STOCK MARKET WATCH, Monday 10 April

[ozymandius]

Monday April 10, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 1015 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 1936 DAYS
WHERE'S OSAMA BIN-LADEN? 1636 DAYS
DAYS SINCE ENRON COLLAPSE = 1597
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 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 April 7, 2006

Dow... 11,120.04 -96.46 (-0.86%)
Nasdaq... 2,339.02 -22.15 (-0.94%)
S&P 500... 1,295.50 -13.54 (-1.03%)
Gold future... 592.70 -7.00 (-1.18%)
30-Year Bond 5.04% +0.08 (+1.57%)
10-Yr Bond... 4.96% +0.07 (+1.43%)






GOLD, EURO, YEN, Dollars and Loonie


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 [email protected]

For information on protests and other actions Citizens For Legitimate Government

[ozymandius]

1. WrapUp by Tim W. Wood

THE DOW REPORT
An Update on Confirmations and Non-Confirmations

The concept of one average confirming the other average came to be when Charles H. Dow first developed the Dow Jones Industrial Average and the Dow Jones Railroad Average. The concept was simple. When both averages are moving in the same direction and continuously clearing their previous Secondary high or low points, the averages are said to be “in gear” with each other and we have trend uniformity. When one average fails to confirm the other average, it is a sign of trouble or at least possible trouble. If this non-confirmation remains, then the market is set up for a reversal of trend. If the averages do finally clear their previous secondary reaction points, then they are back in gear and the prevailing trend is reconfirmed.

According to Dow theory there are three movements of the averages, all of which may be in progress at one and the same time. The first, and most important, is the Primary trend. The second, and most deceptive movement, is the Secondary reaction. The third and usually unimportant movement is the daily fluctuation.

-cut-

Last week I wrote on manipulation and I want to follow up on that briefly today. I stated that I do, in fact, believe in manipulation in regard to liquidity infusion as this is very obvious to all. I also went on to say that I had no way of proving the efforts of the alleged Plunge Protection Team stepping into the market buying selective stocks. Now, let me add another comment that I get from time to time and that being, we can no longer trust the Industrials because of the fact that it is made up of a mere 30 stocks and is easily manipulated. Okay, if we make that assumption, then it should be obvious that 10 stocks would even be easier to manipulate, right? Then I have to ask, “Why doesn’t the PPT buy up these measly 10 stocks to eliminate the weakness within the Industrials and to mend this non-confirmation?” This should be a piece of cake, right? Surely in a year’s time enough money could have been thrown at a mere 10 stocks to have corrected this little problem. If so, then why has the current non-confirmation been going on for over a year? As long as this non-confirmation exists, it is a serious warning. This is further evidence that the market is getting leaner and leaner just as the internal strength data suggests.

more...

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

[specimenfred1984]

84. "Alien" Comment Obviously Got a Lot of Flack

from which he's poorly recovering with an absurd hypothesis. I couldn't even read his article, the guy lost credibility by denying the corruption that's involved in the markets now.

FS is still a great site with a lot of other people who are smart and insighful.

[ozymandius]

2. Oil edges up on Iran, Nigeria supply risks

SYDNEY (Reuters) - Oil climbed toward $68 on Monday as tension ratcheted up between the West and Iran over its nuclear program and militants threatened further violence against oil workers in Nigeria.

U.S. crude oil futures rose 31 cents, or 0.46 percent, to $67.70 a barrel, having traded as high as $67.80, to recover some of Friday's 55-cent losses. London Brent crude was up 39 cents, or 0.58 percent, to $67.68 a barrel.

The U.S. government insisted on Sunday its priority was to seek a diplomatic solution to the nuclear dispute with oil-rich Iran, but did not deny comments made by unnamed officials in a magazine report suggesting it had stepped up military planning.

"The market had become a bit too comfortable expecting a diplomatic solution in Iran," said Tobin Gorey, commodities strategist at the Commonwealth Bank of Australia in Sydney.

more...

[UpInArms]

10. Gas Prices Jump Nearly 17 Cents in U.S.

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

CAMARILLO, Calif. - Retail gas prices across the country soared an average of nearly 17 cents in the past two weeks, according to a survey released Sunday.

The weighted average for all three grades increased to $2.69 a gallon by Friday, said Trilby Lundberg, who publishes the semimonthly Lundberg Survey of 7,000 gas stations in the country.

Self-serve regular averaged $2.67 a gallon. Mid-grade cost $2.76 a gallon while premium hit $2.86 a gallon.

Among the stations surveyed, the lowest average price in the country for regular unleaded was in Salt Lake City at $2.28 a gallon. The most expensive was in Honolulu, where drivers paid $2.88 a gallon.

...a bit more...

[UpInArms]

22. Crude gains on Iran-attack fears (@ $67.96 bbl)

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B04DAEDEF%2D97C7%2D42C0%2DAFC9%2D151E2E3D2981%7D&dist=newsfinder&symbol=&siteid=mktw&print=true&dist=printTop

NEW YORK (MarketWatch) -- Crude-oil futures rose early Monday as talk of a possible U.S. attack on Iranian nuclear research facilities ignited concerns about an interruption of supplies from there.

Crude for May delivery was last trading up 57 cents at $67.96 a barrel in electronic trade, having surged earlier to a high of $68.15.

The New Yorker magazine reported that the U.S. is stepping up preparations for a possible air attack on Iranian nuclear facilities that could involve the use of nuclear weapons against underground sites.

Dan Bartlett, a senior adviser to President Bush, said the report was "ill-informed," the BBC reported, reiterating that the government is committed to a diplomatic solution to the issue of Iran's nuclear research.

<snip>

"The fear factor related to Iran is real, and an attack of some type is likely imminent from the Bush administration," said Kevin Kerr, editor of Global Resources Trader, a newsletter published by MarketWatch, the publisher of this report.

...more...

[UpInArms]

53. May Crude @ $68.20 bbl - May NatGas @ $6.825 mln btus

10:17 AM ET 4/10/06 MAY CRUDE TAPS $60.30/BRL, ITS HIGHEST LEVEL SINCE FEB. 1

10:17 AM ET 4/10/06 MAY CRUDE LAST UP 81C AT $68.20/BRL IN EARLY TRADING

10:17 AM ET 4/10/06 MAY NATURAL GAS CLIMBS 8.2C, OR 1.2%, AT $6.825/MLN BTUS

I do believe that first line is a typo - it should probably read $70.30 bbl

:hide:

[UpInArms]

90. May Crude @ $68.60 bbl - May Unleaded Gas @ $2.015 gal

12:25 PM ET 4/10/06
MAY CRUDE UP $1.21, OR 1.8%, AT $68.60/BRL AFTER $60.70 HIGH
12:25 PM ET 4/10/06
MAY NATURAL GAS CLIMBS 8.7C TO $6.83/MLN BTU AFTER $6.68 LOW
12:25 PM ET 4/10/06
MAY UNLEADED GAS UP 1.9% AT AN OVER 6-MO HIGH OF $2.015/GAL

[UpInArms]

108. May Crude closes @ $68.74 bbl

2:57 PM ET 4/10/06 MAY CRUDE CLOSES AT HIGHEST LEVEL SINCE JAN. 31

2:57 PM ET 4/10/06 MAY CRUDE CLIMBS $1.35, OR 2%, TO END AT $68.74/BRL

[ozymandius]

3. 'Conundrum' winds down as US bond yields rise

WASHINGTON (AFP) - The "conundrum" of the bond market underscored by former Fed chief
Alan Greenspan appears to be ending, as long-term yields are finally moving higher in response to a series of rate hikes by the US central bank.

The 10-year Treasury bond moved as high as 4.979 percent Friday, up sharply from 4.39 percent at the start of the year, and at its highest level since mid-2002.

For the 30-year bond, which was reintroduced by the Treasury this year, the yield topped 5.0 percent for the first time since December 2004, closing Friday at 5.038 percent.

The rise in bond yields affects other interest rates, notably mortgages, and is likely to cool economic growth.

more...

[JNelson6563]

16. I did a double-take this morn

4.98% on the 10 yr. really caught my eye! Not so sure I like the looks of this.

But hey, gold's up 7.5 and over $600. :toast:

Julie

[jamesinca]

17. Morning

You can retire next week if gold keeps up like this.:hi:

[UpInArms]

33. Treasury yields hover at multi-year highs

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B0403065D%2DD8F0%2D4592%2D917F%2D80405024C408%7D&dist=newsfinder&symbol=&siteid=mktw&print=true&dist=printTop

NEW YORK (MarketWatch) -- Treasury prices were little changed early Monday, leaving yields at the multi-year closing high levels seen on Friday, as investors wait to see if the rich yields spark demand.

The yield ($TNX 49.61, -0.02, 0.0% ) on the benchmark 10-year note last stood at 4.962%, where it closed on Friday when a strong March employment report sparked a selloff. Prices and yields move in opposite directions.

On Friday the yield ($TYX 50.38, +0.01, +0.0% ) on the 30-year long bond broke above 5% for the first time in more than two years. It last stood at 5.04%.
The elevated yields could attract capital flows away from the stock market and into bonds.

There was little immediate reaction to a magazine report that the U.S. is considering a possible attack on Iranian nuclear sites, but the prospect could attract safe-haven capital into the fixed-income market later in the session.

Dan Bartlett, a senior adviser to President Bush, said the report was "ill-informed," the BBC reported, reiterating that the government is committed to a diplomatic solution to the issue of Iran's nuclear research.

Earlier Federal Reserve Governor Mark Olson said that the March employment report, which was released on Friday, was an "indication of a pretty strong underlying economy."

...more...

[AnneD]

35. Morning Marketeers,

:donut: I had to crack up this weekend over the massive protest march in Dallas. You have to know how anally retentive those folks tend to be up there appreciate it. Let's just say if cities were political parties, Houston is DEM and Dallas is GOP (of the Neocon variety). In all honesty, I will confess that I spent my early life in Ft. Worth-a fact of which I am very proud and have never cared for Dallas (the bad blood runs deep).
Well, the marches have some of those folks pissing in their pants-I mean the hired help is actually speaking up and heavens, who'll do the lawns and nanny the kids if they don't show up to work on May 1.
In Houston, we are much more relaxed. When Homeland Security declared that the HPD should be rounding up immigrants for legal reasons, HPD all but thumbed their noses at them. The cops have a lot more important things to do than INS's job too. It took a long time for HPD to gain the trust of the immigrant community in reporting crimes. They do NOT ask about status. HISD schools do not ask about status of the kids either. All we want to know is your address to tell if you are zone to the school or not,PERIOD.
I just wish we could draw these numbers to our antiwar rallies.

Well, Happy hunting and watch out for the bears.

[UpInArms]

37. Cinco de Mayo or May 5 will be a scary day in Dallas

just my humble opinion

[AnneD]

57. The Dallas PD....

doesn't have a good rep at the moment. I think Cinco de Mayo will be faily peaceful with all the activities....but look for major organizing activity.

[ozymandius]

4. Seizing Intangibles for the G.D.P.

THE plain fact is that when it comes to measuring how much the American economy produces and who gets what share of the pie, the federal government's most celebrated statistic — the gross domestic product — leaves something to be desired.

The G.D.P. is useful, as far as it goes. It tells us how much value — often called national income — is generated each year from the production of goods and services in the United States. The G.D.P. also breaks out how much of that income goes into profits and how much into wages and salaries.

This is where the trouble is. The numbers show that the profit portion of the gross domestic product has risen mildly in recent years, while the wage-and-salary share has shrunk slightly. There is evidence, however, that because of the way the G.D.P. is calculated, the actual shift is much more pronounced.

-cut-

The Bureau of Economic Analysis, which issues the G.D.P. reports each quarter, is on the case. So are two prominent economists at the Federal Reserve. They all seem to be finding that the current methods for calculating G.D.P. undercount the dollar returns from research and development. What's more, this payoff is not showing up in workers' paychecks.

more...

registration required

[54anickel]

67. Someone's having a DUH moment here....

The long decline doesn't show up in the standard G.D.P. accounts, which ascribe nearly 65 percent of national income to labor. "The hidden earnings from these knowledge investments have not been shared equally with workers," Mr. Hulten said.

Two reasons seem likely. Some of the profit is probably going to the wealthiest Americans — the upper 1 percent whose incomes have risen sharply, in part from dividends and other forms of corporate earnings.

Then, too, most of the nation's workers are bereft of bargaining power. Unless that returns, labor's share of national income seems likely to continue its decline.

[Roland99]

78. It's the anti-Robin Hood economy: exploit the worker, enlarge the rich.

[UpInArms]

5. daily dollar watch

Last trade 89.58 Change +0.02 (+0.02%)

Dollar Screams Higher as Poole Talks Up 5.25% Rates

http://www.dailyfx.com/story/dailyfx-reports/daily-fundamentals/7886--dollar-screams-higher-as-poole-talks-up.html

US Dollar - It has been quite a volatile day in the currency markets. The initial reaction in the dollar after the March non-farm payrolls report was rather muted as the market tried to decide what to do with the mixed report. Even though non-farm payrolls increased by a more than expected 211k last month, the 18k downward revision in the prior figure pretty much negated the surprise. Taking a look at the further details of this morning's release, we see that the unemployment rate ticked lower from 4.8 percent to 4.7 percent, but the manufacturing sector saw more job losses. Additionally, wage gains were modest at best with average hourly earnings growth slowing from an upwardly revised 0.4 percent to 0.2 percent. Given that the market was really looking for an unambiguously good set of data, the market's first reaction was to sell dollars. However, as soon as dollar bears realized that the rally contained little follow through, profit taking ensued and the dollar began to recuperate its losses, causing the first wave of selling in the EUR/USD. The second wave came right after option expirations at 10am, which opened up the flood gates for a flush down to 1.2100. Traders were looking to the bond market for direction and saw that yields on the 30 year bond shot to 5 percent. Commodity prices also retraced, adding fuel to the rally. Most reports are crediting the dollar's rise to traders and analysts pricing in another quarter point rate hike in May, which is actually quite surprising since it has already been a widespread belief that we would have at least one or two more rate hikes over the next few months. With last week's hawkish FOMC statement, we would be surprised to find anyone that may have though 4.75 percent was the top. In fact, FOMC member Poole said in his speech today that 5.25 percent rates is “reasonable given what we know.” Therefore this suggests to us that the latest move is just a flush with the only major shift in fundamentals coming from the words of the ECB, who recently signaled their plans to delay their next rate hike to June. So perhaps the move today was an adjustment of expectations on who would be the more hawkish central bank over the next two months. The week ahead still brings about a lot of uncertainty, including the US trade balance and retail sales report. The consumer spending figure will be the most important number to watch since it can easily shift expectations once again. The market is worried about housing and the clearest sign that the housing slowdown is being felt by consumers is through spending.

...more...

Fed's Poole says inflation spike is hard to reverse

http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=uri:2006-04-07T212917Z_01_N0787992_RTRIDST_0_ECONOMY-FED-POOLE-UPDATE-2.XML

WASHINGTON, April 7 (Reuters) - It would be harder for the Federal Reserve to deal with a spike in inflation than a softening of growth, a key Fed policy-maker said on Friday, suggesting the central bank may want to err on the side of higher interest rates.

"There are always risks on both sides. There are risks that we would stop too soon and risks we would stop too late, and what we have to do is find the best balance we can between those two risks," St. Louis Fed President William Poole said in an interview with Bloomberg Television.

"My own view is that inflation is the key here because I think we have a lot of evidence that if the inflation rate starts to get away from us, that is a much harder process to reverse than if we see the economy softening, because I believe the economy would react pretty quickly and constructively to the end of the tightening ... whereas inflation is a much harder thing to stop once it gets going," Poole said.

Poole, who is not a voting member of the policy-setting Federal Open Market Committee under this year's rotation, said he believes the economy is on a very solid track -- with signs of both tightness and slack in capacity.

"As long as the inflation rate stays where it is, there is no reason not to have the economy continue to grow," he said.

"I think there are pockets of tightness in both the physical capacity and the labor market, but there are a lot of other places where there's a lot of excess capacity, so I think the economy is on a good solid course and I don't see any reason in my own view to say we're in any sort of difficult situation," Poole said.

...more...

[Changenow]

97. Why is it up?

even slightly?

[UpInArms]

6. Mortgage scams cost lenders billions; borrowers hit, too

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BF95A07EE%2D9C67%2D405F%2D8688%2D9542865B95B6%7D&dist=newsfinder&symbol=&siteid=mktw&print=true&dist=printTop

SAN FRANCISCO (MarketWatch) -- Once a nuisance to a handful of lenders, mortgage fraud has blossomed into one of the fastest-growing white-collar crimes in the country, putting innocent homeowners on the hook for overpriced houses and pushing up interest rates for all home-loan borrowers.

In some cases, scammers purchase dilapidated buildings, obtain fake appraisals to inflate the value and sell the homes for far more than they're worth, industry experts said.

Or, fraudsters will find novice real-estate investors and convince them to sell their good name and credit record. In return, scammers promise to arrange a loan on an investment property, find tenants, make mortgage payments and sell the property for huge profits once it appreciates.

Instead, the fraudsters use the borrower's name on loan documents -- and then walk away with hundreds of thousands of dollars in loan proceeds.

"No tenants are found, no rental payments are collected, no mortgage payments are made, the house goes into default, turns out it's not worth anything, and the borrower is left holding the bag and their credit is destroyed," said Rachel Dollar, an attorney in Santa Rosa, Calif., who represents lenders in mortgage-fraud cases.

Or, identity thieves use stolen information to purchase properties in victims' names, pocketing the loan and leaving the victim and the lender to sort out the mess.

...more...

[UpInArms]

7. Outsourcer to Outsource Its Ownership

http://www.nytimes.com/2006/04/08/business/08interview.html?ei=5099&en=5bb6a3c5998a3732&ex=1145160000&adxnnl=1&partner=TOPIXNEWS&adxnnlx=1144667718-L28leeQyAF3XvA9iIY6B2w

(free registration or try www.bugmenot.com)

With consolidation expected in the outsourcing industry in the next two years, what's a midsize outsourcer to do?

For Jerry Rao, the chief executive of MphasiS, an Indian outsourcer, the answer is: embrace it.

This week, Electronic Data Systems, the information technology consulting giant, made a $380 million offer for a 52 percent stake in MphasiS. The company's board was receptive to the offer. The potential for a deal was put in place last year when Barings Private Equity Partners decided to sell its 35 percent stake in MphasiS.

The company, with headquarters in Bangalore and New York, has a work force of 12,000 and $170.44 million in 2005 revenue. MphasiS specializes in information technology services and business process outsourcing.

The outsourcer made news last year when three former employees at one of its call centers were arrested for stealing passwords from Citibank. Mr. Rao said the incident gave him restless nights, but that it was an important learning experience and subsequently Citigroup increased its business with MphasiS.

...more...

[UpInArms]

8. Refco asks court for permission to lay off CFO

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-04-07T232223Z_01_N07272297_RTRIDST_0_FINANCIAL-REFCO-CFO.XML

NEW YORK, April 7 (Reuters) - Refco Inc. (RFXCQ.PK: Quote, Profile, Research) has asked a U.S. bankruptcy judge for permission to fire its chief financial officer, whose services it said are no longer needed as the broker sells off assets.

In a late Thursday court filing, Refco asked for permission to reject Chief Financial Officer Gerald Sherer's employment contract to save money.

Refco filed for Chapter 11 protection from creditors on Oct. 17, a week after the firm said former chief executive Phillip Bennett had hidden $430 million of bad debt.

The company is selling assets to pay creditors that claim they are owed up to $16.8 billion.

Before its troubles, Refco was one of the biggest market makers for commodities and financial futures, allowing funds and companies to trade contracts on commodities, bonds and currencies.

...a bit more...

[UpInArms]

9. U.S. homebuyers feel pinch of rising mortgage rates

http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=uri:2006-04-09T172711Z_01_N09314100_RTRIDST_0_ECONOMY-MORTGAGES.XML

WASHINGTON, April 9 (Reuters) - Vicki Nious joined a nonprofit agency last year to help low-income Americans buy and fix up homes. Instead, with interest rates rising, she's seeing more clients struggling to pay their mortgage and hang onto their house.

"We've definitely seen an increase in delinquencies and even we have a few cases we may consider for foreclosure," said Nious, mortgage services manager for AHC Inc. in Arlington, Virginia. "Many families are having trouble because their adjustable rate mortgages are expiring and they need help."

Like a lot of Americans, many AHC clients got into the housing market in the last few years by taking out adjustable rate mortgages at extremely low "teaser" rates, sometimes half that of a traditional 30-year fixed mortgage.

The low rates offered an alluring way for poorer Americans to get into a booming housing market, and many leapt at the chance. About a quarter of outstanding home mortgages nationwide carry adjustable interest rates, and the nation's homeownership rate has climbed to a record 70 percent.

Last year, 43 percent of all mortgages taken out were adjustable or exotic in nature -- such as those that require only the interest of the loan be paid for the first two years.

But borrowing costs have been climbing for two years, in some cases to nearly double what they were in 2003 or 2004, just when the introductory low rates on adjustable mortgages are set to expire.

That means homebuyers who were once paying just over 3 percent interest are suddenly facing rates that are at 5 or 6 percent and still climbing. As interest rates rise, late payments, also known as delinquencies, are becoming more common. After 90 days, foreclosure can begin.

...more single-sentence paragraphs...

[UpInArms]

11. Evraz (Russian Group) to buy US vanadium maker Strategic Minerals

http://today.reuters.com/news/newsarticle.aspx?type=businessNews&storyid=2006-04-10T062419Z_01_L10317699_RTRUKOC_0_US-MINERALS-EVRAZ-VANADIUM.xml

MOSCOW (Reuters) - Russian steel major Evraz Group (HK1.L: Quote, Profile, Research) said on Monday it had signed a deal to buy 73 percent of shares in leading vanadium producer U.S.-based Strategic Minerals Corporation (Stratcor) for about $110 million.

"Final closing is subject to customary conditions and approvals," Evraz said in a statement issued through the London Stock Exchange.

[UpInArms]

12. Europe simulates financial meltdown

http://news.yahoo.com/s/ft/fto040920061619283914

Europe's financial regulators have held a "war game" exercise, simulating a continent-wide financial crisis, amid fears they are ill- prepared to stop a problem in one country spreading across borders.

The exercise involved simulating the collapse of a big bank with operations in several large countries to see whether the European Central Bank, national central banks and finance ministries could work together to contain the crisis.

It is understood the exercise took place at the headquarters of the ECB in Frankfurt at the end of last week. One person involved said: "It is like checking whether a nuclear power plant can survive a plane crashing into it."

The exercise took place on the eve of a meeting of European Union finance ministers and central bank chiefs in Vienna, at which the bloc's financial stability was high on the agenda. Officials at the meeting confirmed that ministers had discussed the ECB crisis management exercise.

<snip>

The report submitted to the Ecofin council identified a possible housing market crash, a bird flu pandemic and high oil prices as potential sources of risk, but said that the situation in the banking sector was "solid".

However, the report warned that hedge funds and credit derivatives were sources of concern "as related risks remain opaque and they have become extremely relevant in assessing financial stability both across borders and across all financial sectors".

...more...

[UpInArms]

13. Boeing agrees to $15 million arms control fine

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

NEW YORK (Reuters) - Boeing Co. (NYSE:BA - news) said on Sunday it had agreed to pay a $15 million fine to settle U.S. allegations it violated export regulations by selling commercial jets equipped with a chip that had potential military uses.

The fine, agreed with the State Department as part of a consent decree, is the latest of several penalties the leading U.S. planemaker has paid in recent years to settle previous technology transfer cases.

The case was one of a series cited by Boeing's general counsel earlier this year when he warned that the company -- a top Pentagon contractor -- was still struggling to overcome a series of scandals related to procurement and other issues.

As part of the agreement, Boeing also agreed to the hiring of an outside compliance officer who will monitor and audit the company's export practices over the next two years to avoid further violations, said Boeing spokesman Tim Neale.

<snip>

Some of the planes at issue in the consent decree -- exported between 2000 and 2003 -- went to China, he said.

...more...

[WhiteTara]

83. they get to Agree?

what happened to imposing fines.

[UpInArms]

85. Fines! Smines! BNL, these are kickbacks!

:hi:

[UpInArms]

14. Some Worry 1st-Quarter Stock Rally Is Over

http://news.yahoo.com/s/ap/20060410/ap_on_bi_ge/wall_street_week_ahead

NEW YORK - Wall Street's first-quarter rally could already be fizzling.

On a technical basis, the major indexes last week failed to meaningfully break out of their recent trading ranges. Yes, the Nasdaq composite index reached consecutive five-year highs on Wednesday and Thursday — and then gave it all back and then some Friday.

For the market's number crunchers, such "technical resistance" is a bad omen. And while discerning trends solely through trading averages can be akin to reading tea leaves, the fact that the major indexes have retreated off these highs is never a good sign.

As a practical matter, there's really no reason for investors to push stocks substantially higher. Last month's Federal Reserve statement on the economy was clear — rates will continue to rise, at least for one more session, and for as long as the economy shows strength. And the economic data back up that notion, as the economy appears to be growing at a solid pace, with more people getting jobs and buying power.

Investors would like to see slow growth, so rates remain stable and companies can borrow money to expand without worrying about higher interest costs. Lower rates would be good for consumers, too, especially those with credit card debt and adjustable-rate mortgages.

...more...

[54anickel]

39. The (Rude) Awakening

http://www.prudentbear.com/archive_comm_article.asp?category=Guest+Commentary&content_idx=53283

big snip>

Even though some of his funds had a fine performance in the latter half of 2005, Bob is now concerned about his investment portfolio. With Hurricane Katrina and rising oil and gold prices, Bob never expected his growth mutual funds to perform so well. And, while his co-workers have been talking about the stellar returns in their international mutual funds, Bob’s been thinking about the effect that all this debt will someday have on the markets. He’s also been uneasy because of a friend’s recent comments about high amounts of insider selling. Bob remembers hearing about a lot of the insiders at his firm selling their stock in 1999 and early 2000, before the downsizing. He remembers watching his accounts decline and being told to “hold on” and “ride out the dips.” He’s not sure he wants to go through that again.

Right now, there are millions of Bobs and Sallys in the investment markets. They’re hoping that the traditional strategies they used during the greatest bull market, and the greatest credit boom, in history will continue to work. They hear all the soothing rhetoric from conventional news sources, but they’re starting to become aware of other news sources with different opinions, backed by hard facts from credible sources. While 2000 could be blamed on the dot-coms, the recent parabolic growth of credit seems to have broadened the speculation to nearly every asset class.



Let’s let the charts speak for themselves. Here we see a chart from Alan Newman’s December 5th edition of Stock Market Crosscurrents (www.cross-currents.net). This chart shows that there are 29 insider sells for every insider buy, or, if you prefer, 2000 shares sold by insiders for each share an insider purchases. One thing we know – people do not sell their stock if they think the price will continue to go up. With this large discrepancy, it looks like insiders are preparing for change.



snip>

Fundamental analysis, like household debt and mortgage equity withdrawal, tells us what will eventually happen. Technical analysis, like the charts in the rest of this article, tries to give us an idea of when it will happen. For more evidence of a major turning point in the markets, I encourage you to review our annual picture edition from 2005. While there is no such thing as a Holy Grail that can tell us “this is the day,” when we start to see these indicators cluster together, we know that the risk is mounting.

If you have grown comfortable in the warm embrace of bullish rhetoric, I would strongly encourage you to do some homework. If you took a hit in 2000 to 2002, then you’ll want to take some time and do a search on what your current “experts” were saying at that time. If their rhetoric was continuously bullish over the last ten years, you aren’t getting advice; you are being sold. Ignorance is bliss, until it’s not.

much more....

[UpInArms]

42. Ignorance is bliss, until it's not.

Alarm bells are going off - how long with the sheeple sleep?

[AnneD]

55. They'll continue to sleepwalk

until they realize that they will HAVE to live (read withdraw)on these funds (or the interest they generate) to supplement the Social Security they may/may not get. Will they wake up in time, maybe, but judging from the way some folks are using their homes as an ATM....some people will come to the reality too late. I loved the comments about the Wall Street media cheerleaders. Those of us on DU are already hip to the spin we get from MSM now, just wait til folks figure out they same was going on in the Economic News.

[UpInArms]

15. Skilling Testimony Crucial to Enron Trial

http://news.yahoo.com/s/ap/20060409/ap_on_bi_ge/enron_trial

HOUSTON - When former Enron Corp. Chief Executive Jeffrey Skilling gives his much-anticipated testimony in his fraud and conspiracy trial, the stakes may be just as high for the government as they are for the one-time corporate star.

For Skilling, testimony expected to begin Monday is his chance to show jurors he is not a devious liar who spearheaded a massive fraud.

For prosecutors, it's a chance to drive home their contention that he is.

<snip>

Shortly before resting their case, prosecutors presented some of Skilling's SEC testimony pertaining to his Sept. 17, 2001, sale of 500,000 Enron shares for $15.5 million — the biggest of his $41 million in alleged illegal stock sales.

Skilling told the SEC he ordered the sale in response to a market roiled by the Sept. 11, 2001, terrorist attacks. He neglected to tell agency investigators that he had tried to sell 200,000 shares Sept. 6, but the transaction was held up by paperwork.

...more...

[UpInArms]

18. Gold rallies on talk of attack on Iran

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B9E437DA5%2D32F1%2D42AB%2D9DDA%2D2A977D5ECF67%7D&dist=newsfinder&symbol=&siteid=mktw&print=true&dist=printTop

NEW YORK (MarketWatch) - Gold futures rose to a fresh 25-year high above $600 an ounce early Monday, joining a broader commodities rally on talk of a possible U.S. attack on Iranian nuclear facilities.

Gold for June delivery was trading up $7.40 at $600.10 an ounce, having risen as high as $602.60 an ounce overnight.

The contract broke the psychologically key $600-an-ounce level last week for the first time since January 1981, before profit-taking set in ahead of the weekend.

The New Yorker magazine reported that the U.S. is stepping up preparations for a possible air attack on Iranian nuclear facilities, which may involve the use of nuclear weapons against underground sites.

Dan Bartlett, senior adviser to President George Bush, said the New Yorker report is "ill-informed," the BBC reported. Bartlett reiterated that the government is committed to a diplomatic solution to the issue of Iran's nuclear program.

U.K. Foreign Secretary Jack Straw also dismissed the New Yorker report, according to the BBC.

<snip>

Meanwhile, other metals futures were also sharply higher. Silver was last trading up 31 cents at a new 22-year high of $12.39 an ounce.

...more...

[UpInArms]

25. Gold @ $601.30 oz

8:39 AM ET 4/10/06 GOLD FUTURES TOP $600/OZ IN OFFICIAL TRADE

8:39 AM ET 4/10/06 GOLD UP $8.70 AT $601.30 AN OUNCE

[UpInArms]

36. updating - Russia/Gold - Iranian Oil Bourse

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B9E437DA5%2D32F1%2D42AB%2D9DDA%2D2A977D5ECF67%7D&dist=newsfinder&symbol=&siteid=mktw

excerpt:

"If you look at countries with massive dollar buildup from selling oil, they're diversifying into gold," he said.

Russia has said it wants to increase its gold reserves to 10% of foreign reserves from 5%, Iran has created its own oil bourse based on euros and Venezuela is also turning down dollars for its oil, he said.

"There's a lot of noise (about Iran) but the more important fact is economics," he said.

Meanwhile, an influential Chinese economist said that China should promote yuan reform, allow companies to hold more foreign currency and raise gold reserves, according to Felicity Algate, economist at Bear Stearns.

...more...

[UpInArms]

45. June Gold @ $601.40 oz - May Silver @ $12.41 oz - May Copper @ $2.707 lb

9:58 AM ET 4/10/06 JUNE GOLD TOUCHES A 25-YEAR HIGH OF $602.80/OZ IN NY

9:58 AM ET 4/10/06 JUNE GOLD LAST UP $8.70 AT $601.40/OZ IN MORNING TRADING

9:58 AM ET 4/10/06 MAY SILVER UP 34C AT $12.41/OZ AFTER 22-YR HIGH OF $12.455

9:58 AM ET 4/10/06 MAY COPPER UP 6.65C AT A RECORD $2.707/LB

[UpInArms]

48. Metals futures climb to new heights in morning trading

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B98330B93%2DA49D%2D44FB%2DA4CE%2D31781EA45753%7D&dist=newsfinder&symbol=&siteid=mktw

SAN FRANCISCO (MarketWatch) -- June gold climbed $8.70 to $601.40 an ounce after touching a more than 25-year high of $602.80 earlier. May silver reached a 22-year high of $12.455 an ounce and was last up 33.5 cents at $12.405 and May copper tapped a record of $2.708 a pound, up 6.75 cents, or 2.4%. "The saber rattling (albeit strongly watered down in the past few hours) coming from the White House and the wayward chatter coming out of Teheran once again clashed on the world political scene," said Jon Nadler, an analyst at Kitco.com. That left "many to wonder as to when not if a pre-emptive attack on the country's nuclear-facilities-in-the-making would take place."

[54anickel]

64. Damn, helluva lotta good those shiny coins are gonna do me when

WE'RE ALL DEAD!!!

Damn that BeelzeBush to hell!

Exactly what does MarketWatch mean by albeit strongly watered down in the past few hours anyway? Has the WH been out denying Hersh's article? I haven't been keeping up with that this morning. If the leak to Hersh was intentional saber rattling, it wasn't very well thought out as far as the effects on the markets go. Then again, it's just another example of their incompetence. If the leak to Hersh wasn't controlled by the WH (which is what I believe - Hersh is too smart to be used as a tool) then we're really all f'd.
The WH is going to go into major spin mode and if that doesn't work...:scared: A trapped, cornered and desperate animal is extremely dangerous.

[UpInArms]

69. PIEHOLE OPEN: LIAR-IN-CHIEF out denying Iran Military Options

11:17 AM ET 4/10/06 BUSH DISMISSES 'WILD SPECULATION' ON IRAN MILITARY OPTIONS

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B244B48C4%2DBB34%2D4374%2DACE2%2D29FB342CA30C%7D&dist=newsfinder&symbol=&siteid=mktw

WASHINGTON (MarketWatch) -- President Bush on Monday criticized weekend news stories that the administration is pondering a potential military strike against Iran as "wild speculation." Earlier in the day, White House spokesman Scott McClellan refused to confirm or deny a report in The New Yorker magazine that said the administration has considered the possibility of using nuclear weapons against Iran's underground nuclear sites. "Those who are seeking to draw broad conclusions based on normal military contingency planning are misinformed or not knowledgeable about the administration's thinking," McClellan told reporters.

I would say that those "who are seeking to draw broad conclusions" are definitely on to your freaking LIES, Snotty.

[UpInArms]

70. Flashback: May 23, 2002: Bush says there are "no war plans on my desk"

http://www.useu.be/Categories/GlobalAffairs/May2302BushSchroederIraqTerrorism.html">Bush, Schroeder Say No Concrete Plans to Attack Iraq

Date: May 23, 2002

President Bush says there are "no war plans on my desk" for dealing with the threat posed by Iraq and weapons of mass destruction, but that "we've got to use all means at our disposal to deal with Saddam Hussein."

Speaking at a press availability with German Chancellor Gerhard Schroeder in the garden of the Chancellery in Berlin May 23, Bush said, "I appreciate the German Chancellor's understanding of the threats of weapons of mass destruction. And they're real."

...more...

[UpInArms]

72. August 3, 2002: World Watches U.S. For Intentions on Iraq

http://transcripts.cnn.com/TRANSCRIPTS/0208/03/cst.11.html

excerpt:

And, in a somewhat ironic note, the day the former president went before Congress to prepare lawmakers and the American people for a possible war with Iraq, September 11, 1990. You're looking at pictures from that day.

It is a day now linked to the current president, the day the current president said the War on Terror began and as part of that War on Terror, President Bush said Saddam Hussein must go. Aides, though, continue to say the president has no war plans on his desk, but that all options remain on the table, including military action -- Fredricka.

WHITFIELD: And, Kelly, we saw in that videotape, changing the subject a little bit, President Bush with his dad, former president. We saw that he had some evidence of some sort of skin treatments on his cheek. Is this a sign of anything that is potentially threatening or dangerous for the former president?

WALLACE: Well, you saw those red marks on his face. What we're told is he had some lesions removed or treated, lesions caused by exposure to the sun. According to White House officials, these are not skin cancers, these are lesions though, of course, if not treated could become cancer so we're told the former president is OK. And, Fredrika we should tell you that the current president encouraging reporters to give him a little boost as he was teeing off -- the former president -- the current president said -- come on, make the old guy feel a little better.

...more...

Watch for lesions on his face again :eyes:

[54anickel]

80. Cutting and Running in Baghdad

http://www.tomdispatch.com/index.mhtml?pid=74912

snip>

Dreyfuss, by the way, is the author of a remarkable new book, The Devil's Game: How the United States Helped Unleash Fundamentalist Islam -- a striking history of how, for the last half century, successive American administrations have bedded down with right-wing Islamic movements and what that has meant for our own moment. Tom

Cutting and Running in Baghdad
By Robert Dreyfuss

Too late, the urgency of the crisis in Iraq, and the sheer ugliness of its civil war, seems finally to be dawning on the Bush administration. As usual, President Bush, Vice President Cheney, and their stalwart secretaries of state and defense, are johnnies-come-lately in their ability to understand how far gone Iraq is. Perhaps, as has been the case in the past, that is because they continue flagrantly to disregard what they are told by analysts in the U.S. intelligence community. Before, during, and after the invasion of Iraq, with a rising sense of alarm, the CIA, the State Department's Bureau of Intelligence and Research (INR), and other agencies warned the Bush-Cheney team that the destruction of Iraq's central government could tumble the country into a civil war. In 2004, of course, the president famously dismissed such CIA warnings as "just a guess." Well, guess what, Mr. President? It's civil war. And it isn't pretty.

snip>

Defeat or a Widening War -- or Both?

Rational observers can only conclude that the U.S. occupation army in Iraq has no place in the midst of a civil war. But for the Bush administration, withdrawal is not an option. But in the midst of such an escalating mess, how could Bush withdraw? The Bush administration is like the proverbial kid with a hand stuck in the cookie jar, grabbing a fistful of goodies. In order to get out of Iraq, Bush would have to let go of Iraq's goodies. In this case, that means letting go of Iraq's oil, and letting go of the dream that Iraq can become the anchor for a long-term U.S. military and economic presence in the Persian Gulf. To do so would mean a humiliating public admission of defeat -- defeat for the idea of Americanizing Iraq, defeat for America's hope of establishing hegemony in the Gulf, and defeat for the neoconservatives' determination to use military "shock and awe" tactics to intimidate potential regional rivals and opponents around the world. All of that would be gone -- and in the most public way possible.

Which brings us to former CIA officer Reuel Marc Gerecht, currently a fellow at the neoconservative American Enterprise Institute. In 2002-2003, Gerecht was among the loudest proponents of giving the Arabs the old shock-and-awe treatment, arguing that Iraqis, Arabs, and Middle Easterners in general only understand the language of force. Writing in the Wall Street Journal on April 3, Gerecht warned bluntly that for the United States to succeed in Iraq might require far more bloody-minded tactics than have been utilized thus far. First, Gerecht notes with satisfaction that many Sunnis have been frightened and intimidated by Shiite militias, adding: "Sunni and Kurdish fear of Shiite power … is politically overdue and healthy for all concerned." And then he gets to the heart of the matter:

"The Bush administration would be wise not to postpone any longer what it should have already undertaken -- securing Baghdad. … Pacifying Baghdad will be politically convulsive and provide horrific film footage and skyrocketing body counts. But Iraq cannot heal itself so long as Baghdad remains a deadly place."

Does Gerecht's proposal foreshadow a new effort, a last push, by neoconservatives to urge the administration to "win" the war in Iraq by overwhelming force, by sending yet more U.S. forces to engage in yet more fruitless shock-and-awe fantasies? Do Khalilzad's recent get-tough-on-Iran remarks foreshadow a neoconservative effort to expand the losing war in Iraq into Iran itself, while casting blame on Iran for the U.S. failure to secure or pacify Iraq? Can the United States persist in Iraq fighting not one, but two growing resistance movements? Or is it time to cut our losses? Time to cut and run?

more...

[54anickel]

94. Creative Destruction: From Iraq To Iran

Why the Coming Attack on Iran

http://www.swans.com/library/art12/ga207.html

(Swans - April 10, 2006) Very few observers have noticed that the fix is in and that the U.S. is readying itself to bomb Iran. Scott Ritter mentioned the fix in his article, "The Art of War for the anti-war movement" (Alternet, March 31, 2006). Writes Ritter: "President Bush recently re-affirmed his embrace of the principles of pre-emptive war when he signed off on the 2006 version of the National Security Strategy of the United States, which highlights Iran as a threat worthy of confrontation." Jorge Hirsch, a professor of physics at the University of California San Diego, has been covering the issue in great, and alarming, detail since September 2005 in the pages of Antiwar.com. His grim prognostic, "War Against Iran, April 2006," is that the attack will take place this month, unannounced until ex post facto. His timing may prove incorrect -- we will know within the next 20 days -- but it's only a matter of time: the U.S. will launch another illegal and deadly aggression on a country that has not attacked, or even threatened to attack, anybody -- not the U.S., not Israel*, not Europe, not its neighbors. The question, like with Iraq, always left unanswered, is what makes the U.S. so determined to create mayhem? The answer has much to do with the status of the dollar and the competitive forces at play. The U.S., a ghost of its former self, economically and structurally in decline, must, out of sheer survival, hit at the competition. That competition has nothing to do with Afghanistan, Iraq, or Iran...or even Yugoslavia -- pawns in a bigger game or small fishes in the whirlwind waters of our times. It is about Europe and Asia. Higher oil prices, denominated in US dollars, far from being an impediment to US economy and interests, weaken the competition, and reinforce the comparative advantages of the US behemoth. A country that is by all realistic measurements broke, is going for broke.

snip>

The bully theory is an attractive one, but it obfuscates the fact that this bullying behavior on the part of the U.S. largely predates 9-11. It also reinforces the idea that the US elites are dimwits who are acting irrationally, led by an incompetent administration and a less than thoughtful president.

Undoubtedly, the U.S. faces serious weaknesses:

Its manufacturing capacity, with rare exceptions, is all but wiped out (purposefully, one should add).

Its technological prowess, except in the military realm, has been overtaken by competitors, as Clyde Prestowitz, the President of the Economic Strategy Institute, outlines in a recent report, "America's Technology Future at Risk."

Its education system is also lagging far behind its Asian and European competitors through the widespread lack of qualified teachers (see the final report of The Teaching Commission) and the disrepair of school buildings, the latter requiring at least $125 billion to bring them to a minimum standard of structural safety, according to the Center for Strategic and International Studies Commission on Public Infrastructure (an issue that this author reviewed as far back as September 1996, in "Shame on us").

The same Commission reports on the advanced state of America's decaying infrastructure (bridges, tunnels, roads, railways, airports, levees, dams, clean water systems, etc.) and cites the Infrastructure Report Card 2005 from the American Society of Civil Engineers (ASCE) that estimates the cost of repairs at $1.6 trillion, without even taking into account Katrina (here again, we covered this issue in 2003: see "In The Grip Of A Permanent War Economy," by late Professor Seymour Melman, Swans, March 17, 2003. At that time, the ASCE estimated the cost of repairs at $1.3 trillion.)

more...

[AnneD]

89. And if they do bomb Iran....

we have evidence that it was in the works all along (which many of us believe anyway). The Rapture isn't going to get them out of this mess. I think we are well past censure and are barreling toward impeachment. The world will not go for nuking Iran at this point and this is absolutely the wrong way to get Iran to the table.
And if impeachment doesn't happen in the US, I wouldn't defend Bush et al if they get hauled into the Hague for war crimes trials.

[54anickel]

95. WHO report says rich must stop poaching medical staff from poor

OOPS, posted this in the wrong spot, meant to reply to the opening thread....sorry. Guess it's OK, the topic is right up Anne's alley. :hi:

http://www.news-medical.net/?id=17197

A critical shortage of doctors and nurses is causing unnecessary disease and death across much of the developing world as rich nations poach health-care workers.

Poorer nations such as Africa and Asia urgently need more than 4 million health professionals to fill medical shortages in 57 countries.

Shameful though it may be at least 1.3bn people have no access even to the most basic health care, often because there is no health worker and that burden is greatest in countries hardest hit by poverty and disease.

snip>

In Canada, New Zealand, the United Kingdom and the United States, a quarter or more of all physicians had been imported from other countries.

snip>

The U.S. apparently already has more than half of all the world's nurses, and will need a further 800,000 by 2012 and cannot fill the gap from those trained at home.

more...

[AnneD]

102. Right up my alley indeed.....

:hi:54anickle. England has poached many from Africa and India. We tend to poach from the Phillipines (actually, their Nursing Schools are set up to US standards-it's their biggest export!), Canada, Ireland, and England (with a few from India).

I always said that the last Nursing job I ever wanted is with the Peace Corp teaching healthcare to people that will appreciate it. The knowlege I have gained over time is priceless, and I want to give it to those that will appreciate it. Here in this country, there is no excuse for some of the things I see. It's not just ignorance, but willful ignorance-and then they try to sue you!:eyes:I can save more lives and have a greater impact among the poor. I want to train health care people (techs) for small villages.

Hope I can talk Hubby into it. I'd love to go to Africa or South America. Then the Nursing Shoes get hung up, never to be taken down again.

[UpInArms]

88. Metals futures continue higher in afternoon dealings - @ $598.30 oz

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B346F9ECA%2DEB25%2D40A4%2DA0BE%2D0523F03328F1%7D&dist=newsfinder&symbol=&siteid=mktw

SAN FRANCISCO (MarketWatch) -- June gold climbed $5.70, or 1%, to $598.30 an ounce in afternoon trading in New York after reaching a more than quarter-centuary high of $602.80 earlier. "Apparently the funds are aggressively looking for opportunities in markets other than oil, and the gold market is apparently going to be a benefactor of an ongoing wave of investment interest," Nell Sloane, an analyst at NSFutures.com said in daily commentary. May silver tacked on 30 cents to $12.37 an ounce, following a more than 22-year high of $12.455 while May copper reached a record of $2.71 a pound, trading last at $2.70, up 5.95 cents, or 2.3%.

[54anickel]

98. Glittering gold markets may take shine off bonds

http://today.reuters.com/business/newsArticle.aspx?type=ousiv&storyID=2006-04-10T165535Z_01_N07319057_RTRIDST_0_BUSINESSPRO-MARKETS-BONDS-GOLD-DC.XML

NEW YORK (Reuters) - Normally an afterthought for U.S. government bond investors, gold prices are suddenly back on the radar amid growing worry the yellow metal's surge to 25-year highs portends more blood-letting for Treasuries.

Across financial markets, analysts spend much of their time these days dwelling on the minutiae of interest rate policy as they look to figure out just how far the Federal Reserve will go in raising interest rates.

So far, major inflation indexes appear sufficiently contained to suggest the U.S. central bank is edging closer to a pause in its monetary-tightening cycle.

Yet the surge in the price of gold and other precious metals is prompting some to question that conventional wisdom, fueling worries the Fed may be behind the curve in its fight against inflation.

"Higher gold prices are one of the things fanning fears that monetary policy is still too easy and inflation is a bit of a problem," said Bill Hornbarger, chief fixed-income strategist at A.G. Edwards & Sons in St. Louis.

A BIT of a problem?! BWAHAHAHAHA!!!! Hey Hornbarger - get a freakin' clue! :rofl:

more...

[54anickel]

99. Gold futures end above $600 for first time since Dec. 1980

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B2CEF5A91%2D13D7%2D46B2%2DA36E%2D62CD60CE7B1A%7D&&tool=1&siteid=bigcharts&dist=bigcharts

SAN FRANCISCO (MarketWatch) -- June gold climbed $9.10, or 1.5%, to close at $601.80 an ounce in New York, marking the first gold futures' close above the $600 mark since Dec. 1980. On an intraday basis, the contract's high of $602.80 was the loftiest futures level since Jan. 1981. May silver jumped 49 cents, or 4.1%, to close at a more than 22-year high of $12.56 an ounce after a high of $12.61 and May copper rose 6.85 cents, or 2.6%, to close at $2.709 a pound after a record $2.712.

[54anickel]

100. Gold Knows What No One Knows!

http://www.kitco.com/ind/Dorsch/apr102006.html

April Fools day usually arrives on April 1st, but the day for the European Central Bank chief Jean “Tricky” Trichet, to play dirty tricks came on April 6th, and left over zealous Euro bulls licking their wounds. Expectations of an ECB rate hike to 2.75% on May 4th, seems like a slam dunk, with the Euro M3 money supply exploding at an annualized rate of 8% in February, way above the ECB's 4.5% reference level for stable inflation, and European bank loans to the private sector expanding at a 10.3% clip, the fastest rate in over six years.

Such a potent cocktail is fueling takeover mania across Europe, where mergers and buyouts doubled to $454 billion in the first quarter from the same period a year earlier, after a whopping $1.03 trillion of deals in 2005. “Tricky” Trichet and his cohorts at the ECB are holding down borrowing costs in the Euro zone by expanding the Euro money supply to meet strong loan demand, in a brazen effort to lift European stock and real estate markets higher.

With demand for cheap long-term credit rising strongly in Germany, questions must be asked about whether the low level of global interest rates are appropriate, said the future ECB chief economist Juergen Stark on March 28th. "We are dealing with a global wave of liquidity today. One must ask oneself whether key interest rates are sending the correct signal here. This development is unsustainable," he said.

snip>

But when the moment of truth arrived for the ECB to walk the talk on April 6th, “Tricky” Trichet pulled the rug from under the Euro, and in the process, created a lot of ill will towards the 12-nation common currency. "The present high probability which is given for an increase of rates in our next meeting does not correspond to the present sentiment of the Governing Council," sending the Euro tumbling against the US and Canadian dollars and the British pound.

But the gold market remained defiant, hovering just below 500 Euros per ounce, even after global bond yields moved swiftly higher. Euro traders are learning the hard way, what gold traders have known to be true for quite some time. Central bankers can not be trusted to preserve the purchasing power of paper money. Gold knows what no one knows!

more...

[UpInArms]

19. Zale Corp. - SEC issues subpoenas re accounting and compensation

8:01am 04/10/06 SEC issues subpoenas related to accounting, compensation - MarketWatch.com

8:01am 04/10/06 SEC initiates probe into Zale Corp. accounting - MarketWatch.com

adding blurb and link on edit:

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BD4077622%2DABCD%2D470F%2D9133%2DFD7FD3AA5F9E%7D&dist=newsfinder&symbol=&siteid=mktw

NEW YORK (MarketWatch) -- Zale Corp. (ZLC ) said the U.S. Securities and Exchange Commission has initiated an investigation into the company's accounting practices. Subpoenas have been issued relating to accounting for extended service agreements, leases and accrued payroll, as well as for executive compensation, severance, earnings outlooks and stock trading. The jewelry retailer said it believes it has complied with generally accepted accounting principles, and said it would cooperate with the SEC's probe. The stock closed Friday down 6 cents at $27.80.

[ozymandius]

20. 8am blather

08:00 am : S&P futures vs fair value: +0.7. Nasdaq futures vs fair value: +0.2. Versus fair value, futures trade is signaling a relatively flat start for the cash market. With the yield on the 10-year approaching 5.00% (it's currently at 4.97%) and with crude futures just a below $80 per barrel (they're presently at $67.95 per barrel), investors are sticking to the sidelines. The combination is contributing to concerns about a slowing economy and a slower rate of earnings growth. On that note, Alcoa's (AA) earnings report, which will be delivered after the close, marks the commencement of the first quarter reporting season.

[UpInArms]

21. WHAT???? "crude futures just a below $80 per barrel"

Is that a typo or are they attempting to prepare us for something truly horrific?

[JNelson6563]

23. Good, when they go "down to $75"

it will be a relief. Kinda like how when they increase our chocolate rations. ;-)

[ozymandius]

29. I am waiting for the blog entry

"countdown to $100/bbl oil" - either it's Bonddad or Jerome a Paris. Nonetheless, the economic diarists at DailyKos are sharp shooters when it comes to projecting the price of oil and the geopolitical machinations driving the pricing scheme.

[UpInArms]

24. News of the Corp-State: Man Gets $218 Trillion Phone Bill

http://hosted.ap.org/dynamic/stories/T/TRILLION_DOLLAR_PHONE_BILL?SITE=CAPAS&SECTION=HOME&TEMPLATE=DEFAULT

KUALA LUMPUR, Malaysia (AP) -- A Malaysian man said he nearly fainted when he recieved a $218 trillion phone bill and was ordered to pay up within 10 days or face prosecution, a newspaper reported Monday.

Yahaya Wahab said he disconnected his late father's phone line in January after he died and settled the 84 ringgit ($23) bill, the New Straits Times reported.

But Telekom Malaysia later sent him a 806,400,000,000,000.01 ringgit ($218 trillion) bill for recent telephone calls along with orders to settle within 10 days or face legal proceedings, the newspaper reported.

<snip>

Government-linked Telekom Malaysia Bhd. is the country's largest telecommunications company.

A company official, who declined to be identified as she was not authorized to speak to the media, said Telekom Malaysia was aware of Yahaya's case and would address it. She did not provide further details.

...more at link...

[Nickster]

34. LoL, Time to switch to Vonage! n/t

[AnneD]

38. He got the wrong bill...

that was the the NSA's phone bill for all that domestic spying they swear they aren't doing.

[skids]

63. Hrm, let's do that math.

Assume there were three months between disconnecting the phone and when he got the
bill. That works out to about 220,000,000 cents a minute. Definitely time to switch providers :-)

[TrogL]

71. Probably a rounding error

[UpInArms]

26. FedSpew: Bies says Fed concerned on bank lending standards

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-04-10T125317Z_01_WAT005254_RTRIDST_0_ECONOMY-FED-BIES-URGENT.XML

WASHINGTON, April 10 (Reuters) - U.S. Federal Reserve Governor Susan Bies said on Monday that banking supervisors were concerned that lenders might be relaxing some terms more than was healthy for them in order to make real estate loans.

In prepared remarks for delivery to a forum in Naples, Florida, sponsored by America's Community Bankers, Bies said underwriting standards seemed to be better than in the late 1980s and early 1990s.

"However, we have noticed some recent slippage," she said. "We also continue to monitor whether lenders routinely adjust covenants, lengthen maturities, or reduce collateral requirements.

"To be clear, we have not yet seen underwriting standards fall to unsatisfactory levels on a broad scale, but we are concerned about some of the downward trend in these standards," Bies said.

...a bit more...

[UpInArms]

27. More FedSpew: March job data shows strong US economy-Fed's Olson

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-04-10T130224Z_01_WAT005253_RTRIDST_0_ECONOMY-FED-OLSON-URGENT.XML

WASHINGTON, April 10 (Reuters) - Federal Reserve Governor Mark Olson said on Monday the March U.S. payrolls report was a sign of strength in the economy and it was difficult to know if job growth could continue without spurring inflation.

"It's an indication of a pretty strong, solid underlying economy," Olson told reporters following a speech to the Fiduciary and Investment Risk Management Association.

Government data last week showed U.S. employers added 211,000 jobs in March and that the unemployment rate unexpectedly slipped back to a 4-1/2-year low 4.7 percent,

Asked if the U.S. economy was out of that "sweet spot" in which it is able to produce continued job growth without increased inflationary pressures, Olson said, "Hard to know. Hard to know."

...short blurb...

[AnneD]

43. Translation....

Ask if the U.S. economy was out of that "sweet spot" ...able to produce job growth without inflationary pressures". Hackberry translation......"how long before the slaves revolt and start an uprising". Well from the looks of those marches-the revolt has already started. LULAC is talking about wage justice.

[UpInArms]

40. Printing Press Report: Fed adds temporary reserves via overnight repos

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-04-10T133406Z_01_N10349369_RTRIDST_0_MARKETS-FED-OPERATIONS.XML

NEW YORK, April 10 (Reuters) - The Federal Reserve said on Monday that it added temporary reserves to the banking system via overnight repurchase agreements.

The benchmark fed funds rate last traded at 4.75 percent, at the Fed's current target for the overnight lending rate on loans between banks.

Further details of the operations are available at: http://www.ny.frb.org/markets/omo/dmm/temp.cfm

[UpInArms]

46. Spew Ongoing: Fed's Bies -unclear how much more US rates to rise

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-04-10T135247Z_01_WAT005255_RTRIDST_0_ECONOMY-FED-BIES-RATES-URGENT.XML

WASHINGTON, April 10 (Reuters) - Federal Reserve Governor Susan Bies said on Monday that Fed policymakers were closer to having short-term interest rates at a level they consider appropriate but it was unclear how much more they will rise.

"We are in a range today where we are getting closer to feeling that we've got the appropriate level of short-term interest rates relative to what we see happening in terms of inflation and the economy," Bies said in response to questions after addressing a Naples, Florida, bankers' group.

"So ... it's not a slam-dunk how much further we're going," Bies said. The Fed has raised short-term interest rates 15 times since mid-2004, bringing its benchmark federal funds rate to 4.75 percent.

[UpInArms]

49. Babbling On: Some U.S. housing markets have froth - Fed's Bies

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-04-10T140541Z_01_WAT005256_RTRIDST_0_ECONOMY-FED-BIES-HOUSING-URGENT.XML

NAPLES, Fla., April 10 (Reuters) - While some U.S. residential housing markets "have a degree of froth," investment activity in these regions is starting to slow, Federal Reserve Board Governor Susan Bies said on Monday.

When asked by reporters after a speech to a community bankers' group which particular markets concerned regulators, Bies said: "The markets where the relative growth in housing prices far outpaces the growth of basic employment and population."

In her speech, Bies expressed concern about practices like "condo flipping," where condominiums under construction are bought and sold by speculators long before buildings are complete.

[UpInArms]

61. Treasuries rise on bargain-hunting; Bies boosts

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-04-10T143613Z_01_N10365818_RTRIDST_0_MARKETS-BONDS-UPDATE-1.XML

NEW YORK, April 10 (Reuters) - U.S. Treasury debt prices rose on Monday as investors took a break from a steep sell-off that had yanked long-term yields to multiyear highs.

Bonds also drew support from Federal Reserve Board Governor Susan Schmidt Bies, who said inflation had behaved better than many feared and noted judgments on rates were becoming more a meeting-to-meeting issue.

Her assessment came as a relief to bond investors, who see another rate increase at the central bank's May meeting as more or less a done deal.

Benchmark 10-year notes <US10YT=RR> climbed 6/32 for a yield of 4.96 percent, down from 4.99 percent on Friday. Yet many strategists foresaw further pain in store as the likelihood of additional Fed rate hikes loomed.

"Ten-year notes should trade above 5 percent this week," said Andrew Brenner, head of fixed-income at Hapoalim Securities.

Yields came just shy of that key psychological threshold before backing off as investors waited for the next batch of economic data that could affect market thinking on monetary policy.

...more...

[UpInArms]

74. U.S. to sell $8 bln bills 4-wk bills on Tuesday

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-04-10T152941Z_01_WAT005257_RTRIDST_0_ECONOMY-BILLS-ANNOUNCEMENT-URGENT.XML

For details on 10-year TIPS click

For details on 4-day cash bills click

[Roland99]

77. June 1963, JFK signed an EO making the Fed. Reserve obsolete

essentially.

[UpInArms]

28. Italian exit poll points to narrow Prodi win

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B07477A27%2D82D5%2D4488%2DA7AA%2D049DC3EE7F48%7D&dist=newsfinder&symbol=&siteid=mktw

LONDON (MarketWatch) -- An early Italian exit poll points to a narrow win for the coalition supporting Romano Prodi over that supporting incumbent Prime Minister Silvio Berlusconi, with Prodi seen winning 50% to 54% and Berlusconi seen taking 45% to 49%. The Italian stock market was up 0.68% at 38,477, though off highs of the day, while the euro was up 0.07% at $1.2101.

Hopefully, Berlusconi will be on trial with *Co at the Hague.

[OrangeCountyDemocrat]

103. Wait For Final Results

Exit Polls are easily dealt with these days, especially by a country "in league" with the King george regime.

I don't put anything past these guys.

[UpInArms]

109. Berlusconi pulling ahead in both chambers: poll

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B7B834C0E%2DB22F%2D4773%2D9F99%2DD3B54627CE6F%7D&dist=newsfinder&symbol=&siteid=mktw

LONDON (MarketWatch) -- According to the most recent vote projection published on the Web site of the Italian newspaper La Repubblica, Silvio Berlusconi's alliance would have 340 seats in the lower house compared to 277 seats of Romano Prodi's alliance, while in the Senate, Berlusconi appears to have a 157 to 152 lead.

:hide:

[OrangeCountyDemocrat]

111. I'm Sorry....My Fault....

"Today, we've secretly replaced the votes placed by Italian citizens, with these votes which were specially selected by the King george/King berlusconi theocracies.

Let's see if our Italian sheep can taste the difference."

[UpInArms]

113. It doesn't pass the smell test... eom

[OrangeCountyDemocrat]

114. Ever Get The Feeling We're Slowly Being Eliminated?

Bit by bit, liberals, and those on the left, are slowly being marginalized around the world, to the point where we have no say in Anything.

With the FRAUDULENT elections here in '00, '02, '04, along with the recent elections in Germany, Canada, and now Italy....conservatives are taking control of worldwide politics, and liberals are having significantly less voice.

It almost appears like a worldwide dictatorship is shaping up.

[UpInArms]

30. Updating pre-opening blather

09:01 am : S&P futures vs fair value: +2.3. Nasdaq futures vs fair value: +1.8. The stock market remains poised to open in flattish to modestly higher fashion. For a Merger Monday, the M&A front is a quiet one. There is the aforementioned asset swap between J.P. Morgan Chase (JPM) and Bank of New York (BK), and there is an announcement from Serono (SRA) that it's no longer for sale. Some other items on the corporate front include Cablevision's $10 per share special dividend and a positive article on Goldman Sachs (GS) in Barron's. The corporate focus has shifted to the Q1 earnings season, which begins this evening. Anticipation ahead of that, plus bond yields and the price of crude, will set the trading tone today.

08:30 am : S&P futures vs fair value: +1.9. Nasdaq futures vs fair value: +0.8. Futures trade is still suggesting a rather subdued start for the stock market. Continued anxiety over Iran's nuclear ambitions is helping crude climb, and its $68.16 (+1.1%) price tag is teaming with rising bond yields in helping to keep things in check. Outside of those factors, traders are lacking much of a fresh catalyst. On the corporate front, an asset swap between J.P. Morgan Chase (JPM) and Bank of New York (BK), which had been anticipated, is getting some attention. On the economic front, there are no data scheduled for today.

[UpInArms]

31. DoD report on rising costs hits Northrop weapons programs

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B018D48A5%2DF9E4%2D4FF4%2DB778%2D01E09BA8EFA8%7D&dist=newsfinder&symbol=&siteid=mktw&print=true&dist=printTop

WASHINGTON (MarketWatch) -- Three Northrop Grumman Corp. (NOC) weapons programs were singled out Friday for dramatic cost increases, in a new Pentagon report on defense acquisition costs.

The Pentagon said 40 programs have exceed their initial cost estimates enough to trigger notice under defense budget laws. Overall, the Defense Department's estimate of total costs for 85 big weapons programs rose $39.7 billion to $1.58 trillion.

Four programs experienced big cost increases compared with their current baseline cost estimates: a Lockheed Martin Corp. (LMT) Army rocket system, a Northrop Grumman combat drone, a Northrop Grumman weather satellite program and a canceled special operations submarine project.

Another 36 programs were caught under a new budget law that looks at cost growth compared with original program estimates instead of updated program projections.
The 36 programs are all at least 30% over original cost estimates.

Affected programs include the F-35 Joint Strike Fighter, the Virginia-class submarine, and the Army's Future Combat Systems modernization program. Virtually all major defense contractors have ties to the overbudget programs.

...more...

[UpInArms]

32. UnitedHealth CEO got $5.8M bonus for '05-Why does Healthcare Cost So Much?

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B74C39827%2DB018%2D4153%2D8F50%2D535CFEA18293%7D&dist=newsfinder&symbol=&siteid=mktw&print=true&dist=printTop

WASHINGTON (MarketWatch) -- UnitedHealth Group Inc. (UNH) disclosed Friday that Chief Executive William W. McGuire received a $5.8 million bonus for 2005, increased 4.6% from $5.55 million in 2004.

The Minneapolis-based health-care insurer paid McGuire a $2.2 million salary in 2005, compared with $2.18 million in 2004, according to the company's proxy statement filed with the Securities and Exchange Commission.

McGuire also received 1.7 million options as part of his 2005 compensation, compared with 2.6 million options in 2004. McGuire held 29.56 million exercisable options valued at $1.6 billion at the end of the year, according to the proxy.

In addition, McGuire received $2 million in long-term incentive payouts for 2005, compared with $1.9 million in 2004.

[jseankil]

75. How does a person 'earn' 5.5 million? Please in detail explain.

What is the justification?

[UpInArms]

79. here's your "detail"

http://www.newsmeat.com/ceo_political_donations/William_McGuire.php

William McGuire 
UnitedHealth Group chairman, ceo	
$62,237  	 Republican	
$6,000  	 Democrat	
$17,500  	 special interest	
total:  $85,737  	  	
Contributor	Candidate or PAC 	Amount 	Date 	
MCGUIRE, WILLIAM
WAYZATA, MN 55391
UNITED HEALTHCARE/CEO	KENNEDY, MARK RAYMOND (R)
Senate - MN
MARK KENNEDY 06	$2,100
general	12/09/05	
MCGUIRE, WILLIAM
WAYZATA, MN 55391
UNITED HEALTHCARE/CEO	KENNEDY, MARK RAYMOND (R)
Senate - MN
MARK KENNEDY 06	$2,100
primary	12/09/05	
McGuire, William W
Minnetonka, MN 55343
UnitedHealth Group Inc./President C	
UNITEDHEALTH GROUP INCORPORATED PAC (UNITED FOR HEALTH)	$5,000
primary	09/12/05	
MCGUIRE, WILLIAM
WAYZATA, MN 55391
UNITEDHEALTH GROUP	COLEMAN, NORM (R)
Senate - MN
COLEMAN FOR SENATE 08	$1,900
general	05/12/05	
MCGUIRE, WILLIAM
WAYZATA, MN 55391
UNITEDHEALTH GROUP	COLEMAN, NORM (R)
Senate - MN
COLEMAN FOR SENATE 08	$-1,900
primary	05/12/05	
MCGUIRE, WILLIAM
WAYZATA, MN 55391
UNITEDHEALTH GROUP	COLEMAN, NORM (R)
Senate - MN
COLEMAN FOR SENATE 08	$4,000
primary	05/04/05	
McGuire, William
Wayzata, MN 55391
United Health Care	
REPUBLICAN FEDERAL COMMITTEE OF PENNSYLVANIA (R)	$937
primary	11/05/04	
McGuire, William
Wayzata, MN 55391
United Healthcare/CEO	KENNEDY, MARK RAYMOND (R)
House (MN 06)
MARK KENNEDY FOR CONGRESS	$2,000
primary	08/03/04	
MCGUIRE, WILLIAM
WAYZATA, MN 55391	RYAN, JACK (R)
Senate - IL
JACK RYAN FOR US SENATE	$2,000
general	05/18/04	
McGuire, William W
Minnetonka, MN 55343
UnitedHealth Group Inc./President C	
UNITEDHEALTH GROUP INCORPORATED PAC (UNITED FOR HEALTH)	$5,000
primary	03/03/04	
MCGUIRE, WILLIAM W
WAYZATA, MN 55391	
NATIONAL REPUBLICAN SENATORIAL COMMITTEE (R)	$5,000
primary	05/29/03	
MCGUIRE, WILLIAM W
WAYZATA, MN 55391	CORNYN, JOHN (R)
Senate - TX
TEXANS FOR SENATOR JOHN CORNYN INC	$1,000
general	11/25/02	
MCGUIRE, WILLIAM W
WAYZATA, MN 55391
UNITED HEALTH GROUP	TERRELL, SUZANNE HAIK (R)
Senate - LA
TERRELL FOR SENATE	$1,000	11/24/02	
McGuire, William
Wayzata, MN 55391
United Health Care Corporation/Pres	KLINE, JOHN P (R)
House (MN 02)
KLINE FOR CONGRESS	$1,000
general	11/04/02	
MCGUIRE, WILLIAM W
WAYZATA, MN 55391
UNITED HEALTH CARE	DOLE, ELIZABETH H (R)
Senate - NC
ELIZABETH DOLE COMMITTEE INC	$1,000
general	10/04/02	
MCGUIRE, WILLIAM
WAYZATA, MN 55391
UNITED HEALTH GROUP	TALENT, JAMES MATTHES (R)
Senate - MO
TALENT FOR SENATE COMMITTEE	$1,000
general	09/30/02	
MCGUIRE, WILLIAM W
WAYZATA, MN 55391
UNITED HEALTH GROUP	ALEXANDER, LAMAR (R)
Senate - TN
ALEXANDER FOR SENATE INC	$1,000
primary	09/30/02	
MCGUIRE, WILLIAM W
WAYZATA, MN 55391
UNITED HEALTH GROUP	ALEXANDER, LAMAR (R)
Senate - TN
ALEXANDER FOR SENATE INC	$-1,000
general	09/30/02	
MCGUIRE, WILLIAM W
WAYZATA, MN 55391
UNITEDHEALTH GROUP	HUTCHINSON, TIM (R)
Senate - AR
HUTCHINSON FOR SENATE	$1,000
general	09/30/02	
MCGUIRE, WILLIAM W.
WAYZATA, MN 55391
UNITED HEALTH GROUP/CEO-CHAIRMAN	FLETCHER, ERNEST LEE (R)
House (KY 06)
FLETCHER FOR CONGRESS	$1,000
general	09/29/02	
MCGUIRE, WILLIAM W
WAYZATA, MN 55391	CORNYN, JOHN (R)
Senate - TX
TEXANS FOR SENATOR JOHN CORNYN INC	$1,000
general	09/27/02	
MCGUIRE, WILLIAM W
WAYZATA, MN 55391	CORNYN, JOHN (R)
Senate - TX
TEXANS FOR SENATOR JOHN CORNYN INC	$1,000
general	09/27/02	
MCGUIRE, WILLIAM W
WAYZATA, MN 55391
UNITED HEALTH GROUP	ALEXANDER, LAMAR (R)
Senate - TN
ALEXANDER FOR SENATE INC	$2,000
general	09/18/02

...much more...

[wordpix]

107. thanks for clarifying, UpInArms. All clear to me now

[UpInArms]

87. Drug prices for US elderly up 6 pct in 2005: study

Thanks to deadparrot for this thread:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2218538

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

WASHINGTON (Reuters) - U.S. prices for brand name prescription medications used most by older patients rose an average 6 percent in 2005, outpacing inflation for the sixth year in a row, according to a report released on Monday.

In fact, the price drug makers charge wholesalers and other purchases for branded drugs has risen 40 percent since 1999, compared with inflation, which grew 17 percent, AARP researchers found. In 2005, inflation was 3.4 percent.

The nation's largest consumer group for the elderly reviewed 193 medications mostly for arthritis pain, osteoporosis, heart disease, high blood pressure, and other ailments that affect older Americans.

"Brand name drugs have become substantially less affordable for consumers at the same time they are becoming ever more essential to good medical care," said John Rother, AARP's director of policy and strategy.

...more...

[UpInArms]

41. 9:45 EST mexed missages

Dow 11,131.97 +11.93 (+0.11%)
Nasdaq 2,336.61 -2.41 (-0.10%)
S&P 500 1,296.71 +1.21 (+0.09%)
10-Yr Bond 4.961 -0.02 (-0.04%)

NYSE Volume 126,326,000
Nasdaq Volume 144,493,000

09:40 am : As futures trade had presaged, the equity market started the session slightly above the unchanged mark. Treasury yields remain high - with the 10-year at 4.96% - and crude futures are trading over $68 per barrel. Those two macro factors continue to challenge the stock market's attempts for a spirited and sustainable advance. At this point, though, focus has somewhat shifted to the first quarter earnings season, which launches with Alcoa's (AA) report following today's closing bell. In our view, rising oil prices and bond yields provide an offset to what should be reasonably good first quarter earnings reports. DJ30 +17.39 NASDAQ +0.15 SP500 +1.58

09:16 am : S&P futures vs fair value: +2.0. Nasdaq futures vs fair value: +1.5.

[UpInArms]

44. Wowie! Zowie! Raymond James does a cheerleading routine!

9:54 AM ET 4/10/06 GREY WOLF UPPED TO STRONG BUY AT RAYMOND JAMES

9:54 AM ET 4/10/06 NABORS INDUSTRIES UPPED TO STRONG BUY AT RAYMOND JAMES

9:53 AM ET 4/10/06 BJ SERVICES UPPED TO STRONG BUY AT RAYMOND JAMES

9:53 AM ET 4/10/06 GRANT PRIDECO UPPED TO STRONG BUY AT RAYMOND JAMES

9:54 AM ET 4/10/06 LUFKIN INDUS. UPPED TO STRONG BUY AT RAYMOND JAMES

9:54 AM ET 4/10/06 NATIONAL OILWELL UPPED TO STRONG BUY AT RAYMOND JAMES

9:54 AM ET 4/10/06 TODCO UPPED TO STRONG BUY AT RAYMOND JAMES

9:52 AM ET 4/10/06 ULTRA PETROLEUM UPPED TO STRONG BUY AT RAYMOND JAMES

9:52 AM ET 4/10/06 WESTERN GAS RESOURCES UPPED TO STRONG BUY AT RAYMOND JAMES

9:53 AM ET 4/10/06 XTO ENERGY UPPED TO STRONG BUY AT RAYMOND JAMES

9:51 AM ET 4/10/06 CNX GAS UPPED TO STRONG BUY AT RAYMOND JAMES

9:51 AM ET 4/10/06 COMSTOCK RESOURCES UPPED TO STRONG BUY AT RAYMOND JAMES

9:52 AM ET 4/10/06 ENERGY PARTNERS UPPED TO STRONG BUY AT RAYMOND JAMES

9:52 AM ET 4/10/06 OCCIDENTAL PETROLEUM UPPED TO STRONG BUY AT RAYMOND JAMES

9:52 AM ET 4/10/06 RANGE RESOURCES UPPED TO STRONG BUY AT RAYMOND JAMES

9:51 AM ET 4/10/06 BOIS D'ARC ENERGY UPPED TO STRONG BUY AT RAYMOND JAMES

9:51 AM ET 4/10/06 CHESAPEAKE ENERGY UPPED TO STRONG BUY AT RAYMOND JAMES

9:48 AM ET 4/10/06 MID-AMERICA APARTMENT UPPED TO OUTPERFORM AT RAYMOND JAMES

[UpInArms]

50. Raymond James Shows its ignorance

10:13 AM ET 4/10/06 RAYMOND JAMES UPS Q2 OIL PRICE EST. TO $65/BARREL FROM $54

ahem... have they looked at the price oil lately?

[ozymandius]

52. pity

I hear their slogan on MarketPlace: "Invest with confidence." How much confidence can one have if their financial advisor practices being a shill while educating themselves in public?

[54anickel]

47. Growing nationalist backlash in China against foreign acquisitions: report

http://news.yahoo.com/s/afp/20060410/bs_wl_afp/chinaeconomymergerinvest_060410045349;_ylt=ArC6yez3dDiXaXF9F1XmwvGmOrgF;_ylu=X3oDMTA5aHJvMDdwBHNlYwN5bmNhdA--

snip>

A broad coalition of officials and businesspeople have voiced concern that massive sales of China's assets could lead to foreign monopolies in key sectors, the China Daily Business Weekly newspaper reported.

"If China lets multinationals' malicious mergers and acquisitions go ahead freely, China can only act as labor in the global supply chain," said Li Deshui, China's former chief statistician, according to the paper.

snip>

It cited plans by US fund Carlyle Group to acquire Xugong Group, China's largest construction equipment maker, for three billion yuan (370 million dollars), in the nation's largest private equity buyout yet.

The deal has stalled, and people familiar with the situation suggested the commerce ministry was refusing to approve it unless Carlyle promised not to sell its majority stake to another foreign group in the future, the paper said.

If the new less welcoming sentiment persists, it will happen at an awkward time in China's growing economic interaction with the rest of the world.

Many foreign investors now prefer acquisitions of existing Chinese enterprises rather than Greenfield investments, where operations have to be built from scratch, because it saves time.

more...

[54anickel]

56. China and the Global Labor Arbitrage (Roach)

http://www.morganstanley.com/GEFdata/digests/20060407-fri.html#anchor0

snip>

A front-page story on mounting Chinese labor shortages in this week’s New York Times sparked a flurry of incoming calls to our various China experts around the world (see “Labor Shortage in China May Lead to Trade Shift,” 3 April 2006). The anecdotes that form the basis of this report are probably all quite accurate. But the basic conclusion that low-cost Chinese labor is a thing of the past does not stand up well to careful scrutiny. Yes, Chinese wages do appear to be rising at a rapid clip right now. But the increase is coming off such a low level that the cost relatives are still skewed dramatically in favor of China. Moreover, this upsurge of Chinese wage inflation appears to have been accompanied by exceptionally vigorous gains in worker productivity — suggesting that unit labor cost pressures remain under good control. That means China’s competitive advantage remains very much intact.

snip>

All this underscores the critical role China continues to play in driving the global labor arbitrage — the cross-border migration of production from high-cost to low-cost labor pools. China’s enormous reservoir of low-wage factory workers underscores the enduring potential power of this arbitrage. A companion study published by the BLS puts overall manufacturing employment in China at 109 million in 2002 — more than double the total factory employment of 53 million for all of the G-7 economies of the industrial world, combined (see Judith Banister, “Manufacturing employment in China,” from the July 2005 issue of the Monthly Labor Review). Nor should the arbitrage be viewed as something that just takes place at the low end of the occupational hierarchy. Currently, about 550,000 newly trained engineers and scientists graduate each year from Chinese universities; in India, the count of such graduates is around 700,000 per year. For China and India, combined, this represent a trebling over the past decade in the entry flow into this segment of their high-skilled talent pool — pushing their combined flow of new graduates in engineering and science to about three times that in the United States. Courtesy of IT-enabled offshoring, the global labor arbitrage is now at work in this segment of the occupational hierarchy, as well.

I continue to believe that the hyper-speed of IT-enabled globalization is one of the most destabilizing aspects of the global labor arbitrage. Pressures on workers have moved rapidly up the value chain from manufacturing into once nontradable services. Downsizing and wage compression are no longer just a blue-collar phenomenon. Long-sheltered knowledge workers are now being impacted by globalization for the first time ever. While the economic logic of these shifts is fairly easy to grasp, the sociology and politics are not. Gains in Chinese incomes and living standards have translated into powerful headwinds for wages and labor income generation in the developed world. Therein lies the dark side of the global labor arbitrage: With economic recoveries in the high-wage industrial world becoming increasingly jobless, or wageless, or both, the destructive forces of protectionism have reared their ugly head in both the United States and Europe. That’s hardly an inconsequential development for a world beset with record current account imbalances.

The power of the global labor arbitrage has not been diminished by Chinese wage inflation. This could well be a key test of the world’s commitment to globalization. For its part, China needs to do a better job in understanding the global implications of its dramatic emergence. And we in the developed world need to do a better job in equipping our workers with new skills and tools to meet the global challenge head on.

more...

Ya know, I really wanna like Roach, but he's like all the rest of the comfortably employed eCONomists when it comes to the "free-trade and globalization is all good". It's pretty damned easy to sit there and say "we in the developed world need to do a better job in equipping our workers with new skills and tools to meet the global challenge head on" from that ivory tower. None of them ever defines those new skills and tools. None of them explain how the US is going to meet the global challenge now that we've outsorced the part of our economy that makes actual stuff that people want. We can't all go to college to be rocket scientists, and we sure as hell can't make a decent living being employed in services to "serve at the pleasures" of the rich.

Hey Roach, it's pretty damned scary from down here where I'm sitting. Of course I'm going to want protectionism and sealed borders - you and yours offer no other options, no plan, for me to feed, house and care for my loved ones - just the constant rhetoric of "new skills and tools". I guess it's not until these eCONomists find their jobs out-sourced through the wonders of IT that they'll understand the need for solid answers. Right now to most of us, protectionism is looking pretty damned good.

[54anickel]

82. Crumbling Under Debt

http://www.alternet.org/story/34529/

snip>

"Sooner or later" is rapidly becoming sooner

In the last few weeks, we began to see signals that the consequences may come sooner than most Americans expect. According to Business Week, both the European Central Bank and the Bank of Japan have raised their interest rates -- which could signal that the days of foreign investors propping up the U. S. economy may soon be on the wane. Bottom line, this potentially will have serious consequences for all Americans, but especially for average Americans living on the edge of poverty.

The first consequence will be a rapid decline in Americans' standard of living. Fed Chairman Ben Bernanke insists the economy is strong, because many of the traditional measures of economic growth remain solid. Inventory levels, corporate profits and unemployment statistics all point towards continued growth. But what about the $3 billion a day that Americans cumulatively spend on interest payments? What about the estimated $834 billion that Americans have borrowed off their mortgages last year alone? Do average Americans have any kind of savings to use as a cushion in the event of a "hard landing?" Can an already-hard-working single mom just go back into the job market to make ends meet when serious inflation kicks in?

Second, should our debt levels continue to increase at unsustainable rates, we will soon reach a point where foreign investors demand an interest rate premium for lending to us. Or worse yet, they may simply decide to put their money in other financial instruments than U. S. Treasury bonds, which will suck the wind out of the U. S. economy very rapidly and likely lead to recession or a depression.

Third, weaknesses in the U. S. economy will cause the value dollar to weaken relative to foreign currencies. When this happens, as it inevitably must, everything Americans buy from abroad will cost more. And considering that America's manufacturing base has all but evaporated, we buy just about everything from abroad. With our dollar worth increasingly less, virtually every industry will start to feel inflationary pressures, leading to layoffs and a further downward cycle for the economy.

Fourth and most fundamentally, our debt crisis has serious implications for America's status as a world leader. When Britain was the world's most powerful country, it was the world's leading moneylender. But when England became a debtor nation, their stature in world affairs rapidly declined. The lessons of history are clear: A nation's borrowing from abroad is generally a precursor to decline. Harvard economics professor, Benjamin Friedman, says in the TIME-BOMB documentary, "Again and again it has always been the world's leading lending country that has been the premier country in terms of political influence, diplomatic influence and cultural influence. Today we are no longer the world's leading lending country. In fact we are now the world's biggest debtor country, and we are continuing to wield influence on the basis of military prowess alone."

How did we get in this mess?

more...

[54anickel]

101. The Egg Man

http://www.gold-eagle.com/editorials_05/schiff040906.html

snip>

The obvious problem for China is that it can reduce its dollar exposure only by becoming a net seller of the currency. But when the buyer of last resort becomes a seller, who will be there to take the opposite side of the trade? The dilemma reminds me of the following joke about a fictitious egg futures trader:

A client called his broker inquiring about egg futures and is quoted a price of 25 cents per contract. Having a hunch about the egg market he buys 100 contracts. A week later he calls his broker to get a quote. Pleased to learn that the price of eggs has risen to 35 cents he decides to buy another 1,000 contracts. A few days later, eager to check on the progress of his investment, he is amazed to learn that the price has now risen to 50 cents per contract, twice the price he paid for his original 100 contracts. Sensing a trend, he steps it up, this time buying 100,000 contracts. The next day, ecstatic to learn that egg prices have now risen to 65 cents, he gets even more aggressive, buying 1,000,000 contracts. Sure enough, the following day the price of eggs rises to 95 cents, prompting him to order an additional million contracts. The day after that, as rising prices further validate his intuition, he buys yet another million contracts, this time paying $1.25.

The next day, with egg contracts trading at $1.75, he senses that the market has risen too far too fast, and places an order to sell 2,000,000 contracts. After a pregnant pause his broker replies, "Sell to whom, you're the egg man".

Ultimately the Bank of China, and other central banks throughout Asia for that matter, will come to their collective senses and attempt to unload their vast quantities of dollars. When that day finally arrives, the real life egg men in Asian will surely take it on their chins, but it will be Americans that literally have it all over their faces. After all, Asians will simply write off some horrible investments and perhaps lament their poor judgment. But once they bite the bullet, their standards of living will greatly improve, as a result of the enhanced purchasing power of their respective currencies. Americans on the other hand, will not be as fortunate, as an end to the free ride on the Asian gravy train will mean a sharp reduction in our standard of living.

more...

[JNelson6563]

105. koo koo ka choo

....Americans on the other hand, will not be as fortunate, as an end to the free ride on the Asian gravy train will mean a sharp reduction in our standard of living.

And lemme tell ya, that's gonna leave a mark. :scared:

[UpInArms]

51. 10:15 EST Throwing Caution to the Wind, Markets have Ecstacy Attack

Dow 11,157.82 +37.78 (+0.34%)
Nasdaq 2,340.90 +1.88 (+0.08%)
S&P 500 1,298.69 +3.19 (+0.25%)
10-Yr Bond 4.953 -0.10 (-0.20%)

NYSE Volume 301,117,000
Nasdaq Volume 352,823,000

10:00 am : Early momentum has dwindled; the Dow and S&P are sitting right above the flat line, and the Nasdaq has fallen below it. The semiconductor and semiconductor equipment industries are particular sources of weakness that are weighing on trade, especially within the Nasdaq. This morning, UBS downgraded several semi equipment issues, citing its expectation for the start of a down cycle in the third quarter. UBS did note, though, that it expects that cycle to be relatively shorter and more shallow than prior down cycles. AMAT and KLAC, two of the stocks that the firm downgraded, are exerting considerable pressure.DJ30 +8.97 NASDAQ -4.03 SP500 +0.64 NASDAQ Dec/Adv/Vol 1389/1139/235.5 mln NYSE Dec/Adv/Vol 1280/1390/153.8 mln

[ozymandius]

54. Hootin' and hollerin' while meeting resistance

10:20
Dow 11,155.74 +35.70 (+0.32%)
Nasdaq 2,339.72 +0.70 (+0.03%)
S&P 500 1,298.47 +2.97 (+0.23%)
10-Yr Bond 49.55 -0.08 (-0.16%)
NYSE Volume 310,673,000
Nasdaq Volume 368,808,000

10:00 am : Early momentum has dwindled; the Dow and S&P are sitting right above the flat line, and the Nasdaq has fallen below it. The semiconductor and semiconductor equipment industries are particular sources of weakness that are weighing on trade, especially within the Nasdaq. This morning, UBS downgraded several semi equipment issues, citing its expectation for the start of a down cycle in the third quarter. UBS did note, though, that it expects that cycle to be relatively shorter and more shallow than prior down cycles. AMAT and KLAC, two of the stocks that the firm downgraded, are exerting considerable pressure.DJ30 +8.97 NASDAQ -4.03 SP500 +0.64 NASDAQ Dec/Adv/Vol 1389/1139/235.5 mln NYSE Dec/Adv/Vol 1280/1390/153.8 mln

[UpInArms]

59. 10:32 EST Second Thoughts on the Floor?

Dow 11,137.49 +17.45 (+0.16%)
Nasdaq 2,335.51 -3.51 (-0.15%)
S&P 500 1,295.92 +0.42 (+0.03%)
10-Yr Bond 4.955 -0.08 (-0.16%)

NYSE Volume 385,469,000
Nasdaq Volume 446,118,000

[54anickel]

58. Europe simulates financial meltdown

http://news.yahoo.com/s/ft/20060409/bs_ft/fto040920061619283914;_ylt=AghWjUoRb7UpD8jzv1Wulz72ULEF;_ylu=X3oDMTA5aHJvMDdwBHNlYwN5bmNhdA--

Europe's financial regulators have held a "war game" exercise, simulating a continent-wide financial crisis, amid fears they are ill- prepared to stop a problem in one country spreading across borders.

The exercise involved simulating the collapse of a big bank with operations in several large countries to see whether the European Central Bank, national central banks and finance ministries could work toget- her to contain the crisis.

It is understood the exercise took place at the headquarters of the ECB in Frankfurt at the end of last week. One person involved said: "It is like checking whether a nuclear power plant can survive a plane crashing into it."

The exercise took place on the eve of a meeting of European Union finance ministers and central bank chiefs in Vienna, at which the bloc's financial stability was high on the agenda. Officials at the meeting confirmed that ministers had discussed the ECB crisis management exercise.

snip>

Europe's vulnerability to a cross-border financial crisis was revealed in a confidential report prepared by officials for the Ecofin council. Regulators are particularly worried about the risks to financial stability posed by the growth in hedge funds and credit derivatives.

more...

But, but, but Greenspin always said hedge funds and credit derivatives are good for you, they add needed liquidity to the markets.

[54anickel]

60. Asian Consumers, Giving Up Frugal Ways, Fuel Growth, Investment

http://www.bloomberg.com/apps/news?pid=10000086&sid=auU6O11rRw4A&refer=latin_america

April 10 (Bloomberg) -- Asia's export-driven economy has a new engine of growth: its own people.

With unemployment low and wages rising, Asian consumers are spurning the thrifty ways of their parents and turning out to buy. In Japan, spending rose the fastest in nine years in 2005. In South Korea, consumer confidence climbed near a four-year high in the first quarter. Even China expects domestic demand to contribute more to growth this year after cutting income taxes and raising minimum wages to pump up consumption.

The rise of the Asian consumer helped prompt the International Monetary Fund to increase forecasts for economic growth for the region and worldwide this year, fund officials said at a conference April 4 in Cambodia. Asian stock markets are booming, led by India's, as investors bet that stronger domestic demand will help the region reduce its dependence on consumer spending in the U.S. and Europe.

``We're looking for opportunities that will arise as we see the emergence of a middle class in China, the expansion of the middle class in India and an enrichment of the middle class in South Korea,'' says Michael Nock, managing director of Doric Capital Corp., a Hong Kong-based hedge fund.

more...

[54anickel]

62. Wal-Mart Banking Plan Draws Objectors

http://abcnews.go.com/Business/wireStory?id=1825003

WASHINGTON Apr 10, 2006 (AP)— A parade of objectors spanning American business, unions and charities are going before federal regulators to make the case against allowing Wal-Mart Stores Inc. to expand its empire into banking.

The first-ever public hearings on a bank application by the Federal Deposit Insurance Corp. are drawing a wave of opposition to the move by the world's largest retailer. The company insists that consumers and retail banks have nothing to fear and is pledging to stay out of branch banking and consumer lending.

Some 300 institutions operate branches in 1,150 Wal-Mart stores and the company says it doesn't want to compete with them.

Opponents are not convinced. They portray Wal-Mart's proposed in-house bank which would handle the 140 million credit, debit card and electronic check payments the company handles each year as leading eventually to full-scale banking with retail branches that would destroy local banks.

Bentonville, Ark.-based Wal-Mart already is too big, they say, with 3,900 stores nearly saturating the U.S. market and unrivaled dominance accounting for 10 percent of the U.S. retail economy, according to some researchers.

more...

[54anickel]

65. Commodity prices look set to spiral even higher

http://news.yahoo.com/s/ft/20060409/bs_ft/fto040920061519573907;_ylt=AhVg0.VvZrd6LBIqRZAuM6_2ULEF;_ylu=X3oDMTA5aHJvMDdwBHNlYwN5bmNhdA--

The five-year commodity price boom that has catapulted metal, energy and some agricultural prices to record highs is set to extend further, driven by global economic growth, tight supply and rising inflows of investment, according to investors, mining groups and sector analysts.

Commodities - from copper and zinc to orange juice and refined sugar - reached fresh nominal highs last week. But, instead of signalling a top of the market, hedge funds and some mining executives believe prices have further to rise because they remain far from their highs in real price terms.

But the upward spiral is also being fuelled by conservative planning prices among mining companies which have held back mining investment, say analysts and hedge fund managers.

In the case of copper, global inventories have fallen because, even though demand is outpacing supply, many mining companies remain sceptical that current prices will last.

more...

[TrogL]

66. Loonie Watch

Highlights

Current:



30-day and 90-day:



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.H06&v=s

Current TSE



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

2006-03-07 Tuesday, March 7 0.871992 USD
2006-03-08 Wednesday, March 8 0.863931 USD
2006-03-09 Thursday, March 9 0.862589 USD
2006-03-10 Friday, March 10 0.861698 USD
2006-03-13 Monday, March 13 0.860882 USD
2006-03-14 Tuesday, March 14 0.865951 USD
2006-03-15 Wednesday, March 15 0.865576 USD
2006-03-16 Thursday, March 16 0.866551 USD
2006-03-17 Friday, March 17 0.863036 USD
2006-03-20 Monday, March 20 0.860067 USD
2006-03-21 Tuesday, March 21 0.85859 USD
2006-03-22 Wednesday, March 22 0.858295 USD
2006-03-23 Thursday, March 23 0.857854 USD
2006-03-24 Friday, March 24 0.856531 USD
2006-03-27 Monday, March 27 0.855798 USD
2006-03-28 Tuesday, March 28 0.854993 USD
2006-03-29 Wednesday, March 29 0.853097 USD
2006-03-30 Thursday, March 30 0.859993 USD
2006-03-31 Friday, March 31 0.856898 USD
2006-04-03 Monday, April 3 0.853388 USD
2006-04-04 Tuesday, April 4 0.857486 USD
2006-04-05 Wednesday, April 5 0.860659 USD
2006-04-06 Thursday, April 6 0.867152 USD
2006-04-07 Friday, April 7 0.872296 USD

Current values

Last trade 0.8734 Change -0.0004 (-0.05%
Previous Close 0.8736 Open 0.8739
Low 0.8734 High 0.8750


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

The June Canadian Dollar was lower overnight due to profit taking as it consolidates some of week’s rally and is trading below the 62% retracement level of this spring’s decline crosses at .8739. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If June extends last week’s rally, the 75% retracement level of the March-April decline crossing at .8787 is the next upside target. Overnight action sets the stage or a lower opening in early-day session trading.



Analysis

I swear I'm gonna stop posting the blather above 'cause I'm betting it's computer generated. If it's a person, he's got his head up his ass.

Go to my loonie watch website (link below). It's taking off like a rocket against all other currencies.

I haven't put today's historical numbers up because they're not up yet, but I'd watch for volatility all day. I have no idea (as usual) what's going on. Today's Canadian Parliamentary debate will be a non-binding, non-voting discussion of Canada's role in Afghanistan.

[TrogL]

93. It's all over the damn place today

Have a look at the chart here (http://quotes.ino.com/chart/?s=CME_CD.M06&v=s ).

The red line is meaningless with a standard deviation like that.

[UpInArms]

68. 11:22 EST RAH! RAH! SISS! BOOM! BAH!

Dow 11,174.07 +54.03 (+0.49%)
Nasdaq 2,339.07 +0.05 (+0.00%)
S&P 500 1,299.47 +3.97 (+0.31%)
10-Yr Bond 4.961 -0.02 (-0.04%)

NYSE Volume 628,354,000
Nasdaq Volume 697,009,000

11:00 am : There are two particular factors that are helping to support the blue chip averages. First, investors' attention is turning towards the first quarter earnings season. Per usual, Dow component Alcoa's (AA 32.89 +0.39) report starts things off this evening. There appears to be some optimistic anticipation ahead of its results, and that stock is driving the Dow. The impending earnings season is helping to diverge some attention from high bond yields and rising energy prices, but those factors continue to affect trade. With that said, the fact that conditions within the Treasury market are slightly improving today (following Friday's sell off) is providing some relief.DJ30 +30.02 NASDAQ -3.31 SP500 +1.22 NASDAQ Dec/Adv/Vol 1492/1262/580.5 mln NYSE Dec/Adv/Vol 1573/1400/361.1 mln

10:25 am : Crude's rise has incited some solid buying across the Energy sector, and its 1.6% gain is helping lift the market. Prices across the energy complex are advancing after giving back some ground on Friday. Today, increased concerns over Iran's nuclear ambitions are providing a reason for that ground to be reclaimed. Specifically, reports indicate the Iranian president asserted that the country will not back down "one iota" in the ongoing nuclear dispute, and there is speculation over U.S. military action against Iran. Several metals also pulled back on Friday, but they're similarly heading back north today. Silver (+3.0%) is leading the pack, and gold (+1.5%) and copper (+2.1%) are also enjoying strong buying interest. As a result, the Materials sector (+0.6%) is also contributing some leadership.DJ30 +31.48 NASDAQ +0.25 SP500 +2.45 NASDAQ Dec/Adv/Vol 1362/1285/387.6 mln NYSE Dec/Adv/Vol 1407/1455/244.1 mln

[54anickel]

73. Banking and the Business Cycle

Last article in the Credit Bubble Bulletin http://www.prudentbear.com/creditbubblebulletin.asp

A Bloomberg headline caught my attention earlier in the week: “Fisher Says Globalization Reduces Inflation Threat.” In his Tuesday speech -- “A New Perspective for Policy” -- Federal Reserve Bank of Dallas’ President, Richard W. Fisher, noted a finding from recent globalization research conducted by the Bank of International Settlements. “…or some countries, including—and to my mind especially—the United States, the proxies for global slack have become more important predictors of changes in inflation than measures of domestic slack.” Mr. Fisher also noted “the realization of the importance of global economic conditions for making monetary policy decisions is becoming more widespread.” Reminiscent of the late-nineties view that extraordinary productivity gains had empowered the Greenspan Fed to let the economy (and financial markets!) run hotter, today it is “globalization” that supposedly keeps “inflation” in check, thereby bestowing the Federal Reserve and global central bankers greater latitude for accommodation.

There is great irony in the fact that U.S. led Global Credit Inflation and attendant Asset Bubbles of unprecedented dimensions are fostering (over)investment in global goods-producing capacity, a backdrop that is perceived by the New Paradigmers as ensuring ongoing “slack” and quiescent “inflation.” This is dangerously flawed analysis, and I find it at this point rather ridiculous that policymakers cling to such a narrow (“core-CPI”) view of “inflation.” I suggest Mr. Fisher, Dr. Bernanke, Dr. Poole and others read (or, perhaps, re-read) the classic, Banking and the Business Cycle – A Study of the Great Depression in the United States, by C.A. Phillips, T.F. McManus, and R.W. Nelson, 1937.

The authors brought a (refreshing) degree of invaluable clarity to complex – and pertinent - economic issues that are today simply omitted from the discourse. In particular, I much appreciate the use of the terminology “Investment Credit Inflation.” It is, after all, the creation of new financial claims (Credit) that augments purchasing power, and analysts must be vigilant observers of the sources and uses of this additional spending. The key is to recognize the nature of the Processes of Credit Creation and Dissemination, especially when marketable securities, leveraged speculation, and Asset Inflation are key facets of the boom. And just as the popular proxy index for the general price level utterly failed during the ‘twenties to indicate the prevailing massive Credit Inflation, the Fed’s favored (narrow) price level indicators today only work to palliate and mislead.

But it is better to just let the timeless insights from “Banking and the Business Cycle” “speak” for themselves.

big snip>

The contemporary U.S. Credit system (evolving to the status of the backbone of the global Credit mechanism) comprised of banks, the GSEs, global central bank dollar holdings, brokerage firms, the MBS and ABS marketplaces, hedge funds, finance companies, insurance companies, etc., operate today generally unrestrained from either reserve or capital requirements (not to mention a gold standard). And, in the final analysis, ‘this implies nothing less than a revolution in the monetary system not only of the United States but of all countries…’ Moreover, ‘changes occurring in the system intimately connected with the structural changes in the economic system…’

more...

[54anickel]

76. CEO pay soars in 2005 as a select group break the $100 million mark

http://www.usatoday.com/money/companies/management/2006-04-09-ceo-compensation-report_x.htm

Even after a decade of sharply rising CEO pay, 2005 proved a watershed for a select group of executives. Their paydays — or potential paydays — broke $100 million.
Led by Capital One Financial's Richard Fairbank, several corporate chieftains earned nine-figure sums or the prospect of that much.

HOW MUCH ARE CEOs PAID?: CEOs ranked by top pay | Alphabetical list of largest companies

Compensated only by stock options since 1997, Fairbank claimed one of the biggest windfalls among CEOs, exercising 3.6 million options for gains of nearly $250 million. His personal haul exceeded the annual profits of more than 550 Fortune 1000 companies, including Goodyear Tire & Rubber, Reebok and Pier 1.

Fairbank, 55, pulled in $56 million from options in 2004. Capital One says Fairbank had to exercise options last year because they were set to expire. The company also noted its 24.6% annual shareholder returns the past decade.

Lifted by Wall Street's three-year bull market, 14 consecutive quarters of rising corporate earnings, mergers and turnover in the corner office, scores of other CEOs enjoyed less stratospheric but still Olympian pay packages.

more...

Here's the link to the CEOs ranked by top pay http://www.usatoday.com/money/companies/management/2006-04-07-ceo-total.htm You'll notice the names of some favorites for Snowjobs replacement in that list.

[jseankil]

81. Give These Men a Tax Break For God Sakes!!! /nm

nm

[Roland99]

115. No kidding! How else will they survive in the afterlife?

[UpInArms]

86. Enron Trial: Skilling on the stand lying his ass off

12:02 PM ET 4/10/06 ENRON'S SKILLING: 'I'M ABSOLUTELY INNOCENT': WSJ

12:03 PM ET 4/10/06 ENRON'S SKILLING: 'CHARGES AGAINST ME ARE WRONG': WSJ

12:01 PM ET 4/10/06 ENRON'S SKILLING TAKES WITNESS STAND FOR FIRST TIME: WSJ

Charge this liar with perjury!

[AnneD]

91. Don't worry....

Texas juries are pretty tough. We hang 'em high (think of the executioner in Blazing Saddles).

I will say that the state as a whole learned a few things about post partum psychosis thanks to Andrea Yates, and as the last ruling illustrated (where mom cut off babies arms), there is some compassion for the mentally ill moms. I look for Andrea Yates to do time at the state mental institute. We have come a long way in that reguard.

[JNelson6563]

106. I'm innocent I tell ya!!

This guy is a living, breathing pantload. Ugh.

[UpInArms]

92. 12:42 EST numbers and idiotic blather - they can't figure it out

Dow 11,168.31 +48.27 (+0.43%)
Nasdaq 2,341.90 +2.88 (+0.12%)
S&P 500 1,299.56 +4.06 (+0.31%)
10-Yr Bond 4.957 -0.06 (-0.12%)

NYSE Volume 906,388,000
Nasdaq Volume 963,189,000

12:30 pm : The major averages remain moderately higher. Investors continue to appear minimally fazed by the fact that crude is pushing $69 per barrel. Investors also appear complacent in the face of the 10-year yield's four-year high. Some optimistic anticipation of the first quarter earnings season is, at this point, setting the trading tone. Expectations are for another quarter of double-digit growth, with estimates pegged at approximately 12-13%. We continue to note that the market may be getting ahead of itself, however. The effects of monetary tightening, rising bond yields, and high energy prices are apt to undermine growth in the quarters ahead, and may be positioning the market for disappointments relative to current expectations.DJ30 +50.91 NASDAQ +3.44 SP500 +4.19 NASDAQ Dec/Adv/Vol 1385/1543/939.6 mln NYSE Dec/Adv/Vol 1371/1758/625.4 mln

12:00 pm : At this point, buyers are in control of the trading action and helping the market reclaim some of the ground that it lost Friday. Treasury yields remain high and energy prices are rising, but the impending first quarter earnings season appears to be serving as somewhat of a distraction.

Increased concerns over Iran's nuclear ambitions are helping to drive prices across the energy complex higher. Specifically, reports indicate the Iranian president asserted that the country would not back down "one iota" in the ongoing nuclear dispute, and there is speculation over U.S. military action against Iran. Crude is up about 1% and trading over $68 per barrel. That action has incited some solid buying across the Energy sector, and its 1.5% advance is supporting the indices. Commodities across the board are gaining today, and the Materials sector (+0.4%) is also benefiting.

The yield on the benchmark 10-year note remains at a four-year high, yet stock investors appear to be a bit less troubled by that today. First, the Q1 reporting season begins with Dow component Alcoa (AA 32.90 +0.40) after today's closing bell. Some focus has shifted to the earnings front, and expectations for another quarter of double-digit earnings growth is helping to deviate attention from bonds for the time being. Second, the fact that yields across the curve are improving (albeit modestly) in the wake of Friday's sell off is providing some relief. Nonetheless, the 10-year is close to a 5.00% yield. In our view, the current conditions within the Treasury market, along with rising energy prices, are apt to serve as an offset to what should be a reasonably good first quarter earnings season.

A 0.7% gain in the Financial sector is the muscle behind the market's advance. News that J.P. Morgan (JPM 42.17 +0.47) and Bank of New York (BK 35.34 -1.49) have agreed to an asset swap has brought some added attention to the banking industry. Along with banks, brokers are largely to credit for the Financial sector's 0.6% gain. Goldman Sachs (GS 163.43 +2.41) is an especially bright spot, following a positive mention in Barron's.

Optimistic anticipation ahead of Alcoa's report is a factor behind the Dow's strength. Another factor is Disney (DIS 27.97 +0.44). In a bold move, the company, which is a suggested holding in our active portfolio, plans to make much of its television programming available for free on the internet. That stock is countering relative weakness in retailers and homebuilders within the Discretionary sector (+0.1%). With respect to the latter industry, cautious analyst comments have sparked some selling. On a separate but related note, UBS downgrades on several semiconductor equipment stocks is helping to limit the Tech sector's (+0.1%) and the Nasdaq's gains.DJ30 +58.12 NASDAQ +2.41 SP500 +4.61 NASDAQ Dec/Adv/Vol 1433/1448/855.9 mln NYSE Dec/Adv/Vol 1511/1577/557.6 mln

[Roland99]

96. PPT/Faeries jumping in too soon?

[MARALE]

104. Faeries came early, left early!

The Dow industrials were up 11 points at 11,131, but off a session high of 11,185.54.
The Nasdaq Composite Index was last down 8 points at 2,330.
The S&P 500 Index put in a fractional loss, down 0.38 point at 1,295.12.

I think now it is even gone lower, those faeries took a 1/2 day off. I wish I could too, the weather is great here!

[UpInArms]

110. S&P warns on correction for real-estate stocks (REITs)

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B7F5D20E4%2DAF5B%2D4E72%2DA89A%2D557329602E20%7D&dist=newsfinder&symbol=&siteid=mktw

BOSTON (MarketWatch) -- Standard & Poor's Equity Research Services on Monday warned investors of a potential 5% to 15% pullback in shares of real estate investment trusts, citing historically lofty valuations and softening fundamentals. "There are a number of potential catalysts for a short-term correction in the sector, including rising long-term interest rates, an earnings shortfall from a market leader, or widespread profit taking," said Robert Hansen, head of S&P's financial services group, in a statement. "The REIT sector's sustained outperformance over the last few years has been based on improving fundamentals, however, we think valuations look stretched on a near-term basis," added Robert McMillan, S&P REIT analyst.

[UpInArms]

112. 3:35 EST getting shakier by the minute

Dow 11,133.57 +13.53 (+0.12%)
Nasdaq 2,329.78 -9.24 (-0.40%)
S&P 500 1,295.40 -0.10 (-0.01%)
10-Yr Bond 4.963 0.00 (0.00%)

NYSE Volume 1,612,923,000
Nasdaq Volume 1,640,485,000

3:00 pm : Of the ten economic sectors, Energy is now the market's sole source of support. Its 1.4% gain is helping to limit the market's decline, but it's not enough to fuel an advance. As had been the case with bond yields, high energy prices had not appeared to perturb investors all that much throughout most of the day. By the close of commodity trade, though, crude futures had gained 2% and closed a quarter below $69 per barrel. Prices across the complex reclaimed some of the ground that they had ceded on Friday. That action, along with a stunted recovery in the Treasury market, has given stock buyers reason to stick near the sidelines.DJ30 +2.64 NASDAQ -12.05 SP500 -1.71 NASDAQ Dec/Adv/Vol 1814/1200/1.49bln NYSE Dec/Adv/Vol 1961/1250/1.03 bln

2:30 pm : Little has changed within the stock market. The Nasdaq remains in the red, the S&P continues to vacillate around the unchanged mark, and the Dow is clinging to a modest gain. At this point, 16 of the blue chip average's 30 constituents are lending upside. Boeing (BA 80.70 +1.13) and Walt Disney (DIS 27.82 +0.29) are the strongest sources of support. With respect to Boeing, reports that it will tomorrow announce a $5 billion Chinese order have lifted the stock. This comes on the heels of a $1 billion Spanish order that it won last week. Walt Disney, meanwhile, continues to attract buyers following its announced plans for offering free content on the web. Exxon Mobil (XOM 62.04 +0.71) and McDonald's (MCD 35.30 +0.42), which is another one of our stock picks, have also risen in excess of 1%.DJ30 +9.29 NASDAQ -7.80 SP500 -0.72 NASDAQ Dec/Adv/Vol 1705/1308/1.35 bln NYSE Dec/Adv/Vol 1778/1404/927.2 mln

[ozymandius]

116. slouching to the finish

Dow 11,141.33 +21.29 (+0.19%)
Nasdaq 2,333.27 -5.75 (-0.25%)
S&P 500 1,296.62 +1.12 (+0.09%)
10-Yr Bond 49.63 0.00 (0.00%)
NYSE Volume 1,898,315,000
Nasdaq Volume 1,880,760,000

4:20 pm : This morning, optimistic anticipation of the first quarter earnings season and (modest) improvements in the Treasury market had motivated buyers. Bond yields remained high, though, and their stunted recovery squelched the stock market's momentum. Investors shrugged off rising energy prices for a large part of the day, but crude's 2% afternoon spike helped to further dampen buying efforts.

With respect to the Treasury market, we continue to emphasize its effect on equity trade. Today's action reflects the attention that bond yields are receiving from the stock market. Friday's employment data roiled bonds, and that market's attempt to recover this morning appeared to relieve stock investors. Yields were still high, but the 10-year had edged away from the psychologically important 5.00% yield. A lack of a catalyst and lower than average holiday-week volume took the steam out of the advance, though, and as bond yields headed back towards unchanged territory, the major averages followed suit. Just before the closing bell, the 10-year's yield ticked slightly lower and prompted 0.2% advances in the rate-sensitive Financial and Utilities sectors.

The stock market appeared to follow the bond market today, but, all in all, stocks did still demonstrate some continued complacency to high yields. Over the course of the session, the yield on the 10-year remained at a four-year high and within very close proximity to 5.00%. The Dow and S&P both managed to finish the session with gains, albeit modest ones.

Aside from conditions within the Treasury market, rising energy prices continue to serve as another impediment for a more spirited, sustainable advance in the stock market. Investors did not appear very fazed by gains across the complex today, and the resulting 1.5% advance in the Energy sector was supportive. By the close of commodity trade, though, crude futures had gained 2% and were pushing $69 per barrel. That price action was fueled by increased anxiety over Iran, and speculation over potential U.S. military action, and did not help matters for the broader market today. UBS's downgrade on several semiconductor equipment stocks, due to a down cycle that the firm foresees in Q3, was a separate factor that weighed on equity trade.

With respect to the aforementioned Financial sector, there were some other factors behind its gain. First, banks were in focus following reports that J.P. Morgan Chase (JPM 41.93 +0.23) and Bank of New York (BK 35.04 -1.79) have agreed to a asset swap. Under the terms of the deal, the difference in premiums will result in J.P. Morgan's $150 million cash payment to the Bank of New York. For a Merger Monday, the M&A front was a quiet one. Still, brokers outperformed. An especially bright spot there was Goldman Sachs (GS 126.46 +1.44), which had been positively featured in a Barron's article.

Walt-Disney (DIS 27.79 +0.26) occupied much of the corporate spotlight today. The company, which is one of our suggested holdings for active investors, is planning on offering much of its television content for free on the internet. That stock helped limit the Discretionary sector's (-0.1%) decline, and it served as one of the Dow's best sources of support. Boeing (BA 80.79 +1.22), which is reportedly going to announce a $5 billion Chinese order tomorrow, also helped the blue chip average maintain its positive footing.

Fellow Dow component Alcoa (AA 32.83 +0.33) also garnered added attention. The company's earnings report, which is due out during today's after hours trading session, marks the commencement of the first quarter earnings season. Optimistic anticipation of what is expected to be another quarter of double-digit earnings growth helped deviate some degree of attention from the Treasury and energy markets today, and Alcoa's gain was supportive. In our view, rising bond yields and rising energy costs are apt to undermine what should be a solid quarter of earnings growth. DJ30 +21.29 NASDAQ -5.75 SP500 +1.12 NASDAQ Dec/Adv/Vol 1741/1311/1.88 bln NYSE Dec/Adv/Vol 1872/1393/1.35 bln