Note – 7 banks failed (not 11). I was reading the incorrect header.
http://trade-technicals.blogspot.com
FDIC bank list failures
http://www.fdic.gov/bank/individual/failed/banklist.html
Charts used at end for dollar & S&p500 from
http://www.freestockcharts.com
Duration : 0:6:11
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Video Credit: eurogoldexchange
http://www.youtube.com/user/eurogoldexchange
Monday, August 31 12:48:54
A report that Chinese state-owned companies will be allowed to walk away from loss-making commodity derivative trades provoked anger and dismay among investment bankers on Monday as they feared it may set a damaging precedent.
The State-owned Assets Supervision and Administration Commission, the regulator and nominal shareholder for state-owned enterprises (SOEs), told six foreign banks that SOEs reserved the right to default on contracts, Caijing magazine quoted an unnamed industry source as saying in an article published on Saturday.
While the details of the report could not be confirmed, it was Monday’s hot topic in financial circles from Shanghai to Singapore as commodity marketers feared that companies holding underwater price hedges could simply renege on the deals, costing banks millions of dollars in profit.
The warning from SASAC follows a series of measures from Beijing this year to crack down on the sale of derivative products by foreign banks to Chinese enterprises, principally big consumers, who bought protection against higher prices last year only to watch the market collapse — leaving them with losses.
While many companies including top airlines have come clean on the losses, some analysts fear another wave may follow.
“I wouldn’t be surprised if more state firms emerge with big derivatives trading losses, otherwise SASAC wouldn’t come out with such a radical move,” said a Hong Kong-based derivatives analyst, who like most other industry officials and bankers declined to be named due to the high sensitivity of the issue.
A SASAC media official said on Monday that he was waiting for the “relevant department’s” official comment before he can clarify to media. A government official said that the Bureau of Financial Supervision and Evaluation under SASAC was handling the issue. The official declined to be named and did not elaborate.
Spokespersons at Goldman Sachs and UBS declined comment, and media officials at Morgan Stanley and JPMorgan were not immediately available for comment. All are major global providers of commodity risk management.
No bank were named in the Caijing report. The SASAC media officer also declined to identify any specific banks.
“It’s a handful of companies who are being encouraged by regulators to re-negotiate,” said a second banking source. “It’s outrageous, but it’s China, so everyone is treading very carefully.”
For banks that are hoping to sell more derivatives hedges in China, the world’s fastest-expanding major economy and top commodities consumer, the danger goes beyond the immediate risk to existing contracts to the longer-term precedent that suggests Chinese companies can simply renege on deals when they like.
The report follows an order from SASAC in July that required all central government-controlled state companies engaged in trading derivatives to make quarterly reports about their investments, including details of holdings and performance.
But the reported letter opened several important questions that could not immediately be answered. “If we were among the banks receiving that letter, we would be very angry. But now the key is to find out more details on the letter: In whose name the letter was issued, the government or the corporate’s? And under what was the reason for defaulting?” said a Singapore-based marketing executive with a foreign bank.
The source, whose bank did not receive a letter, said that Air China, China Eastern and shipping giant COSCO – among the Chinese companies that have reported huge derivatives losses since last year – had issued almost identical notices to banks.
“If it’s in the name of the government, the impact will be very negative,” said the source, who declined to be named.
Beijing-based derivatives lawyers said the so-called “legal letter” has no legal standing — SASAC as a shareholder has no business relationship with international banks.
“It’s like the father suddenly told the creditors of his debt-ridden son that his son won’t pay any of his debt,” said a lawyer from the derivatives risks committee of the Beijing Lawyers Association. (C ) Reuters
Duration : 0:3:27
check me out on blogtv.com/people/visionvictory today at 5pm Pacific
Macro News
VisionVictoryManifesto.com
Consumer confidence hits new low
http://www.bloomberg.com/apps/news?pid=20601087&sid=av4BHgGPQ5Es&refer=home
Home prices post record decline
http://finance.yahoo.com/news/Home-prices-post-record-apf-14450641.html
Here comes stimulus 3
http://finance.yahoo.com/news/House-Democrats-propose-410B-apf-14450221.html
Delinquencies accelerate in fourth quarter
Bank charge-offs jump 42% to record $34.5 billion
http://www.marketwatch.com/news/story/Loan-delinquencies-accelerate-fourth-quarter/story.aspx?guid=%7B8E475BB7%2D240B%2D4628%2D95F1%2DC6015C0F5A06%7D
Housing sales sink
http://www.breitbart.com/article.php?id=D96IRKGG0&show_article=1
jobs
http://www.marketwatch.com/news/story/Initial-jobless-claims-rise-ongoing/story.aspx?guid=%7B498AF5D6%2D0F43%2D42CD%2D9883%2D25E605638967%7D
I guess we did get change, even larger deficits for Obama admin\http://www.breitbart.com/article.php?id=D96JCFLG1&show_article=1
Taxes
http://blogs.abcnews.com/politicalpunch/2009/02/obamas-budget-a.html
Another 750 Billion
http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aY8vuevw1NKs
GDP
http://finance.yahoo.com/news/Economy-shrinks-at-worst-pace-apf-14491202.html
Duration : 0:21:39
Ebay stock at 12.36 as of 11/14/08 less than the IPO Value of $18. Ebay Initial Public Offering in year 1998, was $18, therefore is negative by $-5.64 from it’s first historical value.
Ebay stock has gone down from a high of $44 and now just $14.97 Oct. 16, 200813:00 PDT, . Ebay’s poor user growth trend is very much manifested by sellers closing their account on Ebay because of Seller’s Outrage on adverse user policies. Now, Ebay has resorted to milking remaining sellers by forcing them to use Paypal and then window-dress their balance sheet, though in truth the pillar of Ebay sellers has already disappeared.
Honest democrati, non-censored forum about Ebay go to:
http://www.powersellersunite.com/viewforum.php?f=21
For more information on how to make money in shorting the Ebay Stock, watch this video by an outstanding 10-Year powerseller, who made money shorting the Ebay Stock….
http://www.youtube.com/watch?v=LyAuLgl-vNc
Duration : 0:1:43
http://trade-technicals.blogspot.com
Video – Stock Market Exit Strategy —- Do you understand yours? Great poker players use them. Strategies like money management and selection of where to be aggressive with your plays. The combination of them both can make for great or terrible results. Many gamblers in poker, sports, blackjack, stocks have been known to win or lose a lot of money. That is because the winners are skilled enough where they can overcome the odds and make profits. Unskilled players will be on the short end of the stick due to being under skilled and poor risk management. Therefore do the best research you can on the internet and try to attempt to find people you can trust from any and all the sources you encounter. This way you are able to find the right books, videos, people and web pages you need. This is why my personal guess for best classes are real commodities that can hold value over a reasonable period of time. Silver has long term holding value as it can be held like money and passed on through several generations. Sometimes, playing at a casino can be very fun and that is why it is great these financial institutions let us play. The sad truth is many people are putting up a majority amount of their money into this casino and they do not even realize that it is there. The worst part is that the casino you go to or play online contains bet sizes that are much lower with higher short term risk. What is smarter however? Putting most of your money into these equity accounts, or taking a certain percentage of that money and having a wild weekend in Vegas. If you lose money, its like losing a dozen percent on stocks (or much less). If you are playing stocks and winning, that would mean you are better than the average player and good enough to beat the rake (spreads and commission fees). This means you still need an exit strategy for the game of getting out of this dollar. Time is lower each day and anyone that has dollars in paper and computer databases will be in trouble.
Financial advisers use equities to trade stocks. Because they have done a terrific job of not letting people know that this type of trading is in fact casino trading. The proof is in the many people whom have lost their shirts on poor equity trading and pension funds being hammered. Many sold for losses or received gains that did not surpass inflation. Remember for every winner there always has to be a loser and the house always wins in the casino.
Technically speaking the long term strategy on chart patterns is for the 50 day moving average to be declining for two days and a close below it. This means if you decide to use this method for selling longs it would be smart to be active trading the following day and at any point you see that it will close below the 50 then sell by 3:59pm EST as this pattern could result in a 2% gap down type of day or worse.
Duration : 0:4:35
http://trade-technicals.blogspot.com/2009/07/dow-jones-inflation-adjusted.html
Duration : 0:8:12
http://trade-technicals.blogspot.com
Sources used in this video
Disney Earnings MSM story
http://finance.yahoo.com/news/Earnings-reports-push-stocks-apf-3791949710.html?x=0&sec=topStories&pos=main&asset=&ccode=
Consumer Sentiment Lower Story
http://finance.yahoo.com/news/Consumer-sentiment-falls-in-rb-1076974694.html?x=0&sec=topStories&pos=1&asset=&ccode=
DISNEY PHOTOS from
http://commons.wikimedia.org
P/E RATIO chart of the day
http://www.ritholtz.com/blog/2009/08/chart-of-the-day-sp500-pe-ratio/
Duration : 0:7:43
Ebay stock at 12.36 as of 11/14/08 less than the IPO Value of $18. Ebay Initial Public Offering in year 1998, was $18, therefore is negative by $-5.64 from it’s first historical value.
Ebay stock has gone down from a high of $44 and now just $14.97 Oct. 16, 200813:00 PDT, . Ebay’s poor user growth trend is very much manifested by sellers closing their account on Ebay because of Seller’s Outrage on adverse user policies. Now, Ebay has resorted to milking remaining sellers by forcing them to use Paypal and then window-dress their balance sheet, though in truth the pillar of Ebay sellers has already disappeared.
Honest democrati, non-censored forum about Ebay go to:
http://www.powersellersunite.com/viewforum.php?f=21
For more information on how to make money in shorting the Ebay Stock, watch this video by an outstanding 10-Year powerseller, who made money shorting the Ebay Stock….
http://www.youtube.com/watch?v=LyAuLgl-vNc
Duration : 0:1:36
Smoke and mirrors explained by MOT http://manoftruth.org/
Duration : 0:5:48
Economic Collapse Video (September 21, 2009)
In this video i talk about protecting 401K plans with options trading. More of this was written in the ebook I produced in the spring. Link for the book below
http://www.docstoc.com/docs/9423237/EndlessMountain
Trade Technicals WebPage
http://trade-technicals.blogspot.com
Music by Rick Clarke (Download royalty free music at his wonderful site)
http://rickvanman.byethost32.com/pages/indexpag.html
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Duration : 0:12:58