STOCK MARKET WATCH, Wednesday November 4

[ozymandius]

Source: du

STOCK MARKET WATCH, Wednesday November 4, 2009

Bush Administration Officials Convicted = 1
Name(s): David Safavian

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted = 6

AT THE CLOSING BELL ON November 3, 2009

Dow... 9,771.91 -17.53 (-0.18%)
Nasdaq... 2,057.32 +8.12 (+0.40%)
S&P 500... 1,045.41 +2.53 (+0.24%)
Gold future... 1,085 +31.20 (+2.96%)
10-Yr Bond... 3.46 +0.05 (+1.46%)
30-Year Bond 4.33 +0.07 (+1.67%)

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

Market Conditions During Trading Hours

GOLD, EURO, YEN, Loonie, Silver and US$

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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.

Read more: du

[ozymandius]

1. Market Observation

Secular Cycles in the S&P Composite
BY RON GRIESS

We graphically portray three distinct secular cycles and a possible fourth from the historical data set of the S&P Composite. The five charts that follow provide the details.

-see charts-

That was quick.

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

[DemReadingDU]

30. So these 5 charts tell us what?

The Bear market is continuing?

[ozymandius]

2. Today's Reports

07:30 Challenger Job Cuts Oct
Briefing.com NA
Consensus NA
Prior -30.2%

08:15 ADP Employment Report Oct
Briefing.com -235K
Consensus -190K
Prior -254K

10:00 ISM Services Oct
Briefing.com 52.0
Consensus 51.5
Prior 50.9

10:30 Crude Inventories 10/30
Briefing.com NA
Consensus NA
Prior 0.78M

14:15 FOMC Rate Decision 11/4
Briefing.com 0.25%
Consensus 0.25%
Prior 0.25%

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

[UpInArms]

19. U.S. planned layoffs fall for third month in Oct

http://www.reuters.com/article/bondsNews/idUSNYS00747920091104

NEW YORK, Nov 4 (Reuters) - Planned layoffs at U.S. firms
fell for a third straight month in October to a 19-month low,
feeding hopes the labor market will continue to improve as
economic activity rebounds.

Planned job cuts announced by U.S. employers fell to 55,679
in October, down 16 percent from 66,404 in September, according
to a report released on Wednesday by global outplacement
consultancy Challenger, Gray & Christmas, Inc.

The October job cuts were the lowest since March 2008, when
employers said they would shed 53,579 workers, and the October
numbers are 51 percent below the year-ago announced layoffs.

For the year through October, announced job cuts are up 36
percent from the prior-year period, at 1.19 million. The total
announced layoffs this year are just 31,406 shy of last year's
total of 1.22 million.

John Challenger, chief executive of Challenger, Gray,
cautioned that the employment market recovery will not be as
swift as its fall.

"Companies will, at first, be very cautious not to
over-hire, in case this recovery is not sustainable. Even when
the pace of job creation accelerates, it simply will take a lot
of time to reabsorb all of these displaced workers," he said in
a statement.

Planned layoffs in October were driven by the automobile
industry, with 13,420 announced layoffs. The sector, with a
total of 164,440 planned layoffs this year, may see more
downsizing in 2009, the report said.

...more...

[UpInArms]

35. Oct. ADP employment falls 203,000

U.S. Oct. ADP employment falls 203,000
8:15 a.m. Today

[Hugin]

39. ADP Says U.S. Companies Cut Estimated 203,000 Jobs (Update3) (Bloomberg)

By Timothy R. Homan

Nov. 4 (Bloomberg) -- Companies in the U.S. cut an estimated 203,000 jobs in October, according to a private report based on payroll data.

The drop was the smallest in more than a year and followed with a revised 227,000 decline the prior month, data from ADP Employer Services showed today. The figures were forecast to show a decline of 198,000 jobs, according to the median estimate of 34 economists in a Bloomberg survey.

The report signals unemployment will keep climbing even after the economy begins to expand, one reason why Federal Reserve policy makers may pledge to keep interest rates low for a long time after their meeting today. ADP has overstated the Labor Department’s initial estimate of payroll losses by 103,000 per month on average in the five months to September.

“The losses, while smaller than in previous months, were nonetheless widespread,” Joel Prakken, chairman of Macroeconomic Advisers LLC, said on a conference call with reporters. “I’m still expecting to see payroll employment decline probably through the end of the year, not turn up until January or February.”

Stock-index futures extended earlier gains following the report. The contract on the Standard & Poor’s 500 Index was up 0.8 percent to 1,050.2 at 8:47 a.m. in New York. Treasury securities fell, pushing the yield on the 10-year note up to 3.51 percent from 3.47 percent late yesterday.

More from Squealer... http://www.bloomberg.com/apps/news?pid=20601068&sid=apB7KqSxenp8

[UpInArms]

45. U.S. Oct. ISM nonmanufacturing index dips to 50.6%

http://www.marketwatch.com/story/us-oct-ism-nonmanufacturing-index-dips-to-506-2009-11-04

WASHINGTON (MarketWatch) - Business conditions improved in October across a narrower group of companies in the U.S. nonmanufacturing sectors, according to the Institute for Supply Management index released Wednesday. The ISM nonmanufacturing index fell to 50.6% from 50.9% in September. Readings above 50% indicate more firms said business is improving than said it's worsening. It's the second straight month above 50% after 11 months of contraction. Economists surveyed by MarketWatch were expecting the ISM nonmanufacturing index to rise to 51.5%. The new orders index rose to 55.6% from 54.2%. The production index rose to 55.2% from 55.1%. The employment index fell to 41.1% from 44.3%.

[ozymandius]

3. Oil falls to near $79 despite US crude supply drop

SINGAPORE – Oil prices fell slightly to near $79 a barrel Wednesday in Asia despite an unexpected drop in U.S. crude supplies which suggested demand may be picking up.
.....

U.S. oil inventories dropped last week, the American Petroleum Institute said late Tuesday. Crude stocks fell 3.3 million barrels while analysts had expected a rise of 1.3 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The Energy Information Administration is scheduled to release its supply data later on Wednesday.

Crude has fallen from its 2009 high of $82 a barrel last month on investor doubts about the strength of the U.S. economy. Some analysts say the oil price could fall further if a monthly U.S. unemployment report on Friday confirms the number of jobless continues to swell.

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

[ozymandius]

4. Fed likely to keep key interest rate at record low

.....
The economy started to grow again last quarter for the first time in more than a year, although there are uncertainties about the strength and staying power of the recovery, especially after government supports are removed.

Fed Chairman Ben Bernanke and his colleagues, wrapping up a two-day meeting Wednesday, are likely to note the country's economic and financial improvements. But they'll also warn that rising joblessness and hard-to-get-credit for many people and companies will restrain the rebound in the months ahead. Troubles in the commercial real estate market, where soured loans are contributing to bank failures, also remain a concern.
.....

Wanting to nurture the recovery, the Fed is widely expected to keep the target range for its bank lending rate at zero to 0.25 percent. If it does, commercial banks' prime lending rate, used to peg rates on home equity loans, certain credit cards and other consumer loans, will stay at about 3.25 percent, the lowest in decades.

http://news.yahoo.com/s/ap/20091104/ap_on_bi_ge/us_fed_interest_rates

[ozymandius]

5. J&J Plans Staff Cut Of Up to 8,200 Jobs

Johnson & Johnson said Tuesday it would eliminate as many as 8,200 jobs, or 7% of its work force, to help the company cope with what it expects will be a slow economic recovery amid damped demand for drugs, medical devices and consumer products.

The restructuring is the latest in the pharmaceutical industry. Pfizer Inc., which recently acquired rival Wyeth, and Merck & Co., whose takeover of Schering-Plough Corp. closed Tuesday, expect to slash 15% of their combined work forces. The Pfizer job cuts would total 19,500, while Merck's would number 15,930. In September, Eli Lilly & Co. said it would eliminate 5,500 jobs, or nearly 14% of its work force.
.....

He indicated that further cuts are possible depending upon what form final health legislation takes and on health-care changes instituted by other governments. The company is already looking at closing some manufacturing plants and finding other savings in its chain of suppliers, manufacturing facilities and distribution centers.

http://online.wsj.com/article/SB20001424052748703740004574513263672180956.html

[ozymandius]

6. Banks Discover Consumer Protection Too Big to Fail

....
Following the 1999 decision to overturn the Glass-Steagall Act that separated commercial banks from securities firms, bank lobbyists have been able to shoot down virtually any proposed rule they perceived as unfavorable to their industry, lobbyists and politicians say . . .

Banks and securities firms spent $193 million to fund political campaigns for the 2008 elections and raise even more money through events that their trade groups organize. They have successfully fought the administration’s efforts to limit executive pay and are battling against draft legislation governing the $592 trillion market for derivatives.

When it comes to consumer banking, the industry’s lobbyists are no longer all-powerful. Banks lost their bid to squelch new credit card rules that Obama signed into law in May. They lobbied for months before a bill that would have forced them to renegotiate mortgages failed in the Senate.

Now the banks and their trade associations are lobbying furiously to kill Obama’s plan to create the new financial protection agency, which was approved by the House Financial Services Committee in late October and is likely to face a full House vote by the end of 2009.

http://www.bloomberg.com/apps/news?pid=20601109&sid=a_iis3lSizIE&pos=10

[Tansy_Gold]

7. Oh excuse me if I don't shed a tear for the poor banks

As the article notes, exec pay and derivatives gambling continue apace. No protection for the consumer/taxpayer there, unless of course they happen to be a banker whose bets go sour.

The credit card legislation had a grace period of well over a year, giving the banks PUHLENTY of time to fuck the credit card holds nine ways to Sunday. No consumer protection there.

And how many of those rocky mortgages got renegotiated to help the homeowners? Six? Seven? Goddess, don't make me laugh on this one.

I don't think they're worried at all about "the new financial protection agency." They're just trying to drum up pre-emptive sympathy.



Tansy Gold, up at 4 a.m. to try to get her paying work done and then find out what she's supposed to do about the sudden discontinuation of a very necessary (and heretofore very affordable on her meager and uninsured income) medication. . . . .

[ozymandius]

9. Dear Tansy Gold

What's happened to the availability/accessibility of that medication? How can this be remedied?

I am very sorry for the trouble this has caused you. :hug:

[Tansy_Gold]

10. Not that it has anything directly to do with the stock market, but

since Pharma sort of does and my condition is far from uncommon --

Apparently there have been interferences from the FDA over the manufacture of "natural" thyroid hormone replacements, the most well-known of which is Armour Thyroid. I've been on this particular medication, which costs about $15 a month without insurance, since 1978. Yesterday my pharmacy told me it's no longer being made.

On some websites there's discussion that the manufacturer won't put the money into the required FDA testing -- the product was supposedly "grandfathered" in because it's been used for so long -- but I really don't know what's going on. There are many thyroid medications on the market, and most are reasonably affordable, but most are also synthetic. And the switch can require a long adjustment period (months, sometimes years) involving multiple doctor visits and blood tests, which are inconvenient at best for the uninsured.

At any rate, I at least know that the situation will be resolved one way or another, eventually, though at probably considerable cost to me, but it's just one more reason for me to be personally affected and therefore additionally outraged at the glacial pace of this administration's actual ACTION on the issues that affect real people -- like health care reform, consumer credit protection, mortgage renegotiation, etc.


Tansy Gold, apologizing, sort of, for the length of the preceding sentence.

[Hugin]

11. There was a thread on this subject not too long ago in the Health Forum.

IIRC, the ban has everything to do with special-interest lobbying and a certain appointment to the FDA.

Here it is... (Courtesy of SHRED on Sep 20)

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=222x69781

[Tansy_Gold]

13. Thanks for finding that one Hugin. I saw it too

but I only skimmed through it several weeks ago because I thought it only applied to the generic mentioned. Whether my pharmacy is dispensing a generic equivalent or not, I don't know yet. I haven't had time to research it yet. I'll bookmark that thread for a more analytical read later.

But as the information in that thread shows, this condition affects millions and millions and millions of people. One of 'em just happens to be





Tansy Gold

[DemReadingDU]

15. Probably not enough greedy profits for the corporatists

This really is horrible news. A medication that has been successfully used by millions for years and years, is discontinued. It's like you are being forced into taking something more expensive. Let us know what happens.
:hug:

[Demeter]

20. This is When One Calls the Congress People

It is the epitome of constituent service.

[Tansy_Gold]

27. constituent service from

:rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl:

Jeff Flake???


:rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl:


John McCain?????


:rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl:


Jon Kyl?????????????????????

[Demeter]

31. Sure! They Would Do It Because

1) they don't like the FDA and if Obama appointed the bastard, they will love to poke a finger in his eye.

2) it's emotionally maudlin--the GOP loves that

3) you'll probably have lots of fellow petitioners

[Tansy_Gold]

33. You forgot the sarcasm thingie

McCain is about as effective on anything as a dead cricket. So forget him.

Jon Kyl only cares about Jon Kyl. Period. End of discussion.

Flake? he's appropriately named.

[Warpy]

32. I went into mourning when they banned Zomax

I don't know if you remember that stuff, but it was an NSAID that actually worked. I was on it for six months and thought I'd died and gone to heaven, I had no pain.

Unfortunately, it had a nasty habit of killing people, mostly doctors, who tried taking it intermittently for things like toothache and hangover. As long as you stayed on it, you were fine. Go off it for a couple of weeks and try to go back on it and you weren't.

It left me with an allergy to all NSAIDs when I went off it.

So yes, I do understand what you're going through. Formulations for thyroid hormones vary widely from company to company, so you're in for another nasty period of getting the stuff titrated properly. However, you will manage to get on an even keel again, one hopes sooner rather than later.

In any case, this might make you feel a bit better about natural versus synthetic hormone: http://www.medicinenet.com/script/main/art.asp?articlekey=17253

[kickysnana]

40. We are in the same boat Tansy.

;(

[Hugin]

41. Good thing I've begun hoarding natural statins.

I would imagine they're up next on the BigPharma FDA hit list... Then, after their Wheaties fully kick in...

The KING of all non-patentable medications. ASPIRIN!

[Demeter]

61. I Wonder If You Couldn't Get It From Canada

Esp. if DUers who live near the border helped...

The government by Corporations is determined to make us all "criminals" anyway...

[AnneD]

16. Morning Marketeers...

:donut: and lurkers. Well, the results are in and the general public does not like the old Dino lyte flavour that the DEM leadership has been serving up. If Obama and all the other Dems wants a second term, they had better wake up and act like this is the only shot they are getting. Some folks in DU land need to take off their rose coloured glass now because the general public has. Most folks voted their pocket book and as Tansy has so clearly points out in posts recently, the Dems have failed in making our lives a tad easier. They have neither given us justice nor protection from these Wall Street or Financial thugs. They have essential held us down while these corporations have raped us. This thread has the most realistic members of the DU, after all-we know what a balanced accounting book looks like and Obama has lost even the most forgiving of us.

Obama and Dems may say they for the public, but their real actions AND THE PEOPLE THEY SURROUND THEMSELVES WITH, indicate otherwise. Personally, I think that when Obama kept Bernanke in, he sealed his fate. Only getting rid of Summers, Geithner, and ignoring Rubin (it would be too obvious and cause too much mess if O gets rid of all of them at once) can save him. That would be a more deft chess move. And speaking of deft moves-I'd neuter Lieberman. A man that can't be loyal has no integrity. How long would you as a boss tolerate someone that stabbed you in the back and held up your projects? Time to get the others in line and show them who wears the pants in the party and Leiberman is just the one to be made an example. Folks will follow a leader and Obama needs to put his big boy under ware on and start popping a few folks in the nose. Who on Main Street is going to criticize him or Congress for enacting some Consumer Protection measures. Hell, that would make my job easier come re election time.

The Big O needs to get with the program, times a wastin'.

Happy hunting and watch out for the bears.

[ozymandius]

8. Trouble Ahead: Can the Right Seize the Banking Reform Issue in 2010?

Eliot Spitzer explains how the White House defense of the status quo will give Republicans powerful ammunition in the 2010 elections.

Few things are as potent in politics as calling for change at a moment of fundamental dissatisfaction with the status quo. Nobody should know this better than the current White House. Gauzy words describing the possibilities for change are always more comforting than defending the current dire straits. That is why — in addition to all the substantive arguments — the current White House plan for banking reform is so troubling.

Let us fast forward a couple of months. Momentary GDP pops notwithstanding, the economy next year is likely to be in pretty sad shape. Consumer spending is sagging; foreclosures are still climbing (and may surge as ARMs re-set); unemployment is likely to be hovering in the 9.5-10.0 range; federal deficits and state deficits will be soaring; and Goldman profits will still be setting new records.

Added to this toxic political brew will be a new, and perhaps counter-intuitive, but highly successful political attack from the RIGHT: break up the banks. Imagine this: by next spring, an intellectual consensus will have emerged that the concentration in the banking sector that developed from the 1980s until the crash of ‘08 was misguided. Voices as disparate as Former Fed Chair Paul Volcker, Bank of England Governor Mervyn King, meta- investor George Soros, and the Wall Street Journal editorial page will be in agreement on this point.
.....

So the simple question remains: why aren’t we focusing on the problem that got us here in the first instance — the scope, range, and size of the mega-institutions whose risk taking has so far inflicted only enormous harm on our economy? If the Republicans pick up this issue before we do, the elections of 2010 could be even worse than we are now fearing.

Originally posted at New Deal 2.0 and found in reduced form at Naked Capitalism

[UpInArms]

22. oh, Ozy, that was hilarious!

and the "right" will reform those big bad banks when????

[Demeter]

24. I saw an opinon piece that said the Right won't touch banking

because their shock troops the Teabaggers can't understand it on any bizarrely twisted emotional level.

I suspect if they raised the issue, we'd suddenly find the Teabaggers on our side...

[Hugin]

42. I second that surmise...

But, after seeing the Limbaugh Party twist the Anti-choice crowd against Health Care, I won't underestimate their abilities to distort. Oh, and the Corporatist Status-Quo Dems (I hesitate calling them, Dems) and their elitist regressive tendencies aren't helping anything. :fooey:

[Demeter]

58. Naw, the Rabid Right Is Always Against Anything the Welfare Queens Might Be Eligible for

but since by definition welfare queens don't use banks, and the RW does, they will support punishing the bank that foreclosed on them, cut off their credit and repossessed their SUV.

[Hugin]

69. Yeppers, that's exactly how it'll go down.

Not really any need to watch TeeVee "BigAz NEWZ" to see it.

Are you clairvoyant or something, Demeter? :hi:

[tclambert]

28. That would be smart of the Republicans, BUT

I can't see the party of Sarah Palin being that smart. What I hear from the Republicans is that we don't need to break up the banks or regulate them more strictly or enforce existing regulations or interfere with paying multi-million dollar performance bonuses to executives whose performance stank up the whole wide world. They still insist it wasn't the excesses inherent in unregulated or self-regulated business behavior that caused the financial meltdown. No, it was Barney Frank interfering with business and forcing them to make loans to disgusting poor people who couldn't afford to pay. (Well, they're paying now, aren't they?)

The Republicans are going to insist, yet again, that the way to create more jobs is to give taxpayer money to the rich. You know, trickle down. Sadly, yesterday's election results indicate many voters may fall for this one more time.

Luckily for Democrats, they have a year until the Congressional elections. If unemployment decreases significantly before election time, Republicans will be left with only one issue: "It should have been done faster."

[Roland99]

38. Considering Obama picked Geithner and kept Bernanke, I don't see the WH pursuing this course.

*sigh*

[DemReadingDU]

12. 3rd in series: Goldman left foreign investors holding the subprime bag

11/3/09 Goldman left foreign investors holding the subprime bag


Inside the thick Goldman Sachs investment circular were the details of a secret, $2 billion deal channeled through a Caribbean tax haven.

The Sept. 26, 2006, document offered sophisticated U.S. and European investors an opportunity to buy into a pool of supposedly high-grade bonds backed by residential, commercial and student loans. The transaction was registered through a shell company in the Cayman Islands.

Few of the potential investors knew it, but the ratings of many of the mortgage securities hid their true risks and, in some cases, Goldman's descriptions exaggerated their quality.

The Cayman offering — one of perhaps dozens made through the British territory — occurred as Goldman began to ditch the subprime mortgage business before the U.S. housing market collapsed under an avalanche of homeowner defaults.

In all, Goldman sold more than $57 billion in risky mortgage-backed securities during a 14-month period in 2006 and 2007, including nearly $39 billion issued from mortgages it purchased. Meanwhile, the firm peddled billions of dollars in complex deals, many of them tied to subprime mortgages, in the Caymans and other offshore locations.

Many of those securities later soured, but the sales allowed Goldman to become the only major U.S. investment bank to escape the brunt of the subprime meltdown.

more, and a video...
http://www.mcclatchydc.com/100/story/77844.html

ABOUT THIS SERIES
A five-month McClatchy investigation reveals how Wall Street colossus Goldman Sachs peddled billions of dollars in shaky securities tied to subprime mortgages on unsuspecting pension funds, insurance companies and other investors when it concluded that the housing bubble would burst.

* Sunday: High-yield promises, secret contrary bets
* Monday: Take borrowers to court, then take their homes
* Tuesday: Big losses, little recourse for overseas investors
* Wednesday: Blue-chip prestige flirts with subprime disaster

more...
http://www.mcclatchydc.com/goldman/

[DemReadingDU]

14. 4th in the series: Why did blue-chip Goldman take a walk on subprime's wild side?

11/4/09 Why did blue-chip Goldman take a walk on subprime's wild side?

Goldman Sachs was one of the last Wall Street giants to enter the subprime lending world, but when it did, it quickly climbed into bed with profligate, highflying firms — companies such as New Century Financial Corp.

In at least nine deals from 2002 to 2007, Goldman sold bonds backed by more than $5 billion of New Century's mortgages, one even after the California lender's underwriting criteria all but disintegrated and a cash squeeze paralyzed its operation. Goldman also marketed at least three secret offshore deals bearing New Century's name.

Goldman has yet to explain why it risked its blue-chip reputation and financial health to buy and repackage at least $135 billion in loans mostly originated by companies that have since gone bust.

Goldman spokesman Michael DuVally stressed, however, that the firm "was not the largest purchaser of loans from any of these mortgage originators, and in some cases was actually quite a small purchaser."

A glimpse inside New Century's operations sheds light on how one of Wall Street's proudest and most prestigious firms helped create a market for junk mortgages, contributing to the economic morass that's cost millions of Americans their jobs and their homes.

Perhaps no mortgage lender was more emblematic of the go-go atmosphere in the sprouting industry that was seizing an outsize share of the home loan market.

Traversing the country in private jets and zipping around Southern California in Mercedes Benzes, Porsches and even a Lamborghini, New Century executives reveled as the firm's annual residential mortgage sales rocketed from $357 million in 1996 to nearly $60 billion a decade later.

To be a subprime lender at the industry's height was to join in a dash for cash, and New Century was an Olympic-caliber sprinter.

more, and a video...
http://www.mcclatchydc.com/100/story/77852.html



Note that this is New Century in California, not to be confused with National Century Financial Enterprises Inc. in Columbus, Ohio. Still no news of Rebecca Parrett who remains a fugitive
http://www.amw.com/fugitives/case.cfm?id=55267

[UpInArms]

17. ...

(just letting my sig line do the talking)

[Demeter]

23. Nice Quote

Now, we've got the people who can speak for us, we just need those who will ACT for us.

[DemReadingDU]

26. I thought I recognized that line

It's a good one. From one of Taibbi's long investigative articles.

I think what Goldman is doing is to get most people to jump in the market as it is rallying and win bets as the market goes up. Then one of these days, Goldman will short the market, and win their bets as the market descends into chaos. Goldman wins either way, and just about everyone else is left holding empty bags.

[UpInArms]

18. dollar watch

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

Last trade 76.142 Change -0.244 (-0.31%)

Euro, British Pound Advances Ahead of the Federal Open Market Committee Interest Rate Decision

http://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/us_open/2009-11-04-1147-Euro__British_Pound_Advances_Ahead.html

The British pound advanced for the second-day to reach a high of 1.6546, but the lack of momentum to push above the previous week’s high (1.6606) may keep the pair within a broad range over the next 24 hours of trading as the Federal Open Market Committee and the Bank of England are schedule to set policy this week. The FOMC is widely expected to hold the benchmark interest rate at 0.25% in November and is likely to maintain its $1.45T asset purchase program to encourage a sustainable recovery, while market participants project the BoE to keep borrowing costs at the record low and speculate the central bank to increase its emergency program to GBP 225B from GBP 175B in the previous month.

Meanwhile, Nationwide consumer confidence survey held at 72 for the second consecutive month in October, which is the highest since April 2008, while the BRC shop price index held flat during the same period after falling at an annual pace of 0.1% in September. The breakdown of the report showed food prices advanced 2.5% for the second month, with the cost of furniture slipping 2.0%, while prices for clothing tumbled 5.3% to lead the decline. At the same time, service-based activity expanded for the sixth month in October, with the PMI reading jumping to 56.9 from 55.3 in the previous month to mark the highest level since September 2007, and the data reinforces an improved outlook for the economy as policy makers see the nation emerging from the worst recession since the post-war period. As the outlook for growth and inflation improves the BoE may opt to maintain its current policy in place as financial conditions improve however, as policy makers anticipate the labor market to weaken further over the coming months, the central bank may continue to ease policy throughout the second-half of the year in an effort to jump-start the ailing economy.

The euro retraced the previous day’s decline following the rise in risk appetite and continued to trade above the 50-Day SMA at 1.4673 on Wednesday, and the single-currency may continue to hold a narrow range going into the U.S. trade as investors weigh the outlook for future policy. The European Central Bank is anticipated to hold the key rate at 1.00% this month and is likely to raise its outlook for future growth as the economy emerges from the recession however, market participants speculate the Governing Council to hold a neutral policy throughout the remainder of the year as the central bank sees a risk for a protracted recovery. Nevertheless, the final services PMI reading for Germany weakened to 50.7 from an initial forecast of 50.9, with the gauge for the Euro-Zone increasing to 52.6 from 52.3, while the composite index rose to 53.0 from 51.1 in September. Moreover, producer prices fell 0.4% in September after rising 0.5% in the previous month, while the annualized reading tumbled 7.7% from the previous year, led by a 17.6% drop in the cost of energy.

The greenback weakened during the overnight session as investors raised their appetite for higher risk/reward investments, and the reserve currency may face increased selling pressures going into the North American trade as equity futures foreshadow a higher open for the U.S. market. At the same time, the economic docket is expected to reinforce a weakening outlook for employment as market participants expect private payrolls to fall 198K in October, while service-based activity is expected to expand for the second consecutive month, with the ISM index anticipated to rise to 51.5 from 50.9 in September. However, as the Federal Reserve is scheduled to announce its rate decision at 19:15 GMT, volatility in the foreign exchange market is likely to remain subdued as investors anticipate the central bank to hold the interest rate at the record-low, but commentary following the meeting is likely to move currencies as market participants weigh the outlook for future policy.

...more...

USD Graphic Rewind

http://www.dailyfx.com/forex/market_alert/2009-11-04-0731-USD_Graphic_Rewind.html



...more...

[UpInArms]

21. Bailed-out U.S. banks setting stage for pay bonanza

http://www.reuters.com/article/companyNews/idUKTRE5A24RH20091103?sp=true

NEW YORK (Reuters) - Eight major banks which were at the front of the line for government bailouts have already set aside $117.6 billion this year to pay employees, almost as much as they paid in all of 2008, a Reuters analysis has found.

If the banks continued that pace, they would far surpass what they paid in 2008 though fall short of the watershed paydays of 2007, when the financial sector was still booming, the analysis found.

The pay offered by top banks reflects the dramatic rebound at some of them, but also shows that industry conditions have not quite been restored to 2007 levels -- before the collapse of Lehman Brothers and the fire sale of Bear Stearns, industry analysts said.

Critics say it is also a sign that banks have learned few lessons from last year's financial crisis, which has been widely blamed on Wall Street's pursuit of short-term profits that pumped up pay.

"Banks don't appear to have learned much, at least on the compensation side, from what we've been through," said Cornelius Hurley, director of the Morin Center for Banking and Financial Law at Boston University. "Don't tell me you are bringing me back to the good old days of yesterday. Getting back to pre-Bear Stearns or Lehman is not fixing it. It is setting us up for another fall."

The analysis shows that the banks have reversed losses from a year ago, reporting about $30 billion in net income so far this year. The same banks reported $60 billion in 2007 profit.

So far in 2009, the banks have set aside nearly four times their collective profits for employee pay and benefits, up from 2007, when compensation was more than double profits.

...more...

[Demeter]

25. This Kind of Nonsense has GOT to stop.

RICO them!

[justabob]

34. how much of that 'profit' is creative/selective accounting?

I am just curious. It seems like I remember there being new rules or exceptions or something that basically erased anything bad from the books. Sorry for my super-technical terms :), I am struggling to understand this mess never having had econ 101.

[AnneD]

43. As a once Econo novice.......

reading this thread daily is the equivalent of getting at least a Masters in Economics, and compared to those with Ph D's giving advice these days-you'll have a PhD magna cum laude in short order.

I not sure of what you are referring to but I do seem to remember the courts ruling that something labeled 'the news' (as in Fox) doesn't have to be truthfully labeled or even the news.:silly: So if they can twist something that should be THAT logical, cut and dry numbers don't have a chance.:crazy:

[MattSh]

44. Since we're being creative...

how much do you want it to be? Just name a number and it's done. :D

[ozymandius]

64. This makes me want to vomit...

on the shitweeds receiving this payout. Fucking parasites. They get paid while gambling with taxpayer money with rules that allow them to pretend they have more money that what's actually in the bank. Leverage 30:1 on a deal while the rules remain unchanged. I really hate these assholes.

[Demeter]

29. Well, We Had an Election Yesterday

And boy, am I sore! As the youngest in the group of 4 (our 5th member had to drop out due to flu), I had to do the bulk of the manual labor, finding and moving furniture, crawling into the Diebold machine to unjam it repeatedly, and anything involving small muscle manipulation--I am quite stiff and sore.

It didn't help having nightmares the night before. I got up to do laundry, I slept so poorly--it was probably premonition of the fact that we'd have to stay an extra hour to run all the ballots through the tabulator a second time, since it "lost count" of two of them while jamming.

Our token Republican was so old, she was fragile and borderline senile. Two parties must be witness to all ballot-handling, under state law. I had thought of "converting" just so I could be more valuable and maybe eligible for precinct chairperson at a slightly higher rate of pay, but I just couldn't do it. So I guess I'm a true Democrat.

No idea how the election turned out--as we have no daily newspaper, we may never really know, and catching it on the radio is chancy. But at least the results should be complete for Thursday's edition of the pitiful excuse for news that I deliver...whether they bother to print them is another question.

Threats of snow are forecast this week--I get my tires on Friday. It's cold out there! What a strange year it's been. I guess even in the greater world we could say that.

[DemReadingDU]

37. Board of Elections website

Our county Board of Elections has a website for results. Maybe your county has a website.

Well, Ohio passed the gambling issue, not happy about that at all. Four cities will get casinos: Cincinnati, Toledo, Columbus and Cleveland. It is usually people of lower income who gamble the most hoping for the big win. When in reality, it is most always the casino that reaps in the profits. It was passed because so the people believed the buzzword that jobs would be created. But who is going to gamble if they don't have a job? Older people on social security?

[Demeter]

48. Just looked--no luck

the only election article posted is from 6:16 pm Election day.

Found an unofficial count, says millage failed. don't know who posted it--probably the school district.

Ah! It was reported by the county which administers the school district and asked for the money...wankers.

[Demeter]

46. I Forgot These Complaints

It was at most 62F in the gym where the election was run, when there were people in it. I had providentially worn long johns under the velours, and used my parka and sometimes the stocking hat for much of the time while indoors. They tried to get us heat, but it wasn't working. They say the heat is controlled downtown, and since school was on holiday for the election (there was a school millage on the ballot) they decided we didn't need to turn it on today.

The chairman threatened to move it into the hallway.

Since I was stationed under a window which wasn't exactly leak-proof, I was grateful for the storm gear.

[Tansy_Gold]

55. Oh, dear

I just checked with weather.com

It's 95 in Apache Junction today. But it's a dry heat. Humidity is 8%.

Excitement this morning as the dogs chased the neighbor's cat into an awkward spot.





Perch is about 20' up. Neighbor said the cat has done it before and always gets itself down. Figured it would be up there until dark when it was sure the dogs were secured, but it jumped/climbed/rapelled down about an hour later, none the worse for the experience.


It's always something.

[AnneD]

66. As a wise friend of mine once reminded me....

how many cat skeletons do you ever seen in a tree?
I found it strangely reassuring.

[Festivito]

36. Debt: 11/02/2009 11,974,737,715,216.11 (UP 81,646,686,855.10) (Mon)(Back into deficit.)

(Big rise in debt, about 92B, the Obama surplus lasted one month and is now long gone. Good day to all.)

= Held by the Public + Intragovernmental(FICA)
= 7,579,884,552,516.45 + 4,394,853,162,699.66
UP 91,997,621,963.98 + DOWN 10,350,935,108.88

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

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 308-Million person America.
If every American, man, woman and child puts in $3.25 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.74, ABOUT TEN BUCKS for a 1B$ 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 the 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)

PERSONALIZED DEBT:
Every 10 seconds we net gain another American, so at the end of the workday of the report, there should be 307,872,861 people in America.
http://www.census.gov/population/www/popclockus.html ON 09/27/2009 07:13 -> 307,558,299
Currently, each of these Americans owe $38,895.07.
A family of three owes $116,685.22. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 31 days.
The average for the last 21 reports is 2,704,238,745.05.
The average for the last 30 days would be 1,892,967,121.54.
The average for the last 31 days would be 1,831,903,666.00.
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$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 23 reports in 33 days of FY2010 averaging 2.82B$ per report, 1.97B$/day.
Above line should be okay

PROJECTION:
There are 1,175 days remaining in this Obama 1st term.
By that time the debt could be between 13.6 and 18.0T$.
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)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
11/02/2009 11,974,737,715,216.11 BHO (UP 1,347,860,666,303.03 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +0,064,908,711,704.40 ------------* BHO


LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
10/13/2009 +010,339,703,734.17 ------------********** Tue
10/14/2009 +000,250,135,805.15 ------------********
10/15/2009 +040,455,301,335.22 ------------**********
10/16/2009 -000,034,671,440.79 ----
10/19/2009 +000,169,101,777.19 ------------******** Mon
10/20/2009 +000,084,506,561.85 ------------*******
10/21/2009 +000,260,615,642.06 ------------********
10/22/2009 -054,881,746,021.15 -
10/23/2009 -000,105,634,856.79 ---
10/26/2009 -000,680,933,964.04 --- Mon
10/27/2009 +000,626,474,250.98 ------------********
10/28/2009 +000,798,039,832.64 ------------********
10/29/2009 -019,769,093,363.09 -
10/30/2009 +031,206,306,633.43 ------------**********
11/02/2009 +091,997,621,963.98 ------------********** Mon

100,715,727,890.81 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

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.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4130063&mesg_id=4130102

[Festivito]

57. Debt: 11/03/2009 11,978,591,612,480.95 (UP 3,853,897,264.84) (Tue)

(Small move. Good day to all.)

= Held by the Public + Intragovernmental(FICA)
= 7,580,074,149,065.03 + 4,398,517,463,415.92
UP 189,596,548.58 + UP 3,664,300,716.26

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

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 308-Million person America.
If every American, man, woman and child puts in $3.25 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.74, ABOUT TEN BUCKS for a 1B$ 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 the 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)

PERSONALIZED DEBT:
Every 10 seconds we net gain another American, so at the end of the workday of the report, there should be 307,881,501 people in America.
http://www.census.gov/population/www/popclockus.html ON 09/27/2009 07:13 -> 307,558,299
Currently, each of these Americans owe $38,906.5.
A family of three owes $116,719.5. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 32 days.
The average for the last 22 reports is 2,756,495,950.50.
The average for the last 30 days would be 2,021,430,363.70.
The average for the last 32 days would be 1,895,090,965.97.
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$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 24 reports in 34 days of FY2010 averaging 2.87B$ per report, 2.02B$/day.
Above line should be okay

PROJECTION:
There are 1,174 days remaining in this Obama 1st term.
By that time the debt could be between 13.6 and 18.0T$.
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)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
11/03/2009 11,978,591,612,480.95 BHO (UP 1,351,714,563,567.87 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +0,068,762,608,969.20 ------------* BHO


LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
10/14/2009 +000,250,135,805.15 ------------********
10/15/2009 +040,455,301,335.22 ------------**********
10/16/2009 -000,034,671,440.79 ----
10/19/2009 +000,169,101,777.19 ------------******** Mon
10/20/2009 +000,084,506,561.85 ------------*******
10/21/2009 +000,260,615,642.06 ------------********
10/22/2009 -054,881,746,021.15 -
10/23/2009 -000,105,634,856.79 ---
10/26/2009 -000,680,933,964.04 --- Mon
10/27/2009 +000,626,474,250.98 ------------********
10/28/2009 +000,798,039,832.64 ------------********
10/29/2009 -019,769,093,363.09 -
10/30/2009 +031,206,306,633.43 ------------**********
11/02/2009 +091,997,621,963.98 ------------********** Mon
11/03/2009 +000,189,596,548.58 ------------********

90,565,620,705.22 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

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.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4131935&mesg_id=4132079

[DemReadingDU]

47. Goldman Loses Money On Just One Trading Day In Q3

11/4/09 Goldman Loses Money On Just One Trading Day In Q3

The Goldman 10-Q is out, providing numerous interesting datapoints for those willing to scour through them. The key one: Goldman lost money on just one trading day in Q3, making money on all the other 64. As a reminder, even in Q2 Goldman lost money on two trading days. The statistical probability distribution of 1 out of 65 is something that not the SEC, but Richard Feynman should be looking into, as Goldman Sachs, after rewriting the lass of risk/return, is now set to redefine normal distributions and other Statistics 101 concepts.
.
.
And an indication of just how much of a hedge fund Goldman has become instead of a client servicer, the firm's Equities Commissions revenue for the quarter dropped to $930 million from $1.2 billion YoY, while prop Equities Trading skyrocketed from $354 million to $1.8 billion YoY! And just in case you were wondering someone, somewhere was motivated to destroy Fixed Income powerhouse Lehman and Bear, look no further than Goldman's Fixed Income, Currency and Commodities which did a gentle jump from $1.6 billion in Q3 2008 to $6 billion last quarter. And that explains all you need to know about motivations and backstops.

a couple charts...
http://www.zerohedge.com/article/absolute-perfection-goldman-loses-money-just-one-trading-day-q3

[Demeter]

49. The HFT Really Works (as a Cheat)

Well, otherwise, they couldn't pay themselves so handsomely...

[DemReadingDU]

51. Obviously, market manipulation

Statistically, it would be impossible to have only 1 bad trading day. Goldman is manipulating the market up, then they will take it down, way down.

What did I read somewhere 'Unites States of Goldman Sachs'. That about sums it up, financially and politically.

[TheWatcher]

59. That was me. But you are free to use that anytime you want.

:hi:

I wonder what the new Flag for the country would look like.

[DemReadingDU]

62. ah, that is a great line, Thanks!

the flag would have the logo of Goldman Sachs
:)

[mullard12ax7]

56. Outstanding post, most people don't realize this means there are no "free" markets

in the U.S. anymore, we are a completely corrupt country. Obama had a choice, throw failed capitalism out and start over again or let Goldman and J.P. Morgan become heads of our fascist country.

A few of us know what happened, the rest are posting frilly yes-we-can posts for the self-deluded sycophants to cheer.

[Demeter]

50. Whoa Nellie! Look at that Index Go!!

they must be overjoyed about Virginia going GOP. But it always was GOP, so they are overjoyed that the deterioration has slowed?

[DemReadingDU]

52. Bizarro World

Deterioration has not slowed, it is being covered up.

:crazy:

[Demeter]

53. I meant the deterioration of the GOP power

The country as a whole has gone from the dogs to the rats.

[RUMMYisFROSTED]

54. k

[TheWatcher]

60. Once Again, The Only Two Charts that Matter today.

Ready?

http://ichart.finance.yahoo.com/w?s=%5EBKX

?s=NYBOT_DX&t=f&w=15&a=50&v=d12

Once again, The New Leaders of the Free World, Goldman Sachs, and their HFT Black Boxes took everyone on a Huge Meth Kegger today, as today was Fed Appreciation Day.

But if you watch the collapse at the end of the day, it would appear not all is well in the US of GS. ( :hi: DRDU.)

That's because the Banksters were probably not pleased with the Fed's somewhat non-committal to Quantitative Easing 2.0

Apparently they are going to be "Easing" away from the continued Monetization of those Toxic Assets that have made the Banksters so much money.

The Fed basically shot the Market in the head today.

And the Banksters are now going to throw feces around like a two year old with a dirty diaper in a sandbox, and The Goldman Gods just MIGHT decide to Show Helo Ben and the rest of the Sheep that Manipulation works both ways, and send the Market straight to Hell, so they can continue to get their handouts. Negotiation at Gunpoint if you will. "Give Us What We Want or We'll Shoot This Market." Reminds me of an old Magazine Cover:



Pretty much sums up this hapless country in a nutshell, doesn't it?

The Banking Index is a key, because it is beginning to deteriorate again, just like the Wheels were coming off in February, and it DOES NOT LOOK GOOD.

The Dollar continues to die, and it is all TPTB can do to keep it from breaking key support. Gold continues to sky, and the apologists seem quite desperate to ignore that.

Back in the United States of Indifference and Magical Thinking, the General Public continues not to care, and continues their love affair with "Reality is whatever makes me feel good, and everything else should be made illegal, and all kooks who don't believe in the American Recovery should be put into camps and shot, or at least have their DU accounts suspended for being ObamaHatingRepublicanPodPeopleDoomPants."

Maybe we should rename the country the United States of Oprah, or the United States Of "The Secret". :)

PAY ATTENTION to what is going on right now.

There were some very dark signals beneath the noise, cheerleading, and dancing girls today.

November is here.

And it's pissed off.

You can run on for a long time
Run on for a long time
Run on for a long time
Sooner or later God'll cut you down
Sooner or later God'll cut you down

Go tell that long tongue liar
Go and tell that midnight rider
Tell the rambler, the gambler, the back biter
Tell 'em that God's gonna cut 'em down
Tell 'em that God's gonna cut 'em down

-Johnny Cash

[DemReadingDU]

63. Goldman will win

That HFT can spiral the market downward to chaos just as easily as shooting it to the moon. Either way, Goldman wins. The rest will be holding empty bags.

[ozone_man]

65. And if the dollar rises?

And gold drops 40%. What will you say to that?

I agree totally that the market will tank, is in the process of tanking, but the dollar may be the beneficiary.

Always a pleasure to read your posts. A dose of stark reality.

[TheWatcher]

68. If the Dollar Rises, the Market will likely Tank. The two have been very closely related and

linked recently.

It's really kind of scary, and in a previous Post I pointed out a blatant example of where this was the case.

If Gold Drops 40% it would be a screaming buy, and perhaps even the average person could get on it a little if it were that cheap. (I can't believe that I am thinking $600 Gold is CHEAP at this point, much less saying it, but that just goes to show the Bizarro world we are living in). Gold WILL correct at some point, because if you think the Stock markets are manipulated, they are pristine and untainted as a Virgin on Prom Night compared to the Gold Market. THAT is another six hour conversation ENTIRELY. :)

It IS due for a Correction, but how big of a one it will get is anybody's guess at this point. the CRIMEX boys have to get their pound of flesh, but the way Gold has been running the shorts out of the Market, they will lose control of it at some point if the don't GET control of it. And soon.

The interesting point you bring up about the Dollar rising is if you look at the Crash Last fall, check out what the Dollar did. Except for a brief collpse in the first half od December, It had QUITE a run up until "MEMO"rial Day (The fateful day of March 10, 2009, when Vikram "Pandit The Bandit" conveniently "leaked" that "Memo" from Citi stating that they had record fake Profits, that started this WHOLE Bubble that has lasted up until now). If you look from March 9, till now, throughout the Bubble it has been slowly deteriorating and devaluing.

I believe it will continue to do so. TPTB want it that way, it's Helo Ben's plan and Policy, or so it seems, and if he keeps Monetizing the debt at the rate he has been doing, the Dollar could go the way of The Peso. (DO NOT listen to the "Strong Dollar" Pap coming from Goofy. That is only for the non-thinking Sheep Public and his Chinese Masters, whom Goofy must tell what they want to hear)

At some point a very interesting decision is going to be made by The Puppet Masters.

Do they save the Dollar, or do they Save The Markets?

Because they can't save both.

If they CAN, then perhaps they have a level of control over things where they really CAN create their own reality, and nature, checks and balances, and perhaps even GOD HIMSELF won't have a say in anything anymore.

We shall see. :)

Glad you enjoy the Posts, and I appreciate your kind words.

It lets me know that I am not screaming into the Darkness like a Mad Street Preacher, and someone is actually benefiting from it. :)

[amandabeech]

67. Goldman will win on the shorts,

but will be pumping for the longs.