Gold dives $40 to $1200~

And IMO you know what that means, buy my pretties! buy like the wind!

Alan Cummings’ sings ‘Money’ from Cabaret / Scrooge McDuck mashup by Kidwicked7th

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July 1, 2010. Tags: , , , , , , , . Entertainment, Finance, Taxes, Unemployment Statistics, Wall St. Comments off.

Market Movers Friday: Retail sales up 0.4%, futures still down sharply on Sovereign debt concerns, Euro drops to $1.24 vs USD, Gold pops $16 to $1245…

Markets not convinced by the 1T ponzi scheme wherein the FED and the EMU trade printed money back and forth across the pond and claim they have fixed the problem.

Great, short, spot on analysis yesterday from David Hefty of Cornerstone Wealth Management. He forecasts a DOW pop and then a collapse later this year to DOW 5,000. He cites all the concerns the street (and MiM!) are feeling. And of course there is a denial consumed Bull in the segment too:

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Retail sales popped 0.4% in April after being up over 1% in March and they have a deluded retailer on saying the American consumer has recovered and she wants a new pair of Jimmy Choos. BWAAAAHAAAAAA!!!!!

AS -IF!!! Frakkin maroons! He is claiming people earning 75k up is CORE OF MALL BUSINESS and is fine with UE. He is INSANE! Bill Taubman COO. BWAAAHAAAA!!!!! Ahh man that was a good one!

He says HOUSING PRICES ARE STABLE!!!! BWAAAHAFRAKKINHAAAA!!! Ahh man they really slay me these people.

In other NO SHXT! news the WSJ reports the massive US bailout ‘missed Main St’:

Government funding to U.S. banks has done little to ease the credit crunch for small businesses—and the situation doesn’t seem to be improving, according to a new report.

The value of large banks’ loans to small businesses shrank 9% between 2008 and 2009, more than double the 4.1% drop for overall lending, said a report released Thursday by the Congressional Oversight Panel, a group set up to oversee funds allocated by the federal government’s Troubled Asset Relief Program.

“Big banks pulled back on everyone, but they pulled back harder on small businesses,” said Elizabeth Warren, chairwoman of the oversight panel, in a discussion with reporters.

…said that small-business lending values at the smallest banks fell by about 2.7%, compared with a 0.2% decline in their overall lending….

May 14, 2010. Tags: , , , , , , , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St. 1 comment.

Show me the money: EU announces *955b* fund to fight ‘wolves’ and ‘speculators’ and ‘defend the Euro’

Update: 9:51am the Euro Tarp is bigger than first announced…waaay bigger:

…They pulled 440 billion euros out of a hat, as a bailout fund for sovereign states. The IMF kicked in another 250 billion, and there’s another 60 billion coming from the EU itself. It’s just under a trillion dollars….

Word is the FED uncapped the swap lines also…rally zombie bull rally like the zombie you are..it’s a zombie world now…

Update: 9:30am EST: DOW opening…soaring on EU bailout and FED opening of swap lines to EMU…DOW up 212, wow NAS up over 100, GOLD down 10 to 1200.20 and holding there…all 30 DOW components open higher…Germany is on the hook for the big dollars…

9:32am: DOW now up 300, FOXBiz notes no curbs to the upside exist, lol…looks like a nice opportunity to SELL into the rally to me, but then I am a bear heh….

Will US markets open up, commodities fall with USDollar and Euro rise? If so, will it last more than a few hours? Only if the EU actually loads their bazooka with serious money. And the Fed better have the sense to stay out of it, the Congress critters will go wild if they try to get involved in the funding mechanism…

Expectations of decisive action buoyed the euro as trading began in Asia. It jumped 1.5 percent to $1.2939 as of 7:59 a.m. in Sydney. EU officials aimed to wrap up the meeting by 2 a.m. Brussels time….

Bloomberg:

European Union finance ministers moved toward agreement on an unprecedented loan package worth at least $645 billion to prevent Greece’s fiscal woes from triggering a broader sovereign-debt crisis and shattering confidence in the euro.Jolted into action by last week’s slide in the currency to a 14-month low and soaring bond yields in Portugal and Spain, the 16 euro governments sketched out plans to make 440 billion euros ($570 billion) available, with 60 billion euros more from the EU’s budget, according to three officials at the talks in Brussels. An additional, unspecified sum may come from the International Monetary Fund, the officials said.

“We are going to defend the euro,” Spanish Economy Minister Elena Salgado told reporters as she arrived to chair the meeting yesterday. “We think we have a duty for more stability for our currency. We will do whatever is necessary.”…

Ahhhoooo the Werewolves of London….it’s the FOXES in the henhouse they should be worrying about…

…“In the night, when the markets are opening, we cannot afford a disappointment,” said Finance Minister Anders Borg of Sweden, one of 11 EU nations not in the euro. “We now see herd behavior in the markets that are really pack behavior, wolfpack behavior.”..

France is using its intelligence agency to try and stop ‘speculation’ IOW they do not want the Euro to trade ‘freely’?

French financial authorities will work with intelligence services to crack down on speculators seeking to profit from the debt crisis by spreading unfounded rumors, the head of the AMF markets watchdog said on Friday.

“We are in a period when rumors are affecting the security of states, the credibility of the euro zone,” AMF president Jean-Pierre Jouyet told I-Tele television.He said market authorities would use all the means at their disposal and would work with the DCRI, a domestic intelligence service that normally handles cases of counter espionage and cybercrime.

If necessary, investigators would look at “everything which might have been exchanged in the form of emails, text messages, anything which might have been put up on internal bulletin boards at banks or funds,” he said.

“If it turns out that certain baseless rumors…are not backed up by…any rigorous analysis, I do not doubt that there will be sanctions against the operators,” he said.

The comments, which follow similar remarks on Thursday by Economy Minister Christine Lagarde, add to a growing chorus of condemnation in Europe of what many politicians have described as speculative attacks against the euro on financial markets….

May 9, 2010. Tags: , , , , , , , , , , , , , . Economy, Finance, Politics, Wall St. Comments off.

El Erian: the contagion of the Greek debt crisis and insolvency of sovereign debt

Changed post title, CNBC had a bad title there, El Erian did not say it was frightening, he said we have serious concerns over the contagion and solvency…

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Yesterday’s interview, which CNBC tried to blame for the market plunge, lol:

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more about “El Erian: the ‘frightening’ new norma…“, posted with vodpod

May 7, 2010. Tags: , , , , , , , , , , . Economy, Finance, Politics, Taxes, Unemployment Statistics, Wall St. Comments off.

Greek Parliament ratifies austerity measures, EURO tanks, USDollar rises, GOLD soars up $24 to $1199, DOW plummets +200

Duncan Niederauer, NYSE Euronext CEO discusses whether error really caused the market plunge today

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8:09pm EST: NYSE cancels all trades made between 2:40pm and 3:00pm that were more than 60% off.

Word is after the first really low maybe -off- trade, the computers ran wild with it, Since NYSE has a sort of stopbreaker where they wait maybe 60 seconds to put a trade through if it looks really ‘off’, the trade just moves to the next electronic exchange for a price, the other exchanges do not have the stopbreak so the trades go through, wrong and all. Then the quant models, the buy and sell limits all start kicking in automatically and we get what happened today.

Several respected traders came out this afternoon and said the market is broken, it is too fast. We need the NYSE stopbreak model applied to all electronic exchangs or it will happen again. Duncan Niederhauer cam eon with Maria Bartiromo and explained it well, I will post the video.

SEC and CFTC say they are examing today’s events.

Duncan said tomorrow will probably be ‘ugly’.

3:58pm EST: So a bad trade on PG off by a digit is rumoured to be responsible for the drop from -400 to -998 and back to -400ish. But the Euro plunge, the USDollar rocket, the GOLD surge and the 400ish drop are all fer realsies.

DOW closing down 354 to 10514, those sell programs that ‘kicked in’ saved lots of bacon. But having humans on the floor making the trades would likely have prevented the entire bad order issue in the first place.

3:07pm EST: The 998 drop is an intraday record, now DOW is down 366. I went ahead and pulled the trigger on the LYV buy I have been eyeing. Since I cant beat Ticketmaster I may as well join ;em, the frakkers!!!

2:51PM est: I think the plunge protection team stepped in, suddenly back up to down 650-where are the trading curbs??

2:49 HOLY SHXT, DOW DOWN 956, US DOLLAR SURGING against EURO, FORGET Obamas export plan, PFFT!

2:48om EST: Holy shxt DOW now down 778 and not stopping, this is fear the US will go the way of Greece, we need to STOP SPENDING

2:44pm EST: Above the post update-DOW now down 503 to 10364, GOLD crossed 1200…hang on sloopy!

gold baby

you know what that means….

2:20pm EST: the crowd is pushing closer and closer to the  police line outside Parliament in Athens

…DOW now down 270

2:24pm EST Crowd dispersed into small groups outside Parliament and are now moving into commercial center…

May 6, 2010. Tags: , , , , , , , . Finance, Politics, Wall St. Comments off.

In-Depth Look – Dollar Slide Continues – Bloomberg

June 1, 2009. Tags: , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Uncategorized, Wall St. 1 comment.

Market Wrap Up: Dow closes down 200+…Big 3 loan stalled at WH…

As the closing bell rings the DOW is down 222 to 8603; NAS down 27 to 1552 and S&P down 19 to 885.

wall-street21

The NAS was down all say on downgrade of chip makers and Intel in particular got hammered when their price target was downgraded below $12..

DOW turned down after Standard & Poor’s decided to re-affirm GEs AAA rating, but simultaneously downgraded their credit outlook from stable to negative…Ironically, S&P rang the closing bell on the Nasdaq today…

…Sprinzen’s report reaffirmed GE’s present rating, but pointed to earnings pressure and the need for funding at GE Capital that forced management to revise its earnings guidance. S&P generated its own projections, Sprinzen said, and “it’s clear that this is going to be a pretty severe credit cycle.”..

You know what Franck Eggelhoffer would say don;t you? ‘Party pooper Standard and Pooor’s’…where were these jokers since 2003??

(more…)

December 18, 2008. Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Big 3, Cabinet, Economy, Finance, Foreclosures, Housing, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. Comments off.

UPDATE: Foreclosures Rise…November Jobs Report In….Shocker over 500,000 jobs lost..

UPDATE 3: 10:00am EST: And the hits just keep on comin’. MBA reports total loans in foreclosure at end of 3Q rose to 2.97%, delinquent loans rose to 6.99%. This means 10% of ALL home loans in the US are now delinquent or in foreclosure. As the job losses roll over, Diana Olick of CNBC notes that this is less a subprime ARM issue and now more an overall economic downturn and high unemployment issue….gee I have an idea, IMPLEMENT THE FDIC PLAN!!..DOW now down 160….

UPDATE 2 9:50am EST: DOW down 100. The BIG 3 are about to begin testimony before the House Financial Services Cmte. Barney Frank, D-MA, opening stmt was spot-on and covered the ‘disaster’ a bankruptcy with the BIG3 ceasing to pay their creditors, would be in the current economic situation, He made a point of discussing the labor statistics. I notice Spencer Bachus R-Al, the senior minority seat on the panel is ALSO from Alabama, like Shelby on the Senate Banking CMTE,  Alabama has LOTS of foreign auto manufacturers, let’s hope they get beyond that and look at the entire economy…watch it live on CSPAN now here

UPDATE: 8:30 am EST: The numbers are coming in now..

Rick Santelli reports…

It’s brutal, for the month of November new jobless claims are 533,000 (the largest drop since 1974). The unemployment rate is 6.7%..

September’s jobless numbers revised downward, what was reported as a loss of 284,000 jobs now revised to show an actual loss of nearly double that, 403,000…

October nonfarm payrolls revised to a loss of 320,000 from an earlier report of down 240,000..

unemployment1

by marvinsdad Creative Commons - Attribution

Numbers to be released at 8:30am EST, at times like this I wish we knew who the incoming Labor Secretary was so the street could get a boost from a statement of reassurance on plans for future employment….

The dollar has been falling against the Yen and the Euro ahead of the jobs report, coupled with the ECB (.75! ) and BoE  (1.00) rate cuts yesterday,  currency traders would no doubt remind us that in a global recession the US dollar will still do well despite our current economic woes in the US.  Bloomberg on expectations for the jobs number and the dollar trade ahead of its release:

…U.S. payrolls shrank by 333,000 workers in November after a drop of 240,000 in the previous month, according to the median forecast of 73 economists surveyed by Bloomberg News. The jobless rate jumped to 6.8 percent, the highest level in 15 years, a separate survey showed. The Labor Department will release the report at 8:30 a.m. in Washington.

“Some are selling the dollar ahead of the payroll report,” said Brian Dolan, chief currency strategist at FOREX.com, a unit of online currency trading firm Gain Capital in Bedminster, New Jersey. “You have a perfect storm building for the dollar.”

I repeat it is insane to play with the economic recovery and labor markets by letting GM or Ford go under right now..forcing a merger on privately owned Chrysler to publicly owned GM raises all sorts of issues, but if one has to fail to let the other two live, I say Chrysler should go (may my Jeep live on as it did after the end of American Motors). Ford is in good shape and GM is too big with the parts suppliers to go down in this labor market..

The BIG 3 are in front of the House this morning, with these job numbers I am hoping they have a better plan than letting them go through an immediate prepackaged bankruptcy. The ole Real Estate saw: location, location, location is now jobs, jobs, jobs.

No housing recovery will takeoff with rapidly rising unemployment, and what would be a gradual increase to a high of perhaps 8.5% in unemployment by the end of 09 as we enter the peak and begin to recover, could be twice that in half as much time if we let the BIG 3 go down without a fight…

December 5, 2008. Tags: , , , , , , , , , , , , , , , , , . Big 3, Cabinet, Economy, FDIC, Film, Finance, Foreclosures, Housing, Labor Department, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 6 comments.

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