STOCK MARKET WATCH -- Wednesday, 4 November 2015

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Wednesday, 4 November 2015[font color=black][/font]

SMW for 3 November 2015

AT THE CLOSING BELL ON 3 November 2015
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Dow Jones 17,918.15 +89.39 (0.50%)
S&P 500 2,109.79 +5.74 (0.27%)
Nasdaq 5,145.13 +17.98 (0.35%)


[font color=red]10 Year 2.22% +0.02 (0.91%)
30 Year 3.00% +0.03 (1.01% [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
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
08/03/15 Former City (London) trader Tom Hayes found guilty of rigging global Libor interest rates. Each fo eight counts carries up to 10 yr. sentence.
08/21/15 Charles Antonucci Sr, former pres. Park Ave. Bank sentenced to 2.5 years in prison for bribery, fraud, embezzlement, and attempt to steal $11MM in TARP bailout funds, as well as $37.5MM fraud on OK insurance company. To pay $54MM in restitution and give up additional $11MM.
09/21/15 Volkswagen CEO Martin Winterkorn apologizes for VW cheating on air quality standards with emission testing avoidance device. Stock drops 20%, fines may total $18B.
09/22/15 Stewart Parnell, CEO Peanut Corp. of America, sentenced to 28 years in prison for selling salmonella-tainted peanut butter that killed nine.





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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. Home from the polls: 10 PM

Left home at 5:15 or so. Glad to be back. G'night!

[Demeter]

2. I missed Max Keiser this weekend

[Demeter]

3. US high-frequency trader convicted in first US 'spoofing' case

A jury has convicted a high-frequency trader of commodities fraud and “spoofing”, in the US government’s first criminal prosecution of the banned trading practice.

The verdict in the trial of Michael Coscia, owner of New Jersey-based Panther Energy Trading, may prompt prosecutors to pursue market manipulation cases and spur some high-speed traders to review their strategies, in which orders are sometimes executed or canceled within milliseconds after they are entered.

“This is the clarity that people have been looking for – what exactly is spoofing, what defines it,” said Trace Schmeltz, a lawyer specialising in white-collar crime at the US-based law firm Barnes & Thornburg, who was not involved in the case.

Coscia was accused of entering large orders into futures markets in 2011 that he never intended to execute. His goal, prosecutors said, was to lure other traders to markets by creating an illusion of demand so that he could make money on smaller trades, a practice known as spoofing.




Read more: http://www.theguardian.com/us-news/2015/nov/04/us-high-frequency-trader-convicted-first-spoofing-case-michael-coscia

[Demeter]

4. Gold marks longest losing streak since September

NOTICE HOW SHORT-TERM THIS ATTENTION SPAN IS....SEPTEMBER? WAS THAT SUCH A SIGNIFICANT TIME PERIOD?

http://www.marketwatch.com/story/gold-nudges-lower-as-hopes-rise-for-a-fed-rate-hike-2015-11-03?siteid=YAHOOB

Gold finished lower on Tuesday, as it remained weighed down by recent hints from the U.S. Federal Reserve that an interest-rate increase could come yet this year.

December gold, ended down $21.80, or 1.9%, to settle at $1,114.10 an ounce, posting its worst point and percentage drop since Oct. 29, when it lost $28.80, or 2.5%. Tuesday’s decline marks the metal’s fourth consecutive decline and its longest losing streak since Sept. 25, when the precious metal went on a five-session losing streak, according to FactSet data. Investors and analysts are watching U.S. economic data for further clues as to when the country’s first rate rise in almost a decade will come, but many believe that such numbers will provide a patchy picture going forward, keeping pressure up on the precious metal. Analysts see little reason to expect a solid recovery and predict that the market will stay either flat, or will fall, during the rest of this week.

The Fed hinted last Wednesday that a rate increase is still on cards at their December meeting. A recent run of weak U.S. economic data made many market players predict a rate increase wouldn’t happen until 2016. A reversal of that view has abruptly halted gold’s momentum.

“There is still no end in sight for the falling prices of gold,” said Fawad Razaqzada, technical analyst at Forex.com. Razaqzada says the prospect of a rate increase in December has weighed on dollar-denominated assets like gold and silver because higher rates mean higher returns on dollar-deposits, which strengthens the appeal of the greenback but is a drag on dollar-based metals.

December silver SIZ5, +0.04% was little changed cents finishing at $15.24 an ounce.

“The markets have since been pricing in a higher probability for a rate rise in December and the dollar has correspondingly gained ground,” Razaqzada said, who added the a dovish European Central Bank and negative interest rates in other countries have been supportive of a stronger dollar.

The next big piece of data commodities investors are looking ahead to is Friday’s jobs report, which could determine the pace and timing of the Fed’s rate increase...


IN OTHER WORDS, THE ROULETTE WHEEL KEEPS ON SPINNING, NOTHING HAS INTRINSIC VALUE, AND WE ARE ALL FODDER FOR THE 1%.

AFTER ALL, THE FED STILL HASN'T GOTTEN ENOUGH GOLD TOGETHER TO SATISFY GERMANY'S DEMAND OF THEIR ASSET BEING RETURNED TO THEIR CUSTODY...SO THE PRICE OF GOLD (AND THE INFLATION OF THE DOLLAR) MUST CONTINUE APACE.

I REALLY WONDER WHAT A REALITY-BASED ECONOMY WOULD LOOK LIKE.

[Demeter]

5. Mad As Hell Market Maneuvers

http://www.forbes.com/sites/investor/2015/11/04/mad-as-hell-market-maneuvers/

Politics these days seems have the mind-set of “I’m as mad as hell and I’m not going to take this anymore!”–a line first uttered by Howard Beale in the 1976 film Network.

How else to explain the current popularity of Donald Trump and Ben Carson, political neophytes who are seen as giving voice to frustrated voters? Or Senator Bernie Sanders, a self-described socialist who has been giving Hillary Clinton a run for her money?

Fringe political parties have sprung up across an economically struggling and increasingly xenophobic Europe, which is also now beset by an influx of refugees from Syria. An angry public has been lending its support to radical parties like the leftist Syriza and right-wing Independent Greeks parties in Greece, the leftist Podemos party in Spain, the Left Bloc in Portugal, the far-right National Front party in France and the U.K. Independence Party in the U.K. Britain’s Labour Party is now headed by a relatively unknown leftist, Jeremy Corbyn, who is appealing to a frustrated middle class with a focus on eliminating social inequality and poverty in the U.K. by beefing up government programs and involvement in the economy.

Perhaps the most significant factor contributing to the growing discontent is a fall in purchasing power that has recently afflicted the middle class. Since data collection began in 1967, the top 20% of earners in the U.S. have held a steadily larger proportion of aggregate income, while the shares of the bottom quintiles have consistently fallen. This increasingly unequal distribution of wealth is now being coupled with declining real incomes. The lower 90% of incomes fell from an average of $35,100 in 2002 to $31,700 in 2012, while the real incomes of the top 10% rose, particularly among those in the top 0.01% of households. Share declines are acceptable if purchasing power is rising but not if both are falling. It’s happening overseas, too. The ratio of total income received by the top 20% to the bottom 20%, a measure of income inequality, has increased across the euro zone since 2005...

HE SEES THROUGH A CLOUD, DARKLY. SOME OF HIS COMMENTS ARE ACCURATE, SOME ARE PURE BS PROPAGANDA.

WE REALLY NEED BERNIE SANDERS, TO SET A TRUTH LEVEL FOR ALL DIALOG IN ECONOMICS AND POLITICS.

[Demeter]

6. ECB's Coeure says Greek banks must be fixed this year: newspaper

http://www.reuters.com/article/2015/11/04/us-eurozone-greece-recapitalisation-idUSKCN0ST1F620151104?feedType=RSS&feedName=businessNews

The recapitalization of Greek banks should be completed this year, a top European Central Bank official said on Wednesday.

"The health check by the ECB of the large Greek banks is another step forward, and bank recapitalization should be completed by the end of the year," Benoit Coeure, a member of the ECB's Executive Board, told newspaper El Financiero.

"The situation in the euro area is considerably more robust than it was a couple of years ago," he said.

PRIDE GOETH BEFORE A FALL...OH, THEY FIXED THE BANKS ALL RIGHT...IN THE CRIMINAL SENSE.

[Demeter]

7. Fed policy 'very dependent' on incoming data

http://www.reuters.com/article/2015/11/04/us-fed-policy-idUSKCN0ST1FP20151104?feedType=RSS&feedName=businessNews

U.S. Federal Reserve policy is very dependent on incoming data but there has already been some tightening of conditions due to the appreciation of the U.S. dollar, Federal Reserve Governor Lael Brainard told a conference in Frankfurt.

Brainard said the improvement in the labor market has been extremely steady and the slack in the economy has been reduced but core inflation is below target and some measure of inflation compensation have dipped lower.

She added there are significant cross currents from China's economic slowdown and the dollar's appreciation is a drag on the economy, she told a banking conference organized by the European Central Bank.

[Demeter]

8. South Sudan plane crash kills at least 41 on board and on ground 2ND RUSSIAN AIRCRAFT

IT LOOKS LIKE THE MUSLIMS ARE GOING AFTER RUSSIA FOR BOMBING THEM TO HELL...AND I SUPPOSE CHECHEN ISLAMIST TERRORISTS WOULD SPEAK ENOUGH RUSSIAN TO SET BOMBS ON PLANES....BUT THAT GAME WILL COME TO AN ABRUPT END, AND I EXPECT THEY WILL REGRET BAITING THE RUSSIAN BEAR. THE CRASH IN EGYPT IS LOOKING VERY MUCH LIKE A BOMB ON BOARD...

http://www.reuters.com/article/2015/11/04/us-southsudan-airplane-crash-idUSKCN0ST0VS20151104?feedType=RSS&feedName=topNews

A Russian-built cargo plane with passengers on board crashed on Wednesday after taking off from the airport in South Sudan's capital, killing at least 41 people on the flight and on the ground, an official and a Reuters witness said. A crew member and a child on board survived, presidential spokesman Ateny Wek Ateny told Reuters.

Shortly after taking off from Juba airport the plane came down on the banks of the White Nile River, leaving a tail fin and lumps of fuselage strewn in vegetation close to the water. The plane may have had about 20 people on board, including crew and "probably" 10 to 15 passengers, Ateny said, but added: "We need to confirm how many people were on board." In addition, he said an unknown number of people were killed on the ground as the Antonov plane crashed near where some fishermen were working. "We don't know the number of people that were killed on the ground," he added.

A police officer, who did not give his name because he was not authorized to speak to the media, told Reuters at the scene that at least 41 people died, but said the number could climb. The Reuters witness said he saw 41 bodies at the site.

Earlier, South Sudanese media had said the cargo plane carried five Russian crew and seven passengers. South Sudan Tribune on Twitter also reported two survivors, one of them a child.

[Demeter]

9. Japanese Company Fined $70 Million Over Exploding Air Bags

http://detroit.cbslocal.com/2015/11/04/japanese-company-fined-70-million-over-exploding-air-bags/

U.S. auto safety regulators fined Japan’s Takata Corp. $70 million Tuesday for concealing evidence for years that its air bags are prone to explode with grisly consequences – a defect linked to eight deaths and more than 100 injuries worldwide.

Under an agreement with the government, Takata will phase out manufacture of air bag inflators that use ammonium nitrate, the propellant blamed for the explosions. It also agreed to a schedule over the next two years for replacing many of the devices already in use.
And unless it can prove they are safe, Takata may have to recall all its inflators, even those not yet implicated in the mess.

The company admitted that it knew for years that the inflators were defective but that it fended off recalls by failing to tell the National Highway Traffic Safety Administration...


I USED TO THINK ONLY THE OIL BIDNESS WAS INHERENTLY CORRUPT....PERHAPS AS A SUBSIDIARY TO THE OIL BIDNESS, SO IS THE AUTO BIDNESS.....

OR MAYBE IT'S JUST ANOTHER SIGN THAT CORRUPTION HAS PERMEATED EVERY ASPECT OF COMMERCIAL LIFE, ALL AROUND THE GLOBE: GERMANY TO JAPAN TO DETROIT AND WASHINGTON DC.

[Demeter]

10. 5 Things That Wouldn't Be Happening If the U.S. Were a Functioning Democracy By Paul Buchheit

http://www.alternet.org/economy/5-things-wouldnt-be-happening-if-us-were-functioning-democracy?akid=13623.227380.WZVv-4&rd=1&src=newsletter1045148&t=9

1. The Super-Rich Wouldn't Make Our Decisions for Us

2. We Wouldn't Spend So Much Money on Security for Rich People

3. We Wouldn't Give All the Credit for a Tech Product to One Person

4. Public Sentiment Would Prevail Over the Demands of Lobbyists

5. Our Jobs Wouldn't Be Held Hostage in Tax Havens

DETAILS AT LINK

[Demeter]

11. JUST ASK "W"

I never thought of the coincidence before...W=Wally?

[Demeter]

12. Outatime, and got to go

I'll do better tomorrow! Happy Hump Day, all!