STOCK MARKET WATCH -- Tuesday, 9 February 2016

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Tuesday, 9 February 2016[font color=black][/font]

SMW for 8 February 2016

AT THE CLOSING BELL ON 8 February 2016
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Dow Jones 16,027.05 -177.92 (-1.10%)
S&P 500 1,853.44 -26.61 (-1.42%)
Nasdaq 4,283.75 -79.39 (-1.82%)


[font color=green]10 Year 1.75% -0.06 (-3.31%)
30 Year 2.58% -0.08 (-3.01%) [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.
12/17/15 Martin Shkreli, former CEO Turing Pharmaceuticals and notorious price gouger, arrested on securities fraud charges. Posted $5M bail, resigned as CEO.




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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]

[antigop]

1. in case you missed this over in GD-P

Hillary Clinton won't rule out Wall St. Treasury Secretary

http://www.democraticunderground.com/12511175012

[Tansy_Gold]

2. Well, that's no different from what Obama did.

Right?

And look how well that's done for the working classes.

[mother earth]

5. She's learned nothing. So progressive, Hillary! ;) With TPP around the corner it's not surprising.

TPP is set to give away more power to the banks, more power to the corporations, everyone except the peasants will be even less accountable. Is that possible? I mean, not the giveaway, but the LESS accountability part?

My feminist brain tells me to continue Bernie support & then some.

Goldman sacks are filled pretty well, even when they donate. Deep pockets are important.

[Tansy_Gold]

15. Feminism and Progressivism

I don't agree with Madeleine Albright on a special place in hell for women who don't support other women. Would we be voting for Maggie Thatcher just because she was female? Or Michele Bachmann? Or (gag) Ann Coulter? I don't think so.

I do believe Hillary is progressive on most social issues, but not on economic ones. I have friends who will vote for her because she's a Democrat and female without taking any of her economic positions or connections into consideration, as if they believe it's impossible to be a fiscal conservative and a social progressive at the same time -OR- they believe that the one automatically implies the other. Not so, SO not so.

My support for Hillary in the 2008 primaries was based on a sense that Obama was too inexperienced to navigate the labyrinths of power needed to get things done that needed to be done. I felt my concerns were validated immediately after the election with the whole economic transition team, and further validated over and over and over as he failed to use the enormous power of a super majority in congress to get important economic legislation passed. The estate tax was never reinstated, allowing/promoting/encouraging the consolidation of feudal wealth that we have now this seven years later. We have more jobs, maybe, but they are not good jobs. We don't know how many people have dropped out of the job market altogether and are no longer even counted.

If Hillary is the Democratic nominee, I will vote for her with the same commitment I had to Obama in 2008 -- absolutely no way would I vote for a right wing nut job or throw my vote away. But in the primary -- which is pretty much worthless in Arizona anyway -- I will support Sanders, because I think overall his politics are more feminist, more beneficial to women economically, than Hillary's, and that he has integrated those economic policies more with his position on social issues than she has.

But what do I know?

[Tansy_Gold]

3. Billionaires dominate 2016

http://www.politico.com/story/2016/02/100-billionaires-2016-campaign-finance-218862#ixzz3zaSdxZef

Establishment-bashing Ted Cruz nabs four of six top donors.

The 100 biggest donors of 2016 cycle have spent $195 million trying to influence the presidential election ― more than the $155 million spent by the 2 million smallest donors combined — according to a POLITICO analysis of campaign finance data.

The analysis found that the leading beneficiaries of checks from the top 100 donors were Jeb Bush’s floundering campaign for the GOP nomination (a supportive super PAC received $49 million from donors on the list), Democratic front-runner Hillary Clinton (super PACs dedicated to her raised $38 million from top 100 donors) and Ted Cruz’s insurgent GOP campaign ($37 million).

In fact, despite his attacks on his party’s donor class and establishment, Cruz, the Texas senator who won last week’s Iowa caucuses, appears to have locked down the support of four of the top six donors ― the Wilks family of Cisco, Texas (the No. 1 donor on POLITICO’s list), New York hedge fund tycoon Bob Mercer (No. 2), Texas energy investor Toby Neugebauer (No. 4) and Illinois manufacturing moguls Dick and Liz Uihlein (No. 6) ― but only one other donor on the list.

Read more: http://www.politico.com/story/2016/02/100-billionaires-2016-campaign-finance-218862#ixzz3zcliLd00

[Tansy_Gold]

4. Oil prices to stay low, according to trader

http://www.bloomberg.com/news/articles/2016-02-08/world-s-largest-energy-trader-sees-a-decade-of-low-oil-prices

Oil prices will stay low for as long as 10 years as Chinese economic growth slows and the U.S. shale industry acts as a cap on any rally, according to the world’s largest independent oil-trading house.

"It’s hard to see a dramatic price increase," Vitol Group BV Chief Executive Officer Ian Taylor told Bloomberg in an interview, saying prices were likely to bounce around a band with a midpoint of $50 a barrel for the next decade.

. . . . .

For the foreseeable future, Taylor doubts the oil market would ever see the triple-digit prices that fattened the sovereign wealth funds of Middle East countries and propelled the valuations of companies such as Exxon Mobil Corp. and BP Plc.

"You have to believe that there is a possibility that you will not necessarily go back above $100, you know, ever," he said.

[Ghost Dog]

6. World markets in turmoil for a second day

... Banks led the rout in Japan amid concerns about the sector in an environment of negative interest rates. In Europe, Italian lenders led a second day of heavy declines because of worries about their bad debts. Banca Monte dei Paschi di Siena was the biggest casualty, dropping more than 7%.

The Stoxx 600 Banks index, which tracks financial stocks across Europe, fell 1.7%, adding to a 5.6% decline on Monday. Europe’s bank sector has lost a quarter of its value this year as fears of a global downturn have damaged market valuations.

Investors have dumped shares and bought the safer assets of gold and government bonds as the panic that marked the start to trading in 2016 resumed. Analysts have compared conditions with those that existed before the collapse of Lehman Brothers in 2008 plunged the world into recession...

... Deutsche Bank rose 2% after Germany’s biggest bank issued a statement reassuring investors that it can meet bond payments in April. Deutsche was the main casualty of the European banking rout on Monday, falling nearly 10% on fears about its finances...

/... http://www.theguardian.com/business/2016/feb/09/world-markets-in-turmoil-for-a-second-day-nikkei-dax-ftse

[Tansy_Gold]

17. This >>>>>

"Analysts have compared conditions with those that existed before the collapse of Lehman Brothers in 2008 plunged the world into recession...

[DemReadingDU]

19. CEO reassures Deutsche Bank is 'rock-solid' as shares sink

2/9/16 CEO reassures Deutsche Bank is 'rock-solid' as shares sink

Deutsche Bank co-CEO John Cryan is reassuring employees and the markets that Germany's largest lender remains "rock-solid" even though its shares have taken a beating.

The bank's shares have suffered in the days since it reported a 6.8 billion euro ($7.5 billion) loss for last year. Losses reported by competitor Credit Suisse and problems in Italy's financial system have helped feed concerns about banking stocks.

Cryan wrote in a message on the bank's website Tuesday that if clients ask about how market gyrations are affecting the bank, "you can tell them that Deutsche Bank remains absolutely rock-solid, given our strong capital and risk position."

The bank's shares were down 5 percent in afternoon trading in Europe and have fallen 23 percent since its earnings announcement Jan. 28.

https://beta.finance.yahoo.com/news/ceo-reassures-deutsche-bank-rock-150818029.html

[Hotler]

7. Bernie Sanders’s Tax Plan Would Test an Economic Hypothesis

One of the ideas Mr. Sanders has advanced is more revolutionary than it looks at first glance: much higher taxes on the highest earners, so high they would reach or even pass the point after which higher tax rates mean less revenue instead of more.

Mr. Sanders has proposed a headline top tax rate of 52 percent, applying only to incomes over $10 million. But that’s just the federal income tax. When you combine it with other taxes that apply to income, like existing payroll taxes and new ones Mr. Sanders would impose to pay for Social Security, single-payer health care and family leave, and then add those on top of taxes levied by state governments, it would add up to a combined tax rate of over 73 percent on the highest incomes, more than 20 points higher than today. That’s in the average state — maximum rates in high-tax jurisdictions like California and New York City would be even higher.

Mr. Saez, who is perhaps best known by the public for his work with Thomas Piketty on rising income inequality, said a key effect of such a large tax increase would be to push down the pretax incomes of the ultrarich.

“My feel is that the reasoning behind Sanders’s tax plan is not so much tax revenue generation from top earners but rather make top tax rates so high so as to discourage ‘greed,’ defined broadly as extracting income at the expense of the rest of the economy as opposed to real productive behavior,” Mr. Saez wrote in an email. “I think pretax top incomes would finally start to decline.”

"make top tax rates so high as to discourage greed."

http://www.msn.com/en-us/money/markets/bernie-sanders%e2%80%99s-tax-plan-would-test-an-economic-hypothesis/ar-BBpi6wm?li=BBnb7Kv&ocid=iehp

That might work for awhile. There is a saying that "behind every great fortune is a great crime." then maybe prison might work also to discourage greed.

[Hotler]

8. Jeremy Siegel Admits Things Are Really, Really Bad Out There

Well, no one ever accused Jeremy Siegel of being bearish, but now he is at least less bullish after witnessing one of the worst Januarys for stocks in history.

"I was far too bullish last December," Siegel told CNBC on Monday, on the way to asking if central banks had the firepower to “counteract all of the deflationary forces.”

“That’s clearly spooking the markets right now,” the vaunted Wharton school professor said of the deflationary boogeyman the world just can’t seem to shake despite trillions in global QE.

“Those deflationary forces ... from China, from commodities are really, in the presence of debt that so many of these energy and other companies have, ... causing the market turmoil right now,” he says.

And while Siegel admits that he may have been foolish to predict that “valuations can stay on the high side” in the near-term, he’s sticking with the idea that equities are where you want to be over the long haul. “In the long-run, you're going to be rewarded [in stocks]," he concludes.

To borrow a phrase from Bill Gross, we’d ask Siegel this with regard to his infamous Dow 20,000 call: “Hows that workin’ out for ya?”

http://www.zerohedge.com/news/2016-02-08/i-was-far-too-bullish-jeremy-siegel-admits-things-are-really-really-bad-out-there

How come it's the little people that are told to stay in stocks for the long haul when all the big players are buying and selling constantly?

Tell me again how the stock market is not a casino.

[Hotler]

9. More doom and gloom.

"The Market Knows It's Over" Jim Rogers Warns "We're All Going To Suffer"

Back in the 1970’s as recession gripped the world for a decade, stocks stagnated and commodities crashed, investor Jim Rogers made a fortune. His understanding of markets, capital flows and timing is legendary.

As crisis struck in late 2008, he did it again, often recommending gold and silver to those looking for wealth preservation strategies – move that would have paid of multi-fold when precious metals hit all time highs in 2011. He warned that the crash would lead to massive job losses, dependence on government bailouts, and unprecedented central bank printing on a global scale.

Now, Rogers says that investors around the world are realizing that the jig is up. Stocks are over bloated and central banks will have little choice but to take action again. But this time, says Rogers in his latest interview with CrushTheStreet.com, there will be no stopping it and people all over the world are going to feel the pain, including in China and the United States.

http://www.zerohedge.com/news/2016-02-08/market-knows-its-over-jim-rogers-warns-were-all-going-suffer

Zero Hedge always has some interesting reads.

[Tansy_Gold]

12. And this is what the "people" here. . .

. . . have been saying all along.

Banks don't "make" money. Whether they're a Wall Street vampire or the Building and Loan of Bedford Falls, banks do not make money. They can print it, and they can lend it so other people can make it, but banks cannot make money. Only labor can, and banks don't labor. People do.

Stock exchanges don't "make" money either. People do.

Banks, stock exchanges, the rest: They aren't people.

[Punx]

18. "Banks don't "make" money."

Someone needs to tell that to Hillary.

Not that she will listen.

[Roland99]

14. What the ‘Chart of Doom’ is saying about a global recession

http://www.marketwatch.com/story/what-the-chart-of-doom-is-saying-about-a-global-recession-2016-02-08?link=MW_popular

The Chart of Doom from Market Daily Briefing, a site devoted to charting economic indicators from around the world, shows credit dropping off in the U.K., Japan, and the eurozone while remaining expansionary in the U.S. and China.


“Once private credit rolls over in China and the U.S., the global recession will start its rapid slide down the Seneca Cliff,” wrote Smith in a post on his blog ‘Of Two Minds.’

Seneca Cliff is a reference to Lucius Annaeus Seneca, a Roman philosopher who is credited with saying: “As it is, increases are of sluggish growth, but the way to ruin is rapid.”

Smith argues that when businesses and households stop taking out loans and instead start paying off debt, it is a sign that a recession or a depression is ahead.

[Roland99]

16. This guy is usually rather reserved in making doom 'n gloom predictions. But not today!!

MBS Day Ahead: This Road Leads to New All-Time Low Rates
http://www.mortgagenewsdaily.com/mortgage_rates/blog/565073.aspx

With the help of the brilliant minds on the MBS Live dashboard, this thesis grew to be our collective baseline the longer rates remained resilient into the end of 2015. Personally, I figured we'd have a little blip higher in rates before a bigger push down toward current levels. I thought that things like the decent employment data would trick markets into thinking things would be OK even though the Fed just hiked, and some green shoots of economic optimism would take hold.

Instead, markets have wasted no time freaking out in 2016. To put the freakout into a visual context that most people can relate to, here's a long term chart of the best stock index for a big picture assessment of "stocks"--the S&P. It shows these so-called "economic cycles" that we began talking about in mid 2015.

...

All that is beside the point though. The point is that QE isn't a long-term, organic set of muscles that's capable of turning the crank of global economic growth. Such muscles are nowhere to be found, and the Fed doesn't want to live the lie anymore. Markets are increasingly pricing-in that grim reality.

There could be corrections along the way--possibly even big enough to scare some sense into floaters, but until we see strong evidence to the contrary, utter and complete global economic meltdown is the baseline. The road we're on leads to new all-time low rates.

[Hotler]

10. I found this little gem.

This may be based by someone that wants to sell you gold r silver, but it is a good read. A little dated.

Secrets Of The Plunge Protection Team The Four Derivative US Dictators

There are just four people who control all of the U.S. markets through their use of dangerous and explosive DERIVATIVES. They are risking the assets and retirement funds of all Americans. Because of their manipulations, especially since 2001, U.S. financial markets are now based on the gambling whims of a special fraternity of Federal Government DERIVATIVE dealers. This group is known among Wall Street as the Plunge Protection Team (PPT). Their "official" role was to prevent another 1987 "Black Monday". They have the entire U.S. Treasury at their disposal to manipulate the markets through DERIVATIVES (futures options). In other words, they are using the assets behind the U.S. Treasury to rig the prices of commodites (gold, currencies, etc.) and stocks.

The pre-911 U.S. markets showed an astounding - yet confounding and puzzling - rise for the 4 months proceeding 911. The U.S. media dubbed it a "patriotic rally". The European Press called it a "PPT [Plunge Protection Team] rally". Obviously, the U.S. markets were manipulated and rigged to an inflated value in advance of the 911 disaster. Was this a coordinated measure in anticipation of what was to come? Only The Powers That Be can answer that question directly. Since 911, there have been at least three major long-term stock market rallies. In all 3 instances, when the markets opened all the indexes began to quickly plunge. In each incidence, by early afternoon the markets were brought back from the brink of collapse to the surprise of everyone, including historical analysts.

http://www.rense.com/general52/secretsoftheplunge.htm

The PPT worked its magic again yesterday.

[Hotler]

11. Duty calls. Stay safe my friends.. n/t

[Roland99]

13. S&P 500 -1.2% DOW -1.1% NASDAQ -1.3%

U.S. 10yr 1.71 -0.04 -2.24%


someone better man the mops for the upcoming bloodbath