Market closes for  Friday,  June 19, 2009

North American markets

Close   Change  YTD
Dow Jones       8,539.73        -15.87 or -0.19%        -2.70%
S&P 500 921.23  +2.86 or +0.31%         +1.99%
NASDAQ  1,827.47        +19.75 or +1.09%        +15.88%
TSX Composite   10,287.95       +166.45 or +1.64%       +14.47%
TSX VENT               1118.80               +4.49

Currency

BoC Close       Today   Previous
Canadian $      0.8810  0.8826
US $    1.1351  1.1333

Euro Spot Rate  Today   Previous
Canadian $      0.6317  0.6353
Euro    1.5829  1.5741

Commodities

Gold    AM      PM
London Gold Fix ($US)   $933.75 $935.25

Oil     Close   Change
WTI Crude Future (US)   $69.60  -$1.77 or -2.48%

Silver                           14.20                      -0.02
Copper                            2.25                     -0.01
Nat Gas                           4.06                     -0.02
Nickel                             6.76                     -0.02

News Summary
The Toronto stock market ended Friday trading with a solid gain in a broad-based advance, reflecting confidence that the spring rally still has legs.

The S&P/TSX composite index closed up 166.45 points to 10,287.95 as American economic data raised hopes that an economic recovery will be in place by the end of the year. Read the rest of this entry »

Impossible Things. Oak Trees.

Baltic Dry Index. 4073 +47

Alice laughed. “There’s no use trying,” she said, “one can’t believe impossible things.” “I daresay you haven’t had much practice,” said the Queen. “When I was your age, I always did it for half-an-hour a day. Why sometimes I believed as many as six impossible things before breakfast!”

Alice in Wonderland.

Sadly Alice in Wonderland is sane compared to the world turned upside down we now operate in. Hamburger flippers pay taxes on peon wages, so central banksters can bailout crony bankers, who pay themselves obscene “retention bonuses” as if anyone else would hire them. The whole world now operates on out-of-control fiat currencies, under pinned by the promise of repayment by the far biggest spendthrift debtor on the planet. Its new debt issuance is forecast to be nearly 2 trillion dollars this year, and 1 to 2 trillion dollars ahead in subsequent years, for as far as the eye can see.

In the land of the formerly free British, the British are reverting to their former status as serfs.  Yesterday a criminal trial started in London denying the defendants right to a trial before a jury of their peers.  The right to silence has been abolished, as has the protection against double jeopardy prosecution. Habeas Corpus is largely an optional extra. The prosecution now has the right to appeal against sentences it doesn’t like. European arrest warrants and ex-parte extradition treaties are the norm. Terrorism laws are abused on the slightest pretext, ultimately culminating in designating Iceland a terrorist entity in HMG’s efforts to size Icelandic bank assets still remaining in UK jurisdiction. While the House of Crooks tries to figure out how to get taxpayers to pay for their crumpets and moat cleaning, British troops fight and die grossly under resourced in a discretionary war with no end or winning strategy in sight.  Read the rest of this entry »

Market closes for  Thursday,  June 18, 2009

North American markets

Close   Change  YTD
Dow Jones       8,555.60        +58.42 or +0.69%        -3.18%
S&P 500 918.37  +7.66 or +0.84%         +0.83%
NASDAQ  1,807.72        -0.34 or -0.02%         +14.65%
TSX Composite   10,121.50       +55.39 or +0.55%        +12.00%
TSX VENT               1114.31             -1.06

Currency

BoC Close       Today   Previous
Canadian $      0.8826  0.8842
US $    1.1333  1.1310

Euro Spot Rate  Today   Previous
Canadian $      0.6353  0.6337
Euro    1.5741  1.5781

Commodities

Gold    AM      PM
London Gold Fix ($US)   $936.75 $940.50

Oil     Close   Change
WTI Crude Future (US)   $71.21  +$0.18 or +0.25%
Silver                   14.22                              -0.16
Copper                    2.26                              +0.01
Nat Gas                   4.08                              -0.18
Nickel                     6.78                              +0.05

News Summary
A better than expected outlook on the American economy helped snap a four-day losing streak on the Toronto stock market, which remains substantially below where it was last week.

The S&P/TSX composite index moved 55.39 points higher to 10,121.5, led by rising financials and base metal stocks. The previous four days going back to last Friday had carved 648 points, or almost 6.5%, from the main index. Read the rest of this entry »

A Historic Mistake.

Baltic Dry Index. 4026 +75

“I’m from the government and I’m here to help you.”

Ronald Reagan.

Due to other commitments today, this morning’s update will be brief. Yesterday the US government decided to reward the Fed for generating the economic disaster that the world is in today.  The entity that mismanaged the dollar reserve, fiat currency casino economy the point of systemic collapse, is now to be the cornerstone of the new US regulatory environment that the Obama administration thinks will improve business going forwards.

Obama Financial Plan Gets Wary Reception From Banks, Lawmakers
By Bradley Keoun and Jonathan D. Salant

June 18 (Bloomberg) — The Obama administration’s overhaul of financial-industry rules faces a lobbying assault on Capitol Hill, as lawmakers question the Federal Reserve’s role and bankers say the plan may hinder economic growth.

President Barack Obama announced his proposals yesterday in the White House, and banks, hedge funds and commodities traders quickly pointed to provisions they didn’t like. The American Securitization Forum, whose members include Goldman Sachs Group Inc. and JPMorgan Chase & Co., said Obama’s plan to fix the mortgage market “may not be the most effective way.” Read the rest of this entry »

Market closes for  Wednesday,  June 17, 2009

NORTH AMERICAN MARKETS
————————-

Dow Jones 8,497.18 -7.49 or -0.09%  YTD: -3.18%

S&P 500 910.71 -1.26 or -0.14% YTD: +0.83%

NASDAQ 1,808.06 +11.88 or +0.66% YTD: +14.65%

TSX Composite 10,066.11 -241.29 or -2.34% YTD: +12.00%

TSX VENT 1115.37 -23.82

CURRENCY MARKETS
————————-

BoC Close
Cdn $0.8842
US $1.1310

Euro Spot Rate
Cdn 0.6337
Euro 1.5781

COMMODITY MARKETS
————————-

London Gold Fix ($US)
$930.50

Spot Crude Oil Future($US)
$70.96 +$0.49 or +0.70%

Silver 14.38 +0.23

Copper 2.25 +0.02

Nat Gas 4.26 +0.15

Nickel  6.73 +0.02

News Summary
——————

The Toronto stock market piled on losses for a fourth session Wednesday, pressured by commodity stocks on doubts the spring rally has much momentum left.

The main S&P/TSX composite index fell 241.29 points to 10,066.11 as energy and mining stocks continued to retrench after helping boost the Toronto market as much as 40% since the rally began in early March. Read the rest of this entry »