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Title: Stocks Drop on Growth Fears Dow Falls 268.22 to Slide Under 10000, on Pace for First Quarterly Decline Since Bull Market Began.
Source: WSJ
URL Source: http://online.wsj.com/article/SB100 ... 4103904575336431436202148.html
Published: Jun 30, 2010
Author: Mark Gongloff and Nesil Staney
Post Date: 2010-06-30 09:28:26 by Badeye
Keywords: None
Views: 5045
Comments: 23

Stocks Drop on Growth Fears Dow Falls 268.22 to Slide Under 10000, on Pace for First Quarterly Decline Since Bull Market Began.

By MARK GONGLOFF And NESIL STANEY

The second quarter's biggest worries took an unwelcome curtain call on Tuesday, hitting global markets.

The trifecta of trouble—European debt woes, China's slowing growth and the stagnating U.S. recovery—conspired to put the quarter on the cusp of being the worst for U.S. stocks in more than a year.

All three concerns flared anew in a grim highlight reel just ahead of the quarter's end. In response, the Dow Jones Industrial Average tumbled 268.22 points, or 2.65%, to 9870.30, its first close below 10000 since early June.

The blue-chip average is on pace to fall more than 9% in the quarter, which ends on Wednesday. This would be the Dow's first losing quarter since the first quarter of 2009, when a prolonged bull market began. The Dow Jones U.S. Total Stock Market Index has lost roughly $1.5 trillion in value in the quarter so far.

Fears about the slack pace of global growth hit markets hard, with stocks sliding and investors stampeding into dollars and Treasurys. Neal Lipschutz and David Weidner discuss. Also, Jon Hilsenrath talks about whether the economy's momentum is slowing down as the current recovery nears its one-year anniversary.

..The Standard & Poor's 500-stock index fell 3.1% to 1041.24, its low for the year. The Nasdaq Composite index fell 3.9% to 2135.18, its lowest since February.

Global growth fears hit commodity prices, too. Nymex crude oil fell 3% to $75.94 a barrel. Comex copper tumbled 5.1% to $2.92 a pound and is off more than 12% this year.

Trading continues to be jumpy, another hallmark of the quarter. The Chicago Board Options Exchange Volatility Index leaped nearly 18% to 34.13, the highest since early June. A market circuit breaker briefly halted trading in shares of Citigroup after an erroneous trade appeared to send its price tumbling 17%. Citi ended the day down nearly 7%.

Investors continued to seek safety, buying 10-year Treasury notes, driving their yields, which move in the opposite direction of price, below 3% for the first time since April 2009. The yield was at 2.967% in late trading. The yield on the two-year note touched a record-low 0.582% before ending at 0.609%.

A closely watched consumer-confidence measure from the Conference Board, a private research group, tumbled in June, defying economist forecasts for a small gain.

Along with other recent disappointing data, the report kept alive concerns that the economy could slow, or even relapse into recession, later this year.

"The pace of recovery will be uneven and volatile," said Joseph Davis, head of Vanguard's investment strategy group. "At some time we will see a soft patch in economic indicators."

.Before U.S. markets opened, the European Central Bank failed to garner enough bids at a weekly sale of short-term notes meant to sop up some of its liquidity-pumping measures. The weak auction was a sign that European banks are hoarding cash ahead of the quarter's end, when a key ECB lending facility closes down.

That in turn could cause more turmoil in Europe's credit markets and higher short-term interest rates, another threat to Europe's already fragile economies.

The euro fell below $1.22 and to a record low against the Swiss franc and an eight-year low against the Japanese yen, noted Kathy Lien, director of currency research at GFT Forex.

The problems began overnight, when the Conference Board revised sharply lower its index of leading economic indicators for China for April, aggravating China growth worries that have nagged financial markets all quarter.

The common theme uniting these big-picture worries is the importance of government support to economies around the world and fear that any reduction in their largesse will hurt growth.

"We are still in a deleveraging mode," said Eric Cinnamond, portfolio manager at Intrepid Capital Management. "Continued government spending is the only way out."

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#1. To: Badeye (#0)

We are still in a deleveraging mode

Duh...

#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace I'm biased, obviously, given the shit I'm subjected to daily here from the anti groupie. Badeye posted on 2010-06-10 11:34:31 ET Reply Trace Private Reply

war  posted on  2010-06-30   9:29:22 ET  Reply   Trace   Private Reply  


#2. To: Badeye (#0)

The problems began overnight, when the Conference Board revised sharply lower its index of leading economic indicators for China for April, aggravating China growth worries that have nagged financial markets all quarter.

The common theme uniting these big-picture worries is the importance of government support to economies around the world and fear that any reduction in their largesse will hurt growth.

"We are still in a deleveraging mode," said Eric Cinnamond, portfolio manager at Intrepid Capital Management. "Continued government spending is the only way out."

"Continued government spending(gs) is the only way out."

Then there is NO way out.

Where does this idiot think gs comes from? That Gov't now has direct access to the Energy of the Universe? It can't even stop a Hole in the Ground from destroying our planet.

And note not one word on Citi being halted yesterday while the Sell 8800 shares was canceled? Someone is DESPERATE to Unload and they can't w/o Cratering this Market.

See Today's Action for details. 8D

mcgowanjm  posted on  2010-06-30   9:34:10 ET  Reply   Trace   Private Reply  


#3. To: All (#2)

Today will be crazy.

The Market will crash again or Vol will go to ZERO.

mcgowanjm  posted on  2010-06-30   9:35:19 ET  Reply   Trace   Private Reply  


#4. To: mcgowanjm (#2)

And note not one word on Citi being halted yesterday while the Sell 8800 shares was canceled?

A SELL order was supposed to be placed for $3.8174. It was entered for $3.3174.

#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace I'm biased, obviously, given the shit I'm subjected to daily here from the anti groupie. Badeye posted on 2010-06-10 11:34:31 ET Reply Trace Private Reply

war  posted on  2010-06-30   9:37:31 ET  Reply   Trace   Private Reply  


#5. To: war (#4) (Edited)

Right OK. The Flash Crash and Now this. Citi in the Middle of Both.

Just fat fingered traders. Or one. Still holding the same job. Just one fat finger away from disintegrating the Markets.

Now THAT's power. 8D

Right. Yeah. And you believe that. But the folks looking to dump Citi STILL own those worthless shares. ;}

Just like the Same folks still hold that Extend/Pretend Fraudulent $500 trillion (worthless now) horse race tickets that they want to redeem on the Next race.

Ain't gonna happen. And until TPTB eat this Toxic Paper, nothing's fixed.

Everyday could see Another Fat Fingered Trader Flash Crashing this Market.

It's Over. All we're doing now is burning resources that could better be used on infrastructure/Deepwater Geyser Stopping/Cleaning techniques.

mcgowanjm  posted on  2010-06-30   9:44:16 ET  Reply   Trace   Private Reply  


#6. To: mcgowanjm (#5) (Edited)

Right OK. The Flash Crash and Now this. Citi in the Middle of Both.

Citi is in the process of switching over all of its order entry from remote points to a central location.

I'm good friends with one of the owners of the vendor who LOST the contract to do this.

He told me a year ago that this was going to be a CF. This vendor - 4G Data - had serviced Citi for over a decade and they lost to a lower bid from a start up.

#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace I'm biased, obviously, given the shit I'm subjected to daily here from the anti groupie. Badeye posted on 2010-06-10 11:34:31 ET Reply Trace Private Reply

war  posted on  2010-06-30   9:49:17 ET  Reply   Trace   Private Reply  


#7. To: war (#4)

http://www.youtube.com/watch?v=KewF_PXaeMw&feature=player_embedded#at=49

Just like the above. bp covering Pensacola beach oil with sand. creating a Toxic Dump on the Beach.

And disappearing the oil with More Toxic Dispersant.

EXACTLY the same thing with finance.

mcgowanjm  posted on  2010-06-30   9:49:45 ET  Reply   Trace   Private Reply  


#8. To: mcgowanjm (#7)

Yea...at some point BP needs to fish or cut bait...

#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace I'm biased, obviously, given the shit I'm subjected to daily here from the anti groupie. Badeye posted on 2010-06-10 11:34:31 ET Reply Trace Private Reply

war  posted on  2010-06-30   9:51:49 ET  Reply   Trace   Private Reply  


#9. To: war (#6)

Citi is in the process of switching over all of its order entry from remote points to a central location.

Again, Exactly Predicted.

When Energy constraints appear, streamlining the 'bureaucracy' will be the MO. With the 'periphery(the Bottom 90%;} being marginalized.

The System works but is Way more fragile. The Nodes at risk are Max'ed. Cascading Systems Failure guaranteed. due to Lack of Redundancy.

The 'Flash Crash' was not a bug, but a feature. Volatility will go thru the roof. One Global Ponzi.

mcgowanjm  posted on  2010-06-30   9:54:31 ET  Reply   Trace   Private Reply  


#10. To: mcgowanjm (#9) (Edited)

Again, Exactly Predicted.

They put out the bids for this in LATE 2007.

#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace I'm biased, obviously, given the shit I'm subjected to daily here from the anti groupie. Badeye posted on 2010-06-10 11:34:31 ET Reply Trace Private Reply

war  posted on  2010-06-30   9:55:31 ET  Reply   Trace   Private Reply  


#11. To: war (#8)

Yea...at some point BP needs to fish or cut bait...

I don't even think bp's in control of their destiny anymore.

"XOM/Shell looking to buy bp. I'm sure Russia/China are looking to do the same. The US gov't trying desperately to keep 'bp in front as the offending party, gov't doing all it can.'

While figuring how to keep bp viable.

The Problem is: No one knows what bp liabilities are. There are 35 million who've lost their Standard of Living now.

The GoM's dead. The bidding starts at a Trillion.

Unless alot of Southerners are disappeared.

mcgowanjm  posted on  2010-06-30   9:58:32 ET  Reply   Trace   Private Reply  


#12. To: All (#0)

Its not just the American investor losing faith in this administration, its the entire world.

News Update: Owe-bama ordered eggs and toast for breakfast. ABC/NBC/CBS/MSNBC/CNN all agree the decision to avoid bagels was 'Brilliant!' (eyes rolling)

Badeye  posted on  2010-06-30   9:58:38 ET  Reply   Trace   Private Reply  


#13. To: war (#10) (Edited)

Again, Exactly Predicted.

They put out the bids for this in LATE 2007.

And us DirtyF ucking Hippies have seen this coming (along with Citi and their ilk) since the Summer of 05.

See Arkansas lumber Mills shut down statewide.

That ALL of those MBS' were worthless.

And I know I called this when Merrill pulled $600 Million from Bear the End of June 07. And then found that they got pennies on the $ when Mer tried to redeem them.

When TSHTF. I then stated at The Oil Drum that the Depression starts Xmas 07, right after the kids open their presents and the credit card bills are there. Got kicked off shortly after, btw. ;}

mcgowanjm  posted on  2010-06-30   10:02:53 ET  Reply   Trace   Private Reply  


#14. To: Badeye (#12) (Edited)

Its [sic] not just the American investor losing faith in this administration, its the entire world.

Dollar based financial assets - which have appreciated steadily over the last year - are being sold to offset EU losses, Boofer.

Ever read Newton? Newtonian physics are no more apparent than in the markets...

#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace I'm biased, obviously, given the shit I'm subjected to daily here from the anti groupie. Badeye posted on 2010-06-10 11:34:31 ET Reply Trace Private Reply

war  posted on  2010-06-30   10:02:54 ET  Reply   Trace   Private Reply  


#15. To: mcgowanjm (#13)

IYRC, both Boofer and ImStillRight laughed at me in early '08 when I said that the recession started Late Fall of 2007.

#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace I'm biased, obviously, given the shit I'm subjected to daily here from the anti groupie. Badeye posted on 2010-06-10 11:34:31 ET Reply Trace Private Reply

war  posted on  2010-06-30   10:05:56 ET  Reply   Trace   Private Reply  


#16. To: war (#15)

IYRC, both Boofer and ImStillRight laughed at me in early '08 when I said that the recession started Late Fall of 2007.

We were both there.

ImStill was buying a house in Ca then if I remember correctly. 8D

Implode.

From Yves at Naked Capitalism:

"Yves here. Also note that the banks mentioned by the Times account for a significant proportion of the Maiden Lane III exposures (the $62.9 billion CDO portfolio; note this does not include all CDO guarantees assumed by the Federal Reserve; seven Goldman Abacus trades stayed with AIG and were salvaged via credit extensions to AIG). An analysis by Tom Adams and Andrew Dittmer showed the significance of Merrill, Goldman, and SocGen (percentages based on par amount):

1. Merrill as both packager and counterparty 7.7% 2. Goldman as both packager and counterparty 7.4% 3. Merrill as packager, Goldman as counterparty 9.6% 4. Goldman as packager, SocGen as counterparty 15.9%

We thought these interrelationships were potentially significant; they account for 40.6% of the Maiden Lane III exposures. Then add in:

5. Anyone else with a pulse as packager, SocGen as counterparty 11.0% 6. Anyone else with a pulse as packager, Goldman as counterparty 5.5%

That bring you to 56.5% of the total.

Goldman, either as packager or as swap counterparty, was involved in 38.4% of the Maiden Lane transactions, plus had additional AIG exposure through seven Abacus trades

mcgowanjm  posted on  2010-06-30   10:35:58 ET  Reply   Trace   Private Reply  


#17. To: mcgowanjm (#16)

ImStill was buying a house in Ca then if I remember correctly. 8D

No...NC or SC beach house...think he lost his job @ RBC Centura tho...

#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace I'm biased, obviously, given the shit I'm subjected to daily here from the anti groupie. Badeye posted on 2010-06-10 11:34:31 ET Reply Trace Private Reply

war  posted on  2010-06-30   10:45:59 ET  Reply   Trace   Private Reply  


#18. To: war (#17)

ImStill was buying a house in Ca then if I remember correctly. 8D

No...NC or SC beach house...think he lost his job @ RBC Centura tho...

I knew it was something like that.

Everything was great, until it wasn't. ;}

mcgowanjm  posted on  2010-06-30   11:43:59 ET  Reply   Trace   Private Reply  


#19. To: mcgowanjm (#18)

He worked for a regional bank, Centura, that was taken over by a Canadian Bank which then got into commerical loan problems when it expanded down into Florida.

#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace I'm biased, obviously, given the shit I'm subjected to daily here from the anti groupie. Badeye posted on 2010-06-10 11:34:31 ET Reply Trace Private Reply

war  posted on  2010-06-30   11:45:58 ET  Reply   Trace   Private Reply  


#20. To: war (#19)

He worked for a regional bank, Centura, that was taken over by a Canadian Bank which then got into commerical loan problems when it expanded down into Florida.

Just so, and you couldn't have scripted it better.

We're telling him exactly what's coming and he's apologizing for the folks who put him on the chopping block:

Majority of U.S. Workers Lost Jobs, Wages or Hours, Pew Says By Timothy R. Homan - Jun 30, 2010

More than half of U.S. workers were either unemployed or experienced reductions in hours or wages since the recession began in December 2007, according to a private report.

The worst economic slump since the 1930s has affected 55 percent of adults in the labor force, the Washington-based Pew Research Center, a nonpartisan organization, said today. The survey found that 32 percent of employees where jobless at some point during the past 30 months.

From driftglass, a Chicago Blog/IT guy who hust lost his job, again:

From Paul Krugman:

A Terrible Ugliness Is Born

... That’s why the Irish debacle is so important. All that savage austerity was supposed to bring rewards; the conventional wisdom that this would happen is so strong that one often reads news reports claiming that it has, in fact, happened, that Ireland’s resolve has impressed and reassured the financial markets. But the reality is that nothing of the sort has taken place: virtuous, suffering Ireland is gaining nothing.

Of course, I know what will happen next: we’ll hear that the Irish just aren’t doing enough, and must do more. If we’ve been bleeding the patient, and he has nonetheless gotten sicker, well, we clearly need to bleed him some more.

In other words, Potterism is in now in full effect:

And for ImStillright:

" Also -- with a straight face -- the Party of "Bush v. Gore" and "Citizens United" thought it would be a genius move to spend most of the day tarring the late justice Thurgood Marshall with the evil "activism" brush: the man who won Brown v. Board of Education, went on to serve with great distinction as this nation's first African American Supreme Court justice, and for whom Elena Kagan once clerked and spoke admiringly.

Because when your Base has the IQ of Boo Radley, the temperament of Veruca Salt and the memory of Leonard from "Memento"

("Bush who?") it really doesn't matter what kind of gibberish you spout or how incoherent it is. As long as you conjure up an imaginary hippie or uppity Negro to explain every problem and punch him in the face to solve that problem, you're fucking golden with the Pig People."-Driftglass

mcgowanjm  posted on  2010-06-30   12:15:49 ET  Reply   Trace   Private Reply  


#21. To: mcgowanjm (#20) (Edited)

I told him in late 2006 that mortgage lending had fallen off the cliff. He didn't want to listen. When I figured out that he worked at that bank, I knew why. Their commerical loan portfolio [which, btw, he characterized as "conservative"] was growing and growing fast.

#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace I'm biased, obviously, given the shit I'm subjected to daily here from the anti groupie. Badeye posted on 2010-06-10 11:34:31 ET Reply Trace Private Reply

war  posted on  2010-06-30   12:25:24 ET  Reply   Trace   Private Reply  


#22. To: mcgowanjm (#20)

Because when your Base has the IQ of Boo Radley, the temperament of Veruca Salt and the memory of Leonard from "Memento"

Hilarious...

#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace I'm biased, obviously, given the shit I'm subjected to daily here from the anti groupie. Badeye posted on 2010-06-10 11:34:31 ET Reply Trace Private Reply

war  posted on  2010-06-30   12:29:50 ET  Reply   Trace   Private Reply  


#23. To: war (#22)

Because when your Base has the IQ of Boo Radley, the temperament of Veruca Salt and the memory of Leonard from "Memento"

Great movie btw.

We assume that everything imaginable is available for a price, even if we cannot come up with that price.

The BDI is leading the way.

Gold's getting ready to hurt the greatest number in the shortest amt of time.

Maybe the Birth/Death Model and a Civilian Labor Force of less than 138 million will get someone's attention.

For some unknown reason, the Commodities Markets are able to get a close approximation of grain/fiber production over the July 4 Weekend.

Sell the Close today generally nets you about 50 cents per bu and 5 cents per lb. in the first two weeks following.

mcgowanjm  posted on  2010-07-01   8:28:08 ET  Reply   Trace   Private Reply  


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