STOCK MARKET WATCH -- Monday, 9 May 2016

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Monday, 9 May 2016[font color=black][/font]

SMW for 6 May 2016

AT THE CLOSING BELL ON 6 May 2016
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Dow Jones 17,740.63 +79.92 (0.45%)
S&P 500 2,057.14 +6.51 (0.32%)
Nasdaq 4,736.15 +19.06 (0.40%)


[font color=red]10 Year 1.77% +0.06 (3.51%)
30 Year 2.63% +0.03 (1.15%) [font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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(click on link for latest updates)
Market Updates
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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.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.
02/06/14 Matthew Martoma convicted of insider trading while at hedge fund SAC (Stephen A. Cohen) Capital Advisors. Expected sentence 7-10 years.
03/24/14 Annette Bongiorno, Bernard Madoff's secretary; Daniel Bonventre, director of operations for investments; JoAnn Crupi, an account manager; and Jerome O'Hara and George Perez, both computer programmers convicted of conspiracy to defraud clients, securities fraud, and falsifying the books and records.
05/19/14 Credit Suisse, which has an investment bank branch in NYC, agrees to plead guilty and pay appx. $2.6 billion penalties for helping wealthy Americans hide wealth and avoid taxes.
09/08/14 Matthew Martoma, convicted SAC trader, sentenced to 9 years in prison plus forfeiture of $9.3 million, including home and bank accounts
08/03/15 Former City (London) trader Tom Hayes found guilty of rigging global Libor interest rates. Each fo eight counts carries up to 10 yr. sentence.
08/21/15 Charles Antonucci Sr, former pres. Park Ave. Bank sentenced to 2.5 years in prison for bribery, fraud, embezzlement, and attempt to steal $11MM in TARP bailout funds, as well as $37.5MM fraud on OK insurance company. To pay $54MM in restitution and give up additional $11MM.
09/21/15 Volkswagen CEO Martin Winterkorn apologizes for VW cheating on air quality standards with emission testing avoidance device. Stock drops 20%, fines may total $18B.
09/22/15 Stewart Parnell, CEO Peanut Corp. of America, sentenced to 28 years in prison for selling salmonella-tainted peanut butter that killed nine.
12/17/15 Martin Shkreli, former CEO Turing Pharmaceuticals and notorious price gouger, arrested on securities fraud charges. Posted $5M bail, resigned as CEO.
2/25/16 Jason Keryc sentenced to 9 years in prison, 3 years supervised release and to pay back $180MM to investors he bilked in a Ponzi scheme while an acct. mgr at Agape World.
03/24/16 Three TierOne Bank (Omaha) execs sentenced on criminal charges related to covering up losses on mortgages. CEO Gilbert Lundstrom -- 11 years federal prison, $1.2 million fine; James Laphen, 34 months; Don Langford, 21 months. SO FAR THE ONLY CRIMINAL CONVICTIONS OBTAINED BY DOJ related to 2008 financial collapse.
04/05/16 Prime Minister of Iceland, Sigmundur David Gunnlaugsson, forced to resign (at least temporarily) following release of "Panama papers"
04/27/16 Former Speaker of the House Dennis Hastert sentenced to 15 months in prison. Judge describes Hastert as a "serial child molester."

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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]

[Califonz]

1. The FANGs are BACK!

FB, AMZN, NFLX, GOOGL

The most popular games at the big casino.

[Hotler]

2. Welcome to SMW. n/t

[Hotler]

3. Economists Say No Justification for Tax Havens in Oxfam Letter.

Short article.

Nobel laureate Angus Deaton and bestselling author Thomas Piketty joined more than 300 fellow economists in arguing there is “no economic justification” for tax havens as policy makers prepare to meet in London for anti-corruption talks.

In a letter organized by the charity Oxfam, the economists said “territories allowing assets to be hidden in shell companies or which encourage profits to be booked by companies that do no business there are distorting the working of the global economy.”

Such offshore holdings undermine the ability of governments to collect taxes, and politicians should respond by requiring companies to report taxable activities in every country they have operations in.

The letter was released as tax havens receive fresh focus in the light of the release of the so-called Panama Papers, millions of legal documents related to secret shell companies. U.K. Prime Minister David Cameron will host a summit in London on Thursday aimed at beating corruption.

Other signatories of the Oxfam letter included Olivier Blanchard, the former chief economist of the International Monetary Fund, and Jeffrey Sachs, director of Columbia University’s Earth Institute.

http://www.bloomberg.com/news/articles/2016-05-09/economists-say-no-justification-for-tax-havens-in-oxfam-letter

[Hotler]

4. Bond Traders Reject June as `Live' Meeting as U.S. Job Gains Ebb.

Bond-market traders and strategists are starting to tune out the authorities they once looked to for guidance on the path of interest rates as economic data fall short of forecasts.

Futures traders have all but ruled out the possibility that the Federal Reserve will raise rates at its next policy meeting in June, even after several officials this week said they were still considering that option. Economists at Goldman Sachs Group Inc. and Bank of America Corp. pushed back expectations for the next rate boost to September from June after a report Friday showed the U.S. added fewer jobs than forecast last month.

The moves come after data this week pointed to slowing global economic growth and stoked concern about the pace of recovery in the U.S. The Fed is trying to raise rates even as other central banks maintain or add stimulus. New York Fed President William Dudley said Friday that the employment report didn’t change his economic outlook, after officials including St. Louis Fed President James Bullard said earlier this week that June’s policy meeting would be “live” for a rate move if the economy was on track.

“It’s the Fed who cried wolf,” said Brian Edmonds, head of interest rates in New York with Cantor Fitzgerald Co, one of 23 primary dealers that trade with the central bank. “People just don’t believe it. They don’t believe that the Fed can tighten in this environment.”

http://www.bloomberg.com/news/articles/2016-05-07/bond-traders-reject-june-as-live-meeting-as-u-s-job-gains-ebb

[Hotler]

5. Bill Gross, Mohamed El-Erian Warn Against Counting the Fed Out.

Three of the world’s most influential bond investors say the Federal Reserve is still on course to raise interest rates this year, a view the head of the New York Fed signaled could happen twice -- even after April’s smaller-than-predicted gain in jobs.

Bill Gross, former manager of the biggest bond fund, said policy makers may act at their next meeting in June. Mohamed El-Erian, chief economic adviser at Allianz SE, said the Fed may move twice this year. Mark Kiesel at Pacific Investment Management Co. and New York Fed President William Dudley echoed the comments.

Gross and his peers are warning investors not to count out the Fed after the Labor Department reported U.S. employers added 160,000 workers last month, short of the 200,000 positions projected in a Bloomberg survey of economists. Fed Chair Janet Yellen is also examining earnings, which rose 2.5 percent from a year earlier, more than forecast. Two-year note yields, according to Gross, are too low.

“I’m not so sure that June is out,” said Gross, formerly of Pimco and who now runs the Janus Global Unconstrained Bond Fund, speaking on Bloomberg Television May 6. “Yellen, more than jobs, is focused on wages. At 2.5 percent, they’re moving up.”

http://www.bloomberg.com/news/articles/2016-05-09/bill-gross-mohamed-el-erian-warn-against-counting-the-fed-out.

Most bond traders don't think the Feds can raise rates in this economic climate, but Bill, Mohamed and others say the Fed will act.