Not at the risk of a total meltdown/depression; especially when the Democrats Presidential candidate is favourite to win the US election in Nov.
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STI Plunge
- Thread starter Merl Haggard
- Start date
Not at the risk of a total meltdown/depression; especially when the Democrats Presidential candidate is favourite to win the US election in Nov.
Congress might not approve the gigantic bailout - latest. Bailout might not even be enough! The black hole is bottomless!!! Be very very very careful come Monday!!!
At tonite's Meet The Press hosted by Tom Brokow.
TOM BROKAW: Erin, let's begin with you. I know that you've been talking to a lot of people on the Hill. Are they going to get this done this week?
ERIN BURNETT: They say yes, talked to various members of leadership, both in the House and Senate yesterday. They're going to get it done by Friday. Right now, what we have is a very rudimentary plan, and there's a lot of argument, especially among Democrats. Hank Paulson, as you know, wants to have as much flexibility as he can for the money he needs to get this job done. Democrats would like to put in some....maybe a stimulus package of $100 billion. Some are fighting for that, and some are also fighting to say, "Look, banks, if you participate, we want to put a limit on CEO compensation." So that's a big part of it.
Gotten out by this morning and took hefty profits from my purchase on Thurs afternoon.
good for you...keep those profits...it'll plunge afternoon...
as expected the sti rise but cash out b4 it falls again either late afternoon or tomorrow......
no....mayb u r playing with ur's......
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no homoism here:p
knn, got lobang never share :(:p
Heng argh! Luckily, today I took all my profits liao.
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Futures Fall as Bailout Details Emerge
US stock index futures were lower ahead of the open on Monday, as Friday's euphoria cooled with investors realizing banks are still facing severe hits to balance sheet valuations and limited future earnings despite a financial bailout plan from the government.
The $700 billion plan, which will give the Treasury powers to buy toxic assets, was still being hammered out by the Bush administration and Congress over the weekend.
"It will have an impact on what is happening in the markets, but eventually it will not stop banks from realizing their losses," Marino Valensise, CIO of Barings, told "Worldwide Exchange," adding that they would have to sell assets at discounted prices.
Meanwhile, more details about the temporary ban on short-selling of 799 financial stocks emerged. Information about short positions will not be made public until two weeks after they are placed, the U.S. Securities and Exchange Commission said on Sunday. Hedge funds are likely to welcome the news.
Also in the financial sector, Wall Street's remaining investment banks Goldman Sachs underwent sweeping changes. Sunday as the Federal Reserve approved a request to change their status to bank holding companies. The two banks will now be able to create commercial banks, but will be subject to tighter regulation.
Japanese brokerage house Nomura Holdings reached a deal to buy the Asian operations of Lehman Brothers, Lehman Brothers Holdings sources told Reuters. UK bank Barclays has already snapped up the core US business held by Lehman.
There are no earnings and no major economic data due before the bell.
© 2008 NBC
DOW down by 375 points. Expect the STI to go further down. Oil jump by $15/barrel. Petrol price going up again.
U.S. Stocks Tumble on Concern Bailout Won't Stop Recession
By Elizabeth Stanton
Sept. 22 (Bloomberg) -- U.S. stocks tumbled, led by banks, retailers and technology companies, as oil jumped 16 percent and investors speculated the Treasury's plan to buy toxic mortgage assets will fail to prevent a recession.
The Standard & Poor's 500 Index lost 3.8 percent, erasing almost half of its rally over the previous two days. Sovereign Bancorp Inc., Marshall & Ilsley Corp. and Washington Mutual Inc. sank more than 21 percent, sending the S&P 500 Banks Index to a record plunge, on concern the government bailout will lower the value of mortgage loans they hold. Apple Inc. and Cisco Systems Inc. dragged down computer stocks on expectations slower growth will reduce sales.
The S&P 500 retreated 47.99 points to 1,207.09. The Dow Jones Industrial Average slid 372.75, or 3.3 percent, to 11,015.69. The Nasdaq Composite Index decreased 94.92, or 4.2 percent, to 2,178.98. Six stocks retreated for each that rose on the New York Stock Exchange in floor volume of 1.3 billion shares, 45 percent below last week's average.
``They really haven't changed the economic fundamentals at all,'' said Jeffrey Coons, co-director of research at Manning & Napier Advisors Inc. in Fairport, New York, which manages $18 billion. ``We still have a debt-laden U.S. consumer facing falling employment.''
Treasury bonds and the dollar tumbled on speculation the U.S. government is spending too much to save banks after the collapse of Lehman Brothers Holdings Inc., Fannie Mae, Freddie Mac and American International Group. Heating oil, gold and copper climbed as the dollar's biggest-ever slide against the euro heightened the risk of inflation.
All 10 industry groups in the S&P 500 lost at least 1 percent.
Regionals Pare Rally
Regions Financial Corp., Marshall & Ilsley and Huntington Bancshares led regional banks to the steepest drop in two months. The group retreated after rising more than 48 percent last week on speculation the companies avoided the worst of the subprime-mortgage crisis. JPMorgan Chase & Co. and Merrill Lynch & Co. advised clients to sell midsized lenders because they won't immediately benefit from the Treasury's mortgage bailout and may have to write down assets based on the prices received by their larger rivals.
``Our initial impression of the plan is that the benefits to the regional banks would be indirect, and as a result, we would lock in substantial profits generated over the past several weeks,'' wrote JPMorgan analysts led by Steven Alexopoulos.
Record Bank Plunge
The S&P 500 Banks Index slumped 12 percent today, the most since the gauge was created in 1989, as all 20 of its companies declined at least 4 percent.
Regions Financial, Alabama's biggest bank, retreated $4.20, or 21 percent, to $15.60, the most since at least 1983. Marshall & Ilsley, the largest bank in Wisconsin, fell $6.68, or 23 percent, to $22.82. Ohio's Huntington slid 23 percent to $9.81. Each bank posted its steepest drop in at least 23 years.
Funding bases for small and mid-cap banks ``may not be as secure as some believe'' as deposits leave for larger banks and borrowing costs become more expensive, Merrill analysts said.
Regions Financial, Marshall & Ilsley and Huntington Bancshares were among the biggest gainers in the S&P 500 on Sept. 19, when the market rally forced sellers of some expiring equity options to buy shares, said Michael McCarty, chief options and equity strategist at Meridian Equity Partners Inc. in New York.
`Artificial Strength'
``You're reversing part of that artificial strength,'' McCarty said.
Large banks also retreated after last week's rally. Citigroup slipped 64 cents, or 3.1 percent, to $20.01 following a two-day advance of more than 47 percent. JPMorgan, the nation's third-biggest by assets, lost $6.25, or 13 percent, to $40.80 after climbing 32 percent on Sept. 18-19.
The S&P 500 Financials Index declined 8.5 percent today. The government's plan to purge banks of toxic assets and crack down on speculators who bet against shares of financial companies sent the group up 24 percent in the final two days of last week.
``Financials are a sell on the big rally they had last week because I don't think the fundamentals have really changed,'' Jeffrey Saut, chief investment strategist at Raymond James & Associates in St. Petersburg, Florida, said on Bloomberg Television. Raymond James oversees $190 billion.
Homebuilders Tumble
Homebuilders in S&P indexes fell 12 percent, their biggest drop on record, on speculation the bailout plan won't immediately stem the decline in home prices that's left owners unable to refinance mortgages they can no longer afford, leading to a record rate of foreclosures in June. D.R. Horton Inc., the largest U.S. homebuilder by market value, fell 17 percent to $12.55.
General Growth Properties Inc. slid the most since at least 1983, losing 25 percent to $16.08, an almost six-year low. The second-largest U.S. mall owner said it may sell assets or equity to raise capital after a stock slump. The company also said it will consider ``strategic business combinations.''
General Motors Corp. slid $1.50, or 11 percent, to $11.58. Analysts said the automaker's plan to draw the remaining $3.5 billion from a revolving credit line indicates it may be using up available cash at a rapid pace. GM is tapping the balance of the $4.5 billion line as lenders are tightening standards amid the worst U.S. housing market since the Great Depression.
Oil Climbs
Crude oil for October delivery rallied $16.37 to $120.92 a barrel in New York and has advanced 32 percent since Sept. 16. A slump in the U.S. currency increased the appeal of commodities as a hedge.
Microsoft Corp. rose 24 cents to $25.61. The world's biggest software maker plans to buy back as much as $40 billion in stock and increase its dividend. Microsoft's valuation this year fell to the lowest level since it went public 22 years ago, as measured by share price relative to expected earnings.
Hewlett-Packard Co. slipped $1.10 to $47.16 even after the world's largest personal-computer maker said it may buy back as much as $8 billion in shares, matching its largest repurchase. Nike Inc., the world's biggest maker of athletic shoes, said it will buy back as much as $5 billion of its shares. Nike still fell 55 cents to $63.15.
``Whenever you get a market that's fallen the way it has and stocks are attractive for high-quality companies, it tends to be a very good buying opportunity,'' Manning & Napier's Coons said. ``That's what these companies are looking at.''
To contact the reporter on this story: Elizabeth Stanton in New York at [email protected].
Last Updated: September 22, 2008 16:50 EDT
U.S. Stocks Tumble on Concern Bailout Won't Stop Recession
By Elizabeth Stanton
Sept. 22 (Bloomberg) -- U.S. stocks tumbled, led by banks, retailers and technology companies, as oil jumped 16 percent and investors speculated the Treasury's plan to buy toxic mortgage assets will fail to prevent a recession.
The Standard & Poor's 500 Index lost 3.8 percent, erasing almost half of its rally over the previous two days. Sovereign Bancorp Inc., Marshall & Ilsley Corp. and Washington Mutual Inc. sank more than 21 percent, sending the S&P 500 Banks Index to a record plunge, on concern the government bailout will lower the value of mortgage loans they hold. Apple Inc. and Cisco Systems Inc. dragged down computer stocks on expectations slower growth will reduce sales.
The S&P 500 retreated 47.99 points to 1,207.09. The Dow Jones Industrial Average slid 372.75, or 3.3 percent, to 11,015.69. The Nasdaq Composite Index decreased 94.92, or 4.2 percent, to 2,178.98. Six stocks retreated for each that rose on the New York Stock Exchange in floor volume of 1.3 billion shares, 45 percent below last week's average.
``They really haven't changed the economic fundamentals at all,'' said Jeffrey Coons, co-director of research at Manning & Napier Advisors Inc. in Fairport, New York, which manages $18 billion. ``We still have a debt-laden U.S. consumer facing falling employment.''
Treasury bonds and the dollar tumbled on speculation the U.S. government is spending too much to save banks after the collapse of Lehman Brothers Holdings Inc., Fannie Mae, Freddie Mac and American International Group. Heating oil, gold and copper climbed as the dollar's biggest-ever slide against the euro heightened the risk of inflation.
All 10 industry groups in the S&P 500 lost at least 1 percent.
Regionals Pare Rally
Regions Financial Corp., Marshall & Ilsley and Huntington Bancshares led regional banks to the steepest drop in two months. The group retreated after rising more than 48 percent last week on speculation the companies avoided the worst of the subprime-mortgage crisis. JPMorgan Chase & Co. and Merrill Lynch & Co. advised clients to sell midsized lenders because they won't immediately benefit from the Treasury's mortgage bailout and may have to write down assets based on the prices received by their larger rivals.
``Our initial impression of the plan is that the benefits to the regional banks would be indirect, and as a result, we would lock in substantial profits generated over the past several weeks,'' wrote JPMorgan analysts led by Steven Alexopoulos.
Record Bank Plunge
The S&P 500 Banks Index slumped 12 percent today, the most since the gauge was created in 1989, as all 20 of its companies declined at least 4 percent.
Regions Financial, Alabama's biggest bank, retreated $4.20, or 21 percent, to $15.60, the most since at least 1983. Marshall & Ilsley, the largest bank in Wisconsin, fell $6.68, or 23 percent, to $22.82. Ohio's Huntington slid 23 percent to $9.81. Each bank posted its steepest drop in at least 23 years.
Funding bases for small and mid-cap banks ``may not be as secure as some believe'' as deposits leave for larger banks and borrowing costs become more expensive, Merrill analysts said.
Regions Financial, Marshall & Ilsley and Huntington Bancshares were among the biggest gainers in the S&P 500 on Sept. 19, when the market rally forced sellers of some expiring equity options to buy shares, said Michael McCarty, chief options and equity strategist at Meridian Equity Partners Inc. in New York.
`Artificial Strength'
``You're reversing part of that artificial strength,'' McCarty said.
Large banks also retreated after last week's rally. Citigroup slipped 64 cents, or 3.1 percent, to $20.01 following a two-day advance of more than 47 percent. JPMorgan, the nation's third-biggest by assets, lost $6.25, or 13 percent, to $40.80 after climbing 32 percent on Sept. 18-19.
The S&P 500 Financials Index declined 8.5 percent today. The government's plan to purge banks of toxic assets and crack down on speculators who bet against shares of financial companies sent the group up 24 percent in the final two days of last week.
``Financials are a sell on the big rally they had last week because I don't think the fundamentals have really changed,'' Jeffrey Saut, chief investment strategist at Raymond James & Associates in St. Petersburg, Florida, said on Bloomberg Television. Raymond James oversees $190 billion.
Homebuilders Tumble
Homebuilders in S&P indexes fell 12 percent, their biggest drop on record, on speculation the bailout plan won't immediately stem the decline in home prices that's left owners unable to refinance mortgages they can no longer afford, leading to a record rate of foreclosures in June. D.R. Horton Inc., the largest U.S. homebuilder by market value, fell 17 percent to $12.55.
General Growth Properties Inc. slid the most since at least 1983, losing 25 percent to $16.08, an almost six-year low. The second-largest U.S. mall owner said it may sell assets or equity to raise capital after a stock slump. The company also said it will consider ``strategic business combinations.''
General Motors Corp. slid $1.50, or 11 percent, to $11.58. Analysts said the automaker's plan to draw the remaining $3.5 billion from a revolving credit line indicates it may be using up available cash at a rapid pace. GM is tapping the balance of the $4.5 billion line as lenders are tightening standards amid the worst U.S. housing market since the Great Depression.
Oil Climbs
Crude oil for October delivery rallied $16.37 to $120.92 a barrel in New York and has advanced 32 percent since Sept. 16. A slump in the U.S. currency increased the appeal of commodities as a hedge.
Microsoft Corp. rose 24 cents to $25.61. The world's biggest software maker plans to buy back as much as $40 billion in stock and increase its dividend. Microsoft's valuation this year fell to the lowest level since it went public 22 years ago, as measured by share price relative to expected earnings.
Hewlett-Packard Co. slipped $1.10 to $47.16 even after the world's largest personal-computer maker said it may buy back as much as $8 billion in shares, matching its largest repurchase. Nike Inc., the world's biggest maker of athletic shoes, said it will buy back as much as $5 billion of its shares. Nike still fell 55 cents to $63.15.
``Whenever you get a market that's fallen the way it has and stocks are attractive for high-quality companies, it tends to be a very good buying opportunity,'' Manning & Napier's Coons said. ``That's what these companies are looking at.''
To contact the reporter on this story: Elizabeth Stanton in New York at [email protected].
Last Updated: September 22, 2008 16:50 EDT
few weeks ago when sti are trading around 2700, i post about STI will be heading toeard 2300 for this year and then first half of next year will test 1800. hehehe huat ah!!!!!!!!!!!! short simsci.
invest at your own rsik.
don't tell me to conduct investment course, i am not free to make this kind of money. since i have sure win secret why should i share. hahahahaha
invest at your own rsik.
don't tell me to conduct investment course, i am not free to make this kind of money. since i have sure win secret why should i share. hahahahaha
dont be selfish lah, share share okay?
Heng argh! Took all my profits yesterday, otherwise today oil flows out from my kar-chng.
