STOCK MARKET WATCH, Wednesday September 20

[ozymandius]

Wednesday September 19, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 854 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2093 DAYS
WHERE'S OSAMA BIN-LADEN? 1799 DAYS
DAYS SINCE ENRON COLLAPSE = 1760
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 6
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54


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




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

AT THE CLOSING BELL ON September 19, 2006

Dow... 11,540.91 -14.09 (-0.12%)
Nasdaq... 2,222.37 -13.38 (-0.60%)
S&P 500... 1,318.31 -2.87 (-0.22%)
Gold future... 583.20 -9.60 (-1.65%)
30-Year Bond 4.86% -0.07 (-1.38%)
10-Yr Bond... 4.74% -0.07 (-1.52%)






GOLD, EURO, YEN, Loonie and Silver


PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

[ozymandius]

1. WrapUp by Ike Iossif

WEEKLY CHARTS

-lotsa charts-

SUMMARY

Last week we said, "The indices were unable to exceed their previous highs--as the technicals were suggesting--and they turned back down. As of Friday's close all the indicators we follow are at the zero line, which means that "technically" the markets are at a neutral point and going forward they can move in either direction. Therefore, we can't exclude another attempt at the highs; on the other hand, if support is violated, then the odds will favor a further decline to the first downside targets."

(For the week of 9-18-06) Since last week, all the technical indicators have risen above their respective zero lines, which is supportive of higher prices. However, the steep negative divergences also suggest that if the indices do move higher--directly from current levels--the magnitude of the additional gains won't exceed more than 2%. Keep in mind that this week there is a FED meeting. The FED's action or inaction, coupled with the language of the FED statement, could turn out to be the catalyst(s) for a 2% advance or for a 2.5%-4% decline. In summary, if there is a rally after the FED meeting, since we believe it will not exceed 2%, we see no reason to add to new long positions. Instead we would use the opportunity the get rid of those holdings in our portfolio that have the lowest relative strength.

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

[ozymandius]

2. Today's reports

10:30 AM Crude Inventories 09/15
Briefing Forecast NA
Market Expects NA
Prior -2904K

2:15 PM FOMC policy statement

[ozymandius]

3. Crude oil prices hover near 6-month lows

KUALA LUMPUR, Malaysia - Oil prices hovered near six-month lows Wednesday, as traders awaited the release of U.S. petroleum stocks data as economic weakness in the world's largest energy consumer indicated a demand slowdown.

With front-month October contracts due to expire later in the trading day, traders stayed quiet in Asia, holding positions ahead of stocks data likely to show Washington reporting its fifth straight week of declines in crude stocks, a Dow Jones Newswires poll showed.

Benchmark crude prices for October on the New York Mercantile Exchange was 10 cents higher at $61.76 a barrel in Asian electronic trade midafternoon in Singapore, after declining 3.4 percent to $61.66 a barrel overnight.

November contracts were more active, and traded eight cents up at $62.25 a barrel.

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

[ozymandius]

4. Oil pauses after 3 pct dive, U.S. stocks seen high

SINGAPORE (Reuters) - Oil prices crept higher on Wednesday after suddenly resuming their six-week rout a day ago, undermined by expectations of another rise in already bulging U.S. winter fuel stocks and more talks over Iran.

The unwinding of positions linked to billion-dollar losses at a prominent U.S.-based hedge fund may also be contributing to the slump, oil's biggest correction in over 15 years, although Saudi Arabia signaled that prices may have fallen far enough.

-cut-

Data due later on Wednesday is expected to show U.S. fuel inventories still brimming at their healthiest levels in seven years, with supplies of distillates, including heating oil, seen rising by 1.9 million barrels, a Reuters poll found.

High inventories of heating oil and natural gas have convinced traders that the world's biggest oil consumer is well prepared to meet demand this winter. Kerosene stocks in number-three Japan are also 20 percent above year-ago levels.

http://news.yahoo.com/s/nm/20060920/bs_nm/markets_oil_dc_18

[ozymandius]

5. Amaranth future in doubt, may hit larger funds

NEW YORK (Reuters) - Fund manager Amaranth Advisors may not survive the billions of dollars in natural gas losses it disclosed this week, and larger institutional energy funds may see some investors flee in the aftermath, industry experts said on Tuesday.

The Connecticut-based fund had more than $9 billion in capital under management before announcing on Monday that year-to-date losses may top 35 percent due to bad natural gas positions.

-cut-

As Amaranth sells off positions in an attempt to stay afloat, the losses have spawned concern that there could be an investor rush to get out of funds which hold Amaranth among wider portfolios of hedge funds.

-cut-

LOCKDOWN PERIOD

But some experts said that Amaranth's lockdown period may make it difficult for investors to pull money out of the fund immediately. However, larger funds that hold Amaranth may see their investors flee.

http://news.yahoo.com/s/nm/20060919/bs_nm/energy_funds_amaranth_dc_2

[UpInArms]

13. Billions in Losses Dim a Star Manager's Glow

http://www.nytimes.com/2006/09/20/business/20manager.html?ex=1316404800&en=9443dc92c5f5969b&ei=5088&partner=rssnyt&emc=rss

(free registration or try www.bugmenot.com)

When Nicholas M. Maounis, the founder of Amaranth Advisors, marketed his hedge fund to potential investors, he would stress his firm’s significant investment in its risk management and teamwork techniques. Infrastructure and integration became Mr. Maounis’s two-word mantra, according to former colleagues. That assurance, combined with a recent history of market-beating returns, helped his fund swell to $9.2 billion last year.

Now, having lost more than $3 billion through a series of disastrous bets on natural gas futures, there is a hollow ring to Mr. Maounis’s marketing pitch.

<snip>

In about four years, Amaranth grew to more than 400 people. As the fund grew, so did the demands on Mr. Maounis, and former colleagues said he spent less time chained to his trading terminal in the middle of the firm’s trading floor. In his marketing presentations, Mr. Maounis would highlight the 20 Ph.D. graduates he had working for him as well as the 25 languages that his employees spoke.

It was not all number-crunching for his team of managers, of course. Adjacent to the trading floor at the firm’s Greenwich, Conn., office is a well-furnished leisure room with snack bar and arcade and video games. Also included is a gym with flat-screen TV’s and a soundproof music studio, stocked with Fender guitars and keyboards, drum sets and amplifiers so that his traders can calm their rattled nerves with the occasional jam session.

<snip>

From the beginning, Mr. Maounis showed a talent for making money through convertible arbitrage. In that trade, an investor sells short the stock — betting that the price of the stock will fall — and then buys the underlying bond, expecting it to rise. His career was cultivated by Mr. Sussman, who was also an early backer of D. E. Shaw, the large quantitative hedge fund. Though no longer an investor, Mr. Sussman retains a stake in Amaranth’s management company.

...more...

here is the history of Maounis' political contributions:

http://www.newsmeat.com/fec/bystate_detail.php?st=CT&last=Maounis

[ozymandius]

6. Continental bid hopes lead Europe higher

European equity moved higher by mid-morning on Wednesday as positive momentum built after a cautious start on Wednesday following the military coup in Thailand, which sparked overnight losses in Asian markets.

The FTSE Eurofirst 300 added 1.7 points, or 0.1 per cent, at 1,367.90 while the German Xetra Dax added 24.8 points, or 0.4 per cent, at 5,898.28 while the French CAC 40 gained 17 points, or 0.3 per cent, at 5,133.03.

The Thai stock exchange was closed for business following the coup, but other Asian indices including the Hang Seng in Hong Kong and Straits Times in Singapore were weaker.

http://news.yahoo.com/s/ft/20060920/bs_ft/fto092020060535537884

[ozymandius]

7. Yahoo Shares Plunge On Slowing Ad Sales

Never underestimate the stock market's ability to overreact.

A mild warning of advertising softness in its current quarter from top Yahoo officials sent the company's shares down 12 percent in mid-day trading, and a lot of other tech stocks went down with it.

Yahoo (Quote, Chart) Chief Executive Terry Semel and CFO Susan Decker spoke at Goldman Sachs Communicopia conference in New York today.

Analysts asked Semel and Decker if any areas of advertising were starting to experience slowness as sectors of the economy have started to cool down.

Semel replied that there had been a slight slowing in growth of advertising from two of the largest sectors, automotive and financial services.

http://www.internetnews.com/ec-news/article.php/3633041

[ozymandius]

8. Chrysler cuts its US deliveries

Chrysler is cutting deliveries to its US dealerships by more than a fifth after poor summer sales means there is a glut of vehicles on their forecourts.

The US unit of German-American car firm DaimlerChrysler said that deliveries will fall by 90,000 cars to 290,000 in the three months to 30 September.

Chrysler said the cuts, which will continue into the fourth quarter, would mean some temporary factory shutdowns.

-cut-

The firm has declined to say which of its factories would be hit by the shutdowns. At present it has three plants in the US and one in Mexico off line, out of a total of 14 North American manufacturing facilities.

http://news.bbc.co.uk/1/hi/business/5362682.stm

[trogdor]

17. Idiots.

Who was the braniac who told the Chrysler brass that is was a good idea to make an overweight subcompact that looks like a Jeep product (Dodge Caliber)? They deserve to get mugged by Toyota.

Maybe after driving a guzzler that gets 12 MPG, 30 highway is absolutely fabulous. Too bad competing models in that size class get 36-42 MPG.

[AnneD]

24. Seeking a pickup

<snip>
Texas still leads the nation in truck sales, and dealers say they are are doing better largely because energy companies are going strong, as are related construction and services businesses where pickups are a
must.

But when domestic truck sales in Texas, the No. 1 market for full-size pickups, are virtually flat compared with the previous year, as they were in June, July and August, the national sales declines look even worse.

"We're not doing as well with full-size trucks as we did last year, but we're doing better in Texas and Oklahoma than we are in the rest of the country," said Earl Hesterberg, chief executive of Group One Automotive, a Houston-based national auto-dealership chain.

That's because soaring oil prices in Texas and Oklahoma mean higher gasoline prices and more money flowing into and out of the oil industry. Many energy companies are spending the extra cash replacing worn-out pickups and adding trucks to their fleets.

http://www.chron.com/disp/story.mpl/business/4200041.html

You know Detroit is in deep doo when truck sales are flat in Texas.

:scared:

[ozymandius]

9. Bye everyone!

:donut: :donut: :donut:

Have a great day. I'll check in when it's over.

Ozy :hi:

[stop the bleeding]

10. thank you

:donut:

[UpInArms]

11. daily dollar watch

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

Last trade 85.91 Change -0.03 (-0.03%)

Housing Data Sours, Leaving US Rate Hike off the Table

http://www.dailyfx.com/story/dailyfx_reports/daily_fundamentals/Housing_Data_Sours__Leaving_US_1158701920733.html

US Dollar -

The markets saw more economic data to purport the current sentiment that interest rates are likely to remain at the current 5.25 percent for the rest of the year, driving mixed results on the session. For the record, producer prices were released tepidly as the headline figure came in well below the consensus estimates. Even more disconcerting was the monthly decline in the core figure. Excluding the volatile energy and food components, prices surprisingly declined by 0.4 percent in the month of August. As a result, the headline annualized figure was lowered to 3.7 percent with the monthly comparison dipping to 0.9 percent from the 1.3 percent seen in the month prior. Indicative of a confirmed slowdown as commodity prices have pulled back in the past couple of months, the report now serves the “nail in the coffin” scenario, all but ensuring that Federal Reserve officials will issue a no-decision come tomorrow’s announcement. Speculation has even gone as far as placing bets that policy makers will likely not make a rate hike decision for the rest of the year, with some even contemplating a potential rate cut, yes a cut, in the coming new year. Bolstering this notion was a subsequent housing report released in time with the producer price report. According to the Commerce Department, the annual rate of housing starts dropped to a 1.665 million rate compared to the 1.772 million pace seen in the previous month. Building permits additionally dropped to the lowest level in four years and fully confirms the underlying decline in demand. Instead of a slow supply situation, much like in Australia, US homebuilders have noted a considerable dip in demand overall, leading to less and less projected figures. As a result, concern is building far past the lower than expected release as consumer demand is likely to weaken on the approach to the quarter end. The notion will likely keep the word “recession” on the lips of every market participant, while placing plenty of bearish weight on the underlying greenback. Separately, dollar buying was seen wrapping up the session following a widely covered military coup in Thailand. With the country in political turmoil as the masses continue to seek a resignation from the incumbent Prime Minister, a vote of no confidence has been placed in bidding up dollars. Considered a more stabilized currency, the dollar rose on demand against short sellers of the Thailand domestic Baht.

...more...

Tomorrow's Economic Releases: A Fed Pass Already Favored

http://www.dailyfx.com/story/calendar/key_events/Tomorrow_s_Economic_Releases__A_Fed_1158705282224.html

Federal Open Market Committee Rate Decision (18:15 GMT; 14:15 EST)

Consensus: 5.25%
Previous: 5.25%

Outlook: Tomorrow’s Fed meeting is expected to put the cap on any lingering predictions that the central bank would consider another rate hike at least until the second quarter of 2007. Currently Fed Fund markets are implying only a slight chance of a rate hike and are even showing some support for a cut going into next year. Such predictions from hedgers find their basis in the recent spell of data that has played down the worries over inflation and concentrated the markets and policy markers on the disappointing growth numbers instead. Recent inflation indicators have been particularly soft. Prices at the producer level, a reliable forecast tool for those seen by the consumer in the months ahead, reported a 0.4 percent drop in the month of August. This was the biggest drop in prices received by factories in over three years. Furthermore, the frequently quoted CPI read for the same month eased to a 3.8 percent annualized pace, its slowest in four months. One reason for the Fed to keep some of its cautionary rhetoric however was the 2.8 percent core CPI number, which cares price growth at its fastest pace since 1996. However, even with this indicator in the wings, Fed officials are already well aware of the marked drop in energy prices and will still refer to softening growth figures. Economic growth in the second quarter was nearly halved with a 2.9 percent annualized pace, and more current numbers aren’t supportive of a rebound anytime soon. One glaring issue surrounding growth potential is the blatant slide in the housing market, which represents on of the largest sources of wealth for consumers. The recent release of August housing starts reported a 6 percent drop in construction to a three-year low 1.746 million units. Moreover, the permits number, often used to predict future activity, actually dropped for its seventh consecutive month. The last time permits fell seven straight months was in 1986. Given all these factors, the Fed is likely to hold to its theme of wait-and-see, but wording should be monitored closely to see if there may be a reduction in the inflationary cautions that has littered their reports for the past two years.

...more...

[UpInArms]

12. U.S. mortgage applications rise in latest week-MBA (only re-fis rose)

http://today.reuters.com/news/articleinvesting.aspx?type=bondsNews&storyID=2006-09-20T110417Z_01_N20440322_RTRIDST_0_ECONOMY-MORTGAGES-UPDATE-1.XML

NEW YORK, Sept 20 (Reuters) - Applications for U.S. home mortgages rose for a third consecutive week as a recent decline in interest rates encouraged more homeowners to refinance, an industry group said on Wednesday.

The seasonally-adjusted index of total mortgage applications, including refinancings, rose 2 percent in the week ended Sept. 15 to 595.8, its highest level since April, according to the Mortgage Bankers Association.

The index compares with its year-ago level of 772.2 and continues to be held back by a slump in applications made with the intent to purchase a home, association data shows.

The component index of home purchases declined 3 percent to 397.9, while the gauge of loan refinancing jumped 9.5 percent to 1,748.7, the MBA said.

Gains in the overall index coincide with the recent drop in the rate on standard 30-year fixed mortgages that finance about three-quarters of all U.S. homes. The average 30-year fixed mortgage rate was 6.36 percent last week, up from 6.32 percent in the previous week but still down 0.5 percentage point from June, the MBA said.

...more...

[UpInArms]

14. Paulson Spends Much of Debut on World Stage Defending the US's Deficits

http://www.nytimes.com/2006/09/20/business/worldbusiness/20paulson.html?ex=1316404800&en=b9846238dd5b0f8d&ei=5088&partner=rssnyt&emc=rss

(free registration or try www.bugmenot.com)

HANGZHOU, China, Sept. 19 — In his debut on the international stage, Treasury Secretary Henry M. Paulson Jr. faced three days of criticism and concern that the United States’ fiscal and current-account deficits were casting a shadow over the global economy.

The issue of “global imbalances” came up again and again in Singapore in the language of speaker after speaker, as well as in the communiqué of the Group of 7 as its members conferred at the annual meeting of the World Bank and the International Monetary Fund.

Mr. Paulson, who arrived in Hangzhou on Tuesday to meet local entrepreneurs before traveling to Beijing on Wednesday, did not seem bothered by the criticism. Economic relations between countries are “never easy,” he said Monday.

In office a little more than two months, Mr. Paulson gamely made the arguments in response. He said the current-account deficit — nearly 7 percent of the United States economy — was a sign of strength, not weakness, because American consumers were buying global goods and keeping the world prosperous.

<snipping stupid talking points>

He refused to blame the policies of the Bush administration for the global problems. The United States is able to borrow heavily from around the world, he said, because investors regard United States debt instruments as secure and United States policies, like maintaining tax cuts, as sound.

As for the nation’s budget deficit, Mr. Paulson said it was coming down, citing recent revenue figures. For the future, he promised that he would personally help the Bush administration tackle the exploding costs of Medicare, Social Security and Medicaid in the next two years.

And to those in Singapore who said the United States was saving too little, Mr. Paulson said China was saving too much.

...more...

[Tace]

15. We Are, And Have Been, In A Recession (Mogambo Guru)

Richard Daughty, the angriest guy in economics -- World News Trust

snip

Uh-oh!! Those of you familiar with the Mogambo Theory Of Soundtracks (MTOS) recognize the sense of foreboding doom as, suddenly, the soundtrack is filled with low, rumbling horns making screechy, horrible, dis-chords, and the penetrating sound of doomed souls wailing in economic and financial despair. Obviously, this is where it gets very interesting!

See, if the rate of inflation that you use to deflate the raw GDP number is too low (like it is now!), then the estimate of real, inflation-adjusted GDP is too high! The economy looks like it is going great, but it is, obviously, not. It's just that prices are rising!

So, if GDP is predicted to grow only 2.9 percent, with the assumption that inflation is only 3%, then the error is huuuUUUuuge when you use the 3 percent inflation to go back to get the raw GDP number, and then deflate by the actual rate of inflation (probably somewhere between 4.1 percent and 10 percent).

When you do that, you get a result that is so horrible, so terrifying to see, that, like looking at a Gorgon, my brain is literally turning to stone, and all I can do is claw at my own head and cry out in anguish, "Not only are we in recession, as real GDP growth is actually negative, but we have been in one for years and years! Gaaahhh!"

To repeat: We are, and have been, in a recession, according to the new inflation number!

more

http://www.worldnewstrust.com/index.php?option=com_content&task=view&id=183

[AnneD]

21. Why is it ....

that you have to be in a recession for such a long time before the eCONomists finally admit you are in a recession. That's like coming up to a pile of steaming bull shit, bending down and smelling it, stepping in it, then walking in to the house, getting it all over the carpet before you decide "Hey I think I may have stepped into bull shit". :eyes: :spray:

[Tace]

22. I Guess It's Because Of "Official Numbers"

So, an "official" recession, based on "official" government numbers necessarily takes until the "official" numbers come out, and are revised the following month, or quarter. However, there's nothing stopping anyone from drawing their own conclusions based on information available to them -- like what the Mogambo's doing. I know your question is somewhat rhetorical, but I thought I'd take the bait. : )

[AnneD]

23. I haven't seen....

good 'official' numbers in almost 6 years.

I just think a 2-3 month drop is enough for me. I think they wait so long in their pronunciation as to prevent spooking the herd (if I can extend the metaphor). I feel you can never get out too early. You don't lose cash getting out too early, just profits you MIGHT have gotten.

Hey, I don't mind a good mental sparing match- I am a fish or cut bait kinda gal;)

[Sammy Pepys]

25. Recessions are an "after the fact" kind of thing

Growth is mostly measured retroactively...notice how things like GDP come out for after they've been recorded and may even be revised after a couple of quarters have already passed? This is why we don't usually figure out there's a recession going on until it's already on-going or we're coming out of it.

I don't think we're currently in a recession nor have we been, though.

[AnneD]

27. Well,

we will politely disagee. But the underpinnings of this 'rosy' economy are dubious at best. It is not a good economy until most of the boats tied to the docks float. This time only the cruise ships have been out. The rest of us are still sitting on the sand bar in our dingies. And now, I am seeing some bad signs for at least over 9 months.

[54anickel]

16. Thai Baht Falls, Credit Ratings on Review After Military Coup

http://www.bloomberg.com/apps/news?pid=20601087&sid=anVpSBrCxw.0&refer=worldwide

Sept. 20 (Bloomberg) -- Thailand's currency fell and the country's credit ratings were put on review for possible downgrade after the military seized control of Bangkok, ousting Prime Minister Thaksin Shinawatra.

The baht had the biggest loss since May 15 after tanks rolled into the capital yesterday while Thaksin was at a United Nations meeting in New York. Army chief Sondhi Boonyarataklin assumed the premier's duties. Government offices, banks and the stock market were closed.

The nation's 18th coup in 60 years may further disrupt an economy forecast to grow at the slowest pace in five years after an election dispute stalled spending on roads and power plants. The upheaval is Thailand's worst crisis since 1997, when the devaluation of the baht triggered a slump in regional currencies.

``We don't know exactly what kind of government will follow,'' said Marc Faber, managing director of investment firm Marc Faber Ltd., who lives in the northern Thai city of Chiang Mai. Still, he added, ``the conditions of Asia today are totally different than the conditions were prior to the Asian crisis.''

snip>

Default Swaps

The risk of owning Thai government bonds jumped to a two- year high, according to traders betting on the creditworthiness of countries in the credit-default swaps market. The price of the contracts surged to $55,000 from $35,000 yesterday, according to Morgan Stanley. The contracts pay investors $10 million in exchange for the bonds should the government default in the next five years.

Thai companies won't be able to issue dollar bonds for the rest of this year because international investors will shy away from the nation after the coup, BNP Paribas said.

more...

[AnneD]

20. Morning Marketeers,

:donut: and lurkers. You know it is a bad day in the clinic when I post this late. I knew there were some problems with the PM of Thailand, but had now idea they had reached this level. My day was stationed in Thailand during the VN war. Although I have yet to visit that beautiful country (and it is one of the top on MY list)- I would feel very comfortable there. There is a very large group of ex pats there (esp ex military). You can get a turkey dinner on Christmas and Thanksgiving-that's how much the US influence is felt. As far as I know, it is one of the few places in the world that Americans are still liked. Many GI's take Thai wives (Tiger Woods is like a god over there). I hope the military will release power quickly (as I feel they will). I think the tsunami and some of the mismanagement of funds percipitated this. I just don't think it is in the Thai nature to have a restrictive regime for long. I truly wish them well and hope the change is not violent.


Happy hunting and watch out for the bears.

[Roland99]

18. S&P at 5 1/2 year highs?? WHEEEEE!!!!!!

[TrogL]

19. Loonie Watch

Highlights

Current:



30-day and 90-day vs.greenback:



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




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

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

Up-to-the-minute graph: http://quotes.ino.com/chart/?s=CME_CD.H06&v=s

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

2006-08-21 Monday, August 21 0.894214 USD
2006-08-22 Tuesday, August 22 0.89662 USD
2006-08-23 Wednesday, August 23 0.900901 USD
2006-08-24 Thursday, August 24 0.90009 USD
2006-08-25 Friday, August 25 0.90269 USD
2006-08-28 Monday, August 28 0.899281 USD
2006-08-29 Tuesday, August 29 0.90009 USD
2006-08-30 Wednesday, August 30 0.900982 USD
2006-08-31 Thursday, August 31 0.903669 USD
2006-09-01 Friday, September 1 0.904486 USD
2006-09-04 Monday, September 4 0.904486 USD
2006-09-05 Tuesday, September 5 0.900009 USD
2006-09-06 Wednesday, September 6 0.904814 USD
2006-09-07 Thursday, September 7 0.900982 USD
2006-09-08 Friday, September 8 0.893575 USD
2006-09-11 Monday, September 11 0.891583 USD
2006-09-12 Tuesday, September 12 0.893975 USD
2006-09-13 Wednesday, September 13 0.893575 USD
2006-09-14 Thursday, September 14 0.896218 USD
2006-09-15 Friday, September 15 0.893495 USD
2006-09-18 Monday, September 18 0.895335 USD
2006-09-19 Tuesday, September 19 0.890551 USD


Current values

Last trade 0.8903 Change +0.0018 (+0.20%)
Previous Close 0.8886 Open 0.8888
Low 0.8880 High 0.8903


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

The December Canadian Dollar was slightly higher overnight as it consolidates some of Tuesday's decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, the reaction low crossing at .8863 is the next downside target. Closes above the 20- day moving average crossing at .9002 would confirm that a low has been posted. Overnight action sets the stage for a steady to higher opening in early-day session trading.




Analysis

Nothing much going on. I only posted 'cause there was a wierd spike in the graph. Oil prices are down. Ralph Klein is (finally) retiring. Harper thinks he's a war-time President.

[AnneD]

26. Shortly after we were married....

Hubby got this wild hair up his but to go get a job at Haliburton in Iraq. Hubby and I were friends for 13 yrs before we got married so I told him to knock himself out (crossing my fingers he would be rejected). I thought his friends were going to lynch me-but hey, I get out of his way when he gets that hair. Well he was rejected-and I was very happy. Yesterday, he told me he ran into one of the guys that got in. Out of the 10 that had been accepted, that guy was the only one left alive...That was a sobering thought.



Halliburton ignored dangers, drivers say

WASHINGTON - Halliburton Co. officials knew a highway intersection near Iraq's Abu Ghraib prison was fraught with danger hours before the deadly ambush of a truck convoy known as the Good Friday Massacre, former company truck drivers told Democratic senators Monday.

And the Houston-based contracting giant may have tried to shield itself from lawsuits by including a clause in an application for a Defense of Freedom Medal, in which survivors would sign away their rights to sue, according to a document unveiled by the panel Monday.

"That is almost an unbelievable piece of paper," said Sen. Byron Dorgan, D-S.D., chairman of the Senate Democratic Policy Committee.

Asked about the clause, Halliburton spokeswoman Cathy Mann said: "It was never KBR's intention to utilize any such release to preclude claims by current or former employees against the company. And we have no intention of doing so in the future."

http://www.chron.com/disp/story.mpl/business/4196908.html

[54anickel]

28. Wow, had to miss the day yet again. But looks like it was a good

day for stocks again. Gold didn't do to shabby either!

[54anickel]

29. Gold falls in electronic trade after Fed decision

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7BFF3814DA%2D1C18%2D40B6%2D8ED4%2D1EE89F5344D9%7D&link=&keyword=gold

SAN FRANCISCO (MarketWatch) -- Gold futures prices closed higher for Wednesday's regular trading session, then fell in electronic trading, while metals-mining shares cut their gains or retreated shortly after the Federal Reserve decided to leave interest rates unchanged.
The Fed held overnight interest rates steady at 5.25% and left the door open for further increases if inflation does not come down. This was the second straight meeting with no change in monetary policy. It follows rate hikes at an unprecedented 17 consecutive policy-setting meetings. See full story.
The news came less than an hour after the regular metals trading session ended on the New York Mercantile Exchange.
Gold for December delivery ended the regular session with a gain of $3 to close at $586.20 an ounce. It briefly touched a high of $592.50 during the day, after spending two sessions gaining and then losing nearly $10 an ounce.
In electronic trading, prices traded between a low of $585.10 and a high of $587.40, with the contract down 50 cents at $585.70, about 15 minutes after the Fed announcement.
"The Fed states there is moderation in economic growth reflecting a cooling housing market, crude-oil price declines should temper inflation but added inflation risks remain," said John Person, president of National Futures Advisory Service.

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[54anickel]

30. Closing....

Hey, them bastards at Yahoo made it a bit more difficult to copy and paste! Arrows instead of +/-

Dow 11,613.19 +72.28 (0.63%)
Nasdaq 2,252.89 +30.52 (1.37%)
S&P 500 1,325.18 +6.87 (0.52%)
10-Yr Bond 4.7290% -0.0080
30-yr Bond 4.8490% -0.0100
NYSE Volume 2,567,528,000
Nasdaq Volume 2,251,626,000

4:20 pm : As expected, the Federal Reserve left interest rates unchanged at 5.25% for a second straight month. However, since another pause was largely priced into the market and the accompanying policy statement brought no surprises, investors refocused on the intraday catalysts -- strong earnings and plummeting oil prices -- to forge a broad-based rally.

As evidenced by the tech-heavy Nasdaq greatly outpacing its blue chip counterparts, software giant Oracle Corp (ORCL 17.93 +1.80) beating analysts' expectations Tuesday night and "exceeding guidance on every metric" was the headline that kick-started the session. To wit, Technology soared back into positive territory for the year in convincing fashion by turning in the best performance (+1.7%) among the eight sectors posting gains.

Even though Morgan Stanley (MS 72.35 +0.50) closed well off its intraday levels (+2.5%), the stock still finished at its best level in five years after handily topping Wall Street's estimates and providing notable support for the S&P most influential sector -- Financials. The investment bank's record revenues resulted in 61% year/year EPS growth, lending some optimism about a 13th straight quarter of double-digit profit growth for the S&P 500.

Further playing into the market's improved profit prospects was a 2.0% sell-off in oil prices. Crude oil futures for October delivery, which expired today, briefly slipped below $60 a barrel before closing at $60.46 a barrel (-$1.20) after the Energy Dept. reported a larger than expected build in weekly distillate supplies to their highest levels since January 1999. Since that bodes well for consumers ahead of the winter heating months and eases Fed concerns about the potential for high energy prices to sustain inflation pressures, investors were able to look past a 2.4% drubbing in the Energy sector as it became apparent that more money continued to flow out of Drillers (-3.9%) and Refiners (-3.4%) -- two of today's worst performing S&P industry groups -- and into beaten-down areas throughout tech. DJ30 +72.28 NASDAQ +30.52 SP500 +6.87 NASDAQ Dec/Adv/Vol 1114/1933/2.21 bln NYSE Dec/Adv/Vol 1131/2133/2.54 bln

3:30 pm : With only a half hour left to go, the market has now recouped everything that was relinquished following the Fed announcement, as sellers remain sidelined going into the close. The Nasdaq leads the way among the majors and is well on pace for its eighth advance in nine sessions with a 1.3% gain while the S&P 500 is within 1 point of hitting a new five-year high.DJ30 +74.13 NASDAQ +30.33 SP500 +7.82 NASDAQ Dec/Adv/Vol 1134/1861/1.91 bln NYSE Dec/Adv/Vol 1151/2096/2.1 bln

3:00 pm : After temporarily flirting with their worst levels of the day, the indices are trying to regain some upward momentum heading into the final stretch. Among the most notable areas of weakness accounting for the recent pullback has been Energy (-2.1%), as the October contract briefly slipping below $60 a barrel and expiring down 2.0% at $60.46 leaves Drillers (-2.8%), Refiners (-2.8%), Oil & Gas Equipment (-2.7%) and Explorers (-2.6%) as four of today's worst performing S&P industry groups. A reversal in Morgan Stanley (MS 71.60 -0.25), which was up as much 2.5% after becoming the fourth investment bank this month to beat analysts' estimates, has also taken some steam out of a more impressive performance on the part of the bulls that had the S&P 500 at a 52-week high intraday less than an hour ago.DJ30 +59.32 NASDAQ +25.72 SP500 +5.92 NASDAQ Dec/Adv/Vol 1187/1801/1.72 bln NYSE Dec/Adv/Vol 1196/2030/1.88 bln

2:30 pm : Stocks continues to weaken as the policy statement leaves the door open for more tightening at the next FOMC meeting on October 24-25. Richmond Fed President Jeffrey Lacker again becoming the only member preferring a 1/4% hike also makes the pause less compelling. The actual text of the statement reads: "The moderation in economic growth appears to be continuing, partly reflecting a cooling of the housing market."

Readings on core inflation have been elevated, and the high levels of resource utilization and of the prices of energy and other commodities have the potential to sustain inflation pressures. However, inflation pressures seem likely to moderate over time, reflecting reduced impetus from energy prices, contained inflation expectations, and the cumulative effects of monetary policy actions and other factors restraining aggregate demand.

Nonetheless, the Committee judges that some inflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information." DJ30 +52.99 NASDAQ +23.68 SP500 +5.68 NASDAQ Dec/Adv/Vol 987/1968/1.55 bln NYSE Dec/Adv/Vol 949/2265/1.69 bln

2:15 pm : As expected, the Federal Reserve left the fed funds rate unchanged at 5.25%, marking a pause in tightening for a second straight month. With respect to the accompanying policy directive, the Fed has asserted that moderation in economic growth appears to be continuing, but since some inflation risks remain, additional firming may be needed to address these risks depending on incoming data. Initial responses in both the stock and bond markets has been slightly negative, as equities give up some of the recent gains that were building into the report and Treasuries relinquish all of their gains and are now unchanged. Market action, though, is expected to be volatile throughout the rest of the session.DJ30 +68.12 NASDAQ +29.27 SP500 +7.33 NASDAQ Dec/Adv/Vol 986/1971/1.43 bln NYSE Dec/Adv/Vol 987/2221/1.55 bln

2:00 pm : In the 15 minutes ahead of the FOMC announcement, stocks are actually retracing afternoon highs as investors remain convinced the Fed will again leave rates unchanged and perhaps signal that the tightening cycle is over. While we expect the accompanying directive to mimic the August statement with an acknowledgment that "inflation risks remain," the statement will likely make mention of the calmer growth in core inflation. DJ30 +75.33 NASDAQ +32.21 SP500 +9.01 NASDAQ Dec/Adv/Vol 991/1962/1.36 bln NYSE Dec/Adv/Vol 964/2216/1.50 bln

1:30 pm : Even though a bullish bias remains firmly intact, the indices are slowly slipping to their lowest levels of the afternoon. Crude oil recently hitting fresh session highs at $61.50 a barrel (-$0.16) and nearly turning positive on the day has been the biggest impetus for investors to take some money off the table. However, the improvement in crude also helping Energy pare some of its losses is acting as somewhat of an offset. DJ30 +55.78 NASDAQ +28.24 SP500 +7.14 NASDAQ Dec/Adv/Vol 961/1972/1.27 bln NYSE Dec/Adv/Vol 954/2214/1.37 bln

1:00 pm : More of the same for stocks as buyers remain in complete control of today's action. No where is such optimism more evident, though, than in growth stocks, as evidenced by 1.4% gains on the Nasdaq and the Russell 2000 small cap index. The S&P 400 MidCap Index is also turning in a solid performance (+0.9%), led in part by an 8.6% surge in shares of CarMax (KMX 43.60 +3.46), which is at a historic high after growing Q2 profits 44% and raising its full-year profit outlook. DJ30 +60.78 NASDAQ +30.61 SP500 +7.91 NASDAQ Dec/Adv/Vol 922/1970/1.17 bln NYSE Dec/Adv/Vol 934/2220/1.26 bln

Good night all! Hope to get back to normal around here next week!!! :hi: