The IBD 100 Top Ten for the week of August 2, 2010: BIDU, HMIN, DECK, LULU, NFLX, IDSA, FFIV, MELI, VIT, CXO, SWKS, WPZ, MED
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01AugMovers & Shakers, breaking market news, breaking stock market news, breaking stock news, breaking wall street news, daily stock picks, daily stock tips, free stock info, free stock picks, free stock tips, market facts, short term investments, stocks, trading ideas, watchlists No Comments
Tags: 2010, bidu, CXO, DECK, FFIV, HMIN, IDSA, LULU, MED, MELI, NFLX, SWKS, The IBD 100 Top Ten for the week of August 2, VIT, WPZ
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12JunMovers & Shakers, breaking market news, breaking news, breaking stock market news, breaking stock news, breaking wall street news, daily stock picks, daily stock tips, etf, free stock info, free stock picks, free stock tips, market analysis, market facts, market projections, settlement, short term investments, stockmarket analysis, stocks, trading, trading ideas, trend, usa economics, watchlists No Comments
3X ETF’s are these safe? Only in strategic doses…
A favorite of trend traders and daytraders, the 3x ETF.
The choices in the burgeoning world of ETF’s are expanding faster than the markets can reach critical mass.
If you chose to put your money into one of these vehicles make sure you understand the risk is also exponential.
Stockshakers have an eye on a few select ETF’s to keep close tabs on:SOXL Daily Semiconductor Bull 3x Shares PHLX Semiconductor Sector Index 300% SOX
TYH Daily Technology Bull 3X Shares Russell 1000 Technology Index 300% RGUSTL
SOXS Daily Semiconductor Bear 3x Shares PHLX Semiconductor Sector Index -300% SOX
TYP Daily Technology Bear 3X Shares Russell 1000 Technology Index -300% RGUSTL
ETF InformationFunds at a GlanceOverview
PerformancePrice InformationDistributionsSymbol Fund Index/Benchmark Daily Target Bloomberg Index Symbol
Bull
BGU Daily Large Cap Bull 3x Shares Russell 1000 300% RIY
MWJ Daily Mid Cap Bull 3x Shares Russell Midcap Index 300% RMC
TNA Daily Small Cap Bull 3x Shares Russell 2000 300% RTY
ERX Daily Energy Bull 3x Shares Russell 1000 Energy 300% RGUSEL
FAS Daily Financial Bull 3x Shares Russell 1000 Financial Services 300% RGUSFL
DRN Daily Real Estate Bull 3x Shares MSCI US REIT Index 300% RMZ
SOXL Daily Semiconductor Bull 3x Shares PHLX Semiconductor Sector Index 300% SOX
TYH Daily Technology Bull 3X Shares Russell 1000 Technology Index 300% RGUSTL
BRIL Daily BRIC Bull 2x Shares BNY Mellon BRIC Select ADR Index 200% BKBRIC
DZK Daily Developed Markets Bull 3X Shares MSCI EAFE Index 300% MXEA
CZM Daily China Bull 3x Shares BNY Mellon China Select ADR Index 300% BKTCN
EDC Daily Emerging Markets Bull 3X Shares MSCI Emerging Markets Index 300% MXEF
INDL Daily India Bull 2x Shares Indus India Index 200% III
LBJ Daily Latin America Bull 3x Shares S&P Latin America 40 Index 300% SPLAC
TWOL Daily 2-Year Treasury Bull 3x Shares NYSE Current 2-Year U.S. Treasury Index 300% AXTWO
TYD Daily 10-Year Treasury Bull 3x Shares NYSE Arca Current 10-Year U.S. Treasury Index 300% AXTEN
TMF Daily 30-Year Treasury Bull 3x Shares NYSE Arca Current 30-Year U.S. Treasury Index 300% AXTHR
Bear
BGZ Daily Large Cap Bear 3x Shares Russell 1000 -300% RIY
MWN Daily Mid Cap Bear 3x Shares Russell Midcap Index -300% RMC
TZA Daily Small Cap Bear 3x Shares Russell 2000 -300% RTY
ERY Daily Energy Bear 3x Shares Russell 1000 Energy -300% RGUSEL
FAZ Daily Financial Bear 3x Shares Russell 1000 Financial Services -300% RGUSFL
DRV Daily Real Estate Bear 3x Shares MSCI US REIT Index -300% RMZ
SOXS Daily Semiconductor Bear 3x Shares PHLX Semiconductor Sector Index -300% SOX
TYP Daily Technology Bear 3X Shares Russell 1000 Technology Index -300% RGUSTL
BRIS Daily BRIC Bear 2x Shares BNY Mellon BRIC Select ADR Index -200% BKBRIC
DPK Daily Developed Markets Bear 3X Shares MSCI EAFE Index -300% MXEA
CZI Daily China Bear 3x Shares BNY Mellon China Select ADR Index -300% BKTCN
EDZ Daily Emerging Markets Bear 3x Shares MSCI Emerging Markets Index -300% MXEF
INDZ Daily India Bear 2x Shares Indus India Index -200% III
LHB Daily Latin America Bear 3x Shares S&P Latin America 40 Index -300% SPLAC
TWOZ Daily 2-Year Treasury Bear 3x Shares NYSE Current 2-Year U.S. Treasury Index -300% AXTWO
TYO Daily 10-Year Treasury Bear 3x Shares NYSE Arca Current 10-Year U.S. Treasury Index -300% AXTEN
TMV Daily 30-Year Treasury Bear 3x Shares NYSE Arca Current 30-Year U.S. Treasury Index -300% AXTHRTags: 3X ETF's are these safe?, Only in strategic doses..., SOXL, SOXS, TYH, TYP
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05JunMovers & Shakers, breaking market news, breaking news, breaking stock market news, breaking stock news, breaking wall street news, daily stock picks, daily stock tips, free stock info, free stock picks, free stock tips, short term investments, stockmarket analysis, stocks, trading, trading ideas, watchlists No Comments
BIDU, LULU, NFLX, CMG, DECK, MELI, AAPL, MED, WPZ, DGIT, IDSA, BOFI : The IBD100 Top Ten for the week of June 7
Tags: aapl, bidu, BOFI, CMG, DECK, DGIT, IBD100 Top Ten for the week of June 7, IDSA, LULU, MED, MELI, NFLX, WPZ
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01JunMovers & Shakers, daily stock picks, daily stock tips, daytrades, free stock info, free stock picks, free stock tips, short term investments, stocks, technical analysis, trading, trading ideas, watchlists No Comments
Stockshakers current watchlist:
DEER,DGIT,AAP,ASFI,BOOT,FDO,FISI,IPXL,JOUT,LCC,RAVN,DNDN,RMBS,SPRD,WSM,LOPE,DLTR,GSOL,PII,SXE,TLAB,BBGI,MDF,COT,RRD,LULU, BIDU, NFLX, CMG, IDSA, MED, BOFI, DECK, DGIT, MELI, ULTA,FMS, SAP, BAMXF, SI, BAYZF, SBGSY, LVMUY, PDRDY, ASML, LUX,NTAP
Tags: AAP, ASFI, ASML, BAMXF, BAYZF, BBGI, bidu, BOFI, BOOT, CMG, COT, DECK, DEER, DGIT, dltr, DNDN, FDO, FISI, FMS, GSOL, IDSA, IPXL, JOUT, LCC, LOPE, LULU, LUX, LVMUY, MDF, MED, MELI, NFLX, NTAP, PDRDY, PII, RAVN, RMBS, RRD, SAP, SBGSY, SI, SPRD, SXE, TLAB, ULTA, WSM
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13AprMovers & Shakers, daily stock picks, daily stock tips, daytrades, free stock info, free stock picks, free stock tips, markets, short term investments, technical analysis, trading, trading ideas, trend, watchlists No Comments
Markets are setting up for a down day Tuesday based purely off internals.
The next major Fib retracement point for the S&P 500 is less than 2% away. 1229 would be the .618 Fib RT
Many strong momentum stocks had inside days today and looking weak at the top, Very little conviction
from the buyers.
10 year note keeps inching up and flirting with the dangerous 4% range. Up 11/32 on Mondays session to 3.84%.
Dollar weakening and dipping below the 50DMA, commodities seeing a lift, the EURO will benefit from Dollar weakness here.
AMZN may level off here near the highs from Decemeber before continuing with the up momentum move to $166.
GOOG - Forming a bullish pattern here and may try for $588 again soon.
AAPL - Light volume, may retrace a bit. I remain bullish on AAPL long term.
GS - Target $188Watching: CREE, LCC, FINL, SAH, DFZ
Trying some new scans for daily trades (Very short term and high risk…watching for scan results)
Rolling Bullish stock scan for possible bounce candidates for the DAY Tuesday 041310
JAZZ 11.41
VHC 5.08
SVA 5.80
HTCH 6.34
APT 2.40
ABVT 49.64
ARAY 6.19
ATAC 18.40
AVII 1.23
BTM 19.24
CRNT 10.75
CTFO 7.08
DSTI 0.35
EEV 9.37
FALC 3.44
FBCM 4.71
FTEK 7.70
GRS 7.69
HEAT 9.93
KONG 8.24
MTH 20.24
OPTR 11.85
OREX 5.73
PESI 2.12
SCO 11.85
SPWRA 18.32
VISN 4.96
ZSL 3.77 -
15DecMovers & Shakers, daily stock picks, daily stock tips, daytrades, equity, financial settlement, free stock info, free stock picks, free stock tips, market analysis, market facts, market projections, short term investments, stockmarket analysis, stocks, technical analysis, trading, trading ideas, trend, watchlists No Comments
Even with the spectre of a potential sell day Stockshakers remain bullish. As the fear increases along with the certainty that the bull market has ran too far too fast, Stockshakers looks to the 2003 market and economic conditions as a possible reference point.
2009 was a challenge and 2010 doesn’t look much easier, sure there will be this looming overhead resistance on equities markets but is the level enough to create a problem for traders?Look at the lows reached by many equities in the first quarter of 2009 and you will see the over reaction from the fallout of 2008. Sure this is the Great recession and it will always be remembered as one of the big ones, and while we are not out of the woods yet, Stockshakers sees the potential for the ull to gain traction here and continue into February of 2010.
The U.S. Government and the Fed of the US will continue to stimulate the economy to begin the start of job generation. The key to recovery is Jobs and liquidity. Banks must start loaning money and the captiol machine must be stoked to deliver real lasting and effective results.
The return of competition to the market place is a welcome sight, we may just see jobs start to pop up.
For the trading day watch for reversals and a rise in volatility. Always check the World Bank for news announcements.
Approved
Middle East and North Africa: Over $5.5 Billion in New Investment for Clean Energy Technology
The Clean Technology Fund (CTF), a multi-donor trust fund that facilitates the deployment of low-carbon technologies, approved financing of $750 million on December 2, 2009 for Concentrated Solar Power (CSP) programs in five countries in the Middle East and North Africa: Algeria, Egypt, Jordan, Morocco, and Tunisia. The CTF will mobilize an additional $4.85 billion from other sources to support the deployment of about 1 gigawatt of CSP generation capacity, support associated transmission infrastructure in the Maghreb and Mashreq, and leverage public and private investments for CSP power plants.Clean Air - CLEN & CLNX
Have a great trading day www.stockshakers.com
Tags: clean air funds, clen, clnx
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23NovMovers & Shakers, daily stock picks, daily stock tips, daytrades, free stock info, free stock picks, free stock tips, market analysis, market projections, stocks, technical analysis, trading, trading ideas, trend, usa economics, watchlists No Comments
Standing by for the Q3 GDP Tuesday
TOP STORIES
Kraft may raise Cadbury bid, rivals circle-source
China wind group seeks $2.2 bln in HK IPO-sources
Australia shares up 0.5 pct, resources stronger
Healthcare reform faces challenges in U.S. Senate
Fed independence doubts may hurt recovery-Bullard
Microsoft, News Corp weigh web pact -source
Gold hits record above $1,160 on inflation worries
China growth faces currency dilemma-thinktank
Denmark says 65 leaders enrolled for climate talks
Reliance offering about $12bn for Lyondell-sources
China mine explosion death toll reaches 92
Dubai seeks more conservative image with reshuffleATVI
Barrons suggests underpriced at this level.DISCA
DISCK
DISCB
Barrons suggests investors should not miss the momentum of Discovery.The Bottom Line
Discovery Communications shares have doubled this year. But the company’s strong results andshining outlook could push them up another 25% or more within a year.
EOGDiscovery Communications (DISCA) is known for its “real-world” programming across a wide platform of cable channels, including the Discovery channel, TLC and Animal Planet. It has tapped into the public’s fascination with extraordinary everyday dramas among human-and animal-kind. In the process, discovery had won high ratings and rising revenue– domestic ad sales were up 5% in Q3 — despite the recession. Discovery stock has more than double this year, with the Class A shares changing hands recently around $31. And the prognosis is good for further gains on the strength of Discovery’s high-margin low-cost programming model, with Hasbro (HAS) and Discovery having teamed up to re-brand the Discovery Kids Channel. Its international networks are gaining market share, too. “Pound for pound, it’s probably got the best media assets in the business,” says Christopher Marangi, media analyst at Gabelli & Co. Marangi puts a private-market value of $39 on Discovery shares, 26% above the Class A’s current level and 41% above the C’s. Deutsche Bank analyst Doug Mitchelson, who has a buy rating on Discovery, sees the stock hitting $38 in the next 12 months on higher earnings from an improved ad climate, strong ratings and tight cost controls. And he sees share buybacks beginning “in earnest” in 2010. Much of the credit for Discovery’s ascent goes to CEO David Zaslav, who joined in January 2007 from General Electric’s (GE) NBC Universal. But, Zaslav’s biggest coup us teaming up with Oprah Winfrey and providing her with her own network by relaunching Discovery Health as OWN: Oprah Winfrey Network, when her existing show stops broadcasting in 2010. [Reference Link]:[http://online.barrons.com/article/SB125876966882058539.html]
Tags: trading
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25Octdaily stock picks, daily stock tips, daytrades, free stock info, free stock picks, free stock tips, global economy, government, market analysis, market projections, short term investments, stockmarket analysis, stocks, structured settlements, technical analysis, trading, trading ideas, trend, usa economics, watchlists No Comments
Dow Futures are pointed just slightly up on Sunday night 10/25/09
The 2009 October Low for the Dow 30 at 9430 and the Septemebr 2009 low for the DOW 30 at 9252 on 09/03/09 loom as possible key areas to watch for a possible retracement. These levels need to hold if we start to see selling from this weeks GDP numbers. There is a high likelyhood that the glowing news we have been hearing may be overshadowed by the stark reality of the GDP figures. Earnings numbers can and should remain healthy this week. Amazon is just another example of the power of tech, Technology was the leading sector on the week up almost +1%. Amazon was up 24.3% for the week. AAPL, MSFT, AMZN, the list grows so long, but keep in mind that stocks have grown 80% from the lows in many cases.
Some Tech candidates to watch for potential takeovers:
RVBD
BRCD
JNPR
FFIV
BMC
RHT
CTXS
CVLT
PAR
NTAP
NVTL
There is a higher likelyhood of us being closer to the end run than the middle at this point. Taking some off the table here seems like a wise move. Reduce the risk ratios and seek higher risk to reward trades. Inflation will be an issue for all of us soon (Currently up +3.7% from September 2009 from September of 2008 Annual, Unadjusted)and the US Fed will start to raise rates.
When the rates rise with the US Dollar at such weak levels and the tax benefits ending that have been instrumental in generating the only spark in US existing home sales, we will be in a tight spot.
The turbulance may be excrutiating for many.
Keeping inflation in check remains a serious matter for all of us residing the USA. But the Jobs, Where are the jobs? We will create 1 million jobs somehow morphed into we have saved 1 million jobs. Hmmmm? This math doesn’t add up. We need job generation to speed up the recovery efforts. The Us Housing Market is in dire need of a plan that will insure the transfer of equity. When banks create loans and the money starts to move businesses have a fighting chance to keep the doors open. The USA consumer is one of the strongest forces on the planet. Give us a fighting chance and we will contribute to the recovery efforts.
If this rally fails (We have early indications of weakening) Copper and the US Dollar are areas to keep an eye on. One of the most frequent questions we recieve is what should I look for as a sign that we are about to revers direction. Time frame is of course the deciding factor, but traditionally look for divergences and for the new highs to slow down. The S&P 500 has stalled near the 50% retracement levels, this may be a sign of things to come if we don’t see volume grow. There is still too much money on the sidelines. As always watch for growing volatility, this week the VIX index reached new lows for the year. Looking at the VIX in a candlestick chart the last three days of the week created a unique pattern that historically indicates a reversal may be pending.
The McClellan Summation Index is pointing to weakness forming. Divergence can start the slide down a slippery slope. Keep an eye on this indicator for confirmation of weakness.
We noted on the 21st that The McClellan Summation Index turned down short term three days ago, and was down again yesterday. The October high in SPY was not confirmed by a new high in The McClellan Summation Index. Caution would appear to be in order.
Know that energy stands a solid chance to continue to rise in valuation along with commodities in general. The metals are in rare air. When fear of US Dollar weakness reaches these levels this would appear to be the most likely side effect.
Last week’s oil price break above $75 was an essential catalyst in accelerating the pace of USD selling beyond $1.50 in EUR/USD, 0.93 in AUD/USD, and 1.03 in USD/CAD. Technically, the next oil barrier emerges at $82.00 (100-week MA), a break of which would extend the rally towards $89.90. Coincidently, U.S. equity indexes also face their next resistance at the 100-week MA (1,100 for S&P and 10,209 for the Dow). But a more important landmark for the S&P 500 stands at 1,121, which marks the 50% retracement of the decline from the October 2007 high to the March 2009 low.
Recall how oil prices repetitively failed to break its 200-week MA of about $75 in August and September until recurring dollar weakness (hawkish non-U.S. central banks) empowered oil traders to breach the key level. The simultaneous technical resistance in both of these high profile instruments (U.S. crude and S&P 500) may well dissuade the accumulation of fresh risk appetite. And Wednesday’s downgrade of Wells Fargo may have been instrumental in stepping up trading volumes in a down day. But the only viable means for dollar bulls to see hope again is the implementation of the exit strategy. Short of such implementation, earnings disappointments and/or negative guidance, FX traders will see little resistance to selling the dollar.
The Fed needs to stop talking about the US dollar
Federal Reserve officials should either get the same vigorous training when making statements about the U.S. dollar or completely refrain from taking about it, and allowing the U.S. Treasury exclusive authority to comment on the currency.
For the second time this week, a member of the FOMC causes more selling in the dollar after choosing to shed light on the U.S. currency to the public. Early this morning, the Boston Fed’s Eric Rosengren (not a current FOMC voting member) said the decline of the dollar reflected investors improved confidence with the economy and their resulting appetite for risk. While such remarks are no more than a stating of the obvious as far the current FX market dynamics, they constitute an overt green light to sell the currency, especially when uttered by policymakers of the interest-rate setting body of the U.S.
On Monday, Chairman Bernanke may have intended to support the dollar when he raised the importance of timely exit strategy, but the way he went about it had the opposite effect. Bernanke said adopting a fiscal exit strategy “is critically important in order to maintain confidence in our economy and confidence in our currency”. So far, the Fed has made it clear it would not be exiting its monetary policy strategy any time soon (aside from talk about reverse repos). Bernanke’s speech placed the onus on the Treasury as far as fiscal policy is concerned.
And since fiscal tightening by the U.S. Treasury is not expected any time soon, traders easily conclude that the lack of any exit strategy (fiscal or monetary) will empower them to retest last year’s all time lows in the greenback.
The once mighty greenback continues to lose ground and respect. Things are getting so bad that if you dropped a dollar in a sandbox a cat would bury it.
The dollar is now a punch line as commodities continue to find comfort at higher ranges. Record budget deficits and no signs that the Fed is about to reverse course on its accommodative policies has oil prices finding love and happiness at these higher ranges. Not even OPEC’s declaration that oil prices above $80 are a concern has the commodity bulls confidence waning. Right now unless they are thwarted by central bank intervention or signs of an exit strategy, commodity bulls will continue to test the upper limits and threaten the economic recovery.
In fact in Fridays New York Times 09/23/09 Paul Krugman is putting the blame not on record spending and deficits but on the Chinese. Krugman writes, “Senior monetary officials usually talk in code. So when Ben Bernanke, the Federal Reserve chairman, spoke recently about Asia, international imbalances and the financial crisis, he didn’t specifically criticize China’s outrageous currency policy.” “But he didn’t have to: everyone got the subtext. China’s bad behavior is posing a growing threat to the rest of the world economy. The only question now is what the world - and, in particular, the United States - will do about it.” Krugman says, “The value of China’s currency, unlike, say, the value of the British pound, isn’t determined by supply and demand. Instead, Chinese authorities enforced that target by buying or selling their currency in the foreign exchange market - a policy made possible by restrictions on the ability of private investors to move their money either into or out of the country.”
Krugman continues, “There’s nothing necessarily wrong with such a policy, especially in a still poor country whose financial system might all too easily be destabilized by volatile flows of hot money. In fact, the system served China well during the Asian financial crisis of the late 1990s. The crucial question, however, is whether the target value of the yuan is reasonable. Until around 2001, you could argue that China’s overall trade position wasn’t too far out of balance. From then onward, however, the policy of keeping the yuan-dollar rate fixed came to look increasingly bizarre. First of all, the dollar slid in value, especially against the euro, so that by keeping the yuan/dollar rate fixed, Chinese officials were, in effect, devaluing their currency against everyone else’s. Meanwhile, productivity in China’s export industries soared; combined with the de facto devaluation, this made Chinese goods extremely cheap on world markets.
The result was a huge Chinese trade surplus. If supply and demand had been allowed to prevail, the value of China’s currency would have risen sharply. But Chinese authorities didn’t let it rise. They kept it down by selling vast quantities of the currency, acquiring in return an enormous hoard of foreign assets, mostly in dollars, currently worth about $2.1 trillion.
Many economists, me included, believe that China’s asset-buying spree helped inflate the housing bubble, setting the stage for the global financial crisis. But China’s insistence on keeping the yuan/dollar rate fixed, even when the dollar declines, may be doing even more harm now.
Although there has been a lot of doom saying about the falling dollar, that decline is actually both natural and desirable. America needs a weaker dollar to help reduce its trade deficit, and it’s getting that weaker dollar as nervous investors, who flocked into the presumed safety of U.S. debt at the peak of the crisis, have started putting their money to work elsewhere.
But China has been keeping its currency pegged to the dollar - which means that a country with a huge trade surplus and a rapidly recovering economy, a country whose currency should be rising in value, is in effect engineering a large devaluation instead.
And that’s a particularly bad thing to do at a time when the world economy remains deeply depressed due to inadequate overall demand. By pursuing a weak-currency policy, China is siphoning some of that inadequate demand away from other nations, which is hurting growth almost everywhere. The biggest victims, by the way, are probably workers in other poor countries. In normal times, I’d be among the first to reject claims that China is stealing other peoples’ jobs, but right now it’s the simple truth.” A must read in the Times.
Oil continues it increase even as jobless claims rise. Bloomberg News said gasoline futures retreated from a seven-week high as jobless claims rose more than forecast, indicating the labor market won’t immediately recover and demand for the motor fuel may weaken. Initial claims for unemployment insurance rose by 11,000 to 531,000 in the week ended Oct. 17, the Labor Department said today, more than the 515,000 more than forecast.
On the metals front Russia said they are selling 45 tons of gold and Dow Jones reports that Goldman Sachs Friday lowered its three-month base metals forecast but raised its 12-month view and said the metals will move higher in two stages. Right now base metals are caught in a “tug-of-war” between weak OECD country demand and strong emerging market demand but the bank expects OECD demand to rise in 2010 and that will be the catalyst for further copper gains.
Buy December crude at 7427 - stop 7300.
Buy December RBOB at 18000 - stop 17800.
Buy December heating oil at 19500 - stop 19300.
Buy December natural gas at 510 - stop 470.
Bank failures now at 106 for 2009
The number of bank failures easily broke past the No. 100 milestone on Friday night, with regulators announcing the year’s 106th closure. That’s more than four times the number that were closed in 2008, and the highest total since 1992, when 181 banks failed. Earlier on Friday evening the dubious honor of the 100th failure went to Partners Bank, of Naples, Fla., which had $65.5 million in assets, according to the Federal Deposit Insurance Corp.
The 101st failure was American United Bank, of Lawrenceville, Ga., which had $111 million in assets.
The 102nd failure was another Naples, Fla., institution: Hillcrest Bank Florida, which had $83 million in assets.
The 103rd closure was Bradenton, Fla.-based Flagship National Bank, with $190 million in assets.
The 104th was Bank of Elmwood, based in Racine, Wis., which had $327.4 million in assets.
The 105th failure was Riverview Community Bank of Otsego, Minn., with $108 million in assets.
The 106th failure was First Dupage Bank in Westmont, Ill., which had $279 million in assets.
Customers of all seven banks are protected, however. The Federal Deposit Insurance Corp., which has insured bank deposits since the Great Depression, covers customer accounts up to $250,000. This is funded through premiums paid by member banks.
In fact, to reassure borrowers, FDIC chair Sheila Bair posted a video message to the agency’s Web site, saying “for the insured depositor, a bank failure is a non-event.”
Still, Bair cautioned that “until the healing process is complete, there will be more bank failures.”
What happens to the banks. Fort Lauderdale, Fla.-based Stonegate Bank will assume control of all Partners Bank’s $64.9 million in deposits. It will also take over Hillcrest Bank’s $84 million in deposits. The two branches of Partners Bank and six branches of Hillcrest will reopen on Monday as branches of Stonegate.
Moultrie, Ga.-based Ameris Bank will pay the FDIC a premium of 1.02% to take control of American United’s $101 million in deposits. The FDIC and Ameris Bank entered into a loss-share transaction on $92 million of American United’s assets, an agreement in which Ameris will share in the losses on the assets covered.
The single branch of American United Bank will reopen on Monday as a branch of Ameris.
Lake City, Fla.-based First Federal Bank will take over all of Flagship National Bank’s $175 million in deposits. The four branches of Flagship will reopen Monday as branches of First Federal.
Bank of Elmwood’s $273.2 million in deposits are now controlled by Tri City National Bank, based in Oak Creek, Wis. The five branches of Bank of Elmwood will reopen on Saturday as branches of Tri City.
Stillwater, Minn.-based Central Bank will take control of Riverview Community Bank’s $80 million in deposits. The FDIC and Central Bank entered into a loss-share transaction on $75 million of Riverview’s assets.
First Dupage Bank’s $254 million in deposits are now being handled by First Midwest Bank of Itasca, Ill. The FDIC and First Midwest Bank entered into a loss-share transaction on approximately $247 million of First Dupage Bank’s assets. The sole First Dupage branch will reopn Saturday as an outpost of First Midwest.
The failure of the six banks will cost the Deposit Insurance Fund an estimated $356.6 million, according to the FDIC.
Why regional banks are failing. While larger financial institutions have received aid from the federal government, smaller banks have found themselves left adrift. Like their larger counterparts, many of these banks made risky loans to individuals and real estate developers during the boom years and are now facing large numbers of defaults as the recession drags on.
Rising unemployment has made it difficult for many individuals to keep up with expenses, and businesses are feeling the crunch of consumers’ reduced spending power. As a result, regional banks are left holding loans their customers can’t repay.
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14OctMovers & Shakers, breaking stock market news, breaking stock news, breaking wall street news, daily stock picks, daily stock tips, free stock info, free stock picks, free stock tips, leverage, market analysis, market projections, short term investments, technical analysis, trading, trading ideas, trend, watchlists No Comments
Stockshakers are long the market here.
Long the /YM Dow futures
Calls on:INTC
GOOG
JPMStockshakers will aggressively manage trades between 9900 - 10000 levels for the DOW.
If the DOW reaches 10000 this number could act like a magnet it has historically.
Trade the trend and do not get caught on the wrong side of the trade.
Keep your stops tight.Tags: call options, dow futures, goog, intc, JPM, kong the market, long, ym
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24Augbreaking market news, breaking news, breaking stock market news, breaking stock news, breaking wall street news, daily stock picks, daily stock tips, free stock info, free stock picks, free stock tips, technical analysis, trading, trend, watchlists No Comments
CTIC announced today that the U.S. Food and Drug Administration ( FDA ) has accepted and has filed for review the Company’s New Drug Application (NDA) for pixantrone as treatment for relapsed or refractory aggressive non-Hodgkin’s lymphoma (NHL). A Prescription Drug User Fee Act (PDUFA) date will be established by the FDA regarding the review of the pixantrone NDA by September 4th 2009.
“The FDA’s acceptance to file our pixantrone NDA represents a significant milestone for CTI and for patients with relapsed and refractory aggressive NHL. We look forward to working with the FDA and their final decision on our request for priority review,” noted James Bianco , M.D., Chief Executive Officer of CTI.
Pixantrone (BBR 2778), is a novel topoisomerase II inhibitor with an aza-anthracenedione molecular structure that differentiates it from currently marketed anthracyclines and other related chemotherapy agents. Anthracyclines are the cornerstone therapeutic for the treatment of lymphoma, leukemia, and breast cancer. Although anthracyclines are sufficiently effective to be used as first-line (initial) treatment, anthracyclines cause cumulative heart damage that may result in congestive heart failure many years later. As a result, there is a lifetime limit of anthracycline doses and most patients who previously have been treated with an anthracycline are not able to receive further anthracycline treatment if the patient’s disease returns. Pixantrone also can be administered through a peripheral vein rather than a central implanted catheter as required for other drugs in this class. The FDA is required to set an action date for review of an application 74 days after the initial submission of the NDA. CTI expects to receive the action date for this drug candidate from the FDA and a final decision on review status on September 4th, 2009 .
Headquartered in Seattle , CTI is a biopharmaceutical company committed to developing an integrated portfolio of oncology products aimed at making cancer more treatable.
Tags: ctic, FDA's acceptance, trading
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