Imminent and severe market correction

[dhukka]

European markets are acting like it. FTSE up more than 1% in the opening minutes, CAC up strongly as well, US futures up, JPY being sold off.

 

[Nyden]

Heres a link for you stock ! btw hope your luck changes soon


http://money.cnn.com/data/premarket/index.html

I seem to be having the same problem stock's having. My futures are frozen, it's been the same for 2 days. Perhaps I need to delete my cookies. Anyone else having troubles?

 

[ithatheekret]

empty your cache , or get a larger external and only clear the main cache , that way you get to keep the historical data , after all you pay to download or upload it .............

 

[Uncle Festivus]

Looks to me US Indices are setting up for some sort of rally here. Not saying that this is the end of the correction, but it does look like the complettion of the last impulse(leg) down from my EW studies and TIME studies.

Yes, you may be right there WP, the negative momentum may have run it's course, sidelined cash looking to buy "bargains" going into the week end maybe ahead of the interest rate cut next week. Getting the hang of these cycles/momentum? A relief rally to sell into?

 

[roland]

Commsecs' latest market wrap:

com.au 13 15 19
The third week into the New Year
and the news certainly hasn’t
improved on the sharemarket.
The Australian sharemarket
posted its eighth straight daily fall
on Wednesday, making it the
longest losing streak in more than
seven years.
However it’s not all gloom and
doom. The correction has
certainly been very orderly with
declines of the order of one to two
per cent per day and in line with
similar declines overseas. In
simple terms the economic news
in the US has been downbeat with
increasing worries that the
economy is headed for – or
perhaps already in – recession.
Those fears in the US are
prompting more general concern
about the outlook for the global
economy.
Interestingly, the health of
Australian economy stands in
marked contrast to the US. Our
economy is posting solid growth,
underpinning corporate revenues
and profits. And it is that strength
in ‘fundamentals’ that will
ultimately drive the recovery in our
sharemarket when sentiment
stabilises.
Matt Comyn
General Manager
Market Wrap

 

[ithatheekret]

I've just decided my News years resolution , bit late , but chit happens ...

This year I am only buying Aussie and Septic made goods , bought enough European and Asian stuff to keep them going and they'll get by-product buying . But I must support the two important economies in my world .

 

[benwex]

Commsecs' latest market wrap:

com.au 13 15 19
The third week into the New Year
and the news certainly hasn’t
improved on the sharemarket.
The Australian sharemarket
posted its eighth straight daily fall
on Wednesday, making it the
longest losing streak in more than
seven years.
However it’s not all gloom and
doom. The correction has
certainly been very orderly with
declines of the order of one to two
per cent per day and in line with
similar declines overseas. In
simple terms the economic news
in the US has been downbeat with
increasing worries that the
economy is headed for – or
perhaps already in – recession.
Those fears in the US are
prompting more general concern
about the outlook for the global
economy.
Interestingly, the health of
Australian economy stands in
marked contrast to the US. Our
economy is posting solid growth,
underpinning corporate revenues
and profits. And it is that strength
in ‘fundamentals’ that will
ultimately drive the recovery in our
sharemarket when sentiment
stabilises.
Matt Comyn
General Manager
Market Wrap

Matt Comyn
General Manger of Comsec and his credit as a market commentator is ???
Now their is a ramp if ever I heard one..
Comsuck!

 

[Buster]

G'day Ithatheekret,

This year I am only buying Aussie and Septic made goods , bought enough European and Asian stuff to keep them going and they'll get by-product buying . But I must support the two important economies in my world .

I made a pact similar to this many many years ago, using the AUSBUY guide as a reference..

You're wasting your time mate, as, you pump your cash into locally produced products all the while feeling like you're 'doing some good'. Ultimately in order for the head honcho's to send it offshore again with thier BMW's and Mercedes Benz's..

Regards,

Buster

 

[Whiskers]

Base metals are hanging on the edge of their seats waiting for Ben too.

There are now some concern that an early cut could further spook the markets.

Copper firm on weakening inventories, eyes Bernanke
Thu 17 Jan 2008, 10:46 GMT

By Humeyra Pamuk

LONDON (Reuters) - A fall in inventories and physical buying in Asia lifted copper prices on Thursday, but analysts expected few big moves ahead of a key speech by U.S. Federal Reserve chairman later in the day.

Base metals have been under pressure for most of this week because of growing concern about the health of the U.S. economy, which could have a knock-on effect on demand for metals.


But analysts remained cautious and did not expect big gains range-bound day ahead of U.S. Federal Reserve chairman Ben Bernanke's testimony on the outlook for the U.S. economy before the House Budget Committee at 1500 GMT.

"It's probably just a pause, I can't see the market pushing higher," a London-based trader said. "People are waiting to see what Bernanke has to say about interest rates."

Markets are expecting the Fed to cut benchmark interest rates by 50 basis points before the end of January.

Analysts say an emergency cut before the meeting at the end of January could further spook markets, already under pressure from worries about recession in the United States and a global economic slowdown, which will curb demand for natural resources.

http://africa.reuters.com/business/news/usnBAN728179.html

 

[numbercruncher]

NEW YORK (CNNMoney.com) -- Merrill Lynch reported a quarterly operating loss of over $10 billion Thursday that was much worse than expected, and the company also announced an $11.5 billion writedown related to the subprime crisis.

http://money.cnn.com/2008/01/17/news/companies/merrill_earnings/index.htm


Game on again troops !

And lots more Subprime resets in coming quarters ....

 

[Whiskers]

http://money.cnn.com/2008/01/17/news/companies/merrill_earnings/index.htm


Game on again troops !

And lots more Subprime resets in coming quarters ....

Looks like it!

One little bit of good news... Boeing is getting more orders faster than it can fill them. But that will hardly get noticed in the scheme of things.

They would want to pull some pretty good news after Ben faces congress or it will be another red day all round.

Futures are still in green but have lost 2/3 of what they were a few hrs ago.

Scratch that... just turned into red: S&P -5, DOW -16.

 

[wayneL]

http://money.cnn.com/2008/01/17/news/companies/merrill_earnings/index.htm


Game on again troops !

And lots more Subprime resets in coming quarters ....

Those of us who had this \/ view back in 2007 were mocked and ridiculed by the ridiculous perma-bulls.

There are still corpses to float to the surface in this whole credit crunched scenario IMO. Bearing in mind the gravity of what happened in July-August, things are just a bit too quiet to be real.

I have something to say to those muppets, but only blogspot will allow the profanity which is appropriate. I feel a rant coming on. :batman:

 

[Kauri]

Fire Brigade Attending "Incident" at Heathrow Airport

any ideas/news?

 

[wayneL]

Fire Brigade Attending "Incident" at Heathrow Airport

any ideas/news?

Just switched TV on... Airport shut, several appliances surrounding a passenger plane. No flames smoke or anything.

Incident on landing apparently.

Stay tuned

 

[lesm]

US Housing starts, building permits and unemployment claim announcements out at 1330 GMT, maybe another fun night.

UPDATE 1-First Horizon posts loss, hurt by mortgage banking
17 Jan 2008 - 13:05

(Adds figures for provisions, dividends, revenue, mortgage banking; CEO comments)

WASHINGTON, Jan 17 (Reuters) - First Horizon National Corp , the largest bank in Tennessee, on Thursday posted a fourth-quarter loss, hurt by charges for restructuring operations and staff, higher loan loss provisions and mortgage banking losses.

The Memphis-based company reported a net loss of $248.6 million, or $1.97 per share, compared with a profit of $76.5 million, or 60 cents, a year earlier.

Analysts, on average, had forecast a loss of $1.06 per share, according to Reuters Estimates.

Its provision for loan losses jumped to $156.5 million in the fourth quarter from $23 million a year ago and $43.4 million in the third quarter. Provisioning was related to losses in residential construction, the company said.

Total fourth-quarter revenue slumped to $319 million from $562.3 million a year ago.

It also slashed its quarterly dividend to 20 cents per share for the first quarter of 2008 from 45 cents.

Chief Executive Jerry Baker said that company also cut back its mortgage servicing assets and national lending businesses as changes "that should improve our capital position in 2008."

Its mortgage banking business posted a pretax loss of $262.8 million, compared with a loss of $45.8 million in the third quarter, mainly due to lower values of servicing rights and the deterioration of the credit markets.

"We will continue to make further significant adjustments to our mortgage and related lending businesses, including pursuing strategic alternatives to further reduce our exposure to these areas," Baker said in a statement. (Reporting by John Poirier; editing by Brian Moss)

((john.poirier@reuters.com; +1 202 898 8399; Reuters Messaging: john.poirier.reuters.com@reuters.net)) Keywords: FIRSTHORIZON/

 

[Kauri]

Just switched TV on... Airport shut, several appliances surrounding a passenger plane. No flames smoke or anything.

Incident on landing apparently.

Stay tuned

I heard that a BA plane on a flight from China undershot the runway???

 

[wayneL]

Not a terrorist deal. Passengers evacuated, no injuries.

Nothing to see here. ('cept a damaged plane)

Add: It missed the runway and landed on the grass. oops

 

[dhukka]

http://money.cnn.com/2008/01/17/news/companies/merrill_earnings/index.htm


Game on again troops !

And lots more Subprime resets in coming quarters ....

Total writedowns are actually $15 billion

Merrill Posts Record Loss on $15 Billion Writedown

The writedown included $11.5 billion to account for the plummeting value of subprime mortgages and related bonds called collateralized debt obligations. Merrill also reduced the value of bond insurance contracts by $3.1 billion, saying the providers' credit ratings had been slashed below investment grade, making them less reliable counterparties. It wrote down leveraged loans by $126 million and commercial real estate by $230 million.

 

[Kauri]

Not a terrorist deal. Passengers evacuated, no injuries.

Nothing to see here. ('cept a damaged plane)

Add: It missed the runway and landed on the grass. oops

Thanks Wayne... glad everyone's OK and no-one hurt.... and i'll close my short on the pound...
Cheers
..........Kauri

 

[lesm]

Reuters article below:

LONDON, Jan 17 (Reuters) - A British Airways plane on a flight from China made an emergency landing at London's Heathrow Airport on Thursday, officials said.

"We can confirm that BA Flight 38 arriving from Beijing made an emergency landing at 1242 (GMT). Passengers have been evacuated. Currently there are no reports of injuries," an airport spokeswoman added.

"The south runway is closed but the north runway is still operating," the spokeswoman added.

Among the planes delayed was the flight being taken by Prime Minister Gordon Brown on an official trip to India and China.