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Monthly Archives: March 2012

Bove serves Geithner up hot

Read here:

Treasury Secretary Timothy Geithner should have done more to stop the financial crisis before it started, rather than try now to impose unnecessary reforms on the banking system, analyst Dick Bove said.

In a a much-discussed op-ed piece Friday for The Wall Street Journal, Geithner says a collective “amnesia” about what caused the crisis drives opposition to reform. He adds that “financial safeguards” during the crisis that exploded in 2008 “were tragically antiquated and weak.”

“Only four years after the financial crisis began to unfold, some people seem to be suffering from amnesia about how close America came to complete financial collapse under the outdated regulatory system we had before Wall Street reform,” he writes.

But Bove, who is vice president of equity research at Rochdale Securities, said the Treasury secretary’s memory may be a bit short as well.

Geithner, while at Treasury, supported the 1999 Gramm-Leach-Bliley law that helped unleash the too-big-to-fail institutions that required bailouts, and failed to flag any of the financial system excesses, particularly in the mortgage market, that drove the crisis, Bove said.

“Quite frankly, I find this article almost unbelievable in its lack of veracity in explaining the past, and even more outrageous in failing to understand what has been done to harm the future,” Bove wrote in an analysis.

When Geithner took over the New York Fed in 2003 he never protested excessive risk taking by banks, Bove said.

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Our System Our Structure Our Illusion – A Documentary of Sorts

A documentary of sorts. More like a collection of great statements from comedians, politicians, and ordinary folk. If you watch this in its entirety you may think you have automated responses to the philosophical questions asked about government, law, society, economics, and humanity; but you’ll find that perhaps there are many illusions affecting your belief structure.

————————————————————————————————————————————————————————————————————

“All things are subject to interpretation; whichever interpretation prevails at a given time is a function of power and not truth.”

 –Friedrich Nietzsche

————————————————————————————————————————————————————————————————————

 

“An attempt to give an alternate perspective than what has ever been shown on mainstream media, I hope it inspires you to ask questions.

███ ██ █ ████ everything ███ ███ is ████ ██ ████ fine ████ ████ love. █████ ███ █ ███ your ████ ███ government

Disclaimer: DO NOT WATCH IF YOU DO NOT LIKE TO THINK”

Cheers on your weekend!

[youtube://http://www.youtube.com/watch?v=-HFXMQ7Ot-k 450 300]

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Some Sexy Chart Porn for Da Bears

Source

“Submitted by Charles Hugh Smith from Of Two Minds

If This Is Such a Strong Economy, Why Does This Chart Look Recessionary?

Is the U.S. really a post-oil economy?

One way to gauge the real economy is to look at charts of the GDP, wages, household debt and the price of oil; another way is to correlate all of these on one chart. The following chart (courtesy of frequent contributor B.C.) plots these four metrics thusly: GDP/(wages/household debt)/price of oil.

What pops out of the chart is what happens when oil spikes higher or declines. In 1973, the first oil shock sent the economy off a cliff. Conversely, when oil fell to $12/barrel in the late 1990s while wages were rising strongly, the plotline peaked, reflecting a strong economy.

In 2008, oil spiked to $140/barrel in 2008, household debt reached record heights and wages began stagnating, and the economy fell into a sharp recession. When oil plummeted back to $40/barrel in early 2009, the plotline spiked up.

When oil prices and household debt are high while wages stagnate or decline, the economy sinks to recessionary levels.

Here are B.C.’s observations:

This chart utterly discredits the economics profession and those who claim that the post-industrial economy (“deindustrialization” and “financialization”) is not oil-constrained and the service economy is what the rest of the world should adopt as the normative standard at $100+/barrel oil.

The current plotline is hovering just above the recessionary levels of late 2008. Does this reflect a strong economy, or one that is weak? If oil keeps climbing, what will that do to a visibly weak economy?

The Bulls are convinced that the U.S. has decoupled from the rest of the world and from the price of oil. This chart makes the opposite case: the price of oil matters, especially when wages are declining and household debt is elevated.”

Meanwhile those on food stamps rose to a new record. Up 384k last month alone….

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FLASH: Morgan Stanley Managing Director Arrested And Charged With Hate Crime For Allegedly Stabbing A Cab Driver

“A Morgan Stanley managing director was arrested and charged with a hate crime for allegedly threatening and stabbing a taxi driver of Middle Eastern descent back in December over a cab fare dispute from the city to his multi-million dollar Connecticut home, the Connecticut Post reports.

From the CTPost:

Darien police charged William Bryan Jennings, 47, of Knollwood Lane, with second-degree assault, theft of services and second-degree intimidation based on race or bigotry. He was released after posting $9,500 bond and was to appear at court March 7. Jennings denied the allegations and through his attorney, Eugene Riccio, said he is the victim in the case.

Police say Jennings, who is currently the co-head of fixed income capital markets at Morgan Stanley, refused to pay a $200 cab fair and then threatened the driver and used racial slurs, according to the CTPost….”

Read more:

Full article

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Global Temperature Anomaly in February: Colder Than 20 Years Ago

UAH Global Temperature Update for February 2012: -0.12 deg. C

March 2nd, 2012 by Roy W. Spencer, Ph. D.

The global average lower tropospheric temperature anomaly cooled a little more in February, 2012, again not unexpected for the current La Nina conditions in the tropical Pacific Ocean (click on the image for the full-size version):

Source

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Fakegate: The Obnoxious Fabrication of Global Warming

Peter Ferrara, Contributor

About every four years, the United Nation’s Intergovernmental Panel on Climate Change (IPCC) produces a voluminous Assessment Report (AR) on the state of global warming science, such as it is. Two years after each AR, the IPCC produces an updating Interim Report.

In 2008, The Heartland Institute, headquartered in Chicago, began organizing international conferences of scientists from across the globe who want to raise and discuss intellectually troubling questions and doubts regarding the theory that human activity is causing ultimately catastrophic global warming. Six conferences have taken place to date, attracting more than 3,000 scientists, journalists, and interested citizens from all over the world.

(Full disclosure: As indicated by my nearby bio, I am a Heartland Senior Fellow, one of several affiliations I have with free-market think tanks and advocacy groups.)

In 2009, Heartland published Climate Change Reconsidered: The Report of the Nongovernmental International Panel on Climate Change (NIPCC). That 860-page careful, dispassionate, thoroughly scientific volume, produced in conjunction with the Science and Environmental Policy Project (SEPP) and the Center for the Study of Carbon Dioxide and Global Change, explored the full range of alternative views to the UN’s IPCC. Two years later, Heartland published the 418 page Climate Change Reconsidered: The 2011 Interim Report of the NIPCC, which updated the research regarding global warming and “climate change” since the 2009 volume.

Through these activities and more like them, Heartland has become the international headquarters of the scientific alternative to the UN’s IPCC, now providing full scale rebuttals to the UN’s own massive reports. Any speaker, any authority, any journalist or bureaucrat asserting the catastrophic danger of supposed man-caused global warming needs to be asked for their response to Climate Change Reconsidered. If they have none, then they are not qualified to address the subject.

This is the essential background to understanding “Fakegate,” the strange and still being written story of the decline and fall of political activist Peter Gleick, who had successfully engineered a long career posing as an objective climate scientist. Gleick, who has announced he is taking a “temporary, short-term leave of absence” as president of the Pacific Institute, also served until recently as chairman of the science integrity task force of the American Geophysical Union.

Gleick has publicly confessed that he contacted The Heartland Institute fraudulently pretending to be a member of the Board of Directors. Emails released by The Heartland Institute show that he created an email address similar to that of a board member and used it to convince a staff member to send him confidential board materials. Gleick then forwarded the documents to 15 global warming alarmist advocacy organizations and sympathetic journalists, who immediately posted them online and blogged and wrote about them.

Their expectation apparently was that the documents would be as embarrassing and damaging to the global warming skeptics as were the emails revealed in the “Climategate” scandal to the alarmist side. The Climategate revelations showed scientific leaders of the UN’s IPCC and global warming alarmist movement plotting to falsify climate data and exclude those raising doubts about their theories from scientific publications, while coordinating their message with supposedly objective mainstream journalists.

But the stolen Heartland documents exonerated, rather than embarrassed, the skeptic movement. They demonstrate only an interest at Heartland in getting the truth out on the actual objective science. They revealed little funding from oil companies and other self interested commercial enterprises, who actually contribute heavily to global warming alarmists as protection money instead. The documents also show how poorly funded the global warming skeptics at Heartland are, managing on a shoestring to raise a shockingly successful global challenge to the heavily overfunded UN and politicized government science.

As the Wall Street Journal observed on Feb. 21, while Heartland’s budget for the NIPCC this year totals $388,000, that compares to $6.5 million for the UN’s IPCC, and $2.5 billion that President Obama’s budget commits for research into “the global changes that have resulted primarily from global over-dependence on fossil fuels.” That demonstrates how an ounce of truth can overcome a tidal wave of falsehood.

Maybe that is why Gleick or one of his coconspirators felt compelled to go farther and composed a fake memo titled “Confidential Memo: 2012 Heartland Climate Strategy.” Whoever did it understood that a document composed on his computer and distributed online would contain markings demonstrating its source and confirming the forgery, so they printed it out and scanned it to hide its digital trail. The scanned document itself, however, contained evidence that allowed even amateur sleuths to trace it back to the Pacific Institute’s offices, as explained in an article by Megan McCardle, a senior editor for The Atlantic. (McCardle, incidentally, is highly sympathetic to global warming alarmism.)

The forged cover memo, not the actual stolen document, contains language mirroring Climategate. It discussed fabricated projects that are not activities of Heartland, and references a $200,000 Koch Foundation contribution for climate change activities that doesn’t exist. The Koch Foundation confirms that it gave Heartland only $25,000 in 2011, earmarked for health care policy projects and not climate change, an amount equal to only 0.5% of Heartland’s 2011 budget. By contrast, as the Journal also observed, the budget last year for the Natural Resources Defense Council was $95.4 million, and for the World Wildlife Fund $238.5 million.

Heartland President Joe Bast said in a statement on the episode, “The stolen documents were obtained by [a then] unknown person who fraudulently assumed the identity of a Heartland board member….Identity theft and computer fraud are criminal offenses subject to imprisonment. We intend to find this person and see him or her put in prison for these crimes.”

While I am not a scientist, and write primarily on economics, tax policy and budget issues, I have been fascinated over the years by Heartland’s work on climate change. I’ve attended the Heartland global warming conferences and read through the organization’s publications on the issue. What has fascinated me is how the objective, dispassionate scientific presentations so thoroughly demolish the intellectual case for catastrophic man-caused global warming. In contrast, as the comments to this article will no doubt show, the case for catastrophic global warming is no more than appeals to authority (“the United Nations says it’s true!”) or ad hominem attacks.

The bottom line is that the temperature records are not consistent with the theory that human “greenhouse” gas emissions are the primary cause of global warming. Those records do not show temperatures rising in conjunction with such ever rising emissions as the globe increasingly industrializes. Instead, the temperature record shows an up and down pattern that follows the pattern of natural influences on global temperatures, such as cyclical sunspots and solar flares, and cycles of ocean churning from warmer to colder temperatures and back, such as the Pacific Decadal Oscillation (PDO).

Moreover, the incorruptible and objective satellite temperature records show only modest warming starting in the late 1970s, which stopped roughly 10 years ago, with more recent declines. That is consistent with temperature proxy records found in nature, such as tree rings and ice cores. But that diverges significantly from the corruptible and subjectively compiled land based records, the repeated manipulation of which has prompted several prominent climate scientists to call for an investigation. Perhaps Gleick’s skills in falsification can be found more broadly among his colleagues.

In addition, the work of the UN’s IPCC is based on numerous climate models that attempt to project temperatures decades into the future. Those models are all based on the circular assumption that the theory of man caused global warming is true. As 16 world leading climate scientists recently reported in a letter to the Wall Street Journal,

“[A]n important gauge of scientific expertise is the ability to make successful predictions. When predictions fail, we say that the theory is ‘falsified’ and we should look for the reasons for the failure. Shown in the nearby graph is the measured annual temperature of the earth since 1989, just before the first report of the Intergovernmental Panel on Climate Change (IPCC). Also shown are the projections of the likely increase of temperature, as published in the Summaries of each of the four IPCC reports, the first in the year 1990 and the last in the year 2007.

“From the graph it appears that the projections [of the models] exaggerate, substantially, the response of the earth’s temperature to CO2 which increased by about 11% from 1989 through 2011. Furthermore, when one examines the historical temperature record throughout the 20th century and into the 21st, the data strongly suggest a much lower CO2 effect than almost all models calculate.”

Seems like the models have been falsified.

The likely reason for that failure is that while the models recognize that increased CO2 itself will not produce a big, catastrophic increase in global temperatures, the models assume that the very small amount of warming caused by increased CO2 will result in much larger temperature increases caused by positive feedbacks. The real, emerging science, as the Heartland publications indicate, is that the feedbacks are more likely to be offset by negative feedbacks, resulting in a much smaller net temperature change. Scientists have pointed out that much higher CO2 concentrations deep in the earth’s history, as shown by proxy records, did not result in catastrophic temperature increases, a very powerful rebuttal to the idea today’s relatively low CO2 levels could trigger catastrophic global warming.

The results of the latest, most advanced data collection also suggest that CO2 is not responsible for the modest global warming of the late 20th century. The UN models agree with established science that if human greenhouse gas emissions were causing global warming, there should be a hot spot of higher temperatures in the troposphere above the tropics, where collected concentrations would have the greatest effect, and the warming would show up first. This is known in the literature on climate science as “the fingerprint” for man caused global warming. But data from global weather satellites and more comprehensive weather balloons show no hotspot, and no fingerprint, which means no serious global warming due to human greenhouse gas emissions. QED.

Moreover, satellites also have been measuring the energy entering the earth’s atmosphere from the sun, and the energy escaping back out to space. If the theory of man caused global warming is correct, then the energy escaping back out should be less than the energy entering, as the greenhouse gases capture some of the energy in the atmosphere. But the satellite data show negligible difference.

The real cutting edge in climate science was publicly exposed recently in a book by one of the long time leaders of the German environmental movement, Fritz Vahrenholt, in his new book, The Cold Sun. The book expresses the growing concern among more careful real climate scientists, rather than political scientists, that trends in solar activity portend a return to the cold, limited agricultural output, and widespread disease of the Little Ice Age, or even a more full blown, overdue by historical standards, real ice age.

The consolation is that those threatening developments are still centuries away. In an interview with Spiegel magazine, titled “I Feel Duped on Climate Change,” Vahrenholt tells readers that the UN’s forecasts on the severity of climate change are exaggerated and supported by weak science. The American version would be Al Gore producing a movie with the title, “The Most Inconvenient Truth:I Was Wrong.”

The root of the global warming confusion is that the UN is not a disinterested party that can be trusted to compile and interpret the climate science on which the world’s policymakers can rely. The UN sees the theory of man caused catastrophic global warming as a tremendous opportunity for gaining the regulatory and taxation powers of a world government.

It is at least as self-interested on the subject as oil and gas companies. It has used its role as grand overseer of climate science to advance its own agenda. The result has been a great disservice to the scientific community and to policymakers. It fueled a global panic and mass delusion that has cost hundreds of billions or even trillions of dollars, and is likely to cost trillions more before it finally runs its course.

That is why Gleick’s Fakegate memo is actually a perfect metaphor for the entire fabrication of global warming. It and the entire Fakegate scandal provide a window, much like Climategate did, into the global warming movement, and what we see is ugly indeed. Peter Gleick’s misconduct is repeated a hundred times every day, in the same dishonest, cynical, and corrosive way, by global warming advocates around the world.

Fakegate is another reason why he U.S. should withdraw all funding and participation in the UN’s IPCC, and establish its own panel of scientists representing the full spectrum of views to study whether there is any real potential threat from man caused global warming. I nominate as the Chairman for that panel Richard Lindzen, the retiring Alfred P. Sloan Professor of Meteorology at MIT.

Source

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Is the Correction Camp Too Crowded?

We posted yesterday that the S&P500 was set up for a pullback after carving out an outside day (higher high and lower low than previous day) at strong resistance and looked for follow through selling today.   Didn’t happen.

In fact, the S&P500 followed yesterday’s outside day with an inside day with today’s high/low lower/higher than yesterday’s.  This reflects a lack of sellers and nervous buyers.

An inside day following an outside day is a relatively rare three-day pattern and has initially happened on six times since the current bull market began on March 6, 2009.    In every case, the post 5-day return on the S&P500 was positive, averaging 2.08 percent.

Today’s pattern and run up looks very similar to the one made on January 31, 2011.   The S&P500 rallied 22 percent in 108 trading days from the August 26, 2010 low into the inside/outside three-day pattern.  It added another 4.4 percent in the next 14 trading days before correcting.

Read the rest here.

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Fed Shrugged Off Warnings, Let Banks Pay Shareholders Billions

by Jesse Eisinger
ProPublica, March 2, 2012, 8 a.m.

In early November 2010, as the Federal Reserve began to weigh whether the nation’s biggest financial firms were healthy enough to return money to their shareholders, a top regulator bluntly warned: Don’t let them.

“We remain concerned over their ability to withstand stress in an uncertain economic environment,” wrote Sheila Bair, the head of the Federal Deposit Insurance Corp., in a previously unreported letter obtained by ProPublica.

The letter came as the Fed was launching a “stress test” to decide whether the biggest U.S. financial firms could pay out dividends and buy back their shares instead of putting aside that money as capital. It was one of the central bank’s most critical oversight decisions in the wake of the financial crisis.

“We strongly encourage” that the Fed “delay any dividends or compensation increases until they can show” that their earnings are strong and their assets sound, she wrote. Given the continued uncertainty in the markets, “we do not believe it is the right time to allow transactions that will weaken their capital and liquidity positions.”

Four months later, the Federal Reserve rejected Bair’s appeal.

In March 2011, the Federal Reserve green-lighted most of the top 19 financial institutions to deliver tens of billions of dollars to shareholders, including many of their own top executives. The 19 paid out $33 billion in the first nine months of 2011 in dividends and stock buy-backs.

That $33 billion is money that the banks don’t have to cushion themselves — and the broader financial system — should the euro crisis cause a new recession, tensions with Iran flare into war and disrupt the oil supply, or another crisis emerge.

This is the first in-depth account of the Fed’s momentous decision and the fractious battles that led to it. It is based on dozens of interviews, most with people who spoke on condition of anonymity, and on documents, some of which have never been made public. By examining the decision, this account also sheds light on the inner workings of one of the most powerful but secretive economic institutions in the world.

Read the rest here.

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Today’s Money Flows

ISSUE GAINERS                 SYMBOL   EXCH   LAST PRICE   MONEY FLOW    RATIO 
                                                          (in millions) 
Apple                          AAPL    NASD      543.57       +79.8       1.21 
Yelp Inc                       YELP    NYSE       24.65       +26.3       1.57 
CSX                            CSX     NYSE       20.95       +20.7       7.37 
Goldman Sachs                  GS      NYSE      121.00       +20.1       1.44 
Intel                          INTC    NASD       26.95       +18.5       3.50 
Microsoft                      MSFT    NASD       32.14       +16.8       1.98 
General Electric               GE      NYSE       19.04       +14.2       3.83 
CarMax Inc                     KMX     NYSE       32.52       +13.4       2.66 
Illumina                       ILMN    NASD       51.37       +12.6       5.79 
Wynn Resorts                   WYNN    NASD      130.20       +11.9       1.14 
Bristow Group                  BRS     NYSE       47.01       +11.7      65.95 
Citigroup                      C       NYSE       34.24       +11.1       1.37 
Coach                          COH     NYSE       76.99       +11.0       3.03 
AT&T                           T       NYSE       30.66       +10.6       3.53 
McDonald's                     MCD     NYSE       99.30       +10.0       2.21 
IBM                            IBM     NYSE      197.17        +9.7       1.66 
JPMorgan Chase                 JPM     NYSE       40.31        +8.8       1.25 
Select Sector SPDR-Ind         XLI     ARCA       37.23        +8.7       3.75 
ConocoPhillips                 COP     NYSE       77.85        +8.7       1.66 
CME Group Inc.                 CME     NASD      289.34        +8.3       2.30 

ISSUE DECLINERS               SYMBOL   EXCH   LAST PRICE   MONEY FLOW    RATIO 
                                                          (in millions) 
Merck                          MRK     NYSE       37.66       -21.8       0.24 
DCP Midstream Ptnrs            DPM     NYSE       47.10       -17.9       0.28 
Procter & Gamble               PG      NYSE       66.56       -13.4       0.35 
Mastercard                     MA      NYSE      415.59       -11.0       0.52 
Zynga                          ZNGA    NASD       15.61        -8.9       0.75 
ExxonMobil                     XOM     NYSE       86.14        -7.1       0.72 
Unilever PLC                   UL      NYSE       32.42        -6.9       0.19 
Google                         GOOG    NASD      622.77        -6.0       0.90 
Chevron                        CVX     NYSE      109.24        -6.0       0.62 
PepsiCo                        PEP     NYSE       62.54        -5.6       0.54 
Berkshire Hathaway B           BRK/B   NYSE       78.51        -5.6       0.45 
Rovi Cp                        ROVI    NASD       35.26        -5.6       0.24 
Costco Wholesale               COST    NASD       86.07        -5.0       0.40 
General Mills                  GIS     NYSE       38.19        -4.9       0.36 
Sina                           SINA    NASD       74.92        -4.9       0.91 
Spirit Aerosys Hldgs A         SPR     NYSE       24.01        -4.9       0.04 
CenturyLink                    CTL     NYSE       39.15        -4.6       0.41 
VF Corp                        VFC     NYSE      147.00        -4.6       0.43 
DuPont                         DD      NYSE       51.34        -4.6       0.39 
Cisco Systems                  CSCO    NASD       19.78        -4.6       0.60

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52 Week Highs and Lows

NYSE

New Highs 55 

COMPANY                       SYMBOL      HIGH                VOLUME 
-------                       ------      ----                ------ 
Allied Cp 6.875% Nts 2047     AFC         24.90                  535 
BlkRk Cr Alloc Tr I           PSW         10.18                9,940 
BlackRockStrategicBond        BHD         14.05                2,539 
BorgWarner                    BWA         84.84              181,862 
Chesapeake Lodging Tr         CHSP        18.18                7,115 
Coach                         COH         77.30              438,323 
Energ Gerais-Cemig            CIG         23.64              195,219 
CoreSite Realty               COR         22.34                9,472 
Crown Castle Intl             CCI         53.11              135,156 
CubeSmart 7.75% Series A      CUBEpA      25.70                1,000 
DWS Global High Inco          LBF         8.23                   810 
DWS Hi Incm Opps Fd           DHG         16.20                8,447 
Dick's Sporting Goods         DKS         46.66              599,791 
El Paso Corp                  EP          28.25              666,703 
First Tr Engy Infr Fd         FIF         21.93                4,655 
Fomento Economico             FMX         75.98               37,445 
Foot Locker                   FL          30.06            1,653,145 
Genesco Inc                   GCO         74.91              235,796 
Gruma ADS                     GMK         10.04                3,525 
Herbalife                     HLF         68.01              145,761 
IntercontlExchange            ICE         141.90             155,236 
Invesco CA Qty Tr             IQC         14.58                1,900 
Invesco Qlty Mun Inco         IQI         14.47               11,399 
Invesco VK PAValMun           VPV         14.90                5,510 
Just Energy Group             JE          13.21                4,239 
Kayne Andrsn Midstr Engy      KMF         27.07                8,623 
Kilroy Realty                 KRC         44.81               46,304 
Kinder Morgan                 KMI         36.20              116,792 
Las Vegas Sands               LVS         57.89            2,434,321 
Liz Claiborne                 LIZ         11.58              869,195 
MFS Invest Grade Muni         CXH         10.84                2,618 
Macy's Inc                    M           38.89              735,858 
Mangd Durtn InvGr Mun Fd      MZF         15.76                3,804 
Men's Wearhouse               MW          40.10               31,003 
Michael Kors Holdings         KORS        46.56              209,456 
MS Emerging Mkts Debt         MSD         11.21               12,506 
Nike Inc                      NKE         109.06             227,458 
Nuveen CA Muni Mkt            NCO         16.11                2,515 
Nuveen Ins CA                 NXC         15.01                  951 
Nuveen Div Fnd                NAD         15.19                9,306 
Nuveen Enhncd Mun Val Fd      NEV         15.45               12,016 
Nuveen Pa Premium Inc 2       NPY         14.63                4,115 
PebblebrookHotelTrPrefB       PEBpB       25.50                3,000 
Philip Morris Intl            PM          84.46              404,912 
Plains All Amer Pipeline      PAA         84.48               69,304 
Sally Beauty Hldgs            SBH         24.20              107,287 
Sara Lee Corp                 SLE         21.43            3,970,425 
Sonic Auto                    SAH         18.23              142,028 
TJX Cos                       TJX         37.20              348,870 
Targa Resources Partners      NGLS        43.05               17,065 
Teradata Cp                   TDC         68.31              202,729 
Under Armour A                UA          92.62              135,182 
US Bancorp                    USB         29.79              493,893 
Wstrn Asset Gl Def Opp Fd     GDO         19.43                6,058 
Wyndham Worldwide             WYN         44.92              115,272 

New Lows 5 

COMPANY                       SYMBOL      LOW                 VOLUME 
-------                       ------      ----                ------ 
AngloGold Ashanti Pfd A       AUpA        46.20                2,600 
DigitalGlobe                  DGI         12.66              219,577 
Great North Iron Ore Prop     GNI         92.35               82,889 
Oxford Resource Ptrs          OXF         8.31                63,252 
STR Holdings Inc.             STRI        6.69                29,057

NASDAQ

New Highs 36 

COMPANY                       SYMBOL      HIGH                VOLUME 
-------                       ------      ----                ------ 
American Capital Agency       AGNC        30.98              862,014 
Amer Realty Cap Tr            ARCT        10.50              540,601 
AmeriServ Fincl               ASRV        2.71                 4,900 
Ascena Retail Group           ASNA        43.00            1,094,489 
Bazaarvoice                   BV          17.39               93,940 
BioCryst Pharm                BCRX        4.88                35,067 
Brightcove                    BCOV        17.20               29,226 
Cabot Microelectronics        CCMP        38.00              157,520 
Cache                         CACH        7.05                60,181 
Coinstar                      CSTR        62.79              255,657 
DXP Enterprises               DXPE        40.00               31,116 
Discovery Comm C              DISCK       43.80               45,474 
Discovery Comm A              DISCA       46.91              322,808 
Finish Line  (Cl A)           FINL        24.48              194,912 
Furiex Pharmaceuticals        FURX        20.55               27,414 
Home Loan Servicing Sols      HLSS        13.83              134,400 
ID Systems                    IDSY        6.48                20,628 
IRIS Intl                     IRIS        12.01               27,682 
Intuitive Surgical            ISRG        523.10              21,419 
Jive Software                 JIVE        23.95               85,718 
lululemon athletica           LULU        70.99              243,009 
MEMSIC Inc                    MEMS        3.78               144,847 
magicJack VocalTec            CALL        21.99               73,419 
Mesa Laboratories             MLAB        54.60                3,350 
MidWestOne Fincl Group        MOFG        17.50                2,250 
O'Reilly Automotive           ORLY        88.71               74,311 
pricelinecom                  PCLN        645.95             247,874 
Quality Distribution          QLTY        14.00               20,615 
Top Image Sys                 TISA        3.30                93,600 
Town Sports Intl Hldgs        CLUB        10.80               65,289 
Trans World Entertainment     TWMC        2.56                 2,050 
US Home Systems               USHS        14.81               51,814 
Utd Bankshares                UBSI        30.08              125,767 
ViroPharma                    VPHM        33.17              178,983 
Whole Foods Market            WFM         83.28              264,026 
Zynga                         ZNGA        15.74            9,317,034 

New Lows 12 

COMPANY                       SYMBOL      LOW                 VOLUME 
-------                       ------      ----                ------ 
Amyris                        AMRS        4.94                93,312 
Capital City Bank Group       CCBG        7.82                 1,750 
Deswell Industries            DSWL        1.95                 9,564 
Enterprise Fincl Services     EFSC        11.34                1,307 
KiOR                          KIOR        8.25                14,330 
NII Hldgs                     NIHD        17.66              140,835 
Overstockcom                  OSTK        5.97               283,820 
SMART Technologies            SMT         3.20                20,806 
SatCon Tech                   SATC        0.46               906,294 
Sport Chalet B                SPCHB       1.63                 1,350 
THQ                           THQI        0.51               209,789 
Utd Security Bancshares       UBFO        1.73                24,728

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Most Active Options Trades

-CALLS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
AAPL       3/2/12         545.0000         206            1.2300      dn 1.4100 
AAPL       3/2/12         550.0000         129            0.2400      dn 0.7600 
AMZN       3/17/12        185.0000         128            2.4500      up 0.4200 
LVS        3/17/12         57.5000         122            1.5000      up 0.4900 
GLD        3/2/12         166.0000         120            0.5200      dn 1.0500 
ORCL       3/17/12         31.0000         111            0.1400      up 0.0200 
AAPL       3/2/12         540.0000         109            4.3500      dn 1.2500 
BAC        3/9/12           8.0000         108            0.2500      up 0.0200 
BAC        3/17/12          8.0000          91            0.3200      up 0.0200 
AIG        3/17/12         30.0000          84            0.6100      up 0.1000 

 -PUTS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
AAPL       3/2/12          540.0000         178            0.9000      dn 0.3300 
ATPG       3/17/12           8.0000         156            0.6300      up 0.0400 
BAC        3/17/12           8.0000         115            0.1600      dn 0.0300 
PEP        10/20/12         57.5000         100            1.7100      dn 0.0100 
BAC        5/19/12           6.0000          90            0.1000      up 0.0000 
JPM        3/2/12           40.0000          68            0.0400      dn 0.0600 
SNDK       3/17/12          46.0000          65            0.1400      dn 0.0500 
CF         3/17/12         190.0000          60            6.2000      up 0.0000 
GLD        3/2/12          165.0000          60            0.1700      dn 0.0400 
GLD        3/2/12          166.0000          58            0.4700      up 0.0300 

 -VOLUME- 
   CALLS      PUTS           TOTAL 
   10871      15499         26370
-CALLS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
GT         7/21/12          15.0000        2462            0.5300      up 0.0300 
GT         7/21/12          14.0000        2462            0.9000      up 0.0900 
AAPL       3/2/12          550.0000        1996            0.2500      dn 0.7300 
AAPL       3/2/12          545.0000        1730            1.3300      dn 1.2700 
EXPE       7/21/12          32.0000        1600            3.8000      up 0.0000 
WFC        3/17/12          33.0000        1466            0.0800      dn 0.0500 
AAPL       3/2/12          540.0000        1424            4.4000      dn 1.1500 
SWM        3/17/12          35.0000        1370           34.9000      dn 0.7000 
SWN        3/17/12          35.0000        1244            0.3400      dn 0.0500 
C          3/2/12           34.0000        1113            0.3200      up 0.0000 

 -PUTS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
AAPL       3/2/12          540.0000        2555            0.8100      dn 0.3800 
BDX        3/17/12          75.0000        2000            0.4000      dn 0.2000 
ORCL       3/17/12          29.0000        1720            0.1500      dn 0.1000 
ANN        3/17/12          25.0000        1417            0.8000      dn 0.3000 
C          3/2/12           34.0000        1208            0.0800      dn 0.0800 
CROX       3/17/12          20.0000        1200            0.3800      dn 0.0700 
ORCL       3/17/12          30.0000        1114            0.4600      dn 0.1600 
ESRX       6/16/12          40.0000        1056            0.4900      dn 0.1400 
MHS        4/21/12          45.0000        1006            0.4200      dn 0.1300 
RIMM       3/2/12           14.0000         982            0.2800      dn 0.2000 

 -VOLUME- 
   CALLS      PUTS           TOTAL 
  234853     193687         428540

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Krugman on the GOP: Four Fiscal Phonies

“Mitt Romney is very concerned about budget deficits. Or at least that’s what he says; he likes to warn that President Obama’s deficits are leading us toward a “Greece-style collapse.”

So why is Mr. Romney offering a budget proposal that would lead to much larger debt and deficits than the corresponding proposal from the Obama administration?

Of course, Mr. Romney isn’t alone in his hypocrisy. In fact, all four significant Republican presidential candidates still standing are fiscal phonies. They issue apocalyptic warnings about the dangers of government debt and, in the name of deficit reduction, demand savage cuts in programs that protect the middle class and the poor. But then they propose squandering all the money thereby saved — and much, much more — on tax cuts for the rich.

And nobody should be surprised. It has been obvious all along, to anyone paying attention, that the politicians shouting loudest about deficits are actually using deficit hysteria as a cover story for their real agenda, which is top-down class warfare. To put it in Romneyesque terms, it’s all about finding an excuse to slash programs that help people who like to watch Nascar events, even while lavishing tax cuts on people who like to own Nascar teams.

O.K., let’s talk about the numbers.

The nonpartisan Committee for a Responsible Federal Budget recently published an overview of the budget proposals of the four “major” Republican candidates and, in a separate report, examined the latest Obama budget. I am not, by the way, a big fan of the committee’s general role in our policy discourse; I think it has been pushing premature deficit reduction and diverting attention from the more immediately urgent task of reducing unemployment. But the group is honest and technically competent, so its evaluation provides a very useful reference point.

And here’s what it tells us: According to an “intermediate debt scenario,” the budget proposals of Newt Gingrich, Rick Santorum, and Mitt Romney would all lead to much higher debt a decade from now than the proposals in the 2013 Obama budget. Ron Paul would do better, roughly matching Mr. Obama. But if you look at the details, it turns out that Mr. Paul is assuming trillions of dollars in unspecified and implausible spending cuts. So, in the end, he’s really a spendthrift, too….”

Full article

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