STOCK MARKET WATCH, Friday April 13

Source: DU

Friday April 13, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 647 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2294 DAYS
WHERE'S OSAMA BIN-LADEN? 2004 DAYS
DAYS SINCE ENRON COLLAPSE = 1964
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 9
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

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

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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 April 12, 2007

Dow... 12,552.96 +68.34 (+0.55%)
Nasdaq... 2,480.32 +21.01 (+0.85%)
S&P 500... 1,447.80 +8.93 (+0.62%)
Gold future... 679.70 -2.00 (-0.29%)
30-Year Bond 4.91% -0.01 (-0.10%)
10-Yr Bond... 4.74% -0.00 (-0.04%)






GOLD, EURO, YEN, Loonie and Silver

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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 actionpost@legitgov.org

For information on protests and other actions Citizens For Legitimate Government

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more radfringe here


Read more: DU

The Important Semiconductor Tug of War
BY MARTIN GOLDBERG, CMT

There are three aspects of the semiconductor industry that make the action of their stocks important to the stock market. These are:

* Cyclicality – Semiconductors are impacted by the strength or weakness of the worldwide economy.
* Technology – The success of most companies within the sector is based upon technical innovation.
* Speculation – As technology companies, stocks within the sector are greatly impacted by the collective “mood” of the market toward speculation. They do well in bull markets and poorly in bear markets.

-cut-

Today’s Market

The late February selloff was attributed in part to the Chinese government saying they're going to crack down on speculators. Every sector was affected; among the hardest hit were commodities, which were riding high based on the belief that demand from China would only grow. The materials, energy, and technology sectors were also knocked down, while emerging-market companies and riskier small-cap stocks took a hit as investors fled to bonds. Since the market made a relatively fast bottom, stocks have been climbing and the climb has been led by emerging-market companies. In fact, the emerging market ETF (ticker symbol: EEM), made an all time high today as shown in the chart below.

-chart-

In any case, the market leaders such as emergency market stocks are again leading and for now, this casts a bullish overtone upon the market. If there is anything for bears to hold on to, it is that volume to the upside has been lower than the volume that occurs during (less frequent) down days. For followers of Investors Business Daily (IBD) it is notable that the market is working on two “distribution days,” and they are not finding a wealth of healthy breakouts either.

-cut-

Finally, a few weeks ago, Motorola, Apple and Google were referenced as important indicator stocks. GOOG at 466 was cited as an important level for Google. Today GOOG closed at 466.99. The neckline at about $18 was cited as important for Motorola and MOT closed today at a less than decisive $17.5/share. Apple’s cup-with-handle pattern was cited, and as of today there is no breakout (or breakdown).

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

8:30 AM Trade Balance Feb
Briefing Forecast -$61.0B
Market Expects -$60.5B
Prior -$59.1B

8:30 AM PPI Mar
Briefing Forecast 0.8%
Market Expects 0.7%
Prior 1.3%

8:30 AM Core PPI Mar
Briefing Forecast 0.2%
Market Expects 0.2%
Prior 0.4%

10:00 AM Mich Sentiment-Prel. Apr
Briefing Forecast 87.0
Market Expects 87.5
Prior 88.4

http://biz.yahoo.com/c/e.html

02. U.S. March PPI crude goods prices up 3.2%
8:30 AM ET, Apr 13, 2007 - 53 seconds ago

03. U.S. Feb. trade gap with China $18.4 bln vs $13.8 bln yr-ear
8:30 AM ET, Apr 13, 2007 - 53 seconds ago

04. U.S. intermediate core PPI up 3.5% in past 12 months
8:30 AM ET, Apr 13, 2007 - 53 seconds ago

05. U.S. Feb. exports down 2.2% from Jan., biggest since Dec '02
8:30 AM ET, Apr 13, 2007 - 53 seconds ago

06. U.S. PPI up 3.2% in past 12 months
8:30 AM ET, Apr 13, 2007 - 53 seconds ago

07. U.S. imports down for 3 months in Feb, first time since 2001
8:30 AM ET, Apr 13, 2007 - 53 seconds ago

08. U.S. March intermediate core PPI up 0.2%
8:30 AM ET, Apr 13, 2007 - 53 seconds ago

09. U.S. Jan. trade gap rev $58.9 bln vs $59.1 prev est
8:30 AM ET, Apr 13, 2007 - 53 seconds ago

10. U.S. March PPI foods prices up 1.4%
8:30 AM ET, Apr 13, 2007 - 53 seconds ago

11. U.S. Feb. trade gap below consensus of $60.1 bln
8:30 AM ET, Apr 13, 2007 - 53 seconds ago

12. U.S. March PPI energy prices up 3.6%
8:30 AM ET, Apr 13, 2007 - 53 seconds ago

13. U.S. March core PPI flat vs. up 0.2% expected
8:30 AM ET, Apr 13, 2007 - 53 seconds ago

14. U.S. March PPI up 1.0% vs. 0.8% expected
8:30 AM ET, Apr 13, 2007 - 53 seconds ago

:sarcasm:

Isn't this what CNBC reports? Or Fox?

Wholesale Prices Jump 1 Percent in March

WASHINGTON (AP) -- Wholesale prices shot up by 1 percent in March, mostly reflecting more expensive gasoline and food.

The sizable increase in the Producer Price Index, which measures the costs of goods before they reach stores shelves, came after a 1.3 percent spike in February, the Labor Department reported Friday.

When volatile energy and food prices are removed, however, all other prices were flat in March, suggesting that inflation is not spreading throughout a wider range of goods in the economy. That marked an improvement from February, when these so-called "core" prices rose by a sharp 0.4 percent.

-cut-

Although the Fed watches a variety of inflation barometers, it is especially interested in the behavior of "core" prices -- those that exclude energy and food, which tend to swing widely from month to month. The good behavior of core prices in March suggested that inflation is not in danger of spreading throughout the economy. It also suggested that companies are acting with restraint in passing along their higher fuel costs in the prices they charge wholesalers.

http://biz.yahoo.com/ap/070413/economy.html?.v=14

For this bit of wisdom we pay the Fed directors handsomely? As for the reporting (or perhaps the source information) who doesn't buy energy and food?

No money left for anything else!

The good behavior of core prices in March suggested that inflation is not in danger of spreading throughout the economy. It also suggested that companies are acting with restraint in passing along their higher fuel costs in the prices they charge wholesalers.

Who's ass was THAT pulled outta?

http://www.coinflation.com/

I couldn't help but notice that the percentage of actual metal (of any kind) in the Sacagawea and dead president head dollars is only 6.61%
Brings new meaning to the idea of purchasing with plastic.

the edges of my quarters are carved off. This is becoming more common. Anyone else seeing this too?

12. April Reuters/UMich expectations 74.3 vs. 78.7
10:02 AM ET, Apr 13, 2007 - 6 minutes ago

13. April Reuters/Umich current conditinos 102.4 vs.103.5
10:02 AM ET, Apr 13, 2007 - 6 minutes ago

14. UMich 12-month inflation expectations 3.3% vs. 3.0%
10:02 AM ET, Apr 13, 2007 - 6 minutes ago

15. April Reuters/UMich consumer sentiment 85.3 vs 87.0 expected
10:01 AM ET, Apr 13, 2007 - 7 minutes ago

who believes that inflation number. If that seems right to you-are you wanting to buy some RE investment property-like the Brooklyn Bridge. :spray::rofl:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aRozymuVyh18&refer=home

April 13 (Bloomberg) -- The U.S. trade deficit unexpectedly narrowed in February from the previous month, as the U.S. purchased fewer goods from China and imported less petroleum, a government report showed.

The gap in goods and services trade narrowed to $58.4 billion from $58.9 billion in January, the Commerce Department reported today in Washington. Imports and exports both declined. Imports from China fell to the lowest level since May 2006.

Slower growth in the U.S. may mean lower demand for imported consumer goods and business equipment, while expanding economies in Europe and Japan will add to U.S. exports, economists said. Still, any narrowing in the trade gap will be gradual as prices for imported oil remain elevated.

``I don't think we'll see dramatic improvement this year, but the deficit has probably peaked already,'' Nigel Gault, director of U.S. research at Global Insight Inc. in Lexington, Massachusetts, said before the report. ``We're optimistic on exports, and import growth will probably slow with lower demand in the U.S. That combination will mean an improvement.''

snip>

Adjusted for changes in prices, figures the government uses in its calculation of gross domestic product, the U.S. trade deficit rose in February to $57.3 billion, from $56.9 billion.

snip>

IMF Forecast

The International Monetary Fund cut its forecast for U.S. economic growth this year by almost a full percentage point because of a deepening slump in the housing market.

U.S. exports are getting help from improving economies abroad and a weaker dollar, which makes U.S. exports cheaper. :eyes:

more...

VIENNA, Austria - Oil prices rose above $64 a barrel Friday after a surge in the previous session as traders reacted to warnings that OPEC production was at its lowest point in two years.

Unrest in OPEC member nations Iraq and Algeria also added to the pressure, as did fears that U.S. refinery outages could squeeze gasoline supplies as the summer driving season approaches.

Light, sweet crude for May delivery rose 59 cents to $64.4 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe.

The contract rose almost $2 Thursday to close at $63.85 a barrel after the International Energy Agency warned that output by the Organization of Petroleum Exporting Countries had slid to its lowest level in more than two years on production outages and self-imposed cuts.

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

it's getting crazy. :(

London equities moved higher in midday trade on Friday, supported by oil majors after an overnight spike in crude prices on concern of gasoline supply shortages in the US.

The FTSE 100 was 0.3 per cent higher at 6,436.7 while the FTSE 250 slipped 0.1 per cent to 11,882.2 as mid-cap support services companies eased.

BP was 2.6 per cent stronger to 577p, as crude prices breached $64 a barrel after the International Energy Agency warned that stockpiles in oil importing nations fell in the first quarter. Royal Dutch Shell was 2.1 per cent higher at £17.29.

News that GlaxoSmithKline had filed for US regulatory approval of its Requip treatment for Parkinson's disease helped its shares rise 0.8 per cent to £14.45. The company's development partner on the drug, Skyepharma, was 3.1 per cent higher at 25p.

http://news.yahoo.com/s/ft/20070413/bs_ft/fto041320070715101982

NEW YORK - U.S. stocks tilted toward a flat opening Friday as investors remained cautious ahead of inflation data and next week's corporate earnings reports.

Investors anxious about interest rates will be reacting to the Labor Department's
Producer Price Index, which measures the cost of wholesale goods and which will offer clues about the pace of inflation. Minutes of the
Federal Reserve's March meeting, which revealed its preoccupation with inflation, unnerved the market earlier on Wednesday, sending the Dow Jones industrials down nearly 90 points.

The March PPI is expected to come in at 0.8 percent Friday after rising 1.3 percent in February. Analysts forecast that the core index, which strips out food and energy prices, will rise 0.2 percent for March after advancing 0.4 percent in February.

The University of Michigan will be releasing its preliminary consumer sentiment index for April. The market is forecasting a reading of 88.0, down slightly from 88.4 in March.

http://news.yahoo.com/s/ap/20070413/ap_on_bi_st_ma_re/wall_street

NEW YORK (AP) - Spring looks bleak for the nation's retailers. After robust sales in March, there are signs that consumers are already spending less. And a trifecta of problems -- rising gas prices, a rougher housing market and the specter of higher interest rates -- are likely to make the retail business even tougher in the months ahead.

Although many stores reported Thursday that they had surpassed expectations last month, several warned of upcoming disappointments.

Wal-Mart Stores Inc., whose customers cut back on shopping when gas prices were high last year, said April's selling environment will be tough, while Federated Department Stores Inc. said its first-quarter sales will come in at the low end of expectations. Children's Place Retail Stores Inc. said its first-quarter earnings per share would be roughly flat with last year's, missing Wall Street estimates.

http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&Date=20070413&ID=6736800

what part of "cost of gasoline and food going up" and cutting into strained citizens' budgets do these hoseheads not get... if you have less money left over from buying the basics, of course you don't go buy lots of new clothes... that is what thrift stores are for...

NEW YORK (CNNMoney.com) -- Sallie Mae, the largest U.S. student loan company, might be in talks for a private equity buyout worth more than $20 billion.

One potential bidder for Sallie Mae (Charts) is the Blackstone Group (Charts), according to a New York Times report Friday. Other potential bidders were not named but are thought to include a financial services firm.

http://money.cnn.com/2007/04/13/news/companies/sallie_mae/index.htm?postversion=2007041307

another house flipped. :sarcasm:

http://www.time.com/time/magazine/article/0,9171,1609801,00.html

April may indeed be the cruelest month. Families of college-bound students go hunting for financial aid at the height of tax season, and this year the money crunch is particularly vexing as headline after headline describes schools and lenders playing footsie over federal student loans. In an especially twinge-inducing bit of irony, at the same time that Columbia University is trying to help make higher education more accessible to low-income students--it's set to host a conference that addresses the topic this month--word broke that a financial-aid officer at the school, as well as at least two counterparts at other colleges, allegedly owned stock in the parent company of a lender they had been recommending to students. The officials were placed on leave pending internal investigations. Meanwhile, financial-aid directors at three more schools were accused of getting consulting fees and other payments from the same lender, which they too had been touting to their students.

Mixed in with these scandals are revelations that dozens of universities have inked deals with various lenders to route a percentage of revenue from student loans back to the schools, with the funds often explicitly directed into financial-aid coffers. Congress and at least two states are looking into these inducements, which New York attorney general Andrew Cuomo calls "kickbacks"--a label that seems a tad unfair if the money helps cash-strapped students rather than enrich officials. But with the spotlight now on student loans, critics are clamoring to reform what has become an $85 billion industry.

The roots of today's intrigue date back to 1965, when Uncle Sam began guaranteeing loans to needy students and paying the interest while the borrowers were in college. Because the private sector was still leery of loaning money to kids with no credit history or collateral, the government sweetened the deal by promising lenders a specified interest rate regardless of what student borrowers pay. Add low default rates (due in part to such dire consequences as garnisheed wages and torpedoed credit ratings) as well as soaring tuitions, and--voilà!--lenders are fighting one another to dole out $17 billion in supplemental loans that aren't backed by the government.

The feds tried to cut out the middlemen in 1994 by letting students at participating schools borrow directly from the Treasury. But private lenders have held on to nearly 80% of the market by improving service and offering discounts for such things as on-time repayment. Knowing that many students choose the first entry on a school's list of "preferred lenders," lots of colleges have used these lists to get lower rates for more borrowers, and some lenders have tacked on revenue-sharing deals. "We believed it made good sense to use money that would otherwise go into Citibank's pockets to give more financial aid to N.Y.U. students," New York University spokesman John Beckman said in a statement. His school and five others agreed this month to swear off revenue sharing and repay students nearly $3.3 million.

Other industry tactics also need policing. "I have an invitation in my drawer here to go to the Caribbean for four or five days with my wife, all expenses paid, just to go listen to a student-loan lender," says Dan Davenport, financial-aid director at the University of Idaho, which remains dedicated to direct lending. "There's such big money at stake that people are willing to do many different things to get that piece of the pie."

more...

consumers with credit cards. The lenders offer them all sorts of goodies, unfortunately it is the students that will get stuck with the high interest. Just another way to bamboozle folks.

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

Last trade 81.994 Change -0.383 (-0.46%)

Dollar Downdraft Relentless - But Will it Continue?

http://www.dailyfx.com/story/dailyfx_reports/daily_brief/Dollar_Downdraft_Relentless___But_1176462863887.html

The dollar continued to decline against all the majors in Asia and Europe tonight as it set new 2007 lows against the euro and hovered near the 1.9900 level against the pound. The dollar index set a 26 month low as the currency markets dumped dollars ahead of the G-7 meeting this weekend in Washington. Although the meeting’s agenda does not promise to produce any market moving news the sentiment in the currency market this week appears to be strongly affected by the newly aggressive US trade policy against China. The enactment of US tariffs against China two weeks ago, along with the filing of two copyright infringement cases with the WTO have all contributed to fears that the old Sino-US environment of relatively free trade and economic cooperation may be replaced by the new reality or protectionism and political recrimination.

Although, the US policy actions up to date have been miniscule in their economic impact, speculators are taking no chances and continue to move capital out of dollars ahead of the G-7 for fear that US rhetoric may only grow more strident. The fact China is not attending this week-end’s meeting has only exacerbated those concerns. Although China is not a member of G-7 it has often been a guest attendee in the past.

The dollar political worries have only added to the euro juggernaut as the unit continues to set daily highs on its way to challenge the all time highs of 1.3644 set at the end of 2004. All of this bullish activity has occurred within an atmosphere of relatively dovish economic news. Yesterday’ s ECB press conference clearly communicated that the central bank would prefer to delay any rate hikes until June, wary that the skyrocketing euro may begin to hurt the region’s vital export sector. Tonight’s EZ Industrial Production data printed essentially in line at 0.5% vs. 0.4% expected and while the results show no deterioration of growth so far, the data from the month prior was revised downward and the data the month forward may well be worse as the effect of the higher exchange rates begins to make an impact on European manufacturers.

In short, while EURUSD express train appears to be unstoppable as traders try to gun for the stops set all time highs, any progress beyond that point may be problematic unless US protectionist rhetoric actually turns into protectionist legislation. In that case all of the dollar fears will come true and the EURUSD will rise higher as global capital flees from the greenback. If on the other hand the recent friction is simply a matter of posturing, and if the US data maintains a modestly positive slant in the upcoming week, the EURUSD rally could see some near term retracement.

...more...

Dollar Clings To Lows As A Second String Of Data Comes Into Play

Producer Price Index (MAR) (12:30 GMT)
Expected: 0.7%
Previous: 1.3%

U. Of Michigan Confidence (APR P) (14:00 GMT)
Expected: 87.5
Previous: 88.4


How Will The Markets React?
In terms of market impact, Thursday’s economic releases were of the weakest sort. Typically, the weekly jobless claims and monthly Import Price Index are overlooked by fundamental traders who defer taking positions based on employment and inflation trends for non-farm payrolls and the consumer price gauge respectively. This was the feeling reflected in both Treasuries and equities, though, oddly enough, not in the US dollar. After the numbers hit the wires, the dollar index slipped below considerable support and proceeded to make a new four-month low. While this may have just been a move triggered by technical traders, it could also say something about an unfavorable underlying current in the financial markets which may further play a hand in price action following tomorrow’s data flow. The action will begin Friday morning in New York with the simultaneous release of the February trade balance and last moth’s producer price index. The factory inflation gauge’s importance is completely grounded in the consumer price index due next week. On the one hand, increased pressure could stoke expectations for a hot CPI and hawkish Fed response. Conversely, the stubborn reaction to today’s import gauge suggests traders are not concerning themselves with upstream inflation as it can often generate false signals. At the same time, the trade balance is notorious for being disregarded. However, with protectionist murmurs rumbling on Capital Hill following the Commerce Department’s decision to levy a tariff on imported glossy paper from China, the trade account may generate greater interest with its rising political undertones. The final say on end of the week volatility will belong to the University of Michigan’s preliminary survey of consumer confidence for April. Since the IMF downgraded its 2007 growth outlook, the need for a strong consumer to support expansion has never been greater.



...more...

This doesn't look so good!

:kick:

http://www.bloomberg.com/apps/news?pid=20602013&sid=azZNjO7vP3NA&refer=commodity_futures

April 13 (Bloomberg) -- Gold in New York headed for the sixth-straight weekly gain as a decline in the value of the dollar boosted the appeal of the precious metal as an alternative investment. Silver also climbed.

Gold generally moves in the opposite direction of the dollar, which fell to the lowest in more than two years against six major currencies. Before today, gold had gained 6.5 percent this year, while the dollar index has dropped 1.5 percent.

``The dollar weakness is catching up to gold,'' said Ron Goodis, futures trading director at Equidex Brokerage Group Inc. in Closter, New Jersey. ``Gold looks strong.''

Gold futures for June delivery rose $5.60, or 0.8 percent, to $685.30 an ounce at 9:10 a.m. on the Comex division of the New York Mercantile Exchange. Prices have increased 0.9 percent this week.

Silver for May delivery rose 21.5 cents, or 1.6 percent, to $14.07 an ounce. Prices earlier reached $14.17, the highest since March 1.

more...

Yesterday's lines in the sand are being kicked into the PPT's face. But will it be able to continue? Tune in again next week for another exciting episode of "The Edge of Night for the Buck"....(and the week after that, and the week after that, and the......you know how those soaps just drag on and on and on and on and....

NEW YORK (AP) -- The dollar rebounded against a nearly record-high euro Friday on expectations that the Group of Seven would maintain its position on addressing worldwide economic imbalances.

The euro bought $1.3511 in afternoon trading after climbing as high as $1.3547 earlier in the session -- its highest level since January 2005. That compared with the $1.3480 it bought in New York late Thursday, and was about one cent short of its all-time high from December 2004 of $1.3667.

The dollar bounced back on expectations that the G-7 finance officials' communique Friday would propose continued weakness to stabilize global trade and account imbalances. Word from an Italian representative, though, that yen carry-trading would enter the discussions prompted some dollar selling, according to Michael Woolfolk, senior currency strategist at the Bank of New York.

The G-7's position on yen carry-trading, which involves borrowing money at Japan's low interest rates to invest in higher-yielding assets elsewhere, likely won't rise to the level of inclusion in the communique, however, Woolfolk said.

more...
http://biz.yahoo.com/ap/070413/dollar.html?.v=7

http://www.dailypfennig.com/

Good day... And a Happy Friday to one and all! It's a Friday the 13th to boot! Not that I get into any of that stuff, but I turned on the screens this morning, to see the euro above the 1.35 handle, and thought... Could this be Friday the 13th for the dollar? Geez Louise, here I go again with this new laptop they made me take... It's so slooooowwww that I can't even see what I'm typing on the screen... I can't work like this... Somebody needs to get this corrected before I throw this out the window!

OK... I'll calm down now...

So... As I said above, the euro has moved past the 1.35 handle... No, it has screamed past the level! There are a few things weighing on the dollar this morning... 1. The markets believe that the Trade Deficit, which prints this morning, will have shown a widening... 2. The protectionism talk is heating up... And as I've told you since the steel tariffs where first put in place during the first Bush Administration, protectionism does NO good to a country's currency! 3. G-7 begins their meeting today... Who knows what if anything will come out of it, but the markets have to at least be apprehensive of what might happen at the meeting. 4. European Central Bank President (ECB), Trichet, was on his game yesterday, letting the markets know that more rate hikes are coming for the Eurozone, which means the yield differential the dollar enjoys right now will continue to narrow.

Yes... Trichet didn't use the "vigilant" word... So that probably means no rate hike in May, as I earlier suspected... Waiting, for June... But he did tells us that rates were still "accommodative" and that growth in the Eurozone will continue to run hot... So... He didn't exactly move the euro higher, but he didn't do any damage either!

So... With the Big Dog (euro) barking loudly, and chasing the dollar down the street, the rest of the dogs can get off the porch and run too! Sterling is trading toward 1.99... Swiss francs are running too. Two of my fave "euro alternatives" Norway and Sweden are really moving higher VS the dollar too! Norway is trading well below the 6 handle for the first time in nearly a year! Good Show!

As I told you yesterday the "risk appetite" has returned and it the markets are hungry for high yielders! Let's check them off in roll call here... Aussie, here!, kiwi, here! Iceland, here! Sterling, here! OK... There are more at the back of the room, but these are the darlings of the high yielders these days...

Kiwi has moved past the 73-cents handle and has not looked back! And as I shift my eyes over to the currency screens to see what's going on, and to allow the computer to catch up with what I've typed... The currencies are adding to their gains! This really looks like a rout VS the dollar...

Where has all this been? I've been ranting about the Trade Deficit for years now! But, hey... It's sort of like when your teenager gets a little older and they realize THEY were wrong, and you are the smartest person on the earth! That's right! I was there... I was amazed at how smart my dad had gotten from the time I was 16 till I was 25... What? Did he go back to school? HAHAHAHAHAHA!

Anyway, it's sort of like that... The Trade Deficit has been there all the time... So, the markets do the old V-8 commercial, slap themselves on the forehead, and say... It's the Trade Deficit! WOW!

more...

http://www.financialsense.com/fsu/editorials/schiff/2007/0413.html

The dollar is no longer responding to traditional stimulants. This week, despite the apparently "hawkish" tone in the recently released Fed minutes, and trade deficit figures that were slightly less horrific than expected, the dollar nevertheless declined against just about every currency on the planet. As a result, it now teeters dangerously close to the edge of a very large precipice. Looming large is the 80 level of the U.S. Dollar Index which has stood as long term support for almost thirty years. This week, the Index broke below 82, and is sinking fast. When this critical level is breached, look out below. Without any support beneath it, the dollar could literally fall off a cliff.

The trajectory of the dollar is linked to America’s economic status in the world. Last week we learned, thanks in part to the strengthening euro, that the market capitalization of European shares now exceeds the market capitalization of American shares for the first time since before the First World War. At the current rate of appreciation, European shares will have a market cap 50% greater than American shares by the end of the decade. However, should the dollar decline turn into a free fall, this could happen much sooner.

For individual currencies, the British pound warrants particular attention as it approaches the significant two-to-one level against the dollar. The pound currently trades for about $1.99, and has not meaningfully breached $2.00 since the early 1980's. The euro, currently trading above $1.35, is bumping against its all time high of just under $1.37 against the dollar. The Australian dollar has already hit a new 17-year high and is perhaps a harbinger of things to come. The sole laggard among major currencies has been the Japanese yen (and to a lesser extent the Swiss franc), which has been held down by the infamous carry trade. When it unwinds (which would clearly be evidenced by a break below the 110 level), buckle your seat belt as all that will stand between the dollar and oblivion will be the Bank of China.

more...

http://www.nytimes.com/2007/04/13/business/13walmart.html?ex=1334116800&en=de9d1bd000c4c168&ei=5088&partner=rssnyt&emc=rss

(free registration or try www.bugmenot.com)

ST. LOUIS, April 12 (Reuters) — The case of the former vice chairman of Wal-Mart Stores, Thomas M. Coughlin, was back in court on Thursday as an appellate court took up a prosecutor’s plea that Mr. Coughlin’s sentence was too light.

The United States attorney for Western Arkansas, Robert Balfe, told the United States Court of Appeals for the Eighth Circuit that it appeared Mr. Coughlin, who admitted to stealing thousands of dollars from the company, was spared prison because he was a well-known businessman.

Arguments that Mr. Coughlin’s health problems would worsen behind bars were unproven, Mr. Balfe said. “There is no evidence established about what would occur or that the prison environment would have worsened his condition.”

Mr. Coughlin, 57, who joined Wal-Mart in 1978 and worked closely with the founder Sam Walton, had faced up to 28 years in prison and $1.35 million in fines after he pleaded guilty in January in federal court in Arkansas to wire fraud and tax evasion.

But he was sentenced to 27 months of house confinement after testimony that he had medical problems like diabetes, cardiac disease, sleep apnea, arterial blockage and other ailments. The sentence also called for five years of probation and restitution of about $411,000.

...more...

was spared prison because he was a well-known businessman.

Since WHEN is being a well known anything a reason to escape the penalties for crime????

I call atrailor full of BS on this decision!

is simply there to allow the powerful, rich or well-placed among us to skate on any laws they break.

:argh: And you sure as hell don't have the media putting it together for people.


:kick::kick::kick:

...Wal-Mart might sue Mr. Coughlin for fraud and allow a jury to decide whether it could recover money from him.

Maybe he needed the money because of Walmart's poor employee healthcare plan? :sarcasm: :evilgrin:

Looter or resourceful scavenger for life saving supplies? Bwahahahahaha!!!! I know, I know, that's sick. What can I say, I'm a "product of a twisted society".

so little time. :rofl:

08:33 am : S&P futures vs fair value: +2.1. Nasdaq futures vs fair value: +2.3. Futures trade spikes higher following tame inflation data, now suggesting a slightly higher start for the cash market. Total PPI rose 1.0% (consensus 0.7%) in March; but the more closely-watched core rate was unchanged (consensus 0.2%), following a 0.4% rise in February. That pushes the year/year rate to 1.7% and provides some evidence that inflation pressures have abated somewhat. The Trade Deficit unexpectedly narrowed to $58.4 bln (consensus $60.5 bln). Bonds have strengthened as the 10-year note is now up 3 ticks to yield 4.72%.

08:00 am : S&P futures vs fair value: -2.5. Nasdaq futures vs fair value: -6.2. So much for yesterday's surprise momentum carrying over into this morning's open as futures indications currently signal a lower start for stocks. On a positive note, Merck (MRK) raised its Q1 and FY07 profit forecasts, prompting an upgrade from Goldman Sachs, while fellow Dow component General Electric (GE) matched analysts' estimates and reaffirmed its full-year outlook. It is also being reported that SLM Corp. (SLM) could be taken private in a deal worth $20 bln.

Be that as it may, with the Fed recently increasing its attention on raw material prices as the chief influence on inflation, it's not surprising to see investors anxiously waiting for March PPI data (8:30 ET) to set the tone for today's trading.

:donut: and lurkers. Watching the market is like walking the beach after high tide, you never know what will wash up and catch your attention. I think more and more folks are starting to see the litter on the beach. Some of this is fairly disturbing and folks are moving accordingly. But what most folks don't see is the hurricane coming in on the horizon. Who knows what the trigger will be, but the fact that folks are cutting back is a biggie. Priorities will shift, and no matter how rah rah the administration is about the economy. The storm will come eventually, no mater how many phony weather reports come in, and consumers will start to sense it.


Happy hunting and watch out for the bears.

just wanted you to know how appreciated you are. I'm learning. :)

greetings to Viva :hi:. Many of us start out as lurkers and learners. We love it when you post and vote. It is like many eyes and ears. Ask questions when you need, post when you want-we are a friendly group.

I was able to understand it and comment intelligently to my companion, thanks to this thread. :)

http://www.safehaven.com/article-7342.htm

Last week, Total Fed Credit was up only a miniscule $128 million, taking us to $852 billion, which is about the same as when the year started!!! Mogambo scholars will quickly note the unexpected use of the rare "triple exclamation point", which would seem to indicate some special emphasis.

And indeed it should, as TFC is the magical pixie-dust from which new bank credit instantly appears, which the banks turn magically into actual money at the precise instant that somebody taps into this increase in credit by borrowing this new "money" from the bank.

And because of this mutant economic system of fiat currency and insane levels of fractional-reserve banking in which we have entrapped ourselves, there MUST always be a continual, increasing amount of money in the world, which means that Total Fed Credit should always be increasing.

plenty more...

over the past 4 years than the rest of my life combined.

Thanks to all of you who take the time to dig up his newest column every week, especially now that he's no longer on that one site every week due to some stupid "format change".

While it irks me that Mogambo is hard on liberals and doesn't seem to think too highly of social safety nets, he's spot on about the Federal Reserve and at least he also is clear about his dislike of the current administration. I like his humor and the way he explains all of these horrifying statistics so that they make sense to most people. I'm glad he's still around, and I don't know what I'd do without this SMW thread every day. :)

for how long or what's up with that. Definitely being posted as a direct link to TDR from 321gold now...weird. :shrug:

I noticed at the bottom of the article, there is a link to the TDR RSS feed. I guess this would be the place to find it on Wednedays??? (I can imagine that TDR got a pretty loud response from all the MoGu Grupees out there)

Otherwise we wait for it to get posted to the other sites like Safehaven...

By the way, I first found the Mogombo because YOU posted it here every week, so thanks 54anickel!!! I always look forward to your posts, as well as the rest of the group here on the SMW.


-mojavekid

SHANGHAI, CHINA — The list of Chinese food exports rejected at American ports reads like a chef's nightmare: pesticide-laden pea pods, drug-laced catfish, filthy plums and crawfish contaminated with salmonella.

Yet, it took a much more obscure item, contaminated wheat gluten, to focus U.S. public attention on a very real and frightening fact: China's chronic food safety woes are now an international concern.

In recent weeks, scores of cats and dogs in America have died of kidney failure blamed on eating pet food containing gluten from China that was tainted with melamine, a chemical used in plastics, fertilizers and flame retardants. While humans aren't believed at risk, the incident has sharpened concerns over China's food exports and the limited ability of U.S. inspectors to catch problem shipments.

"This really shows the risks of food purity problems combining with international trade," said Michiel Keyzer, director of the Center for World Food Studies at Amsterdam's Vrije University.


<snip>
http://www.chron.com/disp/story.mpl/business/4711115.html

I highly recommed this article to al you SWT folks. As our food prices grow, these products look tempting. Buyer beware.

food purity issues were a big problem in the late 19th-early 20th centuries, when the last round of Robber Barons were in power... anyone else see the connections? That is when the "consumer movement" really began, to protect average folks from being poisoned by the food they purchased. And the current bunch of Robber Barons want to roll back the clock to their "golden age", when they could get away with anything, and often did.

was required reading at my school. My teachers said it was muckraking journalism. Now, I am beginning to wonder if it wasn't a first hand account.

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

April 12 (Bloomberg) -- Kenneth Heebner, manager of the top-performing real-estate fund over the past decade, said U.S. home prices may plunge as much as 20 percent because of rising defaults on riskier mortgages.

Subprime loans, made to borrowers with a history of missed payments or untested credit, and ``Alt-A'' loans, which require little or no documentation, account for about $2.5 trillion of the $10 trillion in outstanding mortgages, according to Moody's Economy.com. As much as 40 percent of these loans may default, flooding the real estate market, Heebner said.

``It will be the biggest housing-price decline since the Great Depression,'' Heebner, 66, said today in an interview in Boston. Prices may fall by a fifth in some markets, he said.

That would leave home prices at levels last seen in 2003 and 2004, the middle of boom that lifted prices to a record in 2005. The damage from high-risk mortgages will slow the U.S. economy, though not enough to send it into a recession, Heebner said. Fourth-quarter growth was revised to 2.5 percent from 3.5 percent because of housing, the government said March 29.

more...

as the sun sets slowly in the west, we bid a fond fairwell to "the Real Estate Market".

Some trails are happy ones,
Others are blue.
It's the way you ride the trail that counts,
Here's a happy one for you.

Happy trails to you until we meet again.
Happy trails to you, keep smilin' until then.
Who cares about the clouds when we're together?
Just sing a song and bring the sunny weather.
Happy trails to you 'till we meet again.



Roy Rogers Riders Club Rules: (No wonder the boomer culture is such a divisive cluster-f. You can tell which of rules stuck with some on the left or right)

1. Be neat and clean.
2. Be courteous and polite.
3. Always obey your parents.
4. Protect the weak and help them.
5. Be brave but never take chances.
6. Study hard and learn all you can.
7. Be kind to animals and take care of them.
8. Eat all your food and never waste any.
9. Love God and go to Sunday school regularly.
10. Always respect our flag and our country.

Gene Autry Code myself:

The Cowboy must never shoot first, hit a smaller man, or take unfair advantage.

He must never go back on his word, or a trust confided in him.

He must always tell the truth.

He must be gentle with children, the elderly, and animals.

He must not advocate or possess racially or religiously intolerant ideas.

He must help people in distress.

He must be a good worker.

He must keep himself clean in thought, speech, action, and personal habits.

He must respect women, parents, and his nations laws.

A Cowboy is a patriot.


There is of course the Will Rogers code (did I mention he's Cherokee-it shows)

1. Never slap a man who's chewing tobacco.

2. Never kick a cow chip on a hot day.

3. There are 2 theories to arguing with a woman...neither works.

4. Never miss a good chance to shut up.

5. Always drink upstream from the herd.

6. If you find yourself in a hole, stop digging.

7. The quickest way to double your money is to fold it and put it back in your pocket.

8. There are three kinds of men: The ones that learn by reading. The few who learn by observation. The rest of them have to pee on the electric fence.

9. Good judgment comes from experience, and a lot of that comes from bad judgment.

10. If you're riding' ahead of the herd, take a look back every now and then to make sure it's still there.

11. Lettin' the cat outta the bag is a whole lot easier'n puttin' it back.

12. AND FINALLY: After eating an entire bull, a mountain lion felt so good he started roaring. He kept it up until a hunter came along and shot him . . . The moral: When you're full of bull, keep your mouth shut!



I aspire to the first code and I defiantly live the second.:spray:

or sumptin' compared to Old Roy! Interesting parallels/contrasts of some "heroes" of our youth.

would never steer you wrong. His code seems to be tinged with a bit of experience. Who knew cowboy were commie libruls. Or maybe some folks just need to brush up on their codes.

Though he admits he sorta pulled that outta his ass. :evilgrin:

http://www.pimco.com/LeftNav/Featured+Market+Commentary/IO/2007/IO+April+2007.htm

snip>

...Home prices, as measured by the National Association of Realtors, have gone down by 2% nationally over the past 15 months and there’s fear in the air that it could get worse. It most assuredly will.

The problem with housing, however, is not the frequently heralded increase in subprime delinquencies or defaults. Of course write-offs, CDO price drops, and even corporate bankruptcies of subprime originators and servicers will not help an already faltering U.S. economy. But foreclosure losses as a percentage of existing loans will be small and the majority of homeowners have substantial amounts of equity in their homes. Because this is the reality of our U.S. housing market, analysts and pundits now claim we’re out of the woods: the subprime crisis is or has been isolated and identified for what it is – a small part of the U.S. economy.

It will not be loan losses that threaten future economic growth, however, but the tightening of credit conditions that are in part a result of those losses. To a certain extent this reluctance to extend credit is a typical response to end-of-cycle exuberance run amok. And if one had to measure this cycle’s exuberance on a scale of 1-10, double-digits would be the overwhelming vote. Anyone could get a loan because shabby credits were ultimately being camouflaged within CDOs that in turn were being sold to unsophisticated foreign lenders in need of yield as opposed to ¼% bank deposits (read Japan/Yen carry trade). But there is something else in play now that resembles in part the Carter Administration’s Depository Institutions and Monetary Control Act of 1980. Lender fears of potential new regulations can do nothing but begin to restrict additional lending at the margin, as will headlines heralding alleged predatory lending practices in recent years. After doubling over 18 months between 2005 and the first half of 2006, non-traditional loan growth has recently turned negative, and lenders’ attitudes are turning decidedly conservative as shown in Chart 1.

Bulls and bears argue over websites as to the percentage of all lending that subprime and alternative mortgage loans provide but while important, the argument obscures the critical conclusion that tighter lending standards and increased regulation will change the housing outlook for some years to come. As past marginal buyers are forced to sell their home to prevent foreclosures, so too will future marginal buyers be restricted from buying them. No one really knows the amount that homes must fall in order to balance supply and demand nor the time it will take to do so, but if one had to hazard a conclusion, it would have to be based in substantial part on affordability statistics that in turn depend on financing yields and home price levels in a series of different scenarios as outlined in Chart 2. The chart shows the amount that home prices or mortgage rates (or a combination of the two) need to decline in order to revert back to affordability levels in 2003, a year which might have been the last to be described as a “normal” year for home price appreciation. Since then, 10+ annual gains have been the rule whereas average historical estimates provided by Robert Shiller may have suggested something on the order of 4-5%. By that measure alone, homes are likely 15-20% overvalued (3 years x 5%+ annual overpricing). Chart 2, in addition suggests much the same thing. If mortgage rates don’t come down, home prices need to decline by 20% in order to reach prior affordability levels. If rates do come down, home prices will drop less.



Chart 2, while somewhat subjective and time dependent, introduces the critical connection between home prices and interest rates. PIMCO cares about housing and its fortunes, but primarily because of its influence on yields. And while the Fed may be willing to allow U.S. homeowners to suffer a little pain as indeed they have in recent quarters, a double-digit decline would risk consequences that few central banks would be willing to underwrite. So a forecast of home prices almost implicitly carries with it a forecast for interest rates. To prevent a double-digit decline in prices, PIMCO’s statistical chart suggests that mortgage rates must decline a minimum of 60 basis points and the sooner the better. The longer yields stay at current levels, the more downward pricing pressure will build as foreclosures/desperate sellers dominate price trends as opposed to prospective buyers. While the Fed, as pointed out in last month’s Investment Outlook must be cognizant of an array of asset prices in addition to housing, homes are the key to future equitization trends, and fundamental therefore to the outlook for consumption.

more...

I gotta dash for a full day's bidness. Have fun folks!

Ozy :hi:

12:23
Dow 12,575.64 Up 22.68 (0.18%)
Nasdaq 2,476.05 Down 4.27 (0.17%)
S&P 500 1,448.70 Up 0.90 (0.06%)
10-Yr Bond 4.757% Up 0.02
NYSE Volume 1,254,600,000
Nasdaq Volume 843,696,000

12:00 pm : The major averages are trading in split fashion midday as mixed economic and corporate news offer investors little incentive to aggressively build on yesterday's surprise gains.

Before the bell, the market got a short-term boost from the producer-price report. Core PPI was unchanged versus an expected gain of 0.2% and following a 0.4% gain in February. However, the larger-than-expected 1.0% rise in total PPI garnering added attention since food costs climbing more than 1% for a fourth straight month and a 3.6% surge in energy prices remain a concern. The focus now turns to next Tuesday's CPI report since it offers the better inflation read for Fed policy direction.

A sharper-than-expected decline in sentiment as also provided an excuse to sideline the bulls. Even though there isn't as strong a correlation between the University of Michigan's preliminary read on sentiment and consumer spending as some might think, the report's one-year inflation expectations component rising to the highest in eight months has done little to quell renewed concerns about pricing pressures.

Perhaps an even bigger news item today has been Merck (MRK 50.00 +3.64), which has surged to its best levels in 3 1/2 years after upside Q1 and FY07 earnings guidance prompted Goldman Sachs to upgrade the stock. By far and away today's best performing Dow component (+7.9%), Merck currently accounts for nearly all 30 points of the Dow's intraday advance and is helping Health Care enjoy the day's only noticeable gain (+1.0%).

Financials has also been in focus following reports that SLM Corp. (SLM 45.86 +5.11) could be taken private in a deal worth $30 bln, including debt. However, the sector's modest 0.3% advance is struggling to offset a 0.4% decline in Technology and the absence of leadership anywhere else. Apple (AAPL 90.73 -1.46) is down 1.6% after delaying the release of its Leopard operating system while Semiconductor Equipment (-1.5%) ranks among today's biggest disappointments. DJ30 +30.80 DJTA -0.6% NASDAQ -0.45 NQ100 -0.2% SOX -1.0% SP500 +2.25 XOI +0.3% NASDAQ Dec/Adv/Vol 1391/1434/738 mln NYSE Dec/Adv/Vol 1486/1563/556 mln

http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_berry&sid=anBV4N2BEdZc

April 13 (Bloomberg) -- The Federal Reserve has demonstrated over the past three weeks that even with the best of intentions, communicating the nuances of monetary policy decisions often isn't easy.

It took the Fed three attempts after the March 20-21 Federal Open Market Committee meeting -- the FOMC statement issued the day of the meeting, congressional testimony by Fed Chairman Ben S. Bernanke on March 28 and release of the minutes on April 11 --before investors and traders finally understood that an interest rate cut isn't in the cards.

``What the Fed is telling us in these minutes is that it has no thoughts at all about easing interest rates at the moment,'' Lyle Gramley, a former Fed governor and senior economic adviser at the Stanford Washington Research Group, said in an April 11 interview.

The Fed ``is not worried about the economy going into recession,'' Gramley said. ``It is more concerned about inflation. It is quite happy to sit where it is now to see how things work out.''

Those three failed attempts by the Fed, with many investors and traders initially misinterpreting its intentions, highlight the importance of the discussions at the Fed about how to improve transparency in its actions and communications with the public.

more...

Why don't they try something more straight-forward....you know...something like:
"We got ourselves stuck between a rock and a hard place - damned if we do, damned if we don't. So we're gonna just sit tight here for a bit and see which way the wind's blowing the shit. We created tons of liquidity and paper prosperity (what Greenspin called the "wealth effect"). It's the rest of the world's problem now. Sorta like in the 80's - our currency but your problem. Deal with it."

http://www.davemackey.com/animation/wb/titlecards/wererin$.jpg

http://www.bloomberg.com/apps/news?pid=20601103&sid=a6xI2kW1Pk9g&refer=us

April 12 (Bloomberg) -- Dow Chemical Co. said it fired two executives for holding unauthorized talks to sell the company, intensifying 12 weeks of speculation the largest U.S. chemical maker will be bought.

Board member J. Pedro Reinhard, who retired as chief financial officer in 2005 after 10 years, and Romeo Kreinberg, executive vice president of performance businesses, ``were engaged in business activity that was highly inappropriate,'' Midland, Michigan-based Dow Chemical said today in a statement. Kreinberg said the claims are ``unsubstantiated and unfounded.''

Dow shares rose on speculation the company may receive a takeover bid by private equity firms, challenging Chief Executive Officer Andrew Liveris's desire to remain independent. Kreinberg, who sat on a five-member executive-leadership committee with Liveris, said Dow accused him of conspiring with banks and foreign governments to acquire the company.

``I find it interesting how private equity had penetrated the highest levels of the company,'' said HSBC Securities analyst Hassan Ahmed. ``I wouldn't be surprised if we now hear what private equity has to say. Today's announcement is telling us that there are parties interested in making that bid.''

The board voted to fire both men this morning following disclosure of the talks on April 10, the company said. Reinhard remains on the board until a vote by shareholders on his position, spokesman Chris Huntley said.

snip>

`Scapegoats'

``I had nothing to do with this rumor,'' Kreinberg said today in a telephone interview from his Midland home. ``Me and my colleague Mr. Reinhard have been used as scapegoats to finalize the last three months of takeover rumors.''

snip>

Shareholdings

Reinhard and Kreinberg own more shares than anyone at Dow, except Liveris, according to a March 23 regulatory filing. Reinhard held 531,134 shares as of Feb. 19, and Kreinberg held 459,463 shares.

snip>

`Unusual and Strange'

``This is very unusual and strange behavior for a company like Dow Chemical,'' Kreinberg said. ``When you accuse people, you have to have evidence.''

more....as the plot thickens

http://www.nytimes.com/2007/04/13/business/13bank.html?_r=2&adxnnl=1&oref=slogin&ref=business&adxnnlx=1176484072-18aIWQuXLACEVezJwLFsaA

Citigroup is close to buying a hedge fund as part of a deal that would put a former top executive at Morgan Stanley at the head of its alternative investments group, people close to the negotiations said last night.

Citigroup, the financial services giant, has spent months courting the executive, Vikram Pandit, who left Morgan Stanley in 2005 after he was blocked for a chance at running the investment bank.

According to those close to the deal, Citigroup is buying Old Lane, the hedge fund that Mr. Pandit helped found a little more than a year ago, as a way to bring him aboard.

With the deal expected to cost $600 million to $800 million, Citigroup would be paying a big premium to appoint a new head of its alternative investment group. But the unit has been absent a full-time leader for over a year and is seen as a crucial part of Citigroup’s growth. The actual price for the fund will depend on performance, those involved said.

A Citigroup spokeswoman declined to comment last night, but a deal is expected to be announced by the annual meeting next Tuesday. Mr. Pandit and his partners have been contemplating the offer.

The appointment of a seasoned leader like Mr. Pandit would go a long way in helping the bank’s chief executive, Charles O. Prince III, overcome Wall Street’s perception that Citigroup has a leadership void as it undergoes a major overhaul. On Wednesday the company announced it would cut or move 26,500 jobs in a restructuring.

While Mr. Prince has dismissed the notion that he lacked a successor, Citigroup’s senior management team is seen as being too young and inexperienced for the top job.

more...


Hmmmm, is Citigroup about to be sucker-punched? Couldn't recruit the guy so they're gonna buy him and his upstart hedge fund? I can't help but feel Mr. Pandit and his partners are going to be laughing all the way to the bank (obviously not CitiBank). :evilgrin: Wonder what his compensation package is gonna look like? Bet he's already got a doozie golden parachute for himself and his buddies at Old Lane.

on Dick and the Bush)

http://www.truthout.org/docs_2006/041207P.shtml

After listening to Vice President Cheney say such things as the fight would be "weeks rather than months," the fight would "go relatively quickly," and "I think things have gotten so bad inside Iraq, ... my belief is we will, in fact, be greeted as liberators," one has to wonder, will he ever get it? What do you do when the foreign policy that was doomed from its inception - the policy you lied about in order to sell - actually fails?

For the Iraqi people, April 8 marked the inauspicious fourth anniversary of the fall of Baghdad. According to numerous news sources, in response to the clarion call of the powerful Shiite cleric, Muqtada al-Sadr, tens of thousands of Iraqis peacefully marched through the streets of Najaf, calling for American's to "Get out, get out occupier." We are now four years into this quagmire, with over 3,200 American soldiers dead, over 24,000 American soldiers wounded and over 600,000 Iraqis dead and wounded. This is taking years, not weeks or months, and it does not sound as though the Americans have been greeted as liberators. In the context of this reality, Vice President Cheney continues to tell anyone who will listen that al-Qaeda was operating in Iraq before the US invaded in 2003, even though declassified Pentagon reports refute these assertions.

In spite of the half-truths and lies that the vice president has told the American people about this war, he finally said something right, but even when he's right, he's wrong! He recently told an audience that you cannot win a war if you tell your enemy the day and time that you are going to quit. No truer words have ever been spoken. The problem with VP Cheney's statement is the implication that the so-called "war" has not already been lost. What do you do when your failed policy actually fails?

As a "chicken hawk," VP Cheney obviously never read "The Art of War," the oldest known military treatise in the world, written by a true warrior, Sun Tzu. Sun-Tzu wrote that through planning, knowledge, understanding of your enemy and timing of your attack, you win the battle before you fight it. This so-called war on terror and the illegal invasion of Iraq were conceptually doomed to fail from the beginning. The war was lost at the moment it was conceived. Any understanding of history would have shown Cheney and all of those who supported this blunder that you could not take three culturally and religiously diverse segments of the former Ottoman Empire and combine them into a Jeffersonian democracy at the barrel of a gun.

Now, even Arizona Senator and Republican presidential hopeful John McCain is trying to convince the American people that all is not lost in Iraq. He recently wrote, "I disagree with what the majority of the American people want. Failure will lead to chaos, withdrawal will lead to chaos." Well, last I checked, we have utter chaos in Iraq because our policy and the implementation of that policy have failed. Also, in a representative democracy, you can disagree with the majority of the American people, but you need to listen to what they are asking you - as their representative - to do.

more...

here are a few gems from the same article.

"Contrary to popular belief, withdrawal may not lead to chaos. It depends on how you withdraw. Most of the American lawmakers and pundits that I have heard speak on this issue are trying to have their cake and eat it too. The problem is not withdrawal; the problem is control. Most of these politicians want to withdraw from Iraq while retaining control of the region and its resources. That cannot and will not work."

"In his article, "The Root of the Problem," Dilip Hiro suggested bringing peace to Iraq by soliciting the support of the Islamic Conference Organization (ICO), consisting of 57 Muslim countries. In 2004, six ICO countries offered to send a peacekeeping force consisting of Shiia and Sunni troops. None of the peacekeepers would have been immediate neighbors of Iraq, therefore eliminating any regional perception of bias or hidden agenda. According to Hiro, when the offer was discussed with then US Secretary of State Powell, Powell insisted on the Muslim troops operating under US command. This was unacceptable to Muslim leaders. The proposal died. I believe that the US is not interested in a peace plan that does not result in US control of the resources and the region, and leaders in the region are smart enough to understand this."

<snip>

"King Abdulla clearly understands US history in that region as it relates to the US-led overthrow of the democratically elected government in Iran in 1953 and other countries in the world, such as Nicaragua in 1909 and Guatemala in 1954. He does not want that to happen to him. King Abdulla clearly understands how to solve the problem. You cannot have peace in the region without engaging all of the players in the region. Contrary to American policy, he is reaching out to Iranian President Ahmadinejad in Iran, brokering deals between Hamas and Fatah, and sending his nephew Prince Bandar to speak with the Israelis."

<snip>

"Since the failed policy has failed, President Bush needs to listen to his allies, while he still has some."


I think this article points to a sad set of affairs... polls indicate an increasing number of Americans favour Bush's impeachment and getting out of Iraq where as many politicians are still opposed to either.

http://online.wsj.com/public/article/SB117629687373666316-hA8pokMQbounvvmVy9r1DYQAbpo_20070513.html?mod=tff_main_tff_top

Weakness in business capital spending is edging out housing as the dark cloud on the U.S. economic horizon.

A new WSJ.com survey found that 20 of 54 economic forecasters responding to a query cited soft capital spending as the chief risk to their forecast that the U.S. economy will grow slowly but avoid recession this year.

Only 11 of the economists cited housing; the rest cited other threats, including inflation and oil prices.

Capital spending "scares me more than anything else because I can't explain the weakness," said Stephen Stanley of RBS Greenwich Capital.

The Federal Reserve has similar worries. "The magnitude of the slowdown has been somewhat greater than would be expected given the normal evolution of the business cycle," Fed Chairman Ben Bernanke told Congress late last month. And the International Monetary Fund, cataloging the risks to the U.S. economy this week, noted "concerns that the current softness of business investment could be extended."

snip>

"Much of the weakness in recent months has been in types of capital goods used heavily by the construction and motor-vehicle industries," Mr. Bernanke said last month.

Capital spending, along with consumer spending and exports, has been supporting economic growth in the U.S. amid a housing slump, so signs of weakness aren't welcome.

"If there's something that keeps me up at night, it's the potential of corporate America really pulling back," said Nariman Behravesh of forecasting firm Global Insight. "We had expected 5%-to-6% growth in capital spending in the first half of 2007, but now that's down to 1.5%."

more...

we have plenty of liquidity out there. We are awash in capital.

of "eating their own" going on amongst the top-feeders in the pond lately. Makes poor bottom-feeders like myself start to worry that sumpthins up, and it ain't warm fuzzy feelings I'm getting.

house flipping thing....By borrowing on their companies are taking out their profits first, putting little into the company, saddling it with debt, then selling it.

Imagine a slave market. The first slave owner (a CEO) has a slave (a company) that has been starved while he eat most of the slaves portion of grain (profits plowed back in to the company). Now slave owner number 1 puts this slave on the auction block (Wall Street) and a neighbour down the road with the beautiful walled plantation (private equity firm) buys him. He's feed enough to be kept alive but the new master is still eating a portion of the slaves grain. In addition, the slave is hobbled with some chains (debt). Now, the slave can still do work, but can't produce as much as he use to because he is still hungry and now he is hobbled. So master number 2 takes the slave to the market (Wall Street) to sell him. Because the slave is hobbled, owner # 2, charges more for the hobbling in addition to the slave. The slave sells to some unwitting buyer (stock holders, mutual funds, etc) that now has to cut the hobbling and feed the slave more to get decent production. Because the slave has been overworked, underfeed, and hobbled for so long, he dies (bankruptcy). Who is stuck with a dead slave. Certainly not the first and second owners.

What we are seeing is the end game of unfettered capitalism. These current "Captains of Industry" are taking us into uncharted waters-deeper than even the Robber Barons. I have the same feeling and it isn't warm and fuzzy either.

CHICAGO (AP) -- McDonald's Corp. on Friday reported stronger-than-expected March sales and possibly its best month ever in Europe, results it said will propel first-quarter earnings well above Wall Street estimates. Its stock jumped to the highest level since 1999.

The world's largest restaurant company said sales at its outlets open at least 13 months rose a stellar 8.2 percent last month and 6.3 percent for the quarter compared with the same periods a year earlier. That included a 6.2 percent climb at its U.S. outlets in March, where the snack wrap and other new products continue to buoy sales.

It said it expects to report quarterly profit of about 62 cents a share when it discloses full results on April 20 -- up roughly 27 percent from the first quarter of 2006 and 5 cents a share better than the consensus estimate of analysts surveyed by Thomson Financial.

The news sent shares in the Oak Brook, Ill.-based company up $1.06, or 2.3 percent, to $47.69 in afternoon trading on the New York Stock Exchange after reaching $47.77, the latest in a series of more than seven-year highs. The stock, which dipped as low as $12.12 in 2003, is now approaching its all-time high of $49.56 on Nov. 12, 1999.

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http://biz.yahoo.com/ap/070413/mcdonald_s_sales.html?.v=5

MILWAUKEE (AP) -- The board of directors at Midwest Air unanimously recommended Friday that shareholders reject a buyout offer from AirTran Holdings Inc. worth $389 million.

AirTran Holdings, owner of low-cost carrier AirTran Airways, has courted the Milwaukee-based operator of Midwest Airlines, for more than a year. In all that time Midwest has said it prefers to remain independent and called AirTran's offers "opportunistic."

Midwest Group Inc. said in a statement that shareholders should not tender their shares to AirTran, calling the latest offer "inadequate."

"Our board determined that AirTran's revised offer does not take into account the long-term value of our strategic plan," said Timothy E. Hoeksema, chairman and chief executive officer.

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http://biz.yahoo.com/ap/070413/midwest_airtran.html?.v=5

HARTFORD, Conn. (AP) -- General Electric Co. posted first-quarter earnings of $4.5 billion Friday, up 2 percent from the same period in 2006, helped by rising infrastructure sales.

The diversified manufacturing, media and financial services conglomerate also said that its results were dogged by weak performance in its health care, GE money -- including loans to people with less than stellar credit -- industrial and NBC units.

The Fairfield-based company reported per-share earnings of 44 cents, which was in line with estimates by analysts polled by Thomson Financial.

Revenue of $40.2 billion for the quarter was up by 6 percent from the same period last year.

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http://biz.yahoo.com/ap/070413/earns_general_electric.html?.v=10

NEW YORK (AP) -- Shares of casino operators were mixed Friday after an analyst said the sector appears to be minimally impacted by the subprime lending woes.

The subprime mortgage industry -- the area of banking aimed at borrowers with poor credit -- is currently in a freefall. During the housing boom, mortgage banks crafted loan terms for people who likely otherwise couldn't afford to buy a house. Now, many are defaulting on their mortgages, driving some subprime lenders to the verge of bankruptcy.

Susquehanna Financial Group analyst Robert LaFleur said in a client note that gamblers appear to be staying out of the subprime fray for the most part.

"We found that casino patrons tend to have higher incomes and be more financially sophisticated than the general population, which may somewhat insulate them from some of the excesses of subprime lending," he wrote in a client note.

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http://biz.yahoo.com/ap/070413/gaming_sector_snap.html?.v=1

NEW YORK (AP) -- Chip stocks edged lower in a quiet trading day Friday, ahead of industry leader Intel Corp.'s quarterly earnings release scheduled for Tuesday.

JPMorgan analyst Christopher Danely expects Intel's revenue to come in at the low end of the company's outlook of $8.7 billion to $9.3 billion. The consensus estimate of analysts polled by Thomson Financial is $9 billion.

Intel, Danely wrote, saw weaker-than-expected pricing for its processor products during the quarter. A poor product mix due to a slowdown in higher-priced laptop chips also likely hurt results, according to the analyst.

"Although Intel gained significant market share during the first quarter, excess inventory and aggressive pricing continue to hamper the company's margins and revenue," the analyst wrote.

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http://biz.yahoo.com/ap/070413/semiconductors_sector_snap.html?.v=1

NEW YORK (AP) -- Fast food stocks edged higher Friday after McDonald's Corp., the country's biggest burger joint, posted a higher-than-expected rise in sales at stores open at least a year.

McDonald's said its U.S. same-store sales climbed 6.2 percent in March and rose 8.2 percent for restaurants worldwide. Same-store sales in Europe grew 11.2 percent for the month.

The company's comparable, or same-store, sales also rose 6.3 percent worldwide for its fiscal first quarter. Such sales reflect activity at stores open at least a year and are a key measure of restaurant performance because they measure growth at existing stores rather than from newly opened ones

Based on its strong results, McDonald's also boosted its outlook for the quarter to 62 cents per share, a rise of 27 percent from the first quarter of fiscal 2006. Analyst polled by Thomson Financial were expecting earnings of 57 cents for the quarter.

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http://biz.yahoo.com/ap/070413/fast_food_sector_snap.html?.v=1

NEW YORK (AP) -- Airline stocks dipped moderately Friday, as crude oil prices continued to advance and Midwest Air Group Inc.'s board rejected AirTran Holding Inc.'s latest buyout offer.

The Amex Airline Index fell over half of 1 percent in midday trading, with 10 of its 11 component stocks declining. Hurting shares was a barrel of oil adding 21 cents at $64.06 on the New York Mercantile Exchange, heightening pressure on an industry that counts jet fuel among its top costs.

Midwest Air Group's board also unanimously recommended its shareholders reject a sweetened $389 buyout offer from rival AirTran. Midwest Air Group urged its shareholders not to tender their shares to AirTran, calling the latest offer inadequate.

Investors have been hoping for industrywide consolidation, as fewer carriers would help to limit overall capacity and offer stronger pricing power to the industry. Delta Air Lines Inc., though, successfully fought off a bid from US Airways Group Inc., and some analysts say consolidation may not happen until the industry's next downturn.

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http://biz.yahoo.com/ap/070413/airlines_sector_snap.html?.v=1

NEW YORK (AP) -- Citigroup Inc. on Friday hired a new manager for its Citi Alternative Investments unit by buying the man's hedge fund.

New York-based Citigroup, the nation's largest financial institution, said it has reached a definitive agreement to purchase Old Lane Partners, which it described as "the highly regarded manager of a global, multi-strategy hedge fund and a private equity fund" with assets of $4.5 billion.

Financial terms were not disclosed in the announcement.

Citi said the deal was expected to close in the third quarter and that Old Lane "will operate as part of Citi Alternative Investments."

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http://biz.yahoo.com/ap/070413/citi_pandit.html?.v=1

http://online.wsj.com/public/article/SB117625377335665794-DSmBkMWcyCb2w_WmsDU_xFwlSqc_20080412.html?mod=tff_main_tff_top

It already has launched one candidacy, helped to raise record amounts of money and prompted fears about a new breed of anonymous political attack ads. But as a force in the 2008 presidential race, the Internet is just getting started. A good thing, too; with more than a year and a half to go before the actual election, the country is going to need all the help it can get to escape burnout.

When Hillary Clinton wanted to announce her candidacy back in January, she simply posted a video on her Web site. The regular media noticed right away -- the point of using the Web, after all, was as much to reach political reporters as it was to reach regular voters -- and it became big news.

It has been an Internet-assisted election ever since. The biggest role for the Web has involved raising money. Barack Obama got 27% of his $25 million in contributions from online donors. Sen. Clinton, the only other candidate to announce the percent raised online, got about 23%. But all the candidates have learned that putting a "Give money" button on the home page of their Web sites usually is both cheaper and more effective than mass mailings or 800 numbers, the two standards for populist fund raising in the days before the Web.

Big Web operations such as Yahoo and Google have learned that the interest in a presidential election, just like the interest in "American Idol," can, with the right sort of marketing, be translated into more "page views" and thus more advertising. The sites have begun actively recruiting presidential candidates to avail themselves of politically oriented special features, such as a presidential election "channel" on Google's YouTube.

snip>

There are also blogs, though of a singular sort. When blogging began, it had a rebel vibe to it. Bloggers were supposed to be free thinkers deep in an organization who would tell the straight story about things, the story the public-relations department didn't want you to know. But it didn't take long for blogs to be co-opted. These days, much of the discussion about blogging, at least in the tech blogosphere, involves how companies can best use them for public relations.

Naturally, it's this new, sanitized blogging that has been adopted by the presidential campaigns. Typical blog posts involve the enthusiasm of the crowds at the latest rally or the need for supporters to get out and volunteer.

As candidates deal with the Web, they will start to learn that many Web users have an extremely high opinion of themselves and the online lifestyle they are now leading. Last week, Joe Biden responded via a Webcam to a question posed to him via YouTube. The response was called "a milestone in presidential politics" by one blogger, as though it marked the first time a candidate had ever been asked a question by a citizen.

Then again, Sen. Biden's answer was one minute and 47 seconds long, which is the length of the average long report on a nightly newscast. The question involved the sorts of sacrifices Americans should be called on to make. The answer from the senator mentioned energy conservation and the war in Iraq. Being able to watch a candidate talk about an issue for a whole two minutes unfortunately has been a luxury in the U.S., though the Internet is in the process of changing that.

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the internet is a starfish. Governments like spiders. Miracle it still works my ass-it is working too well-that is the real problem. How much have we uncovered here, just on this thread. They can't deal with the transparency.

"lost e-mails will never happen" or some sort of bogus bullshit line. :eyes:
The plutocracy hates not having full control, it tends to limit their power grab.

Dow 12,605.54 52.58 (0.42%)
Nasdaq 2,490.99 10.67 (0.43%)
S&P 500 1,452.64 4.84 (0.33%)
10-yr Bond 4.7610% 0.0240
30-yr Bond 4.93% 0.02
NYSE Volume 2,039,354,000
Nasdaq Volume 1,437,697,000

3:00 pm : The indices have spiked to their best levels of the day within the last 15 minutes. The return of upside leadership from a turnaround in the Tech sector is spearheading the market's advance.

After trading down as much as 1.2% in early trading, Cisco Systems (CSCO 26.87 +0.90) recently spiking more than 3.0% after development chief Giancarlo said the company has seen "very strong demand" and is in the early phases of an upgrade cycle has given the market its biggest boost. A handful of tech warnings have placed the sector's growth prospects under scrutiny of late. Technology has bounced 1.1% from its intraday lows. DJ30 +52.58 NASDAQ +9.41 SP500 +4.77 NASDAQ Dec/Adv/Vol 1375/1588/1.33 bln NYSE Dec/Adv/Vol 1459/1738/996 mln

2:30 pm : Efforts on the part of buyers which lifted the indices to afternoon highs 30 minutes ago have recently run out of steam. Industrials, Staples and Telecom turning the corner around the top of the hour were contributing to the market's improved stance.

However, their gains have not been substantial enough to counter the lack of leadership from the Technology and Discretionary sectors. Total volume thinning out late in the day further underscores the lack of conviction to own equities going into the weekend. DJ30 +41.61 NASDAQ -0.34 SP500 +3.02 NASDAQ Dec/Adv/Vol 1426/1510/1.18 bln NYSE Dec/Adv/Vol 1482/1687/908 mln

2:00 pm : Lacking a trading catalyst all afternoon, investors have recently sifted through some Fed speak. However, Dallas Fed President Fisher, who is not a Voting Fed Official until next year, did not comment on outlook for inflation or interest rates.

Nonetheless, buyers have shown enough resolve within the last 30 minutes to inch the Nasdaq above the flat line for the first time this afternoon. Among the best performers on the Nasdaq 100 are AMGN (+2.7%), DELL (+2.7%), EBAY (+1.6%), FAST (+2.5%), LRCX (+1.5%), MNST (+2.1%), and WYNN (+2.1%). DJ30 +45..27 NASDAQ +0.16 SP500 +3.18 NASDAQ Dec/Adv/Vol 1407/1498/1.09 bln NYSE Dec/Adv/Vol 1475/1676/838 mln

1:30 pm : Little has changed since the last update as the major averages continue to vacillate in relatively narrow ranges. Materials, though, has recently inched into positive territory; but a 0.1% advance from the least influential of the 10 S&P 500 sectors hasn't even been noticed.

The bulk of today's action continues to be a tug of war between a surge in Health Care and modest weakness in Technology. Excluding a minimal 0.2% gain in Financials, the remaining seven sectors are either up or down 0.1%. DJ30 +37.38 NASDAQ -2.87 SP500 +1.91 NASDAQ Dec/Adv/Vol 1412/1469/1.01 bln NYSE Dec/Adv/Vol 1469/1662/772 mln

1:00 pm : More of the same for stocks as there still isn't a strong sense of conviction on either the bullish or bearish side of the aisle. The market's holding pattern has been further evidenced by the fact that advancers and decliners on both the NYSE and the Nasdaq remain evenly matched.

A very narrow ratio of up to down volume further underscores what has been a rather quiet day of trading today; but today's sluggishness may be the calm before the storm as earnings kick into full gear next week alongside a plethora of influential economic data. DJ30 +31.35 NASDAQ -2.31 SP500 +1.93 NASDAQ Dec/Adv/Vol 1400/1472/926 mln NYSE Dec/Adv/Vol 1514/1590/706 mln

12:30 pm : No real change in the proceedings as the afternoon session gets underway. The Dow is still turning in the day's best performance, but its 0.2% advance has been hardly much to get excited about. Aside from the rally in Merck (MRK 50.19 +3.83), which is now up 8.3%, there are a handful of other Dow components turning in solid performances.

McDonald's (MCD 47.68 +1.05) is up 2.3% at a seven-year high after issuing upside Q1 guidance due to strong March comps. General Electric (GE 35.44 +0.26) is up nicely as shareholders applaud upbeat commentary from its conference call after management reaffirmed its full-year outlook. However, seventeen of the Dow's 30 components still trading lower underscores why the blue-chip index is not posting a more convincing gain. DJ30 +28.46 NASDAQ -3.62 SP500 +1.38 NASDAQ Dec/Adv/Vol 1371/1479/840 mln NYSE Dec/Adv/Vol 1446/1637/638 mln

NEW YORK (AP) -- Shares of major drug makers staged a major bull run Friday before most of the companies report earnings next week, with Merck & Co. jumping to levels not seen in three and a half years, and four other heavy hitters reaching respective highs.

This marks the third consecutive earnings season in which Big Pharma shares have staged a rally. The American Stock Exchange's Pharmaceutical Index, which tracks 15 major drug makers, rose 3.78 points to 354, to close in on a 52-week high of 362.47. Since May 2002, the only two times the Amex Index has broken the 360-point mark was in late October 2006 and late January 2007, during earnings season.

Merck was the lead bull Friday, hitting a high of $50.80 earlier in the session, a price not seen since October 2003. The Whitehouse Station, N.J.-based drug maker benefited from a string of catalysts that eclipsed news on Thursday that a Food and Drug Administration advisory panel voted 20-1 not to recommend Arcoxia for approval. Arcoxia is meant to replace Vioxx, the arthritis pain reliever Merck pulled from the market on Sept. 30, 2004, after the drug became associated with an increased heart attack risk.

Shares of Merck jumped $4, or 8.6 percent, to $50.35 in afternoon trading on the New York Stock Exchange at nearly four times their average volume.

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http://biz.yahoo.com/ap/070413/big_pharma_sector_snap.html?.v=1

NEW YORK (AP) -- Dow Jones & Co., publisher of The Wall Street Journal and other financial publications, said Friday that it is buying privately held United Kingdom-based diversified media company eFinancial News Holdings Ltd. for GBP 26.1 million ($51.6 million).

eFinancial News' properties include Financial News, eFinancialNews.com, and Private Equity. The company also offers training and events for people in investment banking, asset management, private equity and trading.

"(eFinancial News') fast-growing print, online, training and events businesses will enhance the growth and profitability of our European consumer and enterprise media operations and add successful digital and other non-print businesses to help diversify our reliance on traditional print revenue," Dow Jones Chief Executive Rich Zannino said in a statement.

The transaction is seen adding 3 cents to 5 cents to Dow Jones' earnings per share in 2008.

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http://biz.yahoo.com/ap/070413/dow_jones_acquisition.html?.v=1

DETROIT (AP) -- A few weeks after Chrysler Group's German parent put the company up for sale on Feb. 14, dealers reported to Chrysler executives that customers were wondering if their cars would still be covered by warranties.

Chrysler's sales plummeted 8.3 percent in February from the same month in 2006, and the company's top sales executive attributed much of the decline to consumer uncertainty about Chrysler's future.

"After the announcement on the 14th, there was definitely an impact on sales," Steven Landry, Chrysler's vice president for sales and field operations, said in an interview with The Associated Press.

Several industry analysts say continued publicity about DaimlerChrysler AG possibly selling off Chrysler undoubtedly will hurt the company in showrooms, especially in the Midwest where Chrysler has more facilities and gets more news coverage as the bidding process continues. Many wonder if Chrysler can recover as long as its future ownership is unknown.

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http://biz.yahoo.com/ap/070413/chrysler_sales.html?.v=1

CHICAGO (AP) -- Soybean futures declined while grains advanced Friday on the Chicago Board of Trade.

Wheat for May delivery rose 20 1/2 cents to $4.78 1/2 a bushel; May corn rose 10 1/4 cents to $3.69 a bushel; May oats rose 1 1/2 cent to $2.71 a bushel; May soybeans fell 1/4 cent to $7.38 a bushel.

Beef futures finished mixed while pork futures increased on the Chicago Mercantile Exchange.

June live cattle rose .23 cent to 92.70 cents a pound; May feeder cattle fell .68 cent to $1.0772 a pound; May lean hogs rose .30 cent to 75.95 cents a pound; May pork bellies rose .48 cent to $1.0425 a pound.

http://biz.yahoo.com/ap/070413/board_of_trade.html?.v=3

NEW YORK (AP) -- Apparel retailers' stocks retreated somewhat on Friday, giving back some of their gains from Thursday, when retailers reported strong March same-store sales, helped by an earlier Easter.

Same-store sales, or sales in stores open at least one year, are a key measure of a retailer's financial strength, because it measures growth at established stores rather than simply growth from expansion.

Here is how some New York Stock Exchange-listed apparel retailers fared Wednesday:

Gap Stores Inc., shares fell 14 cents to $18.47

AnnTaylor Stores Corp., shares fell 13 cents to $38.94

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http://biz.yahoo.com/ap/070413/sector_glance_apparel_sellers.html?.v=1

NEW YORK (AP) -- The Nasdaq 100 ended higher on Friday, boosted by Monster Worldwide Inc., parent company of the online job search site Monster.com.

Monster's stock gained $1.39, or 3.3 percent, to end at $43.89 after saying that William M. Pastore is resigning as chief executive. Analysts said the management change may indicate a possible sale of the company.

The Nasdaq 100, which includes 100 of the largest nonfinancial securities traded on the Nasdaq Stock Market, rose 3.36 points to 1,816.85, while the broader Nasdaq composite gained 11.62 points to 2,491.94.

Fastenal Co., a retailer of industrial and construction supplies, rose for a second-consecutive day, jumping $1.21, or 3.2 percent, to $39.48 on the heels of higher first-quarter results.

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http://biz.yahoo.com/ap/070413/nasdaq_100_laggards.html?.v=1

NEW YORK (AP) -- Gold and the other precious metals futures leaped Friday on fund buying after the dollar hit two-year lows.

June gold rose $10.20 to finish at $689.90 a troy ounce on the New York Mercantile Exchange.

May silver rose 23.5 cents to settle at $14.09 an ounce, July platinum rose $6.90 to $1,286.40 an ounce, and June palladium climbed $6.75 to $381.05 an ounce.

Gold has been drawing buying interest since spot metal broke through resistance around $666 earlier this spring, said Peter Grandich, analyst and publisher of the Grandich Letter.

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http://biz.yahoo.com/ap/070413/commodities_review.html?.v=1

Dow 12,612.13 59.17 (0.47%)
Nasdaq 2,491.94 11.62 (0.47%)
S&P 500 1,452.85 5.05 (0.35%)
10-yr Bond 4.7610% 0.0240
30-yr Bond 4.93% 0.02
NYSE Volume 2,690,018,000
Nasdaq Volume 1,996,870,000

4:20 pm : The major averages closed modestly higher Friday as some upbeat corporate news eventually helped investors look past mixed economic data.

With the Fed recently increasing its attention on raw material prices as the chief influence on inflation, the market's early focus was on the March PPI report. Core PPI in March checking in unchanged was initially comforting; but the soft number, coupled with rising food and energy costs, did not exactly signal that inflation is back under control.

Another report showing erosion in consumer sentiment and that one-year inflation expectations are at the highest level in eight months also sidelined the bulls in early action.

Be that as it may, investors gradually embraced leadership in two of the S&P 500's most heavily-weighted sectors -- Financials and Health Care. :eyes: The latter got a huge boost from Merck (MRK 50.20 +3.84), which opened up 6% at a three-year high after upside Q1 and FY07 EPS guidance prompted an upgrade from Goldman Sachs. By far today's best performing Dow component (+8.3%), Merck accounted for more than half of the Dow's 59-point advance.

Financials garnered some early interest following reports that SLM Corp. (SLM 46.76 +6.01) could be taken private in a deal worth $30 bln, including debt. ABN AMRO (ABN 48.28 +2.49) confirming receipt of a joint letter from three potential acquirers late in the day gave the sector an added lift.

It wasn't until news out of Cisco Systems (CSCO 26.65 +0.68) late in the session, though, that helped the Nasdaq finally break out of its intraday funk. After trading down as much as 1.2% in early trading, Cisco spiked more than 3.0% after its Chief Development Officer said the company is at the "high end" of sales forecasts and is in the "early phases" of an upgrade cycle.

The news gave the market a late-day lift, especially among tech companies reeling from a handful of warnings that have placed the sector's growth prospects under scrutiny of late. Technology bounced 1.1% from its intraday lows. DJ30 +59.17 NASDAQ +11.62 SP500 +5.05 NASDAQ Dec/Adv/Vol 1119/1902/1.86 bln NYSE Dec/Adv/Vol 1306/1940/1.32 bln

3:30 pm : The indices are holding onto the bulk of their gains and on pace to finish the day, and the week, in positive territory. The Dow is poised to close higher for the tenth time in 11 sessions and is now up more than 1% for the year.

The tech-heavy Nasdaq, thanks in large part to the recent rally in Cisco Systems (CSCO 26.91 +0.94), looks to extend its year-to-date leading advance to over 3%. DJ30 +52.77 NASDAQ +11.53 SP500 +4.96 NASDAQ Dec/Adv/Vol 1251/1723/1.50 bln NYSE Dec/Adv/Vol 1361/1858/1.08 bln


Have a great weekend :hi:

NEW YORK (AP) -- Shares of Merck & Co. soared on heavy volume, helping lift the Standard & Poor's 500 Index to a higher close on Friday.

The S&P 500 was up 5.05 to end at 1,452.85.

The Whitehouse Station, N.J.-based company said a U.S. District Court judge dismissed a class-action lawsuit against the drug maker over its Vioxx drug. Separately, Merck boosted its profit target for 2007 by around 8 percent.

The S&P 500 was up 5.05 to end at 1,452.85.

The Whitehouse Station, N.J.-based company said a U.S. District Court judge dismissed a class-action lawsuit against the drug maker over its Vioxx drug. Separately, Merck boosted its profit target for 2007 by around 8 percent.

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http://biz.yahoo.com/ap/070413/s_p_500_laggards.html?.v=1

NEW YORK (AP) -- Drug maker Merck & Co. claimed the top spot among gainers on the Dow Jones industrial average after a federal judge dismissed a class-action lawsuit against the company.

The 30-stock index was up 59.17, to end at 12,612.13.

Merck shares surged $3.85, or 8.3 percent, to close at $50.21 on the New York Stock Exchange.

A judge dismissed a lawsuit that investors had filed against the company over its one-time blockbuster drug Vioxx because the statute of limitations had run out.

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http://biz.yahoo.com/ap/070413/djia_laggards.html?.v=1