|A compilation of this board's financial/economic posts From 40572 to 40605|
OT: We are considering...
|Post 40573 by Decomposed OT: Table ON TOPIC SUMMARY Aug|
Post 40574 by beusa_1 Reply
$116 trillion lawsuit filed by 9/11 families
August 15, 2002 Posted: 10:34 PM EDT (0234 GMT)
WASHINGTON (CNN) --
Acknowledging the odds are against
them, relatives of the September 11
attacks filed a 15-count, $116 trillion
lawsuit Thursday against the company
run by Osama bin Laden's family,
Saudi Arabian princes and Sudan.
The lawsuit was filed in U.S. District
Court for the District of Columbia by
more than 600 family members, plus some
firefighters and rescue workers.
Calling themselves Families United to
Bankrupt Terrorism, the plaintiffs are
suing seven international banks; eight
Islamic foundations, charities and their
subsidiaries; individual terrorist financiers;
the Saudi bin Laden Group; three Saudi
princes; and the government of Sudan for
allegedly bankrolling the terrorist al Qaeda
network, Osama bin Laden and the Taliban.
The Saudi bin Laden Group is the construction company operated in Saudi Arabia
by Osama bin Laden's brothers. Fifteen of the hijackers were Saudi Arabian, the
FBI has said.
Deena Burnett, whose husband, Tom, was killed on hijacked Flight 93, which
crashed in Pennsylvania, expressed optimism about the challenge at a news
"It's up to us, and I think we can do it," she said. "It's up to us to bankrupt the
terrorists and those who finance them so they will never again have the resources
to commit such atrocities against the American people as we experienced on
Co-lead counsel for the lawsuit is attorney Allen
Gerson, one of the attorneys who negotiated a $2.7
billion settlement between the Libyan government
and families of 270 people killed when Pam Am
Flight 103 was blown up over Scotland in 1988.
Among the allegations in the complaint, said
attorney Ron Motley, are that certain members of
the Saudi royal family have been active supporters
of and helped fund al Qaeda and bin Laden.
The attorneys and investigators were able to obtain,
through French intelligence, the translation of a
secretly recorded meeting between representatives
of bin Laden and three Saudi princes in which they
sought to pay him hush money to keep him from
attacking their enterprises in Saudi Arabia, Motley
Burnett's father in law, Thomas E. Burnett Sr., who
also spoke at the news conference, said the group
was "taking unprecedented legal action against
those whose money financed the unspeakable evil
that occurred on that tragic day."
Matt Sellitto, whose 23-year-old son Matthew died
at the World Trade Center, told reporters: "His loss
is incomprehensible to me. My heart continues to
ache and will ache for the rest of my life."
"If the odds are stacked against us, we will beat them," Sellitto said. "And we will
pursue this action until justice is served and terrorism is stopped."
Matthew Sellitto worked at the Cantor Fitzgerald brokerage house on the 105th
floor of One World Trade Center.
-- CNNfn Correspondent Allan Dodds Frank contributed to this report.
* * *
Next trillion dollar class action lawsuit...
(the base for the future actions)
by all involved/entangled with Gold.
Note. save old records, spec. for any loss,
entangled to gold in the last 15 years, imo.
Pass it along>>>>>>>>
(Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy)
Post 40575 by Culmus Reply
probably a good starting point would be "The Financial Analyst's Handbook" by Sumner N. Levine, ISBN No. 0-87094-919-5. It's out of print but Amazon appears to have used one for sale:
OT: Palestinian Investment Fun
Post 40577 by Arkural Reply
In uncertain times, gold beckons again
Thu Aug 15,12:59 PM ET
John Waggoner USA TODAY
Violence in the Middle East. A drop in the value of the U.S. dollar on world currency markets. The worst bear market since the Great Depression.
In short, it's a glorious time for the gold market -- the best since 1999, when a computer glitch threatened to leave the world living on bartered corn and rainwater. The worst brings out the best in the precious metal:
* Gold has spiked to $312 an ounce, from a three-year low of $256 in April 2000.
* Mutual funds that invest in gold-mining stocks have soared 37% the past 12 months, vs. a 23% loss for the Standard & Poor's 500-stock index. Investors have poured $650 million into gold funds this year -- so much that some funds, such as Vanguard Precious Metals, have closed their doors to new investors.
* The gains have sparked a new gold rush. The U.S. mint sold 48,000 gold Eagles in July, 60,500 ounces in all, up 20.6% from a year earlier.
''July sales were up 50%,'' says Michael Byrd, president of Austin Rare Coins, which sells gold bullion as well as collectible coins. ''We're having a Y2K kind of year.''
Fervent gold investors believe the government is desperately trying to squash gold prices and prop up the stock market.
''The last thing they need is a gold rush,'' says Doug Casey, editor of International Speculator, a gold-oriented newsletter. He thinks gold will win out. ''Gold is like a coiled spring,'' he says. He predicts it will top $1,000 an ounce.
Gold is a direct bet against the monetary system: Gold investors figure an ounce of gold is always worth something, even if the government is in shambles and currency is worthless. For two decades, the powerful U.S. economy kept the dollar strong and gold prices low. But lack of confidence in the financial system and the specter of more terror attacks are pushing gold prices up -- and individuals back into the gold market.
Gold dealers report that business hasn't been better since December 1999, when Y2K fears were at their height and gold popped to $318 an ounce.
''Through June of this year, we've sold as much gold as we did in 2001,'' says Carl Wright, president of International Precious Metals in Brookeland, Texas.
''We've had retail customers buying 200, 300 ounces every other week,'' says Michael Kramer, head gold trader at Manfra Tordella & Brookes in New York City. ''Every few days, we do a couple of large trades -- couple thousand ounces. I don't remember the last time it was this busy.''
But most gold transactions are private, so there's no way to tell exactly how much gold has changed hands this year. Privacy is a big reason people buy gold. Cash purchases greater than $10,000 have to be reported to the government, but you can buy an unlimited amount by check. Once purchased, gold can't be tracked by anyone, including the Internal Revenue Service ( news - web sites). ''Many of my clients' wives don't even know about their purchases,'' says Kevin Boulais, president of Atlantic Rare Coins in Mason, N.H.
Why are investors racing for gold?
* Shaken trust. Clark Peterson, 54, was a public relations officer for a military recruiting office in the Murrah Federal Office Building in Oklahoma City in April 1995, when a bomb ripped into it, killing 168.
''I'm a survivor,'' he says. He has been buying gold for a couple of years. The collapse of Enron deepened his suspicion of corporate accounting. ''When I see big boys like that go kerplunk, all I can say is that a lot of others have been dishonest with the books,'' he says. Gold coins have solid value, he says. ''With a stock, I'm not in control of how a firm handles itself,'' Peterson says.
* Shaken dollar. For many years, foreign investors rushed to dollar-denominated investments, such as U.S. Treasury bills, when war or bad economic news made the world seem dangerous. But this year, a sluggish U.S. economy and an open-ended war on terror has forced the dollar lower on world markets, prompting many investors, including foreign buyers, to purchase gold instead.
* Shaken savers. Many gold buyers are simply looking for an alternative to the stock market, or to the 2% to 5% they could earn in money market mutual funds, bank CDs and bonds. ''We've seen a lot of new buyers come in, including my stockbroker and my sister,'' says Marc Watts of Gaithersburg (Md.) Coin Exchange.
But many newcomers to gold investing run the risk of doing the same thing they did in the stock market: buying just because the price is rising. ''It's a funny thing -- they don't want to buy gold when it's at $250 an ounce,'' says Leon Hendrickson, a gold dealer in Winchester, Ind.
Some think the rise in gold prices comes from a fall in confidence in the entire monetary system, not just the stock market and corporate accounting.
The government recalled and melted its gold coins in 1933. The dollar has been backed only by the government's good word since 1973, when the country came off the gold standard. The value of the dollar today is a reflection of the world's belief in the U.S. economy. When confidence in the dollar is low, people start buying gold. To gold fans, the fall of the dollar and the rise of gold is a long-awaited -- and frequently predicted -- vindication of the gold standard.
Economists and politicians have debated the wisdom of taking the U.S. off the gold standard for decades.
''It was a mistake,'' says Jack Kemp, a former New York congressman and former secretary of Housing and Urban Development. A floating-rate currency system has led to disasters in Latin America and other developing nations, he says. ''We need to get a distinguished group together to rebuild the monetary system.''
Rep. Ron Paul, R-Texas, says the legacy of abandoning the gold standard has been a 30-year bout of inflation manifested in different ways, such as increased debt. ''The Federal Reserve ( news - web sites) is inflating like crazy,'' he says. His solution -- which he has no illusions about becoming law -- is to legalize gold as an alternative currency.
Few mainstream economists agree with the idea of returning to the gold standard. ''It's a stupid idea,'' says David Wyss, economist for Standard & Poor's. A currency tied to gold means the government can't stimulate the economy in a recession. And just as floating-rate currencies tend toward inflation, gold-based currencies tend toward deflation.
But some deeply distrust the government's ability to manage the economy. To them, gold's ability to protect against inflation has become an article of faith.
In theory, gold prices will rise along with inflation. But the price of gold has fallen from $875 in 1980, while inflation has risen an average 3.8% a year.
''Gold languished for so long that it looked like soggy cereal,'' says Mark Bass, a financial planner in Lubbock, Texas.
Why has gold fallen? Some say the Federal Reserve and other central banks have deliberately pushed down the price to maintain faith in paper currency.
''Government intervention in the gold market was at the heart of the Clinton administration's strong-dollar policy,'' says J. Taylor, editor of J. Taylor's Gold and Technology Stocks newsletter.
Adds Paul: ''There has been a concerted effort by the government to discredit gold.''
To newsletter editor Casey, it's inevitable that gold will triumph in the end. ''The dollar is an unsecured liability of the U.S. government, and the government is bankrupt,'' he says. ''It's an IOU of nothing.'' To Casey, gold is the answer because it's always worth something -- and it can't default. His prediction: Gold isn't going through the roof -- it's going to the moon.
Gold fans argue that the yellow metal is good in any situation, even if the economy sinks into a period of falling prices, as it did during the Great Depression.
''Gold is best looked at as a crisis hedge,'' Casey says. ''If your bank won't let you get your money out, it's best to have something of value in your hand.''
But gold fans have predicted a monetary collapse ever since the country went off the gold standard. It hasn't happened yet. There's an element of apocalypse in hard-core gold literature. Buy gold, it implies, and the world can fall apart -- but you'll still have your money.
Those looking to gold as a cure for all the world's financial ills should remember that gold can be every bit as risky as stocks. Plenty of people who bought gold at $800 an ounce are still down by 60% -- and even more when you consider what they could have earned in a bank CD in the meantime.
Central banks are still selling gold and can push the price down sharply. And when gold prices get high enough, mining companies can reopen mines that were unprofitable when gold was at $260 an ounce, but quite profitable at $350.
Even ardent gold supporters recommend it be used in moderation as a kind of insurance against catastrophe.
For example, Taylor predicts the Dow Jones industrial average will plunge to 5000, and that real estate prices will collapse, too. It would be a disaster on nearly every level -- except for gold. Taylor is selling his house and investing 10% to 20% in gold bullion coins. A financial catastrophe would push up the price of gold enough to offset losses elsewhere, he says.
Nearly all advisers say that gold is best used as disaster insurance, not as your sole portfolio holding. Owning gold does involve special problems -- like what to do with it once you own it, particularly if you value your privacy. In a small town, you can't walk into the bank with a bag of cold coins ''without everyone knowing what you have,'' rare coin dealer Byrd says.
And what if you think your bank will be out of business when you need it most? ''Some people bury it,'' says coin shop owner Watts. ''It's kind of weird, to work hard to accumulate wealth and then hide it.''
If you hide gold, you have to worry about someone finding it or stealing it. Even if you put it in a safe-deposit box, the cost of storage and insurance will eat away at your gains.
Most coin dealers say that if you buy rare coins, buy them for their intrinsic beauty and collectible value first. Gold investor Peterson acknowledges that his gold bet is more than a little speculation. ''If you look at the history of coins, they do shoot up at times,'' he says. ''When they get to the point where they just go wild, you have to get out.''
Investors have felt gold's allure for centuries. These days, the allure is its store of value, if only in comparison with the stock market. ''I've had farmers, businesspeople, people from all walks of life'' as customers, says gold dealer Hendrickson. They might not be able to sell real estate or stocks quickly, but they can call Hendrickson and turn gold into cash. ''It's always worth something.''
ot: On Topic Summary bug
OT: Will Iraq Be an Afghanista
OT: Palestinian Investment Fun
OT: Interesting tidbit from th
Post 40582 by jeffbas Reply
That seems a stretch. Rather like going after local restaurant owners in Brooklyn for contributing to the John Gotti Relief Fund - which many people would just consider smart business. (I do happen to think that the Saudis in general have financed much of the terrorism in the world, so harassing everyone related might be smart.)
OT: ...and if you can get a sy
OT: Jeffbas re: 9/11 lawsuit
pierrot - ISIL,
OT I am for the most part a lu
OT-garhart-Feel free to post,
OT: Nah. First, I think it's
OT Garhart, glad the board hel
Post 40592 by Czechsinthemail Reply
Labor Department's New Chained CPI Shows Inflation Even Lower
NEW YORK -(Dow Jones)- The Labor Department released a new, supplemental consumer price index on Friday, which comes up with an even softer picture of inflation than is contained in the standard CPI.
The new measure, which is codified as C-CPI-U, applies so-called chained weights to the product categories that make up the CPI basket rather than the fixed weights of the headline CPI for all urban consumers, known as CPI-U.
In the year to July, the data, which are still subject to revision, show that the C-CPI-U rose by 1.1%, while the standard CPI-U rose by 1.5%. It was unchanged on the month, while the CPI-U rose 0.1% from June.
In 2000, data for the C-CPI-U, which are no longer subject to revision, show that it increased 0.8 percentage point less than the CPI-U.
The lower inflation reading should come as no surprise to economists, given the methodology behind the new measure.
The new C-CPI-U utilizes consumer expenditure data, taken from separate surveys in adjacent time periods "in order to reflect the effect of any substitution that consumers make across item categories in response to changes in relative prices," according to the Labor Department.
The new measure acknowledges that when prices rise consumers don't always just pay more for one product, instead they substitute another for it. The standard CPI has fails to capture this substitution effect.
If, for example, a consumer substitutes chicken - the price of which was only rising slightly - for beef - the price of which were rising more rapidly - the new C-CPI-U would capture that slower overall expenditure, while the standard CPI-U would not capture it.
The Labor Department points out that "the new measure is designed to be a closer approximation to a `cost-of living' index than the CPI-U.
Malik Crawford, a statistician at the Bureau of Labor Statistics, said "the weights in the index will undergo slight changes every month."
Crawford emphasized that the new index is not intended to replace the CPI-U, but rather serve as a supplement.
The new index is available for far fewer detailed components and is not subject to seasonal adjustment.
At a time when all available measures of inflation are showing near-zero price growth, the new data may be somewhat irrelevant. But over time, especially if inflation starts to show up again in the CPI-U measure, the distinctions between the two measures may become more significant.
"I think this will be an increasingly important statistic," said Ian Morris, chief economist at HSBC Securities. (federal Reserve Chairmand) "Greenspan has emphasized the personal consumption expenditures chain price index over the CPI because it provides a better measure of the true cost of living."
The new C-CPI-U will closely approximate the PCE chain price index in Morris' view. He noted that the year-over-year nonfood, non-energy core component only rose 1.6% on the new basis, less than the 2.2% year-over-year increase for the core in the CPI-U.
-By John McAuley, Dow Jones Newswires, 201-938-4425; firstname.lastname@example.org
(This story was originally published by Dow Jones Newswires)
Copyright (c) 2002 Dow Jones & Company, Inc.
All Rights Reserved
OT: The Lessons of Pennsylvani
OT: BTW, if you're going to re
Post 40596 by optimistic4dollars Reply
What is the real reason behind the Iraq invasion? eom
OT: Hillarious follow-up to t
Post 40598 by spirare Reply
August 16, 2002, New York spot gold settled lower at $313.80, off by 80 cents from yesterday?s
Gold traded off of the trading session lows as the DJIA fell lower.
The University of Michigan's consumer sentiment index edged down to 87.9 in early
August, compared with a final 88.1 in July, holding at its lowest level since
Housing starts fell for a second straight month in July, down 2.7
percent to a seasonally adjusted 1.649 million units annual rate, the Commerce
That followed a revised 2.7 percent drop in starts in June to a 1.695 million annual pace.
The consumer price index, rose 0.1 percent last
month after an identical advance in June, the Labor Department said.
food and energy prices, the core CPI was up 0.2 percent in July, after a 0.1
percent climb in June. Many now view deflation as a growing threat for the U.S.
London gold was fixed this afternoon at $314.20 an ounce, down from $314.55
an ounce at the morning fixing.
"With U.S. dollars trading nearer the lower end
of recent ranges, gold may have new reasons to see higher (numbers) if further
easing occurs in the U.S. dollar," Standard Bank London said in a report on its
Analysts at J.P. Morgan said gold looked set to retest the $318 an ounce level
after recovering back to over $313.
"Gold is stuck in a $310.00/318.00 (an
ounce) range, and looks like it will continue there until the end of August," said
UBS Warburg analyst John Reade.
"Gold continues to exhibit summer holiday
induced volatility with small interest capable of moving gold two or three dollars
in an otherwise illiquid market," Reade said.
"Conditions in the gold market
remain extremely quiet and thin conditions are leading to volatility within the
$310-$318 ounce range," wrote Rhona O'Connell, head of market research at
the World Gold Council in her daily commentary.
Earlier gold closed at U.S. $315.25 an ounce on Friday in Hong Kong, up
$2.70 from Thursday's close of $312.55.
The market, which has been choppy
or volatile on various days in overseas trading periods, was relatively quiet in
Asia on Friday.
"August has been very slow," said Tony Dobra, director of
Scotia Capital in Hong Kong.
"Generally, when you see the market spike up,
you see a lot of second-hand bars coming back into the market, but we haven't
seen that this time," Dobra said.
Supply from refineries in Australia had also
declined during the summer months and were only slowly returning to normal
levels, Dobra added. Asian traders were also wary of Wall Street forces and
uncertain about the market's near-term direction.
"The market is volatile and irrational.
I am completely lost.
It could go up US$5 or down five," said a spot
gold trader with a market maker in Sydney.
The gold investment community remains upbeat about the appointment of James
Burton as the new Chief Executive of the World Gold Council and the new
emphasis on gold as an investment as opposed to the promotion of gold as
"Over the last decade, we've had booming stock markets and an
extremely strong dollar, neither of which are circumstances that are traditionally
favorable to gold," said Kelvin Williams, an executive director at South Africa's
leading gold producer AngloGold.
"Those circumstances have changed and this
is a good time to put resources behind investment demand for gold, so it's good
that James (Burton) has that background."
"In the past there was a great focus
on jewellery and that remains very important, but adding to that a new focus on
investment demand is certainly what we would like to see," Gold Fields
spokesman Willie Jakobsz said.
Some analysts said the organization has been
out of touch with the market and expressed hopes Burton would lend them an
ear more often than his predecessors did. "Perhaps James Burton might bring an
element of improved communication and be prepared to work more closely with
the interested parties," said Peter Hillyard, head of metal sales in Europe at
ANZ Investment Bank.
It has been a relatively quiet week for the gold market except for
some fund and bank selling on Wednesday only to be reversed on Thursday.
The gold price has held fairly well during the so called ?summer doldrums?.
purchases should increase in the coming weeks as the Asian festival and
wedding season picks up and that should follow through with the traditional
western holiday season to the end of the year.
The slow recovery on equities
markets has not instilled much confidence among investors.
There is the lingering
possibility of more corporate accounting scandals and corporate malfeasance
that could come to light.
As more companies switch to expensing options and
restate earnings the markets could take a hit during the next ?earnings seasons?
reports for the third quarter.
Weakening consumer confidence as reported by
the University of Michigan's consumer sentiment index suggests that there is still
widespread discomfort among U.S. consumers and investors.
continue to reveal more companies announcing massive layoffs and major
Real estate appears to be showing some weakness
with housing starts falling two months in a row in spite of record low interest
It is possible that we may be seeing the first cracks in the real estate
The market indices are still off sharply for the year in spite of two weeks
Now we see major investment banks like JP Morgan Chase and
Citigroup under assault for questionable derivative exposure and having credit
In all, it does not appear that all is well with the economy in
spite of all the rosy projections by Wall Street economists and the financial
But then they did miss the obvious signs of the economic recession and
even then they denied there even was one until the recent GDP revisions made
that argument look rather ridiculous.
***Precious metals dealers continue to report strong sales as consumers and investors around the
world seek out safe havens to preserve wealth in a weakening global economy.***
Btw. show this chart for a 10 year old son and ask were
he think it will go?.. down or up?..
well, what did he say?
a 10 year old is less brain washed by news media
cabals, and you will most often...
get a honest answer...
Current Gold Price
Luv the CALVF gold bargain...
(Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy)
OT: The Lord giveth and the Lo
OT Clo, Egypt: Saad Eddin Ibra
Post 40601 by tinljhtkh Reply
08-16-2002 “a mixed day in the markets!”
I’ve always wondered exactly what the term a mixed day in the markets” really meant! I’ve often thought that it was code for saying that we’re really not sure just exactly what’s going on in the markets. I think that this might be better described as a mixed up day in the markets than anything else might describe it!
The Consumer Price Index came in at +.1 on the core and +.2 on the non-core, which means were paying a little more for the fluff of life than we are for food and fuel. This, to me, is odd simply because people usually travel more in the summer than any other time. I’m not sure if fuel prices were that much lower, or if people are just not travelling that much! I can’t believe that they’ve stopped eating because too many restaurant stocks aren’t doing all that badly. My feeling is that they’re eating in their own backyard—maybe at Backyard Burgers! The decline in the fortunes of Six Flags reported earlier this week, combined with Walt Disney’s continuing theme park woes leads me to believe that people are hangin’ out in their own backyards more than ever, at least in recent years! July was one of the hottest months on record, so they may have just stayed in doors period! With the airline cashflow problems and Amtrak's crack laiden trains, the American family might be doing what an old political cartoon from the gar shortage days of the 1970's portrayed--starting their vacations driving their riding lawnmowers. Only this time, they're driving them in their own backyards!
Housing starts cooled a bit to a decline of –2.7 %, but they’re still building over 1.6 million of them a year! That is phenomenal in any normal average year!
The farmer in the Dell, otherwise known as Dell Computer Corporation, came in with earning about what the markets expected, and also expected to continue to steal market share from the likes of Gateway and Compaq/H-P as they tried to get their synergies together. Dell also announced that it’s sticking its finger into the PDA business, not good news for companies like Palm and Rimm. Will Dell get stuck as it picks blackberries in those thorny, commodity ridden briar patches? Dell seems to have decided that if it’s the commodity business it must be in, just as well go all the way! There’s profit to volume in anything, particularly if your competitors can’t keep up with the flood of vegetables that “the farmers” fields pour out! You have to wonder how much longer the Gateway cow can hold out before "the farmer" milks it dry!
There are farmers in Michigan; however, the rumors surrounding the Michigan Consumer Sentiment Survey drove the markets down early in the day as dire predictions of great decreases circulated in Europe and in the United States. The actual decline was -.2, down from 88.1 to 87.9. The mixed message out of all of this is simply to reinforce just how much the rest of the world is watching America and praying that we can pull them out of their own economic mixed sentiments!
The bond markets were still on many minds as the day drew to a close. Art Cashin, on CNBC after the markets closed, noted that yields had gone from a low of 3.95 to 4.32, a remarkable reversal for such a short period of time. His thinking was that this should have driven the Dow up 800 to 1000 points—but it didn’t do that! It’s almost as if we’re playing a game of “where’s the money” and some very smart people can’t seem to figure it out! It was noted that much of yesterdays trades were program in nature, which makes you wonder! Program trading has been growing as the year has gone along. I still remember the rumors of round trip trades, another word for intervention, that circulated earlier in the summer, not all that long ago! If the bond activity didn’t drive up the markets, just how low might it have kept them from falling if it hadn’t been there? We will never know and I’m not complaining either way!
Boeing got an order for 10 billion for 60 or so C-17 transport planes from the government!
Navistar (NAV) projected losses for the next quarter at -.25 cents when the market had been hoping for a +.36! Navistar is a large truck maker and this indicates a real slowdown in this basic sector so important to both transportation and manufacturing, and a few other things!
In the apparel industry, one analyst commented that “If parents aren’t going to buy product for their children now (with back to school upon us) then they aren’t going to by product for themselves later on.” One has to wonder if the phenomenon of buying Christmas gifts the year around hasn’t started to spread to the apparel business just as well! We will begin to see just how buying patterns have really changed as we approach and pass September 11th, and get in a full year of that day’s lasting effects as we approach the critical Christmas buying season! If they’ve already bought it, there is big trouble in the retail paradise!
With earnings season almost done, CNBC just announced that there were 15 % of the S and P 500 who missed their estimates this year—the same number as last year at this time! 6 % moved from the meet to the beat column! Perhaps since Jack Grubman left, the analyst accuracy level has gone up, or is that down?
On the technical side of things!
The new highs declined a bit in both markets, and so did the new lows, except on the NASDAQ, where they went from 104 to 108! Volume was just so-so, while the NASDAQ finally got more advancers than declines to go with its positive end—up 16 points while the NYSE faded at the end to close down 40 points or so! The number of ticks down on the NASDAQ still looked horrible with 532 up and 3020 down! The NYSE had 2150 up and 1247 down!
The fundamentals of the NASDAQ still don’t look any good!
The .VIX settled less than a point, and was a non-factor other than it indicated that the market might now be following the vix. If that is the case Monday may not be so hot. But then, there is still the effect of all that missing bond punch that Art Cashin talked about.
As I close this week I wonder what kind of an edge that this economy is walking on. We need to keep those home refinancing going in order to help keep consumer spending up. But, we also need to keep this market moving. The only thing that I can figure out is that there is only so much money to go around! When you look at the week that the Dow had, it really just went around and around, and that’s, in effect, going nowhere fast!
Elvis died 25 years ago today--but we don't discuss his mortality! And George Herman Ruth died this day in 1948--and we di still eat his candybars! They're called Babe Ruth's, or so they say anyway! The Babe was the first ballplayer to earn 100k per year! Now, the ball players union is going out on strike because the owners want to charge themselves a tax if their payroll goes over 100 million dollars per club per year! Do we have the cult of the celebrity CEO ballplayer just as we're getting rid of the same thing in corporate suites all across America?
Maybe its good that Ted Williams went away!
Post 40602 by JUDGE_DB Reply
Tin: candy bars
I think the Baby Ruth was named after the daughter of President Grover Cleveland, not the ball player. regards, jdb
"Tampa, regardless of whe
Post 40604 by optimistic4dollars Reply
Tampa: sane men are getting lesser by the day.
I feel that greed for oil is driving all these decisions. Going into Afghanistan is a biased move. They want the control like the articles in some places on the internet say. Why aren't they going after whoever is bankrolling the OBL group? The Saudi princes are not all lily white.
IMHO, Iraq is another way of opening a route for all that Caspian sea oil, you could just open a sea port on the Red sea once you have control of Iraq and then ...
As it is becoming more evident to me that the rhetoric on Iraq is more like rattling tin cans... My feelings are best summed up by this paragraph.
Blair’s former junior foreign office minister Tony Lloyd condemned Rice’s comments as "very much like the kind of rhetoric we sometimes do hear from fairly tin pot regimes around the world where the agenda isn't to convince the outside world but to make sure the public at home believe the regime."
Post 40605 by spirare Reply
the $300,000,000,000 in gold derivatives...