STOCK MARKET WATCH -- Wednesday, 26 June 2013

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Wednesday, 26 June 2013[font color=black][/font]

SMW for 25 June 2013

AT THE CLOSING BELL ON 25 June 2013
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Dow Jones 14,760.31 +100.75 (0.69%)
S&P 500 1,588.03 +14.94 (0.95%)
Nasdaq 3,347.89 +27.13 (0.82%)


[font color=red]10 Year 2.61% +0.06 (2.35%)
30 Year 3.63% +0.06 (1.68%) [font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
Wall Street on Parade
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout


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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
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[font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.










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[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]

[Demeter]

1. The South Will Rise Again

[Demeter]

2. I'm sure there were times when it seemed that current events made a complete mockery

of America's best intentions...

But did it have to happen TWICE in my lifetime? 1960's and 2010's. Actually, one could say it was continuous...with brief periods of sanity.

[Demeter]

3. NEWSLETTER: It's Our Economy

http://us2.campaign-archive2.com/?u=17a49926b1625f313cb5f63dd&id=27c1e3370a&e=b196ac3113

The reaction to Ben Bernanke's suggestion that it may be time to wind down the easy money policies which have been injecting $85 billion into the hands of Wall Street each month show that the 'recovery' has been a fraud. In the weeks since the Fed chairman first indicated that the central bank might start to pare back its support for the economy, markets in Asia, Europe and Latin America have fallen more than 6 percent, while in the United States, they have fallen 4 percent. There is a lot of opposition to this plan to end easy access to money. In a statement explaining his dissent from the Fed’s announcement, James Bullard, president of the Federal Reserve Bank of St. Louis, claimed it looked like it was based on a calendar rather than on the state of the economy.

Paul Krugman wrote that Bernanke’s timing is off because we’re in a “low-grade depression.” He points to high unemployment, high underemployment, millions of Americans dropping out of the job market and low inflation as indicators that it is too soon to cut access to money. Jared Bernstein, a former Obama economic adviser, adds that it is too soon to shift from the jobs deficit to the budget deficit and the Fed may be making the same mistake as Congress.

But, there are signs that perhaps Bernanke is right and the real failure is Obama and Congress. The much vaulted housing 'recovery' has been fueled by easy money that allowed investors to buy houses cheap which, when combined with banks holding properties in foreclosure off the market, resulted in rising prices. In the Guardian, Heidi Moore points out that “double digit rises” in housing prices are not sustainable especially when “house prices are rising when the rest of the economy is languishing; that’s either a sign of an overheated market or some external manipulation.” Economist Dean Baker warns, we seem to be in a new housing bubble and “we may be in for another round of very bad news if interest rates ever return to more normal levels.”

So, both the stock market bubble and the housing bubble, fueled by the Fed’s cheap money policies, may be coming to an end. Optimists pointed to these as the bright signs in the 'recovery,' but now we are seeing that they are really a mirage based on the Fed injecting massive amounts of money into the economy.

MORE

[Demeter]

4. IT DOES, INDEED!

[xchrom]

5. UBS FRANCE FINED $13 MILLION IN LAUNDERING PROBE

http://hosted.ap.org/dynamic/stories/E/EU_FRANCE_UBS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-06-26-05-32-19

PARIS (AP) -- UBS France is being fined 10 million euros ($13 million) after French authorities found the bank delayed tightening up controls to curb money laundering and cross-border fiscal fraud.

The French banking regulator, ACP, said Wednesday that UBS France was warned by autumn 2007 about inadequate procedures and did nothing for 18 months. The statement did not specify whether there had been any illicit activity. French prosecutors are separately investigating UBS France - and three executives - for complicity in illegal business dealings.

In a statement, the Swiss bank said its French subsidiary has been under new leadership since 2012 "and has continuously strengthened its rules and processes."

The bank said it was considering appealing the decision and has denied wrongdoing in the investigation.

[Fuddnik]

6. Get 'em while they're hot!! Get yer red hot gold here!!

Yes, Madam, this highly sought, red hot mineral normally sells for $3000 per ounce, but you can buy it for only $1230!

Don't get shut out! Get 'em while they're hot.

[xchrom]

10. The Bottom Completely Falls Out Of Gold

http://www.businessinsider.com/gold-crash-june-26-2013-6

Markets aren't doing too much of anything.

Japan fell by 1%. China was flat.

Europe is rallying a bit.

The big story: The gold crash.

Overnight, the yellow metal fell by nearly $50/oz. Silver had a similarly brutal night.




Read more: http://www.businessinsider.com/gold-crash-june-26-2013-6#ixzz2XKD1z6bN

[Warpy]

23. I dunno if I'm ready to call it a crash

It's hissing louder as air gets let out of the bubble but we haven't heard a resounding thud quite yet. I might be ready to call it a crash when it drops below 1000. It will, too, the stuff hyperinflated thanks to looneytarian fear mongers like Glen Beck.

[westerebus]

16. Harley-Davidson having a half off sale. Interested?

The Volker equation: you kill inflation by raising Bond rates. Oil was cheap.

The Greenspan equation: you can only steal as much as you can carry. Oil and everything else gets expensive.

The Bernanke equation: you kill dollar deflation by lowering gold prices. Oil is expensive.

[Fuddnik]

20. Already have one.

But, Ihave a nice Prius for sale.

[Demeter]

24. How much, and why?

I'll be in Tampa and Orlando first week of August.

[Fuddnik]

30. You better stop over for a drink.

My wife likes wine too. And we have a guest room.

[xchrom]

7. ITALY DENIES FINANCES AT RISK FROM DERIVATIVES

http://hosted.ap.org/dynamic/stories/E/EU_ITALY_DERIVATIVES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-06-26-07-34-12

MILAN (AP) -- The Italian Treasury says that derivatives contracts it signed years ago pose no threat to state finances.

Italian financial authorities also denied in a statement Wednesday that Italy used the potentially risky financial instruments at the end of the 1990s to help the country meet benchmarks for admission to the euro currency union.

Questions about potential risks linked to Italian derivatives arose from media reports that said Italy risks losing 8 billion euros ($10.5 billion) on derivatives contracts it restructured at the height of the eurozone crisis. The reports in La Repubblica and the Financial Times were based on a confidential report by the Rome Treasury.

A derivative is a financial contract whose value is based on an underlying asset, such as a stock or bond.

[xchrom]

8. SURVEY: GERMAN CONSUMER CONFIDENCE AT 6-YEAR HIGH

http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-06-26-02-41-13

BERLIN (AP) -- A survey has found that low unemployment and solid wage increases have helped push German consumer confidence to a nearly six-year high.

The GfK research institute said Wednesday that its forward-looking consumer climate index rose to 6.8 points for July from 6.5 in June. That's the highest level since a reading of 7.3 in September 2007.

Germany's unemployment rate was 6.8 percent in May, a contrast with rates above 20 percent in the European countries worst-hit by the debt crisis. Industrial workers and others in the country, which has Europe's biggest economy, have secured wage raises well above the inflation rate this year.

Earlier this week, a closely watched survey showed a slight increase in business confidence, underlining expectations of stronger economic growth in Germany.

[xchrom]

9. sweet dreams -- patsy cline

[westerebus]

13. Thanks X.

I remember my parents dancing in the kitchen to Patsy Cline.

[xchrom]

11. Australian Prime Minister Julia Gillard Ousted By Her Own Party — Former PM Rudd To Take Over

http://www.businessinsider.com/julia-gillard-vote-2013-6



It's now being reported by Sky News Australia that Australian PM Julia Gillard has been ousted by a vote of her own party.

Gillard has been an unpopular figure, who had appeared to be headed towards a major defeat in the forthcmoing Australia general election, prompting cries with in her own labor party for a change of leadership.

Former PM Kevin Rudd had put himself up for consideration, and so Gillard called for an emergency "spill" a vote within her own party, which she has lost.



Read more: http://www.businessinsider.com/julia-gillard-vote-2013-6#ixzz2XKDp61P5

[xchrom]

12. US GDP GROWTH SLASHED TO 1.8% IN Q1

http://www.businessinsider.com/q1-us-gdp-final-2013-6

UPDATE: The final reading for first quarter U.S. GDP growth is out.
GDP growth came in at 1.8% annualized in Q1, down significantly from the 2.4% estimate published last month.

Personal consumption growth was revised down to 2.6% from 3.4%.

A key note from the release on differences from the second estimate: "With the third estimate for the first quarter, the increase in personal consumption expenditures (PCE) was less than previously estimated, and exports and imports are now estimated to have declined (for more information, see "Revisions" on page 3)."



Read more: http://www.businessinsider.com/q1-us-gdp-final-2013-6#ixzz2XKEy3vW4

[xchrom]

14. Greece: the sequel (this time with even more tourists)

http://www.guardian.co.uk/world/2013/jun/25/greece-tourists

Long before the setting sun turns the sky above Mykonos into a blaze of crimson, they begin to arrive: super-yachts and pleasure boats and high-speed craft all vying for a spot in the Aegean isle's picturesque old port.

In his aviator sunglasses, Mykonos's harbourmaster, Lieutenant Jr Nicholaos Zigouris, supervises this elegant race for space.

"It wasn't like this last year or the year before," he says. "There's been a huge leap in the number of private and professional boats sailing in, and the tourist season has barely begun."

Mykonos, the island made famous by Jackie Onassis, is braced to accept 1 million tourists this summer but it is not only the international jet-set descending on its shores.

[xchrom]

15. Anglo Irish Bank revelations go from bad to worse

http://www.guardian.co.uk/business/2013/jun/25/anglo-irish-bank-secret-tapes


The Anglo Irish Bank revelations get worse. We learned on Monday, thanks to the Irish Independent, that the bank's initial figure of €7bn (£6bn) for its bailout in 2008 was picked "out of my arse," as one executive put it. Now another executive is heard on the tapes glorying in the rush of deposits from Germany that followed the Irish government's blanket guarantee of savings at Anglo Irish. "Deutschland, Deutschland, über alles," he sings.

As an illustration of the bankers' arrogance and the Irish politicians' temerity, these audiotapes could hardly be bettered. It's very late in the day but Dublin must order a proper inquiry into events of 2008 and 2009.

It might be asked what is left to learn. Well, the critical questions are still unanswered. Was the government misled? Or did ministers in the Fianna Fáil-led government willingly suspend any disbelief over the €7bn figure? And, since the final cost of bailing out Anglo Irish was €30bn, what steps were taken to establish a proper estimate?

Besides, you never know what you'll discover until you look. If all phonecalls at Anglo Irish were taped, the public deserves to know what else they contain. Then the executives, politicians and regulators can be cross-examined.

[xchrom]

17. Germany's constitutional court prepares to make crunch decision

http://www.guardian.co.uk/business/economics-blog/2013/jun/26/germany-consitutional-court-ecb-omt

Germany's constitutional court is preparing what might become the most important decision in its history. Last September, the court allowed the German government to sign the treaty establishing the European Stability Mechanism (ESM), the eurozone's permanent intergovernmental rescue facility. Now, however, it may try to stop the European Central Bank's so-called outright monetary transactions (OMT) programme (the ECB's pledge to buy, without limit, the government bonds of troubled eurozone countries that subject themselves to the ESM's conditions).

To be sure, the German court has no jurisdiction over the ECB – and thus has no power to judge its actions. The only institution that does have that power is the European court of justice in Luxembourg. But Germany's constitutional court can judge whether the actions of EU institutions are compatible with its constitution and the European Union treaties.

If the court finds that the ECB's actions are unlawful, it can constrain German institutions – even the German parliament. For example, it could forbid the Bundesbank from participating in the OMT programme. Or it could rule that the German government's participation in the ESM must be conditional on the ECB's willingness to limit OMTs. Udo Di Fabio, a renowned former judge on the court, has argued that the tribunal could even force the German government to unwind the EU treaties if it does not succeed in curbing the OMT programme.

The OMT programme's supporters point out that it has calmed the financial markets by affirming the ECB's readiness to step in as a lender of last resort and buy sovereign debt before a country goes bust. By driving the market to a so-called "good" equilibrium, such a country's yields remain low, and it can continue to borrow. They point out that central banks all over the world are undertaking similar actions to stabilise markets. The Federal Reserve, in particular, has bought huge quantities of US government bonds.

[xchrom]

18. Schaeuble dismisses prospects for another Greek 'haircut'

http://uk.reuters.com/article/2013/06/26/uk-greece-debt-germany-idUKBRE95P0LC20130626

(Reuters) - German Finance Minister Wolfgang Schaeuble dismissed on Wednesday the possibility that owners of Greek debt might be forced to accept additional losses on their holdings, saying the risks associated with the country's adjustment programme were manageable.

Speaking at a news conference on the 2014 German budget, Schaeuble said speculation about a further "haircut" on Greek debt was based on a misunderstanding of what policymakers intended.

"We have said we will not do another haircut like this," Schaeuble said, referring to the 2011 decision to impose losses on private debt holders.

[xchrom]

19. Botswana to auction diamonds at home

http://www.bbc.co.uk/news/world-africa-23066036


Last year, De Beers moved its rough stone sorting operation to Botswana

Botswana, the world's largest diamond producer, is set to auction its own diamonds for the first time instead of selling them in Europe.

The auction is by the government-owned Okavango Diamond Company.

Later in the year, diamond giant De Beers, which owns the country's main mining firm with the government, will also move its sales to Gaborone.

Botswana has long campaigned for its diamonds to be processed, sorted, marketed and sold from the country.

[xchrom]

21. Philosopher Renata Salecl: 'Capitalism Is Humanity's Neurosis'

http://www.spiegel.de/international/zeitgeist/philosopher-renata-salecl-on-the-tyranny-of-choice-a-907961.html


Is too much choice stressing us out?

SPIEGEL ONLINE: Ms. Salecl, at the fast food chain Subway we have to make half a dozen decisions before we can finally enjoy our sandwich. Is that what you mean when you speak in your lectures about the "tyranny of choice?"

Salecl: I try to avoid places like Subway, and if I end up there I always order the same thing. When I speak about the "tyranny of choice," I mean an ideology that originates in the era of post-industrial capitalism. It began with the American Dream -- the idea of the self-made man, who works his way up from rags to riches. By and by, this career concept developed into a universal life philosophy. Today we believe we should be able to choose everything: the way we live, the way we look, even when it comes to the coffee we buy, we constantly need to weigh our decision. That is extremely unhealthy.
SPIEGEL ONLINE: Why?

Salecl: Because we constantly feel stressed, overwhelmed and guilty. Because, according to this ideology, it's our own fault if we're unhappy. It means we made a bad decision.

SPIEGEL ONLINE: And if we make the right choice?

Salecl: In that case, we constantly feel that there's something even better hiding behind the next corner. So we are never truly content and are reluctant to settle on anything.

[Demeter]

25. Only the Neurotic feel that kind of stress from too many choices

It is the POOR, who feel enraged and defeated, who are truly stressed by Crony Capitalism and Piracy of the Rentiers. Which has to do with no choice, at all, anywhere, anytime.

[xchrom]

22. 'Late for the Party': No Joy in Croatia's EU Accession

http://www.spiegel.de/international/europe/grim-future-for-croatia-as-eu-accession-approaches-a-907551.html

German discount supermarket chain Lidl is welcoming Croatia, the European Union's newest member, by slashing prices. Large billboards across the country read: "Welcome to a Union of low prices. More for you!" On the shelves, the company offers "permanent EU markdowns." Croatia's accession to the EU on July 1 is expected to practically pay for the bargain strategy. When the barriers on the border come down next week, 20 percent duties on EU products will also be eliminated.

Since their products will become significantly more competitive overnight, producers and dealers throughout Europe are preparing a marketing offensive in Croatia. German companies, in particular, will profit from the change. They are mesmerized by the prospect of 4.4 million new customers who are especially fond of German brands like Miele, Volkswagen and Adidas.
However, it is unlikely that the small country itself will benefit from EU accession in the short term. A deep economic crisis has battered Croatia for the last five years. Government debt is growing rapidly, and two rating agencies have already downgraded Croatian bonds to junk status. As such, the country will probably have to be subsidized from EU coffers for the foreseeable future.

And even in the relatively young nation on the Adriatic Sea, enthusiasm for Europe has cooled considerably, with little evidence of optimism. Polls show that only 39 percent welcome the accession to the EU, which the Croats fought for through 10 years of tough negotiations with Brussels. "We feel like an uninvited guest who shows up too late for the party," says a banker in one of the street cafés in Zagreb, the capital.

[Hotler]

26. Remeber DU2 and how there was some sanity at this website. Who are those people over in...

GD?????? Obama can do no wrong. Obama can do no wrong. Say it with me. I know I've been told to never dip my toe in the crazy. Off to take a shower now.

[Tansy_Gold]

27. There is sanity on the present DU

It's a rare thing, though, not always shining right out in the open.

Sometimes you have to search for it, far and wide, and dig deep through the overburden of muck and crud and shit and slop.

But it is here, and you know that, because you've found it, right here.

[snot]

29. Actually, I think sanity's at at least 82%:

http://www.democraticunderground.com/10023090869

I think there's just a relatively small cadre of incredibly vocal cheerleaders for insanity, at least some of whom I suspect of being here for the sole purpose of – dare I say it – disruption.

[Fuddnik]

31. Yeah. but they swarm like killer bees.

I've been on juries 4 times in one day, because the alert on everything. They like to pick a fight, and somebody gets even slightly testing and they're squealing "Mommy, he's looking at me funny"!

[snot]

32. Agreed. They're horrifyingly effective.

They manage to derail or abort many of the threads I care most about. I wish we could figure out a way to counteract them.

[Warpy]

28. There is plenty of sanity here

although sometimes it's hard to find on GD. The "Obama can do no wrong" people alert on every little thing and get spankings from the jury system so it's all good. Well, mostly good.