STOCK MARKET WATCH -- Monday, 3 June 2013

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Monday, 3 June 2013[font color=black][/font]

SMW for 31 May 2013

AT THE CLOSING BELL ON 31 May 2013
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Dow Jones 15,115.57 -208.96 (-1.36%)
S&P 500 1,630.74 -23.67 (-1.43%)
Nasdaq 3,455.91 -35.39 (-1.01%)


[font color=red]10 Year 2.13% +0.04 (1.91%)
30 Year 3.28% +0.02 (0.61%) [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.










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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]

[Demeter]

1. I have no hope, I see no future

A wise DU member said that to me....

But now that Sis is in town, I have some help! I'll be AWOL a lot as we get some things done around here. But don't think I'm leaving....just on a kind of working vacation.

[siligut]

2. Obama saved us from Romney

So he has grace with me

[Demeter]

3. Who will save us from Obama?

Not the Dancing Supremes.

[Hugin]

5. He's also pretty good at busting Unions.

Last edited Mon Jun 3, 2013, 04:29 AM - Edit history (1)

He's at work on the Federal Employee's Union as we speak.

[Demeter]

4. 57F at 10 PM; forecast to go down to 37F

Last edited Mon Jun 3, 2013, 08:50 AM - Edit history (1)

crazy for June.

Morning: doesn't look like it went quite that far...just low 40's. No frost on my peaches (which are the size of large olives right now!)

[Roland99]

7. Near 90 today...20% chance of tropical development in the next 48hrs, too

got a lot of rain yesterday...much needed. About the same forecast all week.

cover up those flowers up there

[Demeter]

10. It never got up to 70F yesterday!

I felt like I was in the UP. Cool all week, too. 73F on Weds. maybe. I have yet to be in the pool...because it was 91F the Monday before it opened, and freezing ever since.

[Roland99]

6. US Futures - prime for a June wedding

S&P 500 +0.6%
DOW +0.6%
NASDAQ +0.5%

[Demeter]

9. Look at oil, and reflect that gas just went over $4/gallon here

I don't know why. Did they increase the gas tax? Did a local refinery that supplies us blow up? How would I know? It's not like we have a local daily paper....or even a weekly worth reading.

All this new form of newspaper ever talks about is development: what the city, the university, the real estate moguls are doing. And if there's any local government news, it's all about what government is doing to aid or impede the developers.

Radio is just as uninformative. Even NPR is sketchy on local news, because that would have to be generated by boots on the ground, and we don't have journalists anymore.

Sorry to be so cranky...I'm hungry, and the Kid is driving me nuts.

[Roland99]

12. makes no sense. Oil has been in quite a tight range of late

hanging in the low to mid $90s

Gas here is $3.28/gal

[Roland99]

24. Nikkei took it on the chin last night. Oil up $1.50. Europe down almost 1%. US mixed.

[Demeter]

26. Gas is $4.19---and $3.75 at Costco

I've been everywhere today...drove about 100 miles.

[Demeter]

8. I'm not sure who the Intended Economist Scoffed is....

Last edited Mon Jun 3, 2013, 08:53 AM - Edit history (1)

But since Scott Adams is a freaking Libertarian, his opinion is pretty worthless on economics.

[Roland99]

13. Krugman, I presume

[Demeter]

23. Such an ad homeniem attack, though--Krugman's not at all like that

[Demeter]

11. We Are Not Having A Serious Discussion, Obamacare Edition

YOU SAID IT!

http://krugman.blogs.nytimes.com/2013/06/01/we-are-not-having-a-serious-discussion-obamacare-edition/


I fairly often receive mail pleading with me to take a more even tone, to have a respectful discussion with people on the other side rather than calling them fools and knaves. And you know, I do when I can. But the truth is that on most of the big issues confronting us, there just isn’t anyone to have a serious discussion with. Ezra Klein offers a nice illustration of this point today, in his takedown of Avik Roy on Obamacare in California. The thing you want to bear in mind is that Roy is widely considered a good example of a reformist conservative, not to mention a health policy wonk. So what does this reform-minded wonk have to say about Obamacare?

Klein tries really hard to keep his temper even; too hard, I think, because I wonder how many readers will stay with him all the way through. But to cut to the chase, Roy claims that Obamacare will cause soaring insurance rates, using a comparison that is completely fraudulent — and I say fraudulent, not wrong, because he is indeed enough of a policy wonk here to know that he is pulling a fast one. So here’s the comparison Roy uses: he points out that the insurance premiums that will apparently be charged on the California exchange will be higher than the lowest rates being offered by some insurers in California right now. As Klein says, this isn’t just comparing apples and oranges; it’s comparing apples with oranges you can’t even buy.

Right now, California has a basically unregulated individual market, in which insurers are free to reject whoever they choose, and charge whatever rates they choose. This means that a few young, healthy people with no record of prior medical problems can get cheap plans; these are, of course, precisely the people who need insurance least, and these plans are cheap not just because they’re only available to the very healthy but because they don’t provide much insurance. If you’re not healthy or wealthy enough to get by with this kind of insurance, too bad. So looking at these rates tells you nothing at all about the success of a program that offers insurance to everyone, regardless of medical history, and sets fairly high minimum standards for the quality of that insurance. What’s more, this isn’t some obscure issue. When people try to explain the logic of ObamaRomneyCare — certainly when I try to explain it — they often start from precisely this point, pointing out that unregulated insurance markets give the healthy and wealthy a pretty good deal but leave everyone else out in the cold, then work from that point toward the “three-legged stool” of community rating, mandates,and subsidies that supports reform. So Roy has to know that he’s making an essentially fraudulent argument — and does it anyway. And Roy is about as good as you get in this stuff: his tone is even, he actually knows something. Nonetheless, he goes for the cheap, misleading shot.

I know that a lot of people wish we lived in a country where debates about things like health care policy were serious, honest discussions of debatable points. I like to hope that by the time I retire I’ll actually live in a country like that. But right now, and surely for years to come, it’s basically facts versus fraud.


AND WHAT DR. KRUGMAN NEGLECTS TO DISCUSS IS THAT HEALTH INSURANCE ISN'T HEALTHCARE, THAT THE DOLLARS WE SPEND ON INSURANCE ARE SUBTRACTED DIRECTLY FROM THOSE THAT ACTUALLY DO US DAILY GOOD AT STAYING HEALTHY:

FOOD
CLOTHING
SHELTER
MEDICINE
DOCTOR'S VISITS
EDUCATION
EXERCISE

ETC.

PRIVATE HEALTH INSURANCE IS A LUXURY, PUBLIC HEALTH CARE PROGRAMS ARE A JOKE AND UNATTAINABLE FOR MANY PEOPLE WHO ARE "DISQUALIFIED" BY THEIR MEAGER EARNINGS.

(MEDICAID HAS KEPT THE KID ALIVE, I'LL GRANT YOU, BUT SINCE SHE IS UNEMPLOYABLE AND OVER 18, THERE'S NO WAY SHE COULD BE DISQUALIFIED. WHEN SHE NEEDED SURGERY BEFORE AGE 18, I HAD TO SELL THE HOUSE).

[xchrom]

14. Global airlines set to post $12.7bn (£8.3bn) in profits

http://www.bbc.co.uk/news/business-22755009

Global airlines are expected to post $12.7bn (£8.3bn) in profits this year, the International Air Transport Association (IATA) has forecast.

Cost-cutting efforts are helping airlines generate profits despite weak economic conditions, the airline industry body said in a report.

The estimate - up on IATA's $10.6bn forecast in March - compared to profits of $7.6bn that airlines made last year.

However, despite cost savings, profits margins still remained thin, it warned.

[xchrom]

15. UK manufacturing grows at fastest pace for a year

http://www.bbc.co.uk/news/business-22752635

The UK's manufacturing sector grew at its strongest pace in over a year last month, according to a survey.

The Markit/CIPS Purchasing Managers' Index rose to 51.3 in May from 50.2 in the previous month. A figure above 50 indicates expansion.

Markit said both production and new orders had picked up, with the domestic market driving demand for new business.

The survey also indicated that the manufacturing sector created jobs for the first time in four months.

[xchrom]

16. Mexico, the land of technology startups

http://elpais.com/elpais/2013/06/02/inenglish/1370180073_767283.html

We walk into the room - spacious, with plenty of natural light filtering in through a set of floor-to-ceiling windows - and the first thing we see are two young people shooting sucker darts at each other with toy guns. A little further back, two more employees are playing ping-pong - and they're pretty bad at it, too. A giant television screen is connected to every video console in the market. The feeling is one of walking into a math class just when the teacher went out for a quick smoke.

But the reality is that this is the place with the most talent per square meter in all of Mexico. Founded by two Mexican brothers and a US partner, Ooyala began as an internet startup in 2007, and has since become a behemoth of multi-device video delivery whose clients include Dell, The Hearst Corporation and ESPN. Its success captures the entrepreneurial moment of an entire country and the spirit of a generation of enthusiastic youngsters who dream not of revolution but of emulating Steve Jobs or Mark Zuckerberg.

Mexico has over 520 business incubators, organizations created specifically to encourage the growth of startups and early-stage businesses. Carlos Quirarte, Ooyala's operations director at the Guadalajara headquarters (the city is considered Mexico's Silicon Valley because of the high concentration of innovative companies based there), is a willowy man who makes his way around the desks with an unconcerned look.

"This country is brimming over with good ideas, and it's full of very talented people," he says regarding the entrepreneurial fever gripping Mexico.

[xchrom]

17. Relentless Rain: Army Called in to Fight Worsening Floods

http://www.spiegel.de/international/germany/flooding-worsening-in-parts-of-germany-6-dead-in-europe-so-far-a-903396.html


The historic old town of the Bavarian city of Passau has been flooded by the rising river Inn. After days of heavy rain water levels rose further last night. Authorities said they were expecting the highest water levels since 1954 for the Inn and Danube rivers.


After a miserably long winter followed by a cold, rain-drenched spring, the start of summer has brought severe flooding in Germany and neighboring Austria and the Czech Republic, killing at least nine people so far and awakening unhappy memories of the disastrous deluge of August 2002.

There's no respite in sight, with Germany's weather center warning of further heavy rainfall on Monday in the worst-affected regions of southern and eastern Germany.
Thousands of people have been evacuated from low-lying areas, historic town centers are under water, schools are closed and high-school exams have been postponed, all to the grim soundtrack of emergency sirens and the merciless rushing of water.

Five people are reported to have been killed in the Czech Republic, including two men on a river rafting tour. Two people have died in Austria and two in Germany. Several more are missing.

[xchrom]

18. World from Berlin: 'Turkey's Youth Have Had Enough'

http://www.spiegel.de/international/world/german-press-react-to-anti-government-protests-in-turkey-a-903459.html


Anti-government protesters behind barricades and positioned on an excavator clash with riot police as they approach the office of Prime Minister Erdogan in Istanbul in the early morning of June 3.

Protesters clashed with police in Istanbul and several other Turkish cities Sunday night and again on Monday in some of the worse violence since anti-government protests began three days ago. What started as a demonstration against plans to bulldoze a park near Istanbul's central Taksim Square to make way for a shopping mall has developed into broader resistance to the government of Prime Minister Recep Tayyip Erdogan. Erdogan responded to the initial demonstration with a brutal crackdown, sending police forces to fire tear gas at the demonstrators.

The wave of unrest that followed signifies the biggest challenge to Erdogan's leadership in the 10 years since he's been in office. The protesters complain that the prime minister and his Justice and Development Party (AKP) are forcing conservative Islamic mores on the population and growing increasingly authoritarian -- even as Erdogan has been lauded in the West for strengthening Turkey economically and bolstering its influence on the world stage.
On Sunday night, thousands protested in the Besiktas neighborhood, where the prime minister's office is located, and were met once more with a heavy response from police, who fired tear gas and water cannons at the protesters, according to Arabic news channel al-Jazeera.

More than 1,000 people have been injured in the clashes, with at least two deaths, according to human rights organization Amnesty International. The Turkish government reports nearly 1,000 arrests, and Interior Minister Muammer Güler told Turkish journalists that there have been some 90 protests in 48 out of Turkey's 81 provinces.

[Hotler]

28. I'm looking at that picture and dreaming that...

that is us on the way to Jamie Dimon's house.

[xchrom]

29. i've got the music for that...

[xchrom]

19. Japan Is Getting SMOKED

http://www.businessinsider.com/japan-june-3-falling-more-2013-6

We wrote earlier than Japan started the month in really ugly fashion, falling 3.7%.
But the pain hasn't ended with the close of the Nikkei official hours.
Nikkei futures have continued to fall all morning.

[xchrom]

20. THERE IT GOES: USDJPY Falls Below 100 On Double Whammy Shot Of Weak Data

http://www.businessinsider.com/usdjpy-below-100-2013-6

Easy come, easy go.
A couple weeks ago, Japan's markets were booming and the yen was weakening thanks to aggressive monetary easing.
Doubts have crepts back in.
The Nikkei has tanked, and the yen has strengthened, sending USDJPY (the dollar against the yen) back below 100.
Some culprits behind the dollar weakening: A weak ISM report and a weak construction spending report.



Read more: http://www.businessinsider.com/usdjpy-below-100-2013-6#ixzz2VA9pAdjj

[xchrom]

21. ISM: AMERICAN MANUFACTURING UNEXPECTEDLY ENTERS CONTRACTION

http://www.businessinsider.com/ism-manufacturing-may-2013-6

SM's monthly manufacturing report is out.
The headline index unexpectedly fell to 49.0 from 50.7 last month.
Economists were looking for an increase to 51.0.
Any reading below 50 on the index indicates contraction. Today's ISM release suggests that the American manufacturing sector entered into contraction for the first time since November 2012.
Below is a snapshot of the changes in the various sub-components of the index in May:



Read more: http://www.businessinsider.com/ism-manufacturing-may-2013-6#ixzz2VAAMvvLc

[DemReadingDU]

22. Housing Recovery Is a Sham Says the Guardian’s Heidi Moore

video at link, appx 2.5 minutes

6/3/13 Housing Recovery Is a Sham Says the Guardian’s Heidi Moore

Home prices have risen at the fastest rate in seven years. Sales of previously owned homes in April hit their highest level in more than three years. The housing market has finally turned the corner, right?

Not necessarily says Heidi Moore, U.S. finance and economics editor at the Guardian. The so-called housing recovery may be “dubious,” she writes in a recent column: “What looks like a housing recovery to the rest of us, but is, in fact, something of a trap.”

Moore joined Dan Gross, an editor and columnist at Newsweek/Daily Beast and author of “Better, Stronger, Faster: The Myth of American Decline…and the Rise of the New Economy” and The Daily Ticker's Aaron Task to discuss the state of the U.S. housing market.

http://finance.yahoo.com/blogs/daily-ticker/housing-recovery-sham-says-guardian-heidi-moore-131443918.html

5/29/13 Don't be fooled by the false economic recovery by Heidi Moore
http://www.guardian.co.uk/commentisfree/2013/may/29/economic-recovery-not-real

[Doctor_J]

25. I think I'll post that toon in the Fan Group

the toonist captured the feelings of a number of us.

[Demeter]

27. Wear your armor

and develop a sock puppet alias!