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Fed. Ops: 47.75B Matures this week.
Mon: 2.75B 3day
28day + 15.00B This repo operation has 1 collateral tranche, not in total...yet#msg-27425587
Tue: 7.00B 7day
Thu: 17.00B 14day
>>> 9.00B 7Day
Float: 62.00B after Monday
=================================================
Temp Ops:
Perm Ops:
=================================================
Public Debt:
Limit ~ $9,815 T
3/06 ~~ $9,395 T ~~ Substantial Increase
=========================================================
The Slosh Report:
http://www.gmtfo.com/RepoReader/OMOps.aspx
Edit, all the above is subject to change but they seem open to keep this mess afloat as noted by chichi2 put/call study.
frenchee WTG pal. /
Right this action helps only the corrupt Bankers.
Fed.(1)2) 3day RP + 2.75B [net Add 16.00B
Fed.(2) 28day + 15.00B
Note: This repo operation has 1 collateral tranche
http://www.gmtfo.com/RepoReader/OMOps.aspx
Fed.(1)2) 3day RP + 2.75B [net Add 16.00B
Fed.(2) 28day + 15.00B
Note: This repo operation has 1 collateral tranche
http://www.gmtfo.com/RepoReader/OMOps.aspx
Get Ready - Here Come the Gold Stocks!
David Galland
International Speculator
Mar 6, 2008
You'd have to be a monk living in isolated penury to miss the fact that gold is on a tear. Specifically, it has risen from $277.75 on January 4, 2002 to $950 last week, a gain of 242% in just over 6 years. Over the same period, the trembling S&P 500 is up an anemic 22%.
http://www.321gold.com/editorials/casey/casey030608
Get Ready - Here Come the Gold Stocks!
David Galland
International Speculator
Mar 6, 2008
You'd have to be a monk living in isolated penury to miss the fact that gold is on a tear. Specifically, it has risen from $277.75 on January 4, 2002 to $950 last week, a gain of 242% in just over 6 years. Over the same period, the trembling S&P 500 is up an anemic 22%.
http://www.321gold.com/editorials/casey/casey030608.html
Fed announces $100 bln in 28-day term repos
8:15 AM ET, Mar 07, 2008 - 2 minutes ago
03. Fed increases size of March TAF auctions to $100 bln
Gold Train's moving on,
Wall Street Journal: link
http://online.wsj.com/public/us
Capstone Turbine receives order from Italian hybrid electric bus manufacturer (CPST) 2.07 : Co announces that it received an order for 15 microturbines to be deployed in 12 hybrid electric buses in the Abruzzi region of Italy and 3 for the Ministry of the Protection of the Environment.
http://biz.yahoo.com/bw/080306/20080306005585.html?.v=1
3.3 m traded lst hr
Fed.(2)3) 7day RP + 9.00B [net Drain -1.50B
Fed.(3) 1day RP + 3.75B
http://www.gmtfo.com/RepoReader/OMOps.aspx
Fed.(2)3) 7day RP + 9.00B [net Drain -1.50B
Fed.(3) 1day RP + 3.75B
http://www.gmtfo.com/RepoReader/OMOps.aspx
Fed. 14day RP + 12.00B [ sofar
http://www.gmtfo.com/RepoReader/OMOps.aspx
Fed. 14day RP + 12.00B [ sofar
http://www.gmtfo.com/RepoReader/OMOps.aspx
CPST: First Microturbines Commissioned under New York City New Safety Standards
Monday March 3, 5:00 am ET
http://biz.yahoo.com/bw/080303/20080303005372.html?.v=1
CHATSWORTH, Calif.--(BUSINESS WIRE)--Capstone Turbine Corporation (www.microturbine.com) (NASDAQ:CPST - News), the world’s leading clean technology manufacturer of microturbine energy systems, today announced that RSP Systems, a Cogeneration Contractors Company, has completed installations of New York’s first microturbines under the City’s new rule for residential and commercial use. In December New York City implemented the country’s first standard for the safe use and installation of microturbine technology.
bot a few yesterday.
Foreign miners flocking to Mexico
ANDY HOFFMAN
http://www.theglobeandmail.com/servlet/story/LAC.20080305.RMEXICO05/TPStory/?query=Mexico
MINING REPORTER
March 5, 2008
TORONTO -- They are hardly the conquistadors that tapped open gold veins centuries ago, but the world's miners have once again descended upon Mexico in search of new sources of precious metals.
Drawn not only by rich gold and silver deposits, but also a stable and easy-to-navigate regulatory regime, the rush to Mexico by foreign mining firms pushed the total value of the country's mining production to a record $7.2-billion (U.S.) last year.
Compare that to just five years ago, when the value of production totalled just $2.3-billion.
"It is the best period in history," Mexico's Economy Minister, Eduardo Sojo Garza-Aldape, said in an interview at the Prospectors & Developers Association of Canada convention in Toronto.
Mining accounts for roughly 3.6 per cent of Mexico's gross domestic product and about 300,000 jobs - key employment, the minister said, because the economic benefits are being felt most in underdeveloped areas.
"We have enjoyed good prices in the last few years and it looks like we will have good prices in the next few years. It means opportunity. For us, the most important thing is this means employment for our people," Mr. Garza-Aldape said yesterday.
Gold mining has been going on in Mexico for more than 500 years. But the current run in the price of bullion, which is threatening to break $1,000 an ounce, has seen Mexico's mining sector enjoy unprecedented investment.
Roughly $189-million was spent on mining exploration in Mexico last year, a 7.4-per-cent increase over 2006. According to Halifax consulting firm Metals Economics Group, Mexico attracted the fourth-highest amount of exploration spending last year, trailing only Canada, Australia and the United States.
Total foreign capital investment in Mexico's mining industry last year was $428-million, and Canadian mining firms were responsible for the brunt of the spending. Of the 375 mining projects currently being explored in Mexico, Canadian companies account for 83 per cent of the total.
Vancouver's Goldcorp Inc. is among the largest foreign companies operating in Mexico. Goldcorp has three operating mines in Mexico and two development projects, including the massive $1.5-billion Penasquito project, which the company expects will produce 400,000 ounces of gold a year.
Mr. Garza-Aldape said changes to Mexican legislation in the 1990s that allowed foreign companies to own 100 per cent of mining operations has been an integral part of Mexico's success in attracting mining investment.
The minister recently met with a group of Canadian companies operating in Mexico and found the miners were looking for ways to expedite the permit and other regulatory processes even further.
As for the North American free-trade agreement among Canada, the U.S. and Mexico, the minister said Mexico does not want it renegotiated.
Democratic presidential candidates Hillary Clinton and Barack Obama have both said they plan to renegotiate the trade deal if they are elected.
Foreign miners flocking to Mexico
ANDY HOFFMAN
http://www.theglobeandmail.com/servlet/story/LAC.20080305.RMEXICO05/TPStory/?query=Mexico
MINING REPORTER
March 5, 2008
TORONTO -- They are hardly the conquistadors that tapped open gold veins centuries ago, but the world's miners have once again descended upon Mexico in search of new sources of precious metals.
Drawn not only by rich gold and silver deposits, but also a stable and easy-to-navigate regulatory regime, the rush to Mexico by foreign mining firms pushed the total value of the country's mining production to a record $7.2-billion (U.S.) last year.
Compare that to just five years ago, when the value of production totalled just $2.3-billion.
"It is the best period in history," Mexico's Economy Minister, Eduardo Sojo Garza-Aldape, said in an interview at the Prospectors & Developers Association of Canada convention in Toronto.
Mining accounts for roughly 3.6 per cent of Mexico's gross domestic product and about 300,000 jobs - key employment, the minister said, because the economic benefits are being felt most in underdeveloped areas.
"We have enjoyed good prices in the last few years and it looks like we will have good prices in the next few years. It means opportunity. For us, the most important thing is this means employment for our people," Mr. Garza-Aldape said yesterday.
Gold mining has been going on in Mexico for more than 500 years. But the current run in the price of bullion, which is threatening to break $1,000 an ounce, has seen Mexico's mining sector enjoy unprecedented investment.
Roughly $189-million was spent on mining exploration in Mexico last year, a 7.4-per-cent increase over 2006. According to Halifax consulting firm Metals Economics Group, Mexico attracted the fourth-highest amount of exploration spending last year, trailing only Canada, Australia and the United States.
Total foreign capital investment in Mexico's mining industry last year was $428-million, and Canadian mining firms were responsible for the brunt of the spending. Of the 375 mining projects currently being explored in Mexico, Canadian companies account for 83 per cent of the total.
Vancouver's Goldcorp Inc. is among the largest foreign companies operating in Mexico. Goldcorp has three operating mines in Mexico and two development projects, including the massive $1.5-billion Penasquito project, which the company expects will produce 400,000 ounces of gold a year.
Mr. Garza-Aldape said changes to Mexican legislation in the 1990s that allowed foreign companies to own 100 per cent of mining operations has been an integral part of Mexico's success in attracting mining investment.
The minister recently met with a group of Canadian companies operating in Mexico and found the miners were looking for ways to expedite the permit and other regulatory processes even further.
As for the North American free-trade agreement among Canada, the U.S. and Mexico, the minister said Mexico does not want it renegotiated.
Democratic presidential candidates Hillary Clinton and Barack Obama have both said they plan to renegotiate the trade deal if they are elected.
Russell: Gold, the great drama
Richard Russell
Dow Theory Letters
Mar 5, 2008
Extracted from the Feb 29, 2008 edition of Richard's Remarks
The Great Drama Unfolds -- Gold coins can be a bit difficult to handle. They are heavy, they are visible, and must be stored in a safe place. But for most people, gold coins (actual gold in one's possession) has one great advantage -- you're not tempted to sell your coins on every decline or correction in gold. For this reason, many people have done better holding a smaller number of Krugerrands or American Eagles than have larger traders who have moved in an out of gold in an attempt to "beat the market."
Some History -- In January 1980 gold topped out at a price of 850 US dollars per ounce. Down goes gold -- down and down, year after year until gold reaches a low of 256 in August of 1998.
There, despised and ignored, gold sinks to its historic bear market low. From its ignominious low of 256, a new primary bull market is born. But 28 years of decline has soured the US public on gold. If they are interested at all, they abide by the wise men of the government and the Federal Reserve. "Gold is history," they are told. "Gold is a story whose time has past." "Gold is a relic from another era, a useless metal used in fancy dentistry and in jewelry.
Under a cloud of disinterest and false tales, gold starts up again. Slowly, almost surreptitiously, gold rises to 300, then to 400, to 500 and 600. Nobody is interested. Some of the old gold mining stocks move higher. They pay no dividends. Nobody is interested in them. Names from the past appear and are taken over. Dome Mines, Homestake and Campbell Red Lake. Skeletons dancing into view and then disappearing.
Gold works its way still higher. A few people remember that gold is money, and they suggest that gold be purchased. But frequent sharp declines and occasional deep corrections frighten the early buyers of gold. They take their profits. Nevertheless, the metal reaches the 700s. A small group of admirers known facetiously as "gold-bugs" urge their followers to buy gold. "It's cheap," insist the gold-bugs, "gold is as cheap as dirt -- buy it."
Then, in January 2008, gold does the impossible. It breaks out above its old 850 peak-level of 1980. After 28 years of being held back, gold bursts is chains and breaks free. Gold pushes above 850 into space never seen before by the yellow metal. It's like a prisoner who, having been held in a dungeon for 28 years, suddenly escapes from the darkness of his cell and emerges into the glare of sunlight.
Twenty-eight years of compression has been released. The advance above the 850 level is still quiet, almost eerie -- but relentless. "It's speculative nonsense," growl the analysts, "it's manipulation by a crazy element that is living in the past." But gold continues to work higher. By February gold is nearing the thousand-dollar-an-ounce mark.
In the meantime, silver, the other monetary metal is pushing towards twenty dollars an ounce. Silver, that sold as low as 23 cents an ounce in 1932, is now selling close to twenty dollars an ounce. "Lowly silver at twenty bucks a pop, I don't believe it."
In the meantime, the US is dealing with an incredibly difficult situation. The nation is straining under the onus of a potential housing collapse. The new Federal Reserve Chairman, Ben. S. Bernanke, is fearful that the housing disaster will send the nation into recession and worse -- deflation. Bernanke is well aware that the two thirds of US families own their own homes, and that consumer buying is responsible for 70 percent of the Gross Domestic Product of the US. On top of everything else, the great banks of the US are in trouble. Bernanke must save the banks and he must hold back the forces of deflation.
But good Lord, what about inflation? The Fed has made its decision. Their first task is to keep the US out of the grip of recession. This allows gold and silver to further express themselves. The lid is off 28 years of compression and imprisonment. The great bull market in precious metals pushes higher. In the background, twenty central banks from around the world print their fiat paper in an orchestrated effort to insure prosperity.
Meanwhile, the great gold bull has broken free of its chains. A strange and unprecedented union of forces has emerged. The US public is unaware of the great phenomenon that is playing out before their eyes. Somewhere ahead, the US public will enter the bull market. Will it be in 2008, in 2009, in 2010? The timing, as we might suspect, is known only to the mysterious gods of the market.
http://www.321gold.com/editorials/russell/russell030508.html
Russell: Gold, the great drama
Richard Russell
Dow Theory Letters
Mar 5, 2008
Extracted from the Feb 29, 2008 edition of Richard's Remarks
The Great Drama Unfolds -- Gold coins can be a bit difficult to handle. They are heavy, they are visible, and must be stored in a safe place. But for most people, gold coins (actual gold in one's possession) has one great advantage -- you're not tempted to sell your coins on every decline or correction in gold. For this reason, many people have done better holding a smaller number of Krugerrands or American Eagles than have larger traders who have moved in an out of gold in an attempt to "beat the market."
Some History -- In January 1980 gold topped out at a price of 850 US dollars per ounce. Down goes gold -- down and down, year after year until gold reaches a low of 256 in August of 1998.
There, despised and ignored, gold sinks to its historic bear market low. From its ignominious low of 256, a new primary bull market is born. But 28 years of decline has soured the US public on gold. If they are interested at all, they abide by the wise men of the government and the Federal Reserve. "Gold is history," they are told. "Gold is a story whose time has past." "Gold is a relic from another era, a useless metal used in fancy dentistry and in jewelry.
Under a cloud of disinterest and false tales, gold starts up again. Slowly, almost surreptitiously, gold rises to 300, then to 400, to 500 and 600. Nobody is interested. Some of the old gold mining stocks move higher. They pay no dividends. Nobody is interested in them. Names from the past appear and are taken over. Dome Mines, Homestake and Campbell Red Lake. Skeletons dancing into view and then disappearing.
Gold works its way still higher. A few people remember that gold is money, and they suggest that gold be purchased. But frequent sharp declines and occasional deep corrections frighten the early buyers of gold. They take their profits. Nevertheless, the metal reaches the 700s. A small group of admirers known facetiously as "gold-bugs" urge their followers to buy gold. "It's cheap," insist the gold-bugs, "gold is as cheap as dirt -- buy it."
Then, in January 2008, gold does the impossible. It breaks out above its old 850 peak-level of 1980. After 28 years of being held back, gold bursts is chains and breaks free. Gold pushes above 850 into space never seen before by the yellow metal. It's like a prisoner who, having been held in a dungeon for 28 years, suddenly escapes from the darkness of his cell and emerges into the glare of sunlight.
Twenty-eight years of compression has been released. The advance above the 850 level is still quiet, almost eerie -- but relentless. "It's speculative nonsense," growl the analysts, "it's manipulation by a crazy element that is living in the past." But gold continues to work higher. By February gold is nearing the thousand-dollar-an-ounce mark.
In the meantime, silver, the other monetary metal is pushing towards twenty dollars an ounce. Silver, that sold as low as 23 cents an ounce in 1932, is now selling close to twenty dollars an ounce. "Lowly silver at twenty bucks a pop, I don't believe it."
In the meantime, the US is dealing with an incredibly difficult situation. The nation is straining under the onus of a potential housing collapse. The new Federal Reserve Chairman, Ben. S. Bernanke, is fearful that the housing disaster will send the nation into recession and worse -- deflation. Bernanke is well aware that the two thirds of US families own their own homes, and that consumer buying is responsible for 70 percent of the Gross Domestic Product of the US. On top of everything else, the great banks of the US are in trouble. Bernanke must save the banks and he must hold back the forces of deflation.
But good Lord, what about inflation? The Fed has made its decision. Their first task is to keep the US out of the grip of recession. This allows gold and silver to further express themselves. The lid is off 28 years of compression and imprisonment. The great bull market in precious metals pushes higher. In the background, twenty central banks from around the world print their fiat paper in an orchestrated effort to insure prosperity.
Meanwhile, the great gold bull has broken free of its chains. A strange and unprecedented union of forces has emerged. The US public is unaware of the great phenomenon that is playing out before their eyes. Somewhere ahead, the US public will enter the bull market. Will it be in 2008, in 2009, in 2010? The timing, as we might suspect, is known only to the mysterious gods of the market.
http://www.321gold.com/editorials/russell/russell030508.html
Nice winner farooq /
Beige Book, full text.
March 5, 2008
--------------------------------------------------------------------------------
Prepared at the Federal Reserve Bank of Boston and based on information collected on or before February 25, 2008. This document summarizes comments received from business and other contacts outside the Federal Reserve and is not a commentary on the views of Federal Reserve officials.
--------------------------------------------------------------------------------
Reports from the twelve Federal Reserve Districts suggest that economic growth has slowed since the beginning of the year. Two-thirds of the Districts cited softening or weakening in the pace of business activity, while the others referred to subdued, slow, or modest growth. Retail activity in most Districts was reported to be weak or softening, although tourism generally continued to expand. Services industries in many Districts, including staffing services in Boston, port activity in New York, and truck freight volume in Cleveland, appeared to be slowing, but activity in services provided some positive news in Richmond and Dallas. Manufacturing was said to be sluggish or to have slowed in about half the Districts, while several others indicated manufacturing results were mixed or trends were steady.
Residential real estate markets generally remained weak; reports on commercial real estate markets were somewhat mixed, but also suggest slowing, on balance, in many Districts. Most Districts reporting on banking cite tight or tightening credit standards and stable or weaker loan demand. Districts reporting on the agriculture and energy sectors said activity is generally strong.
Upward pressure on prices from rising materials and energy prices was noted in almost all the District reports, but Philadelphia said increases in input costs and output prices had recently become less prevalent, and San Francisco indicated pressures were limited for products other than food and energy. By contrast, wage and salary pressures were generally said to be modest, as the hiring pace slowed in various sectors and labor markets loosened somewhat in many Districts.
Consumer Spending and Tourism
Reports on retail spending were generally downbeat, although Boston, St. Louis, and Dallas described sales as mixed and Kansas City reported that consumer spending was "largely unchanged" since the previous survey period. The majority of Districts characterized sales as below plan, downbeat, weak, or having softened. Among product categories, apparel sales were soft in New York, Philadelphia, and Richmond, but strong in Boston. Several Districts noted declines in sales of big-ticket and/or home-related items.
Districts commenting on vehicle sales described them as slow or sluggish, with little exception. Contacts in Dallas attributed an uptick in auto sales to increased advertising and incentives. Chicago dealerships reported some increases in used car sales in February. Dealers in the Philadelphia District expected sales to increase later in the year, but Cleveland did not expect significant change in the upcoming months.
The majority of reports on tourism were positive, on balance, although most Districts mentioned some areas of softening. The San Francisco District commented that while tourism in Hawaii had fallen from previous levels, activity in California remained stable, partly because of growing foreign travel resulting from the lower exchange value of the U.S. dollar. Minneapolis reported an increase in tourism activity generally relating to winter sports. Tourism and travel in Kansas City, Atlanta, New York, and Chicago were also mostly positive.
Nonfinancial Services
Reports from nonfinancial services industries were mixed. Health-care services expanded in the Richmond, Minneapolis, and San Francisco Districts, while contacts in the St. Louis District reported a softening and plans to lay off workers. Software and IT services respondents in Boston reported modest growth.
Available reports from staffing firms pointed to mixed demand for temporary labor. The Boston, New York, Richmond, and Atlanta Districts reported weaker staffing requests relative to a year ago; Cleveland, Chicago, and Dallas reported stable to increased demand. Boston noted increased demand from the biopharmaceutical and aerospace industries, while Dallas contacts saw an increased demand for temporary workers in IT, engineering, and oil-related services. A large New York employment agency found that despite widely announced layoff plans at financial firms, they saw no noticeable increase in the number of job candidates. Boston and Atlanta noted improved labor supply.
All Districts reporting on transportation services noted weaker activity in the first quarter of 2008 compared with the previous quarter. Trucking and shipping respondents from the Richmond and Dallas Districts reported declining import volumes, which more than offset growth in exports, stimulated by the depreciation of the dollar. However, airlines in those Districts reported higher passenger volumes since the start of the year.
Manufacturing
Reports on the manufacturing sector were mixed but, on the whole, subdued. New York, Philadelphia, Richmond, Kansas City, and Dallas indicated that production or shipments were sluggish or falling. Atlanta, Minneapolis, and San Francisco characterized activity as varying across industries. Boston, Cleveland, and Chicago indicated stable levels or trends. Only St. Louis noted a strengthening relative to prior reports.
Various Districts cited strong demand for steel, aircraft and parts, energy-related equipment, and exports, but mostly continued weak markets for products and equipment used for building and furnishing homes. Atlanta, Chicago, and Dallas indicated that automotive production and sales have been light or declining. On the other hand, the Cleveland District saw an uptick in the production of foreign nameplates during January, and St. Louis was anticipating additional capacity and employment in automotive parts manufacturing. Dallas reported that refining production fell in the face of weak margins. Reports on food processing were mixed, with some Districts indicating that high prices were constraining demand, while others cited rising demand. Boston and New York mentioned that some manufacturers are experiencing slower payments from their customers.
All Districts commenting on the near-term outlook mentioned caution or concern on the part of at least some segments of manufacturing. Boston, Philadelphia, Kansas City, and San Francisco indicated that some firms are adjusting their hiring or capital spending plans downward. A couple of Districts mentioned risks associated with financing constraints. For example, Chicago cited concerns on the part of the auto industry that tight credit would cause its customers to become more price-sensitive and less able to obtain car loans.
Real Estate and Construction
Residential real estate markets were generally weak over the last couple of months. Sales were low in every District with very few local exceptions. Sales declines were particularly large in the Boston, Minneapolis, Richmond, and St. Louis Districts; at least some respondents in each of these Districts reported drops in home sales of more than 20 percent year-over-year. Contacts in the Chicago, Kansas City, and Philadelphia Districts cited tight credit conditions as a reason for low sales; each of those Districts either reported or expected stabilization of demand for homes in the low and mid-price ranges.
Districts that reported home prices all saw overall declines; one exception was the Manhattan co-op and condo market, where prices increased 5 percent compared with a year ago. Inventories remained high as demand was still fairly low. A few contacts in the Chicago, Cleveland, and Richmond Districts reported an increase in inquiries, although this increase in traffic had not yet translated into increased sales. Residential construction declined or remained at low levels in most Districts.
The markets for office and retail space showed signs of a slowdown in several Districts. Office vacancies were reported up, and leasing volumes down, in Manhattan, Baltimore, Washington, D.C., Memphis, portions of Maine and Rhode Island, and Las Vegas. Districts indicated that office vacancies held steady in Boston and the Carolinas, and were down in Philadelphia and in the Minneapolis and St. Louis Districts; however, contacts in the Boston and Philadelphia Districts and see some emerging slack. Office rents were mixed, however, coming in about flat in greater Boston and Manhattan, either flat or down in the Richmond District, and up in Philadelphia. Retail vacancy was reported up in the Minneapolis District and retail space demand was described as slow in the Chicago District. Demand for industrial space was described as either "firm" or "flat" in the Districts commenting on that sector.
Sales activity in nonresidential markets was down in the Boston, Dallas, Kansas City, and Chicago Districts, with contacts citing tight credit conditions as a major factor. Office sales activity remained strong, however, in the major cities of the New York District and in the San Francisco District. Eight of the twelve Districts reported that nonresidential construction activity was slow; countering these reports, the Cleveland, Dallas, and San Francisco Districts indicated that construction remained strong.
Banking and Finance
Reports on loan demand for commercial, industrial, and residential mortgage loans varied across Districts. Overall loan demand was flat in San Francisco and weakened in the Kansas City, St. Louis, Dallas, New York, and Richmond Districts. Consumer lending was flat or declining in the St. Louis, Chicago, and Cleveland Districts. Commercial and industrial loan demand was mixed in San Francisco and remained stable or declined in the Kansas City, St. Louis, Dallas, New York, and Richmond Districts. By contrast, the Chicago and Cleveland Districts reported increased business lending. Even as loan demand for new residential mortgages remained sluggish or declined, lower interest rates prompted increases in refinancing of existing mortgages in a number of Districts, including San Francisco, St. Louis, New York, Richmond, Atlanta, Cleveland, and Chicago. Cleveland cited a small rise in delinquencies, especially for real estate loans, and Atlanta reported an increase in mortgage delinquencies and foreclosures. New York, on the other hand, saw a rise in delinquencies for all loan categories except residential mortgages, which were unchanged. Tight credit standards were reported in the Atlanta, San Francisco, Kansas City, St. Louis, Chicago, Dallas, Richmond, and New York Districts. Kansas City indicated a worsening of overall loan quality, Chicago reported a deterioration of consumer loan quality, and Cleveland also saw a decline in credit quality for business customers and consumers. By contrast, Dallas reported sound credit quality.
Agriculture and Natural Resources
The Chicago, San Francisco, Minneapolis, St. Louis, and Dallas Districts reported strong conditions in the agriculture sector, including high prices for winter wheat, corn, soybeans, sorghum, and hogs, and increased production of some crops. By contrast, Atlanta and Richmond indicated that although recent rain had improved conditions in Maryland and Virginia, drought conditions persisted in other areas, and range pasture conditions remained poor. Farm incomes and/or value of production rose in several Districts during 2007, although Kentucky farmers saw no change and Tennessee farmers saw declines compared to 2006. Increases in input costs, including prices of fuel, fertilizer, and feed were mentioned by Chicago, Minneapolis, and San Francisco as potentially affecting future production and incomes; Chicago and Dallas also cited recent weather-related problems that threaten production this spring. Increases in the value of farmland were reported by Chicago and Minneapolis.
All Districts reporting on energy cited robust levels of activity and steady or higher prices; in addition, Kansas City and Cleveland mentioned increases in hiring. However, Dallas noted that drilling had flattened domestically and declined in the Gulf of Mexico, leaving activity outside of North America to drive future growth, while Kansas City, Cleveland, and Minneapolis expected exploration and capital spending to increase going forward. Rates for durable equipment, and drilling and evaluation services were reported to be flat to declining. However, price pressures, regulatory costs, and tightening credit were mentioned as providing possible future impediments to increased production.
Prices and Wages
Business contacts in many Districts cited price pressures from vendors and mixed success in raising their own prices to recoup the increased costs. Manufacturing contacts in the Richmond, Atlanta, Chicago, Cleveland, Minneapolis, Kansas City, and Dallas Districts pointed to rising costs for raw materials or other inputs, while manufacturing firms in the New York District reported more widespread increases in prices paid "than in well over a year." By contrast, Philadelphia noted somewhat less prevalent increases in input costs and output prices in February than in January, except for increased mention of rising prices for imported goods. Upward pressures on input costs from high or rising energy prices were frequently cited, which also translated into increased transportation and shipping costs. Price increases for metals, petrochemicals, and food were also mentioned often. The San Francisco District, however, indicated that price pressures were limited except for food and energy. Firms' ability to pass along cost increases by raising selling prices varied. The Boston District noted that retail contacts were passing some price increases on to customers, and some manufacturers were raising selling prices to partially offset rising costs; half the manufacturers contacted in the Cleveland District had raised prices or added surcharges since the previous report. The Dallas and Atlanta Districts reported that some firms raised prices but others were constrained by competitive pressures; Chicago indicated that contacts outside of construction and retail were passing cost increases along to customers. In the Kansas City District, factory goods' prices had escalated, but retail prices were mostly stable.
Most Districts indicated that contacted businesses reported limited wage pressures, moderate wage increases, and some loosening of labor markets. While Atlanta, Boston, Chicago, and San Francisco noted short supplies of selected types of skilled labor relative to demand, they and the New York, Richmond, Kansas City, and Dallas Districts cited pullbacks in the pace of hiring by some firms. Furthermore, several Districts, including New York, Philadelphia, St. Louis, and Atlanta, reported increased prevalence of layoffs, reductions in work hours, or hiring freezes.
Hi Ho Silver;
http://members.tripod.com/~ClaytonMoore/
FA the Lone Ranger /Music Hi Ho Silver;
http://members.tripod.com/~ClaytonMoore/
beige book 2 pm
Fed. 1day RP + 3.25B [net Drain -4.00B]
http://www.gmtfo.com/RepoReader/OMOps.aspx
Fed. 1day RP + 3.25B [net Drain -4.00B]
http://www.gmtfo.com/RepoReader/OMOps.aspx
W@G2 QQQQ 03/05/08 for a 03/07/08 close
44.78 rayrohn
44.25 bob3
43.76 Farooq
41.61 frenchee
Futures (2) + World Indices
http://www.cme.com/dta/del/globex.html
http://money.cnn.com/data/premarket/
World Indices (2) Mini Charts
Updates every 60sec ~ Watch the dates!!
http://www.wwfn.com/commentary/oscharts.html
http://www.allstocks.com/markets/World_Charts/Asian_Stock_Markets/asian_stock_markets.html
FWIW Dept, closed my puts today
l may regret this action but the market just plain scares the heck out of me, not panic...taking profits.
OEX DIA
Fed.(1)2) 7day RP + 9.00B [Net Drain -5.50B
Fed.(2)1day RP + 7.25B
http://www.gmtfo.com/RepoReader/OMOps.aspx
Fed.(1)2) 7day RP + 9.00B [Net Drain -5.50B
Fed.(2)1day RP + 7.25B
http://www.gmtfo.com/RepoReader/OMOps.aspx
Louise Yamada: Fast Money Video
http://www.cnbc.com/id/15840232?video=671700945&play=1
Run time 4min, give it time to load see her projections:
SPX 1200 .. Looks like it may go out of the bottom side of "The Triangle" .. because of the Lower Highs and Rally Selling.
USD 62.00 ..
GOLD .. Looks like in the Bag 1050 then consolidation possible B4 Next Legs Up.
1150 Target
Longer term 1250 1500 2400
Oil 124
Platinum hits a new all time high:
http://www.bloomberg.com/apps/news?pid=20601012&sid=aGE0YUOiK3xk&refer=commodities
Intel lowers Q1 gross margin forecast due to lower NAND flash memory prices (INTC) 20.01 +0.04 :
Co today lowered its Q1 gross margin forecast to 54%, plus or minus a point, as compared to the previous forecast of 56%, plus or minus a couple of points, due to lower than expected prices for NAND flash memory chips. All other expectations are consistent with the first-quarter Business Outlook. Status of Business Outlook: During the remainder of the week, INTC's corporate representatives may reiterate the Business Outlook during private meetings with investors, investment analysts, the media and others. From the close of business on March 7 until publication of the co's Q1 2008 earnings release, INTC will observe a "Quiet Period" during which the Business Outlook disclosed in the co's press releases and filings with the SEC should be considered to be historical, speaking as of prior to the Quiet Period only and not subject to an update by the co.
U right.
Margin Calls Force Selling of Assets, Falling Prices
http://globaleconomicanalysis.blogspot.com/2008/03/margin-calls-force-selling-of-assets.html
Margin calls are picking up steam. Many are not being answered.
As banks and brokerages are scrambling for more cash, hedge funds and others are getting migraines trying to produce that cash. By now it should be plain to see: liquidity is a coward; it runs away at the first sign of trouble. Cash however, is hoarded in times of trouble. Cash, not credit, is king. It's important to understand the difference.
Margin Calls Force Selling of Assets, Falling Prices
http://globaleconomicanalysis.blogspot.com/2008/03/margin-calls-force-selling-of-assets.html
Margin calls are picking up steam. Many are not being answered.
As banks and brokerages are scrambling for more cash, hedge funds and others are getting migraines trying to produce that cash. By now it should be plain to see: liquidity is a coward; it runs away at the first sign of trouble. Cash however, is hoarded in times of trouble. Cash, not credit, is king. It's important to understand the difference.
Chichi2, piCard tody mail, ty & Welcome #213 board marker.
In PAL Apr 10 calls /e