STOCK MARKET WATCH -- Friday, 2 November 2012

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Friday, 2 November 2012[font color=black][/font]

SMW for 1 November 2012

AT THE CLOSING BELL ON 1 November 2012
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Dow Jones 13,232.62 +136.16 (1.04%)
S&P 500 1,427.59 +15.43 (1.09%)
Nasdaq 3,020.06 +42.83 (1.44%)


[font color=red]10 Year 1.72% +0.01 (0.58%)
30 Year 2.90% +0.02 (0.69%) [font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
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[font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .



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[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]

[tclambert]

1. Last official jobs numbers before election come out today.

Whether good or bad, Republicans will react the wrong way.

[rgbecker]

2. What has been the buzz on the direction of the stock market come November 7th?

Is 2012 the last year of 15% tax on Capital gains with big exemptions? Will the Bush tax cuts expire and will the winner Obama and the democrats remove the favorable tax rate on interest and cap gains? Will investors like me sell off to take the gains now before 2013? Will the Dow turn down reflecting the action of many in my situation? I totally supporting Obama and the Democrats but what will be the effect on the Dow Jones of their win next week?

[Demeter]

3. Randomize the evil! Today's management note

[xchrom]

4. all saints and day of the dead...FIESTA AT FUDDNIK'S!11

?1338572197

[xchrom]

5. Europe's Manufacturing Downturn Is Only Getting Worse

http://www.businessinsider.com/october-euro-manufacturing-pmi-2012-11

Markit just published the Euro area's October manufacturing PMI reports as its stock markets open for Friday trading.
The decline of the Spanish, Italian, and German manufacturing sectors accelerated in October.
France's downturn is decelerating a bit, but its PMI measure sits at an ugly 43.7.
Any reading below 50 signals contraction.


Read more: http://www.businessinsider.com/october-euro-manufacturing-pmi-2012-11#ixzz2B47pxbIS

[xchrom]

6. “We can’t allow Spain to become unraveled,” says US president

http://elpais.com/elpais/2012/10/29/inenglish/1351539091_928612.html

US President Barack Obama on Monday said that the United States “can’t allow Spain to become unraveled” by its current economic crisis.

Speaking in a telephone interview with the Spanish-language, Colombia-based W Radio network, Obama said helping Spain and the rest of Europe was in the United States’ best interest because it would also strengthen the US economy. The European Union (EU) bloc is the country’s number one trading partner, he said.

“We cannot allow Spain to become unraveled,” Obama said. “What we have tried to do is to encourage all the countries in the region to get together to make sure that Spain, which is engaged in current reforms, is getting the support from other countries like Germany. Over the long term this would make all of Europe more prosperous.”

Nevertheless, the US leader said that the EU has a difficult task ahead in trying to resolve the ongoing crisis.

[Demeter]

15. Oh, really?

What are US going to do about it, add Spain's banks to our Xmas list?

By the way, Spain's pretty much unraveled already.

[xchrom]

16. yeah -- i don't know what 'we' could do about it. nt

[xchrom]

7. all saints red sauce

http://www.buber.net/Basque/Food/Recipes/jaz.red.html


STUFFED RED PEPPERS IN RED SAUCE

Two medium red peppers (that is, not bell peppers. To stuff bell peppers you
would need pounds and pounds of meat)
Minced meat. Around a pound, It depends on the peppers size. Something about
that is a good guess.
Some garlic
Some onion
Some flat parsley
A little flour
A little cup of milk
Two eggs
One or two carrots
A cube of broth
Olive oil
Patience and love as usual.
Fry the minced meat in oil with some garlic, onion and just to make it tastier add some parsley as well. Now, just minced meat can be tough after cooking inside a pepper, so what you have to do is add some flour (not too much) and blend it lovingly with a little cup of milk. A fancy classical cook would make a light bechamel and add it to the meat but this is Errotazar. Some ability in the handling of flour and milk will have the same effect without much trouble. While you wait for the meat to cool, you take the peppers from the oven where they have roasted at 380 F for about half an hour, perhaps forty five minutes. After some time in the frig to let them cool you peel them without breaking them, of course, they are gonna be stuffed.

Once peeled they are ready to be stuffed with the meat. Do it and close the pepper spearing the top with a toothpick.

Second step. You have to fry the peppers. First you rub them in some flour. Then you dip them in beaten eggs. You fry them obviously in the remnants of the meat proceedings plus some extra oil.

Once this process completed, you fry some onion and garlic in that oil, add a spoonful of flour, a glass of water,a cube of broth *and* so that the sauce does not appear as pale as a phantom's cloak, a couple of boiled carrots that you mash with a fork or in a processor.

[AnneD]

10. Yumm....

Thanks.

You can tell Texas is beginning to acquire a stronger Hispanic flavor. We are starting to see more Dia De Los Muertos decoration . They go nicely with the Halloween decorations, and besides, who can say no to those cute little skeleton cookies.

I think it promotes a healthier attitude toward death and dieing, IMHO.

[xchrom]

12. dia de los muertos is pretty big in cali.

there's a parade in sf -- and the museum does a big thing to go along with.

and of course as an episcopalian -- all saints is a big deal.

[Warpy]

31. I haven't seen much done here in NM

except on the Pueblo reservations. There it's a big deal.

[xchrom]

8. Mid-Sized Banks Split From Wall Street in D.C. Lobbying

http://www.bloomberg.com/news/2012-11-02/mid-sized-banks-split-from-wall-street-in-d-c-lobbying.html

Mid-sized banks that mostly let Wall Street and small firms speak for the industry during the debate over the Dodd-Frank Act have decided it’s time to carve out their own agenda in Washington.

Companies including U.S. Bancorp. (USB), SunTrust Banks Inc. (STI), PNC Financial Services Group Inc. (PNC) and Regions Financial Corp. (RF) are opening their own lobbying shops and staffing them with seasoned Washington hands. Regulators and lawmakers have begun to pay attention as the banks argue for changes in how they’re affected by Dodd-Frank rules including the so-called Volcker ban on proprietary trading and procedures for unwinding failed banks.

Executives and lobbyists for regional banks say they should be treated differently by agencies implementing the new regulations, because they focus on traditional deposits and lending rather than the higher-risk activities of firms such as JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS)

“We are not Wall Street banks but we face the same regulatory regime as a Wall Street bank,” said Mark Oesterle, a lobbyist for SunTrust who formerly served as an aide to Senator Richard Shelby of Alabama, the top Republican on the Senate Banking Committee.

[xchrom]

9. Visa, MasterCard Deal on Fees Opposed by 1,200 Busines

http://www.bloomberg.com/news/2012-11-01/visa-mastercard-deal-on-fees-opposed-by-1-200-busines.html

Retailer groups opposed to Visa Inc. (V) and MasterCard Inc. (MA)’s $7.25 billion settlement of a lawsuit over merchant credit-card fees said they have garnered support from about 1,200 businesses covered by the deal.

Trade associations including the National Association of Convenience Stores, the National Community Pharmacists Association and the National Restaurant Association urged U.S. District Judge John Gleeson in Brooklyn, New York, not to grant initial approval to the settlement, according to objection papers the parties are preparing to submit.

The settlement, estimated to cost the card companies and major banks as much as $7.25 billion, would cover about 7 million retailers nationwide. In an order filed Oct. 24, Gleeson said he will probably approve the deal. That could end about seven years of litigation over an alleged conspiracy by the card companies and banks to fix the so-called interchange fees that retailers are charged when customers pay with cards.

In a paper the opposition intends to submit, a lawyer for some of the objecting groups, Jeffrey Shinder, said the settlement “will neither introduce transparency nor give merchants the ability to inject competition in a market that has not functioned competitively for decades.”

[xchrom]

11. Gold Traders Most Bullish in 10 Weeks on Stimulus: Commodities

http://www.bloomberg.com/news/2012-11-02/gold-traders-most-bullish-in-10-weeks-on-stimulus-commodities.html

Gold traders are the most bullish in 10 weeks and investors are hoarding a record amount of bullion as central banks pledge to do more to spur economic growth.

Eighteen of 27 analysts surveyed by Bloomberg expect prices to rise next week and five were bearish. A further four were neutral, making the proportion of bulls the highest since Aug. 24. Holdings in gold-backed exchange-traded products gained the past three months, the best run since August 2011, data compiled by Bloomberg show. They reached a record 2,588.4 metric tons yesterday, valued at $142.1 billion, the data show.

The Bank of Japan (8301) expanded its asset-purchase program on Oct. 30 for the second time in two months, increasing it by 11 trillion yen ($137 billion). The Federal Reserve said last week it plans to continue buying bonds and central banks from Europe to China have pledged more action to boost economies. Gold rose 70 percent as the Fed bought $2.3 trillion of debt in two rounds of quantitative easing from December 2008 through June 2011.

“Central banks are all very concerned about a depression, so they’re keeping monetary policies as loose as possible,” said Mark O’Byrne, the executive director of Dublin-based GoldCore Ltd., a brokerage that sells and stores everything from quarter-ounce British Sovereigns to 400-ounce bars. “People are buying gold as a store of value to protect against currency depreciation.”

[Demeter]

26. So why is gold futures down $32?

liars, all of them

Gold futures fall below $1,700 after jobs data

http://www.marketwatch.com/story/gold-futures-slip-but-find-support-above-1700-2012-11-02?siteid=YAHOOB

... If prices close around these levels, that would be the lowest settlement level since late August, according to FactSet data.

For the week, gold futures prices are poised for a loss of 1.6%. They’ve already fallen for three weeks in a row.

“With the uncertainty of the presidential election looming, gold needed a very bad employment number — something sour enough to cause the [U.S. Federal Reserve] to ramp up its [quantitative-easing] operations, ” said Brien Lundin, editor of Gold Newsletter.

“While the jobs data wasn’t spectacular, it certainly wasn’t bad enough to elevate gold, or even keep it where it was. So it sold off,” he said...

THE IDIOTS ARE IN CHARGE.

[AnneD]

30. Four words.....

Precious Metals Fire Sale, get 'em while they are hot.

[xchrom]

13. U.S. adds 171,000 jobs, unemployment 7.9%

http://www.marketwatch.com/story/us-adds-171000-jobs-unemployment-79-2012-11-02?dist=beforebell

WASHINGTON (MarketWatch) - The U.S. economy gained a better-than-expected 171,000 jobs in October and more people were hired in the prior two months than previously believed, but the unemployment rate ticked up to 7.9% from 7.8%, the government said Friday. Economists surveyed by MarketWatch expected a 120,000 increase in jobs, with an unemployment rate of 7.9%. Employment gains for September and August were revised up by a combined 84,000. The number of new jobs created in September was revised to 148,000 from a prior estimate of 114,000, while August's figure was revised to 192,000 from 142,000. The latest jobs report, coming just four days before the presidential election, is unlikely to change the trajectory of the race. Hiring has picked up over the past four months, but unemployment remains high. Yet the improved hiring trend is a welcome sign to Wall Street that the U.S. economy is still continuing to expand. The biggest increase in hiring last month occurred in professional services, health care, retail and leisure and hospitality. Average hourly wages, meanwhile, fell 1 cent to $23.58. The average workweek was unchanged for the fourth month in a row at 34.4 hours.

[Demeter]

20. Job Growth Beats Forecasts; Unemployment Rate Is 7.9 Percent (THAT'S UP, BTW)

http://www.npr.org/blogs/thetwo-way/2012/11/02/164160789/october-unemployment-rate?ft=1&f=1001

The nation's unemployment rate edged up to 7.9 percent in October from 7.8 percent in September, the Bureau of Labor Statistics says.

But private and public employers added 171,000 jobs to their payrolls — nearly 50,000 more than economists had expected.

So the news is somewhat mixed: While the jobless rate remained stuck near 8 percent, job growth was better than forecast...

[bread_and_roses]

14. great toon, tansy (n/t)

[DemReadingDU]

25. ditto

[xchrom]

17. Boomers’ health insurance at stake at the polls

http://www.marketwatch.com/story/boomers-health-insurance-at-stake-at-the-polls-2012-11-01

We’ve heard a lot this campaign season about proposed changes to Medicare, and indeed there are big differences in the presidential candidates’ visions for that program for anyone age 54 and under. But for some older Baby Boomers—particularly the self-employed and early retirees—possible changes under the Affordable Care Act, otherwise known as “Obamacare,” could be a much bigger deal.

And no matter who wins Nov. 6, how Obamacare is handled by the federal government and the states will have big implications for boomers’ health and financial security.

Republican challenger Mitt Romney has vowed to repeal the Affordable Care Act right away if he’s elected. But many experts say a Romney victory wouldn’t derail the law in its entirety, at least not right away. “Forget about the politics, certain provisions are popular,” said Gary Lauer, CEO of eHealth, an online health insurance provider.

For example, consumers have embraced the provision, already implemented, that lets children stay on their parents’ plans until age 26. And while it hasn’t taken effect yet, a separate provision that will prohibit insurers from denying coverage or charging more to adults with pre-existing conditions will likely prove equally popular, Lauer said. That element of the law is a major boon to hundreds of thousands of older folks who don’t have job-based coverage and are not yet eligible for Medicare—especially for those who currently struggle to get insurance because of pre-existing conditions.

[xchrom]

18. Manufacturers grow a little faster in October

http://www.marketwatch.com/story/manufacturers-grow-a-little-faster-in-october-2012-11-01

WASHINGTON (MarketWatch) — American manufacturers grew at slightly faster pace in October as orders showed marked improvement, according to a closely followed survey.

The Institute for Supply Management’s index of purchasing managers — the executives who order raw materials and other goods — edged up to 51.7% from 51.5% in September and a three-year-low of 49.6% in August.

The ISM report exceeded Wall Street expectations. Economists surveyed by MarketWatch had forecast the index to fall to 50.5%.

A reading above 50% signals expansion. The latest report appears to suggest that the manufacturing sector has stabilized after a bout of weakness that set in at the end of spring.

[xchrom]

19. Too little money, too much borrowing

http://www.sciencenews.org/view/generic/id/346200/description/Too_little_money,_too_much_borrowing

Too little money, too much borrowing
Poverty may narrow attention in ways that undermine financial choices


Scarcity — of money, time, food or anything else — focuses the mind on immediate concerns and discourages taking a broader perspective. This “scarcity mindset” helps to explain why poor people often save too little and borrow too much, and it presents policy makers with an opening to encourage better financial decisions among low-income individuals, a new study concludes.

Some researchers, however, regard these findings as vague and far from ready for policy prime time. They suggest that the study’s lab-based results may have little relevance in the real world. And with a nod toward the recent financial meltdown, some note that inadequate saving by the poor ought to be of less concern than financial recklessness on the part of the wealthy.

When money is scarce, each current expense looms large and draws attention away from less pressing expenses, say psychologist Anuj Shah of the University of Chicago and his colleagues. For instance, poor people tend to focus on how to pay for groceries today while neglecting to budget for their next rent payment, the researchers propose in the Nov. 1 Science.

For the study, the group tested volunteers who received generous or limited amounts of time and numbers of tries on lab games. Participants, most in their late 20s and early 30s, were recruited from an online site for job seekers.

[Demeter]

21. We, who are about to die, salute you!

I'm going to be having a really bad weekend (so what else is new?)

I will try to start the Weekend, featuring Upton Sinclair, tonight, but posting will be sparse until I regain some sanity.

Definitely by next year...

[xchrom]

22. take care of your self, miss demeter

[bread_and_roses]

28. Me too

I have to do election stuff - in which I have no interest anymore, having had my last hope (2008) shown to be an utterly wasted effort - anyway, I have to do it for my job, so I'll drudge off and do it ....ho hum ... counting the seconds till it's over. This is my last Congressional and last Presidential and in the remaining two years I expect to work I hope I can concentrate on REAL organizing for change.

[hamerfan]

29. Musical Interlude

[xchrom]

23. NGO Report: Global Inequality at Highest in 20 Years

http://www.commondreams.org/headline/2012/11/01-7


Save the Children released a new report on international inequality (Photo by Raghu Rai/Magnum for Save the Children)

According to a new report (pdf) from international organization Save the Children, income inequality is at a 20-year high worldwide. While this in itself is not a surprising trend, their findings suggest a global shift in poverty, from a developed versus developing issue to a domestic one.

The report acknowledges reductions in poverty and mortality, though the successes are cautioned. "In recent decades the world has made dramatic progress in cutting child deaths and improving opportunities for children; we are now reaching a tipping point where preventable child deaths could be eradicated in our lifetime," said the organization's chief executive, Justin Forsyth.

However, the Save the Children points out that, when inequality is factored in, "we can see that some individuals and some groups are lagging a long way behind." The report found that “children born into the richest households have access to 35 times the resources [including healthcare, food and schooling] of the poorest.”

The report also found that although inequalities remain high between "so-called" developed nations and those historically impoverished, there is a growing trend of inequality within individual countries. According to their reserach, "in 1990, the vast majority—93 percent—of people in poverty in the world lived in low-income countries. Today, despite the fact that inequalities between countries remain high, more than 70 percent of the world’s poorest people—up to a billion—live in middle-income countries".

[xchrom]

24. MARKETS BUOYED BY UPBEAT US JOBS NEWS

http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-11-02-09-05-22

LONDON (AP) -- Stronger than expected U.S. jobs figures gave markets a boost Friday in the last major economic news release before the country's presidential election.

The Labor Department reported that the U.S. economy generated 171,000 jobs in October, higher than the 125,000 or so expected in the markets. The unemployment rate, which is based on a separate survey, rose to 7.9 percent from 7.8 percent, but that was in line with predictions.

As a result, President Barack Obama and his rival Mitt Romney will each have something to cling onto in the final days of their campaigning before Tuesday's election.

[DemReadingDU]

27. Something is going downward, Apple?