CLICK ON ABOVE TO SEE LARGER.Utility avg weak sister, if LOWER rates coming, I find it odd dividend paying utes are lagging badly.
More FED TO RESCUE TALK AND BUSH TO RESCUE TALK is all the market is about, BEN WILL BE THERE <>
Friday, August 31, 2007
BULL JUST GETTING GOING?
CLICK ON ABOVE TO SEE LARGER.Utility avg weak sister, if LOWER rates coming, I find it odd dividend paying utes are lagging badly.
More FED TO RESCUE TALK AND BUSH TO RESCUE TALK is all the market is about, BEN WILL BE THERE <>
Thursday, August 30, 2007
Tuesday, August 28, 2007
HEADLINE HEADACHE
Fed: Response Needed If Conditions Worsen Reuters
Home Prices Post Steepest Drop in 20 Years AP
Consumer Confidence Plunges But Tops Estimates AP
Fed Saw Danger of Credit Crunch AP
WE got sold out, and the future generations that have to PAY for all that was promised and can't be delivered.
Price drop says "3%" well I know people under market price at $310,00 and ONLY offer was $250,000 and this is in area just reported homes on avg increased 2% !!??
THis is all pure BS, consumer confidence is falling for many reasons. DEBT is their lover I dare not speak his name....
IT gets inflated away or it gets defaulted away...oh or paid down...
Key DOw areas I am watching 13,132 and 12,900 area, if broken I think good chance we test reaction lows of few weeks ago. VOLUME TODAY SO FAR IS 90% DOWN!
Duratek
Home Prices Post Steepest Drop in 20 Years AP
Consumer Confidence Plunges But Tops Estimates AP
Fed Saw Danger of Credit Crunch AP
WE got sold out, and the future generations that have to PAY for all that was promised and can't be delivered.
Price drop says "3%" well I know people under market price at $310,00 and ONLY offer was $250,000 and this is in area just reported homes on avg increased 2% !!??
THis is all pure BS, consumer confidence is falling for many reasons. DEBT is their lover I dare not speak his name....
IT gets inflated away or it gets defaulted away...oh or paid down...
Key DOw areas I am watching 13,132 and 12,900 area, if broken I think good chance we test reaction lows of few weeks ago. VOLUME TODAY SO FAR IS 90% DOWN!
Duratek
Wednesday, August 22, 2007
LEND ME A HAND BROTHER
August 22, 2:07 pm ET By Adam Schreck, AP Business Writer
JPMorgan Chase, Bank of America and Wachovia Join Citi in Borrowing $500M Each From Fed
NEW YORK (AP) -- Four major banks said Wednesday they each borrowed $500 million from the Federal Reserve's discount window, lending weight to its efforts to restore liquidity to tight markets.
Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp. and Wachovia Corp. each stressed they themselves have "substantial liquidity" and the ability to borrow money elsewhere.
In a joint statement, the latter three said they decided to borrow directly from the central bank to demonstrate "the potential value of the Fed's primary credit facility" and encourage its use by other banks. It was not clear if other banks had also decided to borrow from the Fed.
On Friday, the Fed took the dramatic step of cutting its discount rate on loans to banks, to 5.75 percent from 6.25 percent, in an attempt to alleviate Wall Street's credit crunch. It also made technical changes to make it easier for banks to get discount loans, including extending the credit period to up to 30 days.
Tapping the discount window had previously been seen as a last resort for banks in trouble, a perception the Fed sought to eliminate.
Citigroup was the first to announce its decision to borrow the money, "on behalf of its clients" at Citibank.
"Citi is pleased to inject liquidity into the financial system during times of market stress and to support creditworthy clients," the company said. "Citibank stands ready to continue to access the discount window as client needs and market conditions warrant."
It was followed minutes later by the three other banks.
"The companies believe it is important at this time to take a leadership role in demonstrating the potential value of the Fed's primary credit facility and to encourage its use by other financial institutions," their statement said. The three added that they hoped their actions would "promote broad acceptance of the use of the facility."
JPMorgan Chase, Bank of America and Wachovia Join Citi in Borrowing $500M Each From Fed
NEW YORK (AP) -- Four major banks said Wednesday they each borrowed $500 million from the Federal Reserve's discount window, lending weight to its efforts to restore liquidity to tight markets.
Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp. and Wachovia Corp. each stressed they themselves have "substantial liquidity" and the ability to borrow money elsewhere.
In a joint statement, the latter three said they decided to borrow directly from the central bank to demonstrate "the potential value of the Fed's primary credit facility" and encourage its use by other banks. It was not clear if other banks had also decided to borrow from the Fed.
On Friday, the Fed took the dramatic step of cutting its discount rate on loans to banks, to 5.75 percent from 6.25 percent, in an attempt to alleviate Wall Street's credit crunch. It also made technical changes to make it easier for banks to get discount loans, including extending the credit period to up to 30 days.
Tapping the discount window had previously been seen as a last resort for banks in trouble, a perception the Fed sought to eliminate.
Citigroup was the first to announce its decision to borrow the money, "on behalf of its clients" at Citibank.
"Citi is pleased to inject liquidity into the financial system during times of market stress and to support creditworthy clients," the company said. "Citibank stands ready to continue to access the discount window as client needs and market conditions warrant."
It was followed minutes later by the three other banks.
"The companies believe it is important at this time to take a leadership role in demonstrating the potential value of the Fed's primary credit facility and to encourage its use by other financial institutions," their statement said. The three added that they hoped their actions would "promote broad acceptance of the use of the facility."
Saturday, August 18, 2007
Saturday, August 04, 2007
CREDIT BUBBLE SPECULATIVE ORGY PIERCED??
http://www.prudentbear.com/articles/show/2081 Doug Noland's Credit Bubble Report
A focal point of my Macro Credit Analysis has for some time been the grave risks posed to markets and economies commanded by the seductive elixir of speculative liquidity. I have compared the current backdrop to that of 1929. For too long our Bubble Economy and Bubble Asset Markets have luxuriated in liquidity created in the process of leveraging speculative securities positions (especially in the Credit market). We are now witnessing how abruptly euphoric boom-time liquidity abundance can transform to a liquidity crisis.
I apologize for appearing overly dramatic. But this evening I have nagging feelings that for me recall the disturbing emotions following the terrible 9/11 tragedy. I know the world has changed and changed for the worse – yet I recognize that I don’t know how and to what extent. I fear for our markets, our economy, our currency and our system. I received an email this week on my Bloomberg that said something to the effect, “You all must be happy in Dallas.” I can tell you we’re instead sickened by what has transpired during the late-stages of this senseless Credit and specualtive orgy. The Great Credit Bubble has been pierced, and there will now be a very, very heavy price to pay. And, as always, I hope I am proved absolutely wrong.
A focal point of my Macro Credit Analysis has for some time been the grave risks posed to markets and economies commanded by the seductive elixir of speculative liquidity. I have compared the current backdrop to that of 1929. For too long our Bubble Economy and Bubble Asset Markets have luxuriated in liquidity created in the process of leveraging speculative securities positions (especially in the Credit market). We are now witnessing how abruptly euphoric boom-time liquidity abundance can transform to a liquidity crisis.
I apologize for appearing overly dramatic. But this evening I have nagging feelings that for me recall the disturbing emotions following the terrible 9/11 tragedy. I know the world has changed and changed for the worse – yet I recognize that I don’t know how and to what extent. I fear for our markets, our economy, our currency and our system. I received an email this week on my Bloomberg that said something to the effect, “You all must be happy in Dallas.” I can tell you we’re instead sickened by what has transpired during the late-stages of this senseless Credit and specualtive orgy. The Great Credit Bubble has been pierced, and there will now be a very, very heavy price to pay. And, as always, I hope I am proved absolutely wrong.
THE LEMMINGS HIT THE FAN
NOTE** VIX did make a higher high FRIDAY
^VIX
25.16
+3.94
+18.57%
WE have situation with MILLIONS of NEW home owners in NEVAUX STYLE LOANS, sub prime, piggyback, and LOW LOW Introductory interest rates that WILL reset with payments skyrocketing. It seems to me we have not felt the worst of it, market is warning.
I have looked at a few weekly charts, NONE are OVERSOLD!!!! ALL have gobs of room for MORE DECLINE!!
Some like SPX cam right down to a rising trendline near 1433. You get END of (and could be very ST moves) moves with MAX volume readings....why always good to sell winners on news as volume comes in and usually you see ST peak price.
DOW P and F shows 13,100 as exceeding previous low O move, says "bearish price obj met" but maybe not with another O in place!
CALL ME F'ING nuts, this mkt has fooled a lot of us, it certainly sems like MONDAY could be a CRASH DAY with NO BUYERS showing up....IS THERE A PPT? a special mkt group? IF so will they come in and buy SPX calls like NO tomorrow? IF not MOnday when?
I thought copper holding up well, maybe so, but P and F IS in Bear mode.
Gold in Bull mode
Silver Bull mode unless $12 broken (P and F)
Bank index in bear mode
BZH P and F price Obj $0
HOV from $74 to $12 !!
Cramer meltdown.
Unwinding of Yen carry trade with FXY break out
Inverted yield curve.
Cat business hurting.
Retail business slowdown.
BSC meltdown.
Now WHAT DON'T WE KNOW ABOUT??????? WHEN DOES MKT DISCOUNT WHAT WE DO KNOW???
Housing has been old news.....just mkt was able to mostly ignore...not so now, bottom dippers got BURNED, LOTS OF BAG HOLDERS IN MKT LOSING BIG MONEY!!! LOSING IT ALL.
Stock prices are in the GDP next reading may surprise on downside.
During all this CHINA mkt new highs??!!!
FTSE chart turns bearish and it SLICES and DICES thru 200 EMA like nothing was there. 6350 may not be surpassed.
NIKK swooning 15,850 P and F target
My MONTHLY TNX shows uptrend in yields still intact...but right at uptrend line....all MA'S I drew rising
Monday has potential to be an ALL OUT PANIC DAY, meaning it has high CRASH potential.
On bright side, my technical work is telling me several things, bull mkt not dead yet, but injured badly. 10% corrections used to be commonplace and normal so 10% off 14K is 12,500-12,600 area, not far from that, could produce a bottom of some kind.
It is also possible the 14K IS THE TOP it is in already, we just counter bounce, when done mkt plunges.
FEAR index rising, it might signal bear mkt s back, is might signal too much fear some kind of bottom is in, hard to tell.
Not good financials leading way down, BIG buys like BSC killed off their highs, JPM etc.
It appears to me, trend has aprubtly changed course, and ONLY HUGE BREADTH TO UPSIDE showing WIDE participation is likely to undo that.
A continuation of selling for much longer could indeed turn the longer term charts into Bear fodder. all IMHO
Duratek
^VIX
25.16
+3.94
+18.57%
WE have situation with MILLIONS of NEW home owners in NEVAUX STYLE LOANS, sub prime, piggyback, and LOW LOW Introductory interest rates that WILL reset with payments skyrocketing. It seems to me we have not felt the worst of it, market is warning.
I have looked at a few weekly charts, NONE are OVERSOLD!!!! ALL have gobs of room for MORE DECLINE!!
Some like SPX cam right down to a rising trendline near 1433. You get END of (and could be very ST moves) moves with MAX volume readings....why always good to sell winners on news as volume comes in and usually you see ST peak price.
DOW P and F shows 13,100 as exceeding previous low O move, says "bearish price obj met" but maybe not with another O in place!
CALL ME F'ING nuts, this mkt has fooled a lot of us, it certainly sems like MONDAY could be a CRASH DAY with NO BUYERS showing up....IS THERE A PPT? a special mkt group? IF so will they come in and buy SPX calls like NO tomorrow? IF not MOnday when?
I thought copper holding up well, maybe so, but P and F IS in Bear mode.
Gold in Bull mode
Silver Bull mode unless $12 broken (P and F)
Bank index in bear mode
BZH P and F price Obj $0
HOV from $74 to $12 !!
Cramer meltdown.
Unwinding of Yen carry trade with FXY break out
Inverted yield curve.
Cat business hurting.
Retail business slowdown.
BSC meltdown.
Now WHAT DON'T WE KNOW ABOUT??????? WHEN DOES MKT DISCOUNT WHAT WE DO KNOW???
Housing has been old news.....just mkt was able to mostly ignore...not so now, bottom dippers got BURNED, LOTS OF BAG HOLDERS IN MKT LOSING BIG MONEY!!! LOSING IT ALL.
Stock prices are in the GDP next reading may surprise on downside.
During all this CHINA mkt new highs??!!!
FTSE chart turns bearish and it SLICES and DICES thru 200 EMA like nothing was there. 6350 may not be surpassed.
NIKK swooning 15,850 P and F target
My MONTHLY TNX shows uptrend in yields still intact...but right at uptrend line....all MA'S I drew rising
Monday has potential to be an ALL OUT PANIC DAY, meaning it has high CRASH potential.
On bright side, my technical work is telling me several things, bull mkt not dead yet, but injured badly. 10% corrections used to be commonplace and normal so 10% off 14K is 12,500-12,600 area, not far from that, could produce a bottom of some kind.
It is also possible the 14K IS THE TOP it is in already, we just counter bounce, when done mkt plunges.
FEAR index rising, it might signal bear mkt s back, is might signal too much fear some kind of bottom is in, hard to tell.
Not good financials leading way down, BIG buys like BSC killed off their highs, JPM etc.
It appears to me, trend has aprubtly changed course, and ONLY HUGE BREADTH TO UPSIDE showing WIDE participation is likely to undo that.
A continuation of selling for much longer could indeed turn the longer term charts into Bear fodder. all IMHO
Duratek
Friday, August 03, 2007
CRAMER GOES MAD
http://www.cnbc.com/id/15840232?video=452808336 you are going to LOVE THIS!
I hope most of my loyal readers are still with me, stay tuned. back on the 15th
D
I hope most of my loyal readers are still with me, stay tuned. back on the 15th
D
PIN DROP OR CRASHING SOUND??
CLICK TO ENLARGE
BROAD NYSE INDEX BULL BEING CHALLENGED ABOVE CHART.
BROAD NYSE INDEX BULL BEING CHALLENGED ABOVE CHART.Distillers (+1.5%) leads the way while Personal Products (+0.8%)and Soft Drinks (+0.5%) round out the top three. yeah, I can understand why BOOZE would do well here...
BSC getting shellacked! BOA analyst ran to his BOX and said selling was overdone, surely worst is over?
Financial stocks are leading the way DOWN? not good.
Why would S&P think of cutting BSC credit rating if the subprime woes were well contained?
BSC HIGH 2007 $171.85 close today $108.79 !!!!!!!!
MKT closes on the lows, selling quickened at close, volume was HUGE on NYSE. over 4 BILLION and we had yet another 90% down day!
Markets inability to rally when this oversold is an ominous signal IMHO. 10 yr Bonds yield now WELL below 2 yr and is screaming Recesion.
American HOme MOrtgage POOF, bankrupt, hedgies dropping like flies, financial sector slaughtered, engine of recent economy Housing clobbered, where is growth going to magically appear from?
Firms rich with CASH? WHY are they BORROWING BILLIONS to buy back OWN STOCK?
Where else you gonna get the straight dope? will be gone until the 15th, be safe, expect MORE volatility BULL lives on a thread....but lives. But I wonder what people will be thinking this weekend and what MONDAY will have in store? BLACK MONDAY?
D
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