STOCK MARKET WATCH, Thursday 15 December

[ozymandius]

Thursday December 15, 2005

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 3 YEARS, 38 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 1820 DAYS
WHERE'S OSAMA BIN-LADEN? 1519 DAYS
DAYS SINCE ENRON COLLAPSE = 1481
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 2
Other Arrests of Execs = 54


U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES-----------------------------S&P FUTURES




AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON December 14, 2005

Dow... 10,883.51 +59.79 (+0.55%)
Nasdaq... 2,262.59 -2.41 (-0.11%)
S&P 500... 1,272.74 +5.31 (+0.42%)
10-Yr Bond... 4.45% -0.09 (-1.87%)
Gold future... 509.50 -14.60 (-2.87%)






GOLD, EURO, YEN, Dollars and Loonie


PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

[ozymandius]

1. WrapUp by Mike Hartman

Volatile Markets on Economic Reports and Year-End Positioning

There is a great deal of volatility in the markets today. The U.S. dollar took three tough blows beginning yesterday from the Federal Reserve, overnight a positive economic report from Japan, and this morning another record trade deficit for the U.S. economy. Throughout the morning stocks have been mixed with the NASDAQ lower and the larger market cap shares in the Dow Industrials catching a modest bid. Treasury notes and bonds are also catching a bid so far today (pushing yields/interest rates lower) with the softened rhetoric from the Fed and tame inflation data on import prices.

-cut-

Trade Deficit Impact on Stocks

One of the clues for the action in the stock market today came in the details of the trade report. Boeing exports increased by 173% which helped boost the overall exports to a gain of 1.7%, but the red flags go up for the technology sector in the U.S. as exports declined in consumer goods, computer accessories, and telecom equipment. I suspect another underlying force could be a flight to safety in the larger cap shares away from the more speculative issues trading on the NASDAQ. A falling dollar could prove to be positive for the larger multinational conglomerates. The strong dollar certainly didn’t help exporters here in the U.S. as we struggle against the global competition for low cost manufacturing.

-cut-

In the trade report today our import prices declined by 1.7% on lower crude oil prices and a pegged yuan. This is giving the Fed more room to back-off the interest rate increases with muted inflation data. Keep an eye on the CPI report tomorrow to see how much more the markets will react to “tame” inflation. For now, interest rates are moving lower and stocks got an afternoon bid with the hopes of continuing lower interest rates.

more...

http://www.financialsense.com/Market/wrapup.htm

[ozymandius]

2. Today's Reports

8:30 AM Core CPI for Nov
Briefing Forecast 0.2%
Market Expects 0.2%
Prior 0.2%

8:30 AM CPI for Nov
Briefing Forecast -0.5%
Market Expects -0.4%
Prior 0.2%

8:30 AM Initial Claims 12/10
Briefing Forecast 320K
Market Expects 320K
Prior 327K

8:30 AM NY Empire State Index for Dec
Briefing Forecast 18.0
Market Expects 18.5
Prior 22.8

9:00 AM Net Foreign Purchases
Prior 101.9B

9:15 AM Capacity Utilization for Nov
Briefing Forecast 79.8%
Market Expects 79.8%
Prior 79.5%

9:15 AM Industrial Production for Nov
Briefing Forecast 0.5%
Market Expects 0.5%
Prior 0.9%

12:00 PM Philadelphia Fed for Dec
Briefing Forecast 15.0
Market Expects 15.0
Prior 11.5

http://biz.yahoo.com/c/e.html

[UpInArms]

12. 8:30 reports:

8:30am 12/15/05 U.S. NOV. ELECTRICITY PRICES UP RECORD 3.8%

8:30am 12/15/05 U.S. DEC. EMPIRE STATE PRICES JOB INDEX 6.6 VS 16.9 IN NOV

8:30am 12/15/05 U.S. NOV. GASOLINE PRICES PLUNGE RECORD 16%

8:30am 12/15/05 U.S. DEC. EMPIRE STATE PRICES PAID INDEX 47.2 VS 61.0 IN NOV

8:30am 12/15/05 U.S. NOV. MEDICAL CARE PRICES UP 0.6%

8:30am 12/15/05 U.S. DEC. EMPIRE STATE NEW ORDERS INDEX 30.2 VS 25.9 IN NOV.

8:30am 12/15/05 U.S. NOV. HOUSING PRICES UP 0.5% ON HOTEL RATES

8:30am 12/15/05 U.S. DEC. EMPIRE STATE INDEX REACHES HIGHEST LEVEL IN 2005

8:30am 12/15/05 U.S. NOV. ENERGY PRICES FALL RECORD 8%

8:30am 12/15/05 U.S. DEC. EMPIRE STATE INDEX ABOVE CONSENSUS 19.0

8:30am 12/15/05 BIGGEST DROP IN CPI SINCE JULY 1949

8:30am 12/15/05 U.S. DEC. EMPIRE STATE INDEX 28.7 VS 22.8 IN NOV.

8:30am 12/15/05 U.S. WEEKLY CONTINUING JOBLESS CLAIMS UP 21,000 TO 2.6 MLN

8:30am 12/15/05 U.S. WEEKLY JOBLESS CLAIMS RISE 1,000 TO 329,000

8:30am 12/15/05 U.S. NOV. CORE CPI RISES 0.2% AS EXPECTED

8:30am 12/15/05 U.S. NOV. CPI FALLS 0.6% VS. 0.4% DROP EXPECTED

[UpInArms]

14. U.S. initial jobless claims rise 1,000 to 329,000 (last wk rev'd up 1K)

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38701.3544057755-854470711&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

WASHINGTON (MarketWatch) - First-time applications for state unemployment benefits increased by 1,000 to a seasonally adjusted 329,000 in the week ending Dec. 10, the Labor Department reported Thursday. The four-week moving average of new claims increased by 6,000 to 328,750, the highest in five weeks. An estimated 1,500 claims were due to Hurricanes Katrina and Rita, while 1,000 new claims were filed related to Hurricane Wilma, a Labor Department spokesman said. The number of workers collecting benefits rose by 21,000 to 2.606 million in the week ending Dec. 3. The four-week average of continuing claims fell by about 40,000 to 2.682 million, the lowest since mid-September.

[UpInArms]

15. U.S. Nov. CPI plunges 0.6%, biggest drop since 1949

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38701.3543337963-854470685&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

WASHINGTON (MarketWatch) - U.S. consumer prices fell at the fastest rate since 1949 in November, plunging 0.6% as energy prices retreated, the Labor Department said Thursday. Energy prices fell a record 8% in November, reversing a spectacular 12% gain in September. Excluding volatile food and energy prices, the core consumer price index rose 0.2% in November. The 0.6% drop in the CPI was larger than the 0.4% expected by economists surveyed by MarketWatch. The 0.2% rise in the core rate was as expected. The CPI has risen 3.5% in the past year, down from 4.3% in October. Core inflation is up 2.1% in the past year, the same as in October.

This probably has something to do with the change in the base year from 1997 to 2002.

[UpInArms]

27. Core rate up 0.2% on hotels, hospitals, food

http://www.marketwatch.com/news/story.asp?guid=%7BA09A8888-E772-4993-AF64-458AC5DD3C10%7D&siteid=google

excerpt:

Energy prices fell a record 8% in November, reversing a spectacular 12% gain in September. Still, energy prices are up 18.3% in the past 12 months.

Excluding volatile food and energy prices, the core consumer price index rose 0.2% in November.

The 0.6% drop in the CPI was larger than the 0.4% expected by economists surveyed by MarketWatch. The 0.2% rise in the core rate was as expected. See Economic Calendar.

The CPI has risen 3.5% in the past year, down from 4.3% in October. Core inflation is up 2.1% in the past year, the same as in October. The CPI and core CPI both rose 0.2% in October. Read the full report.

The CPI indicates a slight acceleration in core prices over the past few months, but no major passthrough from the spike in energy prices. Core prices have risen at a 2.4% annual rate in the past three months.

...more...

[UpInArms]

16. U.S. Dec. Empire State index jumps to 28.7 highest '05 level

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38701.3542931134-854470680&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

WASHINGTON (MarketWatch) -- Manufacturing activity in the New York area expanded further in December, the New York Federal Reserve Bank said Thursday. The bank's Empire State Manufacturing index rose to 28.7 in December from 22.8 in November. The increase was unexpected. Economists were expecting the index to slip to 19.0. New orders rose slightly, while shipments and unfilled orders were not as strong as November. The prices paid index retreated from the record high set last month. Employment indexes were lower than November.

[UpInArms]

21. Foreign Purchases Report: (China and Japan drop)

Capital flows to U.S. hit $106.8 billion in October

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38701.3758022454-854474954&siteID=mktw&scid=0&doctype=806&

WASHINGTON (MarketWatch) - Capital flows into the United States rose to a record $106.8 billion in October, led by private investors' purchases of securities, the Treasury Department said Thursday. Net foreign purchases of long-term domestic securities were $110.3 billion. Foreign official institutions bought $13 billion of that total, while private investors purchased $97.3 billion. U.S. investors bought $3.5 billion in foreign-issued securities in October. Chinese holdings of Treasury securities took an unusual drop in October, down to $247.6 billion, from $252.2 billion in September.

9:00am 12/15/05 JAPAN TREASURY HOLDINGS FALL TO $681.6 BILLION IN OCTOBER

9:00am 12/15/05 CHINA TREASURY HOLDINGS DROP TO $247.6 BILLION IN OCTOBER

9:00am 12/15/05 CAPITAL FLOWS TO U.S. HIT RECORD $106.8 BILLION IN OCTOBER

(more from the Pirates of the Carribean?)

[UpInArms]

22. more info:

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-15T140609Z_01_WBT004386_RTRIDST_0_ECONOMY-INFLOWS-URGENT.XML

excerpt:

Excluding foreign stocks and bonds, net capital inflows declined slightly in October to $110.3 billion from $118.1 billion in September.

Net foreign purchases of U.S. Treasuries increased to $30.4 billion in October from $21.8 billion in September. October net purchases of U.S. agency bonds by foreigners rose to $35.2 billion from $20.6 billion.

Foreigners also added to their U.S. equity and corporate bond holdings in October, though at a slower pace than the month before. Net equity purchases were $10.6 billion and net purchases of corporate bonds were $34.1 billion.

While markets watch the inflow data as a measure of foreign investors' appetite for U.S. assets, the Treasury Department says its report does not fully reflect the nation's ability to fund its trade deficit because it does not include direct investment or bank accounts.

...more at link...

[UpInArms]

32. update:

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-15T144553Z_01_N15331820_RTRIDST_0_ECONOMY-INFLOWS-UPDATE-2.XML

excerpt:

The U.S. dollar rose modestly after the data's release. The euro initially slipped to around $1.1990 according to Reuters data from around $1.2005 shortly before the report. Against the Japanese currency, the dollar strengthened to 116.21 yen, from around 116.05 yen shortly before the data.

Economists said the Treasury figures were not be enough to reverse a new wave of pessimism about the U.S. currency.

"We certainly have seen less reaction on behalf of the dollar than one would have expected from a record net inflow of foreign capital," said Michael Woolfolk, senior currency strategist at Bank of New York.

[UpInArms]

25. 9:15 reports:

U.S. Nov. industrial production up 0.7%

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38701.3856066898-854476721&siteID=mktw&scid=0&doctype=806&

WASHINGTON (MarketWatch) - U.S. industrial production rose 0.7% in November, the Federal Reserve reported Thursday. Capacity utilization rose to 80.2% from a revised 79.8%. The gains were larger than expected. Economists were expecting production to rise 0.5% and capacity utilization to rise to 79.7%. There was a sharp upward revision to the estimate for October output. Production rose a revised 1.3% in October, compared with the initial estimate of a 0.9% gain. Production is up 2.8% in the past 12 months. Manufacturing output rose 0.3% in November. There was a sharp 4.8% increase in mining output while the output of utilities rose 0.3%.

9:15am 12/15/05 U.S. NOV. CAPACITY UTILIZATION 80.2% VS REV 79.8% IN OCT.

9:15am 12/15/05 U.S. OCT. INDUSTRIAL OUTPUT UP REV 1.3% VS 0.9% PREV EST

9:15am 12/15/05 U.S. NOV. INDUSTRIAL PRODUCTION UP 0.7% VS 0.5 FORECAST

[UpInArms]

54. Philly Fed @ 12.6 in Dec (below consensus - more surprised economists)

12:00pm 12/15/05 U.S. DEC. PHILLY FED BELOW CONSENSUS 13.6

12:00pm 12/15/05 U.S. DEC. PHILLY FED 12.6 VS.11.5 IN NOV.

[ozymandius]

3. Oil Prices Slide on Jump in Crude Stocks

VIENNA, Austria - Oil prices slipped Thursday after the U.S. government said domestic stocks of crude rose, easing concerns of inadequate supply going into the peak demand Northern Hemisphere winter.

Heating oil stocks fell but less than expected, also contributing to the slight downward movement. But with more cold weather on the way, analysts suggested prices could rise soon.

Light, sweet crude for January delivery was down 43 cents to $60.42 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. January Brent on the ICE Futures exchange in London fell 24 cents to $59.36 a barrel.

-cut-

U.S. stocks of distillate fuels, which include heating oil and diesel, slipped 100,000 barrels to 130.5 million barrels. Distillate inventories remain 5.2 percent above year-ago levels.

more...

[UpInArms]

38. Jan Crude @ $60.60 bbl - Jan NatGas @ $14.25 mln btus

10:08am 12/15/05 JAN CRUDE FALLS 25C TO $60.60/BRL IN EARLY NY TRADING

10:08am 12/15/05 JAN NATURAL GAS FALLS 3% TO $14.24/MLN BTU AHEAD OF STK DATA

[UpInArms]

48. Jan NatGas @ $14.70 mln btus

10:57am 12/15/05 JAN NATURAL GAS UP 2.1C AT $14.70 AFTER 1-WK LOW OF $14.18

[UpInArms]

64. Jan Crude closes @ $59.99 bbl - Jan NatGas @ 13.781 mln btus

3:09pm 12/15/05 NATURAL GAS SETTLES AT $13.781, DOWN 89.8 CENTS, OR 6.1%

3:07pm 12/15/05 GASOLINE SETTLES AT $1.6168 A GALLON, DOWN 2.39 CENTS

3:03pm 12/15/05 CRUDE CLOSES DOWN 86 CENTS AT $59.99 A BARREL

3:04pm 12/15/05 HEATING OIL CLOSES AT $1.7873 A GALLON, DOWN 5.77 CENTS

[papau]

4. Excellent Info - - thanks for finding it and posting :-)

:-)

[54anickel]

5. Good morning Papau! Good to see you dropping by the SMW thread.

I've been missing your weekly reporting on the DOL reports in LBN. :hi:

[papau]

8. We get older and slower - but I hang at DU a lot! and there is always hope

of making a few dollars in the market!

:-)

:toast:

:-)

[54anickel]

6. Morning Ozy! Great toon - right to the point, sadly.

I've got a long day ahead of me, so I'm gonna miss most of the excitment. Just stopped for a quick peek for the toon, the wrap-up and the futures (which aren't looking very bright this morning).

Have a great day! :hi:

[JNelson6563]

24. Dontcha hate that?

I was just thinking on how many ways I get bits of SWT info while I am "away" from home during market hours. If I am at dentist he always lets me turn on CNBC while in chair so I can peek in during breaks in torture. Anywhere I go through, if there is a TV I usually stop and ask if they would turn on "channel 37, just for a second" and I can catch the bug in the corner for a moment. You'd be surprised, people have always happily obliged. They seem to get a kick out of it. :-)

Of course I can only get the whole skinny when I stop in here. Hope your day's not too hectic 54!

Cheers! :hi:

Julie

[AnneD]

40. Morning Marketeers,

:donut: Today is a half day for us. The kids are so jacked up about a half day, the Christmas Program, and the party at the end of the day. They are on a sugar and caffeine buzz, then we send them home...After which, we teachers get together for appetizers and adult beverages. Ah yes, the secret life of the elementary teachers.
Well, I went by Wally world last night to get the ingredients for the punch and a few office gifts. Boy was it packed. They also had some good discounts (got some flannel jammies-since I am not heating the house very much). I think they will do better this year than last. Our mall and dept stores are marketing heavily and having deep discounts to get the customers in the stores.
Well, Happy Hunting, and watch out for the bears.

[UpInArms]

7. daily dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DXY0

Last trade 89.67 Change -0.16 (-0.18%)

Dollar Collapses; Trade Deficit Hits Record High

http://www.dailyfx.com/story/dailyfx_reports/daily_fundamentals/5501_dollar_collapses_trade_deficit_hits_record.html

US Dollar
After Tuesday's tight trading range, the US dollar resumed its tumble against the majors. The sell-off began when traders in the Asian session joined the markets to pound the dollar lower as they reflected on the Fed’s latest changes to their monetary policy statement. The increasing possibility that the end is near for rate hikes has some traders looking for an exit, especially as everyone begins to shift into holiday mode. Bearish sentiment was validated when the US trade balance hit a new record high in the month of October. Initially expected to narrow from -$66.0B to -$62.9B, the deficit jumped to -$68.9B as imports surged another 2.7 percent, highlighting the voracious appetite of the US consumer. With the strength of the dollar, purchases of foreign made electronics, clothes and cars continued to increase. Analysts were hoping that the 11 percent slide in oil prices would reduce import receipts, but the rise in the US’ demand for oil offset the price decrease. US oil imports increased from 278.5 million barrels to 304.5 million barrels, while the price of oil fell from $57.32 in September to $56.29 in October. Tomorrow’s TIC data and CPI reports could easily be the straws that break the camel’s back. After September’s impressive $101.9 billion inflow of capital, we are sure that the same strength will be difficult to replicate. Right now, the market’s consensus forecast for the Treasury’s International Capital flow report for the month of October is $75.0 billion. If the number comes in below $65 billion, which would be less the same month’s trade deficit (a very rough match of assets to liabilities), it may be the last reason that dollar bears need to rally the pair above 1.2100. Inflation around the world is beginning to soften, so if CPI falls more than expected, it would only further validate that the Fed can longer continue to hike rates aggressively.

...more...

Bears Pummel Dollar On Record Deficit

http://www.dailyfx.com/story/dailyfx_financial_markets_headlines/dailyfx_financial_markets_headlines/5496_bears_pummel_dollar_on_record.html

Crushed by a record trade deficit, the greenback fell against the majors in New York action. Specifically, the U.S. single currency dropped to 1.2803 against the Swissie while declining considerably to 117.17 against the Japanese Yen. Continuing on the spark of dollar bearishness from yesterday’s Federal Reserve decision, traders pared back further dollar longs on a record trade deficit with foreign counterparts. Rising to an enormous $68.9 billion, the current figure pushes past the previous $66.1 billion set in September. Experts estimated a dip to $62 billion for the month of October. Fueled by increases in imports of crude oil and automobiles, the deficit contributes to an overall trade deficit that is approaching $718 billion for the year. This is comparably larger than the $617 billion imbalance witnessed last year. As a result, with looser monetary policy expected in 2006, attention may now turn to the widening trade deficit as the world’s largest economy continues to spend on foreign goods, weakening domestic demand. Placing a bearish overtone for the dollar, the most recent figure brings to light a teetering infrastructure that may cause continued weakness in the near term.

Stocks were additionally pressured by the record deficit but comparably buoyed by upbeat expectations of the upcoming International Energy Agency report. As a result, the Dow Jones was mildly higher for the session adding 38.10 points to 10,861.82 as the broader S&P 500 index rose 2.88 points to 1,270.31. Technology stocks overall slipped as Apple shares were affected by downgrades from Banc of America and Bear Stearns. Notably, Bear Stearns stated that future optimism surrounding near term earnings outlooks are already priced into the stock. As a result, shares of the Ipod maker fell $2.37 to $72.61. In addition, Boeing Co. shares hit an all time high as Australia’s Qantas stated future orders could amount to 115 new Boeing 787 jets in a deal could net the Dow component $14.4 billion. The news lead the stock higher by $0.50 to $71.09.

...a bit more...

[UpInArms]

35. Dollar slammed again vs. yen

http://www.marketwatch.com/news/story.asp?guid=%7BA8543405%2D8492%2D456C%2DAECE%2D7F137B6B7BB5%7D&symbol=&siteid=mktw

CHICAGO (MarketWatch) - The U.S. dollar continued its precipitous slide against the Japanese yen on Thursday, and also lost ground against the euro.

<snip>

The selling of the dollar against the yen on Thursday started during European trading hours.

Derek Halpenny, a senior currency analyst at Bank of Tokyo-Mitsubishi, said what's happening is an unwinding of short yen positions against high-yield currencies, gold and other assets.

"It was well-known through the weekly IMM data that speculators were running large yen-short positions and the approach of year-end has prompted market participants to liquidate these positions," he said.

...more...

[UpInArms]

9. Derivatives explosion set to continue in 2006

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-15T111558Z_01_L14562231_RTRIDST_0_MARKETS-DERIVATIVES-OUTLOOK.XML

LONDON, Dec 15 (Reuters) - The credit derivatives market is set to continue its blistering rate of growth in 2006, bankers and investors say, but regulators will keep a sharp eye on its progress.

The benign investment environment of the past three years has stoked demand for products that add risk, but the coming 12 months could see the emergence of technologies designed for a weaker backdrop, according to investors.

"Fund managers will want flexible product structures to generate absolute returns," said Alex Khein, chief operating office at Bluebay Asset Management. "The focus will be on products geared to a volatile market."

Credit derivatives are among the fastest-growing asset classes in the world, expanding 48 percent in the first six months of this year to $12.4 trillion, according to the International Swaps & Derivatives Association, a year-on-year jump of 128 percent.

At present around 70 percent of derivative activity comes from specialist bank proprietary trading desks and hedge funds, but mainstream investors are expected to get more involved.

...more...

[KayLaw]

10. I have a gold question

What's the cheapest, easiest way to buy buy gold? I'd like to buy a little to keep at home or in my bank safe deposit box. Just a few ounces. A long time ago I shared an apartment with a woman who had a small dental lab and she bought small sheets of gold through the mail. Would that be good? I'm not interested in a fund. The man who owned my current home was a jeweler and I do have an appropriate hiding place. I live in the same town as the Mogambo Guru and have considered consulting him but that sounds expensive.

Thanks for any advice.

[ret5hd]

11. go to a reputable coin dealer...

to buy ounces...expect to pay $15 or so over spot for krugerrands, maybe $20 or so over spot for canadian or u.s. ounces.

(my experience, YMMV)

[Tace]

13. Why Not Just E-Mail The Mogambo?

I'll bet he tells you the best place. I think he likes bullion coins because they don't require assay.

His e-mail:

[e-mail]

Kitco can provide a reference for prices:

https://online.kitco.com/

[KayLaw]

17. Both doable ideas

Maybe I will e-mail Mogambo Guru though I feel a little awkward about bugging him (I'd rather bug you)! :-)

Most of the lingo you two used went over my head so I may be back for more help.

Thanks.

:hi:

[ret5hd]

33. as far as lingo...

practically any reputable coin dealer will be able to help you.
the "spot" price (which changes every few minutes) can be found here: http://kitco.com

different countries make 1 oz. gold coins. A krugerrand is a South African gold coin:



Canada makes a 1 oz. "maple leaf":



U.S. makes a "gold eagle":


hope this helps.

[Tace]

39. And, Bullion Coins Refer To The Coins ret5hd Is Showing

With the coins, one-ounce is the best value. Also krugerrands offer the best value. However, some people prefer to pay a bit higher markup for coins from other countries. In the end, it really doesn't matter, except to you. You can also purchase rare gold and silver coins, but that's a bit esoteric and requires some knowledge of rare coins.

Hope this helps. I'm sure no expert. Cheers

On edit: Oh, and an assay is a test of the purity of the gold. It's generally not necessary when exchanging sovereign bullion coins -- coins issued by governments.

[AnneD]

46. Let us in on what he says..

if allowable. We have the Houston Gold Exchange here in Houston. They have been in biz for 25 yrs. They buy, sell, and trade gold. I guess I'll have to check them out. I'll fill you in on what they tell me.

[Mojorabbit]

53. I buy mine on ebay of all places

and only from sellers with a feedback of over a thousand. I have had good luck so far doing it this way.

[UpInArms]

18. Printing Press Report:Fed adds temporary reserves via 14-day system repos

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-15T133606Z_01_N15305830_RTRIDST_0_MARKETS-FED-OPERATIONS.XML

NEW YORK, Dec 15 (Reuters) - The Federal Reserve said on Thursday it added temporary reserves to the U.S. banking system through 14-day system repurchase agreements.

The benchmark federal funds rate last traded at 4.313 percent, the Fed's current target for the overnight lending rate.

Further details of the operation are available at: http://www.ny.frb.org/markets/omo/dmm/temp.cfm

[UpInArms]

36. update - repos selling above Fed rate @ 4.313

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-15T145816Z_01_N15357854_RTRIDST_0_MARKETS-FED-OPERATIONS-UPDATE-1.XML

NEW YORK, Dec 15 (Reuters) - The Federal Reserve said on Thursday it did $12.25 billion in overnight repurchase agreements at a stop-out rate of 4.20 percent to inject temporary reserves to the U.S. banking system.

Earlier, the Fed did $10 billion in 14-day system repos at a stop-out rate of 4.13 percent.

The benchmark federal funds rate last traded at 4.313 percent, above the Fed's current target for the overnight lending rate of 4.25 percent.

Further details of the operation are available at: http://www.ny.frb.org/markets/omo/dmm/temp.cfm

looks like the Fed is losing control of interest rates - reminds me of the 80s

[UpInArms]

42. Printing Press Report: U.S. Treasury to sell $34 bln bills on Monday

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-15T160108Z_01_WAT004590_RTRIDST_0_ECONOMY-BILLS-URGENT.XML

WASHINGTON, Dec 15 (Reuters) - The U.S. Treasury Department said on Thursday it will sell $18 billion of three-month bills and $16 billion of six-month bills on Monday, Dec. 19.

The bills will be issued on Thursday, Dec. 22.

Proceeds will be used to refund an estimated $31.67 billion of publicly held 13- and 26-week bills maturing Dec. 22 and to raise about $3.33 billion of new cash.

The three-month bills mature on March 23, while the six-month bills mature on June 22.

Treasury said $5.30 billion of the three-month bills can be excluded when bidders calculate their net long positions. The net long reporting threshold for the three-month bills is $6.30 billion and for the six-month bills it is $5.60 billion.

...more...

[UpInArms]

43. Treasuries slip on NY Fed-driven profit-taking

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-15T155926Z_01_N15383584_RTRIDST_0_MARKETS-BONDS-UPDATE-1.XML

NEW YORK, Dec 15 (Reuters) - U.S. Treasury debt prices slipped on Thursday as a surprising jump in New York State manufacturing activity encouraged investors to take profits on recent gains.

The uptick in factory activity was particularly disconcerting for bond investors now that the Federal Reserve had made clear the future course of monetary policy is largely dependent on economic data.

"The data suggest real activity is quite solid, given the rise in the New York Fed's Empire State Index," said Joseph LaVorgna, chief U.S. fixed-income economist at Deutsche Bank.

Worried that such regional industrial strength might be reflected nationally, traders sent benchmark 10-year notes down 9/32 to yield 4.50 percent, compared with 4.46 percent on Wednesday.

A report on November U.S. consumer prices had only fleeting market impact, with costs excluding food and energy rising in line with Wall Street forecasts.

...more...

[UpInArms]

63. Fed group recommends backup clearing bank

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-15T190627Z_01_WBT004391_RTRIDST_0_ECONOMY-FED-BACKUP-URGENT.XML

WASHINGTON, Dec 15 (Reuters) - The Federal Reserve said on Thursday a working group it set up last year to look into securities clearing contingencies recommended the establishment of a dormant backup clearing bank for government securities.

The dormant bank would be activated to clear and settle U.S. government securities "if a credit or legal problem caused the market to lose confidence in an existing clearing bank, and no well-qualified bank stepped forward to purchase the existing bank's clearing business."

The working group recommended that once the dormant bank is established and final work finished, "NewBank" should apply for a limited-purpose trust company charter from the New York State Banking Department and seek member bank status in the Federal Reserve System from the New York Fed.

The Bond Market Association has agreed to lead the final phase of work on the dormant bank, with a core group of its members acting as a steering committee.

Setting up itself as the lender of last resort?

[54anickel]

67. Speaking of "lender of last resort", have you heard anymore about

that meeting that was going to take place between the Treasury and bond market guys? There was that one article and it was mentioned as a blurb in either the blather or some unrelated article. Never heard anymore. Sure seems like they are getting ready for sumptin :shrug:

[UpInArms]

19. NY Atty General says ex-AIG chief misused assets

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-15T002846Z_01_N14309052_RTRIDST_0_FINANCIAL-SPITZER-AIG.XML

NEW YORK, Dec 14 (Reuters) - Eliot Spitzer said on Wednesday that former American International Group Inc. Chief Executive Maurice "Hank" Greenberg and others failed in their duties and enriched themselves as executors of the estate of AIG's founder Cornelius Vander Starr.

The New York Attorney General, in a letter sent to the Starr Foundation, said Greenberg and other executors had a conflict of interest when they sold Starr's shares to two companies controlled by Greenberg, C.V. Starr & Co. Inc. and Starr International Co., at an excessively low price.

AIG (AIG.N: Quote, Profile, Research) then acquired these same assets -- now valued at $6 billion -- from C.V. Starr and Starr International in exchange for its stock at a far higher price, according to Spitzer.

The result of these transactions, which took place between 1969 and 1978, enriched C.V. Starr and Starr International, both controlled by Greenberg, and the foundation's executors at the expense of the foundation and Starr's estate.

...more...

[UpInArms]

20. Delphi delays hearing on executive pay plan again

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-14T232904Z_01_N14220953_RTRIDST_0_AUTOS-DELPHI-COMPENSATION.XML

DETROIT, Dec 14 (Reuters) - Bankrupt auto parts maker Delphi Corp. (DPHIQ.PK: Quote, Profile, Research) has put off for a second time a court hearing on a proposal for a bonus plan to encourage executives to see through its reorganization, a spokeswoman said on Wednesday.

The proposal, which met objections from unions and others, calls for distributing about $500 million in cash and equity to various executives, provided that they stick around through a successful exit from bankruptcy that may cost them their jobs.

Delphi originally set the hearing for November, but moved it to Jan. 5 after receiving numerous objections, and has now moved it to Jan. 27, a week after an informal deadline Delphi has set for reaching wage and benefit concession deals with its unions.

<snip>

The plan has particularly rankled unions that represent nearly all of Delphi's 34,750 U.S. hourly workers. Those workers would see pay and benefits cut by more than half under Delphi's latest proposal to modify labor contracts.

United Auto Workers leaders have called on Delphi to withdraw the executive compensation plan, and its latest proposal for wage and benefit cuts, to show that it is serious about negotiating a deal with the union.

...more...

[UpInArms]

23. Diebold forms group to improve supply chain

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-15T140530Z_01_WEN6357_RTRIDST_0_FINANCIAL-DIEBOLD-URGENT.XML

NEW YORK, Dec 15 (Reuters) - Diebold Inc. (DBD.N: Quote, Profile, Research), a maker of automated teller and electronic voting machines, said on Thursday it was combining its procurement, manufacturing engineering and manufacturing groups into a single organization in a bid to improve its supply chain.

This new group will be led by George Mayes, vice president, global supply chain management, who will continue to be responsible for global manufacturing.

Chief Executive Thomas Swidarski said the goal was to lower costs by leveraging its manufacturing capabilities in emerging markets such as China, India and Brazil and to shorten lead times.

[UpInArms]

26. pre-opening blather

9:01AM: S&P futures vs fair value: +1.5. Nasdaq futures vs fair value: +3.0. Futures market off its best levels but still trades above fair value, perhaps setting the stage for blue chips to extend two days of gains. Taking some of the steam out of encouraging inflation data, however, has been mixed earnings results. Both Lennar (LEN) and Bear Stearns (BSC) handily beat analysts' forecasts but Goldman Sachs (GS) missed the Reuters Estimates consensus of $3.36 by a penny.

8:34AM: S&P futures vs fair value: +2.6. Nasdaq futures vs fair value: +4.0. Futures indications get a boost following a tame inflation read, now suggesting the cash market may open on an upbeat note. Total CPI for Nov. fell 0.6%, below an expected 0.4% decline, while the more closely watched core rate rose 0.2%, matching expectations. The NY Empire State Index checked in at a strong 28.7 (consensus 18.5) while claims rose 1K to 329K (consensus 320K). Bonds, however, have lost some ground, as the 10-yr note is now up just 2 ticks to yield 4.45%.

8:00AM: S&P futures vs fair value: +0.2. Nasdaq futures vs fair value: flat. Futures market versus fair value suggesting a flat open for the cash market ahead of earnings and economic data. Most notably, investors will get the latest read on inflation when Nov. CPI is released. Also out at 8:30 ET, NY Empire State Index will provide a sneak peek into regional manufacturing activity while claims offer an update on labor conditions.

[UpInArms]

28. US says hot housing market boosted mortgage fraud

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-14T225601Z_01_N14291863_RTRIDST_0_FINANCIAL-MORTGAGEFRAUD-UPDATE-1.XML

WASHINGTON, Dec 14 (Reuters) - Mortgage fraud in the United States has surged along with a five-year rally in the housing market, and federal officials are investigating $267 million in home loans, U.S. regulators and law enforcement agencies said on Wednesday.

"It is a pervasive problem and it's on the rise," said Chris Swecker, assistant director of the Federal Bureau of Investigation.

The FBI, Housing and Urban Development Department, Internal Revenue Service, U.S. Postal Inspection Service and Justice Department said an ongoing initiative has yielded indictments, arrests, convictions and sentences representing $606.8 million in losses to lenders from July through October.

The agencies said most of the fraud involved mortgage brokers who do not have a long history in the business and opened up shop within the past three years to take advantage of record loan volume amid the U.S. housing boom.

<snip>

The agencies dubbed California, Nevada, Utah, Arizona, Colorado, Missouri, Illinois, Maryland, Georgia and Florida as the top 10 hot spots for mortgage fraud in 2004.

...more at link...

[UpInArms]

29. US House passes bill to drop reverse mortgage cap

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-15T142426Z_01_N15327642_RTRIDST_0_CONGRESS-MORTGAGES.XML

WASHINGTON, Dec 15 (Reuters) - The U.S. House passed a bill late Wednesday to eliminate the cap on federally insured reverse mortgages, which allow the elderly to convert part of their home equity into income without selling their houses.

The bill, introduced by Pennsylvania Republican Rep. Michael Fitzpatrick, was passed by the House but similar legislation has not been moved out of committee in the Senate.

Currently, the number of reverse mortgages insured by the Federal Housing Administration under the Home Equity Conversion Mortgage program is capped by Congress at 250,000. The FHA insures 90 percent of all U.S. reverse loans.

Fitzpatrick's legislation would eliminate the cap.

...more...

[ozymandius]

30. markets are open for giving you the bidness

9:35
Dow 10,895.20 +11.69 (+0.11%)
Nasdaq 2,266.77 +4.18 (+0.18%)
S&P 500 1,273.85 +1.11 (+0.09%)
10-Yr Bond 44.54 +0.04 (+0.09%)
NYSE Volume 60,464,000
Nasdaq Volume 92,640,000

[UpInArms]

31. 9:48 EST bonuses looking brighter

Dow 10,907.37 +23.86 (+0.22%)
Nasdaq 2,266.05 +3.46 (+0.15%)
S&P 500 1,274.57 +1.83 (+0.14%)
10-Yr Bond 4.474 +0.24 (+0.54%)

NYSE Volume 175,919,000
Nasdaq Volume 201,599,000

9:40AM: Decent follow-through seen in stocks, as the market opens slightly higher amid tame inflation data. Earlier, the Labor Dept. showed that consumer prices in November fell at the fastest rate since 1949, plunging 0.6% as a record 8% decline in energy prices helped counter September's huge 12% gain. Excluding volatile energy prices, the core rate rose 0.2% (consensus +0.2%), not exactly providing a clear signal as to whether broad-based inflation is firming to an extent that would prompt the Fed to stop raising rates but affording investors enough relief early on to kick start the session on an upbeat note.

9:20AM: S&P futures vs fair value: +2.6. Nasdaq futures vs fair value: +4.5. Still shaping up to be a positive start for the indices as investors sift through another economic report. Just crossing the wires is Nov. industrial production, which rose 0.7% (consensus +0.5%), while the Oct. read was revised upward to 1.3% (from 0.9%). Capacity utilization came in at 80.2, above the 79.8 consensus. Bonds, meanwhile, have turned negative, as the 10-yr note is now down 3 ticks to yield 4.46%.

[dweller]

34. erm... scuse me?

but someone has sent up the batsignal looking for some input from you guys, i think, here:
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=104&topic_id=5602012#5604054


just letting you know.
dp

[UpInArms]

37. thanks dweller

I'm not certain I can explain, but I have posted to that thread - if someone wants to discuss what I have posted, I will try to respond appropriately - it's a hard one to understand, but the discontinuing of the M3 report is definitely significant.

[UpInArms]

41. GM suspends 401(k) match for salaried employees

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-15T152531Z_01_N15275549_RTRIDST_0_AUTOS-GM-SALARIED.XML

DETROIT, Dec 15 (Reuters) - General Motors Corp. (GM.N: Quote, Profile, Research) is suspending contributions to its 401(k) retirement savings plan for salaried workers, a spokesman said on Thursday.

<snip>

GM now contributes 20 cents for each $1 that workers invest in the 401(k) plan up to 6 percent of an employee's base salary, Herta said. GM last year reduced its 401(k) match from 50 cents on the dollar to 20 cents.

GM's financial woes, combined with the bankruptcy filing of Delphi Corp., its biggest suppler, have taken a toll on its once-robust stock price. GM shares have fallen 44 percent this year.

GM, which has lost nearly $4 billion this year, is struggling with high health-care and commodity costs, loss of U.S. market share to foreign rivals and slumping sales of its once-profitable sport utility vehicles.

To compound matters, GM's borrowing costs have soared since its credit rating was first cut to junk status in May. Standard & Poor's cut GM's ratings deeper into junk territory this week.

...more at link...

[UpInArms]

44. Bernanke Confuses Depression Cure with Disease

http://www.321gold.com/editorials/schiff/schiff120905.html

Posted Dec 9, 2005

An article in yesterday's (Thurs) Wall Street Journal discussed how self-proclaimed "Depression buff" Ben Bernanke claims understanding of how the Fed caused the Great Depression and precisely what he would do to prevent such a calamity from reoccurring under his tenure. Not only are his assertions naïve and egotistical, but flat-out absurd.

Though he claims to have studied The Great Depression in depth, Bernanke is completely clueless as to its actual cause. However, he is partially right about one thing: the Fed did help create the Depression, but for the opposite reasons Bernanke believes. The Fed-induced credit boom of the roaring 1920s laid the foundation for the inevitable bust that ushered in the Great Depression. Bernanke has mistaken the disease for the cure, and his antidote, were it ever administered, would prove to be economically fatal to the U.S. economy.

The mistake made by the Fed during the 1920s was expanding the supply of money and credit too rapidly. However, as increasing productivity prevented consumer prices from rising, the Fed was unconcerned about the inflation it was creating. Instead, the excess money and credit that spilled into financial and real estate markets caused asset prices to rise, which resulted in claims of a "new era" (sound familiar?). The bust of 1929 led to the Great Depression of the 1930s not as a result of Fed tightening, as Bernanke claims, but due to the misguided economic policies of the Hoover and Roosevelt administrations. By preventing market forces from efficiently correcting the imbalances created during the inflationary boom of the 1920s, the Federal Government turned what otherwise would have been a normal, though severe, cyclical recessionary bust, into what became known as The Great Depression.

<snip>

Had Harrison allowed the monetary expansion to continue, as Bernanke suggests he should have, the result would have been hyper-inflation, which would have produced even more dire economic consequences than did the bursting of the bubble. The problem is that Bernanke, like Harrison, will soon replace Greenspan, the modern version of Benjamin Strong (though a more accurate comparison may be to Montague Norman, the governor of the Bank of England during the 1920s.). However, unlike Harrison, Bernanke will likely make the wrong policy choice.

Ben Bernanke believes that credit expansions need never end - that a boom can be prolonged indefinitely simply by printing enough money. The fact that the incoming Fed chairman believes such nonsense is similar to a cold-war president having believed he could win a nuclear war. However, Bernanke's finger will not be on the button, but on the printing press: and he seems itching to crank it up as he is convinced he will win the deflation war.

...more...

[AnneD]

49. Busted!!!

I think Peter Schiff has Chopper Ben's number. What do you want to bet that if we slide into a recession/depression...he makes it worse. Good, short background on Depression origins. Thanks UIA.

[UpInArms]

51. Chopper Ben is an idealogical fool as much as Wolfowitz is an

idealogical fool.

These idiots are so determined that they are right they will kill us all.

[ozymandius]

57. Fundamental causes of the Great Depression can be summarized inside of ten

minutes. That this Ph.D. fool can can put us a more risk than annother Ph.D. fool boggles my mind. He will claim Greenscam's tin crown and woe be unto us.

[GatoLover]

45. Illinois Supreme Court throws out Altria class action suit

MO was up almost $5 on the news, currently up $3.60.

[UpInArms]

47. 11:15 EST heading the other way

Dow 10,878.70 -4.81 (-0.04%)
Nasdaq 2,252.43 -10.16 (-0.45%)
S&P 500 1,269.62 -3.12 (-0.25%)
10-Yr Bond 4.494 +0.44 (+0.99%)

NYSE Volume 721,154,000
Nasdaq Volume 672,286,000

11:00AM: Little changed since the last update as the major averages remain mixed. Meanwhile, oil prices ($61.00/bbl +$0.15) have turned positive within the last 30 minutes following a larger than expected decline in weekly natural gas inventories. However, the absence of Energy's leadership has prevented much of a recovery as the market still trades near session lows. NYSE Adv/Dec 931/2072, Nasdaq Adv/Dec 855/1874

10:30AM: Blue chips get an initial boost at the top of the hour after Altria (MO 78.32 +4.59) spiked to a new all-time high following a favorable Supreme Court decision. However, the extension has been short-lived as fellow Dow components (i.e. AA, AXP, BA, DD, HD, IBM, JNJ and JPM) have all turned negative. Notable reversals have been realized in semiconductor, brokerage and homebuilding -- three of the year's strongest performing industries, while further deterioration in refiners, explorers and drillers -- the year's Top Three performing S&P groups -- has contributed to recent market weakness. ..XBD -0.2%. SOX -0.6, XOI -1.2, NYSE Adv/Dec 913/1964, Nasdaq Adv/Dec 784/1855

[UpInArms]

50. US stocks fall on options expiry

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-15T161918Z_01_N15378356_RTRIDST_0_MARKETS-STOCKS-UPDATE-6.XML

NEW YORK, Dec 15 (Reuters) - U.S. stocks fell on Thursday as investors adjusted their derivative positions during the quarterly expiration of some futures and options contracts.

<snip>

Friday marks the end of the two-day quarterly settlement and expiration of four different types of December futures and options contracts, known as a "quadruple witching period," an event that can cause greater volume and volatility in trading.

"A couple things this morning are being driven exclusively by the option expiration tomorrow," said Cummins Catherwood, managing director at Walnut Asset Management in Philadelphia. "It's just a fact of life that you get some abnormal activity in the week before, and certainly the week of, the option expiration."

...more...

[UpInArms]

52. Feb Gold @ $512.10 oz

11:43am 12/15/05 FEB GOLD CLIMBS $2.60 TO $512.10/OZ IN NY

[OrangeCountyDemocrat]

55. Head Fake By Precious Metals

A bit too much of a run up, too quickly. Now that they've gotten rid of some profit takers, and allowed some shorts to cover....I wouldn't be surprised to see the price hit over $550 before Christmas, and possibly even close in on $600 by year's end.

But count on the U.S. powers that be to do everything possible to keep that from occuring.

[ozymandius]

56. lunchtime check-in

12:25
Dow 10,887.67 +4.16 (+0.04%)
Nasdaq 2,257.62 -4.97 (-0.22%)
S&P 500 1,271.23 -1.51 (-0.12%)
10-Yr Bond 44.92 +0.42 (+0.94%)
NYSE Volume 1,012,361,000
Nasdaq Volume 930,535,000

12:00PM : The indices continue to trade in split fashion midday as ambiguous inflation data, mixed earnings reports and rising bond yields underpin some nervousness following recent market gains. Before the bell, the biggest decline (-0.6%) in total CPI since 1949 offered investors some inflation-related relief, but a 0.2% rise in the core rate has not exactly provided the clearest of indications about whether or not further Fed tightening is necessary. Nov. industrial production rose a stronger than expected 0.7% and October was revised to +1.3%, more than reversing September's large Katrina-induced 1.5% decline. However, capacity utilization checking in at 80.2, above the 79.8 consensus and key 80% barrier over which inflationary pressures are generated, has caused some concern among bond traders. To wit, the 10-yr note is off 11 ticks, lifting the yield to 4.49% and adding further pressure to the rate-sensitive and influential Financial sector. The latter has been the largest drag on the S&P, as a strong Q4 report from Bear Stearns (BSC 114.81 +4.31) and upside guidance from E*Trade (ET 21.01 +0.54) still struggle to counteract Goldman Sachs' (GS 128.88 -0.75) Q4 disappointment. Weakness in Technology, led by losses in software, has also weighed on sentiment while a pullback in oil prices has taken Energy's leadership off the table. Of the four sectors catching a bid, Health Care has held onto a modest gain. Biotech has gotten a boost following Amgen's (AMGN 79.59 +2.81) decision to buy Abgenix (ABGX 21.73 +7.08) for $2.2 bln while reaffirmed FY05 and FY06 guidance from Merck (MRK 29.82 +0.62) has also been a source of sector support. Consumer Staples has also traded higher lifted almost entirely by a 4.8% surge in the sector's second most influential component -- Altria (MO 77.29 +3.56), which has hit an all-time high after the Illinois Supreme Court overturned the $10.1 bln verdict. NYSE Adv/Dec 1046/2075, Nasdaq Adv/Dec 938/1896

[ozymandius]

58. update as I return to work

1:06
Dow 10,888.33 +4.82 (+0.04%)
Nasdaq 2,257.15 -5.44 (-0.24%)
S&P 500 1,271.33 -1.41 (-0.11%)
10-Yr Bond 44.88 +0.38 (+0.85%)
NYSE Volume 1,149,604,000
Nasdaq Volume 1,036,110,000

12:30PM : No change to the prevailing trend heading into the lunch hour even as the day's last piece of economic news checks in below forecasts. At the top of the hour, the Philadelphia Fed's regional manufacturing index showed only a 1 point rise in December to 12.6 -- a bit smaller than expected and in contrast to the unexpected jump in the NY Empire State index. While a decline in the prices paid component bodes well from an inflationary standpoint the smaller than expected headline read suggests some slippage in the more closely watched national ISM index. NYSE Adv/Dec 1102/2045, Nasdaq Adv/Dec 1028/1831

[AnneD]

61. What, you have a job OUTSIDE this thread?

I'm just shocked! Thanks Ozy, you're the greatest. Same for the rest of you that post the poo. Stand up and take a bow....:applause:

[ozymandius]

66. Thanks! Working here full-time would be SO much fun.

:hi:

[UpInArms]

59. Softer US housing market seen dogging economy-Merrill

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-15T173051Z_01_N15343113_RTRIDST_0_MARKETS-STOCKS-HOUSING-MERRILL.XML

NEW YORK, Dec 15 (Reuters) - A softening U.S. housing market poses the greatest risk to economic growth next year as fallout from a housing slowdown would hurt consumer spending, Merrill Lynch said in its U.S. economic and financial markets forecast for 2006.

The forecast by economist David Rosenberg and quantitative strategist Richard Bernstein, said consumers faced "significant headwinds" from higher interest rates, rising energy prices, increased medical costs pushed back on them by employers and shrinking real wage rates.

"From our lens, the U.S. housing market has become seriously overextended and a correction looms, posing the largest risk to 2006 consumer spending," Rosenberg and Bernstein said in their forecast report.

They also noted that despite the belief of many investors that the U.S. economy has a chance to accelerate meaningfully, "the slope of the yield curve, perhaps the best economic forecaster of all, continues to flatten," even raising the prospect for an inversion.

...more...

[UpInArms]

60. Job cuts planned at Siouxland telemarketing sites

http://www.siouxcityjournal.com/articles/2005/12/15/news_business/local/8b580e67ce3a7da1862570d80017c609.txt

Just 10 days before Christmas, pink slips are going out to 85 telemarketing workers in Siouxland.

Quality Telemarketing Inc. reportedly will close its call centers in Vermillion, S.D., and Spirit Lake, Iowa, by Dec. 31. That will result in the loss of 55 jobs in Vermillion and 30 in Spirit Lake. The company also is shutting down a call center in Winner, S.D., that employs about 25.

<snip>

Quality Telemarketing provides telemarketing services for a range of businesses. The company opened its Vermillion call center in 2000 in the former Sioux Tools plant. The arrival roughly coincided with layoffs at Gateway's call center in the Clay County city, home to the University of South Dakota. Quality Telemarketing started with about 80 employees in Vermillion. At one point, company officials had talked of increasing its work force there to as many as 400 workers.

...more...

[UpInArms]

62. 3:07 EST red numbers and blather

Dow 10,875.83 -7.68 (-0.07%)
Nasdaq 2,255.35 -7.24 (-0.32%)
S&P 500 1,269.50 -3.24 (-0.25%)
10-Yr Bond 4.466 +0.16 (+0.36%)

NYSE Volume 1,655,544,000
Nasdaq Volume 1,421,633,000

even the cooked books didn't keep it in the black :eyes:

2:30PM: Not much changed since the last update as investors find few catalysts to push the indices in either direction. Market internals, however, paint a much more bearish picture, as decliners outpace advancers on both the NYSE and Nasdaq by a nearly 2-to-1 margin. The ratio of down to up volume also reflects the uphill battle the bulls are facing at the moment. Meanwhile, total volume on the NYSE already surpassing 1.0 bln shares would normally add some conviction behind today's activity but the fact that Altria (MO 76.92 +3.19) is on pace to trade more than 5-6 times normal volume has skewed this afternoon's overall participation.NYSE Adv/Dec 1182/2061, Nasdaq Adv/Dec 1083/1886

2:00PM: Range-bound trading persists as buying interest remains scarce across the board. One area, however, attracting buyers has been brokerage. While Financial, which hasn't outperformed the market since the Fed began its tightening efforts in June 2004, remains weak, relative strength in the brokerage group has helped pare losses in banks and REITs and lent further credence behind Briefing.com's reiterated Market Weight rating on the Financial sector yesterday. ..XBD +0.4%. NYSE Adv/Dec 1131/2089, Nasdaq Adv/Dec 1036/1908

[ozymandius]

65. at the close

Dow 10,881.67 -1.84 (-0.02%)
Nasdaq 2,260.63 -1.96 (-0.09%)
S&P 500 1,270.94 -1.80 (-0.14%)
10-Yr Bond 44.68 +0.18 (+0.40%)
NYSE Volume 2,134,152,000
Nasdaq Volume 1,804,640,000

Close Dow -1.84 at 10881.67, S&P -1.80 at 1270.94, Nasdaq -1.96 at 2260.63: The market's major averages relinquished early gains and only recovered enough in late trading to close just below the flat line, as strong signs of underlying economic expansion and ambiguous inflation data clouded the possibility of an end to further Fed tightening. Mixed earnings reports and higher borrowing costs intraday also prompted modest consolidation among many of the market leaders responsible for recent blue chip gains. Before the bell, total November CPI dropped a headline-inspiring 0.6%, as a record 8.0% monthly decline in energy prices helped remove some of the anxiety tied to higher energy bills. Nonetheless, a second consecutive 0.2% rise in the more closely watched core rate, especially after five straight 0.1% increases, suggested a slight firming trend in broad inflationary pressures, adding to the argument that if core-CPI continues to rise at a 2 1/2% annual rate into 2006 the Fed will probably keep raising rates through mid-year. Further, with the Fed saying just two days ago that "possible increases in resource utilization have the potential to add to inflation pressures,'' a larger than expected rise in Nov. capacity utilization to 80.2%, which eclipsed the key 80% barrier over which inflationary pressures are generated, perhaps also underpinned a sense of nervousness for participants. With regard to sector leadership (or a lack thereof), a 1.4% decline in oil prices ($59.99/bbl -$0.86) prompted investors to lock in some of the Energy sector's market leading 35.8% year-to-date advance. Consolidation in Financial, spurred by the yield on the 10-yr note revisiting the psychological 4.50% level midday and mixed earnings reports, also weighed on overall sentiment. Not even continued upside momentum in brokerage led by a strong Q4 report from Bear Stearns (BSC 116.50 +6.00) and upside guidance from E*Trade (ET 21.18 +0.71), which supports our Market Weight reiteration on the Financial sector, was enough to counteract profit-taking in the resurgent banking group and a Q4 earnings miss from Goldman Sachs (GS 128.30 -1.33). Weakness in Technology, led by losses in semiconductor and software, also weighed on the proceedings while Consumer Discretionary also lost groun as Lennar's (LEN 62.61 +2.03) strong Q4 report and upbeat analyst comments on eBay (EBAY 46.02 +0.73) failed to keep the sector in the green. Health Care, however, finished the day on a positive note, as biotech got a boost following Amgen's (AMGN 80.44 +3.66) decision to buy Abgenix (ABGX 21.68 +7.03) for $2.2 bln while reaffirmed FY05 and FY06 guidance from Merck (MRK 29.77 +0.57) provided an additional source of sector support. Consumer Staples also posted a modest gain, as a 3.9% surge in Altria (MO 76.62 +2.89), which hit an all-time high after the Illinois Supreme Court overturned the $10.1 bln verdict, offset consolidation in Procter & Gamble (PG 58.99 -0.63) -- the sector's most influential component -- which hit a new 52-week high yesterday. Industrials also traded higher as upbeat guidance (last night) helped close United Technologies (UTX 57.60 +0.51) at a new all-time high. DJTA +0.7, DJUA +0.3, DOT +0.1, Nasdaq 100 +0.2, Russell 2000 -0.9, SOX -0.5, S&P Midcap 400 -0.5, XOI -1.5, NYSE Adv/Dec 1159/2151, Nasdaq Adv/Dec 1182/1841

[loudsue]

68. BOY!! That was a waste of time! Traders should have stayed home.

The market must be dead. :shrug: It looks like it's "flat-lining".

:hi: Thanks for another great thread!!! :loveya: