Mmmm, that's going to leave a mark...
In the continuing control fraud series of gap up/down opens, stocks took the predictable nosedive version today - predictable in that Wednesday's close was greatly to the upside.
With the Dow opening at around 11,100, about 85 points below the previous close, we have the now-well-known condition of trapped longs, who bought and held during Wednesday's uptick rally. In general terms, if you bought on Wednesday and sold on Friday, unhedged, you lost and are now puking up the remnants of your Thanksgiving dinner.
A wiser course of action might have been avoiding the stock markets altogether and making some illegal wagers on football games via the internet. At least you might have won, with the added bonus of the winnings being tax-free. Even had you lost your bets, you could mentally write off the sour investment as entertainment value.
Stocks skidded pretty badly, and, devoid of volume, had no inclination of reversing course, especially since it was a half-day and trading was even more scarce than normal. The run rate was even worse than some of the slowest days - and there have been many since the 2008 collapse - making Black Friday look like a blood-drip from the arteries of the Wall Street Scam money machinery.
Dow 11,092.00, -95.28 (0.85%)
NASDAQ 2,534.56, -8.56 (0.34%)
S&P 500 1,189.40, -8.95 (0.75%)
NYSE Composite 7,500.54, -78.72 (1.04%)
Declining issues dominated winners, 4054-2064. New highs:185; New lows: 51. Volume: fagetaboutit.
NASDAQ Volume 623,831,125
NYSE Volume 1,778,664,375
Oil finished unchanged, at $83.86 per barrel, keeping the price just high enough to extend the prices at the gas pumps for the remainder of the holiday weekend. Gold last printed at $1364.20, down $10.90 on the day, while silver kicked 89 cents lower, to $26.70. Those awaiting a reversion in silver may be seeing the beginning of a 50% pullback of the recent rally, which would put the lustrous metal at $23 and change. A 67% retracement would send it to about $21, at which point one would be highly inclined to begin accumulation for the next leg up, to $35 in the first half of 2011. Of course, a global deflation may take all technical data off the table, rendering all asset classes subject to major price reversals.
Speculation in land may be a viable alternative in the first half of 2011, though another round of descending prices should occur with a massive number of defaults and possible widespread bank failures.
Bank of America continues to be the stock to watch as far as real estate is concerned, as they have - through their 2007 purchase of Countrywide - the largest exposure in residential real estate of any of the major players. The stock hit all cherries today, closing at 11.11, remaining in the bottom of its recent range, and lower than the October 25 close, at the tail end of the "foreclosure crisis." Bank of American (BAC) is signaling what's ahead for homeowners, with already more than 25% of homes with mortgages "underwater," more pain to come, resulting in slower sales at lower prices for the truly most distressed of a growing mountain of distressed sellers.
2011 may turn out to be the year everything finally goes over the edge. Congress and the president haven't yet address the mortgage/banking fraud in any meaningful way, except to hand the banks more money with which to shore up their aching balance sheets and kick the fraud further down the road. Without a workable solution that includes 30-40% principal forgiveness - anathema to any blue-blooded banker - expect real estate prices to decline another 20-25% overall and the US economy to continue floundering like a beached whale.
While many believe we've avoided the dreaded "double-dip" recession scenario for this year, the next one may prove to be even more severe than the first, though even a minor recession leaves the Fed, White House and congress without any useful policy tools. The likely outcome would be to print more money, unless Tea Partiers in congress force the Fed's hand by denying any raise of the debt ceiling in early 2011. An unlikely outcome, but still potentially the best - though painful to the extreme - medicine.
2010 continues to grind towards its conclusion, with optimism bolstered by millions of shoppers on the busiest day of the year. If Christmas saves the retailers and wider stock market, there may be a significant overhang heading into the new year which could collapse stocks as earnings peak out with nowhere to go but down.
Lovely, isn't it?
Friday, November 26, 2010
Wednesday, November 24, 2010
The Greatest Scam on Earth Run by Tyrants, Thieves and Traitors
If one didn't know any better, one might come to the conclusion - after viewing market activity on the NYSE and NASDAQ for a few days - that the markets are somehow rigged to never give correct signals and to never follow the same pattern as the day before.
And so it is with our markets, constantly being churned by the big players who will use CNBC as their foil to gin up any kind of story that fits the desired narrative of the day. Yesterday, Ireland's bailout, a flare-up in tensions on the North-South Korea border and raids on hedge funds by the FBI (no, CNBC barely mentions that dirty bit of business), sent stocks down for the day, with the Dow surrendering 142 points.
Today, based solely on improved numbers from the greasy BLS stack of initial unemployment claims (407,000 for the week, a short week at that and sure to be revised higher as they do 90% of the time) stocks gapped up as though yesterday's event occurred in a vacuum or were never really a big deal after all. What gap ups or downs at the open do is trap traders in overnight positions. Only the deft day-trading sharpies at Merrill, Goldman Sachs, et. al., are able to slide seamlessly in and out of stocks without mishap. Individual investors have the deck stacked entirely against them, suffering from limited knowledge, and, as the FBI raids confirm, widespread use of illegal inside information.
Trading in US stocks has become such an open scam that it's laughable to even think of investing in any listed companies. The markets have become completely the province of sophisticated high-rollers who daily prey on the wealth of those invested in mutual funds, 401K plans or individual stocks.
No further proof is needed. It's so blatant and obvious, just compare the trading yesterday and today (scroll down for yesterday's final numbers), and you can see for yourself that the Wall Street mob is running a game more crooked than any three-card monty would ever aspire to be.
In case you're unconvinced, consider that "traders" today completely ignored a 28% drop in new home sales year-over-year and a 3.3% decline in durable goods orders from the previous month.
The closing numbers for the two days are virtually a mirror image with only the plus and minus signs the only differential. What was down yesterday was up today, and the same thing happens over and over and over, until, of course, the big money wants to take it all radically higher or lower and then they induce panic or a two month rally, like the one we just had, lasting from September through the end of October.
A recent government report implied that 20% of Americans are mentally ill, but the number of suckers stuck in retirement plans and mutual funds that are invested in stocks suggests that the number should be much higher, because one would have to be out of their mind to invest in what is nothing more than a rigged carnival game, complete with the same bells at the open and close that one would hear at a casino when the slot machines hit a jackpot.
Except in the case of Wall Street the jackpot is only for the privileged few.
Dow 11,187.28, +150.91 (1.37%)
NASDAQ 2,543.12, +48.17 (1.93%)
S&P 500 1,198.35, +17.62 (1.49%)
NYSE Composite 7,579.26, +108.49 (1.45%)
Advancing issues ramped up well beyond decliners, 5191-1273. New Highs topped new lows, 329-53. Volume was at its lowest level in weeks, which the absolute moronic explanation would be due to the impending holiday, though it really is only more evidence of fraud.
NASDAQ Volume 1,648,491,625
NYSE Volume 3,743,356,250
Another big surprise was the rise in the price of oil, which is tied to gasoline prices at the pump, which shot up $2.61, to $83.86, just before one of the busiest driving periods of the year. Again, big surprise.
Gold fell $3.90, to $1372.60. Silver added six cents, to finish at $27.57. One can clearly see more evidence of fraud on a day that the dollar is up sharply and oil sets off on its own. The normal relationship is for oil to lessen in price when the dollar strengthens and increase when the dollar falls. It's what we've come to expect, though one should suppose that with the now-permanently rigged markets, the only relationship that matters is the big money trying to take more from unprotected individuals.
The FBI raids are a unique feature of the completed control market. Those being raided are the low-hanging fruit. We're tantalized by Goldman Sachs being mentioned as part of the probe, though we know they are exempt. No truly big players will ever receive as much as a subpoena, as the government needs those guys to keep funding their illicit raiding and fining procedures.
And that's all it's about. The government isn't squeezing enough money out of ordinary taxpayers - that well's run dry - so they go after the low hanging fruit that is the hedge fund industry.
Will the fraud and abuse ever end? Absolutely, but the price paid will be either buckets of blood from patriots willing to stand against the oppressive, fascist government-finance coalition, or the lives and livelihoods of millions of Americans and their children and grandchildren, a longer, more devastating prospect.
One need not look for this writer in the bread lines or poverty camps. He'll gladly die for what's right than live a lie, without a future. The frauds must be exposed and the guilty tried, jailed and made to make restitution for the billions stolen from ordinary Americans. That day may never come, but if it does, it will be none too soon.
Be thankful for what we have today, but bear in mind that we are being denied much more, as long as we remain in the grip of tyrants, thieves and traitors.
And so it is with our markets, constantly being churned by the big players who will use CNBC as their foil to gin up any kind of story that fits the desired narrative of the day. Yesterday, Ireland's bailout, a flare-up in tensions on the North-South Korea border and raids on hedge funds by the FBI (no, CNBC barely mentions that dirty bit of business), sent stocks down for the day, with the Dow surrendering 142 points.
Today, based solely on improved numbers from the greasy BLS stack of initial unemployment claims (407,000 for the week, a short week at that and sure to be revised higher as they do 90% of the time) stocks gapped up as though yesterday's event occurred in a vacuum or were never really a big deal after all. What gap ups or downs at the open do is trap traders in overnight positions. Only the deft day-trading sharpies at Merrill, Goldman Sachs, et. al., are able to slide seamlessly in and out of stocks without mishap. Individual investors have the deck stacked entirely against them, suffering from limited knowledge, and, as the FBI raids confirm, widespread use of illegal inside information.
Trading in US stocks has become such an open scam that it's laughable to even think of investing in any listed companies. The markets have become completely the province of sophisticated high-rollers who daily prey on the wealth of those invested in mutual funds, 401K plans or individual stocks.
No further proof is needed. It's so blatant and obvious, just compare the trading yesterday and today (scroll down for yesterday's final numbers), and you can see for yourself that the Wall Street mob is running a game more crooked than any three-card monty would ever aspire to be.
In case you're unconvinced, consider that "traders" today completely ignored a 28% drop in new home sales year-over-year and a 3.3% decline in durable goods orders from the previous month.
The closing numbers for the two days are virtually a mirror image with only the plus and minus signs the only differential. What was down yesterday was up today, and the same thing happens over and over and over, until, of course, the big money wants to take it all radically higher or lower and then they induce panic or a two month rally, like the one we just had, lasting from September through the end of October.
A recent government report implied that 20% of Americans are mentally ill, but the number of suckers stuck in retirement plans and mutual funds that are invested in stocks suggests that the number should be much higher, because one would have to be out of their mind to invest in what is nothing more than a rigged carnival game, complete with the same bells at the open and close that one would hear at a casino when the slot machines hit a jackpot.
Except in the case of Wall Street the jackpot is only for the privileged few.
Dow 11,187.28, +150.91 (1.37%)
NASDAQ 2,543.12, +48.17 (1.93%)
S&P 500 1,198.35, +17.62 (1.49%)
NYSE Composite 7,579.26, +108.49 (1.45%)
Advancing issues ramped up well beyond decliners, 5191-1273. New Highs topped new lows, 329-53. Volume was at its lowest level in weeks, which the absolute moronic explanation would be due to the impending holiday, though it really is only more evidence of fraud.
NASDAQ Volume 1,648,491,625
NYSE Volume 3,743,356,250
Another big surprise was the rise in the price of oil, which is tied to gasoline prices at the pump, which shot up $2.61, to $83.86, just before one of the busiest driving periods of the year. Again, big surprise.
Gold fell $3.90, to $1372.60. Silver added six cents, to finish at $27.57. One can clearly see more evidence of fraud on a day that the dollar is up sharply and oil sets off on its own. The normal relationship is for oil to lessen in price when the dollar strengthens and increase when the dollar falls. It's what we've come to expect, though one should suppose that with the now-permanently rigged markets, the only relationship that matters is the big money trying to take more from unprotected individuals.
The FBI raids are a unique feature of the completed control market. Those being raided are the low-hanging fruit. We're tantalized by Goldman Sachs being mentioned as part of the probe, though we know they are exempt. No truly big players will ever receive as much as a subpoena, as the government needs those guys to keep funding their illicit raiding and fining procedures.
And that's all it's about. The government isn't squeezing enough money out of ordinary taxpayers - that well's run dry - so they go after the low hanging fruit that is the hedge fund industry.
Will the fraud and abuse ever end? Absolutely, but the price paid will be either buckets of blood from patriots willing to stand against the oppressive, fascist government-finance coalition, or the lives and livelihoods of millions of Americans and their children and grandchildren, a longer, more devastating prospect.
One need not look for this writer in the bread lines or poverty camps. He'll gladly die for what's right than live a lie, without a future. The frauds must be exposed and the guilty tried, jailed and made to make restitution for the billions stolen from ordinary Americans. That day may never come, but if it does, it will be none too soon.
Be thankful for what we have today, but bear in mind that we are being denied much more, as long as we remain in the grip of tyrants, thieves and traitors.
Tuesday, November 23, 2010
Investor Pain Spreading Rapidly
Ireland's continuing crisis, more trouble ahead in the Eurozone, a skirmish on the Korean border and general unease led to the stock markets finally breaking in a definitive way to the downside.
Unlike yesterday's miracle, out-of-the-blue rally, there was no such respite or savior for stocks today as the realization that while many businesses are doing well, the general global economy continues to display weakness in slack demand, collapsing governments and seas of debt.
Dow 11,036.37, -142.21 (1.27%)
NASDAQ 2,494.95, -37.07 (1.46%)
S&P 500 1,180.73, -17.11 (1.43%)
NYSE Composite 7,470.77, -139.53 (1.83%)
Declining issues crushed advancers, 4960-1560, though it was much worse through much of the session. Combined NYSE and NASDAQ new highs were 92, edged by 93 new lows. Volume was a little better than previous sessions, though that's not necessarily good news as investors were selling en masse.
NASDAQ Volume 1,902,546,250
NYSE Volume 4,711,580,500
Oil closed down 49 cents, at $81.25. Gold surged $19.80, to $1,377.60 and silver added 11 cents, at $27.57.
The Fed released minutes of their most recent meeting (November 2-3), which revealed that there was a sizable split between factions for and against a second round of qualitative easing. It would appear that Chairman Ben Barnanke does not have the support he might desire in his mad dash to destroy the US currency.
Seven days into QE2, the markets have gone straight backwards and interest rates on 5-and-10-year Treasury bonds have spiked, though they have leveled off over the past few days. It's evident to anyone with half a brain that the US economy and the banking sector, in particular, are still suffering from the strains of near-collapse and the methods employed to contain the damage, which, to date, haven't worked.
If Ban Bernanke is hell-bent on throwing away $700-800 billion dollars, the taxpayers should not be on the hook for it, but try telling that to our do-nothing president, largely absent and presumably on mood-altering drugs Congress, insipid Treasury Secretary and invisible Attorney General.
They're not listening, so you should not be paying. Period.
Unlike yesterday's miracle, out-of-the-blue rally, there was no such respite or savior for stocks today as the realization that while many businesses are doing well, the general global economy continues to display weakness in slack demand, collapsing governments and seas of debt.
Dow 11,036.37, -142.21 (1.27%)
NASDAQ 2,494.95, -37.07 (1.46%)
S&P 500 1,180.73, -17.11 (1.43%)
NYSE Composite 7,470.77, -139.53 (1.83%)
Declining issues crushed advancers, 4960-1560, though it was much worse through much of the session. Combined NYSE and NASDAQ new highs were 92, edged by 93 new lows. Volume was a little better than previous sessions, though that's not necessarily good news as investors were selling en masse.
NASDAQ Volume 1,902,546,250
NYSE Volume 4,711,580,500
Oil closed down 49 cents, at $81.25. Gold surged $19.80, to $1,377.60 and silver added 11 cents, at $27.57.
The Fed released minutes of their most recent meeting (November 2-3), which revealed that there was a sizable split between factions for and against a second round of qualitative easing. It would appear that Chairman Ben Barnanke does not have the support he might desire in his mad dash to destroy the US currency.
Seven days into QE2, the markets have gone straight backwards and interest rates on 5-and-10-year Treasury bonds have spiked, though they have leveled off over the past few days. It's evident to anyone with half a brain that the US economy and the banking sector, in particular, are still suffering from the strains of near-collapse and the methods employed to contain the damage, which, to date, haven't worked.
If Ban Bernanke is hell-bent on throwing away $700-800 billion dollars, the taxpayers should not be on the hook for it, but try telling that to our do-nothing president, largely absent and presumably on mood-altering drugs Congress, insipid Treasury Secretary and invisible Attorney General.
They're not listening, so you should not be paying. Period.
Monday, November 22, 2010
Ireland and FBI Hedge Fund Raid Don't Dent POMO-Driven Market
According to the World Bank, the population of Ireland (circa. 2008) is 4,425,675. On Sunday, ministers from the ECB, EC, IMF and the Irish government announced a bailout plan for the nation worth roughly $110 billion, or, $24,853.00 for each and every citizen on the island nation.
Naturally, the citizenry won't be getting any of the money. That's going to the banks. The public will be saddled with the debt, an amount so monstrous that one would wisely assume that it will never be repaid. The reason: the banks. Why would it be any other entity running up amazing mountains of debt. Earlier this year, the Irish government bailed out the banks to the tune of about $60 billion, but apparently, that wasn't quite enough, and now the government itself is threatened, by the populace on one side and the IMF and European Union on the other.
Some members of the government are already saying that they won't vote in favor of the package, and are calling for new elections in January. Protests sprung up on Monday, though they were small, organized by Sinn Fein, the political arm of the IRA.
Essentially, Ireland is the second in line - after Greece - for where most of Southern Europe is going: begging to the other members of the EU and the IMF for more money to keep their bankrupt economies going. Portugal is widely believed to be next, then Spain and Italy. These nations, should they accept the same or similar terms as the Irish, will be indentured to global banking interests until they default on the loans or rise up and through out the bankers and overthrow their governments. Either way, the populace will be the worse off for it, as tax hikes are certain on the one hand, and desperation and poverty in an every man for himself environment on the other.
There are those, and their numbers are growing, who believe that it's time for the people to take back their nations, though nobody is particularly keen on the idea of any brutal government crackdown that would surely come in response to a popular uprising.
Thus, the question on the minds of many Europeans tonight is: Would you rather pay taxes and just work your life away, saving nothing, to preserve the present order, or take the chance that things might be better after a bloody coup, a period of anarchy and a reformed Europe that isn't under the thumb of the banking and government oligarchy?
Good question. Only the future holds the answer. Ireland is giving us clues, though, thus far, most prefer the status quo, no violence and payment of tribute without end to governments which have proven to be at least incompetent and at worst, corrupt to the core.
Here in America, the condition is not nearly so dire, but it's close. Our $14 trillion debt is not going away any time soon, our government seems to stumble from one crisis to the next, never fixing anything, while the banks keep hiding their losses off their balance sheets through eased accounting rules and the help of the Federal Reserve.
Today's POMO (money for Wall Street) was a paltry $8.3 billion. More is scheduled for tomorrow, then after a break for Wednesday and Thursday, the injections of cash will continue without respite every business day through December 9. It's how we here in America have now confronted our massive, non-payable debt. We print more money.
The other major story today involved FBI raids on three hedge funds suspected of insider trading. That sent stocks - already down on the rising dollar and Irish blarney - to their lowest levels of the day, the Dow down by nearly 150 points just before 1:00 pm. But - and there's always a "but" these days - with all that POMO money sloshing around, this decline, like all others before it, was viewed as a buying opportunity by the Primary Dealers, flush with cash and stocks rallied for the remainder of the session, closing with marginal losses on the major exchanges, the NASDAQ actually sporting a solid advance.
Dow 11,178.58, -24.97 (0.22%)
NASDAQ 2,532.02, +13.90 (0.55%)
S&P 500 1,197.84, -1.89 (0.16%)
NYSE Composite 7,610.30, -30.78 (0.40%)
Advancers narrowly defeated decliners, 3249-3198. There were 368 new highs and just 68 new lows. Volume, the broken record, was laughably low.
NASDAQ Volume 1,865,878,625
NYSE Volume 4,305,755,500
Oil finished the day down just 24 cents, at $81.74, though it was off more than a dollar earlier in the day. Gold was lower earlier, but rallied to $1366.60, a gain of $12.50. Silver also showed upside, gaining 52 cents, to $27.87.
Naturally, the citizenry won't be getting any of the money. That's going to the banks. The public will be saddled with the debt, an amount so monstrous that one would wisely assume that it will never be repaid. The reason: the banks. Why would it be any other entity running up amazing mountains of debt. Earlier this year, the Irish government bailed out the banks to the tune of about $60 billion, but apparently, that wasn't quite enough, and now the government itself is threatened, by the populace on one side and the IMF and European Union on the other.
Some members of the government are already saying that they won't vote in favor of the package, and are calling for new elections in January. Protests sprung up on Monday, though they were small, organized by Sinn Fein, the political arm of the IRA.
Essentially, Ireland is the second in line - after Greece - for where most of Southern Europe is going: begging to the other members of the EU and the IMF for more money to keep their bankrupt economies going. Portugal is widely believed to be next, then Spain and Italy. These nations, should they accept the same or similar terms as the Irish, will be indentured to global banking interests until they default on the loans or rise up and through out the bankers and overthrow their governments. Either way, the populace will be the worse off for it, as tax hikes are certain on the one hand, and desperation and poverty in an every man for himself environment on the other.
There are those, and their numbers are growing, who believe that it's time for the people to take back their nations, though nobody is particularly keen on the idea of any brutal government crackdown that would surely come in response to a popular uprising.
Thus, the question on the minds of many Europeans tonight is: Would you rather pay taxes and just work your life away, saving nothing, to preserve the present order, or take the chance that things might be better after a bloody coup, a period of anarchy and a reformed Europe that isn't under the thumb of the banking and government oligarchy?
Good question. Only the future holds the answer. Ireland is giving us clues, though, thus far, most prefer the status quo, no violence and payment of tribute without end to governments which have proven to be at least incompetent and at worst, corrupt to the core.
Here in America, the condition is not nearly so dire, but it's close. Our $14 trillion debt is not going away any time soon, our government seems to stumble from one crisis to the next, never fixing anything, while the banks keep hiding their losses off their balance sheets through eased accounting rules and the help of the Federal Reserve.
Today's POMO (money for Wall Street) was a paltry $8.3 billion. More is scheduled for tomorrow, then after a break for Wednesday and Thursday, the injections of cash will continue without respite every business day through December 9. It's how we here in America have now confronted our massive, non-payable debt. We print more money.
The other major story today involved FBI raids on three hedge funds suspected of insider trading. That sent stocks - already down on the rising dollar and Irish blarney - to their lowest levels of the day, the Dow down by nearly 150 points just before 1:00 pm. But - and there's always a "but" these days - with all that POMO money sloshing around, this decline, like all others before it, was viewed as a buying opportunity by the Primary Dealers, flush with cash and stocks rallied for the remainder of the session, closing with marginal losses on the major exchanges, the NASDAQ actually sporting a solid advance.
Dow 11,178.58, -24.97 (0.22%)
NASDAQ 2,532.02, +13.90 (0.55%)
S&P 500 1,197.84, -1.89 (0.16%)
NYSE Composite 7,610.30, -30.78 (0.40%)
Advancers narrowly defeated decliners, 3249-3198. There were 368 new highs and just 68 new lows. Volume, the broken record, was laughably low.
NASDAQ Volume 1,865,878,625
NYSE Volume 4,305,755,500
Oil finished the day down just 24 cents, at $81.74, though it was off more than a dollar earlier in the day. Gold was lower earlier, but rallied to $1366.60, a gain of $12.50. Silver also showed upside, gaining 52 cents, to $27.87.
Friday, November 19, 2010
Dull End to a Wild Fortnight
At the end of a wild two weeks, everybody needed a break and they got one, in one of the slowest trading days in some time. News flow was also minimal.
In sync with the rest of the market, General Motors (GM), on its second day of trading as a new, reformed entity, fell almost back to its IPO price, hitting 33.11 at just about 10:00 am. The stock and the rest of the market (Dow was down 62 points) took a sudden turn and churned to slight, positive gains by the sessions end.
Overall, the major indices have barely moved since the mid-term elections. The Fed's incessant currency devaluation efforts have also, thus far been for naught.
Dow 11,203.55, +22.32 (0.20%)
NASDAQ 2,518.12, +3.72 (0.15%)
S&P 500 1,199.73, +3.04 (0.25%)
NYSE Composite 7,641.08, +21.14 (0.28%)
NASDAQ Volume 1,878,265,250
NYSE Volume 3,921,869,500
Advancers finished well ahead of losers, 3546-2632. There were 279 new highs and 73 new lows. Volume was extremely light.
Oil was flat, at $81.85. Silver last printed 27.35, +0.36. Gold spot closed at $1354.10, up 60 cents.
Rinse, repeat, ponder the future. Ireland remains in talks with the EC, ECB and IMF. They're getting the "full monty" from the financiers, if you will.
In sync with the rest of the market, General Motors (GM), on its second day of trading as a new, reformed entity, fell almost back to its IPO price, hitting 33.11 at just about 10:00 am. The stock and the rest of the market (Dow was down 62 points) took a sudden turn and churned to slight, positive gains by the sessions end.
Overall, the major indices have barely moved since the mid-term elections. The Fed's incessant currency devaluation efforts have also, thus far been for naught.
Dow 11,203.55, +22.32 (0.20%)
NASDAQ 2,518.12, +3.72 (0.15%)
S&P 500 1,199.73, +3.04 (0.25%)
NYSE Composite 7,641.08, +21.14 (0.28%)
NASDAQ Volume 1,878,265,250
NYSE Volume 3,921,869,500
Advancers finished well ahead of losers, 3546-2632. There were 279 new highs and 73 new lows. Volume was extremely light.
Oil was flat, at $81.85. Silver last printed 27.35, +0.36. Gold spot closed at $1354.10, up 60 cents.
Rinse, repeat, ponder the future. Ireland remains in talks with the EC, ECB and IMF. They're getting the "full monty" from the financiers, if you will.
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