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Monthly Archives: November 2012

Volatility Gurus Still Looking for a Bang

“MKM Partners’ derivative strategist Jim Strugger’s view this morning is pretty much the same as it was a month ago: The “next inevitable shock” to the stock market is on its way.

The CBOE Volatility Index has been below 25 for four months now, one of the longest quiet periods since the onset of the financial crisis. You could argue that this is a sign the market is starting to break out of its five-year roller-coaster ride. But not that’s how Strugger sees it.”

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US Intensifies Crackdown on Corporate Foreign Bribes

“Setting a key portion of its white collar enforcement agenda for a second term, the Obama administration on Wednesday announced a renewed focus on bribes paid by U.S. companies to foreign officials.

A new set of guidelines issued Wednesday by the Justice Department and the Securities and Exchange Commission comes in the face of complaints by business groups that the crackdown — which began in the Bush administration and accelerated under President Barack Obama — is hurting U.S. competitiveness.”

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BlackRock’s Junk Bond Fund See Major Outflows

“Investors yanked a record volume of cash from BlackRock Inc.’s exchange-traded fund that buys junk bonds as the notes lose value for the first month since May.

The $16.3 billion fund reported an outflow of 2.4 million shares yesterday, equal to about $218.9 million, according to data compiled by Bloomberg. That’s the biggest daily withdrawal in the five-year history of the iShares iBoxx High Yield Corporate Bond Fund, the largest of its kind.”

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$GM Recalls 15k Vehicles to Fix Safety Flaws


“(Reuters) – General Motors said it is recalling 15,575 Cadillac, Buick and Chevrolet cars to correct potential safety flaws.

The recalls, posted Wednesday by the National Highway Traffic Safety Administration, involve 2,949 2012-model Buick Verano, Chevrolet Cruze and Chevrolet Sonic compacts with driver-side air bags that might not deploy in a crash, and 12,626 2013-model Cadillac XTS sedans with rear-seat head restraints that might not lock in position.

The problems could increase the risk of injury to occupants, NHTSA said.”

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Market Update

U.S. equities attempted a rally at the open, but quickly sank to being down 100 DOW points. Bad data out of Europe along with gridlock over Greece helped to cap any upside potential given by $CSCO and other good earnings reports. Currently the DOW is paring loss to being down about 50.

Europe and their riots over austerity have given back any intra day gains made.

European indices 

Market update

3D heat map 

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Looking at The Bull Bear Battleground in U.S. Indices


“CINCINNATI (MarketWatch) — The Standard & Poor’s 500 Index remains precariously positioned near its 200-day moving average.

Technically, this area marks the bull/bear battleground, and weakness elsewhere — combined with complacent market sentiment statistics — improves the chances of an eventual break lower.”

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$OSG Files for Bankruptcy

“The company intends to use the Chapter 11 process to significantly reduce its debt profile, reorganize other financial obligations and create a strong financial foundation for the Company’s future. Certain subsidiaries, including those that manage the Company’s facilities in Manila, Singapore, Greece, London and Newcastle, have not filed for Chapter 11 reorganization. A complete list of the OSG entities which filed, and those which did not file, Chapter 11 petitions, is available at www.kccllc.net/osg. OSG intends to work with its constituencies to emerge from bankruptcy as quickly as possible while maintaining the company’s market position, business model and strategy.”

Full report

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Mortgage Applications Rebound on Rebuilding After Hurricane

“The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a rise of 12.5% in the group’s seasonally adjusted composite index, compared with last week’s decrease of 5%. Unadjusted, the composite index rose by 12%.

Applications for refinancing rose 13% (seasonally adjusted), while seasonally adjusted purchase applications increased by 11% from the previous week. Unadjusted, the purchase index rose by 8% compared with the previous week and rose 22% compared with the same week a year ago.

This week’s report is very strong, and an MBA executive explains why:”

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Gapping Up and Down This Morning

Gapping up

TCX +19.6%, FRO +10.2%, VIPS +8.6%, CSCO +7.7%, CEDC +5.6%, HMIN +5.6%,

RPRX +4.2%, INCY +3.3%, WWD +3.2%, NOK +3%, MT +2.2%, JNPR +2%,

BRCM +1.8%,  WFT +2.2%,

Gapping down 

ENVI -18.1%, OSG -11.5%, LODE -7.5%, MOS -5.1%, SEP -4.5%, UBNT -3.3%,

IAG -3.1%, AMD -1.9%, SEE -1.7%, POT -1.4%, AGU -1.4%, CF -1.4%, TM -1.3%,

SNE -0.6%,  SI -0.6%,  HD -0.2%,

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