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Creating a thread to discuss what may be causing the market to move substantially.


Often the market takes a significant and rapid turn during the day. Sometimes it takes an houyr or so for the culprit news item to become apparent.


I thought that it may be worth having a thread to share informnation on likely causes of a rapid move.


Today, Friday, Cecember 12th, 2008, the made a very sharp reversal at 2pm - fell off a cliff http://www.sharescene.com/html/emoticons/thumbdown.gif


I suspect that this sharp turnaround is due to the US Senate rejecting the plan to save the car manufacturers. I am not sure of the timing of the Senate vote, so I am not sure if this is the primary cause.




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In reply to: cabbie on Friday 12/12/08 01:17pm

... and although the US Senate failed to ratify the package, the Bush Administration (yes - they're still working for a few more days http://www.sharescene.com/html/emoticons/tongue.gif ) are reportedly about to syphon some cash off the $700B bank bailout and move it to Detroit until it becomes Obama's problem. After all, what's a few Billion Dollars among friends...

That promise alone was sufficient to move Wall St back into the green zone; it also lifted the SPI futures 100 points.


The Market will do what it intended to do all along. And any politicians or egg-spurt advisors and commentators, who think otherwise, are simply kidding themselves. (But then, they do need an excuse for their fees and bonuses, don't they.)


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In reply to: arty on Saturday 13/12/08 10:23am

I reckon Bush will keep it afloat somehow, as he doesn't want to be seen as the one that makes GM go under lol http://www.sharescene.com/html/emoticons/devilsmiley.gif would you?

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  • 3 months later...


Swiss intervention sparks talk of ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¹Ãƒƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“currency warÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢

By Peter Garnham


Published: March 12 2009 10:37 | Last updated: March 12 2009 15:57


The Swiss National Bank sparked talk of a global currency war on Thursday as it surprised investors by intervening to bring down the Swiss franc.


The Swiss francÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s safe-haven status has been heightened by recent market turmoil, pushing it close to its record high around SFr1.43 against the euro in the past few weeks



BE PREPARED!!!! above from London's FT.



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WASHINGTON -- After facing a barrage of criticism Thursday, the chairman of the Financial Accounting Standards Board told a U.S. House panel that he will work to expedite issuing guidance to companies on the application of mark-to-market rules.


Lawmakers from both parties took turns criticizing FASB, as well as the Securities and Exchange Commission and the Office of the Comptroller of the Currency, for not moving fast enough to offer guidance amid the market turmoil. Some of the lawmakers, including the panel's chairman, threatened to intervene with legislation if progress wasn't made soon.


"If the regulators and standard setters do not act now to improve the standards, then the Congress will have no other option than to act itself," said House Financial Services Capital Markets Subcommittee Chairman Paul Kanjorski (D., Pa.).


Mark-to-market rules, which require companies to mark their assets to current value, have forced many of the banks to write down billions of dollars on their books and have made it hard for some of them to meet capital regulatory requirements. While the SEC and FASB have said they don't support suspending the rule, both have agreed guidance on the rules are warranted and FASB is currently in the process of drafting it.



Clip from the Wall Street Journal



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S: God knows! When you look at the simply massive jumps overnight in all the US financials (15/20%) and the Swiss Forex intervention you cant help think something is brewing.


I'd go back to the FED meeting. To put is bluntly they are stuffed--they have no acceptable ammo left. So they could be about to try something unheard of.


Youve got the G20 meeting and OPEC meeting over the weekend.


Somebody somewhere has got to make some sensible decisions, simply throwing debt at debt nver made any sense, and thus far its had zero effect.


Maybe that time has finally arrived, we will see.

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