The market is hot and than its cold

Monday looked great for the market. It was showing a lot of potential to go higher.
X was on the move and I was thinking about taking the profit. Let’s see if it reaches $ 45 this week. OPC was on the move too. I was happy to see some movement there. It’s about time for this stock to reach $4.

The US market is closed for thanks giving holidays (Thursday and half of Friday). I am hoping for a fresh and reenergized start on Monday. I am hoping that FNM, C, STEC, CEMJQ and SPPI will make a move. I am hoping for positive news. The market is very volatile. This market can change within seconds after a bad news. The Dubai scare is the latest. The market slides downward as soon as the news hit the street but it was stable after it clear the air that the impact is sustainable.

- NEW YORK (AP) -- Americans' confidence in the economy improved slightly in November from October, but shoppers remain gloomy heading into the traditional start of the holiday shopping season amid a weak job market, according to a monthly survey. The Conference Board, based in New York, said Tuesday that it’s Consumer Confidence Index edged up to 49.5, up from a revised reading of 48.7 in October. Economists surveyed by Thomson Reuters expected a reading of 47.7. The index, which hit a historic low of 25.3 in February, had enjoyed a three-month climb from March through May, fueled by signs that the economy might be stabilizing. The road has been bumpier since June as rising unemployment has taken a toll on consumers. A reading above 90 means the economy is on solid footing. Above 100 signals strong growth. One component of the Conference Board's confidence gauge that measures consumers' assessment of the current economy fell slightly to 21.0, compared with 21.1 in October. The other that measures shoppers' outlook over the next six months increased slightly to 68.5 from 67.0 in October.

- AMPATUAN, Philippines – The Philippine president placed two southern provinces under emergency rule Tuesday as security forces unearthed more bodies, pushing the death toll to 46 in some of the deadliest election violence in the nation's history. Police and soldiers found 22 bodies in a hillside mass grave Tuesday, adding to the 24 bullet-riddled bodies recovered near the scene of Monday's massacre in Maguindanao province, said Chief Superintendent Josefino Cataluna of the Central Mindanao region.

- WASHINGTON (AP) -- The economy is growing modestly, with consumers too wary about spending to invigorate the recovery. That picture emerged Tuesday from reports on the nation's economy and the confidence of consumers, who power 70 percent of it. The economy grew at a 2.8 percent rate last quarter -- less than originally estimated. And forecasts for the current quarter are for similarly slight growth before a drop-off next year. The main reasons are that consumers remain reluctant to spend, commercial construction has slipped and imports are dampening U.S. growth. The Commerce Department's new reading on gross domestic product was weaker than the 3.5 percent growth rate for the July-September period estimated just a month ago. The GDP, which measures the value of all goods and services produced in the United States, also was a tad weaker than the 2.9 percent growth rate that economists surveyed by Thomson Reuters had expected.

- KATMANDU, Nepal – Hundreds of thousands of Hindus gathered at a temple in southern Nepal on Tuesday for a ceremony involving the slaughter of more than 200,000 animals, a festival that has drawn the ire of animal-welfare protesters. A Nepalese minister said it was the largest sacrificial slaughter of animals in the world. Protests have occurred in recent weeks in towns near the Gadhimai temple and in the capital Katmandu by animals rights activists and other religious groups. However, Hindu organizers refused to halt the slaughter saying it was a centuries-old tradition. More than 200,000 buffaloes, goats, chickens and pigeons will be killed Tuesday and Wednesday at the temple in the jungles of Bara district, about 100 miles (160 kilometers) south of Katmandu, to honor the Hindu goddess Gadhimai.

- WASHINGTON (AP) -- The apparent end of the recession and stabilizing financial markets have not cured the banking industry, the Federal Deposit Insurance Corp. said Tuesday. Banks earned $2.8 billion in the third quarter, but loan balances plummeted and the fund that insures their deposits was $8.2 billion in the red. Souring loans continued to hurt bank balance sheets, but they were buoyed by higher operating revenues and a revived market for securities, the FDIC said. The number of banks on the FDIC's "problem list" rose to 552 from 416 on June 30, the highest level in 16 years. Fifty banks failed during the quarter -- the largest number since the second quarter of 1990. The FDIC's fund that insures bank deposits fell by $18.6 billion, mostly because $21.7 billion was set aside for expected losses on future bank failures. The FDIC voted this month to require banks to prepay three years of deposit insurance premiums at the end of the year to help replenish the dwindling fund, which is at its lowest point on record. The last similar deficit was in Dec. 1991, when a predecessor fund was more than $7 billion in the red. Bank failures this year through 2013 are expected to cost the fund $100 billion -- mostly in 2009 and 2010. But depositors' money -- insured up to $250,000 per account -- is not at risk, with the FDIC backed by the government.

- NEW YORK (AP) -- Stocks rose in light volume Wednesday following a drop in weekly unemployment claims to the lowest level of the year and a rise in new home sales. Trading volume was thin ahead of the Thanksgiving holiday. Light volume can exacerbate swings in the market. The Labor Department said new claims for unemployment insurance fell by 35,000 last week to 466,000. That's the fewest claims since the week ending Sept. 13, 2008, and far better than the 500,000 that economists had expected. The news suggest the job market is slowly healing, but concern remains the improvement will be temporary as the weak economy continues to push unemployment higher. The jobless rate hit 10.2 percent in October and many analysts believe it will keep rising to 10.5 percent or higher before starting to improve next summer. The Commerce Department said new home sales rose 6.2 percent to a seasonally adjusted annual rate of 430,000 from an upwardly revised 405,000 in September. Economists surveyed by Thomson Reuters had expected a pace of 410,000.

- WASHINGTON – Sales of new homes rose last month to the highest level in more than a year as strong activity in the South made up for weakness in the rest of the country. The Commerce Department said Wednesday that sales rose 6.2 percent to a seasonally adjusted annual rate of 430,000 from an upwardly revised 405,000 in September. Economists surveyed by Thomson Reuters had expected a pace of 410,000. The report tallies signed contracts to buy homes, rather than completed sales. Home shoppers in October were acting before lawmakers decided to extend a tax credit for first-time buyers and expand it to some existing homeowners. The credit now covers contracts signed by April 30. The surge in sales was driven entirely by a 23 percent increase in the South. Sales fell about 5 percent in the West and Northeast, and fell 20 percent in the Midwest. Despite the lack of certainty about the tax credit that buyers faced in October, sales were up 5.1 percent from a year ago, the first yearly increase since November 2005. The median sales price of $212,200 was almost even with $213,200 a year earlier, but up almost 1 percent from September's level of $210,700.

- MOUNT ARAFAT, Saudi Arabia – Muslim pilgrims holding white umbrellas against the blazing sun clambered up a rocky desert hill for prayers Thursday during the annual hajj, a day after torrential rains that killed at least 77 people. Flooding from the unusually heavy downpours hit hardest in the Red Sea coastal city of Jiddah, about 40 miles (60 kilometers) away from the holy city of Mecca and its surrounding sacred sites where the 3 million Muslims from around the world were performing the rites of the pilgrimage. Most of the deaths occurred in the shantytowns around Jiddah and along the main highway to Mecca, populated by poorer, foreign immigrants who work in the city as drivers, construction workers and domestic help. Streets were swamped with water, some houses collapsed and mudslides took place, Civil Defense officials said.

- LONDON (AP) -- The dollar tumbled to a 14-year low against the yen Thursday as investor concerns about the debt problems afflicting Dubai prompted a rush towards safe haven assets, like the Japanese currency. By mid-afternoon London time, the dollar was down 0.9 percent over the day at 86.61 yen, but a tad higher on the 86.27 yen level recorded earlier, which was the lowest level since July 1995. Sentiment in the markets has been dominated by the news that Dubai World, a government investment fund with debts totaling around $60 billion, has asked creditors if it can postpone its forthcoming payments until May. That has stoked fears of a potential default and knock-on effects through the global financial system, particularly in emerging markets. "These are the kind of stories which prompt risk aversion and reinforce the general belief that while the worst of the crisis is behind us, the global economy, and the financial system in particular, is not out of the woods yet," said Kit Juckes, chief economist at ECU Group.

- TOKYO (AP) -- Toyota is slashing bonus pay for managers as the Japanese automaker tackles a massive recall in the U.S. and deep losses for the second straight fiscal year. Toyota Motor Corp. said Thursday winter bonus payments for 8,700 managers in Japan will be cut by 20 percent. Japanese workers at major companies such as Toyota get twice-a-year bonus pay in addition to their monthly salaries which reflects the company's performance. Toyota announced in the U.S. on Wednesday a massive recall affecting 4 million vehicles to replace the gas pedals that can get stuck in the floor mats and cause sudden acceleration. The recall, Toyota's largest ever in the U.S., comes at a time when the maker of the Prius hybrid and Lexus luxury car is trying to reverse losses caused by a global slump and strengthening yen. Earlier this month, Toyota lowered its loss forecast for the fiscal year through March 2010 to 200 billion yen ($2.2 billion) from its initial projection for a 450 billion yen ($5 billion) loss.

- NEW YORK – Stocks skidded Friday as fear swept world markets that financial trouble in the Middle Eastern city-state of Dubai will upend a global economic recovery. Major stock indexes fell more than 1 percent from 13-month highs, including the Dow Jones industrial average, which is down 125 points in a shortened trading day. Stocks pulled off their worst levels but 10 stocks still fell for every one that rose at the New York Stock Exchange and all 30 stocks that make up the Dow fell. Trading volume had been expected to be weak after the Thanksgiving holiday. Light trading can intensify swings in the market. Stock markets close three hours early, at 1 p.m. EST. Bond markets close at 2 p.m. Investors' broad retreat from riskier assets pushed Treasury prices higher. The dollar gained against most other major currencies as investors sought safety following steep drops in overseas markets. Commodities prices tumbled. Investors are worried that a default by a government investment company in Dubai over $60 billion in debt payments could have a ripple effect in world financial markets. The fear is that losses in the small emirate, which has drawn wealthy tourists from around the globe in the past decade with its Las Vegas-in-the-Middle East appeal, could imperil a nascent economic rebound.

- Oil price slides to near $74 in Europe as Dubai woes deepen economic concerns, dollar rises
Oil prices dropped to near $74 a barrel Friday as Dubai's debt problems jolted world markets, raising concern about the prospects for global economic recovery. By early afternoon in Europe, benchmark crude for January delivery was down $3.94 to $74.02 in electronic trading on the New York Mercantile Exchange. The contract rose $1.94 to settle at $77.96 on Wednesday. Just a year after the global downturn derailed Dubai's explosive growth, the emirate is now so swamped in debt that it's asking for a six-month reprieve on paying its bills. Its main development engine, Dubai World, has said it would ask creditors for a "standstill" on paying back its $60 billion debt until at least May. That news roiled markets worldwide and sent crude tumbling more than 6 percent in Asia to a six-week low of $72.39 a barrel before the price recovered. The volatility spread to Europe, where crude kept dipping below $74 but also went as high as $74.75. Dubai "provided a wake-up call that not all is yet back to normal" with the world economy, Petromatrix Research said in a report.

- ALICE SPRINGS, Australia – Australian authorities plan to corral about 6,000 wild camels with helicopters and gun them down after they overran a small Outback town in search of water, trampling fences, smashing tanks and contaminating supplies. The Northern Territory government announced its plan Wednesday for Docker River, a town of 350 residents where thirsty camels have been arriving daily for weeks because of drought conditions in the region. "The community of Docker River is under siege by 6,000 marauding, wild camels," local government minister Rob Knight said in Alice Springs, 310 miles (500 kilometers) northeast of Docker. "This is a very critical situation out there, it's very unusual and it needs urgent action." The camels, which are not native to Australia but were introduced in the 1840s, have smashed water tanks, approached houses to try to take water from air conditioning units, and knocked down fencing at the small airport runway, Knight said. The carcasses of camels killed in stampedes at water storage areas are contaminating the water supply, he added.

- CAPE CANAVERAL, Fla. – Space shuttle Atlantis and its seven astronauts returned to Earth with a smooth touchdown Friday to end an 11-day flight that resupplied the International Space Station. With bright sunlight glinting off it, the shuttle swooped through a clear sky and landed on the runway right on time. Mission Control said no one could remember such welcoming conditions; there were no clouds in sight for the midmorning arrival, and the temperature was in the 50s. "Couldn't have picked a clearer day," commander Charles Hobaugh said during the final approach. Mission Control congratulated him on a "picture perfect" landing.
"We really had truly an amazing mission," Hobaugh said after exiting the shuttle.It was an especially sweet homecoming for two of the crew. Astronaut Nicole Stott was away for three months, living at the space station. Fellow crew member Randolph Bresnik's baby daughter was born last weekend. "Everybody, welcome back to Earth, especially you, Nicole," Mission Control radioed. Hobaugh and his crew spent a week stockpiling the space station. They delivered big spare parts and performed three spacewalks to install equipment and carry out maintenance. The pumps, gyroscopes and storage tanks should keep the outpost in business for another five to 10 years, long after Atlantis and the two other shuttles are retired. Stott was feeling the full effects of gravity for the first time since she rocketed to the space station at the end of August. Her mission lasted 91 days. Hobaugh said she was doing "great." Stott was reunited quickly with her husband and 7-year-old son, who were at Kennedy Space Center for the landing. She said throughout the flight that she also was looking forward to some pizza and icy cola. Bresnik had even bigger plans: to hold his infant daughter for the first time. Abigail Mae Bresnik was born Saturday night, right after her father took his first spacewalk. But he'll have to wait until Saturday to see her. Bresnik's wife, Rebecca, stayed home in Houston with Abigail and 3-year-old big brother Wyatt. Atlantis — which brought back broken equipment from the space station's water-recycling system — logged 4.5 million miles and circled Earth 171 times.
This was Atlantis' next-to-last mission. Only five shuttle flights remain, all to the space station next year. Station construction will essentially end at that point, so NASA used the trip to send up as many hefty spare parts as possible. None of the other visiting spacecraft — from Russia, Japan and Europe — can carry so much in a single load. Atlantis, which delivered nearly 15 tons of gear, left the space station 86 percent complete. NASA's next shuttle flight is in February. Endeavour will deliver a full-fledged module to the space station, complete with a cupola for prime Earth gazing with a domed chamber that has seven windows. The five remaining space station residents, meanwhile, may have to dodge a piece of space junk this weekend.

-India GDP growth beats forecasts
India has reported its best growth figures in more than a year, beating economists' predictions and suggesting Asia's third largest economy is fast emerging from a slowdown caused by the global financial crisis. India's economy grew by 7.9 per cent in the three months to September, the government figures, released on Monday, showed. Analysts had expected the economy to grow at only 6.3 per cent, following on from growth of 6.1 per cent in the April-June quarter, according to a poll by Dow Jones Newswires. "As upside surprises go, this was a big one," Robert Prior-Wandesforde, an HSBC economist, was quoted by the AFP news agency as saying. India's expansion, the strongest quarterly performance since early 2008, was bolstered by rising industrial production and government stimulus measures designed to combat the global downturn. The figures show manufacturing in India surged by 9.2 per cent while government spending on roads and other projects climbed by 12.7 per cent.