STOCK MARKET WATCH, Friday November 23

[ozymandius]

Source: du

STOCK MARKET WATCH, Friday November 23, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 425 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2502 DAYS
WHERE'S OSAMA BIN-LADEN? 2224 DAYS
DAYS SINCE ENRON COLLAPSE = 2185
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 November 21, 2007

Dow... 12,799.04 -211.10 (-1.62%)
Nasdaq... 2,562.15 -34.66 (-1.33%)
S&P 500... 1,416.77 -22.93 (-1.59%)
Gold future... 798.60 +7.20 (+0.90%)
30-Year Bond 4.47% -0.02 (-0.38%)
10-Yr Bond... 4.02% -0.03 (-0.74%)






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

[ozymandius]

1. Market WrapUp: Some Might Say: "Thanks for What?"

BY MICHAEL PANZNER

This morning, the Conference Board reported that its Index of Leading Economic Indicators fell by a worse-than-expected 0.5%. The year-on-year percentage change came in at -0.5%, not far off the six-year low of -0.6% seen last February. While some analysts discount the indicator’s predictive value, a chart comparing the LEI to U.S. Gross Domestic Product nonetheless suggests that the outlook for the economy remains less-than-sanguine.

-chart-

For Americans investing overseas, the continuing slide in the dollar has been a boon, helping to turbocharge returns from various markets, many of which have also been very strong in nominal terms. However, for those foreigners who’ve been dabbling in U.S shares, it hasn’t been a particularly rewarding experience. What might appear to be a bullish breakout when seen through the eyes of a domestic investor looks a lot like an uninspiring correction in a bear market to those based elsewhere.

-cut-

Stocks finished near the day’s lows in choppy trading, as continuing weakness in financials, profit-taking in energy shares, and worries over the health of the economy weighed on prices.

-cut-

Big losers among financial shares included Countrywide Financial (-8.37%), MBIA (-8.32%), CIT Group (-6.88), Janus Capital (-6.13%) and T. Rowe Price (-6.12%). Patterson Cos, a distributor of dental, veterinary, and rehabilitation supplies, declined 23% after a profit warning.

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

[ozymandius]

2. Oil prices steady above $97 a barrel

SINGAPORE - Oil prices were little changed Friday as the market turned its attention to OPEC for signals on whether the cartel will raise production to ease record prices.

The Organization of Petroleum Exporting Countries' next policy meeting is set for Dec. 5 in Abu Dhabi in the United Arab Emirates. Cartel officials have resisted pressure to increase oil production to ease prices that have soared about 60 percent this year.

-cut-

OPEC officials have however cast doubt on the effect any output hike would have on oil prices, saying the recent rise has been driven by the falling dollar and financial speculation by investment funds, rather than any supply shortage.

-cut-

The report also showed that oil inventories fell 1.1 million barrels last week. Analysts surveyed by Dow Jones Newswires had forecast, on average, an increase of 700,000 barrels. Cushing inventories, though, rose 1.2 million barrels, their first substantial increase in weeks, and the largest since the end of August.

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

[ozymandius]

3. Stores usher in holiday shopping season

NEW YORK - The nation's stores were ushering in the official start of the holiday shopping season on Friday with midnight openings, a blitz of door busters and other come-ons.

Stores are counting on hordes of shoppers who have been pulling back in recent months amid a challenging economy to snap up bargains. But merchants need them to keep coming back throughout the holiday season to make their sales goals.

"Retailers are worried because they are not sure what is going to grab the customers' attention," said C. Britt Beemer, chairman of America's Retail Group. "Everybody believes that early specials are the most successful retail events of the year."

-cut-

Realizing that the holiday shopping season would be challenging, stores started discounting weeks ago, with such gimmicks as door busters and expanded hours. While top luxury stores like Saks Fifth Avenue continue to do well, merchants that cater to middle and lower income shoppers have been suffering as consumers struggle with higher gas and food prices as well as a slumping housing market.

http://news.yahoo.com/s/ap/20071123/ap_on_bi_ge/holiday_shopping

[ozymandius]

4. Cost of Thanksgiving soaring: Merrill Lynch

NEW YORK (Reuters) - The cost of Thanksgiving is soaring, according to investment bank Merrill Lynch & Co, which may help explain the gloom among U.S. consumers as they head into the holiday season.

Merrill Lynch(MER.N), the world's biggest brokerage and one of the most powerful names on Wall Street, calculated a Thanksgiving cost-of-giving index using the prices of traditional holiday meal items such as turkey, cranberries, sweet potatoes and pumpkin pie -- as well as the cost of flowers, gifts ranging from toys to clothing and electronics, plus gasoline, hotels, air fare, and greeting cards.

The index has risen 7.9 percent year-over-year in the approach to the festive season -- a huge swing from a drop of 4.4 percent a year ago. In fact, this is more than double the historical trend for this time of year and the second highest since 1999, said David Rosenberg, Merrill Lynch North American economist, in a report.

http://news.yahoo.com/s/nm/20071122/bs_nm/usa_economy_thanksgiving_dc

[ozymandius]

5. Volvo recalls 56,000 cars

STOCKHOLM (AP) -- Automobile maker Volvo Cars said Thursday it was recalling a total of 56,000 vehicles because of two separate problems.

Volvo Cars spokeswoman Maria Bohlin said 38,000 diesel cars of the S60, V 70 XC 70 and XC 90 models made in 2006 were being called back in Europe due to a material fault that could cause the motor to catch fire.

The second callback, involving 18,000 of the company's latest V 70 and XC 70 models, relates to an air bag problem in the side of the car.

It was not immediately clear how many British fire incidents there had been.

Bohlin said the fuel injector plants or bolts, located on top of the motor cylinder, were faulty, potentially causing diesel to leak out into the motor.

Injector plants or bolts would be replaced free-of-charge in a procedure that would take about two hours, she said.

http://money.cnn.com/2007/11/22/autos/bc.apfn.sweden.volvocars.ap/index.htm?postversion=2007112213

[ozymandius]

6. Cautiously optimistic on Wall St.

NEW YORK (CNNMoney.com) -- Stocks futures rose early Friday, although economic concerns and thin trading during the shortened session could lead to a volatile day on Wall Street.

At 6:01 a.m. ET, Nasdaq and S&P futures were higher, suggesting a positive start for Wall Street.

But sentiment could shift to the downside as fears of slowing U.S. growth linger.

Investors have been avoiding risk amid growing fears that the U.S. economy will fall into a recession. On Wednesday, stocks sank and the benchmark 10-year Treasury yield fell below 4 percent for the first time since 2005 as investors sought safety.

Trading is expected to be light with an early close for U.S. markets on Friday. Stock markets will close at 1 p.m. ET and bond markets will close at 2 p.m. ET. Markets were closed Thursday for Thanksgiving.

http://money.cnn.com/2007/11/23/markets/stockswatch/index.htm?postversion=2007112306

[ozymandius]

7. Santa may skip Wall Street this year

NEW YORK (CNNMoney.com) -- Sing it with us: "You needn't watch out. You might as well cry. You might as well pout I'm telling you why. Santa Claus ain't coming to town."

Somehow it's not as catchy as the original. But it could be accurate this year.

A year-end rally, which has become something of a rite on Wall Street, could be off the table this year due to the myriad woes investors are facing. From the credit crisis to concerns that consumer spending is flagging, there's little incentive for Santa to touch down this year.

-cut-

But hey, there are some reasons why Wall Street might see a typically upbeat December and an end of the year "Santa Claus" rally.

"An end of the year run is not necessarily off the table," said Art Hogan, chief market analyst at Jefferies & Co. He said that Wall Street still needs to work its way through a lot on the financial side. Yet, the broad selloff of recent weeks may have primed stocks for a bigger bounce back, particularly in the areas of the market that are unaffected by the credit market mess.

http://money.cnn.com/2007/11/20/markets/markets_santa/index.htm

[ozymandius]

8. Oh my!

[JNelson6563]

9. Good morning Ozy and all

I hope all you Marketeers had a nice Thanksgiving. :hi:

I've had CNBC on in the background this morn, it's all retail all the time. The occassional "there's still trouble brewing" comment from a guest or two but, for the most part, it's a veritable orgy of shop&spend message.

I see Treasuries are slowing down a wee bit (but still seeing inflows)and gold back on the way up. This tells me the fear and caution is still out there, in spite of the cheerleaders' best efforts.

Today and tomorrow I will be moving (ugh!) so I don't know when I'll be checking back in. I hope everyone makes lucky choices at the casino today.

:toast:

Julie

[ozymandius]

12. Good morning!

:donut: :donut: :donut:

It was a pleasant Thanksgiving evening. Thank you. With moving at hand - I hope you found quality time with your loved ones. You have my grandest wishes for an expeditious and trouble-free move.

I leave now as family business needs tending. I'll check in when it's all done.

Ozymandius :hi:

[Ghost Dog]

13. G'Day folks. I call your attention to the bottom of Wednesday's SMW thread

which we've been updating occasionally until now: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3073522#3075127

The USDIndex hit a low of 74.484 some hours ago.

I'll be mostly elsewhere today, but not far away... :hi:

[JNelson6563]

19. Sometimes the news goes on

I always enjoy when the Stock thread lives on during the "off days". It shows how vigilant our DU Marketeers are.

Julie

[TrogL]

29. We need to figure out how to handle that

I wanted to post a Loonie Watch yesterday but the SMW thread was missing. It took me a while ago to figure out that US Thanksgiving was happening (Canada had it awhile ago), hence no thread, hence nowhere to put the Loonie Watch other than in its own thread.

Do we want to just keep tacking stuff on the old thread or start fresh on the new day if there's foreign news?

[UpInArms]

15. Good morning, Julie!

I do hope your move goes smoothly - I don't envy you a bit! I hate moving - have done it too many times - next time, I think I'll just sell all of it with the house and just walk away :D

Hope we see you around here again soon!

:hi:

:toast:

[Ghost Dog]

10. Asian Stocks Gain for First Time in Seven Days; ICBC Advances

http://www.bloomberg.com/apps/news?pid=20601080&sid=aa5JSR7qxbl4&refer=asia

Nov. 23 (Bloomberg) -- Asian stocks rose for the first time in seven days, trimming a regional index's worst weekly loss in three months.

China Mobile Ltd., Industrial and Commercial Bank of China Ltd. and Cnooc Ltd. helped Hong Kong's index to its first gain in three days after billionaire Lee Shau-kee said he bought shares.

``The fundamentals of Hong Kong stocks are still very strong,'' said Khiem Do, who helps oversee $16 billion in equities at Baring Asset Management (Asia) Ltd.

Samsung Electronics Co., the world's largest liquid-crystal display maker, climbed to a one-week high in Seoul after saying it will invest 2.06 trillion won ($2.2 billion) to expand a factory to meet rising demand for LCDs.

Tokyo was closed for a holiday and the MSCI Asia Pacific excluding Japan Index climbed 0.2 percent to 506.92 at 4:57 p.m. in Hong Kong, after a six-day, 8.3 percent slump. The benchmark dropped 4.8 percent this week, its fourth straight loss and the worst weekly performance since the five days ended Aug. 17.

/...

[Ghost Dog]

11. Dollar at two-year low against yen

http://news.yahoo.com/s/ft/20071123/bs_ft/fto112320070428004948;_ylt=At.FH8aHEv25yxgSvxU5_w32ULEF

Currencies took centre stage on Asian markets Friday as the dollar fell below Y108 for the first time since the middle of 2005 as speculation grew that the US Federal Reserve would have to cut interest rates further as credit-market losses increase.

The dollar also weakened to its lowest level against the renminbi since the Chinese currency was unpegged from the dollar and linked to a broader basket of currencies, also in mid-2005. The dollar dropped as low as Y107.56 and Rmb7.3965 before recovering slightly.

"The dollar will remain under pressure awaiting the Fed's policy decision next month," said David Cohen, director of Asian economic forecasting at Action Economics in Singapore. "You have to wonder if that will an unspoken influence on the Federal Open Market Committee when it meets although they wouldn't like to say so."

He said markets would also focus next week on visits by the presidents of France and the European Central Bank to Beijing. "There's clearly a third party, Europe, interested in the exchange rate of the yuan," Mr Cohen said. He believes Beijing has been smoothing the ground ahead of the trip by allowing the Rmb to appreciate this week.

The dollar dropped as low as Y107.67, a fall of 0.3 per cent. It hit a record low against the euro in Asian trading of $1.4967.

Crude oil pulled further back from its highs earlier in the week, trading around $97 a barrel, on bigger shipments and less demand in the US.

Share markets were mixed, with the biggest, Tokyo, closed for a holiday. The MSCI Asia-Pacific index climbed 0.2 per cent to 506.64.

Chinese shares had a volatile day, dropping in the morning but then rising in the afternoon on speculation that the stronger Rmb would boost demand for Chinese assets. The Shanghai Composite Index climbed back above the 5,000 level, after dropping below it Thursday for the first time since August. It closed one per cent higher at 5,032.13. Shenzhen rose by 1.5 per cent to 1,272.14.

Hong Kong shares bounced back from two-month lows to close 2.1 per cent higher as the territory's chief executive, Donald Tsang, urged Beijing to allow more mainland companies to list on the city's stock market. Between 15 and 20 Chinese companies, mainly insurers and media firms, are expected to float in the next two years. The market was also helped by property tycoon Lee Shau-kee's announcement that he had invested more than HK$1bn on the stock market.

The Hong Kong market has been volatile in recent months, rising by 45 per cent from the depth of the subprime turmoil in August on news that Beijing would allow individual investors to buy shares in Hong Kong, but then falling back by 18 per cent when Beijing seemed to have changed its mind. The latest word from the Hong Kong government was that it expected the scheme to go ahead.

South Korean shares were the biggest losers in Asia, falling for the seventh day running. The Kospi dropped as much as 2.9 per cent but closed 1.5 per cent lower at 1,772.88. The market fell on gloom about global economic prospects, falling shares in China and fears that regulators might investigate Mirae Asset Securities, one of the country's most successful investment companies. Mirae shares tumbled 14.3 per cent to Won138,000.

/.

[UpInArms]

14. dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Last trade 75.101 Change +0.079 (+0.11%)

Settle Time 10:02 Open 75.018

Previous Close 75.022 High 75.229

Low 74.484 2007-11-23 06:47:11, 30 min delay

52wk High 85.43 52wk High Date 2007-01-26

52wk Low 74.916 52wk Low Date 2007-11-22

Will Currency Markets Repeat Strong Volatility on Thanksgiving?

http://www.dailyfx.com/story/topheadline/Will_Currency_Markets_Repeat_Strong_1195660662182.html

Holiday-shortened trading weeks have historically brought narrow trading ranges to the forex market, but recent volatility clearly shows that traders remain willing to force major moves ahead of the typically illiquid Thanksgiving holiday. Given that virtually all US financial markets will be closed on Thursday, November 22nd, there will be significantly less forex interest from major market makers and speculators. Yet it is exactly this market illiquidity that allowed speculators to drive the US dollar significantly lower through last year’s Thanksgiving holidays, and it remains relatively unclear whether or not we will see a repeat in the days ahead. The dollar has already posted its single-largest daily decline in over a year through Tuesday’s trading, and it seems that volatility may continue through the week ahead. Yet a 10-year study of average daily ranges over Thanksgiving clearly suggests that we may see progressively narrower ranges through Thanksgiving.

...more...

Dollar Stable In Quiet Holiday Trade

http://www.dailyfx.com/story/bio2/Dollar_Stable_In_Quiet_Holiday_1195731733846.html

As expected holiday thinned markets produced very little meaningful price action. EURUSD spent most of the night consolidating in 1.4830 area, with the latest EZ economic data providing little help to the unit. Earlier in Asia the pair hit a new record high of 1.4874, but backed off that level when follow through proved elusive.

Trading is likely to turn even more moribund for the rest of the day as all US capital markets will be closed for Thanksgiving day holiday. Last year the markets saw very unexpected volatility during this time as EURUSD veritcalized more than 100 points, but this year traders appear content to simply let prices lie where they may. With so much dollar bearish sentiment built into the price of the EURUSD the currency markets are likely to consolidate for the rest of the week as they look for additional news to push to the 1.50 figure.

If anything, the EZ PMI manufacturing data slated for tomorrow may weigh on the euro and push the pair below the 1.4800 level as evidence of further deterioration in the region’s industrial sector is likely to mount. Tonight, the market saw a hint of the effect of higher EURUSD exchange rate on manufacturing demand as Industrial New Orders missed to the downside printing at -1.6% vs. 0.7% expected. Overall Industrial Orders were up on a year over year basis albeit only 2% vs. 6.5% forecast.

So far the economic news suggests that the impact of higher euro on EZ’s manufacturing output remains relatively benign. However, if tomorrow’s flash PMI data – which serves as the most recent snapshot of business conditions – slips below the 50 boom/bust line concern over the record high euro could suddenly increase. Today’s announcement that President Sarkozy is scheduled meet with ECB chief Jean Claude Trichet tomorrow in Paris is a sign of discontent amongst some government officials with euro recent hyper strength that many fear will sabotage EZ’s economic expansion.

...more...

[Ghost Dog]

25. Dollar tumbles to record low against euro

Dollar tumbles to record low against euro

The dollar tumbled to a fresh record low against the euro on Friday as speculation mounted that the Federal Reserve would be forced to cut US interest rates at its December meeting.

Analysts said the dollar's decline was exacerbated by poor liquidity due to public holidays in the US and Japan.

Helping the dollar's decline was a report from the the Organisation for Economic Co-operation and Development, which warned that overall losses caused by the US subprime mortgage crisis might reach $300bn.

"The dollar will remain under significant downward pressure while speculation persists that the Fed will continue to ease its monetary policy stance," said Lee Hardman at the Bank of Tokyo-Mitsubishi UFJ.

He said while the market was discounting a 90 per cent probability that the Fed will cut interest rates by 25 basis points at its December meeting, the European Central Bank was likely to keep eurozone on hold at 4 per cent for the foreseeable future.

The dollar fell to a record low of $1.4966 against the euro, an all-time trough of SFr1.0899 against the Swiss franc and Y107.56 against the yen, its weakest level since May 2005.

However, the dollar retraced its losses as comments from the European Central Bank hit currency traders' dealing screens.

Miguel Angel Fernandez Ordonez, governor of the Bank of Spain and an ECB council member, said world financial turmoil threatened a stronger-than-expected slowdown in the eurozone, while Jean Claude Trichet, ECB president, said "brutal" movements in the foreign exchange market were unwelcome.

The comments had the desired effect, sending the dollar back up to $1.4803 against the euro, SFr1.1020 against the Swiss franc and Y107.90 against the yen.

/.

Ñ

[Ghost Dog]

26. Euro Fails the First Test of 1.50- More to Come?

http://www.dailyfx.com/story/bio2/Euro_Fails_the_First_Test_1195820809137.html

In what is quickly becoming a Thanksgiving tradition, the currency markets went for a wild, volatile ride tonight as the EURUSD rose more than 100 points in less than two hours, coming within the range of the key 1.50 level, before dropping just as quickly to 1.4800. The culprit for the whipsaw action was actually USDCHF which has been trading very close to the psychosocially important 1.1000 mark for several days. Today, during the Asian session traders were able to trigger stops below that barrier and precipitated a massive decline in the dollar across all the majors as holiday thinned liquidity greatly exaggerated the price action.

When Europe came on line, trading stabilized and EURUSD quickly backed off its best levels of the day as economic news and comments by ECB chief Jean Claude Trichet set off a wave of profit taking. President Trichet stated that "brutal FX moves” were “not welcome” -rhetoric that he last used in 2004 when EURUSD was making a similar relentless march upward. The warning from Mr. Trichet suggests that EZ monetary officials are clearly exasperated with euro’s recent strength believing it to be overdone.

The unit was further hampered by soft economic data from the EZ tonight. French consumer spending sank to a 13 month low contracting -1.1% vs. -0.2% forecast as higher fuel costs and tighter credit conditions weighed on the consumer in the regions’ second largest economy. Additionally the flash PMI data printed slightly weaker than expected at 53.8 vs. 53.9, but the true surprise was the sharp pullback in services which declined to 53.7 from 55.8 the month prior. Although the inflationary pressures continue to persist, the mounting evidence of a slowdown in EZ growth leaves very much in doubt the possibility of any tightening action from the ECB undermining euro bulls strongest argument for higher exchange rates ahead.

Finally, UK data was weaker as well with preliminary GDP data expanding at 3.2% vs. 3.3% forecast. This was the slowest pace in nearly a year, as credit crunch woes took their toll. As we’ve noted many times in the past, amongst the majors UK remains the economy most vulnerable to the financial sector meltdown and any further deterioration in either the credit or the equity markets could pressure the pound lower.

/..

ed. see also http://www.dailyfx.com/story/dailyfx_reports/top_fx_market_movers/Forex_News__Eurozone_Data_Begins_1195825846126.html


Note: this represents a snapshot of the last few hours, with, eg. DJIA still closed...

[UpInArms]

36. Foreign central banks net sellers of U.S. debt: Fed

http://www.reuters.com/article/bondsNews/idUSNAT00343620071123

NEW YORK (Reuters) - Foreign central banks were net sellers of U.S. debt last week, Federal Reserve data showed on Friday.

The Fed said its holdings of Treasury and agency debt kept for overseas central banks fell $5.79 billion in the week ended Nov 21 to stand at a total of $2.027 trillion.

The breakdown of custody holdings showed overseas central banks sold $14.51 billion in Treasury debt to stand at a total $1.223 trillion.

The foreign institutions bought securities from government-sponsored agencies like Fannie Mae (FNM.N: Quote, Profile, Research) and Freddie Mac (FRE.N: Quote, Profile, Research), adding $8.72 billion to their holdings, to stand at a total $804.39 billion.

...more...

[UpInArms]

16. Greenspan says housing market continues to drop

http://www.reuters.com/article/businessNews/idUSOSO00096220071123?feedType=RSS&feedName=businessNews

OSLO (Reuters) - Former Federal Reserve Chairman Alan Greenspan said on Friday that markets had become aware that U.S. house prices are still falling.

But Greenspan said the U.S. corporate sector was faring "remarkably well."

"The markets are becoming aware that the decline in U.S. housing prices is not stopping. It is unprecedented over the last 50 years," Greenspan told a financial audience in the Norwegian capital.

(Reporting by Oslo newsroom; Editing by Ron Askew)

[UpInArms]

23. OMG - Greenscum is still flapping his lips and he is definitely delusional

http://www.reuters.com/article/bondsNews/idUSOSO00096320071123

OSLO, Nov 23 (Reuters) - Former Federal Reserve Chairman Alan Greenspan said on Friday that chances of a U.S. recession would be more than 50 percent if it were not for the remarkable flexibility of the economy.

"The probability of a recession would be higher than 50 percent if it hadn't been for such a remarkable degree of flexibility," Greenspan told a financial audience in the Norwegian capital.

<snip>

"One has to ask what are the inflation consequences of a weakening dollar. It turns out sometimes it is not important, sometimes it is very important," he said.

...a bit more...

[Warpy]

30. I guess the old fool forgot the late 80s

when housing went into a terrific slump in many parts of the country. I saw it in New England. Unfortunately, it wasn't enough of a slump to allow me to buy, so I moved to New Mexico.

Greenspan's problem is GIGO--garbage in, garbage out. Like all the other monetarists, he's started off with faulty first premises, so all his reasoning will be skewed from the get-go.

Apparently the lemmings liked his bland optimism about corporations. I see the Down Jones is actually up for now.

[feminazi]

31. GIGO is so right

I can't stand Greenspan. Could he please just shut up and go home to Andrea?

Hi all you SMW people. I appreciate your daily endeavors to keep us all informed.

:yourock:

[UpInArms]

17. Insurers Shift Cost Burdens to Homeowners

http://www.nytimes.com/2007/11/23/business/23insure.html?ei=5088&en=877ac86cbcb34124&ex=1353474000&partner=rssnyt&emc=rss&pagewanted=all

excerpt:

The storm stunned insurance companies and, after paying out more than $22 billion in claims in inflation-adjusted dollars, they began rewriting policies to protect themselves as much as homeowners. They also developed computer programs intended to limit payouts on claims.

As a result, American homeowners are having to make do with much less coverage at steadily rising prices. In Miami and other places along the coast, insurance prices have skyrocketed, deepening the national slowdown in home sales.

<snip>

Yet some industry experts and consumer advocates say that efforts by the insurers to increase profits, after years of taking losses on home insurance, are shifting more of the burden of repairs and reconstruction to homeowners. The cutbacks in coverage, consumer advocates say, have contributed to the slow recovery of the Gulf Coast from Hurricane Katrina and will most likely hamper recovery from the recent wildfires in California.

“You have a different mentality at the insurance companies,” said Andrew Barile, a consultant who has spent his life in the industry. “They no longer worry about the public service aspect. They’re concentrating on the bottom line.”

The bottom line has been good recently. The property insurance industry, including home, auto and commercial coverages, reported a record profit of $44 billion in 2005, even after paying $41 billion in damages from Katrina. The industry set another record for profit in 2006 at $64 billion. And as a second hurricane season is coming to an end without a hurricane hitting the coasts, 2007 is shaping up to be another lucrative year.

...more...

[kineneb]

32. looks like homeowners insurance is going the same way as health insurance

as the companies think more of their bottom line than why they are in business...

[UpInArms]

18. Wal-Mart loses court papers bid in tax dispute: report (wanted to block public access)

http://news.yahoo.com/s/nm/20071123/bs_nm/walmart_tax_dc

Inc (WMT.N) to block public access to certain court documents in a tax dispute with state authorities, the Wall Street Journal reported Friday in its online edition.

Earlier this month, the world's largest retailer filed a motion requesting to have a host of future filings in the case sealed.

North Carolina's attorney general -- opposing Wal-Mart's effort -- argued there was a public interest in maintaining public access to the documents at issue, the newspaper said.

North Carolina's attorney general is challenging a Wal-Mart tax-cutting structure involving real-estate investment trusts (REIT), the Journal said.

...more...

oooo - lookie there - that mighty big profit machine was doing the cheating thing!

[UpInArms]

20. Citizen Vigilance Leads to Toy Recalls

http://www.nytimes.com/2007/11/22/business/22recall.html?em&ex=1195966800&en=2bc7f74e289fa74f&ei=5087%0A

When the Consumer Product Safety Commission ordered a recall of half a million pieces of lead jewelry yesterday, it had two unusual partners: Ward Stone and his 10-year-old daughter, Montana.

Mr. Stone, a wildlife pathologist in New York’s Department of Environmental Conservation, and his daughter discovered the hazardous levels of lead in dozens of children’s necklaces and bracelets sold at stores like Michaels and Big Lots after they tested jewelry that Montana had received at birthday parties.

They then took their findings to the New York state attorney general’s office.

Toys and other products have long been recalled after consumers reported injuries or deaths related to those items.

But the spate of toy recalls seems to have stirred up more interest among ordinary consumers like Mr. Stone and his daughter, who marched a determined path to bring their testing results to the government’s attention.

Flawed products including poisonous toothpaste, baby bibs containing lead and children’s bracelets with cadmium have been discovered and reported by individuals this year.

...more...

[Ghost Dog]

21. ECB policymakers warn on forex, growth

http://www.reuters.com/article/marketsNews/idINL239162720071123?rpc=611

MADRID/FRANKFURT, Nov 23 (Reuters) - European Central Bank policymakers warned on Friday of the risks attached to "brutal" currency movements after the euro hit new highs against the dollar, and said Europe's growth outlook was deteriorating.

The euro fell back after Bank of Spain Governor Miguel Angel Fernandez Ordonez said the slowdown of the euro zone economy in the wake of the U.S. mortgage debt crisis was likely to be worse than originally thought.

"It's highly probable that (world market tensions) will end up slowing down growth rates by more than expected," Ordonez told the Spanish parliament. "The data accumulated since the beginning of this episode are still too scarce to clear up uncertainty about what its final effect will be," he added.

Ordonez also spoke of inflation risks and the ECB's "complete commitment to act whenever necessary" to head them off, but markets focused on his downbeat growth assessment which knocked the euro off an early session high of $1.4966 according to Reuters data.

Most analysts expect the ECB to keep its key interest rate at 4 percent through 2008, despite an inflation rate which hit 2.6 percent in October, well above the bank's 2 percent reference ceiling, and is seen staying above 2 percent for much of next year.

"It is apparent to everyone that the longer these market tensions last, the greater the effect on the confidence of families and companies in the area," Ordonez said.

In the latest indication of slowing activity, the euro zone composite purchasing managers' index fell back in November, with a drop in the dominant service sector PMI to a 27-month low outweighing a modest rise in manufacturing.

/...

That should, of course, read Ordoñez.

[Ghost Dog]

22. European stocks extend gains as U.S. futures rise

http://www.reuters.com/article/marketsNews/idINL2362522520071123?rpc=611

PARIS, Nov 23 (Reuters) - European stocks extended their gains in afternoon trading on Friday, rising 1 percent as U.S. stock futures rose on Wall Street.

At 1305 GMT, the FTSEurofirst 300 (.FTEU3: Quote, Profile, Research) index of top European shares was up 1.04 percent at 1,469.14 points, led by rallying mining and pharmaceutical shares.

Shares in miners and pharmaceutical companies were among the top positive influences on the FTSEurofirst.

Both Rio Tinto (RIO.L: Quote, Profile, Research) and Anglo American (AAL.L: Quote, Profile, Research) rose 6 percent, while Novartis (NOVN.VX: Quote, Profile, Research) was up 4.3 percent and AstraZeneca (AZN.L: Quote, Profile, Research) rose 4.1 percent.

U.S. S&P 500 futures (SPc1: Quote, Profile, Research) were up 0.9 percent, the Dow Jones industrial average futures (DJc1: Quote, Profile, Research) were up 0.6 percent, and the Nasdaq 100 futures (NDc1: Quote, Profile, Research) were up 0.9 percent, indicating a firm start on Wall Street after Thursday's public holiday.

/.

[UpInArms]

24. Gold sneaks above $810

http://www.reuters.com/article/hotStocksNews/idUSL2022845120071123

LONDON (Reuters) - Gold quietly gathered momentum in Europe on Friday, with prices testing $810 per ounce, as bulls focused on a tumbling dollar for a fresh assault on recent 28-year highs.

Platinum prices also perked up, with a planned national safety strike in key producer South Africa boosting prices near to record highs hit earlier this month.

Activity remained thin, amplifying volatility, after the U.S. market closure for Thanksgiving Day on Thursday and a national holiday in Japan on Friday.

Spot gold stood at $810.60/811.30 per troy ounce by 1136 GMT from $802.70/803.50 quoted late in London on Thursday. The market hit a 28-year high in early November at $845.50, just shy of a record $850 hit in January 1980.

The euro set fresh record highs versus the dollar, moving closer to the landmark $1.50 level, on raised bets for the U.S. Federal Reserve to cut interest rates next month.

...more...

[Roland99]

27. 9:41am - Black Friday ponies for everyone!

Dow 12,902.03 +102.99
Nasdaq 2,579.23 +7.08
S&P 500 1,428.84 +12.07
10 YR 4.03% 0.01
Oil $96.75 $-0.54
Gold $811.00 $12.40

[TrogL]

28. Loonie Watch

Highlights

Current:



30-day and 90-day vs.greenback:



30-day vs. Euro, Yen, UK Pound and Swiss Franc




Currency Comparison: http://members.shaw.ca/trogl/looniewatch.html

Detailed analysis: http://quotes.ino.com/exchanges/?r=CME_CD

Up-to-the-minute graph: http://quotes.ino.com/chart/?s=CME_CD.Y%24%24&v=s&w=5&t=l&a=1

Historical values http://www.x-rates.com/d/USD/CAD/data30.html

2007-10-12 Friday, October 12 1.02701 USD
2007-10-15 Monday, October 15 1.02501 USD
2007-10-16 Tuesday, October 16 1.0227 USD
2007-10-17 Wednesday, October 17 1.02712 USD
2007-10-18 Thursday, October 18 1.02743 USD
2007-10-19 Friday, October 19 1.03767 USD
2007-10-22 Monday, October 22 1.01926 USD
2007-10-23 Tuesday, October 23 1.03381 USD
2007-10-24 Wednesday, October 24 1.02987 USD
2007-10-25 Thursday, October 25 1.03381 USD
2007-10-26 Friday, October 26 1.03961 USD
2007-10-29 Monday, October 29 1.04745 USD
2007-10-30 Tuesday, October 30 1.04888 USD
2007-10-31 Wednesday, October 31 1.05307 USD
2007-11-01 Thursday, November 1 1.05296 USD
2007-11-02 Friday, November 2 1.06838 USD
2007-11-05 Monday, November 5 1.07101 USD
2007-11-06 Tuesday, November 6 1.0819 USD
2007-11-07 Wednesday, November 7 1.09075 USD
2007-11-08 Thursday, November 8 1.07492 USD
2007-11-09 Friday, November 9 1.06553 USD
2007-11-12 Monday, November 12 1.06553 USD
2007-11-13 Tuesday, November 13 1.03745 USD
2007-11-14 Wednesday, November 14 1.0408 USD
2007-11-15 Thursday, November 15 1.01999 USD
2007-11-16 Friday, November 16 1.02807 USD
2007-11-19 Monday, November 19 1.01636 USD
2007-11-20 Tuesday, November 20 1.01543 USD
2007-11-21 Wednesday, November 21 1.01071 USD
2007-11-22 Thursday, November 22 1.01071 USD

Current values

http://quotes.ino.com/exchanges/?r=CME_CD)

Market            Open   High    Low   Last  Change    Pct 
CD.Y$$ Cash     1.0145 1.0145 1.0106 1.0106 -0.0022 -0.22% 
CD.Z07 Dec 2007 1.0125 1.0128 1.0103 1.0122 +0.0001 +0.01% 
CD.H08 Mar 2008 1.0118 1.0118 1.0095 1.0126 -0.0049 -0.48% 
CD.M08 Jun 2008 1.0130 1.0130        1.0130 +0.0004 +0.04% 
CD.U08 Sep 2008 1.0140 1.0140 1.0140 1.0140 +0.0014 +0.14% 
CD.Z08 Dec 2008 1.0115 1.0115 1.0110 1.0126 -0.0049 -0.48% 
CD.H09 Mar 2009 1.0927 1.0927 1.0927 1.0126 -0.0049 -0.48% 
 

Other combinations: (http://quotes.ino.com/exchanges/?c=currencies)

Market              Open    High     Low    Last   Change     Pct 
AUSTRALIAN $/CANADIAN $ (NYBOT:AS)
AS.Z07 Dec 2007  0.87540 0.87540 0.87540 0.85730  -0.00285 -0.33%  
AUSTRALIAN $/US$ (NYBOT:AU)
AU.Z07 Dec 2007   0.8692  0.8692  0.8692  0.8692  -0.0027  -0.31%  
CANADIAN $/JAPANESE YEN (NYBOT:HY)
HY.Z07 Dec 2007   109.02  109.02  109.02  109.02  -1.18    -1.07%  
EURO/AUSTRALIAN $ (NYBOT:RA)
RA.Z07 Dec 2007  1.70070 1.70070 1.70070 1.70070  -0.00205 -0.12%  
EURO/BRITISH POUND (NYBOT:GB)
GB.Z07 Dec 2007  0.72160 0.72160 0.71990 0.72100  +0.00105 +0.15%   
EURO/CANADIAN $ (NYBOT:EP)
EP.Z07 Dec 2007   1.4572  1.4572  1.4572  1.4600  -0.0080  -0.55%  
EURO/JAPANESE YEN (NYBOT:EJ)
EJ.Z07 Dec 2007  160.450 160.450 159.550 159.560  -1.315   -0.82% 
EURO/US$ (LARGE) (NYBOT:EU)
EU.Z07 Dec 2007  1.48320 1.48360 1.48320 1.48485  +0.00050 +0.03%  
EURO/US$ (SMALL) (NYBOT:EO)
EO.Z07 Dec 2007  1.44620 1.46620 1.44620 1.48485  +0.00050 +0.03% 

Blather (from http://quotes.ino.com/exchanges/?r=CME_CD)

The December Canadian Dollar closed lower on Wednesday as it extends this week's decline. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are likely near-term. If December extends this month's decline, October's low crossing at 99.96 is the next downside target. Closes above the 20-day moving average crossing at 104.59 would confirm that a short-term low has been posted. First resistance is last Thursday's gap crossing at 103.46. Second resistance is the 10-day moving average crossing at 103.75. First support is today's low crossing at 100.83 then October's low crossing at 99.96.

Analysis

Sorry I've missed a few days. Been on course with very limited network capabilities. Couldn't even get to my home directory where my template is stored.

If you look at the 30 day chart you can see a classic "mania" graph. People panicking about the greenback went loonie for the loonie (I'm sorry, I couldn't resist :spank:) and drove it higher than it could reasonably support. I've been saying for two weeks it really needs to sit around par and the market seems to be bearing me out.

[Amonester]

34. And that short lasting panic already caused many factories...

in Quebec's Bauce region to close down (never to be re-opened again).

Thousands of workers with families have to go apply for unemployment insurance before Christmas.

Joyeux Noel. :cry:
.

[Roland99]

33. Crude hit record-high close in thin trade

Crude hit record-high close in thin trade
http://www.marketwatch.com/news/story/futures-movers-crude-oil-ends/story.aspx?guid=%7B69FBAA32%2D6670%2D495B%2D8720%2D099AAA052A7C%7D&dist=hplatest

Crude-oil futures pared early losses Friday in thin and volatile post-Thanksgiving trade, ending at the highest-ever closing level.

Crude oil for January delivery settled up 89 cents, or 0.9%, at $98.18 a barrel on the New York Mercantile Exchange. The session saw an intraday low of $96.55 and touched an intraday high of $98.45 earlier in electronic trading. Crude ended the week up $4.34, or 4.4%.

Edward Meir, an analyst at futures brokerage MF Global, said trade for the day was "very quiet," adding that due to the small trading volumes, "You can't really read too much into today's market."

David Beavers, commodities broker at Alaron Trading, agreed that low trading volume made oil prices more volatile. "We are in a holiday market, which means there are fewer people trading, and that makes it easier to push the market around and move prices."

[UpInArms]

35. closing numbers - ponies for everybody!

DJIA 12980.88 181.84 (1.40%)
Nasdaq 2,596.60 34.45 (1.34%)
S&P 500 1,440.70 23.93 (1.69%)
10-Yr Bond 4.012% 0.012

NYSE Volume 1,568,868,750
Nasdaq Volume 806,082,500

1:10 pm : The stock market finished significantly higher on Friday, ending a dismal week on a high note. The S&P 500 has recovered into positive territory year-to-date.

The holiday-shortened session had a small amount of corporate news, and there were no economic releases. The gains today were primarily a rebound bid coming off this week's strikingly poor performance.

Topping headlines this morning, The Wall Street Journal reported GMAC Financial Services and its owners are exploring options to salvage its unprofitable mortgage arm, and they are undertaking a debt buyback of as much as $750 million. The moves are aimed at shoring up Residential Capital, known as ResCap. General Motors (GM 27.16, +0.77) is part owner of GMAC.

Shares of E*Trade (ETFC 5.33, +1.07) skyrocketed 25% after a CNBC analyst said the company is in talks to sell itself, according to people familiar with the situation. The analyst also mentioned there is plenty of interest, but says it is unclear anything will get done.

All ten economic sectors finished in the green, with the financial sector providing leadership (+3.0%). The S&P 500 Retailing Index (2.6%) also outperformed, and was a focus of attention as today is known as "Black Friday", which marks the start of the Holiday shopping season.

Defensive oriented sectors, such as utilities (+0.2%) and consumer staples (+1.0%) underperformed on a relative basis.

December gold futures ($822.50, +23.96) rallied today after the euro hit another all-time high overnight against the dollar ($1.4967) and the yen fell below 108 for the first time in two years (107.56). DJ30 +181.43 NASDAQ +34.45 SP500 +23.92 NASDAQ Dec/Adv/Vol 689/2151/808 mln NYSE