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Bonjour Stuffit !
COGO<beats, shares POP Q1 adj EPS $0.13 vs est $0.06
* Q1 revenue $$169.3 mln vs est $151.7 mln
BORN UP AH<>China New Borun: Q1 EPS of $2.48 beats by $0.10. Revenue of $114.6M (+26% Y/Y) beats by $4M.
zh<>Market Deja Deja Deja... Oh Forget It!
Today was special - full-retard kind of special - as the S&P 500 e-mini futures (ES) did a double-dip deja vu move extending the series to seven days in row of early buying and late selling as ES closed at new cycle lows and a plethora of other asset classes all dropped aggressively to multi-month records. Credit markets remain the indicator for weakness and while JPM's exaggerated the moves, bear in mind that IG credit is only correcting back to where its underlying names have been trading (forced rich - too high - by JPM's previous actions) and the late-day sell-off dragged stocks down near to convergence. Some early stability in IG9 provided a quiet rally in financials but as the afternoon began the selling restarted in the credit index (which pushed to new cycle wides - despite the skew collapsing - as momentum is in charge now). Commodities slid on USD strength and liquidation pressures as we note Gold held in well (better than its peers) until the last hour or so (which has the smell of margin/collateral calls). Equities recoupled with Treasuries today after 3 days of exuberance (again).
S&P 500 e-mini futures continues their downward progression...
Buying ES at the day-session open and exiting athe European close; then selling at 2pmET and exiting at the US day session close has been a very profitable trade the last week or so (8 winners of 10 trades with huge positive skew on P/L)
Credit leads stocks lower...
financials ended the day -0.5% but we note JPM managed some small gains - which has the smell of an RV trade against XLF - as the rest of the TBTFs all dropped further with Margin Stanley now -6.5% YTD...
but financial stocks remain 'exuberant' relative to the consistently correct credit markets...
and commodities continued to slide...
Equities recouple with Treasuries...
the rest of the market was just plain ugly...
IG credit widest since first week of Jan - 4 months
HY credit at YTD wides - now unchanged YTD
HYG (the high yield bond ETF) only back to one-month lows
USA protection is at 4 month highs
S&P 500 cash is at 3 month lows - only 6.6% off highs
VIX is closing at 4 month highs
USD (DXY) is just shy of the year's highs which would take us back to September 2010 highs
EURUSD is at 4 month lows holding the 1.27 handle for now.
30Y TSY at 4 month low yields with a 2.91% handle
10Y TSY at 7 month low yields with a 1.75% handle today
WTI at 5 month lows holding above $92 handle for now but a break takes us to early November levels
Gold is unchanged YTD now - modestly above the 12/30 swing lows which would take us back to July 2011 levels
Silver is unchanged YTD now
Copper in unch YTD and at around mid Jan lows.
Dow Falls to an almost four-month low as Greece’s failure to form a new government offset better-than-estimated American economic data.
Commodity (SPXL1) shares tumbled as the Dollar Index extended its longest rally ever, reducing the appeal of raw materials. Avon Products Inc. (AVP) slumped 11 percent as Coty Inc. withdrew its $10.7 billion offer for the biggest door-to-door cosmetics seller. Home Depot Inc. (HD), the largest U.S. home-improvement retailer, slid 2.4 percent as it forecast slowing sales gains. Lennar Corp. (LEN) and D.R. Horton Inc. jumped at least 2.5 percent as homebuilder confidence climbed to the highest level since 2007.
The Standard & Poor’s 500 Index fell 0.6 percent to 1,330.66 at 4 p.m. New York time, dropping 2 percent in three days. The Dow lost 63.35 points, or 0.5 percent, to 12,632, the lowest since Jan. 19. About 7.3 billion shares changed hands on U.S. exchanges, or 9 percent above the three-month average.
“It’s fear of European drama,” said Paul Zemsky, the New York-based head of asset allocation for ING Investment Management. His firm oversees $160 billion. “It seems obvious that leaving the euro would be a disaster for Greece and very costly to its economy. Yet they seem to be on a path where that could happen. We’ve had some good U.S. economic data, but people are afraid to hold equities. It’s extremely frustrating.”
Stocks fell for a third day and the euro tumbled to a four- month low amid concern Greece will leave the shared currency. The European country will hold new elections after President Karolos Papoulias failed to broker a governing coalition following an inconclusive May 6 vote. The impasse offset American reports showing that manufacturing in the New York region and homebuilder confidence grew more than forecast.
Safety Demand
Investors’ demand for safety pushed up the Dollar Index (DXY), a gauge of the currency against six major peers, for the 12th straight day. The dollar gain helped send commodities lower as gauges of energy and raw material shares in the S&P 500 slumped at least 1.4 percent. Freeport-McMoRan Copper & Gold Inc. (FCX) dropped 4.8 percent to $32.65. Alcoa Inc. (AA) slid 2.4 percent to $8.71.
Pacific Investment Management Co., which manages the world’s largest bond fund, doesn’t see the European currency union surviving in its present form. The most probable outcome is that the 17-nation euro area will evolve into a smaller union centered on France, Germany, Italy and Spain, and underpinned by much stronger coordination and financing, he said.
“The status quo is no longer an option for Europe over the three to five year horizon,” Pimco Chief Executive Officer Mohamed El-Erian wrote in a report outlining the Newport Beach, California-based company’s medium-term economic outlook.
Avon Tumbles
Avon tumbled 11 percent, the most in the S&P 500, to $18.71. Coty, the maker of perfumes by Beyonce Knowles and Heidi Klum, said attempts to speak to Avon board members, including Chairman Andrea Jung and Chief Executive Officer Sheri McCoy, failed after it received a two-sentence e-mail requesting a deadline extension. Coty had given yesterday as a cutoff date for a response when it made its $24.75-a-share bid last week.
Home Depot retreated 2.4 percent to $48.67 after forecasting sales this year will slow from the first quarter because warm weather pulled forward purchases of plants and gardening equipment.
A measure of homebuilders in S&P indexes rallied 2.2 percent on signals of an improving outlook for construction. Lennar increased 2.8 percent to $29.16. D.R. Horton advanced 2.5 percent to $17.33.
JPMorgan Dividend
JPMorgan Chase & Co. (JPM) rebounded from the biggest two-day drop since 2009, climbing 1.3 percent to $36.24. Chief Executive Officer Jamie Dimon, responding to shareholders at the annual meeting after disclosing a $2 billion trading loss last week, said he sees no reason the bank’s dividend would be affected.
Groupon Inc. (GRPN) rose 3.7 percent to $12.17, after soaring as much as 27 percent earlier. The largest daily-deal website reported first-quarter profit that topped estimates, helped by lower marketing costs and expanded international sales.
TJX Cos. rose the most in the S&P 500, climbing 6.9 percent to $42.45. The owner of the T.J. Maxx and Marshalls retail chains reported first-quarter profit that beat analysts’ estimates, driven by demand in Europe. Sales rose 11 percent to $5.8 billion from $5.22 billion a year earlier, matching analysts’ estimates.
Facebook Inc. (FB) boosted the price range on its initial public offering to seek as much as $12.8 billion, signaling that Chief Executive Officer Mark Zuckerberg expects demand for the social network to withstand recent market turmoil.
New Range
The new range is $34 to $38 a share, a regulatory filing today shows, indicating a market value of as much as $104.2 billion. That would make Facebook, co-founded in 2004 by Zuckerberg, worth more than Citigroup Inc. (C) and McDonald’s Corp.
Facebook, which has spent more than a week pitching the IPO to investors across the U.S., raised the range even after the S&P 500 yesterday slumped to the lowest level since February. That may spell disappointment for investors if the slump persists, said Bruce McCain, chief investment strategist at the private-banking unit of KeyCorp.
“They get more money upfront if they can make it go, but if the enthusiasm is weak out of the gate, it makes it that much more difficult for the company going forward,” said McCain, who helps oversee more than $20 billion for the Cleveland-based bank. “You would think they would be a little more cautious.”
The S&P 500 took longer than usual to fall 5 percent from its peak this year, a sign that any further retreat in U.S. stocks will be “contained,” according to Sam Stovall of S&P.
28 Days
The benchmark gauge reached the threshold yesterday after spending 28 days without losing 5 percent from its April high. Since 1950 (SPX), it has taken an average 19 days to fall 5 percent, based on a study by Stovall, S&P’s New York-based chief equity strategist.
Among those that took 28 days or longer to occur, only 25 percent eventually turned into corrections, or retreats of more than 10 percent, the data show. Stovall said in an e-mail that he views losses of less than 5 percent as “noise” and those of between 5 percent and 10 percent as pullbacks.
“The duration of this ‘noise’ likely indicates that the ultimate decline will be contained, unless new worries emerge or existing concerns become increasingly intensified in the coming weeks or months,” Stovall wrote yesterday. “The market will eventually bottom in a ‘pullback’ mode.”
>$VXX above 50 MA for first time since Nov 2011
ARNA slides AH>the company says it's filed a secondary offering with no share amount yet given. Jefferies and Piper Jaffray will act as joint book-running manager
SINA pop some>Sina: Q1 EPS of -$0.21 beats by $0.02. Revenue of $106.2M (+6% Y/Y) beats by $3.6M. Expects Q2 revenue of $126M-$129M, below $130.4M consensus
Buffy, filings crossed earlier: New stakes in GM, Viacom, Wal-Mart, Wells Fargo, and DirecTV
DECREASES stakes in Intel, Kraft, Procter & Gamble
JCP getting hit hard, $0.25 Loss vs $0.06 Loss Expected, suspends dividend Q1 Same-Store Sales Down 18.9%; Sees Additional Restructuring Charges; Cutting Forecast
Video: Tom Crean at the Indy Tailgate Tour | Inside the Hall | Indiana H...
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Sent from my iPad
http://www.insidethehall.com/2012/05/10/video-tom-crean-at-the-indy-tailgate-tour/
am expecting GOLD to bounce / we're near
<>VXX been a surging here eod! GiddeyUP
I see that FCX is about $33 and wallowing. A major producer of copper and a good side of gold. Probably reflecting the down metals market and the slide in gold prices.
Yeppers, rest your eyes; a nap will make you feel better all around.
Trueheart
Hey True....made a little today not much though////As for PCX<<<still telling my fingers NO, looks bad here, and may go lower!
VXX decent hold still w jellybeans and CALLS hit hod, and TZA...Do NOT like this market, NO I don't!
Now gonna rest this poor weak eyes giving me trouble...
Good afternoon, Stuffie. I see you're making dough up and down today. :)
Patriot has been on an almost one year slide from $25. I was in this thing a couple of years ago when it was the darling of the coal industry. Shorts are still biting at 26%. Pity.
Trueheart
2:26 Patriot Coal's (PXC -16.1%) downward guidance in its metallurgical coal sales volume for the rest of the year is dragging down the entire sector. Among heavy miners of met coal, such as Alpha Natural (ANR -7.4%) and Walter Energy (WLT -5%), the drops are the worst. Also: BTU -4.7%, CNX -4.6%, ACI -4.5%, JRCC -3.9%, CLD -3.2%.
DE<<a couple of $80 Calls only here, in case they do NOT miss again
" lol " .. ! Edit >>
It's Hosses, NOT Barz, EZ ..
On the hour: Dow -0.05%. 10-yr -0.02%. Euro -0.64% vs. dollar. Crude -0.75% to $94.06. Gold -0.45% to $1553.95
ElviZ....has left the building!
"Chamber of Commerce" day here ---- time to enjoy it!
Many tempting, smack hands!
Just placed a "mental bet" on 1st race @ Fairmont Park ---- just finished.
I bet on "RUN MAMA BEARE RUN" ---------- she didn't !!
" am still trying w/MagicJack Teckies to get Svc like I want .. so far, no soap .. do 1 thing, cancels another etc.
STLD....this is just getting sick!
== very tempting ==
Nah ... keep a few around 'n case of SnakeBite .. !!
I-Hub, very slo for me ~ anyone else .. ?
why....? Need more BEER or what?
'el .. chgd my mind and ALSO now out on my porch w/a Coors .. fairly pleasant, but may have to run out soon ..
MAKO< Finally a decent bounce after days of down<did not buy back though!
Sorry ...I'm just sitting or smacking my hands in chat to NOT buy a cple of things<<<including PCX! lol lol
About to go on the deck, maybe w dark dark sunglasses, eye still bothering me from tests!
Facebook Snaps Up Lightbox Staff On Eve Of IPO
05/15 12:54 PM
--------------------------------------------------------------------------------
SAN FRANCISCO (Dow Jones)--Facebook Inc. (FB:...) has hired the small staff of London- based mobile phone photo sharing service Lightbox just days prior to the social site's impending IPO.
The deal, which brings Lightbox's seven-member team to Facebook (FB:...) , is one of a number the company has done over the years primarily to add talent to its growing ranks.
Terms were not disclosed.
"The Lightbox team has incredible experience developing innovative mobile products that people love," a Facebook (FB:...) spokeswoman said in a statement.
In a blog post published Tuesday, Lightbox says the deal isn't an acquisition, though it is no longer accepting new users. Existing users of the service, which is designed around Google Inc.'s (GOOG:$614.26,00$10.26,001.70%) Android mobile software, will have access until June 15, the company said.
Facebook's (FB:...) move comes as the company seeks to bolster its presence in the mobile advertising market, where it has made relatively slow progress in comparison to desktop computers.
Executives of the Menlo Park, Calif. company have fielded questions about their progress in mobile during Facebook's (FB:...) recent roadshow presentations to prospective IPO investors.
In a supplemental IPO filing last week, Facebook (FB:...) said its recent trend of daily use of the service increasing faster than the number of ads it delivers is happening partly because of the relatively "immaterial number" of ads being delivered on mobile devices.
-By John Letzing, Dow Jones Newswires; 415-765-8230; john.letzing@dowjones.com
(END) Dow Jones Newswires
05-15-121254ET
Copyright (c) 2012 Dow Jones & Company, Inc.
Calling it a day .. I've messed-up enuf .. Snif ..
Big stock position puts Chesapeake employees at risk
05/15 01:12 PM
--------------------------------------------------------------------------------
* About 38 pct of employee savings plan was in company stock
* Company generously matches worker savings with stock
* Enron's collapse made many companies stop stock matches
By Jessica Toonkel and Matthew Robinson
NEW YORK, May 15 (Reuters) - The woes of Chesapeake Energy Corp (CHK:$14.5072,$-1.0128,-6.53%) are hitting shareholders hard, including its employees.
Thousands of Chesapeake workers have retirement portfolios that are heavily invested in Chesapeake stock, which has declined sharply following revelations about Chief Executive Aubrey K. McClendon's business dealings.
But while retail and institutional investors have sold the stock, employees don't always have that option.
Overall, 38 percent of Chesapeake Energy's (CHK:$14.5072,$-1.0128,-6.53%) Savings & Incentive Stock Bonus Plan - the only 401(k) plan available to the majority of the firm's employees - is in company stock, far above the 10 percent many plan consultants advise.
Currently, Chesapeake says about 4,000 employees are restricted from selling shares the company puts into their retirement portfolios to "match" the employee's own contribution in the plan.
Most companies stopped offering 401(k) matches in stock after the 2001 collapse of Enron Corp, where employees were unable to sell their shares as the company went bankrupt.
Despite regulatory reforms aimed at reducing worker exposure to employer stock, Chesapeake is among a minority of companies that still offer 401(k) matching contribution in shares, highlighting the risk of tying a worker's nest egg to an employer's success.
Chesapeake's stock had dropped almost 40 percent to $15.52 at Monday's close since its high this year of $25.58 in March. The shares were down nearly 7 percent on Tuesday, hit by a rating downgrade and word the company had increased a new bridge loan. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Graphic of Chesapeake employee stock holdings:
http://link.reuters.com/dyz28s YOUR MONEY-Your company's stock, toxic or not? ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
"Employees are naturally worried," said Greg Womack, an Edmond, Oklahoma-based financial adviser who says he has been fielding calls from concerned Chesapeake employees. "If the stock doesn't recover, this is a substantial part of people's retirement."
Chesapeake's retirement plan, to be sure, has been a generous one, and helped put the Oklahoma City-based company on Fortune's 100 Best Places to Work since 2008.
The company matches every dollar a salaried employee invests in the 401(k) plan - up to 15 percent of an employee's salary - with shares of stock. That's more than three times the typical match.
Stock matching programs help companies keep employee interests aligned with corporate goals. They also offer big tax benefits and substantial financial savings to companies.
Out of more than 13,000 employees, the 4,000 workers who cannot sell shares in the stock plan only represent 5 percent of the plan assets, said Michael Kehs, a Chesapeake spokesman, who declined to give total assets in the plan or plan details.
Those 4,000 employees are newer employees, who likely are making small contributions to the plan, thus accounting for the 5 percent, said Don Stone, managing partner of Chicago-based Plan Sponsor Advisors, a plan consultant.
"But just because they may have small balances in their 401(k) plans doesn't change the fact that it could be a big percentage of those employees' money," Stone said.
According to a Chesapeake's 2010 filing on its 401(k) plan, which is the latest available, the plan had $490 million in assets as of Dec. 31, 2010. The firm's 149 union employees are offered a different 401(k) plan that matches employees' contributions in cash - 50 cents for every dollar up to 4 percent of employees' salaries, Kehs said.
Chesapeake requires employees in its retirement plan to hold stock for the maximum amount of time allowed by law: until they have been employed for three years or have reached age 55.
"Chesapeake has created a fairly volatile situation here," said Greg Ash, a partner at Kansas City-based Spencer Fane Britt & Browne LLP, which represents employers on retirement plan issues.
"In an industry in which the stock price can go up and down quickly and especially with all of the recent headlines, I would hope they are talking about removing the three-year lock in (for the employee match)," said Ash.
Chesapeake's workers can invest their own contributions in company stock or in an array of more than 28 investment options, according to BrightScope, which tracks 401(k) plans and rates the plan above-average compared to its peers.
Chesapeake says 95 percent of the plan assets and 98 percent of the vested plan assets can be diversified.
On average, employers match worker contributions up to 3 to 4 percent of their salary, almost always with cash, according to plan consultants. Some companies offer slightly more.
Only 12 percent of companies provide a company stock match, down from 45 percent in 2001, according to benefits consultancy Aon Hewitt. And only 1.2 percent of plans that give a match in company stock do not allow employees to sell that stock immediately.
Three former employees interviewed by Reuters said they still held Chesapeake shares and were holding onto their stock with the hope that it would rebound.
For others, what was once an attractive perk doesn't seem that way anymore.
"At the time, I viewed it as a company putting their money where their mouth is," said one former employee, who has left the company.
Now that he's in his thirties and has a family, he said he would not be as comfortable with the idea.
Many companies offer an Employee Stock Ownership Plan (ESOP) inside a 401(k) - which is what Chesapeake offers - and supplement it with another kind of retirement benefit plan to provide employees more diversification, according to Michael Keeling, president of the Employee Stock Ownership Plan Association, a trade group. But there is no additional plan available for non-union employees at Chesapeake.
EDUCATIONAL EFFORTS
Chesapeake "routinely reviews the plan design and investments taking into account all Internal Revenue Service and Department of Labor guidelines," the company spokesman said in an email to Reuters.
Principal Financial Group runs the company's financial literacy education program. According to Principal documents about the program supplied to Reuters by Chesapeake, the company regularly sends educational materials about its 401(k) plan to employees that emphasize the need to diversify.
Five former employees interviewed by Reuters agree that the company makes concerted efforts to educate plan participants.
Despite these efforts, more than one-third of Chesapeake's plan remains in company stock, down from a high of 77 percent in 2005, but still way above industry average.
The average 401(k) plan had 11.4 percent in company stock at the end of 2010, down from 13 percent in 2009, according to an Aon Hewitt survey of 401(k) plans that, in total, served more than 12 million employees.
LITIGATION LIABILITIES
From 1997 through July 2010, 211 class action lawsuits were filed against employers over company stock, according to Cornerstone Research.
While these cases tend to be dismissed or settled, the threat of a suit and the bad publicity and legal hassles that come with it has led many companies to stop offering stock matches, said Bill McClain, a consultant for Mercer who advises 401(k) plans.
<<Glu Mobile (GLUU +13.2%) soars in mid-day trading after receiving a positive mention on CNBC's Fast Money as a social gaming play
Pimco's El-Erian: Dollar To Be Main Winner Of Flight For Safety
05/15 12:30 PM
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--El-Erian's comments come from Pimco's annual gathering on secular outlook
--Pimco revises down forecasts for global economy over next three to five years
--El-Erian flags political risks in Europe
--El-Erian also highlights inflation risks from Fed stimulus
By Min Zeng
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Investors betting on a slide in the U.S. dollar might need to proceed with caution.
Pacific Investment Management Co., home to the world's biggest bond fund, argues that the currency could strengthen on a flight for safety at least through the next 12 months.
The view was made by Mohamed A. El-Erian, chief executive and co-chief investment officer of Pimco, out of an annual gathering where the firm's fund managers exchanged musings on the global economic outlook and potential implications on financial assets over the next three to five years, a time frame considered by Pimco as a secular investment horizon.
The comment was the latest confirmation of a shift, at least for now, toward a more bullish stance on the dollar, whose fate has been subjected to heated debate among investors and analysts.
The currency rallied broadly Tuesday as fears over the euro zone's debt crisis drove investors for safety, though some analysts have cautioned that a deteriorating crisis could increase the risk for the Federal Reserve to pump more cash to shield the impact on the U.S. economy. The prospect of such stimulus, known as quantitative easing, has been a major factor weighing on the dollar over the past year, as more cash-pumping will dilute the value of the dollar.
El-Erian argues that a flight for safety could prevail. "Expect the U.S. dollar to continue to be the main recipient of flight-to-quality capital, at least for the first part of the secular horizon," he said in a comment posted Tuesday on Pimco's website.
Reflecting Pimco's consistent concerns about the euro zone, the company slashed its view of the rate of growth for developed economies to average about 1% annually over the next three to five years, down from above 2% at the previous forum last year.
While emerging market economies would fare much better, Pimco expects the rate of growth to edge down to about 5%, from 6% previously predicted.
Pimco has long flagged the risk that Greece could bolt out of the euro zone, and the latest political stalemate there has added to investors' anxiety. Tuesday, the latest effort to form a coalition government in Greece failed, and the nation is set for a new round of elections. Investors are worried that the elections could produce a government that may renege on austerity measures demanded by the European Union and the International Monetary Fund in exchange for an external bailout. In recent days, some EU officials have, for the first time, talked publicly about the possible risk of Greece leaving the euro zone.
"The potential for political upheavals is certainly with us," said El-Erian, noting the risk that the elections could result in a "further polarization that complicates the economic management."
While the euro zone is a main risk to global growth, investors should also be alert to the risk of higher inflation, driven by highly accommodative monetary policy by major central banks, especially the Fed, said El-Erian. Central banks play a bigger role in supporting the economy as high fiscal deficits limit governments' ability to boost growth, he said.
"With other government entities doing too little, central banks likely maintain highly accommodating policies for too long," he said. "And don't forget the political appeal of resorting to inflation" as a way to reduce debt burdens.
Facing this risk, Pimco has been advocating buying assets that provide protections against inflation. One way is to buy Treasury inflation-protected securities whose value rises along with higher inflation. Another way is to sell long-dated Treasury bonds, whose value will be eroded by higher consumer prices.
El-Erian sees two outcomes from central banks' stimulus over the next three to five years.
Should the stimulus end up providing a bridge for other government entities with more effective measures and encourage capital from the private sector currently on the sidelines to flow into the economy, an "across-the-board risk- on posture would make sense, and the government bonds would prove a bad place to be," he said.
On the other hand, should central banks prove not only ineffective but also counterproductive and the negative impacts trump the benefits that such stimulus provide the economy, this would heighten investors' aversion for riskier assets. That might end up "sucking more oxygen out of the economy," a case that could support demand for safe-harbor Treasury bonds.
-By Min Zeng, Dow Jones Newswires; 212-416-2229; min.zeng@dowjones.com
(END) Dow Jones Newswires
05-15-121230ET
Copyright (c) 2012 Dow Jones & Company, Inc.
<<<~~PCX, absolutely FUGLY
I catch a few, but NOT a Queen there no more, play fewer then I used too....
Go AMLN<get bought $30+
and GILD can trend higher any ole time!
Totally agree --- was sort of shocked when I dug a bit deeper on both ---- but, I thought it would be prudent of me to check with the BIO-TECHPHARMA QUEEN!!!
zh<>FBI Opens Inquiry Into JPM Loss
Submitted by Tyler Durden on 05/15/2012 12:15 -0400
Earlier we were complaining that the newsflow was on its way to getting full-retard surreal. It just crossed that line.
From NBC:
NY FBI Opens Inquiry into JPMorgan Chase Loss
The FBI in New York has opened an inquiry into JP Morgan Chase's $2 billion loss, NBC 4 New York has learned.
People familiar with the matter tell NBC 4 New York that the inquiry is not a criminal investigation. The FBI is taking a preliminary look at the incident.
JPMorgan Chase CEO Jamie Dimon disclosed last week that the bank had lost the $2 billion by making a bad bet with so-called credit derivatives.
Investors lopped off nearly 10 percent from JPMorgan's stock price the next day, and 3 percent more on Monday. Since Dimon made the announcement, nearly $20 billion in market value has evaporated.
Translated: the FBI has been unleashed to investigate how a bailed out TBTF bank with full government backstop can possibly lose money, and to arrest those responsible.
The good news: this surely means that the FBI will certainly now look at recent vaporization events at MF Global. Right??? Right???
The scariest news of the day: FBI agents are now using Bloomberg Terminals.
Nope, don't like the PPS for my pocketbook
<<~Dumpfest>Just when you thought you'd seen the worst, its gets worsterer. While US equities are oscillating in a broad range trying to ignore the Eurocalypse, European asset markets had one of the worst days of the year today across the board. Spanish and Italian bond spreads are 40bps wider this week alone (adding 15-20bps today) and Portugal (sorry Stevie) are 52bps wider this week as our prediction that a compressed basis would remove any technical support for the bonds has come true. With sovereigns deteriorating rapidly, and given the forced contagion of the LTRO program, it is no surprise that financials are imploding. Senior and Subordinated credit spreads are underperforming dramatically with Subs +90bps and Seniors +55bps in May, while high-yield credit is 100bps wider and broad European equities (Bloomberg's BE500 index) are tracking them lower now practically unchanged for the year (and back below its 200DMA). Of course, while Greek bank runs are accelerating (and are likely beginning in Spain) and ASE is at all-time lows, the hope remains that if things get ugly enough, the ECB will save the day and Draghi will magically re-appear. The hope of another LTRO is meaningless, though likely inevitable, as it will only exacerbate the stigma that we have been so accurate on. With collateral in short-supply, especially in Spain, any further encumbrance will crush LTRO-facing bank debt and equity-holders via subordination and so it may make sense to be even more long the 'stigma' divergence between LTRO and non-LTRO.
http://www.zerohedge.com/news/euro-dumpfest-continues-ltro-banks-implode
zh<>Has The Greek Bank Run Started?
\
http://www.zerohedge.com/news/has-greek-bank-run-started
<<$AMLN over 6% today....
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DISCLAIMER:
1. DO THE MATH!!! - Before placing any trade, do the math. Where is the trigger? Where is the proper stop based on the chart setup? How many shares should I buy? This is easy to figure out. You never want to lose more than 1% of your trading account balance on any given trade. So, if you have a $30,000 account, your maximum acceptable loss on any given trade should be $300. If the stop is .20 cents below the entry price (again, based on the chart setup), then you should not buy more than 1500 shares (for the purpose of this lesson I have left commissions out of the equation for simplicity).
2. PAY YOURSELF!!! - Once you have a small profit (I use a dime as a rough personal guideline) sell part of your position and move your stop to breakeven on the rest. You will have very few losing trades if you do this, and the losses you do have will be small.
3. STOP TRADING!!! - What do I mean by this? If you hit your daily goal (everyone should have one and make it realistic) stop trading. Afternoons are tougher to trade than mornings anyway, so take the money and run....tomorrow is another day.
4. STOP TRADING!!! - Didn't we go over this already? Well, this one has another meaning. If you lose 1/2 the amount of your daily goal, stop trading and come back tomorrow. For instance, if your goal is to make $500 a day, and you are down $250 on the day, quit for the day. This is the best way to avoid falling into a 'trading death spiral'.
DOW 30 HEATMAP
http://www.stockmarketdrama.com/dow30heatmap.php
http://finviz.com/futures_charts.ashx?p=m5
This is a great free site to get some good info about technical analysis.
www.informedtrades.com/trades.php
http://stockcharts.com/school/doku.php?id=chart_school
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns
Charting tools
http://www.stockcharts.com
http://www.chartpatterns.com
http://stockcharts.com/education/IndicatorAnalysis/
http://www.investopedia.com/categories/technicalanalysis.asp
http://www.candlesticker.com/Default.asp
http://candlestickforum.com/PPF/Parameters/16_332_/candlestick.asp
http://www.incrediblecharts.com/technical/candlesticks.htm
http://www.chartpatterns.com/
http://www.investopedia.com/university/technical/techanalysis8.asp
http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators
http://www.freestockcharts.com/
http://www.barchart.com/
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