The "up-to-the-minute Market Data" thread

Is it me or the numbers are scary?

Oct 20 8:30 AM Building Permits Sep 573K previously 579K
Oct 20 8:30 AM Housing Starts Sep 590K previously 598K
Oct 20 8:30 AM PPI Sep -0.6% previously 1.7% -
Oct 20 8:30 AM Core PPI Sep -0.1% previously 0.2% -

... DEFLATION BABY! We need to cut the interest rates... oh wait...we're already at 0%! Let's print money then... oh wait the dollar is crashing...

Well... let's pretend everything is fine! Yeah! That'll work!

[edit on 20-10-2009 by Vitchilo]

Lookin' Good!

Shanghai Composite 3,070.589 3:00AM ET Down 13.865 (0.45%)
Hang Seng 22,318.11 4:01AM ET Down 66.85 (0.30%)
Nikkei 225 10,333.39 3:00AM ET Down 3.45 (0.03%)

FTSE 100 5,188.68 7:59AM ET Down 54.72 (1.04%)
CAC 40 3,818.02 7:59AM ET Down 53.43 (1.38%)
DAX 5,754.51 7:59AM ET Down 57.26 (0.99%)

9987.48 9952.0 -35.48
1087.51 1084.0 -3.51

WFC $5.1B loss

Boeing swings to loss, cuts 2009 forecast
www.marketwatch.com...

NEW YORK (MarketWatch) -- Boeing Co. (BA 50.94, -0.95, -1.83%) reported Wednesday a third-quarter loss of $1.6 billion, or $2.23 a share, compared to a profit of $695 million, or 96 cents a share, in the year-ago period. Revenue in the recent period rose 9% to $16.7 billion from $15.3 billion. Analysts polled by FactSet Research were looking for a loss of $1.93 a share on sales of $17.2 billion. For 2009, the Chicago manufacturer lowered its earnings forecast to $1.35 to $1.55 a share, from $4.70 to $5 a share. The Wall Street consensus was for full-year earnings of $2.34 a share. Shares of Boeing fell 2% premarket to $50.74.

Sun Microsystems to Cut 3,000 Jobs
www.cbsnews.com...

(AP) Sun Microsystems Inc. plans to eliminate up to 3,000 jobs as it awaits a takeover by Oracle Corp., a deal that is being held up by antitrust regulators in Europe.

The layoffs Sun outlined Tuesday in a regulatory filing amount to about to 10 percent of the company's 29,000 workers and will happen over the next year.

They are the latest rounds of cuts at the struggling server and software maker, which reached the $7.4 billion deal with Oracle in April after nearly a decade of wobbly financial performance.

Sun said in its filing that the layoffs would come from all its major regions, including North America, Europe, Asia and emerging markets. The company expects to incur $75 million to $125 million in restructuring charges over the next several quarters.

Oracle's purchase of Sun is being held up by European antitrust authorities who are concerned about possible harm to the database software market. The deal has been approved by U.S. regulators.

Mortgage applications plummet
money.cnn.com...

[edit on 10/21/2009 by Hx3_1963]

Before you read the rest of my post I'd like to remind all the fist meltdown was caused by the collapse of the housing market...AKA Sub-prime...

The recent burst in U.S. loan modifications will be short-lived. At the end of 2008, it forecast that 65% to 75% of delinquent mortgage loans would default again in 12 months, a projection that still stands. If buyers don't qualify for loan modifications, most residential mortgage-backed security loans will likely end up a short sale or foreclosure. About two-thirds of borrowers in RMBS are underwater. Adding to the woes, nat'l home prices are expected to fall another 11% by mid-'10,

Now we had this mini bubble in home buying thanks to a government tax credit that's set to expire in November... that end date is why we now see a big fall in new home purchase.. if you bought a house now there just wouldn't be time to get the credit...

Key congressional leaders want to extend the tax credit for first-time home buyers beyond its scheduled end-of-November expiration despite complaints of fraud and Obama administration concerns about the costs.

Housing and Urban Development Secretary Shaun Donovan says the administration is not sold on the idea.

Source

In short the Admin wants to wait until after taxes are filed... next year... before even thinking about extending this credit... but there is a problem....

An audit by the agency's inspector general found that 93 percent of the returns claiming credits for homes bought in 2009 were coded incorrectly, meaning those taxpayers could be incorrectly identified as liable for repaying the credit. The audit was released in September by the Treasury Inspector General for Tax Administration. It reviewed 47,276 electronically filed returns.

Now if you put all this together what you start to see is yet another big wave of foreclosures,,, first from those who couldn't keep their homes even with the mod... then all those who just bought a new home and did so using the tax credit as their down payment whitch now looks they might have to repay to the Gov....We still face falling home values, another 11% by mid 2010 ...putting even more folks underwater..... I could go on but I think you all can see this snow ball gaining momentum right?

USD just broke the 74.99 level!

Oil is on a $3 roar today...

Gas Stations tagged on 25-30 cent here today soon to be 50+ at the rate of USD fall...

reply to post by Hx3_1963


How dare you people take away the joy of the markets rally soon to be the best party in town for the bonuses spending.

Don't you know that the economy is booming for the wall street elite! they don't know who the main street people live or how they are, they only know anybody that live in Richistan America.

So hey let them party all day and night.

Monday's Reverse Repo Test A Disaster?

On Monday the Federal Reserve held a major reverse repo test, as was announced by the NY Fed and by Zero Hedge. We have subsequently received several unconfirmed reports that the conducted test has been a disaster (we have calls into the Federal Reserve to confirm or deny this, we are eagerly awaiting their reply). Presumably, after conducting various repos last year, a typical transaction would be in the $1 to $5 billion range. At around the time the financial system was being pulled apart, were two separate $50 billion repo transactions on September 18, 2008, a day when as Paul Kanjorski had highlighted earlier in the year the money market system nearly collapsed as a result of Lehman and AIG's failure, and the Reserve Fund breaking the buck. Notable about Monday's reverse repo "test" was that it was quite sizable: in the $100 billion ballpark, on parallel with the biggest liquidity extraction from 2008. The outcome was the discovery that the dealer community does not have the capacity to do reverse transactions of this magnitude. As a result the Fed was forced to go directly to the money market industry, which has been speculated as a key source of excess liquidity withdrawals, another topic we discussed previously.

This sets a dangerous precedent on two levels. First, if the dealer community, recently expanded to consist of such middle-market banks as Jefferies which allegedly has over $20 billion on its balance sheet compliments of various Fed repo actions, is unable to satisfy reverse repos of this size, a big question mark appears as to what is the illiquid collateral backing the Dealer community, if it is unable to comply with a $100 billion liquidity withdrawal. Second, it indicates that reverse repos as a source of liquidity extraction by the Fed will be contained to the very precarious money market industry. All that is needed, in today's hair-trigger mindset on liquidity, is for another systemic glitch to be made apparent to all market participants, before yet another run on money markets occurs. As readers will recall, money markets were recently stripped of their implicit Federal guarantees: as such, this is the biggest potential threat to a nascent "recovery."

We will follow this topic closely, as the rumor now is that the Fed will no longer attempt dealer-based reverse repos after Monday's failure, but confine them exclusively to money markets. Whether or not the Fed is correct in gambling with the $3 trillion+ money market industry when it should be doing all it can to extract liquidity out of the very same dealer community it has so generously been rewarding for over 7 months, is very much open to debate.

"The outcome was the discovery that the dealer community does not have the capacity to do reverse transactions of this magnitude."

So basically, as GEAB was saying a few months ago... any shock would bring the whole thing down and this time, they won't be able to save it.

Bank runs coming?

Citigroup (C), JP Morgan Chase (JPM), Wells Fargo (WFC) and Others to Lose FDIC Debt Guarantees

Some of the nation’s largest financial companies, including Citigroup (NYSE: C), GE Capital (NYSE: GE), JPMorgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC) and others will no longer have certain debt guaranteed by the federal government through the FDIC’s Temporary Liquidity Guarantee Program as of October 31st.

The FDIC voted on Tuesday to end the Temporary Liquidity Guarantee Program that is being used to guarantee certain debt issued by some of the nation’s largest banks, but also setup a 6-month safety net facility as part of the process. All five members of the FDIC’s panel of regulators voted to end the program as scheduled on October 31st.

New debt can be issued and guaranteed under the program up until the deadline. The deadline on the newly placed debt would expire no later than December 31st, 2012.

I wonder if Goldman Sachs is included in that...

Maybe oil is going up because of that?
Tanker collision spills 18,000 gallons of oil off Texas

Dick Bove is a certified moron...someone either tripped over the extension cord for HAL9000 or there is some serious she I it going down...the WFC downgrade looks like a cover story..

[edit on 21-10-2009 by RolandBrichter]

reply to post by RolandBrichter


I think the phrase "With GS goes the market" has good meaning on a day like today.

See GS at 3:00 PM today -

reply to post by GreenBicMan


Galleon liquidating maybe?

I was all set for the expected 3:30 ramp up....

Does anybody knows where Stander is been? I want to ask him if he is getting something from the bonus pay off, I think he is now too good for us here in ATS.

Stander is now moving to Richistan with the Rest of Goldman Sach friends.

Just a joke.

reply to post by RolandBrichter


Thats IF they were all in long positions..

Prob. just a runaway where the market works at its finest. Dont get left behind.

Hmmm...the rumors of GS covering its commodities & high beta equity exposure might be true after all...

Probably has more to do with THIS little news leak...

Just as with TARP...more financial terrorism to come if the Street doesn't get it's way

[edit on 21-10-2009 by RolandBrichter]

finance.yahoo.com...

Shanghai Composite 3,070.382 1:48AM ET Down 0.207 (0.01%)
Hang Seng 22,082.29 1:48AM ET Down 235.82 (1.06%)
Nikkei 225 10,249.11 1:43AM ET Down 84.28 (0.82%)
Seoul Composite 1,628.52 1:43AM ET Down 25.34 (1.53%)

9897.36 9896.0 -1.36
1077.95 1076.1 -1.85

Shares of eBay fall 8% after hours following report of lower earnings
www.marketwatch.com...

SAN FRANCISCO (MarketWatch) -- EBay Inc. reported a drop in third-quarter earnings Wednesday afternoon, though revenue for the quarter came in notably higher than Wall Street's estimates.

For the third quarter, eBay (EBAY 23.90, -1.13, -4.52%) reported earnings of $349.7 million, or 27 cents a share, compared to earnings of $492.2 million, or 38 cents a share, for the same period last year.

Excluding charges related to stock-options and other items, the company said it would have earned $502 million, or 38 cents a share, for the recent period. Revenue rose more than 5% to $2.24 billion.

Analysts were expecting eBay to report earnings of 37 cents a share on revenue of $2.14 billion for the third quarter, according to consensus forecasts from Thomson Reuters.

[edit on 10/22/2009 by Hx3_1963]

reply to post by Hx3_1963


John Dumbohoe the CEO has run ebay into the ground. I was paying them anywhere from $300-$700 in fees before he took over and changed all the stuff around that scared off many sellers.

Now I pay only about $90-$150 in seller fees per month so do the math on thousands just like me.

I'm about ready to give up myself as it is no longer a fair trading community, with the power definitely weighted on the buyers and even promotes fraud with the policy of refunding money received through paypal if the buyer says he didn't receive the item.

I'm still wondering if it was really industrial espionage. Dumbohoe has driven business to other sites like ebid.net. Ebay is finished unless they radically change things back to the way they once were.

I agree. Ebay has made too many changes.

By the way, I'm still short from DJIA 9700. I'm still holding FAZ, BGZ and TYP from the end of September. I'm shocked by the upward momentum. These past two and a half weeks have been making me nervous. Balloon boy made me feel better though. What I really need to see this week is a tremendous selloff and a close below 9500.

And they're off...

finance.yahoo.com...

FTSE 100 5,180.69 3:03AM ET Down 77.16 (1.47%)
DAX 5,733.56 3:03AM ET Down 99.93 (1.71%)
CAC 40 3,810.6699 3:08AM ET Down 62.55 (1.61%)
ATX 2,670.04 3:04AM ET Down 43.04 (1.59%)

www.cnbc.com...

9897.36 9892.0 -5.36
1077.95 1076.3 -1.65

Europe stocks fall 1.5 pct early; Ericsson sinks
www.reuters.com...

PARIS, Oct 22 (Reuters) - European stocks fell 1.5 percent in early trade on Thursday, tracking losses on Wall Street, with Ericsson's (ERICb.ST) poor results hitting tech shares.

At 0705 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was down 1.5 percent at 1,010.11 points, after ending just shy of a one-year closing high in the previous session.

Ericsson shares sank 8.8 percent after the telecom gear maker posted

lower-than-expected

third-quarter core earnings on and said sales in its key mobile networks market were hampered by tough market conditions.

Shares of rivals Nokia (NOK1V.HE) were down 1.1 percent and Alcatel-Lucent (ALUA.PA) were down 3.5 percent.

"The market was poised for a retreat, but I'm not expecting a major correction," said Christian Jimenez, president of Imene Investment partners, in Paris.

"At these levels, if all companies would report satisfying results, that would justify further gains on the market. Obviously, it's not the case."

...Leave it to CNBS to find some green for the big screen...

Punch Taverns in UK...up 13.78% ...I figure that's where the crew will end up after this disappointing show...

[edit on 10/22/2009 by Hx3_1963]

reply to post by Cabaret Voltaire


Cut your losses - rule #1

As soon as it doesnt go your way, get out - see my mistake in buyx for a career ending trade

Dont count on Dow getting that low, you have an opportunity this morning to reevaluate while the market is on a dip

You are lucky to salvage what you can right now, remember, dont make my mistake, it will haunt you forever

[edit on 22-10-2009 by GreenBicMan]

reply to post by GreenBicMan


[atsimg]http://files.abovetopsecret.com/images/member/fcf83a0d8998.jpg[/atsimg]

reply to post by Cabaret Voltaire


you are referecning my resistance #2 line there

that triangle that is drawn on the bottom of that is garbage though

if anything we are fishtailing off resistance 2 and will spike above, just like resistance 1, but why would you get in this trade in the first place if this was your expectation? obviously this was not your original expectation, as no one goes in looking to lose a boatload then validate later on after you are down 20%

the reason is you got in at the wrong time and you are letting your ego dictate now and you are now pulling at straws for anything to help you self validate your bad judgement

that is the trader psych. you DO NOT need if you ever want to make money being a retail player (which is why you are holding onto a huge loss), im not being mean, just 100% rational, gl either way tho of course

edit: go back to my media profile for a look at what happened at resistance #1 - the same thing is happening now IMO - i have called this perfectly, not boasting, but i am right here, i promise

double edit: look at my signature link

in the nasdaq we have ALREADY broken resistance 2 in the nasdaq futures - REMEMBER DOW AND SP 500 LAG the NASDAQ - meaning they will follow suit - im not sure why i bother too much anymore on these boards, but i am trying to help, not hurt

[edit on 22-10-2009 by GreenBicMan]

[edit on 22-10-2009 by GreenBicMan]

[edit on 22-10-2009 by GreenBicMan]

Hey Marg...

Welcome to "Corpmerica"!!!

It no longer matters if reality is based on "anything"

Better-then-expected is rule of Law now...

Get used to US vs THEM...

[edit on 10/22/2009 by Hx3_1963]