STOCK MARKET WATCH, Friday 24 March

[ozymandius]

Friday March 24, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 1032 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 1919 DAYS
WHERE'S OSAMA BIN-LADEN? 1619 DAYS
DAYS SINCE ENRON COLLAPSE = 1580
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 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 March 23, 2006

Dow... 11,270.29 -47.14 (-0.42%)
Nasdaq... 2,300.15 -3.20 (-0.14%)
S&P 500... 1,301.67 -3.37 (-0.26%)
30-Year Bond 4.76% +0.03 (+0.61%)
10-Yr Bond... 4.74% +0.04 (+0.77%)
Gold future... 550.80 -0.90 (-0.16%)






GOLD, EURO, YEN, Dollars and Loonie


PIEHOLE ALERT

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

For information on protests and other actions Citizens For Legitimate Government

[ozymandius]

1. WrapUp by Martin Goldberg

Semiconductors – Lagging Sector Lies at the Crossroads

It’s difficult to picture a bull market rally sustaining itself without the support of the semiconductor sector. At present, there are many semiconductor stocks that are at key technical landmarks where their short term behavior may provide some insight as to the sustainability of the current stock market’s rally.

From the spring of 2003 low, the semiconductor sector raced ahead and topped concurrent with the US stock market at about New Year's of 2004, after gaining about 100%. The semiconductors then corrected over the next 2-1/2 quarters and gave back most of their previous advance. While most stock market sectors, both in the US and abroad are now forging ahead and nearing or bettering all time highs, the semiconductor sector appears to be struggling somewhat.

-cut-

The largest company within the index in terms of market capitalization, Intel, will provide insight into the entire sector and more importantly, the overall US stock market. While I would like to think that these technical observations clearly suggest that I am a genius, the reality of the situation is that Intel is at the bottom of a (too) obvious trading range. There are numerous hedge funds trading this (obvious) range. In the market environment we have been in for the last couple of years, trading this range from the long side should be pretty easy. But is it actually free money with low risk? Maybe this time it will be. Yet it is my contention that there is risk in this apparent “free money” that may eventually burn a lot of technicians with a crash. Yet, until it does, I’m just rationalizing. My conclusion is that if Intel stays true to its range, it will be bullish for the market. Yet the large width of the trading range suggest that if Intel breaks below the trading range, it will likely result in a price objective of about 12.5 or less, and this will be quite bearish for the US stock market.

more...

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

[ozymandius]

2. Today's Reports

8:30 AM Durable Orders Feb
Briefing Forecast 2.0%
Market Expects 1.3%
Prior -9.9%

10:00 AM New Home Sales Feb
Briefing Forecast 1200K
Market Expects 1210K
Prior 1233K

[UpInArms]

15. Durable Goods rise on Aircraft Orders (more spending for war?)

8:30 AM ET 3/24/06 U.S. JAN. DURABLE ORDERS REVISED TO FALL 8.9% VS -9.9% PREV

8:30 AM ET 3/24/06 U.S. FEB. DURABLE-GOODS INVENTORIES DOWN 0.5%

8:30 AM ET 3/24/06 U.S. FEB. DURABLE-GOODS SHIPMENTS RISE 0.2%

8:30 AM ET 3/24/06 U.S. FEB. DURABLE GOODS EX-TRANSPORTATION DOWN 1.3%

8:30 AM ET 3/24/06 U.S. FEB. DURABLE-GOODS ORDERS UP 2.6% VS.1.5% EXPECTED

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BDE89A37A%2DA218%2D4A10%2D97B6%2D5FD8A3F73B58%7D&dist=newsfinder&symbol=&siteid=mktw

WASHINGTON (MarketWatch) - Led by demand for civilian aircraft, orders for new U.S.-made durable goods rebounded 2.6% in February after a sharp fall in the previous month, the Commerce Department reported Friday. The increase was above forecasts. Economists were expecting orders to rise 1.5%. Ex-transportation, orders fell 1.3%, the first drop in four months. Durable orders in January were revised to a 8.9% decrease from a 9.9% fall previously estimated. Shipments of durable goods increased 0.2% in February after a 1.8% fall in January. Orders for core capital goods equipment rose 1.6% in February.

[UpInArms]

34. Durable orders up 2.6% in Feb. on aircraft, defense

Did I call this one, or what? :grr:

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BD6230356%2DD089%2D45F5%2DAD68%2D33A8933C123F%7D&dist=newsfinder&symbol=&siteid=mktw

WASHINGTON (MarketWatch) -- Spurred by civilian aircraft and defense goods, durable goods orders placed with U.S. factories rebounded in February.

Total durable goods orders rose 2.6% in February, the Commerce Department reported Friday. It was the fourth increase in the last five months and the largest gain since November. Read the full report.

<snip>

Excluding transportation, durable goods orders fell 1.3% in February, for the first decline in the last four months and the largest drop since last July.

<snip>

Defense capital goods orders rebounded in February, rising 104.1% after falling 32.6% in the previous month.

...more...

[54anickel]

42. Factory figures are losing relevance

http://www.dallasnews.com/sharedcontent/dws/bus/columnists/all/stories/DN-dimartino_24bus.ART.State.Edition1.254e3d4.html

This morning, durable goods orders for February will be released. What I doubt will be mentioned is how meaningful the figures are in the globalized grand scheme of things.

It's not just durable goods. Economists look at all manner of U.S. manufacturing data for clues as to whether the economy is overheating or underperforming.

But they're gauging the activity of an increasingly shrinking factory sector while ignoring the rapidly expanding sector overseas.

We've long been a nation of closing factories. What's changed is that we're no longer replacing them – onshore, that is. Manufacturing has become a global game, and U.S. companies are big players.

That fact carries implications for monetary authorities and investors alike. J.P. Morgan Chase senior economist James Glassman said so in a recent note to clients.

more...

[UpInArms]

47. U.S. Feb. new home sales down 10.5% to 1.08 mln units

9:59 AM ET 3/24/06 U.S. FEB. NEW HOME SALES PRICE DOWN 2.9% Y-0-Y TO $230K

9:59 AM ET 3/24/06 U.S. JAN. NEW HOME SALES REVISED TO 1.21 MLN VS 1.23 MLN

9:59 AM ET 3/24/06 U.S. FEB. NEW HOME SALES AT LOWEST LEVEL SINCE MAY '03

9:59 AM ET 3/24/06 U.S. FEB. NEW HOME SALES BELOW 1.21 MLN FORECAST

9:59 AM ET 3/24/06 U.S. FEB. NEW HOME SALES DOWN 10.5% TO 1.08 MLN UNITS

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BA55B3A94%2D345E%2D4A2D%2DBAA3%2DAD162C61163B%7D&dist=newsfinder&symbol=&siteid=mktw

WASHINGTON (MarketWatch) - U.S. new home sales slumped 10.5% in February to their lowest level since May 2003, the Commerce Department estimated Friday. The decline was larger than forecast. Economists expected sales to slip to 1.21 million. Sales in January were revised lower to a 1.207 million unit pace from 1.233 million previously estimated. The inventory of unsold homes on the market rose by 4.4% to a record 548,000, representing a 6.3-month supply at the February sales pace. This is the largest month-supply since January 1996. The median sales price fell by 2.9% year-over-year to $230,400 in February.

[UpInArms]

49. Hurray! Housing Supply Largest in a DECADE!

http://www.marketwatch.com/News/Story/7CC7dhzKzP9lVFLDqk1RZKS?siteid=mktw&dist=morenews

WASHINGTON (MarketWatch) - Sales of new homes in the United States fell 10.5% to a seasonally adjusted annual rate of 1.080 million in February, the lowest since May 2003, the Commerce Department said Friday.


It was the largest percentage decrease in almost nine years. Read full government report.

The number of new homes on the market increased 4.4% to a record 548,000, representing a 6.3 months supply. The months' supply is the largest in a decade.

Economists were expecting a small decrease to about 1.21 million, according to a survey conducted by MarketWatch. See Economic Calendar.

Sales in January were revised lower to a 1.207 million unit pace from 1.233 million previously estimated.

The median sales price fell by 2.9% year-over-year to $230,400 in February. The average sales price rose 2.6% to $296,700.

The sharp drop in home sales may be confirmation to some economists that the higher mortgage rates may bring an abrupt end to what they see as a bubble in housing, with prices higher than justified by fundamentals.

...more...

Joy! Joy! Joy! to the markets! Bubbles are popping like Champagne Corks!

[wordpix2]

58. think the developers & bankers will now leave some open space alone?

[UpInArms]

62. Why would they do that? It's just OPM -

"Other Peoples Money" - just flash back to the banking crisis of the 80s and you will see that they won't stop until it all crashes upon the backs of the taxpayers.

[UpInArms]

51. US home sales tumble, durables signal weakness

http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=uri:2006-03-24T153556Z_01_N24146180_RTRIDST_0_ECONOMY-WRAPUP-2.XML

WASHINGTON, March 24 (Reuters) - Sales of new U.S. homes plunged 10.5 percent in February, the biggest drop in nearly nine years, while prices fell and the number of homes on the market hit a record high, the government said on Friday in a report signaling significant slowing in the housing market.

A separate report suggested weakness in business spending plans, with new orders for durable goods outside the volatile transportation sector falling short of forecasts.

The data sent the dollar to session lows against the euro and pushed U.S. Treasury prices higher as Wall Street bet the Federal Reserve's campaign of interest-rate hikes could be near its end.

"This is what the Fed wants, they want housing to slow -- that is the place where they can most effect wealth creation and spending," said Robert MacIntosh, chief economist at Eaton Vance Management in Boston. "The Fed is that much closer to being done. I think they are done after next week."

<snip>

WEAK BUSINESS SPENDING

The Commerce Department earlier on Friday said new orders for U.S.-made durable goods rose 2.6 percent in February, twice forecasts, but a drop in demand outside transportation hinted at weakness in business spending plans.

...more...

But...but...but... They said that business investments in capital expenditures would SOAR!

[ozymandius]

3. Oil Prices Slip to $63.80 a Barrel in Asia

SINGAPORE - Oil prices slipped back a bit in Asian trading Friday after surging more than $2 a barrel in the previous session amid concerns about shrinking U.S. oil supplies.

Light, sweet crude for May delivery fell 11 cents to $63.80 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $2.14 to settle at $63.91 a barrel on Thursday.

-cut-

Natural gas advanced 1.2 cents to $7.34 per 1,000 cubic feet.

The U.S. Energy Department said Wednesday that domestic inventories of crude oil declined by 1.3 million barrels last week to 338.6 million barrels, or 9 percent above year-ago levels.

more...

[UpInArms]

56. Oil futures rise to a 1-week high above $64 (@ $64.40 bbl)

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BDB19DC74%2D115F%2D4A93%2D83F5%2DA8E6048F3DA5%7D&dist=newsfinder&symbol=&siteid=mktw

SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed above $64 a barrel Friday morning to their highest level in a week, as ongoing civil unrest in Nigeria and refinery maintenance in the United States fueled concerns about petroleum supplies.

Crude for May delivery climbed as high as $64.60 a barrel on the New York Mercantile Exchange, a level not seen since March 17, when prices closed at $64.20.

The contract added 3.5% on Thursday in what traders said was a delayed reaction to a surprise drop in crude supplies reported by the Energy Department on Wednesday. See full story.

April unleaded gasoline was also up 2.69 cents at $1.843 a gallon, trading below last week's close of $1.8601. and April heating oil added 1.86 cents to $1.805 a gallon, trading above the week-ago level.

Oil prices strengthened on renewed reports of supply disruptions in Africa's largest oil producer, Nigeria, said Matthew Parry, an economist at Moody's Economy.com.

...more...

[ozymandius]

4. Stock futures mixed, Google set to jump

LONDON (Reuters) - Wall Street looked set for a mixed opening on Friday but technology shares were expected to rise after Google Inc. (Nasdaq:GOOG - news) jumped after-hours as Standard & Poor's said it would be added to its benchmark S&P 500 Index.

U.S. stock futures suggested the broader market would fall however, with durable goods and new homes figures in focus later after indexes slipped on Thursday as surprising strength in home sales fueled interest rate fears.

The Federal Reserve's policy-setting committee, which meets next Monday and Tuesday under new Chairman Ben Bernanke, is expected to raise the fed funds rate by a quarter-percentage point to 4.75 percent from 4.5 percent.

"The economic data this week suggests that a 5 percent Fed rate is very much on the cards by the end of May. Next week's FOMC meeting...is eagerly awaited," said David Buik at Cantor Index.

more...

[ozymandius]

6. Google to Join S.&P. 500

Google will be added to the Standard & Poor's 500-stock index on March 31, a long-anticipated rite of passage that lifted the company's recently sagging shares.

Standard & Poor's announced the forthcoming change after the stock market closed yesterday. Google will replace Burlington Resources, which is being acquired by ConocoPhillips.

Shares of Google gained $1.67, to $341.89, on Nasdaq yesterday, then soared $31.61, or 9 percent, in extended trading.

Before the announcement, Google's market value had dropped by nearly 20 percent so far this year, wiping out about $20 billion in shareholder wealth amid concerns about slowing earnings growth and questions about its often-cryptic communications with Wall Street.

more...

http://www.nytimes.com/2006/03/24/technology/24google.html?_r=1&oref=slogin

[54anickel]

19. They do tend to play musical chairs over in the S&P any way - don't

they? Why is this being touted as some "rite of passage" for Google? Sheesh, most of the time when they add/subract from the listing there's barely a whisper. :eyes:

[RawMaterials]

31. Its because off all the MM

who mutual funds have to track the sp 500, I suspect that most already have a peace of google but now its going to be mandatory that they have a certain % based on how the Mutual fund was designed. This is why I will never own a fund, if I'm putting money in the market I'm doing it with certain company's and I'm doing all my own research, its a risk but the money i save in fee's is probably going to be the one thing that keeps me afloat.

[ozymandius]

39. always

It's like musical chairs - or my favorite analogy - the S&P changes its roster as frequently as a carousel changes passengers. They gotta keep those averages up somehow.

[UpInArms]

29. More Musical Chairs - NYSE exec joining Chicago Board of Trade

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B59B85A8F%2DE9D7%2D4B2B%2D827A%2D98242813D162%7D&dist=newsfinder&symbol=&siteid=mktw

NEW YORK (MarketWatch) -- NYSE Group Inc. (NYX ) said Friday that Kevin J.P. O'Hara, 44, has submitted his resignation as executive vice president and co-general counsel, effective April 24. He is leaving to join the Chicago Board of Trade (BOT ) as chief administrative officer and chief strategy officer. Jerry Putnam, president and co-COO of NYSE Group, said O'Hara, "was a major force behind the success of Archipelago and the completion of the merger" with the NYSE. No successor was named.

[ozymandius]

5. GM's mortgage unit deal brings in $9-billion

NEW YORK -- General Motors Corp. took another step back from the brink yesterday, announcing it has sold its commercial real estate business to generate nearly $9-billion (U.S.) in cash.

Analysts said the sale and the employee reduction plan unveiled this week are crucial steps for the money-losing auto maker, but that far more must be done before it can return to profitability.

GM, which lost $10-billion last year, is engaged in a multifront effort to stave off bankruptcy protection as it attempts to reduce its cost structure and halt the steep decline in its market shares.

GM's wholly owned financing arm, General Motors Acceptance Corp., closed the deal yesterday to sell its commercial mortgage unit to private investors for $1.5-billion, plus the repayment to GMAC of nearly $7.3-billion in intercompany loans.

more...

http://www.theglobeandmail.com/servlet/story/LAC.20060324.RGMAC24/TPStory/Business

[ozymandius]

7. GM's Recovery Effort Revs Up

Even after taking important steps this week in its turnaround plan, General Motors Corp. has much more to do before returning to profitability and market stability, analysts said Thursday.

The beleaguered automaker's announcement Thursday that it had sold a larger majority interest in its commercial mortgage business in an $8.8-billion deal was seen as further evidence that its recovery plan was picking up steam.

The sale of 78% of GMAC Commercial Holding Corp. to an investor group led by Kohlberg Kravis Roberts & Co. — up from a 60% stake agreed to in August — will raise cash and bolster GM's sagging credit ratings.

more...

more...

[54anickel]

16. Did you happen to catch the discussion on The News Hour last night

regarding GM? They got into the future of the middle-class saying they'll be higher educated with lower pay.

http://www.pbs.org/newshour/bb/business/jan-june06/gm_3-23.html

snip>

SEAN MCALINDEN: I think Harley's absolutely right. This is, you know, really the end of 20th-century industrial America and the start, hopefully, in a few years of the 21st-century industrial America, where we're going to be talking about workers whose requirements for hiring are much higher -- several years of college, an associate's degree, you know, some higher certification even than that -- and whose job will, you know, actually involve less physical work, far more moderate moderating of equipment and technology and problem-solving, decision-making.

And there won't be as many of them, because the productivity levels will be so high, but we already see this in some of the newest plants in the U.S. auto industry, even here in Michigan. And it's pretty exciting to watch. We're really saying goodbye right now to a whole generation, a Baby Boom generation of auto workers in the next three, four, five years.

Educated auto workers

RAY SUAREZ: Harley Shaiken, you just heard Sean McAlinden talking about those new auto workers of the future, how they're going to be better educated and required to do different kinds of work, but how can they be cheaper if they're also going to be required to be better educated?

HARLEY SHAIKEN: That could be one of the real dilemmas that we face. We may have better-educated auto workers that earn a lot less.

I think we have to remember that, in the 20th century, General Motors and the UAW paved the road to the middle class, not simply for hundreds of thousands of auto workers, but for many millions of Americans who look at this model of a company with rapidly rising productivity who passed those gains, because of a strong union, on to the workforce. The result was a consumer-driven, vibrant economy and a strong middle class.

The danger today is, given the pressures of the global economy in general and competitiveness at home, we may seek to have companies that become more competitive by paying lower wages, despite the fact that workers may be more educated.

If that becomes the model, I think we have a very troubled economy potentially and a society that becomes far harsher and far more difficult for many millions of Americans. That's not the only alternative that's out there, but that appears to be the direction in which we may be headed.

more...

And today the Fed ponders the impact of globalization on rate policy?!?!?!

[AnneD]

52. Morning Marketeers,

:donut:Sorry I missed that, 54anickle. So what do these economic numbnuts think will run our economy. Consumer spending is 2/3 of this system and if we don't have decent paying jobs there is:
1. less money available for discretionary spending.
2. shrinking tax base for Fed, State, and Local government. That in turn means crumbling education, infrastructure, health care, police, firefighters and just about any other service provided by governments.

I think Sean will think it will be 'pretty exciting to watch' his blood exit the gun wound after he was mugged by that unemployed, uneducated thief that was not caught because there were not enough policemen around to patrol his neighborhood. After several agonizing hours in the street, he will finally be picked up by an overworked EMS worker (the city only can afford 1/4 th the number of crews they use to have) and taken to an overcrowded dingy dirty aid station. There are almost no Docs and Nurses because few can afford the education since it is no longer subsidized and the pay received for the jobs is not enough to take care of a family AND pay back the loans. The few that do practice work in hospitals and you cannot gain entry without proof of insurance. His care will be provided by aides because his insurance card was in his stolen wallet and he is unconcious from blood loss. Yeh, I think that is pretty exciting to watch too....Asswipe :grr:

Happy hunting and watch out for the bears.

[54anickel]

63. Sounds like a good summary of what the future might look like. The

"haves" just don't get it and they won't until they either suffer the fate that you describe or suffer the fate of the un-soon-to-be-under-employed.

Hmmm, what are all those "detention facilities" being built for again? Perhaps we'll be seeing two types of gated communities in the future? The haves might be best off not venturing out of theirs.

[donkeyotay]

75. That flag is perfect. A picture is worth a thousand words. nt

[UpInArms]

67. GM to Fire Salaried Staff Through April, People Say

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2185572

http://www.bloomberg.com/apps/news?pid=10000087&sid=aURDF_czVAvY&refer=top_world_news

March 24 (Bloomberg) -- General Motors Corp., reeling from $10.6 billion in losses last year, will fire hundreds of its U.S. salaried employees starting next week, according to people familiar with the plan.

The firings, which begin March 28 at several locations on what employees are calling ``Black Tuesday,'' will be followed by another round in April, according to the people, who declined to be identified because the plan hasn't been made public. GM spokesman Steve Harris had no comment.

The workers will get GM's salaried severance package with no additional payments, the people said, unlike the buyouts of up to $140,000 and retirement incentives offered this week to 113,000 hourly workers in the U.S. Chief Executive Officer Rick Wagoner plans to reduce losses by slashing costs and jobs and selling assets while bolstering revenue by redesigning vehicles.

``They're liquidating, they're firing, they're retiring,'' said Sean McAlinden, a labor analyst at the Center for Automotive Research in Ann Arbor, Michigan. ``This is a GM that's getting in shape much faster than it's ever before in any past restructuring.''

Wagoner said in November that the Detroit-based automaker planned to reduce its salaried and contract workforce this year by about 7 percent. He didn't say how many workers would be affected. GM has 36,000 salaried U.S. workers and doesn't disclose how many contract employees it has, spokesman Robert Herta said.

...more...

[54anickel]

74. "Fire" such a nasty tone...how come it doesn't say "downsize"? Is

this what the market is really rejoicing over?

[ozymandius]

8. Spitzer Alleges Firm Fraudulently Sold Personal Data From Millions

New York Attorney General Eliot Spitzer is suing a company for allegedly selling the personal information of millions of consumers, despite "explicit" promises to the contrary.

New York Attorney General Eliot Spitzer on Thursday sued a Washington, D.C., company for allegedly selling the personal information of millions of consumers. Prosecutors called it the largest deliberate breach of privacy in Internet history.

Gratis Internet Inc. and its owners Peter Martin and Robert Jewell were named in the suit filed in New York State Supreme Court. The defendants are accused of selling lists of millions of Gratis customers to three independent email marketers, despite explicit promises that no personal information would be given to anyone. The suit seeks a court injunction preventing the company from further sales, and seeks penalties under New York's consumer fraud statutes.

The suit stems from an investigation Spitzer launched last year of companies involved in the compilation and sale of marketing lists. Gratis collected customer information on several of its Web sites in exchange for free products, generally received through free trials of other products. The Gratis sites included FreeiPods.com, FreeCDs.com, FreeDVDs.com and FreeVideoGame.com.

more...

[54anickel]

9. Morning Ozy! That's one scary toon - say it ain't so!!!

I found an "interesting" article over in the Editorial section. Ties into a bit of discussion here the other day on this mal-admin. :hi:

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=103&topic_id=198095

[feminazi]

10. Good Morning Ozy and 54

God, what time to you guys start this thread? I hope you're on the east coast. I couldn't sleep (4AM where I am) so I get up and check DU and here you are already!

Great cartoon....Luckovich always nails it.

:hi:

[auagroach]

11. Poor Man's Gold?!?!

Silver is still screaming. New 22-year high at $10.65

[RawMaterials]

27. UPDATE 2-Silver hits new 22-year peak on fund launch hopes

LONDON, March 24 (Reuters) - Silver spiked to a new high in more than 22 years on Friday, with investors pouring money into the metal on expectations the first silver-backed security is closer to approval by U.S. authorities.

Gold lacked impetus to move up and traded in a tight band of $2 an ounce, but platinum and palladium extended gains.

Silver has risen more than 21 percent this year mainly on hopes of the launch of the security, known as exchange-traded funds (ETFs), despite opposition from a group representing users in the United States.

"The initial market reaction, when the ETF news came out, was a little bit hesitant but it has got back into its stride now," said Stephen Briggs, economist at SG Corporate and Investment Bank.

"It hasn't yet been launched. It's still got to go through the formalities and it remains to be seen how much interest there is going to be, but the market is clearly assuming that there is going to be great interest."

Spot silver <XAG=> rose as much as $10.70 an ounce before easing to $10.66/10.69 an ounce by 1100 GMT, compared with $10.63/10.66 in New York late on Thursday.

snip..

"The creation of a silver ETF would require the holding of silver in allocated accounts, which would result in the removal of large amounts of silver from the open markets. If the silver ETF is approved, it will mean higher product costs and lost jobs in our industry," it said.

LIQUIDITY CRUNCH

Analysts said the fund had potential to attract up to 4,000 tonnes of silver, which would be equal to nearly two months of consumption.

The silver market is expected to remain in deficit in the next couple of years as industrial and consumer demand is seen outpacing the mine supply, estimated at around 20,000 tonnes in the current year.

Silver, used in making jewellery and industrial goods, also took direction from copper that hit a record $5,250 on Thursday after news of a landslide near Freeport-McMoRan Copper & Gold Inc.'s <FCX.N> giant Grasberg mine in Indonesia.

Dealers expected light selling in silver as the weekend approached but the metal was supported around $10.40 an ounce. Its upside target was pegged at $10.80.

Spot gold <XAU=> was at $549.50/550.25 an ounce, against $549.90/550.80 in New York and stayed below a 25-year high above $574 an ounce hit in early February.

Gold's failure to breach a key resistance of $560 has disappointed investors and encouraged some to sell gold and buy silver, dealers said.

Palladium <XPD=> increased to $324 an ounce, the highest in nearly two years, before falling to $321/324. It closed in the U.S. market at $318/323.

Platinum <XPT=> rose as much as $1,045 an ounce before easing to $1,040/1,044, against $1,042/1,047 in New York. (Additional reporting by Lewa Pardomuan in Singapore)



http://www.fxstreet.com/nou/noticies/afx/noticia.asp?font=Reuters&pv_noticia=MTFH15262_2006-03-24_11-13-39_L24658349

[54anickel]

43. Silver soars on ETF, but will luster last?

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B64DDD031%2DBF2F%2D454E%2D87AF%2D01F5F34B04BA%7D&siteid=google

snip>

What's more, "global demand has moved to a point where it is greater than new global production," said Julian Phillips, an analyst at GoldForecaster.com, emphasizing consumption from China and India.

Add that to the prospects of a silver-based ETF and "you have an explosive situation," he said.

The silver ETF is really the biggest thing to happen to the silver market since the Hunt brothers tried to corner the silver market some 25 years ago, said Jim Wyckoff, an analyst at TradingEducation.com, referring to the duo that pushed silver to $50 an ounce around 1980.

Phillips said the Hunt brothers' attempt to corner the silver market decades ago was "unsuccessful."
But "with the ETF on the market, such attempts on the back of investors like Warren Buffet will have a greater degree of success than before," he said.

Too good to be true?
That said, silver analysts do have their qualms about exactly how the new investment vehicle will influence the silver market.

more...

[54anickel]

12. The Big Lie - CEOs and Shareholder interests are aligned

http://www.prudentbear.com/archive_comm_article.asp?category=Guest+Commentary&content_idx=52812

There seems to be “prevailing wisdom”, or we could call it a school of thought, that if the CEO of a public company owns stock, that their interests are aligned with shareholders.

The underlying logic is that all shareholders want the price of the stock they own to go up. So if management owns stock, and they work to get the price up, then management and shareholders have achieved a meeting of the minds and everyone is happy. Right ? Wrong.

There is one primary disconnect that makes this completely untrue and at its heart, the reason why executive pay has gotten so out of line and why individual shareholders are being taken advantage of every single day.

snip to the summarizing paragraph>

Which is why the concept of CEO and shareholders interest being in alignment because they both own stock is a big lie. The CEO wants to hit the homerun of their career when they take the job, the shareholder just doesnt want to strike out with their life savings.

[RawMaterials]

17. This was a good quote from the article

My “analysis” of this data is that if corporate management wants to be in alignment with shareholders, they better understand the shareholder credo, which is:

”Ive invested in your company for my future and the future of my family. Don't screw it up !”

[54anickel]

13. Fed ponders impact of globalization on rate policy

http://today.reuters.com/news/newsArticle.aspx?type=reutersEdge&storyID=2006-03-23T193108Z_01_N22369003_RTRUKOC_0_US-ECONOMY-FED-GLOBALIZATION.xml

WASHINGTON (Reuters) - As the Fed mulls where to stop in its interest-rate hiking campaign, full employment and capacity use -- traditional signs of an economy in peril of overheating -- may no longer be such reliable guides.

Unprecedented globalization may mean the U.S. central bank doesn't need to raise rates as high as domestic data imply, but policy-makers have indicated they will probably err on the side of caution and keep tightening anyway.

Central bankers are certainly focused on the issue and the Kansas City Fed has made globalization the theme of this year's monetary policy conference at Jackson Hole, Wyoming.

"What globalization means to me is that we have to think about and understand better what are the different force vectors impacting the trade-off between growth and inflation," said Dallas Fed President Richard Fisher.

more...they're stinking clueless!

[UpInArms]

14. daily dollar watch

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

Last trade 90.51 Change +0.04 (+0.04%)

Morning everyone!

I am having really weird computer problems this morning.

I cannot get certain sites to open at all - they start and then stop - I just don't understand it.

Here's a link to a Reuters' story that I read last night - regarding how a drastic dollar drop because of a lack of inflows into our capital system would not affect us - our economy is strong - all per Chopper Ben.

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-03-23T232454Z_01_WBT005031_RTRIDST_0_ECONOMY-FED-BERNANKE-DOLLAR.XML

If anyone else can get this to open, please paste it here!

Thanks!

UIA

[54anickel]

18. Ya mean this little blurb of fantasy?

WASHINGTON, March 23 (Reuters) - Federal Reserve Chairman Ben Bernanke said in a letter released on Thursday that the U.S. economy would not necessarily suffer a big hit if global capital flows shifted away from the United States.

"Should such a development occur, it might be associated with a decline in the value of the dollar and a narrowing of the U.S. trade deficit," Bernanke said in a letter to Democratic Rep. Harold Ford of Tennessee.

"Neither of these events would be likely to threaten U.S. growth or boost inflation and interest rates to a worrisome extent," he added.

The letter was in response to a written question submitted in conjunction with a Feb. 15 hearing on monetary policy held by the House of Representatives' Financial Services Committee.

[UpInArms]

21. that's the one!

I guess I'm the only one having trouble opening Reuters, Bloomberg, fxdaily etc.

It's making me rather :crazy:

[54anickel]

23. Just don't get paranoid UIA - they really are out to get you!!! Heh-heh-h

[54anickel]

20. BS Bernanke, Avoiding Ambiguity, Delivers on Vow to Be Transparent

http://www.bloomberg.com/apps/news?pid=10000103&sid=aGg5gnmhXPsE&refer=us

March 24 (Bloomberg) -- Ben S. Bernanke, who promised to make the Federal Reserve more transparent when he became chairman, is delivering on that pledge even before his first interest-rate meeting.

Since succeeding Alan Greenspan on Feb. 1, Bernanke, 52, has publicly laid out his views on a host of issues: Stable inflation is the key to economic growth; soaring asset prices don't warrant more rate increases; low long-term bond yields aren't a sign of a coming recession.

Such clarity may remove some of the guesswork in predicting Fed rate moves under Greenspan, economists said. Bernanke's positions, while consistent with his statements as a Fed governor from 2002 to 2005, now come with a ``much greater megaphone,'' said Alan Blinder, a former Fed vice chairman.

``The real goal of central bank transparency is to get the markets thinking the way you think,'' said Blinder, an economics professor at Princeton University in New Jersey, where Bernanke worked before his first Fed stint. Bernanke's openness is ``much better than hinting, which of course he won't do, about what the Fed's going to do at its next meeting'' on interest rates.

more...

[RawMaterials]

30. Dollar edges lower after durable goods data

NEW YORK (AFX) -- The dollar dipped after a report early Friday showed U.S. February durable-goods orders rebounded 2.6% from a revised 8.9% decline in January. But ex-transportation, orders fell 1.3%, the first drop in four months. "The dollar eased slightly following the durables report, with the weaker ex-transportation print likely weighing," according to research firm Action Economics. The increase was above forecasts. Economists were expecting orders to rise 1.5%. Looking ahead, traders will closely watch the 10 a.m. Eastern release of new home sales. At last check, the dollar was up 0.2% at 118.04 yen, while the euro was up 0.2% at $1.1984

This story was supplied by MarketWatch. For further information see www.marketwatch.com

For more information and to contact AFX: www.afxnews.com and www.afxpress.com






http://www.fxstreet.com/nou/noticies/afx/noticia.asp?pv_noticia=1143208731-f05e0f08-23736

[54anickel]

45. Bernanke: Global 'saving glut' possible

http://money.cnn.com/2006/03/24/news/economy/fed_bernanke.reut/index.htm

Fed chief says nothing has disproven his belief that U.S. trade deficit may be partly driven by excessive savings.
March 24, 2006: 6:39 AM EST


WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said in a letter released Thursday nothing had emerged to undercut his year-old hypothesis that a "global saving glut" was a factor behind the large U.S. trade gap.

"Nothing has occurred since March 2005 to diminish support for the 'global saving glut' hypothesis, and the factors contributing to this 'glut' generally remain in place," Bernanke told Rep. Mark Kennedy, R-Minn.

snip>

This "global saving glut," he said in that speech, "helps to explain both the increase in the U.S. current account deficit and the relatively low level of long-term real interest rates in the world today."

He pointed to a number of factors that may have fueled a "saving glut," including a decision by developing Asian countries to build up foreign exchange reserves in the wake of the 1997-98 financial crisis and surging oil revenue in oil-exporting countries amid rising prices.

more...

[OrangeCountyDemocrat]

50. It's The Savers' Fault!

Those Damn Asian Savers! Planning for the future.

If they would just get with the program and start spending on our worthless goods, instead of saving their Worthless dollars, then all would be fine.

[WhiteTara]

121. excessive savings.??? You mean that $50.00

in my savings account?

[54anickel]

22. More companies go for stock buybacks

http://www.usatoday.com/money/markets/us/2006-03-23-buybacks-usat_x.htm

Investors aren't the only ones getting more jazzed about stocks as the market moves higher. Companies are getting into it, too.

Standard & Poor's 500 companies snapped up a record $349 billion of their own shares in buybacks last year, according to a report S&P will release today. That's greater than the market value of Microsoft.

In the fourth quarter alone, companies bought $104 billion of stock, blowing away the old record of $82 billion. "Everyone has been surprised by the size of the buybacks," says Howard Silverblatt, analyst at S&P. "It boggles the imagination."

Stock buybacks occur when companies use excess cash to purchase their publicly traded shares. It takes shares off the market and means remaining shareholders end up owning a larger piece of the company. Sixteen consecutive quarters of higher earnings have built firms' cash levels. The resulting buyback binge has:

more....

Gee, you don't suppose some of the money they're using comes from the Jobs Creation Act, do ya? Nah, why that would be against the rules and intent of that tax boondoggle! :eyes:

[54anickel]

24. China-US tensions heat up ahead of Hu's trip to Washington

http://news.yahoo.com/s/afp/20060323/ts_afp/chinaustradepoliticsforex_060323143542;_ylt=Ai09CEh7rRb7zwqqSSphjkamOrgF;_ylu=X3oDMTA5aHJvMDdwBHNlYwN5bmNhdA--

BEIJING (AFP) - China accused the United States of severely undermining the world trade system as tensions between the two nations heated up ahead of Chinese President Hu Jintao's visit to Washington.

The world powers also sparred over the fate of a Chinese researcher for the New York Times who has been in jail for the past 18 months, with the United States calling for his release and China telling Washington not to interfere.

The two sides even found something to argue over in relation to Hu's trip to the United States next month after the United States appeared to downgrade it by refusing on Wednesday to call it a "state visit."

"It is a state visit," Chinese foreign ministry spokesman Qin Gang told reporters on Thursday.

On the trade front -- one of the biggest causes of Sino-US friction -- China's ambassador to the World Trade Organization, Sun Zhenyu, accused the United States of using "national security" as an excuse to not comply with WTO rulings.

more...

[54anickel]

26. Japan suspends loans to China on strained ties

http://news.ft.com/cms/s/c52cecd2-ba71-11da-980d-0000779e2340.html

Japan has suspended decisions on new yen loans to China, blaming its increasingly strained ties with its biggest trading partner and former wartime adversary.

The move, although largely symbolic, marks a fresh low in relations between Asia’s two biggest powers, which have been dogged by disputes over territory and natural resources.

snip>

Shinzo Abe, chief cabinet secretary, said on Thursday that Tokyo would “put off making a decision on yen loans for this fiscal year to China ... because of various situations surrounding Sino-Japanese relations”.

However, Mr Abe, the frontrunner to succeed Mr Koizumi as prime minister in September, said the freeze signalled a delay, not a suspension, and that yen loans would continue with the aim of securing “future-oriented Sino-Japanese relations”.

Japan announced last year that it was winding down aid to China from 2008, the year of the Beijing Olympics. However, this is the first time that a reduction or freeze in loans has been explicitly linked with politics.

more...

[RawMaterials]

33. Isn't protectionism one of the things

that leads to recession? for some reason i think i remember that. anyone know the answer?

[RawMaterials]

35. I found this

Trade Wars: Both Sides Lose

When the government of Country "A" puts up trade barriers against the goods of Country "B", the government of Country "B" will naturally retaliate by erecting trade barriers against the goods of Country "A". The result? A trade war in which both sides lose. But all too often a depressed economy is not the only negative outcome of a trade war . . .
When Goods Don't Cross Borders,
Armies Often Do

History is not lacking in examples of cold trade wars escalating into hot shooting wars:

* Europe suffered from almost non-stop wars during the 17th and 18th centuries, when restrictive trade policy (mercantilism) was the rule; rival governments fought each other to expand their empires and to exploit captive markets.

* British tariffs provoked the American colonists to revolution, and later the Northern-dominated US government imposed restrictions on Southern cotton exports – a major factor leading to the American Civil War.

* In the late 19th Century, after a half century of general free trade (which brought a half-century of peace), short-sighted politicians throughout Europe again began erecting trade barriers. Hostilities built up until they eventually exploded into World War I.

* In 1930, facing only a mild recession, US President Hoover ignored warning pleas in a petition by 1028 prominent economists and signed the notorious Smoot-Hawley Act, which raised some tariffs to 100% levels. Within a year, over 25 other governments had retaliated by passing similar laws. The result? World trade came to a grinding halt, and the entire world was plunged into the "Great Depression" for the rest of the decade. The depression in turn led to World War II.



http://www.isil.org/resources/lit/free-trade-protectionism.html


don't know how much this is correct allot of it seams like globalization propaganda,

:tinfoilhat: the only winners are the men behind the money :tinfoilhat:

[54anickel]

40. Free-traders, much like the supply-siders tend to selectively apply

economic theory and principals to suit their wishes. They tend to acknowledge there is a difference between free and fair trade, they just scream "free-markets, free markets - let the markets decide!" They tend to use the comparative advantage theory to support their argument, but I don't think labor was considered back when that theory came about. IMHO, what we have going on today in this "global market" is neither free nor fair. It seems more like a lop-sided deal that exploits developing nations for the almightly buck.

Henry Liu sums it up pretty nicely:

The quest to profit from the lowest wages through cross-border wage arbitrage has been the driving force behind trade globalization, reducing trade from a process of gaining comparative advantage between trading economies to one of reinforcing absolute advantage for capital at the expense of labor for the benefit of global capital denominated in dollars.

http://henryckliu.com/page38.html

[RawMaterials]

61. The good old Race to the bottom then

well stated 54

[54anickel]

102. ...

[54anickel]

28. Caterpillar chief warns over US-China trade row

http://news.ft.com/cms/s/0c33d0d8-b9c7-11da-9d02-0000779e2340.html

The head of Caterpillar on Wednesday warned that deteriorating trade relations between the US and China could plunge the global economy into recession and called on Congress to back away from protectionist measures.

Jim Owens, chairman and chief executive of the US heavy equipment maker, spoke as Congress prepares to consider legislation that could impose a range of tariffs on Chinese exports in an effort to slim a trade deficit that ballooned to more than $200bn (€165bn, £114bn) last year.

Watched by Carlos Gutierrez, the US commerce secretary, Mr Owens also called on the US to grant China market economy status ahead of the 2016 deadline as a “carrot” for reforms such as “a meaningful revaluation” of the renminbi.

“Personally, I can think of no faster path to a worldwide recession than for the twin engines of the global economy...to turn against each other,” he told a manufacturing conference here. “And if some misguided piece of legislation like the Schumer bill gets through Congress, the chances of that happening are high.”

more...

[54anickel]

87. Heh-heh, check out Today's Pfenning take on Graham & Schumer

http://www.kitcocasey.com/displayArticle.php?id=621

snip>

The rhetoric coming from Senators Schumer and Graham during their visit to China borders on humorous! Yesterday, Schumer had these little ditties to say... "SENATE'S SCHUMER SAYS YUAN MAY BREAK 8-YUAN BARRIER NEXT WEEK" and... "SCHUMER SAYS CHINESE REALIZE CURRENCY SHOULD EVENTUALLY FLOAT." Brilliant! A new Mr. Obvious! Schumer really backed off his attack on the Chinese currency policy while there... And in my opinion, I think he walked into a room all ready to pound his chest, and the Chinese had a graph on the board of the amount of U.S. Treasuries they own... And simply pointed to it...

Anyway... The day after Graham and Schumer leave, the renminbi loses ground to the dollar! I find that to be downright funny... All the time the two Senators were in China, the renminbi gained ground vs. the dollar, and as soon as they leave... HAHAHAHA! No worries... The renminbi will get back on the rally tracks vs. the dollar soon enough... I think the Chinese just want to talk trash with the Senators, and this was their way of doing so!

more..

[54anickel]

109. A 'little NATO' against China (Eww, missed this one from 3/18)

No wonder she was back tracking so quickly on her "contain China" meme

http://www.atimes.com/atimes/China/HC18Ad01.html

ADELAIDE - After her two-day visit to Indonesia this week, US Secretary of State Condoleezza Rice arrived in Australia on Thursday for a three-day official visit - her first since her appointment.

Although she has a busy schedule with many official meetings, press conferences and speeches, her main and most crucial business is to participate at the inaugural ministerial-level trilateral security dialogue with two of the United States' closest and most trusted allies in the Pacific - Australia and Japan.

This ministerial-level meeting has drawn the attention of political leaders and analysts across the Asia-Pacific region. Many view the new "triple alliance" with suspicion. There is a concern that this might be the beginning of a new Cold War-type alliance in which China is cast as the adversary.

This suspicion has become even stronger in the light of the comments made by Rice before her departure for Indonesia. China, she claimed, could become a "negative force" in the region. Consequently "all of us in the region, particularly those of us who are long-standing allies, have a joint responsibility and obligation to try produce conditions in which the rise of China will be a positive force in international politics, not a negative force". Not surprisingly then, China's military and economic rise would be at the core of the trilateral security discussions.

This development will not be taken kindly in many capitals around the region. Although China has not responded to Rice's comment, it will most certainly make Beijing furious. To make a particular country the main item of discussion, as Rice has suggested, is far from the stated aims when the process was put in place five years ago.

more...

[UpInArms]

25. State Department Is Criticized for Purchasing Chinese PC's

http://www.nytimes.com/2006/03/24/business/worldbusiness/24lenovo.html?_r=1&oref=slogin

HONG KONG, March 23 — A State Department purchase of more than 15,000 computers built by the Lenovo Group of China is starting to draw criticism in the latest sign of American unease about the role of foreign companies in the American economy.

The computers, worth more than $13 million, are coming from factories in Raleigh, N.C., and Monterrey, Mexico, that were part of the personal computer division that Lenovo purchased from I.B.M. last May. Sean McCormack, a State Department spokesman, said at the department's daily media briefing on Wednesday that the computers were intended for unclassified systems and would be serviced by the former I.B.M. division.

The computer contracts are drawing heat from a diverse group of liberal and conservative critics who have been warning about China's growing power for years. These critics have been encouraged by the Congressional scrutiny given to a plan by a company controlled by the royal family of Dubai in the United Arab Emirates to acquire operations at six American ports; the company has since agreed to give up those operations.

The critics warn that the deal could help China spy on American embassies and American intelligence-gathering activities, using hardware and software planted in the computers.

"The opportunities for intelligence gains by the Chinese are phenomenal," said Michael R. Wessel, a member of the United States-China Economic and Security Review Commission, which was created by Congress to monitor and report on the bilateral relationship. Larry M. Wortzel, the commission's chairman, said in an interview two weeks ago that while he would not be concerned if Airbus moved an aircraft production line to China, he would be worried if Lenovo ever started to sell computers to American government agencies involved in foreign affairs. Responding on Thursday to the Lenovo deal, he predicted that, "Members of Congress, I think, will react very strongly when they see a deal like this come through."

<snip>

Chinese ownership of Lenovo was never discussed with the State Department through the contract process and the computer deliveries, Mr. Peterson said.

...more...

[54anickel]

32. Oh puh-leeez!!! For the love of Pete. Nearly every component that

goes into a GD computer is made in China or one of the ASEAN member countries. They could have been doing this long ago in just about any manufacturers box. :eyes:

[ramapo]

79. Really...we gave that industry away last decade

Finding a US-built PC is like finding a US-built TV. Impossible.

[54anickel]

36. Backlash over new pensions legislation

http://news.ft.com/cms/s/19710542-bab0-11da-980d-0000779e2340.html

Employers will be able to slash their contributions to underfunded pension schemes by tens of billions of dollars over the next five years under proposed legislation before Congress that was expected to have the opposite effect.

The legislation was proposed by the White House last year to lessen the risk of a taxpayer bailout of the Pension Benefit Guaranty Corporation, a federal safety net for pension schemes.

According to an analysis prepared this week by the Joint Committee on Taxation, which does bipartisan technical work on legislation for Congress, The Pension Security and Transparency Act of 2005 would bring at least $10bn in additional tax revenue as employers reduce pension contributions on which they would have been eligible for tax relief.

Assuming an average corporate tax rate of 35 per cent, the data suggest a temporary but significant drop in employer payments into pension schemes over the next few years.

more...

Somehow I have a hard time believing that this "opposite effect" wasn't the original intent all along, considering the source.

[UpInArms]

37. pre-opening blather

09:03 am : S&P futures vs fair value: +0.3. Nasdaq futures vs fair value: +7.0. The cash market is still poised to start the session on a mixed note. Next Tuesday's FOMC policy announcement and policy directive continue to occupt the economic spotlight. As for today's economic front, traders await one more piece of data. At 10:00 ET, the New Home Sales report for February will be released. Analysts expect to see a 23K drop from the prior month. The data comes on the heels of yesterday's better than expected Existing Home Sales report, and may pique some added interest.

08:33 am : S&P futures vs fair value: -1.0. Nasdaq futures vs fair value: +5.0. Futures trade continues to suggest a higher start for the Nasdaq and a slightly lower one for the S&P. Both have ticked a bit lower following the much better than expected Durable Orders report. Last month, the series rose 2.6% versus the 1.3% consensus estimate. Along with Google, Palm (PALM) is helping to drive the former. Last night, the company announced better than expected earnings results and issued upside guidance. There is some M&A activity in the early spotlight. Lucent (LU) and Alcatel (ALA) have confirmed that they are in discussion to complete a "merger of equals that is intended to be priced at market." Also, Campbell Soup (CPB) said it's exploring strategic alternatives for its business in the U.K. and Ireland.

[ozymandius]

38. pre-open blather

09:15 am : S&P futures vs fair value: flat. Nasdaq futures vs fair value: +7.0.

[ozymandius]

41. opening mixed

9:51
Dow 11,257.16 -13.13 (-0.12%)
Nasdaq 2,301.08 +0.93 (+0.04%)
S&P 500 1,299.34 -2.33 (-0.18%)
10-Yr Bond 47.29 -0.10 (-0.21%)
NYSE Volume 283,626,000
Nasdaq Volume 222,469,000

09:40 am : As expected, the stock market started the session on mixed footing. The Nasdaq is benefiting from news that Google (GOOG), after months of speculation, will be added to the S&P 500. Google is the largest company ever to be added to the index, and it will be the highest priced member. Index funds will need to add the stock before the official change takes place as of the close of trading on Friday, March 31st; today, shares are up about 8%. Palm (PALM) is also lending some support to the Nasdaq. The company delivered better than expected earnings results and issued upside guidance after Thursday's bell. Reports that Lucent (LU) and Alcatel (ALA) are in discussions to complete a "merger of equals" is also getting some attention. Separately, the market is increasingly focused on the upcoming FOMC meeting. Today's strong Durable Orders data reflected continued momentum in business investment, but also does not help concerns over monetary tightening. As a reminder, housing data is due out at the top of the hour.DJ30 -6.57 NASDAQ +2.72 SP500 -1.23

[feminazi]

44. A question for you all on gold/silver

I can invest directly in silver but gold is a little pricy for me. Are there any precious metals funds that any of you are invested in or would recommend?

[RawMaterials]

70. if you cant get physical gold

funds and stocks are more risque, gg, grs are minoris im watching

but a freind of mine is using this company

www.goldmoney.com.

dont know much about it. its worth a look

[specimenfred1984]

89. If You Have a Very High Risk Tolerance...

There are the ETFs (Exchange Traded Funds). GLD is one for gold and the one for silver is going through the approval process now -- a partial reason given for silver's latest move.

There are a lot of people trading GLD so a speculator can get in/out in a hurry.

[UpInArms]

96. April Gold closes @ $560.50 oz - May Silver @ $10.735 oz

1:47 PM ET 3/24/06 MAY SILVER UP 4.5C, ENDS AT 22-YR HIGH OF $10.735/OZ

1:47 PM ET 3/24/06 MAY SILVER ENDS THE WEEK 3.6% HIGHER

1:47 PM ET 3/24/06 MAY COPPER CLOSES AT $2.3945/LB, DOWN 0.35C FOR THE DAY

1:47 PM ET 3/24/06 MAY COPPER FINISHES THE WEEK UP 1.5%

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B8094E587%2DF58B%2D462B%2DA9BB%2D74A8A5639574%7D&dist=newsfinder&symbol=&siteid=mktw

SAN FRANCISCO (MarketWatch) -- April gold climbed $9.70 to close at a three-week high of $560.50 an ounce Friday. For the week, the contract gained $5.40. May silver closed at a 22-year high of $10.735 an ounce, up 4.5 cents for the session, and up 3.6% for the week. May copper fell 0.35 cent Friday to close at $2.3945 a pound after touching a record $2.412 earlier in the session. It closed up 1.5% from the week-ago close.

Wow! Those are some pretty hefty gains - fairly pricey for all of us!

:hi:

[JNelson6563]

98. If you went long on gold at >$400 you're happy

I should diversify. The other metals look good now too. heh :toast:

[OrangeCountyDemocrat]

46. New Home Sales Plunge 10.5%

Sales of new U.S. homes plunged 10.5 percent in February, the biggest drop in nearly nine years, while prices fell and the number of homes on the market hit a record high, the government said on Friday in a report signaling significant slowing in the housing market.

The pace of new single-family home sales slowed to a 1.080 million unit annual rate in February from January's downwardly revised 1.207 million unit rate, the Commerce Department said.

Economists had expected new home sales to decline to a 1.200 million unit rate in February from January's originally reported 1.233 million unit pace.

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-03-24T150111Z_01_N23390736_RTRIDST_0_ECONOMY-HOUSING-URGENT.XML

[UpInArms]

48. 10:34 EST GREAT NEWS! Markets Cheer for Falling Home Sales!

Dow 11,294.70 +24.41 (+0.22%)
Nasdaq 2,312.85 +12.70 (+0.55%)
S&P 500 1,305.32 +3.65 (+0.28%)
10-Yr Bond 4.693 -0.46 (-0.97%)

NYSE Volume 673,462,000
Nasdaq Volume 532,237,000

10:30 am : A bigger than expected decline in February new home sales has helped the market improve. Because the report follows yesterday's strong existing home sales report, traders are a bit relieved. For a market cognizant of the fact that Fed policy will depend on the data, strong economic numbers have been uninspiring. Lately, investors have been hoping that the Fed won't raise rates more than one or two more times. Strong economic readings raise doubts about that prospect. Although today's data does not increase rate hike worries, it's not enough to quell them, either. The market is focused on the upcoming FOMC meeting. While traders are apt to remain cautious until then, the housing data has provided a bullish cue for the time being.DJ30 +27.56 NASDAQ +14.12 SP500 +4.22 NASDAQ Dec/Adv/Vol 1160/1428/480.1 mln NYSE Dec/Adv/Vol 1373/1470/326.7 mln

10:00 am : Eight of the ten economic sectors are trending lower, and they are pressuring the indices. The Dow and S&P have fallen deeper into the red, while the Nasdaq is hanging on to a modest gain. Recently released new home sales data - which was worse than expected - has helped the market improve over the last few minutes, though. Spirited leadership is absent. Energy's 0.5% gain is the market's best source of support. That area of the market is enjoying some follow-through buying interest, following yesterday's spike in prices across the energy complex and due to extended advances today. At this point, natural gas is continuing to lead the advance. It's up 1.5%. Crude, meanwhile, has risen 0.3% to $64.10 per barrel.DJ30 -10.81 NASDAQ +4.78 SP500 +1.26 NASDAQ Dec/Adv/Vol 1178/1231/264.9 mln NYSE Dec/Adv/Vol 1259/1380/178.6 mln

[OrangeCountyDemocrat]

53. Traders Are A Bit Relieved.....LOL!!!!!!!!!

"Because the report follows yesterday's strong existing home sales report, traders are a bit relieved."

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl:

We're so RELIEVED that things are not as good as they seemed. WHEW!!! That's a load off my mind!

[wordpix2]

59. I'm a conservationist and I'm cheering for open space but otherwise, this

is stupid

[AnneD]

60. I guess one really does have to

suspend common sense to be trading these days.

[mike923]

65. It's the old "bad news is good news" theory...

if there is too much positive economic news, the fed raises rates, pushing the market down. If there is negative news, the fed doesn't raise rates, allowing the market to go up.

[specimenfred1984]

78. Absolutely, Almost Everything in the Press is a Blatent Lie

The "news" has always just been used as an excuse to move markets around anyway. The S&P has been propped up for at least 2 years now by pure speculation and obvious intervention. Whenever the Fed speaks, the Fed pumps.

Based on this, I'll make a prediction for next Tuesday: roughly 30 minutes after the Fed announcement -- the S&P always jumps around for 30 minutes after an announcement -- we'll see some huge speculator come into the S&P, buying around 20k contracts every 2 minutes in the mini June mini S&P futures.

I wish I was wrong, I really preferred the days prior to Crime Inc. stealing the elections.

[AnneD]

88. Once you are armed with the truth.....

You can really see how high they have stacked this deck on cards. It won't take much to bring it crashing down. It makes it all the more maddening to watch all of this unfold. Lying, as they do, only perpetuates the problem. They are ignoring laws of the market AND gravity.

[UpInArms]

54. US pension agency seeks outside legal advice on GM

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-03-24T124259Z_01_N24359067_RTRIDST_0_AUTOS-GM-PENSIONS.XML

WASHINGTON, March 24 (Reuters) - The government agency responsible for insuring corporate pensions sought private legal advice this week to help sort through a range of possible financial scenarios involving General Motors Corp. (GM.N: Quote, Profile, Research), including possible bankruptcy.

According to documents outlining its proposal, the Pension Benefit Guaranty Corp. would like outside lawyers to provide "advice and counsel" on the potential spinoff of GM's financing arm, General Motors Acceptance Corp.; the bankruptcy of Delphi Corp. (DPHIQ.PK: Quote, Profile, Research), GM's chief parts supplier; and issues relating to GM pensions and work-force reductions and the prospects for a Chapter 11 bankruptcy filing or out-of-court restructuring.

"GM has suffered large losses; its credit rating has declined to well below investment grade; and there has been speculation in the press and elsewhere that the company may have to seek bankruptcy protection in the future," the agency said in its solicitation.

GM has said its pension liability at the end of 2005 was $10.9 billion -- the difference between assets and promised benefits.

...more...

Maybe this is why Belt resigned?

[54anickel]

57. I was wondering when the PBGC was going to come up after the move

buy GM to pull Delphi workers back into their retirement plans. First thing I thought of was "and what happens if/when GM goes belly-up?"

[54anickel]

55. Texas Cracks Down on Drunkeness in Bars

http://www.chron.com/disp/story.mpl/ap/nation/3744380.html

AUSTIN, Texas — Get falling-down drunk in a Texas bar and it may cost more than a bruised backside. Try $500 or a few hours in jail.

The Texas Alcoholic Beverage Commission is sending undercover officers into bars to look for the exceedingly drunk, issuing citations or making arrests for public intoxication even if the patrons haven't left the building.

"Drinking is fine," said agency spokeswoman Carolyn Beck. "But when people drink too much, they become dangerous to themselves and other people."

The program is aimed at reducing drunken driving. According to Mothers Against Drunk Driving, Texas had 1,264 alcohol-related traffic fatalities in 2004, the most in the nation.

The crackdown is aimed not only at those who are drunk, but at the bars and bartenders who continue to serve them. So far, it has resulted in about 2,200 arrests or citations around the state.

more...

[AnneD]

64. We're tough on crime here....

sell a sexual aid device instead of an adult novelity toy at a private party in your home and you'll serve jail time sweetheart. I don't care how long you've been married, how many kids you have, or how many years you've been active in your church auxillary. Crime is crime. God save us from the morals police.:eyes:

[UpInArms]

66. must be a shortfall in funding - get those dollars for citations into

the state's hands and get them out of the bars and small businesses - waitress-staff tips will also evaporate.

[54anickel]

71. We're in pre-emptive mode on just about everything these days...

Even though you were smart enough to have a designated driver to watch out for you, there's still a chance you could hurt yourself or others. Don't want ya to get drunk to where you might get hurt should that toilet seat come crashing down while your kneeling at the porcelain god. Why you could be knocked out and end up drowning in the toiddie or sumptin.

Now sex toys? wtf, afraid it might be another form of birth control? Can't be spillin' them seed onto the ground - every sperm is sacred!!! Does Texas happen to still have old laws on the books outlawing anything outside of the missionary position too?

What was all that talk about smaller government again?

[AnneD]

97. I think....

the Supreme Court threw out our sodomy laws. The police here in Houston were checking out some sort of call and while patroling the saw an apartment that they alleged the door was ajar. They opened it, entered the apartment, and found to guys doing the nasty and arrested them for violation of the state sodomy law. Let's see, how many civil rights did we abuse...hummmmm.
I don't care what consenting adults do to each other or what they do it with in the privacy of their home. I don't care how much they drink in public as long as they are responsible and don't drive. I don't care if they smoke in a designated area. I don't care what they eat. As an adult you have the God given right to make choices.

[AnneD]

94. We don't have a state income tax...

and they dare not raise the property taxes so they do the fines, etc. It has gotten really ridiculous here as of late.
I feel sorry for the waitress'. The people don't tip you because you don't bring them a drink or you get fined. Frankly, these folks aren't paid to do law enforcement. What really ticked people off was that hotel bars were targeted. Whose to say the offender wasn't going to go up to his room afterward. They really need to watch for people at bars going to their cars. That would be preventative. And what about those folks that have a designated driver. Seems to me they were being very responsible but they can still be ticketed.

[UpInArms]

68. 11:04 EST Party still in progress - 11,300! YEAH!

Dow 11,306.64 +36.35 (+0.32%)
Nasdaq 2,314.90 +14.75 (+0.64%)
S&P 500 1,305.67 +4.00 (+0.31%)
10-Yr Bond 4.691 -0.48 (-1.01%)

NYSE Volume 839,969,000
Nasdaq Volume 693,707,000

10:55 am : Treasuries are today serving as a bullish backdrop for the equity market, which is currently maintaing gains. Bonds sold off after yesterday's Existing Home Sales report, but today's contrasting reading has sparked the opposite response. Yields across the curve are improving. The inflation-sensitive back end suffered most yesterday, and it's faring best today. The 30-year note is up 22 ticks and yielding 4.71%. The benchmark 10-year note, meanwhile, is up 12 ticks and down to a 4.68% yield. In broad terms, stocks are benefiting from bonds' improvements. Still, though, rate-sensitive areas are at this time reflecting investors' caution. Banks are trending in flat fashion, and the Financial sector, as a whole, is doing the same. The Utilities sector is also close to the unchanged mark. Homebuilders are modestly lower. DJ30 +26.57 NASDAQ +14.06 SP500 +3.68

[UpInArms]

69. US rate futures trim chances of May Fed hike

And, after the hike in May, they will be cheering because the rate hike for June will be questionable :eyes:

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-03-24T155528Z_01_N24315039_RTRIDST_0_MARKETS-FEDFUNDS-HOUSING-UPDATE-1.XML

CHICAGO, March 24 (Reuters) - U.S. short-term interest rate futures rose strongly on Friday after February new home sales fell more than expected, throwing doubt on the outlook for Federal Reserve rate policy.

Futures prices still suggest the Federal Open Market Committee will raise rates next week <FFJ6>, taking the fed funds rate to 4.75 percent.

Chances for a followup increase in May <FFJ6> slipped to 83 percent from 92 percent late on Thursday.

The report also revived ideas that pressure from a weakening housing market will force the Federal Reserve to lower interest rates by late this year or early 2007.

"This number does not increase the case for a move beyond 5 percent," said Brian Dolan, director of forex research at Gain Capital in Bedminster, New Jersey.

...more...

[Roland99]

84. That's a 6% rise in two months.

Damn, I missed a memo somewhere....

[54anickel]

72. Rumsfeld won't resign, wants war support

http://www.upi.com/SecurityTerrorism/view.php?StoryID=20060323-043814-5051r

WASHINGTON, March 24 (UPI) -- Defense Secretary Donald Rumsfeld said Thursday he does not consider himself "embattled" and is not considering resigning.

"Those kinds of calls have been going on for five-plus years. And the president has asked me not to get involved in politics, and that's politics," Rumsfeld said at a press conference Thursday.

A retired U.S. Army major general who trained Iraqi soldiers from 2003 to 2004 -- as the insurgency was strengthening -- wrote in an opinion piece in the New York Times Sunday that Rumsfeld is "not competent" to lead American forces, citing Rumsfeld's failure to build a real coalition to fight the Iraq war, and for cowing his military advisers rather than soliciting and taking their advice. Maj. Gen. Paul Eaton called on Rumsfeld to resign.

He denied twice before a question was even finished that he had been sidelined in the administration because of his declining popularity.

"No, I'm hard at the job, working hard, and getting up every day and thinking what we can do for the troops and the wonderful people who serve our country," he said.

snip>

"I've read that polls may be down and are down in some instances," Rumsfeld said. "They do tend to go up and down depending on circumstances. And if every time a poll went down, somebody changed their policy or changed their position or tossed in the towel, we wouldn't have a country today. There have been plenty of times polls have down in our history when people have persevered and been resolute and prevailed ultimately. And that's what will happen in this instance."

more...

There's just no getting rid of any of these folks, is there? Bush really is King.

[ozymandius]

80. just disgusting

Rumsfeld, this brain trust, cannot even see how the once mighty Soviet Union was flattened. It was done the same way we are being flattened: with an overbought and completely ineffective military apparatus that connot even secure six miles of road between the Green Zone and the Baghdad airport.

Osama bin laden spends $1 million. The USA counters his expense with a thousand-fold capital outlay. Anyone with a lick of business sense should be able to see total ruin ahead in this scenario.

I wonder if Rumsfeld's Tamiflu investment payouts are denominated in euros?

[Roland99]

85. We're moving to a theocratic plutocracy.

[UpInArms]

73. LA hospitals dump discharged poor patients on Skid Row - by taxi

http://www.dispatch.com/news-story.php?story=174918

LOS ANGELES (AP) -- Authorities are examining a surveillance tape that shows an elderly woman wandering Skid Row in a hospital gown and slippers as they investigate the practice of hospitals and police agencies dumping homeless people downtown.

Carol Ann Reyes, 63, of Gardena, was taken from a Kaiser Permanente hospital in Bellflower on Monday to the downtown area known as Skid Row, authorities said.

A surveillance camera outside the Union Rescue Mission showed Reyes walking from the direction of a taxi that had just driven away. She wandered the street for about three minutes before a mission staff member brought her inside.

City officials have been looking into the alleged dumping of homeless people in Skid Row, a ramshackle area downtown.

Several hospitals have acknowledged that they put some discharged indigent patients with nowhere else to go into taxicabs headed to the area because it offers a chance for getting services and shelter. Los Angeles police also are investigating whether other law enforcement agencies dump people without anywhere else to go downtown.

"We have been looking into homeless dumping for some time, and this (tape) gives us another example of what has been going on," said Frank Mateljan, a spokesman for the city attorney's office.

...more...

[specimenfred1984]

82. Wow, Our Country is Sick

I think "dumping" is the right word to use too as nobody helped her inside any facility. How hard would it be to call a facility and let them know someone was on their way over?

[AnneD]

99. This goes on all the time...

they just got caught. Hospital are also good about skirting the law (they have to give so much charity care for federal funding and tax status purposes). That's why I have always worked for non profits...it is in line with my beliefs.

[UpInArms]

76. Ohio Charter School patron realizing big profit ($1 Million)

http://www.dispatch.com/news-story.php?story=dispatch/2006/03/24/20060324-A1-01.html

Brennan is reaping nearly $1 million in Ohioans’ tax dollars for each charter school operated by his White Hat Management Co.

A Dispatch analysis of recent state audits for 17 of Brennan’s 34 schools shows White Hat made $15.4 million in combined profits and management fees last year.

That means that nearly a third of the state funding received by each school was pocketed by Brennan’s operation. The rest was spent on teacher salaries, books and other expenses.

<snip>

"It’s millions of dollars coming from state and local taxes going into the pockets of a businessman whose schools are producing terrible results," said Tom Mooney, president of the Ohio Federation of Teachers and a leading critic of charter schools. "When is some responsible legislator going to say this is enough and pull the plug on this? It’s nuts."

Brennan has long acknowledged that he’s making money from the school-choice move- ment he lobbied to create. But he repeatedly has declined to discuss figures.

...more...

[RawMaterials]

83. Great first was the health care industry

now their onto education, damn middle managers, damn privatization. when are people going to realize that this is worse then, bureaucracy.

[AnneD]

100. As a School Nurse, I continually fight

against voucher. I have yet to see a voucher program that works. These business people know they don't work so they always try to get around the test that public school have to do. They also have defacto segregation. Most will not have handicapped student in because they are too cheap to hire a Nurse. And they are forever trying to requirer the public school Nurses to provide services to them gratis. I could right a book about all the times I have testified to the legislature on this.
I have seen what happens when the profit motive is introduced into what should be a public trust. The trust suffers. I saw it in Healthcare and I see them trying to do it to education. I say not just NO but HELL NO.

[54anickel]

77. Funds To Cover Every Angle

http://www.businessweek.com/magazine/content/06_13/b3977096.htm

Just a few years ago, exchange-traded funds were primarily a low-cost way to invest in broad stock and bond market indexes. Not anymore. Today fund managers are rolling out a diverse array of new products, hitting niches, such as commodities and currencies, or stock market sectors that the major indexes miss. Investment strategists and financial advisers say the right dose of these specialized ETFs can improve portfolio performance.

The most straightforward way to use the new funds is to diversify a portfolio of stocks and bonds. The key is to find investments that don't move in sync with what's already in the portfolio -- or better yet, zig when the other parts zag.

Sure, a few conventional mutual funds can do the job. But they often have higher expenses and make more taxable distributions than ETFs, which are basically index funds created on demand by marketmakers. That's why John Gay, an adviser at Frisco Financial Planning in Frisco, Tex., is using ETFs to invest 5% to 10% of his clients' cash in real estate and commodities. "I need something that's going to be cost-effective and tax efficient," he says.

snip>

If this new round of ETFs doesn't offer what you want, keep your eyes open. Some three dozen are in registration.

more...

[UpInArms]

81. Harley-Davidson to Open China Dealership

http://www.chicagotribune.com/business/sns-ap-harley-davidson-china,1,4900690.story?coll=chi-business-hed

MILWAUKEE -- Harley-Davidson Inc. will open its first dealership in China next month, marking its entry into the burgeoning economy.

Beijing Harley-Davidson, partnered with dealer Beijing Feng Huo Lun, will open in early April, the Milwaukee-based motorcycle manufacturer said Thursday.

"The quality of the Beijing Harley-Davidson dealership experience will be first-class in every respect," said David Foley, the company's managing director in China. "Customers will get a real understanding and appreciation of the Harley-Davidson lifestyle."

This will mark the motorcycle maker's first retail outlet in the country since at least World War II.

The new dealership will be in Beijing's Fourth Ring Road, just outside the downtown area, and just within limits of motorcycle operation. Motorcycles may not be operated within the city's Third Ring Road, a 30-mile highway that encircles the center of the city.

The dealership will have 14 staff members initially and be headed by Feng Huo Lun's founder, owner and executive director Wan Jidong. Foley said Wan and his management team are passionate about riding motorcycles and understand the market in China.

The dealership will sell several makes of Harley-Davidson motorcycles, parts, accessories, merchandise and collectibles. Sales and service will be offered, as will rider training and events including organized rides.

...more...

[54anickel]

86. Money Shot - Or, how shooting money down a rat hole became a Republican

specialty.

http://www.slweekly.com/editorial/2006/edit_2006-03-23.cfm

Two great mysteries lie at the core of the current presidential administration. The first is how Secretary of Defense Donald Rumsfeld manages to keep his job given repeated blunders in the Iraq war. The second is how on earth President George W. Bush manages to pass himself off as the man of Republican principles he most certainly is not.

Just look at our nation’s finances. If you’re old enough to remember the Reagan administration, you’re old enough remember Republicans whining and moaning about Democratic profligacy, the party of “tax and spend.” A big load it was, too.

Here are the facts, folks, as laid out for us by the U.S. Congressional Budget Office: When he left office in 1989, President Reagan left us with a federal budget deficit just shy of $200 billion. When President George H. Bush left office in 1992, he gifted us with a budget deficit of $290.3 billion. When President Clinton left office he left us with a budget surplus of $236.2 billion. Let’s dwell on that one word for a while—surplus.

What thanks did the American public have for this most unusual legacy? We focused instead on the fact that he lied about cheating on his wife, treating it as some sort of national-security issue in hearing after hearing while Al-Qaeda hatched its heinous plots. Politicians just love a good diversionary tactic, and sexual morality tops the list.

more...

[UpInArms]

90. 1:14 EST The market "has falled"! Must be Goob-speak-time!

Dow 11,262.20 -8.09 (-0.07%)
Nasdaq 2,304.51 +4.36 (+0.19%)
S&P 500 1,301.17 -0.50 (-0.04%)
10-Yr Bond 4.659 -0.80 (-1.69%)

NYSE Volume 1,424,776,000
Nasdaq Volume 1,169,134,000

1:00 pm : Over the past half hour, the market has continued to fade. Each of the indices are well off of their session highs, but are managing to maintain positive footing. The tech-heavy Nasdaq is still faring best. Google (GOOG 364.89 +23.00) is mostly to credit; the Tech sector is now only 0.1% higher, and biotechs are booking a loss. Since the last update, the Consumer Discretionary sector has falled to a 0.2% loss. The Healthcare and Utilies sectors have meanwhile dropped into the red. Those areas of the market are capping the indices' advances, especially amid a lack of spirited leadership.DJ30 +4.08 NASDAQ +7.12 SP500 +1.08 NASDAQ Dec/Adv/Vol 1227/1633/1.11 bln NYSE Dec/Adv/Vol 1350/1771/818.1 mln

12:30 pm : The indices are sustaining gains, but they've pared them. The declines come despite the fact that the price of crude has reversed course. Futures contracts are now about 0.6% lower to $63.50 per barrel. There appears to be some profit taking following yesterday's near-4% spike. Accordingly, the Energy sector has erased much of its intra-day gain. Its advance had been the market's best source of support, and the loss of its leadership is taking some of the steam out of the indices. Telecom, up 0.4%, is now the best-performing sector. News of the impending Lucent/Alcatel merger is helping to drive that area of the market.DJ30 +20.73 NASDAQ +9.53 SP500 +1.84 NASDAQ Dec/Adv/Vol 1171/1675/1.00 bln NYSE Dec/Adv/Vol 1294/1795/726.2 mln

Wen I goed to town tha uther dae, we tooken some of 'em thangs that falled off that thar tree wiff usem.

:wtf:

[Roland99]

92. If it falled, cain't it getted back up agin?

[UpInArms]

93. 1:42 EST falled harder

Dow 11,257.08 -13.21 (-0.12%)
Nasdaq 2,303.11 +2.96 (+0.13%)
S&P 500 1,300.43 -1.24 (-0.10%)
10-Yr Bond 4.663 -0.76 (-1.60%)

NYSE Volume 1,536,623,000
Nasdaq Volume 1,271,145,000

1:30 pm : The Dow and S&P have fully erased today's gains. Within the blue chip average, 13 of the 30 components are trending lower. Of them, Home Depot (HD 42.95 -0.86) is suffering the most selling. The stock appears to be facing some profit-taking. Yesterday, the better than expected existing home sales report helped related industries advance, and Home Depot was a standout in the home improvement space. On a related note, the homebuilding industry has lost its momentum. It was on the rise earlier, despite the softer than expected read on new home sales, but has since fallen to the flat line. Along with that data, an analyst downgrade on HD today has given traders a reason to lock in some of the stock's profits. Over the last month, shares have risen more than 10%.DJ30 -3.93 NASDAQ +5.47 SP500 +0.30 NASDAQ Dec/Adv/Vol 1312/1577/1.23 bln NYSE Dec/Adv/Vol 1516/1639/902.8 mln

Iffin Home Depoe is "suffering", shud it be put out of its mesery?

[ozymandius]

95. jus' falled up an' den falled down agin

1:59
Dow 11,266.36 -3.93 (-0.03%)
Nasdaq 2,305.78 +5.63 (+0.24%)
S&P 500 1,301.69 +0.02 (+0.00%)
10-Yr Bond 46.59 -0.80 (-1.69%)
NYSE Volume 1,603,871,000
Nasdaq Volume 1,325,311,000

[UpInArms]

91. Bally says seeking waivers from lenders - in technical default

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-03-24T181345Z_01_N24325993_RTRIDST_0_LEISURE-BALLY-UPDATE-1.XML

LOS ANGELES, March 24 (Reuters) - Troubled health club operator Bally Total Fitness Holding Corp. (BFT.N: Quote, Profile, Research) on Friday said it is seeking waivers of technical default from some of its bondholders and lenders.

The defaults were triggered by the company's failure to file its financial statements for the year ended in December, Bally said in a statement.

As a result, the company is seeking waivers from holders of its 10.5-percent senior notes due 2011 and 9.875-percent senior subordinated notes due 2007.

It will also seek a waiver to extend the time for filing its financials for the quarters ending in March and June. The consent solicitation process is expected to begin on or about March 27.

The health club operator said holders of 53 percent of the senior subordinated notes have already consented to the waivers. Those holders include Tennenbaum Capital Partners LLC and affiliates of Pardus Capital Management LLC and Everest Capital Ltd.

Bally said it is also seeking a waiver of the requirement to deliver financials by March 31 from lenders under its $275 million senior secured credit facility.

...more...

[54anickel]

101. Hispanics march in Milwaukee against immigration bills

http://www.cnn.com/2006/US/03/23/latino.march/

(CNN) -- Thousands of demonstrators marched in Milwaukee, Wisconsin, on Thursday to oppose tough anti-immigration legislation sponsored by their Republican congressman Jim Sensenbrenner.

House Resolution 4437 would make all undocumented immigrants felons and require all employers to verify the immigration status of its employees.

The House already has passed Sensenbrenner's bill, and Sen. Bill Frist, R-Tennessee, has introduced a companion bill in the Senate that also would make it a felony to be in the United States without the proper paperwork.

Sensenbrenner said in a statement last year that his bill would help "regain control of our borders and prevent illegal immigration" as well as "help strengthen and promote our compassionate and welcoming legal immigration system." (Watch how Democrats would prefer a more holistic approach -- 2:08)

About 30,000 protesters on Thursday marched into downtown Milwaukee as part of a demonstration titled "A Day Without Latinos" in which Latinos were encouraged to take time from their jobs to march, according to Voces de la Frontera, which organized the event. A police spokesman said the crowd was between 10,000 and 15,000.

more...

What can I call Sensenbrenner that won't get me in some kind of hot water? :freak:

[UpInArms]

103. "a felony to be in the United States without the proper paperwork"

Wow! How soon will we have to start producing our papers, citizen?

[54anickel]

105. Scary ain't it? Sounds so familiar...yet we fail to learn from history,

saying "it can't happen here". People are put down as alarmist, bigoted, what have you for even suggesting the comparison between Bushco and that other regime in history. I'm guessing history will not be kind to today's America....

[54anickel]

107. The Patriot Act and Attention Deficit Democracy

http://www.fff.org/comment/com0603f.asp

The American political system failed when Congress and the media recently rolled over in favor of extending the most onerous provisions of the USA PATRIOT Act. Despite stark evidence of both the law’s abuses and widespread popular opposition, Bush got a rubber-stamp extension of a law that has come to symbolize boundless government intrusions since 9/11.

The reenactment of the Patriot Act symbolizes how America is becoming an “attention deficit democracy” — characterized by pervasive negligence and ignorance throughout society and much of the government. Most Americans appear to no longer care whether there is any leash on government power.

Many Americans did try to stop this juggernaut. More than 400 cities and communities have passed resolutions condemning or opposing the Patriot Act. Yet Sen. Russ Feingold (D-Wis.), an opponent of the bill, perfectly captured what Congress did: “What we are seeing is quite simply a capitulation to the intransigent and misleading rhetoric of a White House that sees any effort to protect civil liberties as a sign of weakness.”

The Founding Fathers intended Congress to be a vigorous check on and balance to executive power. But Congress has never done anything more than concoct fig leafs for itself in response to public outrage over the Patriot Act. In late 2004, Congress mandated the creation of the Privacy and Civil Liberties Oversight Board. But the board is totally controlled by the branch of government committing the abuses. The president appoints all five board members, and the board is located in the White House. Bush dallied before announcing his picks, and then appointed as chairman the former co-chair of Lawyers for Bush-Cheney. The board never bothered to hold a single meeting.

With the Patriot Act renewal, Congress made what Senate Judiciary Committee chairman Arlen Specter (R-Pa.) described as “cosmetic changes” — and then congratulated themselves for defending civil liberties.

more...

[54anickel]

108. Government cracks down on dissent in name of 'anti-terrorism'

http://www.workingforchange.com/article.cfm?ItemID=20503

Two releases of local law enforcement files in recent days have shed new light on just how far the Bush administration, federal, and local law enforcement are going to suppress political dissent in the aftermath of 9-11.
The first case was in Pittsburgh, where a Freedom of Information Act request by the American Civil Liberties Union yielded the revelation that from 2002, when opposition to an invasion of Iraq began in earnest, right through at least until the final, heavily redacted document from 2005, law enforcement officials investigated, monitored, harassed, and infiltrated activists from Pittsburgh's Thomas Merton Center. Merton was a renowned Catholic theologian and pacifist who fiercely opposed the Vietnam War and all wars, and his namesake descendants apply the same beliefs to Iraq.

As the released documents make clear, that, and only that, was why they became targets: because they opposed the war in Iraq. An FBI document from 2002 notes that the center is "a left-wing organization advocating, among many political causes, pacifism." Pacifism! Egads! Aside from the fact that pacifism is a set of personal moral beliefs -- not a "political cause" -- is pacifism, in our militarized 21st Century America, the new Red Scare? Seems so. Just ask the Quakers.

Or maybe, instead, pacifism is simply terrorism. Because the outfit investigating the Thomas Merton Center wasn't the Pentagon TALON program, which was the tool used to go after the Lake Worth (Florida) Quakers and hundreds (at least) of other domestic peace groups. It wasn't even an NSA monitoring program. The Merton Center caught the attention of the Pittsburgh version of a Joint Anti-Terrorism Task Force, a program set up in dozens of cities across the U.S. to combine the efforts of the FBI and other federal, state, county, and local law enforcement agencies to combat the alleged threat of "domestic terrorism." With only so many domestic terrorists to go around, there's got to be something handy to keep all those task forces busy and their budget dollars flowing. Now, we have a better idea of what that "something" might be: investigating ordinary, law-abiding citizens who oppose Bush administration policies. That's now considered terrorism. Of course, it's the far right that has engaged in "domestic terrorism" in our recent history (remember Oklahoma City), but for some reason that's not who these task forces are concerned about.

snip>

Now, such protesters are not only "obvious potential rioters," but "terrorists." The recent reauthorization of the PATRIOT Act, passed with widespread bipartisan support, included a new "anti-terrorist" provision allowing police to establish anti-protester "exclusion zones" at any event of "national significance." (In Seattle, where this idea was first used and then legitimized by the courts, it was more honestly called a "no-protest zone," an egregious violation of the First Amendment.)

more...

[54anickel]

110. WHAT?!?!? Bush shuns Patriot Act requirement ( in LBN)

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2185459

Another f'ing signing statement!

http://www.boston.com/news/nation/washington/articles/2006/03/24/bush_shuns_patriot_act_requirement/

In addendum to law, he says oversight rules are not binding

WASHINGTON -- When President Bush signed the reauthorization of the USA Patriot Act this month, he included an addendum saying that he did not feel obliged to obey requirements that he inform Congress about how the FBI was using the act's expanded police powers.

The bill contained several oversight provisions intended to make sure the FBI did not abuse the special terrorism-related powers to search homes and secretly seize papers. The provisions require Justice Department officials to keep closer track of how often the FBI uses the new powers and in what type of situations. Under the law, the administration would have to provide the information to Congress by certain dates.

Bush signed the bill with fanfare at a White House ceremony March 9, calling it ''a piece of legislation that's vital to win the war on terror and to protect the American people." But after the reporters and guests had left, the White House quietly issued a ''signing statement," an official document in which a president lays out his interpretation of a new law.

In the statement, Bush said that he did not consider himself bound to tell Congress how the Patriot Act powers were being used and that, despite the law's requirements, he could withhold the information if he decided that disclosure would ''impair foreign relations, national security, the deliberative process of the executive, or the performance of the executive's constitutional duties.

[Zynx]

115. I see what they mean by "unitary executive" now.

He executes, makes, and interprets the law all at the same time. Why do we even bother with the notion that we have balance between the branches of government anymore? Why not just have an "elected" dictator? That's basically what we have now. Piss on the Constitution and prepare the worship our "Dear Leader".

[54anickel]

117. Well, technically he wasn't elected either. I think the USofA has become

an entirely different country and her citizens barely took noticed.

[Zynx]

119. I put elected in quotes for a reason. ;-)

The 2000 election was a total sham. I don't think 2004 was fraud, but since he would not have been running in 2004 if 2000 had been run properly, my view is a moot point.

[54anickel]

120. Ahhh, yes I read it that way now. Your view on 04 is not moot though

when you set your sights on '06 and '08. You may not think there was fraud but you must admit that the integrity of the entire system is at risk with some of the new voting systems. I'm glad to see Diebold et al being challenged. When election integrity is questionable, it's probably best to remove the possible questions, no?

[ozymandius]

116. Atrios chimes in.

and I agree with raised fist...

http://atrios.blogspot.com/2006_03_19_atrios_archive.html#114322794680846797

Serial Violations of the Law

How many times is the president going to declare his right to break the law before someone in that damn town gives a shit?

[54anickel]

118. Somewhere I remember reading/posting a count of these signing

statements. Can't remember how many, but he holds an "impressive" record to all other presidents before him using these.

[Zynx]

114. I would not be shocked if that happens in my lifetime.

[UpInArms]

104. 3:09 EST markets dun falled back up

Dow 11,277.33 +7.04 (+0.06%)
Nasdaq 2,309.67 +9.52 (+0.41%)
S&P 500 1,303.07 +1.40 (+0.11%)
10-Yr Bond 4.675 -0.64 (-1.35%)

NYSE Volume 1,908,803,000
Nasdaq Volume 1,565,159,000

2:55 pm : Mixed, sideways trade persists. A rise in the Energy sector has helped the indices move off of their lows. At the close of commodity trade, crude futures were priced at about $64.25 per barrel. That reflects a 0.5% gain on the day. Unleaded gas, meanwhile, rose 1.2%. Heating oil rose a more modest 0.3%. Natural gas - which has recently led the energy complex's advance - diverged, and that commodity closed 0.4% lower. While Energy sector's 0.5% gain has boosted the market, it's not been enough to drive the blue chip averages back to solid gains. DJ30 -2.65 NASDAQ +0.73 SP500 +9.11 NASDAQ Dec/Adv/Vol 1267/1682/1.50 bln NYSE Dec/Adv/Vol 1451/1772/1.14 bln

2:30 pm : Since the last update, it's been more of the same for stocks. It's been a choppy week for the equity market, with investors' focus shifting to Tuesday's FOMC event. As the week heads towards the close of trade, here is a look at today's best and worse performing industries. At the top of the market is specialty consulting services (+3.5%), trailed by motorcycle manufacturing (+3.4%) and diversified metals and minerals (+1.50%). On the other side of the aisle, education services (-3.4%) has been the market's laggard. Just above it are the commercial paper (-2.3%) and home improvement retail (-1.6%) groups.DJ30 -8.41 NASDAQ +6.55 SP500 -0.09 NASDAQ Dec/Adv/Vol 1262/1679/1.41 bln NYSE Dec/Adv/Vol 1480/1718/1.06 bln

[54anickel]

106. U.S.: Iraq on own to rebuild

http://news.yahoo.com/s/usatoday/20060324/ts_usatoday/usiraqonowntorebuild

The head of the U.S.-led program to rebuild Iraq said Thursday that the Iraqi government can no longer count on U.S. funds and must rely on its own revenues and other foreign aid, particularly from Gulf nations.

"The Iraqi government needs to build up its capability to do its own capital budget investment," Daniel Speckhard, director of the U.S. Iraq Reconstruction Management Office, told reporters.

The burden of funding reconstruction poses an extraordinary challenge for a country that needs tens of billions of dollars for repairing its infrastructure at the same time it's struggling to pay its bills. Iraq's main revenue source - oil - is hampered by insurgent attacks on production facilities and pipelines, forcing the country to spend $6 billion a year on oil imports.

Iraq's deputy finance minister, Kamal Field al-Basri, said it was "reasonable" for the United States to sharply cut back its reconstruction efforts after spending about $21 billion. "We should be very much dependent on ourselves," al-Basri said in an interview.

Anthony Cordesman, a Middle East expert at the Washington-based Center for Strategic and International Studies, called the U.S. reconstruction effort "a dismal failure. It hasn't met any of its goals. It's left a legacy of half-built projects, built to U.S. standards, which Iraq doesn't have the capability to maintain."

more...

[AnneD]

111. Excuse me...

but, do we get a refund on that money we gave to rebuild Iraq? It's just a question.

[54anickel]

112. Nope, it was used in the demo phase of the rebuilding project. Sorry,

all sales are final - no returns, refunds or exchanges.

[ozymandius]

113. time to close up shop

I think today's casino game was the roulette wheel.

Dow 11,279.97 +9.68 (+0.09%)
Nasdaq 2,312.82 +12.67 (+0.55%)
S&P 500 1,302.95 +1.28 (+0.10%)
10-Yr Bond 46.75 -0.64 (-1.35%)
NYSE Volume 2,326,065,000
Nasdaq Volume 1,928,045,000

4:20 pm : Friday's trading action was reflective of the week's choppy pattern. The market had opened in mixed, relatively subdued fashion, but then took a bullish cue from the latest housing data. The momentum did not last, though. Interest rate concerns came back into perspective, and afternoon equity trade illustrated investors' caution ahead of next week's FOMC event. Shortly before the close of trade, the major averages re-advanced, largely due to an energy price-related rise in the Energy sector.

Yesterday, stronger than expected Existing Home Sales data challenged the argument that a slowing housing industry would give the Fed a reason to halt its tightening cycle. For a market mindful of the fact that monetary policy is increasingly dependant on the economic data, strong readings raise doubts that the Fed will only lift rates one or two more times. Whereas Thursday's data prompted bond yields' rise and stocks' fall, today's softer than expected New Home Sales report fostered some optimism within both markets. There appears to be some hope that the tightening cycle is nearing its end. Ultimately, though, uncertainty persists. Our market view and expectations regarding Fed policy are unaffected by either housing report. We still anticipate a rate hike on Tuesday, which will mark the 15th consecutive increase and bring the Fed funds rate to 4.75%. We project another hike after that, and we believe that the possibility of a third should not be dismissed.

Nonetheless, the bond market found a reason to rally. Yields across the curve dropped. At the close of trade, the benchmark 10-year note was yielding 4.67%, the yield at which it finished last week. Lately, the bond market has dictated trade within the stock market to an increased degree. That wasn't exactly the case today, however. Rate-sensitive areas, in particular, reflected stock traders' caution. The Financial sector hovered around the flat line, as did Utilities.

Separately, Google (GOOG 365.89 +24.00) was a primary source of support. After much speculation, the company will replace Burlington Resources (BR 90.80 +0.52) in the S&P 500. Google is the largest company ever to be added to the index, and it will be the highest priced member. Index funds will need to add the stock before the official change takes place at the close of trading on March 31st, and the sense that its inclusion will result in a higher degree of financial visibility helped attract buyers. Today, shares gained more than 7%. The news helped establish an early bullish bias across the tech board, and Google's advance drove the Nasdaq. A few other factors underpinned that sentiment. Among them was confirmation from Lucent (LU 3.06 +0.24) and Alcatel (ALA 15.72 +0.27) that they are discussing the completion of a "merger between equals." As a result, the communication equipment industry lent considerable upside, and the Telecom sector advanced 0.6%. Strength in semiconductors added momentum to both the Tech sector (+0.3%) and the Composite. Palm (PALM 20.03 -0.11) was another factor, following its better than expected earnings results and upside guidance. Several weak pockets capped Tech's advance, though. One particular laggard was Solectron (SLR 3.17 -0.19), which dropped in the wake of its second quarter profit report.

Spirited leadership lacked today. Benefiting from extended advances across the energy complex, Energy had led early trade. But price action there was rocky. Crude's intra-day declined resulted in the loss of the Energy sector's leadership; its rebound then prompted the sector's recovery. Still, its 0.6% advance was not enough to take the market solidly higher. Just as gains were limited, so were losses. Essentially, anticipation ahead of Tuesday's FOMC decision and policy directive kept trading action in check.DJ30 +9.68 NASDAQ +12.67 SP500 +1.28 NASDAQ Dec/Adv/Vol 1074/1951/1.91 bln NYSE Dec/Adv/Vol 1277/1951/1.48 bln