STOCK MARKET WATCH -- Wednesday, 29 July 2015

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Wednesday, 29 July 2015[font color=black][/font]

SMW for 28 July 2015

AT THE CLOSING BELL ON 28 July 2015
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Dow Jones 17,630.27 +189.68 (1.09%)
S&P 500 2,093.25 +25.61 (1.24%)
Nasdaq 5,089.21 +49.43 (0.98%)


[font color=green]10 Year 2.25% -0.02 (-0.88%)
30 Year 2.96% -0.01 (-0.34%) [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)
Market Updates
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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
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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
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Brad DeLong
Bonddad
Atrios
goldmansachs666
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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
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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]

[Demeter]

1. I am sick from the long heat wave here

and from the Kid screaming because I won't do what she wants because I'm sick from the heat...

The corn is happy, though, and very good this year.

[Fuddnik]

2. It's been cooler around here lately.

But, you can have your damned rain back. The whole area around us, but not us, is flooded. Our area got between 9-17" of rain over 2 days.

[Demeter]

3. Need a hurricane to bring it up to us

[kickysnana]

4. Dew Points dropped here tonight. Lower, not low temps predicted next 10 days.

Got to open up the apartment for the first time in a few days. Still cool in the mornings here. Hate when we stay in the 80's overnight cause our brick building holds heat until after midnight then, dreading August.

My dairy/farming cousin posted pictures of his corn, exceptional this year but noted so are the raccoons. Lot of commiseration on raccoon war from everywhere where people try to grow stuff.

[Demeter]

5. Doug Adam's is down on social skills and unsolicitied advice

[Demeter]

6. Greece-y Kid Stuff

Last edited Wed Jul 29, 2015, 07:32 AM - Edit history (1)

Greek stock market to stay shut on Wednesday

http://www.reuters.com/article/2015/07/29/eurozone-greece-stockmarket-idUSL5N1091YD20150729

Greece's stock market will not reopen on Wednesday because authorities are still waiting for a ministerial decree needed to resume trading after a nearly five-week shutdown, a senior official at the country's securities regulator said. The Athens Stock Exchange (ASE) has been shut since June 29 when the government closed banks and imposed capital controls to prevent a run on deposits by savers and companies.

"The market is not opening today and we are waiting for the ministerial decree. Once that has been issued the capital markets board can convene," the official said, asking not to be named.

The European Central Bank (ECB) gave Greece the go-ahead on Tuesday to reopen the stock market without restrictions for foreign investors but with limitations for local investors to avert the risk of further capital outflows. The securities regulator's chairman told Reuters on Tuesday that the market could reopen on Wednesday or Thursday following the ECB approval.

Under the ECB-approved plan, local investors would be allowed to buy shares with existing cash holdings but not to withdraw money from their Greek bank accounts to buy shares.

Some market participants had warned that unlimited trading for domestic investors would have posed a serious risk for lenders.

WTF? IT'S NOT MUCH OF A NATION WHEN PEOPLE CANNOT SPEND THEIR OWN MONEY AS THEY SEE FIT...

Greece Starts Bailout Talks With Dispute on Up-Front Actions

http://www.bloomberg.com/news/articles/2015-07-28/greece-s-new-talks-with-creditors-start-with-dispute-over-past

Greece’s latest cycle of talks with its creditors started with a quarrel, as officials argued over which up-front commitments the government has yet to implement in order to tap emergency loans next month. Technical experts from the European Central Bank, the International Monetary Fund, the European Stability Mechanism and the European Commission are in Athens to negotiate with their Greek counterparts. The list of policies that must be legislated over the next three years is in exchange for a lifeline of as much as 86 billion euros ($95 billion). A so-called Memorandum of Understanding would need to be agreed upon in the next two weeks, so that a bailout can be in place before a payment on bonds held by the ECB comes due on August 20. Failure to do that might force another bridge loan to avert default, which may also come with strings attached.

The latest talks will focus on changes to the Greek pension system, labor market, fiscal policy, and market regulation, the Finance Ministry said on Monday.

“An agreement by the second fortnight of August is possible,” EU Commission spokeswoman Mina Andreeva told reporters in Brussels today. “Talks only started yesterday so it’s premature to specify any actions or deadline.”

Creditors want Greek Prime Minister Alexis Tsipras to restore trust by legislating more belt-tightening measures now, before a disbursement from the new ESM-backed program can be made. In two votes earlier this month on so-called prior actions required for negotiations to begin, about a quarter of his Syriza-party lawmakers defected, stripping the premier of his parliamentary majority and forcing him to rely on opposition support.

A Greek Finance Ministry official on Monday told reporters that Greece has already voted through Parliament all the measures it needed to implement before a deal can be reached.

Creditors disagreed.

OFF COURSE THEY DID--MORE

Greece loosens capital restrictions on businesses

http://www.reuters.com/article/2015/07/24/eurozone-greece-capitalcontrols-idUSL5N10444H20150724

Greece started loosening restrictions on foreign transfers by businesses on Friday, unblocking imports held up after the country introduced capital controls last month. Businesses have been hit by limits on transferring money abroad to pay for imports of raw material and other items since the controls started on June 29, and have had to apply to a special committee for permission to pay their foreign suppliers, a time-consuming process.

"The daily limit (on money transfers) has been raised to 100,000 euros from 50,000 euros," central bank governor Yannis Stournaras told reporters, adding that this covered almost 70 percent of requests.

Stournaras said conditions for businesses were improving and authorities aimed to resolve pending issues in the next 10 days.

"As far as approvals are concerned, we are now very close to the monthly imports the Greek economy was registering before the crisis," he said after meeting business leaders on Friday.

On Friday, the government also issued a decree easing restrictions for shipping companies by allowing them to withdraw up to 50,000 euros in cash a day.

Greece reopened its banks on Monday after it secured a 7.2 billion euro bridging loan to pay its debt obligations and enacted tough reforms demanded by its lenders to start negotiations on a third bailout. The banks' three-weeks shutdown has cost Greek businesses 3 billion euros, said the head of Athens Chamber of Commerce and Industry Constantinos Michalos, with many firms warning of closures as a result of the capital curbs.

Greece has approved requests for money transfers totalling 1.585 billion euros from June 29 to July 23, much of it earmarked for energy imports, according to the Bank of Greece on Friday.

The great Greece fire sale

http://www.theguardian.com/business/2015/jul/24/greek-debt-crisis-great-greece-fire-sale

In the early days of the Greek debt crisis, two German politicians came up with a radical solution: Greece should sell off some of its uninhabited islands and property to pay back its creditors. “Sell your islands you bankrupt Greeks! And sell the Acropolis too!” was how the German tabloid Bild summed up their idea...While selling off ancient monuments was never a serious idea, the privatisation of state assets has always been an integral feature of Greece’s international bailouts. Over the past five years, Greece has faltered on promises to sell vital parts of its infrastructure – ports, airports, marinas and waterworks – in exchange for billions of euros in loans. Privatisation remains a vital element of Greece’s latest bailout deal. Under threat of being forced out of the eurozone, Athens agreed to transfer “valuable assets” to an independent fund, with the aim of raising €50bn (£35bn). Half the proceeds will be used to shore up capital reserves at Greek banks; a quarter will be used to repay Greece’s creditors, and the remainder will be spent on unspecified investments.

The privatisation fund was the issue that almost forced a Grexit at the marathon 17-hour, all-night summit of European leaders in Brussels earlier this month. “It was the only thing discussed at the summit,” recalls one diplomat. At 6am, as Greece teetered on the brink of leaving the euro, the Greek prime minister, Alexis Tsipras, was still haggling over privatisation details with his counterparts, Angela Merkel and François Hollande.

The idea of the privatisation fund first emerged in a leaked German government paper which argued Greece should leave the eurozone if it did not agree to put €50bn in a Luxembourg fund as collateral for its debts. Although drafted in Berlin, the plan soon found support among Greece’s hardline creditors in central Europe and the Baltics. Tsipras wrung two concessions: the fund would be run from Athens, not Luxembourg, and a tranche of the cash would be earmarked for investments in Greece. The privatisation fund is likely to remain one of the most contentious issues as Greece and its creditors strive to conclude bailout talks by mid-August.

From the creditors’ perspective, Greek privatisation has been failure heaped upon failure. In 2011, international creditors decreed that Athens would raise €50bn by the end of 2015 from selling state assets. By early 2015, only €3.2bn had been raised; none of the most sensitive aspects – airports, ports, railways – had been sold. Neither officials at the European commission nor the International Monetary Fund are taking the €50bn target remotely seriously. In a devastating analysis of Greece’s debt burden published in July, the IMF said it was realistic to assume asset sales would be worth no more than €500m a year – meaning it could take 100 years to raise €50bn. Gabriel Sterne at Oxford Economics argues that the IMF has failed to learn from its recent history that “less is more” when it comes to setting numerical targets. “It is economics versus faith – ‘Somehow we will make this work even if it doesn’t add up’ – but the economics really doesn’t add up.”

When Syriza swept to power in January, one of its first actions was to sack the people in charge of Greece’s privatisation agency and cancel plans to sell Greece’s electricity transmission operator (ADMIE). The sale of other assets – most notably regional airports and the port of Piraeus – had almost been completed, but was thrown into doubt. The government is expected to put up little resistance to the sales now being concluded. Venues purpose-built for the 2004 Athens Olympic games, which have sat derelict and rotting for the past decade, will also be among the assets moved to the fund, alongside state utilities, including the water board and ADMIE. Both Russia and China have expressed interest in snapping up the state-run railway network, one of the biggest encumbrances on public finances before the debt crisis erupted in late 2009. The Greek state is also rich in buildings bequeathed by individuals to municipalities and the Orthodox Church – properties that are also expected to be included in the fund. Contrary to popular perception, the public sector owns very few islands. The sale last week to Hollywood star Johnny Depp of the Aegean islet of Stroggilo, for a reputed €4.2m, was conducted privately....MORE

Up for sale

Helliniko Olympic complex
Ports of Piraeus and Thessaloniki
14 regional airports
PPC power company, including ADMIE, the electricity transmission operator
DEPA natural gas company
Hellenic Petroleum
Hellenic Post
Athens Water Supply and Sewerage Company
Xenia Hotels in Rhodes
Marinas of Chios, Pylos and other locations

Source: Hellenic Republic Asset Development Fund

[Demeter]

7. New Bailout Talks Delayed So Creditors Can Find Secure Location Out Of View Of Greeks Who Hate Them

Talks on tying up a new bailout deal for Greece failed to start on Friday as had been expected, with officials blaming security worries for delaying the negotiations with international creditors who are detested by many Greeks.

Greek government officials had said this week that the talks on the third bailout program worth up to 86 billion euros ($94 billion) would start in Athens on Friday after negotiations had previously been held in Brussels – away from the public glare.

But representatives of Greece’s creditor institutions – the European Commission, the European Central Bank and IMF – said they could not begin until the right location was found, given the talks’ sensitivity and the widespread public anger about austerity policies imposed under the first two bailouts...

ACTUAL HEADLINE Security worries delay start of Greece's new bailout talks

http://www.reuters.com/article/2015/07/24/us-eurozone-greece-talks-idUSKCN0PY0ZD20150724

[Demeter]

10. Schäuble was ready to give Greece €50 billion to quit the euro

http://heardineurope.blogactiv.eu/2015/07/20/schauble-was-ready-to-give-greece-e50-billion-to-quit-the-euro/

German Minister of Finance Wolfgang Schäuble was prepared “to give Greece €50 billion” had Yanis Varoufakis, his Greek counterpart at the time, agreed to his country leaving the eurozone, a high level source who recently spoke to Schäuble has revealed.

The German minister was described by the source like “a true European” who had nothing against Greece, but favoured harsh medicine for a good cause.

Schäuble was reported to assume that the leftist Syriza government would favour leaving the eurozone, a move consistent with its ideology. And he was prepared to put money on the table to encourage it to take this step.

Schäuble was quoted as asking how much Greece wants to leave the euro by France’s Mediapart. This is said to taken place before the 5 July referendum, in which a vast majority of Greeks rejected the international creditors’ proposals.

But according to the information obtained by Heard in Europe, Schäuble had in mind a concrete figure – €50 billion – had Syriza opted for Grexit.

Schäuble apparently didn’t say where the money would come from. Part of such a package could be sourced from the €35 billion of EU money due to Greece until 2020, plus ECB profits from Greek debt sovereign bonds due to Athens.

Had Greece opted for a Grexit, more than €300 billion of its debt would be lost to creditors, but €50 billion of fresh money would come handy to the Syriza government to build a new financial system.

Under the bailouts, billions are disbursed to Greece, but the money goes mainly for servicing debt.

Regardless of his party’s ideology, at the extraordinary Eurozone summit on 12 July, Greek Prime Minister Alexis Tsipras chose to honour the wishes of the majority of Greeks, who want to keep the euro.

Tsipras’ decision was even more surprising given the creditor’s conditions, which our source described as “much, much more brutal compared to any country historically speaking”.



Published under a Creative Commons licence.

[Demeter]

11. 2010 and all that—Relitigating the Greek bailout (Part 1 &2)

https://medium.com/bull-market/2010-and-all-that-relitigating-the-greek-bailout-part-1-a889d468e8ae

https://medium.com/bull-market/2010-and-all-that-relitigating-the-greek-bailout-part-2-7c839e32c286

NO DOUBT THERE WILL BE MORE TO FOLLOW

[Demeter]

8. DARK Act Passes but Fight for Americans’ Right to Know Far From Over

http://www.ewg.org/release/dark-act-passes-fight-americans-right-know-far-over

Legislation dubbed the Deny Americans the Right to Know, or DARK, Act passed the House of Representatives LAST FRIDAY, but the fight for a more transparent food industry is only just beginning, EWG’s Scott Faber said following the vote.

EWG and other advocates of labeling genetically engineered foods, or GMOs, opposed the bill because it would strip states of the right to require labeling and effectively prevent the Food and Drug Administration from mandating a nationwide GMO labeling system.

“It’s outrageous that some House lawmakers voted to ignore the wishes of nine out of 10 Americans,” said Scott Faber, senior vice president of government affairs for EWG. “Today’s vote to deny Americans the right to know what’s in their food and how it’s grown was a foregone conclusion. This House was bought and paid for by corporate interests, so it’s no surprise that it passed a bill to block states and the FDA from giving consumers basic information about their food.”

More than 300 organizations, companies and food industry and social justice leaders oppose the DARK Act in the face of massive spending and lobbying by big chemical and food companies. Poll after poll has shown that a large majority of residents of key states and across the country support mandatory GMO labeling.

“We’re confident the Senate will defeat the DARK Act,” added Faber. “We continue to hope that thoughtful food companies that listen to their customers will work with consumer groups to craft a non-judgmental GMO disclosure to put on the back of food packaging. Americans should have the same right as citizens of 64 other countries to know what’s in their food and how it’s grown.”

[Demeter]

9. Mike Lee goes for nuclear option to repeal Obamacare

http://www.washingtonpost.com/news/powerpost/wp/2015/07/24/mike-lee-goes-for-nuclear-option-to-repeal-obamacare/

Senate conservatives couldn’t stop a vote on the Export-Import bank. So they’re going to try to force a vote on Obamacare instead. Conservative firebrand Sen. Mike Lee (R-Utah) announced on Friday that he plans to use a complicated procedural maneuver known as the nuclear option to repeal the Affordable Care Act with just 51 votes. Democrats famously used the strategy in 2013 to break a Republican blockade of President Obama’s nominees to fill judicial openings. Now Lee wants to use the partisan procedure get rid of Obamacare.

It’s unclear whether Lee’s gambit will work — but if it does, there are likely 51 senators who would vote to repeal Obama’s signature domestic achievement. The issue is whether such language can get a vote on the Senate floor to begin with.

Typically, legislation needs to clear a 60-vote procedural hurdle before it can even get an actual vote in the Senate. But Republicans don’t have enough anti-Obamacare support in the Senate to reach that filibuster-proof threshold. Senate Majority Leader Mitch McConnell (R-Ky.) is already preparing to prove that point on Sunday when the Senate is scheduled to vote on an Obamacare repeal amendment to the GOP leader’s three-year highway funding bill. (THAT AMENDMENT FAILED)

Lee sees that failure as an opportunity.

“Thanks to the sequencing of the votes we just locked in, Republicans will have the opportunity to resurrect that Obamacare amendment later on in the process, and put it back before the Senate in a manner that only requires a simple-majority vote,” Lee said in a press release.

Lee Communications Director Conn Carroll disputed the idea that the senator is employing the nuclear option, saying that Lee opposes changing the 60-vote threshold for normal cloture votes. He just wants to change the standard on this one amendment...

FUN AND GAMES IN DC MORE AT LINK