STOCK MARKET WATCH, Thursday November 20

[ozymandius]

Source: du

STOCK MARKET WATCH, Thursday November 20, 2008

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 61
WHERE'S OSAMA BIN-LADEN? 2583 DAYS
DAYS SINCE ENRON COLLAPSE = 2874
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

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

---

AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.
$1 USD = EUR 1.06678
$1 USD = JPY 116.6200

In recognition of those prescient of the Dow's precipitous return of Bush values (9/29/08): JuneBourder and AnneD

AT THE CLOSING BELL ON November 19, 2008

Dow... 7,997.28 -427.47 (-5.35%)
Nasdaq... 1,386.42 -96.85 (-6.53%)
S&P 500... 806.58 -52.54 (-6.12%)
Gold future... 736.00 +3.30 (+0.45%)
30-Year Bond 3.97% -0.17 (-4.15%)
10-Yr Bond... 3.39% -0.14 (-4.07%)






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

[truthisfreedom]

1. Futures not so good.

[ozymandius]

3. numbers at 5:25 & 5:26

S&P 500 -16.40 796.10 11/20 5:26am

NASDAQ -22.50 1069.75 11/20 5:26am

Dow Jones -116.00 7911.00 11/20 5:25am

[ozymandius]

2. Market WrapUp

Risk Management
BY CHRIS PUPLAVA

Reviewing the economic reports over the last few months and doing various research studies have led me to believe that an economic recovery will not occur until late 2009. With that being the case, the historical script is to see a market recovery occurring roughly five months prior to the end of the recession, putting a likely ending point to this cyclical bear market in late Spring to early Summer.

....

In terms of gauging a possible stock market recovery and overall market risk, I turn to a new indicator created by Bloomberg called the Financial Conditions Index (FCI). The indicator measures the health and stability of the money market, bond market, and stock market, and compiles the data into a composite indicator with values corresponding to z-scores, or standard deviations. When the index falls into negative territory it is signaling stress within the three markets and potential stock market weakness. For example, the FCI turned negative in 1998 with the collapse of Long-Term Capital Management (LTCM) and fell to nearly 2.5 standard deviations from its historical average. As the markets recovered so too did the FCI, returning to 0.00 though it never made it into positive territory. The FCI then retreated from neutrality in early 2000 prior to the stock market peak. The index remained in negative territory until the summer of 2003.

....

The whole point of the exercise above is to illustrate that it pays to be attentive to risk, as risk management is key to preservation of capital. Last Friday the FCI came in at a reading of -6.81 after touching -10 standard deviations at the October 10th lows. The reading is still quite negative, lower than any point during the last bear market, and indicates that a great deal of stress remains in the various markets. Using the general methodology of Bloomberg’s FCI, I created component indices that measure the health and stability of the money market, bond market, and stock market. As of last Friday, all three markets are still displaying a great deal of stress with a reading of -3.92 for the money market stress index, -2.42 for the bond market stress index, and -10.74 for the equity stress index, and -7.33 for my composite index of all three markets.

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

[ozymandius]

9. Deflation fears roil Wall Street

After gyrating wildly for weeks, the stock market lurched lower on Wednesday, falling to its lowest point in nearly six years, as concern spread that the economy might be beset by a chronic and debilitating decline in prices.

The Dow Jones industrial average closed below 8,000 for the first time since early 2003 after new reports painted a grim picture of the economy and raised the specter of deflation, which would put more strain on hard-pressed businesses and workers.

The Labor Department reported that prices of consumer goods and services fell by a record amount in October. Meanwhile, a government report on the housing sector showed that the industry's severe correction continues. The Commerce Department reported that construction of new homes plunged 4.5 percent last month to the lowest level in the 49 years that the government has kept that data.

While most consumers might welcome the idea that things are getting cheaper, deflation is an economists' nightmare. It was a hallmark of the Depression and Japan's so-called lost decade in the 1990s. A big worry is that deflation would blunt the impact of interest rate cuts by the Federal Reserve, forcing policymakers to use other tools to try to revive the economy.

http://www.chron.com/disp/story.mpl/front/6122245.html

---

The Fed cannot do anything more by cutting interest rates. The psychological effect any rate cut traditionally bestows has all but disappeared. Sure we might see a temporary bump in the markets averages. Maybe for three or four hours. Nothing of substance materializes anymore through Fed action.

[ozymandius]

13. Bernanke May Find Deflation `Back on the Table' as Fed Concern

Nov. 20 (Bloomberg) -- Five years after Federal Reserve Chairman Ben S. Bernanke helped stamp out the risk of deflation, the threat is returning as the financial crisis and a worsening economic slump pull inflation lower.

....

``The Federal Reserve put deflation back on the table as a significant policy concern,'' said Vincent Reinhart, former director of the Fed's Division of Monetary Affairs, who is now a visiting scholar at the American Enterprise Institute in Washington. ``There does not appear to be any barrier to lowering'' main rate below the current 1 percent level, he said.

Deflation, or prolonged declines in prices, hurt the economy by making debts harder to pay off and lenders more reluctant to extend credit. Japan is the only major economy to have suffered the phenomenon in modern times.

....

The Fed's actions so far, including unprecedented injections of liquidity, haven't been enough to spur lending. Banks may make it even harder to get loans as their share prices plummet. Citigroup Inc. closed at a level unseen since 1995. The Standard & Poor's 500 Financials Index fell 12 percent to 139.84.

http://www.bloomberg.com/apps/news?pid=20601068&sid=aBncZw9DlhRI&refer=economy

[ozymandius]

4. Today's Reports

08:30 Initial Claims 11/15
Briefing.com 505K
Consensus 503K
Prior 516K

10:00 Leading Indicators Oct
Briefing.com -0.7%
Consensus -0.6%
Prior 0.3%

10:00 Philadelphia Fed Nov
Briefing.com -30.0
Consensus -35.0
Prior -37.5

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

[UpInArms]

22. U.S. weekly initial jobless claims rise 27,000 to 542,000 - last wk rev'd down 1k

07. U.S. 4-wk. avg. continuing claims rise to 3.86 million
8:30 AM ET, Nov 20, 2008

08. U.S. continuing jobless claims rise 109,000 to 4.01 million
8:30 AM ET, Nov 20, 2008

09. U.S. 4-wk. avg. initial jobless claims up 15,750 to 506,500
8:30 AM ET, Nov 20, 2008

10. Initial jobless claims highest since July 1992
8:30 AM ET, Nov 20, 2008

16. U.S. weekly initial jobless claims rise 27,000 to 542,000
8:30 AM ET, Nov 20, 2008

[Roland99]

23. And some blather....

LAST WEEK'S CONTINUING JOBLESS CLAIMS HIT 4 MILLION, U.S. DATA SHOW; INITIAL CLAIMS RISE
U.S. weekly jobless claims shoot up to 542,000

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B758E71CD%2DD710%2D44C5%2D8426%2DB9724245DDFC%7D

WASHINGTON (MarketWatch) -- Weekly U.S. initial jobless claims rose by 27,000 to 542,000 in the week ending Nov. 15, the highest since July 1992, the Labor Department reported Thursday. The four-week average of initial claims climbed by 15,750 to 506,500, the highest since January 1983. Continuing jobless claims rose by 109,000 to 4.01 million in the week ending Nov. 8 and the four-week average of continuing claims rose by 71,250 to 3.86 million. The insured unemployment rate climbed to 3.0%. End of Story

[Dr.Phool]

26. Good news!!!! Last week revised down 1,000! Let's have another sucker rally!

The last time numbers were this high was in July 1992.

During the last throes of another Bush administration.

[UpInArms]

34. U.S. Oct. leading economic indicators fall 0.8% - Nov. Philly Fed falls to -39.3 vs. -37.5 in Oct.

01. U.S. Oct. leading economic indicators fall 0.8%
10:01 AM ET, Nov 20, 2008

02. U.S. Nov. Philly Fed above consensus -40.0
10:01 AM ET, Nov 20, 2008

03. U.S. Nov. Philly Fed falls to -39.3 vs. -37.5 in Oct.
10:01 AM ET, Nov 20, 2008

[UpInArms]

35. Philly Fed factory index at lowest level since Oct. 1990

01. Philly Fed factory index at lowest level since Oct. 1990
10:09 AM ET, Nov 20, 2008

"Ah'm gonna pick up whar my daddy lef' off" GWB - campaign 2000

[UpInArms]

36. US Conf. Board leading indicator falls 0.8 pct in Oct

http://www.reuters.com/article/economicNews/idUSN1935887920081120

WASHINGTON, Nov 20 (Reuters) - The U.S. Conference Board's index of Leading Economic Indicators fell more than expected in October, as stock prices dropped and consumer expectations weakened, the research group said on Thursday.

The index fell 0.8 percent to 99.6 after rising by a revised 0.1 percent in September.

"The economy is contracting, and the pace of contraction may intensify over the next few months," said Ken Goldstein, economist at the Conference Board.

Wall Street analysts had expected the leading index, a gauge of future economic conditions, to fall 0.6 percent.

[ozymandius]

5. Oil falls below $53 on fears of deep recession

SINGAPORE – Oil prices fell below $53 to almost a two-year low Thursday in Asia as investors, egged on by plummeting stock markets, priced in lower crude demand from a global economic downturn that's shaping up as the worst in decades.

Light, sweet crude for December delivery was down 92 cents to $52.70 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract Wednesday fell 77 cents to settle at $53.62, the lowest since January 2007.

....

Investors have been brushing off news that earlier in the year would have sent prices higher. Chevron Corp. invoked "force majeure" Tuesday on 90,000 barrels a day of Nigerian production after a pipeline was breached by militants in the Niger Delta. Earlier this week, Somali pirates hijacked a Saudi supertanker carrying $100 million in crude.

In other Nymex trading, gasoline futures fell 1.55 cents to $1.09 a gallon. Heating oil gained 0.72 cent to $1.75 a gallon while natural gas for December delivery slid 3.5 cents to $6.71 per 1,000 cubic feet.

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

[OffWithTheirHeads]

10. O.K. What the fuck? You can ship $100 mil worth of oil on a boat

But can't spend a few bucks on security? Hell, the average Los Vegas casino has 10 times the security of these tankers. Something does not smell right.

[UpInArms]

29. Crude futures fall below $50 for first time since May, 2005

04. Crude futures fall below $50 for first time since May, 2005
9:02 AM ET, Nov 20, 2008

[ozymandius]

6. Global markets extend rout on recession fears

HONG KONG – World stock markets tumbled Thursday, with benchmarks in Tokyo and Seoul losing almost 7 percent each, after recession fears sent Wall Street plunging and Japan suffered its biggest drop in exports in seven years.

The slide in Asian and European shares extended a global sell-off that accelerated overnight amid lowered projections for U.S. economic activity next year from the Federal Reserve and worries over the fate of America's Big Three automakers, which are pleading for emergency loans from Washington.

....

The rout continued as trading opened in Europe, where Britain's FTSE 100, Germany's DAX and France's CAC-40 all fell more than 2 percent early in the session. Oil and other commodities were also down.

....

Tokyo's benchmark Nikkei 225 average slid 570.18 points, or 6.9 percent, to 7,703.04. Japan said exports in October sank 7.7 percent, the biggest decline since 2001, causing the country — an export powerhouse — to report a rare trade deficit.

http://news.yahoo.com/s/ap/20081120/ap_on_bi_ge/world_markets

[ozymandius]

7. Japan stocks dive 6.9 percent after US sell-off

TOKYO – Japanese stocks dived Thursday after a steep drop on Wall Street and government data showing that Japan's exports suffered a brutal drop in October.

The benchmark Nikkei 225 stock average plunged early in the day and never recovered, finishing down 6.9 percent, or 570.18 points, at 7,703.04. The broader Topix index ended off 5.5 percent, or 45.15 points, at 782.28.

Japan posted a trade deficit in October, the second in three months, as exports fell 7.7 percent from a year earlier, the biggest drop since 2001.

http://news.yahoo.com/s/ap/20081120/ap_on_bi_ge/as_japan_markets

---

That is grim news: Japan posts a trade deficit. Just extraordinary when one considers how much the world buys from Japan.

[ozymandius]

8. Isuzu to shed 1,400 contract workers this year

TOKYO – Isuzu Motors Ltd. will shed all temporary and part-time manufacturing workers, a spokeswoman said Thursday, the latest of Japan's automakers to scale back production as overseas demand fades.

The elimination of the 1,400 contract workers will happen in the remaining two months of this year as the Japanese truck maker cuts output, according to the spokeswoman, Ai Ito.

The company has 7,700 full-time employees with 7,000 working in manufacturing.

http://news.yahoo.com/s/ap/20081120/ap_on_bi_ge/as_japan_isuzu_layoffs

[Festivito]

11. Debt: 11/18/2008 10,660,417,854,472.20 (UP 41,951,760,415.20) (Large day.)

(Coming close to milestones. I found that I made two mistakes: Heavy borrowing start is a call I made to start 9/18, labeled it as 10/18--oops--calculated and still calculate it as day AFTER 9/18. This misses 17+7+5 B$ one could add to the heavy borrowing total that I do not. Busy day for me, and only get 3 hours sleep. Oh, oh, I'm whiney. Hit post and go. Everyone have a good day.)

= Held by the Public + Intragovernmental(FICA)
= 6,394,550,218,145.18 + 4,265,867,636,327.11
UP 35,027,406,490.17 + UP 6,924,353,925.06
(NOTE: Excel 2007 cannot handle ten-trillion plus to the penny. It zeroes the penny.)

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: 3 or 4 dollars per billion in a 300-Million person America.
If every American, man, woman and child puts in $3.33 each THAT'S 1B$.
A family of three: Mom, Dad, Child: THEIR SHARE IS TEN BUCKS in a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is a federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)
(I hate those end to end dollars to the moon and back, or years to spend $100/second. Just say'n)
If you read this and have a suggestion or comment, good or bad, I'd love to see it.

ANALYSIS:
There were 22 reports in the last 30 to 32 days.
The average for the last 22 reports is 14,827,788,885.00.
The average for the last 30 days would be 10,873,711,849.00.
The average for the last 32 days would be 10,194,104,858.44.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 33 reports in 49 days of FY2009 averaging 19.26B$ per report, 12.97B$/day.

PROJECTION:
GWB** must relinquish the presidency in 63 days.
By that time the debt could be between 10.7 and 11.5T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
11/18/2008 10,660,417,854,472.20 GWB (UP 4,932,222,058,290.63 so far since Bush took office.)

Fiscal Year ends: Sep 30
Borrowed in FY1993: (Maybe later.)
Borrowed in FY1994: 281,261,026,873.94
Borrowed in FY1995: 281,232,990,696.07
Borrowed in FY1996: 250,828,038,426.34
Borrowed in FY1997: 188,335,072,261.61
Borrowed in FY1998: 113,046,997,500.28
Borrowed in FY1999: 130,077,892,735.81
Borrowed in FY2000: _17,907,308,253.43 Bill alone
Borrowed in FY2001: 133,285,202,313.20 Bill and George
Borrowed in FY2002: 420,772,553,397.10 All George
Borrowed in FY2003: 554,995,097,146.46
Borrowed in FY2004: 595,821,633,586.70
Borrowed in FY2005: 553,656,965,393.18
Borrowed in FY2006: 574,264,237,491.73
Borrowed in FY2007: 500,679,473,047.25
Borrowed in FY2008: 1,017,071,524,650.01
Borrowed in FY2009: 635,692,957,559.80 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
10/28/2008 -000,028,404,616.62 ----
10/29/2008 +000,066,775,718.47 ------------*******
10/30/2008 +008,339,266,330.60 ------------*********
10/31/2008 +045,215,290,348.09 ------------**********
11/03/2008 -000,572,269,490.77 --- Mon
11/04/2008 +000,314,469,904.16 ------------********
11/05/2008 -000,077,530,396.02 ----
11/06/2008 +056,540,493,221.63 ------------**********
11/07/2008 -000,129,624,570.02 ---
11/10/2008 -000,178,876,517.33 --- Mon
11/12/2008 +000,116,562,137.90 ------------********
11/13/2008 -037,830,308,231.82 -
11/14/2008 +039,714,906,312.49 ------------**********
11/17/2008 -001,168,758,314.18 -- Mon
11/18/2008 +035,027,406,490.17 ------------**********

145,349,398,326.75 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $995,786,051,213.13 in last 61 days.
That's 996B$ in 61 days.
More than any year ever, except last year, and it's 98% of that highest year ever only in 61 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 61 DAYS NOT 365.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) YESTERDAY'S POST LINK:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3608628&mesg_id=3608660

[DemReadingDU]

25. That's 996B$ in 61 days.

almost a trillion, WOW!

Hey, the numbers are so large, no one noticed the date error.
Thanks for the daily update!

[ozymandius]

12. Mall of the Bluffs owner may file for bankruptcy

General Growth Properties Inc. - which owns the Mall of the Bluffs as well as Westroads and Oakview malls in Omaha - shares plummeted Tuesday and Wednesday after the mall owner warned it faces solvency trouble and may be forced to file for bankruptcy if it can't refinance or extend nearly $1 billion in debt due next month.

....

General Growth Properties, the nation's second-largest mall owner whose big-name holdings include Chicago's Water Tower Place and Fashion Show in Las Vegas, also disclosed in a regulatory filing late Monday that it may default on certain debt obligations.

http://www.nonpareilonline.com/site/news.cfm?newsid=20196134&BRD=2703&PAG=461&dept_id=555106&rfi=6

---

Companies will often seek bankruptcy counsel without taking that critical step of a bankruptcy filing. Optimism is a tone virtually absent either in any online report or discussion about GGP.

[antigop]

40. Oh, my! Tom Friedman's wealth at stake?

http://money.cnn.com/magazines/fortune/fortune_archive/2005/09/19/8272896/index.htm

Friedman has of course had great success at making himself heard, and at making a living. His combined income--from book royalties (he earns about $4 per World Is Flathardcover sold), speeches (about a dozen a year to universities, community groups, and such, at a fee that just went up from $45,000 to $55,000 a pop; Timesrules bar him from charging for talks to business groups), and his Times job--is creeping up into CEO range. He also married into a business dynasty: His father-in-law is chairman and his brother-in-law CEO of General Growth Properties, a big shopping-mall REIT. He has vacationed in Aspen for decades. He drives a brand-new Lexus SUV with a hybrid engine. He lives in a big house in the affluent Washington, D.C., suburb of Bethesda, Md.

[DemReadingDU]

50. Hmm, that was written in 2005

edit...
oh, there is the article that Ozy posted about General Growth Properties

interesting, good catch

[ozymandius]

14. Wachovia, Golden West Investigated by Prosecutors, Regulators

Nov. 20 (Bloomberg) -- U.S. prosecutors and the Securities and Exchange Commission are investigating Wachovia Corp.'s mortgage lending and disclosures to investors, U.S. Attorney Joseph Russoniello said.

Prosecutors are examining whether Golden West Financial, the lender Wachovia bought for $24 billion in 2006, fraudulently pushed borrowers into expensive loans or altered paperwork to get them approved, Russoniello said in an interview yesterday. His office and the SEC are scrutinizing statements the banks made to investors about Golden West's loans, he said.

Wachovia was pushed by regulators in September to merge with a stronger bank amid mounting losses from $120 billion in payment-option adjustable-rate mortgages, mainly acquired in the purchase Oakland, California-based Golden West at the peak of the housing boom. Investigators may focus on how vigilantly managers monitored and disclosed defaults in the loan portfolio.

``Individuals will be the focus,'' said Peter Henning, a former federal prosecutor and SEC lawyer now teaching at Wayne State University Law School in Detroit. ``It will look at what they knew and when they said it.''

http://www.bloomberg.com/apps/news?pid=20601109&sid=aE32ingTYM2g&refer=exclusive

[ozymandius]

15. Good morning all.

:donut: :donut: :donut:

Your seat belt fastened? I'll check in later after class is dismissed.

:hi:

[Hugin]

30. Morning Ozy.

:hi:

[Pale Blue Dot]

16. Record-Breaking Data Everywhere!

One of the interesting aspects of this unprecedented housing collapse, credit crisis, economic recession and market crash has been all the new records we keep seeing:

• Over the past year, the S&P 500 index lost ~$1 trillion more than the entire 2000-2002 bear market, according to Standard & Poor’s. From the October 2007 highs of 1,565, to yesterday’s close of 806.58, the S&P 500 market capitalization lost $6.69 trillion. That’s almost $1 trillion more than entire 2000-03 bear market losses of $5.76 trillion. (Marketwatch)

• The S&P 500 hasn’t been this far below its 200-day moving average on a percentage basis since The Great Depression. (Doug Kass)

• CPI: U.S. consumer prices in October registered their largest single-month decline since before World War II. It is the largest monthly drop in the 61-year history of the data;

• PPI, down 2.8% for the month, was also record breaking drop.

• The dividend yield on the S&P 500 is now greater than the yield on the 10-year Treasury. That hasn’t happened since 1958. (Barron’s)

• First-time claims for U.S. unemployment insurance rose to the highest level since September 2001. The total number of people on unemployment benefit rolls jumped to the highest level since 1983.

more at the link...http://www.ritholtz.com/blog/2008/11/record-breaking-data/

[Turbineguy]

17. 2001

First Clinton Recession.

2005

Second Clinton Recession.

2007

Downturn caused by Democratically controlled Congress

2008

Obama Depression.

I just got a job as Official Historian with the Republican Party.

[Demeter]

20. You Will Go Far With the GOP

and they ALWAYS go TOO far!

Come back to the Light, Turbineguy!

[Turbineguy]

69. Whoops!

Forgot to include the Evil Grin guy!

:evilgrin:

[UpInArms]

18. dollar watch

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

Last trade 87.690 Change -0.109 (-0.14%)

Swiss National Bank Cuts 3-Month LIBOR Rate By 100bp To Meet 2% Target for Inflation

http://www.dailyfx.com/story/topheadline/Swiss_National_Bank_Cuts_3_Month_1227184205503.html

The Swiss National Bank surprised the markets by unexpectedly lowering the 3-month LIBOR target rate for the third time over the last two months as they expect inflation to fall below the 2% target by the end of the year. The SNB noted that the intermeeting move was necessary in order to restore price stability sooner rather than later, and went on to say that they will continue to keep a close eye on further developments in the money and foreign exchange markets. The preemptive move by the central bank suggests that the dramatic fall in raw materials paired with the slowdown in the economy have spurred deflation concerns, and the central bank may ease policy further over the coming months as they anticipate economic activity to remain subdued well into the next year.

<snipping chart>

Fears of deflation have intensified over the past few weeks as the Bank of England lowered the benchmark interest rate by 150bp in order to meet their mandate to ensure price stability, and may become a growing concern for the central banks across the globe as commodity prices continue to tumble lower. Fears of a global meltdown have certainly taken a toll on demands, and conditions may only get worse as the major economies of the world head into a recession.



...more...

Pound Losses Continue As Retail Sales Fall For Second Month

http://www.dailyfx.com/story/bio1/Pound_Losses_Continue_As_Retail_1227179188790.html

The Pound continued to fall leading up to the U.K. retail sales report, before it pared some of its losses when the reading was better than expected. However, the bullish momentum was short lived as the Sterling ran into resistance at the 1.4900 price level. After reaching as high as 1.5250 yesterday the Pound would fall nearly 400 bps on the back of risk aversion flows and declining interest rate expectations. U.K. retail sales fell 0.1% in October which was better than the -0.9% that economists had predicted. Nevertheless, consumer consumption dropped for a second month and expectations are that shoppers will continue to curb spending as the labor market weakens and the housing slump continues.

Britons increased their spending on food by 1.0% which helped offset pullbacks in purchases of textiles and household goods which declined 1.5% and 3.4% respectively. On an annualized basis sales of apparel actually rose 1.3%, but the 5.4% drop in household goods for the same period demonstrates that shoppers are prioritizing their purchases. The BoE’s minutes yesterday assured that the central bank will continue to cut rates further, which was reinforced by Deputy Governor John Gieve, who stated that central banks and governments must be ready to take actions and that the advanced economies are “only in the early stages of a recession”. The markets are still pricing in another 137 bps of rate cuts from the central bank over the next twelve months which will remain a weighing factor on the currency.

The Euro has settled into a tight range after yesterday’s risk driven sell off that sunk the single currency to as low as 1.2473. Price action has seen the EUR/USD pair trade between 1.2475 -1.2545 throughout the overnight session. Despite, the volatility that was seen yesterday the Euro continues to trade within its broader range of 1.2400-1.3000 where it has remained for entire month. If risk aversion continues to grow today we may see a break of support which could send the pair to further losses with 1.2000 as the next major support level. Interest rate expectations took another hit today as German factory gate prices unexpectedly fell 0.7% which is the most since 2001. Declining inflation will allow the ECB to be aggressive in their easing policy as they try and stem the downside risk to growth.

The U.S. economic calendar is dotted with second tier indicators that will give further evidence of the severity of the current downturn but may have little impact on price action. The dollar briefly traded on fundamentals yesterday when it was sunk by a 1.0% drop in inflation, but the sell off in the equity markets reversed losses as risk aversion flows sent the dollar soaring again. Concerns that the U.S. government may have to let one of the big three U.S. automakers fail as there may be limitations on the aid they can provide pushed stocks toward the lowest levels in 5 ½ years. The potential impact that this may have on an already fragile U.S. economy and a struggling global economy has sparked risk aversion which has carried over through Asian and European session and is expected to weigh on U.S. markets today. Therefore, despite the weak fundamental data expected to cross the wires safe-haven flows should lead to further dollar gains today. Indeed, fundamental data today may only encourage equity traders to stay on the sideline as jobless claims are expected to remain above 500,000 for a second week, while manufacturing in the Philadelphia area is forecasted to remain near its lowest level since 1990. Meanwhile, the leading indicators gauge which gives an outlook for the next six months is anticipated to slip 0.6%.

...more...

[UpInArms]

19. Financials need at least $1 trillion: analyst

http://news.yahoo.com/s/nm/20081120/bs_nm/us_usfinance_research_fbr

(Reuters) – The U.S. financial system still needs at least $1 trillion to $1.2 trillion of tangible common equity to restore confidence and improve liquidity in the credit markets, Friedman Billings Ramsey analyst Paul Miller said.

Eight financial companies -- Citigroup Inc, Morgan Stanley, Goldman Sachs Group Inc, Wells Fargo & Co, JPMorgan Chase & Co, American International Group Inc, Bank of America Corp and GE Financial -- are in greatest need of capital, he said.

"Debt or TARP capital is not true capital. Long-term debt financing is not the solution. Only injections of true tangible common equity will solve the current crisis," he said in a note dated November 19.

Currently, the U.S. financial system has $37 trillion of debt outstanding, he noted.

Combined, these eight companies have roughly $12.2 trillion of assets and only $406 billion of tangible common capital, or just 3.4 percent, the analyst said in his note to clients.

Miller said these institutions need somewhere between $1 trillion and $1.2trillion of capital to put their balance sheets back on solid ground and begin to extend credit again, given their dependence on short-term funding and the illiquid nature of their asset bases.

Since the summer of 2007, Wall Street has been hammered by a sharp pullback in debt markets, which began with mortgage woes and escalated into a credit crisis, slowing economic activity around the world.

RECAPITALIZATION NEEDS

The bulk of the capital will have to come from the U.S. government, Miller said. The government needs to take the initial steps to begin the process, and private capital and earnings can finish the job.

"The quicker the government acts, the sooner the financial system can work through its current problems and begin to supply credit again to the economy," he said.

The U.S. government must declare a bank-dividend holiday and convert the TARP funding into pure tangible common equity to get the credit markets functioning.

...more...

bbbbuuutttt..... don't give those automakers a damn dime!

[Demeter]

21. Too Bad. Financials Better Learn How to Do Without

There are too many crooks in the system to keep afloat. Throw THEM overboard, for once.

[Dr.Phool]

24. They need to get back to private capital.

Dilute their shares and sell new stock. If they can find anybody dumber than the government to buy it.

They remind me more and more everyday of Somali pirates. "Give us money, or we'll sink your tanker.., er.., economy.

[Roland99]

27. Moving leveraging beyond 9:1? Heckuva job, Paulson.

Bravo.

[Dr.Phool]

28. Saudi Prince boosts stake in Citi.

http://www.nytimes.com/reuters/business/business-us-citigroup.html?_r=1&oref=slogin

Alwaleed to Boost Citigroup Stake to 5 Percen

Article Tools Sponsored By
By REUTERS
Published: November 20, 2008

Filed at 8:47 a.m. ET
Skip to next paragraph Reuters

NEW YORK (Reuters) - Citigroup Inc won a vote of confidence from Saudi Prince Alwaleed bin Talal, its largest individual investor, who said on Thursday he plans to boost his stake in the U.S. banking giant to 5 percent from less than 4 percent.

Shares of Citigroup rose 21 cents to $6.61 in premarket trading following the news.

In a statement, Alwaleed said he believes the shares are "dramatically undervalued" following a nearly 90 percent plunge since late 2006. Citigroup's market value was $34.9 billion on Wednesday, meaning that Alwaleed plans to invest at least $349 million, based on Wednesday's closing price.

Alwaleed expressed "full and complete support to Citi management," including embattled Chief Executive Vikram Pandit.

He said the New York-based bank is "taking all the necessary steps to position the company to withstand the challenges facing the banking industry and the global economy."

Alwaleed added that he is "fully confident that Citigroup's universal banking model and global franchise will make it a long-term winner in the financial services industry."

The prince's percentage stake in the bank was reduced in late 2007 and early 2008 as Citigroup raised some $50 billion of capital from sovereign wealth funds and other investors, including Alwaleed, to shore up its balance sheet. It recently received another $25 billion under the U.S. government's bank bailout package.

Shares of Citigroup have fallen 78 percent this year. They lost one-third of their value in the first three days of this week as investors worried that Pandit's plan to cut expenses by 20 percent and eliminate 52,000 jobs won't restore the bank to health.
------------------------------------------------------

I'll just keep my big mouth shut for now.

:spank: :rofl:

[Roland99]

31. 9:37am - Down 1% at the start. Crude dipped below $50/bbl

DJIA 7,914.44 -82.84 -1.04%
Nasdaq 1,372.40 -14.02 -1.01%
S&P 500 795.98 -10.60 -1.31%
Global Dow 1,294.06 -48.36 -3.60%
Dow Util 353.53 -0.29 -0.08%
NYSE 4,933.37 -78.62 -1.57%
AMEX 1,225.22 -19.54 -1.57%
Russell 2000 406.46 -5.92 -1.44%
Oil $50.37 -3.25
Gold future 741.50 +5.50 +0.75%
30-Year Bond 3.77% -0.20 -4.98%
10-Year Bond 3.19% -0.20 -5.81%

[Roland99]

32. 9:50am - S&P down over 2%

DJIA 7,838.78 -158.50 -1.98%
Nasdaq 1,361.81 -24.61 -1.78%
S&P 500 786.63 -19.95 -2.47%
Global Dow 1,285.50 -56.92 -4.24%
Dow Util 348.40 -5.42 -1.53%
NYSE 4,868.65 -143.34 -2.86%
AMEX 1,218.49 -26.93 -2.16%
Russell 2000 402.03 -10.35 -2.51%
Gold future 741.50 +5.50 +0.75%
30-Year Bond 3.77% -0.20 -5.11%
10-Year Bond 3.18% -0.21 -6.16%


Will be an interesting ride today, folks.

[UpInArms]

33. Berkshire Hathaway fall 5.4 percent to $79,500

Class A shares of Warren Buffett's Berkshire Hathaway fall 5.4 percent to $79,500, first time below $80,000 since September 2005 9:46am EST

[antigop]

41. Oh, yippee!! Time to buy 100 shares! n/t

[UpInArms]

37. 10:18 EST farewell to 7,800

Dow 7,784.70 212.58 (2.66%)
Nasdaq 1,346.65 39.77 (2.87%)
S&P 500 777.90 28.68 (3.56%)
10-Yr Bond 3.178% 0.213

NYSE Volume 1,590,082,000
Nasdaq Volume 444,727,968.75

[Roland99]

38. 7800 regained but look at that volume. Looks much more serious volume today.

Could today be *the* bottom of bottoms?

[legin]

43. Oct 9, 2002 Dow 7286

just looked it up. So maybe a little more slack there, maybe, perhaps. (not adjusted for inflation, etc)

[Roland99]

44. recent S&P500 bottom date, too, eh?

775?

[legin]

47. Mmmmm...You're right S&P bottom 2002 815.28 n/t

.

[legin]

46. Looking at the two green lines

on this chart:
http://www.the-privateer.com/chart/dow-long.html

maybe things are not so comfortable.

[Roland99]

49. great googly oogly moogly!

[DemReadingDU]

57. I have read other places that the DOW is not at the bottom

It's like we are in this giant bubble which has been growing so big that it is beginning to burst. When the bubble completely bursts, and all bubbles burst, we will see the DOW go as low to the point the bubble started.

So which green line points to the beginning of the bubble?
577, 1011, 776
http://www.the-privateer.com/chart/dow-long.html

Whatever, there is still a long way to go down.

:(

[Ghost Dog]

106. That's the fucking Micro$oft bubble

you're looking at there.

[Tandalayo_Scheisskopf]

39. Everybody do The Schaedenfreude Dance!

Today, we will be dancing to the dulcet tones of "Let The Bodies Hit The Floor"

PRICE* CHANGE % CHANGE TIME
Nymex Crude Future 50.69 -2.93 -5.46 09:53<--== What fools these mortals be
Dated Brent Spot 46.49 -2.18 -4.48 10:24
WTI Cushing Spot 50.80 -2.82 -5.26 09:22


PETROLEUM (¢/gal)
PRICE* CHANGE % CHANGE TIME
Nymex Heating Oil Future 172.34 -3.63 -2.06 09:53<--==Someone needs to look at this.
Nymex RBOB Gasoline Future 104.62 -6.08 -5.49 09:52<--== sic transit gloria mundi


NATURAL GAS ($/MMBtu)
PRICE* CHANGE % CHANGE TIME
Nymex Henry Hub Future 6.47 -.27 -3.99 09:53
Henry Hub Spot 6.76 .01 .15 11/19
New York City Gate Spot 8.07 -.12 -1.47 11/19

[UpInArms]

123. on that heating oil thing...

2 years ago, we bought a wood pellet stove to heat the house -

these pellets are a by-product made from sawdust with steam ...mmmm


no more need for that diesel heat

so much less money in fuel cost that it paid for the stove the 1st year

mayhaps others did the same?

heating oil needs not so big now?

mmmm....

:hi:

[antigop]

42. Bank got bailout, CEO got golden parachute

http://www.propublica.org/article/bank-got-bailout-ceo-got-golden-parachute-1119/

The South Financial Group, South Carolina's largest bank, announced earlier this week that it had been approved to receive $347 million from the U.S. government. But the bank's founder and longtime CEO Mack Whittle won't be sticking around. He retired with an $18 million severance package in late October, two months earlier than had been expected. Because of the timing, he's free from golden parachute limits (PDF) that come with accepting bailout money.

"It smells like he moved the retirement date up to avoid ," said Paul Hodgson of the Corporate Library, a corporate-governance research firm. And the government's millions "make it a lot easier for the company to pay it out."

The move has proven controversial. After South Carolina's The State reported on suspicions of the deal's timing, Gov. Mark Sanford (R) called for the Treasury Department to investigate and said Whittle seemed to be "gaming the system." A spokesman for the governor said he had yet to receive a response from Treasury.

[antigop]

45. Directors get double-digit increases in comp--again

Quelle surprise!

http://financialweek.com/apps/pbcs.dll/article?AID=/20081119/REG/811199973/1036

Director pay continued to rise last year, mostly due to stock awards that came due at several companies, according to data released by The Corporate Library.

The preliminary report found that of about 2,100 companies and 17,500 directors, the median increase in total board compensation was roughly 11%, while individual directors saw a median increase of 12%. That represents the third year of double-digit increases for director pay, according to the report.

Median pay for individual directors of S&P 500 companies came in at just under $200,000.

But some companies paid far more than that. Easily the best-paid board last year was that of Freeport-McMoRan Copper & Gold, the Phoenix-based mining company. It paid its 16-member board $14.7 million last year, and two of its directors, Robert A. Day and Robert J. Allison, were paid $2.5 million and $1.8 million last year, respectively. Next on the list was Gilead Sciences, which paid its board a total of $9.3 million.

The highest-paid individual director was Dell’s Michael Miles, who raked in over $4 million in 2007. Donald Carty, another Dell director, received $3.8 million.

How many workers at those companies got double-digit raises?

[Dr.Phool]

48. I think they got double-digit pink slips.

[Roland99]

51. 11:03am - Markets recovered (and some indices in the black)

DJIA 8,013.85 +16.57 +0.21%
Nasdaq 1,396.37 +9.95 +0.72%
S&P 500 804.57 -2.01 -0.25%
Global Dow 1,303.12 -39.30 -2.93%
Dow Util 353.98 +0.16 +0.05%
NYSE 4,955.48 -56.51 -1.13%
AMEX 1,220.62 -24.80 -1.99%
Russell 2000 410.76 -1.62 -0.39%
Gold future 742.00 +6.00 +0.82%
30-Year Bond 3.75% -0.22 -5.49%
10-Year Bond 3.19% -0.20 -5.90%

[UpInArms]

52. 11:04 EST YeeHaw! Ride 'em, Cowboy!

Dow 8,001.82 4.54 (0.06%)
Nasdaq 1,398.47 12.05 (0.87%)
S&P 500 802.82 3.76 (0.47%)
10-Yr Bond 3.164% 0.227

NYSE Volume 3,030,986,250
Nasdaq Volume 861,688,875

11:00 am : The Nasdaq is outperforming its counterparts. Leadership in the index is owed to large-cap names like Cisco (CSCO 15.36, +0.28) and Amazon.com (AMZN 38.97, +3.13).

The Nasdaq fell to a five-year low in the prior session. The drop pushed the Nasdaq's price-to-earnings ratio below 27, which is nearly half the average ratio it carried during the last five years.

Some contend that the low multiple accounts for dampened earnings expectations related to a weak economic and business environement. However, basing earnings expectations only on the near term would be a mistake, since it would fail to account for future earnings under more typical conditions. DJ30 -41.18 NASDAQ -1.98 SP500 -8.31 NASDAQ Dec/Adv/Vol 1992/654/693 mln NYSE Dec/Adv/Vol 2534/377/470 mln

10:30 am : The financial sector remains to be the worst performing economic sector. It is off by 6% this session alone, and down nearly 67% year-to-date.

One of the weakest performers in recent weeks has been Goldman Sachs (GS 50.60, -4.58). Shares of Goldman are trading at a fraction of their 52-week high of $234.22, which was reached nearly one year ago.

Goldman has struggled amid current economic and financial market turmoil. It even reorganized itself to become eligible for funds made available through the Treasury's recent emergency asset purchase plan. Some analysts predict the company will report a loss for the current quarter. Shares now trade at just 3.0x trailing earnings.DJ30 -125.45 NASDAQ -19.10 SP500 -21.10 NASDAQ Dec/Adv/Vol 2088/439/439 mln NYSE Dec/Adv/Vol 2639/231/311 mln

[Roland99]

53. geez look at that volume 90 min. in!!

[Roland99]

54. and all back into the RED again...NASDAQ at flat-line

[TrogL]

55. Loonie Watch

Highlights

Current:

Loonie: Toronto Stock Exchange:

30-day and 90-day vs.greenback:



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




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

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

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

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

2008-10-09 Thursday, October 9 0.870853 USD
2008-10-10 Friday, October 10 0.840336 USD
2008-10-13 Monday, October 13 0.840336 USD
2008-10-14 Tuesday, October 14 0.862143 USD
2008-10-15 Wednesday, October 15 0.84717 USD
2008-10-16 Thursday, October 16 0.83661 USD
2008-10-17 Friday, October 17 0.846024 USD
2008-10-20 Monday, October 20 0.834934 USD
2008-10-21 Tuesday, October 21 0.819135 USD
2008-10-22 Wednesday, October 22 0.800256 USD
2008-10-23 Thursday, October 23 0.795355 USD
2008-10-24 Friday, October 24 0.785238 USD
2008-10-27 Monday, October 27 0.773096 USD
2008-10-28 Tuesday, October 28 0.772678 USD
2008-10-29 Wednesday, October 29 0.812876 USD
2008-10-30 Thursday, October 30 0.817728 USD
2008-10-31 Friday, October 31 0.817728 USD
2008-11-03 Monday, November 3 0.842744 USD
2008-11-04 Tuesday, November 4 0.869414 USD
2008-11-05 Wednesday, November 5 0.862813 USD
2008-11-06 Thursday, November 6 0.84631 USD
2008-11-07 Friday, November 7 0.845309 USD
2008-11-10 Monday, November 10 0.83696 USD
2008-11-11 Tuesday, November 11 0.83696 USD
2008-11-12 Wednesday, November 12 0.813273 USD
2008-11-13 Thursday, November 13 0.812282 USD
2008-11-14 Friday, November 14 0.816927 USD
2008-11-17 Monday, November 17 0.8188 USD
2008-11-18 Tuesday, November 18 0.817194 USD
2008-11-19 Wednesday, November 19 0.808407 USD


Current values

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

Market            Open   High    Low   Last  Change    Pct Time
CD.Y$$ Cash     0.7947 0.7947 0.7825 0.7825 -0.0187 -2.33% 10:01 
CD.Z08 Dec 2008 0.7925        0.7925 0.7925 -0.0084 -1.04% 08:29 
CD.H09 Mar 2009 0.8099 0.8099 0.8099 0.8010 -0.0067 -0.84% set 15:07 
CD.M09 Jun 2009 0.9880 0.9880 0.9880 0.8012 -0.0069 -0.86% set 15:07 
CD.U09 Sep 2009 0.9350        0.9340 0.8012 -0.0071 -0.89% set 15:07 
CD.Z09 Dec 2009 0.7000 0.7000 0.7000 0.8014 -0.0068 -0.85% set 15:07 
CD.H10 Mar 2010 0.8800 0.8800 0.8800 0.8016 -0.0065 -0.81% set 15:07 
 

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

Market          Open    High    Low     Last    Change   Pct 
AUSTRALIAN $/CANADIAN $ (CME:ACD)
ACD.Z08 Dec 2008 0.8036 0.8036 0.8036 0.8036 +0.0085 +1.06%   
BRITISH POUND/US$ (SMALL) (NYBOT:MP)
MP.Z08.E Dec 2008 (E) 1.4885 1.4885 1.4748 1.4771 -0.0245 -1.64%   
EURO/BRITISH POUND (NYBOT:GB)
GB.Z08.E Dec 2008 (E) 0.8435 0.8435 0.8435 0.8382 -0.0048 -0.57%     
EURO/JAPANESE YEN (NYBOT:EJ)
EJ.Z08.E Dec 2008 (E) 118.97 118.98 118.10 118.42 -2.90 -2.40%     
EURO/US$ (SMALL) (NYBOT:EO)
EO.Z08.E Dec 2008 (E) 1.25045 1.25720 1.24830 1.24980 -0.00835 -0.67%   

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

The December Canadian Dollar was lower overnight as it extends Wednesday's decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near- term. If December extends this week's decline, October's low crossing at 76.86 is the next downside target. Closes above the 20-day moving average crossing at 81.94 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 81.94. Second resistance is this month's high crossing at 87.24. First support is the overnight low crossing at 79.29. Second support is October's low crossing at 76.86.

Analysis

Morning drivein said the Japanese stock market had cratered again and that the oil prices were dropping like a rock. This is probably what's driving the loonie down.

The Alberta(?) government has announced that if the United States doesn't want Canada's "dirty oil" from the Oil Sands project, it will sell it overseas. I can easily see this happening. The pipelines are in place - I've driven past them. Vancouver has the deep-water ports needed for oil tankers and they could use the traffic.

[TrogL]

100. Closing numbers and blather

Current values

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

Market            Open   High    Low   Last  Change    Pct Time
CD.Y$$ Cash     0.7947 0.7947 0.7734 0.7789 -0.0223 -2.78% 15:01 
CD.Z08 Dec 2008 0.7772 0.7835 0.7772 0.7782 -0.0227 -2.82% set 12:42 
CD.H09 Mar 2009 0.8099 0.8099 0.8099 0.7785 -0.0225 -2.81% set 15:07 
CD.M09 Jun 2009 0.9880 0.9880 0.9880 0.7789 -0.0223 -2.78% set 15:07 
CD.U09 Sep 2009 0.9350        0.9340 0.7791 -0.0221 -2.76% set 15:07 
CD.Z09 Dec 2009 0.7000 0.7000 0.7000 0.7790 -0.0224 -2.80% set 15:07 
CD.H10 Mar 2010 0.8800 0.8800 0.8800 0.7789 -0.0227 -2.83% set 15:07 

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

Market          Open    High    Low     Last    Change   Pct 
AUSTRALIAN $/CANADIAN $ (CME:ACD)
ACD.Z08 Dec 2008 0.7855 0.7855 0.7855 0.7855 -0.0181 -2.25%   
BRITISH POUND/US$ (SMALL) (NYBOT:MP)
MP.Z08.E Dec 2008 (E) 1.4885 1.4885 1.4722 1.4722 -0.0294 -1.96%   
EURO/BRITISH POUND (NYBOT:GB)
GB.Z08.E Dec 2008 (E) 0.8435 0.8435 0.8435 0.8435 +0.0053 +0.63%     
EURO/JAPANESE YEN (NYBOT:EJ)
EJ.Z08.E Dec 2008 (E) 118.97 119.10 118.10 118.10 -3.22 -2.66%      
EURO/US$ (SMALL) (NYBOT:EO)
EO.Z08.E Dec 2008 (E) 1.25045 1.25820 1.24560 1.24560 -0.01255 -1.00%   

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

The December Canadian dollar closed down 275 points at .7734 today. Prices closed near the session low and hit a fresh four-week low today. Bears still have the near-term technical advantage and gained more power today.

Analysis

Everything was down (not sure about the greenback). Note that the ozzie lost against the loonie. The Yen seems to be the least hit.

I've added the TSE graph above. It's crashing again today, down over 400 points. The loonie's fallen two cents since opening - no idea why.

[AnneD]

56. Morning Marketeers.....

:donut: Most folks here don't know it yet, but we are midway through a 2 minute warning here in Houston and the shit is about to hit the fan.

Some of those contractor that came in to help patch roofs-FEMA has dragged on so long, these folks have not been paid, have no money to get home and are living on Houston generosity. One more thing mayor will focus on. Dang, we will miss this guy -term limits.

Remember, I said we would either have an increase in births or a spike in the divorce rate 9 months from now.....Well chalk one up for love and/or boredom. Pregnancy rates are high. This is the hurricane's second surge:spray:

But the sad thing....they are shutting down large portions of UTMB (University of Texas Medical Branch) in Galveston. Three thousand people will lose their jobs this week. Severance packages will vary but folks will run out around January. They can be absorbed into our Medical Care system through out the region-but that leaves Galveston coming up short.

We have been in a full recession for I figure 2 years now. My question-when will we start using the D word? For the last 2 years I could get a dinner at some of the nicest places with out reservations. Some of those places are closed now or changed hands.

Hubby has 1 year to retirement and I have 3. They called him in for a big meeting and the will be laying off new comers that aren't working and older workers close to retirement. He said he felt directly threatened when he left the meeting. I told him we are in great shape-and compared to most-we are. We have been talking weekly about what we want to do. As strange as it sounds, we want to find some vacant land. We want to build a studio/garage apartment first, and then build the house. We want a recording studio and business space and a living space for us. Hubby's part time business still continues to grow-in fact, it is outgrowing our current space. It never ceases to amaze me. But actually, he is doing it right. He knows it top to bottom. Pays cash for equipment and inventory. He'll have his money coming in for his lesson plus a pension check.


Happy hunting and watch out for the bears.

[MadinMo]

58. I hope your husband can hang on for one more year, Anne, but

if it doesn't work out I hope for the best for you and your family. Your "retirement" plans sound intriguing!

One of the hospitals in the next town over is laying off lots of folks --- I think it is an across the board type of thing. A hospital is one of the last places I would have ever suspected of having to lay people off.

[DemReadingDU]

59. My daughter does research for a major hospital in Cincinnati

It's a great job, great benefits, new research building.

But I worry that the funding is based on grants, and when the grants dry up, then???

[AnneD]

64. A layoff in the 90's......

is why we have a Nurse Shortage today and in the future. Hospitals went cheap and piled patients on a few Nurses and 'canned' the 'extras'. They went on and retrained. Believe me, if you can become a Nurse and take the boards-going on to law school or med school or real estate is a cake walk. They got more pay and respect and never looked back. I graduated and was hired at the tail end of that Nursing boom (the experienced nurses were shown the door or left). I've always been in a sweet spot in Nursing.

They are tightening the belts at all the hospitals I know of-and they are being foolish about it. It takes a long time to grow a Doc or Nurse and research takes TIME in addition to Money.

[DemReadingDU]

65. daughter-in-law is a nurse

with 2 babies, so she is only part-time, but it keeps her skills and she's hoping in a few years to be able to go full-time. By then, who knows what the economy will be like.

[Mojorabbit]

66. When I was a nurse in the 80's

a lot of my peers were quitting to drive UPS trucks and deliver packages. The pay was way better.

[AnneD]

68. And this will bake your noodle......

UPS drivers can only lift no more than 50 lbs by themselves. Most hospitals require you to do 150. Yeah right-in these days of epidemic obesity, show me the patient outside of the nursery that is 150. I about flipped when the UPS driver told me that. I would not have minded that gig either.

That's why I laughed when Gov Arnold took on the Cal. Nurses Assoc. Pound for pound the Nurses could out lift his asymmetrical sagging ass. He never had a chance.

Nurses and Nurse aids have the highest incidence of musculoskelatal injuries than all but dock workers I think. They haven't really cared until Nurses became hard to come by. Most places still think Nurses are interchangeable and disposable.

[Mojorabbit]

96. I had a 350+ woman

fall on me when I was in my twenties. Five of us were walking her in the hall and I was behind her when she bit the dust trying to hold her upright. Now that I am in my 50's that injury hurts me every day. I will never forget her, bless her heart. Still, being a nurse was the only thing I ever wanted to do and I loved every minute of it and miss it sorely.

[specimenfred1984]

67. Hi Anne,

I'm into the recording thing too, been doing it for 30 years. There are amazing opportunities out there now, check out Tunecore for distribution, they put your/others stuff out on iTunes, amazonMP3 and about 8 other places for now. They ask a very small upfront fee and the websites themselves usually take about 20%.

[AnneD]

71. Thanks for the tip....

We are getting a web site togather for him. We are lucky to have so many sweet, smart, talented young students to help us. They love their "Gurugee". He really the best with the little ones (5 and up). Imagine teaching sitar to kids that age-but they love him.

[Ghost Dog]

107. Great plans, great opportunities, but

why not do that in India?

(Just a thought...)

[AnneD]

133. We have had that argument/discussion.....

frequently. He owns an apartment there so it would be easier. I always give him some advice from the Little Prince. In India, he would be one of thousands of sitar players. But here, he is unique. The only player (except his students) in town. He does lots of weddings and gatherings to supplement his income. In India he might get more bookings but it wouldn't be as special as it is now.

And while I found India ok to visit, I don't envision spending my golden years in a still third world country. His parents are deceased, mine aren't.

[antigop]

60. Michael Moore on the auto bailout (video)

Imo, Michael makes great points here. He sure is angry....

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

[Roland99]

61. Senators reach compromise on emergency auto loans: report

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B222C65B9%2D2832%2D47D6%2D8CEA%2D6FD7BA1CDAFB%7D

SAN FRANCISCO (MarketWatch) -- A bipartisan group of auto-state senators say they have reached a compromise to speed emergency loans to Detroit's Big Three car makers, the Associated Press reported Thursday. Republicans and Democrats plan to present the proposal at a mid-afternoon news conference Thursday but it was not clear whether the compromise plan could draw enough support to get through the Senate, the news agency said.

Markets react pleasantly.

[DemReadingDU]

62. Fed to Cut Rates to Zero on Deflation Risk, JPMorgan Predicts

Nov. 20 (Bloomberg) -- The U.S. Federal Reserve will probably cut interest rates to zero percent over the next two months to staunch deflation, according to JPMorgan Chase & Co.

The Fed will lower borrowing costs by 50 basis points at each of the next two policy meetings on Dec. 16 and Jan. 28, JPMorgan economist Michael Feroli wrote in a note to investors yesterday. The central bank will hold rates at zero for the rest of 2009 to prevent prices from spiraling down as companies cut jobs and banks reduce lending, stifling spending, Feroli said.

The Fed may not be the only central bank to begin offering free money to jolt life into their recessionary economies and keep prices rising as the 15-month credit crisis deepens. The Bank of Japan cut its benchmark rate to 0.3 percent last month, and the European Central Bank has signaled it's ready to lower rates further after two reductions in the past six weeks.

U.S. consumer prices plunged 1 percent last month, the most since Labor Department records began in 1947, the government said yesterday. Some Fed members indicated a willingness to cut rates to spur growth and keep prices from falling, according to minutes from the last Federal Open Market Committee meeting that were released hours after the price report.

``Taking the target rate to zero percent would not be costless for the Fed,'' Feroli said. Public confidence may drop ``if there is a perception that the Fed has `run out of ammo.'''

http://www.bloomberg.com/apps/news?pid=20601087&sid=anPQsS_15Tl4&refer=home


If zero% doesn't work, then what? negative% rate to force dollars from saving to spending?

[Roland99]

63. 1:39pm - Bloom's off the auto-industry bailout talk.

DJIA 7,920.10 -77.18 -0.97%
Nasdaq 1,379.11 -7.31 -0.53%
S&P 500 794.95 -11.63 -1.44%
Global Dow 1,292.15 -50.27 -3.74%
Dow Util 351.99 -1.83 -0.52%
NYSE 4,897.99 -114.00 -2.27%
AMEX 1,208.65 -36.77 -2.95%
Russell 2000 406.16 -6.22 -1.51%
Gold future 749.20 +13.20 +1.79%
30-Year Bond 3.76% -0.21 -5.24%
10-Year Bond 3.19% -0.20 -5.87%

[Dr.Phool]

70. Dems delay auto loans vote until Dec.

BREAKING NEWS
updated 3 minutes ago

WASHINGTON - Democratic leaders in Congress sidetracked legislation to bail out the auto industry Thursday and demanded the Big Three develop a plan assuring the money would make them economically viable.

“Until they show us the plan, we cannot show them the money,” Speaker Nancy Pelosi, D-Calif., said at a hastily called news conference in the Capitol.

She and Senate Majority Leader Harry Reid, D-Nev., said Congress would return to work in early December to vote on legislation if the General Motors Corp., Ford Motor Co. and Chrysler LLC produce an acceptable plan.

http://www.msnbc.msn.com/id/27824057/

____________________________________________________________

I can't legally say what whould be done with every repuke in the Senate.

on edit: markets react unfavorably.

[specimenfred1984]

72. My charts are showing that we've hit a bottom

YOU CLUELESS HYSTERICAL FUCKERS!

LOL, I love history.

[Dr.Phool]

76. You forgot about the underground parking garage.

3 floors left.

Accelerating down at 3:40pm.

[Roland99]

73. 3:25pm - No Faeries...and new session lows. Treasury prices skyrocketing.

DJIA 7,738.82 -258.46 -3.23%
Nasdaq 1,346.97 -39.45 -2.85%
S&P 500 773.10 -33.48 -4.15%
Global Dow 1,278.46 -63.96 -4.76%
Dow Util 343.63 -10.19 -2.88%
NYSE 4,763.03 -248.96 -4.97%
AMEX 1,179.38 -66.04 -5.30%
Russell 2000 395.79 -16.59 -4.02%
Gold future 748.70 +12.70 +1.73%
30-Year Bond 3.70% -0.27 -6.87%
10-Year Bond 3.14% -0.25 -7.28%

[DemWynner]

99. I think the Faeries are gone

Here is a picture of one that was found, they think it was arson...

[Roland99]

74. J.P.Morgan plans to cut 10% of investment bank staff: report (3,200 jobs)

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BB4C6FE57%2D57DA%2D4676%2DBDEA%2DD4B7B6292987%7D

[Roland99]

75. 3:40pm - Dropping faster then I can keep up! 7500 range about to be hit!

DJIA 7,615.45 -381.83 -4.77%
Nasdaq 1,330.36 -56.06 -4.04%
S&P 500 761.10 -45.48 -5.64%
Global Dow 1,270.18 -72.24 -5.38%
Dow Util 340.21 -13.61 -3.85%
NYSE 4,698.23 -313.76 -6.26%
AMEX 1,170.62 -74.80 -6.01%
Russell 2000 391.90 -20.48 -4.97%
Gold future 748.70 +12.70 +1.73%
30-Year Bond 3.70% -0.27 -6.87%
10-Year Bond 3.14% -0.25 -7.28%

[Roland99]

77. 7500s and falling

DJIA 7,573.95 -423.33 -5.29%
Nasdaq 1,327.09 -59.33 -4.28%
S&P 500 758.27 -48.31 -5.99%
Global Dow 1,267.38 -75.04 -5.59%
Dow Util 336.62 -17.20 -4.86%
NYSE 4,675.64 -336.35 -6.71%
AMEX 1,169.08 -76.34 -6.13%
Russell 2000 390.63 -21.75 -5.27%
Gold future 748.70 +12.70 +1.73%
30-Year Bond 3.70% -0.27 -6.87%
10-Year Bond 3.14% -0.25 -7.28%

[CatholicEdHead]

88. Pretty stable until the last half hour

And we keep going down further and further. I still don't think we are at the bottom yet.

[uppityperson]

78. Had to move the chart down at cnn money thingie

http://money.cnn.com/data/markets/dow/

[Dr.Phool]

79. 3:44pm, Accelerating down fast. Dow -453.

[Dr.Phool]

81. Faeries showing up for the final 15.

Dow up 100 in the past minute.

[Roland99]

82. Hedge funds unwinding the last couple of days?

[Max_powers94]

80. someone hold me :(

[Roland99]

83. .

:grouphug:

[specimenfred1984]

86. How about I read you some comforting propaganda about "bailouts"?

I won't mention crime at all, I'll just gloss over what's really happening, trillions being looted from Americans from every economic sector. I'll use a pretty little distraction that throwing even more money at crooks will solve everything because I wouldn't want to damage your weak, childish outlook.

[readmoreoften]

112. You're like that alien newscaster on Family Guy who denounces the audience as "puny humans"

Or is that Futurama? This puny human forgets.

[specimenfred1984]

116. I like the John Bottomtooth elitist on that show with the huge lower jaw

And it's true, I'm a superior human in every way! I've decided to offer "redemption" to all war criminals if they just support my candidate because my forgiveness ability surpasses all international and U.S. law!

[sarcasmo]

84. Has anyone killed themselves over their 401k?

200,000 this summer is worth less than 100,000 now, soon it will be not worth the paper it's printed on.

[Max_powers94]

85. I want to jump out of a window and I am on the 1st floor

[Dr.Phool]

87. I tried that from the basement and I hit my head.

Life looks much better now. If a little fuzzy. And there's birdies.

[Tansy_Gold]

118. I cashed mine out a month and a half ago.

It was puny to begin with, but I wasn't going to watch it wither away to nothing. Overall, I lost only about 8% from the high, so I got back everything my husband had contributed, all his employer's contribution, and a tiny bit of "earnings." I won't complain, at least not about that.



Tansy Gold, who has plenty of other shit to complain about.

[TalkingDog]

89. How tidy.

CNN has the final DOW down 444.99

As for that "bottom" of 7200 (heard on NPR today), I think we're probably still in the mid Lumbar region. *rimshot*

[Roland99]

90. At the close: Bloodbath Part Deux

DJIA 7,552.45 -444.83 -5.56%
Nasdaq 1,316.12 -70.30 -5.07%
S&P 500 752.44 -54.14 -6.71%
Global Dow 1,263.83 -78.59 -5.85%
Dow Util 335.73 -18.09 -5.11%
NYSE 4,651.22 -360.77 -7.20%
AMEX 1,157.48 -87.94 -7.06%
Russell 2000 385.31 -27.07 -6.56%
Oil $49.62 -4.00
Gold future 748.70 +12.70 +1.73%
30-Year Bond 3.70% -0.27 -6.87%
10-Year Bond 3.14% -0.25 -7.28%

[CatholicEdHead]

91. Ouch

Do we dare start a new pool to pick the bottom of this?

[Dr.Phool]

92. Seems, that would be too hard to pick.

Sucker rallies, plunges, bloodbaths, and more sucker rallies.

[tclambert]

120. Naw, it's easy.

Zero. Can't go lower than that. See how easy that was?

[tclambert]

I was being sarcastic, wasn't I?

Please tell me I was.

Seriously, if GM goes kaput, the DJIA will see over a thousand point drop in a single day. That's a prediction. Book it.

[leftynyc]

93. I don't think so

Bad karma. For what it's worth, I have many friends down on Wall Street - they're all saying the bottom is 7000. They've been saying this for a while and still stand by it. But they'll also be the first to tell you it's conjecture and nobody really knows.

[Roland99]

94. I didn't think we'd drop below 8300 but now it seems we're going down to the trendline

One I saw had that in the 5000 - 6000 range.

[DemReadingDU]

103. Maybe the bottom this year is 7000, but

As I said above, we are in a giant bubble which has been growing so big that it is beginning to burst. When the bubble completely bursts, and all bubbles burst, we will see the DOW go as low to the point the bubble started.

Look at this chart that was posted above by legin. Look at numbers at the start of those green lines. I think that is the beginning of the bubble, but I'm not sure which line to begin...
577, 1011, 776
http://www.the-privateer.com/chart/dow-long.html

Whatever, there is still a long way to go down.


Edit. I know it's crazy to say the Dow will drop so much, but I watched all the excellent Chris Martenson Crash Course videos. Chapter 15 is about Bubbles. And I think the market will collapse down to appx 1000 eventually. Good series to watch all the videos.
http://www.chrismartenson.com/crashcourse


Edit again: Others may interpret the beginning of the bubble differently.

[TalkingDog]

97. Whichever brave soul decides to monitor the masses on the SMW

I'm putting in at 4000.00.

Perhaps I'm a negative nellie,but none of the talking heads have given up on buying stock nor are they suggesting people would be better holding on to cash..... now THAT'S a bottom's bottom.

[Dr.Phool]

105. Revisiting yesterday morning's Financial Sense Wrap-up.

The most important turns in markets are always among the most difficult to handle, as the markets seem to linger almost endlessly before the reversal occurs. In the equity markets, it is always all about ‘juncture recognition’ and deciding where a market is in the grander scheme of things. In today’s update, we focus on ‘juncture recognition’ as the current crossroads in markets is surely one of the grandest in sometime. In watching the markets today, and over the last few days, we have been taken in by the enormity of the situation confronting the US equity market. Simply put, it is either “breakdown” or “turn.” In this vein, it is encouraging for those hoping for a return to stability that prices were able to rally up and close in the plus this Tuesday. Yet, the litmus test of any upside reversal day is always in the knock on ‘follow thru’ or lack thereof. Should prices reverse lower once again, allowing the S&P to breakdown further below today’s lows, the outcome is likely to be quite dire over an extended period of time. In my view, were this to unfold it could end ushering in a whole new universe of selling, possibly dwarfing the selling already seen thus far with the world plunging into a dark ages of a Second Great Depression. For all his bearishness, the legendary Doug Casey might have hit on the mark after all, with his concept of ‘The Greater Depression.’

As we see it, for the S&P, the current broad zone between 780 and 830 is really “make or break.” Ditto for the financials! Anyone seen the chart of Citicorp(C) lately? It bears an all too striking similarity to that of New Century Financial, or AIG just before those notables plunged to their death. Even BankAmerica is reeling, and appears ready to founder with any further concentrated selling pressure likely to force even more intense liquidation. Can the United States withstand the loss of Citicorp, or BankAmerica, or both in this already weakened state? For that matter, can the world withstand it, as the veritable collapse in the US economy that this would foreshadow would surely spell disaster for many economies abroad.


S&P today 752.44. I guess it's break.

[Demeter]

114. I Heard Exactly That Sentiment on NPR This Evening--Cash!

[ozymandius]

109. Too early to start that.

Money for the banks. What has that done? Money for the auto industry in the future? Will it help anything? Uncertainty is the devil that makes markets mad.

[Pale Blue Dot]

95. Remember in the good old days, when a 5% drop would have resulted in 2 SMW threads?

Memories....

I guess we're all becoming desensitized to violence.

[Roland99]

98. 400pt swings each way have desensitized us. Like sax and violins on TV

;)

[Dr.Phool]

102. 5% was a much bigger number back then.

[ozymandius]

110. Thems was the days.

These violent swings are so common these days that I'll let my six-year-old son look at the thread.

[RUMMYisFROSTED]

101. Where is the "10,000 by the end of the year" Guy?

:shrug:

[Dr.Phool]

104. I think he's checking his charts.

Noticed he was holding them upside down.

[Hugin]

108. I only predicted a bump after they announced the Treasury...

would be buying "Commercial Paper".

I also said at the time it would be very temporary and it did get up to 9,500, but, then right back down to
what you see today. (9,625 on Nov. 4 to be exact.)

Not sure who you're talking about. :shrug:

[Dr.Phool]

113. I think we're talking about that guy with all the charts and technical analysis.

He said we were all nutz, and he's found a new support at 8,700, and that according to his charts, it was impossible for the Dow to close below 8,000.

[specimenfred1984]

117. They're talking about...

gopbuster or some such name, just another numbers-obsessed cultist of greed who comforts him/herself with certainty and sameness.

[TheWatcher]

122. Or he's checking his shorts.

You know Doc, it just occurred to me that is the second time in two days I have done that to you. :evilgrin:

One of these days, you're going to have to let me buy you a beer to make up for it.

Hopefully no chili was involved in the reading of this post. :)

[Dr.Phool]

128. I ate the chili after the market closed.

Habanero peppers have a way of soothing my stomach.

Tomorrow morning however, is a different story.

:toast:

[Pale Blue Dot]

115. He's hanging out with the "THANK GOD IT PASSED" guy. nt

[AnneD]

134. Finn, DrPhool and Watcher....

STOP...you guys are killing me....check his shorts. Too Snarky.

This is suppose to be an adult thread, but I think this is degenerating into a food fight riot.:hide:

[Neshanic]

111. Peter Schiff shows up to spank the "Fastmoney" gang on CNBC.

[4dsc]

130. He did a real good job too

Left most of the crowd with drop jaw as they couldn't counter any of Schiff's arguement this economy is headed for the shitter..

[AnneD]

135. Post a link please......

I'm all in favour of corporal punishment. :spank:

[ozymandius]

119. TARP recipients

http://www.treas.gov/initiatives/eesa/transactions.shtml

CAPITAL PURCHASE PROGRAM: $158,561,409,000 Total

$15,000,000,000 Bank of America Corporation
$3,000,000,000 Bank of New York Mellon Corporation
$25,000,000,000 Citigroup Inc.
$10,000,000,000 The Goldman Sachs Group, Inc.
$25,000,000,000 JPMorgan Chase & Co.
$10,000,000,000 Morgan Stanley
$2,000,000,000 State Street Corporation
$25,000,000,000 Wells Fargo & Company
$10,000,000,000 Merrill Lynch & Co., Inc.
$17,000,000 Bank of Commerce Holdings
$16,369,000 1st FS Corporation
$298,737,000 UCBH Holdings, Inc.
$1,576,000,000 Northern Trust Corporation
$3,500,000,000 SunTrust Banks, Inc.
$9,000,000 Broadway Financial Corporation
$200,000,000 Washington Federal Inc.
$3,133,640,000 BB&T Corp.
$151,500,000 Provident Bancshares Corp.
$214,181,000 Umpqua Holdings Corp.
$2,250,000,000 Comerica Inc.
$3,500,000,000 Regions Financial Corp.
$3,555,199,000 Capital One Financial Corporation
$866,540,000 First Horizon National Corporation
$1,398,071,000 Huntington Bancshares
$2,500,000,000 KeyCorp
$300,000,000 Valley National Bancorp
$1,400,000,000 Zions Bancorporation
$1,715,000,000 Marshall & Ilsley Corporation
$6,599,000,000 U.S. Bancorp
$361,172,000 TCF Financial Corporation

[Dr.Phool]

121. Citi's bailout is worth more than the company.

A sub-prime 110% loan to a bank. Paulson know's what he's doing all right. In February, he'll be running the new and improved WaMu.

:rofl:

[UpInArms]

124. yeppers - but until then: Citigroup weighing major merger, new investment: report

http://www.reuters.com/article/newsOne/idUSTRE4AK09320081121

(Reuters) - Citigroup Inc is weighing several options, including a merger and seeking new investor, according to CNBC television, citing unnamed senior officials.

Highlights:

* Weighing potential need for "major" merger

* CNBC's Charlie Gasparino says has heard possible merger partners for Citigroup could include Goldman Sachs Group Inc, Morgan Stanley and State Street Corp

[tclambert]

125. $25B each for Citigroup, JPMorgan, and WellsFargo,

and NOTHING for GM? How are we gonna last the 61 more days until Stupidhead goes away?

[Dr.Phool]

126. Asian markets already going long in the red.

Nikkei down almost 3% at 8:15.

http://finance.yahoo.com/intlindices?e=asia


Ooops. More than 3% now 8:17pm

[TheWatcher]

129. Not really a good sign.

They are still trying to have their overnight jam party in our futures, but it doesn't look like Asia is playing along.

Asian Futures were up before the open, but that is all past now.

We'll see what Barnumke and Bailout (Paulsen) have in store for us tomorrow.

My guess is TPTB try to have a big pre-holiday orgasm next week to lube up shoppers to go do their zombie like duty for economy and country and the retail sector.
Of course I could be wrong.

Thanksgiving Weekend is going to be VERY interesting to watch this year.

[TheWatcher]

127. My Late Day .02

It would be interesting to hear from that well-heeled ANALyst that attempted to chastise everyone here not too long ago with his charts and infinite technical knowledge about 8700 being the "new support" and how the Market would never be "allowed" to fall below 8000.

Maybe he took my advice and took Gasparino's spot at CNBC.

Then he can at least get paid for being a propagandist. :)

Citi fell ANOTHER 29% today to $4.71. That's 50% in two trading days.

This is starting to look like WaMU before they were absorbed by the giant sponge that is JPM, and perhaps those Rumors about them not making it to Christmas may turn out to be true. We shall have to see.

867 Point Drop in two days right before the Holiday Week is definitely NOT a good sign here.

However, if you are a "Bear", you might want to "beware" as it looks like Da Boyz are already trying to crank up an overnight jam party on the futures, based on nothing of course. I don't know if it will hold or not, but never underestimate the Power of TPTB. They may have a story by morning along the lines of some synthetically generated bullshit story like the one that came out on Nov. 18th about China possibly being interested in buying GM and Ford. (Yes, CHINA will Save Us!) :eyes:

An early look at Asia points to another Bullshit Carnival tomorrow for us, so be on the lookout for the Carnival Barkers, Dancing Girls, and Maria with he pom-pom's telling us about all the "money on the sidelines" and how we should buy stocks at these cheap prices, as this may be the last time we EVER have a chance to buy the Dow at below 8000!

My final word of the day:

There may be a lot of "money on the sidelines" but if it isn't your money, the WTF does it matter? :)

Have A Great Night Marketeers.

[dweller]

131. hoo boy

http://in.reuters.com/article/businessNews/idINIndia-36616520081121?pageNumber=1&virtualBrandChannel=0


what a day it will be tomorrow.
dp

[Dr.Phool]

132. Asia just did a turnaround, and everything is in the green now!

Somebody's pumping something.

http://finance.yahoo.com/intlindices?e=asia