Economic Apocalypse USA, Day 9

--------=== DIARY OF THE DAY 9 ===-----------
"Daily On-Line Thread Monitoring Economic Apocalypse In USA"
Thu 13 Nov 2008 | 6:32 EST


Welcome again to this "Watchtower" of going Economic Hurricane in US Soil. Yesterday I have been accused from bad language skills, and I am really sorry if I have too many errors in my text! English is not my home language, but I will try my best, in this 1 from 4 languages I somehow can...

So, I try keep my own writing in minimum level today, just offering you facts, and some points from this coming day. I hope you can see those more important thoughts over the words, WHICH have true value. But, I will learn every day more when making these THREADS.

Yes, Dow is not the place we should focus to see the big picture, but because this is daily thread, its of course the place where we all can look forecasts from future changes. When we are in 9th day, is too early to make summary from previous days, but those times are coming... Look to big picture!

In that analysis I hope your comments. What you see, what you feel, where you look when Apocalypse is here? What indicator is needed to follow, if we want to ride in great wave of information from this time? That will be our todays open question too. "Where should be look, to understand better the big picture from todays events?"

But still, I will offer you important facts, which mirrors real situation today...
- Breaking news
- Best quotes
- Picked blogs and articles
- Videos of the day...
- And then, of course we upkeep our:

Daily Betting In Economical Apocalypse USA
"BOYS IN DOW" and where concert will end up today?

Apocalypse Prediction Ranking List after 2 days:

MOFreemason 2 points
JanusFIN 2 points
Sodom 2 points
Spade_ 1 points
GoalPoster 1 points

Simple Rules:
Give straight numbers. Only bets what are made before 10 AM at NY time are counted. I will "star" the closest predicts, and I will also upkeep "ranking list" from previous days "Best Predictors" (1 point comes from each sections you predict most nearest) You can bet to all 4 different sections every day one time> Dow, Nasdaq, Oil, and Gold. (Afterward Edited bets will not be counted!) Ending numbers will be taken from Reuters about 16.15 Est.

Every member is invited to this competition, just make your bets with simple form! ( Copy, paste to reply, fill, and send...)

Here is example for your "copy-paste":
xx?Name?xx
DJIA -325
Nasdaq -80
Oil 55,14
Gold 752

So thats the "fun" for today... Make your bets, and welcome to follow with me this another horrific day in US Economic Storm!

I go now to headline news, to check how this day is buffered to begin, what are the Futures for "my bets" today ... See ya!

I forget those ending numbers, witch will be our ground today...

DJIA 8,282.66 -411.30
Nasdaq 1,499.21 -81.69
Gold 714.3 -0.45%
Oil 54.55 +0.05%

Futures at 7.11 am for this coming day...

DJIA 8,256 -24.0000
NASDAQ 1,151.75 -11.7500

Here's a gem that'll help 'relaunch' that Pop-tart on this fine and wonderful morning . . .

Roubles or rubble?????

The Asian markets tanked too.

That probably means the DOW will be up today . . . or wait . . . maybe not . . . but on the other hand, it could be . . . um . . . up . . . no . . . down . . . no updown . . . . downup . . .

CRANKY.

I've sprained my frontal lobe!!!!!

At this point, I've no clue on what's going to happen next. If all this wasn't so damn interesting, I think I'd be a ton more frightened by all of this.



[edit on 13-11-2008 by GoalPoster]

NEWSROOM AT MORNING DAY 9


- Sorry guys, no good news for your morning table...


Stock futures drop; Intel eyed after warning

(Reuters) - Stocks were set to fall at the open on Thursday, heading for a fourth day of declines with tech stocks likely to slide after a warning on revenue from chip giant Intel

www.reuters.com...


Wal-Mart posts higher net, cuts forecast

NEW YORK (Reuters) - Wal-Mart Stores Inc reported better-than-expected quarterly profit on Thursday as shoppers seeking relief from deteriorating global economic conditions scoured its aisles for discounts on groceries and medicine

www.reuters.com...


Top hedge fund managers face lawmakers

BOSTON (Reuters) - Five of the world's richest and most powerful hedge fund managers will face a U.S. Congressional panel on Thursday that wants to know if the secretive industry poses risks to the financial system. John Paulson, George Soros, Philip Falcone, James Simons and Kenneth Griffin were scheduled to testify at the House of Representatives Committee.

www.reuters.com...


Financial crisis is greatest threat to international security

Unless global responses are made to the current economic crisis, the biggest threat to international security will be the impoverishment of hundreds of millions of people, leading to radical and violent social movements that will be met with force, resulting in still greater conflict.

blogs.reuters.com...


International Paper To Shut Down Paper Machine In Virginia

NEW YORK -- International Paper Co. said Thursday that it will permanently shut down an uncoated freesheet paper machine at its Franklin, Va., mill. The action, which will affect about 50 workers, will also reduce the Memphis paper and packaging company's annual production capacity by about 150,000 tons of uncoated freesheet paper.

www.foxbusiness.com...


Foreclosure rates up 25 percent year-over-year

More than 279,500 U.S. homes received at least one foreclosure-related notice in October, an increase of 5 percent over September, according to RealtyTrac Inc. One in every 452 housing units received a foreclosure filing, such as a default notice, auction sale notice or bank repossession.

biz.yahoo.com...


Bernanke Refusal to Buy Genworth Commercial Paper Burdens Banks

Nov. 13 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke's decision to deny commercial paper financing to all but the highest-rated borrowers is forcing some companies to seek the credit of last resort, backstop loans.

www.bloomberg.com...


Intel cuts Q4 revenue outlook on weaker-than-expected demand

(RTTNews) - Intel Corp. (INTC: News ), the world's biggest chipmaker, on Wednesday lowered its fourth quarter revenue forecast, citing significantly weaker than expected demand in all geographies and market segments as well as aggressive reduction of inventories by the PC supply chain.

www.rttnews.com...


Washington's $5 Trillion Tab

According to CreditSights, a research firm in New York and London, the U.S. government has put itself on the hook for some $5 trillion, so far, in an attempt to arrest a collapse of the financial system.

www.forbes.com...


GM Disposals Said to Be Hampered by Survival Concerns

Nov. 13 (Bloomberg) -- General Motors Corp., seeking a U.S. federal bailout to stay in business, is having a harder time selling $4 billion in assets after saying it may run out of cash, according to people familiar with the negotiations.

www.bloomberg.com...


Regulators deny credit card forgiveness plan

WASHINGTON - Federal bank regulators have rejected a request by banks and consumer advocates for a program to let lenders forgive huge portions of credit card debt.

www.msnbc.msn.com...

reply to post by GoalPoster


Yeah, not easy day ahead... Thats why Futures "still stands" ... Look the huge list of market events for today!

MBA Purchase Applications
[Bullet] 7:00 ET
International Trade
[Consensus] [Star] 8:30 ET
Jobless Claims
[Consensus] [Bullet] 8:30 ET
RBC CASH Index
[Bullet] 9:00 ET
EIA Petroleum Status Report
[Bullet] 10:35 ET
3-Month Bill Announcement
[Bullet] 11:00ET
6-Month Bill Announcement
[Bullet] 11:00ET
52-Week Bill Announcement
[] 11:00ET
30-Year Bond Auction
[Bullet] 1:00ET
Treasury Budget
[Report] [Bullet] 2:00 ET
Money Supply
[Bullet] 4:30 ET

www.bloomberg.com...

Here is my prediction for Day 9

JanusFin
DJIA -87
Nasdaq -25
Oil 56,20
Gold 716

reply to post by JanusFIN


hmm ill throw in a prediction.

Dow Jones -227 @ 8053
nasdaq -46 @ 1453
oil - 53.99
Gold - 694.50

[edit on 13-11-2008 by ghostlandseller]

www.nowandfutures.com... Fed Money Supply. M3.

If you look at the trend for supply of Money you see a real upswing next year. Is that good, I say no. Depression big time soon. It is in my opinion, that the speculation of oil a 2 years ago, caused all the problems we have now. Back when the housing boom was in full swing, oil started to go up. Prices of everything using petrol, causing people to pay more for the product in all things, which included shipping cost. This made the people who rely on fixed prices use the money they had to purchase things, instead used their credit cards or in some cases used loans. The car companies at that time oil started to rise should have made or had fuel-efficient cars. The homeowner with a year of rising cost and companies borrowing money to pay for employment and unions fell behind and had to re arrange their outlook to their shareholders. Now before the two-year oil purge, companies where outsourcing parts and products to lower wage and in my mind lower quality products. Back to now, the result of companies using money that they no longer had, and the quest for more from shareholders, and the price of oil made for a bad drink. In order for companies who had to listen to shareholders, for profit, re-tooling meant layoffs. When the workers who needed the income of those companies could no longer pay for their ill advised loans because of lack of income, and the fact they already used free money to finance their way of life, became credit unworthy. Banks seeing and knowing the trend froze up credit so they could use the money they had to make a profit using deposits as income, by using interest. The free money that was there was no longer there to people who wanted to purchase a new car. I know I had to pay 10.9 percent interest just to finance my New Jeep Liberty. So with the product produced over seas and the tightening of credit and the oil prices hitting all time highs, and shareholders demanding profit and layoff’s, we can conclude that where we are was the art of manipulation of prices in a free market.

Today , I believe the financial and governments are meeting in and around the market. I do think the market will go again down today but that dead cat bounce rolled through my mind.

zman
DJIA - + 126
Nasdaq +40
Oil 57
Gold 725



[edit on 11/13/2008 by zman]

Breaking News Before The Bell!

Jobless claims reach 516,000, highest in 7 years

WASHINGTON (Reuters) - The number of U.S. workers filing new claims for jobless benefits rose last week to 516,000, the highest level since the weeks following the September 11, 2001 attacks, the Labor Department reported on Thursday.

The figure outstripped forecasts, with analysts polled by Reuters expecting initial claims to be only 484,000. The claims were last at this high a level in the week ended September 29, 2001, when they were 517,000.

www.reuters.com...


Huh, what numbers! But I think those do not affect to stock numbers, everybody knows what has been impact in last weeks financial turmoil to job cuts. So, breaking news is not breaking for those who make the cuts...

DJIA -205
Nasdaq -39
Oil 55.08
Gold 699

Let's see where the market brings us today.

reply to post by zman


Thanks!

[edit on 13-11-2008 by JanusFIN]

Reuters shares my point of view... Except I say its already here.

Coming Soon: Apocalypse

“We look for metaphors to make sense of a crisis, trying to find words that depict the worsening scene. We may turn to geology, describing changes in economy as tectonic shift or seismic shift. We may go nuclear, as in a market meltdown. We might employ nautical lingo, for example, bailing out a company.

blogs.reuters.com...

15 minutes to bell, 45 minutes to closing todays prediction contest...

Centlemans, make your bets!

EDIT:

Breaking News!

September trade deficit falls to $56.5 billion

WASHINGTON (AP) -- A record decline in the price of crude oil helped to push the U.S. trade deficit down to the lowest level in nearly a year even though the deficit with China shot up to an all-time high.

biz.yahoo.com...


[edit on 13-11-2008 by JanusFIN]

GoalPoster's predictions for Day 9 . . .

DJIA -380
Nasdaq -60
Oil 56.25
Gold 735

Upon what do I base these predictions?

The same thing our dollar upon which our whole system is based . . . a wing, a prayer and three stale bagels I found beside a dumpster this morning.

On the latter, I found out too late those weren't raisins.

DJIA - 131
Nasdaq -33
Oil 54.01
Gold 712

reply to post by MOFreemason

zman
DJIA - + 126 (I assume this is +, because also Nasdaq is marked as +)
Nasdaq +40
Oil 57
Gold 725

Yes thank you, that dam dead cat bounce.

Boys In Dow Day 9, daily concert has begin in green zone...

DJIA 8390.98 108.32 1.31
Nasdaq 1509.88 10.67 0.71

Half hour to make your bets, where the closing numbers for today will stop? Thanks from all bets already made, we have another interesting day head of us!

EDIT:

U.S. Stock Futures Gyrate on Fed Speculation, Intel Forecast

Nov. 13 (Bloomberg) -- U.S. stock futures drifted between gains and losses as speculation the Federal Reserve will cut interest rates to prop up the sagging economy offset a jump in jobless claims and Intel Corp.'s lowered sales forecast.

www.bloomberg.com...


Markets Return to Green at Start

The green start on Wall Street helps ease the pain from a week of huge losses, including a 7.4% decline for the Dow. The benchmark U.S. index stands a mere 250 points above its lowest close of the year while the Nasdaq Composite sank to its lowest level in 5-1/2 years on Wednesday. There was little good news released Thursday to take Wall Street’s mind off of the economic turmoil but stocks rose anyway.

www.foxbusiness.com...

[edit on 13-11-2008 by JanusFIN]

Just broke the floor on the NASDAQ and were going for the S&P 500 next. than the DOW. we will have to see how it will hold up.

[edit on 13-11-2008 by ghostlandseller]

Yep, Dow too back in Apocalyptic side...

DJIA 8259.24 -23.42 0.28
Nasdaq 1486.52 -12.69 0.85

And graphics going straight down!


- And... Another bank in bankruptcy... ((())) Breaking News!

Ranieri's Franklin Bank files Chapter 7 bankruptcy

NEW YORK (Reuters) - Franklin Bank Corp FBTX.PK, the lender founded by mortgage securities pioneer Lewis Ranieri, filed for bankruptcy protection and plans to liquidate, after federal regulators seized its banking unit.

Nineteen U.S. lenders have failed this year, up from three in 2007. Analysts expect dozens of additional failures as the nation's economic and housing struggles deepen.

www.reuters.com...

[edit on 13-11-2008 by JanusFIN]

No more bets for todays predict contest!!!

JPMorgan may take $1.6-$1.7 billion in writedowns: analysts

(Reuters) - At least two analysts on Thursday projected that JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) would suffer write-downs in the range of $1.6 billion to $1.7 billion for the fourth quarter and cut their profit outlook for the bank. Analysts at Citigroup and Fox-Pitt Kelton said they cut fourth-quarter estimates to reflect the recent company outlook of higher-than-expected loan loss reserve additions, likely writedowns as well as private equity losses.

www.reuters.com...

JanusFIN, don't stop typing your comments because of a few morons on ATS who have English as their only language and the only thing that allows them to feel superior.

Your words have power and are interesting, particularly your analysis of the deeper reasons. Personally I really like how you write and I often find myself speaking the same way sometimes.

People who learn english as a second language usually have a btter grasp of English because every english word they learn is related to the flow and cadence of their own lagnuage, so I personaly always like hearing people speak english as a second language because I love the english language and I love people who take the time to learn it. ...Why not expand your thread to include some phrases and terms from your own language because at least Ameicans can learn a few new words that way.

I'm not predicting anything because I don't want to take delight in people's sadness, but I do like your thread and I especially like your forward-looking anaylsis so DO NOT HOLD BACK my friend! ATS needs more people like you who are internationally at street-level and who can think and communicate so well.

Thanks! ...And don't be surprised if something happens in America to change things for the better. The America which I see in the future, is greater than this America we've got now (cancerous) In the future, I see America being wounded fiscally, but I see our collective "melting pot" spirit enduring for a thousand years. Yes, the stars and stripes has flown high and the rich or materialistic greedy bastards may jump from the rooftops, but the Natives and the poor common folks will always provide America with good soil to produce enlightened leaders once these losers are gone.