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B4 The Bell, Humpday June 9


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#1 Hiding Bear

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Posted 09 June 2004 - 07:10 AM

:D Welcome to B4 The Bell! :D

From Brian 4 - I will keep it simple- ... we blast into orbit or we implode I rate 60-40 toward implode-but hey, no guarantee's-there iis no doubt we are at a tipping point-if they pull it off to the upside I go on a Siesta, Amigos!

Japanese bonds market yeilds are at a 3 1/2 year high this morning.

DOW JONES NEWSWIRES
June 9, 2004 1:42 a.m.

TOKYO (Nikkei/Dow Jones)--The recent rise in Japanese long-term interest rates has been caused mainly by the recovery in the domestic economy, a top official of the ruling Liberal Democratic Party said Wednesday.

The rate rise "is a result of the economy getting better," said Shinzo Abe, LDP Secretary-General, at a news conference.

But he added that policy-makers need to watch how higher interest rates might affect the conditions for issuing Japanese government bonds.

The 10-year JGB yield rose to 1.78% Wednesday.


Got Tankers?

Got Oil? Now, Try to Find Tankers to Carry It

LONDON, June 8 - Now that OPEC has agreed to raise its crude oil production quotas in hopes of taming high and jittery oil prices, industry experts are growing more concerned about both the capacity and the security of oil tankers, the next link in the supply chain.

The world's tanker fleet is already stretched thin by robust demand for oil, by looming deadlines for the phase-out of single-hull tankers for safety and environmental reasons, and by lengthening backlogs at the shipyards where new tankers are built. It is far from clear, experts say, whether the existing fleet can handle the new production that Saudi Arabia and others have promised in coming months.

"There is just barely enough shipping capacity at these high production levels," said Jeffrey Goetz, head of marine projects and consulting at Poten & Partners, a New York-based energy and ocean transport broker.


http://www.nytimes.c.../09tankers.html

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#2 Madame Wrecked Him

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Posted 09 June 2004 - 07:11 AM

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 4. The Market Composite Index of mortgage loan applications-a measure of mortgage loan applications for purchases and refinancings-decreased by 8.9 percent to 568.8 on a seasonally adjusted basis from 624.6 one week earlier. On an unadjusted basis, the Index decreased by 18.5 percent compared with last week and was down 68.0 percent compared with the same week one year earlier.

The MBA seasonally adjusted Purchase Index decreased by 6.0 percent to 432.2 from 459.8 the previous week. The seasonally adjusted Refinance Index decreased by 13.9 percent to 1363.2 from 1583.6 one week earlier. (I see it was at 1272.3 in the week of March 29, 2002, just a little lower than here)

The Refinance Index is down 86.3 percent from the record high of 9977.8 set exactly one year ago.

The refinance share of mortgage activity decreased to 32.6 percent of total applications from 34.3 percent the previous week.

The adjustable-rate mortgage (ARM) share of activity increased to 34.6 percent of total applications from 33.9 percent the previous week.

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Posted 09 June 2004 - 07:13 AM

Resistance
by Ignacio Ramonet

RESISTANCE means saying no. No to contempt, arrogance and economic bullying. No to the new masters of the world: high finance, the countries of the G8, the Washington consensus, the dictatorship of the market and unchecked free trade. No to the quartet of the World Bank, International Monetary Fund, World Trade Organisation and the Organisation for Economic Cooperation and Development. No to hyper-production. To genetically modified crops. To permanent privatisations. To the relentless spread of the private sector. No to exclusion. No to sexism. No to social regression, poverty, inequality and the dismantling of the welfare state.

No to the abandonment of the South. No to the daily deaths of 30,000 poor children. No to the destruction of the environment. No to the military hegemony of a sole superpower. No to "preventive" war, to invasion, to terrorism and to attacks on civilians. No to racism, anti-semitism and islamophobia. No to draconian security measures. No to a police state mentality. No to dumbing-down. To censorship. To media lies. To manipulative media.

More....

http://mondediplo.co...05/01resistance

#4 trinharder

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Posted 09 June 2004 - 07:14 AM

Greenspan's Shift
Chairman Greenspan’s remarks today to the International Monetary Conference were undoubtedly crafted to send a number of different messages to various markets and to subtly shift the Fed’s policy stance stated at the last FOMC meeting on May 4. In our view the speech is somewhat more bearish for stocks.

http://www.comstockf...&menugroup=Home

#5 mjkst27

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Posted 09 June 2004 - 07:22 AM

Greenspan knows deflation is the problem, and will never have to worry about following through on his promise to be aggressive on inflation if need be. What crap - we've gone from a deflation scare to an inflation scare in less than 18 months according to Uncle Al. Pretty agile maneuver for such a big economy huh? I ask, is our economy more akin to a hulking D-lineman, or a shifty tailback?

#6 DrStool

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Posted 09 June 2004 - 07:28 AM

MoGauge Collapse Continues

Lowest Level in Two Years

Madame WH beat me to it again. I'll have to get up earlier. :lol:

The index is going over the edge. This has enormous implications for....

everything.


The report with the usual charts and analysis will be published by 8:30 AM. Don't miss it. Take a subscribatory NOW, and you'll be ready to download, when it is. Click the link below and get in RIGHT NOW!

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#7 mjkst27

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Posted 09 June 2004 - 07:30 AM

peak oil discussions

found this site last night. if anyone's interested in some discussion on peak oil, there's some heavyweight commentators linked here - Ruppert and Heinberg are top notch.

#8 Madame Wrecked Him

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Posted 09 June 2004 - 07:31 AM

Lol, Doc, It's your chart in the Anals that makes all the difference. :rolleyes:

#9 DrStool

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Posted 09 June 2004 - 07:33 AM

Holy Crap BatTurd. The 1 year ARM is at 1.96 this morning. This is unbelievable. 100 bps since March! A double in less than 3 months. The time bomb starts to blow next month.

Details in the MoGauge Report coming up.

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Posted 09 June 2004 - 07:34 AM

Posted ImagePosted Image

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Posted 09 June 2004 - 07:38 AM

Edited by originator

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Posted 09 June 2004 - 07:45 AM

``Russian banks are closing credit facilities to each other en masse,'' United Financial Group anal cyst Dmitry Dmitriev said in a note to clients. ``We believe the present tensions are bank specific'' and ``so there is no parallel with the systemic crisis of 1998.''

Russian Banks Cut Credits on Failure Concerns

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Posted 09 June 2004 - 07:52 AM

http://www.axisoflog...icle_8744.shtml

Enron's Trading Schemes: Kenny Boy Lay, Skilling, Washington lobbyists aware of company's fraud on California
By Jason Leopold
Jun 9, 2004, 13:51

"I know there's a lot of political risk and I know that we got a ton of money in our book and then -- if Jeff Skilling ah, has to go in front of some commission and explain the activities of the West Power Group, that's probably not so great for my career," Belden told Shapiro, according to the transcripts.
 
This is the first revelation that an Enron lobbyist was briefed on the company's manipulative trading practices and it appears likely that other executives were also in the know. Shapiro wielded enormous influence with members of the Bush administration. On May 23, 2001 he met with White House economic adviser Robert McNally and Energy Secretary Spencer Abraham's chief of staff about Bush’s National Energy Policy and Enron‘s opposition to price controls in California.
 
The meeting between Shapiro and McNally came at a crucial time for Enron. The company’s most senior executives recognized that Enron stood to lose hundreds of millions in profits and its standing on Wall Street if California lawmakers were successful in getting federal energy regulators to rewrite the rules in California‘s power market. Judging by the events that followed, it appears that Bush and Cheney were in Enron’s corner.
 
Four days before Shapiro met with McNally and Abraham’s staff, on May 17, 2001, Vice President Dick Cheney was interviewed by the television news program Frontline. When asked if companies like Enron were behaving like a “cartel” and manipulating the California power market Cheney responded with a resounding “no.”

That same day, May 17, 2001, Cheney and Bush unveiled the details of the National Energy Policy, in which Cheney adopted seven of Ken Lay's suggestions, according to published reports. Had the intimate details of Enron’s trading schemes been known to California officials it most certainly would have derailed Bush’s energy policy, which called for keeping many of deregulation’s key components in place, and forcing key players, like Cheney, to return to the drawing board to draft a new policy.
 
But there’s more....

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Posted 09 June 2004 - 07:55 AM

http://www.axisoflog...icle_8234.shtml

Questions over Federal Reserve talks with Bush: The many White House visits by the Federal Reserve chief, Alan Greenspan, have raised fears "[his decisions] might be affected by political winds".
By Nell Henderson in Washington
May 27, 2004, 15:08

"There's the appearance that [Greenspan] might not just be affected by economic winds, but possibly by political winds," said Dr Thomas, who obtained records of Dr Greenspan's appointments going back to 1996

The records show that Dr Greenspan has called on the White House Council of Economic Advisers about as often during Mr Bush's years as he did in the four years of President Clinton's second term.

But the number of appointments with other White House officials jumped sharply with the new administration, from an average of three per year from 1996 through 2000, to 44 per year in 2001 through 2003.

The chairman has met the Vice-President, Dick Cheney, at least 17 times; the Defence Secretary, Donald Rumsfeld, 11 times; Dr Rice, 12 times; Mr Card, six times; Mr Powell, once; and deputy defence secretary, Paul Wolfowitz, twice.

#15 Hypertiger

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Posted 09 June 2004 - 07:58 AM

``Russian banks are closing credit facilities to each other en masse,'' United Financial Group anal cyst Dmitry Dmitriev said in a note to clients. ``We believe the present tensions are bank specific'' and ``so there is no parallel with the systemic crisis of 1998.''

Russian Banks Cut Credits on Failure Concerns

I figured out what Russia's problem is...not enough printing presses...
"We are completely dependant on the commercial banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money (at the request of the consumer) we are prosperous; if not, we starve. We are absolutely without a permanent money system.... It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon." --Robert H. Hemphill, Atlanta Federal Reserve Bank,1938...





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