STOCK MARKET WATCH, Thursday 22 June

[ozymandius]

Thursday June 22, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 944 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2007 DAYS
WHERE'S OSAMA BIN-LADEN? 1707 DAYS
DAYS SINCE ENRON COLLAPSE = 1668
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 6
Other Arrests of Execs = 54


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




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

AT THE CLOSING BELL ON June 21, 2006

Dow... 11,079.46 +104.62 (+0.95%)
Nasdaq... 2,141.20 +34.14 (+1.62%)
S&P 500... 1,252.20 +12.08 (+0.97%)
Gold future... 591.00 +10.50 (+1.78%)
30-Year Bond 5.19% -0.00 (-0.04%)
10-Yr Bond... 5.16% -0.00 (-0.04%)






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

[ozymandius]

1. WrapUp by Mike Hartman

Gold & Silver, Managed Media

The stock markets are in rally mode, aided by strong earnings from Morgan Stanley and FedEx following a positive report yesterday of an increase in the construction of new homes and apartments. Treasury notes and bonds are flat to slightly positive and the U.S. dollar is stronger versus the yen, but lower against the euro, Swiss franc and Canadian dollar. Overall, commodity prices are mixed and showing little volatility so far in today’s trading session with the only noteworthy mover being unleaded gasoline following the report from the Energy Department.

Crude oil inventories grew by 1.4 million barrels from last week and are 4.9% higher than a year ago, but traders are reluctant to sell crude lower due to ongoing geopolitical tensions. Iran remains a wild card and Nigerian oil production is off by 25% from rebel attacks. Overall oil demand in the U.S. is firm, but only higher by 0.3% from the same time a year ago. I have not been able to find the expected increase for the inventory of unleaded gasoline, but the number came in lower than anticipated with a build of only 300,000 barrels. The lower than expected build has moved the price of gasoline higher by roughly a nickel to $2.06 per gallon, a gain of 2.7% about half-way through today’s trading.

-cut-

Gold, Silver, HUI Index

Many of you readers that check into the articles on Financial Sense are avid followers of the precious metals and mining shares. When I wrote two weeks ago I said that I expected the HUI Gold Stock Index to fall below the 300 level. Last week it dropped to a low of 270 and today it has rebounded back above the 300 mark to reach a high of 307.7 with roughly two hours of trading to go. With the recent declines I believe we are in the process of base-building having seen the lows for the current correction. Since my earlier comments the dollar has moved lower and gold has moved $9.40 higher to $590 and silver has moved 21 cents higher to $10.48 an ounce. The metals look like they want to get bought to higher levels, but I have a gut feeling we will see them get whacked one more time for a good scare to shake out the weak longs before the prices move significantly higher.

-cut-

Our Managed Media

In many of my past Wrap-Ups I have been heavy handed ranting about our managed media and what many analysts refer to as “our lap dog press.” Soldiers continue to die in Iraq, but you will not see a coffin on TV covered with an American flag. Message discipline in the mainstream media is dictated by our government and some very powerful players behind the scenes that “influence” our government officials.

more...

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

[KoKo]

37. Quite an article by Hartman......n/t

[ozymandius]

2. Today's Reports

8:30 AM Initial Claims 06/17
Briefing Forecast 315K
Market Expects 305K
Prior 295K

10:00 AM Leading Indicators May
Briefing Forecast -0.6%
Market Expects -0.5%
Prior -0.1%

[UpInArms]

17. U.S. weekly initial jobless claims rise by 11,000 to 308,000 (last wk +2k)

8:30 AM ET 6/22/06 U.S. CONTINUING JOBLESS CLAIMS RISE BY 18,000 TO 2.44 MLN

8:30 AM ET 6/22/06 U.S. WEEKLY INITIAL JOBLESS CLAIMS RISE BY 11,000 TO 308,000

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BE3BC1A9E%2D8AB5%2D4AB9%2DAEDD%2DA5CAFED53AD8%7D&dist=newsfinder&symbol=&siteid=mktw

WASHINGTON (MarketWatch) -- First-time applications for state unemployment benefits rose by 11,000 to 308,000 in the week ending June 17, reversing a two-week decline, the Labor Department said Thursday. The four-week average of new claims dropped by 5,000 to 311,250, the lowest since April 22. Meanwhile, the number of people collecting unemployment benefits climbed by 18,000 to 2.44 million in the week ending June 10. It's the highest level of continuing claims in eight weeks. The previous week's initial claims were revised to 297,000 from 295,000.

[UpInArms]

29. Leading indicators fall 0.6% in May

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7BDCD7C70B%2D0B46%2D45DB%2DB7CA%2D1415D0D80B8E%7D&symbol=

WASHINGTON (MarketWatch) -- U.S. leading economic indicators fell 0.6% in May, suggesting that the economy is likely to grow at a "slow to moderate' pace in the near term, the Conference Board said Thursday.

Economists were expecting the index to decline 0.4%, according to a survey conducted by MarketWatch. See Economic Calendar.

The leading index fell 0.1% in April, and has fallen in three of the past four months. It's down 0.2% over the past six months, with half of the 10 indicators showing weakness.

The index is designed to help forecast turning points in the economy six to nine months ahead.

"The current behavior of the leading index so far suggests that the rapid pace of economic activity in the first quarter is unlikely to be sustained and economic growth should continue, but at a slow to moderate rate in the near term," the Conference Board said.

The cumulative impact of higher energy prices, a slowing housing market, higher interest rates, lower confidence and even higher taxes in some regions have combined to slow the economy, said Ken Goldstein, labor economist at the private research institution. "Given the slower pace, the economy has less ability to absorb another round of strong hurricanes this summer."

...more...

line items on edit:

10:00 AM ET 6/22/06 LEADING INDICATORS SUGGEST 'SLOW TO MODERATE GROWTH'

10:00 AM ET 6/22/06 U.S. MAY LAGGING INDICATORS RISE 0.2%

10:00 AM ET 6/22/06 U.S. MAY COINCIDENT INDICATORS RISE 0.1%

10:00 AM ET 6/22/06 U.S. LEADING INDICATORS DOWN 0.2% IN PAST 6 MONTHS

10:00 AM ET 6/22/06 U.S. MAY LEADING INDICATORS FALL 0.6% VS. -0.4% EXPECTED

[UpInArms]

31. Chicago Fed national activity index falls in May (now negative)

http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=2006-06-22T140023Z_01_CHB000187_RTRIDST_0_ECONOMY-FED-CHICAGO.XML

CHICAGO, June 22 (Reuters) - The Federal Reserve Bank of Chicago on Thursday said its gauge of the national economy turned negative in May suggesting moderating economic growth as production and employment indicators faltered.

The Chicago Fed said its National Activity Index slipped to minus 0.16 in May from a downwardly revised 0.26 in April. April's reading was previously reported as 0.38.

The three-month moving average of the index eased to 0.16 in May from a downwardly revised 0.21 (from 0.25) in April.

Any reading above zero for the three-month average suggests economic growth is above its historical trend, and the Chicago Fed said the current value "indicates the potential for inflationary pressures over the coming year."


Production-related indicators slipped in May as industrial production eased 0.1 percent and capacity utilization fell.

...more...

[stop the bleeding]

36. Say hello to an August rate hike

Any reading above zero for the three-month average suggests economic growth is above its historical trend, and the Chicago Fed said the current value "indicates the potential for inflationary pressures over the coming year."

[ozymandius]

3. Oil climbs to $71 on strong US gasoline demand

LONDON/SINGAPORE (Reuters) - Oil climbed to $71 a barrel on Thursday after a smaller-than-expected rise in U.S. gasoline stocks reignited talk of resilient oil demand in the world's top consumer, moving inflation worries to the back burner.

U.S. light crude for August rose 64 cents to $70.97 a barrel, adding to gains of nearly a dollar on Wednesday, amid a gasoline-led rally.

European benchmark Brent climbed 65 cents to $69.82.

Gasoline jumped 3 percent on Wednesday after U.S. government data showed a 300,000-barrel increase in gasoline stocks, despite an increase in refinery utilization, against earlier expectations of a bigger 1.2 million barrel rise.

more

[ozymandius]

4. California sets "clean energy" oil tax on ballot

LOS ANGELES (Reuters) - Californians will vote in November on a ballot measure proposing a constitutional amendment that would tax oil production to fund a range of alternative energy efforts, Secretary of State Bruce McPherson said on Wednesday.

The initiative's supporters gathered 1,143,365 signatures, qualifying it for the ballot, McPherson's office said.

Supporters -- led by Californians For Clean Alternative Energy -- and opponents -- led by Californians Against Higher Taxes -- are expected to wage an intense battle for votes leading up to the November 7 election.

more

[ozymandius]

5. Environmental Groups Sue EPA Over Refinery Emission Standards

A coalition of national and community environmental groups has sued the U.S. Environmental Protection Agency to overturn a new rule that allegedly allows refineries and other industrial plants to emit higher levels of noxious chemicals when starting up, shutting down and experiencing equipment malfunctions, without informing area residents.

The groups filed suit in the U.S. Court of Appeals in Washington, D.C. late Monday. The new EPA rule took effect in April.

Jim Pew, an attorney with Earthjustice in Washington who is representing the groups, said that the new rule gives the EPA discretion in asking refineries and other plants for contingency plans for dealing with breakdowns and making those plans public.

http://www.latimes.com/news/local/la-me-refinery21jun21,1,3317149.story?coll=la-headlines-california

[UpInArms]

50. Crude closes @ $70.84 bbl - Unl Gas @ $2.118 gal - NatGas @ $6.439 mln btu

3:04 PM ET 6/22/06 JULY UNLEADED GAS UP 5.2 CENTS TO END AT $2.118/GAL

2:56 PM ET 6/22/06 AUGUST CRUDE CLIMBS 51 CENTS TO CLOSE AT $70.84/BRL IN NY

2:51 PM ET 6/22/06 JULY NATURAL GAS CLOSES AT ITS LOWEST LEVEL SINCE JUNE 13

2:51 PM ET 6/22/06 JULY NATURAL GAS FALLS 14.9 CENTS TO END AT $6.439/MLN BTUS

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B5D34F0A1%2D324B%2D4640%2DBD96%2D47150518C48F%7D&dist=newsfinder&symbol=&siteid=mktw

SAN FRANCISCO (MarketWatch) -- July gasoline climbed 5.2 cents, or 2.5%, to close at $2.118 a gallon, helping crude's August contract rise 51 cents to finish at $70.84 a barrel. Both ended Thursday's session at levels they haven't seen since June 12. July natural gas fell 14.9 cents, or 2.3%, to close at $6.439 per million British thermal units, its weakest close since June 13, pressured by a larger-than-expected rise in U.S. supplies.

[ozymandius]

6. Miners and oils drive London higher

London equities moved back onto the front foot on Thursday after a strong showing overnight on Wall Street helped traders into a more positive mood. Mining and oil stocks led the way after recent losses gave the sectors appeal to bargain hunters, but news of a trans-Atlantic regulatory probe into allegations of price fixing activity at British Airways sent its shares sharply lower.

Overall, the FTSE 100 started the session 0.8 per cent stronger, a rise of 46 points, in line with general lift in sentiment across global equities markets. The FTSE 250 started 0.3 per cent firmer at 9,119.1.

more

[Ghost Dog]

10. European shares rally, track gains in Asia and U.S.

Thu Jun 22, 2006 8:18 AM BST

LONDON, June 22 (Reuters) - European stocks rallied in early trade on Thursday, boosted by strong gains in Asia and Wall Street, while miners Antofagasta (ANTO.L: Quote, Profile, Research) and BHP Billiton (BLT.L: Quote, Profile, Research) tracked gained in commodity prices.

<snip>

By 0715 GMT, the pan-European FTSEurofirst 300 index <.FTEU3> was 1 percent stronger at 1,289.2 points after a flat performance on Wednesday, and up 1 percent so far this year.

Asian markets ended sharply higher, with the Nikkei average <.N225> rallying 3.4 percent above 15,000, scoring its biggest one-day percentage gain since Jan. 27.

<http://investing.reuters.co.uk/investing/MarketReportArticle.aspx?type=eurMktRpt&storyID=2006-06-22T071854Z_01_L22177790_RTRIDST_0_MARKETS-EUROPE-STOCKS-URGENT.XML>/...

[Ghost Dog]

42. FTSE holds onto modest gain after BA descent

Thu Jun 22, 2006 5:03 PM BST

LONDON, June 22 (Reuters) - Britain's top share index lost much of its earlier gain on Thursday after British Airways (BAY.L: Quote, Profile, Research) extended its losses, with investors disappointed by news the UK and United States are investigating air travel prices.

Shares in BA ended down 5.9 percent at 346 pence, just off their lowest level for the session at 344-1/2p, after the airline said Britain's Office of Fair Trading and the U.S. Department of Justice are probing alleged cartel activity -- relating to pricing -- involving the UK airline and others.

The airline also said its commercial director Martin George and head of communications Iain Burns had been given leave of absence during the investigation.

"Putting key personnel on leave is a difficult signal for the market to interpret and these investigations can take months so we believe this news will mark the end of BA's recent strong performance in difficult markets for the time being," Deutsche Bank analysts said in a note.

The FTSE 100 share index closed up 19.1 points, or 0.3 percent, at 5,684.1 -- a two week closing high. But the benchmark failed to hold an earlier intraday high of 5,736.8.

Although the FTSE was still about 7 percent off 5-year highs hit in April, some markets say confidence is improving as fears over the impact of possible higher interest rates subside.

/...

[Ghost Dog]

44. European stocks edge higher; oils rise, BA tumbles

Thu Jun 22, 2006 5:09 PM BST

LONDON, June 22 (Reuters) - European stocks edged up on Thursday to their highest closing level in two weeks, buoyed by oil stocks as markets continued to claw back from recent lows despite lingering interest rate concerns.

<snip>

"We're all obsessed by economic data and what the Fed's saying. We're still quite cautious. Inflation, interest rates, oil prices we think eventually have to have an impact on the growth rate of company profits," said Andrea Williams, head of European equities at Royal London Asset Management.

"We feel nobody's factored that into analyst forecasts yet."

The pan-European FTSEurofirst 300 index <.FTEU3> closed unofficially up 0.4 percent at 1,280.9 points, its highest finish since June 8.

The index has rebounded from a seven-month intraday low of 1,230.1 last week but is still about 9 percent down from a near five-year high in May, after which markets slumped on worries of global growth and rising interest rates.

"I think we are slowly reaching the bottom as the coming quarterly season should provide enough positive news for a lift," said Frank Schallenberger, an equities strategist at German bank LBBW.

Energy stocks gained, with BG Group (BG.L: Quote, Profile, Research) up 2.1 percent, Total (TOTF.PA: Quote, Profile, Research) 0.8 percent and Royal Dutch Shell (RDSa.L: Quote, Profile, Research) 0.9 percent as crude headed back towards $71 a barrel.

Miners gave back earlier gains, with Antofagasta (ANTO.L: Quote, Profile, Research) down 0.3 percent and BHP Billiton (BLT.L: Quote, Profile, Research) 0.2 percent down as metals prices sank.

/...

FTSE100 5684.1 +0.34%
DAX 5533.42 +0.55%
CAC40 4803.29 +0.60%
SMI 7483.33 +0.75%
MADRID 1212.33 +0.53%

[ozymandius]

7. Stocks Surge, Boosting Hopes of Lasting Gains

Stocks posted solid gains Wednesday, raising hope among some investors that Wall Street is staging a sustainable recovery from the sharp global sell-off that struck late last month.

Financial powerhouse Morgan Stanley and package shipper FedEx sparked the rally with impressive earnings reports, which some saw as a sign that corporate profits could keep growing despite rising interest rates. FedEx in particular is considered a bellwether of business spending.

"I never thought was anything more than just turbulence," said Brian Wesbury, chief economist at First Trust Advisors in Lisle, Ill. "There's no fundamental problem with the market."

more of this drivel

[ozymandius]

8. Key Bank official dies suddenly

David Walton, a member of the Bank of England's Monetary Policy Committee (MPC), has died after a short illness.

The MPC is responsible for setting UK interest rates, and last month it voted 7-1 to keep rates on hold at 4.5%.

Mr Walton was the sole member of the MPC to vote for an interest rate rise at its last meeting.

http://news.bbc.co.uk/1/hi/5105360.stm?ls

[KoKo]

41. He was only 43 years old...

what illness could be so short that the article couldn't even name it...:eyes:

[ozymandius]

9. AT&T alters privacy policy

If this does not make you furious then you have no blood in your body.

JUN. 22 12:22 A.M. ET AT&T Inc. is changing its privacy policy for Internet and television customers to specify that account information is a business record the company owns and can be disclosed to government and law enforcement and to protect the company's "legitimate business interests."

AT&T said that the account information, which includes the customer's name, address, telephone number and e-mail address as well as information about the customer's services, constitute business records and are owned by AT&T. The company said account information doesn't include usage information, such as how a person uses the Web or what programs a person using the company's television service watches.

The San Antonio company may disclose customer information "in response to subpoenas, court orders, or other legal process, or to establish or exercise our legal rights or defend against legal claims," the company said in the policy update, which was sent to 7 million Internet and television customers.

The new policy takes effect Friday.

http://www.businessweek.com/ap/financialnews/D8ID1MH81.htm?sub=apn_tech_down&chan=tc

[UpInArms]

11. daily dollar watch

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

Last trade 86.23 Change +0.53 (+0.62%)

Traders Flock to Dollar as NK Crisis Exacerbates

http://www.dailyfx.com/story/dailyfx_reports/daily_brief/Traders_Flock_to_Dollar_as_1150969496858.html

The specter of a possible launch of an intermediate range missile by North Korea hung over the FX market Thursday morning, as traders flocked to the dollar for safety. With standoff between North Korea and the rest of the world continuing, the FX markets were on edge and rumors of a possible shooting of US spy plane by North Koreans send the USD/JPY above 115.00 and pushed EUR/USD below 1.2650 in a flurry of panicked dollar buying. The rumors were quickly denied by US officials but the angst over the possible escalation of tensions in the Pacific theater kept the dollar well bid.

In other news, the shock announcement of David Walton’s death pressed on the pound. Mr. Walton was the most hawkish member of the Monetary Policy Committee of the Bank of England, casting the solitary vote for a rate hike at BOE’s last meeting in June. With Mr. Walton’s unfortunate departure traders assigned even less probability to any near term BOE rate hike. In a global environment of tightening monetary policies by the G-3 currency regimes, the pound may begin to trail the pack if BOE maintains its policy of interest rate neutrality.

On the economic front, EZ Industrial Orders for April missed expectations by a mile printing at –0.2% vs. 2.0% expected. April saw a sharp rise in the euro against both the dollar and the yen and suggests that the rising exchange rates impacted the growth of the Euro-zone’s crucial export sector. Since the majority of EZ industrial exports takes place with Asia rather than US, the near record value of the EUR/JPY cannot be considered welcome news at ECB headquarters in Frankfurt. The high value of EUR/JPY was one possible reason for ECB’ s reluctance to hike rates earlier in the year and may well be the cause of further hesitation to tighten monetary policy if the economic data shows further deterioration in growth.

...more...

Dollar Exerts Dominance

http://www.dailyfx.com/story/dailyfx_reports/daily_technicals/Dollar_Exerts_Dominance_1150975473830.html

EUR/USD – EUR/USD has rallied but failed at 1.2670. As we mentioned yesterday (yesterday’s chart below as well), the move up looked corrective in nature and the structure was 3 waves up from 1.2540. The decline has looked rather impulsive and support comes in at the 61.8% fibo of 1.2540-1.2677 at 1.2593. Hourly oscillators are nearing oversold levels following the recent rapid decline. The 50 day SMA has held as solid resistance the past 4 days and currently sits at 1.2655 – just below today’s high at 1.2677.

<snip>

USD/JPY – The choppy decline to back below the 115.00 handle resulted in positive divergence with oscillators at the 6/21 low of 114.38 – and the pair has since rallied 100 pips and is nearing resistance at the 78.6% fibo of 115.75-114.38 at 115.46. A break above there exposes the high on 6/19 at 115.75. A tentative trendline still sits at 114.00. Any bearish argument strengthens significantly on a break below the trendline and the next target would then be the 61.8% fibo of 108.96-115.75 at 111.56.

<snip>

USD/JPY – The choppy decline to back below the 115.00 handle resulted in positive divergence with oscillators at the 6/21 low of 114.38 – and the pair has since rallied 100 pips and is nearing resistance at the 78.6% fibo of 115.75-114.38 at 115.46. A break above there exposes the high on 6/19 at 115.75. A tentative trendline still sits at 114.00. Any bearish argument strengthens significantly on a break below the trendline and the next target would then be the 61.8% fibo of 108.96-115.75 at 111.56.

...more...

[UpInArms]

19. China regulator says yuan raising banks' risks

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-06-22T113232Z_01_PEK23560_RTRIDST_0_FINANCIAL-CHINA-REGULATOR-UPDATE-2.XML

BEIJING, June 22 (Reuters) - Chinese banks are facing greater risks as a result of reforms to the country's yuan <CNY=CFXS> exchange rate and capital controls, top banking regulator Liu Mingkang said in remarks published on Thursday.

In an article posted on the regulator's Web site (www.cbrc.gov.cn), Liu also said that moves to liberalise interest rates, necessary if Beijing is to make the yuan more flexible, posed the gravest challenge to the financial sector.

Since the yuan was revalued by 2.1 percent last July, it had pierced the psychologically key 8.0 to the dollar level, Liu wrote in an article for a financial magazine.

<snip>

To do so effectively, China needed to sanction more derivative products and ensure that those using them avoided the kind of troubles that almost brought Singapore-listed China Aviation Oil (Singapore) Corp. (CNAO.SI: Quote, Profile, Research) to its knees in 2004.

<snip>

China has moved to shore up the foreign exchange market, such as by introducing yuan forwards and swaps, since July 21, 2005, when Beijing also shifted from a dollar peg to a managed float.

...more...

[stop the bleeding]

12. Good morning everyone

What will today bring?

Maybe some profit taking..........

[UpInArms]

13. Japan's trade surplus jumps on car sales in US

http://news.yahoo.com/s/afp/20060622/bs_afp/japaneconomytrade

TOKYO (AFP) - Japan said its trade surplus soared more than 35 percent in May to post the first rise in 17 months as growing US sales of Japanese cars reinforced signs of a strong economy.

Exports, a key driver of Japan's economic recovery, rose enough to offset the increasing cost of crude oil imports, which had chipped away at the surplus in recent months but eased in May.

Economists cautioned, however, that Japanese exports still risked stumbling in the near future due to a potential slowdown in the United States where the market has been hit hard by fears over inflation and higher interest rates.

The trade surplus in May rose 35.2 percent year-on-year to 384.9 billion yen (3.35 billion dollars), the finance ministry said. Exports jumped 18.9 percent to 5.70 trillion yen, topping imports which grew 17.9 percent to 5.32 trillion yen.

"Exports managed to grow faster than imports thanks to robust exports of autos to the US," a finance ministry official told reporters.

...more...

If Japan's surplus jumped, so did the US deficit :eyes:

[UpInArms]

14. FCC kicks off review of media ownership rules

http://today.reuters.com/news/newsarticle.aspx?type=businessNews&storyid=2006-06-22T002701Z_01_N20406048_RTRUKOC_0_US-MEDIA-FCC-OWNERSHIP.xml&src=rss

Commission on Wednesday launched what is expected to be a fierce battle over whether to relax media ownership restrictions on television, radio and newspapers, a move that could spark consolidation in the industry.

A top priority of Republican FCC Chairman Kevin Martin's agenda has been to allow a company to own a newspaper and a radio or television station that serve the same market and he repeated his desire to revamp the 1975 ban preventing such cross-ownership.

"The commission should take into account the competitive realities of the media marketplace while also ensuring the promotion of the important goals of localism and diversity," Martin, a Republican, said at the FCC's monthly open meeting.


Companies such as Tribune Co. (TRB.N: Quote, Profile, Research) and Media General Inc. (MEG.N: Quote, Profile, Research) have pressed the FCC to lift the cross-ownership ban, citing cost savings, among other reasons. They and Martin have contended there is plenty of competition.

The FCC tried to ease ownership restrictions in 2003, but an appeals court put them on hold, saying the agency failed to justify the limits it set. The public comment period will last four months and the effort could take at least a year.

<snip>

"Even under the old rules, consolidation grows, localism suffers and diversity dwindles," said FCC Commissioner Michael Copps, a Democrat. "If we make the wrong decision, our communities will suffer and our country will suffer."

...more...

[rfranklin]

15. Too late to worry...

the damage is done. Mission accomplished.

[rfranklin]

16. Jobless claims up

U.S. weekly initial jobless claims rise by 11,000 to 308,000

By Robert Schroeder
Last Update: 8:30 AM ET Jun 22, 2006


WASHINGTON (MarketWatch) -- First-time applications for state unemployment benefits rose by 11,000 to 308,000 in the week ending June 17, reversing a two-week decline, the Labor Department said Thursday. The four-week average of new claims dropped by 5,000 to 311,250, the lowest since April 22. Meanwhile, the number of people collecting unemployment benefits climbed by 18,000 to 2.44 million in the week ending June 10. It's the highest level of continuing claims in eight weeks. The previous week's initial claims were revised to 297,000 from 295,000.

http://www.marketwatch.com/News/Story/Story.aspx?guid={E3BC1A9E-8AB5-4AB9-AEDD-A5CAFED53AD8}&siteid=mktw

[UpInArms]

18. Printing Press Hums: Fed adds reserves through 14-day system repos

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-06-22T122428Z_01_N22302031_RTRIDST_0_MARKETS-FED-OPERATIONS.XML

NEW YORK, June 22 (Reuters) - The Federal Reserve said on Thursday that it added temporary reserves to the banking system through 14-day system repurchase agreements.

Fed funds last traded at 5 percent, at the Fed's target for the benchmark overnight lending rate.

For further details on the operation, see http://www.ny.frb.org/markets/omo/dmm/temp.cfm

[UpInArms]

21. Treasuries prices still down after US jobless claims

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-06-22T124040Z_01_NYG000257_RTRIDST_0_MARKETS-BONDS-URGENT.XML

NEW YORK, June 22 (Reuters) - U.S. Treasury debt prices were steady at lower levels on Thursday after a reading of jobless claims that was broadly in line with economists' forecasts.

Benchmark 10-year notes <US10YT=RR> traded down 3/32 in price for a yield of 5.17 percent, unchanged from before the report and versus 5.16 percent late on Wednesday. Bond yields move inversely to their prices.

U.S. jobless claims rose to 308,000 in the latest week, versus economists median forecasts for 310,000.

[UpInArms]

32. U.S. Treasuries ease on rate hike expectations

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-06-22T134608Z_01_N22338701_RTRIDST_0_MARKETS-BONDS-UPDATE-1.XML

NEW YORK, June 22 (Reuters) - U.S. Treasury prices eased on Thursday, as traders pushed yields higher on expectations that the Federal Reserve will boost interest rates next week and could continue to raise them in August.

The Fed has emphasized in the past few weeks that it will do what it must to fight inflation. The tough talk has led most traders to forecast the central bank will increase official rates to 5.25 percent at its meeting June 28-29 -- and has fueled speculation that rates will go higher at subsequent meetings.

"We are seeing more and more forecasts that are starting to rethink how far the Fed might go, and that is contributing in general to the cautious approach that many traders are taking to the market," said Kevin Logan, economist at Dresdner Kleinwort Wasserstein in New York.

Benchmark 10-year notes <US10YT=RR> were down 5/32 in price for a yield of 5.18 percent, up from 5.16 percent late on Wednesday, while the two-year note <US2YT=RR> was steady for a yield of 5.21 percent. Bond prices move inversely to their yields.

...more...

[UpInArms]

51. Treasurys end lower, after 10-yr yield pierces 5.2% barrier

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B458440BB%2D2DB1%2D47EE%2DB50D%2D9BC223A81266%7D&dist=newsfinder&symbol=&siteid=mktw

NEW YORK (MarketWatch) - Treasury prices closed with losses Thursday, after the benchmark 10-year note's yield struck its highest level in more than 4 years, as traders positioned for a widely expected increase in the fed funds rate next week to 5.25%. The 10-year note fell 10/32 to 99-14/32 with a yield ($TNX : 51.98, +0.43, +0.8% ) of 5.199%, up from 5.15% in late trade Wednesday. In
intraday trade the benchmark yield ventured above 5.2% for the first time since May, 2002. Because the Fed is widely expected to lift the overnight rate to 5.25%, traders are sending prices lower and pushing yields up to that level ahead of the event, as they look past economic data. On Thursday the Labor Department reported a broadly in-line increase in weekly jobless claims and the Conference Board announced a sharper-than-expected decline in leading economic indicators for last month.

[UpInArms]

20. Gold dips as dollar rallies - @ $589.50 oz

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B774587D3%2DE3F4%2D4E81%2D8940%2DCA274F0C7EF5%7D&dist=newsfinder&symbol=&siteid=mktw

NEW YORK (MarketWatch) -- Gold futures fell early Thursday as the dollar rallied against other major currencies. Gold for August delivery was last trading down $1.50 at $589.50 an ounce. The dollar rose 0.8% against the yen and 0.7% against the euro, as investors sought a safe haven amid concerns that North Korea may test launch an intermediate range missile.

[Ghost Dog]

47. UPDATE 4-Gold crumbles after early rally

Thu Jun 22, 2006 4:09 PM BST

LONDON, June 22 (Reuters) - Gold gave back early speculative gains on Thursday as new long positions were quickly sold again.

What initially seemed to be the start of a sustained rise was turned on its head by nervous investors banking quick profits.

"Investors got wrong-footed this morning," a London dealer said.

"It looked like it had built a base of support and buyers stepped back in prematurely."

Dealers are awaiting the U.S. Federal Reserve's rate-setting meeting on June 28-29 and keeping an eye on U.S. equities and currency markets.

Spot gold <XAU=> hit $594.80 an ounce, its highest since June 13, before tumbling two percent to $581.50/582.50 by 1430 GMT, against $589.20/589.90 late in New York.

/...

Note no attempt to offer reasons why... (central banks cartel???)

[UpInArms]

22. Hampshire Group to conduct inquiry into misuse of assets

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B6D96C11C%2D14B1%2D4B0B%2D9D2B%2D327BA02D0DBA%7D&dist=newsfinder&symbol=&siteid=mktw

LONDON (MarketWatch) -- Hampshire Group (HAMP : 17.00, +0.20, +1.2% ) said that its audit committee will investigate issues related to the misuse and misappropriation of assets for personal benefit, certain related party transactions, tax reporting, internal control deficiencies and financial reporting and accounting for expense reimbursements. The investigation involves certain members of the apparel company's senior management and pending the outcome of the probe the board has placed chief executive Ludwig Kuttner, former chief financial officer Charles Clayton, vice president of finance and principal accounting officer Roger Clark, and two personal assistants on administrative leave. The audit committee has engaged independent counsel to conduct the investigation.

and what is the Hampshire Group?

Hampshire Group Limited Website Annual Report
1924 Pearman Dairy Road Phone: [phone]
Anderson SC 29625-1303
Fax: [phone]


Hampshire Group, Limited, a Delaware Corporation, is an apparel Company that operates through its wholly owned subsidiaries Hampshire Designers, Inc. and Item-Eyes, Inc. Hampshire Designers is the designer and marketer of sweaters in North America and Item-Eyes is a designer and marketer of related separates. Designers Originals sweaters include the Company's traditional product for women-classically designed, full-fashioned, fine-gauge, Luxelon sweaters with cashmere feel and look. Designers Originals sweaters also include a line of fine-gauge, full-fashion, cotton sweaters and a variety of other novelty sweaters. Under the Designers Originals Studio label, the Company sells a business-casual line for women, which incorporates woven fabrics in related separates, such as blouses, pants, skirts and sweaters, in the moderate-price category. Hampshire Group, Limited also sells solid and jacquard chenille sweaters and seasonal theme sweaters. Related sportswear, including blazers, pants, shirts and sweaters, and "soft dressing" is sold by Item-Eyes under its Requirements and Nouveaux labels and the private-labels of some of the Company's customers. The Company is a supplier to the moderate-price sector of department stores and sells to mass merchandisers, specialty retail stores and catalog companies. Hampshire Group, Limited has historical relationships with many of its approximately 250 customers, which include most major department stores, mass merchants, specialty retail stores and catalog companies. For each of the years, 2003, 2002 and 2001, more than 99% of the Company's sales were to customers located in United States. Sales outside the U.S. were to customers in Mexico and Canada. Through the 1995 acquisition of Segue Limited, the Company added a business-casual line for women and through the 2000 acquisition of Item-Eyes, a line of woven and knit related separates, including classic-woven apparel, was added. As of March 4, 2005, the Company had approximately 266 full-time employees.

[UpInArms]

23. Goldman Sachs ranks as world's biggest hedge fund

http://today.reuters.com/news/newsarticle.aspx?type=businessNews&storyid=2006-06-21T185512Z_01_N21268109_RTRUKOC_0_US-FINANCIAL-FUND-HEDGES.xml&src=rss

BOSTON (Reuters) - Goldman Sachs Group Inc. (GS.N: Quote, Profile, Research), one of Wall Street's most storied investment banks, now also ranks as the world's biggest hedge fund, a study released on Wednesday shows.

Boasting $21 billion in assets, New York-based Goldman Sachs Asset Management beat out 99 other hedge funds for this year's top spot in Alpha magazine's annual list of the world's largest hedge funds. Performance at Goldman's secretive Global Alpha fund helped push it to the top position this year.

Goldman has long been strong in the fast-growing hedge fund industry, where assets have doubled to $1.3 trillion in the last five years. As one of the industry's most preferred prime brokers, Goldman helps finance and clear trades for hedge funds and often helps find them investors.

As Goldman's trading and other business picked up, its investment banking division has become less important to its bottom line. For example, in its fiscal second quarter, which ended on May 26, Goldman's asset management unit reported its second-best quarter ever.

Goldman moved up from its No. 3 ranking in 2005 to dethrone San Francisco-based Farallon Capital Management Group, which ranked as No. 1 in 2005 and now ranks as No. 4 with $16.4 billion in assets.

...more...

[UpInArms]

24. pre-opening blather

09:00 am : S&P futures vs fair value: -0.5. Nasdaq futures vs fair value: -1.5. Despite material gains across the board in overseas markets, paced by a 3.4% surge in Japan's Nikkei in the wake of Wednesday's relief rally in the U.S., stocks are failing to follow suit as uncertainty regarding the Fed and inflation returns to the spotlight amid the absence of new catalysts to sustain recent gains.

08:33 am : S&P futures vs fair value: -0.3. Nasdaq futures vs fair value: -1.0. Still shaping up to be lackluster start for the cash market as futures indications continue to languish in neutral territory. Meanwhile, investors have sifted through their first economic report in a couple of days. Initial claims, which were compiled during the same week as the June payrolls data, rose 11K to 308K (consensus 305K), leaving the 4-week average at 311,250. However, the reaction in both stocks and bond has so far has been muted.

08:00 am : S&P futures vs fair value: flat. Nasdaq futures vs fair value: flat. Futures versus fair value suggest a flat open for stocks. With nothing on the earnings front since yesterday's close to rival the catalytic effect that corporate profits had on Wednesday's trading, investors are back to focusing on the more deeply-rooted concerns of rising interest rates and higher energy prices that continue to act as an overhang heading into next week's FOMC meeting. The 10-yr note is down 4 ticks, lifting the yield to 5.17%, while crude oil prices are nearing $71 per barrel, again.

[stop the bleeding]

25. thank you

let the games begin :)

[UpInArms]

26. 9:40 EST opening in the pink (w/updated blather)

Dow 11,070.12 -9.34 (-0.08%)
Nasdaq 2,140.40 -0.80 (-0.04%)
S&P 500 1,250.90 -1.30 (-0.10%)
10-Yr Bond 5.177 +0.22 (+0.43%)

NYSE Volume 105,656,000
Nasdaq Volume 97,290,000

09:40 am : As futures trade presaged, stocks open with little fanfare and are trading slightly lower. Without anything noteworthy from an earnings standpoint to support the relief rally that corporate profits helped fuel Wednesday, and an economic calendar similarly devoid of any influential releases, concerns of rising interest rates and higher energy prices have returned and are prompting some investors to lock in profits following yesterday's sharp advance. DJ30 -17.11 NASDAQ -2.33 SP500 -2.05 NASDAQ Vol 86 mln NYSE Vol 66 mln

[Buttercup McToots]

33. Oops

Red agin...

[UpInArms]

27. Oracle opening support center in China

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B704A9684%2DC038%2D486D%2DAA82%2DF8366526090A%7D&dist=newsfinder&symbol=&siteid=mktw

NEW YORK (MarketWatch) -- Oracle Corp. (ORCL) said it's planning to open a global support center in Dalian, China to provide tech support in Mandarin. The facility will serve as a base for support to more countries in Asia, the company said.

[UpInArms]

28. Computer Sciences to add 2,000 staff in India

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7B5CE208CC%2DDEA6%2D459F%2DAB90%2D2E914B5EDA19%7D&symbol=

NEW DELHI, India (AP) -- U.S.-based Computer Sciences Corp. (CSC) on Thursday said it plans to invest $40 million and hire 2,000 people over the next two years to expand one of its Indian facilities.

The El Segundo, Calif., company employs 5,400 people at four centers in India, where the company carries out a host of activities including system design, software development, Web and application hosting, management consulting and other outsourcing services.

The company plans to expand the center in Noida, a satellite town adjoining the Indian capital, New Delhi, by adding 2,000 to its existing staff of 2,500, the company said in a statement.

...more...

[fasttense]

43. Woohoo more jobs, wait...oh India...never mind. n/t

[Ghost Dog]

48. UK losing race to invest in India

The UK is wasting its "unique relationship" with India and falling behind other nations in the race to invest in the country, says a report.

The report from MPs in the Trade and Industry Committee said UK firms have a limited understanding of the growing Indian economy.

Many see India as a source of cheap labour rather than an emerging market.

The MPs said the higher education, manufacturing and automotive industries offered great investment opportunities.

'Opportunities'

The Indian government still has some limits on foreign investment in areas like the financial and retail sectors.

But it is loosening these controls gradually as it comes under pressure to open up its markets.

It also needs foreign investment and expertise to help improve and modernise the roads, ports and airports needed to keep its economy growing quickly.

"Levels of interest in the Indian economy are growing year upon year - but UK investors don't yet really understand the opportunities that India presents," said committee chairman Peter Luff.

<snip>

According to investment bank Merrill Lynch, there was $8bn worth of foreign investment in India during 2005, well behind the $60bn pumped into China.

During 2004/2005, the UK was India's fourth largest trade partner in goods, behind the US, China and Belgium.

/...

[UpInArms]

30. 10:21 EST numbers and blather

Dow 11,040.40 -39.06 (-0.35%)
Nasdaq 2,126.25 -14.95 (-0.70%)
S&P 500 1,246.52 -5.68 (-0.45%)
10-Yr Bond 5.177 +0.22 (+0.43%)

NYSE Volume 402,977,000
Nasdaq Volume 338,666,000

10:00 am : Equities are still on the defensive as nine out of 10 economic sectors are negative. Pacing the way lower, albeit posting a modest loss of 0.5%, is Industrials, as investors consolidate some of the sector's respectable 5.0% year-to-date gain. Consumer Discretionary is also under pressure, led by a 5.0% sell-off in Bed Bath and Beyond (BBBY 35.06 -1.86) after it said full-year earnings will fall short of expectations. Unfortunately for the bulls believing a short-term bottom has been reached, the only sector providing any positive leadership is Energy, which also means oil prices are on the rise -- an ongoing concern for consumers now that the summer driving season has begun. DJ30 -19.29 NASDAQ -4.05 SP500 -2.12 NASDAQ Dec/Adv/Vol 1439/966/191 mln NYSE Dec/Adv/Vol 1745/820/159 mln

[w8liftinglady]

34. I'm glad I'm no economist..is this typical to be up 100 points one day

and down an equal amount the next day?I'm getting dizzy the last few weeks

[mike923]

35. Less than a 1% swing, nothing unusual.*

[specimenfred1984]

38. Morgan Stanley Pumped the Market Up Yesterday

after their earnings report. MS and Goldman Sacks are the 2 major market rigging firms used to pump up the market. It was obvious to traders who saw 20,000 buy volume spikes come out of nowhere in the S&P 500 futures.

Late in the day, after the price drifted for 3 hours out of fear of market participation by anyone, MS took profits which is contining this morning.

It's a market totally rigged and manipulated by huge corporate investment firms, the Fed and both's propaganda. It's the corrupt by-product of "deregulation" and "trickle down" and pure fascism.

[stop the bleeding]

39. is it me or did the materials and energy sectors just get a bump

in the last half hour before lunch?

[stop the bleeding]

40. looks like the DJIA is heading back to the 11k mark at 12:45pm EST n/t

[stop the bleeding]

45. strike that 1 hour later the DJIA crossed the 11k mark n/t

[JNelson6563]

46. 1:51 update, getting bloody

Dow 10,996.86 -82.60 (0.75%)
Nasdaq 2,114.27 -26.93 (1.26%)
S&P 500 1,242.22 -9.98 (0.80%)
10-Yr Bond 5.2% +0.45

Stocks and Treasuries both looking rather ugly. Better start drinking heavily now if you want either of them to look good at closin' time. ;-)

Julie

[UpInArms]

49. 3:18 EST still red, but in recovery

Dow 11,020.55 -58.91 (-0.53%)
Nasdaq 2,120.77 -20.44 (-0.95%)
S&P 500 1,245.29 -6.91 (-0.55%)
10-Yr Bond 5.198 +0.43 (+0.83%)

NYSE Volume 1,720,051,000
Nasdaq Volume 1,359,228,000

3:00 pm : The market again finds itself trying to pare some of its losses. While a 4.8% gain on the VIX (CBOE Volatility Index) suggests investors are again buying put options to hedge against further market declines, it is worth noting that below average volume lends little credence behind the day's consolidation efforts. To wit, the NYSE did not see 1.0 bln shares exchange hands until 30 minutes ago and with only an hour left in the trading day, limited participation could lead to some added choppiness going into the close.DJ30 -61.71 NASDAQ -20.64 SP500 -7.43 NASDAQ Dec/Adv/Vol 1970/976/1.29 bln NYSE Dec/Adv/Vol 2256/939/1.10 bln

2:30 pm : More of the same for stocks as the Nasdaq continues to outpace its blue chip counterparts to the downside. While that's not a huge surprise, since growth-oriented names are more affected by rising interest rates, it is also worth noting that the tech-heavy Composite led the way higher among the majors Wednesday with an impressive 1.6% gain, leaving more room for consolidation; the Nasdaq is currently down 1.1%.DJ30 -78.56 NASDAQ -23.50 R2K -0.8% SOX -1.6% SP500 -8.92 NASDAQ Dec/Adv/Vol 1919/1004/1.18 bln NYSE Dec/Adv/Vol 2271/899/1.0 bln

2:00 pm : Recent recovery efforts don't last very long as broad-based selling continues to weigh on the proceedings. Crude oil prices hitting session highs and closing in on $71 per barrel is not helping matters, especially with the Energy sector struggling to take advantage and briefly slipping into the red, removing some of the enthusiasm behind the sector's strong earnings contribution for the broader market. DJ30 -81.32 NASDAQ -26.41 SP500 -9.64 NASDAQ Dec/Adv/Vol 1911/989/1.07 bln NYSE Dec/Adv/Vol 2190/958/920 mln

[stop the bleeding]

52. Yep that is me

While a 4.8% gain on the VIX (CBOE Volatility Index) suggests investors are again buying put options to hedge against further market declines, it is worth noting that below average volume lends little credence behind the day's consolidation efforts.

[Roland99]

53. 3:55pm - About the same but 10-year Treasury at highest level since 05/02!

DJIA 11,027.91 -51.55 -0.47%
Nasdaq 2,123.29 -17.91 -0.84%
S&P 500 1,246.50 -5.70 -0.46%
Dow Util 404.61 -1.84 -0.45%
NYSE 7,924.22 -29.24 -0.37%
AMEX 1,861.27 -4.54 -0.24%
Russell 2000 688.19 -2.48 -0.36%
Semcond 449.07 -6.30 -1.38%
Gold future 585.40 -5.60 -0.95%
30-Year Bond 5.23% +0.04 +0.73%
10-Year Bond 5.20% +0.04 +0.83%

[JNelson6563]

54. Mighty big one-day jump in yields!

That's kinda scary. :scared:

[UpInArms]

55. closing up the barn - cows out

Dow 11,019.11 -60.35 (-0.54%)
Nasdaq 2,122.98 -18.22 (-0.85%)
S&P 500 1,245.60 -6.60 (-0.53%)
10-Yr Bond 5.198 +0.43 (+0.83%)

NYSE Volume 2,104,534,000
Nasdaq Volume 1,688,918,000

Stocks took a breather Thursday as the focus on corporate profits that fueled a broad-based relief rally a day earlier shifted back to the more deeply-rooted worries that continue to underscore our Neutral market view -- rising interest rates and slowing economic growth. With investors continuously grappling between both, a double dose played havoc with investors' belief that a bottom was in place, questioning the sustainability of Wednesday's sharp advance.

Before the bell, jobless claims rose more than expected to 308,000, suggesting strong labor demand will lead to a larger payroll gain than the 75,000 increase in May and possibly higher wages. While the initial reaction in both stocks and bonds was relatively muted, the data did little to assuage ongoing worries about whether the Fed has gone too far - or will go too far - with its tightening efforts to keep inflation under control.

Another report that wasn't initially expected to have much impact, since it is merely a compendium of previously announced economic indicators and extremely predictable, was May Leading Indicators. On one hand, the Conference Board's index plunged 0.6% -- the strongest decline since the hurricane-driven dive last September and signaling that the Fed's series of 16 straight rate hikes may have already slowed the economy enough to warrant an end to further tightening. On the other hand, the absence of anything else in the way of market-moving news appeared to place added emphasis on the report's questionable history of predicting recessions.

The lack of industry leadership, as nine out of 10 economic sectors traded lower, also renewed a sense of caution about extending recent gains. Further deterioration in Technology (-1.3%), extending the sector's year-to-date decline to 6.2%, was the biggest drag on the market. Among the sector's 85 components, Qualcomm (QCOM 41.31 -2.89) fared the worst, after Nokia (NOK 19.60 -0.57) said it would stop making phones using their CDMA technology. Rising interest rates also sparked valuation concerns among growth stocks, especially heading into another widely anticipated rate hike.

Treasuries lost ground for a seventh straight day as bond traders continued to push up yields to where they believe the Fed will raise its overnight lending rate one week from today, from 5.00% to 5.25%. To wit, the yield on the two-yr note came, ending the session at 5.23%, just two basis points below the Fed's expected target and its highest level since late 2000. The yield on the 10-yr note finished at 5.19%, near its highest level in four years.

Energy, however, managed to attract modest buying interest; but as the only sector to do so, and in sympathy with rising oil prices no less -- a concern that continues to act as an impediment to consumer spending -- its leadership offered little solace in a market struggling to find a clear direction. BTK -1.1% DJ30 -60.35 DJTA -0.6% DJUA -0.5% DOT -0.6% NASDAQ -18.22 NQ100 -1.2% R2K -0.4% SOX -1.4% SP400 -0.6% SP500 -6.60 XOI +0.5% NASDAQ Dec/Adv/Vol 1770/1220/1.68 bln NYSE Dec/Adv/Vol 2133/1105/1.46 bln