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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 07:08 AM
Original message
STOCK MARKET WATCH, Thursday November 2
Thursday November 2, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 809 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2136 DAYS
WHERE'S OSAMA BIN-LADEN? 1842 DAYS
DAYS SINCE ENRON COLLAPSE = 1803
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 6
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54


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




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


AT THE CLOSING BELL ON November 1, 2006

Dow... 12,031.02 -49.71 (0.41%)
Nasdaq... 2,334.35 -32.36 (1.37%)
S&P 500... 1,367.81 -10.13 (0.74%)
Gold future... 619.30 +12.50 (+2.02%)
30-Year Bond 4.68% -0.04 (-0.89%)
10-Yr Bond... 4.56% -0.05 (-0.98%)






GOLD, EURO, YEN, Loonie and Silver


PIEHOLE ALERT

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

For information on protests and other actions Citizens For Legitimate Government






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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 07:12 AM
Response to Original message
1. WrapUp by Chris Puplava
RECENT 3rd Q GDP, CONSTRUCTION SPENDING, AND ISM REPORT POINT TO
CONTINUED ECONOMIC SLOWING


The advanced estimate for third quarter GDP report was released last Friday which showed further deceleration in the economy after the 5.6% annualized growth rate in the first quarter, and the 2.6% annualized growth rate of the second quarter. The main culprit was residential fixed investment and stronger imports which hurt net exports of goods and services. The components of GDP are given below with the quarter-over-quarter percent change and annualized growth rates as well as their respective contributions to the percent change in real GDP below.

-see chart-

The greatest improvements in the quarter came from non-residential fixed investment and durable goods, which rose at an annualized growth rate of 8.4% and 8.1% respectively, with the change in private inventories and residential fixed investment showing the greatest weakness over the second quarter, with -22.3% and -18.7% annualized growth rates. Looking at component affects on overall GDP, the greatest support to GDP in the third quarter came from personal consumption expenditures and non residential fixed investment, which contributed 2.15% and 0.96% respectively. The greatest drags on GDP in the third quarter came from residential fixed investment and net exports, which reduced GDP by 0.98% and 0.55% respectively.

-cut-

Today’s Market

Stocks were down today after the release of several economic reports showing weakness in the economy. The Institute for Supply Management (ISM) released their October report which showed the ISM Purchasing Manager’s Index (PMI) falling to 51.2, the lowest reading since June 2003. Weighing the index down was production falling from 56.1 in September to 51.9 last month, with new orders and order backlogs falling and inventories rising, all of which point to a slowing economy. With inventories rising, manufacturers are likely to further cut production to prevent an inventory overhang. On the bright side, prices paid fell sharply to 47.0 last month from September’s 61.0 and employment rose slightly, up to 50.8 from September’s 49.4 reading.

http://www.financialsense.com/Market/wrapup.htm
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 07:14 AM
Response to Original message
2. Today's reports
8:30 AM Initial Claims 10/28
Briefing Forecast 310K
Market Expects 310K
Prior 308K

8:30 AM Productivity-Prel Q3
Briefing Forecast 1.9%
Market Expects 1.1%
Prior 1.6%

10:00 AM Factory Orders Sep
Briefing Forecast 3.7%
Market Expects 3.6%
Prior 0.0%

http://biz.yahoo.com/c/e.html
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 09:52 AM
Response to Reply #2
9. reports in
8:30 AM Initial Claims 10/28
Actual 327K
Briefing Forecast 310K
Market Expects 310K
Prior 309K
Revised from 308K

8:30 AM Productivity-Prel Q3
Actual 0.0%
Briefing Forecast 1.9%
Market Expects 1.1%
Prior 1.6%
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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 11:23 AM
Response to Reply #2
20. Productivity growth grinds to a halt (fly by post)
http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B412C4278%2D0D90%2D492D%2D8966%2D5063072076C4%7D&source=blq%2Fyhoo&dist=yhoo&siteid=yhoo

WASHINGTON (MarketWatch) -- With output slowing, the productivity growth of U.S. nonfarm businesses fell to zero in the third quarter, the Labor Department estimated Thursday.

Meanwhile, unit labor costs -- a key gauge for measuring inflationary pressures stemming from a tight labor market -- increased at an annualized rate of 3.8%. :eyes:

Over the past year, productivity increased 1.3%, the slowest growth since 1997. Unit labor costs are up 5.3% in the past year, the fastest increase in 16 years. The last time unit labor costs increased faster was in 1982. Read the full government report.

snip>

Tellingly, a healthy 2.2% productivity gain in the nonfinancial sector in the second quarter was nearly revised away; now it's just 0.2%. Unit labor costs in the nonfinancial sector were revised to show a 6.4% gain rather than 4.2% for the second quarter.

The concept of productivity is difficult to measure, especially in financial services where the concept of a "unit" of output is murky.

That's why the Federal Reserve and other policymakers pay especially close attention to nonfinancial productivity. Those figures for the third quarter will be released on Dec. 5.

more...
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 07:24 AM
Response to Original message
3. Oil prices fall after inventory drop
VIENNA, Austria - Oil prices extended their recent decline Thursday as the market focused on a climb in U.S. crude oil inventories.

Light sweet crude for December delivery on the New York Mercantile Exchange fell 41 cents to $58.30 a barrel in electronic trading by midday in Europe. December Brent crude futures on London's ICE Futures exchange dropped 32 cents to $58.66 a barrel.

The focus now is on the market's resilience at current prices and whether key support levels will be broken.

-cut-

According to the U.S. Energy Information Administration's weekly report Wednesday, U.S. crude oil inventories rose by 2 million barrels to 334.3 million barrels in the last week.

That was largely due to crude imports bouncing back up by 599,000 barrels per day from the previous week, when imports dropped off significantly.

http://news.yahoo.com/s/ap/oil_prices
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 07:25 AM
Response to Reply #3
4. Russia to double gas prices for Georgia
MOSCOW - Russia's state-controlled natural gas monopoly said Thursday that it would more than double the price it charges Georgia, further heightening tensions between the ex-Soviet neighbors.

OAO Gazprom said in a statement that it will charge $230 per 1,000 cubic meters of gas, compared with the $110 that it charges now.

Tensions rose between the two countries after Georgia briefly detained four purported Russian spies in late September. Moscow responded with a transport and postal blockade on Georgia and a crackdown on Georgian migrants living in Russia, whose financial remittances help sustain their homeland's economy.

The gas announcement signals Russia's continued recalcitrant stance even as Georgia's foreign minister, Gela Bezhuashvili, visits Moscow in the hope of easing the conflict.

http://news.yahoo.com/s/ap/20061102/ap_on_bi_ge/russia_georgia_gas_3
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 07:26 AM
Response to Reply #3
5. Nigeria gunmen kidnap American, Briton
LAGOS, Nigeria - Armed gunmen seized two expatriate oil workers — an American and a Briton — during a raid Thursday on a Norwegian oil services ship off Nigeria's southern coast, oil company officials said.

The two were seized before dawn from a vessel belonging to Oslo, Norway-based Petroleum Geo-Services, company official Christopher Mollerlokk said.

"I can confirm that two employees were kidnapped. One is a U.K. national and the other an American," Mollerlokk said by telephone from Oslo. He gave no further details.

A security official who works for a large multinational oil company in Nigeria said gunmen raided the vessel off the coast of Bayelsa State and sped away in boats with the hostages. He said the boat was surveying potential oil fields at the time. He declined to be named because he is not authorized to speak to the media.

http://news.yahoo.com/s/ap/20061102/ap_on_re_af/nigeria_oil_unrest_5
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 07:28 AM
Response to Reply #3
6. Bourses fight back from session lows
Earnings momentum lifted European equity markets from early weakness, helping offset the effects of falling Wall Street indices after further evidence of a slowing US economy.

By midday, the FTSE Eurofirst 300 recovered back to the preious session's closing level of 1,449.67. Frankfurt's Xetra Dax remained 0.1 per cent lower at 6,287.68, the CAC 40 in Paris lost 0.4 per cent to 5,347.10 and London's FTSE 100 was unchanged at 6,147.2.

Overnight in the US, the Dow Jones Industrial Average was down 0.4 per cent to 12,031.02, after the Institute of Supply Management's index of manufacturing activity for October fell unexpectedly. The Nasdaq Composite fell 1.4 per cent to 2,334.35.

Financial stocks were the biggest weight behind the falls. Bucking the generally weaker banking sector however, Credit Suisse (NYSE:CSR - news), the investment bank, gained 3.1 per cent to SFr77.25 after the third-quarter net profits came in well ahead of expectations as strong trading income helped it on the way to a year of expected record earnings.

http://news.yahoo.com/s/ft/20061102/bs_ft/fto110220060657063186
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Hugin Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 10:48 AM
Response to Reply #6
17. Just how often can 'unexpected' things happen before they become expected?
'Institute of Supply Management's index of manufacturing activity for October fell unexpectedly.'

These guys need to get out more...
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 11:04 AM
Response to Reply #17
19. Prag, that's why we call them the perpetually "surprised" economists.
Edited on Thu Nov-02-06 11:12 AM by ozymandius
This question bears asking: when are they not surprised?
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whistle Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 07:34 AM
Response to Original message
7. What will the market look like on November 8th?
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 10:05 AM
Response to Reply #7
12. It's really tough to say.
The Plunge Protection Team is being reassembled. Actually, I didn't know that they'd been dormant at all. Faeries seem to fly to the rescue whenever the markets threaten to lose more than a percentage point in value.

It's wise to adopt a wait-and-see approach.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 08:10 AM
Response to Original message
8. daily dollar watch
http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Last trade 85.37 Change -0.05 (-0.06%)

Weak Data Weighs on Dollar Despite Better Outlook for Payrolls

http://www.dailyfx.com/story/dailyfx_reports/daily_fundamentals/Weak_Data_Weighs_on_Dollar_1162419006195.html

US Dollar – The market is beginning to get tired of the US dollar’s extended sell-off as the Euro ends the day virtually unchanged along with the Japanese Yen and British pound. The real action today was in the commodity currencies (see that section for more details). For the most part, US economic data continues to disappoint, with the national ISM manufacturing index falling from 52.9 to 51.2, the lowest since June 2003. The bigger surprise was the drop in the prices paid index to 47, which is the lowest since Feb 2002. The manufacturing sector in the US is languishing and the numbers are showing it. This follows earlier weakness in both the Philly Fed and Chicago PMI reports and is yet another piece of evidence that the US economy is slowing and inflation is abating. Pending home sales and construction spending also printed lower than expected highlighting the weakness of the US housing market. Only a very strong non-farm payrolls report on Friday will help save the dollar, albeit most likely temporarily. Today’s ADP release suggests that a triple digit non-farm payrolls print on Friday may be possible. According to the payroll provider, 128k jobs were added in the month of October, 20k more than the market’s initial forecast. The Hudson index also rose to 101.4 from 100.5. The late afternoon dollar rally may be attributed to just that. Aside from factory orders tomorrow, the US calendar is relatively light, which means that everyone will be looking ahead to Friday’s report.

...more...


Dollar Continues Lower on Bearish Economic Outlook

http://www.dailyfx.com/story/dailyfx_financial_markets_headlines/Dollar_Continues_Lower_on_Bearish_1162337490756.html

US Consumer Confidence (OCT) Chicago PMI (OCT) (15:00 GMT, 10:00 EST)

Actual: 105.4 Actual: 53.5
Expected: 108.0 Expected: 58.0
Previous: 105.9 Previous: 61.1

How Did the Markets React?

It was another sad day for US dollar bulls, as poor economic data worsened outlook for the world’s largest economy. Indeed, financial markets reacted by sending the Greenback, bond yields, and stocks substantially lower in the moments following Consumer Confidence and Chicago PMI results. Price movements in bonds and USD-denominated currencies continued through the rest of the day, with the EURUSD setting fresh monthly highs while bond yields fell to their lowest since October 5th. Stock markets, on the other hand, resisted earlier selling pressure to close slightly higher through the day of trading. This was largely due to the fact that crude oil prices continued yesterday’s decline, with the NYMEX current month setting fresh 2-week lows before a late reversal. Regardless, the continued strength in domestic equity markets leads many to believe that a reversal is imminent. Given progressively weaker US economic data, it is perhaps only a matter of time before stock prices retrace from record-highs. Such a reversal would only add to the US dollar’s woes, as it continues its slide against the world’s major currencies.

...more...
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spotbird Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 09:56 AM
Response to Original message
10. I truly believed
the Dow would hit a new "record high" every day until the election. It is surprising that that isn't happening, what gives?
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 10:03 AM
Response to Reply #10
11. Reality has a way of re-asserting itself upon fantasy.
What we have seen recently is akin to putting lipstick on a pig. Shorts rule the day. Share prices are disconnected from earnings.
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Hugin Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 10:41 AM
Response to Reply #10
16. The Plunge Protection Team can only jigger things so much...
without showing their hand.
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specimenfred1984 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 01:43 PM
Response to Reply #10
23. The selloff looks the same as the rise
In the S&P, it'll selloff for 12 to 20 minutes straight then drift for awhile. It does the exact same thing when going up now. It's the corrupt aholes stealing money from each other.

Notice the exact same news is spun as bullish one day then bearish the next. Reality is whatever the culture of corruption says it is when it comes to the markets. I think they're afraid that their propaganda isn't working as well this election so they're taking some money out. The stupid brainwashed repukes fear that if the dems win it'll hurt the markets even though history proves that wrong.

If I were a corrupt repuke, I'd be scared.
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 10:06 AM
Response to Original message
13. slight bounce at 10am - but still red
10:05
Dow 12,001.81 Down 29.21 (0.24%)
Nasdaq 2,327.47 Down 6.88 (0.29%)
S&P 500 1,364.94 Down 2.87 (0.21%)
10-Yr Bond 4.59% Up 0.029

NYSE Volume 418,526,000
Nasdaq Volume 136,089,000

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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 10:15 AM
Response to Original message
14. Morning Marketeers....
Edited on Thu Nov-02-06 10:28 AM by AnneD
:donut: and lurker......

:rant: Stand back, I am going to let it rip,let it fly. The GOP in Houston has hit a new low. I am not sure how to start a new Late breaking news thread but this really deserves a spot and pressure should be brought to bear on these folks

Offer of free flu shots halted at polling places
Mayor cancels program after critics slam it as a politically motivated ploy

Mayor Bill White ordered a halt Wednesday to the city health department's privately funded drive to offer flu vaccinations at early voting sites in predominantly Hispanic and black neighborhoods, amid conservative criticism that the effort would boost Democratic turnout.

About 1,300 flu shots were given to people age 50 or older in the past three days under the program, which didn't require the recipients to vote. Health officials said they were only trying to reach people in medically underserved communities.

White defended the program Wednesday but said he decided to abandon it to avoid the perception that it was an attempt to draw certain voters to the polls. White is a former chairman of the state Democratic Party and served in the administration of former President Clinton.

"There was no political motive whatsoever to do it," he told reporters after the City Council meeting. "I don't want to have to spend more money in defending a baseless lawsuit than we're giving away in vaccine or allow anybody to question the integrity of the political process."

<snip>

http://www.chron.com/disp/story.mpl/front/4304540.html

As a health care worker I am incensed that this program has been canceled. It is of benefit to all. It is wrong, wrong, wrong. I hope this can get the maximum pressure to bear on those petty individuals that would politicize a flu shot. I am so angry I can't think straight. I need help on this one!

edited to add....I voted at a local grocery store...Will they close that poll site because I need to buy a loaf of bread and therefore might be inclined to vote. Would they close the store? Say I was going to pray and the polling place was in a church? Couldn't they close the church because there was a polling station?
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Hugin Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 10:40 AM
Response to Reply #14
15. Morning AnneD!
:hangover:

I agree with your assessment about the biased nature of this action.

It's ridiculous.

Everything is currently so messed up... This partisanship won't end well.

Once there is discrimination in public health, it's all over.

*sigh*
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 11:00 AM
Response to Reply #14
18. This is freakin' nuts.
If you voted at a grocery store, Anne, these thugs might have a problem with it if the store sells a large variety of organic items. Progressive left-wingers prefer organics, ya know. :sarcasm:

This stunt from the conservatives only shows that nothing is beyond politics. Not a participatory democracy. Not boosting voter turnout. Not even public health. Everything is political. And that is why they are morally bankrupt political dead-enders.
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 11:45 AM
Response to Original message
21. 11:42
Dow 12,012.61 Down 18.41 (0.15%)
Nasdaq 2,335.08 Up 0.73 (0.03%)
S&P 500 1,366.69 Down 1.12 (0.08%)
10-Yr Bond 4.60% Up 0.039

NYSE Volume 1,119,229,000
Nasdaq Volume 791,915,000

11:30 am : Little changed since the last update as the major averages begin to settle into a relatively narrow range around the unchanged mark. While the underlying bullish tone so prevalent over the last few months, especially in October, has continued to resurface throughout the morning, briefly inching the Dow and S&P 500 into the green, decliners continue to outpace advancers on both the NYSE and the Nasdaq. Meanwhile, Health Care is now turning in the best performance, as the pending CVS-Caremark deal raises the possibility of more consolidation among PBMs; however, it is only among three sectors posting gains. The other two -- Material and Telecom -- are among the least influential S&P sectors. DJ30 -12.00 NASDAQ +1.92 SP500 -0.57 NASDAQ Dec/Adv/Vol 1442/1244/706 mln NYSE Dec/Adv/Vol 1719/1322/590 mln

11:00 am : The market continues to improve its stance, getting some relief as oil prices continue to slide. Crude oil futures are now down 1.6% and back below $58/bbl after a report showing natural gas inventories fell less than expected suggests the market is well supplied as the heating season gets underway. The Dow and S&P 500 are still just below the flat line but the Nasdaq has climbed into positive territory, due in large part to a 3.5% surge in shares of Dell (DELL 24.87 +0.85), which is also one of today's best performing S&P 500 constituents.DJ30 -18.25 NASDAQ +0.91 SP500 -1.50 NASDAQ Dec/Adv/Vol 1614/1003/552 mln NYSE Dec/Adv/Vol 1894/1077/444 mln
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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 12:55 PM
Response to Original message
22. If Everyone Jumped Off a Bridge Would U.S. Regulators Follow?
http://www.fallstreet.com/nov106f.php

snip>

The Fight to Remain Financial Capital of The World?

Signed into law on July 30, 2002, the goal of the Sarbanes-Oxley Act (SOX) was to “deter and punish corporate and accounting fraud and corruption” (Bush), and "to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws" (Stated Objective). Although SOX was widely credited for helping restore investor confidence in the markets, it is about to come under attack.

Backing the attack against SOX is the Washington-based Chamber of Commerce, which lobbies for three million companies (Bloomberg). The ammunition being used is as follows: SOX regulations should be less restrictive because along with the Act’s stated objectives another “objective is to make sure that capital remains here in the United States and we don't drive it out because of over-regulation.” To get an idea of how imminent the blitzkrieg against SOX is, the aforementioned quote came from President Bush less than two-weeks ago.

Along with the brewing SOX battle, not to mention the recent hedge fund ‘registration’ court win against the SEC, another disturbing event is that the SEC is about to loosen margin requirements that were first put in place after the Crash of 29. By reducing institutional margin requirements from as high as 50% to 15% the markets would not become more dangerous but - supposedly - more ‘innovative’: “The move removes a key barrier to the competitiveness of the US capital markets as similar margin rules already exist in Europe, attracting increasing numbers of hedge funds...” (FT)

Obviously there are risks to innovating-away what were previously considered to be groundbreaking market safeguards. But the party line from many in America is that if everyone else is doing it (or not ‘doing it’ in the case of SOX), why not us? London is attracting more hedge fund activity and IPOs than the U.S., the largest IPOs today are coming out of Hong Kong, and even India is lining up IPOs. In the mind of U.S. regulators this is a call to arms.

The Margin Debate...What Debate?

Margin requirements are, per code, “For the purpose of preventing the excessive use of credit for the purchase or carrying of securities”. If reducing margin rates is now on the table, wouldn’t it be wise to at least save this policy option for when it can be used to help absorb a shock in the markets? (i.e. Dow crashes by 1,000 points and credit is tight, so margin requirements are reduced). Encouraging the use of more credit amidst a market boom wastes a potentially stimulative regulatory move.

Noticeably absent from the margin debate is Fed Chairman Bernanke - who has opted to keep his mouth closed since the Bartiromo debacle. In September 1996 Greenspan said “I guarantee that if you want to get rid of the bubble that will do it.” With a reduction in margin requirements threatening to add fuel to what many are already calling a liquidity bubble will Bernanke soon speak up?

more....


Cheney Expresses Doubts About Sarbanes-Oxley
http://www.informationweek.com/management/showArticle.jhtml?articleID=193500718

snip>

The Times also reported some advocates of change expect the Bush administration will use many of the recommendations to limit what they see as overzealous state prosecutions by figures such as New York State Attorney General Eliot Spitzer and abusive class-action lawsuits by investors.

The groups are also expected to try to cut Sarbanes-Oxley costs, a goal regulators have been mulling for months.

"The chutzpah of the corporate and Wall Street communities just know no bounds," said Bill Lerach, a top class-action lawyer from the law firm of Lerach Coughlin in San Diego.

"How -- in the light of ... the stock options scandals and the executive compensation disgrace in this country -- they could with a straight face ask Congress for more legal protection is baffling."

The lobbying campaign may put Cox in a difficult position. Known during his nine terms as a congressman from southern California's Orange County as an opponent of business regulation, he is now one of Washington's top regulators.

more...
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 04:15 PM
Response to Original message
24. at the close
faeries came out to play
Dow 12,018.54 Down 12.48 (0.10%)
Nasdaq 2,334.02 Down 0.33 (0.01%)
S&P 500 1,367.34 Down 0.47 (0.03%)
10-Yr Bond 4.596% Up 0.035

NYSE Volume 2,632,734,000
Nasdaq Volume 1,880,288,000

blather to come
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 06:14 PM
Response to Reply #24
29. blather
4:20 pm : As if the day before monthly employment data are released doesn't already create a sense of nervousness, today's weak economic news caused some added consternation. However, what was shaping up early on to be a bigger victory for the bears actually ended with only minimal, almost nonexistent, market losses. That speaks volumes to the underlying bullish tone responsible for stocks running virtually uncontested since bottoming out in July.

Before the bell, the Labor Dept. showed that productivity slowed to a standstill from July through September. While that does not necessarily reflect a trend in underlying productivity, it does raise concerns that companies may try to offset lower output with higher wages, which was evident in a larger than expected 3.8% rise in unit labor costs. Pegged as a key inflation indicator, that left labor costs at a year/year rate of 5.3% for Q3 -- the biggest gain since 1982. Inflation hawks naturally will be focused on tomorrow's hourly earnings figure.

Also weighing on investor sentiment Thursday were October same-store sales results that can best be described as mixed. However, many viewed the majority of retailers missing upwardly revised expectations as a huge disappointment, especially since the all-important holiday selling season is right around the corner.

As expected, Wal-Mart (WMT 48.26 -0.59) confirmed that October comps rose an anemic 0.5%; however, investors were not anticipating the retail giant to say November comps are now expected to be flat, signaling its worst monthly sales growth in more than a decade. Competitors Target (TGT 56.92 -0.78) and Costco (COST 52.93 +0.02), which missed analysts' estimates, also did little to quell worries about how healthy the holiday season will be. Acting as offsets with solid results were department stores, such as JC Penney (JCP 77.04 +1.91) and Nordstrom (JWN 46.72 +0.42), as well as specialty apparel retailer Limited Brands (LTD 29.67 +0.86).

Technology was also in focus, but an analyst downgrade on Intel (INTC 20.68 -0.34) eventually outweighed an upgrade on Dell (DELL 24.81 +0.79). Also playing into the price action of both stocks was confirmation that Dell has finally begun selling laptops that feature chips from Advanced Micro Devices (AMD 20.83 +0.10), which further reduces Dell's reliance on Intel processors.

Meanwhile, Health Care posted a respectable gain as the pending CVS-Caremark deal raised the possibility of more industry consolidation, which plays into our Overweight rating on the sector and favorable outlook on PBMs and HMOs. However, it was only among four sectors posting gains. The other three -- Energy, Material and Telecom -- did little to act as an offset to the absence of buyers ahead of Friday's jobs report. DJ30 -12.48 NASDAQ -0.33 SP500 -0.47 NASDAQ Dec/Adv/Vol 1771/1260/1.92 bln NYSE Dec/Adv/Vol 1794/1449/1.62 bln
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 04:22 PM
Response to Original message
25. Marketeers....
Please go to the LBN thread and kick and recommend the Flu shot thread.....please please please :begging: We have some contact e addies too.
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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 04:59 PM
Response to Reply #25
26. You mean this one?
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 05:13 PM
Response to Reply #26
27. That's the one
:thumbsup: thanks!
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stop the bleeding Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 06:20 PM
Response to Reply #26
30. I think so


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cosmicdot Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-02-06 06:00 PM
Response to Reply #25
28. I mentioned it in an another thread
Edited on Thu Nov-02-06 06:22 PM by cosmicdot
and, shared it in another forum

thanks for the story/link

knr
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