STOCK MARKET WATCH, Thursday June 5

[ozymandius]

Source: du

STOCK MARKET WATCH, Thursday June 5, 2008

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 230
DAYS SINCE DEMOCRACY DIED (12/12/00) 2692 DAYS
WHERE'S OSAMA BIN-LADEN? 2417 DAYS
DAYS SINCE ENRON COLLAPSE = 2708
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

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

---

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

AT THE CLOSING BELL ON June 4, 2008

Dow... 12,390.48 -12.37 (-0.10%)
Nasdaq... 2,503.14 +22.66 (+0.91%)
S&P 500... 1,377.20 -0.45 (-0.03%)
Gold future... 883.80 -1.70 (-0.19%)
30-Year Bond 4.69% +0.06 (+1.36%)
10-Yr Bond... 3.94% +0.04 (+1.08%)






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: A World of Scarcity

Investing in long-run trends
BY TONY ALLISON

The world of investing is increasingly a world of frantic action, of high leverage and short attention spans, of a desperate search for the “next big thing.” There is a great fuss made in the financial media over quarterly results, and mass exaltation if results beat expectations by a penny. There is constant chatter regarding “sector rotation” and “market timing.” I believe the average investor would be better off ignoring these short-term, caffeine-enhanced machinations and occasionally climb above the forest for a clearer view.

Since the turn of the 21st century, the world has changed in many ways. Although their historic expansions began in the 1990’s, the economic explosions this decade in China, India, Brazil, Russia, Vietnam, Dubai, etc. have been without precedent. This great industrial leap includes countries that make up over half the people on earth. This expansion will not be without obstacles and set-backs, but it is far from over.

......

A fine line between abundance and scarcity

We have seen the results of supply and demand imbalances in food commodities; much higher prices, scarcity and food riots in some countries. It only illustrates the precarious balance between abundance and scarcity. Perhaps the US government would like to re-think its decision to subsidize corn ethanol production. Food may be a renewable resource, but its production relies heavily on fossil fuels, which look to be ever scarcer in the years ahead.

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

[ozymandius]

2. Today's Report

08:30 Initial Claims 05/31
Briefing.com 370K
Consensus 372K
Prior 372K

http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm

[UpInArms]

16. Initial Claims @ 357,000 - last wk rev'd up 3,000

http://www.reuters.com/article/bondsNews/idUSN0532108120080605

WASHINGTON (Reuters) - The number of U.S. workers filing new claims for jobless benefits fell unexpectedly last week, the government said on Thursday.

Initial claims for state unemployment insurance benefits fell to 357,000 in the week ended May 31 from an upwardly revised 375,000 for the prior week, the Labor Department said.

Analysts polled by Reuters were expecting 375,000 in new claims, up from the originally reported 372,000 in the prior week.

The four-week average of new jobless claims, which is considered a more accurate measure of employment trends since it evens out weekly volatility, dipped to 368,500 in the week ended May 31 from an upwardly revised 371,250 in the previous week.

[ozymandius]

3. Oil prices hold above $122 a barrel

BANGKOK, Thailand - Oil held above $122 a barrel Thursday in Asia after dropping more than $2 overnight on worries about declining demand in the U.S. and abroad.

In its weekly inventory report, the U.S. Energy Department's Energy Information Administration said American demand for gasoline dipped 1.4 percent over the last four weeks. Meanwhile, gasoline inventories rose by 2.9 million barrels last week, more than three times the increase analysts polled by energy research firm Platts had expected.

Concerns about demand have helped pull oil down nearly 10 percent from its May 22 high of $135.09. Those concerns were exacerbated Wednesday by the EIA report and by moves by India and Malaysia to cut fuel subsidies, effectively raising their retail prices for everything from gasoline to cooking gas. Many investors believe subsidy cuts will choke off demand for fuel in the developing world.

.....

Midafternoon in Singapore, light, sweet crude for July delivery was up 44 cents at $122.74 barrel in electronic trade on the New York Mercantile Exchange. The contract fell $2.01 in the floor session to settle at $122.30 a barrel.

That was oil's lowest settlement since May 6.

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

[ozymandius]

4. US weathering 'oil price shock': Bernanke

WASHINGTON (AFP) - The US economy is holding up in the face of a "serious oil price shock" because it is less dependent on petroleum than in the 1970s, Federal Reserve chairman Ben Bernanke said Wednesday.

Bernanke said the record surge in energy costs has created "significant challenges" for the US and world economy but that the situation is far different than the oil crisis of the 1970s.

"Then, as now, we were experiencing a serious oil price shock, sharply rising prices for food and other commodities and subpar economic growth," Bernanke said in remarks prepared for delivery at Harvard University's commencement.

http://news.yahoo.com/s/afp/20080604/bs_afp/useconomybankenergyoilbernanke

---

I wonder if Chopper Ben would like to put a qualifier on 'weathering'. Has he ever heard of the sector called Transports?

[Hugin]

19. "because it is less dependent on petroleum than in the 1970s"

How so?

More revisionist economics... It's STAGFLATION, man. Face it.

They're living in denial that their "Supply-side" Voodoo is dead.

It's driven the so-called middle-class, to the edge of extinction. There IS no consumer market. Just subsistence.

[ozymandius]

26. You're damn right it's denial.

Consider the hubris that supported the claims of "it couldn't happen again" (a 70's style fundamental malfunction) because technology, exotic financial instruments and other snake oil reasoning would save us. Parallel redundancies and failsafe systems act as a safety net, so says these bubble-headed supply-siders. It's all meaningless if the money does not move through all parts of the system (instead of only to the top of the head) and the items that give money its worth are devalued. Stupid fu*@ers all! Bernanke and ilk need to go back to school.

[ozymandius]

12. Oil Rises on Reports of Explosion at Kuwaiti Industrial Site

June 5 (Bloomberg) -- Crude oil rose for the first time in three days in New York on reports of an explosion at an industrial park in Kuwait, OPEC's fourth-largest member.

The explosion at a chemicals-related site in Kuwait's Mina Abdulla industrial park didn't affect a nearby refinery, according a spokesman at the plant. Oil, down about 9 percent from its May 22 record of $135.09, fell earlier on signs that global demand for gasoline is faltering.

http://www.bloomberg.com/apps/news?pid=20601091&sid=a4cvsybwutWA&refer=india

---

Much ado about nothing in terms of oil supplies.

[ozymandius]

13. Pump Prices Resist Falling for Now

The price of crude oil may be dropping, but consumers shouldn't expect gasoline prices to fall anytime soon.

Since the end of March, skyrocketing oil prices have pushed up retail gasoline prices by more than 20%, so that prices at the pump hit records every week. In the past two weeks, however, oil prices have fallen back a bit, with crude for July delivery closing at $122.30 a barrel in the New York Mercantile Exchange on Wednesday, down 1.6% from the previous day and 8.2% from a peak of $133 on May 21.

On Wednesday, gasoline futures dropped even more than crude -- 4.7% -- to $3.195 a gallon, as refiners added new supplies to the national gasoline pool and drivers cut back on consumption, according to government data released Wednesday.

That doesn't mean gas stations around the country will be cutting their prices right away, though. In fact, on Wednesday the national average price for gas hit a new record high of $3.983 a regular gallon, according to AAA, the automobile group.

It usually takes several weeks for changes in futures prices to filter down to the retail level, and that is particularly true when prices are falling rather than rising.

http://online.wsj.com/article/SB121262426885046919.html?mod=googlenews_wsj

---

Rule of thumb says that when crude oil rises, the price of gasoline reflects the change within 24 hours. When crude oil falls the price at the pump will reflect the change in thirty to sixty days, unless oil goes up again. The world is a cynical place and I am just a mirror.

[ozymandius]

5. Productivity improves while wages moderate

WASHINGTON - Worker productivity increased at a faster pace in the first three months of this year than previously estimated, wage pressures moderated and an important measure of business activity showed the service sector skirted recession in May.

The Labor Department reported Wednesday that productivity rose at an annual rate of 2.6 percent from January through March. That was faster than the government's first estimate of 2.2 percent a month ago.

Wage pressures eased from the final three months of last year. Labor costs rose at an annual rate of 2.2 percent in the first quarter, compared with a 4.7 percent surge late in 2007.

The Institute for Supply Management said its nonmanufacturing index, which covers 80 percent of the economy, stood at 51.7 in May — better than expected and close to April's 52 figure.

A reading above 50 indicates that service companies, where most people in the U.S. work, are expanding activity despite the effect of a prolonged slump in housing, a severe credit crunch, soaring energy costs and plunging consumer confidence

http://news.yahoo.com/s/ap/20080604/ap_on_bi_go_ec_fi/economy

[ozymandius]

6. Rising Prices, Falling Dollar Stoke Memories of the '70s

Prices have been soaring long enough and fast enough, economists say, that the nation is at risk of a self-reinforcing cycle of inflation like that experienced in the 1970s.

.....

For some businesses that already is the reality. Many companies making long-term investments are assuming that prices will rise at a pace well above that of the past 20 years, as they pencil in larger price increases for the supplies they buy and the prices they charge. Consumers are coming to take rapidly escalating food and energy prices for granted. And labor unions are starting to push harder for across-the-board wage increases, though overall wages are still climbing slowly.

.....

When the price of food or gasoline goes up, economists generally think of it as a one-time bump. For the past four years, it hasn't been. The last time there were sharp and sustained increases in those prices, in the 1970s, a wage and price spiral developed that was so severe that the Fed had to engineer the deepest downturn since the Great Depression to end it.
ad_icon

"We're at the edge of the cliff right now," said Scott Anderson, senior economist at Wells Fargo. "It's still at an embryonic stage, like where we were in 1973 or 1974, not as bad as things were in 1979. But it could move in that direction if the Fed isn't aggressive."

http://www.washingtonpost.com/wp-dyn/content/article/2008/06/03/AR2008060301061.html

[ozymandius]

7. Stocks head for higher open ahead of jobs reports

NEW YORK - U.S. stocks headed for a moderately higher open Thursday ahead of the government's weekly reading on jobless claims.

The report comes as investors continue to grapple with concerns about tightness in the credit market, the effect of still-high energy prices and a slumping housing sector.

Wall Street will also be looking to Europe for interest rate decisions due Thursday from the European Central Bank and the Bank of England.

But investors' focus likely will be on the Labor Department employment report due Friday. The monthly report draws widespread attention because a spike in unemployment could upend consumer spending, which accounts for more than two-thirds of U.S. economic activity. Investors are also anxious to see if any more jobs were lost last month.

http://news.yahoo.com/s/ap/20080605/ap_on_bi_st_ma_re/wall_street

[ozymandius]

8. Japanese stocks fall on electronics, oil

TOKYO - Tokyo stocks fell Thursday as profit-taking hit electronics shares and falling crude oil prices took their toll on resources-linked names.

The Nikkei 225 index fell 94.45 points, or 0.7 percent, to 14,341.12.

Market analysts say that investors may start shifting their money to exporters' stocks from commodity-linked stocks in the coming days.

.....

Investors' mood soured after Moody's Investors Service said it will likely cut the credit ratings on U.S. bond insurers Ambac Financial and MBIA, but Fukunaga added that they would rather focus on the state of the real U.S. economy.

"They are awaiting the outcome of U.S. jobs data Friday," he said.

http://news.yahoo.com/s/ap/20080605/ap_on_bi_ge/japan_markets

[ozymandius]

9. France Telecom Offers $41.9 Billion for TeliaSonera

June 5 (Bloomberg) -- France Telecom SA made an unsolicited offer to buy Sweden's TeliaSonera AB for 252.5 billion kronor ($41.9 billion) in cash and stock to become Europe's biggest telephone company.

The bid values Stockholm-based TeliaSonera at 56.23 kronor a share, 26 percent higher than the price on April 15, the day before France Telecom's interest in a deal became public. TeliaSonera rejected the approach because it's ``far below'' the company's value, Chairman Tom von Weymarn said in an interview. Sweden's government, the largest owner, also turned down the bid.

France Telecom's largest takeover in eight years would add assets in the Nordic market, the Baltic states and countries including Kazakhstan, bringing the total number of subscribers to 237 million. The move is the biggest announced offer since the $147.4 billion hostile bid for Rio Tinto Group by BHP Billiton Ltd., the world's largest mining company, in February.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aInVUQe3V4rw&refer=home

[ozymandius]

10. MBIA, Ambac May Quit Aaa Battle on Moody's Likely Cut (Update1)

June 5 (Bloomberg) -- MBIA Inc. and Ambac Financial Group Inc. may give up attempts to retain Aaa credit ratings of their bond insurance units after Moody's Investors Service put them under review for a second time this year.

The world's largest bond insurers said they won't raise capital after New York-based Moody's said yesterday that the most likely result of its examination would be a downgrade of the companies' insurance financial strength rankings.

Moody's originally put Ambac and MBIA under review in January, only to affirm the ratings of MBIA a month later and Ambac in March. The credit rating company cited ``meaningful uncertainty'' about Ambac's ability to regain market share since the first reviews, and ``diminished new business prospects'' for MBIA in yesterday's announcement.

.....

Moody's decision is ``liberating'' for New York-based Ambac, and may enable it to consider options other than selling stock or debt, Doug Renfield-Miller, an executive vice president at the company, said at an investor conference.

http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=aGtCIF41PLkI

---

Meanwhile the losses keep mounting from derivatives and sub-prime mortgage insurance losses.

[ozymandius]

11. European Stocks Fall, Led by Rio; U.S. Index Futures Advance

June 5 (Bloomberg) -- European stocks dropped as a report showed German manufacturing orders unexpectedly declined for a fifth month in April and falling metals prices pushed commodity producers lower.

ABB Ltd., the world's largest builder of power networks, dropped. BHP Billiton Ltd., the world's biggest mining company, fell to a two-week low as copper retreated for a fourth day.

U.S. index futures rose, while shares in Asia slumped.

Europe's Dow Jones Stoxx 600 Index lost 0.1 percent to 316.74 as of 12:42 p.m. in London as 10 of the 18 industry groups retreated. The index earlier increased as much as 0.5 percent. Futures on the Standard & Poor's 500 Index advanced 0.2 percent, while the MSCI Asia Pacific Index slumped 0.8 percent.

Orders, adjusted for seasonal swings and inflation, fell 1.8 percent from March, the Economy Ministry in Berlin said today. Economists expected a gain of 0.4 percent, according to the median of 43 forecasts in a Bloomberg News survey.

Stocks maintained losses after the Bank of England kept its benchmark interest rate unchanged. The European Central Bank is also expected to leave rates on hold today.

http://www.bloomberg.com/apps/news?pid=stocksonmove&refer=&sid=aenj4Y1z16RM

[ozymandius]

14. UPDATE 1-Costco's May same-store sales rise 9 pct

June 5 (Reuters) - Costco Wholesale Corp, the largest U.S. warehouse club, reported a better-than-expected 9 percent rise in sales at stores open at least a year in May, helped by higher gasoline prices, food inflation and strength in foreign currency.

Meanwhile, the company, in a recorded conference call, said May same-store sales rose by a "soft 9" percent, which would be slightly more than 8.5 percent. Sales were hurt by weak tobacco sales and "cannibalisation" of sales from other Costco stores, the company said.

http://www.reuters.com/article/rbssConsumerGoodsAndRetailNews/idUSBNG17080420080605

[ozymandius]

15. Dirty Tricks at Lehman? (And a Defense of Shorts)

Before we get to my rant, let's give a quick update on Lehman. The bank had a better day than yesterday, with the stock up a tad more in large part due to supportive words by highly respected investment bank analyst Guy Moszkowski who said that the notion that Lehman would come to the same end as Bear Stearns was "unfounded". However, the reporting still focused on the endgame for the embattled firm, which indicates that a consensus is building that Lehman will not make it as an independent player. The Journal reports:

Lehman Brothers Holdings Inc., which has been reaching out to foreign investors in an effort to raise new capital, is also willing to open its books to U.S. institutional investors, according to a person familiar with the situation.

Lehman indicated to at least one U.S. pension fund that it would provide the fund with nonpublic information so that the fund could consider making a direct investment in the firm.

The Financial Times was more downbeat, noting that the bets against the firm were increasing. However, a large short interest can cut both ways, since if the security starts to appreciate, position-covering will strengthen the rally:

Many investors are continuing to bet heavily against Lehman Brothers, lifting the percentage of the bank’s shares sold short to a record level....

The level of short interest in Lehman has been rising since late last year and spiked sharply in the past two months to 13 per cent, indicating that many other short sellers have piled in. The level of shares held short in Lehman is the highest of the Wall Street investment banks.

Now to the rant, which relates to the way Lehman has been responding to the crisis. Charles Gaspardino of CNBC, the favorite outlet of those who aspire to paint the tape (there have been instances of favorable-to-embattled-company tidbits coming from him shortly before the close of trading) commented on a Lehman internal memo that came into his possession. I found this clip, which mentions Lehman deleveraging and shows this image:

Risk Positions -30%......Commercial Mortgages -20%......Residential Mortgages -20%

.....

And CNBC's Charlie Gasparino has got his hands on an internal Lehman Brothers memo...

One of the items had to do with stories that came out yesterday about stock buybacks, were they buying back stock amid the financial crisis to prop up shares. They are saying, in the memo, the firm purchased quote "a small number of shares" as part of what they described as its ongoing and regular purchase program to minimize the dilution related to employee stock awards. This is part of what they do all the time at this point in time. They said they only purchased 1.3 million shares compared to volume, which is larger than that. Also they said in the memo, they are not in the market buying back shares today. So, this is what Lehman Brothers has put out in a memo.

Now first to the content, which is suspect, and then to the tactics, which are deplorable.

On the issue of Lehman supposedly deleveraging (particularly to such a dramatic degree), The New York Times reported that Lehman had reduced its leverage from 31.7x to 25x via a $100 billion asset sale. Note even that claim demands more explanation. How was so much unloaded? What losses were taken? And (most probable) was this done the way recent disposals of leveraged loans have been accomplished, via part of the proceeds being financed? If so, the "sale" is far less meaningful than a true sale and involves the risk that the supposed buyer might try to put the asset back in the future (in this environment of high financial stress, do not underestimate the odds of extreme measures).

.....

But leaking an internal memo with non-public, material financial information to Gasparino is an SEC violation, although I am highly confident it was done in such a way the the firm has plausible deniability if questioned. Don't tell me this may have been an unauthorized employee leak; if this memo was circulated broadly to employees, it was done with the full intent that word would get outside the firm. That happens predictably with mass employee communications. And if it was limited distribution, the recipients, as anyone who has passed a Series 7 exam ought to know, are fully aware that selective disclosure of material information is a big no no under SEC Rule FD.

http://www.nakedcapitalism.com/2008/06/dirty-tricks-at-lehman-and-defense-of.html

[UpInArms]

17. dollar watch

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

Last trade 73.735 Change +0.219 (+0.30%)

US Dollar Advance Furthered By Data Supporting NFP, Growth Speculation

http://www.dailyfx.com/story/bio1/US_Dollar_Advance_Furthered_By_1212619332632.html

The dollar’s upside trajectory was maintained Wednesday, though its advance certainly lost some of its steam from yesterday. This tame volatility is likely a result of market participants yielding to major technical levels ahead of Friday’s non-farm payrolls release – which could easily generate the necessary movement needed to overcome the barriers encompassing many of the majors. However, while fundamental traders are battening down the hatches for the end of the week action, today’s data has actually shaped speculation for the NFP release and the more important growth outlook. The usual round of preliminary employment figures crossed the wires with mixed results. The ADP’s employment change report rose unexpectedly by 40,000 – the third consecutive improvement for the series. On the other hand, the Challenger job cuts indicator reported the biggest jump in plans to cut employees in over two years while the ISM services’ employment component fell back below the expansionary/contractionary 50 reading. There is a lot riding on the strength of consumer spending to help avoid a recession later in the year; so the employment number will no doubt color second quarter growth speculation. At the same time, the ISM non-manufacturing survey report is similarly as vital considering 85 percent of American jobs are in the service sector. And, though its employment component soured, the headline May reading revealed expansion thanks to an improvement in business activity and new orders.

...more...

BoE Leaves Rates Unchanged At 5.00%

http://www.dailyfx.com/story/topheadline/BoE_Leaves_Rates_Unchanged_At_1212663967086.html

The Bank of England left their benchmark interest rate unchanged at 5.00% as inflation concerns continue to override a slumping economy. Governor King has continued to maintain that as long as inflation remains near or above the 3% threshold, the MPC will refrain from further easing.

The Bank of England left their benchmark interest rate unchanged at 5.00% as inflation concerns continue to override a slumping economy. Governor King has continued to maintain that as long as inflation remains near or above the 3% threshold, the MPC will refrain from further easing. However, the downside risks to the economy continue to mount as the credit crunch weighs down the housing sector which saw prices fall to a fifteen year low, according to HBOS. Also, mortgage approvals fell to its lowest level in at least nine years despite the recent efforts of the central bank to infuse liquidity into the market. The U.K. economy grew at the slowest pace since 2005 in the first quarter as construction and business services slowed. The second quarter has continued the downward trend as retail sales in April fell 0.2%, manufacturing stagnated and services contracted. Adding to the dour outlook, the OECD lowered its growth outlook for the economy to 1.8% from 3.0% last year. The central bank may need to abandon their focus on price stability if the country continues to slide toward a recession.

[ozymandius]

18. 'Tis a quiet place here at the SMW as we start the day's bidness.

9:30
Dow 12,411.44 Up 20.96 (0.17%)
Nasdaq 2,503.14 0.00 (0.00%)
S&P 500 1,377.48 Up 0.28 (0.02%)
10-Yr Bond 4.029% Up 0.089
NYSE Volume 32,774,367.188
Nasdaq Volume 43,636,707.031

09:15 am : S&P futures vs fair value: +3.8. Nasdaq futures vs fair value: +3.5. The futures market has backed off its best levels of the morning as the yield on the 10-year note has moved back above 4.00% (now 4.02%). Still, the indication at this point is that the major indices will start the session on a higher note.

09:01 am : S&P futures vs fair value: +4.7. Nasdaq futures vs fair value: +5.0.

08:42 am : S&P futures vs fair value: +9.0. Nasdaq futures vs fair value: +10.0. The futures market strengthened in the wake of the weekly initial claims report, which showed an 18K drop to 357K (consensus 375K). The 4-wk moving average, meanwhile, dipped tp 368,500 from 371,250. The level of claims simply isn't at recession-like levels. This realization, combined with the generally pleasing same-store sales reports, has the market on track for a positive open.

[masmdu]

20. Daytrading...Testing System...DO NOT USE...Just keeping track of SP emini Trades

Short SP emini @ 1383 (Stop 1384)...I will post again if stopped out or when I close the position

[masmdu]

21. stopped out

[masmdu]

22. If SP turns down it will happen now...and if 1373 is taken out 1364-1340 is next

[ozymandius]

27. That didn't take long. What gives? n/t

[specimenfred1984]

23. Friendly hint, buy on up days, short on down days

Funds run the mini and take the easiest route that they planned on taking before the open and prop up or down using propaganda. Some easy tech points are RSI 9 on 2-min chart > 80 on dn day or < 30 on up day. Funds like to take buy or sell areas like broken resistence and make it look like the support or resistance are broken but then they suddenly reverse after drawing in the suckers.

Keep in mind that this is a bear market and any up move can instantly reverse and reverse hard.

[TrogL]

24. Loonie Watch

Highlights

Current:



30-day and 90-day vs.greenback:



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




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

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

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

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

2008-04-24 Thursday, April 24 0.987069 USD
2008-04-25 Friday, April 25 0.983961 USD
2008-04-28 Monday, April 28 0.984446 USD
2008-04-29 Tuesday, April 29 0.987362 USD
2008-04-30 Wednesday, April 30 0.990884 USD
2008-05-01 Thursday, May 1 0.981643 USD
2008-05-02 Friday, May 2 0.982125 USD
2008-05-05 Monday, May 5 0.987654 USD
2008-05-06 Tuesday, May 6 0.996413 USD
2008-05-07 Wednesday, May 7 0.998004 USD
2008-05-08 Thursday, May 8 0.985319 USD
2008-05-09 Friday, May 9 0.993838 USD
2008-05-12 Monday, May 12 0.996314 USD
2008-05-13 Tuesday, May 13 1.0004 USD
2008-05-14 Wednesday, May 14 0.998203 USD
2008-05-15 Thursday, May 15 1.0004 USD
2008-05-16 Friday, May 16 1.00341 USD
2008-05-19 Monday, May 19 1.00867 USD
2008-05-20 Tuesday, May 20 1.00725 USD
2008-05-21 Wednesday, May 21 1.01626 USD
2008-05-22 Thursday, May 22 1.0141 USD
2008-05-23 Friday, May 23 1.01184 USD
2008-05-26 Monday, May 26 1.01184 USD
2008-05-27 Tuesday, May 27 1.00685 USD
2008-05-28 Wednesday, May 28 1.00878 USD
2008-05-29 Thursday, May 29 1.01307 USD
2008-05-30 Friday, May 30 1.00624 USD
2008-06-02 Monday, June 2 0.998901 USD
2008-06-03 Tuesday, June 3 0.994926 USD
2008-06-04 Wednesday, June 4 0.985707 USD


Current values

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

Market            Open   High    Low   Last  Change    Pct 
CD.Y$$ Cash     0.9819 0.9819 0.9792 0.9792 -0.0046 -0.47% 
CD.M08 Jun 2008 0.9785 0.9817 0.9784 0.9803 -0.0030 -0.30% 
CD.U08 Sep 2008 0.9909 0.9909 0.9833 0.9827 -0.0074 -0.75% 
CD.Z08 Dec 2008 0.9780 0.9780 0.9780 0.9827 -0.0074 -0.75% 
CD.H09 Mar 2009 0.9757 0.9757        0.9833 -0.0072 -0.73% 
CD.M09 Jun 2009 0.9995 0.9995        0.9833 -0.0072 -0.73%  
CD.U09 Sep 2009 0.9865 0.9865 0.9865 0.9833 -0.0072 -0.73% 


 

Other combinations: (http://quotes.ino.com/exchanges/?c=currencies)

Market          Open    High    Low     Last    Change   Pct 
AUSTRALIAN $/CANADIAN $ (CME:ACD)
ACD.M08 Jun 2008 0.9728 0.9728 0.9728 0.9728 +0.0131 +1.35% 
BRITISH POUND/US$ (SMALL) (NYBOT:MP) 
MP.M08.E Jun 2008 (E) 1.9481 1.9552 1.9475 1.9537 +0.0008 +0.04% 
EURO/BRITISH POUND (NYBOT:GB)
GB.M08.E Jun 2008 (E) 0.7902 0.7951 0.7902 0.7951 +0.0050 +0.63%    
EURO/JAPANESE YEN (NYBOT:EJ)
EJ.M08.E Jun 2008 (E) 163.640 164.540 163.640 164.540 +2.545 +1.57%     
EURO/US$ (SMALL) (NYBOT:EO)
EO.M08.E Jun 2008 (E) 1.53960 1.55490 1.53860 1.55430 +0.01135 +0.74%    

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

The June Canadian Dollar was lower overnight as it extends this week's decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, the 75% retracement level of the April-May rally crossing at 97.96 is the next downside target. Closes above the 20-day moving average crossing at 100.13 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 100.02. Second resistance is the 20-day moving average crossing at 100.13. First support is the overnight low crossing at 98.02. Second support is the 75% retracement level of the April-May rally crossing at 97.96.


Analysis

...which of course is just a complicated way of saying the loonie's going in the crapper for no particularly good reason. The morning drivein guy had no clue other than the GM plant closure which may have affected the Ontario economy somewhat, but was hardly unexpected and shouldn't have an overall effect like what we're seeing.

[DemReadingDU]

25. WSJ: Backstage at a Bank Funeral

6/5/08 Backstage at a Bank Funeral:
Feds Swoop In on an Unsuspecting Town
By DAMIAN PALETTA

STAPLES, Minn. -- At 7 p.m. on Friday, Mayor Chris Etzler walked through the back door of First Integrity Bank. The lobby should have been closed for the weekend, but dozens of strangers in dark suits were bustling about with laptops and file boxes. Someone had just delivered 32 pizzas.

Dan Walker, a top official with the Federal Deposit Insurance Corp., a Washington, D.C., bank regulator, had summoned Mr. Etzler to explain what was going on: The FDIC had just taken over First Integrity.

"All the deposits are safe," Mr. Walker tried to reassure the mayor. "Nobody is going to have any problems."

It isn't easy for 75 federal officials and contractors to slip into a small town undetected and liquidate an 89-year-old bank without anyone knowing. But that's what just happened in this old railroad town, population 3,200. It's a scene that's likely to repeat itself across the country as banks struggle through a painful credit cycle, overwhelmed by troubled mortgages and soured construction loans.

First Integrity, which had two branches and $55 million in assets, was the fourth FDIC-insured bank to fail this year. That's one more than during the entire three-year stretch leading up to 2008. Some analysts predict that as many as 150 banks, mostly small and medium-size, could fail over the next three years.

In its role as receiver for failed banks, the FDIC acts as a SWAT team, playing equal parts secret agent, medical examiner, salesman and grief counselor. The first 48 hours are typically the most frantic, as the agency must turn a failed bank inside out and oversee its sale -- or its orderly burial.

To keep a low profile, FDIC officials often use personal credit cards while in town. Many will tell curious strangers they work in insurance. In the case of First Integrity, Mr. Walker rented a conference room in a town 30 minutes away for a meeting of "Robinson & Associates," and a sign near his hotel's front door welcomed the fictitious company.

The FDIC allowed a Wall Street Journal reporter to go along with its team in Staples this past weekend, offering a rare window into a little-known government task force.

more...
http://online.wsj.com/article/SB121262738508347067-email.html


edit: photo slideshow at the link

[Demeter]

28. Men in Black--The New Version

Govt. getting mighty sneaky around its citizens lately...can't let the facts out or there would be revolution.

What gives with the two hundred point jump?

I am so far out of the loop--might as well be on Pluto.

[DemReadingDU]

31. LOL Beware of men in dark suits carrying laptops

two hundred point jump? possibly someone pumping up the market so the hedge funds can get out their money from failing banks :shrug:

[ozymandius]

29. Hootin' and Hollerin' to the end.

Dow 12,604.45 Up 213.97 (1.73%)
Nasdaq 2,549.94 Up 46.80 (1.87%)
S&P 500 1,404.05 Up 26.85 (1.95%)
10-Yr Bond 4.025% Up 0.085
NYSE Volume 4,316,774,000
Nasdaq Volume 2,254,763,500

4:15 pm : It was a big day in the stock market Thursday as a broad-based rally effort followed some pleasing same-store sales reports for May, encouraging initial claims data, and an M&A deal of size and significance in the telecom services sector.

The day was not without its trials. Oil prices spiked more than $5.00 to $127.79 per barrel, the 10-year note yield rose above 4.00%, and Standard & Poor's lowered its financial strength ratings on bond insurers Ambac Financial (ABK 2.62, +0.13) and MBIA (MBI 6.04, +0.41) to 'AA' from 'AAA'.

The negatives, though, barely registered as the bulls held sway over today's proceedings.

Wal-Mart (WMT 59.80, +2.12) and the retailers set the tone before the open when their same-store sales reports proved to be better than expected. Wal-Mart was the headline leader in that respect, posting a 3.9% increase, excluding fuel. The company had forecast same-store sales to be flat to up 2%.

For June Wal-Mart is expecting same-store sales to be up 2% to 4% due in part to an expected benefit from the spending of stimulus checks.

Wal-Mart's forecast set an optimistic mood for the market that was enhanced when the Department of Labor reported initial claims fell 18,000 in the week ended May 31 to 357,000. The latter was well below the consensus estimate of 375,000 and was certainly not a recession-like level of claims, which would typically be above 400,000.

All ten economic sectors participated in today's gains. The materials sector, which surged 3.4% after steel maker Nucor (NUE 80.54, +6.40) raised its second quarter guidance, led the way. It was followed by telecom services, which jumped 2.9% on the report that Verizon (VZ 38.96, +1.98) agreed to acquire Alltel for a total consideration of $28.1 billion. The acquisition will enable Verizon to supplant AT&T (T 39.46, +0.96) as the nation's largest mobile phone operator.

The indices did hit a small air pocket in afternoon trading when oil prices accelerated to the upside on the dollar's weakness and technical buying interest. Strikingly, oil touched $121.61 at its low today before closing NYMEX trading at $127.79 per barrel, up 4.5%.

At the same time oil prices were surging in the afternoon trade, Standard & Poor's announced it was cutting its ratings on Ambac Financial and MBIA. Those stocks, and the market, suffered a knee-jerk dip, but regrouped in quick fashion on the idea that the downgrades had already been accounted for in stock prices. :wtf:

The market's resilience in the face of the downgrades spurred a renewed wave of buying interest that culminated with the indices closing at, or near, their best levels of the day.

Presumably, the market's behavior after the downgrades was viewed by some traders as an anecdotal signal that the financial sector may be close to a bottom, or at a point at least where it is believed its long-term upside potential outweighs its near-term downside risk.

Sentiment can change in a hurry these days, but clearly, the prevailing mood on Thursday was a positive one.

The next test of sentiment comes Friday with the release of the May employment report. DJ30 +213.97 NASDAQ +46.80 NQ100 +1.7% R2K +2.6% SP400 +2.3% SP500 +26.85 NASDAQ Dec/Adv/Vol 745/2141/2.24 bln NYSE Dec/Adv/Vol 669/2464/1.31 bln

---

I wonder how many shares were purchased with a negative or 0% yield.

[skoalyman]

30. earth must be the asylum of our galaxy it sure feels like it sometimes

wtf happened with oil its on the way back up for no other reason besides some news story on the boob tube:argh: :argh: