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ABK...Using low (.35)and high of last move (1.20), fibs are:
1.27 = 1.43
1.618 = 1.73
Lexi
ABK...up in AHs...Looks like good news to me.
Ambac Reduces Counterparty Risk
Wednesday April 8, 2009, 4:54 pm EDT
NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: ABK - News) (Ambac) today confirmed that it has terminated all reinsurance transactions with RAM Reinsurance Company Ltd. (“Ram Re”) effective April 8, 2009. The termination reflects the recapture of approximately $7 billion of par outstanding of which approximately two thirds is classified as public finance exposure. The remainder of the portfolio, approximately $2.4 billion, is comprised of structured finance exposures including approximately $500 million of U.S. RMBS. The economic result will be a settlement payment from Ram Re to Ambac in the amount of approximately $97 million. The estimated present value of future installment premiums associated with this business amounts to approximately $60 million.
Greg Raab, Chief Risk Officer, commented that, “This transaction confirms Ambac’s commitment to reduce outstanding reinsurance exposure. In so doing, we are reducing counterparty risk, enhancing liquidity and earned premiums, and improving our risk-based capital position. In addition, the recapture of reinsurance from lower rated counterparties has a positive overall impact on rating agency capital which applies increasingly onerous haircuts to reinsurance from BBB/Baa or lower rated reinsurers.”
ABK...up in AHs...Looks like good news to me.
Ambac Reduces Counterparty Risk
Wednesday April 8, 2009, 4:54 pm EDT
NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: ABK - News) (Ambac) today confirmed that it has terminated all reinsurance transactions with RAM Reinsurance Company Ltd. (“Ram Re”) effective April 8, 2009. The termination reflects the recapture of approximately $7 billion of par outstanding of which approximately two thirds is classified as public finance exposure. The remainder of the portfolio, approximately $2.4 billion, is comprised of structured finance exposures including approximately $500 million of U.S. RMBS. The economic result will be a settlement payment from Ram Re to Ambac in the amount of approximately $97 million. The estimated present value of future installment premiums associated with this business amounts to approximately $60 million.
Greg Raab, Chief Risk Officer, commented that, “This transaction confirms Ambac’s commitment to reduce outstanding reinsurance exposure. In so doing, we are reducing counterparty risk, enhancing liquidity and earned premiums, and improving our risk-based capital position. In addition, the recapture of reinsurance from lower rated counterparties has a positive overall impact on rating agency capital which applies increasingly onerous haircuts to reinsurance from BBB/Baa or lower rated reinsurers.”
Thanks, Bob, for keeping me up to date on BQI. I'm still holding it in three of the accounts I trade.
SRS...Nice move up. Currently @ +2.90.
BTW...VERY low volume on FAS.
If you haven't read THE LOGICAL TRADER by FISCHER, I'd strongly suggest it. http://www.thelogicaltrader.net/book.html
In short, you draw a horizontal line across the high and the low of the first 10 minutes of trading. Once a stock goes above or below one of the lines and trades there for 5 minutes it's a buy or a short(if it goes below the bottom line). There's a whole lot more to his method and it has helped me in ST trading. Anyway, if you do that with FAS and FAZ, you will see that FAS is the one that has shown the BUY signal and FAZ is the one that has shown the SHORT signal. Having said that, with stocks that are so wild like FAS and FAZ, they can go one way then the other.
Lexi
That or they are pumping so they can bail.
I'm thinking that is the case. I've been watching FAS and FAZ. They're buying FAS and bring it up, only for it to move back again. I truly think they're moving it up to sell into it.
Lexi
Hi Sam,
You're welcome. If you have a TDAmeritrade account you probably can get it free. That's how I get mine. I paid for it years ago, then found out that I could get it free due to the account. It really has wonderful scans IMHO and some good info. Look here: http://www.advancedanalyzer.com/about/ .
One of the scans I like is UNDERVALUED STOCKS...WEAK STOCKS TRYING TO IMPROVE...Criteria is stocks below MACD that have moved up 10% in the last five days.
Lexi
Found SRS on a scan at Advanced Analyzer for overreaction - potential bullish bounce. The criteria is finding stocks that make a new 52 week low and move down 10% or more in that day.
You think this has anything to do with FAZ going up in AHs? I've noticed BAC has been going down and wonder if it's due to this news.
=======================
Merrill Exec Flies To London To Try To Stop Defections-CNBCLast update: 3/19/2009 3:57:39 PMDOW JONES NEWSWIRES A top Merrill Lynch executive flew to London Wednesday in an effort to prevent the departure of top European executives, CNBC's Charlie Gasparino reported Thursday. Brian Moynihan, president of global banking and wealth management, flew out Wednesday night to talk to Andrea Orcel, president of international global banking and wealth management and head of international corporate and investment banking, who is said to be weighing his departure. Several other executives are also said to be considering leaving. Full story: www.cnbc.com -Dow Jones Newswires; 201-938-5500 (END) Dow Jones NewswiresMarch 19, 2009 15:57 ET (19:57 GMT)
Thank you. I was wondering if it was something like that.
Is this the reason banks are running?
Markit Announces Multi-Bank, Cross-Asset Valuation PlatformLast update: 2/25/2009 2:16:26 PMLONDON (Dow Jones)--Financial information services company Markit and six dealers announced Wednesday the launch of a single platform providing derivatives and cash securities prices to investors. Citigroup (C), Credit Suisse (CS), JPMorgan (JPM), Goldman Sachs (GS), Bank of America Merrill Lynch (BAC) and UBS (UBS) are supporting what Markit called "the first multi-bank, cross-asset client valuations platform." Markit said it expects additional banks to participate. The initiative was first announced in February 2008, and the launch was originally scheduled for the second half of 2008. The platform, called the Markit Valuations Manager, will give investors access to dealers' valuations on over-the-counter derivatives and cash instruments. Investors will be able to compare these with Markit's own valuations. -Mark Brown, Dow Jones Newswires; +44 (0)207 842 9485; mark.brown@dowjones.com (END) Dow Jones NewswiresFebruary 25, 2009 14:16 ET (19:16 GMT)
Thanks for your reply. AGT looked good today.:)
Thanks so much. I can trade in AHs with TDAmeritrade; however, there are certain stocks like OTCBB ones that they won't allow you to trade. They wouldn't let me trade AGT even though it's not listed as an OTCBB stock. Have you traded AGT in AHs?
Lexi
It's trading at .27 in AHs; however, I have TDAmeritrade and they won't let me trade it in AHs.
Wow...what a convoy.
Lexi
Well, we're ready.:)
Good for you. Since I primarily trade FAS and FAZ, I keep GS, BAC, JPM, and UYC on my streamer so I've been watching BAC.
Hope you make big bucks.
Lexi
FAS just hit 9.60. I haven't seen any financial news to cause this, have you?
FAS the financial bull is up today, and often times when it is positive ABK does better. I keep thinking we're going to have some announcement from the government that will move the financials and ABK along with it. We'll see.:)
I bought some at 1.06 then it dropped to 1.04. This news came out in AHs...
Ambac Fincl Chm To Get $975,000 Cash Bonus For 08 >ABKLast update: 2/2/2009 4:55:34 PMDOW JONES NEWSWIRES Ambac Financial Group Inc. (ABK) said Monday that Chairman Michael A. Callen will receive a $975,000 cash bonus for 2008. The company, in a filing with the Securities and Exchange Commission, also said that Chief Financial Officer Sean T. Leonard will receive a $950,000 cash bonus. Executive Vice President Douglas C. Renfield-Miller will receive a $550,000 bonus and Chief Executive David W. Wallis will receive a $500,000 bonus. The company said in granting the cash bonus awards, the board of directors considered Ambac's performance during 2008, the performance of each individual executive and the overall economic environment. The company also said that it has raised Leonard's 2009 salary to $550,000 and raised Renfield-Miller's salary to $600,000, according to the filing. In February 2008, Ambac increased Leonard's salary to $380,000 and Renfield-Miller's salary to $300,000. Shares of the New York-based company closed Monday at $1.04, down 8.77%. -Brian Kalish; Dow Jones Newswires; 202-862-1350; brian.kalish@dowjones.com (END) Dow Jones NewswiresFebruary 02, 2009 16:55 ET (21:55 GMT)
An administration official said the roll-out of the plan was on track in response to a CNN report saying the plan's announcement is being pushed back due to its complex nature.
http://news.yahoo.com/s/nm/20090201/pl_nm/us_obama_13
LOLLLLLLLLLLLLLLLLLLL Good one.:)
Nice to see it moving again.:)
N AMERICAN MORNING BRIEFING: Analyst Ratings ChangesLast update: 12/15/2008 6:25:14 AM
DJIA Futures 8640.0 -24.0 -0.3%
S&P 500 Futures 881.6 -3.8 -0.4%
Nasdaq Futures 1210.7 -4.2 -0.3%
Above are as of 0550 ET
FTSE 100 4310.8 +30.5 +0.7%
Xetra DAX 4745.1 +81.7 +1.7%
CAC40 3239.3 +25.7 +0.8%
Above are as of 0550 ET
Nikkei 225 8664.7 +428.8 +5.2%
Hang Seng 15046.9 +288.6 +1.9%
Above are closing prices
SNAPSHOT: -Stocks seen flat; dollar lower against yen, euro and pound; Treasurys seen little changed; ICE Brent crude higher at $48.01; gold higher. -Watch for NY Fed Empire State survey at 0830 ET; Treasury international capital flows, in dollars at 0900 ET; Industrial Production at 0915; NAHB housing index at 1300 ET; two-day FOMC meeting beginning (interest rate decision expected around 1415 ET Tuesday). U.S. MARKETS OUTLOOK: U.S. stock futures are pointing to a flat to slightly lower open as investors remain cautious ahead of the FOMC meeting and interest rate decision due Tuesday, said Manoj Ladwa of U.K. spreadbettor TradIndex. "Markets are now negative, but may creep back into positive later Monday, as investors price in the 50bps expected rate cut," said Ladwa. "However, once the decision has been made I believe markets will fall again," he added. EQUITIES: The financial sector will be in the spotlight Monday after several European banks, including Natixis SA (12068.FR) and BNP Paribas SA (13110.FR) of France, Spain's Banco Santander SA (STD) and the U.K.'s Royal Bank of Scotland Group (RBS) outlined their exposure to Bernard L. Madoff Investment Securities LLC, the New York-based business that allegedly lost $50 billion in a giant pyramid scheme. Citigroup Inc. (C) said it "recently" arranged financing in excess of $8 billion to Dubai, just weeks after issuing a report that stated the emirate's economy was the most "vulnerable" amongst Gulf sheikdoms. At 0504 ET, Citigroup stock was up 3.0% in Frankfurt. Credit-card firms should also see active trading after The Wall Street Journal reported that U.S. federal regulators are poised to adopt tough restrictions to make it harder for such companies to raise interest rates on millions of existing customers. Elsewhere, Detroit's 'Big Three' will continue to be closely watched as investors await details on how funds allocated for the Troubled Asset Relief Program, or TARP, can be diverted to support the auto makers. At 0505 ET, General Motors Corp. (GM) stock was up 6.3% in Frankfurt, while Ford Motor Co. (F) shares were 8.4% higher. In the tech sector, Apple is drifting lower in Frankfurt following Goldman's Sachs' decision to cut its recommendation to neutral from buy. At 0525 ET the stock was down 1.2%. After Friday's closing bell, Fitch Ratings downgraded a number of homebuilders, citing the difficult housing environment and expectations that housing activity will be even more challenging than previously anticipated in 2009. Fitch cut KB Home (KBH) and D.R. Horton (DHI) to BB- from BB+, Lennar (LEN) and Pulte (PHM) to BB+ from BBB-, and Centex (CTX) and Ryland (RYL) to BB from BB+. FOREX: The dollar is lower in Europe Monday, benefiting little from increased optimism about a bailout plan for the battered U.S. automakers, which this time involves dipping into the $700 billion TARP kitty. By 0550 ET, the dollar was down in Europe at Y90.78, while the euro was up at $1.3471 and the pound had risen to $1.5001. BONDS: U.S. Treasurys are trading little changed from Friday's closing levels in London. The Fed is widely expected to cut its Fed Funds target rate by 50bp to 0.50%. 2-year/10-year benchmark yield spread at +181.0bp versus Friday's +180.5bp. 2-year note is unchanged at 100 30/32, yielding 0.765%, 10-year note down 1/32 at 110 7/32, yielding 2.575%. 30-year down 4+/32 at 128 even, yielding 3.05%. Corporate bonds: After opening tighter, spreads on European credit-derivative indexes moved wider amid extremely thin liquidity. "There has only been two prints on Crossover so far this morning ... bid/offer spreads are very wide," said a trader. At 0525 ET, the Markit iTraxx Crossover index, which measures the cost of default insurance on 50 mostly sub-investment-grade borrowers, stood at 1126 basis points, according to Markit, after opening around 1085 basis points. The move wider comes despite European stock markets posting gains on fresh hopes the White House will throw a lifeline to U.S. auto makers in an attempt to prevent the collapse of the ailing autos industry. COMMODITIES: Crude oil futures could vault above $50/bbl this week if buyers are heartened by the potential for an Organization of Petroleum Exporting Countries output cut or a U.S. auto sector bailout, said Stephen Schork of the Schork report. "We are prepared for the possibility that some misguided Detroit euphoria, coupled with a (likely) hawkish announcement out of OPEC this Wednesday will be the catalyst this week that shoves spot Nymex WTI back to the top of the current range in the mid $50s," he says. At 0515 ET, ICE January Brent traded up 160 cents at $48.01 a barrel, while Nymex January WTI traded up 181 cents at $48.09 a barrel. For gold to break higher, the precious metal needs to move above $835.3 a troy ounce, said FuturesTechs analysts, adding that gold opened and closed at the same level Friday and that suggests indecision between buyers and sellers. At 0519 ET, spot gold traded at $828.60 an ounce, up 0.9% from late Friday in New York, while silver was at $10.39/oz, up 1.6% from Friday's close. =======TODAY'S CALENDAR=======
0830 US Dec NY Fed Empire State Survey
0900 US Oct Tsy Intl Capital Flows
0915 US Nov Indus Production
1300 US Dec NAHB Housing Index
N/A US Dec Two-day FOMC meeting begins ============================== OTHER TOP STORIES OF THE DAY:
WSJ: GMAC WOOS INVESTORS AS IT SEEKS FED BACKING GMAC LLC is racing to raise $1.25 billion in fresh capital necessary for the Federal Reserve to begin backstopping the company's finances. GMAC is in talks with potential investors, including private-equity firms, according to people familiar with the matter.
WSJ: GOOGLE WANTS ITS OWN FAST TRACK ON THE WEB Google Inc. (GOOG) has approached major cable and phone companies that carry Internet traffic with a proposal to create a fast lane for its own content, according to documents reviewed by The Wall Street Journal.
WSJ: BANK OF AMERICA: REPORT ON CCB STAKE SALE NOT TRUE Bank of America Corp. (BAC) denied a report in Hong Kong's Chinese-language Apple Daily newspaper that said the U.S. bank is selling up to US$3.10 billion worth of shares in China Construction Bank Corp. (0939.HK)
BOEING, AIRBUS PLAN LOANS TO CUSTOMERS Boeing (BA) and Airbus (ABI.YY) are preparing to pump the world aviation market with billions of dollars worth of loans to carriers in 2009 to try to offset what is expected to be "a very, very tough" year for aircraft manufacturers, according to U.K. newspaper The Times.
WSJ: US DRILLING ACTIVITY SLOWING SHARPLY As oil and gas prices fall, drilling activity in the U.S. is slowing more than expected, battering shares of drilling companies, hurting economies in energy-producing states and sowing the seeds for supply shortages when the economy recovers.
BOJ TANKAN: CORP MOOD DECLINE FASTEST IN 34 YRS Business sentiment among Japan's largest manufacturers deteriorated over the past quarter at its fastest pace in more than three decades, highlighting how the global financial crisis is causing pain for the country's economy, the Bank of Japan's tankan survey showed Monday.
IEA SEES GLOBAL OIL PRODUCTION PEAKING IN 2020 - REPORT The International Energy Agency's chief economist believes global oil production will peak much earlier than expected due to a collapse in investment, The Guardian reports Monday.
GERMANY TO WAIT FOR OBAMA BEFORE STARTING NEXT STIMULUS - FT Germany will hold off on its next fiscal stimulus package until it has a better idea of U.S. President-elect Barack Obama's economic policies, the Financial Times reported Sunday, citing unnamed German officials.
CHINA NOV INDUS OUTPUT GROWTH LOWEST SINCE FEB 2002 China's industrial output growth slowed to its lowest level in nearly seven years in November, and analysts said they don't expect the slowdown to hit bottom until later next year when Beijing's plan to boost investment has an effect. By Isis Almeida, Dow Jones Newswires; 4420 7842 9375; isis.almeida@dowjones.com
Advanced Semiconductor ADR Target Cut To US$1.6 Vs US$1.8-GS
BE Aerospace Started At Hold By Societe Generale
Beckman Coulter Cut To Neutral From Outperform By Baird
Best Buy Raised To Buy From Neutral By PiperJaffray
Boeing Started At Sell By Societe Generale
Catalyst Pharma Ptnrs Started At Buy By Merriman Curhan
Cephalon Started At Buy By Goldman Sachs
Endo Pharma Started At Neutral By Goldman Sachs
Forest Laboratories Started At Neutral By Goldman Sachs
General Dynamics Started At Hold By Societe Generale
Gilead Sciences Started At Buy By Merriman Curhan
Goodrich Started At Sell By Societe Generale
Kansas City Southern Cut To Neutral From Buy By Goldman
King Pharmaceuticals Started At Neutral By Goldman Sachs
Lockheed Martin Started At Buy By Societe Generale
Neutral Tandem Raised To Outperform From Neutral By Baird
Northrop Grumman Started At Buy By Societe Generale
Sepracor Started At Sell By Goldman Sachs
Warner Chilcott Started At Neutral By Goldman Sachs
(END) Dow Jones NewswiresDecember 15, 2008 06:25 ET (11:25 GMT)
Hi Bob,
Just heard this on Bloomberg news and I will try to remember and write it as correctly as I can.
First of all they didn't mention BQI; however, did mention other oilsands companies in Canada. They said that while oilsands companies are down like all energy companies with the price of oil dropping so much, now more than ever these companies make good takeover targets for bigger companies and that in general they'll be paid a good amount to get them. I'm thinking what they meant was at this time it's hard for some of these smaller companies to do what they need to do to move along and the bigger countries will take it as a plus time to acquire.
Lexi
There's lots of data coming out this week that could affect the market and I would think that might pull it down; however, as witnessed on Friday there was horrible news and the market disregarded it at EOD.
Our FAZ is in the 40 area!:)
Right. It's not uncommon for it to have a 20-30 point range in a day. So far the range from opening has been around 3 points. DOW right now looking like they bought the dip.
FAZ...After that gap down, it surely seems to be churning in a tight range for it. That indicates to me direction hasn't been determined yet. DOW has pulled back, so now we'll see if we have dip buying or not.
FAZ..Whatever you do I'd say be very careful for this market is crazy. Just don't get locked into one frame of mind, meaning long or short. I've seen the market ramp when everything said it shouldn't. I would suggest you go to www.stocktiger.com and subscribe to their free newsletter. It comes out each Sunday and they have wonderful charts, etc. that I think have the potential to be helpful to everyone. They are saying that when we do rally financials should lead the way.
Lexi
Yes, I do. Been there, done that.:)
LOLLLLL :)
I had a small amount going into Friday and my husband got sick and I had to quickly take him to the doctor's. Consequently, I put in what I thought was a doable sell target. It didn't hit and then the stock tanked.:)
Okay, confession time. I have a very small amount at 50.93.:)
FAZ at that price seems to me a very good entry.
Wishing you well,
Lexi
I agree with the other poster who urged caution when trading these 3 times ETFs. They're great when they move in your favor, but can hurt you big time if they go against you and I've been in stocks that I waited and waited for them to go in the right direction and they didn't, resulting in a big loss. When I got FAZ I made up my mind I'd have a strict stop set in my mind for otherwise it could be very damaging. I don't suggest a tight stop for it's all over, but I would suggest you make up your mind right now where you'd sell if it goes against you. In addition, I'm trading very small amounts of it. Trying for the big kill unless you really know what you are doing can hurt you.
Lexi
I'm no expert, but yes it is my feeling that we go lower on financials. I think the chart that was posted here has merit showing an overbought position. Plus, using common sense I question why they came up so far with such bad news all around. A very savvy trader friend of mine told me there have been some rumors that we could have some big financial names issuing warnings over the weekend or on Monday. Time will tell about that one, but with all that bad news we had last week why did we end up rallying anyway? Granted some feel the government helping the auto industry is a reason to move up; however, I see what the government is doing is merely temporary and certainly not solving anything. It galls me that we have given out so much money and then have companies like AIG not even using it in a meaningful way. So that's my reasoning for whatever it's worth.:)
BTW, I bought some FAZ in the 46s on Friday towards EOD.
Lexi
...and aren't we sad those Middle Eastern people who gave us the shaft on it aren't making as much money? <g>
Agree with you. Financials ready for a retrace. I'm looking at DXO even though it might be a bit early for it. If output is cut as discussed, perhaps it will move DXO.
Lexi