STOCK MARKET WATCH, Tuesday March 6

[ozymandius]

Tuesday March 6, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 685 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2262 DAYS
WHERE'S OSAMA BIN-LADEN? 1966 DAYS
DAYS SINCE ENRON COLLAPSE = 1926
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 9
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54


U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES-----------------------------S&P FUTURES




AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON March 5, 2007

Dow... 12,050.41 -63.69 (-0.53%)
Nasdaq... 2,340.68 -27.32 (-1.15%)
S&P 500... 1,374.12 -13.05 (-0.94%)
Gold future... 639.20 -4.90 (-0.77%)
30-Year Bond 4.65% +0.00 (+0.09%)
10-Yr Bond... 4.52% +0.00 (+0.07%)






GOLD, EURO, YEN, Loonie and Silver


PIEHOLE ALERT

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

For information on protests and other actions Citizens For Legitimate Government

[ozymandius]

1. Today's Market WrapUp

The Year of the Golden Pig
BY TONY ALLISON

Golden pigs are hot commodities this year. February 18th marked the beginning of the Year of the Golden Pig in Asia, celebrated especially in China and South Korea. The pig has been a symbol of wealth and abundance in China since ancient times. But not every Year of the Pig is golden. According to Chinese astrologists, this is the first Golden Pig in 60 years. Babies born in this year are believed to have good fortune and will lead a comfortable and wealthy life. Some feel this is pure myth, created to increase birthrates and sell merchandise. Historically accurate or not, the marketing is in full swing. A baby boom in China and South Korea is already underway, as millions of couples want their child born in this “lucky” year.

Demand for gold is also increasing across Asia as people are buying gold for friends and relatives, wishing them good luck in this “golden year.” Banks are offering gold bars as a lottery prize to those opening up bank accounts. Myth, legend or pure marketing ploy, gold is hot in Asia, not just for gifts, but for protecting individual wealth.

In December 2006, the Shanghai Gold Exchange lowered the size limit for trading in gold bars from one kilogram to 100 grams in a move to make trading in precious metals more accessible to small investors. According to China.org, the National Bureau of Statistics recently released data showing the savings deposits of urban and rural Chinese has reached 9.43 trillion yuan, up 17.1 percent form last year. China’s consumption of gold also grew by 17% in 2006, while gold consumption dropped by 10% in the U.S. The Chinese are saving and buying gold. The Americans are consuming and going into debt. This continuing imbalance has many investors worried, most notably Warren Buffett.

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

[ozymandius]

2. Today's Reports

8:30 AM Productivity-Rev. Q4
Briefing Forecast 1.7%
Market Expects 1.7%
Prior 3.0%

10:00 AM Factory Orders Jan
Briefing Forecast -5.0%
Market Expects -4.0%
Prior 2.4%

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

[UpInArms]

13. US Productivity @ 1.6% - lowest since 1997

01. U.S. productivity up 1.6% in 2005, lowest since '97
8:30 AM ET, Mar 06, 2007 - 52 seconds ago

02. U.S.unit labor costs up 3.2% in 2005, highest in 5 years
8:30 AM ET, Mar 06, 2007 - 52 seconds ago

03. U.S. Q4 unit labor costs highest since Q1
8:30 AM ET, Mar 06, 2007 - 52 seconds ago

04. U.S. Q4 unit labor costs revised higher to rise 6.6% vs 1.7%
8:30 AM ET, Mar 06, 2007 - 52 seconds ago

05. U.S. Q4 productivity revised lower to rise 1.6% vs. 3.0%
8:30 AM ET, Mar 06, 2007 - 52 seconds ago

[Ghost Dog]

33. U.S. Jan. Factory Orders Fall 5.6%; Fall 2.9% Ex-Transport

http://www.bloomberg.com/apps/news?pid=20601087&sid=a5phQR9mbIuQ&refer=worldwide

March 6 (Bloomberg) -- Orders placed with U.S. factories declined by the most in more than six years in January, reflecting weakness in manufacturing as companies worked off bloated inventories.

Factory orders fell 5.6 percent after a 2.6 percent increase in November that was larger than previously reported, the Commerce Department said today in Washington. Excluding transportation equipment such as Boeing Co. jets, bookings fell 2.9 percent after rising 2.3 percent.

Automakers and construction-related companies are slashing inventories they accumulated last year after overestimating demand in a slowing economy. Inventory reductions, together with a decline in capital-goods orders, may be a drag on growth this quarter, economists said.

``Manufacturing is getting hammered by the housing recession and the big adjustment in the auto sector,'' Nariman Behravesh, chief economist at Global Insight Inc. in Lexington, Massachusetts, said before the report. ``The auto adjustment will wind down in the next quarter or two. Housing will take a little longer.''

/...

[TheWatcher]

67. The Economy Is Roaring.

Nothing Bad Ever Happens In Pleasantville.

Remember Citizen, the worse things get, that means that prosperity is that much stronger.

:sarcasm:

[ozymandius]

3. Oil prices rise above $60 a barrel

SINGAPORE - Oil prices rose Tuesday as many Asian stock markets bounced back from a weeklong slide, and strategists pointed to robust demand for gasoline and falling petroleum inventories.

"Gasoline demand is now much stronger than expected than at beginning of this year. This should be pushing prices up further," said Tetsu Emori, chief commodities strategist with Mitsui Bussan Futures in Tokyo.

Light, sweet crude for April delivery rose 28 cents to $60.35 a barrel in electronic trading on the New York Mercantile Exchange, late afternoon in Singapore. The contract fell 2.5 percent Monday to settle at $60.07 a barrel, the lowest for a front-month contract since Feb. 21.

-cut-

The U.S. government reported last week that stockpiles of gasoline and distillates, which include heating oil and diesel fuel, dropped by a larger amount than analysts had forecast. Meanwhile, demand for products over the last four-week period rose by 7.5 percent from the same period last year.

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

[Roland99]

16. Inventory manipulation to keep prices artificially high?

NAAAHHHHH!!!

[rman]

23. Don't you think prices would also be high if inventories would really be tight?

Then how's high price evidence of manipulation?

[Roland99]

30. If inventories were really tight, prices would be quite a bit higher than they are now.

Inventories were plentiful not too long ago. Methinks the inventory levels were allowed to drop in order to get prices back up.

[rman]

34. Depends on how large the inventories are, doesn't it?

Also, besides inventories of extracted oil there's the factor of proven reserves (in the ground) - the quantity of those is not a matter of "allowing".

If cheap oil still is plenty-full as it once was, then why are they now drilling in over a mile of ocean water (expensive), and why are they starting to exploit such slow and expensive sources as tar-sand and oil shale?

[Roland99]

35. Well, I'm referring to the final product (gasoline) inventories

These refineries offline and such affecting prices like they do is ridiculous.

Enough refining capacity is added to existing refineries to equate to building a new refinery each year!

[rman]

38. heavy crude, tar-sand and oil shale require other refinery technology,

than that used for sweet crude; most refineries that were build in the past can't process it. That limits their usefulness.

[AnneD]

49. And if they were serious about lowering gas prices...

they would have increased out put by building another refinery. The oil companies know they are in a declining industry and would rather patch the tires instead of buy new. If they squeeze a little more profit from the consumer and another tax break from the government, so much the better. But you can't tell me that they have been making such obscene profits and NOT be dicking with the prices and policy. If this were not the case we would have been into bio fuels and renew ables years ago.

[Ghost Dog]

39. This issue of what might be "in the ground"

(and technically/economically/politically available) is a bit more 'mid-term'than the issue of what is or is not refined and available to meet immediate consumer demand (which really should be, rather than so profligate, much more self-constrained, in the 'rich' world), rman. It's in this latter field where we suspect there may be some degree of interested manipulation (or, at the least, let's say, deliberate malfeasance not in the wider public (and thus not even most share/stakeholders') interests (sarcasm intended)) going on.

The former issue is, of course, part of the wider context (including alternatives) also currently, it would seem, gravely mishandled for shortsighted partisan robber-baron moneygrabbing reasons.

[rman]

41. I see your point

But then the question is, just what would the price of a barrel of oil now be if the quantity of gasoline inventories would not be manipulated? How much of a difference can it really make, in the face of the actual onset of oil depletion?

[Ghost Dog]

48. Well, the oil-barrel price, that's an international market,

more-or-less (perhaps in large part thanks to the OPEC cartel) the same price for all.

For example, post-Katrina 2 years ago, the US had sudden demand, could pay the (increased) price, and so supplies otherwise destined to Europe (apart from the solidarity supplies) were diverted. Everyone in world markets shared paying that price, to some degree.

For another example, the USA imports no oil from Iran (Europe is their largest customer). But were that source of supply to be taken off-line, all oil importers would share the price consequences.

As regards your question, 'classical' economics would say that, the greater the demand and the willingness (and ability) to pay, the greater the incentive on producers and suppliers to meet that demand, one way or another.

And that 'one way or another' could (and should) stimulate (and finance) a great deal of creative thinking, research, empirical experimentation which could (and in fact quite absolutely must) lead to entirely different ways of doing things, of 'meeting' that demand...

So, in fact, it would seem, higher end-user prices ought to be a good thing, given the peak-oil relative-scarcity situation in an at-present essential resource (physical energy) you point to.

The big contemporary question would seem to be, right now, exactly where (and how efficiently) are the extra revenues being diverted, and to what end?

[rman]

53. i'm not sure that answers my question;

"As regards your question, 'classical' economics would say that, the greater the demand and the willingness (and ability) to pay, the greater the incentive on producers and suppliers to meet that demand, one way or another."

whereas my question is:
...what would the price of a barrel of oil now be if the quantity of gasoline inventories would not be manipulated? How much of a difference can it really make, in the face of the actual onset of oil depletion?

I think that without manipulation of gasoline inventories, the price of oil still would be nowhere near the $20 ~ $30 is was during the period 1985~2003. I'd find it hard to imagine that the price of oil could be doubled or tripled just by artificial scarcity of gasoline inventories.

Come to think of it, maybe you did answer my question in a way; that it is that manipulation of gasoline inventories in the US alone is unlikely to have a great effect on the global oil market. That might only be possible if all the major economic regions are manipulating gasoline inventories in like manner.


A comment on classical economics:
I think the traditional supply-and-demand theory has a serious flaw in that the concept of "demand" omits "want": you could be starving to death because you have no money (as many people in this word are - and it's not because they are lazy), and because you have no money you have no ability to pay so you don't contribute to "demand".
In the classic economic view this is all good because supply and demand are taking care of things. Humanly speaking though, it's very very bad - so bad in fact that i think that any theory that omits this issue is in effect completely wrong.

[Ghost Dog]

55. Looks like you get the (real) point, rman.

- Sorry if my language is often (and so 'hedged' around) obtuse.

:hi: :evilgrin:

Ed. and, sorry but, don't cry to me about fuel prices. I live in Europe. So it's up to us, in this polity, to try to make sure 'economic' resources get well-directed towards reasonable ends. And, although I'm personally now reasonably well-off, I have spent (long) time in that situation you describe, in the past, in my youth (though less so than many) where one reacts to the idea of money with a "what the (f)hell, what's it to me? never have any to spare (to win or lose) (but I'm happy).

Ed. again to add: I think we agree: OF COURSE PEAK OIL IS WHERE WE'RE AT! That's the context for all this!!!

[Ghost Dog]

26. ... Still fixing 'dem refineries & pipelines 'dey was workin' on

'dis time last year?

[ozymandius]

4. Asia stocks rally after global sell-off

TOKYO - Asian stocks rallied and European shares mounted a cautious comeback Tuesday as markets reversed a weeklong sell-off, fanning hopes that recent global trading turmoil may finally subside.

U.S. Treasury Secretary Henry Paulson, in Tokyo for a three-nation Asian tour, tried to quell concerns about markets saying the global economy is as strong as he's ever seen and that reforms in China would help lessen market volatility.

Investors across Asia flocked back to the market, scooping up shares after days of losses and renewed confidence that underlying economic fundamentals are basically stable.

http://news.yahoo.com/s/ap/20070306/ap_on_bi_ge/world_markets

[UpInArms]

11. Shares Continue to Sink, From Hong Kong to New York

http://www.nytimes.com/2007/03/06/business/worldbusiness/06stox.html?ex=1330837200&en=e3d32a6055d00ffe&ei=5088&partner=rssnyt&emc=rss

The fallout from last week’s global stock dive showed few signs of letting up yesterday, as markets from Hong Kong to New York deepened their losses.

Share prices in the United States fell for the eighth time in the last nine trading days. The combined losses have wiped out more than 5 percent of the American market’s value.

<snip>

Another big sell-off in Asia overnight and more modest declines in European markets later in the day preceded the downturn in the United States. The Nikkei fell for the fifth consecutive session to close down 3.3 percent; Hong Kong’s Hang Seng index fell 4 percent; and the Shanghai composite index fell 1.6 percent. In Britain, the FTSE 100 dropped 0.94 percent, in Germany the DAX index fell 1.04 percent, and in France the CAC-40 declined 0.73 percent.

<snip>

This flight from risky assets has become particularly evident in currency markets. The Japanese yen, which rose again yesterday against the dollar, has been strengthening even as other Asian currencies have declined because many investors are unwinding some of their transactions, called “carry trades.”

In this trading strategy, hedge funds and other investors have been borrowing yen at low interest rates and then converting them into other currencies to buy stocks in markets with higher returns, like Australia, Malaysia, Indonesia and the Philippines. But they are now reversing many of these trades.

The retreat of investors from carry trades is now accelerating regional declines, analysts said. The more the yen rises, the more expensive it becomes for carry traders to pay off their Japanese debt. As they try to sell their holdings faster, they feed a cycle of rising yen and more selling.

...more...

[Ghost Dog]

18. Shares rebound in Asian markets

http://newsvote.bbc.co.uk/1/hi/business/6421867.stm

Asian stock markets regained some ground on Tuesday following five days of losses.

Japan's Nikkei index, which had lost 8% of its value in the past five sessions, climbed 1.2%, while the Bombay Stock Exchange put on more than 2%.

...

The Nikkei index closed up 202.25 points at 16,844.5 as the yen slid against the dollar - boosting companies such as Toyota that bring a lot of currency in from overseas sales.

Hong Kong's Hang Seng index climbed 1.6%, while the main indexes in Australia and China put on 2%.

Markets in Malaysia, South Korea, Taiwan, Singapore and Indonesia were all 1% higher.

/...

[Ghost Dog]

19. Tokyo stocks snap 5-day losing streak, helped by dollar's rally

http://asia.news.yahoo.com/070306/kyodo/d8nmgqf80.html

(Kyodo) _ Tokyo stocks rose for the first time in six trading days Tuesday as export-oriented issues drew buying on the back of the U.S. dollar's rally against the yen.

The 225-issue Nikkei Stock Average gained 202.25 points, or 1.22 percent, to end at 16,844.50. The broader Topix index of all First Section issues on the Tokyo Stock Exchange surged 29.83 points, or 1.79 percent, to 1,692.54.

The equity market was currency-conscious with the key indexes steadily advancing almost all day in line with the dollar's appreciation against the yen, brokers said.

The dollar's rise to the lower 116 yen level from the 115 yen territory in overnight trading overseas prompted investors to buy automakers and other export-oriented issues.

The Nikkei's rebound came in the wake of the loss of more than 1,500 points in the past five trading days.

After getting off to a strong start, the index maintained steam throughout the day, gaining more than 240 points at one point in the early afternoon.

"The market has finally settled after the global sell-offs as the yen took a breather from its latest rise against the dollar," said Katsuhiko Kodama, senior strategist at Toyo Securities Co.

"The dollar's appreciation gave investors assurance to buy back stocks, which had fallen to reasonable prices," he added.

But brokers warned that the market would be unstable for a while because investors would stay sensitive to risks after the plunges in equity markets around the world.

/...

[Ghost Dog]

20. HK blue chips rebound, HSBC leads gains

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20070306:MTFH41433_2007-03-06_06-42-18_HFB078014&type=comktNews&rpc=44

HONG KONG, March 6 (Reuters) - Hong Kong stocks recouped some of their recent steep losses to rise 2.1 percent on Tuesday as HSBC Holdings Plc. (0005.HK: Quote, Profile , Research) led the way after reporting earnings that traders said slightly topped expectations.

The benchmark Hang Seng Index <.HSI> stood at 19,045.93 at 0638 GMT.

/.

[Ghost Dog]

21. China A-shares close higher; financial, steel stocks rebound

http://www.forbes.com/afxnewslimited/feeds/afx/2007/03/06/afx3487609.html

SHANGHAI (XFN-ASIA) - A-shares in Shanghai and Shenzhen closed higher on bargain hunting with financial issues and steel makers gaining ground, dealers said.

The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, closed up 54.87 points, or 1.97 pct, at 2,840.18, after moving between 2,756.96 and 2,866.33.

Turnover fell to 63.99 bln yuan from 84.96 bln in the previous session.

The Shanghai A-share Index was up 57.84 points or 1.98 pct to 2,984.44 on turnover of 63.55 bln yuan and the Shenzhen A-share Index was up 5.52 points or 0.73 pct at 762.91 on turnover of 33.78 bln yuan.

/..

[Ghost Dog]

22. Beware: Asian stocks bounce seen short-lived

http://yahoo.reuters.com/news/articlehybrid.aspx?type=comktNews&storyID=urn:newsml:reuters.com:20070306:MTFH41367_2007-03-06_06-38-57_HKG296481&pageNumber=0&imageid=&cap=&sz=13&WTModLoc=HybArt-C1-ArticlePage3

HONG KONG, March 6 (Reuters) - Is it safe to jump back into the market?

At your own risk, analysts say.

Tuesday's rebound in Asian stocks is likely to be short-lived. Analysts are calling it a technical bounce as bruised investors picked up shares that had been beaten down rather than a turning point.

Markets still remain in a correction phase amid a global market rout that has yet to run its course, meaning further weakness is likely.

"We probably do have more downside and what we're seeing now is a bounce from oversold conditions," said Sydney-based Shane Oliver, head of investment strategy at AMP Capital Investors, which managed more than US$81 billion in funds as at Dec. 31.

"The best approach is to buy into weakness, but I wouldn't put it all in now, I'd spread it out over the next few weeks... It is like trying to catch a falling knife, trying to get the bottom of a market is very hard," he said.

A market correction typically lasts four to six weeks and can take prices down 10 to 20 percent in total, said HSBC Asia Pacific strategist Garry Evans. Continued...

/...

[ozymandius]

5. G'morning Marketeers.

:donut: :donut: :donut:

I'm out for awhile and will return around lunchtime. Have fun watching those dancing puppet numbers.

Ozy :hi:

[UpInArms]

6. dollar watch

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

Last trade 84.12 Change -0.05 (-0.06%)

Dollar Market Volatility Overwhelms ISM Services Report

http://www.dailyfx.com/story/currency/eur_news/Dollar_Market_Volatility_Overwhelms_ISM_1173120219298.html

The currency market offered few signs that the volatility triggered by the recent wave of carry trade unwinding would give out anytime soon. In a world where complacency and risk have been thrown out the window, the dollar continues to advance against most of its pairings even when immediate fundamentals call for selling.

Greenback action was well encompassed by the benchmark EURUSD. In the illiquid opening hours, the pair climbed all the way to 1.3215 before sliding 145 points through the major sessions, before finding the inklings of support ahead of 1.3060. Following on its break late last week, GBPUSD continued to get hammered with a massive 255-point drop that took out the temporary 1.94 floor. The USDCHF pair was late to the game, though a touch off of 1.2210 quickly aroused bids for a return to the 1.2310-50 zone. In the end, the yen was the only major currency still up on the day against the entrenched dollar after a 160 point drop was trimmed to 80 points by mid-New York session.

One weekend was not enough for traders to cool their heels on the carry trade depression. When the market opened once again, the yen and other low yielding currencies were pitched into another steep rally against their high-payout counterparts. While the dollar was not the exception to the rule, the market was showing signs that the big moves on carry trade unwinding were being isolated to those pairs with the biggest spreads. Now, aversion to risk seems to be dominating traders’ efforts. With another day of sharp selling in Asian and European stock markets, emerging market currencies and other risky investments, investors are moving capital to safer bets like US Treasuries. One event that was expected to throw some water on the aggressive carry flows was Japanese Finance Minster Koji Omi and US Treasury Secretary Henry Paulson’s wrap up on their scheduled meeting. Market participants were looking for any hint that either official was concerned with the sharp moves in currencies or equities, or even a whiff of a possible move to intervene by the Bank of Japan. Alas, both men disappointed – saying only that both economies were firm and that reiterating the yen’s value should be determined by the market.

With the dollar well supported by flight-to-risk buying, there was sufficient momentum to help the currency weather a disappointing ISM service sector report. Following up on the better than expected manufacturing number last week, today’s service gauge was quite the disappointment. Economists forecast a dip to 57.1 for the indicator; but were instead met with a 54.3 print. While this was still above the 50.0 growth/contraction level, it is also the slowest pace of expansion since April 2003. Considering the sector accounts for 90 percent of GDP and a vast majority of US jobs, this number is particularly important for gauging the health of the economy. With this in mind, the employment, new export orders, and inventory change components all grew over the month, which takes some of the sting out of slower prices paid and domestic order growth.

...more...

US Dollar - Carry Trade Liquidation Continues to Drive Market Fluctuations

http://www.dailyfx.com/story/dailyfx_reports/daily_fundamentals/US_Dollar___Carry_Trade_1173133401716.html

US Dollar - It certainly feels like déjà vu as last week’s trends in the currency market manifest themselves again. When the markets reopened on Sunday evening, the Japanese Yen resumed its climb against everything in sight. The dollar fell victim to Yen strength as it dropped just a hair shy of its 3 month low. However the dollar’s weakness was just limited to the Yen as the greenback actually staged an impressive rally against currencies such as the British pound, Australian and New Zealand dollars. The market completely shrugged off the drop in the service sector ISM report despite its deterioration to a 2003 low. The details of the report are not as discouraging as the headline with only 5 of the 9 sub-indices reporting slower growth. Nonetheless, the service sector is a far bigger contributor to US growth than the manufacturing sector. Today’s drop in the February report negates the improvement that we saw in the manufacturing sector ISM last week. The data also indicates that the weakness in the other parts of the economy is hitting the service sector as well. With non-farm payrolls due out this Friday, it is important to note that the employment component of the service sector report picked up in the month of February; this follows a similar improvement in the manufacturing survey. Many of the large banks are calling for a far weaker NFP print than the current 100k forecast. Part of that pessimism can be attributed to the larger number of jobless claims that have reported over the past few weeks. In the meantime, contributing to the dollar’s strength today were relatively optimistic comments from Fed Presidents Warsch and Poole. Both of the Presidents attempted to down play the recent volatility in the stock markets and talked up the economy’s resilience. We would not be surprised to see more Fed officials attempt to pacify the markets, but the Fed may be forced to cut interest rates sooner rather than later if the Dow does not stop falling.

...more...

[Ghost Dog]

32. Canadian Loonie Strong Against Counterparts On Tuesday

http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20070306\ACQRTT200703060951RTTRADERUSEQUITY_0747.htm
&selected=9999&selecteddisplaysymbol=9999&StoryTargetFrame=_top&mkt=WORLD
&chk=unchecked&lang=&link=&headlinereturnpage=http://www.international.nasd

(RTTNews) - The Canadian dollar rose against the dollar and euro in trading on Tuesday. The currency moved as Canada reported Building Permits data for January.

The Canadian loonie showed strength against the dollar on Tuesday. The advance brought the currency to a mark of 1.1756 by the mid-morning action. Overall, the loonie is moving near a weekly high against the American currency.

The Canadian dollar advanced against the euro in the morning action on Tuesday. The climb brought the loonie to a mark of 1.5384. Generally, the currency has remained in a range against the euro over the past three months.

[Ghost Dog]

36. Yen Sharply Lower As Equities Recover

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=f9e34845-806d-473a-8691-666141c4c286
Tue, Mar 6 2007, 15:30 GMT

The yen fell for the first time in four sessions Tuesday, as global stock markets regained ground after the five-day turmoil.

The yen also traded sharply lower against most higher-yielding currencies including the British pound, the Australian dollar, the New Zealand dollar, and the South African rand, as pressures on traders to unwind the so-called yen carry trade dissipated. Carry trades refer to the practice of investors borrowing in a low-yielding currency, such as the yen, and reinvesting in higher-yielding currencies and assets.

"After yesterdays massive sell-off in equities, carry trades, commodities and for some traders their 'sanity,' today's market finds us at either fantastic selling opportunities or, a percent or two below key reversal levels," said Brian Dolan, director of research at Forex.com, a division of Gain Capital.

"The market gives and the market takes away, is the current mantra," he said. "Gold is higher today. Oil is higher today. The Nikkei rose, and that seems to have taken the starch out of all the selling pressure we have seen in the now super popular yen carry trade."

In early New York trading, the dollar was quoted at 116.22 yen, compared with 115.86 yen late Monday.

The euro stood at $1.3096, compared with $1.3092.

The British pound traded at $1.924, compared with $1.9222. The dollar changed hands at 1.224 Swiss francs, compared with 1.221 francs.

The euro fetched 152.30 yen, compared with 151.70 yen.

The dollar remained slightly lower against the euro after a Labor Department report showed U.S. unit labor costs rose at a 6.6% annual pace in the fourth-quarter, revised up from a 1.7% increase. Productivity was revised to a 1.6% annual growth rate from the 3.0% estimate a month ago. Economists surveyed by MarketWatch had expected a revision to 1.4%.

/...

[Ghost Dog]

37. Global markets await action from Trichet

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=7b7f49c2-ac33-4b9f-b0d5-f5b888521db5

GENEVA (AP) - European Central Bank President Jean-Claude Trichet is known to exercise the same strong vigilance over his language as he pledges to do toward inflation. But markets may be particularly interested in hearing from him this week after the global stock selloffs that followed former Federal Reserve Chairman Alan Greenspan's comment that the United States could be in a recession by the end of the year.

A plunge in Chinese markets spread like a virus across Asia to Europe and on to the United States, and back around again and again before equities seemed poised to steady.

The ECB, which sets monetary policy for a 13-nation economy of 317 million people and more than 15 percent of global gross domestic product, is expected to go ahead Thursday with an increase in its key interest rate from 3.5 percent to 3.75 percent.

Analysts believe that despite the markets' volatility and worries about a possible global slowdown, the ECB will focus on keeping inflation in the euro zone contained.

/worth reading comment:...

[UpInArms]

7. Paulson: U.S. housing credit risks contained

http://news.yahoo.com/s/nm/20070306/bs_nm/japan_economy_paulson_housing_dc

TOKYO (Reuters) - U.S. Treasury Secretary Henry Paulson said on Tuesday that a weakened housing market will not have a major impact on the U.S. financial sector, which he described as quite healthy.

In a roundtable session with reporters during a visit to Tokyo, Paulson said the housing downturn had had some impact on certain types of mortgages but he did not see it as a major problem.

"Some of the credit issues are there, but they're largely contained," Paulson said.

The U.S. Treasury chief was on the first leg of a three-country trip that will also take him to South Korea and China before he returns to Washington on Thursday.

He described global economic conditions as very healthy and played down recent drops in global equity prices.

"The global economy is more than sound," Paulson said. "It's as strong in the last couple of years as I've seen in a lifetime.

"All the economies are growing, inflation is low, and liquidity is high," he said.

...more...

[UpInArms]

8. Subprime Lender Under Inquiry Puts Some Workers on Leave

http://www.nytimes.com/2007/03/06/business/06lend.html?ex=1330837200&en=f408e211dd2c84d4&ei=5088&partner=rssnyt&emc=rss

The Fremont General Corporation, the financial services holding company, put some of its residential loan staff on paid leave yesterday “pending further information” and said that it would stop offering subprime mortgages.

Fremont General said in an e-mail statement that many workers had been sent home. Managers and operations people “are continuing to work today and are making certain that our business data is secure and our customers are taken care of,” the company said.

Fremont, whose operations in Santa Monica, Calif., include a federally insured banking unit, announced Friday that it would sell its subprime lending business after it had agreed to restrict its activities in that area. Another subprime lender, the New Century Financial Corporation, also announced Friday that it faced a criminal inquiry and might need waivers from its lenders to stay in business.

“The regulators did not seek any changes in the company’s retail deposit-gathering business,” said Fremont’s statement, adding that the company would still offer commercial real estate loans.

At offices in Anaheim, Calif., workers loaded their cars with boxes filled with the contents of their desks. Some were dressed in T-shirts and jeans, having been told about the layoffs on Friday.

“Great company to work for,” said Sean Rones, 41, an account executive who was putting supplies, including a laminated Fremont loan rate sheet, into his sport utility vehicle. “Good company, strong work ethic and they looked after their people. And we made good money. And it’s a shame that the Feds are on a witch hunt against us.”

...more...

huh?

[UpInArms]

9. Justices Turn Down Appeal by Ebbers

http://www.nytimes.com/2007/03/06/business/06ebbers.html?ex=1330837200&en=b1ce537cca7479d8&ei=5088&partner=rssnyt&emc=rss

The Supreme Court yesterday rejected an appeal by Bernard J. Ebbers, the former WorldCom chief executive, who was convicted of orchestrating an $11 billion accounting fraud that led to the largest United States bankruptcy.

Mr. Ebbers was convicted in 2005 by a federal jury in New York on nine counts of conspiracy, securities fraud and other crimes that led to the telephone company’s bankruptcy in July 2002. He was sentenced to 25 years in prison.

In appealing to the Supreme Court, lawyers for Mr. Ebbers argued that the trial judge should have required the government to grant immunity to several prospective defense witnesses.

They also argued that the trial judge wrongly instructed the jury that it could convict Mr. Ebbers on the basis that he engaged in “conscious avoidance” of the fraud at WorldCom.

A federal appeals court in New York rejected the same arguments last year and upheld Mr. Ebbers’s conviction. The Supreme Court justices denied the appeal without any comment or recorded dissent.

...a bit more...

[UpInArms]

10. Foundation Defends Deals Done by Ex-Chief of A.I.G.

http://www.nytimes.com/2007/03/06/business/06starr.html?ex=1330837200&en=d2d83f1f0fab9685&ei=5088&partner=rssnyt&emc=rss

The former chief executive of the American International Group, Maurice R. Greenberg, acted in good faith in selling assets of the Starr Foundation to the companies he controls, according to a report from the foundation.

The report, released yesterday by the Starr Foundation, a multibillion-dollar nonprofit organization, addresses accusations made more than a year ago by Eliot Spitzer, who was then the attorney general of New York and is now the state’s governor.

“We are not surprised that a foundation controlled by Greenberg issued a report attempting to absolve him from wrongdoing,” said John T. Milgrim, a spokesman for the current attorney general, Andrew M. Cuomo.

In December 2005, Mr. Spitzer questioned whether Mr. Greenberg and other executors of the Starr Foundation had enriched themselves at the organization’s expense through the sale, which took place more than 30 years ago.

Starr said its executors “prudently performed their duties” and said it did not see any reason for Mr. Spitzer’s “contention to the contrary.”

The foundation was started by the founder of A.I.G., Cornelius Vander Starr, and now has $3.5 billion in assets. Mr. Starr chose Mr. Greenberg to lead A.I.G. and other Starr subsidiaries.

After Mr. Starr’s death in 1968, Mr. Greenberg and other executors sold some of the foundation’s assets to two companies controlled by Mr. Greenberg and others at low prices, Mr. Spitzer said. These two companies then sold the Starr assets to A.I.G. at far higher prices, according to a letter Mr. Spitzer sent to the foundation.

...more...

[UpInArms]

12. Stupid Alert: Greenspan sees 1/3 probability of U.S. recession: report

http://www.reuters.com/article/bondsNews/idUSSP22033420070306

SINGAPORE (Reuters) - Former Federal Reserve chairman Alan Greenspan was quoted as seeing a "one-third probability" of recession in the United States this year, according to an interview with Bloomberg.

"We are in the sixth year of a recovery; imbalances can emerge as a result," Bloomberg quoted Greenspan as saying.

"Ten-year recoveries have been part of a much broader global phenomenon," Greenspan said in the interview.

He said the historically normal business cycle was much shorter and was likely to be this time, the news agency said.

...more...

:wtf:

[UpInArms]

14. gotta run

have a great day all!

:hi:

[Roland99]

15. Bears give way to the bulls

http://www.marketwatch.com/news/story/us-stocks-attempt-cast-off/story.aspx?guid=%7BCEA74A43%2DDD96%2D49A3%2D8DB6%2D2ADC22A2E7E3%7D

U.S. stocks are headed for a higher opening Tuesday, as investors hope to regain a portion of the massive losses the market suffered this week and last, with Google Inc. and Apple Inc. likely to benefit from the prospect of new joint ventures.

The futures contract for the Dow Jones Industrial Average last was up 94 points at 12,130.

Futures contracts for the S&P 500 and the Nasdaq 100 rose 14.60 points to 1,386.80 and gained 18 points to 1,731.8.

Musta been some mighty fine band-aids!

[Roland99]

17. 9:39am - Everything's coming up roses!

DJIA 12,144.30 +93.89 +0.78%
Nasdaq 2,369.70 +29.02 +1.24%
S&P 500 1,387.63 +13.51 +0.98%
Dow Util 470.61 +1.90 +0.41%
NYSE 8,946.02 +108.05 +1.22%
AMEX 2,071.23 +15.32 +0.75%
Russell 2000 771.37 +11.31 +1.49%
Semcond 457.90 -3.44 -0.75%
Gold future 645.30 +6.10 +0.95%
30-Year Bond 4.66% +0.01 +0.17%
10-Year Bond 4.54% +0.02 +0.40%

[Ghost Dog]

24. Tentative rally continues on European bourses

http://mwprices.ft.com/custom/ft2-com/html-story.asp?dateid=39147.3457523148-891130549&guid={505EC99B-A594-4E32-A7DC-F63F345FBDB5}

European investors put aside the recent equity correction and looked ahead to expected gains on Wall Street, while some strong results also gave the market support. In mid-session trade, the FTSE Eurofirst 300 gained 0.6 per cent to 1,455.0, Frankfurt’s Xetra Dax added 0.5 per cent to 6,568.44, the CAC 40 in Paris climbed 0.8 per cent to 5,425.49 and London’s FTSE 100 rose 0.5 per cent to 6,089.0.

...

Back in Europe financial and resource stocks led the advance, recouping some of the heavy losses of recent sessions. Danske Bank gained 1.4 per cent to DKr259 after Goldman Sachs upgraded the stock from “neutral” to “sell”. {<- ed. Guess that should read the other way round} The broker said the Danish group would benefit as the four Nordic markets became increasingly integrated. Crédit Agricole rose 2.1 per cent to €30.13 after Citigroup raised its recommendation on the French bank from “sell” to “hold”. Belgium’s Fortis meanwhile, gained 1.9 per cent to €31.86 after WestLB lifted its rating from “add” to “buy”. The broker said the stock offered “good growth prospects with relative low risk at attractive fundamentals”. Novartis, the Swiss drugs company, gained 3.5 per cent to SFr69.20 after gaining US approval for its blood pressure treatment Tektura, a potential blockbuster, analysts say. Novartis developed the drug with Speedel, whose shares gained 22 per cent to SFr189.

/..

[Ghost Dog]

27. Swiss SMI Moves In Positive Territory

http://www.postfinance.ch/pf/content/en/topics/etrade/news/stockreportchmi.html

Swiss shares traded in the black in midday delas on Tuesday following a recovery across Asian markets and with strong gains in heavyweight Novartis supporting the index.

By 11.40 a.m., the Swiss Market Index was 45.42 points or 0.52% higher at 8,722.28 with 18 gaienrs, 6 decliners and 1 stock unchanged. The Swiss Performance Index rose 43.13 points or 0.63% to 6,920.22.

Novartis gained 3.66% to CHF 69.30 after the pharma giant announced that the United States has become the first country in the world to approve Tekturna, the first new type of medicine in more than a decade for treating high blood pressure - a condition estimated to affect nearly one billion people worldwide and still uncontrolled in nearly 70% of patients. Tekturna is widely seen as having blockbuster potential. Rival Roche added 0.79% to CHF 215.80.

Elsewhere among notable gainers, Synthes climbed 1.67% to CHF 152.40, Adecco advanced 1.12% to CHF 76.90 after an upgrade to "neutral" from "sell" at Goldman Sachs, Lonza rose 1.03% to CHF 108 and ABB added 0.76% to CHF 19.90 90 after the engineering group announced that it sells its building systems business in Germany to WISAG for an undisclosed sum.

In the negative column, Credit Suisse Group fell 0.84% to CHF 83.10, UBS slipped 0.71% to CHF 70.20 and Nestle shed 0.6% to CHF 456.75.

/..

[Ghost Dog]

31. Swiss economy posts strongest growth in six years

http://rawstory.com/news/dpa/Swiss_economy_posts_strongest_growt_03062007.html
dpa German Press Agency

Berne- Switzerland's economy grew by a real 2.7 per cent in
2006, its strongest showing in six years, officials said Tuesday.
The gross domestic product (GDP) rise was well up from 1.9 per
cent the year before, and the strongest since the 3.6 per cent growth
posted in 2006, the State Secretariat for Economic Affairs said.

However, the 2006 figure was slightly below the 3 per cent rise
which many economists had previously calculated.

For 2007, Switzerland's GDP growth, by current projections, is
expected at between 1.7 and 2.2 per cent.

/.

[Ghost Dog]

28. London FTSE keeps gains as miners help halt slide

http://mwprices.ft.com/custom/ft2-com/html-story.asp?dateid=39147.3087962963-891126508&guid={505EC99B-A594-4E32-A7DC-F63F345FBDB5}

London equities recovered some poise on Tuesday as dealers sought to put more than a week of volatile trading behind them. Helped by a sharp rise in its dividend from International Power, the FTSE 100 was 53.4 points higher at 6,112.1 by late morning. There was also a stronger showing from the mid-cap FTSE 250, which rose 133 points to 10,990.1, helped by better-than-expected figures from Galiform.

...

In London, mining stocks reversed several days of losses after Xstrata more than doubled 2006 operating profit to $8.3bn, ahead of expectations. The Anglo-Swiss company said that cost synergies from the acquisition of Falconbridge would be greater than expected and predicted metals prices would carry on rising in 2007, although not at the pace during the 2006 commodities boom. The news sent Xstrata 4.1 per cent to £24.26, while Antofagasta rose 2.6 per cent to 457½p and Anglo American was 2.5 per cent stronger at £24.25. “With around 80 per cent of Xstrata’s earnings coming from base metals, the outlook remains strongly linked to the potential volatility of these markets,” said Gavin Wood, analyst at Evolution Securities. The day’s biggest gainer was International Power, up 6.2 per cent to 374½p, as the power generator increases its dividend by 75 per cent and reported a 44 per cent rise in operating profit of £773m.

/..

[Ghost Dog]

44. European stocks end up, snap 5-day losing streak

http://uk.reuters.com/article/londonMktRpt/idUKL0633807520070306
Tue Mar 6, 2007 4:43PM GMT

LONDON, March 6 (Reuters) - European shares ended higher for the first time in six sessions on Tuesday, boosted by stronger banks and pharmaceutical stocks, amid tentative signs of recovery among global equity markets.

The FTSEurofirst 300 (.FTEU3: Quote, Profile, Research) index of leading European shares closed unofficially up 1 percent at 1,460.1 points, after sliding as much as 7 percent in the past five days as a Chinese stocks drop snowballed into a global equities sell-off.

Around Europe, Britain's FTSE 100 (.FTSE: Quote, Profile, Research) rose 1.3 percent, while Germany's DAX (.GDAXI: Quote, Profile, Research) gained 0.9 percent and France's CAC 40 (.FCHI: Quote, Profile, Research) rose 1 percent.

/...

[Ghost Dog]

50. Swiss SMI Closes Comfortably In The Black

http://www.postfinance.ch/pf/content/en/topics/etrade/news/stockreportchev.html

Swiss shares continued to rise and closed with solid gains supported by a recovery in Asia, a positive start at Wall Street and a strong performance from heavyweight Novartis.

The Swiss Market Index closed 98.74 points or 1.14% higher at 8,775.60 with 19 gainers, 4 decliners and 2 stocks unchanged. The Swiss Performance Index climbed 80.46 points or 1.17% to 6,957.55.

/...

[Ghost Dog]

51. Banks, commodities help FTSE retrace from sell-off

http://investing.reuters.co.uk/news/articleinvesting.aspx?type=londonMktRpt&storyID=2007-03-06T170510Z_01_L06520191_RTRIDST_0_MARKETS-BRITAIN-STOCKS-UPDATE-2.XML

LONDON, March 6 (Reuters) - Britain's top share index bounced back from the global equity sell-off on Tuesday to end up 1.3 percent, helped by banks and commodity stocks that were lifted by rising raw material prices.

The FTSE 100 .FTSE ended up 79.8 points at 6,138.5, regaining some lost ground after plunging nearly 5 percent last week.

Mainland European stocks also gained, snapping a five-day losing streak as concerns about investors unloading yen carry trades subsided for the time being, with the Japanese currency falling against the dollar <JPY=> and the euro <EURJPY=>.

"For the time being, it's just the fact that everything fell 5 percent in a week and it just looks cheap. It may turn out to be a short-term bounce," said Tim Hughes, head of sales trading at IG Index.

"There will continue to be uncertainty related to these carry trades should the yen start to strengthen."

[PassingFair]

25. Did the Dow drop below 12,000 at any time yesterday?

I couldn't tell from the thread.....

[Ghost Dog]

29. I believe it did not ... Not yet ...

... (Although I recall the comments about it being such a great rubicon, once crossed back last October only ...)

[Roland99]

40. 11:10am - A slight pull back but still firmly in the green.

DJIA 12,116.82 +66.41 +0.55%
Nasdaq 2,365.31 +24.63 +1.05%
S&P 500 1,384.27 +10.15 +0.74%
Dow Util 473.12 +4.41 +0.94%
NYSE 8,933.88 +95.91 +1.09%
AMEX 2,075.68 +19.77 +0.96%
Russell 2000 769.96 +9.90 +1.30%
Semcond 462.93 +5.03 +1.10%
Gold future 646.20 +7.00 +1.10%
30-Year Bond 4.64% -0.01 -0.26%
10-Year Bond 4.51% -0.01 -0.15%

[AnneD]

42. Morning Marketeers.....

:donut: and lurkers. When it comes to using renewable resources, you won't find a greater supporter than I. But I do have a familiarity with farming and crops and I really am not fond of the notion of the big push to ethanol.

For many years in this country, there has been a decrease in farmland. Groves and fertile land has been destroyed to make suburbia and freeways. Many of the farm practices, esp those of agribusinesses, deplete the soil, causing and increase in the need for fertilizers and pesticides. The planting of mono crops without rotation (fields filled with only corn, cotton, wheat, etc)is the worst way to farm. Add to this mix the changing weather patterns, bee hive kills (corn is very dependent on this)-that is a lot of land to tie up just to gas up your car. Too many eggs in one basket if you ask me. People need food before they need gas.

Now wind, water, solar, and geothermal power make much more sense, and in the end seem to be far more stable a source. Solar collectors in the desert and windmills on a barren mesa or ocean make far more sense to me than using good farmland. Hawaii should never have to import oil for cars and Utah has untapped geothermal potential.

Happy hunting and watch out for the bears.

[Ghost Dog]

45. Agree with you. And don't forget offshore wave power

in the right places.

I hope you saw this, late in yesterday's SMW:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=2755415&mesg_id=2756104

[AnneD]

57. Yes I did Ghost Dog.....

they were great articles and good primers for those wanting info. I read them first thing this AM. I have been 'lucky' in my education to take botany, bio,zoo,geo and geophysics (not including organic/inorganic chem, biochem, genetics, astronomy, physics, A&P, histo, advanced micro). More science than you can shake a stick at. Because of my farm background, most of those were a breeze. When they try and push some of these programs down our throats, it is easy to see who is getting paid back. Some of these ideas are dressed in eco friendly clothes-but they don't make much sense...they don't pass the sniff test as Grandma would put it. Those articles pointed some of that out. Thanks.

[Ghost Dog]

63. R. Crumb's History of America: (needs repeating?)

So, beautiful. So, tragic. And evolving, it seems...
http://members.cruzio.com/~spollard/crumb/history.html

[Ghost Dog]

43. Attacks kill 112 Shi'ite pilgrims in Iraq

http://uk.reuters.com/article/topNews/idUKL0636333720070306?src=030607_1055_TOPSTORY_shiite_pilgrims_killed
Tue Mar 6, 2007 4:25PM GMT

HILLA, Iraq (Reuters) - Insurgents killed 112 Shi'ite pilgrims streaming to the holy city of Kerbala in attacks across Iraq on Tuesday, including more than 70 after suicide bombers blew themselves up in a street lined with tents.

The attacks are likely to increase sectarian tensions between majority Shi'ites and Sunni Arabs that have threatened to plunge the country into all-out civil war. Police said 237 pilgrims were wounded in total.
Photo

In the worst incident, two suicide bombers strapped with explosives detonated themselves in the city of Hilla, south of Baghdad, killing 77 people, police said. Tents offering food, drink and resting areas lined the crowded street.

"I saw one of the suicide bombers. He was about 40-years- old. He blew himself up and I saw parts of bodies flying around," a witness who declined to give him name told Reuters.

Insurgents also launched attacks against Shi'ite pilgrims in and around Baghdad. A car bomb in the southern Baghdad district of Doura that claimed 12 lives, police said.

Streams of Shi'ite pilgrims are heading to Kerbala to commemorate Arbain, the end of a 40-day mourning period since Ashura, which marks the death of Prophet Mohammad's grandson in 680. Shi'ite religious rituals have been targets in the past for Sunni militants in a campaign that U.S. and Iraqi officials say is meant to spark communal war.

The attacks come just over a year since the bombing of a Shi'ite shrine in the city of Samarra. That attack, blamed on Sunni al Qaeda, unleashed the wave of sectarian violence that threatens to tear Iraq apart.

/... :-(

[AnneD]

58. Exactly what was the population of Iraq...

before the war, cause at the rate they are killing each other-there may not be anyone left...so sad, so sad.:(

[ozymandius]

46. lunchtime check-in

12:01
Dow 12,147.34 Up 96.93 (0.80%)
Nasdaq 2,372.16 Up 31.48 (1.34%)
S&P 500 1,387.87 Up 13.75 (1.00%)
10-Yr Bond 4.514% Down 0.004
NYSE Volume 1,478,832,000
Nasdaq Volume 944,512,000

11:30 am : Recent attempts on the part of sellers to keep their overbought argument front and center have been met by a renewed wave of buying interest, fueled in part by some short covering. As evidenced by a 1.2% surge on the Nasdaq to lead the majors on today's upward journey, Technology (+1.4%) continues to provide a notable floor of support.

Further underscoring the change in sentiment have been 11% declines on the VIX (CBOE Volatility Index) and the VXN (CBOE Nasdaq Volatility Index). Known as the "investor fear gauges," both spiking lower suggest investors are actively buying call options in anticipation that a short-term bottom has been put in place that will keep investors on the buying track. DJ30 +85.11 NASDAQ +27.75 SP500 +12.40 NASDAQ Dec/Adv/Vol 664/2183/770 mln NYSE Dec/Adv/Vol 621/2467/580 mln

[ozymandius]

47. Former White House aide Lewis "Scooter" Libby has been found guilty on multiple counts in the CIA le

Former White House aide Lewis "Scooter" Libby has been found guilty on multiple counts in the CIA leak case.

[Ghost Dog]

52. Let's all now see if the prosecutor seriously deserves

his reputation...

[specimenfred1984]

54. Gov't Full of Traitors, Fascist Markets Don't Give a Flying Fck

That speaks volumes. In fact, the markets are way up today, that speaks to just how corrupt they are.

[Ghost Dog]

56. Yup. Plenty of 'innocent' victims, too.

[rman]

62. Don't give a fck? On the contrary

I think the historic record supports the notion that fascist markets (fascist corporations, banks) are in fact happy with any fascist-leaning regime.

[Ghost Dog]

59. Meanie Greenie Can't Derail Rally

http://www.forbes.com/topstories/home/2007/03/06/greenspan-paulson-comments-markets-equity-cx_mk_0306markets10.html
Matthew Kirdahy, 03.06.07, 10:21 AM ET

Alan Greenspan is handicapping the state of the U.S. economy, now placing on odd's on the likelihood of a recession.

His latest comments, however, did not spook the market the way he did last month, when the former Federal Reserve chairman first raised the propect of recession and said investors did not seem prepared for it.

Greenspan got specific Tuesday, in an interview with Bloomberg News, saying there is a one-third chance of that actually happening.

"We are in the sixth year of a recovery; imbalances can emerge as a result," he said, adding that he was "surprised" by the market reaction to comments he made on Feb. 26 on the possibility of a recession.

Meanwhile, U.S. Treasury Secretary Henry Paulson, in Tokyo for a three-nation Asian tour, tried to quell concerns about markets, saying the global economy is as good as he's ever seen and that reforms in China would help lessen market volatility. (See: "Paulson's Soothing Words" )

"The global economy is more than sound. It's as strong as I've seen in my business lifetime," Paulson said after meeting Japanese officials in Tokyo.

"Markets very seldom move in a straight line," said Paulson, who was scheduled to head to South Korea and then China. "You are always going to have volatility."

/...

The Helicopter Bernanke Beaver, meanwhile, observe, maintains mouth firmly shut.

[Ghost Dog]

60. Wall Street rises sharply on weaker yen

http://news.yahoo.com/s/ft/20070306/bs_ft/fto030620071321417107;_ylt=A0WTUeH9s.1FU7MApQ.yBhIF

Wall Street stocks rose sharply on Tuesday morning as a rebound in overseas equities and a weaker yen lifted US investors' spirits.
ADVERTISEMENT

After a torrid week for equities, almost all sectors made gains on Tuesday, led by some of the financial, materials and technology stocks that have particularly suffered of late.

However, the rally was tempered by the release of moderately disappointing economic data that showed a higher-than-expected rise in labour costs and lower-than-expected pending home sales and factory orders.

By midday, the S&P 500 Index was up 1.1 per cent at 1,388.56 while the Dow Jones Industrial Average was 0.8 per cent higher at 12,148.78. The technology-led Nasdaq Composite surged 1.4 per cent to 2,373.72, lifted by Cisco (NASDAQ:CSCO - news) and Google (NASDAQ:GOOG - news).

"The market was deeply oversold in a bloody week that quickly changed from greed to fear. We are well overdue for at least a knee-jerk bounce," said Al Goldman, chief market strategist at AG Edwards.

/... :silly:

[specimenfred1984]

61. MSNBC presswhore just bragged that hedge funds pay off politicians

and the other presswhore just shrugged it off saying "money talks".

What wonderfully insightful business journalists we have on TV huh? They are, as someone else succinctly said "perfectly complete sociopathic liars".

[Robbien]

65. Yeah, stuff like that happens over on CNBC all the time

The talking heads keep telling the viewers the most amazing stuff. All very possibly true and most of it very illegal sounding, but it keeps being passed off as business as usual.

[Ghost Dog]

64. Uh, It says here, ¿closing?

http://finance.yahoo.com/marketupdate/overview
Dow 12,207.59 Up 157.18 (1.30%)
Nasdaq 2,385.14 Up 44.46 (1.90%)
S&P 500 1,395.41 Up 21.29 (1.55%)
10-Yr Bond 4.5280% Up 0.0100
NYSE Volume 3,294,110,000
Nasdaq Volume 2,196,296,000

4:20 pm : One week ago fears that the market was getting ahead of itself, after running virtually unabated since bottoming in July, caught the bulls off guard, resulting in the biggest one-day point decline since the U.S. markets reopened on September 17, 2001. The Dow slipped into negative territory for the year as all 30 components suffered losses.

Today, those overbought concerns were thrown out the window, for the time being anyway, as a sense that a bottom has finally formed following a week of aggressive selling pressure gave stocks a sizable boost right out of the gate. The Dow soared 1.3%, logging its best one-day gain since last July; 29 of 30 components finished with gains. The S&P 500 and Nasdaq also had their best performances of the year as sellers ran for cover.

Market internals were decidedly bullish as advancers outpaced decliners on the NYSE by a 5-to-1 margin while those on the Nasdaq held a 4-to-1 advantage.

Further underscoring the change in sentiment were declines of 19% and 14% on the VIX (CBOE Volatility Index) and the VXN (CBOE Nasdaq Volatility Index). Known as the "investor fear gauges," both indexes spiking lower suggest investors were actively buying call options in anticipation that investors are growing more cognizant of the fact that recent events have simply had little to no bearing on the fundamental picture.

With a possible unwinding of the yen carry trade potentially leading to a liquidity crunch acting as an overhang, some profit taking in the Japanese currency helped to quell such concerns and prompted a rebound in Asian markets overnight. Japan's Nikkei index rose 1.2% while Hong Kong's Hang Seng index surged 2.1%. With the U.S. markets also extremely sensitive to any good news


/... And... Plenty more where that came from... So BUY MORE, right now, overnight if you know how... (ed. Very Sensitively, Sure. :eyes: )

[Ghost Dog]

66. Tokyo stocks open higher, tracking global stock rally

http://asia.news.yahoo.com/070307/kyodo/d8nn0it80.html
(Kyodo) _ Tokyo stocks opened modestly higher Wednesday, tracking rallies in equity markets around the world.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average rose 124.47 points, or 0.74 percent, to 16,968.97. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 18.48 points, or 1.09 percent, to 1,711.02. The Second Section also advanced.

/....

[RUMMYisFROSTED]

68. redrum