STOCK MARKET WATCH, Thursday August 16 THREAD #2

[ozymandius]

Source: DU

Thursday August 16, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 525 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2414 DAYS
WHERE'S OSAMA BIN-LADEN? 2126 DAYS
DAYS SINCE ENRON COLLAPSE = 2087
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
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 August 15, 2007

Dow... 12,861.47 -167.45 (-1.29%)
Nasdaq... 2,458.83 -40.29 (-1.61%)
S&P 500... 1,406.70 -19.84 (-1.39%)
Gold future... 679.70 UNCH (UNCH)
30-Year Bond 5.01% +0.02 (+0.44%)
10-Yr Bond... 4.71% -0.03 (-0.55%)






GOLD, EURO, YEN, Loonie and Silver

---

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

---

Read more: DU

[DemReadingDU]

1. Thank you!

[hang a left]

2. Wow!

Don't ever remember SMW having to start another thread.

[ozymandius]

5. It's been awhile.

I seem to recall this happened either in 2002 or 2003.

[ozymandius]

3. 12:57

Dow 12,580.45 Down 281.02 (2.18%)
Nasdaq 2,397.19 Down 61.64 (2.51%)
S&P 500 1,377.81 Down 28.89 (2.05%)
10-Yr Bond 4.618% Down 0.088
NYSE Volume 1,708,289,000
Nasdaq Volume 1,642,405,000

[spotbird]

11. Do you think the day will end

up, or at least down less than 50?

[hatrack]

4. Did somebody put some LSD in my coffee?

I just looked at the yen and Euro charts and . . . . damn.

I don't feel stoned.

[Nimrod2005]

7. Will you please share, much needed today!

[Tiberius]

16. Currency charts

Where is there a good site for currency charts??

[DemReadingDU]

61. I just realized, the charts are at the top of the page!

[DemReadingDU]

21. Do you have a link for currency charts?

[UpInArms]

25. here you go

http://www.weblinks247.com/exrate/

[Tiberius]

100. Cool, thanks

Now what should I do with that mattress full of 500 Euro notes?

[Nimrod2005]

6. Thank you, checking in...

[antigop]

8. Hey, look at what Countrywide CEO made in the last month selling stock

http://money.cnn.com/2007/08/16/news/companies/countrywide/index.htm?postversion=2007081611


>>
Embattled Countrywide Financial, the nation's No. 1 writer of mortgage loans, was forced to tap an $11.5 billion line of credit Thursday to address its looming liquidity crunch, and it said it is toughening the underwriting standards on the home loans it will make going forward.

At the same time, SEC filings show the company's chairman has made a $13 million profit in the past month selling a stock on the decline.
>>

[Roland99]

60. What a swell, stand-up guy!!!

:eyes:

[Tandalayo_Scheisskopf]

103. Shorting his own company?

Really?

[NMDemDist2]

9. don't trading curbs kick in a 2%? or is it 10%?

I'm so confused and glad my money is in my safe in the office closet

:crazy:

[ozymandius]

14. 2% in any direction

[NMDemDist2]

19. so they have kicked in then? n/t

[JNelson6563]

29. Yes, curbs are in

Like pulling an emergency brake on a train. I think there is only hope to slow this train down as I don't think it's stoppable.

Julie

[ozymandius]

10. Dow -300+

1:01
Dow 12,532.41 Down 329.06 (2.56%)
Nasdaq 2,392.14 Down 66.69 (2.71%)
S&P 500 1,372.27 Down 34.43 (2.45%)
10-Yr Bond 4.593% Down 0.113
NYSE Volume 1,736,877,000
Nasdaq Volume 1,665,800,000

[Nimrod2005]

12. Are you watching the buying? Everytime we make a new low, which is every few

minutes, big buys come in, giving the market a bump...

[saigon68]

15. The short sellers are taking a bath

[Warpy]

13. Thanks for the second thread

It's necessary today. Not a good day.

I'm afraid we're going to see a panic now that the 10% magic mark for a correction has been exceeded. How long it will last and how deep it will cut things is anyone's guess.

[nadinbrzezinski]

18. Sorry but I am not surprised

oh wait, accordign to some this is not that bad

[54anickel]

17. Nitwit lenders put the economy at risk -- again

http://articles.moneycentral.msn.com/Investing/Extra/WhyYouCantTrustYourLender.aspx

snip>

Once again?

Yes, once again.

The sordid record
Remember the real-estate-investment-trust bust of the late 1970s? It was driven by carelessly generous lending. The big commercial banks fell over each other making big loans to real-estate developers. The developers built whatever they wanted to build. Each assumed that his project would be successful even when it was clear that many projects would not be occupied for years. Competitive sheep bankers lent the money.

When that bust ended, commercial-realty brokers were joking that you could have your name on a building if you'd promise to open a shoeshine stand in the lobby. Chase Manhattan Bank nearly became a casualty, given the excesses of its REIT. In Boston, I remember attending the shareholders meeting at the Ritz Carlton where the esteemed Cabot, Cabot and Forbes Land Trust declared that it was no longer capable of paying its dividend.

Too much got built, too fast.

Or how about the savings-and-loan bust of the 1980s? That bit of excess wiped out the entire S&L industry and sent a megabillion-dollar bill to Congress -- which you and I collectively paid. Though the epicenter of that bust originated in Texas with land flips, congressionally allowed funny-money accounting, buy-down mortgages and no-down-payment home sales, the same thing happened (albeit on a less Texan scale) in the rest of the country.

Clearing away the wreckage took us well into the 1990s.

Today, yet another wave of nitwit lending has put the entire financial system at risk, and the subprime mortgage mess is only part of the problem. The rising wave of adjustable mortgage rate resets is a larger problem.

A moment of truth
As John Mauldin points out in a recent newsletter, resets scheduled for next February and March alone will be more than all the resets in the first six months of this year, $197 billion. Resets in the first six months of next year, $521 billion, will be greater than all of 2007.

more...



Linked article: Credit problems are too big for the feds to fix
http://articles.moneycentral.msn.com/Investing/ContrarianChronicles/CreditProblemsAreTooBigForTheFedsToFix.aspx

[UpInArms]

20. White House expects continued U.S. economic growth - comedic routine in action!

http://www.reuters.com/article/bondsNews/idUSN1635833320070816

CRAWFORD, Texas, Aug 16 (Reuters) - The White House on Thursday said it expects to see continued U.S. economic growth, but would not comment on the recent financial market declines.

"As President (George W.) Bush has said, the U.S. economy is fundamentally sound and so we expect to see continued economic growth," White House spokesman Gordon Johndroe said to reporters in Texas where Bush is on vacation. "Not for me to comment on daily movements of the market."

U.S. stocks fell sharply on Thursday on signs of further deterioration in credit conditions and the potential impact on the economy and profits.

The Dow Jones industrial average was down about 10 percent from its record closing high above 14,000 in July.

[ozymandius]

27. If I were a reporter - they'd throw me out of the gaggle.

"The Philly Fed is at ZERO. Could you comment on that, President Shit-for-brains?"

[JNelson6563]

32. Amen Brother Oz.

Succintly put. :toast:

[Nimrod2005]

45. ROFL....YES

[hatrack]

57. Ozy, forgive my ignorance, but what does that mean re. the Philly Fed?

Or anybody else, if you could fill me in, coolio!

:hi:

[UpInArms]

59. hiya hatrack!

that's a map of the federal reserve banking regions. each month each region files a report stating the economic soundness of the region.

the Philly Fed is in Philadelphia and they experienced "no growth" for the month

hope that helps!

:hi:

[hatrack]

62. Ah! So this was the Beige Book, or something along those lines?

I get it - thanks!

[UpInArms]

65. well, the Beige Book is a compilation of all of those regions

so - yeah - you're on the right track with that :toast:

[fasttense]

39. Bushes base, the haves and have mores, are losing money

left and right (not to mention retirees and other stock owners). Yet the crazy king george is still on vacation. :rofl: Now they have an inkling of how the Katrina victims felt.

[wordpix]

104. "Now they have an inkling of how the Katrina victims felt," yeah & 9-11 victims/families

pRes. Lamebrain still hasn't learned that he should not leave his post to go cut brush since he's allegedly tending to the nation's business.

[ozymandius]

22. Energy futures fall on economic worries

NEW YORK - Oil and gasoline futures fell Thursday as investors turned their attention away from tropical storms and to the cooling economy and falling stock market.

Natural gas prices fell after the government reported a slightly larger increase in inventories than analysts expected.

The stock market tumbled again as concerns about economic conditions were exacerbated by more bad news from the mortgage sector, and by dismal reports on housing construction and employment.

"That again has once again raised fears that oil demand will fall," wrote Addison Armstrong, an analyst with TFS Energy Futures LLC in Stamford, Conn., in a research note.

Stocks and the economy stole some thunder from Hurricane Dean, which was bearing down on the Caribbean from the central Atlantic, and Tropical Depression Erin, which was downgraded from tropical storm status after making landfall in Texas early Thursday morning.

http://news.yahoo.com/s/ap/20070816/ap_on_bi_ge/oil_prices

[HereSince1628]

23. DJIA, S&500, NASDAQ all court falling below the late winter correction

That would mean the indexes would be back at the numbers for last Nov.

[zippy890]

24. "not a financial Armageddon"

http://www.dailykos.com/storyonly/2007/8/16/12229/3590

says bonddad at DKOS

phew! but I'm still worried about my deferred compensation investments.
:-(

[TrogL]

26. Loonie Watch

see http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2955623#2956131

[ozymandius]

28. numbers and blather

1:12
Dow 12,553.14 Down 308.33 (2.40%)
Nasdaq 2,397.10 Down 61.73 (2.51%)
S&P 500 1,375.41 Down 31.29 (2.22%)
10-Yr Bond 4.587% Down 0.119
NYSE Volume 1,803,128,000
Nasdaq Volume 1,747,046,000

1:00 pm : As evidenced by the flight to quality in Treasuries pushing the 10-year yield below 4.60% for the first time since May, the mass exodus out of equities is becoming even more apparent.

The Dow has joined the S&P 500 and Nasdaq down more than 10% from its July peaks, signaling a market correction for an index containing the bluest of blue chips.

The Nasdaq is now in negative territory for the year, as is the S&P 400 MidCap Index, and, of the 147 S&P industry groups, only three are in positive territory. The average decline from all 10 economic sectors trading lower now stands at 2.6%. DJ30 -280.87 NASDAQ -61.33 SP500 -30.29 NASDAQ Dec/Adv/Vol 2295/704/1.57 bln NYSE Dec/Adv/Vol 2843/498/1.34 bln

[UpInArms]

30. TREASURIES-10Y Treasury note's price jumps one full point

http://www.reuters.com/article/bondsNews/idUSNYG00070020070816


The 10-year note's price rose 1-6/32 for a yield of 4.58 percent <US10YT=RR>. Bond yields and prices move inversely.

The two-year Treasury note's price rose 18/32, more than half a point in price, and its yield briefly fell below 4 percent for the first time since late 2005.]

[ozymandius]

35. That's enough to make me say "Jeebus"!

I assume they're talking about one day's movement?

[A HERETIC I AM]

50. Ten year up 25/32's, 30 year up 1.113/32's for the day.

Demand has pushed the price of the 10 year note further into the premium range.

[A HERETIC I AM]

167. For the record and to clarify the above typo.....

The Ten Year Treasury ended today at 100&17/32's, up 9/32 (Coupon 4.75%)
The Thirty Year Treasury ended today at 100&12/32's up 24/32's (Coupon 5.00%)

For clarification of those unfamiliar with bonds and yields, the fact that a $1000 face value 5.00% 30 year bond was bid 12/32 above the $1000.00 "par" means the actual yield will be less than the coupon interest rate of 5%. You would have to pay $1,003.125 for the bond (if my math is correct. It's late and i am still at the office so if it isn't, please correct me) and if you were to own it for thirty years you would get $50.00 per year in interest payments and at the end get $1000 back.

[mojavekid]

31. Thank you Ozy; BullnotBull: Prices for key foods are rising sharply

http://www.mcclatchydc.com/227/story/18902.html

MIDLAND, Va. — The Labor Department's most recent inflation data showed that U.S. food prices rose by 4.2 percent for the 12 months ending in July, but a deeper look at the numbers reveals that the price of milk, eggs and other essentials in the American diet are actually rising by double digits.

Already stung by a two-year rise in gasoline prices, American consumers now face sharply higher prices for foods they can't do without. This little-known fact may go a long way to explaining why, despite healthy job statistics, Americans remain glum about the economy.

Meeting with economic writers last week, President Bush dismissed several polls that show Americans are down on the economy. He expressed surprise that inflation is one of the stated concerns.

"They cite inflation?" Bush asked, adding that, "I happen to believe the war has clouded a lot of people's sense of optimism."

But the inflation numbers reveal the extent to which lower- and middle-income Americans are being pinched.

The Bureau of Labor Statistics said in its July inflation report that egg prices are 33.7 percent higher than they were in July 2006. Over the same period, according to the department's consumer price index, whole milk was up 21.1 percent; fresh chicken 8.4 percent; navel oranges 13.6 percent; apples 8.7 percent. Dried beans were up 11.5 percent, and white bread just missed double-digit growth, rising by 8.8 percent.

These numbers get lost in the broader inflation rate for all goods and services, which measured 2.4 percent for the same 12-month period. Across the economy, rising food prices were offset by falling prices for things bought at the mall: computers, cameras, clothing and shoes.

more...

[DLnyc]

40. Let them eat computers, cameras, clothing and shoes ? ? ? n/t

[DU GrovelBot]

33. ## PLEASE DONATE TO DEMOCRATIC UNDERGROUND! ##

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This week is our third quarter 2007 fund drive. Democratic
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[ozymandius]

37. I see you took care not to mention the word 'credit' - eh GrovelBot?

smart move.

I would donate if I could right now.

[displacedtexan]

34. CNBC talking heads are yakking a mile a minute: Saying nothing of any value

"You can get hurt badly when people try to get out quickly. That's what's going on here."

and

"Sector funds were a great investment... until a week ago."

This is giving me a headache. Oh, good. A commercial.

[JNelson6563]

55. Doubleplusgood!

A rough day for the cheerleaders. How many ways can you say bad is good, yanno?

I for one am at least grateful for the increase in chocolate rations! ;-)

Julie

[lumberjack_jeff]

36. WTF is going on?

I can understand a selloff in stocks.
I can understand a drop in the value of bonds as interest rates rise
I can't understand a collapse in gold
I can't understand a drop in foreign currencies.

[displacedtexan]

38. The only thing I know

is that England and several other countries, like the US, have been doling out jumbo mortgages like candy for several years, and now it's time to pay the piper.

The other stuff... I don't know.

[UpInArms]

42. liquidating assets and unwinding the carry trade

would cause the drop in metals and the fluctuations in the currencies -

it will be a while before anything resembles "calm"

:hi:

[harun]

52. Yah, probably about 8 weeks at least. (n/t)

[Nimrod2005]

43. Somoene opined earlier, selling gold to cover losses

Don't know about currency

[DLnyc]

48. My guess

US is playing chicken by not weakening the dollar. In particular, cash injections by US seem to have been much smaller than those by EU. Also, Fed is making noises that they won't cut interest rates next time.

Why would US want to keep dollar strong? My guess is to they are trying to head off China and others dumping US treasuries.

[lumberjack_jeff]

49. Thanks, that makes a lot of sense. A lot of scary, scary sense. n/t

[mojavekid]

51. The Daily Pfenning: Shootin' Up Some Crude

http://www.dailypfennig.com/currentIssue.aspx?date=8/14/2007

snip...

The data gave further strength to the dollar bulls to continue buying dollars, and the currencies all lost ground during the day. And here's where I'm going to say some very important words to you all... I've been sitting here watching the Sub prime meltdown extend its ugly tentacles around the globe, and I did a V-8... Wow! I could've had a V-8! And... I should have seen this long ago!

With the Sub prime meltdown going global, it's no longer just a problem for the U.S. and the dollar. And after this huge run-up this summer in the currencies, I see a consolidation on the horizon... The currencies are consolidating at this time, and we should look for them to back off VS the dollar for a short time, before heading back up again later this year...

Does this mean to sell? Not in my opinion... We bought currencies to diversify our investment portfolio, and to provide a hedge... And this is what it's doing! A consolidation is what it is and nothing more... It's not an end to the weak dollar trend! It does provide cheaper levels does it not?

And why do I believe the currencies will rebound later this year? Because I'm a believer that the Fed is going to cut rates, probably this fall, to help the mortgage meltdown... It will probably be a case of "too little, too late" but what else do we expect from the Fed that brought about this mortgage meltdown to begin with? And at that point, the dollar will return to the woodshed... So... Patience is required here...

more...

[Nimrod2005]

41. ROFL...The gambling channel just turned into Dr. Laura!!!

Giving advice live on air...Funny stuff, one bald man is actually a psychologist!

[ozymandius]

44. with regret, I must leave the 'puter for awhile.

Obligations have captured my attention away from this riveting exchange on the SMW.

Please take a break if watching this train wreck stresses you out.

Ozy :hi:

[Nimrod2005]

46. Good advice, see you later

[UpInArms]

47. bye Ozy!

see you later :hi:

[UpInArms]

53. And Another Drops: First Magnus says it's no longer funding mortgages

01. First Magnus says it's no longer funding mortgages
1:41 PM ET, Aug 16, 2007 - 3 minutes ago

02. First Magnus says it no longer taking mortgage applications
1:41 PM ET, Aug 16, 2007 - 3 minutes ago

[mountainvue]

80. Huge blow. That one came out of nowhere.

Also, word is that Countrywide laid of 75 employees locally here in Denver this morning.

[Coexist]

54. i don't normally post with all you financial wizards -

but I just wanted the say thanks. You keep me so well informed - especially on a day like today (or a month like this month.)

[loudsue]

56. A kick from the peanut gallery....

:freak: My, my. What an interesting day at the casino!

Thanks, Marketeers! Because of reading the SMW threads I managed to get out early & save my skin. :toast::beer: I 'preciate it!



:kick::kick::kick:

[JNelson6563]

58. Update 1:50

Dow 12,622.97 -238.50 (1.85%)
Nasdaq 2,413.76 -45.07 (1.83%)
S&P 500 1,383.74 -22.96 (1.63%)
10-Yr Bond 4.5950% -0.1110

Look at that 10yr go! Zowie! And I see they've managed to slow the bleeding in the markets for the moment.

Julie

[OrangeCountyDemocrat]

66. Update: 2:00 EST

Symbol Last Change
Dow 12,692.22 169.25 (1.32%)
Nasdaq 2,422.38 36.45 (1.48%)
S&P 500 1,392.90 13.80 (0.98%)
10-Yr Bond 4.5930% 0.1130

They're trying to make a comeback.

[JNelson6563]

70. 2 minutes later the dream seems to fade

Dow 12,648.16 -213.31 (1.66%)
Nasdaq 2,418.75 -40.08 (1.63%)
S&P 500 1,386.96 -19.74 (1.40%)
10-Yr Bond 4.6060% -0.1000

I don't think there will be any comebacks happening today.

[UpInArms]

63. precious metals closing numbers:

01. Oct. platinum ends down $41.50, or 3%, at $1,230 an ounce
1:54 PM ET, Aug 16, 2007 - 1 minute ago

02. September silver ends down $1.06, or 8%, at $11.495 an ounce
1:54 PM ET, Aug 16, 2007 - 1 minute ago

03. Sept. palladium ends down $22.65, or 6%, at $327.85 an ounce
1:54 PM ET, Aug 16, 2007 - 1 minute ago

04. September copper fell 24.20 cents, or 7%, at $3.09 a pound
1:54 PM ET, Aug 16, 2007 - 1 minute ago

05. December gold ends down $21.70, or 3%, at $658 an ounce
1:47 PM ET, Aug 16, 2007 - 8 minutes ago

[JNelson6563]

69. Silver and copper, great bargains now!

Especially copper. I went long on gold before it was $400 an oz. so I'm not seeing today's closing price as any kind of a deal. ;-)

Julie

[Buttercup McToots]

76. I feel sick...

My PM stocks are bad...though I'm still up from where I bought in...
Guess this is what they mean by riding the bull?
:puke:

[roamer65]

77. Delete.

[OrangeCountyDemocrat]

82. Here's What I Think

Money might be going out of PM's now, but unlike stocks, the money will return when those with cash realize the bargain prices which exist.

Also, if the Fed does lower interest rates, Gold will pop over $700. This is my hope at least.

[Roland99]

64. 1:57pm - Faeries doing some heavy lifting

Dow 12,681.01 -180.46
Nasdaq 2,419.39 -39.44
S&P 500 1,390.07 -16.63
10 YR 4.63% -0.07
Oil $70.85 $-2.48
Gold $656.30 $-23.40

[JNelson6563]

71. Yes, broader jumps

Spanning 30-40 pt. ranges in two minutes or less. This must be one crazy ass day down at the PPT. If I were on the PPT team I'd probably have been drunk by noon and contemplating suicide by the day's end.

:beer:

[Maeve]

127. At the end of the day, it wasn't fairies--dwarves and gnomes, maybe

Tinkerbell can't lift THAT much!

[UpInArms]

67. Today's Humor: Brokers can absorb potential mark-to-market losses

01. Fitch says top U.S. brokers well capitalized
1:56 PM ET, Aug 16, 2007 - 2 minutes ago

02. Brokers can absorb potential mark-to-market losses - Fitch
1:56 PM ET, Aug 16, 2007 - 2 minutes ago

[nadinbrzezinski]

68. A nice summary

One strategist was worried about the sentiment on Wall Street. "Feels like we're on the edge of a panic to me," Jeffrey Saut, chief investment strategist at Raymond James, said to Bloomberg News. "In our business, psychology is everything and psychology has changed real quick on Wall Street."

[JNelson6563]

72. Update 2:10 Looking better

The printing presses must've caught up cause the sun's coming out!

Dow 12,704.66 -156.81 (1.22%)
Nasdaq 2,428.66 -30.17 (1.23%)
S&P 500 1,395.52 -11.18 (0.79%)
10-Yr Bond 4.6100% - 0.0960
NYSE Volume 2,341,070,000
Nasdaq Volume 2,168,827,000

My grandma, what big volumes you have! ;-)

Julie

[UpInArms]

73. 2:12 heading back to the "line" of 12,700

Dow 12,694.99 166.48 (1.29%)
Nasdaq 2,430.25 28.58 (1.16%)
S&P 500 1,392.20 14.50 (1.03%)
10-Yr Bond 4.616% 0.09

NYSE Volume 2,369,482,000
Nasdaq Volume 2,188,388,000

the better to eat you with, my dear :D

[UpInArms]

74. 2:15 and less than 100 drop in the Dow - Wheee!

Dow 12,765.30 96.17 (0.75%)
Nasdaq 2,441.91 16.92 (0.69%)
S&P 500 1,400.99 5.71 (0.41%)
10-Yr Bond 4.632% 0.074

NYSE Volume 2,389,659,000
Nasdaq Volume 2,213,444,000

[54anickel]

78. Just what makes that silly old ant, think he'll move that rubber tree plant

Anyone knows an ant can't, move a rubber tree plant.

But he's got Fed dopes.
He's got Fed dopes.
He's got money from the sky
- Chopper Ben is high
-- in the sky hopes.

:evilgrin:

[54anickel]

75. Checkout the "unusual volume" links

http://finance.yahoo.com/unusualvolume/falling

http://finance.yahoo.com/unusualvolume/rising

I wondered where Yahoo moved the Advance/Decline stats to....

http://finance.yahoo.com/advances

[UpInArms]

163. NYSE says preliminary volume record high

http://www.reuters.com/article/bondsNews/idUSN1647032920070816

NEW YORK, Aug 16 (Reuters) - The New York Stock Exchange said on Thursday preliminary volume of 5.73 billion shares traded in its U.S. cash equities trading operations on NYSE Group exchanges marked a record high.

The exhange group also said in a statement that trading volume on NYSE Group U.S. equities markets in August 2007 is 110 percent higher than the same month a year ago.

The record figure includes volume executed on the NYSE, NYSE Crossing Sections, NYSE TRF and NYSE Arca, in all issues traded by NYSE Group, it said.

The Nasdaq Stock Market (NDAQ.O: Quote, Profile, Research) also reported that Thursday's trading volume hit a record number.

[roamer65]

79. The Japanese yen is nearing 113.

The yen carry trade is definitely unwinding. This is going to be a very rough ride, folks.

http://www.xe.com

[Buttercup McToots]

81. They are fighting on CNCB...

Larry is nuts...

[CabalPowered]

85. I watched that

:rofl:

[wordpix]

106. Larry oughta stop smoking cigarettes---they're eating away his brain

[OrangeCountyDemocrat]

83. Update 2:35 & Dropping Again

Man, it's all over the place. Went from -125 to -200 in a matter of minutes.

Dow 12,689.22 172.25 (1.34%)
Nasdaq 2,423.89 34.94 (1.42%)
S&P 500 1,390.76 15.94 (1.13%)
10-Yr Bond 4.6240% 0.0820

[54anickel]

90. Check the inane 2:30 blather

2:30 pm : Digging deep for anything positive during yet another dismal day for stocks, investors continue to buy into the possibility, which is pure conjecture at this point, of an emergency Fed meeting.

Since a Fed easing would be most beneficial to rate-sensitive issues like banks (BKX +2.1%), it's not surprising to see a beaten-down Financial sector plagued by ongoing credit turmoil enjoy the biggest bounce should such a scenario become reality. The Financial sector is now up an impressive 2.1%, much of which can be attributed to a short squeeze since everyone has priced in worst-case scenarios throughout the sector.

We believe, however, that cutting rates now would be foolish from a policy standpoint since a Fed easing isn't going to do anything to help improve the mortgage-backed securities pricing issue. We are also telling readers that an emergency rate cut could destroy the FOMC's credibility as it would be a tacit admission that policy makers didn't understand the situation.

That skepticism is likely why the indices, which recently hit fresh afternoon highs, are pulling back a bit and failing to garner much conviction on the part of buyers.DJ30 -140.35 NASDAQ -30.16 SP500 -11.45 NASDAQ Dec/Adv/Vol 1918/1130/2.15 bln NYSE Dec/Adv/Vol 2555/820/1.91 bln

[silverlib]

84. Never mind - Jenna Bush is engaged.

:sarcasm:

What a ride and what a diversion

[DemReadingDU]

86. Who'd want GWB as a father-in-law

:puke:

[OrangeCountyDemocrat]

87. As I Said In Another Post

There are Plenty of 25%'s out there. The 20-something Hitler youth wanabees of our society. They will look up to a CRIMINAL like george.

[wordpix]

107. rofl

:rofl:

[54anickel]

88. Dow Drops 300 but Gains Most of It Back ( 2:24 pm ET - spoke too soon?)

http://biz.yahoo.com/ap/070816/wall_street.html?.v=50

Dow Industrials Plunge More Than 300 Points but Then Gain Most of It Back


NEW YORK (AP) -- Wall Street plunged again Thursday, extending an almost relentless downward spiral after problems at Countrywide Financial Corp. confirmed investors' fears that credit problems are spreading. The market shrugged off the Federal Reserve's injection of $17 billion into the banking system, and the Dow Jones industrial average fell almost 200 points.

Investors' confidence, already diminished by months of bad news about mortgages and credit, took a further pummeling after Countrywide, the nation's largest mortgage lender, said it was forced to draw on an $11.5 billion credit line to fund operations.

The Dow's tumble, which at one point was more than 343 points, pulled the blue chip index into what's known on Wall Street as a correction, a 10 percent drop in stock prices from their highs. Since the Dow reached a closing high of 14,000.41 on July 19, it has fallen 1,328 points.

The market seemed unfazed as the New York Fed -- which carries out the central bank's market operation -- announced an overnight repurchase agreement worth $12 billion. This was on top of a 14-day "repo" worth $5 billion announced before the market opened.

Central banks around the world have been supplying billions of funds to banks in the past week to make cash available for lending and keep interest rates from rising amid signs that credit was drying up. The Fed uses a repo to buy securities from dealers, who then deposit the money into commercial banks.

But, it has done little to offset fears about steeper losses for financial institutions squeezed by weeks of volatility that showed no signs of abating. Analysts contend many institutional investors want the Fed to be even more decisive.

more...

[nadinbrzezinski]

91. Still going down

look this is not good and well all know it

[Dogmudgeon]

89. Metals, down. The Euro, down ...

This is starting to look like a massive correction of the Dollar.

Since the Dollar lost about half of its value relative to the rest of the world's currencies, an upward correction in its value would produce a whole lot of financial bloodshed. If that much of the world economy depended on a weak dollar, it would make sense.

It could lead to cheaper labor, more offshoring, and an American buying streak.

Of course, this will not do much good for America itself, only a small group of people.

--p!

[nadinbrzezinski]

92. We are over 200 in the hole again

they got it calmed for a minute but we are back

to bears having a ball

[karlrschneider]

94. Within 3 points from minus 300

:scared:

[nadinbrzezinski]

95. 300.93

they recoverd and then lost it again... Panic territory now

[Roland99]

124. From -300 to +10 in less than an hour?!?!? PPT!!!

[bain_sidhe]

93. Are the charts stuck?

I reload, and it still stops at 1:07pm. Where are you all getting your numbers for later than that?

(Another lurker coming out of the woodwork...)

[karlrschneider]

96. Watching it on CNBC here

...

[displacedtexan]

97. My link says DOW down ( -296.79)

LINK

Now it says

12,596.46 down -265.01 -2.06%

[nadinbrzezinski]

98. Yahoo

here you go

http://finance.yahoo.com/

And yes they did freeze trade for a while

[bain_sidhe]

101. Thanks! But...

I meant the charts at the top of the thread. They all stop at 1:07. But I've bookmarked the Yahoo page, so I can watch the carnage from the sidelines... We're not in stocks at all any more--not even retirement funds. Of course, both the traditional annuity (i.e. "guaranteed interest" retirement fund) and the pension fund are probably invested in them, so I'm only partially protected. Still, it gives me a small degree of calm while watching the bloodbath--far better than the last time, when our retirment fund lost more than a third of its value

[DemReadingDU]

115. Same here

I moved my stocks that were in my 401k and put that money into a money market account and a bond index fund. My spouse gets a nice pension and we hope that its fund manager did not invest in risky hedge funds and/or risky stocks. We would not be happy if the pension dissolved . :(

[bain_sidhe]

131. essentially the same...

except ours is a 403b. And the pension is from the State - which doesn't mean it can't dissolve, but it's a slightly better bet than a company that can just declare bankruptcy and get out of its pension obligations.

[Yavin4]

99. Today Was The Wrong Day To Stop Sniffing Glue

[specimenfred1984]

102. Another exciting episode of "Hedge Funds Gone Wild"!

200 point swings in the DOW, 30 point swings in the S&P, the Fed wasting billions: let's "privatize" Social Security! BARF.

[mojavekid]

Bloomberg: Moody's Warns of Potential LTCM-Scale Fund Collapse (Update5)

http://www.bloomberg.com/apps/news?pid=20601103&sid=axOd8b_dgLpc&refer=news

Aug. 16 (Bloomberg) -- Moody's Investors Service fueled concern that the global credit crisis is worsening by speculating that a hedge fund collapse on the same scale as Long-Term Capital Management LP in 1998 is possible.

Hedge funds face potential losses on collateralized debt obligations, securities packaging bonds, loans and other assets, Chris Mahoney, vice chairman of Moody's, said on a conference call today. The funds are unable to agree on prices to sell riskier assets, causing the market to seize up, Mahoney said.

``A possible consequence of the repricing of risk assets would be the failure and disorderly liquidation of a hedge fund or other institution of sufficient size as to disrupt markets, as LTCM threatened to do in 1998,'' Mahoney said.

Moody's, criticized by policy makers and investors for failing to cut ratings on bonds backed by subprime mortgages until July when some securities had already lost more than 50 cents on the dollar, is drawing analogies between today's credit crunch and the collapse that triggered the last bailout organized by the Federal Reserve.

Moody's Corp. shares fell 1.7 percent today after French President Nicolas Sarkozy and Europe's financial regulator called for a probe into ratings firms. The stock has dropped 34 percent this year as the credit rout threatened the most lucrative part of its business.

more...

[OrangeCountyDemocrat]

105. 3:40 PM - Plunge Protection Team Working Hard

Dow 12,750.75 110.72 (0.86%)
Nasdaq 2,428.96 29.87 (1.21%)
S&P 500 1,402.73 3.97 (0.28%)
10-Yr Bond 4.6000% 0.1060

[OrangeCountyDemocrat]

108. 2 Minutes Later

Now Down 150+

[wordpix]

109. 3:43 pm : Dow at -77! WTF?

[Maeve]

123. And rounding into the end of the day---the Dow is UP!!!!

Someone pumped a helluva lot of dough into that pie....

[Hugin]

130. It's designed to discredit the more realsitic....

IMHO.

The big set up this morning in the Corporate Media and then a no-show... Turns anyone who claims
things might not be all peachy into "Fanatical Conspiracy Theorists".

[roamer65]

112. More Bernanke bucks its sounds like.

The PPT is at it again.

[Tiberius]

113. Let the finger pointing begin!!!!

Aug. 16 (Bloomberg) — Moody’s Investors Service fueled concern that the global credit crisis is worsening by speculating that a hedge fund collapse on the same scale as Long-Term Capital Management in 1998 is possible.

Moody’s, criticized by policy makers and investors for failing to cut ratings on bonds backed by subprime mortgages until July when some securities had already lost more than 50 cents on the dollar, is drawing analogies between today’s credit crunch and the collapse that triggered the last bailout organized by the Federal Reserve.

But some on Wall Street were not amused...

“I’m certain there is at least one major hedge fund out there at least as rightly concerned about a collapse in Moody’s as the other way around,'’ said Colin Negrych, a principal at Barclay Investments Inc., a broker-dealer in New York. “To see Moody’s make forward-looking negative statements about hedge funds, who may well be suffering in large part as a result of their reliance on Moody’s now evidently worthless ratings, is to witness the height of chutzpah.'’

[54anickel]

110. Mr Toad's Wild Ride!!!! S&P had just about come full circle - faltering a bit again now though

3:42
Dow 12,738.40 -123.07 (0.96%)
Nasdaq 2,435.05 -23.78 (0.97%)
S&P 500 1,401.84 -4.86 (0.35%)
10-Yr Bond 4.6000% - 0.1060
NYSE Volume 3,304,814,000
Nasdaq Volume 2,908,693,000

3:30 pm : Selling remains the name of the game going into the close as the indices retrace their worst levels of the session. Nine out of 10 sectors continue sport hefty losses with areas like Materials (-3.2%) and Energy (-2.8%) pacing the way lower and succumbing to added pressure as hedge funds unwind their carry trades to payback yen loans.

The extensiveness of the market's latest pullback is likely being attributed to the triggering of a sell program since the major averages plunged in synch with each other and logged roughly the same percentage downturns (-0.5%). If not for a 1.3% relief rally in Financials, which is providing a notable level of support, the market would be trading much lower. DJ30 -241.29 NASDAQ -50.87 SP500 -19.76 NASDAQ Dec/Adv/Vol 2255/821/2.62 bln NYSE Dec/Adv/Vol 2795/597/2.15 bln

3:00 pm : The market has backed off its best levels of the afternoon but is finally settling into somewhat of a narrow range, for now. While volatility has been the norm for more than a month, however, more wild swings can be expected, especially as traders approach the most important hour of the trading day and tomorrow's options expiration.

At intraday highs, the VIX Volatility Index was up 22% and at levels (37.40) not seen since Oct. 2002, but has seen more than half of that advance evaporate. The index spiking higher suggests investors are actively buying put options in anticipation of further downside in stocks.

Market internals also hold a decidedly bearish bias. As reflected in the A/D line, decliners on the NYSE hold a more than 3-to-1 edge over advancers while those on the Nasdaq hold a 2-to-1 margin.DJ30 -149.44 NASDAQ -34.03 SP500 -11.73 NASDAQ Dec/Adv/Vol 2045/1021/2.47 bln NYSE Dec/Adv/Vol 2616/776/2.14 bln

[wordpix]

111. someone doing a pump and dump on Citi? With the bad mortgage news, it's up $2!

[mojavekid]

114. AP: Worst Is Yet to Come for ARM Shifts

http://www.msnbc.msn.com/id/20216725/from/ET/

NEW YORK - If you think defaults and delinquencies are high for subprime loans now, wait until the next wave of these loans shifts to higher rates.

Investors in mortgage bonds backed by subprime loans _ indeed, investors across all fixed-income asset classes _ are already feeling the pain as acute subprime credit troubles have caused a sharp repricing of risk, pushing down prices for all types of bonds except super-safe government securities.

But as high as defaults and delinquencies already are for the subprime loans that cater to borrowers with poor credit histories, they are poised to go much higher still. That's because subprime adjustable rate loans taken out in the second half of 2005 are starting to reach the end of their low fixed-rate period _ which typically lasts two years _ and shift to much higher floating rates.

snip...

In short, going into the second half and especially the fourth quarter of this year _ and on into 2008 _ the borrowers who face higher payments for subprime adjustable-rate mortgages with two-year fixed-rate periods are going to be people who took those loans out at "exactly the wrong time," said Karen Weaver, global head of securitization research for Deutsche Bank in New York. And they are "just going to get hammered" between the decline in home prices and the clampdown on credit, she said.

From July until the end of 2007, according to Deutsche Bank research, about $150 billion in subprime ARM loans are due to shift to higher, floating-rate payments. And another $250 billion in loans are due to reset to higher rates in 2008.

more...

Smell of burnt toast.....

[roamer65]

116. ...and no way to refinance due to the credit crisis.

Yep, the equivalent of the 1929 stock market crash when the banks were invested in the stock market...IMHO.

[wordpix]

117. hey, how about THIS credit crunch (cost of BushCo's wars): $610 BILLION & rising as of May '07

http://fpc.state.gov/documents/organization/89927.pdf

Is this the big fat Repug elephant in the room?

[Newsjock]

118. This depresses me to no end

Watching billions of our money being handed over to the fat cats, just so the Bush crime family can buy tomorrow's headline: "Dow ends positive."

I'm sick.

Oh, and I'll add that the CNBC anchors just literally cheered when the Dow went into positive territory. No bias there, huh. I'm even sicker now.

[ramapo]

122. What friggin' idiots

They demonstrated the precise problem with today's markets, they are treated like sporting events instead of a serious place for long-term investment.

[Caution]

137. Why shouldn't they? The markets affect just about everyone. Whether or not you have money

invested in the markets, chances are that you work for a publicly traded company or that someone close to you does. Regardless of the politics around it, a bad economy hits the poor the hardest, the rich just don't get much richer.

[TheWatcher]

148. A very ignorant statement.

Why shouldn't they?

Because this kind of direct manipulation does not work, and never has. Why can't people like you understand that this actually makes the problems WORSE than anything else. And it will actually make the ultimate endgame and outcome WORSE.

The only thing nonsense like this does is delay the inevitable.

Your reasoning behind this being a good thing is about as sensible as saying "I'd much rather be shot with a shotgun at point blank range than a 38 at 20 yards.

The POOR will get hit EVEN worse by shenanigans like this, when it ultimately unfolds.

But no, you will just look to them as your "saviors" when they come up with whatever "solution" to fix what THEY caused in the first place.

They are only trying to save themselves.

YOU will lose no matter what they do.

[Caution]

154. Your entire post makes zero sense. You provide no context and your statements are idiotic

Seriously. I have no idea what you are accusing me of, or what you are trying to say. There is no cogent statement in here, nothing that actually refutes anything I said in my posting and pretty much no semblance of a point in your entire post.

Direct manipulation? Of what kind? What does this have to do with my post? My post concerned the reactions of the anchors on CNBC and the ridiculous notion that their reaction to the market turning positive today made the OP "sick"

Are you saying that somehow the analysts on CNBC "cheering" (and since i was watching I can say that they most certainly were not cheering, expressing relief that the market rebounded is most certainly not 'cheerleading') is somehow going to have any actual affect on the marketplace? It didn't, it won't and it never will.

a market rebound is most definitely a good thing. Hopefully the market will continue to rebound, hopefully the housing sector will rebound.

Your gun analogy may be the stupidest thing I have seen on DU since I've been here and I'm including all of the postings about chemtrails in that statement.

What shenanigans are you referring to? The shenanigans of the CNBC anchors? Really? What lunatic idea do you subscribe to that states that news anchors exert control over the stock market?

Do you honestly think that the stock markets have a negative impact upon the population at large or that the markets rebounding will hurt the poor in the long run? If so you have absolutely no clue about what the markets actually represent in the broader economy.

And once again, what the hell are you talking about when it comes to the statement about "saviors" and "solution" ?

I do not sit here and hope the market will collapse. If you do and if you seriously think that this would somehow lead the way to a new New Deal, well, good luck with that. frankly I'd rather that the poor didn't have to suffer through food rationing again. Let me know when you have learned some basic economics and then we'll talk.

And to head you off at the pass before you claim that I am probably some rich guy who is saving millions, I'm not. I've got some money in a 401k plan that is staying there long term so I'm not overly worried about market volatility in the short term (and by that I mean in the "less than 15 years" term). Other than that I'm just a regular guy who makes a decent living (married, no kids, with kids, well things would be a whole lot tighter). I bought my first home about 4 years ago and it has remained flat in overall value and I'm happy about that because I expected worse and I intend to stay here for at least another 10 years. I also grew up in public housing (or as we not so affectionately referred to them "the projects"), know EXACTLY what it is like to pay for food with food stamps, to have no living relatives up to my generation who had graduated college, and to have literally gone hungry on some days.

Were you referring to something other than what I posted about? If so, what were you referring to? My post was pretty straightforward. Your post literally has me baffled as to what you could possibly have been referring to. I can't imagine that you were so mind-numbingly stupid as to call my post ignorant based upon the idea that a couple of tv news anchors expressing relief over a rebound could somehow have any affect on the marketplace.

[TheWatcher]

155. I wasn't talking about CNBC

I will repeat what I said again.

The Direct manipulation of the Market that is going on from the Fed and electronic program buying is NOT a good thing, it will not save the Market, and it will in the end make the problems worse.

Like I said, it is the delaying of the inevitable. They have created a Crisis that is going to have to unwind one way or the other. There is not going to be some magical recovery, and if they engineer another bubble or something else to prop things up a few more years, it certainly won't be for the better benefit of people like you.

Our financial Markets have been reduced to nothing more than a glorified Casino.

CNBC has got absolutely nothing to do with this, nothing to do with my statement, and they really have nothing to do with the reality of what really occurs in the financial markets.

If you rely on them for viable information, you are a fool.

No one here is hoping for a Market Collapse, but there are some of us who are awake to just serious the problems are, and that things are going to get very, very bad.

The Powers That Be that ultimately control things are going to attempt to save themselves at your expense. Or perhaps they will succeed in creating another bubble, like they did with Real Estate, that will prop up the illusion of an economy for a few more years, so you can feel good and comfortable that you live in a viable economic system.

The fact that you actually have money in a 401K LONG TERM and rely on CNBC (nothing more than a propaganda channel) for your financial information tells me all I need to know about your "basic understanding of economics."

Good Luck To You, and I mean that honestly.

But like I said, if you think The Fed (A Private Banking Entity by the way, but I'm sure with your economic genius you already knew that), directly entering the Markets and buying futures is going to solve problems, you are ignorant of the consequences it will cause.

[Caution]

158. So when you called me ignorant, you were really just exposing your own ignorance about my post..

Ok that clears that up. I was posting about the anchors on CNBC and you were calling me ignorant because you apparently didn't want to read my post first.

Thanks. Oh, and just who should I rely on for "viable" information (do you understand the definition of that word?)?

Where oh where did I say that I didn't think things might become very ugly very soon? Oh yeah. I didn't.

The "Powers That Be" ? Oh boy this should get interesting. Is this the Illuminati? Or the BFEE? Or the New World Order? Perhaps Jewish Bankers? Maybe the reptiloids?

Oh I'm sorry, it's the economic system itself that is flawed. Ahh yes, and which system shall we then go to? Perhaps barter? Maybe we'll go back to simply bashing one another over the head when we desire something? Oh wait. Maybe we'll become a true worker's paradise? Yeah. That has worked so well in the countries that have tried it to date. How about we elect some people who actually make a meaningful attempt at regulation? When we've done that we've only been the richest, most successful nation in history. That might be a good idea don't you think? How about actually spending to a neutral budget? How about providing national healthcare or a meaningful safety net? Nah, we'll worry about the Powers That Be and how they are controlling our destiny. Good plan.

Ahh yes. my 401K and LONG TERM. Ahhh yes. Would you believe that I actually subscribe to the notion that if one is going to invest in the market that one should diversify one's holdings through something like a mutual fund? And would you also believe that I subscribe to the idea that one should only invest over the long term, because in the short term it is EXACTLY like gambling? Wow, who would have thought that over the last century that the average rate of return for the S&P 500 has been roughly 11% and that using that as a baseline might actually be a good way to invest in the future of one's family.

I suppose I should dump my 401k, take the tax hit, then re-invest it all in gold. yeah that would be a great idea. Of course most of the people who invest in gold don't actually maintain possession of actual gold. I suppose I could stuff my mattress with it. Otherwise the BFEE might come and steal it from me.

the Fed is a private entity? Well gee. Thanks for the lesson! Wow. You really gave me some useful information there. That really makes me worry for the future. a private entity. wow. I'm going right out and stocking up on canned goods and water for the shelter.

Where was it that I said anything about the manner in which the Fed is attempting to guide the economy? Have I said word one about that? Nope. Guess you must have been ignorant of the fact that I personally think the economy is in for a serious downturn and that we are only now beginning to see it happen. I suppose I'll just have to wait for you to correct me.

[TheWatcher]

164. You can mock people like me all you want.

I could care less about you, or what you think, and honestly could not have one whit of sympathy toward those who cannot think outside the blather of the talking heads that tell you everything is fine.

It really doesn't matter.

The Fed and the Banks, and Helo Ben can levitate this Market all they want.

The Stock Market has been at 14,000 this year, at all time highs, and The Big Money (Those that actually benefit from this, not people like you), has been sloshing around gibbering that everything is fine, the Real Estate unwinding is a bump in the road, everything is blue skies, nothing to see here, there's no inflation, the weak dollar doesn't matter, and everything is rosy.

And yet the Economy has been on the brink of disaster, if of course you listen to reality and not the joke government stats they feed you every month, and you ignore the Financial Goebbels channels like CNBC, and the rest of the bullshit.

In the end, it is not going to make one bit of difference even if they CAN levitate the Market artificially. And you are a fool if you think that their ability to do so has any direct correlation with how things will pan out in your life economically.

Oh, but you need not listen to a "gibbering idiot" like me.

You should spend some time on Google, and talk with people who trade in this Market for real. The people who trade anywhere from 2-6 Million dollars a day on average. The people on the inside. People that can see the things you can't. Or won't.

Find out what a farce and a complete illusion this economy is, and how cheering the Fed on for intervening in the Markets is like a cattle being happy about being led off to the slaughterhouse.

Like I said, it only delays the inevitable.

The system is broken, perhaps fatally, and all the monopoly money infusions in the world are not going to solve the problems they have created. Get that through your head, and you might learn something.

And as for not understanding anything about economics, you might want to illustrate for the class about how the Fed buying stock futures will help this particular problem:

Of the total $2.2 trillion, $1.2 of the commercial paper market is mortgage backed.

The entire Commercial Paper Market is on the verge of COLLAPSE.

implosion in the credit derivatives will work itself through the entire derivative market on all items via the fact that every derivative has an interest rate component.

The system is literally hanging by a thread, and if you think Helicopter Ben is coming to your rescue, you are wrong.

But keep watching CNBC, keep your 401K, Buy and Hold for the long term, enjoy your bar B' q pit and your TV, believe the blather that if things get bad, all Ben has to do is print infinitely and manufacture as many electronic 1's and 0's as it takes to paper over any problem that might spook the sheep (That would be you) and remember to keep repeating this to yourself.....

All Is Well In Pleasantville.

A fool and his money are soon parted.

And you are simply just another fool who will learn their lesson the hard way.

At some point the consequences of the failed policies of the past few decades WILL come home to roost.

In the end, your insults to me mean nothing. But the consequences of blind faith that the system cannot fail, The Fed is God, and that "Nothing Can Go Wrong In Pleasantville" will mean everything to you and your family.

We are in for a "rough ride"? You get the kewpie doll for understatement of the year.

And yes, the Fed IS a Private Bank that operates independently outside of our government. It is an independent entity.

Go get some knowledge of how the Banking system and the Markets REALLY function and then try again.

It isn't really your fault that your ignorance is so high, and that you are completely clueless to how things work. It doesn't make you a bad person. You simply haven't objectively explored anything other than the propaganda you have been imbibed with with your entire life.

Quite simply, you have no idea. None whatsoever.

If anything I hope this exchange will piss you off. Maybe it will rattle something loose in your propaganda soaked brain and actually get you to think outside the box for a few minutes, and you MIGHT actually go look for a kernel of truth. And if that is the case, it's a good thing.

If not great. You will probably get down on your knees and lick the boots of the PTB when they pose as your saviors for whatever "solution" they come up with to "save" you.

Back to the meadow with you now. I've kept you from grazing long enough.

[NMDemDist2]

119. now it's in the postive territory by 14 pts

:wtf:

[DemReadingDU]

120. WTF, Dow positive 11

weird day

[bain_sidhe]

129. The economy's fine, nothing to see here, move along....

See? all better now. All that'll get reported is the ending number, so none of this happened. It was just a bad dream.

[kineneb]

133. yeah, I go blackberry picking and the markets go whacko.

that's what happens when one lives on the "left coast"... but got lots of free blackberries. Maybe the market guys better learn how to gather food... they may need the skill soon...

[Maeve]

141. Enjoy them! You were better off not knowing what was happening

Or not happening, since the Magic Market Pixies brought the final numbers into the "unchanged" range...

I'm tellin' ya...buy Tums!(not a stock recommend)

[mojavekid]

121. FT Online: Global Overview: Financial markets contagion spreading

http://biz.yahoo.com/ft/070816/fto081620071334519329.html?.v=1

The mood in financial markets edged towards panic as investors continued to dump risky assets such as equities and high-yielding currencies in favour of the relative safety of government bonds on Thursday.

The Morgan Stanley Capital International World share index saw its decline from July's record high extend to 11 per cent - marking an official correction in global equities.

The high-yielding Australian and New Zealand dollars suffered their biggest one-day falls against the Japanese yen for two decades, while short-dated US government bond yields hit their lowest levels since October 2005.

"What we are witnessing is a rapid unwinding of risk on a global scale," said Martin Slaney at GFT Global Markets. "The initial jolt from the US subprime fears has forced many hedge funds to reassess their risk profiles, so everything from equities to commodities and high-yielding currencies involved in the so-called yen carry trade are out of favour.

"Even traditional havens such as gold are deemed too risky in this climate."

Marco Annunziata at UniCredit warned that the orderly functioning of financial markets seemed at risk of breaking down.

more...

[wordpix]

125. Warren Buffett says opportunities may be created, he's for Obama & fire the maladministration

http://www.cnbc.com/id/20289272

17 hours ago
Buffett to CNBC: Market Chaos Will Probably Create Opportunities
Posted By:Alex Crippen
Topics:Investment Strategy | Stock Market | Politics & Government | Presidential Politics (2008) | Hillary Clinton | Barack Obama | Warren Buffett
Companies:Berkshire Hathaway Inc.

In an exclusive interview with CNBC's Becky Quick last night(Wednesday) in Omaha, Warren Buffett says the current market chaos and turmoil will probably create buying opportunities for him and Berkshire Hathaway:

"You get more excited when there's a lot going on, you can't help it. And frankly, it will probably present more opportunity to us because when dislocations occur things get more mispriced and that sort of thing...

"So it can be a time of opportunity. It won't be for sure, but generally speaking, when there's a certain amount of chaos in certain sections, the fallout, and its unpredictable where the fallout will be, but the fallout sometimes offers some real opportunites."

Video clips of Becky's entire interview with Warren Buffett have been posted on Warren Buffett Watch. more...

[roamer65]

138. Delete.

[girl gone mad]

126. PPT to the rescue.

Gotta give them credit, their timing today was impeccable.

[wordpix]

128. let's see how they manage to manipulate the markets tomorrow. Pretty slick today

[JNelson6563]

132. It's a miracle I tell ya!

They found someone with a big enough finger to plug the dyke for now. What about when the next wave of this tsunami hits? :shrug:

Jeez, on CNBC their practically in convulsions. ;-)

Julie

[54anickel]

145. Blatherers are still at a loss for words. They could always take the flip of that last bit and

claim it's the triggering of buy program. :shrug:



3:30 pm : Selling remains the name of the game going into the close as the indices retrace their worst levels of the session. Nine out of 10 sectors continue sport hefty losses with areas like Materials (-3.2%) and Energy (-2.8%) pacing the way lower and succumbing to added pressure as hedge funds unwind their carry trades to payback yen loans.

The extensiveness of the market's latest pullback is likely being attributed to the triggering of a sell program since the major averages plunged in synch with each other and logged roughly the same percentage downturns (-0.5%). If not for a 1.3% relief rally in Financials, which is providing a notable level of support, the market would be trading much lower. DJ30 -241.29 NASDAQ -50.87 SP500 -19.76 NASDAQ Dec/Adv/Vol 2255/821/2.62 bln NYSE Dec/Adv/Vol 2795/597/2.15 bln

[Joanne98]

136. It will be harder tommorrow. Nobody wants to hold crap over the weekend.

[OrangeCountyDemocrat]

140. I Give Up

This country is a Fucking joke.

[fedsron2us]

149. I suspect some people were simply closing down their options

and banking some profits. Not everyone is losing money in this market.

[saigon68]

134. Closing #s

Dow 12,847.08 Down 14.39 (0.11%)
Nasdaq 2,451.07 Down 7.76 (0.32%)
S&P 500 1,411.32 Up 4.62 (0.33%)

[nadinbrzezinski]

150. How many billions were injected after they stopped trade?

THAT is what I want to know

[NeoConsSuck]

156. Short covering and bargain hunting..

If you're on the sidelines, don't be fooled by a day or two of big gains. Look how everything looked so rosy last week after a few days of big gains.

I'm staying on the sidelines.

[OrangeCountyDemocrat]

135. Nothing To See Here, Move Along....

Did anything interesting happen in the market today?

I'm SURE CNBC will now say that the bottom was reached, and the market recovered nicely, and will now move higher.

[roamer65]

139. Let's see how the Nikkei opens in Japan in a few hours.

I think we'll see the same volatility over there.

[Joanne98]

142. NZ opens first. But you're right. The Japanese are too smart to fall for this.

[roamer65]

144. ...yup you are right...and with the carry trade unwinding...

all those lil yens are coming home to roost.:silly:

[Joanne98]

159. I don't really understand the carry trade. I'll do some research tonight.

[Joanne98]

160. Here's a carry trade video....

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x47763

[DemReadingDU]

166. MaxKeiser videos are good info

Thanks for the link!

[A HERETIC I AM]

143. Dow 30 biggest gainers and losers

Biggest gainer - JP Morgan Chase up 2.47
Biggest loser - Boeing down 2.77
14 gainers, 16 losers
4 lost more than 1.00, 8 lost less than .50
4 gained more than 1.00, 6 gained less than .50

[DemReadingDU]

146. How can the market be opened back up for Dell to trade?

and the market is down now, 15.69

How do these happen after the closing bell?

[A HERETIC I AM]

147. After hours trading.

http://www.investopedia.com/terms/a/afterhourstrading.asp

Several notables that trade regularly after hours - Cheesecake Factory (CAKE) Google (GOOG) Cisco Systems (CSCO)
Quite a few Master Limited Partnerships and some ETF's

[54anickel]

151. And the closing blather.....

4:20 pm : After going more than four years without a market correction of 10%, the Dow, S&P 500, and Nasdaq all endured large enough losses intraday to make such a scenario become a reality.

However, a huge short covering rally in the S&P 500's most heavily weighted sector -- Financials -- triggered a significant broad market advance in the final hour of trading.

At their lows, the Dow, S&P 500, and Nasdaq were down 2.7%, 2.6%, and 2.9%, respectively. The sharp losses followed an alarming announcement from Countrywide Financial (CFC 20.18, -1.11) that it had tapped the entirety of its $11.5 billion credit line to deal with short-term funding issues.

Stocks, however, garnered momentum late in the day and staged one of the biggest market turnarounds in recent memory. All three major indices closed above their "corrective" lows. The S&P 500 eked out a small gain while the Dow and Nasdaq closed modestly lower.

Fears of a global liquidity crunch, which prompted carry-trade unwinds that sent the yen surging the most against the dollar since 1998, were among several issues plaguing stocks right out of the gate.

In fact, when the yen hit its best levels of the day around 1:00 ET, that was when the Dow slipped to its lows of the session (-343 points or -2.7%). At that point, the Dow joined both the S&P 500 and Nasdaq down more than 10% from their July peaks, signaling a market correction for an index containing even the bluest of blue chips.

The extensive sell-off in everything from gold to copper suggested that hedge funds were aggressively unwinding some of their biggest winners. Materials (-1.2%) was the day's worst performing sector, but it too closed well off its lows. It was down as much as 5.2%.

Renewed enthusiasm for the depressed Financial sector was the big story of the day, though. It was down 1.5% early on but closed up 3.5%.

Throw in a handful of encouraging developments throughout the afternoon and investors on the wrong side of the tape since credit concerns began to surface ran for cover.

Speculation of an emergency Fed meeting around 2:00 ET helped counter St. Louis Fed President Poole's comment earlier that only a "calamity" would justify a rate cut.

Bear Stearns (BSC 116.60 13.45) soared 13% amid reports suggesting it may get enough funding from a "deep pocket partner" to silence rumors concerning potentially more adverse results. Fannie Mae (FNM 65.31 +3.86) saying it is in constructive talks with regulators to lift portfolio caps also helped investors look past the Countrywide Financial news.

Separately, it was reported before the start of trading that housing starts plunged to 10-year lows.DJ30 -15.69 NASDAQ -7.76 SP500 +4.56 NASDAQ Dec/Adv/Vol 1752/1339/3.03 bln NYSE Dec/Adv/Vol 2078/1309/2.90 bln

[nadinbrzezinski]

153. I absolutely love the spin

See John Stewart looking cute at the camera with both hands on the side of his face

[Buttercup McToots]

152. Nikkei

When does it open?

[CGowen]

157. What happened to this picture ?

http://www.nyse.com/about/listed/lcddata.html?ticker=DJI&fq=5&ezd=1D&index=1

[Joanne98]

161. Okay I get it. If the Yen goes up the carry trade unwinds and we're in deep do do!

Yen rises against all major currencies as carry trade unwinds

Thursday, August 16, 2007 12:00:00 PM ET
newratings.com

LONDON, August 16 (newratings.com) – The Japanese yen rose to a five-month high of 115.10 against the US dollar on Thursday.

The yen rose against all major currencies in the world due to the unwind the yen carry trade. The New Zealnd dollar plunged as much as 4.5% at one time. The euro fell up to 1% to 155.01 yen. US treasury prices have been rising, as investors look for the safest assets. Associated Press quoted Mizuho Corporate Bank dealer Mamoru Arai as saying that investors are moving away from euro holdings as the possibility of an ECB rate hike looks less likely.
http://www.newratings.com/analyst_news/article_1594176.html

[Joanne98]

162. Here's a link to the Forex market. Yen 112.98

Thu, Aug 16 2007, 22:42 GMT
http://www.djnewswires.com/eu

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=c161fd48-7a56-4b5e-bfb4-604f6193ffe5
CURRENCIES: Yen Surges To 13-month High On Credit-market Fears

By Wayne Ma

NEW YORK (Dow Jones) -- The yen surged to a 13-month high against its rivals Thursday, while the dollar made gains against the euro and British pound in response to continued turmoil in the credit markets.

Thursday's data showing stalled manufacturing growth in the Philadelphia region, weak U.S. housing starts and high claims in U.S. unemployment benefits largely were shrugged off as investors remained focused on the credit crunch.

At last check, the yen rallied 2.8% against the dollar at 112.98 yen, the euro was down 0.2% at $1.3393 and the pound sterling was down 0.4% at $1.9789.

Shaky credit-market conditions forced investors to unwind carry trades in which they borrow yen to buy higher-yielding assets. When traders are less willing to place such bets, they buy back yen to effectively cancel those trades.

The dollar-yen was pressured downward because of the kiwi-yen carry trade, said Michael Woolfolk, senior currency strategist at the Bank of New York Mellon. "It's the currency cross that has lost the most ground in recent days, and it appears that was really ground zero of the unwinding of the carry trade."

The Bank of Japan, meanwhile, has not provided any guidance about whether the yen's rise in value might influence key interest rates, Woolfolk said.

Meanwhile, Japanese exporters and institutional investors were in "a bit of a panic covering their investments," said Greg Anderson, senior foreign-exchange strategist at ABN Amro.

Many Japanese firms "have very large positions in foreign bonds," he said. "Most of them have not really hedged their sales."

The shakiness also sparked heavy purchasing of government-backed Treasurys, a phenomenon that lifted the dollar against the euro and pound.

"The dollar now finds itself in a bifurcated market -- weaker against the yen but stronger against all other G-10 currencies," wrote John Kicklighter, currency analyst for DailyFX.com, in a note. "It has become the primary beneficiary of the carry trade unwind as currency traders sell the high-yielders and park their assets in dollars for the time being."

The long-term outlook for the dollar, however, still is bad, said Naomi Fink, currency strategist at BNP Paribas.

Traders might be under the impression that the U.S. has exported some of its subprime risk to Europe and, as a result, will be able weather most of the risk of a subprime fallout, she said. "But it's a mistake to think they exported all of it."

Many U.S. banks have a lot of assets not only in mortgages but in real estate, she said. If foreclosures spike, then banks could suffer an even worse fate, she added.

The dollar's rally is not sustainable, ABN Amro's Anderson said. "If it gets better, the dollar's going to slide. If it gets a whole lot worse, the dollar's still going to slide," he said.

For example, if the stock market gets a lot worse, foreigners will start to panic about their investments in the U.S. But even if the panic subsides, the dollar's value still might decline if investors go back to their favorite trade: shorting the dollar against a basket of currencies, Anderson said.

Overnight, Asian indexes skidded as investors concerned about the health of global credit markets continued to sell stocks across the board.

William Poole, president of the St. Louis Federal Reserve Bank, told Bloomberg News in an interview that the subprime mortgage rout doesn't threaten U.S. economic growth, and only a "calamity" would justify an interest-rate cut now. Poole said "no one has called up and said the sky is falling."

Poole acknowledged that the credit-market turmoil will "stretch out" the "adjustment" in the housing industry. He said he couldn't predict how long the downturn will last.

Meanwhile, high-yielding currencies such as the Australian dollar and New Zealand kiwi are down 4% and 3.4% against the dollar, respectively, due to carry trade unwinding.

In the U.K., growth in July retail sales was unexpectedly strong at 0.7%, the best showing in five months.

The British pound rallied briefly, but the data once again quickly made way for broader credit concerns and unwinding of carry trades, wrote Matthew Strauss, senior currency strategist at RBC Capital Markets, in a note.

(END) Dow Jones Newswires
http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=c161fd48-7a56-4b5e-bfb4-604f6193ffe5

[ozymandius]

165. Bank of Japan to inject 1.2 trln yen into banking system as rates rise

TOKYO (Thomson Financial) - The Bank of Japan said on Friday it will inject 1.2 trillion yen into the banking system in a bid to curb a rise in short-term interest rates due to increased demand for new funds.

Financial institutions were required to place a certain amount of reserves with the BoJ starting Thursday as part of a monthly operation, tightening supply and demand conditions.

Caution ahead of the outcome of the BoJ's policy board meeting next week also blocked lenders from putting short-term advances up for sale on the interbank market, although the central bank is now widely expected to forgo a rate hike.

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=66c95d2b-fd7f-4ab9-b4e4-bb75c62f5eed

(1 US dollar = 113.89 yen)

[DemReadingDU]

168. check my math

1.2 trillion yen / 113.89 yen per dollar = appx 10.5 billion dollars