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iPunter
Supreme |
07-May-2010 08:50
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You must have been drinking Tiger stout... In the Year of the Tiger... Better change to Carlesberg... hehehe...
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mirage
Veteran |
07-May-2010 08:37
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Quote: Market Snapshot May 6, 2010, 8:15 p.m. EDT · Recommend (17) · Post: Nightmare on Wall Street: Stocks swiftly dive then recoverDow industrials recoup some after near 1,000-point plunge, but end sharply offBy Kate Gibson, MarketWatch NEW YORK (MarketWatch) -- U.S. stocks ended with steep losses Thursday after an afternoon meltdown lopped nearly 1,000 points off the Dow Jones Industrials Average -- its biggest intraday drop ever -- before a comeback of sorts, as Europe's troubles took hold on Wall Street and talk of errant trades exacerbated the swift selloff.
TODAY'S TOP MARKET STORIES /conga/story/misc/markets.html 74105
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• Market Snapshot: U.S. stocks in focus • Today's biggest advancing, declining stocks • Sign up for free, breaking-news email alerts EarningsWatch | Earnings, updates, warnings THE MARKET BY SECTOR | Industries • Tech Stocks | Energy Stocks | Retail Stocks • Financials | Airline Stocks | Pharma and Biotech EXPANDED MARKETS NEWS • Bond Report | Oil news | Gold news • Currencies | Market Data | Economic Calendar • See all the latest markets video 
At the worst of the afternoon freefall, the major stock indexes were all down 8%, with the Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (INDU 10,520, -347.80, -3.20%) diving 992.6 points before halting its decline, finishing at 10,520.32, off 347.8 points, or 3.2%. "The panic in the middle of the day was market makers that just disappeared, and every machine on Wall Street was trying to sell into a market that didn't exist. That was a bizarre electronic quant panic of people selling into a black hole," said Boockvar. See story on questionable trades. Questions about tradingAs equities fell the most in more than a year, 10-year treasury notes rallied, with yields dropping the most since September 2008 and the euro falling to a new 14-month low against the U.S. dollar, below $1.26. Credit-default swaps spreads for North American companies jumped, and gold futures climbed closer to an all-time high past $1,200 an ounce. The finish marked the Dow's biggest point drop since Feb. 10, 2009 and largest percentage decline since April 20, 2009, according to Dow Jones Indexes. The S&P 500 Index /quotes/comstock/21z!i1:in\x (SPX 1,128, -37.72, -3.24%) fell 37.72 points, or 3.2%, to 1,128.15, the worst day for the index since it fell more than 4% on April 20, 2009, according to Standard & Poor's. The Nasdaq Composite /quotes/comstock/10y!i:comp (COMP 2,320, -82.65, -3.44%) declined 82.65 points, or 3.4%, to 2,319.64. Analysts compared the day's trade to the market's reaction to low points in the 2008 financial crisis. "The markets have an eerie feeling similar to the timeframe when Lehman went down," said Andrew Brenner, head of emerging markets at Guggenheim Securities. More than 17 stocks fell for every one that gained on the New York Stock Exchange, where nearly 2.6 billion shares traded and composite volume topped 10.7 billion. A brief plunge and then partial snapback in Procter & Gamble Co. /quotes/comstock/13*!pg/quotes/nls/pg (PG 60.75, -1.41, -2.27%) , Accenture /quotes/comstock/13*!acn/quotes/nls/acn (ACN 41.09, -1.08, -2.56%) , 3M /quotes/comstock/13*!mmm/quotes/nls/mmm (MMM 84.24, -2.35, -2.71%) and other shares -- some to as little as a penny -- suggested a technical or trading glitch might have accelerated the sharp, swift drop in indexes over the period of less than an hour. /quotes/comstock/21z!i1:in\x SPX 1,128, -37.72, -3.24%
Shares of P&G, one of the 30 Dow components, plunged as much as 37% to under $40, according to FactSet, but recovered to close down 2.3% at $60.75. NYSE says the day's low was actually $56. "We believe the trade was an error," P&G said in an emailed statement. Apple /quotes/comstock/15*!aapl/quotes/nls/aapl (AAPL 246.25, -9.74, -3.80%) shares fell as much as 22% before closing off 3.8%. Accenture shares fell to a penny, according to FactSet, before closing at $41.09, off 2.6%. The Securities and Exchange Commission and Commodity Futures Trading Commission said they were working closely with other regulators and the exchanges "to review the unusual trading activity that took place briefly this afternoon." Some lawmakers were already calling for regulatory review of computerized trading programs that they charged have created volatile and dangerous swings in stock movements. Bailout concernsSetting the stage for the market's swift afternoon tumble, investors pushed stock prices lower on heightened worries that Europe's high budget deficits would lead to a new round of global financial crisis. As Greece looked to a $144 billion rescue from the International Monetary Fund and 15 other nations that use the euro to help cover its debt, some questioned if some of the nations helping foot the bill -- namely Portugal and Spain -- would eventually need to be bailed out as well. "People are very, very nervous about what's going on ... We're thinking contagion. We're looking at what's happening in Greece and thinking, gee, if that can happen in Greece, how about Portugal, Spain, Italy," which are bigger countries in the euro zone, portfolio manager James Cordier at Optionsellers.com said. Plus, stocks were coming off a run that took the S&P 500 about 80% from its March 2009 low. "You can go back to Goldman Sachs Friday when the market sold off. Since then the market has been prone to headline risk and looking for a reason to sell off," said Jay Suskind, senior vice president at Duncan-Williams. "Is the market now seeing Greece and Europe as the canary in the coal mine for us? We all know we have budget and deficit issues," Suskind said. Economic backdropU.S. economic data was mixed, while retailers reported April sales slowed from March's robust gains, with a majority of those reporting missing expectations. Gap Inc. /quotes/comstock/13*!gps/quotes/nls/gps (GPS 22.91, -1.77, -7.17%) was among the underperformers, its shares down 7.2% after the apparel chain reported same-store sales dropped 3%. /quotes/comstock/10w!i:dji/delayed INDU 10,520, -347.80, -3.20%
Abercrombie & Fitch Co. /quotes/comstock/13*!anf/quotes/nls/anf (ANF 40.45, -3.78, -8.55%) shares declined 8.6% after the teen-clothing seller after its same-store sales fell 7%. Ahead of Friday's jobs report for April, the Labor Department reported initial claims for unemployment benefits fell by 7,000 last week to 444,000. The government data is expected to show the U.S. economy added between 189,000 to 200,000 jobs last month, while the rate of unemployment held at 9.7%. Separately, the Labor Department on Thursday said U.S. productivity climbed 3.6% in the first quarter. In Washington, Treasury Secretary Timothy Geithner and former Treasury Secretary Henry Paulson pitched financial reform, telling a fact-finding panel the economic crisis came in large part because regulators didn't have the power to limit risk. Read more about the move against monolithic commercial banks. |
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Hulumas
Supreme |
28-Apr-2010 22:20
Yells: "INVEST but not TRADE please!" |
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2010 is not the year for "SHORT".
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handon
Master |
28-Apr-2010 22:13
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really no luck.... bankrupt liao then DOW BIG PLUNGE.... hehe....  |
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dealer0168
Elite |
19-Apr-2010 22:45
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yo, its still green leh......hehe
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handon
Master |
19-Apr-2010 21:53
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nearly go bankrupt shorting DOW.... now it time to get rich.... hehe.... DOW DOWN DOWN.... hehe... | ||||
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niuyear
Supreme |
19-Apr-2010 09:36
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pharoah88 - your below post, interesting.:) """.......In essence, Beijing's policies have acted like the relief valve on a pressure cooker: They've kept the U.S. pot from exploding.. Washington also frequently points to Beijing's $2.4 trillion in foreign reserves as additional evidence that China is a manipulator. This, too, represents flawed logic. Trade reserves accumulate whenever a country sells more than it buys with its partners. Therefore, China's huge reserves are not evidence of currency manipulation; instead it's just proof that the rest of the world really wants to buy what China has to sell...........". '包青天' is here frm monday to friday, Washinton or Beijing got whatever 冤情 , go to him for justice. |
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pharoah88
Supreme |
19-Apr-2010 09:09
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http://moneymorning.com/2010/04/13/washington-china/ Every new dollar printed diminishes the value of every dollar that's already in existence. This, in turn, effectively causes the prices of goods and services to rise. In this case, by keeping the yuan pegged within a narrow band to the dollar, China ensures that the bulk of our goods and services have not inflated, despite the Treasury Department's turbocharged printing presses. In essence, Beijing's policies have acted like the relief valve on a pressure cooker: They've kept the U.S. pot from exploding. Washington also frequently points to Beijing's $2.4 trillion in foreign reserves as additional evidence that China is a manipulator. This, too, represents flawed logic. Trade reserves accumulate whenever a country sells more than it buys with its partners. Therefore, China's huge reserves are not evidence of currency manipulation; instead it's just proof that the rest of the world really wants to buy what China has to sell. It's easy to feel as if America is getting the shaft here - especially at a time when so many are out of work and with the country struggling to recover from its worst financial crisis since the Great Depression. Washington isn't helping by nurturing this flawed view of reality. It's time for us to take a sobering look in the mirror. China didn't force America to buy anything, let alone run-up our huge-and-growing deficit. We did this all by ourselves - and with substantial gusto, I might add. Our companies sought out China's inexpensive manufacturing because it helped them become more profitable and become more-globally competitive. Our consumers have been more than happy to go to Wal-Mart Stores (NYSE: WMT) and buy Chinese-made goods: They were inexpensive and the quality has reached a point where those products are as good - or better - than their U.S.-made counterparts. If anything, we were perfectly content to benefit from this relationship right up to the point where it went against us - or at least, until we perceived that it went against us because we felt that the yuan is artificially undervalued in relation to the dollar. Albert Keidel, a senior fellow at the Washington-based Atlantic Council and a noted expert on Chinese economic affairs, said that "China's trade surpluses do not necessarily mean that the yuan is undervalued. In fact, economists [really] do not have an effective way of judging whether a currency is undervalued. China's currency surpluses since 2005 have stemmed from the excessive consumption of the Americans, rather than problems with the yuan's exchange rate." According to our own government, the yuan appreciated by 16.5% in real terms between June 2008 and the end of February 2009. The yuan also performed like a thoroughbred during the global financial crisis. According to the Bank for International Settlements (BIS), from February 2007 (when the U.S. subprime mortgage crisis really took hold) and January 2010, the yuan's real exchange rate rose 10.7%, while the same rate for the dollar dropped 8.1%. These statistics are indicative of an appreciating yuan and a depreciating greenback, the BIS concluded. In reality, even if China were to immediately revalue its currency overnight, that would not immediately restore the millions of lost American jobs. Nor would it magically restore our economy. In fact, we would likely see precisely the opposite outcome. Let's assume that China's currency is 60% undervalued, as some believe. If Beijing were to immediately bring that to par, everything in this country that we import from China is going to see a price increase of at least that amount - and possibly even more. That would devastate our economy, wiping out the millions of American families that are struggling to make every dollar count right now. It would also seriously crimp - or more likely obliterate - U.S. corporate profits, igniting a new round of layoffs, plant closures and corporate bankruptcies. The fallout wouldn't be contained within U.S. borders. Our trading partners would immediately feel the pinch, too, as we bought less and as the price increases rippled their away around the world. It would be bad news for everyone. And here's the thing: A hard look behind the numbers demonstrates that this change isn't necessary anyway. According to China's General Administration of Customs, exports increased 24.3% from a year ago to reach $112.1 billion, while imports jumped 66% to $119.3 billion. Furthermore, and despite what Washington wants us to believe, the bulk of China's trade deficit came from trading activities with Taiwan, South Korea and Japan - not from the United States. These facts and statistics make several important points. They demonstrate, first and foremost, that the global recovery continues, with worldwide demand on the upswing, But they also prove that China's domestic demand is accelerating - a far more meaningful development, since it highlights the Asian giant's emergence as a true economic marketplace. We're not the only ones to reach this second conclusion. Olivier Blanchard, ostensibly the chief economist for the financially conservative International Monetary Fund (IMF), said that it was important "that we do not criticize China for its currency policy. What China is now doing is to cut its savings rate to boost domestic demand while re-orienting production to meet increased needs at home. Only in this context can a stronger yuan help China better allocate its resources and prevent economic overheating, thus creating benefits for both the country and the rest of the world." This won't be the last monthly trade deficit that we see Beijing post. Indeed, if you really break down these numbers, you'll be able to see just why I'm predicting that there will be other deficits in the months to come: Higher domestic demand for crude oil and raw materials accounted for the dominant share of the March deficit, although sharp increases in the number of imported cars and manufacturing parts also contributed to the shortfall. The best way to profit from these trends is to follow the advice that we've been providing in our investment reports here in Money Morning - as well as with the specific investment picks we continue to identify in The Money Map Report, our monthly advisory service. Going forward, the biggest profits will flow from companies operating in the sectors that provide the products, materials and services that China wants and needs. Now, more than ever, the best opportunities will be in the areas that Beijing has identified as being most relevant to China's continued domestic growth. The bottom line: This is yet another reason to double your exposure to Asia. Granted, there will be some wild swings … the kind of volatility that will cause some investors to reassess their commitment to their China-oriented investments. Don't make that kind of mistake. When it comes to long-term growth and profit potential, this is truly the greatest game on the planet and will be for many years to come. [Editor's Note: If you find this unique perspective and detailed analysis to be valuable, you might want to check out our monthly advisory service, The Money Map Report. Please click here for more information.] |
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pharoah88
Supreme |
19-Apr-2010 09:06
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SHANGHAI, People's Republic of China - China just posted its first monthly trade deficit in nearly six years, a $7.24 billion shortfall for March that essentially torpedoes Washington's argument that the Asian giant is a "currency manipulator" of the worst kind. .....tO bE cOntinUE.....
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pharoah88
Supreme |
19-Apr-2010 09:04
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http://moneymorning.com/2010/04/13/washington-china/ April 13, 2010 Washington – Not China – Is the Real Manipulator Here[Editor's Note: Money Morning Chief Investment Strategist Keith Fitz-Gerald was back in China to attend a conference, get a firsthand look at the economy and check out new profit opportunities. This is the first of several dispatches he filed specifically for Money Morning subscribers.] |
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pharoah88
Supreme |
18-Apr-2010 14:07
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Wealth Daily's Weekend Edition
By Ian Cooper | Saturday, April 17th, 2010
Aaaaand we're back! America is back! We were, at least, when Newsweek mailed a sell alert to 3.1 million people... Newsweek's "America's Back: The Remarkable Tale of our Economic Turnaround" issue with a glossy red, white, and blue cover could bring an end to "America's recovery" party. Historically, publications like Newsweek have had a real knack for being contrarian indicators, hyping the over-hyped and succumbing to the American psyche. But they're not alone in this business...
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handon
Master |
13-Apr-2010 23:21
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Everyone says plunge to 10.8 by Friday..... hehe....
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handon
Master |
12-Apr-2010 23:03
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haha.... dun need to go until 15.... > 11.3 .... bankrupt.... run road..... only 200 pts do or die trade.... hehe.... |
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Hulumas
Supreme |
12-Apr-2010 22:57
Yells: "INVEST but not TRADE please!" |
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DOW is trending up to 15,000 this time........ NO JOKE!
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handon
Master |
12-Apr-2010 22:43
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golden opp to short heavily..... can only tahan until 11.3.... > 11.3 bankrupt liao.... short SHORT SHORT.... hehe.... | ||||
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iPunter
Supreme |
27-Mar-2010 05:59
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[Repost] Economy News: Click A big and lasting roaring bull market ahead? A freak bull maybe...  |
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iPunter
Supreme |
27-Mar-2010 05:56
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Economy News: Click A big and lasting roaring bull market ahead? A freak bull maybe... |
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warren
Member |
26-Mar-2010 23:45
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11000 is in pocket... 12,000 is the next dream target... |
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Livermore
Master |
26-Mar-2010 23:23
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Don't fight the trend like what the Yogi Bears do. They will have their turn but not yet | ||||
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susan66
Master |
26-Mar-2010 23:19
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That's the problem with going against the trend. Heartpain for you!
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