STOCK MARKET WATCH, Tuesday 26 April

DO SQUEAKY WHEELS ALWAYS GET THE OIL?

With a show of hands, who out there hasn’t heard this saying on at least umpteen different occasions in their lifetime? Just as I thought, I don’t see too many hands. Well, one thing that’s becoming abundantly clear to me, as I’ve just begun reading House of Bush, House of Saud, the business of Big Oil has all the trappings of a very slippery business indeed. While it is my intention to ‘drill down’ into the subject matter in the aforementioned book in a future paper, a cursory examination of the material shows how deep the fortunes of the Bush family have been interwoven with Big Oil. With the likes of George W. Bush , Dick Cheney and Condoleezza Rice – the current administration is, shall we say, well versed in the importance and relevance of the world price of crude oil on America and by extension, the Global Economy.

In case any of you are wondering where I’m going with all of this, it is not my intention, today, to point out or draw attention to alleged conflicted dealings by any of these players. Instead, I’m trying to lay some credible groundwork to explain how well versed these individuals are when it comes to understanding the potential effects or ramifications of a precipitous rise in the world price of oil. In essence, I’m only trying to say that these highly placed, influential persons are nothing short of ‘experts’ when it comes to the subject matter and business of Big Oil.

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My take on this is that the global crude oil infrastructure is a daisy chain chock full of choke points or bottlenecks – it’s not simply a story about the rise and fall of demand. Firstly, there are different grades of crude with different chemical compositions. Overall, there is not enough refining capacity to handle the marginal barrel of oil – which tends to be heavy or sour since the oil fields that produce ‘light sweet’ crude have reached ‘peak oil‘ and are in decline. Furthermore, according to pundits, building new refineries is typically a 5 to 10 year proposition. America currently consumes 20 – 21 million barrels of oil per day. Table 1 above shows that imports constitute somewhere between 10 and 13 million of those barrels.

Then there’s the tanker fleet and pipelines that bring the oil to market. Hurricanes and the resulting high seas in the Gulf of Mexico in the fall of 04 resulted in damage to drilling rigs as well as the underwater oil pipeline grid that effectively ‘shut in’ oil and gas supply from the Gulf. The resulting damage led to supply disruptions at Louisiana refineries, and taxed the existing tanker fleet to make up the difference from further abroad. This ultimately led to higher prices. The reality highlighted here only exposes one of the many weak links in the supply chain. It shows what happens when the global tanker fleet is taxed and it tries to ‘ship’ via tanker the marginal barrel of ‘cheaper sour crude’ from places like Saudi Arabia – namely – shipping costs skyrocket because there are perhaps not enough tankers? This offsets the cheaper price paid to producers of lower grade crude implying an even more inflated cost to the consuming nation.

more...

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

Crude Prices Drop After Bush Meets Saudi Crown Prince to Discuss Ways to Curb Oil Prices

SINGAPORE (AP) -- Crude futures slipped Tuesday after U.S. President George W. Bush met Saudi Arabia's Crown Prince Abdullah to discuss ways to curb skyrocketing oil prices.

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"A high oil price will damage markets and he knows that," Bush said of Abdullah, the de facto leader of the desert kingdom. The two men met in Crawford, Texas.

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"One thing is for certain: The price of crude is driving the price of gasoline," Bush said. "The price of crude is up because not only is our economy growing, but economies such as India and China's economies are growing."

more...

http://biz.yahoo.com/ap/050426/oil_prices.html?.v=4

http://www.smh.com.au/news/World/Bush-fails-to-persuade-Saudis-to-cut-oil-price/2005/04/26/1114462041426.html?oneclick=true


Hand-in-hand . .. George Bush and his good friend Prince Abdullah stroll through spring flowers at the Bush ranch in Texas.

Concerns that escalating oil prices would damage the world economy dominated the Saudi Arabian Crown Prince Abdullah's visit to President George Bush's Texas ranch, but the leaders failed to agree on a plan to lower oil prices in the near term.

<snip>

But most observers agreed that the Saudis were already producing close to full capacity and that the announcement would have little short-term impact on oil prices.

Even Mr Hadley admitted that the effect of the Saudi announcement on prices would not be immediate but in the medium term.

Observers said that rising oil prices were the result of increased demand from China, and to a lesser extent India, and that demand was likely to increase in the immediate future.

The US also remains a high oil consumption country, with recent research showing that Americans are driving bigger, higher petrol consumption cars than a decade ago.

...more...

http://www.marketwatch.com/news/story.asp?guid=%7B09C5FC62-9D29-4481-9ED9-CF859C3675BA%7D&siteid=mktw

DALLAS (MarketWatch) - Oil closed lower but above $54 Tuesday on the New York Mercantile Exchange ahead of what is expected to be a bearish report on U.S. crude supplies.

That Saudi Arabia said the kingdom would produce as much crude-oil as buyers wanted only added to the negative sentiment.

John Kilduff, vice president of energy risk management at Fimat, noted that Saudi Arabia is producing about 9.5 million barrels per day, and has 1.3 million to 1.4 million barrels per day in spare capacity that could be accessed quickly.

"Still, participants will become more concerned about capacity constraints the more the Saudis pump," Kilduff said in a note to clients.

Kevin Kerr, president of Kerr Trading International, predicted oil prices will fall below $50 if the weekly supply data is bearish.

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:wow: that visit with the prince at the pigfarm certainly helped! :sarcasm:

kick up the markets then cash in for profits...

this is a "make a quick-buck" pattern and will probably be so for a couple of more months

A Chip Dip?
Disappointing results from chipmakers in Europe could pressure U.S. stocks; oil lower.
April 26, 2005: 6:56 AM EDT

NEW YORK (CNN/Money) - U.S. markets could feel the jitters early Tuesday after leading European chipmakers Infineon and ASM International logged disappointing quarterly results.

U.S. stock futures were lower in early trading.

"Euro semiconductors are the weakest sector today. So it's extremely likely that some of that negativity is pressuring U.S. futures this morning," said Ben Funnell, European strategist with Morgan Stanley in London.

<Snip>

http://money.cnn.com/2005/04/26/markets/stockswatch/index.htm

http://quotes.ino.com/chart/?s=NYBOT_DXY0

Last trade 83.90 Change +0.08 (+0.10%)

US Puts The Dollar On The Line By Forcing China To Revalue

http://www.dailyfx.com/index.php?option=com_content&task=view&id=845&Itemid=39

EURUSD

This week, the Euro will not be able to escape the effect of regional economic data. The calendar is laden with important figures on how business sentiment is faring, the state of the labor market as well as consumer spending. This morning, we already learned that German business sentiment fell for a third month in a row to a weaker than expected 93.3 from 94.0. However, given the state of the German economy, the deterioration is not particularly surprising. Instead, it was the double blow that came from both the IFO survey and comments by EU Commission President Prodi that really put a dent in the euro's struggle to breakout of its recent range. Prodi said point blank that a French "Non" vote would mean "the fall of Europe." This is certainly an over-exaggeration. Of course, this would hurt sentiment in the Euro, but a collapse of the entire region or the Euro project as a whole is unlikely. Even if the Netherlands votes no as well, the countries have the Nice Treaty to fall back on. There is already a Plan B circulating around called the "core Europe scenario" as written by Wolfgang Munchau of the Financial Times. Based upon this plan, Germany and France could team up to increase cooperation and coordination between the two countries in terms of economic and fiscal policy. If it works out, they could invite other countries to join their group and then gradually enforce their own rules. This may mean the dissolution of the ECB, but at least the Euro itself could be salvaged.

USDCHF

The dollar starts the week off on a stronger note thanks to the weaker German data and increasing pressure on China to revalue the Renminbi. The US Administration's jawboning on China has gotten to a fairly extreme level with Fed Presidents joining the chorus of complaints. Attacking China for its currency regime seems to be the new goal of the current administration. With all of its merits, it is important to point out that forcing China to revalue could also spell disaster for the US economy. It is no secret that a revaluation by China means that China along with the Asian region as a whole would reduce their rate of dollar reserve accumulation. As written by one of our favorite economists, Nouriel Roubini, unless the US parallels the reduction in demand from the Asian region with more responsible fiscal policies that would reduce the budget deficit and financing needs (aka - Tax increases), we could get a hard landing in the US as the dollar sharply falls and US long rates increases sharply. In fact, according to a UBS poll, many market participants expect the 10-Year bond yield to begin heading North once again. With the Fed on the course to increase interest rates by at least another 75bp, the economy could ill afford a surprising increase in borrowing costs.

...more...

Dollar Readies For A Major Move Against Majors

http://www.dailyfx.com/index.php?option=com_content&task=view&id=856&Itemid=39

EUR/USD - Euro continued to lose ground to the advancing dollar bulls as the battle for the control of the key psychological 1.3000 level began to turn in the favor of the greenback. As the dollar bull continue to capture more territory from the euro bull, the single currency longs will rely on the minor support at 1.2937, a 23.6 Fib of the 1.3481-1.2769 greenback bull swing for the first line of defense.

In case of a further retreat, the euro bulls will find an intermediate support at 1.2876, an Apr 18 daily low, with major support at 1.2797, an Apr 5 daily low providing next round of defenses before the dollar can reach 1.2730, a 2005 low and a key level that defends the 1.2488, a 61.8 Fib of the 1.1760-1.3667 euro rally. A breakdown below the 61.8 Fib might see the pair retest the 1.2000, 2004 summer range low. In case the euro bulls launch a counteroffensive against the dollar positions, they will encounter a minor resistance at 1.3047, a 5-day SMA, with an intermediate resistance at 1.3125, a 50.0 Fib of the 1.3481-1.2769 dollar rally. A major resistance is seen at 1.3174, a Mar 7 daily spike low. Oscillators remain mixed; with Stochastic overbought at 77.59 on the daily chart and is dipping above the oversold line at 27.89 on the dealer (4HR) chart. RSI is neutral on both the daily chart at 48.58 and on the 4-hour chart at 43.31. MACD continues to tread below the zero line on the daily chart and is crossing below the zero line on the dealer (4HR) chart.

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USD/JPY - Yen bulls remained indecisive following an advance deep in to the dollar held territory, with greenback longs retreating below the 106.00 line. As both sides remain deadlocked with neither budging a pip the battle lines are being drawn with dollar bulls relying on 105.26, a 50.0 Fib of the 101.65-108.87 dollar rally for a minor support. An intermediate support at 104.64, a Mar 18-21 consolidation low, continues to defend the major support at 104.41, a key 61.8 Fib of the Jan-Apr greenback rally. As the dollar longs plan their countermove against the yen their initial advance will encounter a minor resistance at 106.11, a 38.2 Fib of the 101.65-108.87 dollar rally with further advance reaching an intermediate resistance at 106.72, a 5-day SMA. A major resistance 107.17 created by the 23.6 Fib of the Jan-Apr greenback rally continues to defend 108.88, a 2005 high. Indicators are mixed. Stochastic is oversold on the daily chart at 18.42 and is dipping above the oversold line at 31.16 on the dealer (4HR) chart. RSI is neutral on both the daily chart at 37.08 and at 33.95 on the 4-hour chart. MACD continues to slope down toward the zero line on the daily chart and is making a bullish crossover below the zero line on the dealer (4HR) chart.

...more...

Have a Great Day Marketeers!

(edited for html)

Last trade 84.12 Change +0.30 (+0.36%)

Settle 83.82 Settle Time 23:34

Open 83.76 Previous Close 83.82

High 84.15 Low 83.70

Last tick: 2005-04-26 10:26:23 ET
30-min delayed quote.

http://quote.bloomberg.com/apps/news?pid=10000039&refer=columnist_mukherjee&sid=aFaucAQ5PK6o

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In theory, Greenspan is right about the central bank ``finding some difficulty'' in selling debt. However, the theoretical premise has been turned on its head in China: Not only is the central bank selling more of the so-called ``sterilization'' debt, it's doing so at lower yields. The banks that are buying the debt appear to be oblivious to the risk of inflation accelerating in the months ahead.

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With inflation in China at 2.7 percent in March and expected to rise, the only reason Chinese banks are buying treasury bills at such low yields is because they are extensions of the communist state. China's big four state-run banks accounted for more than half of the banking system's assets of 31.5 trillion yuan last year.

Yuan Debate

This game can go on until the top four banks, which had $188 billion of bad loans at the end of September, or 15.7 percent of their total lending, are made truly independent.

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In the past too, Greenspan has obfuscated the yuan debate more than he has helped illuminate it. He said at Stanford University's economic summit in February 2004 that it was ``fairly reasonable'' to expect the yuan to rise, driven by the ``sheer basic underlying momentum of productivity.''

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This too is a lame reason. Asian mercantilism is all about sacrificing the present for a prosperous future. It makes possible, and is in turn made possible by, the extravagance of the U.S. government and consumers who are equally adept at doing just the opposite: sacrificing the interests of tomorrow's taxpayers for their financial excesses today. Why should China alter its present before the U.S. rethinks its future?

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Speculators put their money where Greenspan's mouth is. That includes Shanghai property whose prices have shot up 19 percent the past year. It doesn't matter why Greenspan thinks what he thinks. If he says the yuan will move ``sooner, rather than later,'' speculators will ensure that China gets such a deluge of dollars it has no option except to move -- sooner, rather than later.

more...

http://www.321gold.com/editorials/schiff/schiff042605.html

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With respect to floating the renminbi he offered the following advice; "So as far as I'm concerned, it is very much in their interest to move." He even added that "As you can imagine, we in U.S. government have been in conversations with them to indicate that, in our judgment and in our experience, they should be moving sooner rather than later. I have no way of projecting when they will move. That they will move, I am reasonably certain."

Hello, how clueless can one man possible be? By publicly advising China to float its currency, Greenspan is in effect asking the Chinese to do two things; 1) raise the prices that it charges Americans for the goods it sells them, and 2) stop buying hundreds of billions of dollars worth of U.S. Treasury bonds. While such a move would certainly benefit the Chinese, who would earn more for their exports and find more productive uses for their savings, it would clearly have the opposite effect for Americans, who would simultaneously be forced to pay both higher prices and interest rates. Most adversely effected would be the U.S. government itself, which would see the cost of financing its national debt skyrocket at the very moment recession would likely undermine its ability to pay. Talk about putting your head in a noose, throwing the rope over a three limb, and daring your adversary not to pull!

Greenspan is right that the status quo is a bad deal for China. At present, all that China it receives in return for much of its exports to America is inflation. Since America does not supply China with sufficient quantities of real goods in exchange for its exports, the Bank of China must expand its money supply to absorb all the excess dollars for which no American products are available. In the process it also purchases hundreds of billions of dollars worth of U.S. government securities. As a result the Chinese suffer a reduced standard of living, as they are forced to pay higher prices for consumer goods and squander a significant portion of their savings. Americans however, benefit greatly form China's sacrifice by enjoying artificially low consumer prices and interest rates.

If China were to follow Greenspan's advice, the result would be a one-two combination punch right to the chin of the U.S. economy. The left jab: By increases the cost of Chinese imports (and those from other Asian countries whose currencies would like rise along with the Renmimbi) the U.S. inflation rate, as measured by the CPI, would clearly rise, increasing the "inflation premium" required to be paid by the U.S. government on its outstanding debts, the majority of which have extremely short maturities, and thus will have to be re-issued at higher interest rates. Also the prices of non-Asian imports, such as oil, would also likely rise, as wealthier Asians bid them up. The right hook: Since the Chinese government would no longer be buying as many dollars, it would no longer need to buy as may U.S. treasuries. Given that higher consumer prices and interest rates would likely push the U.S. economy into recession, exacerbating the already enormous budget deficit, demand for U.S. debt would be reduced at the very time it was needed the most. The result, Knock out.

more...

http://www.prudentbear.com/internationalperspective.asp

It’s becoming the big buzz in the forex markets: the French will vote No on the May 29th referendum to ratify the European Union’s new constitution and the Dutch will swiftly follow in their footsteps. The prospects for all future EU reforms – economic, budgetary or otherwise – will disappear. The euro will collapse.

Is this the way it will all play out?

It is useful to note that the fall in support for the constitution reflects a multiplicity of differing, and often contradictory, viewpoints. These range from sovereignist groups which have traditionally opposed the EU project (approximately 30 per cent of the French population), to those who have historically supported moves to an ever closer political union, but who object to this particular document on the grounds that it reflects the triumph of decentralized “Anglo-Saxon liberalism”, as opposed to a final march to a genuine “United States of Europe”, which entrenches Euroland’s unique social market economy.

We would argue that if there is a common thread in the opposition mobilising against the new constitution, it is not so much a protest against UK-style economic liberalism per se as it is the diminishing sense of national identity and control at the heart of the nation state as the EU has become more federalised; at the core, these latest polls in both France and the Netherlands (the latter historically a very strong supporter of the EU) suggest a profound disenchantment with the European Union’s technocratic elites. The European Union and its attendant institutions remain characterised by a huge democratic deficit, which has led to an increasing sense of political alienation. Such alientation continues to manifest itself during those limited occasions when the national electorates actually have had a chance to express themselves as in the impending French and Dutch constitutional referendums.

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In the event that France rejects the constitution next month, euro enthusiasts should hold their breath and desist from the inevitable doom-mongering that will almost certainly follow. Rather, they should embrace the resultant opportunity because the rejection may provide necessary breathing space to implement many of the reforms we have previously advocated to make the currency zone a more viable functioning alternative to the dollar. Sweden, Britain, and Denmark – the three current non-euro members of the EU- have generally enjoyed higher growth and lower unemployment, as well as having many more economic tools at their disposal to cope with recession, particularly due to the absence of stability pact constraints, which have exacerbated underlying recessionary pressures within the euro-zone. Why give these benefits up in the absence of genuine reform of Europe’s current monetary arrangements? Surely the euro-zone countries should now use the reality of a multi-speed Europe to get their own respective economic houses in order – for their own sakes as well as those of potential future entrants, who will more attracted by the clear benefits of a larger, looser, but better functioning EU, as opposed to the current rigid, centralised straitjacket, which appears to act on the basis of improvisation and short term political expediency, and is doing nothing but engendering more disillusionment with the whole European project.

more...

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38468.4167536574-834586472&siteID=mktw&scid=0&doctype=806&

WASHINGTON (MarketWatch) - U.S. new home sales jumped by 12% in March to a record 1.431 million seasonally adjusted annual rate, the Commerce Department estimated Tuesday. March sales smashed the previous record of 1.304 million set last October. Economists expected a slightly pullback to 1.19 million. The inventory of unsold homes on the market fell by 0.9% to 433,000, representing a tight 3.6-month supply at the March sales pace. The median price of a new sold home fell 9.3% in March to $212,300. Median prices are up just 1.3% in the past year.

10:00am 04/26/05 U.S. MARCH NEW HOME SALES PRICE UP 1.3% Y-O-Y TO $212K

10:00am 04/26/05 U.S. FEB. NEW HOME SALES REVISED TO 1.27M V. 1.23M

10:00am 04/26/05 U.S. MARCH NEW HOME INVENTORY 3.6-MONTH SUPPLY

10:00am 04/26/05 U.S. MARCH NEW HOME INVENTORY DOWN 0.9% TO 433,000

10:00am 04/26/05 U.S. MARCH NEW HOME SALES BEAT 1.19M EXPECTED

10:00am 04/26/05 U.S. MARCH NEW HOME SALES UP 12% TO RECORD 1.43 MILLION

http://www.bloomberg.com/apps/news?pid=10000103&sid=aiPmFtJoEwrg&refer=us

April 26 (Bloomberg) -- Stephen Roach, Morgan Stanley's chief economist, said the U.S. Federal Reserve may not stop raising the key interest rate until it's as high as 5.5 percent to control the ``housing bubble'' and a widening current-account deficit.

The economy is ``balanced on the head of a pin of unsustainably low real interest rates,'' wrote Roach, 59, a former researcher at the Fed, in a report published yesterday from New York. ``The Fed needs to play the role of the tough guy that is required of a truly independent central bank -- taking the proverbial punch bowl away when the party is in full swing.

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There are ``distortions and imbalances evident in the U.S. today,'' wrote Roach. ``That's especially true of low saving rates, the housing bubble, high debt loads, and a runaway current account deficit.''

Fed Governor Donald Kohn said April 22 that the level of real- estate prices was `lofty' and gains may slow as interest rates rise and wage growth cools. Fed policy makers have lifted the target rate for overnight loans between banks to 2.75 percent from 1 percent since June last year. The Fed next meets on May 3.

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``The day is close at hand when U.S. monetary policy must get real,'' wrote Roach.

more... Guess he forgot, we are dealing with Greenspin - he has no concept of reality.

http://www.rockymountainnews.com/drmn/business/article/0,1299,DRMN_4_3729221,00.html

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Thirty-six of the 103 economists polled - or 35 percent - by the National Association for Business Economics reported higher wages and salaries in the year's first three months, up from 28 percent in the fourth quarter. The reading was the highest since the second quarter of 2000. The rest reported no change.

Federal Reserve officials, faced with oil prices that have risen 50 percent on the New York Mercantile Exchange in the past 12 months, have taken comfort in benign wage gains. Fed officials want to guard against a sustained gain because wages account for two-thirds of the cost of goods and services. The Fed may continue raising interest rates if wages continue to rise.

"At the very least, there's a yellow light signal with regard to inflationary pressures on the economy," said James Meil, chief economist at Eaton Corp., the world's second-largest maker of hydraulic equipment, in an interview. Meil helped conduct analysis of the association's survey.

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"Pressures on prices stemming from labor costs seemed well contained and were expected to remain damped in coming quarters," the minutes said.

"If wage increases were to start picking up on a sustained basis, they would be very concerned about inflation because that immediately hits services prices," which cover about 60 percent of the consumer price index, Roger Kubarych, a senior economic adviser at HVB America Inc. and a former economist at the Federal Reserve, said in an interview.

more...

numbers plummet.

Have I said how much I hate these people lately?

tell us how you feel UIA. Let it rip, let it fly...

Joe 6 pack is bogged down in credit card debt, wages are down unless you are a CEO(we are competing with VJ 6 rupee in India and Yang 3 yuan in China), gas is up and soon groceries and every thing else will sky rocket. They just think CC is dropping now, wait til September and December.

But hey, be thankful, Joe. You can own your measly retirement, health care costs, and hey, I know you were hoping your son would help you pick out a decent retirement home...but hey, he was one of those heroes that died in the Iraq War, making America safe from WMD.

10:01am 04/26/05 U.S. APRIL CONSUMER CONFIDENCE BELOW CONSENSUS 98.1

10:01am 04/26/05 U.S. APRIL CONSUMER CONFIDENCE FALLS TO 97.7

http://www.marketwatch.com/news/story.asp?guid=%7B9C97A306%2D5AB6%2D4F9C%2DA462%2D3D64DB4B3CA8%7D&siteid=mktw

WASHINGTON (MarketWatch) -- U.S. consumer confidence declined for the third straight month, the Conference Board said Tuesday.

The consumer confidence index fell to 97.7 in April from 103.0 in March. Confidence is at its lowest level since November.

The decline was sharper than expected. Economists had been forecasting that the index would slip to 98.1 from the earlier estimate of 102.4, according to a survey conducted by MarketWatch. See Economic Calendar.

"Less robust current conditions and a more cautious outlook have consumers feeling less confident in April than in March," said Lynn Franco, Director of The Conference Board's Consumer Research Center.

The present situation index fell to 113.6 from 117.0, while the expectations index slipped to 87.2 from 93.7. This is the lowest level of the expectations index since July 2003.

...more...

Full Report:

Consumer Confidence

http://www.conference-board.org/economics/consumerConfidence.cfm

The Conference Board’s Consumer Confidence Index, which had declined in March, lost more ground in April. The Index now stands at 97.7 (1985=100), down from 103.0 in March. The Present Situation Index declined to 113.6 from 117.0. The Expectations Index declined to 87.2 from 93.7.

The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS NFO. TNS NFO is one of the TNS group of companies (LSE: TNN). The cutoff date for April’s preliminary results was April 19th.

“Less robust current conditions and a more cautious outlook have consumers feeling less confident in April than in March,” says Lynn Franco, Director of The Conference Board’s Consumer Research Center. “Despite the decline, the Present Situation Index remains at levels indicative of a healthy economy. However, the Expectations Index is now at its lowest level since July 2003 when it registered 86.3. Looking ahead, consumers do not anticipate an improvement in economic growth nor in their incomes. And, they expect an even tighter job market over the summer months.”

Consumers rated current conditions as less favorable in April than in March. Although the percentage claiming business conditions are “good” edged up to 27.0 percent from 26.3 percent, those claiming conditions are “bad” increased to 17.7 percent from 15.8 percent in March. The employment picture was also somewhat mixed. Consumers saying jobs are “hard to get” declined to 23.3 percent from 23.8 percent, but those claiming jobs are “plentiful” declined to 20.4 percent from 21.8 percent.

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Consumers saying jobs are “hard to get” declined to 23.3 percent from 23.8 percent, but those claiming jobs are “plentiful” declined to 20.4 percent from 21.8 percent.

business conditions are “good” edged up to 27.0 percent from 26.3 percent, those claiming conditions are “bad” increased to 17.7 percent from 15.8 percent

So the pessimists have become a bit less pessimistic, while the optimists expectations went down.

So just pick the view that best makes your argument. Things are lookin' up or thing are lookin' down.

Reminds me of a friends saying, "This is as good as it gets".

Agreements helped Gerling Global Re manipulate results

http://www.marketwatch.com/news/story.asp?guid=%7B3BD66B3E%2DCE9E%2D424D%2DAB33%2D349035CB9B3F%7D&siteid=mktw

SAN FRANCISCO (MarketWatch) -- Deals between Berkshire Hathaway insurance units and a top reinsurer helped that company distort its financial statements, according to a New York Insurance Department report.

The examination report, written in September 1999, was about Gerling Global Re, at one time the sixth-largest reinsurer in the world. Based in New York, but owned by the giant German firm Gerling, Gerling Global Re is no longer selling new policies after a string of heavy losses.

In 1994 and 1995, Berkshire units National Indemnity, National Fire and Marine, National Liability & Fire and Columbia Insurance forged finite reinsurance agreements with Gerling Global Re that helped it distort underwriting results and artificially boost loss ratios, an important measure of underwriting profitability, the New York Insurance Department said.

<snip>

At the time those deals were done, they met reinsurance accounting rules laid out by the National Association of Insurance Commissioners, which oversees all state regulators, the report said.

However, the NAIC introduced new rules in the early 1990's requiring companies to account for finite reinsurance as loans if there wasn't enough risk transfer. While different states adopted them at different times, the regulations officially took effect across the U.S. on Jan. 1, 1995.

...more...

hmmm.... looks like they're trying to get the sage of Omaha :eyes:

briefing.com

9:00AM: S&P futures vs fair value: -3.6. Nasdaq futures vs fair value: -7.0. No real change in sentiment, which is to say buyers are showing some reluctance to commit to positions ahead of the consumer confidence data... Also contributing to the downside bias has been consolidation following yesterday's merger-induced rally, as whipsaw conditions persist

8:30AM: S&P futures vs fair value: -2.7. Nasdaq futures vs fair value: -5.5. Still shaping up to be a lower open for the indices as market participants digest another round of earnings reports... Lockheed Martin (LMT) has beaten forecasts and raised FY05 guidance, while better than expected earnings have also come from the likes of COH, CFC, FPL, MHP, MHS, OMC, OXY, SLB, SO and X... However, Dow component DuPont (DD) has missed expectations and merely reaffirmed its FY05 outlook, while ROK, SLE, EQR and LXK have also missed forecasts

8:00AM: S&P futures vs fair value: -3.4. Nasdaq futures vs fair value: -6.5. Futures market versus fair value suggesting a lower open for the cash market ahead of a report (out at 10:00 ET) that may show consumer confidence in April fell for a third consecutive month... Meanwhile, as investors continue to sift through a mixed batch of earnings, chip stocks have been in focus following a wider than expected loss from Infineon Technologies (IFX) in the wake of better than expected earnings from Altera (ALTR)

ino.com

The June NASDAQ 100 was lower overnight and is working on a possible inside day as it consolidates just above weekly support crossing at 1433.06 and the 10-day moving average crossing at 1433.65. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last week's high crossing at 1454.50 are needed to confirm that a short-term low has been posted. If June resumes this month's decline, weekly support crossing at 1387.77 is the next downside target. The June NASDAQ 100 was down 8.00 pts. at 1433.50 as of 5:45 AM ET. Overnight action sets the stage for a steady to lower opening by the NASDAQ composite index later this morning.

The June S&P 500 index was slightly higher overnight as it consolidates around the 10-day moving average crossing at 1159.03. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 1159.03 would confirm that a short-term low has been posted. If this month's decline resumes, the 62% retracement level of the August-March rally crossing at 1130.03 is the next downside target. The June S&P 500 Index was up 1.80 pts. at 1159.00 as of 5:48 AM ET. Overnight action sets the stage for a steady to higher opening when the day session begins later this morning.

http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=8299833

NEW YORK (Reuters) - Regulators plan to audit American International Group Inc. to see how it booked tens of millions of dollars in premiums for workers' compensation, New York State's attorney general said on Tuesday as he stepped up his probe of the embattled insurance company.

The attorney general, Eliot Spitzer, and New York's insurance superintendent, Howard Mills, said they would hire a consultant to conduct the audit, which centers on whether AIG (AIG.N: Quote, Profile, Research) booked premiums for covering workers' compensation as premiums for covering general liability.

Such a practice, which regulators said has apparently been discontinued, would help AIG avoid paying its true share into various workers' compensation funds.

The conduct appears to have taken place for over a decade, and continued even after AIG insiders repeatedly challenged its legality, the regulators said in a statement. It is unclear when the practice stopped.

An AIG spokesman was not immediately available for comment.

Spitzer and Mills said one company document dating from the early 1990s estimated that AIG unlawfully pocketed tens of millions of dollars annually from the practice. They said the consultant would determine how much of this money -- if any -- should be paid to the state.

...more...

How much rot and corruption is in the heart of AIG?

Dow 10,219.04 -23.43 (-0.23%)
Nasdaq 1,944.83 -5.95 (-0.31%)
S&P 500 1,159.61 -2.49 (-0.21%)
10-Yr Bond 4.233 -0.18 (-0.42%)

NYSE Volume 68,343,000
Nasdaq Volume 86,975,000

The euro dropped the most in more than a week against the dollar after an industry survey showed business confidence fell to the lowest in 19 months in Germany, Europe's largest economy.

The Ifo institute's index of business sentiment fell to 93.3 in April, from 94.0 in March. The median forecast of economists polled by Bloomberg was for a reading of 93.5. The euro is down almost 4 percent against the dollar so far this year, in part on concern European economic growth is faltering.

http://www.bloomberg.com/apps/news?pid=10000101&sid=aVp6wvC18.Ek&refer=japan

Meanwhile in the UK, supposedly one of Europe's strongest economies

Thousands of UK manufacturing jobs are under threat following a sharp fall in orders, a CBI report has said.

About 22,000 jobs will be lost in the April to June period of 2005, according to the business group's latest quarterly industrial trends survey.

Already this year, manufacturing has shed 21,000 jobs, the CBI said.

The survey of 676 UK companies found that factories reported the weakest three-monthly performance since the summer of 2003.

http://news.bbc.co.uk/1/hi/business/4485495.stm

In Japan things are also going into reverse

http://quote.bloomberg.com/apps/news?pid=10000006&sid=azMVQdBuM7UU&refer=home

Japan's household spending, buffeted by reduced overtime hours and stagnant wages, fell for a second month in March and the economy lost jobs, suggesting consumers won't help sustain a recovery from last year's recession.

The Baltic Dry Index also continues to decline from its December peak. This may just possibly be the first sign that the breakneck growth of the Chinese economy is beginning to slow. It is the hardest call on the world economy to make since the economic statistics emanating from this part of the world are 'unreliable', to put it mildly,

http://www.bloomberg.com/apps/news?pid=10000081&sid=aSOoSE9o6wpo&refer=australia

Never mind there will be no shortage of pundits on Wall Street and elsewhere who will tell you that the equity markets are the place to be.

Dow 10,194.58 -47.89 (-0.47%)
Nasdaq 1,940.03 -10.75 (-0.55%)
S&P 500 1,156.99 -5.11 (-0.44%)
10-Yr Bond 42.38 -0.13 (-0.31%)

NYSE Volume 254,878,000
Nasdaq Volume 244,993,000

10:00AM: Equities still on the defensive as the bulk of sector leadership remains negative... Pacing the way lower has been Utility, while Materials, Industrials and Consumer Discretionary have also been under pressure... More influential but posting more modest weakness has been Technology, led lower by a 2.2% sell-off in Hardware... Biotech (+0.4%), however, has been relatively strong following upbeat news on Genentech's (DNA 73.16 +3.73) Herceptin drug, helping Health Care cling to modest gains...

Separately, April consumer confidence has fallen to 97.7 versus an upwardly revised Mar. reading of 103.0 while new home sales jump a better than expected 12.2% to 1.43 mln units, but the market remains relatively unchanged...NYSE Adv/Dec 871/1636, Nasdaq Adv/Dec 796/1564

9:40AM: Stocks open lower, in line with futures indications, ahead of a key read on consumer confidence... The release of April Consumer Confidence (consensus 98.0) at 10:00 ET, which is widely expected to have fallen for a third straight month, has added a sense of nervousness in the early going... Meanwhile, the majority of notable earnings reports have again checked in better than analysts anticipated, but the current trading range mentality continues to leave the market vulnerable to profit taking, especially after yesterday's respectable relief rally...

Also out at the top of the hour will be March New Home Sales (consensus 1190K)...

9:15AM: S&P futures vs fair value: -3.5. Nasdaq futures vs fair value: -7.0.

Dow 10,223.40 -19.07 (-0.19%)
Nasdaq 1,946.40 -4.38 (-0.22%)
S&P 500 1,160.78 -1.32 (-0.11%)
10-Yr Bond 4.236 -0.15 (-0.35%)

NYSE Volume 355,155,000
Nasdaq Volume 333,347,000

News must not have been so bad - it's just another buying opportunity!

Dow 10,249.27 +6.80 (+0.07%)
Nasdaq 1,958.40 +7.62 (+0.39%)
S&P 500 1,164.73 +2.63 (+0.23%)
10-Yr Bond 4.280 +0.29 (+0.68%)

NYSE Volume 562,069,000
Nasdaq Volume 532,759,000

10:30AM: Range-bound trading persists as investors digest mixed economic data... April consumer confidence checked in relatively in line with economists' forecasts of 98.0, falling to a reading of 97.7, but new home sales for March surged 12.2% to a new record of 1.43 mln (consensus 1.19 mln)... However, even though the new home sales number reflects ongoing economic strength, the confidence data - which fell for the third consecutive month - is driving concerns about a potential economic slowdown...

As such, since neither measure has offered investors much closure, the major averages have failed to move more aggressively in either direction... NYSE Adv/Dec 1015/1835, Nasdaq Adv/Dec 1020/1581

Who'da thunkit? :rofl:

:kick::kick::kick:

General Dynamics unit gets $62.5M U.S. Army tank deal

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38468.4869913773-834589926&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

SAN FRANCISCO (MarketWatch) -- General Dynamics (GD) said Tuesday that its General Dynamics Land Systems unit has been awarded a $62.5 million contract by the U.S. Army. Under the terms of the deal, General Dynamics will provide material for the production of 75 Abrams Integrated Management tanks.

They could just as easily call them "rewards".

:sigh:

11:16
Dow 10,252.53 +10.06 (+0.10%)
Nasdaq 1,956.56 +5.78 (+0.30%)
S&P 500 1,164.30 +2.20 (+0.19%)
10-Yr Bond 4.293% +0.04
NYSE Volume 670,800,000
Nasdaq Volume 619,237,000

"Unlike California, where we expect price corrections in several markets, we think the Phoenix market will remain strong, but that a period of consolidation lies ahead,"

Consolidation. Is that what they are calling it now?

http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=8300981

snip>

The market was focused on absorbing fresh supply this week, but a well-received auction of $9 billion in reopened five-year inflation-protected securities on Tuesday did little to curb early losses.

The new notes were sold at a high yield of 1.2 percent and drew bids for 1.88 times the amount of debt on offer, up from the 1.80 garnered when the notes were first sold.

Indirect bidders, which include customers of primary dealers and foreign central banks, took home a solid 54 percent of the issue, quelling market fears of waning offshore demand for U.S. government debt.

More important for dealers is Wednesday's sales of $24 billion in two-year notes.

http://www.marketwatch.com/news/story.asp?guid=%7BA3386176%2D4B95%2D46DE%2DAF30%2D62B9D9DFAF88%7D&siteid=mktw

DALLAS (MarketWatch) -- Occidental Petroleum Corp. reported a 74% increase in first-quarter income Tuesday on the strength of oil and gas prices and improved chemical margins.

Shares were last at $73.13, off 26 cents, after adding more than 9% last week.

The Los Angeles-based oil and gas producer (OXY: news, chart, profile) said net income was a record $846 million, or $2.08 a share, compared with $87 million, or $1.23 a share, in the year-ago period.

Minus two small, one-time charges, Occidental would have earned $2.11 a share.

Analysts polled by Thomson First Call had expected earnings of $1.99 a share, on average.

"The large upside vs. our estimate came from a combination of higher-than-expected production, robust price realizations and record chemical sales," analysts at Raymond James wrote in a note to clients.

The company said net sales rose 22% to $3.30 billion from $2.56 billion a year earlier. Occidental's oil and gas segment earnings reached $1.3 billion for the first quarter, a 47% jump from the $915 million in earnings for the first quarter a year ago.

<snip>

Production averaged 565,000 barrels a day, essentially unchanged from the year-ago period.

...more...

Price Gouging? Surely not! :sarcasm:

Dow 10,231.83 -10.64 (-0.10%)
Nasdaq 1,950.68 -0.10 (-0.01%)
S&P 500 1,162.13 +0.03 (+0.00%)
10-Yr Bond 4.283 +0.32 (+0.75%)

NYSE Volume 835,754,000
Nasdaq Volume 766,928,000

11:30AM: Broader averages pull back a bit but still cling to modest gains... Treasurys, however, have continued to slide amid renewed interest in equities, as the 10-year note is off 8 ticks to yield 4.27%... After initially selling off following an upside surprise on new homes sales figures, bonds have inched even further into the red as the recovery in stocks continues... NYSE Adv/Dec 1597/1423, Nasdaq Adv/Dec 1389/1376

Dow 10,229.76 -12.71 (-0.12%)
Nasdaq 1,949.99 -0.79 (-0.04%)
S&P 500 1,161.81 -0.29 (-0.02%)
10-Yr Bond 4.283 +0.32 (+0.75%)

NYSE Volume 849,046,000
Nasdaq Volume 775,989,000

12:00PM: Market trades with a tinge of caution midday, as investors juggle strong earnings reports and upbeat news in technology with mixed economic data... While the majority of S&P companies (22 of 31) out with earnings this morning have again checked in with better than expected results, the trading range mentality continues to leave the indices vulnerable to some consolidation, especially in the wake of a rally like the one witnessed yesterday...

Lockheed Martin (LMT 59.91 +0.16) has beaten forecasts and raised FY05 guidance, while notable names like COH, CFC, FPL, MHP, SLB, SO and X have also reported better than expected earnings... But Dow component DuPont (DD 48.20 -0.38) has missed analysts' Q1 forecasts and merely reaffirmed its FY05 outlook, while ROK, SLE, EQR, LXK and UST have also missed expectations... Meanwhile, new home sales for March surged 12.2% to a new record of 1.43 mln (consensus 1.19 mln), while April consumer confidence basically matched economists' forecasts with a reading of 97.7 (consensus 98.0)...

But even though the new home sales number reflects ongoing economic strength, the confidence data - which fell for the third consecutive month - is driving concerns about a potential economic slowdown... Technology has paced the way higher, as strength in Semiconductor (+1.1%) offsets weakness in Hardware (-1.7%)... Chip stocks have benefited from an upgrade on Altera (ALTR 21.07 +1.82) following a solid Q1 report while a disappointing quarter from Lexmark (LXK) has weighed on the latter... International Business Machines (IBM) announcing a $5 bln share buyback and boosting its dividend by 11% has also improved sentiment...

(edited for html)

http://business-times.asia1.com.sg/sub/latest/story/0,4574,153461,00.html?

snip>

China and Asean last year signed a deal to liberalise trade barriers and pave the way for a more comprehensive accord planned for 2010 that could see the creation of the world's largest free trade zone.

President Hu said trade between China and Asean - which includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam - stood at US$105.9 billion in 2004, 30 per cent up on 2003.

snip>

Several Asean members are wary of China because of territorial disputes in the South China Sea. Recent tensions between Beijing and Tokyo over Japan's wartime past have underlined China's tough dealings with key trade partners.

snip>

'China will stay on the path of peaceful development, follow the principle of developing friendship and partnerships with neighbours and the policy of working for an amicable, peaceful and prosperous neighbourhood,' he said.

He said China would 'make its due contribution to greater peace, stability and prosperity in the region and the world at large'.

more...

http://www.marketwatch.com/news/story.asp?guid=%7B22272E0B%2DDDE1%2D4BEC%2D9951%2DD1B48C544965%7D&siteid=mktw

excerpt:

According to Fabian, Magellan manager Robert Stansky has been saddled with too much money to run, along with sizeable holdings in battered stocks such as troubled insurer American International Group Inc. (AIG: news, chart, profile) and retailer The Home Depot Inc. (HD: news, chart, profile)

"There's no sign of hope," Fabian added. "You would think with a good manager you'd get good performance, but that's not the case."

For example, he noted that $100,000 invested in Magellan five years ago would be worth $76,164 today. The fund is now closed to new investors. That same confidence in the Oakmark Fund (OAKMX: news, chart, profile) , another large-capitalization stock offering (which had a 2.1% position in Home Depot as of March 31), would be worth $170,259.

<snip>

The worst-performing fund on the Lemon List was another Fidelity offering: the $4.6 billion Fidelity Aggressive Growth Fund (FDEGX: news, chart, profile) , a midcap portfolio that's lost an annualized 23.1% over the five-year span, Fabian said.

Other "lemons" reappeared on the latest list, such as Janus Worldwide (JAWWX: news, chart, profile) and Putnam Voyager's Class B shares (PVOBX: news, chart, profile) .

...more...

It performed as though they kept my money in a box under the bed, mice nibbling at it from time to time.

:7 "54" and I who are advocates of the "under the bed or mattress" for our coins and paper like to use the plastic "baggies." They supposedly deter mice...but recently I've noticed some nibblings on even my supposedly foolproof safe "baggie holdings" and am wondering if I need to go into a "heavy metal" box. Maybe one that's coated with a little gold or silver that might send those mice running.

I am sure it was an oversite. Their slogan use to be-we make money the old fashion way (we steal it). The slogan is now, We are Smith Barney this is how we do it (you are looking down the barrel of a gun).

http://www.reuters.com/newsArticle.jhtml?type=worldNews&storyID=8289907&pageNumber=0

WASHINGTON (Reuters) - U.S. officials played down a report on Monday that the administration might seek a United Nations resolution empowering nations to intercept shipments in and out of North Korea that may contain nuclear-related materials.

While acknowledging there may be some discussion of such a move, they said no proposal has been presented to senior policymakers, nor was there a decision to formally bring the issue of North Korea's nuclear programs to the U.N. Security Council.

Secretary of State Condoleezza Rice told reporters traveling with her to Latin America that the United States' main way of dealing with North Korea's suspected nuclear weapons was through six-party talks aimed at dismantling their programs. But she said: "We reserve the right to go to the United Nations Security Council at any time."

The New York Times, quoting senior U.S. officials and diplomats briefed on the proposal, said the possible resolution would amount to a quarantine of North Korea, although it said White House aides were not using that word.

snip>

Efforts to get the security council to authorize a quarantine likely would run into serious opposition from veto-wielding members Russia and China, which is alarmed at possibly forcing a North Korean collapse.

The plot thickens :popcorn:

snip>

Meanwhile, nuclear expert David Kay fanned growing concerns about North Korea, saying he expects the reclusive communist state to detonate an atomic test by June 15.

more...

Me thinks that thou protests too much about this speculation on a quarantine. Is that Condi's foot in her mouth again? :shrug:

Dow 10,201.16 -41.31 (-0.40%)
Nasdaq 1,939.34 -11.44 (-0.59%)
S&P 500 1,158.47 -3.63 (-0.31%)
10-Yr Bond 42.90 +0.39 (+0.92%)
NYSE Volume 1,143,435,000
Nasdaq Volume 1,035,898,000

1:30PM: Market continues to retrace earlier lows, as all ten economic sectors now trade in negative territory... Meanwhile, total volume is running ahead of Monday's sluggish pace, as 1.0 bln shares have now traded on the Nasdaq, arguably providing a bit more conviction behind today's weakness than the limited participation behind yesterday's upside momentum... NYSE Adv/Dec 1242/1938, Nasdaq Adv/Dec 1043/1891

1:00PM: More of the same as the market continues to sport modest losses... Homebuilding (+1.1%), however, continues to show relative strength following the unexpected surge in new home sales to a record 1.43 mln units... Arguably provided an additional level of buying support, albeit not one of the PHLX Housing Sector Index's 17 of 21 components catching a bid, has been Meritage Corp (MTH 66.73 +5.93), which has surged 10% after handily beating Q1 estimates and issuing upside FY05 EPS guidance...

More notable homebuilders out with earnings this week include Pulte Homes (PHM 72.52 +1.27), which reports after the bell tomorrow, and Beazer Homes (BZH 47.42 +0.52), which reports before the market opens on Thursday... NYSE Adv/Dec 1360/1810, Nasdaq Adv/Dec 1169/1729

Dow 10,203.58 -38.89 (-0.38%)
Nasdaq 1,937.70 -13.08 (-0.67%)
S&P 500 1,158.23 -3.87 (-0.33%)
10-Yr Bond 4.277 +0.26 (+0.61%)

NYSE Volume 1,281,667,000
Nasdaq Volume 1,155,367,000

2:00 Major indices bounce off session lows, but sellers remain in control of the action... On the Dow, American Express (AXP 51.24 +0.27) has recently reported a 19% increase in Q1 earnings, matching analysts' forecasts...

Other components making headlines include IBM (IBM 76.00 +1.39), which has paced a limited list of winners on news of its $5 bln buyback and dividend increase while Coca-Cola (KO 43.17 +0.49) has also climbed more than 1.0%...

Pacing the way lower, however, has been Hewlett-Packard (HPQ 20.45 -0.65), down in sympathy amid Lexmark's disappointing quarter, while American International Group (AIG 51.16 -0.60) has also been weak after questions were raised about the integrity of its financial-reporting systems...

..NYSE Adv/Dec 1223/2000. ..NASDAQ Adv/Dec 1021/1945.

1:30PM: Market continues to retrace earlier lows, as all ten economic sectors now trade in negative territory... While crude oil prices have climbed back toward session highs ($54.25/bbl -$0.37), it remains uncertain if such a rebound can be attributed to the renewed selling pressure in stocks, since early weakness in the commodity provided little momentum to the upside for the indices...

Meanwhile, total volume is running ahead of Monday's sluggish pace, as 1.0 bln shares have now traded on the Nasdaq, arguably providing a bit more conviction behind today's weakness than the limited participation behind yesterday's widespread gains... NYSE Adv/Dec 1242/1938, Nasdaq Adv/Dec 1043/1891

some renewed interest.

Dow 10,173.01 -69.46 (-0.68%)
Nasdaq 1,933.67 -17.11 (-0.88%)
S&P 500 1,155.48 -6.62 (-0.57%)
10-Yr Bond 4.267 +0.16 (+0.38%)

NYSE Volume 1,441,752,000
Nasdaq Volume 1,296,465,000

Dow 10,159.56 -82.91 (-0.81%)
Nasdaq 1,931.10 -19.68 (-1.01%)
S&P 500 1,154.26 -7.84 (-0.67%)
10-Yr Bond 4.269 +0.18 (+0.42%)

NYSE Volume 1,483,865,000
Nasdaq Volume 1,332,383,000

Where are the faeries?



Should we send them flowers?

Dow 10,182.84 -59.63 (-0.58%)
Nasdaq 1,934.24 -16.54 (-0.85%)
S&P 500 1,156.19 -5.91 (-0.51%)
10-Yr Bond 4.267% +0.02
NYSE Volume 1,535,308,000
Nasdaq Volume 1,370,191,000

3:10
Dow 10,182.24 -60.23 (-0.59%)
Nasdaq 1,934.24 -16.54 (-0.85%)
S&P 500 1,156.14 -5.96 (-0.51%)
10-Yr Bond 4.267% +0.02
NYSE Volume 1,535,308,000
Nasdaq Volume 1,370,191,000

Dow 10,177.51 -64.96 (-0.63%)
Nasdaq 1,933.90 -16.88 (-0.87%)
S&P 500 1,155.50 -6.60 (-0.57%)
10-Yr Bond 4.267 +0.16 (+0.38%)

NYSE Volume 1,583,595,000
Nasdaq Volume 1,405,823,000

Dow 10,196.58 -45.89 (-0.45%)
Nasdaq 1,936.44 -14.34 (-0.74%)
S&P 500 1,157.14 -4.96 (-0.43%)
10-Yr Bond 4.267 +0.16 (+0.38%)

NYSE Volume 1,616,251,000
Nasdaq Volume 1,430,527,000

Dow 10,168.20 -74.27 (-0.73%)
Nasdaq 1,932.59 -18.19 (-0.93%)
S&P 500 1,154.31 -7.79 (-0.67%)
10-Yr Bond 4.267% +0.02
NYSE Volume 1,733,145,000
Nasdaq Volume 1,522,740,000


What's with the stuck on 1:30 blather today?

for the great investing opportunities? :shrug:

I hope she helps!!!!

Dow 10,166.43 -76.04 (-0.74%)
Nasdaq 1,932.32 -18.46 (-0.95%)
S&P 500 1,154.06 -8.04 (-0.69%)
10-Yr Bond 4.267 +0.16 (+0.38%)

NYSE Volume 1,733,145,000
Nasdaq Volume 1,522,740,000

SHE/HE is on steriods, clearly in violation NAFTAS bylaws (National Association of Faeries Taking Action in Stocks). I demand to see the results of the urine test (and the chromosome test too). Bush has spoken out on the use of steriods....don't make him legislate the faeries.

It is too bad that he cut the budget and the NAFTAS had its funding cut. Now all they have is Arnold to give a talk on how steriods will turn them all into "Girly-Men"

2:48pm 04/26/05 SEC CHARGES EX-GOOD GUYS DIRECTOR WITH INSIDER TRADING

SEC settles charges with ex-Good Guys director

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38468.6207019213-834596264&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

SAN FRANCISCO (MarketWatch) -- The Securities and Exchange Commission said Tuesday that it has settled insider trading charges against John Martin, a former director of Good Guys, who allegedly traded stock on insider information regarding the retailer's proposed merger with CompUSA. The SEC said that, without admitting or denying the charges, Martin has agreed to settle the case for about $150,000 and a five-year ban from serving as an officer or director of a public company.

:wow: Wonder if Martha could have scored a deal like that?

(edited to add link)

I wonder if he donates heavily to Republicans.

but it certainly gave me a laugh!

Working with metaphor on the task:
How to create a 'clean' company

CONTENTS

A 'Creative Workshop' at the 10th International Anti-Corruption Conference
Workshop plan:

Steps 1 and 3: Introduction to metaphors
Step 4: The 'clean' company
Steps 5-7: Generating and drawing the metaphors
Step 8: The time-line exercise

Recurring themes
References
Illustrative metaphors:

Metaphor 1: Greek temple
Metaphor 2: Upright house
Metaphor 3: Group of people in a meadow
Metaphor 4: Pyramid. Joint metaphor encompassing all key elements of Figures 1-3.
Metaphor 5: A corn on the wayside
Metaphor 6: Armadillo
Metaphor 7: Corruption repellent
A 'Creative Workshop' at the 10th International Anti-Corruption Conference

I was among a small group of colleagues who were asked to run 'Creative Workshops' at the 10th International Anti-Corruption Conference held in Prague in October 2001.1 The topics of the workshops were pre-set by the conference organizers -- in this case: "How to create a 'clean' company" -- i.e. one run in such a way that the risk of corruption is prevented.

...more at http://www.devco.demon.co.uk/JohnMartin-IACCreport.html ...

for attacking regulation:

(from Ireland)

http://www.marketwatch.com/news/story.asp?guid=%7BF716BCB8%2DC0BE%2D4D79%2DB29F%2D433B3D2E1EA4%7D

Bank Of Ireland CEO criticizes regulator's adversarial role

DUBLIN (MarketWatch) -- Bank of Ireland PLC's (IRE) chief executive said Tuesday he was increasingly concerned at what he called the adversarial approach of the financial regulator and called for more industry consultation.

His comments come after the BoI, Ireland's second-largest bank, said last month it will refund up to EUR15 million to about 65,000 customers who overpaid on insurance products, following an inspection by the Irish financial regulator.

BoI Chief Executive Brian Goggin said Tuesday of the overcharging - one of several scandals to hit the Irish financial sector over the last year -he was "deeply disappointed" and apologized "unreservedly."

But he added he was "concerned about the presumption of guilt that sometimes seems to underlie the approach to regulatory reform," saying it shouldn't "treat all businesses as transgressors."

Goggin said: "Mistakes will happen in the best-designed and managed systems. I believe consumers understand that."

Some analysts say Goggin's comments are likely to further anger consumer groups and trade unions, as observers say constant banking scandals are undermining confidence in the industry.

...more...

and banks are not making a killing these days on their add-on fees?

just before the close...
Dow 10,154.01 -88.46 (-0.86%)
Nasdaq 1,929.32 -21.46 (-1.10%)
S&P 500 1,152.37 -9.73 (-0.84%)
10-Yr Bond 4.267% +0.02

NYSE Volume 1,873,563,000
Nasdaq Volume 1,643,916,00

http://www.marketwatch.com/news/story.asp?guid=%7B3C528AE2%2DA725%2D4E91%2D923E%2D57DD9BB4F59F%7D&siteid=mktw

SAN FRANCISCO (MarketWatch) -- AirTran Holdings on Tuesday reported a first-quarter loss as the parent of AirTran Airways saw its fuel costs eclipse its labor expenses.

Rising jet-fuel prices, which hit new highs in the first quarter, have caused fuel expenses to mount at carriers big and small, from American Airlines to JetBlue.

"Everything is overshadowed by the increase in energy prices," said AirTran President and Chief Operating Officer Bob Fornaro.

The Orlando, Fla., airline (AAI: news, chart, profile) said it lost $8 million, or 9 cents a share, in the first quarter. Last year the parent of AirTran Airways earned $4.1 million or 5 cents a share.

<snip>

Fuel costs jumped 66% to $85.4 million, eclipsing labor costs, which rose 25% to $78.3 million.

...more...

I guess they'll just start outsourcing fuel!

Retail index bounces back into red at close

I thought when you "bounced back" it was good -

but if you end up in the "red" it's not so good

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38468.6797550347-834599608&siteID=mktw&scid=0&doctype=806&

CHICAGO (MarketWatch) -- After a choppy day of trading, the retail sector's main measure landed in the negative column Tuesday. The S&P Retail Index ($RLX) closed at 403.15, off 1.4 points. Pep Boys (PBY) kept its leading position among index percentage decliners, finishing lower by 2.7%, or 41 cents, to $14.54.

Two or three day's ago the Con's report Housing starts at a 14 year low, today the come out with the new home sales at all time high. This could be only possible at a very steep precipice or they are skewing numbers again (I am betting on the latter)

More happy news for happy people, and please don't offend the offenders, it's so un-American.

BEAT THE DEVIL
Ward Churchill and the Mad Dogs of the Right

The Nation, February 3, 2005
by Alexander Cockburn

(snip)
So much for the voice of sanity. Now for the dementia of the right. The New Republic's Tom Frank (not the Frank, please note, who just wrote a book about Kansas) describes in TNR how he recently sat in on an antiwar panel in Washington.

Frank listened to Stan Goff, a former Delta Force soldier and current organizer for Military Families Speak Out, who duly moved Frank to write that "what I needed was a Republican like Arnold who would walk up to and punch him in the face." Then upon Frank's outraged ears fell the views of International Socialist Review editorial board member Sherry Wolf, who asserted that Iraqis had a "right" to rebel against occupation, prompting TNR's man to confide to his readers that "these weren't harmless lefties. I didn't want Nancy Pelosi talking sense to them; I wanted John Ashcroft to come busting through the wall with a submachine gun to round everyone up for an immediate trip to Gitmo, with Charles Graner on hand for interrogation." After Wolf quoted Booker Prize-winning author Arundhati Roy's defense of the right to resist, Frank mused, "Maybe sometimes you just want to be on the side of whoever is more likely to take a bunker buster to Arundhati Roy."

Now suppose Churchill had talked about Schwarzenegger's war on the poor in California and called on someone to punch the guv in the face, or have a jovial Graner force Pataki to masturbate what remain of Schwarzenegger's steroid-shriveled genitals, or have Ann Coulter rub her knickers in his face or get blown up by a bomb? He'd be out of his job in a minute.

Right-wing mad dogs are licensed to write anything, and in our Coulter-culture they do, just so they can burnish their profiles and get invited on Fox or CNN talk shows. Why else would Tony Blankley call on the Washington Times editorial page for Hersh to be imprisoned or shot for treason? But it's a PR game only right-wingers are allowed to play.
(snip)
http://www.kersplebedeb.com/mystuff/s11/churchill_cockburn.html