nnuut's Account Talk

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Norm, the (S)tink Fund is only down -10.31% and the (C) and (I) are
down -13.86% and -15.84% respectively. Maybe the (S) is waiting for
the Big Boys to catch up. Alas, it doesn't work that way does it ! :cheesy:
 
squalebear said:
Norm, the (S)tink Fund is only down -10.31% and the (C) and (I) are
down -13.86% and -15.84% respectively. Maybe the (S) is waiting for
the Big Boys to catch up. Alas, it doesn't work that way does it ! :cheesy:
Click to expand...
You never know how it works, you may be right?:cool:
 
COB today 65% "C", 35% "S".
A little worried about this move, a move up on the day of FED speak may last through the day after and usually falls. If Wednesday Crude inventories look good (I think it will) tomorrow should hold. We should have another turn around when this bounce reaches resistance at the upper boundary of the channel. Got my hand on the button!!View attachment 4404
 
nnuut said:
A little worried about this move, a move up on the day of FED speak may last through the day after and usually falls.
Click to expand...

Judging from the tone of the news it doesn't appear anyone thinks the Fed is going to do anything, including changing rates. Still it appears we have alot of traders buying in today but based on what?

Of course it's easy for me to play Mr Contraian when I'm sitting on the sidelines. I do think we'll sell off at the end of the day with a gain of less the 1%. If we continue this uptrend tomorrow, then I hope F falls enough for me to find it attractive... :rolleyes:
 
Fed leaves rates unchanged

Central bank keeps key short-term rate at 2% and hints that it could stay there for a while as Ben Bernanke and Co. cite risks of inflation and a slowdown.

By Chris Isidore, CNNMoney.com senior writer
August 5, 2008: 2:14 PM EDT

NEW YORK (CNNMoney.com) -- The Federal Reserve left a key short-term interest rate unchanged Tuesday and cited both the risk of a slowing economy and inflation pressures, a sign that the central bank may keep rates steady for the next few months.
It is the second straight meeting that policymakers at the Fed held the so-called fed funds rate at 2%, following seven straight cuts from last September through this April.
The fed funds rate is an overnight bank lending rate used as a benchmark for many types of consumer loans as well as certain business loans.
The Fed generally cuts rates when it sees a risk of an economic slowdown and wants to spur spending by consumers and businesses. It typically raises rates when it is more concerned about fighting inflation.
But this year, the Fed has found itself having to worry about both a weak economy due to the housing slump and credit crisis as well as inflation pressures brought about by high prices for commodities such as food and oil.
http://money.cnn.com/2008/08/05/news/economy/fed_decision/index.htm?postversion=2008080514
 
Looks like a down day today with Jobless Claims up and Oil on the rise.:mad:

Jobless claims surge to highest level in 6 years

Claims for unemployment insurance at highest point in more than 6 years; layoff filings worse than expected.

Last Updated: August 7, 2008: 8:52 AM EDT

WASHINGTON (AP) -- The number of newly laid off people signing up for jobless benefits last week climbed to its highest point in more than six years as companies cut back given the faltering economy.
The Labor Department reported Thursday that new applications filed for unemployment insurance rose by a seasonally adjusted 7,000 to 455,000 for the week ending Aug. 2. The increase left claims at their highest level since late March 2002.
A program to locate people eligible for jobless benefits played a role in the increase, a Labor Department analyst said. However, the analyst couldn't say how much of a role.
The latest snapshot of layoff filings was worse than analysts expected. They were forecasting new claims to drop to around 430,000.
http://money.cnn.com/2008/08/07/news/economy/jobless_benefits.ap/index.htm?postversion=2008080708

 
OK, now it's Fannie's turn to screw up our day!! I'm sure that if I had known this news was coming about Fannie and Freddie I wouldn't be 100% in the Markets. How did I miss this? OR is it normally a surprize when these divots lose BILLIONS? Guess I'm a Dummy Mae?:embarrest:

More pain at Fannie - $2.3 billion loss

Mortgage finance giant suffers much larger-than-expected loss due to reserves for credit losses and slashes its dividend to preserve capital.

By Chris Isidore, CNNMoney.com senior writer
Last Updated: August 8, 2008: 8:35 AM EDT

NEW YORK (CNNMoney.com) -- Mortgage finance giant Fannie Mae reported a much larger-than-expected loss in the second quarter and slashed its dividend Friday, more signs that the problems in housing and financial markets are not over.
The firm reported a net loss of $2.3 billion, or $2.54 a share. Analysts surveyed by Thomson Reuters forecast a loss of 68 cents a share, compared to earnings of $1.86 a share a year earlier. But large increase in reserves for bad debt and a writedown in the value of its holdings hurt the results.
The company warned of billions more in credit losses this year than it had previously forecast, and said the rate of credit losses is likely to get even worse next year. [more]
http://money.cnn.com/2008/08/08/news/companies/fannie_results/index.htm?postversion=2008080808
 
Now this, what else?:(

Russian tanks 'rolling into Georgian breakaway'

  • NEW: Georgia says it has shot down two Russian aircraft
    Russian TV shows tanks and troops moving towards Georgia
    Russian authorities said several of its peacekeepers died in a Georgian attack
    Vladimir Putin warned Russia would respond to Georgia's actions
1x1pixel.gif
TBLISI, Georgia (CNN) -- Georgia's president said Friday that his country is under attack from Russian tanks and warplanes, and he accused Russia of targeting civilian populations as tensions over the breakway Georgian region of South Ossetia appeared to boil over into full-blown conflict.[more]http://www.cnn.com/2008/WORLD/europe/08/08/georgia.ossetia/index.html
 
Norm,

Fannie and Freddie both projected losses before the bailout, but never revealed those projections. That's why the minimum $25B was requested but Paulson gave them a blank check instead. Considering the size of all the other financials writedowns, why is everyone so surprised - especially since they've taken on a ton of bad loans?
 
Beside all that, I like the action today. I can only go out to the "G" so Im going to stay where I am (64C, 35S) and see if the bottom is really in? NBNBC!!!:toung:
 
nnuut said:
Now this, what else?:(

Russian tanks 'rolling into Georgian breakaway'

  • NEW: Georgia says it has shot down two Russian aircraft
    Russian TV shows tanks and troops moving towards Georgia
    Russian authorities said several of its peacekeepers died in a Georgian attack
    Vladimir Putin warned Russia would respond to Georgia's actions
1x1pixel.gif
TBLISI, Georgia (CNN) -- Georgia's president said Friday that his country is under attack from Russian tanks and warplanes, and he accused Russia of targeting civilian populations as tensions over the breakway Georgian region of South Ossetia appeared to boil over into full-blown conflict.[more]http://www.cnn.com/2008/WORLD/europe/08/08/georgia.ossetia/index.html
Click to expand...

Russia claims to be there to stop ethnic cleansing so it may have a high approval with the rest of the world. At least that is what they are reporting.:worried:
 
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