STOCK MARKET WATCH, Wednesday August 13

Source: du

STOCK MARKET WATCH, Wednesday August 13, 2008

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 161
DAYS SINCE DEMOCRACY DIED (12/12/00) 2761 DAYS
WHERE'S OSAMA BIN-LADEN? 2486 DAYS
DAYS SINCE ENRON COLLAPSE = 2777
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

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

---

AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.
$1 USD = EUR 1.06678
$1 USD = JPY 116.6200

AT THE CLOSING BELL ON August 12, 2008

Dow... 11,642.47 -139.88 (-1.19%)
Nasdaq... 2,430.61 -9.34 (-0.38%)
S&P 500... 1,289.59 -15.73 (-1.21%)
Gold future... 814.60 -13.70 (-1.68%)
30-Year Bond 4.55% -0.06 (-1.28%)
10-Yr Bond... 3.92% -0.08 (-2.10%)






GOLD,EURO, YEN, Loonie and Silver

---

PIEHOLE ALERT

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

For information on protests and other actions Citizens For Legitimate Government

---

Read more: du

Commodity Correction - Coming Into an Important Bottom?
BY FRANK BARBERA, CMT

For the last 4 weeks, commodity markets have been shredded with prices moving steadily lower across the board. From the July highs, spot Copper is down 17.72%, nearby Gold down 17.03%, Spot Silver down 24.62% and spot Platinum down 26.54%. Within Energy, the damage is even more considerable with Heating Oil down 25.55%, Unleaded Gasoline down 20.93%, Crude Oil down 22.94% and worst of all, Natural Gas down an incredible 38.60%. In Crude Oil, the decline has lasted 21 days dating back to the high seen at $146.65 on July 11th. That means Crude Oil has been declining more then 1% per day for 21 days. In the table below, we have gone back and assessed what could be considered all of the other ‘substantial’ double digit corrections which have taken place in Crude Oil since the bull market began in 2002. Not surprisingly, at just over 20% the current decline in Crude is on par ‘as reasonable’ for a potential correction low given what has been this market's high level of historical volatility.

....

Elsewhere, we cast an eye toward the widely watched CRB Index, which is presently also deeply, deeply oversold. As of Monday evening, the CRB Index registered a 14 day RSI value of +22.17, down from the prior day reading of +23.02. As it happens, this reading is among the 30 most oversold single day RSI values going back over the last 20 years, a period of 5,160 trading days. That means that the CRB is presently in the .0058% most oversold, or put another way, is less oversold than this 99.41% of the time. ADD to this another fact that the CRB Index is also now right on major support at its rising 20 week lower band, and you have all the ingredients necessary for a very sharp counter-trend rally.

...

Over the years, this index has become complicated to track as there are now two very similar sounding CRB type indices. We use this one in our work, and at present the 100 day lower band resides as major support at 503.78 with the index at 507.86. The rally in commodities, once underway should be good until at least the beginning of October, at which point we will have to reassess the intermediate term outlook. In our view, the odds are at present, very high that the U.S. is heading into (1) a deepening recession which could easily evolve into a full scale depression, and (2) a full blown banking system crisis. On this later point, our confidence resides at all time highs. Just take a gander at today’s price action in AIG and JPM. More of this yet to come.

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

08:30 Export Prices ex-ag. Jul
Briefing.com NA
Consensus NA
Prior 0.9%

08:30 Import Prices ex-oil Jul
Briefing.com NA
Consensus NA
Prior 0.9%

08:30 Retail Sales Jul
Briefing.com 0.0%
Consensus -0.1%
Prior 0.1%

08:30 Retail Sales ex-auto Jul
Briefing.com 0.5%
Consensus 0.5%
Prior 0.8%

10:00 Business Inventories Jun
Briefing.com 0.5%
Consensus 0.6%
Prior 0.3%

10:35 Crude Inventories 08/09
Briefing.com NA
Consensus NA
Prior 1614K

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

http://www.reuters.com/article/bondsNews/idUSN1251997020080813

NEW YORK, Aug 13 (Reuters) - Applications for U.S. home mortgages edged lower last week as home loan rates jumped, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity declined 1.5 percent in the week ended Aug. 8 to 425.9, nearing levels seen in late July which were the slowest in more than seven years.

The MBA's seasonally adjusted index of refinancing applications slumped 4.2 percent to 1,074.6 last week, erasing most of the gain seen in the previous one-week period.

The rise followed a jump in the average 30-year fixed mortgage rate to 6.57 percent from 6.41 percent in the previous week.

The gauge of loan requests for home purchases was steady at 315.2, just above July lows.

Sluggish applications are a sign the U.S. housing market remains in the throes of a downturn that started more than two years ago. House prices by some measures have declined nearly 20 percent since mid-2006, exacerbating a rise in foreclosures and turning potential buyers away from the market.

not really on the report list, but since they report home sales and mortgage applications are (mostly) an integral part of that process ....

01. U.S. July retail sales fall 0.1% vs. -0.3% expected
8:31 AM ET, Aug 13, 2008

02. U.S. July import prices up 21.6% year over year
8:31 AM ET, Aug 13, 2008

03. U.S. July import prices rise 0.7% excluding all fuels
8:31 AM ET, Aug 13, 2008

04. U.S. July import prices rise 0.9% excluding petroleum
8:31 AM ET, Aug 13, 2008

05. U.S. July petroleum import prices rise 4%
8:31 AM ET, Aug 13, 2008

06. U.S. July import price index rises 1.7%
8:31 AM ET, Aug 13, 2008

07. U.S. July retail sales ex-autos up 0.4% vs. 0.5% expected
8:31 AM ET, Aug 13, 2008

01. U.S. July retail sales ex-autos, ex-gas up 0.3%
8:30 AM ET, Aug 13, 2008

edited because all the reports finally came in :shrug:

to further enrich the ASSholes that outsourced American jobs and then gave their own stores away by practicing bad business, thereby bringing it all back to roost - so we'll just spend less and drive less even if and when "normal" employment gets back on track. Those CEOs and corporatists killed the Goose; now they can eat each other and the folks who still refuse the notion that anything's wrong.

Popcorn, so far, is cheap; basic necessities and healthcare not so much.

:popcorn:

16. U.S. June inventory-to-sales ratio falls to record-low 1.23
10:12 AM ET, Aug 13, 2008

17. U.S. June business sales up 1.7%
10:12 AM ET, Aug 13, 2008

18. U.S. June inventories rise 0.7% vs. 0.6% expected
10:12 AM ET, Aug 13, 2008

06. U.S. crude supply down 400,000 brls last week: Energy Dept.
10:36 AM ET, Aug 13, 2008

07. U.S. distillate supply down 1.7 mln brls: Energy Dept.
10:36 AM ET, Aug 13, 2008

08. U.S. gasoline supply down 6.4 mln brls: Energy Dept.
10:36 AM ET, Aug 13, 2008

SINGAPORE - Oil prices rose to near $114 a barrel Wednesday in Asia as the dollar fell against the euro and yen ahead of weekly U.S. crude inventory data.

A weakening dollar has helped boost oil prices this year, because dollar-denominated commodities are often used as hedges against inflation and a falling U.S. currency. The euro rose Wednesday to $1.4923, while the dollar fell to 108.80 yen.

Light, sweet crude for September delivery rose 89 cents to $113.90 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract dropped $1.44 overnight to settle at $113.01 a barrel.

...

Investors are waiting for a report by the U.S. Energy Department's Energy Information Administration on U.S. oil stocks for the week ended Aug. 8 later in the day. The petroleum supply report was expected to show that crude stocks rose by 500,000 barrels, according to the average of analysts' estimates in a survey by energy research firm Platts.

...

The Platts survey also showed that analysts projected gasoline inventories to have fallen 2.2 million barrels and distillates to have risen 1.9 million barrels during last week.

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

Georgia may have no natural resources to speak of, yet it has become a key player for Europe, due to 155 miles of pipeline that snake across its territory.

The Baku-Tbilisi-Ceyhan pipeline is the only practical route for carrying Caspian oil to Western markets that avoids Russia – a treasured asset for the a European Union trying to reduce energy dependence on Moscow.

The BTC, which connects Baku in Azerbaijan, via the Georgian capital Tbilisi with Ceyhan, a port on the south-eastern Mediterranean coast of Turkey, was once billed as the "pipeline of peace". Now it finds itself on the fringes of war zone as Russian and Georgia face off.

...

There are plans afoot for another gas EU route, the Nabucco pipeline, which is meant to transport non-Russian gas and pass through territory independent of Moscow. Until recently Georgia was the ideal candidate.

http://www.independent.co.uk/news/world/europe/battle-for-oil-eursquos-hope-to-bypass-russian-energy-may-be-a-pipe-dream-891499.html

TOKYO - Japan's economy shrank in the second quarter, the government said Wednesday, as slowing exports and waning consumer demand pushed the world's No. 2 economy to the brink of recession.

Japan's gross domestic product, or the total value of the nation's goods and services, dropped at an annual pace of 2.4 percent in the April-June period, a marked downturn from a 4.0 percent rise registered in the January-March period.

The new numbers — the first negative reading in four quarters — bolstered growing evidence that Japan's six-year expansion was over.

...

Two main drivers of Japan's six-year economic recovery — business investment and exports — also deteriorated. Corporate capital investment in factories and equipment fell 0.2 percent from the previous quarter, while overall exports of goods and services slid 2.3 percent.

http://news.yahoo.com/s/ap/20080813/ap_on_bi_ge/japan_economy

LONDON (Reuters) - Futures for the S&P 500, the Dow Jones industrial average and the Nasdaq 100 were down 0.1 percent on Wednesday at 5:30 a.m. EDT. The S&P 500 and the Dow Jones lost 1.2 percent on Tuesday, while the Nasdaq composite (.IXIC) fell 0.4 percent.

* Focus is on U.S. retail sales data, due at 8:30 a.m. EDT. Forecasts are for a drop of 0.1 percent.

http://news.yahoo.com/s/nm/20080813/bs_nm/markets_stocks_dc

WASHINGTON - A government order expires Tuesday that temporarily banned a certain kind of short-selling of the stocks of mortgage finance companies Fannie Mae and Freddie Mac and 17 large investment banks.

The companies' shares have stabilized since the ban took effect July 21. The Securities and Exchange Commission says its order helped prevent stock manipulation, and that regulators will be able to analyze data to gauge its effectiveness. But some experts say that may be difficult to determine.

The SEC instituted the emergency ban last month after a precipitous slide in the shares of Fannie and Freddie, the government-sponsored companies that together hold or guarantee more than $5 trillion in home mortgages — nearly half the U.S. total. The SEC on July 29 extended the ban until 11:59 p.m. EDT Tuesday, saying it would not be extended further.

...

Short sellers bet that a stock's price will fall so that they can profit from it. They borrow shares of the stock and sell them. If the price drops, they buy cheaper actual shares to cover the borrowed ones, pocketing the difference.

"Naked" short selling occurs when sellers don't even borrow the shares before selling them, and then look to cover positions immediately after the sale. The SEC's temporary order required short sellers to actually borrow shares before selling them.

http://news.yahoo.com/s/ap/20080812/ap_on_bi_ge/sec_short_selling

This article
http://www.bloomberg.com/apps/news?pid=20601087&sid=arHaOH3zoyDY&refer=home
used have a headline reading
Bank, Brokerage Shares Decline as Limit on Short-Selling Ends


but of course that headline highlights hedge fund speculation and probably TPTB yelped in protest.

New headline:
Bank Shares Decline as Merrill Says Crisis Isn't Over (Update3)



TPTB much happier

GENEVA - UBS AG, one of the hardest-hit banks in the subprime mortgage crisis, announced Tuesday that it is reorganizing into three distinct businesses after reporting a large quarterly loss and taking another $5.1 billion hit in writedowns.

Switzerland's largest bank is separating its ailing investment bank from its healthier businesses: wealth management for high net worth individuals and asset management.

The bank aims to make those divisions autonomous, and more agile in managing trends in the financial industry. All three divisions will continue to use the UBS brand.

...

The bank announced four new candidates for the board of directors to be selected at a shareholders meeting Oct. 4 — William G. Parrett, retired chief executive officer of Deloitte Touche Tohmatsu; Bruno Gehrig, chairman of Swiss Life Holding and vice chairman of Roche Holding AG; Sally Bott, group human resources director of BP plc; Rainer-Marc Frey, who has held senior positions in a number of investment management companies.

http://news.yahoo.com/s/ap/20080812/ap_on_bi_ge/earns_switzerland_ubs

ZURICH (Reuters) - UBS will separate its troubled investment bank from its prized wealth management arm, paving the way to sell the business that made it Europe's biggest casualty of the credit crunch.

The world's No.1 banker to the rich gave in to shareholder pressure to restructure on Tuesday, admitting there were problems keeping the two businesses integrated.

...

Net new money inflows had been 34 billion francs a year earlier but many well-heeled clients have been scared off by the steady stream of bad news out of the group's Zurich headquarters. UBS has invested 2,000 billion francs for the world's wealthy.

Kurer's change of direction breaks a taboo at UBS, which has long stood by its strategy of running asset management, banking for the rich and investment banking together. These will now be run as autonomous businesses.

...

"We believe UBS investment bank will be not fully owned and even potentially disposed of by UBS over the next two years," said JP Morgan analyst Kian Abouhossein.

http://www.reuters.com/article/bankingFinancial/idUSLB14479020080813

Would you continue to do business with a bank that could expose all your shady dealings, and put you in prison?

It's kind of like being Al Capone's accountant. Good work while it lasts, but the retirement plan ain't that great.

LONDON (MarketWatch) -- Dutch insurance and banking firm ING Group on Wednesday reported a 25% drop in second-quarter net profit as the downturn in markets weighed on its investment returns, though write-downs on risky debt remained low.

The group reported a net profit of 1.92 billion euros ($2.86 billion), down from 2.56 billion euros a year earlier but still ahead of market expectations.

...

ING was also cautious over its prospects for the coming year, saying the industry is facing unprecedented market volatility and intense competition for customer deposits, which is likely to continue into 2009.

...

ING said the bottom-line impact of write-downs in subprime and other risky assets was just 44 million euros in the quarter. It also wrote-down around 260 million euros through shareholders' equity, which doesn't affect profit.

In its European insurance business, ING said gross premium income fell 2.8% to 2.37 billion euros after it halted some low-return pension business in the Netherlands. That was largely balanced by strong growth in Central Europe, where wage inflation has helped boost sales.

http://www.marketwatch.com/news/story/ing-profit-slips-25-weaker/story.aspx?guid=%7B0B24C036-5073-4931-8C1E-94BC343FC59C%7D&dist=hplatest

SAN FRANCISCO (MarketWatch) -- In September 2006, Wachovia arranged a $285 million loan for Latrobe, Penn.-based drinks maker Le-Nature's Inc.

The bank then sold the debt on to investors including Philip Falcone's $20 billion Harbinger Capital hedge-fund firm and the Missouri State Employees' Retirement System.

Roughly 60 days after the loan, Le-Nature's was bankrupt. The company was later found to have fraudulently inflated revenue by about 10 times, according to federal prosecutors.

Harbinger, Missouri and other investors sued Wachovia, claiming the bank knew about Le-Nature's problems, but went ahead with the financing anyway. The fee of more than $7 million was alluring and the deal helped Wachovia in its goal of becoming a major player in the junk-bond market, the suit alleges.

...

Until now, most analysts and investors have focused on Wachovia's $122 billion portfolio of so-called pick-a-pay mortgages, inherited from the infamous acquisition of lender Golden West at the height of the housing boom in 2006.(...)But Wachovia also has more than $200 billion in commercial loans that could trigger even more losses if the U.S. economy slides into recession, according to Cassidy.

http://www.marketwatch.com/news/story/wachovias-commercial-loans-not-just/story.aspx?guid=%7BC8DA2CA1-8312-4BE1-9457-7A57A34CEF3A%7D&dist=msr_2

"Harbinger, Missouri and other investors sued Wachovia, claiming the bank knew about Le-Nature's problems, but went ahead with the financing anyway. The fee of more than $7 million was alluring and the deal helped Wachovia in its goal of becoming a major player in the junk-bond market, the suit alleges."


______________________________________________________

Shouldn't you at least know something about the junk bond market, before you try to get into it?

Or was the former CEO's ego so big that he thought he could do no wrong.

Instead of the Midas touch for turning things into gold, it seems he was more qualified to be installing mufflers.

And didn't this hedge fund have the sense to check out their investment?

:donut: :donut: :donut:

Time for me to go. I'll check back as time allows.

:hi:

http://quotes.ino.com/chart/?s=NYBOT_DX.U08.E&t=f

Last trade 76.352 Change +0.502 (+0.66%)

US Dollar Forecast - Why Inflation Matters to the Fed?

http://www.dailyfx.com/story/bio1/DailyFX_Forecasts___Why_Inflation_1218569353874.html

We expect EUR/USD to trade below 1.45 in 3 months and USD/JPY above 120 in 6 months. The U.S. dollar offers negative interest rates when adjusted by inflation and the Federal Reserve could be pressured to increase rates faster than traders had expected.This week, the release of inflation figures for several countries is likely to catch the attention of many traders. Indeed, we expect consumer prices to increase to record levels but also to be close to peaking since energy prices are significantly lower than they were in the previous month. In this article, we argue for more dollar strength in the months ahead. Currently, the U.S. dollar offers negative interest rates when adjusted by inflation and the U.S. Federal Reserve could be pressured to increase rates faster than traders had previously expected.

Why inflation matters to currency trading?

Last week, we had several central banks announcing their interest rate decision. Yet, despite their different economic circumstances they all have the same concern. In fact, despite the recent easing in the price of oil, central bankers remain concerned with inflation and second round effects of the spike in energy prices. But why inflation matters to currency trading? Inflation is one of the most important indicators used by central banks to make interest rate decisions and since yield differentials have been the main drivers behind many trends in the currency market, inflation indicators do matter for the forex trader.

Forecast for the U.S. dollar based on Real Interest Rates

Currently, the U.S. dollar offers negative real interest rates because the U.S. Federal Reserve believes there are still some down side risks to growth. In fact, the recent strength in economic activity reflects more the spending of taxes rebates than anything else. Yet, the substantial easing of monetary policy to date should help to rescue the U.S. economy from technical recession and going forward the main concern will be price stability. We expect the Federal Reserve to increase rates by 144 bps in the next 18 months and dollar strength to continue. We expect EUR/USD to trade below 1.45 in 3 months and USD/JPY above 120 in 6 months.

...more...

Pound Drops As King Says Economy Facing Difficult, Painful Adjustment

http://www.dailyfx.com/story/topheadline/Pound_Drops_As_King_Says_1218620676348.html

The Pound fell nearly 100 points after BoE Governor stated that the U.K. economy faces a difficult, painful adjustment and that the “balance of risks are on the downside”. The central bank leader would go on to say that although near term inflation risks remain elevated, that a sharp decline in growth will reduce the medium term risks of price stability and that expectations are that consumer prices will return to their 2% target within two years. U.K. also unemployment rose to 2.7% from 2.6% in July, as jobless claims increase by 20,100. It was the sixth straight month of increasing unemployment and the second consecutive above 20,000. The worst housing slump in a quarter century, rising raw material costs and a slowing global economy have eaten away at corporate profits which has forced companies to cut expenses. Therefore, the BoE may have to cut rates by the end of the year to prevent a recession.

The EUR/USD price action during the overnight sessions was choppy as it bounced from resistance at 1.4980 and support at 1.4900. The region’s June industrial production report showed activity remained flat after the previous month’s biggest drop in nearly 16 years. Producers have had to battle rising input costs and softening demand due to a strong Euro and slowing global growth on the back of the U.S. credit crisis. The European economy more than likely contracted in the second quarter which has moved ECB officials off their hawkish bias and resulted in the Euro recent weakness. Although the central bank isn’t expected to cut rates in 2008, as growth slows expect the cries for action from European leaders to grow louder.

The upcoming retail sales report will present significant event risk for the dollar as the U.S. consumer is expected to have curbed their spending, after they have exhausted their rebate checks. The expected 0.1% decline may be underestimating the headwinds that consumers have been facing from rising gas and food prices, a housing slump and a deteriorating labor market. Wholesale inventories in June rose 1.1% as retailers have cut back their purchases in anticipation of a slower back to school season, which could set the tone for the end of the year shopping season which accounts for 70% of purchases. The dollar will struggle to build on its recent gains if the outlook for consumption diminishes. However, a better than expected result could

...more...

:nopity:

They're down to the point where the only excuse they have left is, "Those damned employees are defrauding us with their health care claims.

Why don't they start brib-, er,- lobbying the Senators and Congressmen in their pockets to start pushing for single payer. It would cut their costs enormously, and improve the health care system as a bonus.

04. Moody's downgrades GM to 'Caa1'; outlook negative
10:50 AM ET, Aug 13, 2008

Still reeling from its lengthy battle with Microsoft and the subsequent exodus of top executives, bad news has once again struck at Yahoo with reports that the company may be considering layoffs.

The rumored cuts are said to be part of an effort to streamline the consumer and advertising business units.

The story first appeared in All Things Digital.

While the story is still speculative, Yahoo is said to be under enormous pressure to make cuts it promised in the midst of fending off Microsoft's bid for control of the company.

http://www.imediaconnection.com/news/20224.asp

Aug. 13 (Bloomberg) -- The Bank of England cut its forecast for U.K. economic growth and held out the prospect of lower interest rates as unemployment rose the most in almost 16 years.

Governor Mervyn King said the inflation rate will fall below the 2 percent target in two years if policy makers keep the benchmark interest rate at 5 percent. Claims for jobless benefits climbed 20,100 in July to 864,700, the biggest increase since December 1992, a government report showed.

The pound and government bond yields fell after the reports, which suggested the central bank may have room to lower interest rates as the economy heads toward a recession. Higher unemployment may prompt consumers to curtail spending and exacerbate the worst housing market slump since the early 1990s.

``It may still be summer but there is a feeling of chill in the economic air,'' King said at a press conference in London today. The economy faces a ``difficult and painful adjustment'' that ``cannot be avoided. As a result inflation is rising and growth is slowing.''

http://www.bloomberg.com/apps/news?pid=20601087&sid=aXoW6vK.mSSI&refer=home

As bad as things are here, they may be even worse across the pond.

and will soon be completely lost.

The ruthless, ex-head of the KGB, listening to the chimp say, "I've looked into his soul, and he's a good man".

Putin thinking, "Where in the hell did they find this asshole? And how did we lose the cold war?"

Mr. Bush's definition of "Soul". Implying that either of them have a functioning unit.
Mr. Bush's definition of "good". 'nuff sed.

That Mr. Bush would claim to possess the intellect, empathy or insight to come to such a conclusion.

He was crushing on a man whose intellect he admired and whose value system he was in sympathy with.

A crush. That's all.

:donut: and lurkers. Last night I went to a visitation and rosary for the husband of one of my co-workers. This man started a counseling department for the Houston Fire Department and started a suicide prevention group. He was a great guy. Even though he was not a fireman per say-he was so well thought of and helped so many firemen deal with the deaths and stress they encounter, he was thought of, in essence, as a fireman's fireman. He went to so many fires that his wife had to remind him that he was not a first responder.:rofl: He even had an official vehicle.

Anyway, I have seen been to police funerals and they are impressive indeed. And I am here to tell you that fire fighter's funerals are just as impressive. There is something to be said about the union brotherhood (AFL-CIO) and the brotherhood of firefighters. To be chosen for that detail is an honour like no other. We surely will miss someone like that. The world could use a few more people like that, not fewer.

Happy hunting and watch out for the bears.

The parent of Uno Chicago Grill, a chain of 200-plus pizzeria-themed restaurants, will skip a bond payment on Friday as it tries to negotiate more financial breathing room amid increasingly difficult times for sit-down eateries, according to two people familiar with the matter.

Uno Restaurant Holdings Corp. -- whose restaurants grew from a single Chicago landmark and are predominantly in East Coast states like New York, Pennsylvania and Massachusetts -- is one of a growing number of regional and national restaurant companies squeezed by falling sales, rising food costs and burdensome debt.

Now based in Boston, Uno employs more than 5,500 people at company-owned sites and thousands more at its franchised restaurants. It was acquired in a leveraged-buyout in January 2005 by the private-equity fund Centre Partners and members of management.

Uno faces a $7.5 million interest payment due Friday on its $141 million in senior secured notes. It plans to defer that payment and is in talks with six bondholders for a waiver or an amendment, say two people familiar with the talks.

http://www.wsj.com/article/SB121859719364035879.html?mod=psp_whatsnews

Looks like Uno's may be the next chain to go under.

Highlights

Current:



30-day and 90-day vs.greenback:



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




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

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

Up-to-the-minute graph: http://quotes.ino.com/chart/?s=CME_CD.Y%24%24&v=s&w=5&t=l&a=1

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

2008-07-02 Wednesday, July 2 0.987459 USD
2008-07-03 Thursday, July 3 0.980008 USD
2008-07-04 Friday, July 4 0.980008 USD
2008-07-07 Monday, July 7 0.982898 USD
2008-07-08 Tuesday, July 8 0.979912 USD
2008-07-09 Wednesday, July 9 0.989315 USD
2008-07-10 Thursday, July 10 0.989805 USD
2008-07-11 Friday, July 11 0.990786 USD
2008-07-14 Monday, July 14 0.994036 USD
2008-07-15 Tuesday, July 15 0.998502 USD
2008-07-16 Wednesday, July 16 0.998004 USD
2008-07-17 Thursday, July 17 0.998203 USD
2008-07-18 Friday, July 18 0.994728 USD
2008-07-21 Monday, July 21 0.998104 USD
2008-07-22 Tuesday, July 22 0.991768 USD
2008-07-23 Wednesday, July 23 0.991277 USD
2008-07-24 Thursday, July 24 0.988728 USD
2008-07-25 Friday, July 25 0.983574 USD
2008-07-28 Monday, July 28 0.978474 USD
2008-07-29 Tuesday, July 29 0.974659 USD
2008-07-30 Wednesday, July 30 0.976562 USD
2008-07-31 Thursday, July 31 0.974564 USD
2008-08-01 Friday, August 1 0.975515 USD
2008-08-04 Monday, August 4 0.965717 USD
2008-08-05 Tuesday, August 5 0.959233 USD
2008-08-06 Wednesday, August 6 0.95511 USD
2008-08-07 Thursday, August 7 0.951475 USD
2008-08-08 Friday, August 8 0.936593 USD
2008-08-11 Monday, August 11 0.936944 USD
2008-08-12 Tuesday, August 12 0.939761 USD

Current values

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

Market            Open   High    Low   Last  Change    Pct 
CD.Y$$ Cash     0.9353 0.9377 0.9351 0.9369 -0.0048 -0.51% 
CD.U08 Sep 2008 0.9363 0.9375 0.9363 0.9375 -0.0037 -0.39% 
CD.Z08 Dec 2008 0.9338 0.9338 0.9338 0.9338 -0.0069 -0.73% 
CD.H09 Mar 2009 0.9519 0.9519 0.9519 0.9411 +0.0055 +0.58% 
CD.M09 Jun 2009 0.9880 0.9880 0.9880 0.9418 +0.0055 +0.58% 
CD.U09 Sep 2009 0.9540 0.9540 0.9540 0.9426 +0.0055 +0.58% 
CD.Z09 Dec 2009 0.9845 0.9845 0.9845 0.9434 +0.0055 +0.58%  

Other combinations: (http://quotes.ino.com/exchanges/?c=currencies)

Market          Open    High    Low     Last    Change   Pct 
AUSTRALIAN $/CANADIAN $ (CME:ACD)
ACD.U08 Sep 2008 0.9274 0.9274 0.9274 0.9274 -0.0122 -1.32%  
EURO/BRITISH POUND (NYBOT:GB)
GB.U08.E Sep 2008 (E) 0.79460 0.79530 0.79460 0.79530 +0.01235 +1.58%    
EURO/JAPANESE YEN (NYBOT:EJ)
EJ.U08.E Sep 2008 (E) 162.210 162.210 160.940 160.940 -3.835 -2.33%     
EURO/US$ (SMALL) (NYBOT:EO)
EO.U08.E Sep 2008 (E) 1.48740 1.49030 1.48380 1.48450 -0.01345 -0.90% %   

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

The September Canadian Dollar was lower overnight as it extends the decline off July's high. If September extends this month's decline, last August's low crossing at 93.00 then the 75% retracement level of the 2007-2008 rally crossing at .9279 are the next downside targets. Closes above the 10-day moving average crossing at 95.22 are needed to confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 95.22. Second resistance is the 20-day moving average crossing at 96.90. First support is Tuesday's low crossing at 93.14. Second support is last August's low crossing at 93.00.

Analysis

Listened to several economics shows yesterday with nobody reaching any firm conclusions about what's going on other than everybody's relieved that oil prices have dropped back a bit.

Sorry, but some of the economy stories made me laugh....

http://www.theinternetnowinhandybookform.com/bahoogle/goodnews.html



sample snip:
Reuters
Capitalists realise: "What's the point?"
Reuters - 6 hours ago

LONDON (Reuters) - The Global Capitalist System fades into memory as people all over the world realise it was all a big horrible scam anyway.

Money not needed anymore Financial Times
Joy Index up 500 points Forbes
BBC News - International Herald Tribune - Walletwatch - MENAFN - and 23 related »

NEW YORK (Reuters) - Countrywide Financial Corp said thousands of borrowers with $25.4 billion in option adjustable-rate mortgages (ARMs) owe almost as much as their homes are worth as home prices slide and more homeowners abandon their properties.

Another sign of borrower distress: One in eight is at least 90 days late on payments.

As of June 30, the typical borrower owed 95 percent of the value of his home, up from 76 percent when the loan was made, Countrywide, the big U.S. lender, said in a regulatory filing on Monday.

Countrywide's $25.4 billion in option ARMs represents about 28 percent of total mortgage loans it holds for investment. Option ARMs offer different payment options -- such as making smaller payments or even partially skipping payments -- but the principal owed on the mortgage may actually increase.

Seventy-two percent of borrowers were making less than full interest payments, and 12.4 percent were at least 90 days delinquent. The average FICO, a widely used credit score, dropped to 680 from an original 715, but topped the 620 that some analysts deem a cutoff for "subprime." The U.S. median is 723.

http://www.reuters.com/article/fundsFundsNews/idUSN1251538220080812

NEW YORK – West Virginia sued Countrywide Financial Corp accusing the mortgage lender, now owned by Bank of America , of making risky and costly loans to consumers who could not afford them.

Darrell McGraw, the state's attorney general, filed the lawsuit against Countrywide and its co-founder and former chief executive, Angelo Mozilo, Tuesday with the Putnam County Circuit Court.

West Virginia is at least the fifth U.S. state to sue Countrywide over its business practices, joining California, Connecticut, Florida and Illinois. Another state, Washington, has threatened to revoke Countrywide's lending license.

http://www.signonsandiego.com/news/business/20080813-1006-countrywide-.html

So now Countrywide is complaining that the mortgages they are holding are junk? Countrywide did everything it could to make sure the product they sold stunk. I hope these five states hold Countrywide's feet to the fire.

"One in eight is at least 90 days late on payments."

http://blogs.reuters.com/commodity-corner/2008/08/12/start-of-the-games-end-of-the-commodities-boom/

And even though he focuses mainly on the Olympiad, I keep thinking about all the dams and relocation construction. What happens when those projects wind up?

Sorry about the delay. I have been sick with some intestinal thing and I had a guy installing a new screen door.

CLU08.NYM Crude Oil Sep 08 114.45 11:29am ET Up 1.44 (1.27%)
HOU08.NYM Heating Oil Sep 08 3.1275 11:41am ET Up 0.0494 (1.60%)
NGU08.NYM Natural Gas Sep 08 8.212 11:29am ET Down 0.118 (1.42%)
PNU08.NYM Propane Gas Sep 08 1.58 9:48am ET 0.00 (0.00%)
RBU08.NYM RBOB Gasoline Sep 08 2.8965 11:29am ET Up 0.0533 (1.87%)

If this follows form, the downside could start after lunch. If not then, once again by thurs or friday. This is a slow sucker's bounce.

HGQ08.CMX Copper Aug 08 3.374 11:53am ET Up 0.139 (4.30%)
ZGQ08.CBT Gold 100 oz. Aug 08 825.10 10:39am ET Up 15.70 (1.94%)
GCQ08.CMX Gold Aug 08 829.10 11:59am ET Up 20.90 (2.59%)
PAU08.NYM Palladium Sep 08 312.00 11:53am ET Up 1.45 (0.47%)

CU08.CBT Corn Sep 08 537.25 12:25pm ET Up 28.25 (5.55%)
OU08.CBT Oats Sep 08 361.00 12:24pm ET Up 4.00 (1.12%)
RRU08.CBT Rough Rice Sep 08 16.10 12:22pm ET Up 0.08 (0.50%)
SMQ08.CBT Soybean Meal Aug 08 354.00 12:25pm ET Up 12.30 (3.60%)
BOQ08.CBT Soybean Oil Aug 08 51.30 11:45am ET Up 1.47 (2.95%)
SQ08.CBT Soybeans Aug 08 1,252.00 12:12pm ET Up 32.00 (2.62%)

FCQ08.CME Feeder Cattle Aug 08 114.00 12:24pm ET Down 1.15 (1.00%)
PBQ08.CME Frozen Pork Bellies Aug 08 77.25 10:10am ET Up 4.50 (6.19%)
LHQ08.CME Lean Hogs Aug 08 88.25 12:16pm ET Down 0.25 (0.28%)
LCQ08.CME Live Cattle Aug 08 102.90 12:19pm ET Up 0.125 (0.12%)

CCU08.NYB Cocoa Sep 08 2,691.00 12:06pm ET Down 2.00 (0.07%)
KCU08.NYB Coffee Sep 08 134.50 12:05pm ET Down 2.95 (2.15%)
CTV08.NYB Cotton Oct 08 68.10 12:00pm ET Up 0.82 (1.22%)
LBU08.CME Lumber Sep 08 265.30 12:24pm ET Up 2.30 (0.87%)
OJU08.NYB Orange Juice Sep 08 103.40 12:03pm ET Up 2.65 (2.63%)
SBV08.NYB Sugar #11 Oct 08 13.73 12:06pm ET Up 0.12 (0.88%)
SEX08.NYB Sugar #14 Nov 08 23.35 9:14am ET Up 0.05 (0.21%)

But on the serious side.... take care. Tummy Yuck is never fun.

his job."

This was in the thread about the Arkansas shooting.

Didn't the shooter at the UU church complain about losing his job, too?

RWers are feeling the effects of this economy and they're blaming LIBERALS. Talk about cognitive dissonance.

One poster said that the shooter was recently laid off at Bill Gwatney Chevrolet. Gwatney owns 3 auto dealerships in the area. Could be motive.

But, just a rumor flying around the toobs right now.

Little Rock Newspaper and CNN working to confirm it now.

Sorry, no links.

Dow 11,532.96 Down 109.51 (0.94%)
Nasdaq 2,428.62 Down 1.99 (0.08%)
S&P 500 1,285.83 Down 3.76 (0.29%)
10-Yr Bond 3.9470% Up 0.0290
NYSE Volume 4,796,135,500
Nasdaq Volume 2,050,596,000

4:20 pm : The stock market fell 0.3%, with seven of the ten economic sectors posting a loss on Wednesday. The end result is actually pretty decent considering stocks recovered from a 1.1% decline in the face of a spike in crude prices, financial stock downgrades, and sluggish retail sales.

Crude prices rallied 2.9% to $116.31 per barrel after U.S. government data showed that crude stockpiles unexpectedly declined and gasoline inventory levels posted a steep drop. Commodities (+2.4%) as a whole also saw a lift, with gold climbing 2.2%.

As a result, the energy (+3.4%) and materials (+2.4%) sectors rallied, which helped limit the broader market's decline.

Conversely, energy-price-sensitive areas came under pressure, with consumer discretionary stocks falling 1.6%. Retailers were on the defensive, dropping 2.4% as sluggish July retail sales data compounded selling interest.

Financials fell 3.0%, which follows the previous session's steep 5% decline. Bank of America (BAC 28.93, -2.20) tumbled 7%, with media reports indicating that several states are suing Countrywide Financial, which the banking giant recently acquired, over Countrywide's lending practices. In addition, Lehman Brothers (LEH 15.71, -0.50) had its earnings estimates cut at Deutsche Bank, while Goldman Sachs (GS 165.12, -2.18), Morgan Stanley (MS 40.17, -2.33) and Lehman Brothers were downgraded to Underperform at Merrill Lynch.

Industrial stocks (-0.8%) trailed the broader market. Deere (DE 67.05, -2.30) missed on both the top and bottom line in its fiscal third quarter, and gave a disappointing earnings outlook for its fiscal fourth quarter, citing escalating raw material costs. Caterpillar (CAT 66.90, -1.91) fell in conjunction with Deere, which, along with weakness in BofA was a major factor in the Dow underperforming with a 0.9% loss.

In merger and acquisition news, CVS Caremark (CVS 38.08, +0.01) is buying Longs Drug Stores (LDG 70.68, +16.64) for $71.50 per share in cash, or $2.9 billion, which represents a 32% premium to yesterday's closing level.

On the economic front, July retail sales data were soft, and will play into the market's concerns about a pullback in consumer discretionary spending. Retail sales fell 0.1%, the first drop since February, although this is in-line with estimates. Excluding gasoline and grocery store sales, retail sales fell 0.3%. DJ30 -109.51 NASDAQ -1.99 NQ100 +0.1% R2K +0.4% SP400 +0.3% SP500 -3.76 NASDAQ Dec/Adv/Vol 1321/1506/2.04 bln NYSE Dec/Adv/Vol 177/1353/1.21 bln