Surprise: Fed May Print More Money
August 9th, 2011Via: Bloomberg:
Federal Reserve officials may strengthen their commitment to record monetary stimulus as soon as today after a faltering economic recovery and a U.S. credit- rating cut provoked a rout in global stocks.
By a 52 percent to 48 percent margin, respondents in a Bloomberg News survey said the Fed would ease policy this year through monetary tools or statement language. If the central bank acts, 59 percent said it would communicate that the federal funds rate, balance sheet or both will remain especially stimulative for a longer period or more specific amount of time.
Chairman Ben S. Bernanke and his colleagues are weighing the use of more untested policy tools after two rounds of bond buying totaling $2.3 trillion failed to spur sufficient economic growth and reduce unemployment below 9 percent. The Federal Open Market Committee holds its regular meeting today in Washington following the worst day for U.S. stocks since December 2008.
ES TANKING AGAIN
August 9th, 2011Warning: This is not a recommendation to buy, sell or hold any financial instrument.
Update: ESU11 riding higher on declining dollar. Up 2.4% now.
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Update: ESU11 is now flat to up under 1% overnight. Something has changed with the dollar. It had been up over the last day, but over the last few hours, it’s selling off. This is why the ES came back. In general, dollar index down, ES up. [It’s this: Fed May Boost Stimulus Pledge]
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S&P 500 futures are down another 2% in overnight trading.
ESU11 Sep 2011 1087.25 -24.00 -2.00%
SPOT GOLD CLEARS $1750
August 9th, 2011Warning: This is not a recommendation to buy, sell or hold any financial instrument.
Update: $1771.82. It’s easing more than usual over the past 24 hours; probably going to define a harder pivot at $1746.
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$1751.03
HANG SENG DOWN 6.6%
August 9th, 2011Market alert.
SOUTH KOREA HALTS PROGRAM TRADING
August 9th, 2011Via: Bloomberg:
Program trading on Kospi shares was stopped for five minutes from 1:23 p.m. local time after Kospi 200 Index (KOSPI2) futures fell more than 5 percent for more than a minute, Korea Exchange Inc. said. Trading of shares on the Kosdaq, which has 1,030 stocks, was temporarily halted after the index tumbled in excess of 10 percent for more than a minute, triggering automatic curbs. The tech-heavy gauge plunged 6.6 percent today, its worst performance since November 2008.
UK Police Arrest Over 200 as London Riots Continue
August 8th, 2011Via: AP:
Violence and looting spread across some of London’s most impoverished neighborhoods on Monday, with youths setting fire to shops and vehicles, during a third day of rioting in the city that will host next summer’s Olympic Games.
Skirmishes broke out between police and groups of youths across Britain’s capital, and also spread to the nation’s central city of Birmingham – where police said dozens of people were involved in damaging shops across the city center.
In the Hackney area of east London and districts in the city’s south, vehicles and buildings were set ablaze as authorities struggled to halt groups of rampaging young people.
Hundreds of youths attacked shops and set fire to cars in Hackney, while police in riot gear were pelted with fireworks, bottles and lumps of wood.
Thick smoke billowed from a high street in the Peckham district of south London, where a building was set ablaze along with a bus – which was not carrying passengers. In nearby Lewisham, lines of cars were torched.
Home Secretary Theresa May, the Cabinet minister responsible for policing, and London’s Mayor Boris Johnson cut short vacations in an attempt to deal with the crisis – while police confirmed they had made more than 200 arrests.
DJIA 10,906 HOLDS OR THIS COULD GET WEIRD
August 8th, 2011Warning: This is not a recommendation to buy, sell or hold any financial instrument.
Update: Close:
DJIA 10,809.85 -634.76 (-5.55%)
Nasdaq 2,357.69 -174.72 (-6.90%)
S&P 500 1,119.47 -79.91 (-6.66%)
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Update: DJIA: 10,840.
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Update: DJIA back over 11,000 on probable PPT bounce.
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Update: Bank of America down 18.25% [EMERGENCY???]
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Update: Greece Bans Shortselling
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Update: German DAX down 5%.
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Update: DJIA: I think the squid is on the bid. 10,967.
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Update: Spot gold new high at $1720.36.
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Update: DJIA sees the pivot around 10,900.
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Update: NASDAQ got down 6%.
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Next pivot/support is 10,000.
S&P 500 DOWN 5%
August 8th, 2011That is all.
NASDAQ DOWN 5%
August 8th, 2011That is all.
DJIA: Next Leg Down
August 8th, 2011Warning: This is not a recommendation to buy, sell or hold any financial instrument.
The DJIA has been trying to find support around 11,070. This level has broken down.
