STOCK MARKET WATCH, Wednesday January 23

[ozymandius]

Source: du

STOCK MARKET WATCH, Wednesday January 23, 2008

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 363 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2560 DAYS
WHERE'S OSAMA BIN-LADEN? 2284 DAYS
DAYS SINCE ENRON COLLAPSE = 2245
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

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

---

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

AT THE CLOSING BELL ON January 22, 2008

Dow... 11,971.19 -128.11 (-1.06%)
Nasdaq... 2,292.27 -47.75 (-2.04%)
S&P 500... 1,310.50 -14.69 (-1.11%)
Gold future... 890.30 +8.60 (+0.97%)
30-Year Bond 4.23% -0.07 (-1.63%)
10-Yr Bond... 3.48% -0.16 (-4.50%)






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: Bullish Action in the Bellwethers

BY FRANK BARBERA, CMT

Today’s update is designed to convey the extent of the stock market's recent decline in terms of where a number of key indicators now stand. In our view, stock prices have had a bearish tone for many weeks, and in all likelihood spiked down into a panic sell off bottom with today’s trading. Now, this does not mean that all of the problems of the world are solved, that the bear market is going to go away or anything of that nature. What it does mean is that for the time being, stock prices have probably come down far enough, and would seem to (rationally—IF that term ever applies in markets?) be due for some type of sharp snap back recovery rally.

While the major averages were unable to make it all the way back into positive territory for the day, they nevertheless did succeed in holding at levels well off their worst levels of the session with a number of notable sectors actually turning into the green. Among these we would take solace from the action in the Money Center Banks, the REITS, and the Investment Bankers, all of which ended with nice gains. Even the Regional Bank Indices ended with gains on the day, and in our view, that is a potentially huge positive as these stocks have been leading the market on the downside for some time. In the chart below, we show the NASDAQ America’s Community Bank Index which has been falling now for just over 1 year. Looking back we find that the high was seen at a reading of 315.05 back on 12/28/06, with the index hitting a low today of 203.12. That means that over the last 12 months, this index has declined by 35.53% -- a huge decline with losses for 2008 already at 13.24%. Is this enough for the time being on the downside?
.....

Perusing the rest of the Financial Sector, we see further signs of hope. Just look at Goldman Sachs (GS), in our view, “the bellwether” among bellwethers, ending today with a gain of 3.48 points or 1.86%. Among the investment bankers, Bear Stearns ended up 7.53%, Morgan Stanley up 4.29%, Merrill Lynch up 4.94%. Among major money center banks, JP Morgan closed up 3.21%, Wachovia up 5.26%, Wells Fargo up 5.57%, and even the much beleaguered Citicorp fought its way back from the depths to a virtual break even close, ending down only .05 at $24.40. Other walking wounded had a great day, with MBIA up 12.53%, Ambac up 28.55%, Freddie Mac up 3.69%, and PMI Group up 13.60%.
.....

Bottom Line: With stock prices in the headlines and everyone yammering about a crash, odds are high that for now the market is near a low and that a snap back recovery rally should get underway. If the Central Banks can build on today’s Fed Rate cutting momentum, with more cuts coming from the Fed and cuts coming from the ECB and the Bank of England, the sentiment could mean revert and get back to something more optimistic than the crash psychology seen during today’s session.

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

[Roland99]

28. IOW, one huge Thank You to Bernanke for the rate cut.

But, uh, do it again?

[ozymandius]

2. Oil prices steady after Fed cut

BANGKOK, Thailand - Oil futures held steady Wednesday in Asia after dropping overnight despite the U.S. Federal Reserve's surprise cut in its key interest rates.

While the Fed's cut helped crude futures recover from much steeper losses Tuesday, many investors doubt the move will stave off a serious slowdown that would dampen demand.

Light, sweet crude for March delivery rose 9 cents to $89.30 a barrel in Asian electronic trading on the New York Mercantile Exchange by midmorning in Singapore. It fell 71 cents to settle at $89.21 a barrel late Tuesday in New York.

The contract for February delivery fell 72 cents in the floor session to settle at $89.85 a barrel. It expired at the close of trade.

.....

Energy investors often view stocks as a proxy for economic growth, and slower economic growth could cut demand for oil and petroleum products such as gasoline and heating oil.

High energy prices also have been cited as a force pushing the economy toward recession. If oil prices continue to fall, as many analysts now expect, that could relieve some of the pressure on the global economy.

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

[ozymandius]

6. High gas prices: Recession-proof

NEW YORK (CNNMoney.com) -- Contrary to popular belief, Americans facing a looming recession should expect little relief in the form of lower gas prices, experts say.

Despite recently falling oil and gasoline prices, strong worldwide demand, refinery shortages, and OPEC production cuts should keep gasoline well above $2 a gallon in 2008.

Slower consumer spending and rising unemployment - traditional harbingers of an economic downturn - are unlikely to drastically reduce energy prices. Oil isn't expected to fall below $60 a barrel from its current level of $90 and gasoline should bottom out around $2.30-2.50 a gallon from around $3 currently, experts say.

"That's the floor, even in a global recession," said Simon Wardell, an oil analyst at consulting group Global Insight. "The overall balance is going to remain pretty tight."

In the short run, gasoline prices might slip a bit but long-term both gas and oil prices are expected to remain near record highs.

http://money.cnn.com/2008/01/21/news/economy/gas_prices_recession/index.htm?postversion=2008012210

[trogdor]

38. Right now, I'd take $2.50

[Hissyspit]

3. Good morning.

[ozymandius]

8. Good morning.

:donut: :donut: :donut:

Vultures are circling this morning.... looking for some tasty equity carcass to eat.

[Ghost Dog]

18. Morning. Is that a White Star Line funnel in the cartoon?

[Ghost Dog]

66. -> had no time to add links to the above:

The Oceanic Steam Navigation Company, more commonly known as the White Star Line, was a prominent British shipping company, most famous for its ill-fated luxury flagship, the RMS Titanic, and the World War I loss of her sister ship, Britannic. Today, it operates as Cunard Line.

/... http://en.wikipedia.org/wiki/White_Star_Line

Founded 1845 and started sailing ship voyages the following year with chartered brig ELIZABETH to Montreal. Purchased their first ship in 1849 - barque IOWA and advertised as the 'White Star Line of Boston Packets'. Commenced steamship sailings 1863. Went into liquidation in 1868 and bought out by Thomas Ismay who formed the Oceanic Steam Nav.Co. in 1869 (known thereafter as the White Star Line). 1926 Oceanic SN Co. taken over by Royal Mail SP Co., 1934 Royal Mail Group collapsed and White Star and Cunard SS Co formed Cunard-White Star Ltd. 1947 Cunard purchased the remainder of Cunard-White Star stock and in 1949 took over all activities but the two remaining White Star ships, GEORGIC and BRITANNIC continued sailing in White Star Line colours until they were scrapped in 1956 and 1960 when the White Star name finally disappeared.

The company sailed from Liverpool via Queenstown to New York. Later, they started sailing through the Suez Canal to Bombay, Calcutta, Hong Kong and Sydney. White Star also sailed to Japan and China. The sailing time by the fast vessels in the fleet was under 6 days Liverpool to New York. The line also sailed monthly to New Zealand and monthly from San Francisco to Japan and China. The Oceanic, in 1889, made the voyage to Yokohama from San Francisco in 13 days, 14 hours, 4 minutes.

/... http://www.theshipslist.com/ships/lines/whitestar.html

[Roland99]

26. Morning, everyone.

It's days like this I wish a coffee drinker. Have to settle for Diet Mtn Dew. Oh, btw, my daughter is doingbetter than I expected on day 2 with braces. Hardly any complaining this morning! :-)

[MadinMo]

44. I can relate, Roland

I recently gave up coffee because of stomach miseries. I miss it terribly. Tea just doesn't cut it.

On the braces front --- I don't think the things hurt as much as they did "back in the day" --- the way they are designed now with the business end glued on the front of the tooth there is a lot less trauma. My daughter went through braces a couple of years ago and after the first night was fairly okay. I remember a diet of scrambled eggs for what seemed like days after getting mine and after each tightening.

Sorry for thread hijack --- just had to interject.

I read this thread every day --- my co-workers were amazed when I could tell them the market would dive yesterday --- they didn't know it would happen. Thanks to all who contribute!

[Roland99]

49. :-)

:hi:

[AnneD]

73. Morning Marketeers......

:donut: and lurkers. Yesterday was Mr. Toad's Wild Ride on WS.

Mr. Jack Hough was on the the CBS Early morning show. He is a straight shooter when it comes to economics and stocks. I think he has good advice as a rule. He stated that he thinks that the rate cut was not in the interest of the economy. He said that, if you had a long investment horizon, now would be a good time to purchase and hold stocks. IMOHO, I am keeping my money in cash just a little longer because I think we still have a while longer in this shake out.

I view the Stock Market ups and downs like the curve made tossing the ball. I don't try to but at the exact troth and sell at the exact peak-that would be timing and I don't believe in that (I guess you can make money being a technical trader but I just am not there yet). But I do believe in buying stock in sound companies and holding them. You don't need to be exact, just close. During a correction-stocks that I could not afford can be suddenly affordable. If you take the long view and if you have a decent time horizon-it can be worth your while. I don't think the fundamentals are strong yet, and there is too much corruption on WS in general, but there is still potential in the near future.

Anyway, for more of the interview with Jack Hough, check the following link.

www.cbsnews.com/sections/i_video/main500251.shtml?id=3741651n

Happy hunting and watch out for the bears.

[Ghost Dog]

4. Asian Stocks Rebound After Rate Cut; Banks, Miners Lead Gains

Jan. 23 (Bloomberg) -- Asian stocks rebounded from the biggest two-day drop in 18 years, led by banks and mining companies, after the U.S. Federal Reserve lowered borrowing costs to ward off a recession.

HSBC Holdings Plc and Mitsubishi UFJ Financial Group Inc. gained after the Fed cut its benchmark rate to 3.5 percent in its first emergency reduction since 2001. BHP Billiton Ltd., the world's largest mining company, jumped the most in 20 years following a rally in prices of copper and gold. Sun Hung Kai Properties Ltd. climbed in Hong Kong after the city also lowered rates, supporting demand for real estate.

``The Fed's move will obviously help the global economy and the problems we're seeing right now will work themselves out eventually,'' said Peter Chiang, who helps manage $16 billion as chief equity strategist at DBS Asset Management in Singapore. ``There's still some concern on the impact of a U.S. slowdown.''

The MSCI Asia Pacific Index added 3.9 percent to 137.19 as of 6:33 p.m. in Tokyo, its biggest gain since Aug. 20. The index dropped 10 percent in the past two days, the steepest decline since April 1990. A measure of the benchmark's volatility jumped to 50 today, the highest since May 2004.

Japan's Nikkei 225 Stock Average added 2 percent to 12,829.06. Hong Kong's Hang Seng Index surged 11 percent, the steepest gain since February 1998, and Asia's biggest advance. Infosys Technologies Ltd. paced gains in India, where the Sensitive index climbed for the first time in eight days. The rebound in most Asian markets today helped trim the MSCI regional benchmark's 2008 loss to 13 percent.

/... http://www.bloomberg.com/apps/news?pid=20601080&sid=a_JfRsk_cU10&refer=asia

[Ghost Dog]

12. China lets banks invest client money in Singapore

BEIJING, Jan 23 (Reuters) - China has signed a memorandum of understanding with Singapore allowing approved banks to invest their clients' money in the city state's equities markets, the banking regulator said on Wednesday.

The China Banking Regulatory Commission said it is negotiating similar arrangements with Japan, Germany and the United States.

To date Chinese banks are permitted to invest their customers' money only in Hong Kong and Britain.

The CBRC permitted banks last year to start investing client funds in overseas securities as part of China's Qualified Domestic Institutional Investor programme.

/.. http://asia.news.yahoo.com/080123/3/3e150.html

[Ghost Dog]

14. Singapore inflation hits 25-year high

Singapore’s December consumer prices rose a seasonally adjusted 0.5 per cent from November, taking annual inflation in the city-state to over a 25-year high on rising food and transport costs.

From a year earlier, prices rose 4.4 per cent from the 25-year high figure of 4.2 per cent hit in November, the Department of Statistics said on Wednesday.

The monthly rise was in line with economists expectations and took 2007 inflation up 2.1 per cent from the previous year. Economists expect Singapore to maintain its policy of a gradual and modest appreciation of the Singapore dollar to tame inflation.

Most analysts expect inflation in Singapore to climb in the coming months to a near three-decade high of 5 per cent as surging costs for housing, transport, food and electricity tariffs push up consumer prices.

/... http://www.ft.com/cms/s/0/8df6aab2-c97b-11dc-b5dc-000077b07658.html

[Ghost Dog]

15. Australian inflation fastest in 16 years

Australia’s core inflation rate accelerated to its fastest pace in 16 years last quarter, adding greatly to the domestic case for a rise in interest rates even as turmoil in global markets seemed to argue against one.

The Australian dollar firmed while bond futures slid on Wednesday after data showed core inflation rose 3.6 per cent on average in the year to December. That surpassed forecasts of 3.3 per cent and, critically, was far above the Reserve Bank of Australia’s (RBA) 2 per cent to 3 per cent comfort zone. “Core inflation of 3.6 per cent is just way too high, and, on my projections, it looks like staying up there all this year,” said Su-Lin Ong of RBC Capital Markets.

“There’s still a tug-of-war between domestic pressures and the deteriorating global outlook, but these numbers clearly raise the probability of a hike next month,” she added.

The market seemed to agree and quickly priced in a 50:50 chance the RBA’s policy board would raise the 6.75 per cent cash rate when it next meets on February 5. The probability of a move had been down under 10 per cent on Tuesday as the local share market slumped and fears grew of a US recession.

/... http://www.ft.com/cms/s/0/0f5b4d96-c955-11dc-9807-000077b07658.html

[Ghost Dog]

16. AUD/USD May Rally Towards 0.8825 On Strong Australian Inflation Data

If the Federal Reserve is dovish and aggressively cutting rates, the Reserve Bank of Australia is quite the opposite and upcoming inflation data will highlight why. The RBA’s annualized weighted median measure of consumer prices for Q4 is expected to rebound to a 16-year high of 3.4 percent, and this figure is actually excluding the largest price gains and declines. Meanwhile, the headline CPI figure is forecasted to jump up to 3.0 percent from 1.9 percent. Indeed, rallies in the cost of food, energy, and raw material products have raised upside inflation risks globally, and Australia is no exception. However, the country has other issues to grapple with as well, given the fact that consumption has proven to be highly resilient, with retail sales for the month of November stronger than expected as the labor market has already taken on additional workers for 14 consecutive months. Meanwhile, a lack of availability of skilled workers at mining companies creates the potential for faster wage growth, which the Reserve Bank of Australia will see as a threat to price stability. With CPI expected to hold above 3.0 percent during the first half of 2008, it’s no wonder the central bank holds such a hawkish bias.

/... http://www.dailyfx.com/story/dailyfx_reports/cross_markets_data_reaction/AUD_USD_May_Rally_Towards_0_8825_1201018750527.html

[burf]

24. We are fortunate

to have the decider guy in charge. Look at all those other countries with high inflation and yet he manages to keep ours low.

Sorry I missed all the happenings yesterday. My sweetie was feeling pretty bad and so we spent the better part of the day at the doctors office.

Have a good day everybody!

[Ghost Dog]

5. European stocks extend losses; ECB warns on growth

Wed Jan 23, 2008 4:50am EST
FRANKFURT, Jan 23 (Reuters) - European stocks extended their losses on Wednesday after the release of weak economic data and with the European Central Bank (ECB) reiterating that risks to growth are on the downside. At 0948 GMT, the FTSEurofirst 300 index of top European shares was down 0.8 percent at 1,294.16 points, meaning that around half of the previous session's gains triggered by the U.S. Federal Reserve's 75-basis-point key rate cut had been wiped out.

Euro zone services sector growth slipped more than expected to a near four and a half year low in January, while manufacturing activity steadied at subdued levels, PMI data showed.

Some analysts said the numbers would add pressure on the ECB to follow the Fed's lead and cut interest rates.

ECB President Jean Claude Trichet told the European Parliament on Wednesday that risks to growth were on the downside and that it was the central bank's responsibility to solidly anchor inflation expectations to avoid additional volatility in already highly volatile markets.

London's FTSE 100 .FTSE fell 0.8 percent, Germany's DAX .GDAXI was down 1.3 percent and the French CAC 40 .FCHI dropped 0.7 percent.

/... http://www.reuters.com/article/marketsNews/idCAWEB282720080123?rpc=44

[Ghost Dog]

11. Trichet says ECB must retain its inflation focus

BRUSSELS, Jan 23 (Reuters) - The European Central Bank needs to retain its focus on fighting inflation in the face of a very significant, ongoing market correction, ECB President Jean-Claude Trichet told legislators on Wednesday.

"In demanding times of significant market correction and turbulences, it is the responsibility of the central bank to solidly anchor inflation expectations to avoid additional volatility in already highly volatile markets," Trichet said.

/... http://www.reuters.com/article/marketsNews/idUKL2371635320080123?rpc=44

[Ghost Dog]

107. European Stocks Fall, Resume Rout; E.ON, Fiat, Richemont Drop

Jan. 23 (Bloomberg) -- European stocks declined, resuming a rout that sent the Dow Jones Stoxx 600 Index into a bear market this week, on concern lower borrowing costs won't be enough to stave off a slowdown in earnings.

E.ON AG, Banco Santander SA and Vodafone Group Plc dropped more than 4 percent, while Fiat SpA, Italy's largest manufacturer, fell the most in two decades. Total SA and BHP Billiton Ltd. led commodity producers lower. Societe Generale SA slid on speculation it will take more writedowns. Cie. Financiere Richemont SA, the world's largest jewelry maker, tumbled after sales growth slowed.

The Stoxx 600 lost 3 percent to 306.03. The gauge has extended declines from a 6 1/2-year high on June 1 to more than 20 percent, a magnitude that by common definition marks the beginning of a bear market, on concern the U.S. will enter a recession.

``It's going to be difficult for Europe not to get knocked by the U.S. slowdown,'' said Gustavo Trillo, head of portfolio management at JPMorgan Asset Management in Madrid. With ``central bankers over here concentrating on inflation, it's all looking negative.''

The Stoxx 600 rose 2.2 percent yesterday following emergency interest-rate cuts by the Federal Reserve. European Central Bank President Jean-Claude Trichet said today he's committed to fighting inflation, and the Bank of England forecast faster gains in consumer prices.

``We need to remember that just because the Fed cuts aggressively, the other central banks will not,'' said Jane Coffey, head of equities at Royal London Asset Management, where she helps oversee about $11 billion. ``The BOE and the ECB have a remit to control inflation. The Fed has a dual role to monitor inflation and growth and right now they are focused on growth.''

/... http://www.bloomberg.com/apps/news?pid=20601085&sid=amEuub2PcNiI&refer=europe

[Ghost Dog]

108. European stocks sink as Fed fails to stop selloff

PARIS, Jan 23 (Reuters) - European stocks ended at their lowest close in 1-1/2 years on Wednesday, as investors' relief after a surprise hefty U.S. interest rate cut quickly vanished and fears of more mortgage-related writedowns hit banks again.

Shares of energy companies were among the biggest fallers, sinking along with crude oil prices on persistent worries over a U.S. recession. Royal Dutch Shell (RDSa.L: Quote, Profile, Research) shed 5.2 percent, Total (TOTF.PA: Quote, Profile, Research) fell 5.8 percent and Repsol (REP.MC: Quote, Profile, Research) lost 4.3 percent.

The FTSEurofirst 300 index of top European shares closed down 3.2 percent at 1,262.40 points, above lows during the session which saw it down more than 4 percent.

...

Banking shares, hit hard over the past six months on concerns over the turmoil that began in the U.S. subprime mortgage market, fell again on Wednesday, with the DJ Stoxx bank index down 35 percent from its 52-week high.

Banco Santander (SAN.MC: Quote, Profile, Research) shed 4.8 percent, BNP Paribas (BNPP.PA: Quote, Profile, Research) dropped 4.6 percent and Deutsche Bank (DBKGn.DE: Quote, Profile, Research) lost 3.5 percent.

Societe Generale (SOGN.PA: Quote, Profile, Research), hit by renewed market talk on large writedowns, shed 4.2 percent. SocGen declined to comment.

...

Shares of European financial institutions started to sharply fall last Friday after U.S. bond insurer Ambac (ABK.N: Quote, Profile, Research) lost its vital triple-A credit rating from Fitch Ratings, putting at risk billions of dollars of corporate and municipal bonds covered by the company.

Germany's DAX index .GDAXI was the most hit among Europe's top three indexes on Wednesday, down 4.9 percent, while UK's FTSE 100 index .FTSE lost 2.3 percent and France's CAC 40 .FCHI fell 4.3 percent.

They are down 21 percent, 17 percent and 25 percent from their 52-week highs respectively. Many analysts consider a fall of 20 percent from a peak as signalling a bear market.

Stocks in sectors seen as defensive, or better positioned to weather an economic downturn, were not spared in the selloff on Wednesday.

Vodafone (VOD.L: Quote, Profile, Research) fell 4.6 percent, Sanofi-Aventis (SASY.PA: Quote, Profile, Research) slid 5.6 percent, Unilever (UNc.AS: Quote, Profile, Research) lost 3.7 percent and Suez (LYOE.PA: Quote, Profile, Research) dropped 5.2 percent.

/... http://www.reuters.com/article/marketsNews/idCAL235542520080123?rpc=611

[Ghost Dog]

110. FTSE slides with U.S. as recession fears die hard

LONDON, Jan 23 (Reuters) - Britain's top shares slid 2.3 percent on Wednesday, as market turbulence swept through Europe and Wall Street dipped its toes into bear market territory amid persistent fears of a U.S. recession.

...

"We're going to live in very volatile conditions for some months," said David Buik of Cantor Index. "What the Fed has done has needed doing... but for there to be any effect it's going to take six months."

The FTSE 100 .FTSE closed down 130.8 points at 5,609.3 as the market buzzed with talk of further subprime write-downs and surprise interest rate cuts.

"It's whipping around, this market, it's all over the place," said Roger Cursley, UK strategist at Investec.

The FTSE slumped 5.5 percent on Monday, its largest daily loss since Sept. 11, 2001, and has lost about 13 percent since the start of the year as recession fears have grown.

/Continued... http://www.reuters.com/article/marketsNews/idCAL2388439320080123?rpc=611

[Hissyspit]

7. Apple Shares Drop After Missed Forecast

http://news.yahoo.com/s/nm/20080123/bs_nm/apple_dc;_ylt=As87nDak6mM8tdYoWp67vL2s0NUE

Apple shares drop after missed forecast
By Scott Hillis
Tue Jan 22, 7:33 PM ET

SAN FRANCISCO (Reuters) - Apple Inc (AAPL.O) on Tuesday forecast a quarterly profit below analysts' expectations and posted disappointing holiday-season iPod shipments, sending its shares down 11 percent in after hours trade on concern consumers were cutting spending.

Stock market futures and shares of technology giants including Google Inc (GOOG.O) and Microsoft Corp (MSFT.O) fell in Apple's wake, after a frenzied day that saw the Dow Jones industrial average fall 1 percent and Nasdaq drop 2 percent amid mounting fears for the U.S. economy.

"As Apple goes, so goes the Nasdaq," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey, who called it a bellwether for both the technology and retail industries.

Apple's holiday-quarter shipments of iPod music and video players were 22.1 million units, up about 5 percent from a year earlier and shy of forecasts from three analysts tracked by Reuters ranging from 22.4 million to 25 million.

Sales of the iPhone hit 2.3 million, in line with most Wall Street estimates.

"Investors are nervous about strength in consumer and even though Mac shipments were quite strong, iPods were light versus expectations," said Shannon Cross of Cross Research.

Apple said iPod revenue rose 17 percent from a year earlier -- the strongest growth in a year, according to executives -- as the debut of a $400 model with a touch screen and wireless Internet capability lifted average selling prices.

The company also shipped 2.3 million Mac computers in the quarter, up 44 percent from a year earlier.

[Hissyspit]

9. World Economic Forum Opens in Davos Amid Economic Turmoil

http://news.yahoo.com/s/afp/20080123/ts_afp/davos_080123101151;_ylt=Apd7otTh_V3mw0Vs8lLHAp2s0NUE

World Economic Forum opens in Davos amid economic turmoil
by Adam Plowright
47 minutes ago

DAVOS, Switzerland (AFP) - The annual Davos gathering of the world's political and business elite opened Wednesday, dominated by the deep cut in US interest rates aimed at preventing recession and supporting world stock markets.

In recent years the annual meeting in the Swiss ski resort has been against a backdrop of bumper corporate profits, strong economic growth and tame inflation.

But as the 38th World Economic Forum opened the global economy is now faced with huge slides in stock markets, slowing growth, the subprime crisis and increasing oil, food and other commodity prices.

"I don't know whether there will be a recession in the United States, but I do know that one year ago, at this time, things were very rosy," Rahul Bajaj, chairman of Indian industrial group Bajaj Auto told AFP in Davos.

[ozymandius]

10. Wall Street: Still seeing red

LONDON (CNNMoney.com) -- Wall Street looked set to take another beating Wednesday, as investors reacted to a disappointing outlook from Apple and remained haunted by recession fears.

At 5:32 a.m. ET, Nasdaq and S&P futures were lower, suggesting losses at the start of trading.

Apple (APPL) posted record quarterly earnings late Tuesday but issued an outlook that rattled investors. The stock sank more than 12 percent in after-hours trading.

http://money.cnn.com/2008/01/23/markets/stockswatch/index.htm

[ozymandius]

13. Wall Street bets on more Fed cuts

NEW YORK (CNNMoney.com) -- Even though the Federal Reserve slashed its key federal funds rate by three-quarters of a percentage point in an emergency meeting Tuesday, Wall Street is still betting that the central bank will lower rates again next week.

The Fed will hold a two-day meeting that wraps up on Jan. 30. And according to futures listed on the Chicago Board of Trade, investors are pricing in a 100 percent chance of at least a quarter-point cut, to 3.25 percent, and a 66 percent likelihood of a half-point cut, to 3 percent.

"There is a legitimate chance of another cut next week. The Fed wants to stay in front of things and at this stage, they'd rather err on the side of having rates be too easy than too restrictive," said Jack Ablin, chief investment officer with Harris Private Bank.

"The Fed doesn't want to be blamed for making a downturn worse than it already is," Ablin added.

http://money.cnn.com/2008/01/22/news/economy/fed_lookahead/index.htm

[radfringe]

19. how low did it go after 9-11?

be interesting to see market reactions after smirk-boy's SOTU... speculation is the he's going to yak up his rebate bribe scheme

[54anickel]

35. DOW lost about 14% in 4 days when it finally re-opened on the 17th, recouped it all in a few weeks.

I don't see a very fast recovery this time around, but you never know. If Dimson's term has taught the markets anything it's complacency and what goes down must come up :eyes: until, of course, it doesn't. Depends on how long it takes before they see it as a fire sale bargain.....the big wigs complaining at Davos isn't a good sign.

Thanks for the new lemmings graphic!



On edit - 911 brought a half point cut by the Fed, not sure what rate that left us with. A 3/4 of a point cut hasn't been seen since 1984 (according to this article - http://groups.google.co.ck/group/rec.gambling.poker/browse_thread/thread/2162d0856b5957b6)


They've been pumping away since late last summer, just don't see how more of the same is gonna cure anything. What's that definition of insanity again?

[radfringe]

39. yer welcome regarding the lemmings...

misunderstood my question - what I meant to ask was how low did the fed rate go before they started bumping it up again?

[CGowen]

45. I think 1.0 in 2003

http://www.federalreserve.gov/fomc/fundsrate.htm

[UpInArms]

50. here's the 2001 rate cut history

http://www.newyorkfed.org/markets/statistics/dlyrates/fedrate.html

 	date	Discount Rate	Federal Funds Rate	 
	
change	New Level	Change	New Level/
Range

 	2002					 
	
 	Nov 6	-1/2	3/4	-1/2	1 1/4	 
	
 	2001					 
	
 	Dec 11	-1/4	1 1/4	-1/4	1 3/4	 
	
 	Nov 6	-1/2	1 1/2	-1/2	2	 
	
 	Oct 2	-1/2	2	-1/2	2 1/2	 
	
 	Sep 17	-1/2	2 1/2	-1/2	3	 
	
 	Aug 21	-1/4	3	-1/4	3 1/2	 
	
 	Jun 27	-1/4	3 1/4	-1/4	3 3/4	 
	
 	May 15	-1/2	3 1/2	-1/2	4	 
	
 	Apr 18	-1/2	4	-1/2	4 1/2	 
	
 	Mar 20 	-1/2	4 1/2	-1/2	5	 
	
 	Jan 31	-1/2	5	-1/2	5 1/2	 
	
 	Jan 4	-1/4	5 1/2			 
	
 	Jan 3	-1/4	5 3/4	-1/2	6

[54anickel]

56. WOW, I had forgotten how much a a trajectory downward they were on BEFORE 911

[UpInArms]

58. and then after that - in 2003 - it was cut to 1%

and WHEEEE!!!! FREE MONEY!!!!!

then - greenSCUM touted the ARM in Feb 2004 as the WAY TO GO!!!!

the rest is now in the dustbin of his-story.

ah well - good to see you here today 54anickel!!!

:pals:

[54anickel]

70. and the choppers have been circling regularly the past few months...

http://www.gata.org/node/5681

Fed's money dump is biggest since 9/11
Fed Pumps $41 Billion into U.S. Financial System

By Jeannine Aversa
Associated Press
via Yahoo News
Thursday, November 1, 2007

WASHINGTON -- The Federal Reserve pumped $41 billion into the U.S. financial system Thursday, the largest cash infusion since September 2001, to help companies get through a credit crunch.

The action came one day after Fed Chairman Ben Bernanke and all but one of his central bank colleagues voted to slice a key interest rate. It was the second time in six weeks that policymakers acted to protect the economy from the effects of the housing downturn and credit troubles.

Wall Street took a nosedive with the Dow Jones industrials losing 362.14 points to close at 13,567.87.

The Fed on Wednesday ordered its key rate, called the federal funds rate, to be lowered by one-quarter of a percentage point to 4.5 percent. That followed up on a half-percentage point cut in September. Those two rate reductions might be sufficient to help the economy make its way safely through trouble spots, Fed policymakers indicated.

snip>

The Federal Reserve Bank of New York, which carries out the central bank's open market operations, moved Thursday to inject $41 billion in temporary reserves into the financial system.

A New York Fed spokesman said it was the largest single day of operations since $50.35 billion was pumped into the system on Sept. 19, 2001, following the terrorist attacks on New York and Washington. He declined further comment.

more...but it's old news

[AnneD]

75. So had I....

good to see you 54anickle:hi:

It's good to refresh ourselves as to history now and again, Thanks.

[54anickel]

102. Hey there AnneD! Good to "see" you again too, even if only for a fleeting

moment or two. I've been trying to continue to catch up with the SMW thread every night, just not around during the days much to post. Then again, I wouldn't know what to post about anymore. Nothing that's been happening in the markets the past couple of years has made any sense to me beyond being the results of a desperate last ditch attempt by TPTB/Robber Barons to save what's left of a long running scam on the good, hard-working American citizens.

Desperate times call for desperate measures....it's gonna be interesting as we all go down the proverbial toilet! Of course, most of the Robber's will come out with nothing more than a scratch, but their current game will have to come to an end. It will take a bit of time and planning to devise an new, equally favorable "wealth transfer" game plan. Give 'em time, they'll succeed - I don't see folks lining up with torches and pitchforks anytime soon to take their country back...

:hi: :hug:

[AnneD]

134. You've been missed...

:hug: I have the feeling that some well heeled will feel the sting too-note the Cerberus post.:evilgrin:I think we could use more pitchforks and torches though.

[Ghost Dog]

166. I think the 'Robbers' are getting heavily into Swiss Francs right now.

:hi:

[54anickel]

53. Yeah, I caught that misunderstanding after the fact and tried to address it on edit...

UIA posted the whole list....

[Demeter]

27. At This Rate They Run Out of Wiggle Room Long Before the Election

let alone before Bush's term of office expires like the dead horse it is.....

[natrat]

34. they are wrecking it on purpose and following a script written a long time ago, maybe

[happyslug]

48. At 3.5% it is already BELOW the inflation rate of 4.08% for December

Inflation rates since 1914:
http://inflationdata.com/inflation/Inflation_Rate/HistoricalInflation.aspx

Now 2007 overall rate was only 2.85, but inflation increased in the last months of 2007.

Please note, HOW inflation is calculated changed in the 1990s, many says this reduced the CPI rates from the actual inflation rate by 5-8 percentage points, for more see:
http://www.investopedia.com/articles/07/consumerpriceindex.asp
http://www.atimes.com/atimes/Global_Economy/HF27Dj01.html

Now according to this article "Real Inflation" was 4 points higher than the CPI in the 1960s, but is now 6 points higher. This seems to be to high, but interesting:
http://www.safehaven.com/showarticle.cfm?id=5795&pv=1

Please note NONE of the above deals with the difference between "Core Inflation" and CPI rates. "Core inflation" excludes food and energy do to Food and Energy being noted for rapid variation in price NOT related to the overall economy. Overall "Core" and CPI rates tend to be about the same (But this assumes the above statements as to the CPI being accurate are true, not the position of many people watching inflation that the CPI rates as changed in the early 1990s are mis-leading in themselves).

One Last Comment. If the CPI is 4.08% for December, the old CPI rate would be about 4 points higher or about 8%. The "real inflation rate" appears to be to high, for if it was accurate that would mean a 12% inflation rate. The recent price increases (excluding Gasoline) seems to be like the late 1980s, roughly 8% hading for double digits, but not yet double digits.

Please note ALL of these rates are over the 3.5% rate the Federal Reserve is setting for loans.

[kineneb]

87. time for a visit to shadowstats

http://www.shadowstats.com/

always a good stop for different perspectives...

(besides, I am a visual learner: love them graphs)

[Ghost Dog]

17. Candidates offer economy fix

Jan 22 - It seems that almost every presidential candidate is also paying attention to the bad news about the U.S. economy.

Candidates have started to retool their messages -- putting the downturn in the U.S. economy front and center in the race for the White House.

/... Superficial Reuters video: http://www.reuters.com/news/video?videoId=74850&videoChannel=1

[radfringe]

20. rebate scheme a done deal

bush's proposal to hand out checks is just a rerun of what he did back in 2001. didn't work well then to boost the economy, won't work well now. it's a short term bandaid, not a long term fix

When it passes congress, (notice I said WHEN and not IF - I'll explain further down in the post) and bush signs it - it's then up to the treasury to cut/mail the checks. Blatherhead speculation estimates the checks will hit people's mailboxes sometime in october - and I agree...

we know the rebate-bribe has little/no effect in the long term - so why waste time doing a quick fix as opposed to a long-term solution. well - it's a (s)election year.

if any dem stands up and says this is bushit - I'm voting against it - he/she will be tarred and feathered as not supporting the people. Ads will run saying "HE/SHE voted against helping your family"

the details of the rebate-bribe scheme may change but it's a sure bet that it's a done deal.

[Robbien]

21. True. The only thing up for debate is

how big a tax break will be given to the wealthy elite through permanent corporate tax cuts. I expect this will be a good chunk of the total giveaway program.

[sendero]

22. A quick-fix...

.. that takes 9 months isn't even quick. Much less a fix.

I don't think there are many people who understand the situation and think this sort of action is going to accomplish anything. But politicians have to do something to mask the fact that their actions have led to this debacle.

[Robbien]

23. Europe is issuing Hedge Fund voluntary standards

A group of Europe's largest hedge fund managers issued voluntary best-practice standards that could prompt greater disclosure from the funds, ahead of a similar effort in the US.

The guidelines, declared on Tuesday and backed by industry leaders such as Marshall Wace, GLG Partners and Man Group, call for funds to disclose investment strategies and types of investments, including their use of derivatives. They also say funds should disclose more detail about operating practices such as their risk management and governance, and follow best-practice guidelines concerning them.

The standards include a provision for not borrowing stock solely to make use of its voting rights, for instance, and giving investors clear explanations of the total fees they collect. The report also clarifies some standards proposed in October regarding how hedge funds approach governance and valuation.


A group called the Hedge Fund Standards Board will oversee the standards. Managers who sign up must comply or explain why they cannot meet them. But there will be no enforcement of the standards, leading to warnings that they may be devalued.

The Financial Services Authority will not monitor compliance, but welcomed the standards. However, the watchdog confirmed that companies would breach its rules if they falsely claimed to meet the standards.

http://www.financialnews-us.com/?page=ushome&contentid=2349624049

Horses are long gone but these guys are still fiddling with the open barn door.

[Dr.Phool]

29. Voluntary?

They'll volunteer to do absolutely nothing.

Regulate the shit out of them.

[AnneD]

81. Good to see you again....

Dr.Phool:hi:
They aren't the only ones that need more fiber to regulate themselves:evilgrin: Sorry Nurse Humour can be a sick thing :rofl:

[Pale Blue Dot]

25. Business leaders criticize the Fed

http://money.cnn.com/data/premarket/

DAVOS, Switzerland - Business leaders appealed for more leadership from U.S. and other central banks to head off an economic downturn on Wednesday, with some accusing policy makers of losing their grip and their nerve.

As shares in Europe fell heavily again on Wednesday on deepening fears of a slowdown, a day after an emergency U.S. interest rate cut, top executives expressed alarm as they gathered for an annual retreat in the Swiss resort of Davos.

“Central banks have lost control,” said billionaire financier George Soros.

Other executives attending the opening discussions of the annual meeting of the World Economic Forum in Davos said the surprise decision by the U.S. Federal Reserve on Tuesday to cut interest rates by 75 basis points looked like a panic move.

“We have a market-friendly Fed possibly injecting a lot of liquidity in the system which will set us up for another bubble economy,” said Stephen Roach, head of Asia for U.S. investment bank Morgan Stanley (MS.N).

“I’m sort of worried that all they did yesterday was to hit the snooze button. (This is) excessive monetary accommodation that just takes us from bubble to bubble to bubble.”

[Hugin]

59. "all they did yesterday was to hit the snooze button"

Pretty well sums it all up.

[radfringe]

30. What will the lemmings do today? (bringing back a classic)

feel free to grab the gif and use it as you see fit

[TalkingDog]

33. Here's my fave:

If I had my head on straight yesterday (rather than a squoshed and compressed feeling) I would've offered it then. Let's hope it's a hindsight gif rather than prescient one.


My Favorite Master Artist: Karen Parker GhostWoman Studios

[Robbien]

31. Cerebus must purge $200 billion of loans before resuming LBOs

Cerberus Capital Management LP Chairman John Snow said banks need to ``purge'' about $200 billion of loans for which they haven't found buyers before leveraged buyout firms can resume last year's record pace.

``The big issue here this year is the seizure of the credit markets and the prospect of a sharp downturn in economic activity,'' Snow said in an interview at the annual meeting of the World Economic Forum at Davos, Switzerland. ``There's got to be a purging'' of un-syndicated loans before deals will resume, he said.

Investor demand for the loans the LBO firms use to pay for acquisitions evaporated in August as the collapse of U.S. subprime mortgages caused financing costs to more than double. Banks are reducing a $350 billion backlog of debt they agreed to provide, making them less willing to back new buyouts.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aAKW18rxTXz8&refer=home

[AnneD]

77. Excuse me for a moment....

let me tune up here.....:nopity::nopity::nopity::nopity::nopity::nopity:

They got caught with their pants down-just like some of these RE investors. I'm just surprised they are admitting it.

[Hugin]

80. Our local supermarket is purging their name brands for in-house brands...

all made and packaged in, China. Which, I wouldn't feed to my dog.

It's all crap. :puke:

Thanks Cerebus.

(Well, they did boot Patricia Heaton... but, the food is still crap.)

[UpInArms]

32. dollar watch

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

Last trade 76.409 Change +0.137 (+0.18%)

US Dollar: Quickly Becoming a Low Yielder

http://www.dailyfx.com/story/topheadline/US_Dollar__Quickly_Becoming_a_1201013944040.html

The surprise 75bp interest rate cut delivered by the Federal Reserve this morning brought US interest rates down to 3.50 percent, making the US dollar the third lowest yielding currency in the developed world. More specifically, US rates are now 50bp less than Eurozone and Canadian Rates, 200bp less than UK rates, 325bp less than Australian interest rates and 475bp less than New Zealand's interest rates.

The futures curve suggests that we could realistically see another 100bp of easing by the end of the year, which would put US interest rates below Switzerland's. At that point, the only currency that would yield less than the dollar would be the Japanese Yen.



As a result, we are quickly seeing the US dollar become a carry trade funding currency. A little more than 5 months ago, US interest rates were the fourth highest in the developed world and now it is the third lowest.

The last time we had an intermeeting rate cut was after 9/11 in 2001, but the last time that the Fed cut by 75bp or more was in October 1984. The big problem for the dollar is not just today's move by the Fed, but the reality that further easing will come sooner and deeper than everyone expects. It is quite possible that we may even return to 1.00 percent interest rates because the problems that the Us economy faces now is more severe than the problems it faced when the tech bubble burst (See our Instant Insight on the Fed's Emergency Rate Cut).

...more...

US Dollar to Remain Weak as Fed Prepares for another 50bp Cut on Jan 30

http://www.dailyfx.com/story/bio1/US_Dollar_to_Remain_Weak_1201041017944.html

The volatility in the financial markets caused panic at the Federal Reserve, resulting in the first intermeeting rate cut since 2001. Before the US stock markets opened, Bernanke slashed the Fed Funds rates by 75bp, the largest cut in 23 years. With Dow futures falling 500 points on Monday, the Fed refused to sit back and watch the US stock index plunge another 4 or 5 percent. They knew that they needed to act quickly and significantly to prevent US equities from wiping out billions of dollars off the value of publicly traded US companies. Did it work? Yes and no. The Dow did not fall 500 points, but it still ended the day down 128 points. Although the Fed’s 75bp emergency cut indicates how serious they are about averting a deeper slowdown in US growth, it is not enough. According to the statement that accompanied the move, the Fed's primary concern was increasing downside risks to growth, a deepening housing contraction and softening labor markets (more details on the Fed’s Emergency Rate Cut) Fed’s Emergency Rate Cut). Since appreciable downside risks to growth remain, they stand ready to act in a timely manner. In other words, their game plan is to continue to lower interest rates. Fed fund futures are pricing in a 100 percent chance that another move will be made at the end of the month with the highest probability action being another 50bp rate cut. The announcement has driven the US dollar lower against every major currency except of the Japanese Yen which has benefitted from a general rally in carry trades. With this move, the US dollar is now the third lowest yielding currency in the developed world. US rates are now 50bp less than Eurozone and Canadian Rates, 200bp less than UK rates and 325bp less than Australian interest rates. The futures curve suggest that we could see another 100bp of easing by the end of the year, which means that the US dollar is quickly become a carry trade funding currency. A little more than 5 months ago, US interest rates were the fourth highest in the developed world and now it is the third lowest. It is realistic to expect a return to 1.00 percent interest rates because the problems that the US economy faces now are more severe than the problems it faced when the tech bubble burst. The combination of falling equity prices and falling interest rates was the same dynamic that sent the US dollar plunging against the Japanese Yen between 2002 and 2005. The US dollar started its downtrend in middle of 2007 and we believe that this move will take USD/JPY back towards 105 and the EUR/USD to 1.50.

...more...

[Ghost Dog]

67. Euro = USD 1.458 and CHF 1.593 at this time.

[Ghost Dog]

68. Hard fight going on there to prevent Gold and Silver

consolidating above 900 and 16 USD per ounce respectively, I see.

[Ghost Dog]

113. Dollar Mixed, Gold Rises in Europe

The U.S. dollar was mixed against other major currencies in European trading Wednesday. Gold was up.

The euro traded at $1.4557 down from $1.4627 late Tuesday in New York. Later, in midday trading in New York, the euro fetched $1.4571.

Other dollar rates in Europe, compared with late Tuesday, included 105.64 Japanese yen, down from 106.44; 1.0903 Swiss francs, down from 1.0951; and 1.0252 Canadian dollars, down from 1.0285.

The British pound was quoted at $1.9507, down from $1.9605.

In midday New York trading, the dollar bought 105.35 yen and 1.0897 Swiss francs, while the pound was worth $1.9509.

Gold traded in London at a bid price of $888.40 a troy ounce, up from $875.00 late Tuesday. In Zurich, gold traded at $889.65 bid per troy ounce, up from $877.50.

Silver traded in London at $16.07, down from $16.08.

/. http://asia.news.yahoo.com/080123/ap/d8ubn8hg0.html

[Ghost Dog]

114. Euro = USD 1.458 and CHF 1.590 at this time.

[Roland99]

36. 9:02am futures... Grab the mops and buckets!!

DJIA -228 ... S&P -35 ... NASDAQ -65

[NewYorkerfromMass]

37. I guess the 75 point cut is for shit

and everyone knows it. Mission Accomplished!

[radfringe]

40. DOW OPENS DOWN -218.10 (-1.82%)

DOW : 11,753.09
-218.10 (-1.82%)
Real-time: 9:35AM ET Open: 11,969.08 Mkt Cap: N/A P/E: N/A Dividend: N/A
High: 11,969.08 52Wk High: 14,198.10 F P/E: N/A Yield: N/A
Low: 11,743.82 52Wk Low: 11,634.82 Beta: N/A Shares: N/A
Vol: 20.90M Avg Vol: 276.26M EPS: N/A Inst. Own: N/A
Compare Settings

[Hugin]

41. Well, in a way... Yes, it was mission accomplished.

Now the Corporate Media has flushed itself and turned to other news... Like some dead star.

Leaving the masses with the impression, "It's all better now." Back to the "bread and circuses".

[NewYorkerfromMass]

43. if the DOW loses another 400 today

then good luck trying to hide that.

[Hugin]

47. They've managed to hide an entire war for 5 years...

Haven't heard a peep about it. :shrug:

[54anickel]

71. BWAHAHAHA! Good Point!!!!! n/t

[Hugin]

76. It remains to be seen, if the only people they're hiding it from at this point...

is themselves.

Cognitive Dissonance comes to mind.

[Ghost Dog]

104. This from (Roubini's) RGE Monitor:

(Close the 'trial subscription' window to see what's behind it):

Bernanke Put: Were the Fed's Emergency Cuts Effective?

* Federal Reserve lowered its benchmark interest rate in an emergency move for the first time since 2001 after stock markets tumbled from Hong Kong to London. The bank lowered the target Fed Funds Rate (FFR) 75bps to 3.5% from 4.25% and lowered the discount rate on direct loans to commercial banks 75bps to 4%
* El-Erian (FT): markets still skeptical as to whether policymakers fully grasp severity of situation
* Cecchetti: Fed was not reacting to stock market drop but to economic changes
* Mishkin: There are cases when tail risks call for abandoning a gradualist approach
* JPMorgan (not online): It now looks like rates will fall 125bps in January
* BNP (not online): Fed will cut FFR an additional 25bps at Jan 30 meeting, 50bps if equity markets worsen or remain around levels reached Jan 21-22
* SG: FFR to reach 3.5% by end-Q2 2008
* PIMCO, Unicredit: FFR may need to go down to 3% or lower by mid-2008
* Goldman Sachs (not online): FFR at 2.5% by late 2008
* Citigroup: FFR trough to be 2.5% (or lower if financial instability continues) with 100bps easing in Q1
* BNP (not online): FFR to reach at least 2% by the second half of the year

/... http://www.rgemonitor.com/

[natrat]

42. after the panic, whenever that is,with that rate cut its setting up for one sharp pop

[Roland99]

46. 9:40am - Abandon hope all ye who enter here

Dow 11,730.49 -240.70
Nasdaq 2,235.84 -56.43
S&P 500 1,278.54 -31.96
10 YR 3.32% -0.17
Oil $87.65 $-1.56
Gold $884.00 $-6.30

[radfringe]

51. btw - google news - business section has some good real time interactive charts

http://finance.google.com/finance?cid=983582&client=news

[Hugin]

52. Very good.

Thanks for pointing those out, radfringe. :)

[Doctor_J]

54. OMFG

When is the last time a Resident left office with the DJIA lower than where he found it? Even Poppy didn't screw up this badly.

[AnneD]

79. Turn Back the Hands of Time Pool

Guess the date the DJIA rolls back to the level it was when the chimp took office (10578.24).You can revise your dates up until Labour Day (the working man's holiday)or the DJIA hits 11000 (got to have a cut off). Anyone can join, just give a date and your reasoning for that date.

the other one.....1/30
DemReadingDU.....2/29
Talking Dog.....3/28 at 2 pmish
Warpy...3/20
ProgressiveRealist.....4/17
Mattsh.....4/22
GhostDog.....4/28
MilesColtrain.....5/2
Happyslug.....5/9
UIA.....7/15
Roland99.....7/28
Abelenkpe.....8/2
Kineneb.....8/8
Prag.....9/5
MoJo Rabbit.....9/5
MuleBoy(aka hiz honna da mayor).....9/11
Birthmark....10/10
AnneD....10/24 or 1/25 at the rate the market is tanking.
MsLeopard.....10/31
Ship wrack.....11/5

So polish up those crystal balls folks. There is still time to enter.

[Theres-a]

184. March 15 for me

Beware the Ides of March!

[UpInArms]

55. SunTrust profit sinks 98 pct

http://www.reuters.com/article/bondsNews/idUSN2360369820080123

NEW YORK (Reuters) - SunTrust Banks Inc (STI.N: Quote, Profile, Research), a large U.S. southeast regional bank, on Wednesday said fourth-quarter earnings tumbled a larger-than-expected 98 percent, hurt by a tripling of credit losses and a bailout of money market mutual funds.

Net income for the Atlanta-based bank fell to $11.1 million from $506.3 million a year earlier, according to a regulatory filing. Profit per share fell to 1 cent from $1.39.

Analysts on average expected profit of 22 cents per share, according to Reuters Estimates.

Revenue fell 15 percent to $1.74 billion, the filing shows, below the average forecast of $1.91 billion.

Results suffered from "rapid deterioration of the residential real estate market, the change in the credit cycle and consumer credit quality, and the resulting impact on liquidity in the financial markets," Chief Executive James Wells said in a statement.

SunTrust is the last of the 10 largest U.S. commercial banks to report fourth-quarter results. All suffered declines in operating earnings or lost money, topped by Citigroup Inc's (C.N: Quote, Profile, Research) $9.83 billion loss.

...more...

[UpInArms]

57. Merrill Lynch says U.S. nationwide home prices may fall 30%

http://www.marketwatch.com/news/story/merrill-lynch-says-us-nationwide/story.aspx?guid=%7B113721E5%2D3D7D%2D4938%2DB5E1%2D44401BD02AA4%7D

HONG KONG (MarketWatch) -- Merrill Lynch forecasts nationwide U.S. home prices could decline 25% to 30% over the next three years, as new supply and weak demand weigh on the market. "This sounds dire... but would only reverse part of the unprecedented 130% price surge from 2000 to 2006," wrote economist David Rosenberg in a research note released Wednesday. Rosenberg added the S&P 500 may decline an additional 20% to 25% to breach the 1,100-point level if the market follows historical precedents at times when the U.S. economy is in recession.

[Robbien]

63. Thirty percent would only be a start

in my opinion.

There has been so much fraud in the realtor business creating false appreciation that the majority of that 130 percent price surge should be retracted.

[UpInArms]

60. 10:08 EST It's a MIRACLE recovery in progress with blather

Dow 11,840.31 130.88 (1.09%)
Nasdaq 2,255.55 36.72 (1.60%)
S&P 500 1,296.04 14.46 (1.10%)
10-Yr Bond 3.321% 0.163

NYSE Volume 824,404,562.5
Nasdaq Volume 423,159,468.75

10:00 am : The major indices have made a slight recovery, but still are trading with significant losses. Nine of the ten sectors are posting a loss. Tech (-3.1%) is posting a large decline in the wake of Apple's (AAPL 137.18, -18.46) and Motorola's (MOT 10.50, -1.82) disappointing outlooks. Tech was also a laggard yesterday.

Motorola topped its earnings expectations, but issued an outlook well below the consensus estimate. Motorola said it expects first quarter loss of $0.05 to $0.07 per share, sharply below the Street's expectation for a profit of $0.10.

Financials were (+0.4%) one of the few sectors to post a gain yesterday, and are again outperforming on a relative basis.DJ30 -186.64 NASDAQ -47.15 SP500 -23.04 NASDAQ Dec/Adv/Vol 1972/455/187 mln

09:40 am : Stocks open sharply lower, which follows yesterday's poor opening when the Dow dropped 459 points. Yesterday, stocks managed to rebound, ending the day in the red but paring the majority of their losses.

Sentiment has again soured though, after disappointment with Apple's (AAPL) outlook and discouraging comments from the European Central Bank President (ECB).

Apple is weighing on the market after the company did not beat expectations by as much as the market had grown accustomed to seeing, with its iPod shipments missing Street expectations. The company also issued second quarter guidance below the consensus estimate.

The ECB President made it clear that his main focus is to fight inflation. This was interpreted that the ECB may not follow the Fed's decision to cut rates. France's CAC 40 Index is down 4% and Germany's Dax is down 4.7%. DJ30 -240.70

(edited for ytop)

[Hugin]

61. A miracle!

:bounce:

:starryeyed: We should build a shrine!

:bile:

[UpInArms]

64. 10:18 EST - it was just a "bad dream" - only a bit of a papercut left

Dow 11,931.68 39.51 (0.33%)
Nasdaq 2,271.68 20.59 (0.90%)
S&P 500 1,305.87 4.63 (0.35%)
10-Yr Bond 3.348% 0.136

NYSE Volume 996,760,875
Nasdaq Volume 539,168,625

[Roland99]

65. Wow. And already a billion served on the NYSE

[NewYorkerfromMass]

69. Paper cuts can open up again

rather easily. Looks like this one has.

[burf]

72. It seem that

the "rally" was short lived. I see its going back down again. It makes a person wonder just how much was pumped into the market by the PPT. Kinda like a ride at the amusement park. You pay your money, get a ride and wind up where you started.

[Ghost Dog]

120. But consider this:

(and in honor of today's cartoon): if you're on the team that's manning the pumps, then you know when you're about to start pumping, and you also know when you're about to take a breather before, very probably, recommencing. This, then, we reckon, translates fairly closely into the troughs and peaks of certain days' trading. In that position, what would you do?

But then, nah, couldn't be: 'insider trading' is illegal, even in the good 'ole US of A. :freak:

[UpInArms]

62. (filed under the "ya think?" label) US companies with weak liquidity on the rise-report

http://www.reuters.com/article/bondsNews/idUSWNA612820080123

NEW YORK, Jan 23 (Reuters) - The number of junk-rated U.S. companies with weak liquidity rose by 77 percent in the second half of 2007, a sign of growing default risk, Moody's Investors Service said on Wednesday.

At the end of 2007, there were 39 issuers with weak liquidity ratings, up from 22 in June, Moody's said. The increase shows how tighter credit markets have quickly increased the liquidity risk for some leveraged borrowers, Moody's said in a statement.

Are they saying that now that these companies which have been sliced diced cut apart and gutted by LBOs and mergers are broke???

:rofl:

[Robbien]

74. Tank sales soar, info technology stalls for General Dynamics

http://www.canada.com/ottawacitizen/news/story.html?id=4c761124-ce56-474a-bdcd-7df55549f1cc&k=67129

The Headline says it all.

[Ghost Dog]

124. Worth quoting the essence of it, all the same:

The company has said results in the (IT) division, which makes advanced military communication and related gear, are slowing because the military is concentrating on hardware needed on the battle field. Combat system sales soared 46 per cent to $2.6 billion, beating the technology division as the company's biggest producer.

2+2=4 (not 5). The invasion of central Eurasia will continue, regardless of whether the * cabal directly or Hilary occupy the post of Commander in Chief of the expensively-Armed Forces of the USA.

[Robbien]

78. U.S. 2008 Growth Forecast Cut in Half by Merrill down to zero point eight percent

Merrill Lynch & Co. cut its 2008 U.S. economic growth forecast in half, saying the country's housing recession has ``spilled over to the rest of the economy.''

The gross domestic product will expand 0.8 percent this year, down from an earlier forecast of 1.6 percent, New York-based economists Sheryl King, Kathleen Bostjancic and David Rosenberg wrote in a report dated Jan. 22. They estimated the U.S. economy, the world's largest, will grow 1 percent in 2009.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aG8k6BC66sOQ&refer=home

[Hugin]

82. ~11:30 ET: The 'miracle' continues...

Index Last Change
• DJIA 11904.53 -66.66
• NASDAQ 2233.99 -58.28
• S&P 500 1287.79 -22.71

(Note: The DU Rapturist group will appreciate the Dow.)

[Roland99]

83. 11:40am - Well, you were missing Al Michaels. Markets don't believe in miracles now.

Dow 11,824.30 -146.89
Nasdaq 2,236.25 -56.02
S&P 500 1,290.08 -20.42
Oil $87.85 $-1.36
10 YR 3.34% -0.14
Gold $892.00 $1.70

[Hugin]

84. It's STILL a 'miracle'...

Until at least after the SOTA. O8)


Edit: Forgot qualifying quotes around 'miracle'... Hasn't been sanctified and anointed yet.

[zanne]

85. HAH!

Just one too many sixes.

[Hugin]

86. It is a hidden code directly from...

SATAN'S CALCULATOR! :evilgrin:


Peace be with you. O8)

[Sanity Claws]

88. Is Rule 48 still in effect?

Yesterday, the NYSE invoked this new rule that nobody seemed to be familiar with. Trading slowed down immediately after that.
Today, things have picked up and I'm wondering whether this new rule was lifted or whether people have figured out how to handle it.
Anyone know?

[Hugin]

91. Several of the Internet charts are all messed up...

Some don't show any historical data and others have yesterday flat lined.

I -am- seeing data for today which would mean Rule 48 is no longer in effect. But, who knows if it's
correct data or not. :shrug:

I haven't heard anything concrete about the status, tho.

[Sanity Claws]

93. Thanks for the response

Please let us know if you hear a definitive answer.
My guess is that the Rule has been lifted and we would have seen this drop yesterday, had it not been in effect.

[Robbien]

94. According to CNBC

The invocation of Rule 48 is in effect only for today (1/22/08). Previously, the NYSE invoked the rule on Dec. 12, 2007. The rule was approved by the Securities and Exchange Commission on Dec. 6, 2007.

http://www.cnbc.com/id/22781946

There has been no mention of the rule being invoked again today. Applying the rules outlined in the article, the conditions today do not justify invoking it again today.

[Hugin]

95. One thing I have seen...

The early data from today was -rising- from somewhere... deep... down...

My guess is, it passed the *cough* recession *cough* threshold yesterday.

But, us non-haves will never get to see those numbers.

[Hugin]

89. ~12:45 ET: More of SATAN'S work!

Index Last Change % change
• DJIA 11729.27 -241.92 -2.02%
• NASDAQ 2216.70 -75.57 -3.30%
• S&P 500 1279.35 -31.15 -2.38%

[NewYorkerfromMass]

90. The hurt is on.

Bring it on! -300

[The Stranger]

92. Anyone know what rumor is killing this thing?

[radfringe]

97. yeah,

bush is going to open his piehole and fix the economy...

[Hugin]

98. "Heckuva job, Ben."

"Now where's my geetar?"

[AnneD]

96. Treasury 30-year yield strikes new low

NEW YORK — Treasurys rallied forcefully once more Wednesday, with the 2-year yield plunging to a four-year low and mirroring investors' belief that the Federal Reserve has embarked on a rate cutting spree.

Meanwhile, the yield on the 30-year bond hit its lowest point ever after skidding below the 4.15 percent it held when first issued in 1977.
<skip>

The recent rallies have pushed the yield on the 2-year note, which is the most sensitive to interest rate policy, sharply lower as prices and yields move in opposite directions. The yield now reflects investors' belief that the Fed has no option but to cut rates again next week to stimulate battered credit markets and a faltering economy.

<skipped a lot>

The new historic low for the 30-year yield places the bond's value as a long-term asset in question. Generally, investors demand much larger premiums for lending money for several decades.

http://www.chron.com/disp/story.mpl/ap/business/5478583.html

The last line was the most eye opening. A swiss bank account may be the only security left.

[AnneD]

99. And now a little light fiction for your reading pleasure.....

How the Fed decided to cut interest rates
As crisis swept globe, Bernanke convened board, Treasury chief got politicians in gear

WASHINGTON — Even though Monday was a holiday, Ben Bernanke showed up early to his office at the Federal Reserve. The next day, he was planning a trip to New York.

But those plans quickly changed. He watched with growing concern as stock markets in Japan, China and Hong Kong started plummeting.

Shortly after lunch, Bernanke called a quick meeting of Fed officials who set interest-rate policy. Meanwhile, Treasury Secretary Henry Paulson, watching the same market turmoil spread to Europe, was sufficiently anxious that he called President Bush at the White House at 3:15 p.m.

At 6 p.m., Bernanke convened a video conference with Fed governors, and an hour and a half later he orchestrated the biggest one-day cut ever in the benchmark interest rate, which the Fed would announce Tuesday morning. It sent the rate from 4.25 percent down to 3.5 percent

<snip>


Maybe I'm too cynical, but this looks and feels like a psyop piece for general consumption.:think:

[Robbien]

105. Bernanke arranged to cut rates while everyone else held firm? That's the supposed prearranged plan?

And the EU/Brits were supposed to tank?

Nope. You are not being to cynical in my eyes AnneD.

[AnneD]

100. SEC departure leaves gaping hole at agency

WASHINGTON — The lone Democrat at the Securities and Exchange Commission has notified the White House that she will depart at month's end, leaving the agency short-staffed at a time when the stock markets are volatile and Wall Street banks are posting enormous losses related to the mortgage crisis.

Annette Nazareth, who started her career at the SEC nearly a decade ago, told President Bush in a letter over the weekend that "it is time for me to pursue other professional opportunities" in the private sector. Her Jan. 31 departure means that the five-member commission will operate without any Democratic representatives at a critical time for the economy and in the waning months of the Bush administration.

<snip>

Nazareth provided the sole voice of dissent last winter when the agency took up the hot-button issue of whether companies could exclude investor proposals related to board members from their proxy statements. At the time, she said the GOP majority had worked "explicitly and unreservedly to deny shareholder rights."

Nazareth had hoped to remain at her post until the Senate confirmed her replacement. Senate Majority Leader Harry Reid, D-Nev., in November forwarded the president the names of two candidates to fill the Democratic vacancies. They are Elisse Walter, a longtime Washington regulator now at the Financial Industry Regulatory Authority, and Luis Aguilar, a corporate lawyer in Atlanta. Both are undergoing lengthy background checks, and their candidacies have not advanced substantially.

http://www.chron.com/disp/story.mpl/business/5477043.html

Yet another reason to tread cafefully when investing.

[Hugin]

101. I could've gone all week without knowing that...

;(


Man, it's bad... Worse than I ever imagined.

[AnneD]

109. When you can see .....

the magicians palming stuff....magic shows aren't as much fun anymore. Just wanted to give you guys a heads up.

[Hugin]

112. Well, bitter medicine is best given by a friend, AnneD.

:)

[54anickel]

103. Luis Aguilar the "Super Lawyer"?....I'm wondering if he'd even still be interested in the job

http://www.mckennalong.com/people-856.html

snip>

Luis was listed in the 2005, 2006 and 2007 editions of The Best Lawyers in America. He is also named one of Georgia’s Super Lawyers 2004, 2005 and 2006 as published in Atlanta Magazine and Georgia Super Lawyers Magazine. He has been named on the Who’s Who in Law in the Atlanta Business Chronicle for 2004, 2005, 2006 and 2007. He was named one of the most influential foreign-born Atlantans by Atlanta Magazine in October 2007.

[NewYorkerfromMass]

106. Volume looks to hit a 3rd straight record day

We had 6 billion shares Friday, 6.5 billion yesterday and with an epic battle now being waged between the bulls and bears today, the trading is absolutely off the charts.
The bears are edging out the bulls at the moment, with decliners at 53-45 over advancers on NYSE, and 62-35 on NASDAQ.
4.6 billion shares have been traded as of 2:40, as bargain hunters have returned to the mix en masse, ready to scoop up whatever is being cast off by those pulling out altogether.

[Hugin]

111. And according to my admittedly crude arithmetic...

The NASDAQ has entered a *cough* recession *cough*

Based on the loss of 20% definition, with a high in October and it's losses counting today.

High: 2,861.51
Low: 2,202.54

% Loss: 23.0%

[AnneD]

152. Did you use that nifty...

SATAN'S CALCULATOR

in figuring it out. That sounds like Cerberus should start making those suckers.

[Hugin]

154. We live in EVIL times, AnneD.

:D

[AnneD]

161. I've heard...

of Satan's panties, Satan's underware, Satan's Whiskers, Satan's Laundrymat, Satan's Chair, and Satan's Chimney-but Satan's Calculator was a new one on me.

[Hugin]

163. They're right next to the self-checkouts...

or you can pick one up on aisle 9, next to the Ruction Cream. :D

[AnneD]

Ahhhh....

I never go to self check outs, refuse to actually-I see them and I think someone is losing a job. So I think I have only been through them 2 times. That's why I have never seen them;)

[Ghost Dog]

188. So volume numbers vía Yahoo appear to have been:

NYSE Volume 7,551,276,500
Nasdaq Volume 3,683,799,250

[spotbird]

115. +44.14 @ 2:05 nt

[Roland99]

116. 3:15pm - DJIA +124

:wtf:

[radfringe]

117. scuttlebutt is Bernake will cut fed rate more this week

and is also being pressure to make it an even bigger cut...

the lemmings are wetting their pants over this

[Javaman]

119. Excuse me sir, how much for that bazooka bubble gum?

that will be 12 bucks.

[Hugin]

122. If you have to ask, you can't afford it.

:D

[Javaman]

128. ...

:spray: :rofl:

[AnneD]

138. I remember when....

penny candy was a nickle, my daughter is lucky to find it for a dime.

[Robbien]

140. Bazooka bubble gum is made in Mexico

We recently bought some and Made in Mexico was prominently displayed on every wrapper.

Heh, that twelve bucks need to be discounted for Free Trade Agreements.

[Hugin]

118. Don't you see?

It's a MIRACLE!

*falls to knees*

O8)

[UpInArms]

121. the "miracle" of short-covering - Dow, S&P gain on short covering

does that mean also that their arses are hanging out?

http://www.reuters.com/article/newsOne/idUSN2234446120080123

NEW YORK (Reuters) - The Dow and the S&P 500 rose late on Wednesday, rebounding from earlier losses of more than 2 percent each, as investors bought back shares they had bet against and the banking sector gained.

The Nasdaq was down almost 1 percent after profit forecasts from Apple Inc and Motorola fanned fears about a recession and the tech outlook. Earlier, though, the Nasdaq had been down more than 3 percent.

Analysts said investors were forced to buy shares of companies they had made bets against. The Federal Reserve's emergency interest-rate cut on Tuesday also buoyed the banking sector. The S&P 500 financial index was up 5.4 percent.

"It looks like it's short-covering and also all financials are really, really running right now," said Todd Clark, managing director of stock trading at Nollenberger Capital Partners in San Francisco.

...more...

[UpInArms]

123. 3:27: EST Holy Mother - that sucker is up 183+ - ponies and lollypops all around!

Dow 12,154.66 183.47 (1.53%)
Nasdaq 2,298.89 6.62 (0.29%)
S&P 500 1,326.36 15.86 (1.21%)
10-Yr Bond 3.424% 0.06

NYSE Volume 5,376,803,000
Nasdaq Volume 2,976,447,750

[Lone_Star_Dem]

125. It started running up so fast it was as if it saw a bear. n/t

[Ghost Dog]

131. I thought you weren't supposed to run if you come face-to-face

with a bear?

[Lone_Star_Dem]

141. They say it can turn a non-aggressive bear into an attack animal

Sadly, Bernanke is about out of bear mace should the beast decides to rear up again.

[AnneD]

160. Depends on ....

the type of bear...

black run-and do not try to shimmy up a tree-they are excellent climbers.
grizzly-climb a tree-they are amazingly swift on the ground.

Perhaps they saw a Kodiak Grizzy. Those are the T-Rex's of the bear world. To met one of those in person is to see God.

[54anickel]

135. Huh? WHADDA?

:slowlyshakesheadintotaldisbelief:

[Hugin]

126. ...

You just -had- to rain on my 'miracle'. ;(


BTW... The NASDAQ passed the 20% loss threshold today.

[54anickel]

139. Tune stuck in my head.....

http://www.youtube.com/watch?v=o9IzVbuGHXY

[UpInArms]

142. oh no! that's a vicious earworm!

:attemptingtopokeeyesout:

[54anickel]

155. BWAHAHA! GET.IT.OUT.

[Ghost Dog]

137. Miracle? Nah. Must have been Condi:

DAVOS-UPDATE 1-U.S. economy still strong and open - Rice
Wed Jan 23, 2008 12:59pm EST
(Adds quotes, background) DAVOS, Switzerland, Jan 23 (Reuters) - U.S. Secretary of State Condoleezza Rice sought to soothe investor fears about the U.S. economy on Wednesday, saying it was resilent and sound and that Washington remained open to trade and investment.

In the keynote address at the World Economic Forum in Davos delivered against a backdrop of financial turmoil, Rice made a rare foray into world economics and urged her audience of business leaders to have confidence in the U.S. economy.

"The U.S. economy is resilient, its structure is sound, and its long-term economic fundamentals are healthy.

The United States continues to welcome foreign investment and free trade," she said.

/... http://www.reuters.com/article/marketsNews/idINL2388732820080123?rpc=44

You go girl. O8)

[Hugin]

143. Her oil tanker... uh, ship finally came in?

'bout time. ;)

[Ghost Dog]

145. But I jest. A word in the ear will have convinced certain players

that another 50 basis points rate cut is coming up on Wed 30 January, IMHO.

Unless anyone's found any other concrete news out there that I can't see?

Now the overnight traders can prepare positions for tomorrow's rebound in Europe (not to mention Asia).

[spotbird]

147. +269.39 @ 3:53. Happy days are here again.

The economy is back on track.

[citizen snips]

127. Pfizer 4Q Profit Falls but Beats View

NEW YORK (AP) -- Pfizer Inc., the world's largest drugmaker, beat Wall Street earnings expectations for the fourth quarter, raised its 2008 revenue outlook and said it is on track to rebuild its product pipeline.

The upbeat outlook offered Wednesday came as the company continues with a restructuring plan that cut 11,000 jobs and closed eight facilities in 2007.

Meanwhile, its blockbuster cholesterol drug Lipitor is edging closer to patent expiration in 2010. The plan includes building the pipeline through internal development and outside deals while making the company's units more flexible and accountable.

Pfizer said it expects revenue in 2008 between $47 billion and $49 billion, up from prior expectations of $46.5 billion to $48.5 billion. The company also raised the lower end of its adjusted earnings forecast to $2.35 per share from a range of $2.31 to $2.45 per share.

more...
http://biz.yahoo.com/ap/080123/earns_pfizer.html

[citizen snips]

129. Sallie Mae Lost $1.6 Billion in 4Q

WASHINGTON (AP) -- Sallie Mae, the embattled student lender, said Wednesday it lost $1.6 billion in the fourth quarter as borrowing costs rose and it set aside $575 million to cover bad loans.

To address the growing number of delinquencies and defaults on loans not backed by the government, Sallie CEO Albert Lord said the company is shying away from lending to students it considers unlikely to graduate or attending schools with inferior graduation rates.

Sallie also reported Wednesday that the Securities and Exchange Commission has asked for information concerning its public disclosures around the time of stock sales by its executives and board members. The SEC last year initiated an investigation of trading in Sallie shares related to a planned buyout of the student lender.

During a conference call, Lord apologized for his behavior during a stormy call last month in which he refused to answer analysts' questions and ended the session by uttering an expletive.

more...
http://biz.yahoo.com/ap/080123/earns_sallie_mae.html

[citizen snips]

130. Delta Posts 4Q Loss, Southwest Profit

ATLANTA (AP) -- Airline consolidation may not be the panacea for the industry amid persistently high fuel prices, but observers say it would help by removing domestic capacity from the system.

As several major carriers talk about possible combinations, two airlines -- Delta and Southwest -- gave investors another dose of reality in saying Wednesday their future results will continue to be weighed down by the cost of fuel.

Delta Air Lines Inc. officials were mum on the status of talks with Northwest Airlines Corp. and UAL Corp.'s United Airlines about possible combinations, as the Atlanta-based carrier reported fourth-quarter results that were hampered by jet fuel costs.

Southwest Airlines Co. reported its profit almost doubled in the fourth quarter, but said fuel costs in the current quarter will rise substantially for the Dallas-based carrier.

more...
http://biz.yahoo.com/ap/080123/earns_airlines.html

[citizen snips]

132. United Tech 4Q Profit Rises 23 Pct

HARTFORD, Conn. (AP) -- Industrial conglomerate United Technologies Corp.'s fourth-quarter earnings rose 23 percent as broadbased sales increased, led by its aerospace unit Sikorsky and elevator maker Otis, the company said Wednesday.

Net income rose to $1.06 billion, or $1.08 per share, in the three months ended Dec. 31 from $865 million, or 87 cents per share, in the year-ago period.

The result exceeded estimates on Wall Street, where analysts expected profit of $1.06 per share, according to Thomson Financial.

Sikorsky nearly doubled its operating profit to $110 million. Otis benefited from commercial construction and saw profit surge to $648 million from $514 million.

more...
http://biz.yahoo.com/ap/080123/earns_united_tech.html

[citizen snips]

133. Sector Snap: Mortgage Insurers

NEW YORK (AP) -- Shares of mortgage insurers plummeted Wednesday after the biggest mortgage insurer said it expects claims to swell this year.

MGIC Investment Corp., which insures more than $210 billion in home loans, said more borrowers are overdue on their bills.

Companies in this sector sell insurance policies promising to reimburse lenders when borrowers default on mortgages. The industry has taken a drubbing in the past year as people worry that the deterioration of mortgage credit quality will foist more claims upon insurers.

The size of claims is mushrooming, the Milwaukee-based insurer said, and it is becoming more difficult to persuade overdue borrowers to repay their loans.

more...
http://biz.yahoo.com/ap/080123/apfn_mortgage_insurers_sector_snap.html

[grasswire]

150. this is what Cramer was warning about the other day

Does someone have a link to that thread where he was quoted?

[citizen snips]

182. yeah Cramer wants the government to buy MBIA and Ambac.

[Ghost Dog]

187. You may be referring to this video:

http://www.cnbc.com/id/22706231

-> Some text linked from here: http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=2740363&mesg_id=2744504

It would be great to be able to get hold of a transcript of the whole thing. Would you please let me know if you find it? Thanks.

[citizen snips]

136. Apple Sinks As 2Q Guidance Unnerves

NEW YORK (AP) -- Apple Inc. shares sank Wednesday after the computer and gadget maker predicted its second-quarter earnings will come in well below Wall Street expectations.

Apple shares, which traded just above the $200 mark in early January, declined $22.59, or 14.5 percent, to $133.05. In the past year, the stock has traded between $82.86 and $202.96.

Late Tuesday, the iPhone maker predicted a second-quarter profit of 94 cents per share, compared to the $1.09 per share anticipated by analysts polled by Thomson Financial.

Despite a strong first quarter, the outlook took center stage Wednesday, rattling investors who were already nervous about a possible recession. Several analysts reacted to Apple's outlook by lowering estimates and price targets for the stock while noting its first-quarter performance.

more...
http://biz.yahoo.com/ap/080123/apple_mover.html?.v=1

[UpInArms]

144. 3:47 EST up almost 250 points - sticking the fork way past 12,000 - huge volumes

Dow 12,216.68 245.49 (2.05%)
Nasdaq 2,315.34 23.07 (1.01%)
S&P 500 1,335.69 25.19 (1.92%)
10-Yr Bond 3.424% 0.06

NYSE Volume 5,773,705,500
Nasdaq Volume 3,293,904,500

[Ghost Dog]

146. Pumpers now taking a breather...

[Robbien]

148. CNBC is claiming the Feds are signalling a bail out monoline insurers

and that foreign markets have been browbeaten into ignoring inflation risks and lowering their rates.

That seems to be worth the three hundred plus swing in the US markets today with it ending in the positive two hundred plus territory.

[spotbird]

151. That would explain why financials are up

+3.51%

[Robbien]

156. CNBC now giving a few more details of bailout

The Feds are asking Banks(which banks?) to pledge $15 billion, five immediately ten later.

How only $15 bil is supposed to save this whole system is mysterious to me, but Wall Streeters party on every little bit of good news these days.

[spotbird]

158. Not to mention that isn't a federal bail out,

Maybe there will be a federal matching fund.

[Hugin]

159. Hmm, I wonder if this is a rehash of the 'SIV bailout scheme'?

Super SIV.. Super Conduit... Whatever it was called.

[Robbien]

167. That's what I'm thinking

And Wall Streeters are dancing the same happy dance as last time.

Tomorrow, or better yet the day after, is going to be interesting.

[Hugin]

169. It'll take them awhile to realize they're tossing that $15 Billion into a bottomless pit.

Given their treatment of Investors lately, I'm curious about where they're going to come up with that kind
of money.

But, it may be worth it to the Banks to keep the game going a little while longer.

[Robbien]

172. One thing I keep wondering

is, do the elite know it is a game they are playing? Or do they really think the wealth they've been seeing on their daily/monthly financial statements is really real.

The Banks don't have a choice, they have to play the only game in town and if they cannot come up with the money, Big Brother Central Bank Fed Reserve will step in. There really isn't a good solution to this mess.

[Hugin]

177. I think it may be a case of Cognitive Dissonance on the part of the elites...

More 'whistling-past-the-graveyard'.

What the Banks and the Central Bank Fed Reserve is most afraid of is that all of these elites will stop drinking
the feel-good juice, wake up and all want their money at once.

Worst case scenario.

[Hugin]

153. Gee, Inflation is a POSITIVE number!

Better that, than all of those NEGATIVE market numbers. :eyes:

You're probably correct, Robbien.

Good catch.

[spotbird]

149. +296.14 @ 3:58

Why didn't they do this yesterday?

[bullwinkle428]

157. Cavuto/Fox News orgasming all over themselves -

"While the Democrats are arguing over stimulus packages, blah-blah-blah, just look at what the market is doing on its own! NO RECESSION HERE, FOLKS, JUST MOVE ALONG!!"

They actually said there is NO RECESSION!

[Hugin]

162. Thanks for passing that along to those of us who can't afford cable...

Due to the non-recession. ;)

[CatholicEdHead]

170. Memo came late, the tubes were clogged

they brought out the dump trucks instead. ;)

[ozymandius]

164. Here's the final numbers and the UNREAL volumes.

It's days like this that make me want to poo my pants for having an interest in Economics.



Dow 12,270.17 Up 298.98 (2.50%)
Nasdaq 2,316.41 Up 24.14 (1.05%)
S&P 500 1,338.60 Up 28.10 (2.14%)
10-Yr Bond 3.4260% Down 0.0580
NYSE Volume 7,248,534,500
Nasdaq Volume 3,653,090,500

4:25 pm : There are volatile markets and then there are volatile markets. Wednesday's session was the latter variety, which is to say it was truly volatile. To wit, the swing in the S&P 500 between its low of the day, reached around 12:45 p.m. ET, and its high of the day, reached around 3:50 p.m. ET, was 69 points or 5.4%.

The bearish mood that predominated for the first half of today's session was driven by a relatively disappointing earnings report and outlook from Apple Computer (AAPL 139.07, -16.57) and a remark from ECB President Jean-Claude Trichet that left participants inclined to believe the ECB won't be following the Fed's lead and cutting its key bank rate.

The latter precipitated a widespread sell-off in European bourses, most of which dropped between 3.0% and 5.0% for the day. Their poor showing carried over to the U.S., which was already on the defensive amid consumer spending concerns that flowed from Apple's conservative outlook.

Briefly, Apple forecast fiscal second quarter sales of $6.8 billion and earnings of $0.94 per share versus analysts' expectations of $1.09 and $6.98 billion, respectively.

Correspondingly, the tech sector led the early retreat along with the energy, telecom, and materials sectors, which traded down sharply on growth concerns. Those concerns were reflected in falling oil prices, which hit $86.65 a barrel at their low before rebounding some to $87.59 at the end of the trading session.

The energy sector declined as much 6.3% at its low today. Remarkably, it closed with a gain of 0.6% after participating in the afternoon rally.

The catalyst for the aforementioned rally was a report that New York regulators and banks met to discuss a plan for raising new capital for bond insurers.

The fear that bond insurers, particularly MBIA (MBI 16.61, +4.08) and Ambac (ABK 13.70, +5.73), might get downgraded at Moody's and/or Standard & Poor's has been a major factor behind recent losses in the stock market as such a move would inevitably trigger another round of write-downs in bonds and CDOs that were backed by their triple-A rating.

Sensing that such a fate might be avoided, traders rushed back into both stocks which surged on short-covering interest. MBIA gained 33% while Ambac jumped 72%.

The late-day move was sweeping in nature. In turn, it was accented by an extension of the short-covering to other areas outside the financial sector and got an added kick from an asset shift out of bonds and into stocks.

The yield on the benchmark 10-year note hit 3.29% before the start of trading, but closed the session at 3.55% - its worst level of the day. The S&P 500, meanwhile, closed near its high, as did the Dow and Nasdaq on very heavy volume.

Other sector standouts today included consumer discretionary (+3.7%), utilities (+3.5%) and industrials (+2.7%).DJ30 +298.98 NASDAQ +24.14 NQ100 -0.3% R2K +3.3% SP400 +2.3% SP500 +28.10 NASDAQ Dec/Adv/Vol 1192/1827/3.64 bln NYSE Dec/Adv/Vol 840/2372/2.81 bln

[ozymandius]

165. I'd like to hear anyone's take on what happened in the S&P pits. n/t

[Robbien]

176. S&P is back to playing its games

believing the Feds/Central Banks are going to be bailing out monoline insurers which are propping up the derivative giant underlying the entire S&P.

So CNBC is back to its cheerleading believing all the fraud and corruption is being taking care of by someone else and they get to keep freely playing their games.

Or I'm not reading it right.

[Hugin]

168. They think they've found a way to keep the scam going, eh?

Can't let the bond insurers go down or the jig is up. Never mind, why they were in trouble in the first place.

This is beyond corrupt and rediculous... It also has very little to do with real Economics, Ozy. I don't blame
you for your incontinence in the face of these shenanigans.

[TalkingDog]

174. Somebody likes Trucks.

Somebody REEEEALLY likes trucks.


http://finance.yahoo.com/q/bc?s=^DJT&t=1d&l=on&z=m&q=l&c=^GSPC,^IXIC,^DJI


http://ichart.finance.yahoo.com/z?s=%5EDJT&t=1d&q=l&l=on&z=m&c=%5EGSPC,%5EIXIC,%5EDJI&a=v&p=s

That's it. It's the trucks. Or Truck futures anyway..... Maybe they need to move all their filthy lucre.


My Favorite Master Artist: Karen Parker GhostWoman Studios

[Hugin]

175. Maybe they're going to haul us all to the promised land...

Wow.

:wow:

Talk about your 'invisible hand' stuff.

:tinfoilhat:

[Zynx]

178. They can't and won't let the bond insurers fail.

I didn't have the stomach to speculate on those stocks and still don't, though.

[TrogL]

171. OK, so what is happening with interest rates for month end

I'm home sick. I was watching Global News economics report and they were going on at length about the current rate cut, but they were all upset about the anticipated month-end rate cut. It was originally supposed to be 50 points, but with the current cut it might only be 25 which may upset some people, but it could be even higher which would be a real eye opener.

:wtf: am I talking about?

How much further can they cut the rate and why? Global inplied it was to encourage people to max out their credit cards.

[AnneD]

179. Can the interest rate ....

drop to 1 or less? I remember it dropping to some low number once.......

Say Ozy, maybe we should invest in DEPENDS 'cause I don't think you are the only one pooing in your pants. May I suggest.....Immodium.

[NewYorkerfromMass]

180. 7 billion shares traded today

7.5 billion in fact. That is incredible. First ever day over 7 billion, and just Friday and yesterday were our first ever over 6. Normally, 4.5 billion is a good heavy day.
If anything, you know we are getting an honest assessment of the economic situation here from the public.

[RUMMYisFROSTED]

173. LOL

:eyes:

[daleo]

181. Looks like tomorrow would be a good day to bail out

Should be interesting.

[citizen snips]

183. Energy Sector Roundup: Down Goes Oil

NEW YORK (AP) -- Following is a summary of top stories in the energy sector Wednesday afternoon.

Crude futures continued to fall, dropping more than $2 a barrel to their lowest closing price in three months on concerns that oil supplies are growing as the economy and demand for oil cool.

Light, sweet crude for March delivery fell $2.22 to settle at $86.99 a barrel on the New York Mercantile Exchange. Oil last closed below $87 a barrel on Oct. 23.

Analysts expect the Energy Department's weekly survey of petroleum inventories due Thursday morning to show another increase in crude stocks.

more...
http://biz.yahoo.com/ap/080123/energy_sector_roundup.html?.v=1

[citizen snips]

185. GM Barely Beats Toyota in Global Sales

TOKYO (AP) -- Toyota said Thursday it sold 9.366 million vehicles around the world last year, about 3,000 fewer than the tally from General Motors -- the world's No. 1 automaker for 77 years.

As late as Wednesday, Toyota Motor Corp. had said it had sold about 9.37 million vehicles worldwide last year, making for an extremely tight race with U.S. automaker General Motors Corp., which said it sold 9,369,524 vehicles.

But Toyota spokesman Paul Nolasco confirmed the extra digit Thursday. He refused to comment on GM's retention of the No. 1 title.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

DETROIT (AP) -- General Motors, a symbol of American industrial might and the world's top seller of motor vehicles since Herbert Hoover was president, has finally been caught by a foreign rival.

more...
http://biz.yahoo.com/ap/080123/gm_toyota.html?.v=17

[citizen snips]

186. Qualcomm 1Q Profit Jumps 18 Percent

SAN DIEGO (AP) -- Chipmaker Qualcomm Inc. on Wednesday posted an 18 percent increase in fiscal first-quarter profit on strong demand for cell phones that surf the Internet and download music and video.

The world's second-largest maker of chips for cell phones also forecast results for the second quarter and the rest of the year roughly in line with analysts' expectations. The news came against a backdrop of gloomy market assessments in recent days from industry heavyweights Motorola Inc. and Sprint Nextel Corp.

The results, released after markets closed, cheered investors. Qualcomm's stock jumped 7.3 percent, or $2.67, to $39.30, after hours, after falling 29 cents during regular trading on the Nasdaq Stock Market.

After Motorola's downbeat assessment of its handset division, investors were relieved that Qualcomm didn't deliver bad news of its own, said Mark McKechnie, a securities analyst at American Technology Research in San Francisco.

more...
http://biz.yahoo.com/ap/080123/earns_qualcomm.html