STOCK MARKET WATCH -- Friday, 12 February 2016

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Friday, 12 February 2016[font color=black][/font]

SMW for 11 February 2016

AT THE CLOSING BELL ON 11 February 2016
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Dow Jones 15,660.18 -254.56 (-1.60%)
S&P 500 1,829.08 -22.78 (-1.23%)
Nasdaq 4,266.84 -16.75 (-0.39%)



[font color=red]10 Year 1.63% +0.05 (3.16%)
30 Year 2.49% +0.06 (2.47%) [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]

[Hotler]

1. Great toon Tansy. n/t

[Hotler]

2. Yellen's dilemma: a downturn with no easy response

The Federal Reserve's carefully scripted decision to raise interest rates last December, and begin a return to "normal" policy, may now become a nightmare for the U.S. central bank if an economic downturn forces a return to unconventional methods.

Fed chair Janet Yellen told lawmakers this week she was studying ways to "be prepared" in the event the current slide in world stock markets, concern about financial sector stress, and slowing economic growth all translate into a recession or another financial crisis.

But Yellen said the policy tool of negative interest rates, now favored by some foreign central banks offers no sure bet for the U.S. economy.

http://www.msn.com/en-us/money/markets/yellens-dilemma-a-downturn-with-no-easy-response/ar-BBppR2G?ocid=iehp

I think the Feds are running low or are out of ammunition and may be a td concerned to put it mildly.

[Hotler]

3. Tansy and Punx had good points yesterday.

I agree that the markets do not reflect the economy. and maybe, just maybe the PTB are manipulating things and could be worried because a lot of their wealth is on paper and if things go way South they could be in a world of hurt when their margins and or loans are called in.

Punx mentioned that the economy in his/her neck of the woods is moving along and busy. The same here in the Denver area, but I don't think it will be the same by the end of the year, at least here.

[Hotler]

4. Jamie! Jamie! Jamie! Jamie!

Dimon Just Spent a Year’s Pay on JPMorgan Stock After Rout.

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., spent $26.6 million to buy shares of his bank Thursday after they tumbled to the lowest price in more than two years.

Dimon, 59, bought 500,000 shares, bringing his total holding to 6.75 million shares, according to a regulatory filing. He made the purchase because he believes the stock is cheap after a global rout in equities, according to a person with knowledge of his thinking. JPMorgan, the largest U.S. lender by assets, fell 20 percent this year through the end of regular trading in New York.

http://www.msn.com/en-us/money/markets/dimon-just-spent-a-year%e2%80%99s-pay-on-jpmorgan-stock-after-rout/ar-BBppfSc?ocid=iehp

I hate that guy.

[Hotler]

5. Analysts are already walking back their big calls for 2016

There are investment calls, and then there are the “total recalls.”

And Goldman Sachs has done something that approaches the latter, informing its investors that five of its biggest trades this year are not going to work.

One of the calls it closed out was an expectation that the dollar would gain against the euro and the yen, and another, Bloomberg News reported, was a bet on five-year forward Italian sovereign-bond yields versus their German rivals. (Goldman Sachs had not responded to MarketWatch’s request for a copy of the note.)

Charles Himmelberg, Goldman’s head of global credit, told clients that in Europe especially, that financial spreads have been observed to be “spiking ... possibly signaling a reactivation of systemic risk concerns.” Banks have been under pressure this week, led by Deutsche Bank AG , which has spent the better part of the week publicly reassuring clients and the investment world over its finances.

http://www.msn.com/en-us/money/savingandinvesting/analysts-are-already-walking-back-their-big-calls-for-2016/ar-BBpmz97?ocid=iehp

Some major big banks have seen their share price fall big time yet Jamie's bank JP Morgan is up about 3%. And JP Morgan is the biggest lender of them all. I wonder what's up with that. I thought loan derivatives were what was dragging the banks down.

[Hotler]

6. This Is The NIRP "Doom Loop" That Threatens To Wipeout Banks And The Global Economy

Remember the vicious cycle that threatened the entire European banking sector in 2012?

It went something like this: over indebted sovereigns depended on domestic banks to buy their debt, but when yields on that debt spiked, the banks took a hit, inhibiting their ability to fund the sovereign, whose yields would then rise some more, further curtailing banks’ ability to help out, and so on and so forth.

Well don’t look now, but central bankers’ headlong plunge into NIRP-dom has created another “doom loop” whereby negative rates weaken banks whose profits are already crimped by the new regulatory regime, sharply lower revenue from trading, and billions in fines. Weak banks then pull back on lending, thus weakening the economy further and compelling policy makers to take rates even lower in a self-perpetuating death spiral. Meanwhile, bank stocks plunge raising questions about the entire sector's viability and that, in turn, raises the specter of yet another financial market meltdown.

http://www.zerohedge.com/news/2016-02-12/nirp-doom-loop-threatens-wipeout-banks-and-global-economy

A doom loop is a term for "another vicious cycle."
NIRP = negative interest rate policy.

[Hotler]

7. BOJ’s NIRP failure Triggers Doom-Loop In European Bank And Credit Markets

Credit stress in the European banking system has suddenly turned virulent and begun spreading to Italian, Spanish and Portuguese government debt, reviving fears of the sovereign “doom-loop” that ravaged the region four years ago.

“People are scared. This is very close to a potentially self-fulfilling credit crisis,” said Antonio Guglielmi, head of European banking research at Italy’s Mediobanca.

“We have a major dislocation in the credit markets. Liquidity is totally drained and it is very difficult to exit trades. You can’t find a buyer,” he said.

The perverse result is that investors are “shorting” the equity of bank stocks in order to hedge their positions, making matters worse.

http://davidstockmanscontracorner.com/bojs-nirp-failure-triggers-doom-loop-in-european-bank-and-credit-markets/

The real terrorist are the Banks.

[Tansy_Gold]

8. The real terrorists . .. .

Nope, not the banks.

The Bankers.

Time to bring the FRSP! NO ONE expects the FRSP*!





*French Revolution Severance Package.

[Tansy_Gold]

9. California's Massive Methane Leak Temporarily Stopped

http://www.huffingtonpost.com/entry/california-natural-gas-leak_us_56bd043fe4b0c3c55050a374?section=politics

LOS ANGELES -- Southern California Gas Co. announced Thursday that it has temporarily controlled the flow of natural gas at the Aliso Canyon gas storage facility, which has been leaking for nearly four months.

“We have temporarily controlled the natural gas flow from the leaking well and begun the process of sealing the well and permanently stopping the leak,” said Jimmie Cho, SoCalGas' senior vice president of gas operations, in a statement.

Thousands of residents from the Porter Ranch community, an affluent neighborhood in the suburbs of Los Angeles, have been relocated since October due to the leak. SoCalGas said Thursday that those residents have already been notified about the day’s progress.


. . . . .

Many locals remain worried about the damage to the resale value of homes in the area, as well as the possibility that such a leak could happen again. It’s a reasonable concern. Experts say smaller versions of the Aliso Canyon leak are happening all the time because California has no rules for well construction or gas storage fields, leaving it to gas companies to decide whether older equipment needs to be fixed or replaced.


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Ah, yes, the free market will take care of itself. NOT.

[snot]

12. I'd bet there are others we're not aware of.

[MattSh]

10. More financial news, courtesy of Demeter, found here...

http://jackpineradicals.org/showthread.php?4210-Follow-the-Money!-Abraham-Lincoln-Edition-February-12-2016

[Tansy_Gold]

11. That explains why **almost** no one is posting here.

Last edited Fri Feb 12, 2016, 04:43 PM - Edit history (1)

hotler!

[Fuddnik]

13. I'll try to get a WEE up and running after I get off work, somewhere around midnight.

But, if anyone else wants to take the initiative, be my guest.

[Tansy_Gold]

14. Let us know as soon as you have a theme.

And Monday is a NYSE holiday.