Stock Market Watch Monday July 29, 2013

[Hotler]

[font size=3]STOCK MARKET WATCH, Monday, 29 July 2013[font color=black][/font]

SMW for 26 July 2013
AT THE CLOSING BELL ON 26 July 2013
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Dow Jones 15,470.52 +18.67 (0.12%)
S&P 500 1,680.91 +4.65 (0.28%)
Nasdaq 3,610.00 +11.50 (0.32%)

[font color=red] 10 Year 2.49% -0.03 (-1.19%)
[font color=red 30 Year 3.58% -0.03 (-0.83%)



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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
Wall Street on Parade
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout

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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. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.





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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]

[Hotler]

1. I didn't do a very good job on the thread today. Sorry about that.

I couldn't find the numbers at the close of Friday and the 30-year doesn't seem to want to play well. I had to post from my work computer. The script isn't the same as the one on my machine at home.

[xchrom]

2. you're doing a great job!

[Demeter]

11. You are doing better than any other of us could do today!

And we appreciate it!

I owe you a beer at least, or the beverage of y our choice!

[Warpy]

24. You are doing just fine.

Most of the people who read this thread know how to look for the data elsewhere, it's just nice to have it right here.

We're just delighted you're posting this. Thanks!

[ret5hd]

3. First rec!

And Hotler, would you please report to my office and explain why you are late?

[Hotler]

10. My dog ate my assignment. n/t

[jtuck004]

18. LOL. Good dog!! I've always thought homework was overrated anyway.

We should remember to get you some dog biscuits with the beer from Demeter

[Demeter]

20. Please, I already don't feel so good

Got a summer virus. Let's not talk about food right now, or drink....I'm going back to bed with my headache...

[jtuck004]

23. I feel for you. But you have a good plan, so hit the sack. n/t

[xchrom]

4. Italy's Letta rebukes Europe for 'serious mistakes' in Greek bailout

http://uk.reuters.com/article/2013/07/29/uk-greece-italy-idUKBRE96S0H820130729


(Reuters) - Italian Prime Minister Enrico Letta rebuked Europe for its handling of the Greek crisis on Monday, saying the harsh austerity imposed on Athens had deepened the recession and worsened unemployment across the continent.

"There is no doubt that serious mistakes were made about Greece by Europe in the past few years," Letta said during a visit to Greece, now in its sixth straight year of recession.

"The timing was wrong. The instruments were wrong. The interventions were not made in the right way and at the right time and this worsened the crisis," he said, in one of the strongest official criticisms of the bailout terms set by the European Union, European Central Bank and International Monetary Fund.

"The crisis would have been different. It would have created less of a financial disaster, it would have led to fewer job losses across Europe if Europe's attitude to Greece had been different at the beginning," he said at a joint news conference with his Greek counterpart Antonis Samaras.

[Demeter]

12. Samaras is telling the absolute truth

The ECB, IMF and all their bankster buddies have been backing and filling, taking haircuts and eating crow since this entire exercise in abuse of power began.

[DemReadingDU]

5. link - Markets at a Glance

Just about all the major indices at this link

http://markets.wsj.com/usoverview?mod=WSJ_hpp_marketdata

[xchrom]

6. Rare baby zonkey born in Italy

http://grist.org/list/rare-baby-zonkey-born-in-italy/

Italy is a sexy place. So sexy that a male zebra recently leapt over a fence in an animal reserve to romance a female donkey, successfully spawning a beautiful portmanteau: the zonkey. (TRUMPET SOUND!) Ippo the baby zonkey is a healthy li’l critter that’s kind of brownish up top, with stripey legs. As the only zonkey in Italy, she’s bound to be popular at school.

?w=470&h=264

Although hopefully it won’t go to her head — there’s at least one other known zonkey, a three-year-old in Georgia. According to the Chestatee Wildlife Preserve, their zonkey hasn’t faced any ostracism for being different, which gives us yet another way animals are different from humans.

But don’t get too attached to these cute freaks of the animal kingdom. Zonkeys often can’t reproduce, even though they’re healthy:


“It’s similar to when a female horse and a male donkey mate and give birth to a mule,” said Robert Benson, a veterinarian…Though there are records of mules successfully mating, the majority are sterile.

[DemReadingDU]

13. Cute!

[Fuddnik]

15. They had a whole herd of them in St. Louis.

There was a free attraction at Grants Farm, the Busch Family enclave. They had whole herds of wildlife. And that's where they bred and raised their Clydesdales.

I think they got rid of the Zonkeys and another cross breed species since I was there. Like you said, they can't reproduce, and had other genetic problems.

[xchrom]

7. China orders audit of government debt

http://www.bbc.co.uk/news/business-23486466

China has ordered a nationwide audit of all government debt, underlining fears that the recent slowdown in its economy may impact the financial sector.

Local governments in China borrowed heavily after the global financial crisis to try to sustain growth rates.

The last audit, published in 2011, showed they had debt of 10.7tn yuan ($1.7tn; £1.1tn) by the end of 2010.

Debt may threaten China's growth, and there are growing fears that local governments may not be able repay.

[xchrom]

8. Janet Yellen Is The Best Economic Forecaster On The Fed

http://www.businessinsider.com/janet-yellen-is-the-most-accurate-2013-7

Janet Yellen will have some bragging to do at the next FOMC meeting.
The Wall Street Journal has ranked more than 700 predictions made between 2009 and last year by 14 Fed officials on everything from growth to jobs to inflation.

And Yellen, the Fed's vice chair and possible successor to Ben Bernanke, is at the top of the list.

Of course, even more important than bragging rights, is that this boosts the argument that she should be the next Fed Chair, which is a decision that Obama will make in the coming months.



Read more: http://www.businessinsider.com/janet-yellen-is-the-most-accurate-2013-7#ixzz2aRX6IZfC

[Fuddnik]

16. Has anyone asked Larry Summers about that?

He's the smartest guy in the room.

If you don't believe me, just ask him.

[DemReadingDU]

9. Newspapers by the computer, 1981

News report from 1981 about the Internet

http://www.wimp.com/theinternet/

[xchrom]

14. UBS: The Odds Of A Fed Chair Who's Not Yellen Or Summers Is On The Rise

http://www.businessinsider.com/ubs-odds-of-other-fed-chair-candidates-2013-7


Former Fed Chair Alan Greenspan and former Fed Vice Chair Roger Ferguson.

***SNIP

This escalating uncertainty has the U.S. economics team thinking that some of the other candidates are seeing their odds rising.

The politicking for the next Fed Chair has begun in earnest. A revolt by Senate Democrats has likely pricked the Secretary Summers trial balloon candidacy. Governor Yellen remains a viable candidate but, given that Summers was pushed, we also have to assume that the odds of other candidates are on the rise. Our top two alternatives at this juncture are Former Federal Reserve Vice Chair Ferguson and Former Council of Economic Advisors Chair Romer.

Back in May, UBS assigned Ferguson and Romer 14% and 20% probabilities of becoming Fed Chair.

At the time, they gave Summers a < 5% chance.



Read more: http://www.businessinsider.com/ubs-odds-of-other-fed-chair-candidates-2013-7#ixzz2aRf3O6am

[Demeter]

21. All the more reason to push for Yellen, IMO

Being disliked by the PTB can only count to the good in my book!

[antigop]

17. Bad Derivatives Trades Added to Detroit's Woes

http://www.nakedcapitalism.com/2013/07/bad-derivatives-trades-added-to-detroits-woes.html

Only now that the narrative around Detroit is pretty well established – city in long-term decline whose distress was intensified by a series of corrupt city governments, compounded by state governments that were opposed to Detroit’s interests – does an important additional factor come to light, that of derivatives losses.

While the bad derivatives bets were far from large enough to have changed the outcome (one commentator called the bankruptcy a “five-decade Katrina,”) it’s another example of how Wall Street wins, even on a relative basis, while little people lose.

Just as Jefferson County, which was faced with big payments (this for a massive sewer project) and got snookered by Big Finance in its efforts to minimize the costs of its funding. Detroit did JeffCo one better by first going the extend and pretend route by borrowing $1.4 billion in 2005 to address its pension shortfall. The piece de resistance was a series of derivatives done in connection with that financing.

The problem is that the most detailed account on this so far, from the Financial Times. leads me scratching my head as to how much the derivatives trades cost Motown.

Financial Times article here: http://www.ft.com/intl/cms/s/0/50a4250e-f53f-11e2-b4f8-00144feabdc0.html

[snot]

19. Wonder whether it can be argued that

the 2009 granting of a lien on tax revenues from the city’s casinos was made at a time when the city was actually insolvent, and if so, whether those "secured" creditors might be held to be unsecured after all -- in which case they can get in line with the pensioners?

[Demeter]

22. Yeah, banks are ALWAYS at the bottom of our problems

and probably had a LOT to do with the other ones Yves listed.

[bread_and_roses]

25. Thank you Hotler!

This is first chance since real early this AM to even get here and scan down the posts. I am just glad the thread is up! I only ever glance at the bottom half anyway - I'm definitely in the "economics as societal roadpost" not the "Market" sub-group anyway. Thanks!