And down goes Frazier: DOW closes down 371

Markets tried to rally back 3 times, DOW down for the count-we need an honest ref to call the fight over and stop the global bailout blitz…

DOW closes down 377 to 10,066.80

NAS down 94 to 2204

S&P broke another level down 43 to 1071

My Mastercard purchase from last week was one of like 3 stocks that stayed positive in the S & P today, sell in May, go away baby.

Rick Santelli points out we had climbed back to down 192 when the headline crossed that FINREG passed cloture and would pass tonight, we then tanked 200 points.

ZERO confidence in the Critters.

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May 20, 2010. Tags: , , , , , , , , . Economy, Finance, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St. Comments off.

Market Update: DOW down 243, on EMU concerns, spike in weekly jobless claims…

Someone wake Geithner up and let him know, will ya? Gold down, Oil down, everything is down but Treasury prices…

CNBC:

…Initial claims for state unemployment benefits increased 25,000 to a seasonally adjusted 471,000 in the week ended May 15, the highest level since the week ended April 10, the Labor Department said Thursday.

The surprise jump took a toll on U.S. financial markets, already reeling on concerns Europe’s debt crisis could put a damper on the U.S. economic recovery….

The legislators across the world are scaring the crxp out of the markets:

...“I’m convinced the markets are really out of control. That is why we need really effective regulation, in the sense of creating a properly functioning market mechanism.”

Mr Schaeuble’s sense of urgency is compounded by his own state of health. Just 10 days ago, the 67-year-old survivor of a mentally disturbed would-be assassin was rushed to hospital with an allergic reaction to a new antibiotic as he arrived in Brussels for the emergency meeting of EU finance ministers called to agree on the 750 billion euro rescue package….

May 20, 2010. Tags: , , , , , , , . Economy, Finance, Obama Administration, Politics, Unemployment Statistics, Wall St. Comments off.

Housing Update: 1 in 7 home loans now in default or foreclosure (14.69%), 4.3 million units in shadow inventory and purchase applications plunged 27%, lowest level in 13 yrs, but don’t worry! Tim Geithner says Euro Debt crisis could never happen here…

And the hits just keep on comin’ in housing…

Calculated Risk is covering all the bases:

Details from the MBA conference call on the Q1 delinquency RECORD, highlights include:

  • FHA foreclosure starts up sharply.
  • “Shadow inventory” of 4.3 million loans that need to worked through (90 day delinquent or in foreclosure) – or they will become REOs or distressed sales.
  • Prime fixed rate is now the key problem!
  • “Sand states” will not be as dominant as the problem moves to prime fixed rate.
  • On the horror show that is the purchase application drop (just like Cash for Clunkers, they cannibalized future sales):

    The MBA reports: Mortgage Purchase Applications Plummet While Refinance Applications Increase in Latest MBA Weekly Survey

    …The Refinance Index increased 14.5 percent from the previous week and the seasonally adjusted Purchase Index decreased 27.1 percent from one week earlier. This is the lowest Purchase Index observed in the survey since May of 1997.

    (more…)

    May 19, 2010. Tags: , , , , , , , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, 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:

    Vodpod videos no longer available.

    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.

    It’s a dead man’s party! – QE goes global: Euro zone central banks buying govt bonds..

    EU QE..

    Euro zone central banks have started buying government bonds, Germany’s Bundesbank said on Monday.

    Ride Zombie Bull, ride..

    May 10, 2010. Tags: , , , , , , , . Economy, Finance, Politics, TARP, Taxes, 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…

    Vodpod videos no longer available.

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

    Vodpod videos no longer available.

    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.

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