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EZ....you have mail.
Yep George that was the yr & event
l meant if there was any call to subscribers in the past few weeks of any change other than his normal ave in.
We thank you again for the update, nice to have you here.
Seems they keep bringing out the
used car salesmen @ cnbc-hit...these people ar not your friends
it's a show folks.
The discount rate does not help the av guy but liquidy does
& Benny drained some out, in-turn market has retreated.
Yes Nettles, just a move to help
the bankers move some paper around, the roaches are still there ...noted that chichi2 got out early.
I made no trades today, hate op/x days.
Fed. 3day RP + 6.00B [net Drain -6.00B ]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed. 3day RP + 6.00B [net Drain -6.00B ]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
US$ falling, XLF & PMs a good bet IMHO.
Fed Cuts Discount Rate to 5.75%, Cites `Downside' Risks
By Brendan Murray
Aug. 17 (Bloomberg) -- The Federal Reserve, in an unscheduled meeting, cut the discount rate to 5.75 percent from 6.25 percent, noting market conditions have deteriorated since it last met Aug. 7.
``Financial market conditions have deteriorated, and tighter credit conditions and increased uncertainty have the potential to restrain economic growth going forward, '' the central bank's Federal Open Market Committee said in a statement. ``The downside risks have increased appreciably.''
The FOMC left the overnight federal funds target rate unchanged at 5.25 percent.
To contact the reporter on this story: Brendan Murray in New York at brmurray@bloomberg.net ;
Last Updated: August 17, 2007 08:16 EDT
Right on Doc
gtsourdinis, thanks 4 posting
other than 1 time years ago that Author has been right on market turns.
Do you know if he had subscribers out or on sidelines till now??
Interesting that he had "guest" broadcasters the past few weeks on his radio show.
Have been stopped out my PMs & have no clue
here.
Thanks, UR the only one has details
as per e-mail but l did not follow game plan of holding till FRiday....just glad lucked out on top of the premium.
Now scared to enter any order.....
Chichi2, what strikes U lookin at???
l just closed some OEX puts, #msg-22123045
Out OEYTJ 650p @8.20 ave cost 1.15
No, gonna take the cash.
Correction 12B was even add Not +5B
Correction 12B was even add Not +5B
Fed.(2) 1day RP + 12.00B [Net add +5.00B]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed.(2) 1day RP + 12.00B [Net add +5.00B]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed. 14day RP + 5.00B [ sofar even/ 7.00 ondeck]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
=====================
Public Debt:
Limit ~ $8,965,000,000,000.00 T
8/14 ~~ $8,974,089,870,614.38 T
http://www.treasurydirect.gov/NP/BPDLogin?application=np
Fed. 14day RP + 5.00B [ sofar even/ 7.00 ondeck]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
=====================
Public Debt:
Limit ~ $8,965,000,000,000.00 T
8/14 ~~ $8,974,089,870,614.38 T
http://www.treasurydirect.gov/NP/BPDLogin?application=np
Fed. 14day RP + 5.00B [ sofar even/ 7.00 ondeck]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
=====================
Public Debt:
Limit ~ $8,965,000,000,000.00 T
8/14 ~~ $8,974,089,870,614.38 T
http://www.treasurydirect.gov/NP/BPDLogin?application=np
Subprime woes infect commercial paper market
KKR Financial, Thornburg, Coventree among firms reporting disruptions
By Alistair Barr, MarketWatch
Last Update: 6:14 PM ET Aug 15, 2007
SAN FRANCISCO (MarketWatch) -- Subprime mortgage problems have spread across so much of the credit market that they've begun to cause disruptions in the commercial paper market, which provides a lot of the short-term fuel that keeps corporate America running.
Companies including Coventree Inc. (CA:COF: news, chart, profile) , KKR Financial (KFN:TMA10.56, +2.95, +38.8%) have warned of problems in the commercial paper market in recent days. Such warnings are making analysts and investors nervous about other companies that use this source of funding, such as mortgage giant Countrywide Financial (CFC:
Countrywide Financial Corp
"The turbulence in subprime mortgages has now spread to the commercial paper market -- a $2.2 trillion market in the USA that is the working capital lifeblood for the corporate sector," David Rosenberg, North American economist at Merrill Lynch, wrote in a note to clients on Wednesday. "This is looking worse than just another credit cycle."
Rosenberg is a noted bear who's been warning about the economic effect of a housing slowdown for some time. However, such concerns knocked equity markets on Wednesday, pushing the Dow Jones Industrial Average.
The equity benchmark has dropped more than 5% during the past five trading sessions. The Standard & Poor's 500 Index dropped into negative territory for 2007 on Wednesday.
The commercial paper market usually allows creditworthy companies to borrow money on a short-term basis efficiently. It's easier than issuing other types of debt and can be a low-cost alternative to bank loans. Because of these attributes, the market has grown into one of the most important debt markets in the U.S.
However, signs of problems in this crucial market have begun to emerge in recent days.
Coventree, a Canadian company that sponsors and oversees roughly $16 billion of asset-backed commercial paper vehicles, said earlier this week that it couldn't sell new debt to refinance $950 million of short-term loans, some of which were maturing. Coventree shares slumped more than 70% on Tuesday.
The company said on Wednesday that it was able to sell roughly $600 million of asset-backed commercial paper, but it still had to extend the maturity on roughly $60 million of debt.
Rating agency DRBS said that it had been told by a number of Canadian companies on Tuesday that disruptions in the asset-backed commercial paper market were continuing. By the end of Tuesday, 16 companies had claimed a so-called market disruption event and asked for funding for debt that was maturing that day, the agency noted.
Merrill's Rosenberg noted on Wednesday that more than half of the commercial paper market is backed by residential mortgages, credit card receivables, car loans and other bonds.
"Now the rating agencies have warned that they might downgrade several issuers of commercial paper," he wrote.
Disruptions in this market may be hitting mortgage-related companies the hardest.
KKR Financial , a specialty finance company affiliated with buyout giant Kohlberg Kravis Roberts & Co., said on Wednesday that it could lose more than $200 million from leveraged investments in mortgage-backed securities. See full story.
Part of the problem has been "unprecedented disruption" in global commercial-paper markets, the company said, noting that it was talking with investors about alternatives to resolve potential funding issues. KKR Financial shares slumped 31% on Wednesday.
Thornburg, a leading mortgage lender that focuses on jumbo, adjustable-rate home loans, said late Tuesday that there have been disruptions in the company's ability to fund its mortgage assets in commercial paper and the asset-backed securities markets. It's shares dropped 47% on Tuesday. See full story.
Thornburg shares recovered strongly on Wednesday after Chief Operating Officer Larry Goldstone said on CNBC that the company has been negotiating with lenders, expanding some of its credit lines and paying off maturing commercial paper. See full story.
Still, Goldstone noted that it remained very difficult for mortgage companies to access the commercial paper market. And Thornburg shares are still down more than 65% in August.
Such disruptions have sparked concerns about other mortgage companies, especially Countrywide, the largest home loan originator in the U.S.
Merrill analyst Kenneth Bruce cut his rating on Countrywide to sell from buy on Wednesday, citing potential funding problems in the asset-backed commercial paper market. Countrywide shares dropped 13%.
"The recent disruptions in the asset-backed commercial paper market, as highlighted by the Coventree situation in Canada, is further eroding confidence in the markets that companies can effectively roll over short-term funding facilities," Bruce wrote.
"This forces finance companies, like Countrywide, to tie up more equity and has led to defaults at other mortgage finance companies," he added.
Less than a week ago, Bruce had reiterated his buy rating on Countrywide. But on Wednesday, he said the rapid deterioration in commercial paper and mortgage-backed securities markets changed his mind this week.
"Recent problems in the asset-backed commercial paper and non-GSE repurchase markets raise the risk that lenders reduce exposure to the mortgage sector, possibly causing Countrywide to de-lever into a weak market," Bruce wrote. "We had known this possibility existed, however, it appears funding markets are deteriorating quickly."
Alistair Barr is a reporter for MarketWatch in San Francisco.
http://www.marketwatch.com/news/story/subprime-mortgage-woes-infect-commercial/story.aspx?guid={1989....
Yo Doc the match is on this Friday!!
Closed some OEYTJ 650p but hold a few.
Now This: Treasury to auction $1 bln in cash management bills
10:23 AM ET, Aug 15, 2007 - By Robert Schroeder
WASHINGTON (MarketWatch) --
The Treasury will auction and issue about $1 billion in 8-day cash management bills on Wednesday, the department announced. The auction and issuance of the bills was previously unscheduled. Closing times for the receipt of noncompetitive and competitive tenders are 12 p.m. and 1 p.m. Eastern. Issuance follows at about 1:45 p.m. Eastern.
Fed.(2) 1day RP + 7.00B [Net all Giveth]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed.(2) 1day RP + 7.00B [Net all Giveth]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Yes, l saw it also & had it set-up
bur nothing happened, Benney losing it!!!
Fed. No Action today
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
==========================================
Statement Regarding Open Market Operations
http://www.newyorkfed.org/markets/operating_policy_081507.html
Preliminary estimates suggest that an overnight RP, which would be conducted at the Desk's normal operating time of 9:30 a.m., will be needed to accommodate heightened reserve needs typical on a Treasury mid-quarter refunding date.
In addition, the Desk stands ready to conduct further operations later in the day if needed.
Fed. No Action today
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
==========================================
Statement Regarding Open Market Operations
http://www.newyorkfed.org/markets/operating_policy_081507.html
Preliminary estimates suggest that an overnight RP, which would be conducted at the Desk's normal operating time of 9:30 a.m., will be needed to accommodate heightened reserve needs typical on a Treasury mid-quarter refunding date.
In addition, the Desk stands ready to conduct further operations later in the day if needed.
Windows update (8)
W@G2 QQQQ 08/15/07 for a 08/17/07 close
49.33 marin
48.75 rayrohn #msg-21856522
48.20 dr_sean
48.17 frenchee
46.79 DrWorm
46.50 bob3
Futures (2) + World Indices
Futures (2)
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!!
Top click for US Market just above Japan
http://www.wwfn.com/commentary/oscharts.html
http://www.allstocks.com/markets/World_Charts/Asian_Stock_Markets/asian_stock_markets.html
Sean, don't expect much as the Fed
is still overdrawn on the limit even with the Big drain.
Doc u missed me: #msg-22011871
Fed. No Action [ Net -2.00B]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed. No Action [ Net -2.00B]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Doc it's easy, they were overdrawn
on the limit & congress is on vacation so can't vote on increasing the limit & maybe they take some time to pass it.
Fed. 1day RP + 2.00B [net Drain sofar -36B]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm