STOCK MARKET WATCH, Thursday August 14

[ozymandius]

Source: du

STOCK MARKET WATCH, Thursday August 14, 2008

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 160
DAYS SINCE DEMOCRACY DIED (12/12/00) 2762 DAYS
WHERE'S OSAMA BIN-LADEN? 2487 DAYS
DAYS SINCE ENRON COLLAPSE = 2778
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.
$1 USD = EUR 1.06678
$1 USD = JPY 116.6200

AT THE CLOSING BELL ON August 13, 2008

Dow... 11,532.96 -109.51 (-0.94%)
Nasdaq... 2,428.62 -1.99 (-0.08%)
S&P 500... 1,285.83 -3.76 (-0.29%)
Gold future... 831.50 +16.90 (+2.03%)
30-Year Bond 4.58% +0.02 (+0.53%)
10-Yr Bond... 3.95% +0.03 (+0.74%)






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

---

Read more: du

[ozymandius]

1. Market WrapUp

Aussie Dollar Tracking Commodity Markets, Interest Rates
BY GARY DORSCH

Jesse Livermore, the world’s greatest trader used to say, “Remember, the market is designed to fool most of the people most of the time. Sometimes, the market will go contrary to what speculators have predicted. At these times, speculators must abandon their predictions and follow the action of the market. Never argue with the tape. Markets are never wrong, but opinions often are. I only try to react to what the market is telling me by its behavior.”

Livermore’s observations are perfectly tailored for the commodities markets, where trader sentiment can turn on a dime, at a moment’s notice, and without any specific warning sign. The sudden plunges in commodities from crude to copper to corn since July 2nd suggested to many analysts that the commodities markets had climbed too high, too fast. The subsequent correction of 20% or more into bear market territory, in just four weeks, is indicative of a bursting of a speculative bubble.

...

“Demand Destruction” is the new buzzword for speculators in commodities, based on the notion that a hard-landing for the giant US economy is spreading overseas to Europe and Japan, and will eventually zap China and other emerging nations. In turn, a sharp slowdown in the global economy might weaken demand for crude oil, coal, iron ore, steel, and base metals. Global stock markets have lost $13 trillion of wealth from a year ago, shaking consumer confidence and spending plans.

...

The seven-year boom in commodities enabled the Australian dollar to climb 80% against the yen since late-2001, padding the rates of return to Japanese investors. Australia posted its first trade surplus in six-years in April, and its commodities exports set a record for the fourth-straight year in the 12-months to June 30th, reaching A$146-billion ($139 billion). But the sharp slide in global commodity prices since July 2nd has soured the outlook for Australia’s terms of trade going forward.

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

[ozymandius]

2. Today's Reports

08:30 Core CPI Jul
Briefing.com 0.2%
Consensus 0.2%
Prior 0.3%

08:30 CPI Jul
Briefing.com 0.3%
Consensus 0.4%
Prior 1.1%

08:30 Initial Claims 08/09
Briefing.com 435K
Consensus 436K
Prior 455K

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

[UpInArms]

16. Initial Claims @ 450,000 - last wk rev'd up 5k - CPI up 5.6% - most in 17 yrs

02. U.S. July consumer price index up 0.8% vs. 0.5% expected
8:31 AM ET, Aug 14, 2008

03. U.S. July core CPI up 0.3% vs. 0.2% expected
8:31 AM ET, Aug 14, 2008

04. U.S. weekly initial jobless claims down 10,000 to 450,000
8:31 AM ET, Aug 14, 2008

05. U.S. July real weekly earnings fall 0.8%
8:31 AM ET, Aug 14, 2008

06. U.S. continuing jobless claims highest since Nov. 2003
8:31 AM ET, Aug 14, 2008

07. U.S. July owners equivalent rent prices up 0.1%
8:31 AM ET, Aug 14, 2008

08. U.S. July food prices up 0.9%
8:31 AM ET, Aug 14, 2008

09. U.S. July energy prices up 4.0%
8:31 AM ET, Aug 14, 2008

10. U.S. core CPI up 2.5% in past year
8:31 AM ET, Aug 14, 2008

16. U.S. CPI up 5.6% in past year, most in 17 years
8:31 AM ET, Aug 14, 2008

[Dr.Phool]

17. What does the market do today?

It usually goes through the ceiling when things aren't as bad as expected.

This report looks worse than expected.

[Hugin]

21. Well, you see, there's a Catch-22 for situations like this,

It's worse than expected, but, it is only bad for what's left of the Middle-Class... Sooooo, the Markets will
shoot for the stars. :eyes:

See ya tomorrow. :hi:



I've got to go deal with yet another Corporation who doesn't service what they sell *coff*DishNetwork*hack* and
insists on treating existing PAYING customers as one would react to stepping in a hidden pile of dog loaf. I
don't care if *cough*EchoStar*coff* is supposedly a 'Blue' company... They need to start acting like one. Oh,
wait... Wasn't McWhatzizface's non-girlfriend lobbyist working for *ack*DishNetwork*huwha*?

I wonder if there's a Rosettastone(tm) Language Set available for talking to tech support people in New Delhi?

[Dr.Phool]

23. I got rid of them last year.

Their customer service is a nightmare. Twice I've called them, and they've lied to me, insulted me, called me a liar and worse.

They have the best programming, but they pissed me off so bad, that I'll give my money to Murdoch before I ever do business with them again. And I was a customer for over 10 years.

I do miss having my morning coffee with Amy Goodman though.

[Hugin]

25. I bet you can find Amy somewhere on the net...

At one time long ago... Before Murdoch was in the picture. I had the other service, too. Looks like I may migrate back.

[UpInArms]

34. U.S. July median CPI up 0.4%, up 3.1% in past year

02. U.S. July trimmed CPI up 0.6%, up 3.6% in past year
11:10 AM ET, Aug 14, 2008

03. U.S. July median CPI up 0.4%, up 3.1% in past year
11:10 AM ET, Aug 14, 2008

[ozymandius]

3. Oil rises to near $117 on falling inventories

SINGAPORE - Oil prices rose for a second day Thursday in Asia, approaching $117 a barrel after U.S. gasoline supplies fell more than expected in a weekly government report.

Light, sweet crude for September delivery rose 75 cents to $116.75 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract jumped $2.99 overnight to settle at $116 a barrel.

...

Before the stockpile report, September Nymex crude touched a low of $112.87 on Wednesday, more than $34 below its July 11 high of $147.27.

Later, in its weekly inventory report, the U.S. Energy Department's Energy Information Administration said gasoline supplies fell by 6.4 million barrels for the week ended Aug. 8, nearly three times more than the 2.2 million barrel drop expected by analysts surveyed by energy research firm Platts.

...

In other Nymex trading, heating oil futures rose 1.36 cents to $3.1453 a gallon while gasoline prices gained 1.97 cents to $2.952 a gallon. Natural gas futures rose 4.4 cents to $8.50 per 1,000 cubic feet.

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

[Tandalayo_Scheisskopf]

6. Well, all they have to do...

Is tap supplies and export more. We already know they do that. It's as fine an example of manipulation as there can be.

WTI Crude $116.35 0.34 0.30% 09:52
RBOB Gasoline $2.9323 0.00 0.00% 00:00
Heating Oil $3.1317 0.00 0.00% 00:00
Brent Crude $113.80 0.32 0.29% 09:54
Gas Oil $1024.25 5.25 0.51% 09:54
UK Natural Gas $52.40 -0.40 -0.76% 07:56

[ozymandius]

4. US foreclosure filings surge 55 percent

WASHINGTON - The number of homeowners stung by the dramatic decline in the U.S. housing market jumped last month as foreclosure filings grew by more than 50 percent compared with the same month a year ago, according to data released Thursday.

Nationwide, more than 272,000 homes received at least one foreclosure-related notice in July, up 55 percent from about 175,000 in the same month last year and up 8 percent from June, RealtyTrac Inc. said. That means one in every 464 U.S. households received a foreclosure filing last month.

....

Nevada, California, Florida, Arizona, Ohio, Georgia and Michigan had the highest foreclosure rates. Foreclosure filings increased from a year earlier in all but eight states.

The combination of weak housing sales, falling home values, tighter mortgage lending criteria and a slowing U.S. economy has left financially strapped homeowners with few options to avoid foreclosure. Many can't find buyers or owe more than their home is worth and can't refinance into an affordable loan.

http://news.yahoo.com/s/ap/20080814/ap_on_bi_ge/foreclosure_rates

[ozymandius]

11. Quelle Surprise! Banks Taking Big Losses on Real Estate Disposals

Remember a few months ago a big secret in plain sight was that many banks were awfully slow about foreclosing on deadbeat homeowners. Some of this was arguably not due to gameplaying but a function of overloaded servicing departments that were understaffed and backed up. But in many cases, the belief was that the delays were by design. Banks didn't want to report higher levels of real estate owned (REO) which is where the homes wind up if no one offers more than the mortgage balance at the foreclosure auction. Some banks also may have preferred to keep homeowners in place, since a vacant property deteriorates and depresses values in the 'hood. And some chose to present their strategies to flatter their financials as a benefit to homeowners, as Wells Fargo did last quarter in changing its foreclosure policies (and related accounting) to extend the process.

But the day of reckoning nevertheless eventually arrives. In this case, it is taking the form of banks having to unload increasing amounts of real estate, most often in markets that are continuing to deteriorate.

...

From the Wall Street Journal:

The steep losses on sales of foreclosed homes are painful for banks and investors in the short run but should help clear the backlog. That would allow for an eventual recovery of the housing market and clean up the banks' balance sheets.

I can't resist interjecting. That cheery statement is technically correct (it all hinges on what one means by "eventually"), but that assumes the bathtub is draining faster than new water is coming in. With Alt-A and Option ARM resets occurring at high levels in 2010 and 2011, this crisis is far from over. And Housing Wire points out that a far higher proportion of Alt-As were retained on bank balance sheets than subprime, so banks are unlikely to "clear the backlog" anytime soon.

Back to the Journal:

One example of the deep price cuts on foreclosures: A 1,230-square-foot home in Corona, Calif., was sold by a unit of investment bank Credit Suisse in June for $198,000, down from $450,000 when the property sold in a regular transaction in December 2006.

"I do not think this is the time to be holding onto (foreclosed homes) and hoping for a better day," Daniel Mudd, chief executive of Fannie Mae, said during a conference call Friday.

Banks and investors have grown more leery of the rising costs of holding onto vacant homes. Along with such expenses as insurance, lawn care and maintenance, banks are being hit with higher costs for complying with local regulations applying to vacant homes.

The price cutting may mean even deeper losses for banks, but in some areas price tags have fallen enough to entice bargain hunters back into the market. According to the S&P/Case-Shiller indexes, prices in Las Vegas, Miami and Los Angeles are back to 2004 levels, while those in San Diego have retreated to 2003 levels....

For subprime loans, those to people with relatively poor credit records, loss severities averaged 41% of the loan balance in 2005 and 54% in the 12 months ended in May, according to Fitch Ratings. For loans made in 2006 and 2007 that end up being foreclosed, severities are likely to average more than 60%, Fitch says. Analysts at Credit Suisse see a range of 63% to 71% on foreclosed subprime loans by late next year, depending on how far home prices fall.

Comparable historical data are sparse...

Financial institutions are acquiring homes through foreclosure much faster than they can sell them...

Oh my...

http://www.nakedcapitalism.com/2008/08/quelle-surprise-banks-taking-big-losses.html

[ozymandius]

5. SEC short selling rule made little impact: studies

NEW YORK (Reuters) - U.S. regulators' emergency rule to restrict "naked" short selling in 19 major financial stocks had little impact and may have even backfired, two studies of the rule's effects showed on Wednesday.

While overall short selling declined in nearly every firm affected by the rule, many of the 19 stocks still suffered declines in their share prices, the studies showed.

...

An S3 study of market data showed short sells for the 19 stocks dropped by about 63 percent while the rule was in effect, but the firm concluded the rule was "ineffective," saying short selling "did not seem to be a significant factor" in the market's determination of price for the stocks.

...

A separate study from Arturo Bris, a finance professor at IMD business school in Lausanne, Switzerland, found that, even controlling for short selling, market efficiency had deteriorated more for the 19 stocks affected by the rule than for other comparable U.S. financial stocks.

http://news.yahoo.com/s/nm/20080813/bs_nm/shortselling_studies_dc

[ozymandius]

7. European Economy Shrinks 0.2% as Spending, Investment Falter

Aug. 14 (Bloomberg) -- Europe's economy contracted in the second quarter for the first time since the launch of the euro almost a decade ago as faltering sales undermined investment by companies and soaring costs eroded consumer spending power.

Gross domestic product fell 0.2 percent from the first quarter, when it rose 0.7 percent, the European Union statistics office in Luxembourg said today. The year-on-year growth rate slowed for a third straight quarter, to 1.5 percent. Separate figures showed inflation held at 4 percent in July, less than initially estimated.

...

While the inflation reading was less than the 4.1 percent estimated earlier, it still is twice the ECB's 2 percent limit. Even with the weaker growth, the central bank last month raised its key rate to 4.25 percent, a seven-year high. Food-price increases accelerated to 6.7 percent in July from 6.4 percent in June, while energy-price inflation soared to 17.1 percent, today's data showed.

http://www.bloomberg.com/apps/news?pid=20601085&sid=abrQKYl6Qx_Y&refer=europe

[ozymandius]

8. Ford Fiesta's Road To US Starts With Production In Germany (Oh, the memories...)

Ford Motor Co. (F) began production of its new Fiesta subcompact car in Cologne, Germany, the first in a series of steps to bring the globally sold car to the U.S. by 2010.

Production will start at Valencia Assembly Plant in Spain in January 2009 followed by the company's Cuautitlan Assembly Plant in Mexico in 2010. The Mexico plant will export the Fiesta to the U.S. supplying both a hatchback and two-door sedan models. Fiesta production for the Asian market begins later this year in Nanjing, China, and Rayong, Thailand.

http://money.cnn.com/news/newsfeeds/articles/djf500/200808140515DOWJONESDJONLINE000400_FORTUNE5.htm

---

I remember when the Ford Fiesta was marketed as "the world car" in the 1980s. Engineers from around the world tossed in their two cents toward the car's design. Oddly enough - the Ford Fiesta was introduced to the American market the first time American auto manufacturers were handed their ass from high gasoline prices.

[Dr.Phool]

14. Funny, how a "world car" is getting made everywhere but the US.

[Warpy]

41. Well, it's getting sold everywhere but the US

where manufacturers still stupidly promote only the high profit margin gas guzzlers. A lot of people out there don't realize the big US automakers do make good, durable, economical small cars.

By not advertising what they are doing well, they've simply handed the market over to foreign auto companies.

Stupid, stupid, stupid. The entire cadre of upper management needs to be let go, no parachutes of any kind, look out below.

[ozymandius]

9. Retail Sales Feed a Mood of Decline

Another month of weak retail sales in July added to evidence that the spending power of American consumers has weakened considerably, despite the booster shot of billions of dollars from the government’s tax stimulus program.

Even as gasoline prices started to retreat, consumers paid more last month for imported goods, the government reported on Wednesday, as import prices rose at the fastest annual rate in 25 years.

...

With the stimulus payments at an end, Americans now have fewer buffers between their pocketbooks and higher energy costs, falling home values and the tight credit market. Companies and investors are bracing for spending to fall even further this year.

...

It was the first overall decline in sales since February, and it came after the government mailed $100 billion to millions of Americans from May to July in an effort to shore up consumer confidence and stimulate the economy. Spending subsequently rose in May, but that increase has not been sustained.

http://www.nytimes.com/2008/08/14/business/economy/14econ.html?em

[radfringe]

10. stimulus shimulus

one shot "check" does crap. just like 1 rain shower doesn't end a drought, 1 'check' isn't enough to boost the economy and get it moving in the right direction

people need more money in a continuous flow to have any positive effect on the economy

if the "stimulus checks" came in a predictable and regular manner - then they may have some impact

the $600 check amounts to approx $11 a week if spread over a year or in "petro-bucks" around 3 gallons (+/-) of gas per week

[Demeter]

37. You Mean, Something Like an..... Income?

Hmmm, people used to work and get annual raises and that was considered an income. They even paid something called an "income tax" on it. Plus they got health insurance and vacations.

Maybe we should go back to that.

[radfringe]

45. use to get COLA raises too

COLA (Cost Of Living Adjustment).........way back then it averaged 3% of gross

got my "raise" last paycheck - 1.2% :eyes:

[ozymandius]

12. OMG! This is too damn funny.

As the saying goes: Life turns on a dime. Click on the image for the full story. And check out the dove's nest on the windshield of the unsold Hummer.

[ozymandius]

13. And with this post it's time to say goodbye.

:donut: :donut: :donut:

I'll check back after school. Have a wonderful day.

:hi:

[Hugin]

26. Post of the day!

Haha! Ozy, it's priceless.

[Dr.Phool]

51. I just e-mailed this to a friend of mine in Cleveland.

He said that Central Cadillac, the dealer of choice for drug dealers around town, just converted their Hummer Dealership in Beachwood (opened in 2005) into a Pontiac Dealership.

Another one bites the dust.

[Demeter]

15. The Big "What If?"

http://www.dailyreckoning.com/Issues/2008/DR081308.html


...what if the finance industry and housing don’t ‘bounce back’? It will mean a long period with neither the juice of credit nor the elixir of housing price gains to get the party going again.

And what if consumers react in the way they normally react? That is, what if consumers actually stop consuming so much? There is mounting evidence that what must happen is happening now. The U.S. trade deficit unexpectedly fell last month; Americans are exporting more and buying less. Retail sales are slipping. Unemployment is rising. Drivers are driving fewer miles. Restaurants report fewer customers. Las Vegas reports fewer gamblers; and for the first time in many, many years spiders are said to weave their webs in brothel doorways without being disturbed.

And what if consumers, householders, investors, and businessmen all begin to downsize? Today’s news from Texas is that old people are downsizing their retirements; they’re making them shorter and later. The Dallas Morning News tells of a survey by the AARP showing more people nearing retirement age are continuing to work...or even going back to work. Many had counted on the value of their houses to finance retirement. But house prices are down as much as 40% in some areas, putting a big hole in retirement budgets.

And what if China, India and other emerging markets don’t emerge as fast as we had hoped? What if they, too, suffer from a buyers strike in the developed nations? What if they can’t sell so many toaster ovens...and so much bric a brac? They wouldn’t need as much iron as people estimated. Nor as much coal. Nor copper. Or oil.

And what if the whole world began to slack off – with less lending, less buying, fewer container ships crossing the oceans, fewer commercial airlines, and more saving? What if Americans rediscovered frugality? What if the whole world began to act like the Japanese?

What if the whole, globablized world economy sank into a long, soft, slow Japan-like slump, in other words?


CROSSPOSTED FOR SMW READERS

[UpInArms]

18. dollar watch

dollar chart



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

Last trade 76.252 Change -0.004 (-0.01%)

Euro Consolidates Despite Negative GDP and Flat CPI

http://www.dailyfx.com/story/topheadline/Euro_Consolidates_Despite_Negative_GDP_1218707839597.html

The Euro saw choppy trading throughout the overnight sessions after bouncing from support at 1.4850. Despite, the European GDP report confirming market expectations that the economy contracted 0.2% in the second quarter from a 0.7% increase the quarter prior, the pair managed to remain above the 1.4900 price level. It was the first decline in growth since the institution of the single currency, led by declines in the regions three biggest economies. Indeed, Germany, France and Italy saw growth fall 0.5%, 0.3% and 0.3% respectively. Meanwhile, inflation declined 0.2% in July and remained flat at 4.0% on an annualized basis as energy costs slowed from 2.7% to 2.6%. The core reading declined as most components were level and communication costs continued its downward trend, falling 2.2%.

The European economy may be headed for a hard landing as the ECB continues its focus on price stability. The central bank’s quarter point increase in July has accelerated the decline in growth as manufacturers now most contend with higher credit costs in addition to rising raw material prices and slowing demand. Indeed, France saw its non-farm payrolls fall for the first time since 2004 adding to the troubles that the German labor market has been experiencing. This month’s German labor report will be critical after last month saw a reduction of 20,000 jobs. If employment conditions continue to worsen, it may force the central bank’s hand and lead to a rate reduction sooner than expected. President Trichet’s concerns of secondary effects of inflation may be unwarranted as French wages slowed to 0.9% from 1.1% in the first quarter, and with headline inflation remaining flat there may be few obstacles left to prevent future easing.

Consumer prices in the U.S. are expected to have risen to 5.2% in July as record level fuel and food costs filter through to other sectors. Inflation has become a concern for the Fed as Americans continue to see their purchasing power erode, which had led to speculation that the central bank could increase rates as soon as their next policy meeting. Yet voting members Richard Fisher- who dissented to keep rates unchanged last meeting- and Gary Stern, recently delivered dour outlooks for the U.S. economy. Traders have significantly reduce their expectations of an increase in interest rates, as Fed fund futures odds of a quarter point hike at the September meeting have fallen to 16% from 54% a month ago. However, a significant increase in consumer prices combined with oil rising back above $117 per gallon on the back of a bigger than expected drop in U.S. gasoline and crude supplies, could lead to dollar strength as interest rate expectations increase.

...more...

Forex Technicals: The Day Ahead, August 14

http://www.dailyfx.com/story/bio2/Forex_Technicals__The_Day_Ahead__1218665835548.html

The NZDUSD may have already bottomed (temporarily). .6970 should serve as strong short term support. Over the next few days, the NZDUSD is expected to work higher into the .72-.74 zone.

The AUSUSD has fallen for 7 consecutive days and the count proposed above suggests that the AUDUSD will work higher near term; into the .8832-.8952 zone before completing the decline from .9849. .8880 is the R2 pivot point and in the middle of that zone.

We wrote yesterday that “very short term, the USDCAD has declined in 5 waves. This warns of a top at 1.0726 (at least short term). There is an opportunity to sell against 1.0726 and wait for a deeper decline to materialize over the next few days.” After a deep retracement in wave 2, the USDCAD has come off and closed near the low of the day. Expect a drop into the 1.0550 zone.

Our focus near term is on the topside of a short term channel. The line continues to hold. Expect a decline to at least 1.0741 near term.

The GBPUSD has fallen now for 9 straight days. A temporary low may be in place at 1.8639. If so, then expectations are for a corrective advance to at least the 1.8920-1.9034 zone.

...more...

[UpInArms]

19. Home foreclosure filings up 55 percent in July

http://www.reuters.com/article/bondsNews/idUSN1338505720080814?sp=true

NEW YORK (Reuters) - U.S. foreclosure activity in July rose 55 percent from a year earlier as a slump in once-sizzling housing markets forced yet more borrowers to default on their mortgages, according to a monthly report.

Foreclosure filings -- default notices, auction sale notices and bank repossessions -- rose 8 percent from June and 55 percent from July 2007 to 272,171, according to RealtyTrac, which records property in various stages of foreclosure.

That means one in every 464 U.S. households received a foreclosure filing in July, the firm said. Bank repossessions (REOs) rose 184 percent year-over-year. Default notices were up 53 percent, and auction notices rose 11 percent.

"The sharp rise in REOs, combined with slow sales, has resulted in a bloated inventory of bank-owned properties for sale," James Saccacio, chief executive of Irvine, California-based RealtyTrac, said in a statement.

RealtyTrac now has more than 750,000 properties in its active REO database, or about 17 percent of the inventory of existing homes for sale reported in June by the National Association of Realtors, RealtyTrac said.

...more...

[Pale Blue Dot]

20. Layoffs 8/14

My fearless prediction, which is almost always wrong, is that today is going to be a very bad day on the markets. In the real world, however, things are already going badly:

MIPS Technology - San Fransisco, CA - 65 jobs lost

After losing $108.5 million in the fourth quarter and $131.8 million for the year, MIPS Technologies Inc. plans to restructure and cut jobs to save money.

The company will take a restructuring charge of from $4 million to $5.5 million in the first quarter. It hopes to cut its quarterly spending by $5 million via the job cuts and restructuring.

MIPS didn’t say how many people it will lay off. The restructuring “involves the termination of employees in the Company’s facilities in the United States, Israel and Europe,” it said in a regulatory filing.

In the third quarter, ended March 31, MIPS terminated 28 employees when it closed an R&D center in the United Kingdom and cut some jobs in the United States as well.
http://www.bizjournals.com/sanfrancisco/stories/2008/08/11/daily38.html

Advanced Elastomer Systems - Akron, OH - 25 jobs lost

ExxonMobil Chemical Co. will be cutting its work force at its Advanced Elastomer Systems unit in downtown Akron, where it now has about 190 employees.

The final number of employees who will lose their jobs will be 25 or fewer, the company said.

The company said it initially expected to cut 35 jobs, but has since been able to place employees in open positions at other ExxonMobil locations. A company spokesman said AES expects to be able to place at least some of the remaining affected employees in other positions.

Advanced Elastomer Systems develops and makes thermoplastic elastomers used in the automotive, appliance, electronics and other industries.
http://www.ohio.com/business/26909899.html

City of Fort Worth, TX - 300 jobs lost

More than 100 jobs are on the chopping block at Fort Worth City Hall. The cuts are part of an austere city budget proposed by City Manager Dale Fisseler who told the city council that nearly 300 positions will be eliminated including 106 that are currently filled. Those employees were told yesterday that September 30th will be their last day on the job. The city's public health department will be hardest hit. In fact, the department will be eliminated with the loss of 36 jobs. On the other hand, nearly 180 positions will be added in other departments, including 39 new police officers and 28 additional firefighters.
http://www.krld.com/pages/2777072.php?contentType=4&contentId=2578501

Freightliner - Gaffney, SC - 100 jobs lost

SPARTANBURG — A heavy truck subsidiary of German automaker Daimler AG says slipping customer demand is behind its plans to cut 100 jobs at a South Carolina plant.

The Herald-Journal of Spartanburg reports that Freightliner LLC will reduce operations at its Gaffney plant to one shift next month.

Tuesday’s cuts follow intermittent shutdowns at the plant in February, as the company brought in only "essential" employees required for work in an effort to hedge losses and save jobs.

Daimler Trucks North America spokeswoman Amy Sills says the plant now has 790 full-time employees who build chassis for delivery vans, recreational vehicles, and school and shuttle buses.
http://www.charleston.net/news/2008/aug/13/freightliner_announces_100_job_cuts_gaffney_plant/

Sarasota Memorial Hospital - Sarasota, FL

SARASOTA - Sarasota Memorial Hospital announced the layoffs of 31 employees today to help offset a projected $10 million loss in tax revenue next year.

The eliminated positions include clerical and clinical support employees. No inpatient-unit nursing positions were eliminated, the announcement said.

Hospital leaders, including Gwen MacKenzie, chief executive officer, backed a unanimous decision by the Sarasota County Public Hospital Board to not raise the property tax rate in 2009 to help residents cope with the economic downturn.

But lower tax bills for property owners means less revenue for the hospital, MacKenzie said.
http://www.bradenton.com/180/story/806919.html

NCSoft - Austin, TX - 21 jobs lost

NCsoft is letting go 21 employees from product development in its Austin offices, the company confirmed today.

The developer-publisher, known for titles such as Guild Wars, Dungeon Runners and Tabula Rasa, told consumer blog Kotaku that widely-reported media rumors of layoffs at the offices were true.

"Primarily this is related to products which we have not previously announced and were in prototype phases," an NCsoft spokesperson told the site.

NCsoft said, however, that it's also cutting staff from the Dungeon Runners team following a decision not to port the client to other platforms "at this time."
http://www.gamasutra.com/php-bin/news_index.php?story=19834

First American Corp - Santa Ana, CA - 4,600 jobs lost (since 2007)

Fewer homes being sold or refinanced means fewer jobs for title insurers, something the workers at First American Corp. in Santa Ana are finding painfully true.

The company, which built its name on title insurance before branching out into business information services, reported in an SEC filing last week that it has cut 4,600 jobs nationwide its title insurance and services business since the end of the first quarter of 2007. Of those, 1,700 were axed in the first six months of this year.

Those are big numbers, but First American is a big company. It had 39,670 workers 18 months ago when it began the cutting. The company did not identify where the jobs that were cut were located.

A look at First American’s second quarter earnings report explains the cuts:

* Operating revenues for title operations dropped 27% in the first quarter compared to the same period last year.
* Operating revenues were down 20% year over year for the first six months.
* About 16% fewer title orders were closed and the average revenue per order was down 5.7% for the first three months and 4.7% for the half.
http://lansner.freedomblogging.com/2008/08/14/4600-job-cuts-at-first-am-since-07/

Quad/Graphics - Sussex, Pewaukee, Hartford, Lomira and West Allis, WI - 100 jobs lost

Quad/Graphics Inc. plans to cut 100 jobs as a result of a slowdown in business due to the soft economy, the company said Wednesday.

All of Quad’s plants in the United States will be affected by the cuts, but the majority of the job reductions will be at the Sussex-based commercial printing company’s facilities in Wisconsin, Quad/Graphics spokeswoman Claire Ho said.

Quad/Graphics operates plants in Sussex, Pewaukee, Hartford, Lomira and West Allis. Quad has about 7,200 employees in Wisconsin and a total of 12,000 worldwide.

“It’s in response to the economy,” Ho said. “The downturn looks like it will be longer than previously anticipated and we are being pro-active.”
http://www.bizjournals.com/milwaukee/stories/2008/08/11/daily27.html

Fechheimer Brothers - Martin, TN - 160 jobs lost

The Fechheimer Brothers plant in Martin has announced that it will close, a move that will mean the loss of 160 jobs, according to a plant spokesman.
Advertisement

Chief Financial Officer Dan Dudley said Fechheimer makes uniforms for the military, police and fire departments. He said the Martin plant manufactured shirts.

'We make police and fire uniforms and over the last couple of years, cities and counties and states have removed the made in the USA requirements,'' Dudley said. ''We no longer have the volume to keep it (plant) open.''


Dudley said employees at the plant were notified of the closing earlier this week and that layoffs will probably begin in mid October. He said the plant will be closed by the end of November.
http://www.jacksonsun.com/apps/pbcs.dll/article?AID=/20080813/NEWS01/80813028

Good luck today, everyone (whatever that means anymore).

[Pale Blue Dot]

29. Accent Marketing Services - Hot Springs, AK - 425 jobs lost

HOT SPRINGS, Ark. - A call center that opened only last year in Hot Springs has announced it will lay off 425 employees, almost the entire staff.

Accent Marketing Services LLC on Wednesday cited a decline in customer demand as the reason for the layoffs, which will be effective Oct. 31.

"Basically what will happen, excluding a handful of leadership team members, everyone is being laid off," Accent spokesman Kelly Hilton said.

Hilton said the center would not shut down, but that major client Boost Mobile experienced a decrease in its customer base that resulted in less demand for customer service help provided in Hot Springs.

http://www.pbcommercial.com/articles/2008/08/13/ap-state-ar/d92i2hpg2.txt

[UpInArms]

32. FBR Capital Markets cutting 10 pct of jobs (70 workers)

http://www.reuters.com/article/bondsNews/idUSN1444195420080814

NEW YORK, Aug 14 (Reuters) - FBR Capital Markets Corp (FBCM.O: Quote, Profile, Research, Stock Buzz) said on Thursday it plans to eliminate 10 percent of its staff, or about 70 workers, because of a difficult business environment.

The cuts were disclosed three weeks after FBR Capital posted a larger-than-expected $25.2 million second-quarter loss as investment banking revenue slid 93 percent. Overall revenue fell 69 percent, cushioned by a 6 percent increase in brokerage revenue.

FBR Capital is an investment banking and institutional brokerage affiliate of Friedman Billings Ramsey Group Inc (FBR.N: Quote, Profile, Research, Stock Buzz).

"We believe this reduction in force, which results from our cost-savings initiatives, will ultimately strengthen our position both in the short-term and as the markets normalize," FBR Capital Chief Operating Officer Richard Hendrix said in a statement.

FBR Capital employed about 700 people before the job cuts, according to its July 23 earnings announcement. The company and its parent are based in Arlington, Virginia.

...more...

[Pale Blue Dot]

48. Gannett Newspapers - 1,000 jobs lost nationwide

Gannett Co. Inc. will eliminate about 1,000 jobs at its newspapers, 600 with layoffs, according to a company memo provided to Gannett Blog, published by Jim Hopkins, a former reporter and editor for USA Today and the company's papers in Arkansas, Idaho and Kentucky.

"The reader provided a copy of a memo that Daily Times Publisher Rick Jensen e-mailed about 4 p.m." Wednesday at the paper in Salisbury, Md. "Across Gannett’s Community Publishing division, about 1,000 positions will be eliminated -- about 3 percent of the workforce,'' the memo says. "Of the 1,000 positions, about 600 employees will be laid off."

Jensen and Gannett executives declined to comment to Hopkins on his report, but The Courier-Journal of Louisville reported on its Web site late this morning that the newspaper "will lay off about 15 employees and leave other positions vacant as part of a broader cost-cutting move" by Gannett. The news came from Arnold Garson, who recently became publisher of the paper.

The C-J cuts would be about 3 percent of workforce, but the memo does not say whether each of the company's 89 dailies and 116 community weeklies "will reduce employment by 3 percent -- or whether the rates might instead vary by business within what's now called the U.S. Community Publishing division," Hopkins notes. "Several GCI papers have already made recent job cuts, but at a higher rate: 5 percent."

http://irjci.blogspot.com/2008/08/gannett-to-eliminate-3-of-staff-layoffs.html

[Demeter]

56. They Are Driving My Local Rag Out of Business, Too

Gannet bought AANews a few years ago, put new managers in, and voila'! Amazing shrinking circulation.

First they endorsed W, in a true Blue city. They lost 2/3 of the customer base right there.
Then they did it again.

Then they tried eliminating the TV Guide from news stand copies of the Sunday paper. People got mad and bought the Detroit papers, instead. Why else would you buy the Sunday paper? It sure isn't for our pitiful selection of comics, or the non-existent job ads. And as for the news coverage--well, we get comprehensive big box store ads every week! And sports--really good coverage of sports. And anything the University of Michigan wants the world to know, especially if it's sports. (You would never know that the UofM had any standing as a center of intellectual endeavor).

Then they decided that while it only costs 2 cents to print the TV Guide on Sunday, nobody reads it anyway, so they would make us carriers figure out who specifically asked for it. They pay us 4 cents for this service, which added an extra hour to my Sunday delivery, trying to keep it all straight and extra handling of route lists and inserts.

This scheme only works if less than one third of the subscribers insist on getting a complete paper. The B-school trained management said their surveys proved that they could save money this way. Well, it looks like that's a crock, too, based on how many have called up enraged. The immigrants and the elderly were especially ripped. They didn't need this kind of insult.

The speculation is within 2 years it will have been run right into the ground. Sooner if they endorse McCain.

Thing is, delivering it is half my income....

[UpInArms]

50. Gannett shares rise 7.7% to $20.73 on anticipated layoffs

01. Gannett to cut 1,000, or 3%, of newspaper jobs: report
1:55 PM ET, Aug 14, 2008

02. Gannett shares rise 7.7% to $20.73 on anticipated layoffs
1:51 PM ET, Aug 14, 2008

(sorry for the dupe, Finnfan - changed my heading to show how much the markets love kicking people to the curb)

[Pale Blue Dot]

22. Wal-Mart reports 17 percent rise in profit

NEW YORK - Wal-Mart Stores Inc. posted a 17 percent increase in second-quarter profit Thursday and raised its full-year earnings forecast, helped by cost cuts and a renewed focus on low prices that is attracting financially squeezed shoppers around the world.

But the world’s largest retailer predicted slower sales growth at its established stores for the current quarter, saying it is seeing some volatility as customers find it difficult to stretch their paycheck to the next payday.

The Bentonville, Ark.-based retailer said it earned $3.45 billion, or 87 cents per share, in the quarter ended July 31, up from $2.95 billion, or 72 cents per share, a year earlier.

Second-quarter sales were driven particularly by the international business, which is seeing more customers as the U.S. economic woes spread to other areas of the world. Its international sales rose 19.3 percent to $25.3 billion, helped by such countries as Canada, China, and Brazil. Scott told investors during a pre-recorded call Thursday that executives in international divisions say they’re noticing more financial stress on their customers. In Puerto Rico, for example, shoppers are eating more sandwiches.

At Wal-Mart’s U.S. stores, sales rose almost 8 percent to $64.1 billion, while the Sam’s Club warehouse store division posted a 7.8 percent sales gain to $12.28 billion.

http://www.msnbc.msn.com/id/26195684/

[Hugin]

24. So, they've resorted to just making up stuff, too?

Actually, I think they invented it.

[Dr.Phool]

28. Let me see if I have this right.

Last quarter, they are taking overseas sales made in Euros, Loonies, Yen, and Monopoly money, translating it into devalued dollars, and voila! A rise in profits.

[Buttercup McToots]

27. Read this...Denninger

go to the site for The charts...I can not post them...


http://market-ticker.denninger.net/archives/541-Theyre-Picking-up-Fish;-Tsunami-Curling-Over.html

95% of America has no idea what's coming.

That's because they don't listen to the credit and FX markets.

On the other hand, a few (very few!) people do. And those who do are reaching for new pairs of shorts, needing to replaced their soiled ones, every few hours - or minutes.

It really is that bad.

You're not being told on Bubble TV, mostly because people either don't get it or are trying like hell to figure out how they're going to get out of the mess they're in themselves, and are not all that interested in helping you find the door - its not very wide, there are a lot of people in the room with them, the curtains are on fire and they need to get through it first.

Let me give you a few hints, so you might understand:



This is just one (of many) examples. It is the "AA" rated "slice" of an index, specifically, the "Home Equity Credit" ABX index which is on, effectively, swaps on asset-backed paper.

As the name implies, this is Home Equity loans, the "AA", or one step down from the top (AAA) rated debt.

Notice where its trading? 10 cents.

The "AAA" slice is trading at about 50, by the way, and the "A" and "BBB" is in even worse shape.

That's nasty.

Now here's something that's even worse.

This is the "CMBX", or Commercial Real Estate (you know, shopping malls, apartment buildings, etc) spreads. I'll reproduce two:

(go to the site to see charts...I can not post them)

These are quoted as spreads, or basis points, over the benchmark which is a swap (in this case I believe its the 10y). The important point is the direction of the graph. Higher = worse. In this case, a lot worse, in that these spreads have nearly doubled in less than three months!

But AAA only looks bad until you see this:



If that doesn't peel your whig back nothing will.

Twenty-five hundred basis points over Treasuries, and for all intents and purposes since June the direction of those spreads have been straight up?

Huh? Am I reading that right?

That's Guido-credit-card territory.

Now for the guy who wants to put one of these deals together, realize that the "BBB" piece is just that piece that gets "sliced off." His "composite" cost is probably somewhere around 10%; figure the swap is around 5ish, and then the "blended" spread on all the components once you do your magic winds up at around 500 over that.

That's bad. In fact its real bad; you have to be able to cash flow at that same 10% (of the gross on the deal) to break even, and of course nobody works for free. For all intents and purposes this marks that part of the market as "done", as in "baked", "well", or more likely, "crispy."

Now I want you to sit back in your chair, grab a snifter of quality Cognac, and cogitate for a minute.

Consider the plight of a couple of firms who operate like Hedge Funds (or are Hedge Funds!), buying the slices of that paper and gearing up, making lots of money the last few years. In fact, they crowded most other people out of the market and drove bids so high that money got very cheap for a lot of people in their marketplace.

But now the spreads have blown out on that paper as the underlying loans have started to show stress, and that paper is worth much less. Some might be even tripping "acceleration event" clauses in the structuring, or worse, defaulting outright. Consider those ABX and CMBX charts for just a little while, and then think about the fact that this isn't just residential HELOCs or Commercial Real Estate - it is in fact every kind of loan made to, literally, everyone.

Ok, so here you sit, geared up, oh, let's be generous and call it 20:1, maybe 30:1, maybe even 60:1, and you've been carrying marks at, oh, 98, 99 cents. You're taking losses, and in fact they're pretty big losses, but that's only because you have a absolutely enormous amount of book out there. As a percentage, those losses are quite small but when geared up like this you wind up bleeding out on the sidewalk screaming for a blood transfusion to keep you alive.

But now your accountants or worse, your auditors notice that heh, the ABX.HE says that "AA" debt is 10 cents. CMBX BBB spreads are 2500 basis points over Treasuries, or close to a 30% (!) yield.

You think about the duration times spread for a few seconds and turn white as a ghost at what this implies about the "value" of the paper you're holding, not to mention the odds that it really is a zero, and what's worse is that you borrowed the money to buy it!

Oh, and Mr. Pencil-Neck (that's the Auditor on the other side of your desk) is tapping his shoe on the floor impatiently.

He wants to know, you see, how you came up with that impairment and charge on your last set of financials.

Folks, this isn't bad, its a full-on meltdown, China Syndrome style. Its happening right here and now, under your nose. As this noose tightens further, and tighten it will (notice that all the "stick save" games the government has played have had only transient impacts on the progression of this problem) credit will choke off system-wide - not because people don't want it (witness the desperation of Americans evident in the latest Consumer Credit Report), but because people can't pay - they're over-encumbered and simply unable to support any more debt!

The happy-face folks on BubbleVision are not talking about it, but this does not mean it is not happening.

It most assuredly is.

Now you know, and have time to act.

I recommend running, and ignoring the fish, because the door is quite narrow and essentially every levered institution is in the room with you.

Think about who's on that list for a bit.

That's your homework assignment.

PS: CPI up 0.8% (!) headline, 0.3% core, real earnings down; Jobless claims 450,000 last week, continuing claims to 3.4 million. Futures bleed.

[DemReadingDU]

31. Yeh, it's bad out there, not only financially

but inflation is higher than expected, and there are rumblings swirling around in the country Georgia and Russia


Hey, the market is shooting high today, though.

:eyes:


edit to add direct link to Denninger's essay
http://market-ticker.denninger.net/archives/2008/08/14.html

[Hugin]

33. ...

:yoiks:

[TrogL]

30. Loonie Watch

Highlights

Current:



30-day and 90-day vs.greenback:



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




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

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

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

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

2008-07-03 Thursday, July 3 0.980008 USD
2008-07-04 Friday, July 4 0.980008 USD
2008-07-07 Monday, July 7 0.982898 USD
2008-07-08 Tuesday, July 8 0.979912 USD
2008-07-09 Wednesday, July 9 0.989315 USD
2008-07-10 Thursday, July 10 0.989805 USD
2008-07-11 Friday, July 11 0.990786 USD
2008-07-14 Monday, July 14 0.994036 USD
2008-07-15 Tuesday, July 15 0.998502 USD
2008-07-16 Wednesday, July 16 0.998004 USD
2008-07-17 Thursday, July 17 0.998203 USD
2008-07-18 Friday, July 18 0.994728 USD
2008-07-21 Monday, July 21 0.998104 USD
2008-07-22 Tuesday, July 22 0.991768 USD
2008-07-23 Wednesday, July 23 0.991277 USD
2008-07-24 Thursday, July 24 0.988728 USD
2008-07-25 Friday, July 25 0.983574 USD
2008-07-28 Monday, July 28 0.978474 USD
2008-07-29 Tuesday, July 29 0.974659 USD
2008-07-30 Wednesday, July 30 0.976562 USD
2008-07-31 Thursday, July 31 0.974564 USD
2008-08-01 Friday, August 1 0.975515 USD
2008-08-04 Monday, August 4 0.965717 USD
2008-08-05 Tuesday, August 5 0.959233 USD
2008-08-06 Wednesday, August 6 0.95511 USD
2008-08-07 Thursday, August 7 0.951475 USD
2008-08-08 Friday, August 8 0.936593 USD
2008-08-11 Monday, August 11 0.936944 USD
2008-08-12 Tuesday, August 12 0.939761 USD
2008-08-13 Wednesday, August 13 0.938262 USD

Current values

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

Market            Open   High    Low   Last  Change    Pct 
CD.Y$$ Cash     0.9462 0.9462 0.9414 0.9414 -0.0002 -0.02% 
CD.U08 Sep 2008 0.9443 0.9443 0.9395 0.9395 -0.0015 -0.16% 
CD.Z08 Dec 2008 0.9338 0.9338 0.9338 0.9406 -0.0001 -0.01% 
CD.H09 Mar 2009 0.9519 0.9519 0.9519 0.9410 -0.0001 -0.01% 
CD.M09 Jun 2009 0.9880 0.9880 0.9880 0.9417 -0.0001 -0.01% 
CD.U09 Sep 2009 0.9540 0.9540 0.9540 0.9425 -0.0001 -0.01% 
CD.Z09 Dec 2009 0.9845 0.9845 0.9845 0.9433 -0.0001 -0.01%  

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

Market          Open    High    Low     Last    Change   Pct 
AUSTRALIAN $/CANADIAN $ (CME:ACD)
ACD.U08 Sep 2008 0.9275 0.9275 0.9275 0.9275 +0.0001 +0.01%   
EURO/BRITISH POUND (NYBOT:GB)
GB.U08.E Sep 2008 (E) 0.79560 0.79560 0.79560 0.79560 -0.00305 -0.38% 
EURO/JAPANESE YEN (NYBOT:EJ)
EJ.U08.E Sep 2008 (E) 162.290 163.030 162.290 162.590 -0.365 -0.22%     
EURO/US$ (SMALL) (NYBOT:EO)
EO.U08.E Sep 2008 (E) 1.4893 1.4913 1.4860 1.4873 -0.0035 -0.23%    

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

The September Canadian Dollar was steady to slightly higher overnight as it consolidates some of the decline off July's high. If September extends this month's decline, last August's low crossing at 93.00 then the 75% retracement level of the 2007-2008 rally crossing at .9279 are the next downside targets. Closes above the 10-day moving average crossing at 94.94 are needed to confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 94.94. Second resistance is the 20-day moving average crossing at 96.68. First support is Tuesday's low crossing at 93.14. Second support is last August's low crossing at 93.00.


Analysis

If you look at the other blathers, it looks like the loonie gained against pretty much everything. Whether that's a dead-cat bounce or people coming to their senses remains to be seen.

No drive-in show. They were blathering about the Olympics and how a Canadian swimmer was 1/100th's of a second off 3rd place and Canada's first medal. People keep forgetting that we ARE a small country in terms of population, we spend our money on infrastructure rather than pampering athletes for political purpose, and as the swimmer put it, "there's a lot of people out there - fourth in the world is good".

[UpInArms]

35. More Sleazy Lying Banking Products being "bought back" under threats by NY AG

01. NY AG: JP Morgan, Morgan Stanley to buy back ARS
11:41 AM ET, Aug 14, 2008

02. NY AG: JP Morgan, Morgan Stanley to buy back $7 bln of ARS
11:41 AM ET, Aug 14, 2008

03. NY AG: We're in discussions with other banks
11:41 AM ET, Aug 14, 2008

04. NY AG: Morgan Stanley to pay $35 mln in ARS settlement
11:40 AM ET, Aug 14, 2008

05. NY AG: JP Morgan to pay $25 mln fine in ARS settlement
11:40 AM ET, Aug 14, 2008

[Hugin]

36. I will say thanks to the NY AG for at least doing something...

Meanwhile, back in Washington... Where there is no DOJ. Zzzzzzz... :eyes:

[Dr.Phool]

44. Or an SEC, FTC, CPSC.

But, we do have a PPT to protect victimized millionaires and billionaires.

[Tandalayo_Scheisskopf]

38. Back to The Bears: Thus endeth the rally

Out of steam again. Poor predator class.

CLU08.NYM Crude Oil Sep 08 116.22 10:36am ET Up 0.22 (0.19%)
HOU08.NYM Heating Oil Sep 08 3.135 10:48am ET Up 0.0033 (0.11%)
NGU08.NYM Natural Gas Sep 08 8.403 10:36am ET Down 0.053 (0.63%)
PNU08.NYM Propane Gas Sep 08 1.53 10:58am ET 0.00 (0.00%)
RBU08.NYM RBOB Gasoline Sep 08 2.928 10:36am ET Down 0.0043 (0.15%)

Interesting on how the drop in RBOB supplies dovetailed so nicely with the Georgian mess. It's like they knew the scenario and time table or something. But that could never happen. Never. Ever.

ALQ08.CMX Aluminum Aug 08 1.2775 9:09am ET 0.00 (0.00%)
HGQ08.CMX Copper Aug 08 3.4015 9:00am ET Up 0.0345 (1.02%)
ZGQ08.CBT Gold 100 oz. Aug 08 819.00 10:10am ET Down 6.50 (0.79%)
GCQ08.CMX Gold Aug 08 819.40 11:05am ET Down 5.60 (0.68%)
PAU08.NYM Palladium Sep 08 312.65 10:34am ET Down 3.70 (1.17%)

CU08.CBT Corn Sep 08 545.00 11:28am ET Up 6.00 (1.11%)
OU08.CBT Oats Sep 08 387.00 10:58am ET Up 15.25 (4.10%)
RRU08.CBT Rough Rice Sep 08 16.40 11:23am ET Down 0.12 (0.73%)
SMQ08.CBT Soybean Meal Aug 08 350.50 11:02am ET Down 9.00 (2.50%)
BOQ08.CBT Soybean Oil Aug 08 52.29 Aug 13 0.00 (0.00%)
SQ08.CBT Soybeans Aug 08 1,260.00 10:54am ET Down 10.00 (0.79%)

FCQ08.CME Feeder Cattle Aug 08 114.00 11:28am ET Down 0.05 (0.04%)
PBQ08.CME Frozen Pork Bellies Aug 08 81.75 10:05am ET Up 4.50 (5.83%)
LHQ08.CME Lean Hogs Aug 08 88.35 11:23am ET Up 0.125 (0.14%)
LCQ08.CME Live Cattle Aug 08 103.10 11:30am ET Down 0.075 (0.07%)

CCU08.NYB Cocoa Sep 08 2,667.00 11:27am ET Down 24.00 (0.89%)
KCU08.NYB Coffee Sep 08 135.80 11:30am ET Up 0.25 (0.18%)
CTV08.NYB Cotton Oct 08 67.40 11:04am ET Down 1.42 (2.06%)
LBU08.CME Lumber Sep 08 269.50 11:50am ET Up 2.20 (0.82%)
OJU08.NYB Orange Juice Sep 08 105.55 11:18am ET Up 2.10 (2.03%)
SBV08.NYB Sugar #11 Oct 08 13.46 11:31am ET Down 0.39 (2.82%)

I will likely not be able to post again today. I have tones of disparate things to do.

Rememeber: Kick a speculator when he is down. He'd do the same for you.

[Demeter]

39. I Sure Would Like a Reasonable Explanation Why TPTB Feel Obliged

to pump the Dow up to 11,600 all the time. What is the magic there? Wouldn't it be a lot more useful to take the lumps and get it over with?

If the wealthy were too unimaginative to do anything with their loot besides buy pieces of worthless paper, then let Social Darwinism take over. The inheritors of wealth (and I'm thinking W here) have proven to be recessive deadends. Let them go under so more capable people can breathe, if not rise. Nobody in his right mind could claim George, Dick, or Condi as the cream of the crop. So stop the pretense!

And if this forces the criminal to abandon country ahead of schedule and hole up in Paraguay, or Dubai, that's Paraguay and Dubai's problem, isn't it? It's no skin off our nose.

Trying to keep this nation of workers in chains is costing the oppressors far too much in lost opportunity, devaluing paper, and social derision. Not to mention loss of clout at home and abroad.

Where is their breaking point, when they throw in the towel and try something different?

[Hugin]

40. They're trying to prove their shrugger is correct and anyone who thinks differently is wrong...

Unfortunately, supply-side doesn't work and never will.

[Demeter]

42. Remind Me of The Definition of Insanity--I Must Be Developing Alzheimers

[Hugin]

43. Oh, look! Financials are up!

Whoopie!

:eyes:

[AnneD]

53. Remember when the DJIA went under 11000

the photo was on every business report and even on the local news. That almost started a panic then. Our economy is mainly faith based...I mean literally. If we have no faith in the dollar or our system, we will all be sewer surfing down the big pipe line.

And do you remember the story of the frog and the boiling water. We have some that have/are hopping out of the boiling water, we have so that are waking up and noticing how uncomfortably hot it is. Once the folks realize the water is boiling, it will be too late and all panic will ensue.

TPTB want to keep folks as calm as possible for as long as possible. I don't know if it is wishful thinking on their part or their is more money left to get-but I think the best bets are on the sidelines. Maybe they are lowering gold to divert money and run it up later. Who knows. They just don't want to spook the common folk.

[Pale Blue Dot]

46. 'The greater fear right now is missing the next big rally,'

Here's the stupidity in a nutshell, from MSNBC:

Wall Street has been concerned that consumers are paring back their discretionary spending in the face of higher prices, in addition to falling home values and a chancy job market. And because consumers' spending accounts for more than two-thirds of the economy, the fear on Wall Street is that the nation is in for a prolonged period of slow or even no growth.

But after its early disappointment with the CPI, investors began looking more positively at stock prices that were beaten down the past two sessions amid rising anxiety about credit losses at banks and brokerages.

"The greater fear right now is missing the next big rally," said Richard Dickson, senior analyst at Lowry Research in Florida. "Inflation numbers were bad, but they are probably going to get better. The fact that the market has not sold off with any strength, investors are saying, 'Hey, let's go ahead and buy.'"

And if that isn't logical, rational thinking for you, then I don't know what is. :eyes:

[AnneD]

54. Lead that Judas goat out....

let him lead the sheeple calmly to the slaughter gently, quitely....

[Tandalayo_Scheisskopf]

47. Yowzer! How low will it go?

CLU08.NYM Crude Oil Sep 08 113.93 12:54pm ET Down 2.07 (1.78%)
HOU08.NYM Heating Oil Sep 08 3.0919 12:56pm ET Down 0.0398 (1.27%)
NGU08.NYM Natural Gas Sep 08 8.035 12:48pm ET Down 0.421 (4.98%)
PNU08.NYM Propane Gas Sep 08 1.53 12:41pm ET 0.00 (0.00%)
RBU08.NYM RBOB Gasoline Sep 08 2.8782 12:29pm ET Down 0.0541 (1.84%)

Seeya much, much later.

[Demeter]

49. Down to Where People Can Afford It--Just Like Houses

[Ghost Dog]

55. I believe I picked up the political message to the effect that

crude at around $100 would be convenient in November...

[TalkingDog]

52. They know not if it's dark out side or light

Now I know, "Spanish Harlem"
are not just pretty words
to say.
I thought I knew,
but now I know
that rose trees never grow,
in New York city.

Until you've seen
this trash-can dream come true,
You stand at the edge,
while people run you through.
And I thank the Lord,
there's people out there like you,
I thank the Lord
there's people out there like you.

While Mona Lisas and mad hatters,
sons of bankers, sons of lawyers,
turn around and say,
"Good morning." to the night.
For unless they see the sky,
but they can't and that is why,
they know not
if it's dark out side or light.

This Broadway's got,
its got a lot of songs to sing,
if I knew the tunes
I might join in.
I go my way alone,
grow my own,
my own seeds shall be sown,
in New York city.
Subways no way ,
for a good man to go down,
Rich man can ride,
and the hobo he can drown.

And I thank the Lord
for the people I have found,
I thank the Lord
for the people I have found.

While Mona Lisas and mad hatters,
sons of bankers, sons of lawyers,
turn around and say,
"Good morning." to the night.
For unless they see the sky,
but they can't and that is why,
they know not
if it's dark out side or light.

Now I know, "Spanish Harlem"
are not just pretty words
to say.
I thought I knew,
but now I know
that rose trees never grow,
in New York city.
Subways no way,
for a good man to go down,
Rich man can ride,
and the hobo he can drown.

And I thank the Lord
for the people I have found,
I thank the Lord
for the people I have found.

While Mona Lisas and mad hatters,
sons of bankers, sons of lawyers,
turn around and say,
"Good morning." to the night.
For unless they see the sky,
but they can't and that is why,
they know not
if it's dark out side or light.

They know not
if it's dark outside or light.



Hope all are well.

TD

[ozymandius]

57. Everyone was a winner today.

Of course, only a managed market can hold five aces making winners of stocks and bonds every once in a while.

Dow 11,615.93 Up 82.97 (0.72%)
Nasdaq 2,453.67 Up 25.05 (1.03%)
S&P 500 1,292.93 Up 7.10 (0.55%)
10-Yr Bond 3.8920% Down 0.0550
NYSE Volume 4,125,532,250
Nasdaq Volume 1,890,236,250

4:20 pm : Stocks settled with healthy gains Thursday, though short of their session high. Still, the advance was well-received after a downward open followed disappointing economic data. After being down 0.7% the S&P 500 climbed to a gain of 1.1% midday, but finished 0.6% higher. At its current level the S&P 500 is facing a week-to-date loss of 0.3%.

Receding oil and commodity prices helped quell fears that worse-than-expected July inflation would persist. The decline in crude and commodities was partially owed to strength in the dollar, which is beginning to look more attractive as foreign economies wane. Those trends helped bolster buying in equities.

According to July data, the Consumer Price Index (CPI) was up 5.6% year-over-year, thanks to higher food and energy costs. That was more than forecast and higher than June. Excluding food and energy, the CPI advanced 0.3% for July, also higher than expected. The increase in the core suggests higher import prices and recent pressures on commodity prices have led to some cost-push inflation.

However, the August CPI will probably be much better, given the recent decline in oil and commodity prices. Those trends persisted as crude prices and commodity prices finished almost 1% lower after the dollar advanced roughly 0.6% against a basket of major foreign currencies this session.

The dollar's recent strength is based on concerns related to slower growth in other major economies. Supporting that notion, Europe's economy contracted for the first time since the introduction of the euro almost one decade ago. Eurozone GDP fell 0.2% in the second quarter.

The two largest sectors in the S&P 500, technology (+0.7%) and financials (+2.6%), helped lift the major indices, as did better-than-expected earnings reports from Wal-Mart (WMT 58.10, +0.22), Urban Outfitters (URBN 35.40, +1.35), and Estee Lauder (EL 51.25, +6.29). Their numbers helped retailers advance 2.1%, collectively, and provide evidence that consumers continue to spend despite looser labor markets.

Initial jobless claims totaled 450,000 for the week ending Aug. 9. Though weekly claims fell 10,000, the four-week moving average rose 19,000 to 440,500, which reflects deterioration in the labor market.DJ30 +82.97 NASDAQ +25.05 NQ100 +1.2% R2K +0.9% SP400 +0.8% SP500 +7.10 NASDAQ Adv/Vol/Dec 1740/1.86 bln/1109 NYSE Adv/Vol/Dec 1999/1.00 bln/1101

[UpInArms]

58. duped the end o' day

see ozy's post

:hi: