STOCK MARKET WATCH, Friday November 30

[ozymandius]

Source: du

STOCK MARKET WATCH, Friday November 30, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 418 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2509 DAYS
WHERE'S OSAMA BIN-LADEN? 2231 DAYS
DAYS SINCE ENRON COLLAPSE = 2192
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 29, 2007

Dow... 13,311.73 +22.28 (+0.17%)
Nasdaq... 2,668.13 +5.22 (+0.20%)
S&P 500... 1,469.72 +0.70 (+0.05%)
Gold future... 802.30 -5.00 (-0.62%)
30-Year Bond 4.35% -0.06 (-1.32%)
10-Yr Bond... 3.94% -0.09 (-2.11%)






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: The Epic Battle Over Crude Oil and the US$

BY GARY DORSCH

“Here are two brother countries, united like a single fist,” declared Venezuelan kingpin Hugo Chavez after meeting Iran Mahmoud Ahmadinejad in Tehran on Nov 19th. “We have common viewpoints and we will stand by each other until we capture the high peaks. God is with us and victory is awaiting us,” added Iran’s Ahmadinejad, vowing to defeat US imperialism together, and pointing to the fall of the US dollar as the prelude to the end of America’s global dominance.

-cut-

Over the past six months, China, Japan, South Korea, and Taiwan have been net sellers of $65 billion of US Treasuries. However, the Arab Oil kingdoms have picked up the slack, boosting their holdings of US Treasuries, thru their agents in London, and providing the dollar with vital life support. Holdings of US Treasuries from the United Kingdom have soared by $205 billion from a year ago, allowing Asian central banks to scale down their exposure to US bonds in an orderly fashion.

-cut-

The Fed’s daily money injections and expectations of more rate cuts, are threatening to transmit hyper-inflation to the Persian Gulf kingdoms. The Bernanke Fed is pursuing a radical monetary policy, expanding the US M3 money supply at a 15.8% annual rate, its fastest in history, and inviting speculators to sell the dollar in exchange for Saudi riyals. To counter the dollar’s weakness, the Saudi Arabian Monetary Authority (SAMA) is expanding the Saudi M3 money supply at a 19.5% annual growth rate, engaging in a round of competitive currency devaluations with the Fed to keep the 21-year old dollar – riyal peg intact.

-cut-

There are some voices of sanity in the Federal Reserve network calling for the US Treasury to halt the reckless debasement of the US dollar. On Nov 27th, Philly Fed chief Charles Plosser said, “In the current environment, providing insurance through a reduction in the fed funds rate creates its own set of additional risks. A lower funds rate creates a risk that inflation may be exacerbated and inflationary expectations may begin to rise. In some circumstances, lowering interest rates may prolong the painful process of price discovery,” he said.

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

[Ghost Dog]

39. I am happy to see international perspectives

on economic reality paid more attention to here.

(BTW: Were it not for the rôle played by the City of London as an intermediary and facilitator of international flows of information and finance, the UK itself would today be a much less relevant (and much poorer) player on the international stage. This is one big reason, imo, why Sterling (like, in subtly different ways, the Swiss Franc perhaps?) will continue to be, usually, Messers Major and Lawson apart, intelligently defended and why that country is not very likely very soon to adopt the Euro as its currency).

edit to add: Watch on Swiss Franc (CHF), Pound Sterling (GBP)

[ozymandius]

2. Today's Reports

8:30 AM Personal Income Oct
Briefing Forecast 0.4%
Market Expects 0.4%
Prior 0.4%

8:30 AM Personal Spending Oct
Briefing Forecast 0.4%
Market Expects 0.3%
Prior 0.3%

8:30 AM Core PCE Inflation Oct
Briefing Forecast 0.2%
Market Expects 0.2%
Prior 0.2%

9:45 AM Chicago PMI Nov
Briefing Forecast 51.0
Market Expects 50.5
Prior 49.7

10:00 AM Construction Spending Oct
Briefing Forecast -0.1%
Market Expects -0.2%
Prior 0.3%

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

[UpInArms]

20. 8:30 reports: (U.S. Oct. real disposable incomes fall 0.1%)

02. U.S. Oct. wages, salaries rise 0.1%
8:30 AM ET, Nov 30, 2007 - 3 minutes ago

03. U.S. Oct. personal savings rate slips to 0.5%
8:30 AM ET, Nov 30, 2007 - 3 minutes ago

04. U.S. Oct. real disposable incomes fall 0.1%
8:30 AM ET, Nov 30, 2007 - 3 minutes ago

05. U.S. core inflation rate 1.9% in past year
8:30 AM ET, Nov 30, 2007 - 3 minutes ago

06. U.S. Oct. core PCE price index up 0.2% as expected
8:30 AM ET, Nov 30, 2007 - 3 minutes ago

07. U.S. Oct. real consumer spending flat
8:30 AM ET, Nov 30, 2007 - 3 minutes ago

08. U.S. Oct. nominal incomes rise 0.2% vs. 0.4% expected
8:30 AM ET, Nov 30, 2007 - 3 minutes ago

[UpInArms]

28. more reports:

09. U.S. Sept. construction spending rises revised 0.2%
10:00 AM ET, Nov 30, 2007 - 35 minutes ago

10. U.S. Oct. home construction spending falls 2.0%
10:00 AM ET, Nov 30, 2007 - 35 minutes ago

11. U.S. Oct. construction spending falls 0.8%
10:00 AM ET, Nov 30, 2007 - 35 minutes ago

12. U.S. Nov. Chicago PMI vs. 52.9% vs. 50.5% expected
9:46 AM ET, Nov 30, 2007 - 49 minutes ago

[ozymandius]

3. Pipeline fire worries abate; oil steady

BANGKOK, Thailand - Oil futures were little changed Friday as concerns of a supply disruption from a U.S. pipeline fire abated.

Prices have tumbled more than 7 percent this week amid speculation that supplies are rising and a slowdown in U.S. growth will undercut energy demand.

The fire along the oil conduit from Canada to the Midwest caused a spike in prices above $95 a barrel Thursday — and renewed speculation that oil was as back on its way to $100 a barrel.

But by the end of New York floor trading it was clear most of the network was quickly returned to service and that the fire-damaged section was expected to be back up in days. An offer by the U.S. government to release oil from the Strategic Petroleum Reserve, if needed, also helped calm markets.

Light, sweet crude for January delivery fell 3 cents to $90.98 a barrel in Asian electronic trading on the New York Mercantile Exchange by midmorning in Singapore. On Thursday, the crude contract gained 39 cents to settle at $91.01 a barrel in choppy trading.

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

[Demeter]

34. Amazing News!

Let's see, both Bush AND the oil companies actually DID something! I may faint!

[ozymandius]

4. 30-year mortgage rates drop

WASHINGTON - Mortgage rates fell sharply this week with rates on 30-year mortgages dropping to the lowest level in more than two years.
ADVERTISEMENT

Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.10 percent. That was down from 6.20 percent last week and was the lowest rate since the week of Oct. 13. 2005, when rates stood at 6.03 percent.

Analysts attributed the decline to increased worries that a severe slump in housing and a continuing credit crunch could drag the economy into a recession. The recent turbulence in stock markets has prompted many investors to rush to the safety of U.S. Treasury securities, driving down the yields on bonds.

-cut-

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, slid to 5.73 percent, from 5.83 percent last week. This week's rate hasn't been lower since the week ending Jan. 26, 2006, when 15-year rates averaged 5.70 percent.

-cut-

A year ago, 30-year mortgages stood at 6.14 percent. Rates on 15-year mortgages were at 5.87 a year ago while five-year ARMS averaged 5.95 percent and one-year ARMs were at 5.46 percent.

http://news.yahoo.com/s/ap/20071129/ap_on_bi_go_ec_fi/mortgage_rates

[ozymandius]

6. Banks, U.S. near deal to freeze subprime rates: report

NEW YORK (Reuters) - The Bush Administration is close to agreeing on a pact with major financial institutions that would temporarily freeze interest rates on certain subprime loans, the Wall Street Journal reported Friday, citing sources familiar with the negotiations.

The plans' details, which could be announced as soon as next week, are still being ironed out, the Journal said.

-cut-

Sources with knowledge of the negotiations told the Journal that individual members have agreed to abide by any agreement reached by the coalition, which is called the Hope Now Alliance.

The newspaper said the coalition and the government have largely agreed to extend the lower introductory rate on mortgages for certain borrowers who will have trouble making payments when their mortgages increase.

http://news.yahoo.com/s/nm/20071130/bs_nm/subprime_freeze_dc

[Demeter]

35. Well, It's a Start

But I don't think it will make that much difference in the overall situation. Still, that will be more people saved than Katrina, I expect.

[bain_sidhe]

40. "a start"? I think it's just a cynical ploy

to delay the pain until after the election. If they were talking about converting the ARMs to fixed rate, *then* I'd cheer. But just delaying the resets only postpones the pain, it doesn't avert it.

So, how long are they talking about postponing the resets? Say, a year? (As in, till right after the election.)

**edit because my brane farted**

[Demeter]

45. Ah! That May Be the Plan, But Once the Precedent Is Set, It Becomes an Entitlement

in the eyes of those who will perish without.

[ozymandius]

5. Credit crisis claims Morgan Stanley exec

NEW YORK - With investment banks forced to write down some $80 billion of losses amid a growing credit crisis, more top executives are getting the ax as Wall Street moves to shore up its damaged image.

The latest executive to fall was Morgan Stanley's Zoe Cruz, a 25-year veteran at the firm and one of the most powerful women in the financial world. Cruz was ousted as co-president Thursday in a sweeping management shake-up aimed at turning around the company.

Cruz joins a growing list of Wall Street's top names who have been fired since the summer, including Merrill Lynch & Co.'s Stan O'Neal and Citigroup Inc.'s Charles Prince, for presiding over firms that became mired in the subprime mortgage tar-pit.

Also Thursday, online brokerage E-Trade Financial Corp. said CEO Mitch Caplan would step down from his position, and there continues to be speculation that Bear Stearns Cos. head James Cayne will be forced to retire early.

http://news.yahoo.com/s/ap/20071130/ap_on_bi_ge/morgan_stanley_cruz

[ozymandius]

8. E-Trade gets $2.55B infusion, CEO out

NEW YORK (AP) - E-Trade Financial Corp. (NASDAQ:ETFC) , which flirted with collapse amid the growing mortgage crisis, said Thursday it is getting a $2.55 billion cash infusion from Citadel Investment Group in a bid to revive the battered discount brokerage.

Citadel, one of the nation's largest hedge funds, plans to buy E-Trade's troubled asset-backed securities portfolio and take it off the brokerage's books. Hemorrhaging in that portfolio caused massive writedowns since the summer, and triggered panic that further losses would push E-Trade into bankruptcy.

The deal also forced E-Trade's embattled chief executive, Mitch Caplan, out of the job he's held since 2003. He'll be replaced on an interim basis by President and Chief Operating Officer Jarrett Lilien. Former JPMorgan Chase & Co. vice chairman Donald Layton will become non-executive chairman.

http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-21323626.htm

[ozymandius]

7. Dell sees costs hitting profit, shares drop 10 percent

SAN FRANCISCO (Reuters) - Dell Inc reported lower-than-expected quarterly profit margins on Thursday and warned that rising costs could depress future results, sending its shares down 10 percent.
ADVERTISEMENT

While the world's second-largest personal computer maker earned more revenue than expected and booked 27 percent profit growth, investors zeroed in on the costs and cautious outlook.

Chief Executive Michael Dell, leading a restructuring of the company he founded, spoke of "winds of caution in certain financial customers" despite good demand overall.

-cut-

The company, hoping to compete better with larger rival Hewlett-Packard Co and the Asian competitors, in June began selling PCs in stores for the first time after 23 years of direct-only sales via phone or Internet.

http://news.yahoo.com/s/nm/20071130/bs_nm/dell_results_dc

[ozymandius]

9. Florida freezes state-run investment fund

TALLAHASSEE, Florida (Reuters) - Facing a run by panicked local government investors, Florida officials on Thursday suspended withdrawals from a state-run, short-term investment fund that has shrunk to $15 billion from $26 billion over the past two weeks.

By unanimous vote, a three-member panel led by Florida Gov. Charlie Crist ordered state financial managers to temporarily shut down the fund used by local governments and school districts. The fund operates much like a money market account.

Meeting in an emergency session, the State Board of Administration suspended withdrawals from the Local Government Investment Pool, which has been rocked by uncertainty over the national subprime mortgage crisis.

The decision came after panelists were told that another $3.5 billion in withdrawals had been made on Thursday morning, leaving the fund with about $15 billion in assets as of 11 a.m. EST (1600 GMT). The panel plans to meet again on Tuesday to consider more long-term remedies.

By its decision, the panel rejected a recommendation from the fund's top financial manager to use the $137 billion Florida retirement pension fund to provide collateral for about $1 billion in Local Government Investment Pool investments that have been downgraded in recent weeks.

http://www.reuters.com/article/ousivMolt/idUSL3032068420071130

[AnneD]

29. I can see....

a lot more of this happening once the full extent of this shell game becomes known.

[ozymandius]

10. Bonddad on the credit crunch (sucks royally)

http://bonddad.blogspot.com/2007/11/credit-crunch-still-going-strong_29.html

Credit Crunch Still Going Strong

From the NY Times:

The combined value of two leading sources of credit — outstanding commercial and industrial bank loans, and short-term loans known as commercial paper — peaked at about $3.3 trillion in August, according to data from the Federal Reserve. By mid-November, such credit was down to $3 trillion, a drop of nearly 9 percent.

Not once in the years since the Fed began tracking such numbers in 1973 has this artery of finance constricted so rapidly. Smaller declines preceded three recessions going back to 1975; at other times such declines tended to occur in conjunction with an economic downturn.

Policy makers at the Federal Reserve are growing increasingly alarmed about the problem, which is an outgrowth of the woes of the housing and mortgage industries. Just yesterday, the Fed’s vice chairman, Donald L. Kohn, said that the latest market turbulence appeared to be reducing credit to businesses and consumers, hinting that the central bank, in response, was prepared to cut interest rates further.

From Bloomberg:

``The credit crunch began in earnest back in July, but what you're seeing now is it's deepening and spreading out,'' said Kathleen Bostjancic, an economist in New York at Merrill Lynch & Co., which expects the Fed's target lending rate to fall to 2 percent by the end of the second quarter of 2009. ``You're seeing a tremendous flight to quality.''

.....

``Certainly it feels a lot like the Long-Term Capital Management crisis,'' said Vincent Boberski, senior vice president of portfolio strategies in Chicago at FTN Financial.

When people in the financial markets start to compare recent events to another financial disaster you know things are bad.

This is a huge problem and it isn't going away anytime soon. It is also the primary reason why more rate cuts won't do any good. The problem is not about money. It's about confidence. It seems like everyday we hear from a financial company that is writing down a portfolio, or has massive losses in mortgage related products or something similar. The issue is confidence -- as in, "will this borrower be able to pay me back in even a short period of time?" More and more the answer is coming back "no," so loans are drying up.
.....................................
And the problem is this is just getting started. Below is a chart from the IMF with data from Credit Suisse. I've pulled this chart out half a million times since it came out, and I will continue to do so. It shows very clearly that we have another 3-4 years of mortgage resets coming. And the sheer amount of those rests is huge. Notice that in 2010 and 2011 we have similar monthly totals of resets that we had this year. And this year has sucked royally.

-more-

[ozymandius]

11. Florida REO: Priced Below 2002 New Home Price (pity the neighbors)

The asking price for this foreclosed property in Florida is below the price the home sold for new in 2002.

Here are the details:

Feb 15, 2002: $122,300 (New)

Mar 15, 2006: $259,600

Oct 23, 2007: Foreclosed.

Current Asking Price: $99,900

---

According to the public tax records, the larger house on the 2nd lot away sold for $185,300 new in 2004, and for $370,000 in 2006.

This raises some interesting questions: How far have prices really fallen?

How will the neighbors react when they discover their homes are worth far less than they paid in recent years?

http://calculatedrisk.blogspot.com/2007/11/florida-reo-priced-below-2002-new-home.html

[Danascot]

36. How will the neighbors react ?

"How will the neighbors react when they discover their homes are worth far less than they paid in recent years?"

The more pertinent question is how will lenders react when they realize they have a portfolio full of $300k mortgages securitized by properties that are going begging at $100k. ... and the holders of debt instruments based on similar mortgages that were sliced and diced into "high return" securities.

[cosmicdot]

46. catch the youtube video/tune linked below that article?

"Feels like Hoover"

http://www.youtube.com/watch?v=wQPvrAxT_Sk&eurl=http://calculatedrisk.blogspot.com/2007/11/florida-reo-priced-below-2002-new-home.html

[UpInArms]

12. dollar watch

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

Last trade 75.599 Change -0.042 (-0.06%)

Could the Federal Reserve Cut by 50bp?

http://www.dailyfx.com/story/bio1/Could_the_Federal_Reserve_Cut_1196377068333.html

The US dollar has rebounded but don’t be fooled into thinking that this is a bottom because if anything, US fundamentals continue to point to further dollar weakness. This morning’s economic data was horrid. Not only was October new home sales smaller than expected, but sales in September were revised down to an 11 year low. Third quarter GDP was right in line with expectations but the report does not reflect the slowdown in growth that we have seen over the past 2 months. Jobless claims also jumped to the highest level since February. As a result, rate cut expectations have skyrocketed. The futures market is now pricing in a 100 percent chance of a quarter point rate cut in December and a 26 percent chance for a half point cut. Although we think that a half point cut would be too severe, we do not expect the next interest rate cut by the Fed to be their last. LIBOR rates are rising around the world and this will pressure central banks to ease monetary policy. We have already seen liquidity injections by the Fed and the ECB, but they should only be a temporary solution. However with that in mind, the dollar could rally in the short term if tomorrow’s personal income and spending gap narrows or Chicago PMI increases as we expect. Rather than buy the dollar for a near term bounce, the better trade may be to look for an opportunity to sell on a bounce.

<snip>

Mild Rally in the Dow Leads to Correction in Carry Trades

For the first time in the past week, the trading range in the Dow has been less than triple digits. Industrial production and vehicle sales were stronger than expected last month thanks to demand from Asia. Tonight we continue to have a lot of Japanese data due for release including unemployment, consumer prices and household spending. Typically, CPI numbers are important but in this case, the data may not move the Japanese Yen. Instead, we will be watching how the Nikkei trades since the short term outlook for the Yen crosses are unclear. Longer term we expect weakness given the volatility in the equity and bond markets.

...more...

Will Canadian GDP Take USDCAD Above Parity?

http://www.dailyfx.com/story/topheadline/Will_Canadian_GDP_Take_USDCAD_1196372334176.html

The global, economic docket for Friday’s New York session will be dotted by a number of indicators. However, the only truly market-moving report scheduled for the period will be the September and third quarter growth numbers for Canada. The world’s eighth largest economy accelerated in the first half of this year – complementing (if not directly contributing to) an unprecedented rally in the Canadian dollar. As we head into the second half of the year though, the perfect alignment behind the loonie’s rally has broken down. First of all, the currency has become an irrefutable burden on expansion. While the extreme level of exchange rates has made imports cheaper, it has virtually killed the nation’s competitiveness on the global market – and is even beginning to depress demand for commodities like natural gas and copper. Even the domestic winds of growth are beginning to die down. Housing, labor and consumer spending trends have all shown signs of reaching an exhaustion point. And, even the turmoil in global financial markets could hold some sway over growth trends. Regardless, with the Canadian dollar already having pulled back sharply from its highs over the past few weeks, growth data could have profound affect on USDCAD price action. Despite the considerable fundamental influence this event risk may have, we will play it conservatively.

Looking for a long loonie position (short USDCAD), we will look for a significant, fundamental shift as it will need to overcome conflicting US data and the Friday wind-down in liquidity. From the data we will look for a quarterly print that is at least 0.4 percentage points better than expected (2.5 percent) and/or a September reading that is at least 0.2 percentage points above the consensus. If the surprises conflict we will not take a trade; so they must both offer positive surprises or one measurement could present a substantial upside print while the other comes in line. If we have a bullish fundamental mix, we will look for a red, five-minute candle to confirm entry on two lots of USDCAD at market. Our stop will be placed at the nearby swing low (or reasonable distance considering the level of surprise) and the first lot’s target will be immediately set equal to risk on that half. The second profit target will be determined by discretion (with a consideration for support and resistance and the weekend close). To preserve profit, we will move the stop on the second lot to breakeven when the first takes profit.

...more...

[dantyrant]

13. Hey ozy - you might find this interesting...

November 29, 2007 -- AFTER a year and a half of stalling, the US Treasury finally complied with The Post's requests for information about The President's Working Group on Financial Markets - by delivering 177 pages of crap.

In essence, the Treasury's Freedom of Information officials said that the Working Group - affectionately nicknamed the Plunge Protection Team - doesn't keep records of its meetings.

How interesting and convenient!

Included in the 177 pages that the Treasury said responded to our request on the actions of The President's Working Group were 53 pages on which something was redacted - blacked out so that the discussion was unreadable.

Many of those 53 pages contained no words at all - just a big black blob.

Starting in June of 2006 The Post asked for an accounting of the actions of The President's Working Group, which was formed under President Reagan. The Group seems to have the ill-defined task of keeping an eye on the financial markets. We also asked for e-mails related to our request through the Freedom of Information Act (FOIA).

The Working Group operates out of the Treasury Department and includes the heads of the various exchanges in the US, as well as top-ranking government officials.

Hank Paulson, the Treasury Secretary, and Ben Bernanke, the head of the Federal Reserve, are the two most prominent members.

Back in August, Paulson said in a television interview that "we've reenergized The President's Working Group on Financial Markets."

The Wall Street Journal last year said that Paulson, upon becoming Treasury Secretary, was insisting that the Working Group meet every six weeks.

Whatever the schedule of meetings, one of those meetings occurred on Aug. 17 - the day the Federal Reserve surprised the financial markets with a cut in its discount rate. (link)

[TalkingDog]

18. As the spousal unit says frequently about revelations from this admin:

Unbelievable....but not surprising.


My Favorite Master Artist: Karen Parker GhostWoman Studios

[dantyrant]

21. Heh...

I say that, or some variant, all too regularly too.

[UpInArms]

14. Banks, U.S. near deal to freeze subprime rates: report

http://www.reuters.com/article/bondsNews/idUSN3043160720071130

NEW YORK (Reuters) - The Bush Administration is close to agreeing on a pact with major financial institutions that would temporarily freeze interest rates on certain subprime loans, the Wall Street Journal reported Friday, citing sources familiar with the negotiations.

The plans' details, which could be announced as soon as next week, are still being ironed out, the Journal said.

According to the Journal, the accord is being negotiated between regulators including the U.S. Treasury Department and a group of mortgage-related firms, including Citigroup Inc (C.N: Quote, Profile, Research), Wells Fargo & Co (WFC.N: Quote, Profile, Research), Washington Mutual Inc (WM.N: Quote, Profile, Research) and Countrywide Financial Corp (CFC.N: Quote, Profile, Research).

Sources with knowledge of the negotiations told the Journal that individual members have agreed to abide by any agreement reached by the coalition, which is called the Hope Now Alliance.

The newspaper said the coalition and the government have largely agreed to extend the lower introductory rate on mortgages for certain borrowers who will have trouble making payments when their mortgages increase.

...more...

[TalkingDog]

15. News from the trenches

Our major annual fundraiser was Wednesday night; the opening “gala” for our fine arts and crafts sale. We only offer product by artists from within the state, so it’s a win/win/win: patrons get beautiful, affordable art items/artists sell work/ we generate local capital.

Because we are a very small, urban, arts non-profit, even at the best of times we don’t take in nearly enough from this event to do more than keep us afloat for a short amount of time. Fiscal mismanagement by the Director before our last, has put the organization in dire straits.

He was in his position for over 20 years. And if you know anything about non-profit arts management, you can pick your jaw up off the floor now. He was good in that he could glad hand with the best of them, “tweak” grant and funding information to our advantage and basically do anything to just the other side of ethical to keep money and support coming in the door. As one might guess , this eventually bit us square on the tuckus. Many found him charming (I did not) and somehow this kept him from being sacked by the board for far too long.

But eventually, even he saw the writing on the wall when the board started questioning the bookkeeper about expenditures and swiftly got a job in another state in a University position. Well away from having to deal with the ramifications of his actions.

I have worked in this school in various capacities since the late 80’s. It has never been about money for me. For that reason, I count myself luckier than most. I have worked there so long simply because I believe strongly in the mission of the school: that anyone, regardless of social or economic standing should have access to quality instruction and facilities.

This gala and sale has been going on since long before I began working for the organization. It is about as close as any group of artists, instructors, volunteers and board members comes to a “well-oiled machine”. On Wednesday night, we raised approximately 35% less than we did last year. And last year was not an outstanding year. To put that figure in perspective: what we didn’t raise on Wednesday could pay my meager salary for about 3 months or our receptionist’s for about half a year.

We have been on shaky footing since the fellow mentioned previously. The new director is very, very good at her job. But since a few bridges were burned by mismanagement and since Tobacco left town, we can’t just walk next door with our hand out anymore. And like the general population, businesses are a little more careful with their pennies these days.

I won’t even go into our upcoming Capital Campaign for the long overdue renovations to the building. I just can’t foresee how this ends well. As I suggested, I am luckier (? more prudent) than most. This job affords a few more luxuries, but it has never been “necessary” as it is with some of the other employees.

They may not be talking about it on the nightly news. Economists might shy from speaking the obvious truth. But I can tell you right now, they don’t have to. People may want to believe what their government or their party tells them. But in the end they understand the day-to-day reality of it. They can see that they are paying more and getting less. They know with an unvoiced certainty what is coming our way.

Well, it was fun while it lasted. Pull out your wallets, boys. It’s long past time to pay the piper.


My Favorite Master Artist: Karen Parker GhostWoman Studios

[AnneD]

25. So sorry to here about your schools troubles...

I work in the public education sector and although we have it tough-private schools-esp those educating the economically disadvantage-have it double tough.

I could be making 2x my current salary if I went to work in the public sector and there were many times when I tried to balance my budget that I questioned the sanity of my choice. There is a way that I can enhance my final retirement salary by going back to work in a teaching hospital-and I am seriously considering it. I only have to work 3 years at it and it would almost double my retirement. But when I leave-it will hurt our School Nurse union (I am very active, our lobbing efforts, and I will give up a plum school. These are the things I wrestle with when I think of a change.

My news from the trenches...My daughter and I went for dinner at a small cafe in a tony area of the city last night. We had a bit more company than we had at the other restaurants we have been to-but there was plenty of parking and we had our choice of tables. How do we manage to eat out so much you ask. My daughter and I decided months ago that we buy one entree and split it, we also split a desert on occasion. Use to, restaurants hated when you did that but now, I think they are just glad to see you. They even split it for us and serve it on separate plates-no charge. And as always-we tip generously.

[DemReadingDU]

33. Spouse and I split dinners all the time

Portions are huge nowadays, and at our age, 1 dinner is plenty for both of us. Occasionally, we will order an extra salad so both of us will have one with our meal. We drink water, no charge. Sometimes, we will split a dessert with our after-dinner coffee.

Another treat, we will go out for lunch at a nice restaurant instead of dinner. Meals are usually much cheaper at lunchtime. We might even order 2 meals at lunch, and bring most of one of the lunches home for supper!

[AnneD]

41. We do that too....

We're big on breakfast-but we get different dishes and share. I always thought it was a Cajun thing.

Splitting meals is a great way to cut calories and save money while enjoying a good meal.

[UpInArms]

16. Scared investors rush for money market funds

http://news.yahoo.com/s/ft/20071130/bs_ft/fto112920072228175951

Assets in US money market mutual funds soared to a record $3,031bn this week as investors sought safe harbour from the widening mortgage market fallout.

Money market funds received $13.38bn in new assets for the week ended November 27, according to iMoney.net, as investors fled risky securities for the safety of top-rated short-term debt instruments.

"The demand for safe assets has hit the highest levels since the early 1990s, eclipsing LTCM and Y2K," said Stephen Abraham, interest-rate strategist at Bear Stearns (NYSE:BSC).

"Concern about mortgage credit and its liquidity have given way to broader concern about the capital of institutions that hold the risk."

<snip>

Long considered the safest of safe havens for retail investors and corporate treasurers, money market funds promise never to "break the buck", or to allow a dollar invested to fall below its value.

...more at link...

[UpInArms]

17. Natwest Three plead guilty to $7.3m Enron-linked transatlantic fraud

http://www.guardian.co.uk/business/2007/nov/29/enron.usnews

A trio of British bankers dubbed the "Natwest Three" face 37 months in prison after pleading guilty to stealing $7.3m (£4m) in a highly sophisticated transatlantic fraud tied to the collapse of the energy trading behemoth Enron.

Less than 18 months after their extradition to America prompted a political storm and allegations of injustice, David Bermingham, Gary Mulgrew and Giles Darby abandoned their protestations of innocence at a hearing in Houston's federal courthouse.

Dressed in dark suits, the men stood before the judge, Ewing Werlein, for the duration of a 45-minute hearing. They faced close questioning from the bench about their sobriety, mental fitness, free will and understanding of the charges.

Turning to each in turn, Werlein asked: "How do you plead to the charge set forth in the indictment - guilty or not guilty?" In a clear voice, Bermingham replied: "Guilty, sir." His two former Natwest colleagues echoed: "Guilty, your honour."

The men, who worked for Natwest's investment banking arm, concocted a deal in 2000 with two senior Enron executives who have since been jailed. They recommended that Natwest sell its stake in an Enron-related venture in the Cayman Islands for a knockdown price, and shared a secret profit on the side of $20m with their Enron counterparts.

...more...

Ozy, it's time for an Enron crooks update!

[Roland99]

19. U.S. stock futures climb after Bernanke speech

http://www.marketwatch.com/News/Story/Story.aspx?column=Indications

U.S. stock futures rose on Friday as a speech from Federal Reserve Chairman Ben Bernanke did nothing to derail expectations of interest rate cuts ahead of the release of key inflation data.

S&P 500 futures rose 14.1 points at 1,485.50 and Nasdaq 100 futures rose 21.25 points at 2,121.75. Dow industrial futures rose 123 points.

Federal Reserve Chairman Ben Bernanke, in a speech late Thursday, didn't specifically say a rate cut was coming. But he did note renewed turbulence, saying the outlook has been "importantly affected" over the last month.

"The fresh wave of investor concern has contributed in recent weeks to a decline in equity values, a widening of risk spreads for many credit products not only those related to housing and increased short-term funding pressures," he said.

Of course the markets love lowered rates. But how will that really help the economy? It's going to have the opposite desired effect! The short-sighted greedy @#$)^*#^ running the show can only think about stock prices and bailing out the central banks and damn the consequences.


*ahem*

Don't cry for me Argentina
The truth is we'll be just like you
All through our wild days
Our mad existence
They kept their promise
To keep their profits

[AnneD]

23. Mourning Marketeers.....

:donut: and lurkers. And yes, I do mean mourning. Only an idiot that never had a real job in the outside world would think that, at this point, that lowering the Fed interest rate would help the the engine in this economic machine.....THE CONSUMER. That's like changing the tail lights when what you really need to do is give the car a tune up. Yeah, you did some work on your car-but it's still not running well. The last 2 cuts have each weakened the dollar and made the cost of our most basic goods even higher. It has not helped those folks with ARM's save their homes or made their payments halfway manageable. I fear that this move will really send some folks that are treading water now, off into the deep end.

I once heard that the definition of insanity was continuing to do the same thing and expect different results. If the Fed's drop the rate-you just as well call in the guys with the nets. It's a great call if you want to pump and dump.

Oh, and this rally-I figure this is Ben's Christmas bonus gift to WS. Keep you hands on your wallet folks and be prepared to duck. The shit is about to hit the fan. I hate to be so negative, but there is such a dichotomy between WS and MS that this cannot be good.

Yesterday, someone mentioned the old idiom-if the elevator operator mentions a hot tip on a stock-it's time to get out of it. Let me add another investing axiom from the sage of the Indian Territory-Will Rodgers....the quickest way to double your money is to fold it and put it in your pocket.

Happy hunting and watch out for the bears.

[Roland99]

27. Ahh...sage advice indeed!

[UpInArms]

22. US junk bond funds report $472 mln net outflow-AMG

http://www.reuters.com/article/bondsNews/idUSN3028310820071130

NEW YORK, Nov 30 (Reuters) - U.S. junk bond mutual funds reported $472 million net outflows in the week ended Wednesday, the fourth straight week of outflows from the funds, AMG Data reported late on Thursday.

The outflow followed a $241 million net outflow a week earlier, according to AMG.

Junk bonds, which are rated below investment grade and pay higher interest to compensate for their risk, have been one of the worst-performing categories of U.S. bonds this month, posting a loss of 2.5 percent, according to Merrill Lynch data.

...more...

[UpInArms]

24. 9:39 EST Santa's Coming to Town Rally - DOW up 145+ points

Dow 13,457.48 145.75 (1.09%)
Nasdaq 2,694.75 26.62 (1.00%)
S&P 500 1,488.38 18.66 (1.27%)
10-Yr Bond 4.038% 0.098

NYSE Volume 285,115,593.75
Nasdaq Volume 159,214,265.625

09:15 am : S&P futures vs fair value: +17.0. Nasdaq futures vs fair value: +19.0.

09:01 am : S&P futures vs fair value: +15.2. Nasdaq futures vs fair value: +16.0. A strong start is still expected. Oil slips below $90 a barrel as three of the four pipelines that were damaged in an explosion are back online. Also, there is further speculation of an increase in OPEC output. Crude oil for January deliver is down 2.3% to $88.86.

08:30 am : S&P futures vs fair value: +13.9. Nasdaq futures vs fair value: +15.0. Futures gain some ground, and then have a fairly muted reaction following an economic release. Just reported, October personal income came in at +0.2%, spending was +0.3%, and the Core PCE was +1.9% year-over-year. Economists expected income, spending and Core PCE to come in at +0.4%, +0.3% and +1.8%, respectively.

07:59 am : S&P futures vs fair value: +12.7. Nasdaq futures vs fair value: +12.8. Early indications point to a noticeably higher opening. The primary factor in the bullish bias is a speech last night from Fed Chairman Bernanke that validated the market's belief that the FOMC is likely to cut interest rates at its December 11 meeting. Secondly, The Wall Street Journal is reporting that the Bush Administration and major financial institutions are close to agreeing to a plan that would temporarily freeze rates on certain subprime loans. On a negative note, Dell (DELL) missed its earnings expectations.

[AnneD]

26. Yeah...

when I looked at the totals for this week and the calender, well......God forbid the "Captions of Industry" not be rewarded for screwing up the economy.

[UpInArms]

30. Former Bear Stearns rep. pled guilty to insider trading: WSJ

3 minutes ago Former Bear Stearns rep. pled guilty to insider trading: WSJ - MarketWatch

http://www.marketwatch.com/quotes/bsc

[antigop]

31. "Snooty" bankers blamed for crisis

http://www.ft.com/cms/s/0/9a9446ae-9ec8-11dc-b4e4-0000779fd2ac.html

The “snooty” attitude of bankers and financiers who thought they were cleverer than everyone else is largely to blame for the global credit squeeze “disaster”, Germany’s finance minister has said.

In an interview with the Financial Times, Peer Steinbrück played down the impact on Europe’s largest economy of the turmoil but said steps had to be taken to raise risk awareness.

German proposals before the squeeze for increasing transparency had been “mocked” and sometimes deliberately misunderstood as an attempt to impose regulation rather than voluntary codes, Mr Steinbrück said, but were now winning support.

In a swipe at finance industry leaders, he said the “quality of managers” had proved a weakness. “The snooty attitude that we have sometimes seen – under the motto of ‘we are cleverer than the others’ – ended in disaster,” he said.

[TrogL]

32. 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

2007-10-19 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
2007-11-23 Friday, November 23 1.01143 USD
2007-11-26 Monday, November 26 1.01245 USD
2007-11-27 Tuesday, November 27 1.00321 USD
2007-11-28 Wednesday, November 28 1.00939 USD
2007-11-29 Thursday, November 29 1.00725 USD

Current values

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

Market            Open   High    Low   Last  Change    Pct 
CD.Y$$ Cash     1.0061 1.0061 1.0016 1.0016 -0.0020 -0.20% 
CD.Z07 Dec 2007 1.0049 1.0060 0.9990 0.9990 -0.0038 -0.38% 
CD.H08 Mar 2008 1.0017 1.0020 1.0000 1.0000 -0.0041 -0.41% 
CD.M08 Jun 2008 1.0125 1.0130 1.0125 1.0040 -0.0119 -1.19% 
CD.U08 Sep 2008 1.0085 1.0085 1.0011 1.0039 -0.0119 -1.19% 
CD.Z08 Dec 2008 1.0084 1.0084 1.0084 1.0037 -0.0120 -1.19% 
CD.H09 Mar 2009 1.0005        1.0005 1.0005 -0.0030 -0.30% 

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 0.87855 +0.00330 +0.38%  
AUSTRALIAN $/US$ (NYBOT:AU)
AU.Z07 Dec 2007 0.88150 0.88150 0.87600 0.88220 -0.00655 -0.74%  
CANADIAN $/JAPANESE YEN (NYBOT:HY)
HY.Z07 Dec 2007 109.02 109.02 109.02 109.92 -1.50 -1.36%  
EURO/AUSTRALIAN $ (NYBOT:RA)
RA.Z07 Dec 2007 1.68450 1.68450 1.68450 1.67385 +0.00080 +0.05%  
EURO/BRITISH POUND (NYBOT:GB)
GB.Z07 Dec 2007 0.7153 0.7153 0.7153 0.7153 -0.0012 -0.17%   
EURO/CANADIAN $ (NYBOT:EP)
EP.Z07 Dec 2007 1.47000 1.47000 1.47000 1.47015 +0.00665 +0.45%  
EURO/JAPANESE YEN (NYBOT:EJ)
EJ.Z07 Dec 2007 163.210 163.500 163.210 163.500 +1.925 +1.19%   
EURO/US$ (LARGE) (NYBOT:EU)
EU.Z07 Dec 2007 1.48320 1.48360 1.48320 1.47630 -0.00975 -0.66% 
EURO/US$ (SMALL) (NYBOT:EO)
EO.Z07 Dec 2007 1.44620 1.46620 1.44620 1.47630 -0.00975 -0.66%  

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

The December Canadian Dollar was steady to slightly higher overnight as it consolidates below the 38% retracement level of this year's rally crossing at 100.75. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off November's high, the 50% retracement level of this year's rally crossing at 97.76 is the next downside target. Closes above the 20-day moving average crossing at 103.18 would temper the near-term bearish outlook in the market. First resistance is the 10-day moving average crossing at 101.16. Second resistance is the 20-day moving average crossing at 103.18. First support is Tuesday's low crossing at 99.99. Second support is the 50% retracement level crossing at 97.76.

Analysis

But...but...but...but.......it just crossed downward through prime!

:cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry:
:cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry:
:cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry:
:cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry:
:cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry:
:cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry:
:cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry:
:cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry:
:cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry::cry:

[fascisthunter]

37. watching the market

is like watching a feeding frenzy of pigs at a trough right before the slaughter. Dow goes up as the dollar goes down, yet they don't seem to care.

[Mojorabbit]

38. Gold is taking a beating

Is it being sold to cover positions or is something else going on?

[AnneD]

42. I've been noticing that to....

with all this uncertainty, I would think gold is a good thing. I guess now is the time to scarf up some because if they do cut rates, the dollar will take a beating, and gold will go up-or it has been doing that as of late.

[Roland99]

43. Bernanke sounds worried; Wall Street in bliss - Rate cuts won't help market if the economy tanks

CAPITOL REPORT
Bernanke sounds worried; Wall Street in bliss
Analysis: Rate cuts won't help market if the economy tanks

http://www.marketwatch.com/news/story/analysis-if-economy-tanks-even/story.aspx?guid=%7BCDECFCD9%2DCC70%2D4331%2D82CA%2D10AF32543049%7D

The more worried Ben Bernanke gets, the happier Wall Street becomes.

The market always likes it when the Fed lowers rates, and especially now when investor psychology is so fragile. But the market overlooked the main part of his speech: The economic outlook is worsening. See full story.

When the credit crisis first erupted in August, the Fed seemed more concerned about the orderly functioning of the markets than with the economy. The actions the Fed took, including the half-point rate cut in September, were aimed at boosting the markets, not the economy.

As long as the problems are confined to financial markets, investors can hope that things will get better quickly, as they did in 1998 when the Fed cut interest rates to insure that the "contagion" from the Asian and Russian financial crises wouldn't spread to the U.S. economy.

Short-termers disease. Greed and immediate profits above all else.

[UpInArms]

44. Morgan Stanley may face $5.7 billion Q4 writeoff: report

http://www.reuters.com/article/bondsNews/idUSWEN275220071130

NEW YORK (Reuters) - Morgan Stanley (MS.N: Quote, Profile, Research) may face a fiscal fourth-quarter write-down of as much as $5.7 billion for mortgage-related losses, CNBC television said on Friday.

The pretax amount is $2 billion higher than the amount the Wall Street company said it will write down for mortgage-related trading losses in September and October. Morgan Stanley's fiscal fourth quarter ends this month.

On Thursday, Zoe Cruz was ousted as Morgan Stanley's co-president. Several analysts have said her departure is related to the mortgage losses.

...more...

[UpInArms]

47. closing numbers and yada for the dustbin of history

Dow 13,371.72 59.99 (0.45%)
Nasdaq 2,660.96 7.17 (0.27%)
S&P 500 1,481.14 11.42 (0.78%)
10-Yr Bond 3.972% 0.032

NYSE Volume 4,424,184,000
Nasdaq Volume 2,614,589,750

4:20 pm : The stock market got a nice boost Friday morning from a series of positive developments that included a drop in oil prices below $90 per barrel, a report that a bailout plan is in the works for subprime borrowers, and a tacit signal from Federal Reserve Chairman Ben Bernanke that interest rates will likely be cut again at the December 11 FOMC meeting.

That assemblage of good news overshadowed a disappointing third quarter earnings report and outlook from Dell (DELL 24.54, -3.60) and a smattering of economic data that again skewed to the weak side of things.

At their highs of the morning, the Dow, Nasdaq and S&P were up 155, 28 and 19 points, respectively.

The rate cut expectation, which stemmed from Ben Bernanke's acknowledgment in a speech to the Charlotte Chamber of Commerce that renewed turbulence in the financial markets over the past month has affected the economic outlook, was the primary catalyst for the early rally.

Buying efforts, though, soon faded and stock prices followed suit as participants looked to secure some profits from this week's rally that saw the S&P 500 surge 5.9% from its low on Monday to its high on Friday.

Despite the pullback, both the Dow and S&P 500 still finished well above the unchanged mark and even benefited from a late burst of buying activity. The Nasdaq ended with a modest loss as Dell's weakness pulled the tech-heavy composite lower. The Nasdaq still ended the week up 2.5% while the Dow and S&P registered gains of 3.0% and 2.8%.

The financial sector (+2.9%), which rallied on the rate cut expectation and the notion that the reported bailout plan for subprime borrowers will help stabilize the credit market, was the best-performing sector once again. Its leadership was reassuring as every sector traded higher with the exception of the technology sector (-1.0%).

As has been the case throughout the week, today's economic data didn't elicit much enthusiasm as it relates to the economic outlook. Although the Chicago Purchasing Manager's Index was stronger than expected at 52.9 (consensus 50.5), construction spending in October declined 0.8% (consensus -0.3%). Personal spending, meanwhile, rose just 0.2% (consensus +0.3%) and was flat after taking the deflator into account.

Core-PCE, which is a favorite inflation gauge for the Fed, was a bright spot of sorts as it was up 0.2% in October, an increase that translated to a 1.9% jump year-over-year, which is within the Fed's comfort zone of 1.0% to 2.0%.DJ30 +59.99 NASDAQ -7.17 SP500 +11.42 NASDAQ Dec/Adv/Vol 1355/1660/2.56 bln NYSE Dec/Adv/Vol 968/2329/1.89 bln

3:35 pm : A wave of selling pressure sends the major indices to their worst levels of the session, and the Dow into negative territory. No specific news item sparked the selling, but the tech sector (-1.5%) played a large role. The stock market has since bounced off its lows and is attempting to recover. The Dow is back in the green.

At current levels, the financial sector is set to finish the week up 5.0%, which makes it the largest gainer. The only sector set to finish the week in the red is energy, down about 0.5%. The sector has faced selling pressure as oil dropped from $99 a barrel to around $89.

Regarding industry groups, rounding off the top two gainers this week are health care facilities (+38%) and real estate management & development (+20%). The main laggards are drug retail (-6%) and gold (-5%). Four of the ten worst performing groups are oil stocks.DJ30 +27.88 NASDAQ -13.40 SP500 +7.52 NASDAQ Dec/Adv/Vol 1447/1515/1.92 bln NYSE Dec/Adv/Vol 1081/2196/1.11 bln

3:00 pm : The major indices slip as the Nasdaq trades slightly below the unchanged mark. The Dow and S&P are still in the green, but their gains have been cut.

In commodity trading, crude oil's recovery effort was short-lived as it finished down $2.68 to $88.63 per barrel. Commodities as a whole fell, led by a 2.2% decline in energy, and a 1.8% decline in precious metals.

Meanwhile, the dollar strengthened against world currencies, as indicated by the 0.66% rise in the DXY Index. Of note, the dollar is up 0.74% against the euro and 1.06% against the Japanese yen.DJ30 31.86 NASDAQ -7.26 SP500 +8.78 NASDAQ Dec/Adv/Vol 1082/1857/1.70 bln NYSE Dec/Adv/Vol 773/2502/996 mln