STOCK MARKET WATCH, Monday 22 March

[ozymandius]

Monday March 22, 2004

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 307
DAYS SINCE DEMOCRACY DIED (12/12/00) 3 YEARS, 101 DAYS
WHERE'S OSAMA BIN-LADEN? 2 YEARS, 154 DAYS
WHERE ARE SADDAM'S WMD? - DAY 367
DAYS SINCE ENRON COLLAPSE = 849
Number of Enron Execs in handcuffs = 18
Recent Acquisitions: Skilling
ENRON EXECS CONVICTED = 2
Other Arrests of Execs = 54

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




AT THE CLOSING BELL ON March 19, 2004

Dow... 10,186.60 -109.18 (-1.06%)
Nasdaq... 1,940.47 -21.97 (-1.12%)
S&P 500... 1,109.78 -12.54 (-1.12%)
10-Yr Bond... 3.79% +0.04 (+1.04%)
Gold future... 412.70 +1.40 (+0.34%)

DOW..........................NASDAQ.......................S&P

||


GOLD, EURO, YEN and Dollars


~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

[UpInArms]

1. daily dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DXY0

Last trade 87.83 Change -0.33 (-0.37%)

related articles:

http://www.wbj.pl/?command=article&id=21744&

excerpt:

International Market

The EUR/USD pair has consolidated within 1,2200-1,2400 last week, but a lot happened on the USD/JPY market. Following the Bank of Japan's announcement that it would at some point cease interventions on the market (or at least reduce them), the yen appreciated whilst the USD/JPY rate fell to 106,50.

Last week's Federal Open Market Committee meeting drew the market's attention. As expected, U.S. interest rates remained un-changed. It seems very likely that the current level of rates will be stable for a few months, at least until the labor market has improved. Although FED head Alan Greenspan says that the prospects of new jobs creation are optimistic, the Labor Department's data are rather gloomy. This week, we expect the EUR/ USD rate to break the resistance at 1,2450 and rally to 1,2600 thereafter.

http://www.fxstreet.com/nou/noticies/afx/noticia.asp?pv_noticia=200403220638MKTNEWS_MAINWIRE_EEDC_8165

Ldn FX: Euro Up Against Dollar, Yen On Safe-haven Buying

LONDON, March 22 (MktNews) - The euro rose against the dollar and yen on continuing safe-haven buying in European morning trade. While the euro rose against the dollar, it fell against the Swiss franc, another signal of a flight to quality. Fears of instability in the Middle East emerged again with the assassination of the spiritual leader of the Palestinian militant group Hamas by the Israelis. Fighting between Pakistani troops and al Qaida militants on the border with Afghanistan continued over the weekend, through reports now downplay previous news that a leading member of the group had been cornered. The dollar has however been lent some support against the yen by political tensions in Taiwan, where the opposition party is calling for a recount after the weekend election returned President Chen Shui-bian with a wafer-thin majority.

...more...

Great 'Toon, Ozy! :D

No reports due today, but the futures don't seem to shiny :shrug:

Have a Great Day, Marketeers! :hi:

[54anickel]

4. Mornin' UIA, Ozy and all. Yeah just what IS up (down) with those

futures today?

[UpInArms]

5. did you look at the future projected openings at

http://money.cnn.com/markets/morning_call/

Nasdaq -17
S&P -9
DOW -80

:wtf:

[54anickel]

7. Ouch! And no possible reports of "good news" to pull them up for the day?

[54anickel]

6. Security Jitters to Hit Stocks Opening

http://biz.yahoo.com/rb/040322/markets_stocks_2.html

NEW YORK (Reuters) - Stocks are poised to open in negative territory on Monday, as security worries sparked by Israel's killing of the spiritual leader of the militant group Hamas coupled with a light economic calendar, leave investors little incentive to buy equities.

Earlier Monday, Israel assassinated Sheikh Ahmed Yassin outside a Gaza mosque, dealing its heaviest blow against the militant group that was behind dozens of suicide bombings.

Previous assassinations of militants have triggered waves of suicide bombings and deepened violence that has stalled a U.S.-backed peace plan. The killing drew vows of revenge from Hamas, which the United States brands as a terrorist group.

snip>
"Futures are down due to general global instability," said Peter Boockvar, equity strategist at Miller Tabak & Co.

Besides the killing in Israel, investors were also worried about political instability in Taiwan, where the local stock market fell by 7 percent after President Chen Shui-bian's wafer-thin election victory over the weekend was challenged by his opponent Lien Chan, Boockvar added.

"There's geopolitical uncertainty around the word. The markets' been in a corrective phase, and in such a phase don't shrug off negative news as easily," Boockvar said.

No major economic data is scheduled for Monday. But investors will be watching out for indicators on monthly durable goods orders, gross domestic product, and weekly jobless claims due later this week for signs that the economic recovery is on track.

:shrug: So what is it, geopolitical uncertainty that can somehow be addressed in their "beautiful minds" by a couple of decent reports? Sheesh.

[ozymandius]

2. WrapUp by Tim W. Wood

THE DOW REPORT
"The Moment of Truth"

As I explained in last week’s Wrapup, the markets took a pretty hard technical blow for the week ending on March 12, 2004. This week the markets have basically just treaded water. This is expected after an initial break. Also, we had a trading cycle low that was due and the break from last week carried the market down into this low pretty much right on time. So, the timing was right for a low and it was also expected after the initial break down. The question now is, will the down-trend continue or do we have a bottom? Unfortunately, there is no way to know the answer to this question for sure, but we do have some technical clues. Let’s look at one or two of them now.

First, notice on the chart below that the Industrials broke below the upward trend line which began last March. This is obviously negative. Also, notice that the January low was broken. This too is very negative. However, the market has now halted its decline at about 10,100. If the technical damage from last week is going to be repaired any time soon, we need to see a move back above the January low break down point at about 10,400. Should this occur, I would say that a technical healing process has begun and I would then look for a move back to the lower side of the March '03 to March '04 trend line. Any move back above this trend line would definitely be considered bullish price action.

The flip side of this coin is that if the market fails to penetrate the 10,400 level before further weakness develops then we should expect to see the recent low at approximately 10,092 challenged and likely violated. Such a break would serve to reconfirm the currently weak technical structure of the market and more downside can then be expected. Above 10,400 and a healing process begins. Below 10,092 and certainly a break below 10,000 will be negative but could prove to be very negative.

<cut>

The Dollar

The moment of truth is also now at hand for the Dollar. In fact, I would go so far as to say that the Dollar is at a CRITICAL juncture. Let me explain. The February low, a cycle low of intermediate degree. This is why I became bullish on the Dollar as we were moving into that low. We have now seen the first short term cycle advance out of this intermediate term low and we are now moving toward the short term cycle low. It is the move into this short term cycle low that is of critical importance to the Dollar. Here’s why. If we should see the February intermediate term low violated as we move into this short term low, we should then expect to see the Dollar continue to the next intermediate term low. Such a decline could easily carry the Dollar index into the 70’s. Knowing that the February is a low of intermediate degree is of extreme importance because violation of that low would in all likelihood, prove to be extremely bearish for the Dollar. This would, in turn, surely prove to be very, very bullish for Gold, that is, from a Dollar perspective.

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

[54anickel]

10. Yikes! Those futures posted by UIA put the DOW very close to

the technical 10,092 of this article already! Maybe we will see some big money mystery investor again today, just enough to stay above the technical. :evilgrin:

The technicals on the dollar are pretty scary as well. I for one am hoping for a big uptrend for a while. B-)

Shiny things, I love shiny things - old crow I guess heh-heh!

[ozymandius]

3. Inflation or Deflation? How about just 'Flation'?

by Alex Wallenwein

The debate about inflation vs deflation has been raging on these precious metals for a for a long time now. Who is right? Who's wrong? Is anybody right?

Or are all of them right?

"How can that be?!!" your mind screams at me. Who ever heard of inflation and deflation occurring together? What nonsense! At the most, they will cancel each other out, leaving an economy untouched by either. A pristine, Eden-like economy that neither inflates nor deflates to any large degree at all. One of the wonders of the "new economy."

<cut>
Greenspan was heard last year complaining there is "too little inflation." Although that may seem puzzling to the uninitiated (didn't he just get done battling the "inflation dragon" in 1999 when he started raising interest rates out of fear it might, some day, return?), old-timer gold buffs know that no self-respecting central banker can live without inflation.

<cut>
Debt levels never before seen in human history are being piled on by US consumers, producers, and the government alike. At the same time, productive capacity and installations are moving offshore due to "free trade" policies (from the US side) and "vacuum trade" policies (from the Chinese/Asian producers' side). By "vacuum trade" I am referring to monetary policies designed to keep export competitiveness high by means of keeping the Asians' currencies artificially low against the otherwise falling dollar, thus sucking productive installations and jobs out of the US into low-cost China and other countries.

<cut>
The Case for 'Flation':

Any "canceling out" effect that may appear will appear to a limited degree only in the money supply. Some of the "homecoming" dollars will be soaked up by the dollars destroyed by the deflationary debt collapse here in the US. But for all of it to be "soaked up" so that the result is a wash would require that ninety to 100 percent of the domestic US "money" supply will be destroyed in that coming depression.

http://www.financialsense.com/editorials/wallenwein/2004/0320.html

[54anickel]

8. As long as we're on the "flation" topic -

http://www.gold-eagle.com/gold_digest_04/russell032304.html

snip>
Now think about this. The process of building up debt is basically inflationary. In building debt you're spending more than you're taking in or more than you have. Thus, the process of building debt can be compared to a balloon that's inflating. But at some point the rising edifice of debt cannot be inflated any further. From that point on, the inflationary forces of the debt build-up become deflationary.

Which I think is close to where we are now. Greenspan literally said it yesterday. At this point, we're in that unclear area between the peak of the debt build-up, and the beginning of deflation. And this is the reason why everything seems so unclear; this is the reason why price-action in almost every area seems to have turned "fuzzy". In some areas (housing, sectors of the stock market, oil) we continue to see signs of inflation. But in other areas (jobs, prices in a variety of items) we see signs of deflation.

I've stated repeatedly that "In a bear market everyone loses, and the winner is the one who loses the least." In my opinion, we are now entering that area, the area where everyone will begin to show losses somewhere. The losses will ripple back-and-forth across every sector from stocks to bonds to housing to commercial real estate to gold to silver to the currencies. The process will start slowly and subtly, but it will accelerate as time moves along.

snip>
While the Fed has quite limited control over the quantity and quality of Money & Credit creation, it does retain the powerful brute force of artificially low pegged interest rates. This capacity to set artificially low borrowing costs is the power to offer enticing speculative profits. And this power swells with the size and attentiveness of the speculating community. When it comes to the Fed's incredible power, these days it is truly The Best of Times and The Worst of Times.

The Fed may not hold sway over the mechanics of Money and Credit expansion, but these days it does much better. It dictates speculative returns for a community of unprecedented global stature. Importantly, however, a monetary system actively managed by transmitting policy through leveraged speculation is anathema to Sound Money & Credit. It is the ultimate Ponzi Finance on a systemic, global level.

snip>
As you know, I've been writing about the possibility of deflation, rather than the widely-accepted thesis of inflation and then even more inflation. The truth is that at this point I can make a good case for inflation, hyper-inflation, stagnation or deflation - or inflation and THEN deflation. Nobody, absolutely nobody knows how it's all going to work out.

snip>
What do I think? I've been saying there is a good case for coming deflation. The US economy never eliminated the excesses of the '90s. The Fed fought the bear "tooth and nail" and never allowed the economy to contract as it normally would following the collapse of the greatest bull market in history.

But I have questions. I've noted that there is now about $32 trillion of debt built into the US economy - debt in every area of the economy from individuals to cities to corporations. I consider that this debt constitutes a huge short position against the dollar. I say that because it takes billions of dollars to carry and to pay off this debt. This is something that nobody considers or even thinks about during good times. But if the US economy even "tires," it doesn't have to turn down, this giant mountain of debt becomes a great deflationary force, and a desperate search (panic?) for dollars begins.

THE KEY DOLLAR - Now for a KEY chart, and I'm talking about the US dollar. I've been saying in recent reports that the whole world seems to be on the opposing side of the dollar - meaning that everyone is short the dollar. The almost universal opinion has been that "the weak dollar must continue heading down." But the dollar has been going down for a long time, and the question is - "Are too many people on the short side of the dollar?" When that happens, I don't care what the fundamentals are, you can get a "surprising" reversal.

The other item that I want to state again is that debt represents a potential short position against the dollar. The other side of debt is cash, and it's cash (dollars) you need to carry or to pay off your debt. And as we all know, the US has a lot of debt, around $32 trillion of it at present. Of course, when the economy is in good shape, there's no problem in paying off debt. It's when things go bad that debt becomes a menace. That's when cash is needed, as old-timers who went through the Great Depression remember very well.

Greenspan is well aware of this, which is why he is so frantically shoveling out the liquidity. But at the same time Greenie's creating a giant debt bubble - a bubble which somewhere ahead will burst.

It's for that reason that I, personally, am becoming more and more interested in accumulating and holding cash.

[4sanity]

33. analysis "right on"

Obviously, 54anickle, you have a knowledge of this market that so far eludes me. I have one valuable quality that has never let me down. I recognize bullshit when I see it. The market is in obvious trouble when the current situation, as you have described so aptly in your post, is playing out. There is no confidence in this market by the average investor. The big money is moving this market currently, and us little guys can't afford to gamble on how it will all end up. I started a thread on the discussion board a week or so ago entitled "time to hunker down" and described what my wife and I had done to enable us to weather the coming storm in the US economy. We asked for advice from our fellow DUers and got a good response. Thanks to those who responded, we have an even better chance of makin' it through. Knowledge is power. Please share advice everyone. I don't need to be a millionaire, I just want enough to be happy, and not a burden to my family. OK?

[54anickel]

36. Thanks 4sanity. While I'd like to take credit -

I did not write the article, just posted the words of someone much wiser than I.
Glad to hear you got a good response from fellow DUers on your post, "Time to hunker down". That's an apt description of where we are at now.
You are absolutely correct, knowledge is power. We don't give out "advice" here on the SMW thread, however. We simply share the information that we come across while trying to make some sense of it all hoping it will help people in making some important decisions about how to best cope with what may lie ahead.
As you said, knowledge is power and who is more knowledgeable about your own personal circumstances than you.
Take care :hi:

[dixielib]

77. please post a link to your thread

I missed your "hunker down" thread and would love to read it.

[54anickel]

79. Hi dixielib and welcome to DU

Here's the link to 4sanity's thread. It was posted in the GD forum and appears locked now, but you should be able to still read through it.

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=104&topic_id=1201739

[JNelson6563]

9. Wonderful 'toon choice this morning!

Good morning Marketeers!

Zowie! What an action packed weekend on the world stage, eh? Seems Team Bush's equivalent to the "IMF riot" isn't going over too well with the Street. I don't see how things will be improving anytime soon either. Looks grim. Many dead.

Much earlier this morning the overseas markets all looked terrible. Did I hear correctly that Russia and Japan have struck some sort of pipeline deal?

That reminds me, all this talk of inflation, HA! They play all these games with the numbers. Oh, here's a number but if you take out this component this is the number and on it goes. Playing the numbers (a.k.a. shell) game. They can cheerlead all they want but what matters is that Joe & Jane Doe notice how high their fuel bills are. Costs a lot more at the pump and have you seen the gas bill the last few months?? Electricity seems to be pricier too. It's not unusual to see milk at almost $3.00 a gallon either~~dairy isn't very friendly to consumers the last few years. The price of crap we don't need goes down while the prices on stuff we absolutely have to have climbs. These are the things concerning most voters. Let us hope the R's continue to believe if they keep telling people how well off they are they won't realize the opposite is true. The great awakening has begun already, I don't see how they can stop it.

Well, now there is a bit of a rant for you! I should be able to check in kinda regularly for a time. Here's hopin' anyway!

Hope it's all good with everybody! :hi:

Julie

[54anickel]

11. WTF, look at the Gold, Euro, Yen charts! Are my graphics off or what?

edit to add:

I hope it's just Kitco having some technical difficulties.

[54anickel]

12. 9:48 - here we go!

Dow 10,102.23 -84.37 (-0.83%)
Nasdaq 1,921.25 -19.22 (-0.99%)
S&P 500 1,101.28 -8.46 (-0.76%)
30-yr Bond 4.690% -0.029

NYSE Volume 110,171,000
Nasdaq Volume 190,769,000

9:45AM: As predicted by the futures market, the cash market is off to a lower open, with losses of 0.8-0.9% for the major averages... The weakness comes on the heels of last week's pullback, which took the Dow, S&P 500, and Nasdaq lower by 0.5%, 1.0%, and 2.2%, respectively... Overall, the Dow has been lower for 4 out of the last 5 weeks, while the Nasdaq has finished 8 out of the last 9 weeks in the red...
Today's apprehensive stance can be largely attributed to continued heightened concerns over terrorism, as the recent bombings in Spain have been followed by the killing of Hamas founder Sheikh Ahmed Yassin in a Gaza City airstrike, leading Palestinian terrorist groups to vow revenge... There are no economic reports this morning and the corporate newsflow is on the light side of things, so geopolitical concerns are dominating the scene...

[ozymandius]

13. 9:55 - what a start to the day!

Dow 10,087.04 -99.56 (-0.98%)
Nasdaq 1,916.28 -24.19 (-1.25%)
S&P 500 1,099.33 -10.41 (-0.94%)
10-Yr Bond 3.754% -0.034

[54anickel]

14. 10:11 and still diving

Dow 10,044.90 -141.70 (-1.39%)
Nasdaq 1,906.84 -33.63 (-1.73%)
S&P 500 1,095.43 -14.31 (-1.29%)
30-yr Bond 4.686% -0.033

NYSE Volume 248,100,000
Nasdaq Volume 383,312,000

9:55AM: The market maintains its negative bias and continues to slip lower... The Nasdaq is spearheading the decline, just like it did last week and through most of the last two months... The bulk of the sectors are trading in the red, with laggards of note including the hardware, internet, networking, semiconductor, storage, software, biotech, banking, insurance, and oil services groups... Leaders to the upside are harder to come by, but include the gold and iron & steel sectors, while the drug group is also trading in the green...
Elsewhere, the bond market continues to find a bid on terrorism concerns, with the 10-year note up 5/32, bringing its yield down to 3.75%...NYSE Adv/Dec 705/1618, Nasdaq Adv/Dec 684/1862

[54anickel]

15. This mornings news from Forex

http://www.forexnews.com/NA/default.asp

The dollar resumed its range trading against the European majors while trying to avoid a further decline against the yen as it struggled to hold above the 106.80 support level. US equity futures were in the red, with European bourses down around 2% in London due to ongoing security fears amid a richly valued market. With stocks priced for perfection and the dollar no longer adding fuel to nominal earnings, stocks are showing their weakest technical picture for the past 12 months. Interesting is that the 10-year Treasury yield is actually up 10 bp to 3.77% after it fell sharply to 3.68% last week, which marks the 61.8% retracement of the summer melt up from 50-year interest rate lows. Commodity prices lead inflation by a year, and the past two years have seen a 55% increase in the CRB. Many players are focusing exclusively on the weak job market as the precursor to higher rates. Oil is trading above $38 this morning and OPEC may now postpone production cuts planned for next month because of surging prices. Traders should focus on whether or not yields have finished their retracement of the summer spike. Higher yields and a higher dollar would likely be bearish for stocks in the coming months.


Short Dollar Positioning Comes Unwound

The market has unwound a significant portion of its short dollar position, so the coming weeks are make or break for the dollar as the short dollar trade is no longer “crowded.”
The most recent Commitment of Traders Report for the week ending March 16, showed AUD, GBP and EUR all cut their net longs to lowest since September (just before Dubai G7 meeting). AUD fell 7k to 3836, EUR fell 4,5k to 8,454 and GBP fell to 6,6k to 4,097.
CAD longs rose, CHF shorts fell and the heavy JPY shorts slipped a little. But this was before the sharp decline in USD/JPY which likely means that a greater amount of JPY shorts were lifted in the days after March 16.

BoJ Threatens To Move on JPY After Large Slide

Japan’s vice finance minister for international affairs, Zembei Mizoguchi, said today that Japan ``will take action'' against ``sharp fluctuations'' in the currency. Today’s remark comes after the real bombshell for markets was laid last week hinting that the Bank of Japan may be tired of accumulating US Treasury notes at such a rapid pace. In Jan-Feb the BoJ purchased nearly $90 billion in US debt after a banner year for intervention in 2003. The BoJ may yet have to intervene again if the dollar falls back to the 105 level. And they certainly should not let it fall below 100.

[ozymandius]

16. I expect to see curbs kicking in today.

10:24

Dow 10,056.23 -130.37 (-1.28%)
Nasdaq 1,907.99 -32.48 (-1.67%)
S&P 500 1,094.06 -15.68 (-1.41%)
10-Yr Bond 3.752% -0.036

U.S. stocks slump on geopolitical concerns

NEW YORK (CBS.MW) - U.S. stocks were sharply lower Monday as blue chips posted a triple-digit decline on investor concern over the economic fallout of rising geo-political tensions, in particular the Israeli assassination of Hamas leader sheikh Ahmed Yassin.

"The market enters its third week of its inevitable corrective phase," said Larry Wachtel, equity strategist at Wachovia Securities. "Front and center is geo-political with the killing of the Hamas leader triggering concern about an increase in terrorism."

"On a more fundamental basis, investors will try to glean some solace from a favorable pre-announcement season morphing into upbeat first quarter results in April."

story

[JNelson6563]

19. Well this was easily predicted

Man, what an ugly day! A good day to be long on gold though. ;-)

Julie

[twilight]

47. hanging on to my gold

try buying some more right now ... Patriot II bobs its ugly head. The last thing that came across my paws required a notarized copy of your driver's license/passport/ID to buy more gold. :grr: :grr: :grr:

:dem: :kick:

[54anickel]

48. WHAT!?! ID to buy gold? May I ask where this took place?

[twilight]

53. its attached to Patriot Act II !!!!

DAMNIT!!! This is in the Patriot Act II - to track all gold purchases NOW!!!! :grr:

I was considering moving my IRA into a precious metals account via Church Trust in Houston, TX. It wanted all of this info. NOTARIZED!

I tore the papers up and threw them away.

I am certain that buying more gold via my gold dealer won't be any damn easier as they are affiliated with Church Trust.

Perhaps the real message is this: You cannot buy anymore gold unless you are willing to strip down naked and reveal all and then we will sell to you being we'll have all of the info. we need on you now!!!! :grr:

:grr: :grr: :grr:

twilight :grr:

:dem: :kick:

[CaptainClark23]

58. I looked at moving my IRA the same way

To the same outfit in TX. And like you, I tore up the paperwork.

I'm fortunate enough to have found a source for coin and bullion locally. No paperwork except a receipt for cash.

Things are getting tighter and tighter. I'm sure if you make enough calls, you can find a reliable source. Worse comes to worse, message me offline.

[twilight]

61. thanks CaptainClark23

I'll message you privately ...

Church Trust stinks and many of the fund companies selling precious metal accounts (like Vanguard) have closed their sales I have noticed. ????????????? :wtf:

twilight

:dem: :kick:

[54anickel]

72. Wow, sorry to hear you're having such trouble.

[CaptainClark23]

73. Closing Sales?

Hadn't heard this, but I'm not surprised. Everytime I think about the markets, and all the shenanigans going on around precious metals...I hear this "tick, tick, tick" in my head, like the timing mechanism for a bomb.

Or maybe its those damn transmissions! Time to change the foil wrappings again! ;-)

[ze_dscherman]

20. 9999

Alright, it's 9999
You say it, 9999
9999
9999 don't stop, don't stop, say it 1 more time
Ten thousand zero zero party over,
oops out of time
Yeah, yeah (Tonight I'm gonna)
So tonight we gonna (party like it's 9999)
...

Courtesy of Prince

Just to console you: German Dax fell 3% today (getting oh so slightly better), TecDax fell 5%, EuroStoxx 50 is at -2,8% so far ...

[54anickel]

25. 10,093 or better -

It's in the geomagnetic forecast :evilgrin:

[ze_dscherman]

26. It's still quiet, but ...

you should remember: "Geomagnetic storms tend to be most intense in early spring and fall."

www.spaceweather.com

B-) :tinfoilhat: B-)

[54anickel]

35. The pics on this page are GREAT!!!!

http://science.nasa.gov/spaceweather/aurora/gallery_01mar04_page2.htm

[ze_dscherman]

55. Love that stuff, too

Hi 54

Check your PM :)

[Joanne98]

28. So tonight we're going to SELL like it's 9999

DU should have a poetry contest :)

[Chicago Democrat]

50. Should we sell Equities????

What about tommorrow?

[54anickel]

17. Opec might delay planned cut in oil supplies

http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1079419828518

Oil prices fell sharply on Monday morning amid speculation that Opec could delay cutting world supplies until June. The cartel had agreed last month to lower official production quotas by 1m barrels per day from the start of April to prevent a build-up in supplies in the second quarter of the year.


"If Opec's comments persuade funds to accelerate their liquidation of length, then crude oil prices will be vulnerable this week and could move sharply lower," said Kevin Norrish at Barclays Capital Research.

IPE Brent for May delivery fell by 56 cents to $32.70 a barrel. Oil prices hit their highest closing levels for 13 years last week on renewed fears that terrorist attacks could disrupt supplies and rising demand from China. A meeting of Opec ministers is scheduled for March 31 to review policy.

Gold edged a shade higher as worries about tensions in the Middle East were heightened by Israel's assassination of Sheikh Ahmed Yassin, the founder and spiritual leader of Hamas. Spot gold was quoted at $414.25, up from Friday's late New York price of $411.75.

Silver dominated the precious metals complex as it extended Friday's advance, with sentiment underpinned by stronger base metals prices, analysts said. "The fact that Comex net long positions are at or near all-time highs will not prevent silver climbing further as long as base metals remain firm," said John Reade at UBS. "It looks like a paradox. The more silver gets dearer with the current uptrend in its prices, the more is the demand for silverware and jewellery," he added.

[ozymandius]

18. Gotta run folks.

I'll return if possible. Much to do today. Of course I'll keep my ear to the ground for fallout from the equities markets and Richard Clark's charges of gross Bush Admin incompetence.

Have a wonderful day at the Casino!



Ozy :hi:

[54anickel]

22. By Ozy, hope you can make it back later. If not, have a good one!

[Barkley]

21. I've seen better cracks on the sidewalk

[54anickel]

23. Taiwan Election Aftermath Rocks Markets

http://news.moneycentral.msn.com/breaking/breakingnewsarticle.asp?feed=OBR&Date=20040322&ID=3513134

TAIPEI (Reuters) - Fears of a political crisis slammed the Taiwan stock market on Monday, wiping out $28 billion in investor wealth and triggering huge central bank intervention, with more losses in store for both markets.

Investors fled heightened risks after President Chen Shui-bian's wafer-thin election victory on Saturday was challenged by his opponent, Lien Chan.

Most stocks fell their daily limit of seven percent, the Taiwan dollar fell in heavy volume and government bonds rose.

snip>
RATING SEEN SAFE

Despite the market rout and rising risk, Fitch Ratings said it was unlikely to change its A-plus sovereign credit rating.

``From what we've seen so far, I don't think it suggests to me that it's going to be a major problem,'' Brian Coulton, a senior director at Fitch Ratings in charge of Asian sovereign ratings, told Reuters.

The selling caught some analysts by surprise given the island's strong economic prospects.

``The fall was bigger than we had expected and the market was still waiting to see when the stock stabilization fund enters the market,'' said Tu Jin-lung, president of Grand Cathay Investment Services. Tu said he expected further falls in the next two days, with initial support at around 6,000.

The Finance Ministry said it would study activating the T$500 billion (US$15 billion) stabilization fund, but would not intervene if selling pressure was overwhelming.

Currency trading volume ballooned to a more than 16 year high of US$2.79 billion as the central bank supplied all the U.S. dollars the market wanted, said dealers. To keep the market on its toes, the central bank spent some $200 million in the last minutes of trade to lift the local dollar at the close.

more...

[nolabels]

31. Didn't they fail at that last time?

The words already out that they were going to continue to prop up the dollars until after the US GE 2004, but with a lot of other things happening maybe a few others will be jumping ship early

[54anickel]

38. Hi nolabels, not sure I'm understanding your post -

Didn't who fail at what the last time? I think you're way ahead of me on this one.

[nolabels]

76. BEFORE THE FALL

Money can only be valued from what it is worth, not from what some group of people want it to be worth Also in any deal regardless if it has to do with money or not, you really cannot negotiate from a weak hand. Yet without the weak hand the strong one would be worthless.

I was thinking about this
http://216.239.39.104/search?q=cache:B2YwyMobWSMJ:econ.ucsc.edu/~chinn/aftrfal2.pdf+malaysia+currency+fall&hl=en&ie=UTF-8

[54anickel]

80. Oh, OK. Thanks for the link. I'll have to read it later tonight. Looks

very interesting.

[nolabels]

81. What I was meaning was currency is just a measure of worth

They tried to prop up Malaysia with the dollar, but it still fell like a rock in the end, because all the value that built up was speculative.

I just like to make light of the folks who portend to think that real focus on any one way markets could be controlled will be faulty in the long run. With Something as volatile as exchange rates it would be humorous if not tragedy for people getting screwed in the process.

The true value of U.S. currency is being exposed by *, the US bargaining position was militarily. In theory, the US could force the rest of the world to do it's bidding. With *'s quagmire in Iraq that don't sound that plausible anymore. The people in other parts of the world have a better vantage point to look at it then the people living in the US. The multinationals really don't mind either. Having a foot in the door is all they need

Check this one out, it predicted a lot of things in theory and many did come true, and at the same time the article speculated that a lot it wouldn't come true, but they did anyway.

http://www.iie.com/publications/pb/pb98-3.htm
Exchange Rates for the Dollar, Yen, and Euro

Simon Wren-Lewis
University of Exeter

July 1998

Exchange rates are often described as overvalued or undervalued. But how do we make these judgments, and how do we assess by how much an exchange rate is misaligned? These questions have reemerged as central to the international macropolicy debate as the dollar continues to appreciate, the yen plummets, and the euro comes into being.

In Real Exchange Rates for the Year 2000 Rebecca Driver and I try to answer these questions by calculating Fundamental Equilibrium Exchange Rates (FEERs) for each of the G7 countries. The concept of the FEER was first put forward by John Williamson in 1983, and it has since become the main competitor to Purchasing Power Parity (PPP) as a method of calculating medium-term trends in exchange rates. The last set of comprehensive FEER calculations by the Institute was published in 1994, and so in this study we bring the analysis up to date for the G7 economies.

What do we mean by an “equilibrium” exchange rate? At its simplest it is the real exchange rate that would emerge in the medium term once the influence of the business cycle has been played out. We can describe this situation as the economy being in “internal balance”. This means not only that output goes to trend, but also that the ability of monetary policy to influence real interest rates, and therefore the real exchange rate, also disappears. This is in sharp contrast with the short term, where actual and expected interest rate differentials have a critical impact on day-to-day or month-to-month movements in exchange rates.



Why PPP Is Misleading

The most commonly used measure of an equilibrium exchange rate is PPP. These measures are derived by comparing a bundle of goods in one country with the same bundle in another, and calculating PPP as the exchange rate that would make the two bundles cost the same amount. They are widely published: for example the OECD estimates a 1997 figure for PPP of around 170 yen/dollar, or
(snip)

[54anickel]

24. 11:00 numbers

Dow 10,098.08 -88.52 (-0.87%)
Nasdaq 1,916.22 -24.25 (-1.25%)
S&P 500 1,099.16 -10.58 (-0.95%)
30-yr Bond 4.681% -0.038

NYSE Volume 454,732,000
Nasdaq Volume 667,540,000


11:00AM: The major averages are trending near their respective session lows, which is to say that they remain engulfed underwater... As mentioned previously, there were no economic reports for the market to draw support from this morning... Corporate news, in the meantime, is rather limited... Walgreen (WAG 32.15 -1.36) reported worse than expected earnings of $0.41, which were a penny short of the consensus... The world's largest retailer, Wal-Mart (WMT 57.70 -0.90), on the other hand, said that March same store sales are trending near the higher end of the 4-6% forecast... NYSE Adv/Dec 581/2437, Nasdaq Adv/Dec 570/2396

[54anickel]

27. At the IMF, Discord on How to Pick Next Chief (this could get interesting)

I posted this in LBN as well, but thought it might be something worth tracking here.

http://www.washingtonpost.com/wp-dyn/articles/A13912-2004Mar21.html

In an unusual show of dissension within the board of the International Monetary Fund, directors representing more than 100 countries have issued a public statement calling for the next IMF managing director to be chosen "regardless of nationality."

The statement, in a press release issued by the IMF on Friday, was a rebuke aimed at Europe and the United States for a longstanding arrangement in which the top job at the IMF has always gone to a European and the presidency of the World Bank has always gone to an American.

snip>
This process has drawn criticism for years from economists, editorial writers and non-governmental organizations as an arbitrary system for appointing the chief executives at two of the world's most powerful institutions. Many insiders expect it to prevail again, because both U.S. and European officials value the control that the selection process affords them, and together they hold a majority of votes on the board. Votes of board members at the IMF and World Bank are weighted based on the size of the countries' financial contributions.

The statement issued Friday showed that the countries excluded from this arrangement intend to register a strong protest. It came from a group of directors calling itself the "G-11," representing just less than half the 24 IMF board members. The directors represent "emerging and developing countries from Asia, Africa, Latin America and the Middle East," the statement said, plus directors from Australia and Switzerland, which represent several countries each, plus the director from Russia.

snip>
The statement was welcomed by IMF critics who complain the IMF tilts its policies toward the interests of rich nations at the expense of the developing world.

"This is an unprecedented challenge coming from within the IMF's own Board of Directors," said Soren Ambrose of the 50 Years is Enough Network, in an e-mail. "I am unaware of any previous instance where a significant group of Board members has issued a public statement calling on the board as a whole -- and the most powerful members of the board as individual actors -- to change their behavior."

[54anickel]

29. Body Shop founder sounds blast against CEO focus

http://nationmultimedia.com/page.news.php3?clid=6&id=110485&usrsess=1

Dame Anita Roddick, founder and co-chair of The Body Shop, gave a spirited and refreshingly irreverent speech, her last in the country, at Chiang Mai University as a part of a one-year event calendar to celebrate the university's 40th anniversary.

She spoke on the role of corporations and their potential to affect the world in a positive way, using her own business as a model of how success in a business context and an attitude of respect for nature and people need not be mutually exclusive.

To be recognised as a successful businesswoman holds no value for her whatsoever, she said.

"No one is ever remembered for what they do in business, but only for what they do for society. People these days want to run all institutions like a business, in a way that is hierarchical, military and imposing assessments. It's wrong. Leadership without a heart leads to corporate crimes. Business is no longer about trade. It's no longer about keeping communities intact. Corporate wealth is celebrated, and corporations are now more powerful than religion, politics, but they have no moral sympathy. Businesses must be held accountable.

more...

[54anickel]

30. Heading into the lunch hour - 12:05 and a bit of cheerleading

Dow 10,079.93 -106.67 (-1.05%)
Nasdaq 1,912.80 -27.67 (-1.43%)
S&P 500 1,097.11 -12.63 (-1.14%)
30-yr Bond 4.689% -0.030

NYSE Volume 618,475,000
Nasdaq Volume 902,102,000

12:00PM: It's another session with the major averages firmly implanted in negative territory, posting losses of nearly 1%... Today's negative bias is largely an extension of the market's lackluster trade seen through most of the last month, compounded by concerns over geopolitical unrest... With respect to the latter, the recent bombings in Spain have been followed with the killing of Hamas founder Sheikh Ahmed Yassin in a Gaza City airstrike, leading Palestinian terrorist groups to vow revenge... Separately, political unrest in Taiwan has cleared the road for losses in the Asian markets...

There were no economic reports to provide support to the market, while corporate developments are limited... Accordingly, buyers are hesitant to bid stocks higher, despite the major averages' year-to-date losses ranging 1.3-4.5%... The bulk of the sectors are in the red, with laggards of note including the influential hardware, internet, semiconductor, storage, telecom, networking, software, biotech, banking, broker/dealer, industrial, oil services, transportation, and insurance sectors...

Leaders to the upside are difficult to come by, but include the gold and iron & steel sectors, while the drug group is also in the green... Despite the continuation of the recent pullback, Briefing.com believes 2004 could be another up year, as discussed in this morning's The Big Picture brief, although investors should exercise a conservative investment approach to the market... Elsewhere, the bond market is on the plus-side, with the 10-year note up 7/32, bringing its yield down to 3.75%...

[JNelson6563]

32. 12:27 update

Dow 10,073.72 -112.88 (-1.11%)
Nasdaq 1,909.67 -30.80 (-1.59%)
S&P 500 1,096.69 -13.05 (-1.18%)
10-Yr Bond 3.745% -0.043

Looks like things will be on the downside throughout the day. How badly is the only question that remains.

Julie

[54anickel]

34. I dunno, I can't believe the PPT would allow a techncial breakdown

on a reportless day. I think they'll watch for the threat of a close below the technicals on the DOW. Hanging on to the hope that some shimmering new reports later in the week can get a bit of a rally going back up to 10,400.

It is an election year after all, and we all know how Shrub tends to point to the stock market as evidence of his sound fiscal policy - HA! :evilgrin:

We will have to wait and see, as my crystal ball is on the fritz again.

[54anickel]

37. 1:31 update

Dow 10,055.64 -130.96 (-1.29%)
Nasdaq 1,904.45 -36.02 (-1.86%)
S&P 500 1,094.79 -14.95 (-1.35%)
30-yr Bond 4.681% -0.038

NYSE Volume 805,929,000
Nasdaq Volume 1,158,015,000

1:00PM: Mostly sideways, with the major averages trending near their respective session lows... Today's weakness is broad-based, with the bulk of the sectors participating... The mid- and small-cap averages are also struggling, with the S&P 400 down 1.4% and the Russell 2000 down 1.6%, underperforming the Dow and the S&P 500 on a relative basis... The small- and mid-cap averages are actually outperforming their large-cap counterparts on a relative basis when looking at the year-to-date totals...
To that effect, the S&P 400 and Russell 2000 are up 1.0% and 0.8%, respectively, on a year-to-date basis versus losses of 3.6% for the Dow and 1.3% for the S&P 500 for the same time period...NYSE Adv/Dec 750/2445, Nasdaq Adv/Dec 661/2441

12:30PM: Negativity persists on Wall Street, with the major averages trending in the red and within a short reach of their respective session lows... The Nasdaq continues to underperform its blue-chip counterparts on a relative basis, with its year-to-date losses totaling 4.7%... Given the sizable gains for the market through 2003, Briefing.com views the lackluster trade over the past month as an (arguably) necessary correction... Nevertheless, we remain moderately bullish longer-term and think 2004 could be another up year...

While some of the sectors, particularly in the Nasdaq, are overvalued we think the overall market is not as it continues to be supported by strong earnings growth and historically low interest rates... Please see The Big Picture column for more details...NYSE Adv/Dec 745/2416, Nasdaq Adv/Dec 661/2417

[UpInArms]

40. gotta watch out for those pokey things

looks like they could put your eye out

http://www.investorseek.com/charts/dowchrts.html

check out the volume movements :evilgrin:

[54anickel]

42. Geez, they're all over the place.

[54anickel]

39. Heh, R Clarke 60 minute spot is getting a bit of play on Wall Street, must

be that damning article that made page 1 of the Journal.

http://biz.yahoo.com/cbsm-top/040322/4fa598fbc7dd95f8526f0c0296247dec_1.html

snip>
Bush criticized for pre-9/11 terrorism stance
In addition to geopolitical concerns, domestic politics were drawing investor attention, traders said.

Keith Keenan, vice-president for institutional trading at Wall Street Access, said comments from former White House security expert Richard Clarke criticizing the Bush administration for its stance on terrorism before the World Trade Center tragedy was getting some play on trading room floors.

"It's taking a backburner right now, but it's a story that is going to percolate," said Keenan. "He had some very specific issues which need to be answered."

In an exclusive interview on CBS's 60 Minutes, Clarke said White House officials were lukewarm in their response when he urged them months before the Sept. 11 attacks to meet to discuss what he saw as a severe threat from al -Qaida. The White House issued a statement late Sunday denying Clarke's assertions. See CBS story

[JNelson6563]

41. Someone make the bad man stop!

Ouch!

2:27

Dow 10,025.64 -160.96 (-1.58%)
Nasdaq 1,898.72 -41.75 (-2.15%)
S&P 500 1,090.70 -19.04 (-1.72%)
10-Yr Bond 3.728% -0.060

But aren't the 10yrs looking dapper? :-)

Julie

[UpInArms]

43. just for you Julie

they have come to put those numbers back where they are "supposed" to be :evilgrin:

Dow 10,041.71 -144.89 (-1.42%)
Nasdaq 1,903.03 -37.44 (-1.93%)
S&P 500 1,092.31 -17.43 (-1.57%)
10-Yr Bond 3.727% -0.061

can't have anyone see the Nasdaq under 1,900 now can we?

Dow's a bleeding mess - they need to see about that.

S&P went below 1,100 - that should piss somebody off :)

Saw the BoJ come running in a few minutes ago - would hate for their FYE 3/31 to reflect reality.

Sheesh!

(edit 'cuz html hates me)

[54anickel]

44. Aye Captin, Don't know how much more she can stand! n/t

[54anickel]

45. I don't know if I can save her in time, Captin

Dow 10,059.41 -127.19 (-1.25%)
Nasdaq 1,908.13 -32.34 (-1.67%)
S&P 500 1,094.08 -15.66 (-1.41%)
30-yr Bond 4.676% -0.043

NYSE Volume 1,054,011,000
Nasdaq Volume 1,486,919,000

2:30PM: With buyers nowhere to be found, the major averages have slipped to new session lows, with losses ranging 1.6-2.2% for the Dow, S&P 500, and Nasdaq... Breadth figures are abysmal and the majority of the sectors continue to trade in the red, with no leadership to the upside... The market continues to trade in an apprehensive fashion due to the heightened terrorist concerns... Briefing.com believes terrorism concerns and questions regarding valuing of the risk premium associated with it are very real...
At the same time, we believe the historically low interest rates continue to support the stock market... Rising interest rates would present a siezable risk to the market, as explained in this morning's The Big Picture column...NYSE Adv/Dec 684/2574, Nasdaq Adv/Dec 576/2584

[UpInArms]

46. their spiel sounds a little forced today

[54anickel]

49. SNARF!! That little cheerleader best watch where she sets herself

down!!! If Scotty gets them thrusters working she'll be in for an uncomfortable ascent. :evilgrin:

[Chicago Democrat]

51. Okay where is this bottom?

This bottom wants to know!?

Hehe

[54anickel]

52. Scotty, we've only got 33 minutes to go here. Get this puppy turned

around NOW!!!

Aye, aye Captin, but we'll only have thrusters, the warp engines are still offline.

Dow 10,049.64 -136.96 (-1.34%)
Nasdaq 1,904.97 -35.50 (-1.83%)
S&P 500 1,093.35 -16.39 (-1.48%)
30-yr Bond 4.674% -0.045

NYSE Volume 1,208,989,000
Nasdaq Volume 1,689,437,000


3:25PM: With half an hour of trade remaining, the major averages are continuing to pare their losses... Despite the rebound effort, though, the market is engulfed in the red, with all of the major averages registering losses of more than 1%... With Q1 earnings season not coming our way until April, the earnings calendar is less than exciting this week... Nevertheless, look for reports from AMHC tonight and GS and FDO tomorrow morning... The market expects GS to check in with EPS of $1.65 - please see the Looking Ahead column for more details...
Note that there are no economic reports until Wednesday when the Durable Orders and New Home Sales data will be released...NYSE Adv/Dec 751/2529, Nasdaq Adv/Dec 705/2504

[UpInArms]

54. I think that the beryllium sphere

is damaged cap'n

we're gonna need a new one :evilgrin:

[54anickel]

56. For God's sake Jim,

at least hit the escape pod for the S&P before we all die!

[UpInArms]

57. there's only room for

one parachute - who gets to take it? :bounce:

options:

1) The Dow

2) The Nasdaq

3) The S & P

4) Bonds

5) Dollar

[54anickel]

63. Looks like bonds win that bet hands down today. But perhaps the DOW

can reach the technical altitude where the risk of the free fall being fatal is reduced. I guess that would be 10,092+ feet in this instance.

[54anickel]

60. Hush Bones, I know what I'm doing. Come on Scotty, less that 30 points

will get us the hell out of this mess, you've got 15 minutes

Dow 10,066.38 -120.22 (-1.18%)
Nasdaq 1,907.51 -32.96 (-1.70%)
S&P 500 1,094.65 -15.09 (-1.36%)
30-yr Bond 4.674% -0.045

NYSE Volume 1,289,241,000
Nasdaq Volume 1,783,766,000


She's givin' all she's got Captin, I can't push her any harder!!!

[UpInArms]

62. Dammit Jim, I'm a doctor

not a miracle worker!

Dow 10,074.97 -111.63 (-1.10%)
Nasdaq 1,908.44 -32.03 (-1.65%)
S&P 500 1,095.35 -14.39 (-1.30%)
10-Yr Bond 3.724% -0.064

[54anickel]

64. And now, with the fate of the Starship DOW and her crew sucked into

the known unknown of the giant wormhole called the Casino we can only hold on hope. Tune in tomorrow as Captain Hikaru Sulu and crew of the Starship BoJ attempts to step in to save this galaxy known as the US economy.

[54anickel]

65. OK, I'll admit it -

I'm loosing it! :crazy:

[htuttle]

69. Lieutenant Kyle, your agonizer, please....

[54anickel]

70. NOOOOoooo! SNARF!

[sendero]

59. as someone used to say, and should be remembered...

... "if the consumer ain't happy, ain't nobody happy" - or something like that :)

[54anickel]

67. Heh-heh - well this little consumer is BROKE!

Hi Deseo, glad you could pop in. :hi:

[sendero]

78. LOL....

... I think a LOT of consumers are broke :( All the politicians and CEOs better learn that is bad news for all of us.

Or do they plan on having an Indian and Chinese middle class to bail them out? :)

[54anickel]

66. Closing time - settle up your tabs please

Dow 10,064.75 -121.85 (-1.20%)
Nasdaq 1,909.91 -30.56 (-1.57%)
S&P 500 1,095.44 -14.30 (-1.29%)
30-yr Bond 4.674% -0.045

NYSE Volume 1,447,641,000
Nasdaq Volume 1,961,493,000

Waitin' on the blather....

[54anickel]

75. Here's the blather......

Close: The market received no respite from the selling efforts that have characterized much of the trade over the past month and closed the session with the major averages down 1.1-1.6%... The negative bias resulted from the market's apprehensive stance in view of heightened terrorism and geopolitical concerns... To that effect, the killing of Hamas founder Sheikh Ahmed Yassin in a Gaza City airstrike brought attention to the conflict in the Middle East, where Palestinian terrorist organizations vowed to revenge...

Separately, political unrest surrounding the presidential election in Taiwan also pressured the markets worldwide... There were no economic reports to provide support to the market and corporate developments were limited... Accordingly, the bulk of the sectors spent the entirety of the session in the red, showing losses of more than 1%... Laggards of note included the influential hardware, internet, networking, semiconductor, software, telecom, biotech, banking, broker/dealer, oil services, transportation, utility, and insurance sectors...

There were no leaders to the upside after the gold group, which had spent much of the session in the green due to its increased safe-haven appeal, slipped into the red... Elsewhere, the bond market rallied due to heightened terrorism concerns, with the 10-year note closing up 15/32, bringing its yield down to 3.71%... Despite the recent pullbacks, Briefing.com thinks long-term investors should maintain exposure to stocks, which continue to be supported by historically low interest rates, although a conservative approach is prudent given the market's tendency to emphasize the negatives of late... Please see The Big Picture Brief for more perspective...

:eyes:

[54anickel]

68. US executive bonuses to match boom levels (Perfect ending to the day)

http://biz.yahoo.com/ft/040322/1079419809164_2.html

Bonuses payments for senior US executives are on track to match levels reached during the last boom, according to early analysis of 2003 figures, as rising awards in cash and shares make up for falling stock options.

The return of generous compensation packages, triggered partly by last year's recovery in company profits, is likely to reopen the debate about whether management incentives are properly aligned in big companies.

Critics ranging from governance watchdogs to billionaire investor Warren Buffett have argued that pay remains the "acid test" for wider boardroom reforms. They fear little progress has been made. Preliminary analysis by compensation consultants suggests that the criticism of excessive gains from stock options issued during the late 1990s has resulted in companies granting fewer new options in 2003. Instead, the studies of disclosures made mid-way through the reporting season show companies taking more advantage of straightforward cash bonuses or granting shares with restrictions on their use.

Pearl Meyer, a compensation consultant studying 50 of the 200 largest companies to have reported up to the beginning of March, said total cash compensation rose 17 per cent over 2002 levels while the value of stock options fell by a third. "Bonuses are back to the record levels in 2000 and 1999, but options are the lowest we have seen them since 1997," she said.

more...

Edit to add:
Sheesh, no more stock options like they'd FRIGGEN BE WORTH ANYTHING

:nuke: :nuke: :nuke:

[JNelson6563]

71. Thank Bob the CEOs are ok!

What a day! haha Loved the "dramatic re-enactment"!! :toast:

So the DEOs are raking it in while cutting jobs and outsourcing those that remain eh? Utopia as seen by Team Bush & Friends.

I hope they're able to get those blood splatters off the trading floors before open tomorrow. The guys in the bond pits are likely buyin' the drinks tonight.

Julie

[54anickel]

74. Hey, can you believe that crap! Sure, they're happy to give up

their stock options for cash bonuses instead. Geez. And all this "profit" they are making - yeah right - thanks to cutting jobs and the fall of the almighty buck!

I say we outsource 'em! :evilgrin:

[54anickel]

82. Late entry: Dollar Softer on Security Worries (sort of scary stuff)

Hey, I was just kidding about the "Starship" BoJ coming to the rescue - honest. :scared:

http://biz.yahoo.com/rb/040322/markets_forex_6.html

Dollar Softer on Security Worries

snip>
Dealers said security had become a more acute issue for the dollar after Israel killed the spiritual leader of the Hamas militant group, and as Pakistani troops remained locked in battle with a group of suspected al Qaeda fighters.

"In Japan, a lot of people may not be able to feel the pinch, but the assassination of (Sheikh Ahmed) Yassin is likely to develop into a nasty war and will raise the chances of the United States being a target of terror attacks," said Mitsuru Sahara, vice president at UFJ Bank's forex dealing group.

"This is bad for the dollar, and if the Dow (Jones Industrial average) were to fall below the key 10,000 line, it could spark dollar selling," Sahara said.

Still, investors were betting that the Japanese authorities would intervene to boost the dollar against the yen to help exporters ahead of Japan's book-closing on March 31.

Finance Minister Sadakazu Tanigaki repeated warnings on Tuesday, saying Japan's foreign exchange policy had not changed and the authorities would continue to act as needed in the market.

He also said the Finance Ministry's forex policy was "not directly taking into consideration" up-coming corporate book-closings.

Bank of Japan Governor Toshihiko Fukui endorsed the government's intervention policy, saying such efforts made sense given a vulnerable economy.