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KiLrOy
Master

14-Nov-2007 21:30

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Yells: "I buy only what I can see."

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Hope they dont find the Transformer's cube instead. Sorry for the side track~

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Farmer
Master

14-Nov-2007 21:26

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Wah...Great job! Pension.

Any more great discovery I've never heard of? I doubt this articles is true...if it is, we should see oil prices crashing down pretty soon?

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Pension
Elite

14-Nov-2007 20:26

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The U.S. Govt's
Secret Colorado
Oil Discovery

Hidden 1,000 feet beneath the surface of the Rocky Mountains
lies the largest untapped oil reserve in the world ? more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. Three companies have been chosen to lead the way. Test drilling has already begun...

Northwestern Colorado. August 2005.

The U.S. Energy Department announces the results of a land survey...

It was conducted to determine the official amount of oil a thousand feet deep in the Rocky Mountains...

They reported this stunning news:

We have more oil inside our borders, than all the other proven reserves on earth.

Here are the official estimates:

?	8-times as much oil as Saudi Arabia
?	18-times as much oil as Iraq
?	21-times as much oil as Kuwait
?	22-times as much oil as Iran
?	500-times as much oil as Yemen

...And it's all right here in the Western United States.

James Bartis, lead researcher with the study says, "We've got more oil in this very compact area than the entire Middle East."

More than 2 TRILLION barrels. Untapped.

"That's more than all the proven oil reserves of crude oil in the world today," reports The Denver Post.

When asked about America's least-publicized oil supply, Utah Senator Orrin Hatch said:

"The amounts of oil are staggering. Who would have guessed that in just Colorado and Utah, there is more recoverable oil than in the Middle East?"

Here's the kicker...

The U.S. government already owns the land. It's been right there under our noses the whole time.

In fact, the government's appointed a small group of companies to lead the way to the oil.

Test drilling has already begun.

And the profit forecasts are ridiculous. According to the RAND Corporation (a public-policy think tank for the government), this small region could produce:

Three million barrels of oil per day... That translates into more than $20 BILLION a year.

These are the conservative estimates. The U.S. Energy Dept. estimates an eventual output of 10 million barrels of oil per day. At that rate, the money flow would be even greater.

I've written this letter to tell you everything I've learned about this rarely publicized oil reserve... who's drilling it... and how to get a piece of the world's biggest, untapped oil supply ? before it's too late.

Here's the full story...

The Next American Oil Boom

While you almost never hear anything about it in the mainstream press, I've been researching the details of America's biggest oil deposit for the past 18 months, for my monthly investment research advisory, called The S&A Oil Report.

The facts I uncovered during my investigation are nothing short of amazing...

Today, this resource sits idle ? untapped ? inside more than 16,000 square miles of rock and sand.

Geologists call what lies in this region, oil shale.

What is oil shale?

At first glance, oil shale looks like an ordinary black rock.

It feels grainy to the touch and... greasy. You see, what's inside oil shale has huge governments, Big Oil, venture capitalists, and even everyday investors scrambling to stake a claim.

Oil shale ? when heated ? oozes bubbling crude.

This precious resource is rare ? found only in a few select countries. Places like China, Brazil, Estonia, Morocco, and Australia.

But the real story is how much untapped oil shale lies beneath U.S. soil. As the chart to the right indicates, there's 4-times more oil shale in the U.S. than in all other countries combined.

Over the past 125 years, oil shale has been the secret oil source for a handful of nations. Specifically, those fortunate enough to have it...

?	China's been using oil shale since 1929. Today, China is the largest producer of oil from oil shale. It plans to double the daily rate of production soon.
?	Estonia is an oil shale dependent economy. Over 90% of the country's electricity is fueled by shale oil. In fact, electricity run on oil shale is a chief export.
?	In 1991, Brazil built the world's largest oil shale facility. They've already produced more than 1.5 MILLION tons of oil to make high quality transportation fuels.
?	Jordan, Morocco, and Australia have recently announced plans to utilize their oil shale resources. All 3 governments are currently working to build oil shale facilities.

But all these countries' oil shale resources pale in comparison to the U.S. supply. As you can see from the table to the right, the United States dominates the oil shale market ? with over 72% of the world's oil shale resources.

Our gargantuan supply of oil lies beneath an area called the Green River Formation ? a barren stretch of land covering portions of Colorado, Utah, and Wyoming.

World-renowned geologist Walter Youngquist calls the oil beneath the Green River Formation, "a national treasure."

Congress calls this area simply, "the next Saudi Arabia."

It's easy to see why...

This region holds the largest known oil reserve on the planet...

Colorado's Oil Lands ?
Restricted for 76 Years, Now
Open for Drilling

There are over 16,000 square miles of oil shale in the Green River formation...

The most abundant areas hold up to 2 million barrels of oil per acre ? it's the most concentrated energy source on earth, according to the Energy Department.

The federal government owns 80% of this oil-rich land.

In fact, the government placed protective legislation on this land in 1930, forbidding anyone to touch it.

You see, the government always knew this land was saturated with oil ? but getting it out has always been expensive.

Buying oil from foreign countries was always the cheaper bet. It has been for the past 80 years.

Wisely, the government kept the land around for a "rainy day," protecting it with 1930s legislation.

I'm sure you're aware of today's situation at the gas pump. Buying oil from foreign countries has gotten out of hand. The price of oil is sky-high. It's way too expensive to keep buying foreign oil.

In other words, the "rainy day" has finally arrived.

The timing couldn't be more perfect. Oil shale technologies have begun to advance ? drastically.

Companies are coming up with ways to extract oil from the Green River Formation very cheaply.

For example, one Utah-based company says it can extract the oil for as little as $10 a barrel. In fact, dozens of companies have stepped forward with similar claims. With oil prices starting to skyrocket again ? these are pretty significant breakthroughs.

That's all the government needed to hear. On August 8, 2005, President Bush signed into law a new energy mandate.

This mandate is called The Energy Policy Act of 2005. It calls for the opening phases of oil extraction in the Green River Formation ? the world's most concentrated energy source.

We're finally ready to tap the largest oil reserve on the planet...

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Pension
Elite

14-Nov-2007 07:44

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Bank of America sees $3 billion debt write-down Tue Nov 13, 2007 6:24pm EST NEW YORK (Reuters) - Bank of America Corp (BAC.N: Quote, Profile, Research), the second-largest U.S. bank, said on Tuesday it expects to write down $3 billion of debt in the fourth quarter as fallout from the nation's housing slump deepens. Nevertheless, shares rose as investors gained confidence that the bank and its rivals could withstand further turmoil, even if credit market liquidity fails to improve and more homeowners are expected to slide into foreclosure. The pretax loss stems from collateralized debt obligations (CDOs), including those tied to subprime mortgages, and may increase if market conditions worsen, Chief Financial Officer Joe Price said at a Merrill Lynch & Co banking conference. Bank of America also expects to set aside $600 million to help money market mutual funds exposed to risky debt maintain the $1 per share net asset value that all such funds try to keep. It is also writing down $300 million for a troubled investment, and setting aside more money for other housing-related losses, including to homebuilders. Price called the losses "manageable," while cautioning that capital markets should remain turbulent into 2008. "The losses are not only manageable for the bank, but were long ago discounted by investors," said Marshall Front, who oversees $800 million at Front Barnet Associates LLC in Chicago, including Bank of America shares. "Unless something enormous and unforeseen happens, major, diversified well-capitalized banks can handle these losses." Shares of Bank of America closed up $2.29, or 5.2 percent, at $46.27 on the New York Stock Exchange. They remain down 13.3 percent this year. INDUSTRYWIDE, $40 BILLION Bank of America joined Citigroup Inc (C.N: Quote, Profile, Research), Morgan Stanley (MS.N: Quote, Profile, Research), Wachovia Corp (WB.N: Quote, Profile, Research) and other banks in projecting large fourth-quarter write-downs for exposure to mortgages and other debt that investors are no longer willing to buy. "With the significant deterioration that we've seen ... it does make these things difficult to value," Bank of America's Price said. Citigroup said it might write off $8 billion to $11 billion, while Morgan Stanley projected $3.7 billion and Wachovia $1.1 billion. Merrill Lynch & Co Inc (MER.N: Quote, Profile, Research) suffered an $8.4 billion write-down in the third quarter. Industrywide write-downs so far total well over $40 billion. Analysts, on average, had expected Bank of America to post a fourth-quarter profit of $1.10 per share on revenue of $18.82 billion, according to Reuters Estimates. The $3 billion pretax loss equals roughly one month of profit. Citigroup analyst Keith Horowitz had projected a $3.3 billion write-down. Among other executives at the Merrill conference, Goldman Sachs Group Inc (GS.N: Quote, Profile, Research) Chief Executive Lloyd Blankfein said the company didn't expect significant asset write-downs. Meanwhile, JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) Chief Executive Jamie Dimon said, "We think we're fine," as he discussed the third-largest U.S. bank's subprime and CDO exposures. Shares of Goldman and JPMorgan rose 8.5 percent and 6.3 percent, respectively. SUBPRIME EXPOSURE Price said some CDOs that Bank of America is writing down are exposed to subprime mortgages, which go to people with poor credit. The bank has not offered such home loans since 2001. The bank also expects to set aside $600 million to help money funds exposed to so-called structured investment vehicles (SIVs) preserve a $1 share price, and avoid "breaking the buck." Some SIVs have struggled as market liquidity deteriorated. In addition, Bank of America expects to write down $300 million for a troubled "mezzanine investment," Price said. Mezzanine financing is often used in buyouts. A bank spokesman declined to elaborate. The bank plans to resume stock buybacks no sooner than July 2008 as it rebuilds capital levels, he said. Bank of America's losses would come after third-quarter profit from corporate and investment banking fell 93 percent, depressing overall earnings by 32 percent. Chief Executive Kenneth Lewis announced 3,000 job cuts, and ordered a strategic review of the corporate and investment banking unit that should be completed by early 2008. (Additional reporting by Joseph A. Giannone and Tim McLaughlin; Editing by Dave Zimmerman/Jeffrey Benkoe)

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Pension
Elite

14-Nov-2007 07:31

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STOCKS NEWS ASIA-Asian ADRs surge 5 pct, snap 4-day fall

Tue Nov 13, 2007 6:08pm EST

 HONG KONG, Nov 14 (Reuters) - Asian stocks listed on Wall
Street (.BKAS: Quote, Profile, Research) jumped 5.2 percent, posting their biggest
one-day rally in six years, as investors snapped up beaten-down
shares after four straight sessions of losses.

 Surprisingly strong earnings from the world's number-one
retailer, Wal-Mart Stores (WMT.N: Quote, Profile, Research), and reassurance from the
chief executive of Goldman Sachs Group (GS.N: Quote, Profile, Research) that the
investment bank does not face big credit losses helped boost
appetite for stocks.

 Gains were seen across the board with financial shares,
which had been hit hard by credit fears, among the best
performers. India's HDFC Bank (HDB.N: Quote, Profile, Research)(HDBK.BO: Quote, Profile, Research), ICICI Bank
(IBN.N: Quote, Profile, Research)(ICBK.BO: Quote, Profile, Research) and South Korea's Woori Financial Group
(WF.N: Quote, Profile, Research)(053000.KS: Quote, Profile, Research) all advanced more than 10 percent.

 U.S. stocks also snapped a four-day losing streak, sending
the tech-heavy Nasdaq Composite Index (.IXIC: Quote, Profile, Research) to its biggest
one-day gain in more than four years. The Nasdaq gained 3.5
percent, while the blue-chip Dow (.DJI: Quote, Profile, Research) put on 2.5 percent.

 On Tuesday, MSCI's measure of Asia Pacific stocks excluding
Japan (.MIAPJ0000PUS: Quote, Profile, Research) ended 0.7 percent higher after steadying
from a slide to a near seven-week trough during in the session.

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Pension
Elite

14-Nov-2007 07:23

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Wall Street's big rally

The Dow gains nearly 320 points, its second-best day of the year, as Wal-Mart's earnings, Goldman Sachs' outlook and falling oil prices spark a big advance.

By Alexandra Twin, CNNMoney.com senior writer

November 13 2007: 4:12 PM EST

NEW YORK (CNNMoney.com) -- Stocks rallied Tuesday, with the Dow climbing nearly 320 points, after Wal-Mart's earnings report, comments from Goldman Sachs' CEO and a nearly 4 percent slide in oil prices sparked a broad rally.

The Dow Jones industrial average (Charts) added just under 320 points according to early tallies, posting its second-biggest single day advance of the year. The S&P 500 (Charts) index added 2.9 percent and the Nasdaq composite (Charts) added 3.5 percent.

The Russell 2000 (Charts) small-cap index jumped 2.8 percent.

Treasury prices slipped, raising the corresponding yields. The dollar fell against the euro and gained against the yen. Oil and gold prices plunged.

Here's a look at what was moving stocks near the close.

Gas prices hit working class

Although the day's news was positive, it perhaps was not as positive as the stock market reaction would suggest, said Fred Dickson, chief market strategist at D.A. Davidson.

"I think we had an oversold market due for a bounce," Dickson said. "Wal-Mart's news wasn't terrific enough to cause a major reversal, but it gave the bulls some support."

The Dow closed below 13,000 Monday for the first time since August, following a selloff from highs hit in October.

Dickson said that drop in oil prices also brought out some bargain hunters. Also helping Wall Street: a rally in the banking sector, sparked by comments from Goldman Sachs CEO Lloyd Blankfein, who said that the company won't take any further significant charges related to the subprime mortgage mess.

"There are little wisps of signs of stabilization in the most distressed credit markets, and you also have the Blankfein comments," Dickson said.

Stocks got an extra boost in the afternoon from the September pending home sales index, which rose 0.2 percent versus forecasts for a drop of 2.5 percent.

What's sinking the dollar?

Wal-Mart Stores (Charts, Fortune 500) reported higher third-quarter earnings that topped estimates and lifted its full-year earnings forecast to a range that is higher than analysts' current forecasts. The world's largest retailer also issued a somewhat cautious outlook for the fourth quarter, which includes the crucial holiday period.

However, investors focused on the positive, sending shares 6.5 percent higher.

Wal-Mart was one of 26 Dow components rising, reflecting the broad scope of the advance. The remaining four Dow components slid, including fellow retailer Home Depot (Charts, Fortune 500), which reported lower quarterly earnings that missed estimates and said fiscal-year profit will drop from a year earlier.

Strength in the financial sector also propped up the advance.

Goldman (Charts, Fortune 500) shares rallied 7.8 percent after the firm's CEO said at a Merrill Lynch conference that the company won't take a big hit from its subprime exposure.

However at the same conference, BlackRock (Charts) CEO Laurence Fink said that the worst for the credit markets is not yet over. Fink is reportedly a top candidate to become chief executive of Merrill Lynch following Stanley O'Neal's resignation last month.

Bank of America (Charts, Fortune 500) shares also rose, even after the company said it would take $3 billion in writedowns related to its bad debt bets.

Citigroup (Charts, Fortune 500) shares jumped 6 percent and topped the New York Stock Exchange's most-actives list on published reports that it is reorganizing its investment banking unit in the aftermath of billions of dollars in credit losses.

Banks have taken more than $40 billion in charges this year related to the mortgage market fallout, according to AP and Deutsche Bank estimates.

E*Trade Financial (Charts) shares popped 14 percent after slumping 60 percent Monday on bankruptcy talk.

Apple (Charts, Fortune 500) led the list of large technology shares rallying. The tech leader rallied after China Mobile, China's largest cell phone carrier, said it was in talks with Apple to bring the iPhone to China.

Hewlett-Packard (Charts, Fortune 500), Oracle (Charts, Fortune 500) and Yahoo! (Charts, Fortune 500) were among the other big tech gainers.

Market breadth was positive and volume was strong. On the New York Stock Exchange, winners trounced losers by more than 3 to 1 on volume of 1.64 billion shares. On the Nasdaq, advancers topped decliners two to one on volume of 2.69 billion shares.

Wal-Mart's Black Friday deals

Also helping the mood on Wall Street was a retreat in oil prices, from near record levels. U.S. light crude oil for December delivery fell $3.45 to settle at $91.17 a barrel on the New York Mercantile Exchange, sliding after the International Energy Agency cut its monthly forecast on crude demand.

The drop in oil prices gave a lift to airlines, truckers and railroads, companies that are directly dependent on fuel prices to conduct their business.

The Dow Jones Transportation (Charts) average added 2 percent.

COMEX gold for December delivery fell $8.70 to settle at $799 an ounce on the New York Mercantile Exchange, stalling after a big selloff in the previous session.

In currency trading, the dollar continued to slump against the euro. The greenback inched higher against the yen.

Treasury prices fell, raising the yield on the 10-year note to 4.26 percent from 4.22 percent late Monday. Treasury prices and yields move in opposite directions.

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