Sillymeter

2012-01-22T13:29:00.002-05:00

2012-01-16T21:09:00.002-05:00

2012-01-10T17:29:00.000-05:00

2011-11-10T08:32:00.000-05:00

2011-10-11T08:31:00.001-04:00

2011-10-03T11:58:00.002-04:00

2011-09-28T09:22:00.001-04:00

2011-09-12T08:14:00.003-04:00

2011-09-05T10:06:00.002-04:00

2011-08-19T17:00:00.000-04:00

2011-08-13T10:56:00.002-04:00

2011-08-08T07:37:00.001-04:00

2011-08-04T14:34:00.001-04:00

2011-07-26T17:04:00.000-04:00

2011-07-21T17:28:00.000-04:00

2011-07-08T17:18:00.000-04:00

2011-06-25T11:41:00.000-04:00

2011-06-03T16:47:00.000-04:00

2011-06-02T08:09:00.001-04:00

2011-05-28T09:45:00.002-04:00

2011-05-27T15:33:00.000-04:00

2011-05-27T15:20:00.001-04:00

2011-05-27T15:15:00.002-04:00

2011-05-23T08:01:00.000-04:00

2011-04-21T17:11:00.001-04:00

Inside Job - the movie - via ZeroHedge

2011-04-03T00:08:00.001-04:00

Watch the movie for free. Not sure how but good. Must see.

Ted Kaufman's hearing last Friday on the TARP program - via Zero Hedge

2011-03-08T16:41:00.001-05:00

Guest Post: There Are No Good Outcomes - via Zero Hedge

2011-03-05T17:24:00.000-05:00

Citigroup-Mar-5-2006-Plutonomy-Report-Part-2

2010-05-09T13:53:00.003-04:00

6674229-Citigroup-Mar-5-2006-Plutonomy-Report-Part-2

Notice of absence - starting Thursday, February 10, 2010 am

2010-02-10T21:29:00.000-05:00

To anyone that reads this blog, I will no longer be updating this as the day goes on. I have gone back to work and can no longer keep up with the daily reports and data from the market. I do apologize, but a guy needs to work.

I will, if possible, add the data later in the day once I get home from work. I would like it for my own investing and that is what prompted me to do this blog in the first place.

I apologize to anyone that used this site, but but after being out of work for over a year - I'm glad to be going back. Thank you for stopping in and I hope I gave you a little help with the information I provided.

Happy Trading and good luck.
P.O. Seedum

Market wrap - 4:30 pm

2010-02-10T16:34:00.002-05:00

10 Year Note Auction - 1:00 auction

2010-02-10T16:28:00.001-05:00

10_year_02_10_2010 -

International Trade - released 8:30 am

2010-02-10T08:44:00.002-05:00

International_trade_02_10_2010 -

Pre-market - 8:05 am

2010-02-10T08:06:00.000-05:00

Futures up a tick this morning on Greece bailout rumors - plus, it looks like someone jammed them around 5:00 am.

Today's economic calendar:
MBA Purchase Applications 7:00 AM ET
International Trade 8:30 AM ET
Daniel Tarullo Speaks 9:30 AM ET
Ben Bernanke Speaks 10:00 AM ET
Charles Plosser Speaks 12:45 PM ET
10-Yr Note Auction 1:00 PM ET
Treasury Budget 2:00 PM ET

Today's earnings reports:
Before open:

ABD	ACCO Brands Corporation	Consumer Goods	Office Supplies
ARGN	Amerigon Inc.	Consumer Goods	Auto Parts
BHS	Brookfield Homes Corp.	Industrial Goods	Residential Construction
BLD	Baldwin Technology Co. Inc.	Industrial Goods	Diversified Machinery
CAE	CAE Inc.	Industrial Goods	Aerospace/Defense Products & Services
CCE	Coca-Cola Enterprises Inc.	Consumer Goods	Beverages - Soft Drinks
CRWS	Crown Crafts Inc.	Consumer Goods	Textile - Apparel Clothing
CSC	Computer Sciences Corporation	Technology	Information Technology Services
DF	Dean Foods Co.	Consumer Goods	Dairy Products
DISCA	Discovery Communications, Inc.	Services	CATV Systems
ELN	Elan Corp. plc	Healthcare	Drug Delivery
FORR	Forrester Research Inc.	Services	Research Services
FSC	Fifth Street Finance Corp.	Financial	Credit Services
ICE	IntercontinentalExchange, Inc.	Financial	Diversified Investments
ID	L-1 Identity Solutions Inc.	Services	Security & Protection Services
JNY	Jones Apparel Group, Inc.	Services	Apparel Stores
LNCE	Lance, Inc.	Consumer Goods	Processed & Packaged Goods
LPX	Louisiana-Pacific Corp.	Industrial Goods	Lumber, Wood Production
LVLT	Level 3 Communications Inc.	Technology	Diversified Communication Services
MICC	Millicom International Cellular SA	Technology	Telecom Services - Foreign
MMC	Marsh & McLennan Companies, Inc.	Financial	Insurance Brokers
MT	Arcelor Mittal	Basic Materials	Steel & Iron
MTOX	MEDTOX Scientific Inc.	Healthcare	Medical Laboratories & Research
MXGL	Max Capital Group Ltd.	Financial	Property & Casualty Insurance
NETC	Net ServiÃ§os de ComunicaÃ§Ã£o	Services	CATV Systems
NURO	NeuroMetrix Inc.	Healthcare	Medical Instruments & Supplies
NWPX	Northwest Pipe Co.	Basic Materials	Steel & Iron
NYT	The New York Times Company	Services	Publishing - Newspapers
OMC	Omnicom Group Inc.	Services	Advertising Agencies
PFCB	PF Chang's China Bistro Inc.	Services	Restaurants
S	Sprint Nextel Corp.	Technology	Wireless Communications
SIAL	Sigma-Aldrich Corporation	Basic Materials	Specialty Chemicals
SNI	Scripps Networks Interactive, Inc.	Services	CATV Systems
SNY	Sanofi-Aventis	Healthcare	Drug Manufacturers - Major
SON	Sonoco Products Co.	Consumer Goods	Paper & Paper Products
TDG	TransDigm Group Incorporated	Industrial Goods	Aerospace/Defense Products & Services
TGH	Textainer Group Holdings Limited	Services	Rental & Leasing Services
TLM	Talisman Energy Inc.	Basic Materials	Independent Oil & Gas
WXS	Wright Express Corp.	Services	Business Services
WYN	Wyndham Worldwide Corporation	Services	Lodging

After close:

ALL	Allstate Corp.	Financial	Property & Casualty Insurance
AMKR	Amkor Technology, Inc.	Technology	Semiconductor - Integrated Circuits
APFC	American Pacific Corp.	Basic Materials	Specialty Chemicals
ARRS	Arris Group Inc.	Technology	Communication Equipment
ATR	AptarGroup, Inc.	Consumer Goods	Packaging & Containers
ATVI	Activision Blizzard, Inc.	Technology	Multimedia & Graphics Software
BMR	BioMed Realty Trust Inc.	Financial	REIT - Industrial
BSMD	BioSphere Medical Inc.	Healthcare	Medical Instruments & Supplies
BSX	Boston Scientific Corporation	Healthcare	Medical Instruments & Supplies
CBM	Cambrex Corp.	Healthcare	Biotechnology
CLB	Core Laboratories NV	Basic Materials	Oil & Gas Equipment & Services
CPA	Copa Holdings SA	Services	Regional Airlines
CPII	CPI International, Inc.	Technology	Diversified Electronics
CRAY	Cray Inc.	Technology	Diversified Computer Systems
DVA	DaVita, Inc.	Healthcare	Specialized Health Services
EDMC	Education Management Corporation	Services	Education & Training Services
EGP	EastGroup Properties Inc.	Financial	REIT - Industrial
ELON	Echelon Corporation	Technology	Networking & Communication Devices
ELOY	eLoyalty Corp.	Services	Management Services
EQIX	Equinix, Inc.	Technology	Telecom Services - Domestic
GLUU	Glu Mobile, Inc.	Technology	Multimedia & Graphics Software
GSIC	GSI Commerce Inc.	Services	Catalog & Mail Order Houses
HGR	Hanger Orthopedic Group Inc.	Healthcare	Specialized Health Services
HIW	Highwoods Properties Inc.	Financial	REIT - Retail
HOO	Cascal N V	Utilities	Water Utilities
INFI	Infinity Pharmaceuticals, Inc.	Healthcare	Diagnostic Substances
KONA	Kona Grill Inc.	Services	Restaurants
LFT	Longtop Financial Technologies Limited	Technology	Business Software & Services
LOOP	LoopNet, Inc.	Financial	Property Management
LPSN	LivePerson Inc.	Services	Business Services
MAS	Masco Corporation	Industrial Goods	Lumber, Wood Production
MDSO	Medidata Solutions, Inc.	Technology	Healthcare Information Services
MERC	Mercer International Inc.	Consumer Goods	Paper & Paper Products
NSIT	Insight Enterprises Inc.	Services	Catalog & Mail Order Houses
NSR	NeuStar, Inc.	Technology	Diversified Communication Services
O	Realty Income Corp.	Financial	REIT - Retail
OFC	Corporate Office Properties Trust Inc.	Financial	REIT - Office
OSUR	OraSure Technologies Inc.	Healthcare	Medical Instruments & Supplies
PAA	Plains All American Pipeline LP	Basic Materials	Oil & Gas Pipelines
PL	Protective Life Corp.	Financial	Life Insurance
PRE	PartnerRe Ltd.	Financial	Property & Casualty Insurance
PROJ	Deltek, Inc	Technology	Application Software
PRU	Prudential Financial, Inc.	Financial	Life Insurance
PVA	Penn Virginia Corp.	Basic Materials	Independent Oil & Gas
PVG	Penn Virginia GP Holdings LP	Basic Materials	Industrial Metals & Minerals
PVR	Penn Virginia Resource Partners LP	Basic Materials	Industrial Metals & Minerals
RE	Everest Re Group Ltd.	Financial	Property & Casualty Insurance
SCOR	comScore, Inc.	Services	Business Services
SCSS	Select Comfort Corporation	Consumer Goods	Home Furnishings & Fixtures
SPRT	support.com, Inc.	Technology	Internet Software & Services
STV	China Digital TV Holding Co., Ltd.	Technology	Application Software
SWIR	Sierra Wireless Inc.	Technology	Communication Equipment
SWM	Schweitzer-Mauduit International Inc.	Consumer Goods	Paper & Paper Products
SYA	Symetra Financial Corporation	Financial	Diversified Investments
TLEO	Taleo Corp.	Technology	Application Software
TMK	Torchmark Corp.	Financial	Life Insurance
TRH	Transatlantic Holdings Inc.	Financial	Property & Casualty Insurance
VALE	Vale S.A.	Basic Materials	Steel & Iron
WATG	Wonder Auto Technology, Inc.	Consumer Goods	Auto Parts
WIRE	Encore Wire Corp.	Basic Materials	Copper
XRAY	DENTSPLY International Inc.	Healthcare	Medical Instruments & Supplies

Upgrades:

CPST	Capstone Turbine Corp.	Industrial Goods	Industrial Electrical Equipment
BWY	BWAY Holding Company	Consumer Goods	Packaging & Containers
VE	Veolia Environnement SA	Utilities	Foreign Utilities
ETR	Entergy Corporation	Utilities	Electric Utilities
CBSH	Commerce Bancshares Inc.	Financial	Regional - Southwest Banks
AGU	Agrium Inc.	Basic Materials	Agricultural Chemicals
HAR	Harman International Industries Inc.	Consumer Goods	Electronic Equipment
ADBE	Adobe Systems Inc.	Technology	Application Software
GET	Gaylord Entertainment Co.	Services	Lodging
BTU	Peabody Energy Corp.	Basic Materials	Industrial Metals & Minerals
AINV	Apollo Investment Corporation	Financial	Diversified Investments
ZBRA	Zebra Technologies Corp.	Technology	Computer Peripherals
APD	Air Products & Chemicals Inc.	Basic Materials	Chemicals - Major Diversified

Downgrades:

ENER	Energy Conversion Devices, Inc.	Technology	Semiconductor - Specialized
CRXL	Crucell NV	Healthcare	Biotechnology
WEC	Wisconsin Energy Corp.	Utilities	Diversified Utilities
VTAL	Vital Images Inc.	Technology	Business Software & Services
MEE	Massey Energy Co.	Basic Materials	Industrial Metals & Minerals
TLVT	Telvent Git S.A.	Technology	Computer Based Systems
PKY	Parkway Properties Inc.	Financial	REIT - Office

Market wrap - 4:30 pm

2010-02-09T16:24:00.000-05:00

Wholesale Trade - released 10:00 am

2010-02-09T10:35:00.001-05:00

Wholesale_trade_02_09_2010 -

2010-02-09T10:28:00.000-05:00

From Reuters

TABLE-US chain store sales rose 2.0 pct last week-Redbook

Tue Feb 9, 2010 8:55am EST

NEW YORK, Feb 9 (Reuters) - Redbook Research on Tuesday released the
following seasonally adjusted weekly data on U.S. chain store sales:

Year-over-year: Week (w/e 02/06/10 vs year ago)       2.0 pct
Year-over-year:Month (February 2010 vs February 2009) 2.0 pct
Month-over-month: (February 2010 vs January 2010)     1.7 pct

The Johnson Redbook Retail Sales Index is a sales-weighted index of
year-over-year same-store sales growth in a sample of large U.S. general
merchandise retailers representing about 9,000 stores.

Pre-market - 7:55 am

2010-02-09T08:07:00.002-05:00

Futures up nicely today for whatever reason.

Today's economic calendar:
ICSC-Goldman Store Sales                 7:45 AM ET
Redbook                                            8:55 AM ET
Wholesale Trade                              10:00 AM ET
4-Week Bill Auction                         11:30 AM ET
52-Week Bill Auction                       11:30 AM ET
3-Yr Note Auction                             1:00 PM ET

Today's earnings reports:
Before open:

ACLI	American Commercial Lines Inc.	Services	Shipping
ACM	AECOM Technology Corporation	Services	Technical Services
AGCO	AGCO Corporation	Industrial Goods	Farm & Construction Machinery
AGU	Agrium Inc.	Basic Materials	Agricultural Chemicals
AHCI	Allied Healthcare International Inc.	Healthcare	Home Health Care
ALLT	Allot Communications Ltd.	Technology	Technical & System Software
ANR	Alpha Natural Resources, Inc.	Basic Materials	Industrial Metals & Minerals
ASFI	Asta Funding Inc.	Conglomerates	Conglomerates
ATRO	Astronics Corp.	Industrial Goods	Aerospace/Defense Products & Services
BIIB	Biogen Idec Inc.	Healthcare	Biotechnology
BJS	BJ Services Company	Basic Materials	Oil & Gas Equipment & Services
CAM	Cameron International Corporation	Basic Materials	Oil & Gas Equipment & Services
CE	Celanese Corp.	Basic Materials	Chemicals - Major Diversified
CHD	Church & Dwight Co. Inc.	Consumer Goods	Cleaning Products
CNC	Centene Corp.	Healthcare	Health Care Plans
CTSH	Cognizant Technology Solutions Corp.	Technology	Business Software & Services
CUB	Cubic Corporation	Technology	Scientific & Technical Instruments
CVH	Coventry Health Care Inc.	Healthcare	Health Care Plans
CYNO	Cynosure, Inc.	Healthcare	Medical Appliances & Equipment
DFZ	RG Barry Corp.	Consumer Goods	Textile - Apparel Footwear & Accessories
DHT	DHT Maritime, Inc.	Services	Shipping
ENER	Energy Conversion Devices, Inc.	Technology	Semiconductor - Specialized
FUN	Cedar Fair LP	Services	General Entertainment
GET	Gaylord Entertainment Co.	Services	Lodging
GNET	Global Traffic Network Inc.	Technology	Information & Delivery Services
GTS	Triple-S Management Corporation	Financial	Accident & Health Insurance
IACI	IAC/InterActiveCorp.	Services	Catalog & Mail Order Houses
IFF	International Flavors & Fragrances Inc.	Basic Materials	Synthetics
IT	Gartner Inc.	Services	Management Services
KO	The Coca-Cola Company	Consumer Goods	Beverages - Soft Drinks
KUB	Kubota Corporation	Industrial Goods	Diversified Machinery
KVHI	KVH Industries Inc.	Technology	Communication Equipment
LCAV	LCA-Vision Inc.	Healthcare	Medical Practitioners
LGND	Ligand Pharmaceuticals Inc.	Healthcare	Biotechnology
MGAM	Multimedia Games Inc.	Services	Gaming Activities
MLM	Martin Marietta Materials Inc.	Industrial Goods	General Building Materials
NOOF	New Frontier Media Inc.	Services	Movie Production, Theaters
NYX	NYSE Euronext, Inc.	Financial	Diversified Investments
OSTK	Overstock.com Inc.	Services	Catalog & Mail Order Houses
PCH	Potlatch Corporation	Consumer Goods	Paper & Paper Products
PHM	Pulte Homes Inc.	Industrial Goods	Residential Construction
PMFG	PMFG, Inc.	Industrial Goods	Diversified Machinery
RBCN	Rubicon Technology, Inc.	Technology	Semiconductor - Specialized
RLOG	Rand Logistics, Inc.	Services	Shipping
RTIX	RTI Biologics, Inc.	Healthcare	Medical Appliances & Equipment
RURL	Rural/Metro Corp.	Services	Consumer Services
SCL	Stepan Company	Consumer Goods	Cleaning Products
SMI	Semiconductor Manufacturing International Corp.	Technology	Semiconductor - Integrated Circuits
SUTR	Sutor Technology Group, Ltd.	Basic Materials	Steel & Iron
TAP	Molson Coors Brewing Company	Consumer Goods	Beverages - Brewers
TIN	Temple-Inland Inc.	Consumer Goods	Paper & Paper Products
UBS	UBS AG	Financial	Foreign Money Center Banks
VSH	Vishay Intertechnology Inc.	Technology	Diversified Electronics
VSR	Versar Inc.	Services	Technical Services
WMG	Warner Music Group Corp.	Services	Movie Production, Theaters
ZBRA	Zebra Technologies Corp.	Technology	Computer Peripherals

After close:

AFG	American Financial Group Inc.	Financial	Property & Casualty Insurance
AGAM	AGA Medical Holdings, Inc.	Healthcare	Medical Appliances & Equipment
AHL	Aspen Insurance Holdings Ltd.	Financial	Property & Casualty Insurance
AKR	Acadia Realty Trust	Financial	Property Management
ASEI	American Science & Engineering Inc.	Industrial Goods	Industrial Equipment & Components
ASYS	Amtech Systems Inc.	Technology	Semiconductor Equipment & Materials
ATAC	ATC Technology Corporation.	Services	Business Services
ATAI	ATA, Inc.	Services	Education & Training Services
BBSI	Barrett Business Services Inc.	Services	Staffing & Outsourcing Services
BIDU	Baidu, Inc.	Technology	Internet Information Providers
BOBE	Bob Evans Farms Inc.	Services	Restaurants
CERN	Cerner Corp.	Technology	Healthcare Information Services
CFN	CareFusion Corporation	Healthcare	Medical Instruments & Supplies
CLCT	Collectors Universe Inc.	Services	Business Services
CPST	Capstone Turbine Corp.	Industrial Goods	Industrial Electrical Equipment
CXW	Corrections Corp. of America	Financial	Property Management
DEI	Douglas Emmett Inc	Financial	REIT - Diversified
DIOD	Diodes Incorporated	Technology	Semiconductor - Integrated Circuits
DIS	Walt Disney Co.	Services	Entertainment - Diversified
DNEX	Dionex Corp.	Technology	Scientific & Technical Instruments
DSCM	Drugstore.com Inc.	Services	Catalog & Mail Order Houses
EDGR	EDGAR Online Inc.	Technology	Internet Information Providers
EOG	EOG Resources, Inc.	Basic Materials	Independent Oil & Gas
EXBD	Corporate Executive Board Co.	Services	Management Services
GCOM	Globecomm Systems Inc.	Technology	Processing Systems & Products
GIL	Gildan Activewear Inc.	Consumer Goods	Textile - Apparel Clothing
HCSG	Healthcare Services Group Inc.	Services	Business Services
HNI	HNI Corp.	Consumer Goods	Business Equipment
IESC	Integrated Electrical Services, Inc.	Industrial Goods	General Contractors
KFRC	Kforce Inc.	Services	Staffing & Outsourcing Services
LGF	Lions Gate Entertainment Corp.	Services	Movie Production, Theaters
LTRE	Learning Tree International Inc.	Services	Education & Training Services
MAXY	Maxygen, Inc.	Services	Research Services
MGPI	MGP Ingredients Inc.	Consumer Goods	Processed & Packaged Goods
MXGL	Max Capital Group Ltd.	Financial	Property & Casualty Insurance
NFP	National Financial Partners Corp.	Financial	Insurance Brokers
NTGR	Netgear Inc.	Technology	Communication Equipment
OPEN	OpenTable, Inc.	Services	Business Services
PEET	Peet's Coffee & Tea Inc.	Consumer Goods	Processed & Packaged Goods
PODD	Insulet Corporation	Healthcare	Medical Instruments & Supplies
PSEC	Prospect Capital Corporation	Financial	Diversified Investments
QLTY	Quality Distribution Inc.	Services	Trucking
QUIK	QuickLogic Corp.	Technology	Semiconductor - Integrated Circuits
RMTR	Ramtron International Corp.	Technology	Semiconductor- Memory Chips
RNR	RenaissanceRe Holdings Ltd.	Financial	Property & Casualty Insurance
RUE	rue21, Inc.	Services	Apparel Stores
RUSHB	Rush Enterprises, Inc.	Services	Auto Dealerships
SB	Safe Bulkers, Inc.	Services	Shipping
SF	Stifel Financial Corp.	Financial	Investment Brokerage - Regional
SGEN	Seattle Genetics Inc.	Healthcare	Biotechnology
TCO	Taubman Centers Inc.	Financial	REIT - Retail
TMH	Team Health Holdings, Inc.	Healthcare	Specialized Health Services
UDR	UDR, Inc.	Financial	REIT - Residential
UEPS	Net 1 Ueps Technologies Inc.	Services	Business Services
ULTI	Ultimate Software Group Inc.	Technology	Internet Software & Services
USNA	USANA Health Sciences Inc.	Healthcare	Drug Related Products
WWWW	Web.com Group, Inc.	Technology	Internet Information Providers
XL	XL Capital Ltd.	Financial	Property & Casualty Insurance

Upgrades:

CWST	Casella Waste Systems Inc.	Industrial Goods	Waste Management
CMP	Compass Minerals International Inc.	Basic Materials	Agricultural Chemicals
PETM	Petsmart Inc.	Services	Specialty Retail, Other
LAMR	Lamar Advertising Co.	Services	Marketing Services
VZ	Verizon Communications Inc.	Technology	Telecom Services - Domestic
FTNT	Fortinet Inc.	Technology	Computer Peripherals
SNWL	SonicWALL, Inc.	Technology	Internet Software & Services
WBC	WABCO Holdings Inc.	Consumer Goods	Auto Parts
SAP	SAP AG	Technology	Application Software
PSB	PS Business Parks Inc.	Financial	REIT - Retail
BMRN	BioMarin Pharmaceutical Inc.	Healthcare	Biotechnology

Downgrades:

ERTS	Electronic Arts Inc.	Technology	Multimedia & Graphics Software
MSPD	Mindspeed Technologies Inc.	Technology	Semiconductor Equipment & Materials
APD	Air Products & Chemicals Inc.	Basic Materials	Chemicals - Major Diversified
TMRK	Terremark Worldwide, Inc.	Technology	Telecom Services - Foreign

Market wrap - 4:15

2010-02-08T16:10:00.002-05:00

Another down day, and a pretty big move. So much for that late day ramp on Friday. Looking at the technicals, we have more room to the downside. See the last chart for S/R levels. One of the main topics for this continued sell-off is sovereign debt - the PIIGS or PIGS. Portugal, Italy, Spain, and Greece, and you can add in Ireland as well. Greece is on the verge of default, which will shake up the credit markets, and in turn the equity market. The chickens are coming home to roost. The entire world is de-levering, losing jobs, losing investment value. Not a pretty picture.

China is also a concern with their recent words about cutting back on lending, or requiring more capital for their banks. The talking heads have used China as, what I will call and excuse, to invest in the markets because China will pull us out of this mess. Many of our companies have exposure (470 of the S&P 500)which they claim will make these companies profitable and therefore we should invest in them. If China, which some think is a bubble ready to bust, along with not trusting their data (they are Communist after all)no longer maintains their consumpsion - who will? Us? Hardly!

We are not an exporting country any longer, that ship has sailed long ago, and we don't have enough people working in decent paying jobs, if they are working at all, to consume and buy the products we don't even make. In other words, we don't make anything, we aren't consuming anything, and our credit has ran out, which was the driver of the bubble to begin with.

The recent rally of the market from the March lows has been on Hopium - hope things will get better and production and profits will catch up with the market. It has not, the recent earnings season has proved that. We are not consuming the junk from China which affects them. Our credit has been taken away and our national debt has risen because we have printed billions of dollars trying to jump start the economy and pump money into the market (especially the banks)to make things look like they have gotten better - they have not.

Many investors have not bought into this rally since the beginning, and they shouldn't now. We have advertised 9.7 percent unemployment, 17 percent when you dig into the numbers and unofficial reports that are probably more accurate, show it at 22. That's depression level numbers. Yet we are still shipping everything we can to foreign low cost countries to be manufactured. We are still getting deeper in debt with our national budget, and our so-called leaders are still clueless, bought off, and don't give one good shit about the American worker.

I have no confidence any of these elected officials can fix what has taken years to fuck up. We are so screwed.

Click on images to enlarge.

Pre-market - 7:55 am

2010-02-08T08:06:00.000-05:00

Futures flat as of 7:50 am

Today's economic calendar:
4-Week Bill Announcement11:00 AM ET
3-Month Bill Auction11:30 AM ET
6-Month Bill Auction11:30 AM ET

Today's earnings reports:
Before open:

AGNC	American Capital Agency Corp.	Financial	REIT - Residential
AMRI	Albany Molecular Research Inc.	Services	Research Services
BIP	Brookfield Infrastructure Partners L.P.	Utilities	Electric Utilities
BWP	Boardwalk Pipeline Partners, LP	Basic Materials	Oil & Gas Pipelines
CGA	China Green Agriculture, Inc.	Basic Materials	Agricultural Chemicals
CHDX	Chindex International Inc.	Services	Medical Equipment Wholesale
CNA	CNA Financial Corporation	Financial	Property & Casualty Insurance
CPIX	Cumberland Pharmaceuticals, Inc.	Healthcare	Drug Manufacturers - Other
CRD-B	Crawford & Co.	Financial	Insurance Brokers
CVS	CVS Caremark Corporation	Services	Drug Stores
GOLD	Randgold Resources Ltd.	Basic Materials	Gold
GWR	Genesee & Wyoming Inc.	Services	Railroads
HAS	Hasbro Inc.	Consumer Goods	Toys & Games
HS	HealthSpring Inc.	Healthcare	Health Care Plans
L	Loews Corporation	Financial	Property & Casualty Insurance
LFUS	Littelfuse Inc.	Industrial Goods	Industrial Electrical Equipment
LO	Lorillard, Inc.	Consumer Goods	Cigarettes
MCY	Mercury General Corporation	Financial	Property & Casualty Insurance
NDAQ	Nasdaq OMX Group Inc.	Financial	Diversified Investments
NTE	Nam Tai Electronics, Inc.	Technology	Diversified Electronics
NVE	NV Energy, Inc.	Utilities	Diversified Utilities
SIRO	Sirona Dental Systems Inc.	Healthcare	Medical Appliances & Equipment
VOLT	Voltaire Limited	Technology	Data Storage Devices
VTNC	Vitran Corp Inc.	Services	Trucking

After close:

ADCT	ADC Telecommunications Inc.	Technology	Communication Equipment
AEC	Associated Estates Realty Corp.	Financial	REIT - Residential
AIN	Albany International Corp.	Industrial Goods	Textile Industrial
AINV	Apollo Investment Corporation	Financial	Diversified Investments
ANDE	The Andersons, Inc.	Consumer Goods	Farm Products
ATML	Atmel Corporation	Technology	Semiconductor - Broad Line
AXS	Axis Capital Holdings Ltd.	Financial	Property & Casualty Insurance
BWY	BWAY Holding Company	Consumer Goods	Packaging & Containers
CCRT	CompuCredit Holdings Corp.	Financial	Credit Services
CIM	Chimera Investment Corporation	Financial	Property Management
CITZ	CFS Bancorp Inc.	Financial	Regional - Midwest Banks
CMP	Compass Minerals International Inc.	Basic Materials	Agricultural Chemicals
CPT	Camden Property Trust	Financial	REIT - Residential
CRK	Comstock Resources Inc.	Basic Materials	Independent Oil & Gas
CRL	Charles River Laboratories International, Inc.	Healthcare	Biotechnology
CUTR	Cutera Inc.	Healthcare	Medical Appliances & Equipment
CUZ	Cousins Properties Inc.	Financial	REIT - Diversified
ECPG	Encore Capital Group, Inc.	Financial	Credit Services
ERTS	Electronic Arts Inc.	Technology	Multimedia & Graphics Software
ESLR	Evergreen Solar Inc.	Technology	Diversified Electronics
FWRD	Forward Air Corp.	Services	Trucking
GAIN	Gladstone Investment Corporation	Financial	Diversified Investments
GFA	Gafisa S.A.	Industrial Goods	Residential Construction
HAR	Harman International Industries Inc.	Consumer Goods	Electronic Equipment
HAYN	Haynes International Inc.	Basic Materials	Steel & Iron
HIG	Hartford Financial Services Group Inc.	Financial	Property & Casualty Insurance
HIMX	Himax Technologies, Inc.	Technology	Semiconductor - Specialized
HMN	Horace Mann Educators Corp.	Financial	Property & Casualty Insurance
IUSA	infoGROUP, Inc.	Services	Marketing Services
LNC	Lincoln National Corp.	Financial	Life Insurance
LNCR	Lincare Holdings Inc.	Healthcare	Home Health Care
LPS	Lender Processing Services, Inc.	Services	Business Services
LRY	Liberty Property Trust	Financial	REIT - Office
NUAN	Nuance Communications, Inc.	Technology	Application Software
OMI	Owens & Minor Inc.	Services	Medical Equipment Wholesale
OTTR	Otter Tail Corporation	Utilities	Electric Utilities
PFG	Principal Financial Group Inc.	Financial	Asset Management
PIKE	Pike Electric Corporation	Industrial Goods	General Contractors
PKY	Parkway Properties Inc.	Financial	REIT - Office
PPDI	Pharmaceutical Product Development Inc.	Healthcare	Medical Laboratories & Research
PPS	Post Properties Inc.	Financial	REIT - Retail
QGEN	Qiagen NV	Healthcare	Biotechnology
RENT	Rentrak Corporation	Services	Movie Production, Theaters
REXI	Resource America Inc.	Financial	Asset Management
SKH	Skilled Healthcare Group, Inc.	Healthcare	Long-Term Care Facilities
SLRY	Salary.com, Inc.	Technology	Application Software
SRX	SRA International Inc.	Technology	Information Technology Services
SWI	SolarWinds, Inc.	Technology	Application Software
SWS	SWS Group Inc.	Financial	Investment Brokerage - Regional
TCK	Teck Resources Limited	Basic Materials	Industrial Metals & Minerals
TMRK	Terremark Worldwide, Inc.	Technology	Telecom Services - Foreign
TRBR	Trailer Bridge Inc.	Services	Shipping
TRID	Trident Microsystems Inc.	Technology	Semiconductor - Specialized
TWTC	TW Telecom Inc.	Technology	Telecom Services - Domestic
UFPI	Universal Forest Products Inc.	Industrial Goods	Lumber, Wood Production
VECO	Veeco Instruments Inc.	Technology	Semiconductor Equipment & Materials
VMC	Vulcan Materials Company	Industrial Goods	General Building Materials
VSAT	ViaSat Inc.	Technology	Communication Equipment
WCN	Waste Connections Inc.	Industrial Goods	Waste Management
WEDC	White Electronic Designs Corp.	Technology	Semiconductor - Broad Line
WNC	Wabash National Corp.	Consumer Goods	Trucks & Other Vehicles
WPP	Wausau Paper Corp.	Consumer Goods	Paper & Paper Products
WRB	W.R. Berkley Corporation	Financial	Property & Casualty Insurance
ZOLT	Zoltek Companies Inc.	Industrial Goods	Industrial Electrical Equipment

Upgrades:

AMZN	Amazon.com Inc.	Services	Catalog & Mail Order Houses
ICE	IntercontinentalExchange, Inc.	Financial	Diversified Investments
PCU	Southern Copper Corp.	Basic Materials	Copper
DIS	Walt Disney Co.	Services	Entertainment - Diversified
ESS	Essex Property Trust Inc.	Financial	REIT - Residential
WY	Weyerhaeuser Co.	Industrial Goods	Lumber, Wood Production
TMK	Torchmark Corp.	Financial	Life Insurance
HWD	Harry Winston Diamond Corporation	Basic Materials	Nonmetallic Mineral Mining
ARAY	Accuray Incorporated	Healthcare	Medical Appliances & Equipment
XOM	Exxon Mobil Corp.	Basic Materials	Major Integrated Oil & Gas
JWN	Nordstrom Inc.	Services	Apparel Stores
PCLN	priceline.com Incorporated	Services	General Entertainment
NNN	National Retail Properties, Inc.	Financial	REIT - Diversified
IDA	IdaCorp, Inc.	Utilities	Electric Utilities
AZO	AutoZone Inc.	Services	Auto Parts Stores
SNN	Smith & Nephew plc	Healthcare	Medical Appliances & Equipment
CME	CME Group Inc.	Financial	Diversified Investments
WFSL	Washington Federal Inc.	Financial	Savings & Loans
WGO	Winnebago Industries Inc.	Consumer Goods	Recreational Vehicles
RNOW	Rightnow Technologies Inc.	Technology	Application Software

Downgrades:

AMB	AMB Property Corp.	Financial	REIT - Industrial
DNB	Dun & Bradstreet Corp.	Technology	Information & Delivery Services
METR	Metro Bancorp, Inc.	Financial	Regional - Northeast Banks
LRN	K12, Inc.	Services	Education & Training Services
ARG	Airgas Inc.	Services	Industrial Equipment Wholesale
HK	Petrohawk Energy Corporation	Basic Materials	Independent Oil & Gas

Market wrap - 4:15

2010-02-05T16:16:00.004-05:00

WOW, again. What appeared to be another huge move to the downside, the market turned around 2:00 and drove higher. 22 points higher on the S&P and over 100 on the Dow. Incredible. Why? Who was buying? Questions we will never find answers to I'm willing to bet, but is sure looks funny to this trader.

Check out the move in the S&P from 2:00 and the huge run up between 3:00 and 3:15. Something funny going on? Oh, and isn't it something the Dow finished above the psychological 10,000 level?

Consumer Credit - released 3:00 pm

2010-02-05T15:41:00.001-05:00

consumer_credit_02_04_2010 -

Employment Situation - monthly report - released 8:30 am

2010-02-05T08:35:00.000-05:00

employment_situation_02_05_2010 -

Pre-market - Friday - 6:50 am

2010-02-05T06:56:00.003-05:00

I'll post futures later when they are more accurate. The big number today will be the monthly Employment report due out at 8:30

Futures - new from Finviz - very nice I might add - as of 8:05

Today's economic calendar:
Employment Situation                 8:30 AM ET
Thomas Hoenig Speaks             12:30 PM ET
Consumer Credit                        3:00 PM ET
James Bullard Speaks                 5:15 PM ET

Today's earnings reports:

ACET	Aceto Corp.	Healthcare	Drug Manufacturers - Major
AET	Aetna Inc.	Healthcare	Health Care Plans
AIV	Apartment Investment & Management Co.	Financial	REIT - Residential
AON	Aon Corporation	Financial	Insurance Brokers
AXL	American Axle & Manufacturing Holdings Inc.	Consumer Goods	Auto Parts
AYE	Allegheny Energy Inc.	Utilities	Electric Utilities
BPO	Brookfield Properties Corporation	Financial	Property Management
BRKS	Brooks Automation Inc.	Technology	Semiconductor Equipment & Materials
BZH	Beazer Homes USA Inc.	Industrial Goods	Residential Construction
GROW	U.S. Global Investors, Inc.	Financial	Asset Management
IPSU	Imperial Sugar Co.	Consumer Goods	Confectioners
JOUT	Johnson Outdoors Inc.	Consumer Goods	Sporting Goods
KELYA	Kelly Services Inc.	Services	Staffing & Outsourcing Services
LEA	Lear Corp.	Consumer Goods	Auto Parts
LRN	K12, Inc.	Services	Education & Training Services
MAG	Magnetek Inc.	Industrial Goods	Industrial Electrical Equipment
MD	MEDNAX, Inc.	Healthcare	Specialized Health Services
MDC	MDC Holdings Inc.	Industrial Goods	Residential Construction
NNN	National Retail Properties, Inc.	Financial	REIT - Diversified
NTT	Nippon Telegraph & Telephone Corp.	Technology	Telecom Services - Foreign
PBH	Prestige Brands Holdings Inc.	Healthcare	Drug Related Products
PC	Panasonic Corporation	Consumer Goods	Electronic Equipment
PPL	PPL Corporation	Utilities	Electric Utilities
SEP	Spectra Energy Partners, LP	Basic Materials	Oil & Gas Pipelines
SPG	Simon Property Group Inc.	Financial	REIT - Retail
SUR	CNA Surety Corp.	Financial	Surety & Title Insurance
SXT	Sensient Technologies Corporation	Basic Materials	Specialty Chemicals
TE	TECO Energy Inc.	Utilities	Electric Utilities
TSN	Tyson Foods Inc.	Consumer Goods	Meat Products
VVI	Viad Corp.	Services	Business Services
WY	Weyerhaeuser Co.	Industrial Goods	Lumber, Wood Production

After close:

BPL

Buckeye Partners LP

Basic Materials

Oil & Gas Pipelines

Upgrades:

NVTL	Novatel Wireless Inc.	Technology	Business Software & Services
POWI	Power Integrations Inc.	Technology	Semiconductor - Integrated Circuits
SNA	Snap-on Inc.	Industrial Goods	Small Tools & Accessories
IEX	IDEX Corporation	Industrial Goods	Diversified Machinery
CHKP	Check Point Software Technologies Ltd.	Technology	Security Software & Services
MTSN	Mattson Technology Inc.	Technology	Semiconductor Equipment & Materials
BRCM	Broadcom Corp.	Technology	Semiconductor - Integrated Circuits
THQI	THQ Inc.	Technology	Multimedia & Graphics Software
BECN	Beacon Roofing Supply Inc.	Services	Building Materials Wholesale
HP	Helmerich & Payne Inc.	Basic Materials	Oil & Gas Drilling & Exploration
RSYS	RadiSys Corporation	Technology	Computer Peripherals
LCC	US Airways Group, Inc.	Services	Major Airlines
GPN	Global Payments Inc.	Services	Business Services
BHP	BHP Billiton Ltd.	Basic Materials	Industrial Metals & Minerals
AOL	AOL, Inc.	Technology	Internet Information Providers
AFFX	Affymetrix Inc.	Technology	Scientific & Technical Instruments
QSFT	Quest Software Inc.	Technology	Business Software & Services
PFS	Provident Financial Services, Inc.	Financial	Savings & Loans
TSS	Total System Services, Inc.	Services	Business Services
NVE	NV Energy, Inc.	Utilities	Diversified Utilities
PXD	Pioneer Natural Resources Co.	Basic Materials	Independent Oil & Gas
EQR	Equity Residential	Financial	REIT - Residential
OTEX	Open Text Corp.	Technology	Internet Software & Services
TCK	Teck Resources Limited	Basic Materials	Industrial Metals & Minerals
V	Visa, Inc.	Services	Business Services
RTP	Rio Tinto plc	Basic Materials	Steel & Iron
MET	MetLife, Inc.	Financial	Life Insurance
DBD	Diebold, Incorproated	Consumer Goods	Business Equipment
PKX	POSCO	Basic Materials	Steel & Iron
BP	BP plc	Basic Materials	Major Integrated Oil & Gas
MITI	Micromet, Inc.	Healthcare	Biotechnology
ARNA	Arena Pharmaceuticals, Inc.	Healthcare	Drug Manufacturers - Other

Downgrades:

GMXR	GMX Resources Inc.	Basic Materials	Independent Oil & Gas
BBBB	Blackboard Inc.	Technology	Multimedia & Graphics Software
DBTK	Double-Take Software, Inc.	Technology	Security Software & Services
DAL	Delta Air Lines Inc.	Services	Major Airlines
VZ	Verizon Communications Inc.	Technology	Telecom Services - Domestic
CAL	Continental Airlines, Inc.	Services	Major Airlines
ALK	Alaska Air Group Inc.	Services	Regional Airlines
DWA	DreamWorks Animation SKG Inc.	Services	Movie Production, Theaters
DRL	Doral Financial Corp.	Financial	Mortgage Investment
MWW	Monster Worldwide, Inc.	Services	Advertising Agencies
PNRA	Panera Bread Co.	Services	Specialty Eateries
SYNA	Synaptics Inc.	Technology	Business Software & Services
CGV	Compagnie GÃ©nÃ©rale de GÃ©ophysique-Veritas	Basic Materials	Oil & Gas Equipment & Services
ITG	Investment Technology Group Inc.	Financial	Investment Brokerage - Regional
ACOR	Acorda Therapeutics, Inc.	Healthcare	Biotechnology
CREE	Cree Inc.	Technology	Semiconductor Equipment & Materials

Market wrap - posted late - 6:00 pm

2010-02-04T18:01:00.002-05:00

Sorry, I'm late posting this today. I had to go out of town this afternoon. All I can say is WOW! What the hell happened? Was it the jobs report? I don't know, but it makes me wonder who was doing all the buying the last two days.

Everything got jackhammered. Wonder what the gold bugs have to say about this?

More later.

Click on images to enlarge.

BREAKING NEWS: NY AG Cuomo Files Charges Against Former Bank of America Exectutives

2010-02-04T11:17:00.001-05:00

I'll add info as it becomes available

Bank of America Agrees to Pay $150 Million to End SEC Lawsuit - Bloomberg

Italy Seizes Bank of America, Dexia Assets Amid Probe (Update2) - Bloomberg

Full Suit By Andrew Cuomo Against Ken Lewis And Joe Price - from Zero Hedge - with link to filing.

Factory Orders - released 10:00

2010-02-04T10:05:00.001-05:00

Factory_orders_02_04_2010 -

RBC Cash Index - released 9:00

2010-02-04T09:17:00.001-05:00

RBC-CASH-Charts_02_04_2010 -

Productivity and Costs - released 8:30

2010-02-04T09:07:00.000-05:00

Productivity and Costs_02_04_2010 -

Jobless claims - released 8:30 am

2010-02-04T09:02:00.001-05:00

Full report here

EMPLOYMENT AND TRAINING ADMINISTRATION

USDL 10-138-NAT

Program Contact:	TRANSMISSION OF MATERIAL IN THIS
Scott Gibbons (202) 693-3008	RELEASE IS EMBARGOED UNTIL
Tony Sznoluch (202) 693-3176	8:30 A.M. (EST), THURSDAY
Media Contact :	February 4, 2010
(202) 693-4676

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT
SEASONALLY ADJUSTED DATA

In the week ending Jan. 30, the advance figure for seasonally adjusted initial claims was 480,000, an increase of 8,000 from the previous week's revised figure of 472,000. The 4-week moving average was 468,750, an increase of 11,750 from the previous week's revised average of 457,000.
The advance seasonally adjusted insured unemployment rate was 3.5 percent for the week ending Jan. 23, unchanged from the prior week's unrevised rate of 3.5 percent.
The advance number for seasonally adjusted insured unemployment during the week ending Jan. 23 was 4,602,000, an increase of 2,000 from the preceding week's revised level of 4,600,000. The 4-week moving average was 4,617,500, a decrease of 51,250 from the preceding week's revised average of 4,668,750.
The fiscal year-to-date average for seasonally adjusted insured unemployment for all programs is 5.362 million.

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 530,405 in the week ending Jan. 30, an increase of 28,234 from the previous week. There were 682,176 initial claims in the comparable week in 2009.
The advance unadjusted insured unemployment rate was 4.4 percent during the week ending Jan. 23, an increase of 0.1 percentage point from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 5,665,141, an increase of 62,784 from the preceding week. A year earlier, the rate was 4.3 percent and the volume was 5,806,901.

Extended benefits were available in Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, Washington, West Virginia, and Wisconsin during the week ending Jan. 16.
Initial claims for UI benefits by former Federal civilian employees totaled 1,451 in the week ending Jan. 23, a decrease of 499 from the prior week. There were 1,858 initial claims by newly discharged veterans, a decrease of 554 from the preceding week.
There were 26,167 former Federal civilian employees claiming UI benefits for the week ending Jan. 16, a decrease of 59 from the previous week. Newly discharged veterans claiming benefits totaled 35,777, a decrease of 2,059 from the prior week.
States reported 5,632,219 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending Jan. 16, an increase of 281,442 from the prior week. There were 1,839,758 claimants in the comparable week in 2009. EUC weekly claims include first, second, third, and fourth tier activity.
The highest insured unemployment rates in the week ending Jan. 16 were in Alaska (7.3 percent), Oregon (6.6), Pennsylvania (6.5), Idaho (6.4), Wisconsin (6.3), Montana (6.2), Michigan (6.0), Nevada (5.7), Connecticut (5.3), North Carolina (5.3), and Washington (5.3).
The largest increases in initial claims for the week ending Jan. 23 were in Oregon (+4,336), Puerto Rico (+2,439), and Hawaii (+18), while the largest decreases were in California (-22,674), Michigan
(-11,757), North Carolina (-9,546), Georgia (-7,588), and Missouri (-7,577).

UNEMPLOYMENT INSURANCE DATA FOR REGULAR STATE PROGRAMS

WEEK ENDING	Jan. 30	Jan. 23	Change	Jan. 16	Year
	Advance				Prior1

Initial Claims (SA)	480,000	472,000	+8,000	479,000	624,000
Initial Claims (NSA)	530,405	502,171	+28,234	646,259	682,176
4-Wk Moving Average (SA)	468,750	457,000	+11,750	447,000	581,000


WEEK ENDING	Jan. 23	Jan. 16	Change	Jan. 9	Year
	Advance				Prior1

Ins. Unemployment (SA)	4,602,000	4,600,000	+2,000	4,659,000	4,748,000
Ins. Unemployment (NSA)	5,665,141	5,602,357	+62,784	5,791,080	5,806,901
4-Wk Moving Average (SA)	4,617,500	4,668,750	-51,250	4,763,500	4,621,000

Ins. Unemployment Rate (SA)²	3.5%	3.5%	0.0	3.6%	3.5%
Ins. Unemployment Rate (NSA)²	4.4%	4.3%	+0.1	4.5%	4.3%

INITIAL CLAIMS FILED IN FEDERAL PROGRAMS (UNADJUSTED)

WEEK ENDING	Jan. 23	Jan. 16	Change	Year
				Prior1

Federal Employees	1,451	1,950	-499	1,586
Newly Discharged Veterans	1,858	2,412	-554	2,711

PERSONS CLAIMING UI BENEFITS IN FEDERAL PROGRAMS (UNADJUSTED)

				Prior1
WEEK ENDING	Jan. 16	Jan. 9	Change	Year

Federal Employees	26,167	26,226	-59	20,896
Newly Discharged Veterans	35,777	37,836	-2,059	26,760
Railroad Retirement Board	12,000	12,000	0	9,000
Extended Benefits	222,833	261,962	-39,129	14,058
EUC 2008³	5,632,219	5,350,777	+281,442	1,839,758

FOOTNOTES
SA - Seasonally Adjusted Data
NSA - Not Seasonally Adjusted Data
¹ - Prior year is comparable to most recent data.
² - Most recent week used covered employment of 130,128,328 as denominator.
³ - EUC weekly claims include first, second, third, and fourth tier activity.

UNADJUSTED INITIAL CLAIMS FOR WEEK ENDED 01/23/2010

STATES WITH A DECREASE OF MORE THAN 1,000

State	Change	State Supplied Comment
CA	-22,674	Decrease due to a shorter workweek.
MI	-11,757	Fewer layoffs were reported throughout all industries.
NC	-9,546	Fewer layoffs in the stone/clay/glass, construction, service, furniture, and mining industries.
GA	-7,588	Fewer layoffs in the construction, trade, service, and manufacturing industries.
MO	-7,577	Fewer layoffs in the construction and manufacturing industries.
TN	-6,892	Fewer layoffs in the service and manufacturing industries.
NY	-6,744	Fewer layoffs in the construction, service, and manufacturing industries.
AL	-5,892	Fewer layoffs in the construction and manufacturing industries.
FL	-5,523	Fewer layoffs in the construction, trade, service, and manufacturing industries.
OH	-5,026	No comment.
IL	-4,835	Fewer layoffs in the construction, trade, and manufacturing industries.
PA	-4,815	Fewer layoffs in the construction, service, and manufacturing industries.
TX	-4,436	Fewer layoffs in the trade, service, and manufacturing industries.
CT	-3,548	No comment.
IA	-3,442	No comment.
IN	-3,349	Fewer layoffs in the trade industry.
MA	-3,236	No comment.
WA	-2,650	No comment.
MD	-2,492	No comment.
SC	-2,421	Fewer layoffs in the manufacturing industry.
WV	-2,358	No comment.
WI	-2,189	Fewer layoffs in the construction, trade, and manufacturing industries.
AR	-1,898	No comment.
MN	-1,458	No comment.
NV	-1,409	No comment.
CO	-1,392	No comment.
KS	-1,329	No comment.
AZ	-1,228	No comment.
ID	-1,192	No comment.
ME	-1,132	Decrease due to a shorter workweek, as well as fewer layoffs in the construction, trade, service, and manufacturing industries.
LA	-1,129	No comment.

STATES WITH AN INCREASE OF MORE THAN 1,000

State	Change	State Supplied Comment
PR	+2,439	No comment.
OR	+4,336	No comment.

State Detail Prior Week
UI Claims Series 1967 to current

Pre-market - late - 9:00 am

2010-02-04T08:59:00.000-05:00

Futures down big, but this comes after the jobless report which I haven't seen yet.

Today's economic calendar:
Chain Store Sales
Monster Employment Index 6:00 AM ET
BOE Announcement 7:00 AM ET
ECB Announcement 7:45 AM ET
Jobless Claims 8:30 AM ET
Productivity and Costs 8:30 AM ET
RBC CASH Index 9:00 AM ET
Factory Orders 10:00 AM ET
EIA Natural Gas Report 10:30 AM ET
3-Month Bill Announcement 11:00 AM ET
6-Month Bill Announcement 11:00 AM ET
52-Week Bill Announcement 11:00 AM ET
Treasury STRIPS 3:00 PM ET
Money Supply 4:30 PM ET

Today's earnings reports:
Before open:

ABMD	Abiomed Inc.	Healthcare	Medical Instruments & Supplies
AGL	AGL Resources Inc.	Utilities	Gas Utilities
AGN	Allergan Inc.	Healthcare	Drug Manufacturers - Other
AHII	Animal Health International, Inc.	Services	Medical Equipment Wholesale
ARJ	Arch Chemicals Inc.	Basic Materials	Synthetics
ATK	Alliant Techsystems Inc.	Industrial Goods	Aerospace/Defense Products & Services
AVP	Avon Products Inc.	Consumer Goods	Personal Products
BCE	BCE, Inc.	Technology	Telecom Services - Domestic
BCRX	BioCryst Pharmaceuticals, Inc.	Healthcare	Biotechnology
BDC	Belden, Inc.	Industrial Goods	Industrial Electrical Equipment
BG	Bunge Ltd.	Consumer Goods	Farm Products
BHE	Benchmark Electronics Inc.	Technology	Printed Circuit Boards
BKC	Burger King Holdings Inc.	Services	Restaurants
BLC	Belo Corp.	Services	Broadcasting - TV
BPI	Bridgepoint Education, Inc.	Services	Education & Training Services
BR	Broadridge Financial Solutions Inc.	Technology	Information & Delivery Services
CHUX	O'Charley's Inc.	Services	Restaurants
CI	CIGNA Corp.	Healthcare	Health Care Plans
CINF	Cincinnati Financial Corp.	Financial	Property & Casualty Insurance
CLX	Clorox Corporation	Consumer Goods	Cleaning Products
CME	CME Group Inc.	Financial	Diversified Investments
CNMD	CONMED Corporation	Healthcare	Medical Appliances & Equipment
CRR	CARBO Ceramics Inc.	Basic Materials	Oil & Gas Equipment & Services
CUB	Cubic Corp.	Technology	Scientific & Technical Instruments
DO	Diamond Offshore Drilling Inc.	Basic Materials	Oil & Gas Drilling & Exploration
DTPI	Diamond Management & Technology Consultants, Inc.	Services	Management Services
DWCH	Datawatch Corp.	Technology	Business Software & Services
ELNK	EarthLink Inc.	Technology	Diversified Communication Services
ENTG	Entegris, Inc.	Technology	Semiconductor Equipment & Materials
FLO	Flowers Foods, Inc.	Consumer Goods	Processed & Packaged Goods
GFI	Gold Fields Ltd.	Basic Materials	Gold
HGG	hhgregg, Inc.	Services	Electronics Stores
HI	Hillenbrand, Inc.	Services	Personal Services
HIT	Hitachi Ltd.	Industrial Goods	Farm & Construction Machinery
HOT	Starwood Hotels & Resorts Worldwide Inc.	Services	Lodging
HSP	Hospira Inc.	Healthcare	Drug Delivery
ITWO	I2 Technologies, Inc.	Technology	Business Software & Services
IVC	Invacare Corporation	Healthcare	Medical Appliances & Equipment
IX	ORIX Corp.	Financial	Credit Services
K	Kellogg Company	Consumer Goods	Processed & Packaged Goods
KLIC	Kulicke & Soffa Industries Inc.	Technology	Semiconductor Equipment & Materials
KNL	Knoll Inc.	Consumer Goods	Business Equipment
LII	Lennox International Inc.	Consumer Goods	Appliances
LNT	Alliant Energy Corporation	Utilities	Diversified Utilities
LZ	Lubrizol Corporation	Basic Materials	Specialty Chemicals
MA	Mastercard Incorporated	Services	Business Services
MCO	Moody's Corp.	Financial	Credit Services
MDCI	Medical Action Industries Inc.	Healthcare	Medical Appliances & Equipment
MDTH	MedCath Corp.	Healthcare	Hospitals
MEND	Micrus Endovascular Corp.	Healthcare	Medical Appliances & Equipment
MF	MF Global Holdings Ltd.	Financial	Investment Brokerage - National
MGI	Moneygram International Inc.	Services	Business Services
MKSI	MKS Instruments Inc.	Technology	Semiconductor Equipment & Materials
MMS	MAXIMUS, Inc.	Services	Education & Training Services
MSTR	MicroStrategy Inc.	Technology	Business Software & Services
MTRX	Matrix Service Co.	Industrial Goods	Heavy Construction
MWIV	MWI Veterinary Supply, Inc.	Services	Medical Equipment Wholesale
NCR	NCR Corp.	Technology	Information Technology Services
NLCI	Nobel Learning Communities Inc.	Services	Education & Training Services
NOC	Northrop Grumman Corporation	Industrial Goods	Aerospace/Defense Products & Services
NUS	Nu Skin Enterprises Inc.	Consumer Goods	Personal Products
OHI	Omega Healthcare Investors Inc.	Financial	REIT - Healthcare Facilities
OSTK	Overstock.com Inc.	Services	Catalog & Mail Order Houses
PAS	PepsiAmericas Inc.	Consumer Goods	Beverages - Soft Drinks
PENN	Penn National Gaming Inc.	Services	Resorts & Casinos
PMTI	Palomar Medical Technologies Inc.	Healthcare	Medical Appliances & Equipment
POL	PolyOne Corporation	Basic Materials	Synthetics
POWI	Power Integrations Inc.	Technology	Semiconductor - Integrated Circuits
PTIE	Pain Therapeutics Inc.	Healthcare	Drug Manufacturers - Other
QUIX	Quixote Corp.	Consumer Goods	Rubber & Plastics
RAI	Reynolds American Inc.	Consumer Goods	Cigarettes
RGEN	Repligen Corporation	Healthcare	Biotechnology
RGLD	Royal Gold, Inc.	Basic Materials	Gold
RITT	RiT Technologies Ltd.	Technology	Processing Systems & Products
RSTI	Rofin-Sinar Technologies Inc.	Technology	Scientific & Technical Instruments
RTI	RTI International Metals, Inc.	Basic Materials	Industrial Metals & Minerals
SBH	Sally Beauty Holdings Inc.	Services	Specialty Retail, Other
SE	Spectra Energy Corp.	Basic Materials	Oil & Gas Pipelines
SLE	Sara Lee Corp.	Consumer Goods	Processed & Packaged Goods
SNA	Snap-on Inc.	Industrial Goods	Small Tools & Accessories
SNE	Sony Corporation	Consumer Goods	Electronic Equipment
SPH	Suburban Propane Partners LP	Services	Specialty Retail, Other
SPR	Spirit AeroSystems Holdings Inc	Industrial Goods	Aerospace/Defense Products & Services
STST	Argon ST, Inc.	Technology	Scientific & Technical Instruments
TBL	Timberland Co.	Consumer Goods	Textile - Apparel Footwear & Accessories
TEN	Tenneco Inc.	Consumer Goods	Auto Parts
UFS	Domtar Corporation	Consumer Goods	Paper & Paper Products
UIS	Unisys Corporation	Technology	Information Technology Services
UL	Unilever plc	Consumer Goods	Processed & Packaged Goods
UTEK	Ultratech, Inc.	Technology	Semiconductor Equipment & Materials
WBC	WABCO Holdings Inc.	Consumer Goods	Auto Parts

After close:

AATI	Advanced Analogic Technologies, Inc.	Technology	Semiconductor - Specialized
ABCO	Advisory Board Co.	Services	Research Services
ACCL	Accelrys Inc.	Technology	Business Software & Services
ACTL	Actel Corporation	Technology	Semiconductor - Specialized
ALKS	Alkermes, Inc.	Healthcare	Drug Delivery
ARAY	Accuray Incorporated	Healthcare	Medical Appliances & Equipment
ASEI	American Science & Engineering Inc.	Industrial Goods	Industrial Equipment & Components
ATVI	Activision Blizzard, Inc.	Technology	Multimedia & Graphics Software
BAP	Credicorp Ltd.	Financial	Foreign Money Center Banks
BBND	BigBand Networks, Inc.	Technology	Communication Equipment
BEBE	Bebe Stores, Inc.	Services	Apparel Stores
BEZ	Baldor Electric Co.	Industrial Goods	Industrial Electrical Equipment
BFRM	BioForm Medical, Inc.	Healthcare	Medical Appliances & Equipment
BLKB	Blackbaud Inc.	Technology	Business Software & Services
BMI	Badger Meter Inc.	Technology	Scientific & Technical Instruments
CNW	Con-way Inc.	Services	Trucking
COGO	Cogo Group, Inc.	Technology	Diversified Electronics
CYS	Cypress Sharpridge Investments, Inc.	Financial	REIT - Diversified
DNB	Dun & Bradstreet Corp.	Technology	Information & Delivery Services
DNEX	Dionex Corp.	Technology	Scientific & Technical Instruments
EGOV	NIC Inc.	Technology	Internet Software & Services
ESE	ESCO Technologies Inc.	Technology	Scientific & Technical Instruments
ESS	Essex Property Trust Inc.	Financial	REIT - Residential
EW	Edwards Lifesciences Corp.	Healthcare	Medical Appliances & Equipment
FALC	Falconstor Software Inc.	Technology	Business Software & Services
FIS	Fidelity National Information Services Inc.	Services	Business Services
FLXS	Flexsteel Industries Inc.	Consumer Goods	Home Furnishings & Fixtures
FMC	FMC Corp.	Basic Materials	Chemicals - Major Diversified
HA	Hawaiian Holdings Inc.	Services	Regional Airlines
HLIT	Harmonic Inc.	Technology	Communication Equipment
IBA	Industrias Bachoco S.A.B. de C.V.	Consumer Goods	Meat Products
ILMN	Illumina Inc.	Healthcare	Biotechnology
IN	Intermec, Inc.	Technology	Computer Peripherals
INPH	Interphase Corp.	Technology	Computer Peripherals
LMNX	Luminex Corporation	Healthcare	Medical Instruments & Supplies
LQDT	Liquidity Services, Inc.	Technology	Internet Software & Services
LTRX	Lantronix Inc.	Technology	Computer Peripherals
MAA	Mid-America Apartment Communities Inc.	Financial	REIT - Residential
MCHP	Microchip Technology Inc.	Technology	Semiconductor - Specialized
MCRS	MICROS Systems, Inc.	Technology	Technical & System Software
MFLX	Multi-Fineline Electronix Inc.	Technology	Printed Circuit Boards
MMSI	Merit Medical Systems, Inc.	Healthcare	Medical Instruments & Supplies
MPWR	Monolithic Power Systems Inc.	Technology	Semiconductor - Specialized
MTD	Mettler-Toledo International, Inc.	Healthcare	Medical Instruments & Supplies
MTSC	MTS Systems Corp.	Technology	Scientific & Technical Instruments
MTX	Minerals Technologies Inc.	Basic Materials	Synthetics
N	NetSuite, Inc.	Technology	Business Software & Services
NFG	National Fuel Gas Co.	Utilities	Gas Utilities
OCLS	Oculus Innovative Sciences, Inc.	Healthcare	Medical Instruments & Supplies
OPWV	Openwave Systems Inc.	Technology	Internet Software & Services
OPXT	Opnext, Inc.	Technology	Semiconductor - Broad Line
PBI	Pitney Bowes Inc.	Consumer Goods	Business Equipment
PCCC	PC Connection, Inc.	Services	Catalog & Mail Order Houses
PFWD	Phase Forward Inc.	Services	Business Services
PKI	PerkinElmer Inc.	Healthcare	Medical Instruments & Supplies
PMC	PharMerica Corporation	Services	Drug Stores
PTEC	Phoenix Technologies Ltd.	Technology	Application Software
PTIX	Performance Technologies Inc.	Technology	Networking & Communication Devices
PWAV	Powerwave Technologies Inc.	Technology	Communication Equipment
PWER	Power-One Inc.	Technology	Diversified Electronics
RAH	Ralcorp Holdings Inc.	Consumer Goods	Processed & Packaged Goods
RMD	ResMed Inc.	Healthcare	Medical Appliances & Equipment
SFLY	Shutterfly, Inc.	Services	Consumer Services
SFSF	SuccessFactors, Inc.	Technology	Business Software & Services
SIMG	Silicon Image Inc.	Technology	Semiconductor - Broad Line
SLH	Solera Holdings Inc.	Technology	Business Software & Services
SNCR	Synchronoss Technologies, Inc.	Technology	Application Software
SNIC	Sonic Solutions	Technology	Business Software & Services
SRCL	Stericycle Inc.	Industrial Goods	Waste Management
SSTI	Silicon Storage Technology Inc.	Technology	Semiconductor- Memory Chips
SUN	Sunoco Inc.	Basic Materials	Oil & Gas Refining & Marketing
TNL	Technitrol Inc.	Technology	Diversified Electronics
TSYS	TeleCommunication Systems Inc.	Technology	Business Software & Services
TTMI	TTM Technologies Inc.	Technology	Printed Circuit Boards
TWLL	Techwell, Inc.	Technology	Semiconductor Equipment & Materials
VARI	Varian, Inc.	Technology	Scientific & Technical Instruments
VRTX	Vertex Pharmaceuticals Incorporated	Healthcare	Drug Manufacturers - Other
WHG	Westwood Holdings Group Inc.	Financial	Asset Management
WSTG	Wayside Technology Group, Inc.	Services	Computers Wholesale
XXIA	Ixia	Technology	Semiconductor Equipment & Materials
ZIGO	Zygo Corp.	Technology	Scientific & Technical Instruments

Upgrades:

LCC	US Airways Group, Inc.	Services	Major Airlines
GPN	Global Payments Inc.	Services	Business Services
BHP	BHP Billiton Ltd.	Basic Materials	Industrial Metals & Minerals
AOL	AOL, Inc.	Technology	Internet Information Providers
BRCM	Broadcom Corp.	Technology	Semiconductor - Integrated Circuits
AFFX	Affymetrix Inc.	Technology	Scientific & Technical Instruments
QSFT	Quest Software Inc.	Technology	Business Software & Services
PFS	Provident Financial Services, Inc.	Financial	Savings & Loans
TSS	Total System Services, Inc.	Services	Business Services
NVE	NV Energy, Inc.	Utilities	Diversified Utilities
PXD	Pioneer Natural Resources Co.	Basic Materials	Independent Oil & Gas
EQR	Equity Residential	Financial	REIT - Residential
OTEX	Open Text Corp.	Technology	Internet Software & Services
IEX	IDEX Corporation	Industrial Goods	Diversified Machinery
TCK	Teck Resources Limited	Basic Materials	Industrial Metals & Minerals
V	Visa, Inc.	Services	Business Services
RTP	Rio Tinto plc	Basic Materials	Steel & Iron
MET	MetLife, Inc.	Financial	Life Insurance
DBD	Diebold, Incorproated	Consumer Goods	Business Equipment
PKX	POSCO	Basic Materials	Steel & Iron
BP	BP plc	Basic Materials	Major Integrated Oil & Gas
MITI	Micromet, Inc.	Healthcare	Biotechnology
ARNA	Arena Pharmaceuticals, Inc.	Healthcare	Drug Manufacturers - Other

Downgrades:

CAL	Continental Airlines, Inc.	Services	Major Airlines
ALK	Alaska Air Group Inc.	Services	Regional Airlines
DWA	DreamWorks Animation SKG Inc.	Services	Movie Production, Theaters
DRL	Doral Financial Corp.	Financial	Mortgage Investment
MWW	Monster Worldwide, Inc.	Services	Advertising Agencies
PNRA	Panera Bread Co.	Services	Specialty Eateries
SYNA	Synaptics Inc.	Technology	Business Software & Services
CGV	Compagnie GÃ©nÃ©rale de GÃ©ophysique-Veritas	Basic Materials	Oil & Gas Equipment & Services
DBTK	Double-Take Software, Inc.	Technology	Security Software & Services
ITG	Investment Technology Group Inc.	Financial	Investment Brokerage - Regional
ACOR	Acorda Therapeutics, Inc.	Healthcare	Biotechnology
CREE	Cree Inc.	Technology	Semiconductor Equipment & Materials

Test - does anyone read this blog? - 4:39 pm

2010-02-03T16:38:00.002-05:00

I see hits but I don't know if anyone really reads this. I do it as reference and a place to store information I may want to re-visit in the future. I just add comments in case someone drops in.

If people do actually read this, I would consider adding a few things, and doing a few more comments.

Thanks, and happy trading.

14,783

The CNBC pump monkeys have a bad time - who booked this guy? - 4:30 pm

2010-02-03T16:31:00.004-05:00

Excuse my French, but this guy just fucks up their day. I loved it, and the two pump monkeys don't know what to say - as usual. Funny stuff, and above that, this guy brings up an interesting point - who the hell is buying this market? Why aren't our pump monkey's reporting this, looking into it, or even mentioning much of the rise in the market has been on little to no volume.

You people are pathetic twits!

Market wrap - 4:15

2010-02-03T16:15:00.002-05:00

Pretty boring day in the casino today. Not much happening after two rocket shot days to the upside. The dollar was strong posting a 79.40 on the tape at the closing bell. Other than that not much but a sideways trading poking around just below the 1100 S/R level on the S&P.

Cisco and Visa reported after the bell, and as of 4:20 they are both trading a touch higher. Tomorrow morning we get the jobless claims report as well as the earnings from Mastercard. Then Friday the big monthly Employment Report.

Bob Corker on the Volcker Rule and the banks - CNBC Interview - 3:20 pm

2010-02-03T15:37:00.005-05:00

If you watched the Senate Committee hearing with Paul Volcker yesterday, you witnessed Bob Corker making claims about things that never happened. Some people would call that a lie, and I'm not the only person that thinks so. Two other bloggers agree with me, Zero Hedge and Karl Denninger at Market Ticker who also wrote a piece on the hearing.

The rules Volcker wants to put in place are good, I am convinced of that. They are along the lines of what used to be in the Glass-Steagal act that was repealed by the Gramm-Leach-Bliley Act. You can Google that and find all the pertinent information. I won't dissect this any further because Zero Hedge and Karl at the Market Ticker have done a much better job than I could have.

What I will do is bring up another point - one that is a real sore spot with me - the damn media coverage of things like this. CNBC, if you watch them enough, will already know they are nothing more than shills for the banks. Anything good for the banks, they are for - even the bailouts. Of course when the auto companies got bailed out, they were beside themselves with contempt. Yet, when their parent company at the time GE, got their bailout money, they were of course ecstatic.

I don't care which side of the coin they are on with these issues, but at least be consistent. Of course being the capitalists they claim to be, they should be against ANY bailout, but they are not. They are when it fits their agenda. I must add as well, I don't really turn to them for opinions; I turn to them for NEWS. To bad I don't get much.

I watch them daily, and have for over a year as I trade throughout the day. I only do so for the breaking news and some of the information they provide; keyword being some. Rick Santelli, and a few others (Art Cashin, Mark Haines, Diana Olick, Mary Thompson to name a few) do a very good job reporting and asking some good questions to their guests. The rest are nothing but pump monkeys, and yes, they lie to us. That is NOT the kind of reporting I expect from a station who professes to be "The first in business news worldwide."

Perhaps worse, is their attempt to change public opinion, which many times they claim as populism. Is populism bad? Is something they are against, even if it's good for Main Street, flagged as populism because anything labeled as populism is bad? Who's the word cop here? I don't give a damn what they call it, if it’s good for the taxpayers of America - I'm all for it - and you can call it anything you want, even a turd. But of course CNBC, throughout the day, or since that hearing (even before actually) have done nothing but demonize it. Who's friken side are you on people? That's pathetic, wrong, disingenuous, and down right horseshit.

The only reason I watch CNBC instead of another channel is because I get feed though my trading software. I don't think they are worth the electric I would use watch them on my television. I have recently read their ratings are still going south, and I would hope so, and I’m glad. Anyone can put a bunch of puppets on the air daily and tell us to buy any and every stock known to man. They were recently bought from GE by Comcast, and I had hoped to see an improvement. Not. CNBC, I hope your ratings continue to fall, and I hope they fall as fast as our market crashed last year (which you didn't bother to warn anyone about - hear that Kudlow?)in the hopes that someday the convicts were no longer running the prison. We are in dire times in this country; we deserve the TRUTH - not a bunch of pump monkey's spewing lies for 14 hours a day. Hear that Comcast?

Weekly Crude report - text version - released 10:30 am

2010-02-03T10:36:00.001-05:00

Full report here

weekly_crude_report_01_21_2010 -

ISM Non-manufacturing index - released 10:00

2010-02-03T10:05:00.000-05:00

Full report here.

January 2010 Non-Manufacturing ISM Report On Business^®

NMI (Non-Manufacturing Index) at 50.5%

DO NOT CONFUSE THIS NATIONAL REPORT with the various regional purchasing reports released across the country. The national report's information reflects the entire United States, while the regional reports contain primarily regional data from their local vicinities. Also, the information in the regional reports is not used in calculating the results of the national report. The information compiled in this report is for the month of January 2010.
This report reflects the U.S. Department of Commerce's recently completed annual adjustments to the seasonal adjustment factors used to calculate the indexes.

Business Activity Index at 52.2%
New Orders Index at 54.7%
Employment Index at 44.6%

(Tempe, Arizona) — Economic activity in the non-manufacturing sector grew in January, say the nation's purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business^®.
The report was issued today by Anthony Nieves, C.P.M., CFPM, chair of the Institute for Supply Management™ Non-Manufacturing Business Survey Committee; and senior vice president — supply management for Hilton Worldwide. "The NMI (Non-Manufacturing Index) registered 50.5 percent in January, 0.7 percentage point higher than the seasonally adjusted 49.8 percent registered in December, indicating growth in the non-manufacturing sector. The Non-Manufacturing Business Activity Index decreased 1 percentage point to 52.2 percent, reflecting growth for the second consecutive month. The New Orders Index increased 2.7 percentage points to 54.7 percent, and the Employment Index increased 1 percentage point to 44.6 percent. The Prices Index increased 1.6 percentage points to 61.2 percent in January, indicating an increase in prices paid from December. According to the NMI, four non-manufacturing industries reported growth in January. Respondents' comments overall are cautiously optimistic about business conditions."

INDUSTRY PERFORMANCE (Based on the NMI)

The four industries reporting growth in January based on the NMI composite index are: Other Services; Utilities; Information; and Wholesale Trade. The 11 industries reporting contraction in January — listed in order — are: Arts, Entertainment & Recreation; Mining; Retail Trade; Transportation & Warehousing; Management of Companies & Support Services; Professional, Scientific & Technical Services; Health Care & Social Assistance; Finance & Insurance; Educational Services; Public Administration; and Accommodation & Food Services.

WHAT RESPONDENTS ARE SAYING ...

"Business is better, but not robust." (Agriculture, Forestry, Fishing & Hunting)
"Some client capital spend plans have been delayed until 2nd or 3rd quarter." (Professional, Scientific & Technical Services)
"Outstanding production month, highest since March 2009, but still lower than December 2008." (Wholesale Trade)
"Commodity prices are starting to rise. We will be trying to mitigate inflationary price trends through longer contracts and value engineering." (Accommodation & Food Services)
"Improving outlook." (Educational Services)
"The recent unexpected rise in fuel prices, with no apparent justification, is cause for concern." (Public Administration)

* Non-Manufacturing ISM Report On Business^® data is seasonally adjusted for Business Activity, New Orders, Prices and Employment. Manufacturing ISM Report On Business^® data is seasonally adjusted for New Orders, Production, Employment, Supplier Deliveries and Inventories.
** Number of months moving in current direction.
Indexes reflect newly released seasonal adjustment factors.

COMMODITIES REPORTED UP / DOWN IN PRICE, and IN SHORT SUPPLY

Commodities Up in Price

Airfare; Beef (3); Diesel Fuel; #1 Diesel Fuel; #2 Diesel Fuel (3); Fuel; Fuel Surcharges; Gasoline (3); Heating Fuel; Latex Products; Medical/Surgical Supplies; Medications; Pharmaceuticals; Pharmacy Supplies; Produce; Tomatoes; and Trash Can Liners.

Commodities Down in Price

Computer & Peripherals; Copy Paper; Corn; Corrugated Boxes; Frozen Juice; Paper; Poultry Products; and Textile Products.

Commodities in Short Supply

Masks [for TB/H1N1 use] (4) is the only commodity reported in short supply.
Note: The number of consecutive months the commodity is listed is indicated after each item.

Dylan Ratigan - from yesterday - on TARP

2010-02-03T09:45:00.001-05:00

Treasury Refunding Statement - released 9:00 am

2010-02-03T09:24:00.000-05:00

Treasury_refunding_statement_02_03_2010 -

ADP Job report - released 8:15 am

2010-02-03T08:26:00.002-05:00

ADP_Job_report_02_03_2010 -

Pre-market - 8:15 am

2010-02-03T08:20:00.001-05:00

Futures flat after the two day run up. Sitting right on a key S/R level.

Today's economic calendar:
MBA Purchase Applications 7:00 AM ET
Challenger Job-Cut Report 7:30 AM ET
ADP Employment Report 8:15 AM ET
Treasury Refunding Announcement 9:00 AM ET
3-Yr Note Announcement 9:00 AM ET
10-Yr Note Announcement 9:00 AM ET
30-Yr Bond Announcement 9:00 AM ET
ISM Non-Mfg Index 10:00 AM ET
EIA Petroleum Status Report 10:30 AM ET

Today's economic calendar:
Before open:

AGYS	Agilysys Inc.	Technology	Information Technology Services
ALVR	Alvarion Ltd.	Technology	Wireless Communications
AOL	AOL, Inc.	Technology	Internet Information Providers
ARW	Arrow Electronics, Inc.	Services	Electronics Wholesale
ASCA	Ameristar Casinos Inc.	Services	Resorts & Casinos
ATMI	ATMI Inc.	Technology	Semiconductor Equipment & Materials
AUDC	AudioCodes Ltd.	Technology	Communication Equipment
BCO	Brinks Co.	Services	Security & Protection Services
BDK	The Black & Decker Corporation	Industrial Goods	Small Tools & Accessories
BECN	Beacon Roofing Supply Inc.	Services	Building Materials Wholesale
CGX	Consolidated Graphics, Inc.	Services	Business Services
CMCSA	Comcast Corporation	Services	CATV Systems
CPX	Complete Production Services, Inc.	Basic Materials	Oil & Gas Equipment & Services
CSL	Carlisle Companies Inc.	Consumer Goods	Rubber & Plastics
CVLT	CommVault Systems, Inc.	Technology	Application Software
DBD	Diebold, Incorproated	Consumer Goods	Business Equipment
DWSN	Dawson Geophysical Co.	Basic Materials	Oil & Gas Equipment & Services
ENB	Enbridge Inc.	Basic Materials	Oil & Gas Pipelines
FOR	Forestar Group Inc.	Financial	Property Management
HMC	Honda Motor Co., Ltd.	Consumer Goods	Auto Manufacturers - Major
HNT	Health Net Inc.	Healthcare	Health Care Plans
HW	Headwaters Inc.	Industrial Goods	General Building Materials
IP	International Paper Co.	Consumer Goods	Paper & Paper Products
ITG	Investment Technology Group Inc.	Financial	Investment Brokerage - Regional
ITT	ITT Corporation	Industrial Goods	Diversified Machinery
IVR	Invesco Mortgage Capital Inc.	Financial	Mortgage Investment
LAZ	Lazard Ltd.	Financial	Asset Management
MCHP	Microchip Technology Inc.	Technology	Semiconductor - Specialized
MHO	M/I Homes, Inc.	Industrial Goods	Residential Construction
MKTX	MarketAxess Holdings Inc.	Financial	Investment Brokerage - National
MMP	Magellan Midstream Partners LP	Basic Materials	Oil & Gas Pipelines
MTW	Manitowoc Co. Inc.	Industrial Goods	Farm & Construction Machinery
MWA	Mueller Water Products, Inc.	Industrial Goods	Industrial Equipment & Components
NJR	New Jersey Resources Corp.	Utilities	Gas Utilities
NOV	National Oilwell Varco, Inc.	Basic Materials	Oil & Gas Equipment & Services
NSTC	Ness Technologies Inc.	Technology	Information Technology Services
OB	OneBeacon Insurance Group	Financial	Property & Casualty Insurance
OIIM	O2Micro International Ltd.	Technology	Semiconductor - Integrated Circuits
PFE	Pfizer Inc.	Healthcare	Drug Manufacturers - Major
POWL	Powell Industries, Inc.	Industrial Goods	Industrial Electrical Equipment
PRS	Primus Guaranty, Ltd.	Financial	Credit Services
R	Ryder System, Inc.	Services	Rental & Leasing Services
RL	Polo Ralph Lauren Corp.	Consumer Goods	Textile - Apparel Clothing
ROP	Roper Industries Inc.	Industrial Goods	Industrial Equipment & Components
RVSN	Radvision Ltd.	Technology	Processing Systems & Products
SLAB	Silicon Laboratories, Inc.	Technology	Semiconductor - Specialized
SVVS	SAVVIS Inc.	Services	Business Services
TMO	Thermo Fisher Scientific, Inc.	Technology	Scientific & Technical Instruments
TRR	TRC Companies Inc.	Services	Management Services
TWX	Time Warner Inc.	Services	Entertainment - Diversified
TZOO	Travelzoo Inc.	Technology	Internet Information Providers
UMC	United Microelectronics Corporation	Technology	Semiconductor - Integrated Circuits
WU	Western Union Co.	Services	Personal Services
WWW	Wolverine World Wide Inc.	Consumer Goods	Textile - Apparel Footwear & Accessories

After close:

ACTS	Actions Semiconductor Co., Ltd.	Technology	Semiconductor - Specialized
AFFX	Affymetrix Inc.	Technology	Scientific & Technical Instruments
AIZ	Assurant Inc.	Financial	Accident & Health Insurance
AKAM	Akamai Technologies Inc.	Technology	Internet Information Providers
ALEX	Alexander & Baldwin, Inc.	Services	Shipping
AMP	Ameriprise Financial Inc.	Financial	Asset Management
ATW	Atwood Oceanics, Inc.	Basic Materials	Oil & Gas Drilling & Exploration
AVB	Avalonbay Communities Inc.	Financial	REIT - Residential
BBBB	Blackboard Inc.	Technology	Multimedia & Graphics Software
BNE	Bowne & Co. Inc.	Services	Business Services
BRCM	Broadcom Corp.	Technology	Semiconductor - Integrated Circuits
BRS	Bristow Group, Inc.	Services	Air Services, Other
BZC	Breeze-Eastern Corporation	Industrial Goods	Aerospace/Defense Products & Services
CBG	CB Richard Ellis Group, Inc.	Financial	Property Management
CBL	CBL & Associates Properties Inc.	Financial	REIT - Retail
CDNS	Cadence Design Systems Inc.	Technology	Technical & System Software
CELL	Brightpoint Inc.	Services	Electronics Wholesale
CENT	Central Garden & Pet Co.	Services	Wholesale, Other
CNQR	Concur Technologies, Inc.	Technology	Technical & System Software
CPC	Chemspec International Limited	Basic Materials	Specialty Chemicals
CSCO	Cisco Systems, Inc.	Technology	Networking & Communication Devices
CSII	Cardiovascular Systems Inc.	Healthcare	Biotechnology
CVTI	Covenant Transportation Group, Inc.	Services	Trucking
CYTK	Cytokinetics Inc.	Healthcare	Biotechnology
DBTK	Double-Take Software, Inc.	Technology	Security Software & Services
DCP	DynCorp International Inc.	Services	Business Services
DLB	Dolby Laboratories Inc.	Technology	Diversified Electronics
EFX	Equifax Inc.	Financial	Credit Services
ENTR	Entropic Communications, Inc.	Technology	Semiconductor - Broad Line
EQR	Equity Residential	Financial	REIT - Residential
EXPO	Exponent Inc.	Services	Management Services
FBN	Furniture Brands International Inc.	Consumer Goods	Home Furnishings & Fixtures
FEIC	FEI Co.	Technology	Scientific & Technical Instruments
FNF	Fidelity National Financial, Inc.	Financial	Surety & Title Insurance
GHDX	Genomic Health Inc.	Healthcare	Medical Laboratories & Research
HAIN	The Hain Celestial Group, Inc.	Consumer Goods	Processed & Packaged Goods
HMN	Horace Mann Educators Corp.	Financial	Property & Casualty Insurance
HRC	Hill-Rom Holdings, Inc.	Healthcare	Medical Instruments & Supplies
HSTX	Harris Stratex Networks, Inc.	Technology	Communication Equipment
IEX	IDEX Corporation	Industrial Goods	Diversified Machinery
INSP	InfoSpace Inc.	Technology	Internet Information Providers
KIM	Kimco Realty Corporation	Financial	REIT - Retail
MDTH	MedCath Corp.	Healthcare	Hospitals
MEAS	Measurement Specialties Inc.	Technology	Scientific & Technical Instruments
MKL	Markel Corp.	Financial	Property & Casualty Insurance
MWW	Monster Worldwide, Inc.	Services	Advertising Agencies
NBIX	Neurocrine Biosciences Inc.	Healthcare	Biotechnology
NDN	99 Cents Only Stores	Services	Discount, Variety Stores
NEWP	Newport Corp.	Technology	Scientific & Technical Instruments
NVLS	Novellus Systems, Inc.	Technology	Semiconductor Equipment & Materials
OHB	Orleans Homebuilders Inc.	Industrial Goods	Residential Construction
ONNN	ON Semiconductor Corp.	Technology	Semiconductor - Broad Line
OPNT	OPNET Technologies Inc.	Technology	Application Software
OTEX	Open Text Corp.	Technology	Internet Software & Services
PNNT	Pennantpark Investment Corp.	Financial	Diversified Investments
PSEM	Pericom Semiconductor Corp.	Technology	Semiconductor - Integrated Circuits
RBC	Regal-Beloit Corporation	Industrial Goods	Industrial Electrical Equipment
RBI	Sport Supply Group, Inc	Services	Catalog & Mail Order Houses
REG	Regency Centers Corporation	Financial	REIT - Retail
RNOW	Rightnow Technologies Inc.	Technology	Application Software
SFN	Spherion Corp.	Services	Staffing & Outsourcing Services
SGMO	Sangamo Biosciences Inc.	Healthcare	Biotechnology
SGU	Star Gas Partners LP	Services	Specialty Retail, Other
SIGI	Selective Insurance Group Inc.	Financial	Property & Casualty Insurance
SPF	Standard Pacific Corp.	Industrial Goods	Residential Construction
SPIL	Siliconware Precision Industries Co. Ltd.	Technology	Semiconductor Equipment & Materials
SPTN	Spartan Stores Inc.	Services	Food Wholesale
SSTI	Silicon Storage Technology Inc.	Technology	Semiconductor- Memory Chips
STLD	Steel Dynamics Inc.	Basic Materials	Steel & Iron
STLY	Stanley Furniture Co. Inc.	Consumer Goods	Home Furnishings & Fixtures
SYMM	Symmetricom Inc.	Technology	Communication Equipment
TBI	TrueBlue, Inc.	Services	Staffing & Outsourcing Services
TGI	Triumph Group, Inc.	Industrial Goods	Aerospace/Defense Products & Services
THG	The Hanover Insurance Group Inc.	Financial	Property & Casualty Insurance
THQI	THQ Inc.	Technology	Multimedia & Graphics Software
TMX	Telefonos de Mexico, S.A.B. de C.V.	Technology	Long Distance Carriers
UFPI	Universal Forest Products Inc.	Industrial Goods	Lumber, Wood Production
UHAL	AMERCO	Services	Rental & Leasing Services
URI	United Rentals, Inc.	Services	Rental & Leasing Services
V	Visa, Inc.	Services	Business Services
VIRL	Virage Logic Corporation	Technology	Semiconductor - Specialized
WFR	MEMC Electronic Materials Inc.	Technology	Semiconductor - Integrated Circuits
WGL	WGL Holdings Inc.	Utilities	Gas Utilities
WLT	Walter Energy, Inc.	Basic Materials	Industrial Metals & Minerals
WSH	Willis Group Holdings Public Limited Company	Financial	Insurance Brokers
YUM	Yum! Brands, Inc.	Services	Restaurants

Upgrades:

UPS	United Parcel Service, Inc.	Services	Air Delivery & Freight Services
AHII	Animal Health International, Inc.	Services	Medical Equipment Wholesale
APKT	Acme Packet, Inc.	Technology	Communication Equipment
GRA	W.R. Grace & Co.	Basic Materials	Specialty Chemicals
HHS	Harte-Hanks Inc.	Services	Marketing Services
EMR	Emerson Electric Co.	Industrial Goods	Industrial Equipment & Components
SIVB	SVB Financial Group	Financial	Regional - Pacific Banks
IRF	International Rectifier Corporation	Technology	Semiconductor - Integrated Circuits
HT	Hersha Hospitality Trust	Financial	REIT - Retail
ASX	Advanced Semiconductor Engineering Inc.	Technology	Semiconductor Equipment & Materials
UBS	UBS AG	Financial	Foreign Money Center Banks
ARM	ArvinMeritor Inc.	Consumer Goods	Auto Parts
OMI	Owens & Minor Inc.	Services	Medical Equipment Wholesale
NEU	NewMarket Corp.	Basic Materials	Specialty Chemicals
RJF	Raymond James Financial Inc.	Financial	Investment Brokerage - Regional

Downgrades:

VRSN	VeriSign Inc.	Technology	Application Software
CITP	COMSYS IT Partners, Inc.	Services	Staffing & Outsourcing Services
KNXA	Kenexa Corp.	Technology	Business Software & Services
ARMH	ARM Holdings plc	Technology	Semiconductor - Specialized

More Jim Chanos on China & Peter Shiff on the budget - 8:45 pm

2010-02-02T20:38:00.002-05:00

Courtesy of Peter Shiff.

Jim Chanos

Peter Shiff on the budget.

Market wrap - 4:15

2010-02-02T16:12:00.002-05:00

Another rocket shot today in the market. Will it last, or not, is the question. KB Homes came out with good earnings this morning, which seemed to spark the market. Or perhaps, it's a relief rally from the losses of last week.

The most entertaining part of the day is the Senate hearings with Paul Volcker. Some really good stuff there. It is so easy to see who's paid off, who hasn't a clue, and who's trying to accomplish something.

Paul Volcker's prepared testimony to the Senate Financial committee - 2:50 pm

2010-02-02T14:54:00.002-05:00

You can listen here.

You can watch the reply here.

From the Wall Street Journal

By Michael Corkery

Paul Volcker is due to testify today at 2:30 p.m. before the Senate Banking Committee on his proposal to limit trading activities at commercial banks. Here is his prepared statement

STATEMENT OF PAUL A. VOLCKER BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS OF THE UNITED STATES SENATE WASHINGTON, DC

FEBRUARY 2, 2010

Mr. Chairman, Members of the Banking Committee:

You have an important responsibility in considering and acting upon a range of issues relevant to needed reform of the financial system. That system, as you well know, broke down under pressure, posing unacceptable risks for an economy already in recession. I appreciate the opportunity today to discuss with you one key element in the reform effort that President Obama set out so forcibly a few days ago.

That proposal, if enacted, would restrict commercial banking organizations from certain proprietary and more speculative activities. In itself, that would be a significant measure to reduce risk. However, the first point I want to emphasize is that the proposed restrictions should be understood as a part of the broader effort for structural reform. It is particularly designed to help deal with the problem of “too big to fail” and the related moral hazard that looms so large as an aftermath of the emergency rescues of financial institutions, bank and non-bank, in the midst of crises.

I have attached to this statement a short essay of mine outlining that larger perspective.

The basic point is that there has been, and remains, a strong public interest in providing a “safety net” –in particular, deposit insurance and the provision of liquidity in emergencies – for commercial banks carrying out essential services. There is not, however, a similar rationale for public funds - taxpayer funds - protecting and supporting essentially proprietary and speculative activities. Hedge funds, private equity funds, and trading activities unrelated to customer needs and continuing banking relationships should stand on their own, without the subsidies implied by public support for depository institutions.

Those quintessential capital market activities have become part of the natural realm of investment banks. A number of the most prominent of those firms, each heavily engaged in trading and other proprietary activity, failed or were forced into publicly-assisted mergers under the pressure of the crisis. It also became necessary to provide public support via the Federal Reserve, The Federal Deposit Insurance Corporation, or the Treasury to the largest remaining American investment banks, both of which assumed the cloak of a banking license to facilitate the assistance. The world’s largest insurance company, caught up in a huge portfolio of credit default swaps quite apart from its basic business, was rescued only by the injection of many tens of billions of dollars of public loans and equity capital. Not so incidentally, the huge financial affiliate of one of our largest industrial companies was also extended the privilege of a banking license and granted large assistance contrary to long-standing public policy against combinations of banking and commerce.

What we plainly need are authority and methods to minimize the occurrence of those failures that threaten the basic fabric of financial markets. The first line of defense, along the lines of Administration proposals and the provisions in the Bill passed by the House last year, must be authority to regulate certain characteristics of systemically important non-bank financial institutions. The essential need is to guard against excessive leverage and to insist upon adequate capital and liquidity.

It is critically important that those institutions, its managers and its creditors, do not assume a public rescue will be forthcoming in time of pressure. To make that credible, there is a clear need for a new “resolution authority”, an approach recommended by the Administration last year and included in the House bill. The concept is widely supported internationally. The idea is that, with procedural safeguards, a designated agency be provided authority to intervene and take control of a major financial institution on the brink of failure. The mandate is to arrange an orderly liquidation or merger. In other words, euthanasia not a rescue.

Apart from the very limited number of such “systemically significant” non-bank institutions, there are literally thousands of hedge funds, private equity funds, and other private financial institutions actively competing in the capital markets. They are typically financed with substantial equity provided by their partners or by other sophisticated investors. They are, and should be, free to trade, to innovate, to invest – and to fail. Managements, stockholders or partners would be at risk, able to profit handsomely or to fail entirely, as appropriate in a competitive free enterprise system.

Now, I want to deal as specifically as I can with questions that have arisen about the President’s recent proposal.

First, surely a strong international consensus on the proposed approach would be appropriate, particularly across those few nations hosting large multi-national banks and active financial markets. The needed consensus remains to be tested. However, judging from what we know and read about the attitude of a number of responsible officials and commentators, I believe there are substantial grounds to anticipate success as the approach is fully understood.

Second, the functional definition of hedge funds and private equity funds that commercial banks would be forbidden to own or sponsor is not difficult. As with any new regulatory approach, authority provided to the appropriate supervisory agency should be carefully specified. It also needs to be broad enough to encompass efforts sure to come to circumvent the intent of the law. We do not need or want a new breed of bank-based funds that in all but name would function as hedge or equity funds.

Similarly, every banker I speak with knows very well what “proprietary trading” means and implies. My understanding is that only a handful of large commercial banks – maybe four or five in the United States and perhaps a couple of dozen worldwide – are now engaged in this activity in volume. In the past, they have sometimes explicitly labeled a trading affiliate or division as “proprietary”, with the connotation that the activity is, or should be, insulated from customer relations.

Most of those institutions and many others are engaged in meeting customer needs to buy or sell securities: stocks or bonds, derivatives, various commodities or other investments. Those activities may involve taking temporary positions. In the process, there will be temptations to speculate by aggressive, highly remunerated traders.

Given strong legislative direction, bank supervisors should be able to appraise the nature of those trading activities and contain excesses. An analysis of volume relative to customer relationships and of the relative volatility of gains and losses would go a long way toward informing such judgments. For instance, patterns of exceptionally large gains and losses over a period of time in the “trading book” should raise an examiner’s eyebrows. Persisting over time, the result should be not just raised eyebrows but substantially raised capital requirements.

Third, I want to note the strong conflicts of interest inherent in the participation of commercial banking organizations in proprietary or private investment activity. That is especially evident for banks conducting substantial investment management activities, in which they are acting explicitly or implicitly in a fiduciary capacity. When the bank itself is a “customer”, i.e., it is trading for its own account, it will almost inevitably find itself, consciously or inadvertently, acting at cross purposes to the interests of an unrelated commercial customer of a bank. “Inside” hedge funds and equity funds with outside partners may generate generous fees for the bank without the test of market pricing, and those same “inside” funds may be favored over outside competition in placing funds for clients. More generally, proprietary trading activity should not be able to profit from knowledge of customer trades.

I am not so naive as to think that all potential conflicts can or should be expunged from banking or other businesses. But neither am I so naïve as to think that, even with the best efforts of boards and management, so-called Chinese Walls can remain impermeable against the pressures to seek maximum profit and personal remuneration.

In concluding, it may be useful to remind you of the wide range of potentially profitable services that are within the province of commercial banks.

• First of all, basic payments services, local, national and worldwide, ranging from the now ubiquitous automatic teller machines to highly sophisticated cash balance management;
• Safe and liquid depository facilities, including especially deposits contractually payable on demand;
• Credit for individuals, governments and businesses, large and small, including credit guarantees and originating and securitizing mortgages or other credits under appropriate conditions;
• Analogous to commercial lending, underwriting of corporate and government securities, with related market making;
• Brokerage accounts for individuals and businesses, including “prime brokerage” for independent hedge and equity funds;
• Investment management and investment advisory services, including “Funds of Funds” providing customers with access to independent hedge or equity funds;
• Trust and estate planning and administration;
• Custody and safekeeping arrangements for securities and valuables.

Quite a list. More than enough, I submit to you, to provide the base for strong, competitive – and profitable - commercial banking organizations, able to stand on their own feet domestically and internationally in fair times and foul.

What we can do, what we should do, is recognize that curbing the proprietary interests of commercial banks is in the interest of fair and open competition as well as protecting the provision of essential financial services. Recurrent pressures, volatility and uncertainties are inherent in our market-oriented, profit-seeking financial system. By appropriately defining the business of commercial banks, and by providing for the complementary resolution authority to deal with an impending failure of very large capital market institutions, we can go a long way toward promoting the combination of competition, innovation, and underlying stability that we seek.

Treasury Auction - auction was at 11:30 am

2010-02-02T12:46:00.000-05:00

4 week auction results - 11:00

Tim Geithner's testimony before the Senate Finance Committee here - 10:00

2010-02-02T10:09:00.000-05:00

You can watch the testimony here. No commercials.

Pending Home Sales Index - released 10:00 am

2010-02-02T10:03:00.001-05:00

Full report here

Pending Home Sales Stabilize, Remain Above Year-Ago Levels

Washington, February 02, 2010

Pending home sales have leveled from a market swing driven by response to the home buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in December, increased 1.0 percent to 96.6 from 95.6 in November, and remains 10.9 percent above December 2008 when it was 87.1. In November, the monthly index had fallen by 16.4 percent from surging activity in preceding months.

Lawrence Yun, NAR chief economist, said it’s important to recognize how the tax credit is skewing market data. “There are easily understood swings in contract activity as buyers respond to a tax credit that was expiring and was then extended and expanded,” he said. “These swings are masking the underlying trend, which is a broad improvement over year-ago levels. December activity was the fifth highest monthly tally in two years.”

Buyers who have a contract in place to purchase a primary residence by April 30, 2010, have until June 30, 2010, to finalize the transaction to qualify for a tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

The PHSI in the Northeast rose 2.3 percent to 76.1 in December and is 14.9 percent higher than December 2008. In the Midwest the index increased 5.2 percent to 86.9 and is 8.7 percent above a year ago. Pending home sales in the South rose 2.2 percent to an index of 98.4, and are 5.5 percent higher than December 2008. In the West the index fell 3.8 percent to 119.9 but is 18.6 percent above a year ago.

Yun projects the extended and expanded tax credit will encourage 2.4 million households to take the credit in 2010. “While new-home sales will remain low due to a lack of construction, existing-home sales are projected to rise to around 5.6 million in 2010,” Yun said. Last year there were 5.16 million existing-home sales.

He added that one of the greatest benefits of rising sales will be firming home prices. “For several months now we’ve been seeing stabilization in all of the home price measures as inventory is pulled down,” Yun said. “As a result, the housing wealth for many middle class families has begun to stabilize.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

# # #

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

Existing-home sales for January will be reported February 26 and the next Pending Home Sales Index will be on March 4; release times are 10 a.m. EST.

Redbook - released 8:55 am

2010-02-02T09:08:00.000-05:00

From Reuters

TABLE-US chain store sales drop 4.4 pct last week-Redbook
Tue Jun 9, 2009 8:55am EDT

NEW YORK, June 9 (Reuters) - Redbook Research on Tuesday released the
following seasonally adjusted weekly data on U.S. chain store sales:

Year-over-year: Week (w/e 6/06/09 vs year ago) -4.4 pct
Year-over-year:Month (June 2009 vs June 2008) -4.4 pct
Month-over-month: (June 2009 vs May 2009) -4.3 pct

The Johnson Redbook Retail Sales Index is a sales-weighted index of
year-over-year same-store sales growth in a sample of large U.S. general
merchandise retailers representing about 9,000 stores.
(U.S. Treasury desk; Tel: 646-223-6300)

Sillymeter

Inside Job - the movie - via ZeroHedge

Ted Kaufman's hearing last Friday on the TARP program - via Zero Hedge

Guest Post: There Are No Good Outcomes - via Zero Hedge

Citigroup-Mar-5-2006-Plutonomy-Report-Part-2

Notice of absence - starting Thursday, February 10, 2010 am

Market wrap - 4:30 pm

10 Year Note Auction - 1:00 auction

International Trade - released 8:30 am

Pre-market - 8:05 am

Market wrap - 4:30 pm

Wholesale Trade - released 10:00 am

TABLE-US chain store sales rose 2.0 pct last week-Redbook

Pre-market - 7:55 am

Market wrap - 4:15

Pre-market - 7:55 am

Market wrap - 4:15

Consumer Credit - released 3:00 pm

Employment Situation - monthly report - released 8:30 am

Pre-market - Friday - 6:50 am

Market wrap - posted late - 6:00 pm

BREAKING NEWS: NY AG Cuomo Files Charges Against Former Bank of America Exectutives

Factory Orders - released 10:00

RBC Cash Index - released 9:00

Productivity and Costs - released 8:30

Jobless claims - released 8:30 am

Pre-market - late - 9:00 am

Test - does anyone read this blog? - 4:39 pm

The CNBC pump monkeys have a bad time - who booked this guy? - 4:30 pm

Market wrap - 4:15

Bob Corker on the Volcker Rule and the banks - CNBC Interview - 3:20 pm

Weekly Crude report - text version - released 10:30 am

ISM Non-manufacturing index - released 10:00

January 2010 Non-Manufacturing ISM Report On Business®

NMI (Non-Manufacturing Index) at 50.5%

Business Activity Index at 52.2% New Orders Index at 54.7% Employment Index at 44.6%

INDUSTRY PERFORMANCE (Based on the NMI)

WHAT RESPONDENTS ARE SAYING ...

COMMODITIES REPORTED UP / DOWN IN PRICE, and IN SHORT SUPPLY

Commodities Up in Price

Commodities Down in Price

Commodities in Short Supply

Dylan Ratigan - from yesterday - on TARP

Treasury Refunding Statement - released 9:00 am

ADP Job report - released 8:15 am

Pre-market - 8:15 am

More Jim Chanos on China & Peter Shiff on the budget - 8:45 pm

Market wrap - 4:15

Paul Volcker's prepared testimony to the Senate Financial committee - 2:50 pm

Treasury Auction - auction was at 11:30 am

Tim Geithner's testimony before the Senate Finance Committee here - 10:00

Pending Home Sales Index - released 10:00 am

Redbook - released 8:55 am

January 2010 Non-Manufacturing ISM Report On Business^®

Business Activity Index at 52.2%
New Orders Index at 54.7%
Employment Index at 44.6%