STOCK MARKET WATCH -- Thursday, 15 August 2013

[Tansy_Gold]

Last edited Wed Aug 14, 2013, 08:07 PM - Edit history (1)

[font size=3]STOCK MARKET WATCH, Thursday, 15 August 2013[font color=black][/font]

SMW for 14 August 2013

AT THE CLOSING BELL ON 14 August 2013
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Dow Jones 15,337.66 -113.35 (-0.73%)
S&P 500 1,685.39 -8.77 (-0.52%)
Nasdaq 3,669.27 -15.17 (-0.41%)


[font color=green]10 Year 2.49% -0.03 (-1.19%)
30 Year 3.58% -0.03 (-0.83%)[font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
Wall Street on Parade
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout


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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
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[font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.









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[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]

[Tansy_Gold]

1. Two charged in London Whale . . . . event

http://money.cnn.com/2013/08/14/investing/jpmorgan-london-whale/index.html


U.S. prosecutors have charged two former JPMorgan Chase bankers with conspiring to conceal more than $500 million in losses related to the bank's ill-fated "London Whale" trade.

Javier Martin-Artajo and Julien Grout worked for the London arm of JPMorgan (JPMPRD)'s chief investment office. Martin-Artajo was head of credit and equity trading at the chief investment office, while Grout was a trader on the team that made the complex credit derivatives bet that ultimately generated losses of more than $6 billion for the bank.

Bruno Iksil, another trader on the team, will not be prosecuted after agreeing to provide U.S. authorities with evidence about the trades and to testify at any trial.

The criminal charges are the first to be filed in connection with the losses. They include wire fraud, falsifying books, records and Securities and Exchange Commission filings, and conspiracy




(And yes, their names will be engraved, with great delight. And should it come to pass that the fuckers are convicted, their convictions will be engraved with even further delight.)

[corkhead]

4. Exciting! That list sometimes makes me feel like I am watching the Pitch Drop Experiment

http://smp.uq.edu.au/content/pitch-drop-experiment

[jtuck004]

2. Cartoons are many times funny.

But since cartoons are as far as this will ever get, it sure mutes the laughter.

[Demeter]

3. What Do You Do When You No Longer Need Your Slaves? Thom Hartmann

http://www.truth-out.org/opinion/item/18168-what-do-you-do-when-you-no-longer-need-your-slaves-or-your-workers

What does America do when she no longer needs her slaves or surplus workers?

The 1880’s reconstruction era was the first time in our history that America had seen a large surplus of non-white labor. In the 1870’s many former slaves were integrated into the labor force, but white backlash in the 1880’s and 1890’s led to a permanent underclass through nearly a century of “separate but equal.” For very different reasons, there was a similar surplus of white labor in the early 1930’s.

Regardless of race, capitalism runs in cycles: It’s called “the business cycle.” There are uptimes when there are jobs for everybody, the labor market is tight, and pay rises. Then there are downtimes when the economy has a surplus of workers, falling wages, and a high level of unemployment. We saw this cycle during the boom-and-bust of the roaring 20’s and the stock market crash and Great Depression of the 1930’s. After the crash, nearly a third of American workers couldn’t find a job, and the numbers were even worse in minority communities. Our economy couldn’t put them to work, because capitalism failed.

So what do you do with all of those extra workers who can’t find a job? In the 1920’s and 1930’s, that very question was the subject of a clear and open disagreement between Democrats and Republicans. Herbert Hoover and the Republicans believed that when capitalism fails and you have high unemployment, you do nothing. You wait for the “free market” to magically fix things, and for capitalism to right the ship. FDR and the Democrats believed that the Republican’s benign indifference was the completely wrong approach. Instead, FDR said that it’s the responsibility of government to put people back to work during times of high unemployment. He enacted his New Deal. He put Americans back to work planting trees and forests, building schools, and improving the nation’s infrastructure. Twelve million Americans who’d been unemployed for years went back to work, and capitalism was rebooted in America. For much of the 20th century, Hoover’s and FDR’s approaches represented the two sides of the debate about what to do with surplus workers. Up until 1980, Republicans said you waited for the market to absorb the surplus of workers, while Democrats said you proactively used the powers of government to put Americans back to work. But then Ronald Reagan came to Washington, and everything changed. When Reagan stepped foot in the White House, he said the job of the government was not just to ignore a surplus of workers, but to figure out ways to make a buck off of them. Reagan lived by the notion that profit was king. If America’s businesspeople always and only did whatever made them the most money, that would magically cure all ills with supply-side fairy dust. He fundamentally changed the way that we deal with surplus workers. Instead of ignoring them, or having the government put them to work, there was now a third option:Make a profit off them.

There are a variety of ways capitalists make a profit off of poor and unemployed people, from payday lenders, to “rent to own” furniture stores, to the most radical of them all: Turn them into prisoners. That latter is the most radical, and has turned out to be the most profitable for America’s capitalists. It’s almost elegant in its simplicity. Turn unemployed Americans into criminals. Track them, punish them for any crime possible, take away their rights and throw them into for-profit prisons. Once thrown inside a for-profit prison, an inmate needs food, housing, healthcare and other services. This means huge profits for capitalists. They’re raking in tens of thousands of dollars per prisoner per year – hundreds of percent more than Roosevelt paid to simply put them back to work. And turning unemployed Americans into very profitable prisoners is a booming business. From the beginning of America until 1980, the incarceration rate in America remained fairly steady. While Nixon declaring his war on drugs in 1971 did slightly increase incarceration in the United States, the increase was nothing drastic. But when Reagan came to Washington, and his buddies realized they could make a buck off of unemployed Americans, the nation’s incarceration rate took off like a rocket. Thanks to Reagan elevating profit to a religion, between 1980 and 2009, the state and federal prison population in the U.S. increased by over 700 percent.

MORE DETAILS AT LINK

[tclambert]

5. When Reagan was Prez I wrote him a letter suggesting he freeze the homeless.

In my update of Swift's "Modest Proposal," we would take the excess homeless people we didn't need in the labor force, put them in cryogenic suspension, and save them for some future time when we needed more workers. Maintenance of the cryo facility would create some jobs immediately and a tremendous opportunity for certain entrepreneurs to profit. That's a political win right there.

Now, it makes sense from a physics and engineering point of view to site such a facility in a naturally cold area, say north-slope Alaska. Politically, it makes more sense to build it in a state with more electoral votes and more Congressional districts, say Texas. "Texas gets quite warm," you say. Yes, and here's part of the beauty of the Texas plan--any temporary plant problems at the cryo facility would no doubt result in unplanned (means lethal) melting problems. The operators would deny any fatalities had occurred and keep receiving payment to maintain the re-frozen half-melted corpses. They would claim that in the hypothesized future we would not only figure out the problem of how to defrost the unemployed, but to cure any health issues they died with. Not "died," I didn't mean "died." I meant "cryogenically suspended."

Anyway, the secret agenda is that we don't really intend to ever defrost any of them. We just want the homeless off the streets and to make a profit off their disposal.



I decided not to send that letter for fear Reagan's people might not get the joke and actually try to implement The Plan.

[xchrom]

6. Defense contractor: Climate change could create “business opportunities”

http://grist.org/climate-energy/defense-contractor-climate-change-could-create-business-opportunities/

?w=470&h=281

Of all the business opportunities presented by global warming, Raytheon Company may have found one of the most alarming. The Massachusetts-based defense contractor — which makes everything from communications systems to Tomahawk missiles — thinks that future “security concerns” caused by climate change could mean expanded sales of its military products.

Raytheon, it should be noted, isn’t exactly gunning for catastrophic global warming. Quite the opposite, in fact: In February, the company received a “Climate Leadership Award” from the EPA for publicly reporting and aggressively reducing its greenhouse gas emissions. It’s working on renewable energy technologies. And it has publicly warned of significant climate change-related risks to its business — from things like hurricanes, floods, droughts, and forest fires.

So it’s particularly striking that these very same climate-induced disasters could also have a financial upside for Raytheon. Like many other companies, Raytheon regularly submits information to the nonprofit Carbon Disclosure Project about its carbon reduction efforts and how climate change could affect its business. In response to a question about climate-related opportunities, Raytheon wrote [reg. req.] last year that “expanded business opportunities are likely to arise as consumer behaviour and needs change in response to climate change.”

What kind of business opportunities? Raytheon cites its renewable energy technologies, weather-prediction products, and emergency response equipment for natural disasters. But the company also expects to see “demand for its military products and services as security concerns may arise as results of droughts, floods, and storm events occur as a result of climate change.”

[Demeter]

19. If you are big enough, powerful enough, EVERYTHING has an up side

[xchrom]

7. A win-Winco situation: Grocery chain treats employees well and has low prices

http://grist.org/news/a-win-winco-situation-grocery-chain-treats-employees-well-and-has-low-prices/

There are eight WinCo grocery stores within 100 miles of where I live. So how had I not heard about the Boise, Idaho-based chain until now? Next time I find myself in need of groceries in Kent, Wash., I’ll be sure to swing by the chain that’s making headlines as “Walmart’s worst nightmare.”

Why should Walmart be wary of this company that’s virtually unknown to shoppers outside the seven states in which it operates (and apparently to some inside those states as well)? Because WinCo, employee-owned since 1985, has figured out how to keep prices low — like lower-than-Walmart low — while still managing to not screw over its employees. Anyone who works at least 24 hours a week gets full health benefits, and WinCo puts an amount equivalent to 20 percent of employees’ salaries into a pension plan. The store claims that more than 400 “front-line” workers — cashiers, clerks, and others working on the floor instead of behind closed office doors — have pensions worth at least $1 million. Maybe that’s why, according to the company, the average hourly worker stays for more than eight years.

How does WinCo do it? What is the magic formula that Walmart and McDonald’s can’t seem to grasp? Well, for one thing, WinCo is privately held, and thus free from the obligation to put shareholder profits before all else. “It keeps a low profile and rarely engages in self-promotion,” according to the Idaho Statesman. How quaint and modest!

[xchrom]

8. Ex-bosses at JPMorgan unlikely to face charges in 'Whale' scandal

http://uk.reuters.com/article/2013/08/15/uk-jpmorgan-whale-drew-idUKBRE97E06520130815

(Reuters) - The JPMorgan Chase & Co executives who supervised the traders at the centre of the "London Whale" scandal are unlikely to face any charges over a trading debacle that cost the largest U.S. bank more than $6.2 billion (4 billion pounds), people familiar with the probe said.

Federal prosecutors on Wednesday brought criminal charges against two former JPMorgan traders - Javier Martin-Artajo and Julien Grout - accusing the pair of deliberately understating losses on the trades on JPMorgan's books.

The complaints make only passing reference to their former bosses. Neither Ina Drew, the bank's former chief investment officer, nor Achilles Macris, a former top Chief Investment Office executive, are mentioned by name in the complaints filed in New York.

The filings refer to Drew and Macris only by their titles and said they put pressure on their subordinates at one point to deal with the high degree of risk being taken on in the portfolio of derivatives trades that led to the losses.

[xchrom]

9. Bash Brothers: How Globalization and Technology Teamed Up to Crush Middle-Class Workers

http://www.theatlantic.com/business/archive/2013/08/bash-brothers-how-globalization-and-technology-teamed-up-to-crush-middle-class-workers/278571/

Profits have never been higher. Wages have never been lower.

Okay, that sounds like an awfully oversimplified analysis of the frustrating recovery. And it is sort of simplified. It's also sort of true.

Go back to 1960, and corporate profits have never been higher while salary income has never been lower, as a share of GDP. Take a look here (graph via Floyd Norris):





This isn't a new trend, but something really did change in the last generation. Here's a graph of the growth in corporate profits, labor income, and GDP since 1970. As you can see, corporate profits took off in the 1990s, returned to earth after the tech bubble burst and then, in the 2000s, started jumping around like a bouncy ball dropped from a helicopter. Meanwhile, labor income fell further and further behind overall growth.

[xchrom]

10. MISS: US INDUSTRIAL PRODUCTION FLAT IN JULY

http://www.businessinsider.com/us-industrial-production-july-2013-8

July industrial production data are out.
Industrial production was unchanged in July from June's levels, missing expectations for a 0.3% rise, and slowing from June's downward-revised 0.2% pace of growth.

Manufacturing production fell 0.1%. Economists predicted it would increase 0.2% in July after advancing a downward-revised 0.2% in June.

Capacity utilization edge down to 77.6% from last month's downward-revised 77.7% level. Economists were looking for a tick up to 77.9%.



Read more: http://www.businessinsider.com/us-industrial-production-july-2013-8#ixzz2c2q1XhTR

[xchrom]

11. Bonds And Gold Get Slammed After Jobless Claims

http://www.businessinsider.com/bonds-and-gold-get-slammed-after-jobless-claims-2013-8

The yield on the 10-year U.S. Treasury note is at new highs following the release of better-than-expected initial jobless claims data at 8:30 AM.

Right now, the 10-year yield is up 8 basis points from yesterday's close to 2.79%, above the previous high of 2.74% seen at the culmination of the bond market sell-off on July 5.

Meanwhile, gold is also getting crushed. The 8:30 data knocked $15 an ounce off the price of the shiny yellow metal instantly before it bounced a bit. Now, it's down around 0.7% on the day, trading around $1323 an ounce.

The chart below shows gold this morning.



Read more: http://www.businessinsider.com/bonds-and-gold-get-slammed-after-jobless-claims-2013-8#ixzz2c2r33IXO

[Fuddnik]

12. First you broke GD, now you've destroyed the markets.

Tansy's so gonna kick your ass!

[xchrom]

14. !

[Tansy_Gold]

16. whup, whup, whup, whup

(Happy now, Fudd?)

[Fuddnik]

24. I'm afraid that might just encourage him.

[Tansy_Gold]

27. You stole that line from another post I read this morning!

I just can't remember where. . . . . .

[Demeter]

21. Who broke GD, and How?

and can we keep it that way?

[Fuddnik]

23. It seems they've cleaned up X's mess over there.

He even confessed to it.

[Tansy_Gold]

28. Nope, not cleaned up at all.

GD is still there. . . . .

[xchrom]

13. BIG BEAT: INITIAL JOBLESS CLAIMS FALL TO 320K

http://www.businessinsider.com/initial-jobless-claims-august-15-2013-8

This is a great number.
Initial jobless claims fell to 320K from 335K last month.

This is much better than what was expected, and it's the best number since late 2007.

Folks just aren't getting laid off very much.

Markets remain in the red.



Read more: http://www.businessinsider.com/initial-jobless-claims-august-15-2013-8#ixzz2c2sLL8B2

[Demeter]

22. They fear the end of QE

I wondered why the 200 point plunge....

[xchrom]

15. Wal-Mart Cuts Profit Forecast as Higher Taxes Damp Sales

http://www.bloomberg.com/news/2013-08-15/wal-mart-cuts-profit-forecast-as-higher-taxes-damp-sales.html

Wal-Mart Stores Inc. (WMT), the world’s largest retailer, cut its annual profit forecast after higher payroll taxes reduced customer traffic in the second quarter.

Profit per share in the year ending January 2014 will be $5.10 to $5.30, the Bentonville, Arkansas-based company said today in a statement. That’s less than its earlier projection of $5.20 to $5.40. The average of 28 analysts’ estimates compiled by Bloomberg was $5.29 a share.

Chief Executive Officer Mike Duke has been advertising Wal-Mart’s low prices and improving its grocery offerings to draw U.S. shoppers coping with elevated unemployment and higher taxes. Sales at Wal-Mart U.S. stores open at least 12 months excluding fuel fell 0.3 percent in the quarter ended July 26. Analysts estimated a 0.9 percent gain.

“The low-income consumer is struggling -- that’s dragging them down,” Brian Yarbrough, an analyst at Edward Jones & Co. in St. Louis, said today in an interview. He recommends buying the shares. “It’s a very tough environment out there.”


***taxes. THAT was the problem

[Tansy_Gold]

17. ***taxes. THAT was the problem

Yeah, by a whole 10 to 20 cents a share.


Poor fucking widdle babies. My heart pumps purple panther piss for 'em.

[DemReadingDU]

18. Taxes?

"higher payroll taxes reduced customer traffic in the second quarter"


Maybe the traffic was reduced because people didn't have a job, no income, no credit cards.

[DemReadingDU]

20. DOW down -200

Yikes!

[DemReadingDU]

25. Karl Denninger postings today

8/15/13 And the Season Closes With a Miss
http://market-ticker.org/cgi-ticker/akcs-www?post=223619

8/15/13 Claims: 320k
http://market-ticker.org/cgi-ticker/akcs-www?post=223622

8/15/13 CPI: +0.2%
http://market-ticker.org/cgi-ticker/akcs-www?post=223626

8/15/13 Hisssssssss BOOM!
http://market-ticker.org/cgi-ticker/akcs-www?post=223629

8/15/13 "Naw, It's Just A Flesh Wound"
http://market-ticker.org/cgi-ticker/akcs-www?post=223633

8/15/13 Philly Fed: +9.3
http://market-ticker.org/cgi-ticker/akcs-www?post=223634

[Hotler]

26. Dow falls 200 points on weak corporate outlooks

Just a blip.
http://money.msn.com/business-news/article.aspx?feed=AP&date=20130815&id=16811564

[Warpy]

29. Aw, guess I'll have to cancel the Lear Jet

I aint rich no mo. I just sent the crew digging the pond in the back yard to float the yacht in home, too.

There is nothing holding the Dow up but hot air, wishful thinking and a lot of funny money.

[mahatmakanejeeves]

30. ETA News Release: Unemployment Insurance Weekly Claims Report (08/15/2013)

Source: Department of Labor, Employment and Training Administration

Read More: http://www.dol.gov/opa/media/press/eta/ui/eta20131633.htm

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending August 10, the advance figure for seasonally adjusted initial claims was 320,000, a decrease of 15,000 from the previous week's revised figure of 335,000. The 4-week moving average was 332,000, a decrease of 4,000 from the previous week's revised average of 336,000.

The advance seasonally adjusted insured unemployment rate was 2.3 percent for the week ending August 3, unchanged from the prior week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending August 3 was 2,969,000, a decrease of 54,000 from the preceding week's revised level of 3,023,000. The 4-week moving average was 2,986,500, a decrease of 38,500 from the preceding week's revised average of 3,025,000.

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 280,502 in the week ending August 10, a decrease of 8,142 from the previous week. There were 317,680 initial claims in the comparable week in 2012
....

The total number of people claiming benefits in all programs for the week ending July 27 was 4,586,860, an increase of 65,906 from the previous week. There were 5,704,310 persons claiming benefits in all programs in the comparable week in 2012.

== == == ==

Good morning, Freepers and DUers alike. I ask you to put aside your differences long enough to read this post. Following that, you can engage in your usual donnybrook.

15,000 is a pretty good drop.

I have been posting the number every week for at least a year. I seriously do not care if the week's data make Obama look good. They are just numbers, and I post them without regard to the consequences. I welcome people from Free Republic to examine the numbers as well. They paid for the work just as much as members of DU did, so I invite them to come on over and have a look. "The more the merrier" is the way I look at it.

I do not work at the ETA, and I do not know anyone working in that agency. I'm sure I can safely assume that the numbers are gathered and analyzed by career civil servant economists who do their work on a nonpartisan basis. Numbers are numbers, and let the chips fall where they may. If you feel that these economists are falling down on the job, drop them a line or give them a call. They work for you, not for any politician or political party.

The word "initial" is important. The report does not count all claims, just the new ones filed this week.

Note: The seasonal adjustment factors used for the UI Weekly Claims data from 2007 forward, along with the resulting seasonally adjusted values for initial claims and continuing claims, have been revised. These revised historical values, as well as the seasonal adjustment factors that will be used through calendar year 2012, can be accessed at the bottom of the following link: http://www.oui.doleta.gov/press/2012/032912.asp