Market News

[Show-me]

I'm going to go sit on my porch for the next hour and listen to the rain...nothing better to do.

Yep, I'm out of here too. Profit taking, consolidation, unwinding of positions, what ever you want to call it, it is wearing me thin. No good deals out there so far. I need volatility!

 

[weatherweenie]

[BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -11.30. Futures slip to their session lows. In Fed Chairman Ben Bernanke's prepared statement to the Senate Banking Committee, Bernanke said "If financial conditions fail to improve for a protracted period, the implications for the broader economy could be quite adverse." Bernanke added that the Fed supports the Treasury's proposal to buy illiquid assets from financial institutions.

 

[James48843]

Headline on yahoo:
++++++++++++++++++++++


"What if the $700 Billion plan doesn't work?"

Lawmakers raised doubts Monday about what would be the largest government bailout in American history, but a bigger, more terrifying question lurked right under the surface: What if it doesn’t work?
[SIZE=-2][/SIZE]

Failure, says one insider, is not an option.

“The alternative is complete financial Armageddon and a great depression,” said a former Federal Reserve official. “Where do they go after this? Well, the U.S. government could nationalize the banking system outright.”

A few months ago, that idea would have been laughed out of the room.

But no one’s laughing anymore.

(more on Yahoo)
++++++++++++++++++++++++++++++++++


Interesting thought.

 

[jon]

Now .. live streaming Senate BAnking Cmtt.... Internet C-Span

 

[Intrepid_Timer]

 

[Silverbird]

The box, when eaten with warm milk, may have some nutritional value.

 

[weatherweenie]

Home prices fell 5.3 pct in July, gov't says
Tuesday September 23, 11:29 am ET
By Alan Zibel, AP Business Writer Home prices fell in July, but gov't agency says Fannie, Freddie takeover will help loan market
WASHINGTON (AP) -- Nationwide home prices in July fell a record 5.3 percent compared with a year ago, a government agency said Tuesday, and have now receded to October 2005 levels. Prices were down 0.6 percent from June on a seasonally adjusted basis, according to the Federal Housing Finance Agency.

http://biz.yahoo.com/ap/080923/housing.html

 

[weatherweenie]

Berkshire buying $5 billion stake in Goldman Sachs
Tuesday September 23, 6:10 pm ET
By Anna Jo Bratton, Associated Press Writer Buffett's Berkshire buying at least $5 billion stake in Goldman Sachs in private offering

http://biz.yahoo.com/ap/080923/goldman_sachs_berkshire.html

 

[Fivetears]

Japan's SMFG to invest in Goldman Sachs
Sumitomo Mitsui Financial Group, Japan's third-largest bank, plans to invest in U.S. investment bank Goldman Sachs. SMFG's investment will total several hundreds of billions of yen.
http://news.yahoo.com/s/nm/20080924/bs_nm/us_goldman_sachs_smfg5_1

 

[weatherweenie]

[BRIEFING.COM] S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +13.50. Futures gain some ground as Warren Buffett gets interviewed on CNBC. Buffett said in five to ten years we will look back and see that there were some extraordinary buying opportunities. Buffet added that Congress needs to pass the Treasury's plan, and he would not have invested in Goldman if he thought a government plan would not go through.

 

[weatherweenie]

[BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +10.30. Stock futures suggest a higher open for the stock market. Crude oil is trading up 2.4% to $109.12 per barrel ahead of the government's weekly energy report at 10:35 ET.​

 

[weatherweenie]

Treasury officials denied an AP report that Secretary Henry Paulson had agreed to accept limits on pay packages for executives whose companies benefit from a proposed $700 billion financial bailout.

 

[weatherweenie]

NYSE Regulation CEO expects that the Securities and Exchange Commission will extend its emergency ban on short-selling beyond Oct. 2, to the 30-day total duration maximum, according to Reuters.

 

[Fivetears]

President Bush will be serving huge sugar-coated turds in about 17 minutes. Get yur plastic forks and paper plates middle-class folk. There's going to be plenty for all.

 

[Fivetears]

http://www.urbandictionary.com/define.php?term=Crap+Sandwich

 

[Birchtree]

I wish Bush would have further defined who the "some" were that were irresponsible and greedy acquiring mortgages they were not qualified to obtain and now aren't making their payments. Fannie and Freddie know as well as does Nobama.

 

[Fivetears]

Eh... ww; it's a rescue plan now.

I know, I made the same mistake too tonite. W is calling it a "Rescue" plan. I missed it. Man, this changes everything. We have to save the middle-class from grave financial destruction; no jobs, no retirement, no loans; complete ruin.

AH, WHO IS HE TRYING TO FOOL, GDI!!!! THIS BAILOUT PLAN IS A PILE OF "BUSH-IT." :notrust: :suspicious:

Treasury officials denied an AP report that Secretary Henry Paulson had agreed to accept limits on pay packages for executives whose companies benefit from a proposed $700 billion financial bailout.

 

[weatherweenie]

08:30 am : S&P futures vs fair value: +12.00. Nasdaq futures vs fair value: +15.30. Some economic data has just hit the wires, causing futures to dip a bit after rising earlier. August durable goods orders slipped 4.5%, which is worse than the 1.9% decline that was widely expected. Prior month orders were downwardly revised to reflect a 0.8% increase. Excluding transportation, orders were down 3.0%. Economists were expecting a 0.5% decline after the downwardly revised 0.1% increase in the preceding month. Initial jobless claims for the week ending September 20 totaled 493,000, up 32,000 week-over-week. The latest results were worse than the 450,000 claims that were expected.

 

[weatherweenie]

09:01 am : S&P futures vs fair value: +9.40. Nasdaq futures vs fair value: +12.30. Stock futures continue to indicate an upward start to the trading session. Futures, however, are off their best level of the morning. In a CNBC interview, bond guru Bill Gross stated the unemployment rate could end up around 7% and the economy is not looking good for 2009. Oil futures are currently more than 1% lower, trading below $105 per barrel.

 

[Frixxxx]

09:01 am : S&P futures vs fair value: +9.40. Nasdaq futures vs fair value: +12.30. Stock futures continue to indicate an upward start to the trading session. Futures, however, are off their best level of the morning. In a CNBC interview, bond guru Bill Gross stated the unemployment rate could end up around 7% and the economy is not looking good for 2009. Oil futures are currently more than 1% lower, trading below $105 per barrel.

CAN SOMEONE READ THE FOLLOWING AND TELL ME WHY THE MARKET IS UP?????
Stocks Surge on Bailout Hopes- AP


Stocks are higher in early trading as government officials move closer to a deal aimed at saving the crippled financial system. But a credit market squeeze has intensified as doubts about the plan's effectiveness drive demand for very short-term, safe-haven assets including three-month Treasury bills.

• Deal close on $700 billion financial bailout plan- AP
• New home sales hit17-year low, prices fall record amount- AP
• Jobless claims pushed to 7-year high- AP
• GE lowers profit guidance, suspends stock buybacks- AP
• August durable goods orders down sharply- Reuters
• Oil price dips on supply, economic uncertainties- AP
• Occidental to buy western oil fields for $1.25B- AP
• Discover 3Q profit dips 11 percent- AP

Go to http://finance.yahoo.com/ to get the links to the stories.

It's the exact opposite of what I was thinking should happen: profits down, unemployment up, record housing prices, profits lower - and the market goes up??? I can't believe there is this many "bargain" hunters all on one day. I see a sell-off this afternoon!!!!