Foreign Markets & Dow Futures Watch

[sylvia dunscombe]

by then if TEL drops to 250, our monthly telephone landline bill would be 10,000 per month. the peso would almost worthless.

[kelso]

^ CHEERS!

[piolo]

Ok lang yan! that time i remember TEL was loosing money bec of huge dollar debts but now hindi na ganun kalaki ang debts nla compare to 1998 Asian Crisis n they are still making money today... anything goes w/ this market, will see

[tracer]

Ukraine to get $16.5 billion IMF loan
IMF and Ukraine reach agreement on loan to shore up country's flagging economic situation.

http://money.cnn.com/2008/10/26/news/in ... ney_latest

Wall Street ready for another drop
Futures tumble as turmoil sweeps markets worldwide. Slew of economic reports on tap this week.

http://money.cnn.com/2008/10/27/markets ... /index.htm

Tsupitero time caveat.

[jing]

Am just wondering why futures still moves/change at 10.17PM philippine time. Usually 15mins before NYSE opens, futures stopped.

[Mark T. Market]

I think that's the cut-over from the globex 24 hour trading system into the live futures pits in Chicago. After trading closes in the afternoon the globex system takes over again.

[jing]

I'm looking at bloomberg. Well, this is the first time I noticed that its showing globex 24 hour. From the past, bloomberg usually stops once the market opens. The way things are done are changing ha!

[knn]

Stock Market Calender

Monday (27 Oct 08)
10:00 am New Home Sales

Tuesday (28 Oct 08)
7:45 am Chain Store Sales
10:00 am Consumer Confidence

Wednesday (29 Oct 08)
8:30 am Durable Goods Order
10:35 am Crude Inventories
2:15 pm FOMC Release

Thursday (30 Oct 08)
8:30 am GDP
8:30 am Jobless Claims
10:30 am Natural Gas Inventories

Friday (31 Oct 08)
9:45 am NAPM - Chicago
10:00 am Consumer Sentiment

[knn]

Early Signs of Consumerism?

Stocks attempted a weak rally today when higher new home sales suggest that consumerism may be recovering. However, that little bit of good news cannot stop investors from worrying about a global recession as world markets continue making multi-decade lows. The Dow ended the day lower by over 200 points, following up on the triangle formation bearish breakout. Investors are going to continue being jitterish all week due to the Fed decision and consumer data (see economic calendar). The Fed is going to cut rates and provide new solutions to this financial mess while consumer data is probably going to recover a little. Will all these help the market get back up a little this week? Not according to the technicals. With a strong short and primary bear trend still in place after being tested slightly, odds are we should see a new October low. In fact, the Nasdaq Composite already made that new low yesterday.

[tracer]

If we break the trend line, wave 4 coming up, bye-bye wave 3. Caveat emptor.

[2blue]

Makes for interesting reading about the US Fed

The US Federal Reserve System: Gallery of Shame

A collection of essays and articles of (varying lengths and rigour) looking at the shadowy Fed system: what it is, what it does, and generally, why it is surprisingly outrageous, unjust, and abominable. Once one looks at the facts and the structure of the system, there is little to debate. So this collection of articles and essays should leave little doubt that the system needs to be totally reformed, if not done away with. Incidentally, we recommend hard money and free banking.

—Aaron Krowne, October 12, 2006 (updated Dec. 6, 2007)

http://fedshame.com/

[silentmax]

story of the moment vw went parabolic as the shorts were squeezed
it is reported that gs got killed on this one.... there goes its bailout money..
_______________________________________________
http://www.telegraph.co.uk/finance/news ... hares.html


VW becomes world's biggest company as short sellers' panic drives shares
Volkswagen briefly overtook Exxon as the world's biggest company by market value as panic buying by short sellers to cover positions drove the shares up 93pc.


Europe's largest vehicle manufacturer was valued at €296bn (£236bn), against $359bn (£227bn) for Exxon, after its shares hit €1,005 in early trading in an ongoing reaction to details from Porsche on how it planned to take over the company.

The shares later fell back to €645.58 in midday trading but still showed a gain of 24pc.

One trader likened it to musical chairs saying: "There are too few chairs for the players."

Porsche triggered the stampede yesterday after announcing it controlled just over 74pc of VW shares through a 42.6pc direct equity stake and options on another 31.5pc.

The Dax index of leading shares was up by 9.83pc at 4,760.52 points in early trading in Frankfurt today but most of the other issues were in negative territory.

Short sellers galloped into the market snapping up VW stock to cement their speculative positions after Porsche announcement. Short sellers sell share they do not own in a company in the hope that they will be able to buy them back more cheaply at a later date.

Yesterday's buying raised the value of VW voting stock alone to a staggering €188bn (£150bn) and making the German group worth more than the entire European motor industry. The shares closed up almost 150pc at a new peak of €520 while Porsche shares slammed into reverse, tumbling 9pc.

Porsche aims to raise the equity stake to 75pc next year "so long as the economic conditions permit" and open the door to a "domination agreement" that will give the luxury sports car manufacturer management and financial control.

VW shares have been on a roller coaster since Porsche adopted a more aggressive approach to its long-held ambition to move into the VW driving seat.

Porsche said it had decided to disclose its position because of the dramatic developments in financial markets and to give investors the chance to square their positions "amid calm and without too much risk".

Panic rather than calm saw hedge funds again piling into the stock as analysts questioned Porsche's motives in announcing its holding.

One analyst suggested Porsche may have wanted to cash in at the expense of unsuspecting investors. "To have shorted the stock hedge funds must have inadvertently borrowed stock from Porsche," said Max Warburton of Sanford Bernstein.

The Porsche attempt to force the takeover pace comes against the background of a slide in car sales and speculation that the financial crisis may see cross border mergers among Europe's carmakers.

VW workers have strongly opposed a takeover by a smaller rival while the Lower Saxony government with a 20pc stake in VW has also been hostile but analysts feel its opposition can be accommodated by financial "carrots".

[iamsam]

this bear market i think has worn us down. nobody's watching and commenting on the DOW anymore