STOCK MARKET WATCH -- Thursday, 8 October 2015

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Thursday, 8 October 2015[font color=black][/font]

SMW for 7 October 2015

AT THE CLOSING BELL ON 7 October 2015
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Dow Jones 16,912.29 +122.10 (0.73%)
S&P 500 1,995.83 +15.91 (0.80%)
Nasdaq 4,791.15 +42.79 (0.90%


[font color=black]10 Year 2.07% 0.00 (0.00%)
[font color=green]30 Year 2.90% -0.01 (-0.34%) [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
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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.





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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]

[Fuddnik]

1. Yaaaaay, I've got a computer again.

I got back in town last week (had a lovely meeting with DRDU and her husband Ned).
but I had 2 dead computers, and an old laptop running Vista, and slow as hell. So, I've been waiting around for parts to a kit to arrive. So, I built a new one tonight.

I decided to start out with an OEM Windoze 10. After about a half hour, I'm ready to re-install Windoze 7, but I'll give it a week or so.

[Demeter]

2. I have yet to upgrade

I reserved a copy of Windows 10, but all the bad press has convinced me to wait....

[DemReadingDU]

11. I am just getting used to Windows 7

Not going to upgrade to Windows 10.

[Fuddnik]

13. I made up my mind last night, I'm gonna stick my old hard drive w/Windoze 7 back in.

Windows 10 looks like one giant spyware and advertising trojan horse.

[DemReadingDU]

14. Supposedly, that spyware can be turned off

I have no idea how to turn it off though. Probably instructions around the internets somewhere.

[DemReadingDU]

12. Build your own

Heard that is a good way to get what you want, and much cheaper too!

Good meeting you too, Fuddnik! When/If you get back to Ohio, Demeter can't be sick and we all can meet-up!

[Demeter]

3. TPP Compendium

http://www.trbimg.com/img-56128434/turbine/la-fi-pacific-free-trade-20151004-001/600/600x338

Trade deal puts a U.S. stamp on Asian economy

http://www.latimes.com/business/la-fi-pacific-free-trade-20151005-story.html

...Although details of the agreement won't be published for some days, it's expected to help a few U.S. industries while hurting a handful of others. In general, the deal will benefit larger companies in several California industries such as pharmaceuticals and entertainment as well as other services in which the U.S. is a global leader. Businesses such as mom-and-pop car-part dealers and apparel makers will probably face more competition from foreign-made goods.

Farmers in California should be able to export a little more rice and dairy products to Japan. Meanwhile, tariffs on Japanese imports of cars and trucks will be phased out over many years. SURE, GO AHEAD. SHIP MORE OF CALIFORNIA'S WATER OFF TO FOREIGN LANDS!

The accord is also expected to give a boost to Hollywood and other entertainment firms, which sought the U.S. term of 70 years of protection for copyrighted films, music and other works despite criticism from groups that advocated shorter terms and a freer flow of information.

But despite the rhetoric on both sides about the potential harm and benefits, the deal isn't likely to affect most U.S. workers much, and studies suggest that it would add only modestly to U.S. economic growth and have little overall effect on jobs. The accord is as much about geo-political competition as it is about economic globalization....

WE'VE ALL HEARD THAT ONE BEFORE.

A long road ahead for newly minted Pacific Rim trade agreement

... it could take a while to get it through Congress with aides not expecting votes on the trade pact to start until early April, though even that timing is very fluid.

The timeline for congressional consideration of the agreement is laid out in the law enacted earlier this year giving the president fast-track Trade Promotion Authority (TPA) powers, under which the deal is subject to a simple up or down vote and lawmakers can not amend or filibuster the pact.

The first steps are expected to begin later this week when the White House formally sends Congress a notice of intent to sign the agreement, which kicks off a 90-day waiting period. Congress gets to spend the first 30 days of that time privately reviewing the documents and consulting with the administration.

Next comes the public phase. The full trade deal will be open for anyone to review for 60 days, allowing interest groups to provide feedback. This window will provide critical insight into how much popular support the deal may receive. A poor reception during the public phase could make it difficult for Obama to rally support when it comes time for Congress to vote.

The next step will be for the U.S. International Trade Commission to conduct a full economic review of the deal. The agency has up to 105 days to complete that work but the process could take much less time.

Once the implementing bill is introduced in the House and the Senate, Congress has a maximum of 90 days to approve or disapprove the trade deal but can move much more quickly....

U.S. Leads Historic Trade Pact Among a Dozen Pacific-Rim Nations

http://www.bloomberg.com/news/articles/2015-10-05/u-s-leads-pacific-rim-to-historic-trade-pact-as-critics-line-up

...The Trans-Pacific Partnership, five years in the making, will now be subject to months of scrutiny by lawmakers in all 12 nations that could yet derail it...

The agreement’s architects immediately began the campaign to sell it. President Barack Obama, who’s promoted the pact as a legacy achievement, said it “puts American workers first,” as Congress prepares for a ratification process that will stretch into the election year of 2016. Canadian premier Stephen Harper, who’s up for re-election in two weeks, said there’s “no doubt whatsoever” that the whole country will benefit.

Asian leaders also welcomed the deal. Japanese Prime Minister Shinzo Abe said it was a “great result, not just for Japan but for the future of the Asia-Pacific.” Prime Minister Malcolm Turnbull said the accord was a “very big win” for Australia.

In the U.S., opposition to the plan comes from companies and industries that aren’t getting the protections they sought, as well as labor groups who say the accord will safeguard corporate profits at the expense of workers...

[Demeter]

4. CANADA'S HOUSING CRISIS: In North America's Costliest City, Rich Chinese Take the Blame

http://www.bloomberg.com/news/articles/2015-10-06/in-north-america-s-costliest-city-rich-chinese-face-backlash

James Hankle, a 50-something software engineer sporting blue jeans and a Green Party T-shirt, is explaining his fix for Vancouver’s runaway property prices when he’s interrupted by an eavesdropping passerby: “Stop allowing people from China to buy our houses and leave them vacant,” she says and walks away...Surging purchase prices have triggered protest movements like #donthave1million, started by a group of young professionals frustrated at being shut out of home ownership. They complain of having to delay starting families as they remain bunked in with roommates, often into their 30s and beyond... Residents also increasingly point fingers at wealthy Chinese immigrants and investors whose lavish embrace of the Pacific metropolis of 2.5 million has inspired reality TV shows with such gaudy names as “Ultra Rich Asian Girls in Vancouver.”

Vancouver, with its C$2.23 million ($1.7 million) average price tag for a detached home is playing an unusual role in the national election to be held Oct. 19. British Columbia is the only place where all four national parties are competitive -- the Conservatives, Liberals, New Democrats and Greens -- and, given the tightness of the race, its choices could spell the difference. As of now, the New Democrats and Liberals look likely to take some seats away from the Conservatives in the region, according to poll aggregator ThreeHundredEight.com.

The top contenders for prime minister, incumbent Conservative Stephen Harper, Liberal Justin Trudeau and New Democrat Tom Mulcair, have all given voice on campaign stopovers to the city’s particular anxiety by promising they will, if elected, gather data on foreign ownership of its pricey condos and bungalows. “There are real concerns that foreign, non-resident real estate speculation is the reason some Canadian families find house prices beyond their budgets,” Harper said Aug. 12 in Vancouver. “That is a matter we can and should do something about.”

Though no expert on the subject, Hankle, like just about everyone else across the city, is obsessed with the topic and increasingly resigned to never owning a house himself. Standing in Yaletown, a one-time industrial site where nearby two-bedroom apartments can go for C$1.8 million, he calls on political parties competing for his vote to build more low-cost housing and introduce programs to guarantee people a livable minimum income. He also picks up on the theme of the passing woman, saying governments need to begin collecting data on exactly who’s coming into the city and their impact on affordability. “There’s a huge concentration of wealth and it just isn’t sustainable,” he says.

Bubble Unburst

Unlike the U.S., Canada didn’t experience a housing price collapse with the global recession and has defied predictions ever since that the bubble is about to burst...

[Demeter]

7. Chinese Investor Buys Tokyo's Most Expensive House Since 2004

http://www.bloomberg.com/news/articles/2015-10-08/chinese-investor-buys-tokyo-s-most-expensive-house-since-2004

THIS IS BEGINNING TO LOOK LIKE THE REAL ESTATE SCRAMBLE THAT BROKE JAPAN'S BACK, IN THE 80'S....AND THEY HAVEN'T RECOVERED SINCE

[Demeter]

5. Deutsche Bank May Scrap Dividend as Cryan Moves to Boost Capital

http://www.bloomberg.com/news/articles/2015-10-07/deutsche-bank-bracing-for-7-billion-loss-mulls-zero-dividend

Deutsche Bank AG co-Chief Executive Officer John Cryan may eliminate a dividend that’s stood since Germany’s postwar reconstruction as he tries to overhaul the firm without asking shareholders for more capital. Europe’s biggest investment bank said it’s writing down the value of its two largest divisions and boosting reserves for legal costs which will probably lead to a third-quarter loss of 6.2 billion euros ($7 billion) -- the largest quarterly loss in at least a decade. The shares rose as much as 3.1 percent and were 1 percent higher as of 10:33 a.m. in Frankfurt trading, erasing earlier losses of as much as 3.6 percent.

The charges clear the way for a strategy that Cryan, who became co-CEO in July, is preparing to present later this month as he looks to shore up capital and boost profitability. Spending on regulatory and compliance costs have overwhelmed the firm’s efforts to cut costs.

“The dividend had been seen as holy for the last few years, but this is a positive," Christian Hamann, an analyst at Hamburger Sparkasse who has a neutral recommendation on the stock, said by phone on Thursday. “The writedowns show that the business just isn’t as profitable any more. It is really welcome that they’re dealing with legacy issues as that’s a sign of strength.”

The firm said it expects to book a 5.8 billion-euro writedown as higher capital requirements reduce the value of its investment bank and it adjusts the estimate of what it will receive in the disposal of Deutsche Postbank AG. The Frankfurt-based lender also is adding about 1.2 billion euros to its litigation reserves...

BUT WILL THEY MAKE THE ULTIMATE SACRIFICE AND CUT THEIR BONUS PAY? STAY TUNED!

[Demeter]

6. Is Elon Musk the Next Bugsy Siegel?

WOULDN'T BERNIE MADOFF BE A BETTER COMPRAISON?

http://www.bloomberg.com/news/articles/2015-10-07/is-elon-musk-the-next-bugsy-siegal-s-p-sees-nevada-tesla-boon

Elon Musk’s Tesla Motors Inc’s new battery plant in Nevada may do what mobster Bugsy Siegel did for the state back in the 1940s: Spark a new industry that will help drive the local economy.

Siegel built the Flamingo Hotel and Casino in Las Vegas that helped the desert state’s growth as a center for gambling and entertainment. Now the 6,500 workers Tesla’s new lithium-ion battery plant near Reno are expected to employ will help move the state away from those recession-prone industries, the credit-rating company Standard & Poor’s said in a report. The plant, with an hourly wage of $27, also is expected to increase income in a state where workers earn a little over $20 an hour, S&P said.

That should help tax revenue and reduce the contractions that have forced the state to cut spending and raise taxes when downturns in the national economy keep tourists and gamblers away. From 2007 through 2010, the state lost 186,300 jobs, or 14 percent of its employment base after the worst recession since the 1930s. The state’s unemployment rate remained 1.6 percent above the rest of the U.S. in 2014 and per capita personal income levels are 88 percent the national average...

[Demeter]

8. Buffett Builds Rail Superhighway to Grab Truck Freight

http://www.bloomberg.com/news/articles/2015-10-07/buffett-bets-on-rail-superhighway-to-beat-trucks-as-coal-fades

A noisy yellow machine laying down railroad track near Alva, Oklahoma -- as much as a mile a day of concrete and steel -- is Warren Buffett’s solution to the industry’s dwindling coal traffic.

After this year, BNSF Railway Co. will be more than 99 percent finished with a second, parallel line to its 2,200-mile (3,500-kilometer) Los Angeles-to-Chicago route. Doubling up will create a rail superhighway speeding deliveries of toys, electronics, autos and other goods, because trains won’t have to yield to each other on sidings as they do on single tracks.

The goal: help the unit of Buffett’s Berkshire Hathaway Inc. grab cargo now going by road.

“If the rails can improve the reliability of the transit time,” shipping consultant Satish Jindel said, “it helps them compete with the trucks.”

[Demeter]

9. Solar and Wind Just Passed Another Big Turning Point

http://www.bloomberg.com/news/articles/2015-10-06/solar-wind-reach-a-big-renewables-turning-point-bnef

It has never made less sense to build fossil fuel power plants.

Wind power is now the cheapest electricity to produce in both Germany and the U.K., even without government subsidies, according to a new analysis by Bloomberg New Energy Finance (BNEF). It's the first time that threshold has been crossed by a G7 economy.1

But that's less interesting than what just happened in the U.S...For the first time, widespread adoption of renewables is effectively lowering the capacity factor for fossil fuels. That's because once a solar or wind project is built, the marginal cost of the electricity it produces is pretty much zero—free electricity—while coal and gas plants require more fuel for every new watt produced. If you're a power company with a choice, you choose the free stuff every time.

It’s a self-reinforcing cycle. As more renewables are installed, coal and natural gas plants are used less. As coal and gas are used less, the cost of using them to generate electricity goes up. As the cost of coal and gas power rises, more renewables will be installed...

ALWAYS NICE TO HAVE SOME GOOD NEWS...MAKES A STOPPING POINT.

[StoneCarver]

15. Yea!

Three years ago we put 31 solar panels on our roof -for about 38K. With the utility rebate and tax credits it reduced our expense to only 7K. Today they generate about 1K worth of electricity a year. The electricity they generates "price" is locked in for 25 years and won't go up (you've prepaid for production with the cost of the panels). So they will pay for themselves in 4 more years, (we've had them 3 years) then it's a "magic power plant" on the roof generating at least 1K every year -in free electricity. They are warranted for 25 years, and still work at 80% after that. It cost $100/yr to fully insure them. It's great for the environment, but it also makes serious business sense.
Stonecarver

[Demeter]

10. Before the sun rose, I had a view of the crescent moon, Venus, Mars and Jupiter rising

Now, it's all clouds.

Anybody up for starting the weekend off? The position is still open!

[MattSh]

16. If it's still open, I'll give it a shot.

I can at least pick a theme and make the initial post. Not sure if I can go much beyond that though...

[Demeter]

17. Thank you Matt! It's yours

I've been having another incredible, soul-killing week, one in a series...this has not been a good year...although at least I'm not in the middle of a civil war...just family stuff and community.