Stock Market Watch, Monday 13, February

[JNelson6563]

Monday February 6, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 1071 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 1880 DAYS
WHERE'S OSAMA BIN-LADEN? 1580 DAYS
DAYS SINCE ENRON COLLAPSE = 1540
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 3
Other Arrests of Execs = 54


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




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

AT THE CLOSING BELL ON February 3, 2006

Dow... 10,919.05 +35.70 (+0.33%)
Nasdaq... 2,261.88 +6.01 (+0.27%)
S&P 500... 1,266.99 +3.21 (+0.25%)
30-Year Bond 4.55% -0.10 (-2.07%)
10-Yr Bond... 4.58% +0.04 (+0.88%)
Gold future... 571.60 -14.60 (-2.64%)







GOLD, EURO, YEN, Dollars
and Loonie>


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 [e-mail]

For information on protests and other actions
Citizens
For Legitimate Government>





Happy Monday Marketeers! :hi:

[JNelson6563]

1. Wrap-Up with Tim Wood

Today's WrapUp by Tim W. Wood 02.10.2006

THE DOW REPORT
A Cyclical Update on Gold

The technical picture for gold suggests that between now and early spring caution is advised, as more corrective action appears to be in the cards. It has been a while since I talked about gold, but I have been expecting this correction to begin, and given the current set up, it is now time to take another look at where we are and briefly at what should follow. In doing so, I want to review the last couple of comments I made here on gold so that you see where we are and just how we got here. As a result, you will also see why I have recently begun looking for this down turn.

In the June 10, 2005 Wrap Up I explained that gold was “Poised to Rally” into at least an intermediate term advance. I said that this rally would be a “very, very important test for gold” and that the rally would tell us without a doubt if gold was still in a secular bull market or if it had turned the corner and now operated in a secular bear market. As this rally materialized, gold bettered the December 2004 high and in doing so, it set a new record for 9-year cycle advances. I’ll get into this more below.

Again in the September 23, 2005 Wrap Up I said, “I believe there is a very good possibility that gold is now advancing upward in a new intermediate term cycle. If not, it’s close and that advance should begin after one more push down into that low. Either way, this will be the 6th such advance since the 2001 9-year cycle low. Could it be that 2005 will mark the first time to ever see 6 consecutively higher intermediate term advances? Or will 2005 serve to confirm that the 9-year cycle top has been made? I can’t stress enough how important the advance out of this intermediate term low is for the future of gold as it relates to the remainder of the current 9-year cycle. This advance is the first advance of this degree since the December 2004 top. Therefore, gold is about to be given a green light to move higher.”

Both of these advances obviously occurred and yes, gold did better than the ever so important December 2004 highs in the process. In doing so gold moved further into uncharted waters, so to speak, because this latest intermediate term advance marked the 6th consecutive intermediate term advance within the larger 9-year cycle. Let me explain.

The most recent secular bull market for gold began in 2001 in conjunction with that 9-year cycle low. I call this cycle a 9-year cycle because there have historically always been 9 intermediate term cycles that average approximately one year in duration, nestled within this longer term 9-year cycle. This can be seen on the chart below.



More at link, very enlightening as always!

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

Julie

[EuroObserver]

20. Good morning Julie & all,

The Asia news was a bit slow coming out this morning. Maybe it's not just New York folks had trouble getting to work today...

The Tokyo market smelled of burning shards falling from the sky. But when you look around, maybe things are not so bad, not elsewhere in the region. When you look closely, seems its mostly 'foreign investors' causing the volatility, so far. Speculation trumps real value. Let's hope Japanese domestic confidence doesn't get nipped in the bud, or this volatility could turn into another long fall...

As for Europe, uh, still solid and ready for the long run, they say. But place your bets on M&A. Hmmmm.

I'll be off-line mostly today. But will look in now and then to bring the Euro-view up-to-date.

¡Saludos!

[AnneD]

25. Morning Marketeers,

:donut: Where to start today....Cheney bags a lawyer or a red tag sale, hmmmmm.
On the way to work I noticed a red tag sale. I almost ignored it as one of out local dept stores has one frequently. Imagine the shock when it was for David Weekly homes! Some of the numbers in RE should be interesting in the next few weeks.

Now what I found interesting about the Cheney story was not that he shot his friend (maybe those draft deferments really did save lives), but that he travels with a medical team (insert your own punchline or comment here). Wonder if the FBI goes in and turns off all of the microwaves when he enters an area?

Happy hunting and watch out for the bears.... and for you folks digging out of the snow, be safe. I guess the FBI clears Cheney's driveway too.

[EuroObserver]

24. More Gold & Silver Analysis...

Gold did move higher in response to silver's late January breakout, but it did not succeed in breaking free of the influence of its long-term uptrend return line and advancing significantly as expected, and is therefore now vulnerable at best to a period of consolidation and at worst to a significant reaction. The first cracks appeared on Tuesday with a $20 plunge, that was not made good by the strong performance on Thursday, which is viewed as providing traders with another chance to cut positions. This drop was partly precipitated by dollar strength, forecast in the Bin Laden article some weeks back. Note that we are not calling a top in gold here - longer-term it is set to go MUCH higher - but a period of consolidation/reaction looks likely first.

Short-term charts do not reveal the reasons for gold's recent behaviour, so we will start by looking at the 5-year chart. On this chart the reason for gold's creeping advance during much of January and into February becomes immediately clear - it was battling resistance in the vicinity of the upper return line of its long-term uptrend channel, and being unable to break free of it, it suddenly plunged on Tuesday. On this chart two other important observations can also be made. The recent advance has been very steep, historically, and it has resulted in a large gap with the 200-day moving average, and a gap between the 50 and 200-day moving averages that is normally unsustainable and leads to a reaction. The word "normally" is used because there is a lot of talk going around about the looming attack on Iran, and this may indeed be a factor driving gold's strong advance. Now obviously, if Iran is attacked, gold can be expected to go ballistic (no pun intended) and top lines of channels will not impede it, but when it is it will probably be a surprise attack, and it may be some months away, or longer, leaving room for gold to correct in the meantime.

...more...

[EuroObserver]

2. Gold, currencies charts (+toon)

[EuroObserver]

3. Tokyo: Broad profit-taking brings Nikkei225 down 2.34% to 15,877.66

Kyodo economic news summary
TOKYO - Japan's key Nikkei stock index closed Monday below the 16,000 line for the first time in about two weeks as a wide range of shares lured selling amid concerns over a possible early shift in the Bank of Japan's ultra-loose monetary policy and a slowdown in foreign investors' buying.

The 225-issue Nikkei Stock Average plunged 380.17 points, or 2.34 percent, to 15,877.66, closing below the 16,000 line for the first time since Jan. 26.
...
Net Japanese stock purchases by nonresident investors hit an all-time high of 13.96 trillion yen in 2005, the Finance Ministry said Monday, underscoring the key role nonresidents' active buying played in last year's Japanese stock market rally.

Shares purchased by nonresidents totaled 171.76 trillion yen with the sales coming to 157.80 trillion yen, according to current-account balance data released by the ministry.
...
Japan's income account surplus topped the merchandize trade surplus in 2005 for the first time in the nation's postwar history, as investment in overseas securities continued to reap gains while the trade surplus was trimmed by surges in crude oil prices, the Finance Ministry said Monday.

The balance of the income account, covering income from investments in foreign securities, earnings of Japanese companies' overseas units, and payments by foreign employers in Japan, grew 22.5 percent in 2005 from the previous year to a record high 11,359.5 billion yen. It is regarded as a postwar high, although comparable data compilation began in 1985, the ministry said.

...more...

Falling crude prices send Nikkei below 16,000
Strong falls in both commodity and domestically focused stocks led the Japanese market down on Monday. The Nikkei 225 closed 2.3 per cent lower at 15,877.66, the first time the index had closed below 16,000 since January 26. The Topix down 2.5 per cent to 1,618.01.
...

Domestic stocks fell sharply across the board, as investors engaged in another bout of worrying about whether Japan’s stock market rally has been overdone.

...more...

------------------ NIKKEI 225 IN PERSPECTIVE-------------------

Move on day -2.34 percent
Year high 16777.37
Year low 15059.52
Change on yr -1.45 percent
All time high 38915.87 29 DEC 1989
All time low 85.25 06 JUL 1950

[EuroObserver]

5. Japan's current account surplus up for 4th straight month

TOKYO (AFP) - Japan's current account surplus expanded in December for a fourth straight month, the finance ministry says, as exports rose on the back of strong demand from China and the United States. The current account surplus grew 8.6 percent from a year earlier to 1.75 trillion yen (14.8 billion dollars), beating market expectations for a surplus of about 1.6 trillion yen.

The trade surplus alone fell 16.7 percent in December to 1.06 trillion yen, with imports jumping 30.4 percent to 5.02 trillion yen as exports rose 18.7 percent to 6.08 trillion yen. High oil prices have been inflating the value of imports into Japan, which has to import most of its energy supply from the Middle East. However the fall in the trade surplus was offset by a surge in investment income as Japanese firms reap the benefit of investment overseas.

Despite the renewed downturn in the trade surplus, the data still showed a continued increase in Chinese demand for Japanese exports along with firm US demand, Mizuho Securities economist Osamu Katano said. "Japanese exports are likely to maintain brisk gains in the near-term," he said, an assessment shared by many other economists. "Overall, the latest balance of payments data can be interpreted as a sign that the Japanese economy remains on track towards steady and moderate growth," said Hiroaki Muto, senior economist at Sumitomo Mitsui Asset Management. "Imports picked up some 30 percent from the previous year due mainly to rising oil prices and a surge in commodity prices, such as non-ferrous metal products," Muto said. "But export activity showed steady growth, especially an uptrend in exports to the United States, one of Japan's major markets," he added.

...more...

[EuroObserver]

6. China's trade surplus jumps sharply in January

BEIJING (AFP) - China's trade surplus rose 46.7 percent in January year-on-year to 9.49 billion dollars, the government says, adding fuel to US-led efforts for Beijing to quickly revalue its currency. Imports for the month totalled 55.5 billion dollars, up 25.4 percent, while exports rose 28.1 percent to 64.9 billion dollars, the Ministry of Commerce reported on its website.

Overall trade in January this year was valued at 120.49 billion dollars, up 26.8 percent from the same month in 2005.

The trade surplus in January edged lower from 11 billion dollars in December last year. But it was well up on the 6.49-billion-dollar surplus recorded in January 2005. It also comes in the wake of China announcing last month that its trade surplus for 2005 had more than tripled from the previous year to a record 101.9 billion dollars.
...

Steven Green, a Shanghai-based economist with Standard Chartered, told AFP the trade imbalance would continue to be a "constant thorn" in US-China relations and the rhetoric from the United States would remain strong. "But it is all theater, China has such a huge competitive advantage in making stuff, like cheap labor and quality products, that all the economics point to Americans continuing to buy increasing amounts of stuff from China," he said.

...more...

[EuroObserver]

7. US Records US$1.1 BLN Trade Deficit With S. Korea in December

WASHINGTON, Feb 13 Asia Pulse - The United States recorded a US$1.1 billion trade deficit with South Korea for the month of December 2005, bringing the tentative yearly deficit in 2005 to $16.1 billion, the U.S. Commerce Department said Friday.

This ranked the Asian economy 12th in trade volume, seventh in volume for both imports and exports.

The U.S. chalked up a $65.7 billion deficit overall in December with $111.5 billion in exports and $177.2 billion in imports, a rise of $1 billion from November.

It showed surpluses with Australia ($700 million), Hong Kong ($700 million), Singapore ($300 million) and Egypt ($100 million). It was in deficit with China ($16.3 billion), the European Union ($10.1 billion), Canada ($8 billion) and Japan ($6.8 billion).

December's monthly deficit with South Korea actually fell from November's $1.8 billion, with the U.S. exporting some $600 million worth more than the previous month.

In December the previous year, the U.S. deficit with South Korea was $1.3 billion, and 2004's aggregate deficit $19.7 billion.

..more...

[EuroObserver]

8. Australian Shares Midday: Down 0.9% As Resources Suffer

SYDNEY (Dow Jones)--The Australian share market was lower at 0215 GMT Monday despite modest gains Friday on Wall Street. Resources suffered after offshore dives caused by plunging metal prices and further weakness in crude oil.

The benchmark S&P/ASX 200 was 0.9% lower at 4826.0, nearing last week's low at 4824.9.

Dealers say profit-taking in resources is likely to continue in the short term, but that would produce a great buying opportunity for the longer term. "The door is just about to open up on a great buying opportunity as the hot air comes out of commodity prices," said Patrick Crabb, head of trading at Goldman Sachs JBWere.

BHP Billiton was down 3.5% at A$23.89, Rio Tinto down 4.0% at A$71.46, Woodside Petroleum down 1.7% at A$40.90, Alumina down 4.9% at A$7.44, Newcrest Mining down 3.0% at A$24.61 and Zinifex down 6.8% at A$7.05.

"Obviously there's some solid profit-taking in all the resources," said GSJBW's Crabb, but the fundamentals still support a large position in resource stocks. "Our view is that there's still downside risk in the metals short term, maybe another 5% to 10%, but we're still very strong on being overweight resources on a multi-month and multiyear view."

...more...

[EuroObserver]

9. Hong Kong shares fall on weak overseas markets

HONG KONG, Feb 13 (Reuters) - Hong Kong stocks fell 0.8 percent on Monday as sentiment grew cautious after a near-flat Wall Street finish and a weak Japanese market. The benchmark Hang Seng index <.HSI> dropped to 15,303.04. The China Enterprises index of H-shares <.HSCE>, or shares in mainland firms listed in the city, fell 0.34 percent to 6297.28 as of 0201 GMT. ...more...

Hutchison pressures HK shares; HSI changes mulled
HONG KONG, Feb 13 (Reuters) - Hong Kong stocks finished 0.74 percent lower on Monday after Hutchison Whampoa Ltd. (0013.HK: Quote, Profile, Research) shelved plans to sell shares in its Italian 3G mobile unit and as investors digest changes to the Hang Seng benchmark indices. The benchmark Hang Seng index <.HSI> fell to 15,312.09.

[EuroObserver]

16. ...Other Asian markets marginally mixed

INDIA: Indian shares... bucked the downward trend to close at an all-time high on continued fund buying in select blue chips. The Bombay Stock Exchange's 30-stock Sensitive Index, or Sensex, gained 62.28 points, or 0.6%, to close at 10,173.25. The Sensex' previous record closing high was 10,110.97, which it touched on Friday.
...

JAKARTA: Indonesian shares ended a tad lower on falls in telecommunication blue chips amid weak sentiment. The Composite Index yielded 0.701 point, or 0.1%, to 1252.404.

KUALA LUMPUR: Malaysian shares advanced on gains across all sectors as local and foreign funds bought into index-linked issues. The weighted Composite Index of 100 blue chips gained 2.46 points, or 0.3%, to end at 922.77.
...

SEOUL: South Korean shares fell for the first session in three, dragged down by a decline in Japanese stocks and selling of heavyweight technology shares. The Korea Composite Stock Price Index, or Kospi, shed 14.44 points, or 1.1%, to 1,320.79.

SHANGHAI: Chinese shares dropped marginally as investors sold mostly metal issues. The Shanghai Composite Index lost 3.02 points, or 0.2%, to 1279.64.

SINGAPORE: Share prices advanced on expectations of strong economic growth figures. The Straits Times Index gained 5.91 points, or 0.2%, at 2429.50.
...

TAIPEI: Taiwan shares lost ground on declines in technology heavyweights due to a seasonal downturn in the first quarter. The Weighted Price Index dropped 32.63 points, or 0.5%, to 6562.29.

...more...

[EuroObserver]

4. Europe opens cautiously mixed

Swiss SMI down -0.56% at 7817.46 in Zurich 09:03:19 CET
Xetra Dax 30 up 0.1% at 5,708.66 in Frankfurt 09:19 CET
CAC 40 opens down -0.2% at 4,902.70 in Paris 09:03 CET
FTSE 100 opens up 0.2% at 5,772.8 in London 08:02 GMT
FTSE 250 down -0.1% at 9,319.0 in London 08:43 GMT


European bourses set for bouyant start
Europe’s bourses are seen starting higher on Monday after Wall Street climbed late on on Friday as the price of oil fell below $62 a barrel and the euro hit a six-week low against the dollar. Spread betters in London are calling the FTSE 100, CAC 40, and DAX indexes to open between 7 and 19 points higher. ...more..

Bourses edge ahead as oil eases
Europe’s bourses started slightly higher on Monday after Wall Street climbed late on on Friday as the price of oil fell below $62 a barrel and the euro hit a six-week low against the dollar. The FTSE Eurofirst 300 rose 0.1 per cent to 1,325.40 with the CAC-40 up 0.1 per cent to 4,914.54 and the FTSE 100 0.2 per cent ahead at 5,777.1. ...more...

FTSE climbs as BAA rises on hopes for 900p/share bid
LONDON,, Feb 13 (Reuters) - Britain's top shares edged higher on Monday, with BAA (BAA.L: Quote, Profile, Research) in the lead after newspapers reported that the airport operator's top shareholders would agree to a bid from Spain's Gruppo Ferrovial (FER.MC: Quote, Profile, Research) of 900 pence a share. BAA's shares were up 1.3 percent at 788 pence -- a 14 percent discount to 900 pence a share. Last week sources told Reuters that the UK firm plans to vigorously defend itself against a potential Grupo Ferrovial bid.

By 0818 GMT the FTSE 100 share index <.FTSE> was up 13 points at 5,777.1, having ended last week at 5,764.1.

Mining stocks crowded the list of blue-chip and mid-cap fallers after commodities prices weakened. Rio Tinto (RIO.L: Quote, Profile, Research) was the top FTSE 100 faller, down 1.3 percent, while Antofagasta (ANTO.L: Quote, Profile, Research), BHP Billiton (BLT.L: Quote, Profile, Research) and Xstrata (XTA.L: Quote, Profile, Research) each shed about 1 percent. Among mid-caps, Indian miner Vedanta (VED.L: Quote, Profile, Research) stood out with a 1.4 percent drop.

But easing crude oil prices helped jet-fuel consumer British Airways (BAY.L: Quote, Profile, Research) gain 1.2 percent.

Elsewhere on the upside, shares in Barclays (BAY.L: Quote, Profile, Research) added 1.3 percent after Barron's business weekly reported that Britain's third-biggest bank could rise 15 percent to 20 percent as investors realise that fears about loan quality and profits are overblown.

While company results were thin on the ground, investors were gearing up for key domestic inflation data coming later this week for further direction on UK interest rates.

...more...

European stocks steady; Barclays gains, Roche dips
LONDON, Feb 13 (Reuters) - European shares were steady on Monday, supported by a late rally on Wall Street, while oil shares BP (BP.L: Quote, Profile, Research) and Total (TOTF.PA: Quote, Profile, Research) ticked higher. Barclays (BARC.L: Quote, Profile, Research) rose 1 percent after business weekly Barron's said shares in the UK bank could rise 15 percent to 20 percent over the next 12 to 18 months as investors realise that fears about loan quality and profits are overblown.

By 0820 GMT, the pan-European FTSEurofirst index <.FTEU3> of 300 leading shares was up little changed at 1,324.5 points. The index is up nearly 4 percent this year, with gains driven by takeover speculation surrounding many companies.

Steel maker ThyssenKrupp (TKAG.DE: Quote, Profile, Research) fell 0.7 percent to 19.6 euros after the German industrial conglomerate reported a 20 percent fall in first-quarter pretax profit. "ThyssenKrupp reached the consensus and has had a good order backlog in Q1, which should be seen as positive," said a trader. "On the other hand, the whole sector has had a good run, especially on back of the Mittal/Arcelor/Dofasco soap operas. Therefore, watch out for profit taking," he said.

Roche (ROG.VX: Quote, Profile, Research) was a standout loser, down 2 percent after the drugmaker temporarily suspended recruitment of patients into a clinical trial assessing its colon cancer drug Avastin with conventional chemotherapy, due to safety concerns.

Clariant (CLN.VX: Quote, Profile, Research) rallied 8 percent as newspaper SonntagsZeitung reported on Sunday that the Swiss chemicals maker had entered into advanced sale talks, with private-equity firms being the likely buyers.

...more...

[EuroObserver]

10. Investors should keep faith with Europe

LONDON (Reuters) - Fund managers are telling ISA investors to keep faith in European equities which they say are likely to rise on the back of M&A activity, energy stock strength and the EU convergence theme.

Last year was a good one for Europe with profits and dividends healthy and the stock market rising strongly.

Rob Burnett, manager of the Neptune European Opportunities fund, insisted the sector had real staying power and added that his fund had done well out of the oils sector despite it being a volatile ride. He is happy to stay invested there, but is far more stringent on his stock selection now. "We have been largely invested in oil services and refining stocks where there is a clearer earnings momentum," he said. "We are now even more geared towards companies that are best positioned to benefit from the oil sector rather than the producers themselves." He added: "We are still long-term believers in this sector but we are now focusing on companies carrying out seismic surveys, for instance drilling companies or French-listed engineer Technip which builds oil refineries."

Burnett said the four key themes driving the European market now were energy, EU convergence, income, and the "new world order." "With the EU convergence theme, we are looking for stocks like Austrian insurer Wiener Staedtische which has a large footprint in Eastern Europe, specifically the Ukraine and Romania," he said. "The prospects for real expansion are great."

The new world order concept, he argued, was part of a more recent investment philosophy. "The emphasis is on finding many European businesses that have a growth profile worldwide. For instance, economic growth in China has changed trading patterns across the world. And there are companies such as Scandinavian cranes-for-ports specialist Cargotech that have a very strong profile in Asia."

Burnett also said Europe was often overlooked when it came to good income prospects.

...more...

[EuroObserver]

22. UK: Output prices rise more than expected (surprised economists)

LONDON (Reuters) - Factory gate inflation rose more than expected to a 4-month high in January as raw material costs surged in a sign that higher crude oil prices are pushing their way through the supply chain.

The Office for National Statistics said on Monday output prices rose 0.4 percent on the month, taking the annual rate of increase to 2.9 percent from 2.4 percent in December and compared with a forecast of 2.7 percent. ( <-- Factory gates? In the UK? Hahaha! What factory gates? )

( So that's 3% annual industrial output price inflation on goods actually produced in the UK? Hmm. I guess stuff could be getting that cheap there these days, with most of the economy dedicated to the housing market, domestic consumption, and services generally (and especially financial services). But certainly not the real cost of living. )

That was the highest since September and mainly reflected dearer petrol products as crude oil prices have been rising very fast.

The figures are likely to boost concern that inflationary pressures from energy costs have not abated completely and could still work their way through to the consumer ( <-- surprised economists! ), prompting the Bank of England to hold off cutting interest rates.

...more...

[EuroObserver]

27. Balmy lunchtime; motors up

LONDON (AFP) - European stock markets rose, with auto shares leading the pack on positive sentiment for the car sector.

London's FTSE 100 index of leading shares gained 0.24 percent to 5,778.00 points in early afternoon deals, Frankfurt's DAX 30 climbed 0.28 percent to 5,717.63 points and in Paris the CAC 40 won 0.31 percent to 4,925.85 points. The DJ Euro Stoxx 50 index of leading eurozone shares advanced by 0.15 percent to 3,701.26 points. The euro stood at 1.1887 dollars.
...

In Paris on Monday, Renault shares surged by 4.08 percent to 82.90 euros, benefiting from interest generated by chief executive Carlos Ghosn, who announced his three-year strategy for the group last week... The price of Renault shares has increased by 7.8 percent in the last five days while the CAC 40 index of leading French shares has fallen 0.35 percent.
...

In Frankfurt on Monday Volkswagen jumped 2.36 percent to 56.71 euros, while rivals DaimlerChrysler won 2.69 percent to 49.33 euros and BMW gained 2.42 percent to 40.55 euros... Volkswagen last week unveiled new profit in 2005 of 1.12 billion euros (1.33 billion dollars), an increase of 60.7 percent compared with 2004, and said it would cut a maximum 20,000 jobs in the next three years.

...more...

[EuroObserver]

37. Bourses supported by autos and air

Swiss SMI up 0.35% at 7889.28 in Zurich 17:30:27 CET
CAC 40 closes up 1% at 4,957.36 in Paris 17:42 CET
Xetra Dax 30 closes up 0.7% at 5,743.67 in Frankfurt 17:41 CET
FTSE 100 closes up 0.5% at 5,793.5 in London 16:43 GMT
FTSE 250 closes up 0.1% at 9,332.8 in London 16:40 GMT
FTSE Eurofirst 300 up 0.5% at 1,331.45 in closing exchanges in London 16:27 GMT


European bourses driven higher by autos
(FT) Europe’s bourses driven higher on Monday by strength in the auto sector after positive reaction to Volkswagen’s numbers on Friday. Volkswagen advanced 5.1 per cent to €58.24 after UBS raised its price target on the German car maker from €38 to €55. Renault also climbed, up 5.3 per cent to €83.90 with the sector helped generally by the lower oil price. Of the ten leading gainers only one was not in the auto sector. The FTSE Eurofirst 300 rose 0.5 per cent to 1,332.03 with the Xetra Dax in Frankfurt 0.7 per cent up at 5,743.67, the CAC-40 up 1 per cent to 4,957.36 and the FTSE 100 closing 0.5 per cent ahead at 5,793.5. ...source...

Broker upgrades and bid talk help London close higher
Upgrades for Scottish & Newcastle and Lloyds TSB helped London equity markets start the week in positive territory. Yell Group was higher on vague speculation that Google could be considering making a bid for the UK directory publisher. Shares in Scottish & Newcastle, maker of John Smiths bitter and Newcastle Brown ale, closed up 2.4 per cent to 511.5p after Merrill Lynch upped its recommendation on the stock from “neutral” to “buy”. Lloyds TSB gained 0.6 per cent to 552.5p after Deutsche Bank upgraded the bank ahead of its results later this month and Yell Group finished the day 3.7 per cent higher to 569.75p. By close of trade, the FTSE 100 was up 29.4 points, 0.5 per cent, at 5,793.5 and the mid-cap FTSE 250 was up 8.1 points, 0.1 per cent, at 9,332.8. ...source...

[EuroObserver]

11. Wall Street Uncertainty Likely to Continue

With earnings season nearly over, Wall Street's winter of uncertainty is likely to continue for another six weeks _ not due to a groundhog, but because that's when the Federal Reserve's policymakers meet again.

Fourth-quarter corporate earnings were, once again, overwhelmingly positive, with double-digit profit growth for the 15th straight quarter. And as usual, most companies downplayed their chances of a repeat performance, warning of all kinds of economic uncertainties.

Most of the time, these warnings are part of Wall Street's expectations game, where companies allow analysts and investors to moderate their hopes of strong profits so that, when the next earnings season rolls around, the companies can blast past those lowered forecasts and see their stock bounce.

This time, however, there's a sense on Wall Street that perhaps companies are serious about their warnings. Consumer debt is at a record high, energy prices are rising and the housing market is cooling down rapidly. The economy does seem to be slowing.

So with far fewer earnings reports to create headlines and distract investors from these long-term issues, Wall Street will now focus on the economy, and worry whether the Federal Reserve under new Chairman Ben Bernanke will be too aggressive in fighting inflation _ and raising interest rates to the point where they unduly hamper economic growth. The Fed's next meeting is March 28 _ a long time for investors to wait for certainty.

Bernanke makes his first report on the economy to Congress on Wednesday, and his second on Thursday. It's a safe bet that televisions and monitors all over Wall Street will be tuned in, and any comments perceived as overly hawkish on inflation could send stocks lower.

...more...

[EuroObserver]

13. Preview: Spotlight on Bernanke, Japan policy shift, EU inflation, GDP

...
One of the main challenges Bernanke will face is the growing US current account deficit but in the short-term it remains comfortably financed by foreign capital inflows. The TICs data for December, due Wednesday, is expected to show capital inflows of around $80bn, down from $89.1bn in November.

Marc Ostwald of Monument Securities points out that current developments in Japan are potentially more significant for global financial markets in the short-term. The expected ending of Japanese deflation and the accompanying policy shift which will see interest rates normalise will affect the yen’s role as a funding curency. Global investors have been borrowing in yen, leveraging up and chasing returns in commodity markets, emerging bond markets and at the long end of the US yield curve. The policy shift in Japan will reduce the avaliable pool of liquidity for global investors and may persuade some to reduce exposure and risk. This could also result in an upswing in volatility.

Japan is due to release its initial estimate for fourth quarter GDP on Friday. The consensus estimate suggests GDP will rise by 1.2 per cent while the year-on-year growth rate should rise from 2.8 per cent to 4.1 per cent. The upswing is forecast to be broadly based with an increase in each demand component.

Attention will also focus on the GDP deflator - the broadest measure of inflation (or in Japan’s case deflation) - in the economy. The GDP deflator is expected to decline by 1.5 per cent year-on-year, the same rate as in the third quarter. A smaller-than-expected fall in the GDP deflator could reinforce the case for an early shift in Japan’s zero interet rate policy.

The Bank of England’s latest inflation report is expected to show a downward revision in forecasts for growth over the next two years. Whether this will be enough to ensure cuts in interest rates later in the year is unclear. Consumer spending is expected to be the decisive factor. Retail sales in December were stronger than expected but recent evidence suggests this was an upward blip and consumer spending slowed last month. HSBC data due on Thursday are forecasting a 0.2 per cent fall for January, which would slow the year-on-year growth rate from 4 per cent to 2.9 per cent.

Eurozone fourth-quarter gross domestic product data, due today, are expected to show growth of 0.4 per cent. This would raise the year-on-year growth rate from 1.6 per cent to 1.8. Analysts will be looking for more evidence of recovery in the German economy with the Zew survey of economic conditions, which is expected to show more improvement when February’s data are released tomorrow.

...more...

[JNelson6563]

21. Even the least knowledgable on finances

can look and see that this can't go on forever.

This time, however, there's a sense on Wall Street that perhaps companies are serious about their warnings. Consumer debt is at a record high, energy prices are rising and the housing market is cooling down rapidly. The economy does seem to be slowing.

I've been thinking this for some time now. The thing is that I don't think the over-spending will just stop. I think it will stop at the same time trouble starts like defaults on mortgages, credit cards maxed out and massive inability to make even the minimums. Too many are covering day-to-day expenses with credit cards etc.

Julie

[Zynx]

26. I read a good Barron's article on why the housing market is done.

They explained that nearly $1 trillion of mortgages that have floating rates were taken out during 2004 and 2005 compared to less than $100 billion in similar periods in the 1990s. These are interest only, and rates are about to readjust from about 7.5% to close to 11% and that will crush household finances as their payments go through the roof.

[JNelson6563]

33. Yeah, it will be ugly

There's going to be a lot of people who experience epiphanies in relation to homelessness and who it happens to.

Julie

[AnneD]

35. Those exotic mortgages....

really suckered in people that...1) could not get a fixed loan via traditional means 2) had bought more house than they could afford. It will be interesting when these rates rise. Banks and lenders will be having these repo's on their books and consumers will be homeless and upside down in loans. No wonder Bush is pushing for Fannie Mae to pick up risky loans. Get your clothes pins out cause this is gonna stink.

[EuroObserver]

12. Dollar hits 6-week high vs euro, Bernanke eyed

TOKYO, Feb 13 (Reuters) - The dollar hit a six-week high against the euro on Monday as investors expect new Federal Reserve Chairman Ben Bernanke to signal that the central bank is not done with its 19-month streak of raising interest rates.

The dollar had jumped to multi-week highs against the euro and the Swiss franc on Friday, recovering from an initial slide after data showed the U.S. trade deficit swelled more than expected in December and ended 2005 at a record $725.8 billion.

Traders said the dollar would likely stay firm ahead of this week's main event for financial markets -- Bernanke's testimony and the release of the Fed's semi-annual report on the economic outlook.

Bernanke is due to deliver the report to the House Financial Services Committee on Wednesday, his first public appearance to discuss the economy and monetary policy since becoming chief U.S. central banker.

"It seems people are in no hurry to sell the dollar right now, especially with Bernanke's testimony coming up later in the week," said Katsunori Kitakura, senior forex trader at Chuo Mitsui and Trust Banking.

Mounting expectations the Fed will keep raising interest rates after 14 straight increases to 4.5 percent has helped the dollar rebound from a slide earlier this year, when investors fretted the currency's yield advantage would shrink.

But the yen has recovered from seven-week lows against the dollar as the Bank of Japan has signalled that its super-loose policy is almost certain to end in the next few months and overnight rates could rise slightly from virtually zero.

As of 0600 GMT, the euro was down slightly on the day at $1.1895 <EUR=> after falling as low as $1.1886 on electronic trading platform EBS -- its lowest since Jan. 3.

...more...

[EuroObserver]

14. Precious metals extend falls as funds liquidate

SINGAPORE, Feb 13 (Reuters) - Gold fell more than 1 percent on Monday as persistent fund selling saw it break key support at $548 an ounce, but the price drop encouraged jewellery makers in Asia to stock up and triggered some buying from investors.

Gold's decline dragged other precious metals down. Platinum fell to its lowest in nearly four weeks, palladium lost around $9 and silver dropped nearly 2 percent. Spot gold <XAU=> fell to as low as $543.40 an ounce, its lowest since Jan 19, before bouncing back to $544.00/544.90 an ounce, still well below the $551.00/551.90 level seen late in New York on Friday, when the metal dropped nearly $15 an ounce.

Gold has fallen more than 5 percent since climbing to a 25-year high of $574.60 an ounce on Feb. 2 on tensions over Iran's nuclear ambitions.

"Demand has resurfaced from everywhere, especially from speculators in the region. There's a lot of buying," said a dealer in Singapore, a centre for bullion trading in Southeast Asia. "But I don't know what the bottom price is. It could be $535. From a technical point of view, it's better to sell after it failed to stay above $570, but the overall trend is still bullish," the dealer said.

...more...

[EuroObserver]

15. A Note On The Iranian Oil Bourse

By Paul Craig Roberts
...

Will an Iranian oil bourse hurt the dollar? Not really.

The dollar’s value depends on the world’s willingness to hold dollar denominated assets, not on the currency used to pay oil bills. If payments were not made in dollars, there could be a slight negative impact on the dollar from countries reducing their dollar cash balances and from the psychological shock of pricing oil in Euros (or some other currency). However, what really counts is what do the oil producers, for example, do with the currency that they are paid. If they are paid in dollars, but exchange the dollars for Euros or Yen and purchase equities or bonds or real estate in Europe and Japan, it doesn’t help that oil is billed in dollars. Or if they are paid in Euros but exchange the Euros for dollars and purchase US assets, it doesn’t hurt that the oil is billed in Euros.

The negative impact on the dollar will be far greater from the additional red ink necessary to finance an attack on Iran than from an oil bourse. Today, US war making capability is dependent on the rest of the world to finance it.

Oil is billed in dollars because the dollar is the world reserve currency. The dollar is not the reserve currency because oil is billed in dollars. The US is abusing the dollar’s role as reserve currency. When a trusted alternative appears, the dollar is likely to lose its reserve currency role. Iran, however, cannot cause that transition.

...more...

[EuroObserver]

18. US prepares military blitz against Iran's nuclear sites

DU thread here: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=364x390977

[54anickel]

19. Life During Wartime

http://www.321gold.com/editorials/denning/denning021306.html

snip>

Third, I wrote that the rise of the East was accompanied by the simultaneous collapse of the ruling currency regime of the last 30 years, the dollar standard. This last point is still so inconceivable to many people that they refuse to entertain the possibility. Too much would have to change. Too much wealth would be destroyed. Too many vacations would have to be canceled. Yet the inexorable rise of gold shows that this revolution in money is slowly but surely eroding the dollar's status.

Iran Nuclear Threat: Possible Effects

The current situation with Iran doesn't change any of those three main trends. It accelerates them, however, and adds the dangerous new element of nuclear holocaust to the table. Let's be clear about one thing, though: Even if Iran developed a nuclear device tomorrow, it would not likely be the sort of thing they could put on a missile and fire off to Tel Aviv... or Rome... or London. It would be a large, unwieldy thing that they might be able to put on a jetliner. (Incidentally, Iran recently announced the resumption of commercial flights to the United States.)

Still, it's not a secret anymore what Iran is trying to do. The question is, can anyone stop it? Another question is does everyone really want to stop it? I would argue that both China and Russia, though they might be deeply uncomfortable with having a nuclear Iran, see it as an enormous strategic blow to the United States and a key element of their respective energy alliances with Iran. China and Russia, in other words, are more than willing to let the world's nuclear club expand. Doubtless, they feel like they'd have some measure of control over Iran, especially since both countries have helped Iran with its weapons program. Whether they will have any control or not remains to be seen.

Let's leave aside all the speculating about if the United States or Israel can or will attack Iran. I have no idea. Nobody does. In analyzing the whole situation, I found it useful to head to the bookshelf and dust off a copy of Paul Kennedy's The Rise and Fall of the Great Powers: Economic Change and Military Conflict from 1500-2000. I'm going to quote from a few sections that I think help explain how what's playing out across the globe today is a result of both globalization and Peak Oil.

Unfortunately, if we follow Kennedy's analysis, it's very bad news for America and for Americans who fail to understand what's motivating our main economic and strategic competitors. Emphasis added is mine. In the introduction, Kennedy writes:

more...

[EuroObserver]

17. US: Code Red on health savings accounts

DU thread here: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x190606

"Radical change was not the headline when the president unfurled his latest proposals for health savings accounts. It was presented mainly as a sensible-sounding way for people without medical insurance to buy it with pre-tax dollars, the same way companies do.

"George Bush's new HSA is actually a rocket-powered tax shelter dressed up as a sweet little program to help the uninsured. It would also undermine the traditional health coverage now offered by employers. (More on that in a minute.) And in case anyone still cares about deficits, it would cost the Treasury $156 billion in lost tax revenues over 10 years — more than wiping out any savings Bush hopes to achieve with his cuts in projected Medicare spending."
...

"However there is a bigger storm brewing.

"bush has had a "tax simplification" panel working on proposals - first floated a year ago. Among the "simplifications" includes ending tax incentives to employers offering health benefits a move that in times of escalating health insurance premiums would make it so much more expensive to provide the benefit that many would stop doing so."

[Roland99]

28. There's a very simple alternative to HSAs and comp.-paid benefits:

Socialize medicine.

Remove that cost burden from companies, repeal the tax cuts for the rich and the corporations in the process, and let the gov't handle healthcare for everyone (with an expansive and powerful auditing system.)

[54anickel]

23. A Look At The Budget... (Friday's Pfenning)

http://www.kitcocasey.com/displayArticle.php?id=542

snip>

We all have heard that the gov. has said that the Budget Deficit will be cut in half... And I've argued that this is a bunch of baloney... Well... Addison really goes through this in his new book that he co-authored with Bill Bonner... Empire of Debt... I told you about this book the other day, but wanted to come back with some snippets that should wet your whistle!

“When Bush talks about cutting the deficit in half, he’s not talking about dollar amounts. Instead, the plan calls for a reduction in the deficit to half of the current percentage of the nation's GDP.”

"That means the deficit doesn’t actually have to decline for the president to declare he met his goal of cutting it in half. “To hit their target,” says Wiggin, “the economy just has to grow by 3.3% a year for the next 4 years.”

“Instead of truly solving the budget deficit, Washington is trying to mask it. They will focus on keeping the GDP up with tax cuts and other incentives instead of trying to control debt by keeping government spending under control.”

more...

[EuroObserver]

29. Commodities continue downward correction

Crude oil traded in a narrow range on Monday looking for direction after last week’s declines. Nymex March West Texas Intermediate edged 8 cents lower to $61.76 a barrel while IPE Brent March eased 8 cents lower to $59.61 a barrel. Concerns over Iran’s nuclear ambitions, violence and disruption to supplies in Nigeria and the situation in Iraq continue to pre-occupy traders and make the outlook for prices highly uncertain. Spare capacity concerns continue to be a key driver of market dynamics. The “marked increase in the degree of political risk in key producing areas, has heightened the fundamental concern that the margin between demand and effective sustainable capacity could disappear due to the possibility of constrictions of supply,” said analysts at Barclays Capital.

...source...

[EuroObserver]

30. Wall Street set for weak start on Google news

Wall Street looked set to take a breather on Monday, with bearish news on Google and Starbucks weighing on sentiment following Friday’s modest rally. With less than an hour to go before the open, US stock futures were broadly lower. Contracts on the Dow Jones Industrial Average were down 17 points, while futures on the S&P 500 and the Nasdaq 100 were both below fair value. Among early movers, technology bellwether Google fell 4.2 per cent in early trading to $347.54 after an article in Barron’s warned that shares in the internet search engine could fall by as much as 50 per cent this year as a result of growing competition from heavyweights Microsoft and Yahoo and pricing pressure on its online ad sales.

...source...

[hatrack]

31. Output From Mexico's Biggest Oil Field May Fall By 6% In 2006 - Forbes

LONDON (AFX) - Mexico's huge state-owned oil company, Petroleos Mexicanos, or Pemex, may be facing a steep decline in output that would further tighten global oil supply and add to global woes over high oil prices, the online edition of the Wall Street Journal reported.

The potential decline faced by Pemex, also could undermine US efforts to reduce dependence on Middle East oil, and complicate Mexican politics and financial stability.

An internal study reviewed by The Wall Street Journal shows water and gas are encroaching more quickly than expected in Cantarell, Mexico's biggest oil field, and might cause output to drop precipitously over the next few years.

EDIT

Pemex predicts Mexico's output will actually grow this year to 3.42 mln barrels a day from 3.33 mln barrels last year. But the study already prompted the company in December to predict a slightly sharper decline at Cantarell than its previous forecasts -- with output down 6 pct this year to an average rate of 1.9 mln barrels a day and off to 1.43 mln barrels as an average for 2008. That prediction now roughly matches the study's most optimistic scenario.

EDIT/END

http://www.forbes.com/home/feeds/afx/2006/02/09/afx2512...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=115x42218

[JNelson6563]

32. 10:55 Let's take a look...

Dow 10,922.36 +3.31 (+0.03%)
Nasdaq 2,249.71 -12.17 (-0.54%)
S&P 500 1,265.45 -1.54 (-0.12%)
10-Yr Bond 4.586% 0.00

10:30 Overview:

10:30 am : The Dow has given back its recent gain, and the major averages are all on negative turf. The Nasdaq is underperforming as a 0.6% drop in the Technology sector and relative weakness in biotechs weigh on it. Barron's bearish article on Google (GOOG 345.59 -17.02) has helped stir some selling across the tech board. Due to Agilent (A 34.58 -1.29), the electronic equipment manufacturing industry also presents considerable downside. Although the company reported significantly higher first quarter profits, its in-line guidance for the current quarter appears to have disappointed Wall Street. Peers SBL and TEK are similarly facing selling pressure. DJ30 -1.52 NASDAQ -14.71 SP500 -2.80 NASDAQ Dec/Adv/Vol 1582/1097/399.6 mln NYSE Dec/Adv/Vol 1799/1128/288.4 mln

http://finance.yahoo.com/mo

As you can see there is still time to beat the house so place your bets Marketeers!

(As an aside EO, looks like European markets did a nice upturn. :-) )

Julie

[JNelson6563]

34. 11:25 Update

Dow 10,910.73 -8.32 (-0.08%)
Nasdaq 2,246.92 -14.96 (-0.66%)
S&P 500 1,264.81 -2.18 (-0.17%)
10-Yr Bond 4.588% +0.01

11am Update


11:00 am : The market remains below the unchanged mark. Eight of the ten economic sectors are now levying losses. Of them, the Materials sector (-0.8%) now fares worst. Several areas within that sector extend their weakness today. Aluminum (AA) has declined 1.9%, and Alcoa (AA 30.27 -0.59) is the Dow's heaviest drag. Steel (ATI, NUE, X) and gold (NEM) are also weak, posting -1.8% and -1.2%, respectively. On the other side of the aisle, a 1.1% rise in the Energy sector provides support. Refiners (ASH, EP, KMI, SUN, VLO, WMB) are the strongest link, but buying interest is broad-based. Within the Dow, Exxon Mobil (XOM 60.18 +0.75) is currently the best performer. DJ30 -6.72 NASDAQ -15.97 SP500 -2.75 NASDAQ Dec/Adv/Vol 1750/993/539.9 mln NYSE Dec/Adv/Vol 1907/1080/390.2 mln

http://finance.yahoo.com/mo

Looks like some clouds may be moving in....

Julie

[Roland99]

36. Faeries' wings got hit with some buckshot?

[ret5hd]

38. Syria switches to euro amid confrontation with US

(thanks to bemildred in LBN)
http://today.reuters.com/news/newsArticle.aspx?type=worldNews&storyID=2006-02-13T153028Z_01_L13432231_RTRUKOC_0_US-SYRIA-US-FOREX.xml&archived=False

DAMASCUS (Reuters) - Syria has switched all of the state's foreign currency transactions to euros from dollars amid a political confrontation with the United States, the head of state-owned Commercial Bank of Syria said on Monday.

"This is a precaution. We are talking about billions of dollars," Duraid Durgham told Reuters.

The bank, which still dominates the Syrian market although private banks have been allowed to set up in the last few years, has also stopped dealing with dollars in the international foreign exchange flows of private clients.

The United States has been at the forefront of international pressure on Syria for its alleged role in the assassination of former Lebanese Prime Minister Rafik al-Hariri a year ago. Damascus denies involvement in the killing.

[Roland99]

39. Hedge Funds Betting on Weather?! WTF? Enron-style trading expands??

This is from a few days ago but not sure if this has been discussed up here yet:

Snow coming? Bets placed at Chicago exchange
City planners, retailers, insurers expected to hedge their risk
http://www.msnbc.msn.com/id/11269409/

Here's how it will work.

Snowfall futures and options are geared to a snowfall index focusing initially on Boston and New York. The index will change based on official daily snowfall totals.

Investors can buy and sell contracts trading on a monthly basis from October through April. A trader makes money on a contract when the index rises after it is purchased and loses money when it falls.

...

Last fall, it began trading futures contracts based on the number of frost days in Amsterdam after a major construction project in the Dutch capital was delayed several times due to a persistent frost, resulting in heavy financial losses.

"We're seeing more and more hedge funds and banks trading the weather contracts," said Brian O'Hearne, managing director of the environment and commodities markets for Swiss Reinsurance Co. and president of the Weather Risk Management Association.

And this is sound business investing how exactly?!?!

[JNelson6563]

40. Recently I heard Larry Kudlow say

in a before-the-break tease: Was Enron's biggest crime that it was ahead of it's time?

I couldn't believe my ears. :puke:

Julie

[Roland99]

41. I watched The Smartest Men in the Room the other day

Simply amazing what Lay, Skilling, Fastow, etc. and the traders were doing. And a Fortune mag reporter ended up being one of the main catalysts in exposing the fraud.

These traders and CRNC analysts just want to make some short-term cash. They all want to be Gordon Gecko or something.

[AnneD]

45. Our local news station

and their web site http://www.khou.com has very good coverage and you can even e-mail questions to a local attorney that does television spots here (he is VERY good). I can't post because I am blocked here but it is worth a looksee.

[Roland99]

48. Thanks. I'll check it out.

[JNelson6563]

42. 2:03 update: some painful bruising

Dow 10,877.57 -41.48 (-0.38%)
Nasdaq 2,236.94 -24.94 (-1.10%)
S&P 500 1,260.41 -6.58 (-0.52%)
10-Yr Bond 45.81 0.00 (0.00%)

1:30 pm : Stocks have moved lower over the past half hour. Two-thirds of the Dow's constituents are now booking losses. Alcoa (AA 30.14 -0.72) leads the way lower. Materials stocks continue to face selling pressure as commodity prices pullback. Metals are being hit hardest. At this point, nickel has lost 5.8%, aluminum is down 4.3%, and gold is off 1.7%. Copper is the bright spot, and has gained about 1.0%. Commodity prices across the energy complex also continue to sell-off. Crude is 1.5% lower on the day, while unleaded gas (-2.0%), natural gas (-1.7%), and heating oil (-0.3%) are also heading south. As a result, the Energy sector has begun to attract sellers. Leadership is now absent, and that sector levies a 0.2% loss. DJ30 -35.06 NASDAQ -23.74 SP500 -5.57 NASDAQ Dec/Adv/Vol 1954/978/1.00 bln NYSE Dec/Adv/Vol 2054/1124/777.2 mln

http://finance.yahoo.com/mo

[Roland99]

43. It's a see-saw re: energy prices

Stocks will drop as energy prices drop but then they'll go back up as people will now have more cash on-hand and that means the economy will pick up the pace.


<--- cue Twilight Zone theme

[Roland99]

44. Welts forming now

DJIA 10,852.90 -66.10
Nasdaq 2,232.83 -29.05
S&P 500 1,258.62 -8.37
Russell 2000 708.66 -8.47
CBOE Volatility 13.68 +0.81
30 Yr Bond 4.56 +0.01
10 Yr Bond 4.58 0.00

[AnneD]

46. And our theme song for today is....

Love Hurts.

[Roland99]

47. Stock markets have been "peppered"

[Roland99]

49. The patient has been upgraded but still sedated at the close.

DJIA 10,892.30 -26.70
Nasdaq 2,239.81 -22.07
S&P 500 1,262.86 -4.13
Russell 2000 710.53 -6.60
CBOE Volatility 13.34 +0.47
30 Yr Bond 4.56 +0.01
10 Yr Bond 4.58 0.00