zensmoke Posted March 5, 2004 Report Share Posted March 5, 2004 Fed's Pianalto-globalization hits US factory jobs Fri Mar 5, 2004 12:54 PM ET WASHINGTON, March 5 (Reuters) - Federal Reserve Bank of Cleveland President Sandra Pianalto on Friday said that globalization may be a factor explaining the weak pace of U.S. factory job creation witnessed in recent months. "Why are so many companies -- even this far into the economic expansion -- holding at relatively low levels of employment? An important part of that answer is that these businesses are adjusting to changes in global trade patterns and are taking advantage of new technologies," she told the City Club of Cleveland Friday Forum. http://www.reuters.com/financeNewsArticle....storyID=4508147 Link to comment Share on other sites More sharing options...
Guest Posted March 5, 2004 Report Share Posted March 5, 2004 Those are damn beautiful gold and silver charts. Link to comment Share on other sites More sharing options...
zensmoke Posted March 5, 2004 Report Share Posted March 5, 2004 Treasury Secretary John Snow, who said in October he would ``stake my reputation'' on faster job growth before Christmas, today declined to say whether the fourth straight below-forecast jobs report had hurt his credibility or endangered his job. He said that while February's numbers ``aren't satisfactory,'' the economy ``has turned the corner on growth and I'm confident we'll see strong job numbers in the months ahead.'' http://quote.bloomberg.com/apps/news?pid=1...efer=news_index Link to comment Share on other sites More sharing options...
Hiding Bear Posted March 5, 2004 Author Report Share Posted March 5, 2004 Dollar Tumbles as U.S. Adds Fewer Jobs Than Forecast Last Month March 5 (Bloomberg) -- The dollar had its biggest drop in six weeks against the euro as U.S. employers last month added a fifth of the number of jobs forecast, boosting speculation the Federal Reserve will leave interest rates unchanged this year. Traders drove the dollar down by a full cent against the euro within two minutes of the report, as they bet the Fed will keep its target interest rate at 1 percent. The rate, the lowest since 1958, is half the European Central Bank's 2 percent target. ``The first reaction out of most people was to scratch their eyes in disbelief,'' said Jeremy Fand, senior proprietary currency trader at WestLB AG in New York. ``Every signal I have tells me the dollar is to be sold.'' Against the euro, the U.S. currency weakened to $1.2394 at 12:15 p.m. in New York, losing almost two cents from $1.2203 late yesterday, according to EBS prices. It is the dollar's biggest drop since Jan. 20. Still, the dollar is 0.8 percent higher versus the euro this week, for a third week of gains. Against the yen, the dollar took a different path. It climbed to 111.53 yen, its highest since September, as the Bank of Japan sold yen for dollars, said a trader whose bank deals with the BOJ. ............................ ``Japanese authorities would be pleased to see the yen above 115,'' said Monica Fan, a currency strategist at RBC Capital Markets in London. ``They've got no intention of letting up on their intervention.'' Japan sold 10.5 trillion yen ($95.3 billion) in the two months ended Feb. 26 to protect exporters, more than half the record amount spent last year. `Planned Landmines' The lower house of Japan's parliament today approved a government request for 40 trillion yen in extra funds to help weaken the yen in the fiscal year beginning April 1. The move comes after parliament last month endorsed a 21 trillion yen increase in the limit on currency sales this fiscal year. ``The BOJ has parked a number of bids, or planned landmines, to absorb any fall below 110'' yen to the dollar, said Uwe Parpart, senior market strategist in Hong Kong at Bank of America Corp. The yen may fall to 113 next week, he said. Hiroshi Watanabe, head of the international department at Japan's Ministry of Finance, yesterday said it will take ``a little while'' before the yen's three-week slide ends. The Bank of Japan sold the currency in record amounts last year to stem its appreciation. Zembei Mizoguchi, vice finance minister for international affairs, declined to comment on whether Japan was selling http://quote.bloomberg.com/apps/news?pid=1...xzB8&refer=home Much tanks Zen! Japan's sales may have totaled $10 billion, said Neil Jones, director of foreign exchange in London at Nomura International Plc, a unit of Japan's biggest brokerage. Intervention amounts have reached astounding levels. The plan to buy 40 trillion yen worth of US$s does not come with a viable plan of how to pay for them. The BOJ and MOF are acting almost like two central banks. This combination is explosive and hyperinflationary. About $80 billion of new fiat money has been effectively created in 2004 by the MOF over and above the 16%+ growth in the monetary base fostered by the BOJ. If they don't realize the inflationary implications of the above by early April, the JGB market will fall to pieces - plus the yen may start declining on a sustained basis against all major currencies. The Japanese people don't have an aversion to buying gold/silver and will quickly recognize the price of precious metals is rising daily in terms of yen. Link to comment Share on other sites More sharing options...
brian4 Posted March 5, 2004 Report Share Posted March 5, 2004 bought 1160 puts spt ol @$12.- stop 62 Link to comment Share on other sites More sharing options...
zensmoke Posted March 5, 2004 Report Share Posted March 5, 2004 Venezuela Suspends Rights of Citizens to Carry Guns (Update1) March 5 (Bloomberg) -- Venezuela suspended the right of the country's 24 million people to carry firearms in a bid to damp violence that has claimed the lives of at least 10 protesters in the last week, Defense Minister General Jorge Garcia said. Garcia said the suspension would start at 6 p.m. (5 p.m. New York time) today and continue through March 14. The measure came as hundreds of Chavez opponents protested in the capital for an eighth day. ``We want to guarantee the safety of all people,'' Garcia said in a televised news conference. The government's action came as opponents of Chavez sought international support to pressure the national electoral council to hold a recall referendum on Chavez. Venezuela's Ambassador to the UN Milos Alcalay resigned yesterday, saying Chavez is failing to respect the country's laws and constitution. Hundreds of protesters marched to the headquarters of the Organization of American States, asking it to intervene to end an impasse over the recall vote. http://quote.bloomberg.com/apps/news?pid=1...r=latin_america Link to comment Share on other sites More sharing options...
Guest yobob1 Posted March 5, 2004 Report Share Posted March 5, 2004 Treasury Secretary John Snow, who said in October he would ``stake my reputation'' on faster job growth before Christmas, today declined to say whether the fourth straight below-forecast jobs report had hurt his credibility or endangered his job. He said that while February's numbers ``aren't satisfactory,'' the economy ``has turned the corner on growth and I'm confident we'll see strong job numbers in the months ahead.'' http://quote.bloomberg.com/apps/news?pid=1...efer=news_index Looks like Snow's reputation had a giant stake driven through it. And since he was so precient on his last "guess", we should believe his current one? These guys are getting too funny. "We're on a permanently high plateau and going to a higher one very soon. Honest. Outsourcing and moving production overseas will only strengthen American employment. We must have free trade at every level regardless of the disparities of the underlying economies." I propose that America begin installing millions of lamp posts so we make sure we have enough when it comes time to take to task the politicians, the wank street gang and the corrupt corporate officers. Go long on rope. Link to comment Share on other sites More sharing options...
zensmoke Posted March 5, 2004 Report Share Posted March 5, 2004 Much tanks Zen! Japan's sales may have totaled $10 billion, said Neil Jones, director of foreign exchange in London at Nomura International Plc, a unit of Japan's biggest brokerage. Intervention amounts have reached astounding levels. The plan to buy 40 trillion yen worth of US$s does not come with a viable plan of how to pay for them. The BOJ and MOF are acting almost like two central banks. This combination is explosive and hyperinflationary. About $80 billion of new fiat money has been effectively created in 2004 by the MOF over and above the 16%+ growth in the monetary base fostered by the BOJ. If they don't realize the inflationary implications of the above by early April, the JGB market will fall to pieces - plus the yen may start declining on a sustained basis against all major currencies. The Japanese people don't have an aversion to buying gold/silver and will quickly recognize the price of precious metals is rising daily in terms of yen. Thank You--Hiding Bear--for your thoughtful analysis and commentary! Link to comment Share on other sites More sharing options...
Guest Posted March 5, 2004 Report Share Posted March 5, 2004 Marshall Law? Sounds like a job for "Marshall Bush" "We can have that oil under our control be Monday...high noon!" Link to comment Share on other sites More sharing options...
zensmoke Posted March 5, 2004 Report Share Posted March 5, 2004 FED speaking again: Fed's Pianalto-fiscal deficits can drive up rates Reuters, 03.05.04, 1:22 PM ET WASHINGTON, March 5 (Reuters) - Federal Reserve Bank of Cleveland President Sandra Pianalto on Friday said that large fiscal deficits push up interest rates in the end. "Large budget deficits eventually drive up interest rates. ... If the financial markets are concerned that we are creating policies that are inflationary in the future, they will want higher rates of return," she told the City Club of Cleveland Friday Forum at a speech in Cleveland. "We are staying focused on maintaining a low inflationary environment," she added http://www.forbes.com/markets/newswire/200...rtr1288267.html Link to comment Share on other sites More sharing options...
Guest Posted March 5, 2004 Report Share Posted March 5, 2004 Leitchfield plant closing; 175 Cincinnati area jobs to be phased out The Robert Bosch Tool Company in Leitchfield will begin laying off 175 workers in August and close the plant within a year. The company's production of circular saw blades will be sent to plants in China. http://www.fox19.com/Global/story.asp?S=1691541 Link to comment Share on other sites More sharing options...
dogsie Posted March 5, 2004 Report Share Posted March 5, 2004 Today is turning into a bad day for market bears. The employment data and news out of intc could have provided a great catalyst for selling to occur. The internals remain remarkably positive at the NYSE. I don't hold any position but am awfully tempted to go long here. Link to comment Share on other sites More sharing options...
Guest Posted March 5, 2004 Report Share Posted March 5, 2004 Delphi cuts jobs, outsources work Tom Hartley Business First Delphi Corp. is shedding about 150 well-paying technology jobs, including two positions at its Delphi Thermal & Interior Division in Lockport, and will outsource some other work overseas to firms in India and Hungary. The job cuts and new assignments will be in place by April 1. http://buffalo.bizjournals.com/buffalo/sto...01/daily37.html Link to comment Share on other sites More sharing options...
brian4 Posted March 5, 2004 Report Share Posted March 5, 2004 Dogsie-long is ok over 1160 spoo cash on strength below 1160 short! If we can break 1155 again today it will collapse like this morning. Link to comment Share on other sites More sharing options...
HiHat Posted March 5, 2004 Report Share Posted March 5, 2004 dogsie....if SnP don't close above 1159...verdict is still out Link to comment Share on other sites More sharing options...
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