STOCK MARKET WATCH, Tuesday January 22

[ozymandius]

Source: du

STOCK MARKET WATCH, Tuesday January 22, 2008

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 364 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2559 DAYS
WHERE'S OSAMA BIN-LADEN? 2283 DAYS
DAYS SINCE ENRON COLLAPSE = 2244
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

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

---

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

AT THE CLOSING BELL ON January 18, 2008

Dow... 12,099.30 -59.91 (-0.49%)
Nasdaq... 2,340.02 -6.88 (-0.29%)
S&P 500... 1,325.19 -8.06 (-0.60%)
Gold future... 881.60 +1.10 (+0.12%)
30-Year Bond 4.30% +0.04 (+1.03%)
10-Yr Bond... 3.65% +0.01 (+0.22%)






GOLD, EURO, YEN, Loonie and Silver

---

PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [email protected]

For information on protests and other actions Citizens For Legitimate Government

---

Radical Fringe site


Read more: du

[ozymandius]

1. no goobermint reports today

[radfringe]

5. and at the opening bell will we see this today?

[ozymandius]

7. Hoot!

:rofl:

I predict widespread panic.

[Ghost Dog]

15. I expect to see this:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x2740515

[DemReadingDU]

33. That's hysterical!

:silly:

[Ghost Dog]

2. Asian markets tumble on US worries

HONG KONG (AFP) - Asian stock markets took a battering on Tuesday, with key markets shedding up to eight percent in a nervous sell-off sparked by fears that a US recession will hurt economies around the world.

The losses came just a day after Europe's key stock exchanges suffered their biggest one-day drops since the September 11 attacks on the United States, and dealers said there was no indication the blood-letting would ease up soon.

Every market in the region was in virtual free-fall. Trading was briefly suspended in South Korea and India, while jittery investors elsewhere in Asia watched markets open sharply in the red -- and then keep plummeting.

Hong Kong had lost more than eight percent by lunch, Shanghai closed 7.2 percent down, Australia lost 7.1 percent, Tokyo finished down 5.6 percent, Seoul shed 4.4 percent and other bourses echoed those dismal results.

"That's it -- buyers have been defeated," said Andrew Clarke, a trader with SG Securities in Hong Kong. "They have finally run out of money."

Trillions of dollars have been wiped off markets worldwide already this year, and worries about a US recession are helping to extend what has become a global slump in shares.

Unlike the turbulent swings seen in 2007, however, the sharp declines have not been followed up by steep rises. Instead, markets have just kept losing in 2008 -- some of them are nearly 20 percent down since January began.

"The bear market has started viciously," said Gerard Minack, a strategist at Morgan Stanley in Sydney.

/... http://news.yahoo.com/s/afp/20080122/bs_afp/stocksworld_080122073039

[Ghost Dog]

4. Equity market plunge continues (in Europe)

European equities endured further heavy selling on Tuesday, advancing Monday's sharp losses on concerns over the state of financial sector balance sheets and fears of a US recession.

In early trade, the FTSE Eurofirst 300 was down 2.5 per cent at 1,248.23, while London's FTSE 100 shed 3.9 per cent to 6,525.18. There were worse falls in Athens, where the benchmark General index lost 6.2 per cent.

/... http://news.yahoo.com/s/ft/20080122/bs_ft/fto012220080405241407

[Ghost Dog]

18. Stock Tumble Drives 43 Benchmarks Into Bear Market (Update1)

Jan. 22 (Bloomberg) -- More than half of the world's biggest stock indexes fell into a bear market as mounting concern about a U.S. recession dragged down banking and retail shares across Asia, Europe and Latin America.

The MSCI World Index's 3 percent decline yesterday, the steepest since 2002, left benchmarks in France, Mexico, Italy and 35 other countries at least 20 percent below their recent highs. Declines today turned Indonesia, India, the Philippines, Taiwan and Thailand into bear markets as well.

The Standard & Poor's 500 Index may post its biggest decline since 2000 when the U.S. market resumes trading today after the Martin Luther King Day holiday, futures showed.

/... http://www.bloomberg.com/apps/news?pid=20601085&sid=aTEHP2k_0aYo&refer=europe

[Ghost Dog]

19. EU Says Stock-Market Rout, U.S. Slump Threaten Europe (Update4)

Jan. 22 (Bloomberg) -- European finance ministers said a global stock-market slump and an economic slowdown in the U.S. threaten to slow growth in Europe more than forecast.

``There is great concern about the financial crisis,'' Belgian Finance Minister Didier Reynders said before a meeting of European Union finance ministers in Brussels today. ``There is a risk of an economic slowdown'' in Europe.

/... http://www.bloomberg.com/apps/news?pid=20601085&sid=aA8LdZIsRbdw&refer=europe

[Ghost Dog]

22. Europe's Stoxx 600 Pares Decline; Barclays, UBS, Arcelor Rise

Jan. 22 (Bloomberg) -- European stocks pared earlier declines as Barclays Plc, UBS AG and ArcelorMittal advanced.

The Dow Jones Stoxx 600 Index slipped 0.3 percent to 308 as of 10:10 a.m. in London, after earlier dropping as much as 4.1 percent. The Stoxx 50 slid 0.7 percent, and the Euro Stoxx 50, a measure for the euro region, sank 1.2 percent.

National benchmarks fell in 12 of the 18 markets in western Europe. The U.K.'s FTSE 100 added 0.2 percent, while France's CAC 40 declined 0.5 percent. Germany's DAX sank 2.3 percent.

/... http://www.bloomberg.com/apps/news?pid=20601085&sid=a8hoV1mqyxnQ&refer=europe

[Ghost Dog]

35. UAE markets lose Dh132b since Wednesday

Abu Dhabi: UAE stocks fell sharply on Tuesday in increasing decline since last Wednesday that has led to losses of more than Dh132 billion ($36 billion).

...

In Dubai, the general index nosedived 6.21 per cent to 5210.58, after approaching 10 per cent of losses during the session.

/... http://www.gulfnews.com/business/Markets/10183944.html

[ozymandius]

3. Oil prices fall on US recession fears

SINGAPORE - Oil prices fell Tuesday amid global market turmoil and mounting concerns that the U.S. economy may be heading into a recession that would likely dampen crude demand.

Prices were also affected by the continued tumble of global stock markets Tuesday, the second day of sharp global declines.

"Investors are factoring in the rising prospect of a U.S. recession," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "That's why we're seeing such a substantial sell-off in the stock markets."

Japan's Nikkei 225 index slid 5.7 percent while Hong Kong's Hang Seng index sank 8.7 percent. In India, trading was halted for an hour after the benchmark index plummeted 10 percent. In volatile afternoon trading, the Sensex index was down 7.2 percent.

Light, sweet crude for February delivery fell $2.81 from Friday to $87.76 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.

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

[ozymandius]

6. Market WrapUp: Those Twins

BY BRIAN PRETTI

Makin’ The Call

Before getting to “those twins,” I want to very quickly point out that it sure as heck appears that the CEO’s in this fair land have called a recession. No equivocation and no hemming and hawing. A recession it shall be. You may remember that late last year I penned a discussion entitled, “The CFO Nose,” that essentially detailed the relatively short history of the CFO confidence survey. Important message of that report being that these folks were as negative as anything seen over the short four-year history of this survey. The implication, of course, was that the economy was indeed at risk given that the coincidental rhythm of CFO confidence levels over time and annual change in real GDP have been very coincident.

Well if that weren’t good enough for you, let’s have a quick “listen” to what’s being said in yet another corner of the executive suite – the office of the CEO. The CEO confidence survey for 4Q was released on Tuesday of this week. And right to the point, it’s a definitive call for recession by those CEO’s responding to the call. As is often the case, pictures can tell meaningful stories. So, have a look at the following story, if you will.

-chart-

This is the longer-term history of the CEO survey with recessionary periods clearly marked. Notice anything? Of course you do. At least over the last three decades, every single time the level of survey responses has descended to a level we now see, the US economy has been heading into recession. Every single time. There are no exceptions. So, either the CEO’s of this world have lost their magic touch and are now out of touch in the current cycle, or a recessionary experience is about to touch the US economy. It’s either one of the two. I’ll bet with the CEO’s until they are proven guilty. In the past this survey has been very important as a warning. But not to dwell on the negative, this survey has also been very helpful in identifying turns back upward in the trajectory of the US economy. In my mind, a recession has arrived. Now it’s a matter of watching depth and duration in terms of CEO’s “getting in touch with their feelings.” What a sensitive bunch.

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

[ozymandius]

8. UBS, Citigroup, Merrill Seen Exposed Heavily To Bond Insurers

NEW YORK -(Dow Jones)- Merrill Lynch & Co. (MER) on Thursday opened the door a crack on how seriously banks may be exposed to the spiraling decline of companies that insure bonds and complex structured securities, such as collateralized debt obligations.

As part of $16.7 billion of write-downs it took in the fourth quarter, $3.1 billion represented losses (or reserves for expected losses) on insurance contracts Merrill purchased to hedge its highest-rated CDO holdings. It set aside $1.9 billion alone for contracts insured by ACA Capital Holdings' (ACAH) ACA Financial Guaranty Corp., the most troubled of the so-called monoline bond insurers. Merrill in essence said the ACA "credit enhancement" was worthless.

Using Merrill as a rough model, Oppenheimer analyst Meredith Whitney says the top 10 bank underwriters of collateralized debt obligations last year may have to write off $10.1 billion of the $12.7 billion of their bonds insured by ACA. And that estimate is based on her assumption that the insurance is worth 20 cents on the dollar - above the level of Merrill's reserve.

http://money.cnn.com/news/newsfeeds/articles/djf500/200801181409DOWJONESDJONLINE000852_FORTUNE5.htm

[ozymandius]

9. Wall Street: Futures flashing red

LONDON (CNNMoney.com) -- Wall Street looked set to join the global market rout early Tuesday, as the threat of a U.S. recession battered sentiment worldwide.

At 5:11 a.m. ET, Nasdaq and S&P futures were sharply lower, suggesting a disastrous start for U.S. stocks.

Overseas stocks plunged Monday amid fears that the U.S. slowdown would spill over to the global economy.

The dramatic selling showed no signs of letting up Tuesday. In Asia, Japan's Nikkei lost another 5.7 percent. European stocks also were in free fall.

http://money.cnn.com/2008/01/22/markets/stockswatch/index.htm

[ozymandius]

25. Wall St futures fall, point to further sell-off

FRANKFURT (Reuters) - Futures on leading U.S. stock market indexes fell before the start of Wall Street trading on Tuesday, signaling that American shares would join the global equities sell-off.

Cash equities markets in the world's largest economy, seen by some analysts as teetering on the brink of recession, are due to resume trading at 9:30 a.m. EST having been closed on Monday for Martin Luther King Day.
.....

At 5:40 a.m. EST, S&P 500 futures were down 5.2 percent, having fallen as much as 5.3 percent earlier. Dow Jones futures fell 4.6 percent and Nasdaq futures dropped 5.5 percent.

The indicative Dow Jones index, which tracks how the Dow stocks trade in Frankfurt, was 5.9 percent lower.

http://www.reuters.com/article/topNews/idUSN2140979520080122

[skids]

52. Ah but are they as reliable as a NH entrance poll?

Sorry, low-hanging fruit. Someone had to.

[ozymandius]

10. Cutbacks at Yahoo Expected To Include Hundreds of Jobs

Yahoo, owner of the most-visited U.S. Web site, will make cutbacks in some areas of its business as it faces increasing competition from Google and Microsoft.

The New York Times reported on its Web site yesterday that Yahoo would cut hundreds of jobs as well.
.....

Yahoo has reported seven consecutive quarters of declining profit as the company lost Internet-search users to Google and faced competition from new rivals such as Facebook and News Corp.'s MySpace. Yahoo chief executive Jerry Yang began a reorganization after taking over from Terry Semel in June.

http://www.washingtonpost.com/wp-dyn/content/article/2008/01/21/AR2008012102184.html

[ozymandius]

11. U.S. Economy May Be a `Shock' Away From Recession, Lehman Says

Jan. 22 (Bloomberg) -- The U.S. economy may be ``one shock'' away from a recession, Lehman Brothers Inc. said, pointing to the global slump in equity markets as a possible ``tipping point.''

Lehman sees the odds of a recession in the world's largest economy at 40 percent, rising from a ``1-in-3 chance'' at the beginning of the year, Paul Sheard, Lehman's global chief economist, said in a press briefing in Singapore today. A global decline in stocks has wiped more than $5 trillion from equity markets this year on concern world economic growth is faltering.

.....

Goldman Sachs Group Inc., Morgan Stanley and Merrill Lynch & Co. are forecasting that the U.S. will slip into recession this year for the first time since 2001 amid fallout from the subprime mortgage crisis. The world's largest banks and securities firms have announced more than $100 billion in debt writedowns and loan losses after the collapse of the U.S. subprime mortgage market.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aKnU.Z8DJqqQ&refer=home

[pokercat999]

49. "amid fallout from the subprime mortgage crisis" should

read "amid fallout from DE-REGULATION" the curse of the ray-gun mis-administration and repeated and ongoing corporate owned congresses.

[Demeter]

62. There's No Need for Additional Shock--We've Had Enough Already

and it's a Depression we're starting, to be known to future generations as the Greater Depression, as 1929 will be renamed the Lesser Depression. Just as the War to End All Wars was renamed WWI in 1941.


And there's no greater truth than in that cartoon up there.

[Hissyspit]

12. Shit hitting fan?

[ozymandius]

13. looks like it

Though we have seen forecasts of precipitous declines before - and with very good reason - but some "invisible hand" reaches into the markets to soften the losses.

[tom_paine]

20. The Plunge Protection Team, baby. No Tyrant should be without one!

It is one of the Bushies' favorite "instruments", I have no doubt. One o ftheir many moneymaking machines.

[natrat]

54. bush govt basically orginized crime-dont they also go short and accelerate the dump sometime

[AnneD]

80. Morning Marketeers....

:donut: and lurkers. Today promises to be a bumpy ride so make sure your seat belt is fastened and your trays are locked in their upright position.

The first thing that greeted me this morning when I turned the TV on was the plethora of news about the stock markets around the world dropping. The tension and panic in their voices was palpable. I think that those who haven't been paying attention are waking up to discover the band is playing, there are not enough life preservers and boats are filled and are already in the water. This is the panic phase today. The only thing that can happen with a panic is that folks don't think rationally and in the process hurt themselves and others. The time to act was last year (or the year before-in my case). Be careful and don't get hurt anymore than you have to and don't lose your head.

Happy hunting and watch out for the bears.

[girl gone mad]

14. France is looking calm.

I don't think US markets will be quite as bloody as many are predicting, but I'm staying away from all those falling knives, just the same.

[Roland99]

29. Futures are still mega down but, yeah, I would NOT be surprised at buying in an "oversold" market.

:eyes:

[Demeter]

63. Because France Didn't Inflate With the Other Bubbles

Saw an article about that--didn't bookmark it, though.

[OnceUponTimeOnTheNet]

16. K&R

CNBC~ Paulson has a press conference at 8 this morn.
That may provide some amusement this morning.
Lotsa sour pusses on CNBC dipwits today.

[radfringe]

50. Paulson has a press conference at 8 this morn.

phew - I was worried bush would have one just as the markets open....

[ozymandius]

17. Rebates: No big deal for stores

NEW YORK (CNNMoney.com) -- With 2008 expected to show the weakest growth for retail sales in years, Americans sorely need some incentive to keep shopping.

But economists say President Bush's proposed tax stimulus - unveiled last week - would merely provide short-term relief for consumers without curing the problems in housing, credit, energy and the job market causing an economic pullback.

.....

"It is a Band-Aid that's needed for now, but it won't get consumers out of the woods," said Michael Niemira, chief retail economist with the International Council of Shopping Centers (ICSC).

The National Retail Federation's (NRF) economic forecast calls for a 3.5 percent increase in annual retail sales in 2008. While that's above the 3 percent annual average, it would be the slowest pace of growth in six years.

Given that consumer spending fuels 70 percent of the nation's economy, the trade group maintains that the fastest way to rev up the economy is through the consumer.

.....

The total stimulus of about $150 billion will boost the national debt, but the impact will likely be marginal if this is only a one-off incentive, said Michael Englund, chief economist with Action Economics.

http://money.cnn.com/2008/01/21/news/economy/stimulus_retailsales/index.htm?postversion=2008012115

[ozymandius]

21. Target warns of weak January sales

MINNEAPOLIS (AP) -- Target Corp. said its January sales are coming in at the low end of the range it had expected earlier this month.

It was one more sign of weakness at the nation's second-largest discount retailer.

Target (TGT, Fortune 500) said earlier this month that same-store sales for January would range between a decline of 1 percent and a gain of 1 percent.

-very short-

http://money.cnn.com/2008/01/22/news/companies/target.ap/index.htm?postversion=2008012206

[ozymandius]

23. Trading in Bank of China suspended in Shanghai

SHANGHAI (AFP) - Trading in Bank of China was suspended on the Shanghai stock exchange on Tuesday, amid reports it could announce a significant writedown over assets linked to US subprime mortgages.

China's third largest bank is expected to announce a writedown on its 7.95 billion US dollars of investments in securities linked to US subprime mortgages, Hong Kong press reported Monday.

Senior banking regulators have warned Beijing that Bank of China as well as the Industrial and Commercial Bank of China and China Construction Bank, would have to make provisions for all their subprime-linked assets, the reports said.

Bank of China stock has slumped since Monday on the newspaper report but the bank said Tuesday it was "not aware of any reasons for such movement," according to a statement filed with the Hong Kong Stock Exchange.

http://news.yahoo.com/s/afp/20080122/bs_afp/chinahongkongbankingcompanyearningsboc_080122073116

[ozymandius]

24. German regional bank WestLB says it will post billion-euro loss

FRANKFURT (AFP) - WestLB, the troubled German regional bank, said Monday it would post a net loss of around one billon euros (1.45 billion dollars) owing to fraudulent stock trades and the US subprime market meltdown.

The third largest regional German bank had previously estimated full-year losses at between 100-500 million dollars.

Core shareholders who met Sunday in the western city of Duesseldorf, agreed to cover the loss and also to write down one billion euros in assets.

That confirmed press reports which said they would inject two billion euros into WestLB.

http://news.yahoo.com/s/afp/20080121/bs_afp/marketsfinancegermanybankingcompanyearningswestlb_080121113745

[54anickel]

26. The Great Wealth Transfer - Krugman from 2006

It's the biggest untold economic story of our time: more of the nation's bounty held in fewer and fewer hands. And Bush's tax cuts are only making the problem worse
PAUL KRUGMANPosted Nov 30, 2006 1:59 PM

http://www.rollingstone.com/politics/story/12699486/paul_krugman_on_the_great_wealth_transfer

Why doesn't Bush get credit for the strong economy?" That question has been asked over and over again in recent months by political pundits. After all, they point out, the gross domestic product is up; unemployment, at least according to official figures, is low by historical standards; and stocks have recovered much of the ground they lost in the early years of the decade, with the Dow surpassing 12,000 for the first time. Yet the public remains deeply unhappy with the state of the economy. In a recent poll, only a minority of Americans rated the economy as "excellent" or "good," while most consider it no better than "fair" or "poor."
Are people just ungrateful? Is the administration failing to get its message out? Are the news media, as conservatives darkly suggest, deliberately failing to report the good news?

None of the above. The reason most Americans think the economy is fair to poor is simple: For most Americans, it really is fair to poor. Wages have failed to keep up with rising prices. Even in 2005, a year in which the economy grew quite fast, the income of most non-elderly families lagged behind inflation. The number of Americans in poverty has risen even in the face of an official economic recovery, as has the number of Americans without health insurance. Most Americans are little, if any, better off than they were last year and definitely worse off than they were in 2000.

But how is this possible? The economic pie is getting bigger -- how can it be true that most Americans are getting smaller slices? The answer, of course, is that a few people are getting much, much bigger slices. Although wages have stagnated since Bush took office, corporate profits have doubled. The gap between the nation's CEOs and average workers is now ten times greater than it was a generation ago. And while Bush's tax cuts shaved only a few hundred dollars off the tax bills of most Americans, they saved the richest one percent more than $44,000 on average. In fact, once all of Bush's tax cuts take effect, it is estimated that those with incomes of more than $200,000 a year -- the richest five percent of the population -- will pocket almost half of the money. Those who make less than $75,000 a year -- eighty percent of America -- will receive barely a quarter of the cuts. In the Bush era, economic inequality is on the rise.

Rising inequality isn't new. The gap between rich and poor started growing before Ronald Reagan took office, and it continued to widen through the Clinton years. But what is happening under Bush is something entirely unprecedented: For the first time in our history, so much growth is being siphoned off to a small, wealthy minority that most Americans are failing to gain ground even during a time of economic growth -- and they know it.

A merica has never been an egalitarian society, but during the New Deal and the Second World War, government policies and organized labor combined to create a broad and solid middle class. The economic historians Claudia Goldin and Robert Margo call what happened between 1933 and 1945 the Great Compression: The rich got dramatically poorer while workers got considerably richer. Americans found themselves sharing broadly similar lifestyles in a way not seen since before the Civil War.

much more....

[Roland99]

27. Wholesale gas down $0.07 to $2.23. Gas here went UP $0.30 last night!

[AnneD]

103. Milk that cow baby...

milk that cow.....:grr:

[ozymandius]

28. Bank of America's Scheme to Stiff Countrywide Bondholders

A reader provided a link to a post by Institutional Risk Analytics, which in turn cites a merger filing by Bank of America with respect to its plan to acquire Countrywide. The document details what can only be called a scheme by which Bank of America intends to acquire Countrywide (specifically, the FDIC insured entity) but leave the debt behind.

Now I am not a bankruptcy expert, nor am I current on the state of the art in M&A, but the intent of this deal flies in the face of a fundamental precept of well established practice. A huge no no is what is called fraudulent conveyance, and this deal is a clear, flagrant effort to do precisely that.

.....

Even if the regulators sign off (very bad precedent, but anything is possible given the weird reluctance to let CFC fail), expect a lot of private lawsuits. Again, I am no expert, but if the plaintiffs can get their case in front of a bankruptcy judge, I don't imagine there will be much sympathy for Bank of America's position.

The problem is that the initial purchase of 20% of Countrywide by Bank of America was a bad move, and they are now trying to throw more money at it to validate their original buy (this phenomenon is called irrational escalation). Remember, CFC was very close to bankruptcy when Bank of America stepped in the first time. But the only valuable and comparatively trouble-free part of the mortgage lender was its servicing business. That would clearly be sold out of bankruptcy to the highest bidder. But rather than have to pay a full price for a good asset (and the business going for a top price now looks doubtful, given how many banks are shedding assets to raise capital), Bank of America instead tried to get control of the situation by taking a blocking position in the form of its stake in Countrywide.

http://www.nakedcapitalism.com/2008/01/bank-of-americas-scheme-to-stiff.html

[Roland99]

42. Bank of America Earnings Plummet After Loan Writedown (Update1)

http://www.bloomberg.com/apps/news?pid=20601087&sid=aIEOzwhG8itA&refer=home

an. 22 (Bloomberg) -- Bank of America Corp., the second- largest U.S. bank, said earnings dropped 95 percent after at least $5.28 billion of mortgage-related writedowns.

Fourth-quarter net income fell to $268 million, or 5 cents a share, from $5.26 billion, or $1.16, a year earlier, Charlotte, North Carolina-based Bank of America said today in a statement. Excluding merger and restructuring costs and a gain from the sale of Marsico Capital Management LLC, the company earned 5 cents a share, missing the 21-cent average estimate of 21 analysts surveyed by Bloomberg.

Bank of America increased its bet on the faltering U.S. housing market earlier this month by agreeing to acquire Countrywide Financial Corp., the largest U.S. mortgage lender, for about $4 billion in stock. Lewis has scaled back investment banking by cutting 1,150 jobs since October and putting the hedge-fund brokerage unit up for sale.

The corporate and investment bank lost $2.76 billion, compared with a profit of $1.4 billion in the same period a year earlier, and earnings at the consumer and small-business banking unit declined 28 percent to $1.87 billion.

[louis-t]

153. I believe Countrywide inflated it's worth by

jacking up payments to escrow accounts. I was told last February that my paymnet went up because "the rule states that you have to have minimum $1,000 in escrow at all times". My payment went up $80 a month. Eight months later, they sent me a rebate check for $1,300. How is Bank of (what's left of) America allowed to buy my bank (LaSalle) and my mortgage co. after losing almost $3 billion in one quarter?

[Roland99]

44. HA HA HA! Just saw a Countrywide commercial on CNBC touting refi's

[ozymandius]

30. Bonddad: I'm Calling a Bear Market

I've written two articles titled Is a Bear Market Developing and Is a Bear Market Developing Pt. II, where I outlined my thesis that the securities markets were looking more and more like they were forming a bear market.

Today I am making my analysis official. The US securities markets are in a Bear market.

Here are the reasons I am making this call. Let's start with the chart that first caused me concern.

-chart-

In late 2007, the Russell 2000 broke a 4 year long uptrend. Because the Russell 2000 is composed of small cap stocks whose share prices increase in a growing economy this index is a good indicator of trader's overall risk appetite. In addition, the longer the trend, the more important its violation. When this index dropped through is four year uptrend it indicated a major change in investor sentiment regarding risk. This move said traders were no longer betting on a growing economy and were re-adjusting their portfolios accordingly.

.....

Dow Theory is deceptively simple. It states the Dow Transport average must confirm a broader market advance. The underlying reasoning is wonderfully simple. If the economy is expanding then people and businesses will have to ship more and more stuff from point A to point B. The converse is also true. If the economy is contracting then people and business will have to ship less and less stuff.

http://bonddad.blogspot.com/2008/01/im-calling-bear-market.html

[ozymandius]

31. Time for me to go.

:donut: :donut: :donut:
My kids await my arrival. I'll check in if there's an opportunity between classes. Otherwise I'll see you when it's all over.

:hi:

[ozymandius]

32. I'll leave you with this.

06:47 am : S&P futures vs fair value: -57.3. Nasdaq futures vs fair value: -70.8.

[zabet]

34. Dang,

Batten down the hatches boy...
theys a shit storm a brewing.

Thanks Ozy :hi:

[54anickel]

36. Wall Street set to plunge

Dow, S&P futures plunge as bearish sentiment takes root; slew of earnings on tap.

January 22 2008: 7:15 AM EST

http://money.cnn.com/2008/01/22/markets/stockswatch/index.htm


NEW YORK (CNNMoney.com) -- Wall Street looked set to join the global market rout early Tuesday, as the threat of a U.S. recession battered sentiment worldwide.

At 6:30 a.m. ET, futures were indicating a disastrous start for stocks. Dow futures were down 4 percent to 11,622 while S&P futures lost 4.3 percent to 1267.50. Such a decline would mark the sharpest drop at the open for U.S. stocks since the first session following the Sept. 11 terrorist attacks.

snip>
President Bush and lawmakers from both parties are also due to meet Tuesday to discuss a package to juice the faltering economy. Last week, Bush unveiled a stimulus plan worth up to $150 billion.

Treasury Secretary Henry Paulson is also expected to deliver remarks about the economy at 8 a.m. in Washington D.C.

Amid rising recession fears, many investors have been hoping that the Federal Reserve would step in and cut rates before its next scheduled meeting, a two-day session that wraps up Jan. 30.

Oil fell on recession fears, as crude prices lost $3.21 a barrel to $87.36 a barrel in electronic trading.

[JNelson6563]

37. Run for your lives!!

I mean really, who could've possibly seen this melt-down coming? Run for your lives, don't look back! Ahhhh!!!!!

Oh wait, I forgot, I long ago divested........nevermind. ;-)

Will be checking in on all the bloody action later. Holy cow! It's like a car wreck, horrible but hard to look away.

Julie

[AnneD]

112. Still have a small amount left...

but they are indexed funds so not doing too badly (and I can afford to wait 15-20 years for a recovery)-but got out of major holdings over a year ago.;) Just been doing a wee bit more diversifying since then, so we're ok over here too.

[JCMach1]

38. Europe has beaten back earlier losses... FTSE is only down .54%

DAX and Madrid were the big losers of the day in Europe.

[Ghost Dog]

39. The Economist commented

(Monday Midday in London):

... The markets have had short-term 20% declines in the past (1998, for instance) only to rebound quickly. Indeed, what was remarkable about the long bull run from March 2003 to June 2007 was that it occurred without any such corrections.

Share prices have fallen so far and so fast that an attempt at a rally seems almost inevitable. What may determine if this is a correction or a bear market is whether that rally can be sustained for more than a day or two.

/... read it (it's short and to the point) http://www.economist.com/daily/news/displaystory.cfm?story_id=10555699&top_story=1

[sendero]

41. I'm betting not..

... because the other drops were based more on psychology and this drop is based on fundamentals.

Where is the beef? The Asian markets are tanking because their biggest by far customer has sneezed. We've sneezed for so many reasons it's not reasonable to list them here, but none of them can be quick-fixed and none of them are going away soon.

There will be rally attempts for the same reason that this selloff has been so long in coming even though it's been obvious to anyone paying attention that the party was over months ago. The basic the-markets-must-go-up optimism a lot of investors have.

But they don't have to go up and they aren't going up for a while, not until there are some fundamental changes in our economy.

[Ghost Dog]

82. No beef here. Bubble-bursting and

letting-in fresh and and light are both necessary and healthy and it's way overdue.

Though the innocent get hurt in the process.

[boruhila]

40. THIS IS THE START OF THE END

I AM SO SAD ABOUT THE SMALL INVESTORS AND THE RETIREES

[TalkingDog]

69. Hi Borhila, welcome to DU

Ummm...just so you know and don't accidentally step on anybody's toes without intending too: Writing in All Caps = SHOUTING!!!

Some folks might not understand that as a writing quirk and take offense that you are shouting about being sad re: small investors and retirees. It somehow doesn't jibe and seems like you are being insincere.

But I got it. And you are right. It is very sad.

Again, welcome to DU.



My Favorite Master Artist: Karen Parker GhostWoman Studios

[mdmc]

89. welcome to DU

It ain't that bad.. more like 89 less like 29..:kick:

[Dogmudgeon]

43. Suppose the market RISES today

The American markets often act in a perverse manner relative to the world markets. Many times I've seen doom and gloom being predicted for a day on Wall Street -- usually after a bloody run overnight on the world markets -- only to watch the DJIA increase by 1-3%.

Today may be such a day.

I am still quite worried about the intermediate-term run of the market. The position of the American economy is precarious, to say the least. But day-to-day, it's impossible to tell what the market will do.

--p!

[the other one]

61. Wouldn´t surprise me. Wouldn´t change the fundamentals either.

We are in a global bear market, and it won´t be over til its over, and that won´t be soon.

[alcibiades_mystery]

64. I think that's exactly what will happen

Of course, I'm not buying, though. :-)

[Roland99]

45. Johnson & Johnson 4th Quarter Net Rises, Helped By Consumer Sales

Johnson & Johnson 4th Quarter Net Rises, Helped By Consumer Sales
http://www.marketwatch.com/news/story/johnson--johnson-4th-quarter/story.aspx?guid=%7B6287E7BE%2D2240%2D413D%2DB7D8%2D0F2B77770D2C%7D&dist=hplatest

[Maeve]

46. When I see a headline "Dow Industrials Are Set to Drop 500", I worry

http://news.yahoo.com/s/ap/20080122/ap_on_bi_st_ma_re/wall_street_9;

I'll be around some this afternoon to pass out the Tums and Valium, but it looks to be a rough winter storm on Wall Street, no matter what the weather!
:scared:

[Roland99]

47. CNBC reporting Paulson speech: Bush's stimulus pkg is Robust, will have Real Impact

Hmm...an impact CRATER??

[bdamomma]

104. is Paulson trying to convince himself that the stimulus pkg

will do something?? Again, totally in denial of the facts.

[Roland99]

48. Paulson spewing now: Has confidence in underlying strength of global economy (updates within)

US economy is resilient, unemployment is low, job creation continues, albeit at a lower pace (yeah...like tens of thousands below equilibrium)

Pres. called for a robust package large enough to have a real impact.
Immediate tax relief for taxpayers and incentives for businesses are effective at creating jobs in the short term.

Pres. ready to work on a bi-partisan package.

Four criteria will guide efforts going forward:
1)Swift (immediate)
2)Robust (at least 1% of GDP)
3)Broad-based (pkg must reach a large # of citizens...keep proposal simple and no debates over programs)
4)Temporary (oh, like the 2001-2003 tax cuts??)


Going on that long-term policy won't be affected (entitlement reform, budget balancing)

Increase FHA mortgages. More regulation on Fannie Mae.

***end of speechifying***


So...this guy led Goldman to billions in profits? Wasn't without some inside-the-WH help, imnsho.

[Roland99]

51. Into a Q&A session now but this feels like a staged event...and i have to take off...

My daughter gets her braces on in about an hour.

I'll be ducking at about 9:30 so none of the sh*t hitting the fans will hit me! :D

[Roland99]

53. BREAKING Fed lowering target rate by 75bps!

[natrat]

55. futures spike and the rats scurry to cover

[Roland99]

56. The futures are going nuts! No one's holding the rudder steady

[Maeve]

57. Now THAT'S a shock to the system!

We'll see how it plays out today, tho.

[JNelson6563]

58. It worked! For almost a minute things got better!

Maybe if we started paying people to borrow money we could finish with higher numbers on the Street today.

Oy. These guys are truly the gang who can't shoot straight.

Julie

[Birthmark]

68. Is it me or does the rate cut just look like fear?

[radfringe]

71. looks like fear and panic from down here

...one minute till the bell...

[TalkingDog]

84. Flop Sweat breaking out all over.

?v=1&c=ViewImages&k=2&d=4F84C7EF07395AB67E390BB699CF130DA55A1E4F32AD3138

Edited for: Sorry, the one above is funnier, but, alas, copyrights.....




My Favorite Master Artist: Karen Parker GhostWoman Studios

[Ghost Dog]

94. Surprise Fed cut gives only brief boost to (global) stocks

Tue Jan 22, 2008 2:28pm GMT
LONDON (Reuters) - A surprise 75 basis point interest rate cut by the U.S. Federal Reserve on Tuesday failed to shift sentiment in sour global stock markets, giving only a temporary shot in the arm before they dipped back into the red.

/... http://uk.reuters.com/article/newsOne/idUKL2124397120080122

[AnneD]

114. A bad day is when ....

the shit hits the fan before you have a chance to duck. A good day is when the shit hits the fan, but you get a 5 second warning to duck. We have had warnings for some time now.

[JCMach1]

59. Europe dramatically higher following rate cut

Wow! in the space of a few minutes... those indices still open are up as much as 1.5-2%

[UpInArms]

60. dollar watch

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

Last trade 76.732 Change -0.246 (-0.32%)

US Fed: Bernanke Responds To Market Cries With An Emergency 75bp Rate Cut

http://www.dailyfx.com/story/topheadline/US_Fed__Will_Bernanke_Wait_1201007173215.html

The rumors in Europe were true. The Federal Reserve enacted an emergency rate cut this morning to slash the fed funds rate by 75bp to 3.50 percent. The US Dollar was knocked lower on the news, but the question is, will it prevent the US stock markets from plummeting? Dow futures are down 3.06 percent, which is better than the -5.11 percent readings we saw overnight, but nevertheless, after Asian stocks fell the most in 17 years and European shares trade nervously, it looks to be a rocky day in the US markets.

Ben Bernanke, Federal Reserve Chairman (Voting Member)

“As the housing contraction begins to wane, as it should sometime this year, the economy should pick up a bit later in this year. But we believe we'll see below trend growth certainly in 2008, and probably early in 2009 as well.” – January 17, 2008

Richard Fisher, Federal Reserve Bank of Dallas President (Alternate Voting Member)

“One has to bear in mind that the seeds of inflation, once planted, can lie fallow for some time, then suddenly burst through the economic topsoil like kudzu, requiring a near-toxic dose of countermeasures to overcome.” – January 18, 2008

“As a voter on the FOMC this year, I stand ready to take substantive action to support growth and provide insurance against downside risk, as long as inflation expectations remain contained, The degree of substantive action to support economic growth and insure against downside risk will be conditioned to what we see coming down the inflation pike.” – January 18, 2008

Sandra Pianalto, Federal Reserve Bank of Cleveland President (Alternate Voting Member)

“A weak December employment report, combined with a falloff in retail spending and flat industrial production, supports my view that the economy has shifted to a lower growth track.” – January 17, 2008

Dennis Lockhart, Federal Reserve Bank of Atlanta President (Non-Voting Member)

“I think these circumstances call for policymakers to be prepared to respond pragmatically. In my view, pragmatism in the face of growing weakness in the general economy may very well require additional moves to lower the federal funds rate.” – January 18, 2008

...more...

and before that idiotic rate cut:

Dollar Surges but Tuesday could be Ugly for US Stocks

http://www.dailyfx.com/story/bio1/Dollar_Surges_but_Tuesday_could_1200951424040.html

On Friday, we argued that the dollar may rally this week as traders reflect on whether it is realistic to expect the Federal Reserve to deliver an intermeeting rate cut or 75bp easing at the end of the month. As we predicted, the dollar has started off the week strongly, but for reasons other than the ones that we have proposed. Stock markets around the world have plunged. In fact, that’s an understatement because the one day slides in many of the indexes are the worst since 9/11 of 2001. The UK’s FTSE index is down over 5 percent, the German DAX is down over 7 percent and Hong Kong’s Hang Seng Index fell more than 5 percent. Even though the US stock markets were closed for Martin Luther King’s day, Dow futures fell 546 points or 4.5 percent. If the futures do not retrace materially before the market’s open on Tuesday and the Dow closes the day down by the amount that the futures suggest, the index would see its fourth largest point loss ever. Such big moves in the equity markets certainly make an intermeeting rate cut by the Federal Reserve more likely. If stocks do not begin to recover anytime soon, the Fed will be forced to take measures to restore confidence in the US financial markets. Although part of today’s volatility could be attributed to the fear of a US recession and the lack of liquidity, the move began in Asia and was sparked by speculation that the Bank of China could be forced to write-off a fourth of its $8 billion subprime exposure. The announcement by the Chinese Bank would indicate that the mortgage mess has spread from the US to Europe and now into Asia. The world may be able to deal with a slowdown in the US economy, but the combination of a material slowdown in both US and China would be too much for everyone to handle. The lack of economic data on the US calendar this week will allow the equity markets to drive currency movements. Should Tuesday come anywhere close to being a record breaking day in US stocks, we expect to see the biggest drawdown in carry trades since the inception of the Euro. This will in turn lead to more dollar strength against everything except for the Japanese Yen which will decouple from the rest of the dollar pairs due to its carry trade status.

...more...

[Ghost Dog]

66. GBP, CHF

[citizen snips]

193. Dollar Mostly Falls After Fed Rate Cut

NEW YORK (AP) -- The dollar retreated against most major currencies after the U.S. Federal Reserve dramatically slashed a key interest rate Tuesday and stocks plunged across the globe.

The 15-nation euro, which had traded as low as $1.4366 earlier in the session, was worth $1.4612 in late New York trading.

That represented a significant weakening by the dollar against the euro from Monday's European price of $1.4439, when U.S. markets were closed for Martin Luther King Day. The dollar, however, was still stronger against the euro than it was Friday, when the euro was worth $1.4622 late in New York.

The British pound rose to $1.9625, above $1.9452 on Monday in Europe and the $1.9559 it was worth Friday in New York. The dollar rose to 106.48 Japanese yen from 105.92 yen on Monday, but it was down from 106.67 yen late in New York on Friday.

more...
http://biz.yahoo.com/ap/080122/dollar.html?.v=7

[Ghost Dog]

200. Euro = USD 1.463 and CHF 1.603 at this time.

Swiss Franc strengthened on a steady gradient all day (see above).

ed. How soon to USD-CHF parity (in Euro terms)?

[citizen snips]

204. I went to Europe last year and I felt poor.

[Radio_Lady]

205. We felt the same way. Ate sandwiches in our hotel room mostly.

Hotels were paid for by timeshare points.

Very freaky feeling in May and June.

Our dollars seemed useless.

[RUMMYisFROSTED]

65. Dow futures at -470.00 as of 9ET

[DemReadingDU]

67. Whitney: Is This The Big One?

Is This The Big One?

By Mike Whitney

21/01/08 "ICH" --- - On Monday, fears of a US recession spilled over into Asian markets sending stocks tumbling. Indexes were hammered across the board in what turned out to be the worst day of trading since 2001. In India, the Bombay Sensitive Index plunged 1408 points, to 17,605. In China, the Shanghai Composite dropped 266 points (or 5.5%) to 23,818, while in Japan, the Nikkei fell 535 points, to 13,325 points. The bloodletting stretched across the continent and into Europe where shares nosedived by more than 4% by mid-morning “putting them on track for their biggest one-day fall in more than four and a half years.”

The huge sell-off is a sign that global investors do not believe that the Fed's rate cuts or President Bush's $150 billion “stimulus package” can revive the flagging economy or breathe new life into the over-extended US consumer. After Monday's sharp downturn, the prospects for averting a deep and protracted recession are slim to none.


As the stock market continues its inexorable downward plunge, foreign central banks and investors need to reevaluate the present situation and aggressively pursue legal alternatives. They should initiate a boycott of all US financial products until an appropriate settlement for the hundreds of billions in losses due to the “structured finance” swindle can be negotiated. That is the best way that they can serve their own national interests and those of their people.

Deregulation has annihilated the credibility of US markets. There is no oversight; it's the Wild West. The assets are falsely represented, the ratings are meaningless, and there's a clear intention to deceive. That means that the stewardship of the global economic system is no longer in good hands. There needs to be a fundamental change. As the “nightmare scenario” of global recession continues to unfold; we need new leaders in Europe and Asia to step up and fill the void.


more...
http://www.informationclearinghouse.info/article19126.htm

[radfringe]

70. A question about the rate cut

Q: Why did the feds cut the rate by so much and not during one of their regular sessions?

A: Things are worse than reported or previously admitted...

[Maeve]

86. Burma! (Monty Python reference) They panicked.Big time.

They are terrified that the they will be shown to be lousy jugglers.

[radfringe]

93. the only thing missing to make this a perfect crash

is for smirk-boy to open his piehole and tell us everything is just fine and dandy...

[Demeter]

97. But He Did. Yesterday or was it 2 days ago?That's What Started It All

[Danascot]

130. MoDo on Smirk

"A Washington Post cartoon by Tom Toles summed it up best:



<snip>

"When the president got back Thursday night from a trip that made it clear he has no clout overseas, he had to rush the ailing economy into intensive care.

Next to the cool, strong euro, the dollar is a comparative runt in the world’s currencies. The weak dollar lets foreigners snap up real estate in Manhattan.

It is striking that the Bush scion, who has tried so hard to do the opposite of his father, also ends up facing the prospect of a recession in his final year in office.

Maybe if the president had spent the trillion he squandered on his Iraq odyssey on energy research, we might have broken the oil addiction.

Now it’s a race between Iraq, stupid, or the economy, stupid, to see which one will usher out W.

The country is engaged in a fit of nativism and Lou Dobbsism, obsessing about the millions of Mexicans who might be sneaking across the border when billions in foreign money are pouring into Citigroup. You figure out what might be a bigger problem.

The national boundaries that really matter are the financial ones: Who’s going to own the American economy?"


http://www.nytimes.com/2008/01/20/opinion/20dowd.html?em&ex=1201150800&en=d08ae95c584d950d&ei=5087%0A

[Ghost Dog]

100. For some light relief for hitch-hikers see here:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=2740363&mesg_id=2740363

ed: correct link.

[Hugin]

141. Thanks for the referral, Ghost Dog.

:thumbsup:

[TalkingDog]

72. Non-Accountant looking for some #'s love here.

I saw this referenced on another site: http://www.federalreserve.gov/releases/h3/Current/

And since I've just started poking my nose into these types of things I am probably picking the speck out of this reports eye, but in the 2nd and 3rd tables, at the bottom of the second columns: Should those "NonBorrowed" numbers be Negative?

Wouldn't a negative non-borrowed indicate they have No Reserves of their own money? In other words, floating on debt like the rest of America?

Just askin'. If nobody knows, that's okay.


My Favorite Master Artist: Karen Parker GhostWoman Studios

[Kolesar]

146. I read it and I don't know what the Fed is saying with this data

I would not have thought to look at this page otherwise. I am not sure what function this page has.

[Earth_First]

73. Trading will halt at -500 correct?

11,658.23 -441.07 -3.65

[RUMMYisFROSTED]

75. -1350. For an hour.

http://www.nyse.com/press/circuit_breakers.html
http://invest-faq.com/articles/exch-circuit-brkr.html

[Earth_First]

78. Thanks. n/t

[spotbird]

108. In the event of a 4000-POINT decline in the DJIA (30 percent),

regardless of the time, MARKET CLOSES. At least they have a plan.

[UpInArms]

74. 9:34 EST and they won't tell us about the Dow - Nasdaq down 118

Dow N/A
Nasdaq 2,221.24 118.78 (5.08%)
S&P 500 1,281.79 43.40 (3.28%)
10-Yr Bond 3.541% 0.107

NYSE Volume 177,474,500
Nasdaq Volume 156,933,500

[htuttle]

76. CNBC is showing the Dow down -434

[CabalPowered]

77. Dow at -420

http://finance.yahoo.com/#market_summary_us

[NashVegas]

79. Dow - 11,682.61 -- -416.69 (-3.44%)

What good is a rate cut when the problems we are having were caused by over-borrowing?

http://www.google.com/pfetch/dchart?s=DJI

[Demeter]

83. Tin Foil in the Radar

or oil slick on the road--a distraction for the feeble-minded.

[NashVegas]

85. Just Enough

For the cool kids to get their money out.

[Demeter]

81. Shades of "Live Free or Die Hard": It's a Fire Sale! Everything Must Go!

Except there are a lot more conspirators than the 5 in the movie.

[Neshanic]

87. CNBC guest wants another rate cut.

[NashVegas]

95. I Guess the Producers and Hosts Are All Bummed

At the loss in value of their 2nd homes.

[Roland99]

88. The thread's already broekn my phone's browser. gonna need part 2

:hi:

[Ghost Dog]

199. Sorry Roland. Rule #48 says you don't need this information

when we say so! :silly:

[Roland99]

203. .

:spray:

[dweller]

90. Rule #48

Nothing to see here, move along.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3150729

dp

[Demeter]

92. Thanks. That's Downright Sinister--and Patently Not Free Market

truth is the first casualty in any war...

[NashVegas]

91. Fed Cut Clamps Treasury Rally

The action halted a surge of buying in government bonds that pushed yields on the benchmark maturities to lows not seen for almost five years -- at one point the two-year had dropped below 2%. After the central bank's cut, the two-year yield lifted to 2.10%, and the 10-year rose slightly to 3.58%. This brought the yield curve to 148 basis points.

http://online.wsj.com/article/SB120100937150206397.html?mod=googlenews_wsj

[AnneD]

96. "Turn Back the Hands of Time" pool

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

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

At the rate we are going...we may be back to Bush's origonal number by the end of the week. I think I am going to change mine to my mom's birthday 1/25. Feel free to post any changes, Marketeers.

[TalkingDog]

106. Hey AnnieD. Minor correction on mine, although....

You are right, the way things are going I might want to change dates entirely.

Mine was 3/28 a Friday.

3/8 is a Saturday. But by that time they might be working on Saturdays like the rest of us have to.


What does an out of work stock trader do for a living anyway? Is there Unemployment Insurance? Will there be Unemployment Insurance???

Sorry, this weather has given me a Barometric Hangover. Thanks for keeping track of this herd of kittens.



My Favorite Master Artist: Karen Parker GhostWoman Studios

[Hugin]

127. Morning AnneD...

:hangover:

You might want to check your number for 9/5... I had it FIRST! Dagnabbit...

Anyway, I'm taking a pause from the markets today, as nothing of note is happening. The rate-cut induced Inflation
caused by this morning's panicky rate-cut will kick in at almost exactly the same time as the 'bread and circuses'
are due to arrive. Effectively nullifying any purpose for doing either. *yawn*

However, since I've been accused of 'being negative' lately... I did something extraordinary yesterday (MLK day).
I watched 'Hairspray', not knowing the plot I was pleasantly surprised with the timely content and strong message.
(The music was pretty good too.) It made me smile... :D And convinced me that Christopher Walken may need to seek
professional... Help. Soon. ;)

[AnneD]

143. You had the date first that is true...

but all that is involved is bragging rights-I think that can be shared.

I went to see the "Lucy" Exhibit at the Science Museum on MLK day. It was a more cerebral MLK celebration. Learned a lot about Ethiopia in the process.

Daughter and I talked about the evolution of noses and skin colour. I don't think they have enough physical info for the drawings and artist's renditions for most of this stuff. On some skeletons, I can see the possibility for a broader nose, but on some I don't. I think the shape of the nose and cheekbones evolved as speech developed (as a resonating chamber-since our sense of smell is not as developed as some species).

You also can't help but notice the artistic rendering of the skin colour changes too (the more intelligent ie evolved the brain-the lighter the skin colour). Since little or no skin is preserved-it's just a guess and my guess is that lighter skin may not have been the norm, as darker skin has more advantages-from a survival standpoint. I can tell a dog's skull but how can I tell if it was a yellow lab, Irish setter, blue heeler, or what. I think these artist renditions have the same flaws which taint (so to speak) our perceptions. In the film portion, they had the found bones in a darker colour but the remainder of the skeleton was penciled in and the showed the skeleton walking the plains. The rest was left to your imagination as it should be-unless you have hard facts.

I know one of the reasons most religious folks object to Evolution is they don't like to think that we evolved from something lesser-Intelligent design or not. The exhibition made it pretty clear that Africa is the cradle of mankind from a DNA standpoint-so there you have it. We all started from the same point and to pretend we didn't is folly and to perpetuate racial myths, even in a benign way is a foolish waste of time and mental energy.

[Hugin]

144. Very interesting!

A good way to spend a day. :)

[AnneD]

148. It WAS an interesting day.....

We talked about things we never do. What I really liked was that the exhibit also talked about all the major religions have important ties to Ethiopia. I think it was in keeping with MLK's message. The man was so ahead of his time he bordered on being a prophet.

[Karenina]

170. Did you forget me?

I'm in for Tuesday, April 1st.

[AnneD]

187. I'll include you ....

in the update. There is always room for more-except after the cut-off.

[Theres-a]

207. March 15 for me

Beware the Ides of March.

[hatrack]

98. Say, would it be a good idea to start a second thread?

I know Ozy's off to the orthodontist . . .

[Roland99]

99. Actually, *I'm* at the ortho right now.

About 2/3 done with her teeth so far. :-)

[hatrack]

102. The Curse Of Hasty Reading strikes again!!

:hi:

[AnneD]

120. Hope you have her....

premedicated, take an early lunch and have lots of soups handy. Tell her I said it is worth all that trouble to have those beautiful straight teeth.:hi:

[Roland99]

176. Ayup..Advil before we left. Going to pick up some Ensure and cup-a-soups on the way home.

She's doing ok so far...


:)

[radfringe]

101. 11,763.42 -335.88 -2.78% 10:07am est n/t

[spotbird]

105. When do curbs kick in?

And how long do they suspend trading?

[RUMMYisFROSTED]

107. See post #75. Two excellent explanatory links. nt

[spotbird]

111. Thanks, that's not very reassuring

but we may see a 10% drop before too long.

What happens when trading is stopped, does the government have a stockpile of valium for the brokers?

[RUMMYisFROSTED]

113. Crack teams of the fire dept. go on alert:

[DemReadingDU]

110. more info in this thread by newsjock

about CIRCUIT-BREAKER LEVELS

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=2739062

eidt for this link
http://www.nyse.com/press/circuit_breakers.html

[RUMMYisFROSTED]

109. -266.87 nt

[indio55555]

115. LOL

WTF try this yahoo link. or go to yahoo finance http://finance.yahoo.com/q?s=%5EDJI

DJ is down -200+ then mir cally Yahoo shows it's up +.64.

Index Value: 55.22
Trade Time: 10:31AM ET
Change: 0.64 (24.41%)
Prev Close: 12,099.30
Open: 12,092.72
Day's Range: 0.00 - 0.00
52wk Range: 11,926.80 - 14,280.00

[Maeve]

119. Yahoo! Finances' links are messed up today

They keep switching from the 11,000 range to the 4,000 range--their "streaming" quotes are "steaming" piles today.

[NewYorkerfromMass]

128. Yahoo says the DOW is 4,000

WTF? http://finance.yahoo.com/marketupdate/overview?u

[RUMMYisFROSTED]

116. -154.53 nt

[mnhtnbb]

118. Buying opportunity.

[CountAllVotes]

135. that is what Cramer said the other day

BUY BUY BUY BUY BUY ...

but ... BUY BUY BUY BUY BUY with what?

:kick:

[wordpix]

183. buy buy buy---not just with what, but if you have it, buy what?

[CountAllVotes]

191. if it were me

I'd park it in an online bank like EmigrantDirect. They are paying over 4% last time I checked.

I think this is truly a wait and see time. It is hard to know. Gold would not be a great option at the moment as the price is high. Silver is a possibility perhaps.

Probably you are safest with an FDIC insured instrument like a CD or a money market account or savings acct. at an online bank I'd suggest.

I've had a couple of different online bank accounts and have never had a problem btw.

:dem:

[Capn Sunshine]

201. Isn't that screamingly obvious?

with CREDIT, of course.

[lala_rawraw]

117. i think it is time for a

massive class action law suit of the people in this administration who have helped bring the US economy to its knees. i think we should start with Dick Cheney and Halliburton for fraud, embezzlement, and war profiteering.

[antigop]

126. We may be out of luck there....

http://www.latimes.com/news/nationworld/world/la-na-judges2jan02,0,1283487.story?coll=la-home-center

After nearly seven years in the White House, President Bush has named 294 judges to the federal courts, giving Republican appointees a solid majority of the seats, including a 60%-to-40% edge over Democrats on the influential U.S. appeals courts.

The rightward shift on the federal bench is likely to prove a lasting legacy of the Bush presidency, since many of these judges -- including his two Supreme Court appointees -- may serve for two more decades.

And despite the Republicans' loss of control of the Senate, 40 of Bush's judges won confirmation this year, more than in the previous three years when Republicans held the majority.

"The progress we have made this year . . . is sometimes lost amid the partisan sniping over a handful of controversial nominations," said Sen. Patrick J. Leahy (D-Vt.), chairman of the Judiciary Committee, in a year-end statement.

This progress is not altogether welcomed by liberal activists, who have been frustrated in their efforts to block more of Bush's nominees.

[wordpix]

186. here, here! But our own Nancy Pelosi has taken impeachment off the table. Sigh

[RUMMYisFROSTED]

121. -125.75 (3 cheers for the PPT) nt

[RUMMYisFROSTED]

122. -154.20 (spoke too soon, lol) nt

[BluePatriot]

123. Way to induce Stagflation, PPT. Great job

I mean, really, secretly cutting rates by .75 to save the Dow for the day? Who else here thinks that was really moronic to favor short term market psychology over the long term picture? Oh well, what else can we expect? Here's to $7/gal milk next year...

[RUMMYisFROSTED]

124. -186.64 nt

[Dawggie]

125. It seems as if Ameritrade's website has become overloaded and down.

Shit.

[Demeter]

129. Financial Crisis in America By Mary Ann Gould

OpEdNews

Original Content at http://www.opednews.com/articles/opedne_mary_ann_080122_financial_crisis_in_.htm





Will we face melt down... how severe...how long....and WHY?
The last needs to be addressed first - the expanding economic crisis is NOT primarily due to the sub-prime mortgage market problems!

Yet the sub prime mortgages will be blamed. That is bullsh*t .. or rather a few small droppings from the bull. The underlying problem is the mismanagement of our economy and financial markets. From massive derivatives and funny money market/financial games to the especially messy "loads" from the massive printing of paper dollars, we are being drowned in debt that we can't pay back...except by "buying" time with more paper dollar printing..We're papering the world with something that has no real intrinsic value in itself.. They are pieces of paper with nothing behind them but "faith" in US finances and economy.

In a way it is somewhat akin to having "faith" in our present electronic voting systems and secret corporate programming and frequent corporate take over of the running of OUR election process with the resulting frequent inability to prove reported counts to actual source ballots completed directly by the voter. There is no there, there! So too are many of the Administration and Market wheelings and dealings.... seeking to make trillions from nothing or the wrong thing and no real assets or too few to always back up.

Many believe the beginnings of this crisis actually goes back to 1973, though it was slow to develop until Bush Junior was selected President...

Remember that this great Nation grew based on building real assets, actual goods and invention not just service.or paper printed money or corporate and banking control. It grew on initiative, creativity, courage not fear, opportunity for individuals to develop their abilities, good education and community....primarily Americans grew together with a belief that we could overcome any obstacle and guided by the great Vision of what this Country could be for each of us and all of us including helping of those who needed legitimate support. We have the ability to ignite these forces again.
Thomas Jefferson wrote "If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation,the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered."

The first has occurred now the question is whether we will get the predicted result..

* * *

Mary Ann Gould is Co-founder of the Coalition for Voting Integrity and host of "Voice of the Voters!" Radio and Internet voiceofthevoters dot org. She is an active voting rights advocate. Mary Ann's initial study and work was in finance and economics. She also at age 30 started an Electronics manufacturing company which grew substantially and served on many Boards plus received major awards for contributions to Economic development, Delaware Valley Executive of the Year, "Distinguished Pennsylvanian". Mary Ann became interested in Quality and Change Management and was fortunate to become an associate of the late Dr. W. Edwards Deming, world renowned for his innovative management principles. She also developed a successful management consulting career and created many processes used to build organizations, create and manage change and develop leadership and teamwork based on overarching Vision and integrated actions.Her work is referced in several books as well as many news and magazine articles and has been a speaker on at major Universities and conferences..




Authors Website: www.voiceofthevoters.org

Authors Bio: Co-Founder of the Coalition for Voting Integrity. Host of "Voice of the Voters! Radio & Internet. Nationally recognized expert in Quality, Process improvement and Change Management. Associate of the late Dr. W, Edwards Deming. Speaker/seminars at major Universities, Harvard, MIT, USC, Penn etc as well as at Economic conferences relating to building stronger America. Work referenced in numerous books & articles including the best seller "The Deming Management Method" translated to 15 languages. Consultant to major Corporations as well as government, health and education organizations, Chair of "Second Declaration of Independence" signed by national/ state legislators, business, unions, community & education leaders. Financial background. Started electronics company at age 30 which grew to 250 employees before moving to work with Deming implementation. Started PACE which became model for many states to help retain jobs.

[Capn Sunshine]

202. Agree with her totally-this is not due to "subprime mortgages"

This at its base is the result of classic neocon chicanery; the de-regulation and disposal of Glass Steagal, passed in response to the last unregulated binge and purge of credit and asset madness in 1929.

As someone on the front lines of this- I deal in CMO and other derivative products- thisis a result of unregulated lying scumbags selling c-d paper by breaking down components of it and adding a pool of "A" paper to the mix, then selling THAT product with A paper pricing

This is where the blame lies. Banks used to have orderly regulation and very strict liquidity and pricing requirements. Then they let the Wall Street foxes into the henhouse ( the result of the "deregulation" Neocons are so fond of), and Enron-style,they ran out and fleeced the BIG Money responsible for keeping global markets capitalized. That is a sin equatable to trying to fool mother nature. There are very finite and quantifiable results when you fuck with the source of your capital markets. None of them good. Time to suffah the pain of consequence, foolishness is NOT the new smart. problem is, it takes all of us down together, as these assholes think blowing a hole in the hull up forward was a good idea, and in the back of the boat, our feet are getting wet as well.

[Demeter]

206. I Think That American "Business School Graduates" Resemble Nigerian Email Scammers

Our greatest export these days is fraud: from Enron, Tycho, WorldCom, etc., down to CDOs and SIVs, and now the Fed is devaluing the dollar through the printing press. What's next? Defaulting on the national debt? A Sushi Slump with zero percent interest for 10 years so nobody has to suffer the pain of liquidation (aside from the schnooks who have credit cards, mortgages and medical bills)?

If I were President, I would shut down Yale and Harvard and their ilk, get them out of propagating these unethical theories upon American workers. And put all the taxes back on those in the top 5%, if not the top 25%. And undo the rest of Nixon-Reagan-BushCheneyCo.

We have an upsidedown pyramid scheme in this country. The people whose labor produces value: agriculture and manufacturing, are supporting droves of wheeler-dealers and paper pushers who don't produce anything at best, and steal any value of the labor at worst. And those productive few are starving to death or driven out of their livelihoods. A country that produces paperwork is not producing anything. A country that lives on theft is not a country, but a pirate confederacy.

I doubt this situation can be radically altered in my lifetime--or even my children's. But it must change, or we will all die of it.

[fascisthunter]

131. Dow -209.97 (1.74)

Up to the minute updating: http://finance.yahoo.com/marketupdate/overview?u

[Demeter]

132. Crashing Markets:Best Thing That Could Happen To Us!(it's not WHAT happens but HOW we deal with it)

OpEdNews

Original Content at http://www.opednews.com/articles/genera_merlin_080122_crashing_markets___t.htm



For too long the financial “free” markets have been allowed to exercise a level of influence over our lives that is out of all proportion to the actual pleasure, comfort and security they are able to deliver... The current hiatus is far more serious than anything before because trust has left the arena, causing a panic to set in that is confusing even to the experts, particularly in China and India whose economies are relatively sound. So why should panic occur? Because the whole market mechanism is driven by fear, rumour and greed, which like any emotion is prone to over reaction when confronted with uncertainty.

However, we need to go behind the panic and be clear about the motivating forces that are taking us to the brink of recession, or beyond. The economic growth in both America and Britain has been fuelled by consumer spending, this is no secret. But how financially responsible has this strategy actually been, and are we now paying a very dear price for this direction?



So how is it that the entire growth strategy of western economies is supported by just one asset – property? And to add insult to injury we invented “plastic” money so that when we have spent all of our own money supporting the system, we can borrow someone else’s money to keep the whole process alive.

To finally rub salt in the wounds, I am convinced that credit works against the human condition, and is the reason so much misery has been experienced with the vast debts that have been accumulated by individuals around the world....We are designed as a species to strive for reward – the athlete, entrepreneur, family unit, in fact every aspect of humanity seeks to achieve in some way or the other, and then bathe in the warmth of personal achievement that their endeavours have attained – be it painting the house or building a business...Credit works in complete opposition to this basic human condition, by providing the reward first and then the striving necessary to pay for it. Where are the motivation and the sense of achievement in this way of life? We never actually succeed at anything because the yoke of debt grows larger as we build the myth of material support around us.



The present financial crisis represents a unique window of opportunity for us all to take a long hard look at the values we think we hold dear. We can then review them and throw out that which is not working by demanding leadership that can make change – real change! The choice as always is ours.

[Ghost Dog]

161. Worth repeating that:

Credit works against the human condition, and is the reason so much misery has been experienced with the vast debts that have been accumulated by individuals around the world... We are designed as a species to strive for reward – the athlete, entrepreneur, family unit, in fact every aspect of humanity seeks to achieve in some way or the other, and then bathe in the warmth of personal achievement that their endeavours have attained – be it painting the house or building a business... Credit works in complete opposition to this basic human condition, by providing the reward first and then the striving necessary to pay for it. Where are the motivation and the sense of achievement in this way of life? We never actually succeed at anything because the yoke of debt grows larger as we build the myth of material support around us.

[displacedtexan]

133. Back down now: 11,886.08 down -213.22 -1.76%

What a day!

I wonder who'll draw the BushCo cabal's short straw and end up propping up the day's total.

[Demeter]

134. Watch Out for The Depression By Mike Colpitts

OpEdNews

Original Content at http://www.opednews.com/articles/genera_mike_col_080121_watch_out_for_the_de.htm


The entire U.S. economy is at the brink of not only a recession, but much worse teetering on the brink of a depression. Historically, it is just a balance of the economic markets. There have been six depressions since 1837 in the U.S. There is much more damage that can result to the real estate markets and the overall American economy as a result.

The cause of every major depression has been land speculation. Economist Henry George discovered this fact 120 years ago. However, never before in U.S. economic history has been there as much land speculation than in the past decade. Land from Florida up the eastern seaboard in New York across the nation to California has been purchased by speculators at the highest rate in the nation’s history, much of it with little money down to protect investors interests.

The great American green back is not a political issue, and the American economy is no longer just at risk of a recession no matter what the political pundits might have you believe. It is already in a full blown recession. Government reports are always slow. Democrats, Republicans, Independents, and even highly touted special interests need to forget their differences. America is at War in Iraq and in political chaos at home.

Political differences need to be bridged to save the national economy with emergency legislation before the epidemic of foreclosures reaches 1 in 10 American home owners, which is more than probable. One in 28 home owners have already been affected in foreclosure in Stockton, California, one in 63 across the nation in Cleveland, Ohio and an estimated one in 24 in Detroit, Michigan. Local economies are feeling the pain in major ways.

If emergency legislation is not passed to halt the foreclosure crisis the nation is certain to see another depression not only caused by the subprime meltdown, and its resulting housing crisis, but by a nation that has lost confidence in itself as a powerhouse.



Authors Website: http://www.housingpredictor.com

Authors Bio: Mike Colpitts is the Editor of Housing Predictor.com, an independent web site, which forecasts more than 250 local housing markets in all 50 U.S. states and real estate news. Housing Predictor has a staff of researchers, economists and computer experts who regularly update news, including its opinion polls known as "Predictor Polls" on the real estate industry. As a former newspaper and television reporter, Colpitts founded the site after years in the real estate business.


Back

[Hugin]

136. ~12:15 ET: Woot! NASDAQ 4000!

DJIA -110.39 11,988.91
NASDAQ -40.78 4,002.54
S&P 500 -13.90 1,311.29

Break out the bubbly! :party:

[CountAllVotes]

137. what kind do you have?

don't give me any of that Cook's crap. :puke:

Well on second thought I'll take anything I can get! :toast: :beer: :party:

[Hugin]

140. ... At times like this, only the Dom will do!

http://finance.aol.com/quotes/dow-jones-composite-index/%24compx/dji/charts?dr=999

Check out this chart... Looks like some kind of seismic event. :/

[CountAllVotes]

142. I'll take 3 bottles

that outta knock me out hopefully. Re: the chart you posted ... :scared:

:dem:

[Ghost Dog]

138. Financials lift European shares after Fed rate cut

Tue Jan 22, 2008 11:36am EST
FRANKFURT, Jan 22 (Reuters) - European shares jumped to a higher close on Tuesday after a turbulent trading session in which financials took the lead as nervous investors drew support from a surprise and aggressive U.S. interest rate cut.

The pan-European FTSEurofirst 300 index unofficially ended 2.1 percent higher at 1,307.06 points, snapping a 5-day losing streak.

The U.S. Federal Reserve served up an emergency measure, slashing its benchmark interest rates by a hefty 75 basis points to 3.5 percent on Tuesday, the biggest rate cut in more than 23 years.

The rate cut lifted financial shares further and the DJ Stoxx European banking was up 5 percent.

"There is hope that the rate cut will help stabilise banks' operational businesses," said Markus Steinbeis, head of European equities at Pioneer Investments.

"I wouldn't overrate it. Caution still rules the long term picture," he added.

Switzerland's UBS (UBSN.VX: Quote, Profile, Research) gained 9.2 percent, Britain's HSBC (HSBA.L: Quote, Profile, Research) rose 4.4 percent and France's BNP Paribas (BNPP.PA: Quote, Profile, Research) added 6.6 percent.

Around Europe, the UK's FTSE 100 index .FTSE rose 2.9 percent, Germany's DAX index .GDAXI ended unchanged and France's CAC 40 .FCHI added 2.5 percent.

http://www.reuters.com/article/marketsNews/idCAWEB273520080122?rpc=44

[Ghost Dog]

139. FTSE ends up 3 pct as U.S. rate cut lifts banks

Tue Jan 22, 2008 12:12pm EST
LONDON, Jan 22 (Reuters) - Britain's top share index rebounded 2.9 percent on Tuesday after a hefty rate cut by the U.S. Federal Reserve propelled heavyweight financial stocks higher.

The FTSE 100 .FTSE closed up 161.9 points at 5,740.1 in a volatile session, having fallen as much as 4.3 percent earlier in the day. Volumes were at their highest level since October 2007.

The UK's blue chip index tumbled 5.5 percent on Monday, its largest daily loss since Sept. 11, 2001, wiping nearly 77 billion pounds off the value of the index's constituent stocks. The FTSE 100 has lost 11 percent so far this year on concerns over the health of the U.S. economy.

...

Rate-sensitive banks, which have been hammered by global credit market turmoil in recent months, were the biggest winning sectors on the FTSE 100, contributing 57 points to the index.

/... http://www.reuters.com/article/marketsNews/idCAL2283239520080122?rpc=44

[JNelson6563]

145. Thank bob somebody stuck their finger in that hole!

We will live to fight another day. Granted we face overwhelming odds again tomorrow and our "pcoket full of miracles" is running out, but hey! That's for tomorrow, right? Today we celebrate in so far having excaped with our skin intact. ;-)

Julie

[Barrett808]

147. Kill "Bob"

Or kill me!

[TrogL]

149. Loonie Watch

Highlights

Current:



30-day and 90-day vs.greenback:



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




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

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

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

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

2007-12-11 Tuesday, December 11 0.989413 USD
2007-12-12 Wednesday, December 12 0.989413 USD
2007-12-13 Thursday, December 13 0.978857 USD
2007-12-14 Friday, December 14 0.98668 USD
2007-12-17 Monday, December 17 0.992851 USD
2007-12-18 Tuesday, December 18 0.989609 USD
2007-12-19 Wednesday, December 19 0.994431 USD
2007-12-20 Thursday, December 20 1.0017 USD
2007-12-21 Friday, December 21 1.00573 USD
2007-12-24 Monday, December 24 1.01307 USD
2007-12-25 Tuesday, December 25 1.01307 USD
2007-12-26 Wednesday, December 26 1.01688 USD
2007-12-27 Thursday, December 27 1.01958 USD
2007-12-28 Friday, December 28 1.02208 USD
2007-12-31 Monday, December 31 1.01204 USD
2008-01-01 Tuesday, January 1 1.01204 USD
2008-01-02 Wednesday, January 2 1.00786 USD
2008-01-03 Thursday, January 3 1.00959 USD
2008-01-04 Friday, January 4 1.0012 USD
2008-01-07 Monday, January 7 0.995025 USD
2008-01-08 Tuesday, January 8 1.0015 USD
2008-01-09 Wednesday, January 9 0.991768 USD
2008-01-10 Thursday, January 10 0.986291 USD
2008-01-11 Friday, January 11 0.980584 USD
2008-01-14 Monday, January 14 0.979432 USD
2008-01-15 Tuesday, January 15 0.983574 USD
2008-01-16 Wednesday, January 16 0.976753 USD
2008-01-17 Thursday, January 17 0.971817 USD
2008-01-18 Friday, January 18 0.97144 USD
2008-01-21 Monday, January 21 0.97144 USD


Current values

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

Market            Open   High    Low   Last  Change    Pct 
CD.Y$$ Cash     0.9688 0.9755 0.9688 0.9755 +0.0026 +0.26% 
CD.H08 Mar 2008 0.9685 0.9764 0.9640 0.9757 +0.0021 +0.21% 
CD.M08 Jun 2008 0.9720 0.9720 0.9708 0.9725 +0.0028 +0.28% 
CD.U08 Sep 2008 0.9785 0.9785 0.9780 0.9710 +0.0026 +0.26% 
CD.Z08 Dec 2008 0.9750 0.9750 0.9750 0.9695 +0.0024 +0.24% 
CD.H09 Mar 2009 0.9870 0.9870 0.9870 0.9680 +0.0022 +0.22% 
CD.M09 Jun 2009 0.9995 0.9995        0.9665 +0.0020 +0.20% 
 

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

Market              Open    High     Low    Last   Change     Pct 
AUSTRALIAN $/CANADIAN $ (NYBOT:AS)
AS.H08 Mar 2008   0.88730 0.88730 0.88730 0.88500 -0.01205 -1.39% 
AUSTRALIAN $/US$ (NYBOT:AU)
AU.H08 Mar 2008           0.85765 0.85765 0.85765 -0.01580 -1.81%  
CANADIAN $/JAPANESE YEN (NYBOT:HY)
HY.H08 Mar 2008   111.020 111.020 111.020 102.255 -1.310   -1.17%  
EURO/AUSTRALIAN $ (NYBOT:RA)
RA.H08 Mar 2008   1.66620 1.66620 1.66620 1.68845 +0.01475 +0.88%  
EURO/BRITISH POUND (NYBOT:GB)
GB.H08 Mar 2008   0.7434  0.7477  0.7434  0.7477  +0.0019  +0.26%   
EURO/CANADIAN $ (NYBOT:EP)
EP.H08 Mar 2008   1.5027  1.5027  1.5027  1.5028  +0.0086  +0.60%  
EURO/JAPANESE YEN (NYBOT:EJ)
EJ.H08 Mar 2008   151.97  155.45  151.41  155.27  +2.48    +1.53%   
EURO/US$ (SMALL) (NYBOT:EO)
EO.H08 Mar 2008   1.4569  1.4569  1.4569  1.4569  +0.0090  +0.61%  

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

The March Canadian Dollar was lower overnight as it extends last week's decline below December's low crossing at 97.55. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 62% retracement level of the 2007 rally crossing at 94.88 is the next downside target. Closes above the 20-day moving average crossing at 99.40 would temper the near-term bearish outlook in the market. First resistance is the 50% retracement level crossing at .9784. Second resistance is the 20-day moving average crossing at 99.40. First support is the overnight low crossing at 96.31. Second support is the 62% retracement level of the 2007 rally crossing at 94.88.


Analysis

Since opening, the loonie has climbed over a cent on no particular news except the excitement yesterday in various overseas exchanges. I'm wondering if we're going to get another bout of "the loonie's a safe haven" mania.

[CatholicEdHead]

150. Well, there goes the Loonie-Dollar parity

What will it be? .75 Canadian to the US Dollar in a couple weeks (or days)?

[TrogL]

163. No, I think it's going to continue to wobble +/- 2 cents either side of par

[TrogL]

154. Update

Last trade 0.9785 Change +0.0049 (+0.49%)

Settle Time 13:10 Open 0.9685

Previous Close 1.0099 High 0.9789

Low 0.9640 Open Int. 77851

[TrogL]

197. Closing

Numbers

Market          Open   High   Low    Last   Change   Pct  
CD.Y$$ Cash     0.9688 0.9779 0.9688 0.9748 +0.0019 +0.19% 
CD.H08 Mar 2008 0.9685 0.9789 0.9640 0.9734 -0.0002 -0.02% 
CD.M08 Jun 2008 0.9720 0.9720 0.9708 0.9717 -0.0008 -0.08% 
CD.U08 Sep 2008 0.9785 0.9785 0.9780 0.9697 -0.0013 -0.13% 
CD.Z08 Dec 2008 0.9750 0.9750 0.9750 0.9677 -0.0018 -0.18% 
CD.H09 Mar 2009 0.9870 0.9870 0.9870 0.9657 -0.0023 -0.23% 
CD.M09 Jun 2009 0.9995 0.9995        0.9637 -0.0028 -0.28% 

Blather

The March Canadian Dollar closed slightly higher due to short covering on Tuesday as it consolidated some of last week's decline but remains below December's low crossing at .9765. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 62% retracement level of 2007's rally crossing at 94.80 is the next downside target. Closes above the 20-day moving average crossing at 99.64 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 98.19. Second resistance is the 20-day moving average crossing at 99.64. First support is today's low crossing at 96.40 then the 62% retracement level crossing at 94.80.

[spotbird]

151. -174.12 It might not go black today. nt

[radfringe]

159. think it will crawl above 12k? n/t

[spotbird]

160. They tried their damndest, but no luck.

I thought is might go into the positive today, the PPT needs a new plan.

[radfringe]

162. the PPT needs a new plan

*snort* they only have the one plan - Insert finger in dike. After that they have no idea

[Changenow]

168. With two minutes left to go: -138.43 nt

[AnneD]

152. Bank of America, Wachovia earnings plunge over 90%

CHARLOTTE, N.C — Hurt by the deepening credit crisis, Bank of America Corp. said today its fourth-quarter earnings fell 95 percent, and Wachovia Corp. reported its earnings tumbled 98 percent.

Net income at Bank of America, the nation's second-largest bank, dropped to $268 million, or 5 cents per share, in the three months ended Dec. 31 from $5.26 billion, or $1.16 per share, a year ago.

The bank's revenue fell 31 percent to $12.67 billion from $18.49 billion last year.

The quarter included results from LaSalle Bank, which Bank of America purchased on Oct. 1.

more...

http://www.chron.com/disp/story.mpl/business/5473843.html

Guess you can't get blood from a turnip....

[CatholicEdHead]

156. Only 90-95%? Chump change

:sarcasm:

[ozymandius]

179. Now that the Fed is going to offer all this cheap money - who are they going to lend it to?

[Ghost Dog]

195. Therefore BAC closed at 37.39 Up 3.95%

[AnneD]

155. Court declines to hear Enron investors' case

The Supreme Court today refused to hear a last appeal from Enron investors to punish banks they allege colluded with the energy company to cook its books.

The court's decision, issued without explanation, effectively ends the litigation and leaves shareholders who qualify to be satisfied with $7.2 billion in settlements already racked up, the most ever in securities litigation.

Today's decision wasn't a surprise given the court's ruling last week in an unrelated case with similar issues. In that case, the court ruled 5-3 that suppliers, banks, law firms and other third parties are too far removed from investors' decisions about whether to buy a company's stock even if the outside parties are found to have participated in fraud.

That case involved allegations that suppliers for Charter Communications, a cable television provider, helped the company inflate revenues to please Wall Street.

The $40 billion Enron shareholder case alleges that three banks — Merrill Lynch & Co., Credit Suisse and Barclays — helped Enron devise financial schemes to hide debt and inflate income.
more...

http://www.chron.com/disp/story.mpl/business/5474607.html

I guess they think they don't have to follow the law. If there is no transparency in book keeping, or ethical standards in accounting, and no legal recourse....why do I want to put my money there. If they think they have problems now...wait til the full effects of this kick in....

[Dawggie]

157. Kind of new to trading... How would you read a blaock buy of 27K shares

of Sun Microsystems?

[antigop]

158. Buzzflash interview w/ David Cay Johnston--how the rich are getting a "Free Lunch"

http://www.buzzflash.com/articles/interviews/092

There is no such thing as deregulation. What you have is new regulations. And the new regulations, in many cases, take Adam Smith's "invisible hand of the marketplace" and handcuff it. They diminish competition. They insulate businesses from bad decisions. They drive prices up, not down.
-- David Cay Johnston, Pulitzer Prize-Winning Reporter and Author, Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (and Stick You with the Bill)

[citizen snips]

164. J&J 4Q Profit Rises; Revenue Climbs

TRENTON, N.J. (AP) -- Health care products maker Johnson & Johnson's profit rose almost 10 percent in the fourth quarter as revenues jumped by double digits despite sales drops for two key product lines.

The New Brunswick, N.J.-based maker of prescription drugs, medical devices, contact lenses and baby care items on Tuesday reported net income of $2.37 billion, or 82 cents per share, up from $2.17 billion, or 74 cents per share, a year earlier. Excluding one-time items, net income would have been 88 cents per share.

Revenues totaled $15.96 billion, up 16.6 percent from $13.7 billion in the year-ago quarter. Most growth came overseas, with international sales jumping 26 percent and currency exchange rates boosting revenues nearly 5 percent.

"This is as good as it gets for them, and it is not a harbinger for good times in the future," said analyst Steve Brozak of WBB Securities.

more...
http://biz.yahoo.com/ap/080122/earns_johnson_johnson.html

[citizen snips]

165. Ambac Posts $3.26B Quarterly Loss

NEW YORK (AP) -- Ambac Financial Group Inc. booked a massive loss Tuesday as mortgage-related troubles spread, but the bond insurer assured investors it remains a viable company even as its business slows.

"We just got too complex," Michael Callen, interim chief executive, said of his company's foray into bonds backed by risky mortgages. The fallout from that bet led to a $3.26 billion fourth-quarter loss.

The executive said Ambac is "evaluating strategic alternatives with a number of potential partners," as it seeks to maintain its "AAA" credit rating with two agencies and regain it after being downgraded by a third.

"We're talking to very credible parties and pools of capital," Callen said, but declined to be more specific.

Investors responded positively, sending Ambac shares surging $1.92, or 30.5 percent, to $8.03 in late trading. The stock is still down 92 percent from its 12-month high of $96.10 set last May, after losing more than 70 percent last week.

more...
http://biz.yahoo.com/ap/080122/earns_ambac.html

[Ghost Dog]

198. Aha. Picked a good day to report that. n/t

[citizen snips]

209. Cramer wants the government to buy these bankrupt insurance companies.

But I thought capitalists belives that the government does everything wrong.

[citizen snips]

166. Sears Shares Up on Reorganization

NEW YORK (AP) -- Shares of Sears Holdings Co. rose Tuesday, after the owner of Sears and Kmart stores said it would change its organizational structure in an effort to improve performance, although one analyst expressed caution.

Hoffman Estates, Ill.-based Sears said its new structure will include five units: operating businesses, support businesses, brands, online and real estate.

Credit Suisse analyst Gary Balter said in a note to investors that although the reorganization may make it easier for Sears to sell off assets should it decide to do so, the "asset ship has passed."

"Attempting to sell off integral pieces of the organization will both highlight the weaknesses of the remaining pieces and not provide the value that supports the current valuation," Balter wrote.

more...
http://biz.yahoo.com/ap/080122/apfn_sears_holdings_mover.html

[citizen snips]

167. Metals at a Glance

NEW YORK (AP) -- The following are key metals settlement prices Tuesday, compared with late Friday, on the New York Mercantile Exchange:

February gold $890.30, up $8.60 an ounce

March silver $16.105, down 11 cents an ounce

March copper $3.1965, down 3.8 cents a pound

http://biz.yahoo.com/ap/080122/metals_glance.html?.v=1

[citizen snips]

169. Sector Roundup: Internet, Autos

NEW YORK (AP) -- Major Internet stocks declined Tuesday along with the broader market, as recession fears drove markets lower across the globe despite a decision by the Federal Reserve to cut the federal funds rate by three-quarters of a point.

NEW YORK (AP) -- Shares of the U.S. automakers and their suppliers tumbled Tuesday before rebounding slightly, after the overall market fell on worries about the global impact of a U.S. recession.

NEW YORK (AP) -- Shares of telecommunications companies tumbled Tuesday along with the broader market, with AT&T Inc. and Sprint Nextel Corp. hitting new year lows.

NEW YORK (AP) -- Shares of Answers Corp. led a sell-off of online content stocks Tuesday, continuing a slide that began last week after the operator of the Answers.com Web site reported its

more...
http://biz.yahoo.com/ap/080122/sector_roundup_internet.html?.v=1

[citizen snips]

171. UnitedHealth 4Q Profit Matches Forecasts

MINNEAPOLIS (AP) -- UnitedHealth is still working to stop customer defections from its core health coverage business, but other offerings such as its Medicaid plans gave it a 3 percent increase in fourth-quarter profit.

Its profits matched Wall Street expectations, but it said it would lose more health insurance customers than expected in the first quarter. UnitedHealth shares dropped about $3.44, or 6.3 percent, to $50.96 in midday trading Tuesday. Over the past year they have traded between $45.82 and $59.46.

There was a time when UnitedHealth was criticized for branching away from traditional health insurance. But the diversity it gained by doing more business with the government through Medicare and Medicaid plans, as well as additions like a bank for running medical savings accounts, has helped it overcome a slump in its old health coverage business.

UnitedHealth said on Tuesday that enrollment among employees of private companies would decline about 2 percent during the first quarter. Overall, that's what it had expected. But it expects to lose some 400,000 customers in plans where it provided the insurance coverage, instead of 350,000 it had predicted before. In the fourth quarter, commercial enrollment dropped by 175,000 people, or 0.7 percent, versus a year ago.

more...
http://biz.yahoo.com/ap/080122/earns_unitedhealth.html?.v=10

[citizen snips]

172. Alcatel-Lucent Shares Tumble

NEW YORK (AP) -- U.S.-traded shares of French telecommunications equipment maker Alcatel-Lucent tumbled Tuesday, hitting a fresh low after a Goldman Sachs analyst downgraded the company to "Sell" from "Neutral."

Telecom stocks in general were broadly lower, as markets fell sharply on global fears of recession. The Dow Jones industrial average was down more than 450 points after the market open before rebounding in the afternoon.

In a note to European investors, Tim Boddy also downgraded Swedish wireless equipment maker LM Ericsson Telephone Co. to "Sell." The analyst cut his forecasts for European large-capitalization telecom equipment stocks and lowered his coverage view on the sector to "Cautious" from "Attractive."

"We now expect a weakening economy in the U.S. and Europe to translate into lower handset subsidies (equaling slower handset unit growth and lower average selling prices)" and spending reductions, the analyst wrote.

more...
http://biz.yahoo.com/ap/080122/alcatel_lucent_mover.html?.v=1

[citizen snips]

173. Treasurys Rally After Rate Cut

NEW YORK (AP) -- Short-term Treasurys rallied sharply, sending a signal that investors expect further rate cuts, after the Federal Reserve on Tuesday reduced the overnight bank lending rate to 3.5 percent.

The rate cut of 0.75 percentage point followed massive selloffs on global stock exchanges Monday. The market routs reflected growing consensus that the U.S. economy was on the brink of recession and could lead to weaker performance elsewhere.

Tuesday's unexpected announcement came one week before the committee's regularly scheduled policy meeting.

"The Fed has cut the funds and discount rates by 0.75 percentage points, citing the weakening economic outlook ... the deterioration in the markets and tighter credit conditions," said Ian Shepherdson, chief U.S. economist at High Frequency Economics. "But there can be little doubt the Fed would have waited until the meeting next week if it had not been for the state of the markets."

more...
http://biz.yahoo.com/ap/080122/bonds.html?.v=6

[Roland99]

174. Initial Closing Numbers: PPT couldn't shore up12k. DJIA under 12,000

Dow 11,971.19 -128.11
Nasdaq 2,292.27 -47.75
S&P 500 1,310.58 -14.61
Oil $89.85 $-0.72
10 YR 3.48% -0.16
Gold $890.30 $8.60

[citizen snips]

175. Thousands Protest Nokia Plant Closing

BOCHUM, Germany (AP) -- Thousands of people marched through this west German city Tuesday to protest Nokia Corp.'s decision to close a factory, and a German official warned the move could weigh on Nokia's image and business.

On the same day, the world's largest cell phone maker announced the launch of two new handsets for emerging markets, where it said an increasing number of people share handsets -- or want to.

Police estimated 15,000 people took part in the demonstration in Bochum, in the industrial Ruhr region.

German Chancellor Angela Merkel, who said in an interview on NDR Info radio Tuesday that she had spoken with Nokia management, called the closure plan "a bitter decision for employees in Germany."

more...
http://biz.yahoo.com/ap/080122/nokia.html?.v=2

[citizen snips]

177. Sector Snap: Major Web Stocks Decline

NEW YORK (AP) -- Major Internet stocks declined Tuesday along with the broader market, as recession fears drove markets lower across the globe despite a decision by the Federal Reserve to cut the federal funds rate by three-quarters of a percentage point.

The rate cut lowers the federal funds rate to 3.5 percent.

Shares of Web search engine operator Yahoo Inc. slipped 40 cents to $20.38 in afternoon trading. Earlier, the stock traded as low as $19.26, its lowest price since late 2003.

The company, which has been hampered by slow revenue growth and competition from social networking sites, is poised to lay off hundreds of workers, according to reports published in The New York Times and The Wall Street Journal.

more...
http://biz.yahoo.com/ap/080122/internet_sector_snap.html?.v=2

[citizen snips]

178. Bank of England: Growth Could Slow

LONDON (AP) -- Britain's economic growth could slow "quite sharply" in the near term, Bank of England Governor Mervyn King said Tuesday.

"In the short run, (tighter credit conditions) will slow economic activity, possibly quite sharply," King told a group of businessmen in Bristol, England.

King said 2008 would be the British economy's toughest year since his bank was given the power to set interest rates in 1997. King said that higher energy and food prices, driven by increasing Asian demand, and exchange rate pressures could push inflation above 3 percent.

"It is possible that inflation could rise to the level at which I would need to write an open letter of explanation, possibly more than one, to the Chancellor (of the Exchequer, Britain's treasury chief)," King told members of the Institute of Directors in western England.

more...
http://biz.yahoo.com/ap/080122/britain_bank_of_england.html?.v=1

[Demeter]

180. So! What Are They Going to Pull Out of Their Hats Tomorrow?

Because tomorrow is another day.....

[citizen snips]

181. Profits Plunge at BofA, Wachovia

CHARLOTTE, N.C. (AP) -- The credit crisis all but wiped out fourth-quarter earnings at Bank of America Corp. and Wachovia Corp., but the banks did make some money -- something that can't be said for Citigroup and some other Wall Street financial firms.

Profits fell 95 percent at Bank of America and 98 percent at Wachovia. The numbers, worse than analysts expected, show that the global credit squeeze is still causing more customers to fall behind on their bills and banks to lose money on securities they own.

"The continued turmoil in the capital markets and the dramatic change in the credit environment diminished our fourth-quarter results substantially," Wachovia Chief Executive Ken Thompson said on a call with analysts.

Last week, the Charlotte-based banks saw their Wall Street brethren disclose billions in losses tied to investments in failed mortgages.

more...
http://biz.yahoo.com/ap/080122/earns_banks.html

[citizen snips]

182. Yahoo Poised to Lay Off Hundreds

SAN FRANCISCO (AP) -- After seven months as chief executive, Yahoo Inc. co-founder Jerry Yang has concluded hundreds of employees will have to be fired to help the slumping Internet icon recover from years of misguided management.

The Sunnyvale-based company's biggest purge since the dot-bust most likely will be announced next week, a person familiar with the matter said Tuesday. The person asked not to be identified because the exact number of jobs to be cut is still under discussion.

Yang and his management team already have committed to jettisoning at least several hundred jobs to help boost Yahoo's profits and placate investors demanding more action to reverse a steep decline in the company's stock price.

Securities analysts are betting Yahoo will trim its 14,000-employee payroll by about 5 percent -- or 700 workers. If that many people are dumped, Yahoo could save about $100 million, JP Morgan analyst Imran Khan estimated in a Tuesday note.

more...
http://biz.yahoo.com/ap/080122/yahoo_layoffs.html?.v=12

[citizen snips]

184. DuPont 4Q Profit Drops 37 Percent

DOVER, Del. (AP) -- Chemicals maker DuPont reported a decline in fourth-quarter earnings Tuesday, but said earnings rose sharply when one-time items that boosted the previous year's profit were excluded.

Net income dropped 37 percent to $545 million, or 60 cents per share, from $871 million, or 94 cents per share, in the final quarter of 2006.

Excluding a series of gains in each period, earnings rose 27 percent, from 45 cents to 57 cents per share, exceeding estimates on Wall Street. Analysts expected 49 cents per share, according to Thomson Financial.

Shares of the Wilmington-based company fell 16 cents to $42.54 Tuesday.

more...
http://biz.yahoo.com/ap/080122/earns_dupont.html?.v=11

[citizen snips]

185. Sector Glance: Investment Banks Rise

NEW YORK (AP) -- Investment banks reversed course Tuesday, with shares of the five banks closing higher after posting sharp declines shortly after the market opened.

The jump in prices came after the Federal Reserve cut a key interest rate three-quarters of a percentage point to 3.5 percent from 4.25 percent. The Fed cut rates after a global sell-off of stocks earlier in the week amid concern the U.S. economy is on the verge of a recession.

Recession fears have been growing in recent months due to the continued deterioration of the housing and credit markets. The weakness in credit markets led investment banks to reduce the value of portfolios holding bonds and debt backed by mortgages by billions of dollars during the second half of 2007.

Shares of Bear Stearns Cos. and Morgan Stanley were among the top gainers Tuesday, both adding more than 7 percent.

more...
http://biz.yahoo.com/ap/080122/investment_banks_sector_glance.html?.v=1

[citizen snips]

188. S&P 500 Leaders & Laggards: WAT MBI

NEW YORK (AP) -- Shares of Waters Corp. declined and helped tug the Standard & Poor's 500 index to a lower close on Tuesday, following broad market weakness caused by fears of an imminent recession.

The S&P 500 lost 14.69 points, or 1.1 percent, to 1,310.50 as the U.S. joined a global sell-off and as the U.S. Federal Reserve rolled out an emergency interest rate cut.

Waters, which makes analytical instruments, declined $14.65, or 20 percent, to $58.58. Fourth-quarter profit rose 24 percent, but fell below Wall Street expectations.

Precision Castparts Corp., which makes metal components for the aerospace and automotive markets, declined $9.10, or 7.8 percent, to $106.90, despite a 55 percent higher third-quarter profit.

more...
http://biz.yahoo.com/ap/080122/s_p_500_laggards.html?.v=1

[citizen snips]

189. Sector Glance: Biotech Dragged Lower

NEW YORK (AP) -- A tumbling stock market pulled the normally sheltered biotechnology sector lower Tuesday as recession concerns gripped Wall Street.

U.S. stocks began the day by following the lead of global markets that had plummeted for two straight days, and also extended their own steep losses from last week. Fears of a U.S. recession -- one that would spread to other economies -- had investors fleeing stocks worldwide.

An unusual emergency interest rate cut by the Federal Reserve gave Wall Street a partial rebound Tuesday, with the Dow Jones industrial average recovering from an early 465-point drop to close down just 128.11, or 1.06 percent. The Standard & Poor's 500 index ended the day down 14.69 points to 1,310.50.

Wall Street has considered shares of drug developers, including large-cap biotech companies, as relatively sheltered from broader economic storms. Health care, including biotech and insurers, normally remain relatively stable even during economic downturns because their services and products are necessities.

more...
http://biz.yahoo.com/ap/080122/sector_glance_biotechnology.html?.v=1

[ozymandius]

190. Let's put this thing out of its misery.

Dow 11,971.19 Down 128.11 (1.06%)
Nasdaq 2,292.27 Down 47.75 (2.04%)
S&P 500 1,310.50 Down 14.69 (1.11%)
10-Yr Bond 3.4840% Down 0.1640
NYSE Volume 6,508,144,000
Nasdaq Volume 3,161,745,750

4:30 pm : It was anything but a normal day at the office for stock market participants who arrived Tuesday morning, cognizant that global equity markets had gotten creamed to start the week, that Bank of America (BAC 37.39, +1.42) reported a 95% decline in fourth quarter net income, and that the futures for the Dow Jones Industrial Average were signaling a loss of more than 500 points at the open.

Then the real excitement started.

At 08:20 ET it was announced that the Federal Open Market Committee (FOMC) approved a 75 basis point intermeeting cut in the fed funds rate to 3.50%. The Board of Governors also approved a 75 basis point cut in the discount rate to 4.00%.

The decision was stunning, both for its size and its timing, which came just eight days ahead of the regularly scheduled FOMC meeting.

The FOMC said it took this action "in view of a weakening of the economic outlook and increasing downside risks to growth." The statement added that, "Appreciable downside risks to growth remain." The latter statement fed the market's belief that there will be another substantive rate cut at the Jan. 29-30 FOMC meeting. Currently, the fed funds futures market is pricing in a 76% probability that the fed funds rate will be cut to 3.00% next week.

Following the FOMC's surprise announcement, the futures market pared a considerable portion of its early losses. It wasn't long before the futures for the major indices started backpedaling again as concerns about the aggressive nature of the Fed's easing, and what it signaled about economic conditions, caused unease for some traders. Subsequently, the stock market did indeed start the day on a sharply lower note.

At their lows of the morning, which were established shortly after the opening bell, the Dow, Nasdaq and S&P had dropped 459, 119 and 51 points, respectively. From that point on, they spent the remainder of the day in recovery mode, following the lead of the beaten-down, and rate-sensitive, financial (+2.2%) and consumer discretionary (+1.7%) sectors.

The financials greased the recovery effort as relative strength in that area after Bank of America's poor earnings report sparked short-covering activity. Notwithstanding its poor results, Bank of America helped get things going with an admission on its call that it expects to continue to raise its dividend and that it expects 2008 earnings per share to be well in excess of $4.00 versus $3.30 in 2007.

On a related note, Wachovia (WB 31.91, +1.11) said it had no plans to cut its dividend and that it has no need to cut its dividend.

Where the short-covering really registered, though, was in bond insurers MBIA (MBI 12.53, +3.98) and Ambac (ABK 7.97, +1.77). The former was helped by a positive article in Barron's while the latter helped its cause, after a horrid earnings report, with an admission that it is seeing a lot of interest for "strategic alternatives."

Overall, the S&P Retailing Index (+5.3%) turned in one of the best showings of the day as the rate cut spurred a flurry of short-covering and bottom-fishing interest in the depressed sector.

The major indices, however, still ended the day in the red, unable to make their way fully into positive territory after a striking rally try. Some late selling pressure worsened their official standing at the closing bell.

Not surprisingly, the volatility in the stock market produced a healthy bid in the Treasury market where the yield on the 10-year note dropped 15 basis points to 3.48%.DJ30 -128.11 NASDAQ -47.75 NQ100 -2.6% R2K -0.2% SP400 -0.5% SP500 -14.69 NASDAQ Dec/Adv/Vol 2034/979/3.18 bln NYSE Dec/Adv/Vol 1827/1367/2.56 bln

[Hugin]

194. Almost as much fun as the Thompson campaign...

I was out of popcorn anyway.

So, what next? Will they shoot money from money cannons at the Superbowl(R)(tm)?

A real crowd pleaser... ;)

[Demeter]

192. I.O.U.S.A. / Bill Bonner /Daily Reckoning.Com

*** What will happen when the feds really go to work on the dollar? Ben Bernanke has pledged to drop money from helicopters, if that is what it takes to head off a Japan-like slump.

Mr. Market wants a correction. The feds want to stop it. And never before have the feds had so many ways and means to try – all of which depend on reducing the value of the dollar in order to encourage the illusion of prosperity.

Here, we sense a pause – for clarification – is in order. When the feds speak of “stimulating” the economy with lower rates and rebates, they are merely speaking the humbug language of modern economics. The only thing that really stimulates a consumer economy is more consumer spending. And consumers can only do their consuming if they have money. So, the only thing the feds can do is to give them more money to spend. But the feds don’t have any real money. All they have is the machinery of credit and inflation – they can make borrowing less expensive, in nominal terms...and they can “print up” more pieces of green paper and distribute them to the public. That is to say, the only thing they can do is to inflate, lowering the value of each bit of currency in circulation.

The greenback floats on air; theoretically, the financial authorities can create a gust of wind and push it in any direction they want. A few years ago, a Paul Volcker might have resisted; he might have urged the Fed to protect the currency and curb inflation. But Tall Paul is now in the private sector...warning his clients to take cover. Some years ago, too, a few die-hard Republicans might have opposed a fiscal stimulus package as just more reckless spending from the Democrats. But now it is the Republicans who propose the stimulus...and there is only a single member of Congress who won’t go along – Dr. Ron Paul.

Nothing stands in the way of destroying the dollar...except Mr. Market himself.

It is shaping up to be a grand show. Mr. Market on one side. The market manipulators on the other. We don’t know how it will turn out...but we are pretty sure there will be blood on the mat when it is over.

[Joanne98]

196. AAPL down to 138.40 a share.....

[Roland99]

208. Futures for tomorrow still aren't pretty

DJIA INDEX 11,848.00 -103.00 23:14
S&P 500 1,294.00 -15.30 23:17
NASDAQ 100 1,767.50 -33.50 23:16

[truthisfreedom]

210. My "in-the-know" mortgage-broker friend says tomorrow will be a bloodbath

His point is it didn't work today.

[radfringe]

211. really? from the spews-reports

it's made to sound like everything will okey-dokey, business as usual for Wed.