NYSE Euronext (NYX)

[Not_Bill_Oneil]

Did anyone hear Cramer's latest on NYX?

He did a segment on his show yesterday, 12/11/08, and likes it again, right here, which is holding it up here high in the range today.

Thought I'd post a note since this board was started after he made it his pick of the year, a couple of years back. One of his worst picks ever I think he has called it.

Good luck.

[Not_Bill_Oneil]

Paulson seemed to confirm yesterday...

that he doesn't know what to do, or better, he's doesn't know what he and the rest of the government is doing. I'm glad he wants to do the right thing, at least that what he implied, but, that won't really help us.

Besides Obama's long list of real problems to address, now it seems a lot of energy will be diverted to reversing the new long list of items the Bush administration is pushing through here now until the end.

Good luck.

[Not_Bill_Oneil]

Didn't buy NYX today,

but got some CME.

Another wild ride day, so had to flip it at the close.

Let's see what tomorrow brings us after the FOMC.

GL.

[Not_Bill_Oneil]

Closed on the lows

at a new low.

But, no climatic selling except for a couple of names. Volume is less than Friday.

How long can this go on???

Ben may decide he wants to cut 75 bps to minimize the next downdraft. Not that it's gonna make a lot of difference. So, no, probably not. Just 50 bps.

[Not_Bill_Oneil]

Dick Grasso is on Bloomberg TV

this morning. Good interview and alot of discussion on NYX and the future outlook which he very bullish on.

Hope some of you caught it.

GL.

[Not_Bill_Oneil]

Once again, the overnight session...

following the pain around the world is erased mostly as the futures bounce up this morning.

Someone does not, cannot afford, a big plunge. But, sooner or later, the last wave of forced selling will come.

I'm putting in some of my low bids again this morning. They anticipate a plunge at some point. Don't know if those circuit breakers referenced in that other message will have to be used or not. One would think this week is the time if it happens.

If those bids are hit, fine. If not, fine too.

Good luck.

[Not_Bill_Oneil]

I mentioned a couple of the Fed's

planned actions, the larger ones. TARP (Troubled Asset Relief Program) and MMIFF (Money Market Investor Funding Facility). I forgot one - the CPFF. That's the Commercial Paper Funding Facility.

The Fed stated that $1.3 Trillion, with a T, of CP would be eligible for this program which will begin Monday.

Why is this one important? It's to help keep businesses running smoothly the rest of this year and next year basically (and not get a much bigger spike in unemployment down the road).

Our financial system is much more diverse now than in previous crisis. Money for corporations is raised from many sources other than banks now - venture capitalists, IPO's, secondaries, and the commercial paper market, as well as banks and other more standard institutional sources.

The CP market has been one of the many problems especially the last couple of months. This will help.

[Not_Bill_Oneil]

Thanks for the link;

that's a good article, especially for times like these.

I hope our worse is about over, regarding daily plunges and we don't need any of those circuit breakers.

I'm going to be looking for a bounce, like everyone. But, next year, next couple could be tight, and I imagine the market is going to reflect that for awhile.

Depends how many New Deal-like programs our next president enacts come early next year.

GL.

[Not_Bill_Oneil]

Hey buyittradeit, yes the PPT exists

really, and have been doing their job, which at times has been very frustrating, at least to me. It's just been less and less effective lately, even with more and more money thrown around.

Many people, like Kevin Phillips have writen some about the history of the PPT - check out his latest book "Bad Money". But, basically, before Alan Greenspan, the internet, CNBC, Bloomberg TV, etc. the Fed was an even more secretive entity inside the beltway, actually many federal agencies were back then.

After the 1987 crash, President Reagan established the President's Working Group on financial markets. The Plunge Protection Team was the nickname given the group. The group consisted of then newly appointed Greenspan, Treasury Sec Jim Baker, and the rest of the usual suspects.

Some of their "secret" operations were rumored included buying S&P futures on certain down days, etc. and is where the nickname originated.

On the present team: Bernanke's "creative" operations over the past year either coincided with or were independent of his late rate cuts and/or with now more recent large scale plans like with Paulson and the $700 billion bailout (actually $810B+)they got Congress to approve. Or even more recent like the Fed's $600 Billion MMIFF program several days ago regarding CD's and CP in order to prevent more plunges.

The current Working Group is now often casually mentioned on the Nightly News and you'll often see video of Bush, Ben, Hank the Hammer, and company in the cabinet room.

But, all their operations and all their money, so far, can't stop this market from unwinding, and at a quickening pace.

Today was the first limit down day we've had during this mess. We've still not had those other halt measures mentioned in your linked post on the NYSE. Thanks to the PPT. But, overall, by percentage, the drop over the last couple of weeks or month works out to be the steepest drop in history on a medium timeframe, a larger decline than any other "crash" including 1929. In the end, in some ways, it's more or less the same as if it came in one or two days. Some real damage has been done.

At this point, this market is going to go to about the same place it needs to go, regardless of the PPT. Granted, their larger reactionary measures will have some effect and help next year. But, their response is all coming late.

It's too bad that's how Washington works. Katrina and other examples are the same. Everyone knew for decades of the problem in New Orleans, nothing serious was done to address the real problems. After it hits, is when DC deals with it, with far more costs than anything preventative.

GL.

[buyittradeit]

I am glad its the weekend myself. This is what I was refering to.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=33088825

Take care and have a good weekend.

[Not_Bill_Oneil]

Yes! there sure is no evidence in the market

that they exist anymore! Or better, in this market none of their actions are providing any evidence for more than a day that they exist!

I'm glad it's the weekend.

Whoever gets elected on 11/4/08 is going to have to immediately assemble and start working with their own economic Working Group on this economy and their own economic plans and perhaps start working with Bush's team too so there is some semblance of a smooth transition in January. It's too important.

Have a good weekend.

[buyittradeit]

I don't know if I can really believe in that The Plunge Protection Team really exsists. Other then them halting trading.

[Not_Bill_Oneil]

Snookered...

corrected this morning.

The Plunge Protection Team can't do anything now. We are going to where we need to go.

GL.

[Not_Bill_Oneil]

Good close,

and volume up on the day. Got some dow stocks and misc others, but, am not holding msft or others into earnings. Not in this market.

Not the climatic selling I was searching for in certain names, but, still some ok flips.

First time in awhile I feel ok about holding something overnight as well, even though those are for flips too.

GL.

[Not_Bill_Oneil]

This market is back in a correction,

still in a downtrend. Our fledging rally from last week died with yesterday's selling.

But, still looking for climatic type moves and/or special cases like MSFT.

Tight stops are a must for getting in right here.

GL.

[Not_Bill_Oneil]

Hopin for some climatic moves...

down on some stocks at some point today. Gettin' ready to start buying.

Still a time for flipping, but, yesterday's move in MSFT under 21, buy. Would like to get some more, but, cautious on any names before earnings reports.

There are others like that, time to get the rest of the list ready with some entry points.

Everybody is talking today on Capital Hill, except Bernanke and Paulson. Don't expect much from anyone, but, maybe it can still help induce some selling.

Will be looking for a stronger rally later today than the one we got at the close yesterday.

GL.

[Not_Bill_Oneil]

hahaha!

I listened to a little of his speech last night - eh.

Besides the testimony today from the rating agency ceo's, the other interesting lines deliverd are from Ted Stevens corruption trial that are in the news this morning.

Let's see what the jury thinks about it.

Another Fed action announced today - to narrow the spread on the interest rate paid on bank reserves. He's still having to react. Tony Crescenzi had a good article on it this morning.

Be interesting to see what Obama does in January, and where we are in all this by then. McCain's gamble on Palin has about totally backfired at this point - her last interview and the SNL rap are getting a lot of air time and will totally discredit her this next week. Along with Powell's speech on Sunday morning on Meet the Press, that's about it.

I've been watching ICE and CME and haven't even looked at NYX today. What's it at in this sea of red?

Gonna be an interesting close in the markets today!! Hopin for a rally or it's gonna get ugly. (uglier)

[metropick]

<p.s. Paulson is down on the NYSE floor this a.m. with Neideraurer.>

All those Ivy League MBAs and what to show for it? A failing economy and market capitalization down >50%...

I wonder how many Ivy League MBAs were responsible for the collapse of the US economy. My guess is a highly disproportionate amount. What are these schools teaching?

Perhaps Business Week, US News, etc will re-evaluate their creteria for MBA school rankings this year to account for these morons?

Just a thought...

[Not_Bill_Oneil]

And then today the Federal Reserve announces

their new money market facility (MMIFF) today. With as much as up to $540 Billion of funding to purchase CD's and CP.

Question is: Visionary or reactionary? I say reactionary. There is a difference.

Bloomberg properly described it as "another emergency manuever" today.

http://www.federalreserve.gov/newsevents/press/monetary/20081021a.htm

I continued to be a little Mmiffed by this Fed.

GL.

p.s. Paulson is down on the NYSE floor this a.m. with Neideraurer.

[Not_Bill_Oneil]

Good God, Bernanke, ...

I'm just shaking my head listening to some of his answers. He's a smart guy and he has many answers, but, he's just reiterating what I would call standard textbook answers. Good safe standard average technical statistical normal-times answers.

That's what is disturbing. The professor is well learned, but, it seems more and more from studying history, things, past events, not from participating. From reading books, reports, studies, data, etc, not from being out there working. From meetings and statements from his staff, not from people out across the country doing it.

He is still behind the curve because he is following the textbook, planning by the textbook, and still reacting somewhat as if he is living in textbook times, and real life is never text book. There are always nuances and unique situations and this period is certainly one of unique events, and textbook responses to questions this morning as well as ongoing textbook responses to markets are not what is needed.

Creativity and vision from someone knowledgable in the real world (what a cliche'!) is what is needed. Some call his operations "creative", but, many have been small measured unsure operations based on textbook, until he gets further behind, and then he has to react.

The market seems to agree once again as the selling picks up during his answers this morning on Capitol Hill.

None of his answers this morning were creative, none would put him ahead of the curve, none would be used to describe him as visionary, they were all standard and safe.

And that is the problem.

[Not_Bill_Oneil]

Good job!

Yes, that seems the only way to navigate through this market right now.

GL.

[Not_Bill_Oneil]

Anderson Cooper put another photo

of this image up on his website and on his show. However, it was from a different news agency/photographer, and was taken about 1/60 sec after this one and wasn't quite as good as this one.

Did you see McCain on Letterman last night? Letterman was relentless before he came out on stage since McCain bailed on him a couple of weeks ago.

He asked him some tough questions, he did not get some great answers. Another not so good showing, I'm not sure why he went back to Dave's place.

[metropick]

OT - Hell YEAH! My long GOOG play panned out. Selling half on the news. Will wait for tomorrow to determine whether to sell the other half. Will wait for the next wave of panic selling and jump back in to some other things... seems to be the only way to play this market.



Your trading and investment choices should be the result of your own due diligence.

[metropick]

Bwahaha!

[Not_Bill_Oneil]

Love this photo..

http://www.theage.com.au/world/us-election-2008/mccain-goes-for-jugular-but-misses-20081016-52c9.html

[Not_Bill_Oneil]

Hey Metro,

Yes, I didn't get to watch all of it, but, he sure did. When Obama would talk and say anything that he didn't agree with McCain on, John would start blinking his eyes real quick, and tense up further. I'm surprised they didn't coach him more on all of the body language, etc.

Paulson is another one not good in front of the camera. I saw that one too, and yes I gave him about a D-. He's been painful to watch all year, but, yes he's putting in the efforts - let's see where it goes.

Things are budging slightly in the credit markets, but, the damage has already been done there too for next year. Any relief now will show up much later.

Goog will be interesting tonight.

GL.

[metropick]

OT ...

Yes, McCain is washed up. When he started into the ACORN stuff in the debate last night, while Obama would talk about issues, I thought McCain sounded whiny. Admittedly, ACORN needs to be dealt with, but to discuss it for about 10 minutes only served to hurt McCain's cause. He's missed the boat. The Reps better start planning for 2012.

OT 2 - I didn't realize you were that close to the fires, NBO. I hope the fires don't get too close! Be safe!

Out here in the east coast the leaves are changing color. My wife and I love this time of year -- football, tailgates, beer. Oh yeah!

[metropick]

Hey NBO - Watched the debate last night. Man o man did McCain look angry or what? Jimminie-Christmas! The thing I can't figure out is why he never mentioned his plan to cut cap gains by half and raise the deduction limit on capital losses from $3k to $5k. His "I'm not Bush" tag line was three debates too late, I'm afraid. Ultimately, I don't care who gets in the office so long as they understand and ultimately abide by supply side economics.

I also saw Henry Paulson on Kudlow last night. As the Forbes Int'l Editor had said shortly after Paulson's interview, "I give him an F" (for the interview)... Paulson never explained why he reversed his position on direct capital infusions into the banks through preferred equity stakes. Initially, he got the bailout package passed in Congress under the premise he was going to buy up illiquid assets. Now he's using over $250B of the $700B to buy preferred shares of GS, JPM, C, etc. Then he has the audacity to say he's not trying to nationalize the banking system without explaining his actions of late! Why? There was no answer given. F for the interview, short term B for his efforts to thaw the credit markets. Though, if something doesn't budge in the Libor soon, I am concerned we'll have another 1500 point attrition on the Dow.

I took profits Monday afternoon, thinking there's no possible way for us NOT to retrace... and here we are. I started nibbling again yesterday at GOOG ahead of earnings. Hopefully they won't disappoint too much. Heck, they're probably released already. I don't see much more downside in GOOG not already baked into the delapidated multiple.

Best of luck to you in these dangerous trading times!



Your trading and investment choices should be the result of your own due diligence.

[Not_Bill_Oneil]

One Princeton professor gets

the Nobel Prize, Paul Krugman,

while the other Princeton professor, uncle Ben, will likely get another prize - the #1 spot on AC360's Ten Most Wanted Culprits of the Collapse.

Pre-market - another wild day shaping up in the markets.

[Not_Bill_Oneil]

OT - Hey Metro...

You know when I heard McCain use the ole' "Obama is already measuring the drapes" line today, he seems kinda washed up.

Good luck.

OT2 - Our skies are glowing orange again tonight from the nearby fire - autumns are strange out here when the Santa Ana's start blowing.

[Not_Bill_Oneil]

NYX well across $30...

and now the Nikkei is up 13% tonight as we await another Mr. Market's Wild Ride day tomorrow.

Good job picking late last week Metro!

I also like what Anderson Cooper is doing on AC360 - his "Culprits of the Collapse". His tag line - "Some people say this is not the time to point fingers. We disagree. This is exactly the time."

Good job Anderson on the Ten Most Wanted Culprits!

Can't wait to see who gets #1 Most Wanted.

[Not_Bill_Oneil]

I did some flipping into that strong rally

Friday afternoon, at this point am glad I did.

Will have to play it as it evolves this coming week while waiting to put some more bids in.

GL.

[Not_Bill_Oneil]

A good close but

still a lot of uncertainty on many issues. Could see more selling next week. Have to see what else comes out of Washington and Wall Street this weekend.

GL.

[Not_Bill_Oneil]

Put my bids in this morning...

a couple hit at the top of the planned scales, we'll see if some more get hit later today.

Only on some names like MCD, WMT, PG, GS, WFC, etc.

Others to watch are ICE, CME, NYX, AAPL, etc. but, this market is still jacking things around.

May put in some low bids early next week on others like GOOG, MA, CHK etc.

GL.

[Not_Bill_Oneil]

Regarding this morning's action...

The President wouldn't have come on to give his planned confidence speech (moved from 10 am to 10:25 am) with the Dow down 600 or more and with many individual stocks crashing. That's not how this administration works. This morning's rally beforehand could be attributed to many things like the gap fill, Vix spiking, etc. but the reversal was very purposeful.

The Fed and Treasury were totally quiet this morning after markets roiled around the world ahead of our open. In addition, uncharacteristically, no new market operations by them were announced, so likely we may hear that they were in the markets this morning buying S&P futures, at least starting the buying at the open and then triggering some covering of the large short interest. I would tend to believe at this point that they (the PPT) were intervening again this morning ahead of the president's speech.

Sooner or later, the market forces will take these markets to where they need to go, not where the Plunge Protection Team wants them to go.

[metropick]

Nibbling on tech this morning after that huge bounce up from being down as much as 660... we're closer to the bottom than the top me thinks...

[Not_Bill_Oneil]

Regarding "earnings have to get cut

the next several quarters" comment.

On IBD's Screen of the Day for Friday, 10/10/08, it's titled "Estimate Beaters". When you click on the link the results page comes up blank with the following message:

"No stocks met the criteria for today's Screen of the Day"

I have not seen that happen before.

[Not_Bill_Oneil]

This market might go tomorrow...

down, big.

[Not_Bill_Oneil]

hahaha!!! Exactly!!!

LOL!

[metropick]

I think that clown behind the e-trade baby is actually Paulson... you can tell, because of the apparent "creepiness"...

[Not_Bill_Oneil]

You know, Paulson would make a great Bozo the Clown. Just think of him coming out dressed like that at one of his press conferences. You know, just the shape of his head with some crazy red hair sticking out, and then his voice and all that stuttering! It would be a great show! And even his long awkward gait, it would only be more awkward with some size 22 floppy black shoes on his feet.

Before he comes out you'ld get the merry melodies music and then the announcer, "Bozo's Circus is On the Air!"

Ok, gotta get back to the screens.

[Not_Bill_Oneil]

LOL, that's good Metro...

about Elmer Fudd.

It is what it is, regarding the clown show. The McCain campaign just released their revised statement on his mortgage bailout plan he announced during the debate opening - also clownish. So he needs one of those red balls to put over his nose and join the group. Sorry! But, you've got to read the latest statement. :)

All I can share is what I've been doing - just try to protect capital and make some money when you see a sure thing (which is hard in these types of markets). I know how easy it is to get whacked on even some of the "sure" things with all these clowns changing rules and seizing companies and their reactionary market interventions, as well as commodity swings, huge hedge funds liquidating, etc.

Tight stops and minimal risk right now.

If we can get a washout despite all of the efforts of the Plunge Protection Team, like early next week or later in the month, that should be a sure thing to jump on (at least for a while).

GL.

[metropick]

NBO: "NYX was on that temporary ban list - if they let the rule expire you may need an extra beer on Thursday Metro."

You called it! Holy jeeze...

The NYX has a market cap of $7b. That's craziness. They should use a big chunk of that 718m they have on their balance sheet to start buying back right this instant.

[metropick]

Thanks for the comments, NBO.

I cannot think about this whole GD mess without blood shooting out of my nose.

What a clown show Washington is! Inflation!? WTF is wrong with Bernanke!? Why is that word even a part of the Fed's vocabulary right now!!!? There's a massive deflationary title wave that is in clear sight!! We saw $2 trillion of 401(k) attrition over the past 2 weeks, and this is the tip of the deflationary iceberg. Everyone seemed so impressed with Bernanke's credentials when he inheritied the job from Greenspan... he's turned out to be the world's smallest economic mental midget.

You know who really gets me going? It is Barney Frank, who I now affectionately call Elmer Fudd. The vocal and physical similarities aside, this guy is really hunting wabbits in futility. The wabbit, of course, is the scape goat... nevermind it was Frank that shot down the proposed regulation on Fannie and Freddie in 2005, stating, “I see nothing in here that suggests that safety and soundness are an issue.” Further, Bill Clay of MO, had this to say of Raines in the same meeting about the proposed regulation, "This hearing is about the political lynching of Franklin Raines.” Nevermind that Bill statement was a discredit to anyone in history that was actually "lynched", but I don't imagine that a referendum calling for an actual lynching of Franklin Raines could now be defeated.

Let's put it to a vote!

[Not_Bill_Oneil]

markets filled that gap down pretty quick...

ok, lets see what we get here at 10am.

[Not_Bill_Oneil]

It's not enough...

Bernanke's 1/2 pt coordinated cut.

Not this late.

Besides the FOMC minutes released on Tuesday, Bernanke's speech on Tuesday matched everything in the minutes that after stating the problems he notes they are still concerned about inflation.

That's the problem, that's what the market doesn't like, that's what going to take us down after a brief pause here.

If you've got cash next year, you've got deals coming your way in everything and anything. There is going to be massive deflation.

GL.

[Not_Bill_Oneil]

Might as well stay up now...

Bloomberg had a well written news article on Tuesday also on the SEC and the report they censored on the agency's failure to regulate and do anything ahead of Bear Stearns' collapse.

Here's an excerpt:

"The report, by Inspector General H. David Kotz, was requested by Senator Charles Grassley to examine the role of regulators prior to the firm's collapse in March. Before it was released to the public on Sept. 26, Kotz deleted 136 references, many detailing SEC memos, meetings or comments, at the request of the agency's Division of Trading and Markets that oversees investment banks.

``People can judge for themselves, but it sure looks like the SEC didn't want the public to know about the red flags it apparently ignored in allowing Bear Stearns and other investment banks to engage in excessively risky behavior,' the Iowa Republican said in an e-mailed statement.

An unedited version of the 137-page study posted to Grassley's Web site Sept. 26 showed that Bear Stearns traders used pricing models for mortgage securities that ``rarely mentioned' default risk. "

The rest of the article talks about the SEC's "failed mission".

Let's see if they still take off their temporary short selling ban rule tomorrow night into this mess. That will be brilliant.

http://www.bloomberg.com/apps/news?pid=20601109&sid=a6iXuZJG1L44&refer=home

NYX was on that temporary ban list - if they let the rule expire you may need an extra beer on Thursday Metro.

[Not_Bill_Oneil]

Bernanke has waited so long again...

on cutting that if he does an emergency coordinated quarter point tomorrow (Wednesday) the market just sells anyway.

Half point may hold for a bit before the selling resumes.

3/4 pt. might get some attention.

He needs to take it down a full percentage point since he is so far behind. Do we get that? No.

What a disgrace.

What the heck do those two guys debating tonight even want with stepping into this mess. God bless them.

[Not_Bill_Oneil]

May need some more beers...

tomorrow. It's 11 p.m. out here in California and Asian markets are down 6%, Australia -5%. YM down over 200 pts.

Read those FOMC minutes released today (Tuesday 10/7). They don't even make sense - they list and state how everything has fallen off since August including inflation pressures due to falling energy and commodity costs, and then contradict themselves about their concern for continued inflation. It's really unbelievable. They really don't get it, what's coming.

I guess I still hold out hope for a news release in the morning about a coordinated rate cut - depending of course on how much pain Europe falls into today.

But, Bernanke is just an asshat. That's not meant to be derogatory at all - it just perfectly describes that he has truly had his head up his ass the past couple of years.

Sad thing is, after all of this, the professor is finally getting some in-depth on-the-job experience and by early next year he may actually start to get it all. Too bad he'll have destroyed any hope of saving the economy by then. He'll be forever behind the curve until it's too late.

Unemployment is going to be disastrous next year. Earnings have to get cut at least out several quarters now.

I gotta go make sure I have some beer in the frig for tomorrow too.

[metropick]

When we touched the 29s today, I grabbed a beer.