reflect fundamentals adding that, “In the present circumstances that we face we are concerned about excessive exchange rate moves.”

...more...

Could Non-Farm Payrolls Drop 100K? If so, Expect a New Low in the US Dollar

http://www.dailyfx.com/story/topheadline/Could_Non_Farm_Payrolls_Drop_100K__1204745835416.html

It’s time for non-farm payrolls. Here’s our preview of what to expect for Friday’s market moving release. After the first job loss in 4.5 years, the market is currently looking for the labor market to rebound modestly. We believe that this is overly optimistic, not only because most of the leading indicators for non-farm payrolls point to a weaker job growth, but because non-farm payrolls could realistically drop more than 100k in the month of February. The dollar has fallen to a record low today against the Euro which suggests that some traders may be pricing in the possibility of a weak number but Fed fund futures and economists have not. The degree of non-farm payroll growth last month will determine whether the dollar continues to see new record lows or if it will recover.

Why Could NFP Drop More than 100k?

The main reason why non-farm payrolls could be very bad is because the last time service sector ISM contracted for 2 months in a row was back in late 2001. For those of you who remember, that was a particularly difficult time for the US economy. There was actually 15 consecutive months of job losses between 2001 and 2002 with -300k being the biggest monthly job loss during that period. Therefore a 100k drop does not seem unrealistic, especially since it pales in comparison to the average job loss between 2001 and 2002, which was -147k. Many people believe that the problems in the US economy today are far worse than in 2001 due to the triple blow of a housing crisis, credit crunch and skyrocketing commodity prices.

The following chart illustrates the strong correlation between the employment component of service sector ISM and non-farm payrolls. The last time, the employment component (blue line) was at current levels, job losses were 10 times larger than the drop in January. Any amount greater than -50k, spells big trouble for the US dollar.



...more...

[DemReadingDU]

32. dollar dropping $ 73.070

dropping lower $ 73.018

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

[Roland99]

38. Euro at $1.5372

[DemReadingDU]

56. dollar $72.983

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


:wow:

[Ghost Dog]

39. Euro= USD 1.534, GBP 0.765, CHF 1.581 and JPY 158.7 at this time

[Ghost Dog]

96. Euro= USD 1.537, GBP 0.765, CHF 1.578 and JPY 158.6 at this time

[Ghost Dog]

120. Euro= USD 1.538, GBP 0.765, CHF 1.573 and JPY 158.2 at this time

:eyes:

[UpInArms]

18. Futures slip after mortgage lender defaults

http://www.reuters.com/article/bondsNews/idUSN0618746020080306?sp=true

NEW YORK, March 5 (Reuters) - U.S. stock futures dipped on Thursday as the financial sector was hit by yet another blow with news of a default at Thornburg Mortgage Inc (TMA.N: Quote, Profile, Research), but stronger-than-expected sales at Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research) could offset losses.

News of a small explosion in New York's Times Square area close to a U.S. Army recruiting center appeared to be having little impact on futures.

Thornburg, a "jumbo" mortgage lender, said it had received a letter from JPMorgan Chase notifying it of a default after it failed to meet a margin call of about $28 million. Its shares fell $1.45 to $1.95 in after-hours trading on Wednesday and dropped further on Thursday to $1.64.

"The Thornburg news is pretty big for financials, and I suppose news will come out about what their plans are. I think that will be a story this morning, while people try to figure out what the outcome is there," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.

...more...

[Roland99]

29. Futures slide on oil rise/dollar fall

DJIA INDEX 12,196.00 -80.00 09:03
S&P 500 1,324.60 -11.00 1,335.70 09:03
NASDAQ 100 1,750.00 -9.50 09:01

[UpInArms]

123. Moody's cuts Thornburg deep into junk, may cut more

http://www.reuters.com/article/bondsNews/idUSN0626684420080306

NEW YORK, March 6 (Reuters) - Moody's Investors Service on Thursday cut its credit rating for Thornburg Mortgage Inc (TMA.N: Quote, Profile, Research) deeper into junk territory and said it may cut again.

Moody's lowered Thornburg's senior unsecured debt rating to "Ca," one of its lowest ratings, from "Caa2." The "Ca" rating indicates the firm may be in default.

Thornburg Mortgage shares plummeted on Thursday on worries the "jumbo" mortgage lender might go bankrupt, after its failure to meet a margin call triggered defaults under other lending agreements. For details, see

"The downgrades were in response to Thornburg's announcement that cross-defaults have been triggered under all of the REIT's repurchase agreements and secured loan agreements," Moody's said in a statement.

...more...

[DemReadingDU]

19. Healthcare fraud trial in Columbus, Ohio - Update

Interesting day at the trial yesterday...

3/6/08 Key witness an informant in FBI probe, trial reveals

The leading expert for National Century executives accused of the nation's largest private fraud was a snitch for the FBI in the same case, testimony yesterday showed.

Computer programmer Jon Bryant, who was paid to testify by the defense, had talked with the FBI about fraudulent business at National Century Financial Enterprises.

Bryant also had met with the FBI and handed over National Century documents he had secretly stored at his house.

But Bryant hadn't told defense attorneys all that before federal Judge Algenon L. Marbley declared him an "expert witness" for the defense. Bryant testified yesterday and Tuesday.

Assistant U.S. Attorney Doug Squires questioned Bryant:

"Did you ever tell the FBI there was fraud at NCFE?"

"Back in 2002, did you ever tell the FBI that NCFE was providing funding to providers without accounts receivable?"

"Did you ever keep any documents from NCFE about wrongdoing?"

Several times, Bryant said he couldn't recall his conversation with FBI agents, but he later said it was "possible" that he had made such statements.

Defense attorneys had called Bryant to the stand on Tuesday to testify about work he did analyzing National Century's computer system. Bryant told jurors he was paid $80 an hour by the five defendants to do the analysis and testify.

Crashes in nine of the company's hard drives, discovered years after National Century filed for bankruptcy, made it impossible for anyone to make conclusions about the company's data, Bryant told the jury.

The statements were meant to counter the government's expert witness, Bernard Woolfley, who testified last week that National Century's records show officials gave hundreds of millions in unsecured loans.

The Dublin-based company offered financing to health-care providers by agreeing to buy the providers' debts, or accounts receivable, and give them cash to cover expenses.

The government hired Woolfley, paying him $2.1 million thus far, to determine such things as how much unsecured funding was given away and where it went. The money went to companies that National Century founders Rebecca S. Parrett, Donald H. Ayers and Lance K. Poulsen partially owned, Woolfley told jurors.

Woolfley gave several examples of the business dealings National Century had with health-care providers across the country:

National Century owned all of the facilities for a company called HCCA. National Century officials wired the health-care provider $334.7 million between 1999 and 2002, without HCCA providing accounts receivable to show how the money could be repaid.

In addition, National Century owned close to half of Rx Medical Services' common stock and all of its preferred stock. Rx Medical received $18.9 million in unsecured loans between 1999 and 2002.

National Century executives also had voting control of Medshares stock. National Century wired that company $93 million without receivables during that same time frame.

Former National Century executives Parrett, Ayers, James E. Dierker, Roger S. Faulkenberry and Randolph H. Speer are charged with fraud, securities fraud, wire fraud and money laundering.

As Bryant left the courthouse yesterday, he told The Dispatch that defense attorneys knew he had talked to the FBI.

But asked whether he previously told them that he gave federal authorities company documents, he said, "No. It kinda slipped my mind."

Defense attorneys said they don't comment on witnesses and didn't continue to question Bryant much on the stand once the prosecutor was done.

"You realize that the FBI considers you a confidential informant," defense attorney Greg Peterson asked Bryant in front of jurors. "But do you stand by your analysis of the AS 400 (computer system)?"

Bryant said he did.

http://www.columbusdispatch.com/live/content/local_news/stories/2008/03/06/NatCen06.ART_ART_03-06-08_A1_3R9I7JT.html?sid=101



link to previous articles...
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3210518&mesg_id=3210597

[UpInArms]

20. Visa's debts come due (or why they are doing the IPO)

http://www.marketwatch.com/News/Story/Story.aspx?column=David+Weidner's+Writing+on+the+Wall

NEW YORK (MarketWatch) -- If you want to know how Wall Street works, look at Visa's initial public offering.

It's all there in the prospectus: how banks won the lucrative assignment of underwriting the IPO; why, after all these years, Visa is going public; why banks need the money; and who is going to pay for it.

The banks behind Visa Inc. aren't exactly taking a cash advance, but they are cashing out. And according to future growth projections, they probably won't be paying investors back at the exorbitant rates offered by credit-card companies to the rest of us.

The pitch for Visa is simple. Now, investors can own and profit from the biggest retail payment network out there. Visa does 50% more volume than its main rival MasterCard Inc. by dollar amount and double the volume by number of payments. Visa does more business than its four main rivals -- American Express, Discover, JCB and Diners Club -- combined.

Buy Visa and you're buying into the monopoly, the market leader. Enjoy $2.95 billion in revenue and $455 million in profit every year for as long as people use plastic and Visa executives don't screw up the money machine -- or if accountants don't play with the books. Those are the company's fiscal 2006 numbers before an accounting change a special charge gave the company a loss in 2007.

For the sellers, the great Visa IPO is about more than the record $18.76 billion it could raise, the 446 million shares it will issue and the first opportunity for investors to own this financial behemoth. Yes, Visa will surpass the $10.6 billion IPO of AT&T Wireless in 2000, but that deal was about creating value for AT&T shareholders at the time.

Visa is owned by 13,000 banks, and that makes this IPO about fees, paydays and -- considering the state of the banking business -- desperation.

...more...

[burf]

28. Good morning UpInArms

I thought they were doing this out of the goodness of their hearts! The profits generated were going to help some po' folk. //end of sarcasm

Have a great day!

[UpInArms]

33. good morning to you, burf

oh, the goodness of their hearts? you make me laugh!

they will just hollow out another piece of the economic pie and it, too, will become worthless

the po' folk will just have to eat cake

hope your day is good - join in anytime!

:hi:

[AnneD]

46. Morning Marketeers....

:donut: and lurkers. All this talk of hollowing out the economic pie reminds me of a story from my Mom's youth. She grew up in Arizona, raised by her Grandparents. Every July and August, Grandmother would make her fruitcakes, soak them with brandy (the only alcohol my tea sipping Great Grandmother allowed in the house)wrap them in aluminum foil, and age them until November and December.

Well one year Mom and my Uncles decided that they would sneak into the coat closet and help themselves, unnoticed of course, to the cakes. They ate the cakes by hollowing out the cakes from the bottom and then carefully re wrapping them. Mom said what she remembered most was the cool closet and the fact that Grandma had a fur collared coat. It was one of those that had a mink on the collar. She said it's emotionless little black beady glass eyes kept watching them commit their crime.

Well, as with any crime, there is a day of reckoning. Everyone has had a wonderful Thanksgiving Dinner and Grandmother brings out the unwrapped fruit cake. With family and friends gathered around, she proceeds to cut into the cake. It proceeds to deflate like a tubeless retreaded tire that hit a nail. She get a second cake, then a third and the final fourth cake. That is when the kids fess up to their crime.

So I guess the take away from this is that if you commit crimes in the secretive dark, you may get away with it for a time. Eventually, they will come to light and probably at the worst time. In the end, you will be caught and punished, although for a while you may think you have gotten away with it.

Happy hunting and watch out for the bears.

[KoKo]

85. lol's Annie D. ...Hollowed out Fruitcakes....

supervised by emotionless beady- eyed Mink. There's something so profound in that having to do with what's been going on in W-Street...I had to give you a
:thumbsup:

[donkeyotay]

99. So, the 13,000 banks are going to transfer $18.76 Billion

from pensions and mutual funds, with the co-operation of managers who can't wait to use your money to buy this fabulous deal, into their (probably offshore) accounts. Hollow out the assets, leave the suckers with the shell. The economy must be really bad if they're selling this "asset" to us.

[Robbien]

22. As Houston Auctions Fail, JPMorgan Exploits Taxpayers

March 6 (Bloomberg) -- The collapse of the auction-rate bond market may cost borrowers from New York to California at least $1 billion in fees, enriching JPMorgan Chase & Co., Goldman Sachs Group Inc. and the rest of Wall Street that let the market fall apart.

The firms that pulled their support of the market where states, counties, hospitals and universities raised $166 billion are offering to convert the securities for a price. Banks may be paid as much as $525,000 for every $100 million of securities, based on the average price for arranging municipal bond sales in 2007. The fees are on top of interest rates as high as 20 percent that borrowers are paying on the debt after auctions failed for lack of buyers.

Banks and brokers built the market for auction-rate bonds by marketing the debt to investors as safe, cash-like securities and to municipal borrowers as a low-cost source of financing. Until mid-February, banks supported prices by bidding for bonds that went unsold, preventing auctions they ran from failing.

Houston, which sold $1.9 billion of auction-rate debt through banks including JPMorgan, Goldman and UBS AG, may consider how banks treated the city's auction-rate debt in selecting underwriters in the future, said James Moncur, deputy controller.

. . .

``The taxpayers are clearly losing,'' Weitzman said.

http://www.bloomberg.com/apps/news?pid=20601109&sid=axksyBiC6q78&refer=home

So to prop up revenues which no longer include massive fees from selling leveraged instruments, the robber barons are going directly to the taxpayer's pocket.

[UpInArms]

54. more proof of market-rigging:

Until mid-February, banks supported prices by bidding for bonds that went unsold, preventing auctions they ran from failing.

:banghead:

[Ghost Dog]

109. Yup. Is there anyone from either election campaign team watching this thread?

Way to inspire voters...

[ozymandius]

119. This is just plain dumb.

If banks are bidding for the products that make them appear solvent - how long until they are trading only on the credit of their name without assets to back it up?

Shit. I could be a billionaire if I bought bought something from myself. The check would never clear, of course. I have yet to establish a pipeline to the Fed's emergency credit window.

But these guys....

[UpInArms]

26. US rate futures reflect higher chance of 75-bp Fed rate cut

http://www.reuters.com/article/bondsNews/idUSCHB00042820080306

NEW YORK, March 6 (Reuters) - U.S. rate futures reflected a higher chance for a 75-basis-point rate cut in March on Thursday morning on worries as renewed credit market turmoil and related threats to economy roiled the markets.

Rate futures reflected a chance as high as 76 percent that the Fed would cut its federal funds rate by 75 basis points, versus 54 percent on Wednesday, before repricing to reflect a 72 percent chance of such a rate cut.

[DemReadingDU]

30. Who knows there's a food crisis?

3/6/08 The early signals are there, but the world seems to be sleepwalking towards disaster

You can see the early signals already - the doubling of wheat prices, the mounting cost of bread, the steepest increases at the supermarkets for 14 years, demonstrations on the streets by pig farmers threatened with bankruptcy, “tortilla riots” in Mexico, the drying up of aid to the Third World.

And this is only the start of it. In the words of Tim Lang, Professor of Food Policy at the University of Leeds: “We are sleep-walking into a crisis.” At the very least he predicts the end of the era of cheap food, which will of itself amount to a big shift in our eating habits. But if the process of rising costs and diminishing supplies of grain accelerates, as it may well do, we could witness actual shortages of basic foostuffs. One report last month said that the world is only ten weeks away from running out of wheat supplies after stocks fell to their lowest level for 50 years.

The causes are many and various, but at their heart is a change in global consumer habits that has crept up on us almost without our noticing. In China and the Far East, growing wealth has been accompanied by a taste for Western diets, including, principally, beef, which is now being imported in increasing quantities. There was a time when the idea of an American-style hamburger would have turned the stomach of the average Chinese; not any more. McDonald's is rolling out a chain of drive-through fast-food outlets in China's 30,000 petrol stations, and opening restaurants across that vast country to cater for a new appetite for Western meat.

more...
http://www.timesonline.co.uk/tol/comment/columnists/magnus_linklater/article3492123.ece

[Dr.Phool]

36. Food prices are going through the roof.

I talked to a friend in Cleveland yesterday. He owns an Italian Restaurant. He said back in June he was paying $8 for a 50# bag of flour. He's now paying over $20.

Last fall I bought half interest in an Italian joint in Tampa. We were paying $13 for flour. I sold my interest last month, but I talked to my old partner yesterday. When I left, we were paying about $16 for flour. My old partner said this week he paid $24. Cheese, our biggest expense, was under $2 per pound. It's now about $2.79. Everything else is exploding at the wholesale level. Add in free delivery, and rising credit card fees, and profits are going down, down, down. Actually, they're non-existent, but at least it's not losing money. Yet. Five other restaurants in the immediate area have closed their doors since the first of the year, including some national chains, Don Pablo's and Church's.

You have to understand, that this is peak tourist season in Florida. These places don't shut down at this time of year. June-August, maybe. But, not Jan-April. And where I live, in the Tarpon Springs area, it's even worse, and I don't see any end in sight.

[DemReadingDU]

42. We had Don Pablos close in our area

SW Ohio is seeing several chains closing unprofitable restaurants. A Bob Evans closed too.

I think last week we discussed the price of cheese going skyhigh. I'm going to have to ration out my spouse's servings. One ounce per day, not the entire 16 oz package for the serving!

[Dr.Phool]

50. I've been kicking around the idea of going vegetarian for a while.

Last week was the kicker when the head of the USDA said, during congressional testimony, that they would oppose any regulations to keep "downer" cattle out of the food supply. Beef is off my menu for good now. Just fruits, veggies, seafood, and dairy products. And I can grow a lot of that in my back yard.

[AnneD]

68. That "downer" thing got to me too.....

I pay more for organic for just that reason.

I have helped my Uncles and brothers butcher large game and animals and I have killed and dressed small animals and game. It is dishonourable, disrespectful, and souless (not to mention unhealthy) to kill a downer animal for food. It is just something we never ever did. You kill those animals alright-but it is to prevent them from suffering any further...This is just not being a good steward.

[alterfurz]

83. you'll be glad you did

It's not only downers and generally lax inspection, but all the growth hormones animals are fed to get them to market faster (a likely factor in the obesity epidemic?)--not to mention the huge energy input required to produce animal protein compared to vegetable: it's estimated that switching to a vegetarian diet reduces global warming impact as much as not driving your car!

[Roland99]

90. Beef/pork have been off my diet since Halloween

Only fallen off the wagon a couple times since (White Castle craving or a sausage/mushroom pizza)

[Mojorabbit]

103. My husband bow hunts

and brings me a hog a month which I process. I don't eat supermarket pork anymore. We have friends who raise a small amt of cattle organically and will be getting a side of beef this year for the freezer. I have chickens but they are pets and for eggs. I buy free range at whole foods and that is my biggest meat expense.

[Warpy]

102. You're going to have to discover beans, nuts and seeds

if you don't want to look like a grey faced 70s macrobiotic type. Too many people who went veggie in the 70s didn't know much about getting enough nutrition and paid a pretty steep price.

[Dr.Phool]

116. I eat more beans than my wife appreciates.

[Warpy]

122. I live with a cat

but yes, there are times she gets offended and sleeps on the couch.

[Ghost Dog]

110. I read that the price of Durum Wheat has tripled in Italy

since last year. The price of Pasta, they say, has already risen 10% on average, with a lot further to rise.

I wonder for how long one can store dried pasta (although fresh is much better), in airtight containers?

[Dr.Phool]

117. It seems to live forever for me.

I buy whole wheat pasta, and store it in a layer of plastic, and then inside a plastic airtight container.

[Pale Blue Dot]

43. "sleepwalking towards disaster"

Great line, and very true.

[UpInArms]

41. 10:01 EST ugly numbers

Dow 12,124.08 130.91 (1.07%)
Nasdaq 2,258.42 14.39 (0.63%)
S&P 500 1,317.24 16.46 (1.23%)
10-Yr Bond 3.645% 0.048

NYSE Volume 483,800,343.75
Nasdaq Volume 238,911,109.375

(edited for html)

[UpInArms]

48. here's the blather

10:05 ET

Mortgage Delinquencies Disappoint
Dow -123.99 at 12131.00, Nasdaq -13.49 at 2259.32, S&P -16.46 at 1317.24

The financial sector (-2.2%) is weighing on the broader market during early trading. Merrill Lynch (MER 46.67, -2.65) is one of the sector's primary laggards and is currently trading at a new 52-week low. The company disclosed it has amended the terms of a series of liquid yield option notes.

January's pending home sales were flat. Economists were anticipating a decline of 1.0%. December's pending home sales were revised from a prior reading of -1.5% to -1.2%.

Fourth quarter mortgage delinquencies increased to 5.82% from 5.59%.

Boston Fed President Rosengren has made pessimistic comments regarding the U.S. economy this morning. Rosengren sees credit problems spilling over to Main Street and first quarter GDP to be less than 1%, while second quarter growth estimates are being curtailed.
09:45 ET
Red Opening
Dow -69.68 at 12185.31, Nasdaq -4.25 at 2268.56, S&P -9.06 at 1324.64

Stocks open the session's action noticeably lower. All ten of the major economic sectors are in the red.

Retailers continue to report same-store sales for February. Wal-Mart (WMT 50.07, +0.52) and Target (TGT 52.97, +0.17) both topped same-store sales forecasts, but Macy's (M 24.59, -0.69) announced it is no longer making the monthly report. Retailers are trading 1.3% lower.

Shares of Swiss banking giant UBS (UBS 30.32, -0.51) disclosed it sold a portfolio of Alt-A mortgage holdings at distressed prices, which may forebode further write-downs. Meanwhile, Merrill Lynch (MER 46.75, -2.57) is trading lower in response to its decision to amend a series of liquid yield option notes. The financial sector is the early morning's primary laggard; the sector is down 2.1%.
09:45 ET
Red Opening
Dow -69.68 at 12185.31, Nasdaq -4.25 at 2268.56, S&P -9.06 at 1324.64

Stocks open the session's action noticeably lower. All ten of the major economic sectors are in the red.

Retailers continue to report same-store sales for February. Wal-Mart (WMT 50.07, +0.52) and Target (TGT 52.97, +0.17) both topped same-store sales forecasts, but Macy's (M 24.59, -0.69) announced it is no longer making the monthly report. Retailers are trading 1.3% lower.

Shares of Swiss banking giant UBS (UBS 30.32, -0.51) disclosed it sold a portfolio of Alt-A mortgage holdings at distressed prices, which may forebode further write-downs. Meanwhile, Merrill Lynch (MER 46.75, -2.57) is trading lower in response to its decision to amend a series of liquid yield option notes. The financial sector is the early morning's primary laggard; the sector is down 2.1%.
09:15 ET
Market is Closed
S&P futures vs fair value: -8.6. Nasdaq futures vs fair value: -4.5. Futures are off their worst levels of the morning but continue show a down open. Shares of Merrill Lynch are trading lower in pre-market activity in response to the company's move to amend the terms of a series of liquid yield option notes.

[AnneD]

59. Turn Back the Hands of Time...It's heating up guys...

Seems like we are getting closer by the week now. Guess the date the DJIA rolls back to the level it was when the chimp took office-10,578.24. You can revise your dates up until Labour Day (the working man's holiday)or the DJIA hits 11000 (got to have a cut off). Anyone can join, just give a date and your reasoning for that date.

the other one.....1/30
DemReadingDU.....2/29
Ther-s a.....3/15
Talking Dog.....3/28 at 2 pmish
Warpy...3/20
FinnFan.....4/10
Karenina.....4/15
ProgressiveRealist.....4/17
Mattsh.....4/22
GhostDog.....4/28
MilesColtrain.....5/2
Happyslug.....5/9
InkAddict.....7/3
UIA.....7/15
Roland99.....7/28
Abelenkpe.....8/2
Kineneb.....8/8
Prag.....9/5
MoJo Rabbit.....9/5
MuleBoy(aka hiz honna da mayor).....9/11
Birthmark....10/10
AnneD....10/24
MsLeopard.....10/31
Ship wrack.....11/5
Demeter.....1/20/09

Remember-you can change the dates as we learn more. The winner get the praise and admiration of those on the Stockwatch Thread. There is still time to place your bets.....

[Nickster]

60. Put me down for 9/12/08. A little more than an F.U.

[Dr.Phool]

65. I'll take April 1st.

George W. Bush commemoration day.

AKA, April Fools Day.

[wordpix]

75. 11/3/08

On 11/4 we get a new president unless we get McSame.

[Hugin]

81. McDitto.

McSame... Ha, hadn't seen that one yet.

[Hugin]

66. ~11:20 EST: Trending to new PI-SL? (Psychologically Important - Support Level)

Index Last Change % change
• DJIA 12118.71 -136.28 -1.11%
• NASDAQ 2255.65 -17.16 -0.76%
• S&P 500 1316.81 -16.89 -1.27%

of 12,100... or will it make a 'surprising' recovery in the last forty-five minutes or so and rebound
to the comfortable established conservative White House approved 12,200 PI-SL?



Oh, and before I forget... Today's market melody is the theme to "Raiders of the Lost Ark". (Sorry, I'm
on a movie theme kick at the moment. :) )

[AnneD]

72. Oh...OK...

but I'm waiting for another crazy day and it will be Ballroom Blitz, man.:P

[Hugin]

74. Oh, for sure!

Good one. :)

[AnneD]

114. Maybe I should go ahead and .....

pop in that Sweet CD now, it's looking ugly....

<snip>


And the man in the back is ready to crack
As he raises his hands to the sky
And the girl in the corner is ev'ryone's mourner
She could kill you with a wink of her eye

Oh yeah, it was electric, so frantically hectic
And the band started leaving, cause they all stopped breathing
Yeah, Yeah, Yeah, Yeah, Yeah
And the man at the back said
Everyone attack and it turned into a ballroom blitz
And the girl in the corner said
Boy, I wanna warn ya, it'll turn into a ballroom blitz
Ballroom blitz
{Break}
Oh Yeh, it was like lightning, everybody was frightening
And the music was soothing, and they all started grooving
Yeah, Yeah, Yeah, Yeah, Yeah
And the man at the back said
Everyone attack and it turned into a ballroom blitz
And the girl in the corner said
Boy, I wanna warn ya, it'll turn into a ballroom blitz
Ballroom blitz x 4

its, it's the ballroom blitz, its, it's the ballroom blitz,its it's the ballroom blitz, Yeh it's the ballroom blitz


:headbang::headbang::headbang::headbang::headbang::headbang::headbang::headbang:
:headbang::headbang::headbang::headbang::headbang::headbang::headbang::headbang:
:headbang::headbang::headbang::headbang::headbang::headbang::headbang::headbang:
:headbang::headbang::headbang::headbang::headbang::headbang::headbang::headbang:

[TalkingDog]

76. So all those intraday spikes would would have our "Hero" swinging over them on a vine?

Along with the adventure movie ending where the swaggering macho guy gets all the treasure and Condi oops ....I mean, the girl?


Ah, yes, A Legend in His Own Mind....

[Hugin]

80. I was thinking more along the "Raiding" discussion up thread.

More of an expose than a complement being called a 'raider' in that context.

Why do you all bring this to my attention after the 'edit period' has lapsed? Huh? How come? ;(

[TalkingDog]

92. Oh, I don't know....sarcastic irony is not dead...at least not in my household.

And much to the Spousal Unit's pleasure.

To me, the most interesting part of this historically simulated re-enactment of an oldie goldie from the 1930's, is that these same discussions, snarky or not were happening then. Folks were discussing the obvious stupidity of greed, how the poor were being affected and using pop culture references to do so.

But now we've gone digital, so the next time this little scenario rolls around in 80 or so years, they may not get the direct reference, but they will get the gist.

It's all good.

[Ghost Dog]

44. Europe shares pare losses briefly on PIMCO report

Thu Mar 6, 2008 2:48pm GMT
LONDON, March 6 (Reuters) - European shares pared losses briefly on Thursday as UBS (UBSN.VX: Quote, Profile, Research) recovered some ground after CNBC cited bond manager Pimco denying market talk that it had bought $24 billion of Alt-A investments from the Swiss bank.

Pimco officials were not immediately to comment on the CNBC report while UBS declined to comment. Shares in UBS briefly trimmed losses on the news but then slipped again to trade down 3.2 percent.

The FTSEurofirst 300 index (.FTEU3: Quote, Profile, Research) was down 0.9 percent at 1,290.16 points having recovered as far as 1,293.71.

Stocks were also given a lift by market talk that the U.S. government would back debt issued by mortgage finance companies Fannie Mae (FNM.N: Quote, Profile, Research) and Freddie Mac (FRE.N: Quote, Profile, Research), but the U.S. Treasury later knocked down this speculation.

European stocks traded lower for most of the session as disappointing results sent Dutch insurer Aegon (AEGN.AS: Quote, Profile, Research) down 5 percent, adding pressure to the financial sector, and ECB President Jean-Claude Trichet said he would do what was needed on prices in the medium-term.

/. http://uk.reuters.com/article/eurMktRpt/idUKL0690193120080306

[Ghost Dog]

45. Trichet's Europe Outpaces U.S., Reaping Reward of Risk Aversion

March 6 (Bloomberg) -- Jean-Claude Trichet's European economy may be reaping the rewards of risk aversion.

As the U.S. teeters on the brink of a recession after the end of a five-year housing boom, growth in the 15 nations that share the euro is poised to outpace the American economy for a second straight year.

The region's resilience lets Trichet, who today presides over the European Central Bank's monthly policy meeting, focus on fighting inflation instead of cutting interest rates. Because Europeans save more than Americans and splurge less on houses and stocks, the continent is better placed to withstand the global credit squeeze without the need for lower borrowing costs.

``To be thrifty is a good thing and definitely a plus for the European economy in this tough period,'' said Jean-Michel Six, chief European economist at Standard & Poor's in London. ``The attitude to debt and credit is clearly very different between the U.S. and Europe.''

/details... http://www.bloomberg.com/apps/news?pid=20601068&refer=economy&sid=azzUODllJt.I

[Ghost Dog]

49. European Central Banks Hold Rates Steady

The European Central Bank and Bank of England took similar paths Thursday by leaving their benchmark interest rates unchanged _ but analysts expect cuts in the coming months.

The ECB's refinancing rate remained unchanged at 4 percent while the Bank of England left its key rate at 5.25 percent.

Analysts and traders were awaiting ECB president Jean-Claude Trichet's comments on the bank's reasoning. They will look for clues about the effects of the rising euro, record inflation in the 15-nation euro zone and whether fears of a U.S. recession may cause the bank to lower its rates later this year.

Inflation in the countries that use the euro has been at a record of 3.2 percent since the start of the year.

In London, the Bank of England's decision was expected by most economists and followed a cut last month in an attempt to shore up Britain's slowing economy. Economists expect further cuts in the coming months.

However, the bank is also responsible for keeping inflation in check and economists said that soaring food costs and energy prices were likely behind this month's decision.

"Current elevated inflation risks meant that it was too soon for the bank to be comfortable about cutting interest rates again despite serious concerns about the growth outlook," said Global Insight Chief U.K. economist Howard Archer.

Inflation is currently at 2.2 percent, already above the British government's 2 percent target, and a rate cut to boost economic growth can also wind up increasing inflation.

Most economists expect the Bank of England to hold off until May before easing rates further, although an April move is not ruled out if there are signs of a more serious slowdown.

/.. http://asia.news.yahoo.com/080306/ap/d8v7vmb00.html

[Ghost Dog]

57. BTW: Asian Stocks Gain on Commodity Rally, Yen;

March 6 (Bloomberg) -- Asian stocks rose for the first time in six days, led by mining companies and Japanese electronics makers, as a rally in commodity prices and a weakening yen eased concern that a global economic slowdown will hurt earnings.

Mitsubishi Corp., Japan's largest trading house, gained in Tokyo and BHP Billiton Ltd., the world's biggest mining company, climbed in Sydney after crude oil rose to a record and prices of copper and gold increased. Nintendo Co. jumped the most in three weeks on speculation a halt in the yen's advance will boost the value of overseas sales.

The MSCI Asia Pacific Index added 1.8 percent to 143.79 as of 5:12 p.m. in Tokyo, with all 10 of its industry groups advancing. A 5.5 percent drop in the previous five days had taken the benchmark's 2008 decline to 10 percent, amid speculation widening credit-market losses and a U.S. slowdown will weigh on global economic growth.

``Share prices have been depressed in the sell-off and there's good value to be found,'' said Beat Lenherr, who oversees more than $20 billion of assets as Singapore-based chief global strategist at LGT Capital Management. ``Commodity prices will continue to be supported for a while and there are companies from Asia that will benefit from this trend.''

Japan's Nikkei 225 Stock Average climbed 1.9 percent to 13,215.42, rebounding from a six-week low, as the yen fell from three-year highs against the dollar. All regional indexes advanced, expect New Zealand. India is closed for a holiday.

/... http://www.bloomberg.com/apps/news?pid=20601080&sid=aSZ0KrqlL_hU&refer=asia

[Ghost Dog]

58. Japan's Leading Index Falls, Signaling Slower Growth

March 6 (Bloomberg) -- Japan's economy is set to slow, the government's broadest indicator of future growth showed, as the nation's factories trim output in anticipation of a worsening U.S. slowdown.

The leading index fell to 30 percent in January, below the threshold of 50 that signals growth will slow in the next three to six months, the Cabinet Office said today in Tokyo, matching the median estimate of 26 economists surveyed by Bloomberg News. The December number was revised to 50 from 45.5.

Consumer confidence at a four-year low suggests household spending is unlikely to make up for a drop in export demand as the U.S. heads for its first recession since 2001. Business investment fell at the fastest pace in five years last quarter, the Finance Ministry said yesterday, signaling the government will have to trim its gross domestic product estimate next week.

``We don't know whether the term recession applies to current situation, but it's getting close,'' said Tomoko Fujii, head of Japan economics and strategy at Bank of America Corp. in Tokyo. ``At the very least we're looking at a full-fledged slowdown.''

/... http://www.bloomberg.com/apps/news?pid=20601101&sid=ayOnqLkAC1Mo&refer=japan

[Ghost Dog]

95. Growth worries take toll on Europe shares

LONDON, March 6 (Reuters) - European shares fell on Thursday as weak U.S. housing data fanned worries about global growth, hurting financial stocks, while a hawkish European Central Bank dashed any hopes the bank might cut rates any time soon. The FTSEurofirst 300 index (.FTEU3: Quote, Profile, Research) closed down 1.4 percent at 1,282.90 in a volatile session, mirroring losses across the Atlantic where U.S. stocks struggled with news of a default at a home lender.

Banks were the biggest drag on the index. HSBC (HSBA.L: Quote, Profile, Research), ING (ING.AS: Quote, Profile, Research), BNP Paribas (BNPP.PA: Quote, Profile, Research) and Barclays (BARC.L: Quote, Profile, Research) fell between 2.7 and 4.7 percent, finding little respite from ECB President Jean-Claude Trichet's comments that he would do what was needed on prices in the medium term.

UBS (UBSN.VX: Quote, Profile, Research) closed down 4.7 percent, having earlier trimmed losses after CNBC cited bond manager Pimco denying market talk that it had bought $24 billion of Alt-A investments from the Swiss bank. Pimco officials were not immediately available to comment on the CNBC report while UBS declined comment.

...

Also weighing on the U.S. financial sector, Thornburg Mortgage Inc (TMA.N: Quote, Profile, Research), a "jumbo" mortgage lender, said it had received a letter from JPMorgan Chase notifying it of a default after it failed to meet a margin call of about $28 million.

If this was not enough, Dutch insurer Aegon NV (AEGN.AS: Quote, Profile, Research) fell 5.7 percent after posting a 26 percent drop in quarterly net profit to 648 million euros ($984 million), hurt by currency effects and investment writedowns.

And a spokesman for Lehman Brothers (LEH.N: Quote, Profile, Research) said the investment bank had suspended two London equities traders after identifying "issues" with some of their trades, but said their suspension was not related to fraud.

RATE DECISIONS

Around Europe, Britain's FTSE 100 (.FTSE: Quote, Profile, Research) fell 1.5 percent, Germany's DAX (.GDAXI: Quote, Profile, Research) eased 1.4 percent and France's CAC 40 (.FHCI: Quote, Profile, Research) shed 1.7 percent after both the ECB and the Bank of England left rates on hold, at 4 and 5.25 percent respectively.

/... http://uk.reuters.com/article/eurMktRpt/idUKL0692870920080306

[wordpix]

78. noon and Dow down 128---ugh

[UpInArms]

79. Doral Financial ex-treasurer charged with fraud

http://www.reuters.com/article/bondsNews/idUSN0622469720080306

NEW YORK, March 6 (Reuters) - A former Doral Financial Corp (DRL.N: Quote, Profile, Research) treasurer was indicted on Thursday on charges of scheming to defraud investors in the Puerto Rico lender, U.S. prosecutors said.

Mario Levis, 44, corrupted the process by which Doral determined the publicly reported value of certain non-cash assets, the U.S. Attorney's Office in Manhattan alleged.

The scheme, which occurred between 2001 and 2005, helped to artificially inflate the company's stock price, prosecutors said. An aggregate decline in shareholder value of about $4 billion followed the unraveling of the scheme, they said.

Doral was Puerto Rico's largest mortgage lender before accounting problems forced it to restate 2000-to-2004 results. The SEC fined Doral $25 million for overstating pretax earnings by $921 million for that period.

In July, Doral sold a 90 percent stake to a buyout group led by Bear Stearns Co Inc's (BSC.N: Quote, Profile, Research) private equity arm.

Levis was charged with one count of securities fraud and three counts of wire fraud. Each charge carries a maximum penalty of 20 years.

...more...

[wordpix]

82. FORECLOSURES HIT RECORD

http://www.cnbc.com/id/23500856

U.S. home foreclosures and the rate of homes entering the foreclosure process rose to
record highs in the fourth quarter, led by failing subprime loans, the Mortgage Bankers Association said.

The rate of failing loans swelled across most mortgage types but was led by a growing wave of subprime borrowers unable to make payments, the trade group said in its delinquency and foreclosure survey.
David Zalubowski / AP

Meanwhile, pending sales of previously owned homes were unchanged in January, according to a better-than-expected reading from a real estate trade group report....

[AnneD]

94. U.S. home equity below 50% for first time since 1945

NEW YORK — Americans' percentage of equity in their homes has fallen below 50 percent for the first time on record since 1945, the Federal Reserve said today.

Homeowners' percentage of equity slipped to a revised lower 49.6 percent in the second quarter of 2007, the central bank reported in its quarterly U.S. Flow of Funds Accounts, and declined further to 47.9 percent in the fourth quarter — the third straight quarter it was under 50 percent. That marks the first time homeowners' debt on their houses exceeds their equity since the Fed started tracking the data in 1945.

The total value of equity also fell for the third straight quarter to $9.65 trillion from a downwardly revised $9.93 trillion in the third quarter.

Home equity, which is equal to the percentage of a home's market value minus mortgage-related debt, has steadily decreased even as home prices jumped earlier this decade due to a surge in cash-out refinances, home equity loans and lines of credit and an increase in 100 percent or more home financing.

more....

http://www.chron.com/disp/story.mpl/business/5598061.html

When Mother Hubbard goes to the cupboard, she won't be able to get into it because the sheriff will have padlocked it and placed a notice of foreclosure.

[Hugin]

101. It would be interesting to see a chart of equity over time...

I really don't have a feel for it.

[AnneD]

104. I remember....

Texas had a tough homestead law (favourable to the consumer). When banks and mortgage companies sniffed out the the large amount of equity-they went after it with a vengeance. They bought candidates left and right to overturn this. And here we are now-despite all the I told you so's. Those homestead laws are looking pretty good now.

[CatholicEdHead]

105. Well, the first two quarters of 2008 will probably be much worse

[Buttercup McToots]

84. 12:06...US$=73.01...Low 72.983 2008-03-06 11:01:41

Low 72.983 2008-03-06 11:01:41, 30 min delay

How low can it go?

[AnneD]

97. In the money and on the list

The world's wealthiest are increasingly coming from emerging nations, according to Forbes' annual list of billionaires.

Two years ago, 10 of the top 20 billionaires came from the U.S. The latest count lists only four.

Many of the new faces hail from China, India and Russia.

But the top spot still belongs to the U.S.

Berkshire Hathaway Chairman Warren Buffett, whose company's stock soared, overtook Bill Gates of Microsoft for the No. 1 spot with a net worth of $62 billion. Gates' wealth grew to $58 billion but fell to No. 3. Mexico's Carlos Slim climbed a spot to No. 2 with an estimated fortune of $60 billion.

http://www.chron.com/disp/story.mpl/business/5596557.html

I wonder what this says about the stratification of wealth in this country.

[Hugin]

98. Number 1 on that list, too?

I know I prefer his version of "Mele Kalikimaka" to that of... Say, the famous Hawaiian singer Don Imus.

It is no wonder he's a billionaire.

Well deserved.

[AnneD]

107. Warren Buffett is living, walking, breathing proof...

that technical trading is not the way to go. While those folks were happy catching a hand full of mice every day, he was bagging elephants every week. He bought the companies for their good basic fundamentals and management and held on to them, instead of cannibalizing them and selling them for parts.

[Hugin]

100. ~13:50 EST: Slowly approaching 12,100 PI-SL....

Index Last Change % change
• DJIA 12109.92 -145.07 -1.18%
• NASDAQ 2239.21 -33.60 -1.48%
• S&P 500 1313.40 -20.30 -1.52%

But, will it stay?

[TalkingDog]

111. The last 4 "fairy dust days" = 100 +/- in the last trading hour

2-22
3-3
3-4
3-5


I don't know how to access the details for days prior to last 10, but I think it might be worth watching.

[TalkingDog]

113. sad, sad tinkerbell

although, it looks like she might actually be sick......

[antigop]

106. Dubai denies Citi funding rumor

http://money.cnn.com/2008/03/06/news/companies/dubai_citigroup.ap/index.htm?postversion=2008030614

Dubai International Capital has not been approached by Citigroup Inc. for investment, the firm's representatives said Thursday of the U.S. giant struggling with the biggest losses in nine years due to subprime mortgage write-downs.

Dubai International Capital is the global wing of this emirate's sovereign wealth fund, Dubai Holding. Both are controlled by Dubai's ruler Sheik Mohammed bin Rashid Al Maktoum.

Dubai International Capital already owns stakes in HSBC Holdings PLC (HBC) and Standard Chartered PLC (SCBFF). But it "has never expressed an opinion on the investment merits" of Citigroup, the firm said in a press release Thursday.

[Ghost Dog]

108. Time to start pummmping???

Dow 12,117.16 Down 137.83 (1.12%)
Nasdaq 2,240.60 Down 32.21 (1.42%)
S&P 500 1,313.92 Down 19.78 (1.48%)
10-Yr Bond 3.6090% Down 0.0840
NYSE Volume 2,914,639,750
Nasdaq Volume 1,562,101,250

[DemReadingDU]

112. pump harder. Dow down 184.88

-211.18

dropping fast

[Roland99]

115. At the close - A bloody mess. PPT/PWG fail to sustain that PI-SL

Dow 12,040.39 -214.60
Nasdaq 2,220.50 -52.31
S&P 500 1,304.34 -29.36
10 YR 3.62% -0.07
Oil $105.47 $0.95
Gold $974.30 $-14.20


Why do I feel like we're all turning into little Mogambos with our acronyms?

:)



S&P AND NASDAQ CLOSE AT LOWEST LEVELS SINCE 2006

[ozymandius]

closing blather

4:35 pm : Stocks traded lower today in choppy fashion, finishing at the session's worst level; the negative tone was evident from the start. Futures were weighed down in pre-market activity as a result of negative headlines in the financial sector. The prevailing negative sentiment proved too much to overtake with better than expected sales results from key retailers and mixed economic data.

Prior to the opening bell, word surfaced Swiss banking giant UBS (UBS 29.52, -1.31) sold a portfolio of Alt-A securities at distressed prices, which would result in additional write-downs. Merrill Lynch (MER 45.86, -3.46) was thrown into the fire when the company disclosed it amended the terms of a series of its liquid yield option notes. Shares of Merrill Lynch hit a new 52-week low.

Those items outweighed consideration paid to Wal-Mart (WMT 49.98, +0.43) and Target (TGT 52.27, -0.53). Both companies announced same-store sales for February that were better than Wall Street anticipated. Wal-Mart was the only member of the Dow Jones Industrial Average to finish in positive territory.

The morning's economic data was mixed and investors opted to focus on the negative components. Jobless claims for the week ended March 1 totaled 351,000, which is less than the 360,000 claims economists were expecting. The number of initial claims was down from the prior week's revised count of 375,000 jobless claims.

Housing starts for January were flat month-over-month. That was better than expected as economists were expecting a 1.0% downturn. Pending home sales in December were revised higher from a 1.5% decline to a 1.2% decline. However, mortgage delinquencies in the fourth quarter totaled 5.82%. That measure was the worst since 1985. Delinquencies totaled 5.59% for the prior reading.

Consumer financial services company Washington Mutual (WM 11.76, -1.04) was slapped with some negative news of its own today. Rating agency Standard & Poor's lowered its long-term counterparty credit rating on Washington Mutual to BBB from BBB+ as well as the long-term counterparty credit rating on Washington Mutual Bank to BBB+ from A-. Standard & Poor's also placed all Washington Mutual ratings on CreditWatch with negative implications.

Large tech names had provided leadership to the Nasdaq early in the session. Apple (AAPL 120.93, -3.56) and Oracle (ORCL 19.23, +0.43) were the most influential in propping up the tech sector amid the broader market's downturn. Shares of Oracle remained positive throughout the session after being upgraded from Neutral to Buy at Merrill Lynch. As for Apple, buying interest in the company faded into the afternoon and pushed the stock into negative territory by day's end. Shares of Apple are down more than 37% year-to-date.

The dollar continued to falter against international currencies as the Dollar Index slipped 0.7%. Contributing to the dollar's decline was the decision by the European Central Bank and the Bank of England to stand pat on their benchmark interest rates. ECB President Trichet gave indication that future interest rate cuts are currently unlikely.

Crude prices continue to trade at record levels. Oil prices took out another record high early in the morning, hitting $105.97 per barrel. Crude prices settled modestly higher on the Nymex, finishing $0.88 higher at $105.44 per barrel.

The 10-year Treasury note benefited from safety-seekers today. Ten-year notes finished up 24 ticks, translating to a yield of 3.58%.DJ30 -214.60 NASDAQ -52.31 NQ100 -2.3% R2K -3.1% SP400 -2.8% SP500 -29.36 NASDAQ Dec/Adv/Vol 2362/558/2.22 bln NYSE Dec/Adv/Vol 2797/358/1.62 bln

[Dr.Phool]

118. S&P is now 40 points lower than when the chimp took office!

[NewYorkerfromMass]

121. Through the 12,100 floor

damn folks. 11,### is next. This is nearing a psychological breaking point.
PPT is useless now. So is the dollar.