STOCK MARKET WATCH -- Wednesday, 21 January 2015

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Wednesday, 21 January 2015[font color=black][/font]

SMW for 20 January 2015

AT THE CLOSING BELL ON 20 January 2015
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Dow Jones 17,515.23 +3.66 (0.02%)
S&P 500 2,022.55 +3.13 (0.15%)
Nasdaq 4,654.85 +20.46 (0.44%)


[font color=green]10 Year 1.79% -0.02 (-1.10%)
30 Year 2.38% -0.03 (-1.24%) [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]

[Tansy_Gold]

1. A tale of two 'toons

It should be noted, too, that the architect of anti-tax ideology and worshipful mistress of the far right, Ayn Rand, hated the whole Robin Hood meme. In Atlas Shrugged the character of the hero "pirate" Ragnar Danneskjold was given the mission of destroying the Robin Hood myth by stealing from the undeserving poor and giving to the productive rich.

I have little faith at this point that Obama will be any different. He had six years in which to do it, and now that he's "trying," he can use the GOP-controlled congress as his excuse for abject failure.

He forgot his 20th century history, specifically that of the 33rd president of the United States.

“Once a government is committed to the principle of silencing the voice of opposition, it has only one way to go, and that is down the path of increasingly repressive measures, until it becomes a source of terror to all its citizens and creates a country where everyone lives in fear."

[Special Message to the Congress on the Internal Security of the United States, August 8, 1950]”
― Harry S. Truman

“Republicans approve of the American farmer, but they are willing to help him go broke. They stand four-square for the American home--but not for housing. They are strong for labor--but they are stronger for restricting labor's rights. They favor minimum wage--the smaller the minimum wage the better. They endorse educational opportunity for all--but they won't spend money for teachers or for schools. They think modern medical care and hospitals are fine--for people who can afford them. They consider electrical power a great blessing--but only when the private power companies get their rake-off. They think American standard of living is a fine thing--so long as it doesn't spread to all the people. And they admire of Government of the United States so much that they would like to buy it.”
― Harry S. Truman

“I never did give them hell. I just told the truth, and they thought it was hell.”
― Harry S. Truman

“America was not built on fear. America was built on courage, on imagination, and unbeatable determination to do the job at hand.”
― Harry S. Truman

“Carry the battle to them. Don't let them bring it to you. Put them on the defensive. And don't ever apologize for anything.”
― Harry S. Truman

“Experience has shown how deeply the seeds of war are planted by economic rivalry and social injustice.”
― Harry S. Truman

“Men make history and not the other way around. In periods where there is no leadership, society stands still. Progress occurs when courageous, skillful leaders seize the opportunity to change things for the better.”
― Harry S. Truman

“I shall continue to do what I think is right, whether anybody likes it or not.”
― Harry S. Truman

“The buck stops here.”
― Harry S. Truman


They may not all be legitimate HST quotes, but they're sure as hell legitimate concepts for progressive change. They probably scare the living shit out of the current POTUS.

[Demeter]

2. Instead of Attending the SOTU, I went to the Board Meeting in Hell

if I had opted for the SOTU, I could have turned it off...thoughts of suicide frequently crossed my mind. I didn't have the spirit to contemplate murder.

So now I am going to find some drinking alcohol, so that I can sleep, and get up at 6 AM...Board Elections May 19th, one definite not running (!). So, it's not hopeless.

[xchrom]

3. 10 Things You Need To Know Before The Opening Bell

http://www.businessinsider.com/european-markets-open-21-jan-2015-2015-1

Oil Sold Off Again On Tuesday. On Tuesday, West Texas Intermediate crude oil fell about 5% to move back below $47 a barrel after gaining last week for the first time in about two months. Brent crude also on Tuesday, and on Tuesday morning, WTI was roughly unchanged.

BHP Is Closing Nearly Half Its US Shale Rigs. In an announcement on Wednesday morning in Australia, Australian mining giant BHP said it would shut down 40% of its US shale oil rigs by the end of its fiscal year.

SpaceX Raised $1 Billion From Google And Fidelity For A One-Tenth Share Of The Firm. Elon Musk's SpaceX has raised $1 billion from Google and Fidelity, confirming earlier reports from The Information and The Wall Street Journal. The two new investors will now own just less than 10% of the company. This new funding round is more than four times bigger than all its other rounds combined.

Netflix Shares Are Soaring. Shares of the streaming video service were up as much as 15% in pre-market trade on Wednesday after the company reported earnings per share that beat expectations after the market close on Tuesday.

IBM Revenue Fell Again. IBM reported earnings per share that beat expectations while revenue fell for the 11th straight quarter, and these two charts highlighted by Business Insider's Julie Bort show that revenue declined in all of the company's major business segments and geographic regions.



Read more: http://www.businessinsider.com/european-markets-open-21-jan-2015-2015-1#ixzz3PSY7kTHX

[xchrom]

4. UK UNEMPLOYMENT RATE FALLS TO 5.8%

http://www.businessinsider.com/uk-unemployment-rate-2015-1

The UK unemployment rate has fallen below 6% for the first time in six years.

The proportion of the population out of work dropped to 5.8% between September to November 2014, lower than for June to August 2014 (6.0%) and lower than for a year earlier (7.1%), according to the Office for National Statistics.

Perhaps more significantly for UK households, wage growth also continued to tick up faster than inflation. Pay for employees in Great Britain increased by 1.7% including bonuses and by 1.8% excluding bonuses while consumer prices were only 1% higher in November than a year earlier.

Read more: http://www.businessinsider.com/uk-unemployment-rate-2015-1#ixzz3PSZF08vb

Read more: http://www.businessinsider.com/uk-unemployment-rate-2015-1#ixzz3PSZ4r5Wr

[xchrom]

5. Wal-Mart Launches A Service Letting People Pick Up Tax Refunds In Cash

http://www.businessinsider.com/r-wal-mart-launches-in-store-tax-refunds--2015-1

(Reuters) - Wal-Mart has launched a service allowing customers to pick up tax refunds in cash at stores across the United States.

The service, Walmart Direct2Cash, was made available at Wal-Mart stores from Tuesday, the company said.

The world's largest retailer is working with Tax Products Group (TPG), a unit of Green Dot Corp, and Republic Bank & Trust Co. Wal-Mart will not charge a fee for the service, although customers could be charged up to $7.

Sterne Agee analyst Thomas McCrohan said the service would appeal most to customers without a bank account, who would otherwise pay a higher fee to convert a tax-refund check into cash.

" ... Those without a bank account would likely view this option as more economically attractive," he wrote in a note.



Read more: http://www.businessinsider.com/r-wal-mart-launches-in-store-tax-refunds--2015-1#ixzz3PSZtb6zz

[DemReadingDU]

12. Then spend that cash buying more stuff at Walmart, n/t

[xchrom]

6. Australian Mining Giant BHP Is Shutting Down 40% Of Its US Shale Wells

http://www.businessinsider.com/bhp-shuts-shale-operations-2015-1

The hits keep coming for shale gas producers.

In an announcement on Tuesday night (well, Wednesday morning in Australia), Australian mining giant BHP said it would shut down 40% of its US shale oil rigs over by the end of its fiscal year.

BHP CEO Andrew Mackenzie said:

"In Petroleum, we have moved quickly in response to lower prices and will reduce the number of rigs we operate in our Onshore US business by approximately 40 per cent by the end of this financial year. The revised drilling program will benefit from significant improvements in drilling and completions efficiency. Our ongoing shale investment program will remain focused on our liquids-rich Black Hawk acreage. However, we will keep this activity under review and make further changes if we believe deferring development will create more value than near-term production."



Read more: http://www.businessinsider.com/bhp-shuts-shale-operations-2015-1#ixzz3PSbtfboi

[xchrom]

7. TOYOTA REMAINS TOP IN GLOBAL VEHICLE SALES, BEATS VW, GM

http://hosted.ap.org/dynamic/stories/A/AS_JAPAN_TOYOTA?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2015-01-21-01-07-39

TOKYO (AP) -- Toyota Motor Corp. stayed at the top in global vehicle sales in 2014, taking that auto industry crown for the third year straight, but was less upbeat about this year.

The Japanese automaker sold 10.23 million vehicles, beating out Volkswagen and General Motors. But it expects to sell fewer trucks and cars this year, forecasting sales will fall 1 percent year-on-year to 10.15 million vehicles, according to numbers released Wednesday.

The drop is largely due to a projected 9 percent plunge in Japan sales. Japan sales had been inflated in the early part of last year ahead of a sales tax hike. Overall, the Japanese auto market is weakening because of population decline.

Toyota expects overseas sales to grow 2 percent this year to more than 8 million vehicles from 7.9 million vehicles last year.

[xchrom]

8. UNITEDHEALTH EARNINGS RISE 6 PCT, TOP WALL ST. EXPECTATIONS

http://hosted.ap.org/dynamic/stories/U/US_EARNS_UNITEDHEALTH_GROUP?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2015-01-21-07-06-46

UnitedHealth's fourth-quarter earnings rose nearly 6 percent in a performance that topped Wall Street expectations, and the nation's largest health insurer brought an optimistic vibe into the new year as it detailed final results from 2014.

The Minneapolis-based insurer's CEO, Stephen Hemsley, said Wednesday in a statement that the company enters 2015 "with a positive outlook and rising business momentum." That's a contrast to how UnitedHealth started 2014, filled with worry about another round of funding cuts to a key business: Medicare Advantage plans, the privately run versions of the federal government's coverage program for people who are over 65 or disabled.

Wednesday's proclamation garnered strong early reviews from investors, who pushed the stock price higher before markets opened. Most investors have turned their focus to what lies ahead by the time companies report their fourth-quarter results.

UnitedHealth had said early last month that it expected double-digit earnings growth in 2015 and a smaller hit from the health care overhaul, the massive federal law that expands coverage to millions of uninsured people. The law also levies taxes and fees on insurers. UnitedHealth said Wednesday that the Affordable Care Act cut 2014 earnings by $1 billion, or about $1 per share.

[xchrom]

9. Fed Officials Reassess U.S. Growth Outlook Amid Global Weakness

http://www.bloomberg.com/news/2015-01-21/fed-officials-reassess-u-s-growth-outlook-amid-global-weakness.html

Federal Reserve officials are starting to reassess their outlook for the economy as global weakness and disappointing data on American consumer spending test their resolve to raise interest rates this year.

San Francisco Fed President John Williams last week said he will trim his U.S. estimate because of slower growth abroad. Atlanta’s Dennis Lockhart said Jan. 12 that he advocates a “cautious” approach to rate increases and inflation readings “may be pivotal.” Both are voters on the Federal Open Market Committee in 2015 and repeated that rates could be raised in the middle of the year.

Weakness in Europe, Japan and China has dimmed the outlook for the world economy, with the International Monetary Fund and World Bank reducing their estimates for global growth. Last month’s decline in U.S. retail sales, the biggest in almost a year, suggests that Americans may be cautious about spending a windfall from cheaper gasoline even as the job market improves.

“You have some cracks appearing in the official line that lower oil prices are good for the U.S. economy and that the U.S. can grow even if the global economy is weakening,” said Thomas Costerg, an economist at Standard Chartered Bank in New York. “There are headwinds.”

[xchrom]

10. World’s Wildest Stocks Show Chinese Booms and Busts Getting Bigger on Debt

http://www.bloomberg.com/news/2015-01-20/chinese-debt-is-fueling-swings-in-world-s-wildest-stocks.html

The one thing China (SHCOMP)’s bulls and bears can agree on is that swings in the world’s most-volatile major stock market are only going to get bigger after equity traders took on record amounts of debt.

Both Bank of America Corp. strategist David Cui, who predicts Chinese shares will fall, and JPMorgan Chase & Co.’s Adrian Mowat, who has an overweight rating, say the surge in margin lending to all-time highs is amplifying price fluctuations in the $4.9 trillion market. Volatility in the benchmark Shanghai Composite Index reached the highest level since 2009 this week after rising more than fourfold since July.

While the flood of borrowed money into Chinese stocks added fuel to a 59 percent rally in the Shanghai Composite during the past 12 months through yesterday, the gauge’s 7.7 percent tumble on Monday illustrates how leverage can also accelerate declines. Margin traders unloaded shares at the fastest pace in 19 months during the rout, which was sparked by regulatory efforts to cool the growth of margin debt in a market where individuals drive 80 percent of equity volumes.

“Margin trading will add more up-and-down to the market and increase volatility,” Xie Weiyu, a strategist at Shenyin & Wanguo Securities Co. in Shanghai, said in a Jan. 12 e-mail. “If a correction starts, the magnitude will be bigger than the past few years.”

[xchrom]

11. Tsipras Extends Syriza Olive Branch on Greece’s Economy

http://www.bloomberg.com/news/2015-01-21/tsipras-extends-syriza-olive-branch-on-greece-s-economy.html

Greece’s opposition Syriza leader Alexis Tsipras said his party will respect European Union fiscal rules and commit to targets on eliminating the deficit, in a further olive branch to the country’s creditors as he moves closer to winning power.

Tspiras, 40, writing in an op-ed published in today’s Financial Times, said Syriza will guarantee a “new social contract” including an end to austerity that will lead to “political stability and economic security.”

“A Syriza government will respect Greece’s obligation, as a eurozone member, to maintain a balanced budget, and will commit to quantitative targets,” Tsipras said.

Four days before a general election, polls suggest Syriza is poised to defeat Prime Minister Antonis Samaras’s New Democracy party. While voters are attracted by a platform which includes opposing the terms attached to Greece’s bailout, investors have been spooked by the uncertainty over the implications of a potential Syriza victory.

[xchrom]

13. European Stocks Drop After Four-Day Gain as Swiss Shares Decline

http://www.bloomberg.com/news/2015-01-21/european-index-futures-advance-after-stocks-climb-for-four-days.html


European stocks halted a four-day rally that took them to a seven-year high.

The Stoxx Europe 600 Index dropped 0.3 percent to 354.93 at 12:37 p.m. in London, with the Swiss Market Index falling 2.2 percent after a two-day rebound.

The Stoxx 600 rallied 4.8 percent in the past four days, closing at its highest level since January 2008, on optimism that the European Central Bank will step up stimulus measures at its Jan. 22 meeting. President Mario Draghi will announce a 550 billion-euro ($637 billion) bond-purchase program, economists surveyed by Bloomberg News forecast. ECB Governing Council member Ewald Nowotny said investors should not get carried away by one policy meeting.

“Investors are readjusting their expectations ahead of tomorrow’s ECB meeting,” Ralf Zimmermann, an equity strategist at Bankhaus Lampe KG in Dusseldorf, Germany, said in a phone interview. “We’ve seen a significant rebound in markets. There are some downside risks. Now Nowotny has highlighted some of these risks.”

[Hotler]

14. I did not watch the SOTU, what did I miss???

anything or same old stuff, empty ideas and promises.

[Fuddnik]

15. You missed me not watching it either.

[DemReadingDU]

16. Everything is Awesome, n/t

[Tansy_Gold]

17. And . . .

. . . Your sig line says it all.

[Fuddnik]

18. I heard the STFU Address.

The wife was trying to watch a cooking show.

[Demeter]

19. What were they cooking?