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Market Talk
- Thread starter Spaf
- Start date
Birchtree
Well-known member
imported post
From Ed Downs,
The fact that the Dow index held at the highs after a 500 poiny rally is promising of further strength. Consolidations formed at the highs typically resultt in a continuation move higher. An upside break through 10,500 will likely spur a move to the 10,550 resistance level. If the Dow can continue holding above 10,400 after a pull back, more strength is likely. Certainly hope so.Everyone is looking for a down day according to early futures-where will the surprise originate from?
From Ed Downs,
The fact that the Dow index held at the highs after a 500 poiny rally is promising of further strength. Consolidations formed at the highs typically resultt in a continuation move higher. An upside break through 10,500 will likely spur a move to the 10,550 resistance level. If the Dow can continue holding above 10,400 after a pull back, more strength is likely. Certainly hope so.Everyone is looking for a down day according to early futures-where will the surprise originate from?
The_Technician
Active member
imported post
Boy Mike...that's pretty scientific...:^
Sorry, I'm not spreading to other boards....just trying to impress this one only....
Just waiting for the bears to clear out....
:dude:
Boy Mike...that's pretty scientific...:^
Sorry, I'm not spreading to other boards....just trying to impress this one only....
Just waiting for the bears to clear out....
:dude:
The_Technician
Active member
imported post
Boy Mike...that's pretty scientific...:^
Sorry, I'm not spreading to other boards....just trying to impress this one only....
Just waiting for the bears to clear out....
:dude:
Boy Mike...that's pretty scientific...:^
Sorry, I'm not spreading to other boards....just trying to impress this one only....
Just waiting for the bears to clear out....
:dude:
teknobucks
Active member
imported post
Greenspan slams Freddie, Fannie again
Thursday May 19, 11:16 AM EDT
By Alister Bull
ATLANTA (Reuters) - Federal Reserve Chairman Alan Greenspan took aim on Thursday yet again at Fannie Mae and Freddie Mac while other U.S. central bankers spoke about bank regulation. None discussed the current economy.
In addition to Greenspan, Federal Reserve Board Governor Susan Bies said the Fed would understand if some U.S. banks opted to stay under the framework of the Basel I accord on capital adequacy rather than move to Basel II. Governor Mark Olson spoke on the bank clearing of checks.
Greenspan's comments were by far the sharpest as he leveled a barrage of criticism at the two mortgage giants, which the Fed says have used their implicit Federal guarantee to make a mountain of money.
"The Federal Reserve Board has been unable to find any credible purpose for the huge balance sheets built by Fannie and Freddie other than the creation of profit through the exploitation of the market-granted subsidy," Greenspan said in a speech that he delivered via video link to a housing conference hosted by the Atlanta Fed.
He said those holdings, which total about $1.5 trillion, do not support homeownership and neither increase the availability of long-term fixed-rate mortgages nor lower borrowing rates for homebuyers, and he argued that they should be diversified into liquid debt like U.S. government bonds.
"Indeed, only such highly liquid portfolios would be consistent with the (government-sponsored enterprises') mission of providing primary mortgage market liquidity during a crisis, particularly during a financial crisis," Greenspan said.
The central bank chief has urged Congress to cut the size of Fannie Mae's and Freddie Mac's portfolios and warned that failure to act put the entire U.S. financial system in peril, including the very home loan borrowers that Fannie and Freddie exist to help.
"Without the needed restrictions on the size of the GSE (government sponsored enterprise) balance sheets, we put at risk our ability to preserve safe and sound financial markets in the United States, a key ingredient of support for housing," he said.
Fannie and Freddie are shareholder-owned companies charged by Congress with supporting home ownership by ensuring a liquid mortgage market. To do this, they buy home loans from originators and repackage them as securities for sale to investors.
BIES ON BASEL
Bies, speaking in Boston, discussed the thorny issue of the Basel II bank capital accord and said that the U.S. regulator would not frown upon banks who decided to remain under the old rules, called Basel I.
"We will not look upon institutions that decide not to adopt Basel II as having deficient risk-management systems simply because they choose to stay under the Basel I capital framework," Bies told a conference on bank risk hosted by the Federal Reserve Bank of Boston.
Bies said that for some banks with relatively simple operations, "less-sophisticated enterprise-wide risk management and -measurement is entirely appropriate."
International regulators agreed last year to the Basel II rules, which aim at modernizing bank soundness requirements and preventing any financial crisis from spreading across borders. The accord is scheduled to be phased in from 2007 to 2008.
However, U.S. regulators last month announced a delay in publishing proposed rules for U.S. banks implementing the terms of the accord and said implementation of the accord may slip.
In a third appearance by a member of the U.S. central bank's interest rate setting committee, Governor Olson said the Fed is monitoring whether banks -- who have benefited from electronic payment systems for checks -- should shorten fund availability turn-around for customers.
Banks are increasingly adopting technology to take advantage of Check 21, a law that went into effect last year that helps banks handle more checks electronically, Olson said in remarks to a conference organized by the Chicago Federal Reserve.
Check 21, which has cut back on the need to physically transfer paper documents among banks, means checks clear more quickly. But consumer organizations say banks aren't matching that by speeding up how rapidly a customer can get the money.
"If we find sufficient improvement in check-collection and return times, particularly as more banks make use of Check 21, we will reduce the funds availability schedule accordingly."
©2005 Reuters Limited.
Greenspan slams Freddie, Fannie again
Thursday May 19, 11:16 AM EDT
By Alister Bull
ATLANTA (Reuters) - Federal Reserve Chairman Alan Greenspan took aim on Thursday yet again at Fannie Mae and Freddie Mac while other U.S. central bankers spoke about bank regulation. None discussed the current economy.
In addition to Greenspan, Federal Reserve Board Governor Susan Bies said the Fed would understand if some U.S. banks opted to stay under the framework of the Basel I accord on capital adequacy rather than move to Basel II. Governor Mark Olson spoke on the bank clearing of checks.
Greenspan's comments were by far the sharpest as he leveled a barrage of criticism at the two mortgage giants, which the Fed says have used their implicit Federal guarantee to make a mountain of money.
"The Federal Reserve Board has been unable to find any credible purpose for the huge balance sheets built by Fannie and Freddie other than the creation of profit through the exploitation of the market-granted subsidy," Greenspan said in a speech that he delivered via video link to a housing conference hosted by the Atlanta Fed.
He said those holdings, which total about $1.5 trillion, do not support homeownership and neither increase the availability of long-term fixed-rate mortgages nor lower borrowing rates for homebuyers, and he argued that they should be diversified into liquid debt like U.S. government bonds.
"Indeed, only such highly liquid portfolios would be consistent with the (government-sponsored enterprises') mission of providing primary mortgage market liquidity during a crisis, particularly during a financial crisis," Greenspan said.
The central bank chief has urged Congress to cut the size of Fannie Mae's and Freddie Mac's portfolios and warned that failure to act put the entire U.S. financial system in peril, including the very home loan borrowers that Fannie and Freddie exist to help.
"Without the needed restrictions on the size of the GSE (government sponsored enterprise) balance sheets, we put at risk our ability to preserve safe and sound financial markets in the United States, a key ingredient of support for housing," he said.
Fannie and Freddie are shareholder-owned companies charged by Congress with supporting home ownership by ensuring a liquid mortgage market. To do this, they buy home loans from originators and repackage them as securities for sale to investors.
BIES ON BASEL
Bies, speaking in Boston, discussed the thorny issue of the Basel II bank capital accord and said that the U.S. regulator would not frown upon banks who decided to remain under the old rules, called Basel I.
"We will not look upon institutions that decide not to adopt Basel II as having deficient risk-management systems simply because they choose to stay under the Basel I capital framework," Bies told a conference on bank risk hosted by the Federal Reserve Bank of Boston.
Bies said that for some banks with relatively simple operations, "less-sophisticated enterprise-wide risk management and -measurement is entirely appropriate."
International regulators agreed last year to the Basel II rules, which aim at modernizing bank soundness requirements and preventing any financial crisis from spreading across borders. The accord is scheduled to be phased in from 2007 to 2008.
However, U.S. regulators last month announced a delay in publishing proposed rules for U.S. banks implementing the terms of the accord and said implementation of the accord may slip.
In a third appearance by a member of the U.S. central bank's interest rate setting committee, Governor Olson said the Fed is monitoring whether banks -- who have benefited from electronic payment systems for checks -- should shorten fund availability turn-around for customers.
Banks are increasingly adopting technology to take advantage of Check 21, a law that went into effect last year that helps banks handle more checks electronically, Olson said in remarks to a conference organized by the Chicago Federal Reserve.
Check 21, which has cut back on the need to physically transfer paper documents among banks, means checks clear more quickly. But consumer organizations say banks aren't matching that by speeding up how rapidly a customer can get the money.
"If we find sufficient improvement in check-collection and return times, particularly as more banks make use of Check 21, we will reduce the funds availability schedule accordingly."
©2005 Reuters Limited.
teknobucks
Active member
imported post
China raises tax to slow rush of textile exports
Friday May 20, 7:42 AM EDT
By Alan Wheatley, Greater China Economics Editor
BEIJING (Reuters) - China said on Friday it would increase tariffs on a range of textile exports to draw the sting out of an increasingly venomous trade dispute with the United States and the European Union.
China's Ministry of Finance said the higher tariffs would apply to 74 textile lines starting on June 1, a move the American Chamber of Commerce in China said was constructive and France described as important.
But the European Union struck a cautious note, saying it would seek details of the move with China's textile negotiator Gao Hucheng next week, when he is due to meet European Trade Commissioner Peter Mandelson in Brussels.
The tax on most of the items would rise to 1 yuan (12 cents) per unit from 0.2 yuan, with the biggest tariff set at 4 yuan, the ministry said on its official Web site (www.mof.gov.cn).
Products listed included trousers, T-shirts and underwear.
"The decision was approved by the State Council," the ministry said in its statement.
The initial tax of 0.2 to 0.3 yuan per item on 148 categories took effect on Jan. 1 to coincide with the abolition of a decades-old system of global quotas on developing countries' textile exports.
The duty was too small to stem a long-predicted surge in Chinese textile exports and diplomats said that, even after the June 1 increase, the levy would remain small in relation to the big cost advantages that huge modern factories and cheap labor give Chinese textile makers.
China has blown hot and cold over international reaction to the boom in its exports since the quota system ended.
Officials have denounced steps by Washington and Brussels to hold back the tide as unfair while acknowledging that the spike in exports posed a political problem for China as well as for countries deluged by the cheap imports.
NO BACKTRACKING
The United States has responded to the sharp rise in Chinese imports by imposing emergency curbs on trousers, underwear, shirts and yarn. For its part, the European Commission is seeking emergency talks on T-shirts and flax yarn that could lead swiftly to curbs on imports into the 25-member EU.
European Commission spokeswoman Francoise Le Bail said the Commission wanted to reach a negotiated resolution with China.
"It is clear that we would like to have a solution with the Chinese which is agreed by both sides," she told a news conference. "On the other hand there are, on two categories at least, a situation which in our view create damages for the European industry."
The president of the American Chamber of Commerce in China, Charlie Martin, welcomed Friday's move.
"This voluntary step demonstrates that China is adopting a constructive approach and is sensitive to the very real hardships which the removal of quotas has brought for some American workers," he said.
"We are encouraged by this move that the U.S. and China may be able to resolve other trade differences with a similar sense of fairness and moderation."
French Industry Minister Patrick Devedjian said in Beijing it was a step in the right direction.
"The Chinese authorities have realized the problem we have and they've made a gesture that is very important," he told reporters, adding that the tax increase would amount to 1,500 percent in the case of trousers.
Although China is increasing taxes, Commerce Minister Bo Xilai has ruled out voluntary limits on textile exports -- a measure that industry exports say would be more effective than a small increase in tariffs.
"Doing that would deviate from the basic principle of the World Trade Organization's textiles and garments agreement. We should not backtrack," Bo told visiting U.S. businessmen on Wednesday. His comments were posted on the ministry's Web site late on Thursday.
Devedjian earlier described the impact on Europe of the surge in exports in the first quarter as devastating. But he said the spike was partly because buyers had held back in late 2004 knowing the quotas were about to expire. Figures for April were likely to show the initial surge was subsiding, he said.
The textiles row has inflamed the debate over whether China should loosen the yuan's decade-old peg against the dollar, which the United States and many independent economists say gives China an unfair competitive advantage on world markets.
Washington warned Beijing on Tuesday that it could face trade sanctions unless it took steps to free up the currency within the next six months.
The China Daily, a state-run English-language newspaper, called the U.S. ultimatum outrageous and a serious infringement of China's sovereignty. The United States should put its domestic house in order instead of relying on "lazy protectionist measures" to restore its trade balance, it said. (Additional reporting by Lucy Hornby and Lu Jianxin in Shanghai)
©2005 Reuters Limited.
markets
China raises tax to slow rush of textile exports
Friday May 20, 7:42 AM EDT
By Alan Wheatley, Greater China Economics Editor
BEIJING (Reuters) - China said on Friday it would increase tariffs on a range of textile exports to draw the sting out of an increasingly venomous trade dispute with the United States and the European Union.
China's Ministry of Finance said the higher tariffs would apply to 74 textile lines starting on June 1, a move the American Chamber of Commerce in China said was constructive and France described as important.
But the European Union struck a cautious note, saying it would seek details of the move with China's textile negotiator Gao Hucheng next week, when he is due to meet European Trade Commissioner Peter Mandelson in Brussels.
The tax on most of the items would rise to 1 yuan (12 cents) per unit from 0.2 yuan, with the biggest tariff set at 4 yuan, the ministry said on its official Web site (www.mof.gov.cn).
Products listed included trousers, T-shirts and underwear.
"The decision was approved by the State Council," the ministry said in its statement.
The initial tax of 0.2 to 0.3 yuan per item on 148 categories took effect on Jan. 1 to coincide with the abolition of a decades-old system of global quotas on developing countries' textile exports.
The duty was too small to stem a long-predicted surge in Chinese textile exports and diplomats said that, even after the June 1 increase, the levy would remain small in relation to the big cost advantages that huge modern factories and cheap labor give Chinese textile makers.
China has blown hot and cold over international reaction to the boom in its exports since the quota system ended.
Officials have denounced steps by Washington and Brussels to hold back the tide as unfair while acknowledging that the spike in exports posed a political problem for China as well as for countries deluged by the cheap imports.
NO BACKTRACKING
The United States has responded to the sharp rise in Chinese imports by imposing emergency curbs on trousers, underwear, shirts and yarn. For its part, the European Commission is seeking emergency talks on T-shirts and flax yarn that could lead swiftly to curbs on imports into the 25-member EU.
European Commission spokeswoman Francoise Le Bail said the Commission wanted to reach a negotiated resolution with China.
"It is clear that we would like to have a solution with the Chinese which is agreed by both sides," she told a news conference. "On the other hand there are, on two categories at least, a situation which in our view create damages for the European industry."
The president of the American Chamber of Commerce in China, Charlie Martin, welcomed Friday's move.
"This voluntary step demonstrates that China is adopting a constructive approach and is sensitive to the very real hardships which the removal of quotas has brought for some American workers," he said.
"We are encouraged by this move that the U.S. and China may be able to resolve other trade differences with a similar sense of fairness and moderation."
French Industry Minister Patrick Devedjian said in Beijing it was a step in the right direction.
"The Chinese authorities have realized the problem we have and they've made a gesture that is very important," he told reporters, adding that the tax increase would amount to 1,500 percent in the case of trousers.
Although China is increasing taxes, Commerce Minister Bo Xilai has ruled out voluntary limits on textile exports -- a measure that industry exports say would be more effective than a small increase in tariffs.
"Doing that would deviate from the basic principle of the World Trade Organization's textiles and garments agreement. We should not backtrack," Bo told visiting U.S. businessmen on Wednesday. His comments were posted on the ministry's Web site late on Thursday.
Devedjian earlier described the impact on Europe of the surge in exports in the first quarter as devastating. But he said the spike was partly because buyers had held back in late 2004 knowing the quotas were about to expire. Figures for April were likely to show the initial surge was subsiding, he said.
The textiles row has inflamed the debate over whether China should loosen the yuan's decade-old peg against the dollar, which the United States and many independent economists say gives China an unfair competitive advantage on world markets.
Washington warned Beijing on Tuesday that it could face trade sanctions unless it took steps to free up the currency within the next six months.
The China Daily, a state-run English-language newspaper, called the U.S. ultimatum outrageous and a serious infringement of China's sovereignty. The United States should put its domestic house in order instead of relying on "lazy protectionist measures" to restore its trade balance, it said. (Additional reporting by Lucy Hornby and Lu Jianxin in Shanghai)
©2005 Reuters Limited.
markets
Birchtree
Well-known member
imported post
Mlk-man,
Are you thinking the S fund is going to fall through the floor so you can buy cheaper on 5/23? I'm glad to see you're making the buy-but you may have to pay up by being late. That is what happens in a BULL market. We will all be watching with interest-you gotta have.....courage. Congratulations.
Dennis
Mlk-man,
Are you thinking the S fund is going to fall through the floor so you can buy cheaper on 5/23? I'm glad to see you're making the buy-but you may have to pay up by being late. That is what happens in a BULL market. We will all be watching with interest-you gotta have.....courage. Congratulations.
Dennis
The_Technician
Active member
imported post
Strange market today......won't go up ....not enough bulls and won't go down....not enough bears.....:?
Thats BB......BullBears for ya.......ever heard of them.....strange beasts......Kinda got big feet with long fingernails and ugly horns.....snorts funny also...:shock:
Gonna play some golf and forget the day.....
Waiting for that break.......gotta happen sooner or later
:dude:
Strange market today......won't go up ....not enough bulls and won't go down....not enough bears.....:?
Thats BB......BullBears for ya.......ever heard of them.....strange beasts......Kinda got big feet with long fingernails and ugly horns.....snorts funny also...:shock:
Gonna play some golf and forget the day.....
Waiting for that break.......gotta happen sooner or later
:dude:
G
Guest
Guest
imported post
teknobucks wrote:
teknobucks wrote:
:shock::shock::shock:really think we melt up from here....WEEEEEEEEEEEEEEEEEEE!
tekno
G
Guest
Guest
imported post
]http://biz.yahoo.com/ap/050520/wall_street.html?.v=13]Stocks Decline As Investors Take Profits[/url]
Those pesky FOMC minutes on Tuesday.
Traders want to wait and not get caught on the wrong side of the trade.
No one wants to short. Expiration at the close.
Today means nothing.
USD wow - what a rally there! I fund holders YONK!
]http://biz.yahoo.com/ap/050520/wall_street.html?.v=13]Stocks Decline As Investors Take Profits[/url]
Those pesky FOMC minutes on Tuesday.
Traders want to wait and not get caught on the wrong side of the trade.
No one wants to short. Expiration at the close.
Today means nothing.
USD wow - what a rally there! I fund holders YONK!
G
Guest
Guest
imported post
All quiet, too quiet.
Should be a fun last hour of trading for the week.
Havea great weekend.
All quiet, too quiet.
Should be a fun last hour of trading for the week.Havea great weekend.
Birchtree
Well-known member
imported post
For all you Smokeys out there,
There were a couple of Fed guys making noise today. Fed gov. Kohn was at a conference in Germany. Stated the Fed has to do better in acquiring statistics data to compile inflation rate-that the Fed historically always over rates the numbers. Meaning that inflation might actually be lower than presently stated. Expressed concern and surprise about the period of near deflation we experienced.
Allen Greenspan made mention to a question about the neutral Fed rate-how close are we? He stated that they could already be at neutral or perhaps over neutral, but he didn't think so. He stated he would know when we were at neutral when he saw it. OK, senior. We have 6 more weeks for him to find neutral before the FOMC meeting on 6/29-6/30. Again, I say don't listen to what they say, watch what they do.
Honey, they shrank the decline. The transport index and utility index are sound today. The profit takers so far have only been pulling nickles and dimes. We may actually get a 5 day run in the Dow and the sp500. Depends on the smart money after 1500 hours. Oil ceretainly is bouncing around. Gotta stay positive attitude.
For all you Smokeys out there,
There were a couple of Fed guys making noise today. Fed gov. Kohn was at a conference in Germany. Stated the Fed has to do better in acquiring statistics data to compile inflation rate-that the Fed historically always over rates the numbers. Meaning that inflation might actually be lower than presently stated. Expressed concern and surprise about the period of near deflation we experienced.
Allen Greenspan made mention to a question about the neutral Fed rate-how close are we? He stated that they could already be at neutral or perhaps over neutral, but he didn't think so. He stated he would know when we were at neutral when he saw it. OK, senior. We have 6 more weeks for him to find neutral before the FOMC meeting on 6/29-6/30. Again, I say don't listen to what they say, watch what they do.
Honey, they shrank the decline. The transport index and utility index are sound today. The profit takers so far have only been pulling nickles and dimes. We may actually get a 5 day run in the Dow and the sp500. Depends on the smart money after 1500 hours. Oil ceretainly is bouncing around. Gotta stay positive attitude.
teknobucks
Active member
imported post
DMA wrote:
tekno
LOL
DMA wrote:
WEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE!!!!teknobucks wrote::shock::shock::shock:really think we melt up from here....WEEEEEEEEEEEEEEEEEEE!
tekno
tekno
LOL
teknobucks
Active member
imported post
better look for a buying opp if not in yet....this market is headed up.
jmho again
tekno
aka permabull....till next week anyway.....LMAO!
C or S you will be OK.....i do favor the big caps for a buy and hold.
better look for a buying opp if not in yet....this market is headed up.
jmho again
tekno
aka permabull....till next week anyway.....LMAO!
C or S you will be OK.....i do favor the big caps for a buy and hold.
G
Guest
Guest
imported post
teknobucks wrote:
Thank you for sticking up for WW.
Wish ya well and all that jazz.:^
teknobucks wrote:
Good luck Tekno$s.better look for a buying opp if not in yet....this market is headed up.
jmho again
tekno
aka permabull....till next week anyway.....LMAO!
C or S you will be OK.....i do favor the big caps for a buy and hold.
Thank you for sticking up for WW.
Wish ya well and all that jazz.:^
G
Guest
Guest
imported post
Crazy_Henry
New member
imported post
:^Go Bulls!
:^Go Bulls!
G
Guest
Guest
imported post
Da Bulls
Da Bears
MAFE down .503
USD up .52
Glad I got out of there yesterday.
:shock::shock:
Da Bulls
Da Bears
MAFE down .503
USD up .52
Glad I got out of there yesterday.
:shock::shock:
G
Guest
Guest
imported post
[align=left][/align]
[align=left]
[/align]
[align=left]Have a great weekend.[/align]
[align=left]Lots of economics next week.[/align]
[align=left]GDP report :shock:, Fomc minutes :shock:durable goods:shock:[/align]
[align=left][/align]
[align=left]
[align=left]Have a great weekend.[/align]
[align=left]Lots of economics next week.[/align]
[align=left]GDP report :shock:, Fomc minutes :shock:durable goods:shock:[/align]
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