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Djia -64
FCX lost 67$
with europe how it is...red should be the order of the day
Oil 69.21
Oil 69.21
DJIA -19
FCX can't decise which way to go
USO 33.34
one of the second year masters in anesthesia students I talked to had gotten a call from Oklahoma city...recruiters....they said "we want you to come out to Oklahoma city and do gas" (they have a major shortage of anesthesia guys in OK city)...he said..."no...my wife is in law school here in ft lauderdale and we don't want to relocate"...so the recruiter from Oklahoma city said...."Ok...you live in ft. lauderdale and we'll fly you out to OK city 3 days a week to do gas...AND give you a salary of 280K$...."
...so 280K$ is working 3 days/week.....lol
ha!!...makes me glad I studied lol
djia green....amazing with all the crap going on in europe
Djia -33
had to throw in PMI cause I'm still hot on the mortgage insurance sector....if europe doesnt drag us into a major tailspin this year
USO 33.30
PMI 4.38
RIG 62.90
FCX 66.62
Oil Drops to $69 on High Stocks, German Ban
By: Reuters | 19 May 2010 | 09:18 AM ET
Oil stood $69 a barrel after falling to its lowest in more than seven months on Wednesday, pressured by high U.S. stockpiles and as concern over tighter financial regulation dampened appetite for riskier assets.
The decline in oil for a third day followed Tuesday's report from industry group the American Petroleum Institute showing crude inventories at the storage hub at Cushing, Oklahoma, rose to a record high.
Also Germany's move to ban naked short-selling of some securities, including the stocks of its 10 most important financial institutions, hit equities and the euro as investors moved out of riskier assets.
"It's all financial markets-driven," said Carsten Fritsch, commodities analyst at Commerzbank. "The news regarding short-selling was quite surprising and it led to a rapid strengthening of the U.S. dollar and falling equity markets, and this affects commodity prices."
U.S. light, sweet crude [CLC1 69.18 -0.23 (-0.33%) ] for June delivery fell as low as $67.90, its lowest intraday level since Sept. 30, 2009.
London Brent crude [LCOC1 74.07 -0.36 (-0.48%) ] was down.
Investors moved into safe havens such as the dollar and the yen on fears tighter financial regulation would derail the global economic recovery.
The euro fell to a four-year low against the dollar earlier on Wednesday before recovering.
Analysts who use past price moves to predict future direction said U.S. crude's next support level is around $66 a barrel, almost $20 short of the 19-month high of $87.15 prices reached on May 3.
Oil markets look well supplied with inventories in the United States on the rise and the Organization of the Petroleum Exporting Countries pumping 2 million barrels a day (bpd) more than its official output limit.
While oil is below the $70 to $80 level many in OPEC have said they prefer, officials from the group have so far stopped short of calling for any immediate steps to prop up the market.
"Prices are not related to supply and demand. They are related to the world economy. There is no role for OPEC at this stage," said Algeria's oil minister, Chakib Khelil.
He added prices were likely to rebound once the euro zone rescue package started to take effect.
Tuesday's API data showed crude inventories at Cushing rose 914,000 barrels last week to a fresh record high of 37.99 million barrels, although overall crude stockpiles fell unexpectedly.
The U.S. government's Energy Information Administration issues its weekly snapshot on inventories at 1430 GMT.
Crude inventories are expected to rise by 700,000 barrels.
no pinks here sorry
U.S. Stock Futures Pare Drop as Euro Rallies on ECB Speculation
By Whitney Kisling
May 19 (Bloomberg) -- U.S. stock futures pared losses as the euro rallied against the dollar on speculation the European Central Bank will take further steps to halt the region’s debt crisis and consumer prices unexpectedly dropped.
Standard & Poor’s 500 Index futures expiring in June dropped 0.3 percent to 1,115.6 at 8:56 a.m. in New York after sliding 1.2 percent earlier. Dow Jones Industrial Average futures lost 26 points, or 0.3 percent, to 10,464. Europe’s Dow Jones Stoxx 600 Index fell 1.9 percent, paring a tumble of as much as 2.9 percent. The euro climbed 0.8 percent to $1.2295, rebounding from a four-year low earlier today.
“There’s speculation that the ECB will be having an announcement,” said David Lutz, managing director of equity trading at Stifel Nicolaus & Co. in Baltimore. “I believe it’s going to be more of a sovereign-fiscal issue as opposed to an interest-rate issue.”
U.S. stocks tumbled yesterday as Germany banned naked short-selling, increasing concern that investors won’t be able to hedge European holdings or sell assets as the region’s debt crisis worsens.
German Chancellor Angela Merkel said she will lobby governments to introduce a tax on financial markets, and for ratings companies to come under European supervision so governments regain “primacy” over markets. The euro is at risk and Europe may be facing its greatest challenge since the founding of the European Union, with “incalculable” consequences if leaders fail to act, Merkel said.
‘Key Obstacle’
Belgium’s market regulator said it’s consulting the Committee of European Securities Regulators and the country’s government about whether to extend an existing ban on uncovered short positions in shares of financial companies to credit- default swaps on euro-area government bonds.
“Policymakers are determined to protect the euro zone, and they have identified the financial markets as the key obstacle for stability, which implies risks of further regulation,” Erik Nielsen and Dirk Schumacher, economists at Goldman Sachs Group Inc., wrote in a report.
The S&P 500 has lost 7.9 percent from its high for the year on April 23 as credit-ratings downgrades of Greece, Portugal and Spain added to concern that European governments will struggle to fund budget deficits.
Bundesbank President Axel Weber said he’s concerned of “dramatic” developments in financial markets on May 24 unless German lawmakers agree on May 21 to support an aid package to support the euro. He spoke in a parliamentary hearing in Berlin.
Alcoa, Freeport
Alcoa Inc. slid 1.1 percent to $11.69. Freeport-McMoRan Copper & Gold Inc. , the world’s largest publicly traded copper producer, dropped 1.5 percent to $66.37. Copper, nickel, zinc and tin declined on the London Metal Exchange.
Barrick Gold Corp., the world’s largest bullion producer, lost 1.3 percent to $43.92. Gold tumbled to the lowest level since May 11 as the metal’s recent rally prompted some investors to lock in gains.
Wells Fargo & Co. declined 1.5 percent to $30.14. Bank of America Corp. retreated 0.9 percent to $15.80.
Hewlett-Packard Co. gained 2.9 percent to $48.13 in New York. The world’s largest personal-computer maker reported second-quarter profit and sales that beat analysts’ estimates after corporate buyers replaced aging server computers and consumers took home new PCs.
Profit, excluding some costs, was $1.09 a share. That compared with the $1.06 average of estimates compiled by Bloomberg. Sales rose 13 percent to $30.8 billion. Analysts projected $29.8 billion.
The cost of living in the U.S. unexpectedly dropped in April for the first time in more than a year, signaling the world’s largest economy is recovering without causing prices to flare. The 0.1 percent fall in the consumer price index was the first decrease since March 2009, figures from the Labor Department showed today in Washington. Excluding food and fuel, the so-called core rate was unchanged, capping the smallest 12- month gain in four decades.
To contact the reporters on this story: Whitney Kisling in New York at wkisling@bloomberg.net.
Last Updated: May 19, 2010 09:01 EDT
no pinks allowed here.....sorry
lol
looks like europe is going to drap up DEEP again in the next few weeks
if the dollar keeps gaining we may see oil drop further
Consumer Prices in U.S. Unexpectedly Fell in April (Update2)
By Timothy R. Homan
May 19 (Bloomberg) -- The cost of living in the U.S. unexpectedly dropped in April for the first time in more than a year, signaling the world’s largest economy is recovering without causing prices to flare.
The 0.1 percent fall in the consumer price index was the first decrease since March 2009, figures from the Labor Department showed today in Washington. Excluding food and fuel, the so-called core rate was unchanged, capping the smallest 12- month gain in four decades.
Retailers such as Wal-Mart Stores Inc. are cutting prices to bolster sales as customers face almost 10 percent unemployment and rising foreclosures. The lack of inflation, which may be reined in even more by the European debt crisis, is one reason Federal Reserve policy makers have pledged to keep the benchmark interest rate near zero in coming months.
“There simply isn’t any kind of price pressure of any consequence in the economy,” said David Resler, chief economist at Nomura Securities International Inc. in New York, who accurately forecast the decline in prices. “This puts the Fed firmly in place for the foreseeable future.”
Stock-index futures held earlier losses after the report. The contract on the Standard & Poor’s 500 Index fell 0.5 percent to 1,112.9 at 8:43 a.m. in New York. Treasury securities were also lower, pushing the yield on the benchmark 10-year note up to 3.37 percent from 3.35 percent late yesterday.
Rise Projected
Consumer prices were forecast to rise 0.1 percent, according to the median forecast of 79 economists in a Bloomberg News survey. Estimates ranged from a drop of 0.2 percent to a gain of 0.4 percent. Costs excluding food and energy were projected to rise 0.1 percent.
In the 12 months ended in April, prices rose 2.2 percent following a 2.3 percent year-over-year gain the prior month. Economists had forecast a 2.4 percent rise in the 12 months to April, according to the survey median.
The core rate rose 0.9 percent from April 2009, the smallest increase since January 1966, after a 1.1 percent year- over-year advance the prior month.
Compared with a month earlier, energy costs dropped. Gasoline prices fell 2.4 percent.
Greek Crisis
The debt crisis in Greece that has weighed on the value of the euro may keep damping U.S. inflation in coming months, according to economists such as Jay Bryson at Wells Fargo Securities LLC in Charlotte, North Carolina. U.S. exports to Europe may slow at the same time a stronger dollar holds down the cost of imported goods.
Food prices, which account for about 15 percent of the CPI, rose 0.2 percent, reflecting higher meat costs, today’s report showed.
Declining prices for clothing and household furnishings helped offset increases in airline fares, recreation and medical care, leading to the unchanged reading in core prices.
Owners-equivalent rent, one of the categories designed to track rental prices, was unchanged. Compared with April 2009, owners-equivalent rent dropped 0.2 percent.
The Fed’s long-term forecast for its preferred measure of inflation, the Commerce Department’s index tied to consumer spending and excluding food and fuel, calls for gains in a range of 1.7 percent to 2 percent. That gauge, typically lower than the CPI, was up 1.3 percent in the 12 months through March.
Price Cuts
Price cuts through the recession helped Wal-Mart Stores Inc., the world’s largest retailer, boost sales last year while competitors reported declines. This year, the retailer has reduced prices on gas grills, lawn mowers and Procter & Gamble Co.’s Crest toothpaste and Bounty paper towels in so-called rollbacks aimed at bolstering sales growth.
The Bentonville, Arkansas-based company yesterday said it plans additional U.S. price reductions on items including cereal, ice cream and laundry detergent in coming months. Earnings in the first quarter beat the average estimate of 21 analysts surveyed as sales gains in Mexico, Canada and China made up for declines at U.S. stores.
The CPI is the broadest of three monthly price gauges from Labor, because it includes goods and services. Almost 60 percent of the CPI covers prices consumers pay for services ranging from medical visits to airline fares and movie tickets.
To contact the reporter on this story: Timothy R. Homan in Washington at thoman1@bloomberg.net
Last Updated: May 19, 2010 08:44 EDT
yep...but I'll catch up with starting salaries ~280K lol
hahahahaha!!
smartass!!!
no....I just want to get into a graduate program/masters of anesthesia program for 2 years then I'll call it quits lol
I'm waitlisted right now...I was told I have a place for next year if a spot doesn't open for this year.
so I may be taking a year off and trading
figure that.....lol
..........and thx for the congrats....I'll post the address where you guys can send checks later lol
Stocks, Commodities Tumble, Euro Hits 4-Year Low on German Ban
By David Merritt
May 19 (Bloomberg) -- Stocks and commodities dropped for a fifth day and the euro traded near a four-year low after Germany banned speculators from some bets against government bonds and banks. Bunds and gilts rallied.
The MSCI World Index of 23 developed nations’ stocks slumped 1.3 percent at 12:01 p.m. in London for its longest losing streak since January. Futures on the Standard & Poor’s 500 Index fell 0.9 percent. The S&P GSCI Index of 24 commodities retreated for a fifth day, the worst losing streak since January. The euro slid to a four-year low at $1.2144. The yield on the German 10-year bund dropped five basis points.
The euro is at risk and the European Union may be facing its greatest challenge with “incalculable” consequences if leaders fail to act, German Chancellor Angela Merkel told lawmakers in Berlin today. Germany will act alone if necessary in controlling “destructive” financial markets, Merkel said, a day after the BaFin regulator banned naked short sales -- speculating against companies investors don’t own -- for 10 banks and insurers, as well as naked credit-default swaps on euro-area government debt.
“Investors have to be aware that politicians will go towards more regulation in the coming months,” said Markus Steinbeis, head of equity portfolio management at the Unterfoehring, Germany-based unit of Pioneer Investments, which oversees about $221 billion globally. “Policy makers are going the easiest way and are blaming hedge funds for the crisis.”
German Banks
The Stoxx Europe 600 Index tumbled 2.4 percent as all 19 industry groups fell. Basic resources stocks led the declines, with BHP Billition Ltd., the world’s biggest mining company, and Rio Tinto Group, the third largest, slumping more than 4 percent in London. Deutsche Bank AG lost 2.3 percent in Frankfurt while Banco Santander SA, Spain’s largest lender, retreated 4.1 percent in Madrid. ICAP Plc, the world’s biggest broker of transactions between banks, slipped 3.3 percent after saying profit declined.
Italy’s FTSE MIB Index slumped 3.5 percent, the most among 18 western European markets. UniCredit SpA, Italy’s biggest lender, fell 5.8 percent. The Bank of Italy said in a statement late yesterday that the country’s banks are allowed to opt for new rules aimed at “neutralizing” the effect of capital losses and gains on regulatory capital from holding European government bonds.
Copper for delivery in three months fell 2.9 percent to $6,502 a metric ton on the London Metal Exchange. Nickel slumped 5.5 percent to $20,925 a ton and zinc dropped 4.9 percent to $1,845 a ton. Gold for immediate delivery declined 1.4 percent to $1,207.65 an ounce and palladium retreated 4.9 percent to $474.75 an ounce. Oil dropped for a seventh day, its longest losing streak in five months, falling 1.8 percent to $68.17 a barrel in New York.
Russia, Thailand
The benchmark MSCI Emerging Markets Index dropped 2.7 percent, heading for its biggest plunge in more than three months. Poland’s WIG20 Index slid 3.2 percent, Russia’s Micex lost 2.8 percent and Ukraine’s PFTS Index fell 6.1 percent. The Korean won tumbled 1.7 percent against the dollar and the Polish zloty weakened 0.8 percent against the euro.
The MSCI Asia Pacific Index lost 1.4 percent to its lowest level in more than three months. Nippon Sheet Glass Co., which gets 42 percent of its revenue from Europe, tumbled 3.2 percent in Tokyo. Thailand’s SET Index rose 0.7 percent in a shortened trading session as security forces backed by armored vehicles cleared a protest camp in central Bangkok and forced its leaders to surrender.
Bund Auction
The decline in U.S. futures indicated the S&P 500 may extend yesterday’s 1.4 percent slump. The cost of living in the U.S. probably rose 0.1 percent in April for a second month, signaling little threat inflation will flare as the world’s largest economy rebounds, economists said before a Labor Department report due at 8:30 a.m. in Washington.
The euro weakened against all but 3 of its 16 most-traded peers, dropping to the lowest level since April 14, 2006, against the dollar. The 16-nation currency declined 1.3 percent to 111.13 yen.
The German bund yield declined to 2.77 percent. Germany sold 4.57 billion euros of 10-year bunds, Europe’s benchmark debt security, at an average yield of 2.75 percent, the lowest since at least 1998, according to Federal Finance Agency data. Investors bid for 1.4 times the securities offered, the lowest bid-to-cover ratio this year.
The yield on the 10-year U.K. gilt slid ten basis points to 3.65 percent. The rate banks say they pay for three-month loans in dollars rose to the highest since July 31, according to the British Bankers’ Association. The London interbank offered rate, or Libor, for such loans rose to 0.477 percent today from 0.465 percent yesterday, the BBA said. The dollar Libor-OIS spread, a gauge of banks’ reluctance to lend, rose to 25 basis points from 24 basis points.
Default Swaps
The Markit iTraxx Crossover index of credit-default swaps on 5 European companies surged 50 basis points to 582, according to Markit Group Ltd. The jump in the index signals a deterioration in investor perceptions of credit quality.
Belgian market regulator CBFA is consulting the Committee of European Securities Regulators and the country’s government about whether to extend an existing ban on uncovered short positions in shares of financial companies to credit-default swaps on euro-area government bonds, Veerle De Schryver, a spokeswoman for Belgium’s Banking, Finance and Insurance Commission, said in a telephone interview from Brussels today.
To contact the reporter on this story: David Merritt in London on dmerritt1@bloomberg.net
Last Updated: May 19, 2010 07:03 EDT
GM
about time I help out a little here....lol
Oil 69.15
Oil 69.15
Futures
North/Latin America
INDEX VALUE CHANGE OPEN HIGH LOW TIME
DJIA INDEX 10,471.00 -19.00 10,464.00 10,483.00 10,388.00 08:47
S&P 500 1,116.40 -2.30 1,117.90 1,117.90 1,104.80 08:47
NASDAQ 100 1,884.25 -3.75 1,877.00 1,885.75 1,865.25 08:47
Futures
North/Latin America
INDEX VALUE CHANGE OPEN HIGH LOW TIME
DJIA INDEX 10,471.00 -19.00 10,464.00 10,483.00 10,388.00 08:47
S&P 500 1,116.40 -2.30 1,117.90 1,117.90 1,104.80 08:47
NASDAQ 100 1,884.25 -3.75 1,877.00 1,885.75 1,865.25 08:47
pretty happy about it here.....:)
I'm graduating on friday
I have funds on the way to my optionshouse account then I'll be around to trade with you guys this summer.....I'm taking a year off to reapply to anesthesia programs
GL tommorrow
THIS WEEK'S EVENTS
MONDAY
Earnings: Before - LOW ; After - A, SINA
Other: JPMorgan Tech, Media & Telecom Conference, Credit Card Default Rates, EuroZone Finance Ministers Gather in Brussels
TUESDAY
Earnings: Before - ANF, DKS, HD, TJX, VOD, WMT ; After - ADI, HPQ
Other: Building Permits, PPI, Housing Starts, JPMorgan Shareholder Meeting, Massey Shareholder Meeting, Occidental Petroleum Analyst Day, CNBC Premiere: One Nation, Overweight
WEDNESDAY
Earnings: Before - BJ, DE, HRL, RL, ; After- ADSK, AMAT, LTD, PETM
Other: CPI, Crude Invetories, Google I/O Conference for Developers, CFTC Hearing on Movie Futures, State Street Shareholder Meeting, SALT Conference Begins
THURSDAY
Earnings: Before - BKE, BKS (Not Confirmed), DLTR, GME, ROST, TGT (Not Confirmed), ; After-CRM, DELL, FL, GPS, INTU, MRVL, SHLD (Not Confirmed)
Other: Continuing Claims, Initial Claims, Leading Indicators, Philly Fed, BoJ Monetary Policy Meeting, Boeing Investor Conference, Toyota/NHTSA Hearing, AAA's Memorial Day Travel Forecast, ASCO Conf. Preview, Jonathan Tish Speaks
FRIDAY
Earnings: Before- ANN
Other: BoJ Monetary Policy Meeting
THIS WEEK'S EVENTS
MONDAY
Earnings: Before - LOW ; After - A, SINA
Other: JPMorgan Tech, Media & Telecom Conference, Credit Card Default Rates, EuroZone Finance Ministers Gather in Brussels
TUESDAY
Earnings: Before - ANF, DKS, HD, TJX, VOD, WMT ; After - ADI, HPQ
Other: Building Permits, PPI, Housing Starts, JPMorgan Shareholder Meeting, Massey Shareholder Meeting, Occidental Petroleum Analyst Day, CNBC Premiere: One Nation, Overweight
WEDNESDAY
Earnings: Before - BJ, DE, HRL, RL, ; After- ADSK, AMAT, LTD, PETM
Other: CPI, Crude Invetories, Google I/O Conference for Developers, CFTC Hearing on Movie Futures, State Street Shareholder Meeting, SALT Conference Begins
THURSDAY
Earnings: Before - BKE, BKS (Not Confirmed), DLTR, GME, ROST, TGT (Not Confirmed), ; After-CRM, DELL, FL, GPS, INTU, MRVL, SHLD (Not Confirmed)
Other: Continuing Claims, Initial Claims, Leading Indicators, Philly Fed, BoJ Monetary Policy Meeting, Boeing Investor Conference, Toyota/NHTSA Hearing, AAA's Memorial Day Travel Forecast, ASCO Conf. Preview, Jonathan Tish Speaks
FRIDAY
Earnings: Before- ANN
Other: BoJ Monetary Policy Meeting
Still like PMI RDN...the whole mortgage insurance sector...still makes people cringe....means they are still good buys lol
US Foreclosures Fell in April, Signaling Improvement
Published: Thursday, 13 May 2010 | 1:16 AM ET By: Joseph Pisani
CNBC News Associate
Foreclosures in the US fell by more than 2 percent in April from a year earlier, the first year-over-year decline in the five years RealtyTrac has been reporting the data.
Getty Images
Foreclosures fell 2.4 percent in April from a year earlier, the first time the rate has decreased on a year-to-year basis.
The number of Americans receiving foreclosure notices was down 2.4 percent in April from a year before and 9 percent lower than March 2010.
Experts say the foreclosure situation is slowing, and may have hit a plateau.
“I think you shouldn’t read to much into a one month dip, even if it is the first time,” said Rick Sharga, senior vice president of RealtyTrac. "It really isn’t that we’re out of the woods. Its more of a process issue," he said, explaining that lenders are working through a backlog of troubled properties.
In all, one in every 387 homes in America received a foreclosure notice, which is defined as a notice of default, auction sale or bank repossession.
“The data is starting to indicate that it is stabilizing,” said housing analyst Patrick Newport of IHS Global Insight. He cited Fannie Mae’s [FNM 1.03 --- UNCH (0) ] first-quarter results released Monday, which indicated that single-family mortgage delinquencies were starting to slow down.
“Although our single-family serious delinquency rate increased during the first quarter of 2010 and remains high, our single-family serious delinquency rate grew at a much slower rate during the first quarter of 2010 than during each quarter of 2009,” Fannie Mae said in its filing.
While the foreclosure rate dropped, the RealtyTrac data shows that bank repossessions—also known as real estate owned, or REO—hit a record high in April; a total of 92,432 homes that were taken back by the lender. That’s a 1-percent increase from the previous month and a 45- percent increase from April 2009.
“If we start creating jobs, I think the situation will start getting better,” said Newport.
The ten states with the highest foreclosure rates were little changed from the previous month. According to the RealtyTrac report, Nevada remains No. 1 for the 40th straight month, with one in every 69 properties in the state getting a foreclosure notice.
Arizona ranked second with one in every 169 households receiving a notice, followed by Florida (one in 182 households), California (one in 192 households) and Utah (one in every 221 households.)
Vermont had the lowest rate, with one in every 26,051 properties receiving a foreclosure notice.
Oil 74.43
back to studying...GL today stuffit
Futures........almost even
North/Latin America
INDEX VALUE CHANGE OPEN HIGH LOW TIME
DJIA INDEX 10,878.00 +2.00 10,876.00 10,916.00 10,847.00 07:17
S&P 500 1,169.30 -0.40 1,168.40 1,174.50 1,165.20 07:17
NASDAQ 100 1,970.75 -2.00 1,970.25 1,978.50 1,964.75 07:17
Oil 74.87
my safe side says USO calls here will be nice when oil bounces to 85~ again
hope you guys are killing something on this bounce the last few days...been real busy with finals so haven't had a chance to keep up with your trades
GL today