STOCK MARKET WATCH, Tuesday, August 2, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Tuesday, August 2, 2011

AT THE CLOSING BELL ON August 1, 2011

Dow 12,132.49 -10.75 (-0.09%)
Nasdaq 2,744.61 -11.77 (-0.43%)
S&P 500 1,286.94 -5.34 (-0.41%)
10-Yr Bond... 2.69 -0.06 (-2.22%)
30-Year Bond 4.05 -0.04 (-0.86%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Handy Links - Market Data and News:Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
Credit Union Tracker    Daily Job Cuts

Handy Links - Economic Blogs:
The Big Picture    Financial Sense    Calculated Risk    Naked Capitalism    Credit Writedowns
Brad DeLong      Bonddad    Atrios    goldmansachs666    The Stand-Up Economist

Handy Links - Government Issues:
LegitGov    Open Government    Earmark Database    USA spending.gov

Handy Links - Videos:
The Coming Collapse of the Middle Class    Charlie Rose talks with Roubini    Charlie Rose talks with Krugman
    William Black: This Economic Disaster    Bill Moyers with Kevin Drum and David Corn

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
Dishonorable Mention: former House majority leader, Tom DeLay

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 = 12

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

Read more: du

[Pale Blue Dot]

1. Today's Reports

Aug 02 08:30 Personal Income Jun 0.0% 0.1% 0.3%
Aug 02 08:30 Personal Spending Jun -0.2% 0.1% 0.0%
Aug 02 08:30 PCE Prices - Core Jun 0.3% 0.2% 0.3%
Aug 02 15:00 Auto Sales Jul NA 4.1M 3.86M
Aug 02 15:00 Truck Sales Jul NA 5.2M 4.98M

Read more: http://www.briefing.com/investor/calendars/economic/2011/08/01-05/#ixzz1TrrWP7E0

[Pale Blue Dot]

2. Oil falls to near $94 as US economy weakens

SINGAPORE – Oil prices fell to near $94 a barrel Tuesday in Asia amid new evidence that the U.S. economy is slowing.

Benchmark oil for August delivery was down 69 cents to $94.20 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude fell 81 cents to settle at $94.89 on Monday.

In London, Brent crude was down 38 cents at $116.43 a barrel on the ICE Futures exchange.

A jump in the oil price Monday — sparked by an agreement to raise the U.S. debt limit and cut spending — fizzled as traders turned to disappointing industrial production data. The Institute for Supply Management said manufacturing activity in the U.S. barely grew in July, the lowest reading since July 2009.

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

[xchrom]

55. BP assets sale stalls

http://www.atimes.com/atimes/South_Asia/MH03Df01.html

KARACHI - The sale by oil and gas major BP of assets in Pakistan has been stalled as the company is unable to enter in any sale agreement or change in the pattern of shareholding until it secures a "novation agreement" from stakeholders.

Novation is the act of either replacing an obligation to perform with a new obligation, or replacing a party to an agreement with a new party.

BP announced last December that it had entered into an agreement to sell almost all of its exploration and production


assets in Pakistan to the Hong Kong-based United Energy Group (UEG) for US$775 million.

The government has asked BP to provide the details of the agreement with UEG, which the British company has not yet submitted, according to The News. The government is also seeking assurances from BP that the London-based parent company will be held liable if any financial obligations come to light after the transaction is closed. UEG will also bear part of the liability.

"BP has to have novation with Oil and Gas Development Co Ltd (OGDCL) and Pakistan Petroleum Ltd (PPL), as these companies have stakes in the BP's assets in Pakistan," The News reported. A novation is valid only with the consent of all parties to the original agreement. OGDCL, the country's largest oil and gas producer, is a 12% partner of BP in Pakistan.

[Pale Blue Dot]

3. U.S. Stock-Index Futures Retreat on Concern Economic Recovery Is Faltering

U.S. stock futures slid, indicating the Standard & Poor’s 500 Index will post its longest losing streak since October 2008, amid concern that growth in the world’s largest economy is faltering.

ConocoPhillips (COP), the third-biggest U.S. oil company, lost 0.8 percent in German trading as the price of crude oil declined. Alcoa Inc. (AA) and Freeport-McMoRan Copper & Gold Inc. (FCX) also retreated in European trading. NYSE Euronext declined 2.2 percent in France after reporting lower profit.

S&P 500 futures expiring in September fell 0.4 percent to 1,274.3 at 6:11 a.m. in New York, signaling the benchmark gauge may retreat for a seventh consecutive day. Dow Jones Industrial Average futures lost 41 points, or 0.3 percent, to 11,999 today.

“The markets are discounting a significant amount of negative news,” said Bob Parker, a London-based senior adviser at Credit Suisse Asset Management, on Bloomberg Television. “The downside on equities is very limited. Investor cash positions are very high, corporate cash positions are very high and valuations are cheap.”

http://www.bloomberg.com/news/2011-08-02/u-s-stock-index-futures-retreat-on-concern-economic-recovery-is-faltering.html

[Roland99]

25. Futures Falling Further

DJIA INDEX 11,955.00 -85.00
S&P 500 1,267.30 -12.40
NASDAQ 100 2,327.00 -19.00

[Hawkowl]

46. Because the debt deal guarantees a depression

That is why the markets are falling. Increased insider selling is also a tell. The cuts are going to yank the rug out from under the economy. It will be the 1930's all over again. Hopefully, it will motivate us to strengthen regulations and the social safety net like FDR did in the 1930's. Enjoy!

[DemReadingDU]

53. I said something similar

in post #52.

But yeh, we've been living in the hugest global financial Ponzi bubble ever, and when it bursts, KABOOM. Then we will all suffer thru the greatest depression ever, not just the U.S., but the entire world.
:(

[xchrom]

4. good morning to you all!!!

:donut: i continue in my subversive efforts to teach little girls to be Fashion Divas.

i was met w/ tonka truck fail yesterday -- i think i will have them decorate the truck w/ glitter.

[Tansy_Gold]

22. Oooh, a sparkly truck! I can haz won two?

I envy you the fashionistas. Daughter is arriving from NJ later this morning with THE NJ devil, aka 6-year-old hockey player grandson. We're going to try to find an ice rink in the metro Phoenix area. . . . . in August.. . . . . . should be easier than finding a puke with a brain and/or a heart. . . . .



TG, TT

[xchrom]

24. I will glitter a truck in your honor, miss tansy!

Good luck finding the ice rink -- I thought there used to be one in Phoenix proper?

[Tansy_Gold]

27. years and years ago there was one at Metro Center

but that's been gone a long time. Daughter said she think there's one in Chandler or Gilbert.

Will post pix later.



TG

[xchrom]

33. Can't wait to see them! Nt

[Roland99]

26. I think splitting an atom with a waffle is easier than finding a repuke w/a brain or a heart!

[DemReadingDU]

28. No kidding!

Spouse had been sent an email from a repuke which led to a few more emails, back and forth. Spouse finally replied
"Thank you for reassuring me about my views regarding conservatives and why I'm not one."

[InkAddict]

44. Just for you...a whole sparkley caravan

[xchrom]

58. ...

:applause:

[Tansy_Gold]

70. Too Kewl!!!!! n/t

[Po_d Mainiac]

35. It's all about hair feather extensions now! n/t

[hamerfan]

39. So is it too late

to invest in tulips as well? :hi:

[Po_d Mainiac]

73. Fergets about feathers...

If you had the right feathers/saddles on hand, you were able to get absurd prices. Even if the fashion thing stays around, the price is about to get crushed as this summer's birds get processed for the fall market.

Until this 'hair extension' fad hit, we tyers were the major bulk of the market for saddles. Once the shelves were empty at the fly shops, we became the only game in town for feathers.

The procesors time the processing of the flock to the fly-fishing schedule. We tie during the winter, and fish in the summer. So even during normal times, the inventory would be getting thin with the whole-sellers.

[xchrom]

43. If I had some - we would use them! Nt

[Po_d Mainiac]

61. check your PM n/t

[hamerfan]

74. Holy Guacamole! n/t

:toast: :party: :crazy: :applause:

[xchrom]

5. Debt ceiling deal casts a bleak light on the future

http://www.latimes.com/business/la-fi-0802-debt-econ-20110802,0,5040313.story

Reporting from Washington and Los Angeles—
The last-minute deal on the debt ceiling may prevent a government default, but it does little to avert a perfect storm of economic problems that could push the nation toward a new downturn and more financial pain for millions of Americans.

Instead of increasing confidence in the future, the agreement seems to have underscored the near paralysis in Washington — and the fact that no substantial new efforts are likely for dealing with unemployment, lagging consumer spending or a host of other problems that have been dragging the economy down.

"By itself, it doesn't do anything to solve the problems down the road," said Roberton Williams, an economist at the nonpartisan Tax Policy Center, referring to the budget deal that is estimated to cut the federal deficit by about $2.1 trillion over the next decade.

The stock market provided an early indicator Monday that investors and business leaders saw little to cheer about. Stocks initially rallied on the debt-ceiling pact, then tumbled after a report showed that U.S. manufacturing activity slowed sharply in July, reinforcing other weak economic data.

[Pale Blue Dot]

7. Even Wall Street knows.

They've successfully kicked the can a little further down the road. However, the can is getting heavier and we're getting weaker. This ends very soon, I think.

[girl gone mad]

32. Agree that the end is near..

but Wall Street is also poised to make money on the way down, though the rewards will be shared by fewer than ever.

[DemReadingDU]

42. So much political kabuki theater

What was really going on behind the scenes? Why such a big distraction?

Because???
The economy is getting weaker
Those financial weapons of mass destruction could be ready to detonate
Lots of unrest with the PIIGS (Portugal, Ireland, Italy, Greece, Spain), and spreading to more countries

The end must be getting near

[Pale Blue Dot]

9. Debt Deal Puts U.S. on Austerity Path as Economy Falters

The federal government looks to be getting out of the business of trying to spur the economy just as the U.S. expansion shows increasing signs of faltering.

A deal struck over the weekend to cut $2.4 trillion or more off budget deficits over a decade marks the beginning of a prolonged effort to put the government’s finances into better shape. While the immediate economic impact from the agreement is likely to be small, it will add to a reduction in growth next year of 1.5 percentage points coming from the expiration of past stimulus programs, according to economists at JPMorgan Chase & Co. and Deutsche Bank Securities.

“Over the next 10 years, there will be further spending cuts and higher taxes, and that’s not good for economic growth,” said Paul Dales, senior economist for Capital Economics Ltd. in Toronto. “It is the start of a meaningful move toward fiscal consolidation.”

The shift from stimulus to austerity coincides with a slowdown in the two-year recovery. A report last week showed that gross domestic product grew at an annual rate of 1.3 percent in the second quarter of the year following 0.4 percent in the first three months, prompting economists to warn of possible relapse into recession.

http://www.bloomberg.com/news/2011-08-02/debt-agreement-puts-u-s-on-path-to-end-stimulus-just-as-economy-falters.html

[xchrom]

11. +1

[Po_d Mainiac]

19. GDP =

private consumption + gross private investment + government spending + (exports (less) imports)


or, as it is commonly expressed in algebraic shorthand:



GDP = C + I + G + (X-M)

[florida08]

18. that's the answer..thank you

[xchrom]

6. Credit ratings agencies mum so far on debt-ceiling deal

http://latimesblogs.latimes.com/money_co/2011/08/debt-ceiling-credit-rating-standard-and-poors-downgrade.html

As Congress worked Monday to approve a deal to raise the debt ceiling, the major credit ratings agencies remained publicly silent about whether the spending cuts would be enough to save the nation's triple-A credit rating.

Some analysts said a downgrade still was possible.

"The chances of a downgrade after this deal remain substantially high," said Ajay Rajadhyaksha, head of U.S. fixed-income strategy at Barclays Capital.

Standard & Poor's, Moody's Investor Service and Fitch Ratings all declined to comment Monday on the bargain struck between the White House and congressional leaders for a two-step hike in the $14.3-trillion debt ceiling.

The ratings agencies apparently are waiting for Congress to approve the deal before weighing in.

[Festivito]

8. Debt: 07/29/2011 14,342,369,286,195.61 (DOWN 496,599,110.85) (Fri, UP some.)

(OVER the old debt limit of 14.294-trillion dollars by 48-billion dollars. Good day.)
Do we get a downgrade.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,755,795,681,448.82 + 4,586,573,604,746.79
UP 2,605,572,370.14 + DOWN 3,102,171,480.99

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 313-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,199.46 makes 1T$.
A family of three: Mom, Dad, Child: $9.60, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 312,552,992 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,887.8.
A family of three owes $137,663.4. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 20 reports in the last 30 days.
The average for the last 20 reports is -103,220,734.84.
The average for the last 30 days would be -68,813,823.23.

There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 205 reports in 302 days of FY2011 averaging 3.81B$ per report, 2.59B$/day.
Above line should be okay

PROJECTION:
There are 541 days remaining in this Obama 1st term.
By that time the debt could be between 14.3 and 17.1T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
07/29/2011 14,342,369,286,195.61 BHO (UP 3,715,492,237,282.53 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,780,746,255,303.90 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +0,943,617,162,867.30 ------------* * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
07/11/2011 -004,122,303,723.36 -- Mon
07/12/2011 -003,634,448,925.47 --
07/13/2011 +010,692,053,599.69 ------------**********
07/14/2011 -001,516,331,672.50 --
07/15/2011 +003,100,504,281.51 ------------*********
07/18/2011 +000,238,790,593.83 ------------******** Mon
07/19/2011 +000,061,099,321.97 ------------*******
07/20/2011 -000,246,591,087.61 ---
07/21/2011 -006,272,699,061.03 --
07/22/2011 +000,804,035,241.16 ------------********
07/25/2011 -000,991,970,057.94 --- Mon
07/26/2011 +000,075,256,672.36 ------------*******
07/27/2011 +000,470,569,863.89 ------------********
07/28/2011 +005,447,179,210.73 ------------*********
07/29/2011 +002,605,572,370.14 ------------*********

6,710,716,627.37 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4943472&mesg_id=4943484

[Festivito]

72. Debt: 08/01/2011 14,342,358,440,969.10 (DOWN 10,845,226.51) (Mon, UP a lot.)

(OVER the old debt limit of 14.294-trillion dollars by 48-billion dollars. Good day.)
Can hardly see a thing.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,783,069,049,952.69 + 4,559,289,391,016.41
UP 27,273,368,503.87 + DOWN 27,284,213,730.38

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 313-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,199.24 makes 1T$.
A family of three: Mom, Dad, Child: $9.60, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 312,574,592 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,884.59.
A family of three owes $137,653.78. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 20 reports in the last 30 to 32 days.
The average for the last 20 reports is -36,459,951.97.
The average for the last 30 days would be -24,306,634.64.
The average for the last 32 days would be -22,787,469.98.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 206 reports in 305 days of FY2011 averaging 3.79B$ per report, 2.56B$/day.
Above line should be okay

PROJECTION:
There are 538 days remaining in this Obama 1st term.
By that time the debt could be between 14.3 and 17.1T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
08/01/2011 14,342,358,440,969.10 BHO (UP 3,715,481,392,056.02 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,780,735,410,077.40 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +0,934,322,703,863.12 ------------* * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
07/12/2011 -003,634,448,925.47 --
07/13/2011 +010,692,053,599.69 ------------**********
07/14/2011 -001,516,331,672.50 --
07/15/2011 +003,100,504,281.51 ------------*********
07/18/2011 +000,238,790,593.83 ------------******** Mon
07/19/2011 +000,061,099,321.97 ------------*******
07/20/2011 -000,246,591,087.61 ---
07/21/2011 -006,272,699,061.03 --
07/22/2011 +000,804,035,241.16 ------------********
07/25/2011 -000,991,970,057.94 --- Mon
07/26/2011 +000,075,256,672.36 ------------*******
07/27/2011 +000,470,569,863.89 ------------********
07/28/2011 +005,447,179,210.73 ------------*********
07/29/2011 +002,605,572,370.14 ------------*********
08/01/2011 +027,273,368,503.87 ------------********** Mon

38,106,388,854.60 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4944578&mesg_id=4944591

[florida08]

10. morning PBD and all

Have a question. Wall Street seems to believe they don't need us. Are they wrong?

The credit agencies want the Bush tax cuts repealed. So far they haven't gotten it.

During the meltdown when the banks were were being attacked by short sellers because of Lehman Brothers didn't they scurry to get investors for revenue? Didn't they use the money Paulson gave them to buy other banks for their deposits? Isn't that what happen to Bear Stearns and why it had to be taken over?

Does it stand to reason that investors seeing the debt deal was cuts with no new revenue will be leery of investing in American markets because of it? Don't investors need confidence that these institutions are at least are in a stable environment even if it's sluggish?

[xchrom]

12. you made it!

:hi: good questions.

[florida08]

17. good morning xchrom..lol

I put a sticky note on pc screen..:hi:

I believe you answered my 'q'

[xchrom]

20. I did? Neat.

:toast:

[xchrom]

13. europe: Commodities pull FTSE lower on global growth fears

http://uk.reuters.com/article/2011/08/02/markets-britain-stocks-idUKL6E7J20EK20110802

LONDON, Aug 2 (Reuters) - Mining and oil stocks dragged Britain's leading share index lower on Tuesday as doubts over the global economic recovery resurfaced following weak manufacturing data from heavyweight commodity consumers China and the United States.

Despite relief that Congress voted through an 11th hour deal to raise the U.S. debt ceiling and avoid a humiliating default on its debts, concerns remained over the country's ability to service those debts and at the same time maintain growth.

London's blue chip index fell 21.42 points, or 0.4 percent to 5,753.01 by 0758 GMT, adding to the previous session's 0.7 percent retreat, as a blitz of poor manufacturing data from the U.S., Europe, China and the UK reignited concerns that the economic recovery was stalling.

"Focus has switched, at least temporarily, from the debt crisis in Europe and the U.S. to global growth concerns with nearly a third of major global economies showing a deterioration in manufacturing," Jimmy Yates, head of equities at CMC Markets, said.

[xchrom]

14. GLOBAL MARKETS-Growth concerns drive stocks, euro lower

http://uk.reuters.com/article/2011/08/02/markets-global-idUKL6E7J20D920110802

Aug 2 (Reuters) - World stocks hit a one-month low on Tuesday and the euro fell broadly as investor focus shifted back to weak global growth prospects and the euro zone debt crisis after a U.S. budget deal that will lead to spending cuts of over $2 trillion.

Sluggish U.S. and global manufacturing data on Monday added to concerns about the world economic recovery, while concerns that Spain and Italy will be the next victims of the euro zone crisis drove benchmark government bond yields to 14-year highs.

An 11th-hour deal to raise the U.S. debt ceiling cleared its biggest hurdle in the House of Representatives, staving off the prospect of a default. But fears persisted that Washington could still lose its triple-A credit rating.

Figures on Monday showing U.S. manufacturing grew at its slowest pace in two years in July prompted investors to unwind risky positions and buy safe-haven assets including German government bonds, the yen and Swiss franc.

[xchrom]

15. Barclays to cut 3,000 jobs as profit drops

http://uk.reuters.com/article/2011/08/02/uk-barclays-idUKTRE7710ZW20110802

(Reuters) - Barclays is set to cut about 3,000 jobs this year to reduce costs after a drop in bond trading and an insurance mis-selling charge cut first half profits by a third.

The bank's performance was more resilient than rivals, however, as bad debts tumbled and it kept costs steady.

"It's better on costs and impairments, and within the revenue line BarCap had a relatively strong quarter compared to its peer group," said Mike Trippitt, analyst at Oriel Securities. "It has been a savage market out there."

Chief Executive Bob Diamond, the American who built investment banking unit BarCap into a debt market powerhouse over the previous decade, said Barclays had cut 1,400 jobs during the first half and the tally was likely to rise to about 3,000 by the end of the year.

[xchrom]

16. Li Ka-shing to buy Northumbrian Water for £2.41 billion

http://uk.reuters.com/article/2011/08/02/uk-cki-northumbrian-idUKTRE7711CY20110802

(Reuters) - Hong Kong tycoon Li Ka-shing agreed to buy utility Northumbrian Water Group for 2.41 billion pounds in the biggest takeover this year of a British-listed company.

Li has been expanding his business empire by buying into regulated infrastructure and utilities assets in developed countries, especially Britain -- which is open to foreign ownership of its infrastructure assets.

Shares of Li Ka-shing's Cheung Kong Infrastructure Holdings (CKI), which is leading the consortium that is buying Northumbrian Water, rose 3 percent to HK$46.15, its record closing high, after the announcement.

The stock has gained about 30 percent so far this year as investors cheered the company's acquisition strategy and expected more buys of regulated-utilities assets to aid its long-term growth.

[Ghost Dog]

21. Britain's Austerity Canary Develops a Worrisome Cough

Ever since it embarked on its ambitious austerity program in June 2010, the U.K. has been regarded as a canary in the economic coal mine. Recent data suggest that if the canary isn't exactly dead, it's certainly ailing.

But there are some aspects of the challenge facing the U.K. that are very particular to its situation and disqualify it as a good test of austerity in general. And while the government has been extremely unlucky in embarking on austerity just as the external environment was turning hostile, it has also played its hand pretty badly.

So while it's too early to say austerity programs can't work, the U.K.'s experience suggests that those that do will need to be accompanied by a narrative that nobody has yet articulated, but will probably be the defining political legacy of a very grim time...

...Companies have been making solid enough profits and now have stacks of cash at their disposal. But they have yet to go on the offensive, and business investment hasn't been anywhere near as strong as the government had hoped and the Bank of England expected. Even with a cut in the corporate tax rate.

But why would a business invest when it can see that consumers are counting the pennies? Until there are some signs that consumer spending is set to rise, business investment won't. And the government has played a major role in sapping consumers' confidence...

/... http://online.wsj.com/article/SB10001424053111903341404576482242788446046.html

[xchrom]

23. +1

[xchrom]

62. IMF details risks to UK economic growth

http://www.bbc.co.uk/news/business-14370681

The International Monetary Fund says there are still "significant" risks to inflation, growth and unemployment in the UK.

In its latest assessment of the UK, the IMF said growth would be 1.5% this year - less than the government expects.

It backed the current austerity measures as "appropriate" to the present economic conditions.

However, it warned the government may need to react to new economic problems such as falling house prices.

[girl gone mad]

29. MORE BAD NEWS: Personal Spending Tanks In June

More bad news.

Personal spending goes negative in June to -0.2%

Analysts had expected a gain of 0.1%.

Income growth of just 0.1% is below expectations of 0.2% growth.

The signs of the new recession keep piling up.

Read more: http://www.businessinsider.com/june-personal-income-and-spending-2011-8#ixzz1TsP6Kgem

[xchrom]

30. +1

[DemReadingDU]

34. okaaaay

There has been so much debate about the government is spending too much, but when personal spending slows down, that's bad.
:eyes:

[girl gone mad]

38. or how about the relentless obsession with government debt..

when no one says a word about our excessive levels of private debt?

Doubly ironic since much of the government debt is money that is owed to the American people, while most private debt is money the American people and businesses owe to banks. When the government debt is paid, the money gets re-deposited as savings or spent in the economy. When the private debt is paid, the money is removed from the economy.

[burf]

37. It looks as though

the trend is continuing into July.

NEW YORK (MarketWatch) -- Chain-store sales for the week ended July 30 rose 4% from the year-earlier period, the smallest gain in four weeks, according to a survey released Tuesday by the International Council of Shopping Centers and Goldman Sachs.

http://www.marketwatch.com/story/retailers-weekly-sales-rise-4-survey-2011-08-02?link=MW_home_latest_news

Looks as though the best numbers were from the discount retailers. No surprise there!

[Po_d Mainiac]

78. Nowhere else but Amerika

wood people paring down their personal debt, be looked at as a bad thing

[florida08]

31. Fiscal consolidation as a policy strategy to exit the global crisis

Stimulus and consolidation policies should not be envisioned as two unrelated policy emergencies. In light of the experience during the crisis, the inability to envision an integrated and comprehensive recovery strategy in different phases is dangerous. Underestimation of financial risk and initial policy hesitation/reluctance in redressing the problems at the core of the crisis have already been quite costly. Similar missteps on fiscal consolidation are now possible....

A gradual implementation of fiscal consolidation effectively allows the central bank to smooth the rise in policy rates when exiting from the zero lower bound constraint, as the economy recovers from the crisis. As this translates into lower real rates over time, anticipation of future spending cuts raises the size of the short-run multipliers from fiscal stimulus during the slump, and shortens the time during which monetary policy is constrained by the lower bound...

..a recessionary shock of known duration, which is fought with a persistent increase in public spending. Fiscal expansion is later offset either by higher (non-distortionary) taxes or by a combination of higher taxes and spending cuts that bring public spending below the pre-crisis levels. For the sake of argument, we assume that spending cuts are implemented over four quarters only – hence producing a sharp correction in public liabilities within a limited time span. However, their implementation can be delayed for a few quarters after the end of the stimulus.
http://www.voxeu.org/index.php?q=node/5273



This makes sense to me. Using all 3 in the right order could lift us out of the debt problem. Spending cuts, stimulus and tax increases. Not sure why it hasn't been implemented this way. But I do know what this sudden choking we just got will do.

[DemReadingDU]

36. Because the wealthy refuse any increase in taxes

Eventually, the spending will be cut for the middle and lower class programs
:(

[florida08]

40. tea baggers are just ignorant or evil..haven't decided yet

But who has even laid out this plan to the public? Who has explained anything about how we get out of this?
It's the pendulum setup. All or nothing. These guys went to Harvard, Yale..do they teach anything there?..lol
I think the wealthy who have benefitted in this country would go along with it..if it were explained in this way.
Unfortunately the Koch types are running us..and running us into the ground.

Hope you're well :hi:

[kickysnana]

41. Looks like gold has found its direction.

Yesterday it was yoyoing. Now it is trending up.

[Ghost Dog]

45. Eurozone crisis reignites as investors lose faith in rescue package

The eurozone debt crisis threatened to erupt again on Tuesday as Italy and Spain's borrowing costs hit record highs, helping to drive Britain's own borrowing costs down to a record low.

The euro also lost ground against most major currencies and the Italian stock market hit a 27-month low, as investors appeared to lose faith in the latest European rescue package.

The yield, or interest rate, on Italian 10-year bonds rose to nearly 6.3% at one stage, with the equivalent Spanish bonds yielding almost 6.5% early on Tuesday. If yields reach 7%, a country has effectively lost the support of the international markets.

Spain's prime minister José Luis Rodríguez Zapatero postponed the start of his holiday, allowing him "to more closely follow" the situation.

In contrast, UK 10-year gilt yields hit an all-time low of 2.76%, amid suggestions that the UK has become a relative safe haven in response to the debt crises raging in both Europe and America. The glut of disappointing manufacturing data released on Tuesday also reinforced fears that the global economy is faltering.

/... http://www.guardian.co.uk/business/2011/aug/02/european-debt-crisis-spain-italy

http://ftalphaville.ft.com/blog/2011/08/02/640401/selling-italy-buying-uk/

----

Merrill Lynch Global Wealth Management, unconvinced that the second Greek bailout has stemmed the debt crisis, won’t put any of its $1.5 trillion of assets into Italian or Spanish bonds. The unit of Bank of America Corp. (BAC) has spurned bonds from Greece, Portugal, Ireland, Spain and Italy since deciding to avoid them in April of last year, according to Johannes Jooste, a senior Merrill portfolio strategist in London. Merrill isn’t alone: Frankfurt-based DWS Investment, which oversees $390 billion for clients, and Legal & Investment Management say they are “underweight” Spanish debt.

The lack of enthusiasm from bond buyers threatens the latest rescue deal for Greece, which was struck two weeks ago to reassure investors as contagion from the debt crisis sent Italian and Spanish bond yields soaring. The bailout includes contributions from banks and other private bondholders through a series of exchanges and buybacks that will cut the debt load.

“We are not convinced that this is the finality of the haircuts,” Jooste said in an interview, referring to losses absorbed by those private investors through the debt-exchange program. “There is still a question mark of whether there will be haircuts for countries apart from Greece.” ...

...Italy, whose 1.8 trillion euros of borrowings make it the region’s biggest bond market, will have the second-highest debt level as a percentage of gross domestic product this year, according to a May 13 European Commission forecast. At 120 percent, it will trail only Greece’s 158 percent. Spain’s 68.1 percent level will be less than that of France and Germany, though its budget deficit, at 9.2 percent last year, was below only Greece and Ireland. Yields on Italian and Spanish bonds have resumed their ascent after declining when European leaders agreed July 21 on the aid package for Greece, the second in less than two years...

/... http://www.bloomberg.com/news/2011-08-01/italy-spain-stuck-in-no-go-debt-zone-for-merrill-dws-funds-euro-credit.html?cmpid=yhoo

[Ghost Dog]

47. European Stocks Tumble As Correction Continues

VIENNA (dpa-AFX) - The carnage continued in European markets on Tuesday, as investors fled from stocks amid concerns that Europe and the U.S. are in for a 'lost decade' of economic growth.

While sovereign debt problems may have been kicked down the road, markets remain spooked by the prospect of double-dip recessions on both sides of the Atlantic.

Analysts say growth prospects are so dim in the U.S. that a third round of quantitative easing can't be ruled out, and borrowing costs are getting prohibitively high around Europe, with Spanish bond yields surging toward 7 percent today.

European markets are in correction mode, having dropped more than 10 percent from their yearly peak.

With losses accelerating into the close, the Euro Stoxx 50 index of euro zone blue chippers unofficially dropped 1.66 percent today, while the Stoxx Europe 50 index, which includes some major U.K. companies, declined 1.43 percent.

Around Europe, the German DAX plunged 2.26 percent, the French CAC 40 lost 1.82 percent, the U.K.'s FTSE 100 slipped 0.97 percent.

/... http://www.finanznachrichten.de/nachrichten-2011-08/20964188-european-stocks-tumble-as-correction-continues-020.htm

[Ghost Dog]

48. Spain PM delays holiday to monitor economy

MADRID (Reuters) - Spain's Prime Minister delayed his holiday plans on Tuesday to monitor the latest stage of the euro zone debt crisis after the risk premium on the country's debt spiralled to record highs before key Thursday bond sales...

...Spain's government and economy ministry are in contact with fellow European governments over the situation in the markets, particularly Germany, Italy and France, the economy ministry told Reuters...

...Spain will face a key test of investor demand on Thursday when the Treasury auctions 2014 and 2015 bonds. Yields are expected to jump to near-record levels at the sale.

Later the President's office also said the PM had been in contact with opposition leader Mariano Rajoy, widely expected to win early elections in November, and Socialist candidate Alfredo Perez Rubalcaba, to keep them up to date.

Italian bond yields hit their highest level in the euro's 11-year lifetime, ominously reaching the same level as Spain's in a sign that Rome is overtaking Madrid as the main focus of investors' concern about debt sustainability.

/... http://uk.news.yahoo.com/spain-pm-delays-holiday-monitor-economy-121900230.html

[Ghost Dog]

49. German Economy Starts to Cool Down

...After almost two years of strong growth, its economic outlook is starting to deteriorate, due to a slowdown in major emerging markets including China and fears of a possible United States recession caused by $2.4 trillion in spending cuts linked to the debt ceiling deal.

Various indicators released in recent weeks point to a deceleration of Europe's largest economy.

The Ifo business climate index for July fell sharply to its lowest level in nine months, and analysts say it is likely to keep dropping. The ZEW investor sentiment index showed the weakest level since January 2009.

And the Markit/BME purchasing managers' index for the German manufacturing sector fell 2.6 points in July to 52 points, its lowest level since October 2009. "New order levels went into reverse in July, as fewer export sales helped end a two-year period of sustained growth," Tim Moore, senior economist at Markit, said.

German engineering orders in June rose by just 1 percent year-on-year, after having jumped 21 percent in May, the VDMA engineering industry association said. "There are initial indications that demand for invesment goods has become less dynamic in Germany and in the other euro member states," said VDMA economist Olaf Wortmann...

/... http://www.spiegel.de/international/business/0,1518,777930,00.html#ref=rss

[Ghost Dog]

50. 'The Bear Market Is Starting': Marc Faber

..."The Treasury market is telling you that the economy is in recession," said Faber. "So if the bond market is telling you that the economies of the Western world are weakening, but at the same time the stock market is still relatively high, I think the stock market is vulnerable."...

..."The politicians are all useless individuals. Nobody is reducing the problems in the US or Europe, just putting on a band aid and postponing the problems endlessly," he said. "Some analysts think that there's a chance economic data will surprise on the upside but I think, if anything, it will be on the downside,"...

...Faber argues that China disappointing "is a much bigger risk for the global economy than the US because the US is no longer a major commodities buyer"...

..."If commodity prices are falling, then commodity producers will buy fewer goods from China," he pointed out. "This is something that the world central bankers can't deal with."

Food price inflation is more of a problem in emerging markets than in the developed world as food is typically a much bigger part of annual spend in poorer countries, Faber pointed out, arguing that this could lead to worse than expected growth in China.

/... http://www.cnbc.com/id/43983284


Signs of a Double-Dip Have Emerged

..."Our GDP number on Friday was an indication that states and local governments, which make up 12 percent of GDP, are really pulling back," she added. "We’re certainly in a double dip on housing," which is putting "enormous pressure on the economy."

The states most tied to housing have had to cut social programs and raise taxes, which, in turn, pushes home values down even further, she said. Those states with "clean" balance sheets in areas she calls "the emerging markets of the United States" attract more business, have more tax surpluses and don’t have to raise taxes.

Some states are in bad shape because they relied so heavily on federal stimulus money, which ran out at the end of June, she said. Forty-six states have passed balanced budgets that include big cuts.

"This affects the macro environment, this affects employment, this affects spending, this affects every corporation within the United States because so many corporations are reliant on contracts from state and local governments," Whitney said. "So this situation in D.C. exacerbates it, but the states are in a bad situation even without the situation in D.C.

Another reason she is predicting a double-dip is layoffs, citing 50,000 jobs cut just on Wall Street, with thousands more by nonfinancial firms...

/... http://www.cnbc.com/id/43973763

[Fuddnik]

51. Well, the markets sure have found certainty.

And I'm certain they don't like what they see.

[DemReadingDU]

52. Could it be

Obama's signing the bill is like a signal that austerities for we people can begin.
There will be cuts to Social Security and Medicare.
The stock market declines after the insiders got out their gains.

[hamerfan]

75. Cue Hotler's quote!

It would be very damn appropriate to me right now.

[Pale Blue Dot]

54. Pardon my French, but Obama didn't even buy himself a fucking DAY.

I think I'm safe in assuming that most regular readers of the SMW agree that the debt ceiling limit deal was horrible; I'll confess, however, to believing that Obama would be able to score art least a temporary political victory (on the backs of the American people). Given that the markets are down almost 200 points, I realize now that he didn't even get that.

What a disastrous, stupid, cowardly fucking move.

[plumbob]

67. Well said, and your French came through beautifully.

Thank you.

[Jon Ace]

71. The markets agree with you it seems. (nt)

[Demeter]

56. 26th rec!

Here I am in the 8th precinct, massively underwhelmed by the turnout for today's primary.

Only 3 wards have contests, all democratic. In my ward, the incumbent, a GOP turned Democrat in order to get elected, is challenged by a real Democrat. We'll see what comes of it.

We've had 37 whole people walk in to vote. No idea how many absentee voters in this precinct. But it doesn't amount to much. There's only one contest, for City Council. And 5 poll workers. This is because the GOP would rather have electronic counting than mail voting. Cut the schools, but insist on the most expensive (and corruptible) way to run an election.

I'm using the chairman's flaky laptop, and my own fumbly, blind fingers. Please excuse any errors.

and it really looks like people are underwhelmed by the bill. May neither Congress nor the White House have a day's luck with it.

Did you see, Fitch has decided to keep the US AAA.

[RUMMYisFROSTED]

57. "They" love it!

:sarcasm:

[DemReadingDU]

65. Where's the bloodbath pic?

[xchrom]

59. asia: Toyota profits plunge after earthquake disruption

http://www.bbc.co.uk/news/business-14369137

Toyota Motor has reported a 99% drop in quarterly profits because of the impact of March's earthquake and tsunami.

Net profit for the three months to the end of June fell to 1.1bn yen ($14.2m; £8.7m) from 190.4bn yen last year.

Toyota was hit by a shortage of parts around the world due to the damage caused to Japan's supply chain by the natural disasters.

Despite falling first quarter sales, Toyota increased its forecast for full-year sales and profits.

[xchrom]

60. Asia to account for half of world GDP by 2050, ADB says

http://www.bbc.co.uk/news/business-14368324

Asia will account for half of all global economic output by 2050 if it can maintain its current growth rate, the Asian Development Bank (ADB) has predicted.

It said Asia's gross domestic product (GDP) could increase from $17tn (£10tn) in 2010 to $174tn in 2050.

The ADB added income levels in Asia could match those in Europe today.

However, it warned that challenges such as widening income gaps and corruption posed a threat to the region's growth.



***this is what happens when there is too much focus on fancy schmancy financial services, free trade & no infrastructure -- among other things.
IMO.

[xchrom]

63. Honda profits plunge 88% as earthquake hurts production

http://www.bbc.co.uk/news/business-14362214

Honda motors has reported an 88% plunge in first-quarter profits after the 11 March earthquake and tsunami.

Honda said it made a net profit of 31.7bn yen ($408m; £248m) compared with 274bn yen a year earlier.

Production at the Japanese carmaker slowed due to a shortage of parts after the twin disasters disrupted the country's supply chain.

However, in a sign that conditions are improving, Honda raised its full-year earnings forecast by 35%.

[Roland99]

64. PPT/PWG better get busy!

Dow 11,940 -193 -1.59%
Nasdaq 2,688 -57 -2.06%
S&P 500 1,262 -25 -1.97%
GlobalDow 2,037 -37 -1.81%
Oil 93.61 -1.28 -1.35%
Gold 1,654 +32 +1.97%

[Fuddnik]

66. We was robbed!

I thought the S&P was supposed to hit 1270 and then zoom back up to 1350.

I guess you just can't trust them charts anymore.

[Po_d Mainiac]

76. Wonder where that poster went?

Look for the stall to try to recover at 1250. If it does we're likely to see a new 60/90 DMA between 1250 and 1300. If 1250 falls, and falls hard, won't be much back pressure on the yoke till 1170.
YMMV

[Roland99]

68. At the close - Boy, it got ugly at the end!

Dow 11,867 -266 -2.19%
Nasdaq 2,669 -75 -2.75%
S&P 500 1,254 -33 -2.56%
GlobalDow 2,030 -44 -2.13%
Gold 1,660 +38 +2.33%
Oil 93.33 -1.56 -1.64%
Euro /$1US 1.4197 -0.0053
$1US / Yen 77.0650 -0.1425
Pound / $1US 1.6296 0.0000
Dollar Index 74.46 0.15
10yr T-note 2.62 -0.13
2yr T-note 0.33 -0.05

[TalkingDog]

69. Ugly? No... that, my friend, was FUGLY.

Fugly today and probably fugly tomorrow.

[Hotler]

77. Just a little blip. n/t

[hamerfan]

79. Hotler!

Give me the quote! Please!!!

[DemReadingDU]

80. Hotler: I have no hope. I see no future.