STOCK MARKET WATCH -- Wednesday, 1 October 2014

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Wednesday, 1 October 2014[font color=black][/font]

SMW for 30 September 2014

AT THE CLOSING BELL ON 30 September 2014
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Dow Jones 17,042.90 -28.32 (-0.17%)
S&P 500 1,972.29 -5.51 (-0.28%)
Nasdaq 4,493.39 -12.46 (-0.28%)


[font color=green]10 Year 2.49% -0.02 (-0.80%)
[font color=red]30 Year 3.20% +0.01 (0.31%)[font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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(click on link for latest updates)
http://tools.investing.com/market_quotes.php?
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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.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.
02/06/14 Matthew Martoma convicted of insider trading while at hedge fund SAC (Stephen A. Cohen) Capital Advisors. Expected sentence 7-10 years.
03/24/14 Annette Bongiorno, Bernard Madoff's secretary; Daniel Bonventre, director of operations for investments; JoAnn Crupi, an account manager; and Jerome O'Hara and George Perez, both computer programmers convicted of conspiracy to defraud clients, securities fraud, and falsifying the books and records.
05/19/14 Credit Suisse, which has an investment bank branch in NYC, agrees to plead guilty and pay appx. $2.6 billion penalties for helping wealthy Americans hide wealth and avoid taxes.
09/08/14 Matthew Martoma, convicted SAC trader, sentenced to 9 years in prison plus forfeiture of $9.3 million, including home and bank accounts







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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]

[snappyturtle]

1. I think it's all come down to the cartoon...which is excellent imho. nt

[Tansy_Gold]

13. I've lent my rubber stamp to

Jimmy Carter.

[Crewleader]

2. Happy October Tansy_Gold! :)

Last edited Tue Sep 30, 2014, 09:33 PM - Edit history (1)

and another

[Demeter]

4. The truth hurts, doesn't it?

[Crewleader]

3. New Case-Shiller numbers reflect broad housing market slowdown

By Tim Logan

http://www.latimes.com/business/realestate/la-fi-case-shiller-home-prices-20140930-story.html

[xchrom]

5. Hong Kong Protesters Threaten To Occupy Government Buildings — Meaning It Could Get Ugly

http://www.businessinsider.com/a-clear-indication-of-how-serious-hong-kong-protesters-are-2014-10

Protests in Hong Kong are in their fifth day, and the crowds are larger than ever after a China National Day ceremony to mark the 65th anniversary of Communist China.

The student-led protest is attempting to use peaceful civil disobedience to force Hong Kong Chief Executive Leung Chun-ying to resign and to persuade Beijing to retract its decision to screen candidates in the city’s 2017 chief executive poll.

Tensions are now escalating as student leaders vow to occupy several important government buildings if Leung doesn't resign by Thursday.

"Because the government ordered police to fire 87 rounds of tear gas at protests, there is no room for dialogue. Leung Chun-ying must step down," Lester Shum, vice secretary of the Hong Kong Federation of Students, said at a news conference. "If he doesn't resign by tomorrow, we will step up our actions, such as by occupying several important government buildings."



Read more: http://www.businessinsider.com/a-clear-indication-of-how-serious-hong-kong-protesters-are-2014-10#ixzz3EtRPbMT2

[xchrom]

6. 10 Things You Need To Know Before The Opening Bell

http://www.businessinsider.com/opening-bell-october-1-2014-2014-10

Germany’s Manufacturers Are Contracting. PMI data out for the Eurozone this morning shows the German industrial sector contracting for the first time in 15 months, with the Eurozone’s overall figure suggesting miniscule growth.

Airlines Will Have To Replace 1,300 Boeing Cockpit Displays. The US Federal Aviation Administration is ordering the change to avoid signal interference.

US Auto Sales Are Out Later. At 10.30 a.m. ET, US auto sale figures are out for September. Analysts are expecting 16.7 million sales for September. ISM and Markit manufacturing figures are also out at 9 a.m. and 8.45 a.m. ET, respectively.

Chinese Manufacturing Is Holding Up. China’s manufacturing PMI came in at 51.1, marginally higher than analyst expectations and up from last month.

European Markets Are Mostly Down. France’s CAC 40 is currently 0.38% lower than yesterday’s close, while the UK’s FTSE 100 is down 0.46%. Germany’s DAX is up 0.11%. The Hang Seng is closed and Japan’s Nikkei ended down 0.56%.

Hong Kong's Protests Are Still Raging On. The massive demonstrations are ongoing, and tensions are high. Today is China's national day, and neither Beijing nor the protestors are backing down.



Read more: http://www.businessinsider.com/opening-bell-october-1-2014-2014-10#ixzz3EtRpkRwZ

[Fuddnik]

12. Ooops, too late.

[xchrom]

7. A Fat Finger Error Caused $617 Billion In Share Orders In Tokyo To Be Canceled

http://www.businessinsider.com/tokyo-fat-finger-error-2014-10

A "fat finger" error at the Tokyo stock exchange Wednesday morning caused orders amounting to 67.78 trillion yen ($617 billion) to be canceled, the London Evening Standard reports.

According to the report, the mistake is "thought to be the most extreme example of a trader in financial markets inputting hopelessly wrong figures while working under intense pressure."

The largest single order, 1.96 billion Toyota shares worth 12.68 trillion yen, was one of 42 canceled transactions, Bloomberg said.

The so-called "fat-finger" trade refers to a human error, like pressing the wrong key, rather than a bug in the trading algorithm.



Read more: http://www.businessinsider.com/tokyo-fat-finger-error-2014-10#ixzz3EtSHIaIU

[xchrom]

8. Germany's Manufacturing Sector Just Hit A Wall

http://www.businessinsider.com/european-pmi-september-2014-2014-10

European manufacturing PMI data is out Wednesday, with especially bad numbers in Germany.

The German manufacturing PMI dropped to 49.9 in September from 51.40 in August. Anything below 50 signals contraction.

This is the first sub-50 score since the middle of 2013, when the eurozone was still in recession.

Germany has been the reliable industrial powerhouse of the eurozone economy since 2008, but Wednesday's figures show that the manufacturing sector is shrinking.

Here's the chart:



Read more: http://www.businessinsider.com/european-pmi-september-2014-2014-10#ixzz3EtScwwdS

[xchrom]

9. Europe's €500 Billion Money Market Nightmare Is Coming True

http://www.businessinsider.com/european-money-market-funds-break-the-buck-2014-10

Money market funds in Europe are fighting to avoid "breaking the buck," which could trigger huge outflows from the sector.

These funds typically invest in cash-equivalent assets, such as high quality short-term corporate debt or government debt. For investors, the advantage they have over stocks is that they're a safe place to park cash. You can almost never lose money in a money-market fund.

In return, you'll get modest but positive returns, with very low risk. Crucially, they strenuously seek to avoid "breaking the buck" — or returning less to investors than they put in.

Unfortunately, with the European Central Bank (ECB) having imposed a negative deposit rate of -0.2% on reserves held at the bank, this task has become harder than ever. Investors who don't want to lose money are now forced to withdraw it and figuratively hide it under a mattress until the negative interest rate era is over. That could reduce the amount of cash available for companies and governments to borrow (and spend), thus further crippling Europe's fragile economic recovery.



Read more: http://www.businessinsider.com/european-money-market-funds-break-the-buck-2014-10#ixzz3EtVhpdUg

[xchrom]

10. German Debt Yield Goes Below 1% — An Astonishing New Record

http://www.businessinsider.com/investors-are-paying-to-hold-the-german-governments-debt-2014-10

Germany just issued €4.1 billion ($5.16 billion) of federal debt in a 10-year bond auction with a yield of 0.93%. That's the first time it's been below 1% ever.

It's an astonishing change. Two decades ago, a German government would have been happy to issue debt with a 5% yield, and until the financial crisis they didn't fall below 3%. The only advanced economy to see yields like these in recent financial history is Japan.

This means Berlin is borrowing incredibly cheaply. So long as inflation averages above 0.93% for the next 10 years, investors are effectively paying the government to hold its debt. That's probably also why the IMF today specifically names Germany as one of the countries that could easily be spending more on infrastructure.



Read more: http://www.businessinsider.com/investors-are-paying-to-hold-the-german-governments-debt-2014-10#ixzz3EtWXXFKy

[DemReadingDU]

11. Sen. Warren: We Need Regulators Who 'Work For The American People'

10/1/14 Sen. Warren: We Need Regulators Who 'Work For The American People'

Sen. Elizabeth Warren, a Democrat from Massachusetts, says newly released recordings of conversations between Federal Reserve officials show that the same kind of cozy relationships that led to the 2008 financial crisis still dominate Wall Street.

In an interview with Morning Edition, Warren says the recordings provide definite proof of that relationship. "You really do, for a moment, get to be the fly on the wall that watches all of it, and there it is to be exposed to everyone: the cozy relationship, the fact that the Fed is more concerned about its relationship with a too-big-to-fail bank than it is with protecting the American public," Warren says. Warren talked to Morning Edition days after ProPublica and This American Life ran stories about Carmen Segarra, a former bank examiner for the Federal Reserve in New York, who in 2012 surreptitiously recorded conversations by Fed officials considering regulatory decisions on Goldman Sachs.

The recordings don't reveal anything outright illegal. Instead, they reveal Fed officials discussing "legal but shady" transactions and then wringing their hands over how to delicately bring them up with the bank. Warren, who before coming into office led an effort to create the U.S. Consumer Financial Protection Bureau, says that trepidation is another thing wrong with regulators today. "A regulator doesn't say to a big financial institution: 'Hey! Step right up here. Get your toes on the line, and so long as you can make a legal argument that you have not crossed the line then, hey, we're — we're all cool here,' " she says. "That's not the way regulation of large financial institutions is supposed to work — they're supposed to be using judgment.

And remember, part of this judgment is about whether or not there has been compliance with the law. The fact that Goldman could mount a legal defense here is not really the point of these tapes. The point of these tapes is that the regulators are backing off long before anyone's in court making a legal argument about whether or not they came right up to the line or they crossed over the line."

The bottom line, Warren says, is that the United States needs regulators "who understand that they work for the American people, not for the big banks." Much more of Steve Inskeep's conversation with Warren is on today's Morning Edition.
http://www.npr.org/blogs/thetwo-way/2014/10/01/352852976/sen-warren-we-need-regulators-who-work-for-the-american-people

Transcript of audio, also a link to the audio appx 7.5 minutes
http://www.npr.org/2014/10/01/352779367/transcript-sen-warrens-full-npr-interview-on-financial-regulation

[Fuddnik]

14. WTF? Gas just jumped $0.15 a gallon this afternoon.

Who are we bombing now?