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lookcc
Master |
13-Jul-2008 21:25
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nobody has any right to forgive or not forgive u cos it is ur exclusive right to ur opinion...btw ur statements do make sense to a certain extent. | ||||
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cheongwee
Elite |
13-Jul-2008 14:54
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But reit are rate sensitive, and the dividend are not gurantee., if i am not wrong. And with the currrent sitiuation , rate can only go up.,bad for reit as they heavy on loan, if i am not wrong also. So go with blues chips, some are paying equally good dividend to reit, and also you know they are heavy on borrowing and can sleep better. Pls consider this point. It could keep u up at night. if you put to something which you are not sure. Blue chip is the best in this current condition. Lastly, ithink current should buy something that go opp to stock, that is gold, but i am more on silver. This is very risky, FYI, but the current situation justify the risk .DYODD. As for stock, wait a little more , i think we are into difficult time.I believe alot of you are sitting on losses, but i still do not forsee a meltdown., unless Israel attack Iran, just sit thro and dont feel down, given time thing will turn around, but maybe this time it maybe unusually long., just relax if u got deep pocket. Anything i say wrong pls forgive me,
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tanglinboy
Elite |
13-Jul-2008 10:02
Yells: "hello!" |
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The fall of IndyMacFeds seize bank - once a leading mortgage lender. It may turn out to be most expensive collapse ever. One thing is sure: The credit crisis is still with us.NEW YORK (CNNMoney.com) -- In what could turn out to be the most expensive bank failure ever, troubled mortgage lender IndyMac Bancorp Inc. was taken over by federal regulators on Friday. The operations of the Pasadena, Calif.-based thrift - once one of the nation's largest home lenders - were shut down at 3 p.m. PDT by the Office of Thrift Supervision and transferred to the Federal Deposit Insurance Corp. About 95% of the $19 billion in deposits in the bank are insured, but that leaves $1 billion that was not covered by FDIC guarantees. According to the agency, 10,000 IndyMac customers could lose as much as half of that amount, or $500 million. The agency says the failure will cost the Deposit Insurance Fund between $4 billion and $8 billion, based on preliminary estimates. "This will certainly be a costly failure. Whether it's the costliest, we just don't know at this point," FDIC Chairman Sheila Bair said on a conference call late Friday night. The failure could also affect premiums paid by all banks for deposit insurance, she added. The closure of IndyMac capped a dramatic day that offered a stark reminder that the credit crisis is not abating. An investor panic sent shares of mortgage finance giants Fannie (FNM, Fortune 500) Mae and Freddie (FRE, Fortune 500) Mac on a wild ride and fueled speculation of a government rescue. How IndyMac rose in the boom IndyMac grew rapidly during the real estate and home building boom. Its specialty was so-called Alt-A loans, those for which home buyers were asked to produce little or no evidence of income or assets other than the house they were buying. While home prices climbed, Alt-A loans posed few problems for IndyMac. If a buyer wasn't able to afford his payments, the bank got title to a home worth more than the amount owed. The bank was also able to find investors eager to buy pools of those mortgages that had been pulled together into securities backed by the future payments. But when the housing bubble burst and prices began to fall, losses at IndyMac began to rise. Investors ran away from the mortgage-backed securities, leaving the bank to suffer the loan losses itself and without the funding it needed to make new, safer loans. Most of IndyMac's employees and executives will be asked to stay on, although the problems at IndyMac had caused it to cut 3,800 jobs, or more than half of its work force, earlier in the week in an attempt to stay in business. One executive who will not stay is CEO Michael Perry, who was replaced on an interim basis by a top official of the FDIC. Bair said that the FDIC will try to sell IndyMac as a complete entity within 90 days. IndyMac, with assets of $32 billion and deposits of $19 billion, is the fifth bank to fail this year. Between 2005 and 2007, only three banks failed. And in the past 15 years, the FDIC has taken over 127 banks with combined assets of $22 billion, according to FDIC records. "There will be increased failures, but it will be within range of what we can handle," Bair said. "People should not worry." Largest collapse since '84 IndyMac marks the largest collapse of an FDIC-insured institution since 1984, when Continental Illinois, which had $40 billion in assets, failed, according to FDIC records. The two most expensive banking failures were in 1988, during the nation's savings and loan crisis: American Savings and Loan Association in California ($5.4 billion) and First Republic Bank in Texas ($4 billion). The IndyMac failure brought finger pointing along with the federal action. The OTS, which oversaw IndyMac, criticized Sen. Charles Schumer, D-N.Y. The OTS claimed that a June 26 letter Schumer wrote to regulators questioning IndyMac's viability prompted a run on the bank in which customers withdrew more than $1.3 billion prompting a liquidity crisis. "Although this institution was already in distress, I am troubled by any interference in the regulatory process," said OTS Director John Reich in a statement Friday. Schumer shot back. He said that lax enforcement by OTS was a primary cause of the problems at IndyMac, as well as those of the nation's housing market and economy. "IndyMac's troubles ... were caused by practices that began and persisted over the last several years, not by anything that happened in the last few days," Schumer said. "If OTS had done its job as regulator and not let IndyMac's poor and loose lending practices continue, we wouldn't be where we are today. Instead of pointing false fingers of blame, OTS should start doing its job to prevent future IndyMacs." What now for IndyMac customers? When a bank shuts down, traditional bank accounts are insured to at least $100,000. Some accounts such as annuities and mutual funds are not insured at all. Individual Retirement Account funds are insured to $250,000. However, individuals with multiple accounts in the same name at the same bank are limited to the $100,000 cap, says Allan Roth, a Colorado Springs, Colo. financial planner. If an individual has a $100,000 savings account in her name and a $100,000 joint account with her husband, both accounts would be covered. "The difference is not in the number of accounts [that each individual has at an FDIC-insured bank]," said Roth. "The difference is in the titling [or name] on the account." IndyMac customers with uninsured deposits will get at least half that money back, and they could get more back, depending on what the FDIC gets when it sells the bank, said Bair. Customers' funds will be transferred to a new entity - IndyMac Federal FSB - controlled by the FDIC. They will have uninterrupted customer service and access to their funds by ATM, debit cards and checks. However, customers will have no access to online and phone banking services this weekend, according to the FDIC. Service will resume on Monday. Loan customers were advised to continue making loan payments as usual. How it got to this point IndyMac's problems came into sharp focus earlier in the week. The bank, which lost $184.2 million in the first quarter, announced on Monday that it was expecting a wider loss for the second quarter. It lost $614 million last year stemming from its focus on the Alt-A mortgage sector. Then on Tuesday, IndyMac disclosed that regulators no longer considered it "well capitalized." As a result, the bank was unable to accept brokered deposits, or short-term investments in large dollar amounts from brokers seeking the highest return on certificates of deposit. Over the past two years, IndyMac dropped over 95% in stock price, or about $3.5 billion in market capitalization. By Friday, shares were down to 28 cents. Ousted CEO Perry had long argued that it was being unfairly punished given its relatively paltry exposure to sub-prime mortgages. But rising Alt-A and prime mortgage delinquencies likely were enough indication for investors that the housing crisis had moved beyond the weakest borrowers. Even worse, with the securitization markets in collapse, IndyMac had no way to get new loans off its books. What loans the bank had made recently were to borrowers with well-documented assets and income, but those are sharply less profitable with respect to fees and interest income. IndyMac on Monday said it would focus on its reverse mortgage business, retail branch network and mortgage servicing operations. But the growth restrictions placed on IndyMac by regulators and the banks and brokerages it did business with, as well as the sharply higher borrowing costs, placed the profitability of even its non-mortgage-related banking efforts in doubt. |
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cathylmg
Elite |
12-Jul-2008 14:31
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Would you share which reits you are into and why? I am also interested in reits. Pls PM me if necessary. Thank you in advance.
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idesa168
Elite |
12-Jul-2008 12:13
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The overall trend is still down, look at the broader mkt and regional mkt, all down. It just not possible for STI to run up when all are down. Greed kicked in this period that ppl think the bottom is here and hence jumped in. Well, it may just be the start of another bear after a few sessions of run up, we call it bull trap! For me, I am into CASH and a little in REITS. Why REITS, they are all trading at their historical low, below NAV, and most important, very high yield. It's better then putting in the bank with 8-9% yield compared to bank less than 1%. | ||||
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ciboysg
Member |
12-Jul-2008 11:37
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seems there is another bank run... haiz.. http://www.reuters.com/article/ousiv/idUSWA000014120080712?pageNumber=1&virtualBrandChannel=10179 |
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Livermore
Master |
12-Jul-2008 09:29
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I emphasise Cheongwee point again - "Buy Slowly"
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Livermore
Master |
12-Jul-2008 09:28
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I agree wth Cheongwee method. I am more on the average up style. But with current market conditions, averaging up this method just does not work well. You learn to adapt and change strategy accordingly.
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bishan22
Elite |
12-Jul-2008 00:51
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monday ho say liao- can scoop some more discounted stock. get ready to fire on your hip. | ||||
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cathylmg
Elite |
12-Jul-2008 00:44
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I just hope it close above 11000. | ||||
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cathylmg
Elite |
12-Jul-2008 00:42
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Wah! We broke 11000 again and again. | ||||
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cheongwee
Elite |
11-Jul-2008 11:36
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http://money.cnn.com/2008/07/10/markets/thebuzz/index.htm?postversion=2008071010 The last line.....if buffet is not hiding under the bed, why should you? Buy slowly. Cost averaging, |
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Blastoff
Elite |
11-Jul-2008 09:04
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Stocks: Roller coaster, then rallyWall Street returns to positive territory as strength in chips counters $5 jump in crude prices and more worries about Fannie, Freddie, Lehman and GM.By Alexandra Twin, CNNMoney.com senior writer
 The Dow Jones industrial average (INDU) and the Standard & Poor's 500 (SPX) index both gained 0.7%. The tech-heavy Nasdaq composite (COMP) added 1%. Stocks rallied through the middle of the afternoon as investors welcomed a $15 billion merger in the chemical sector and scooped up technology and other shares hit hard in Wednesday's selloff. The gains dissolved as oil priced spiked more than $5 a barrel, surging over $141, on new reports that Iran is again testing missiles and that the cease-fire in Nigeria has ended. But then stocks erased losses and rallied anew heading into the close. The late session advance was sparked by reports that Intel (INTC, Fortune 500)'s CEO said the company has not been hurt by the U.S. slowdown and continues to enjoy strong global sales. Stocks slumped Wednesday, with the Dow and S&P 500 hitting nearly two-year lows, as questions about Freddie Mac and Fannie Mae's ability to raise capital added to worries about credit markets and corporate profits. Thursday brought new questions about the ability of the two mortgage lenders to stay afloat, dragging on the financial sector. Automakers continued to plummet as well, with GM hitting a 54-year low, despite CEO Rick Wagoner saying bankruptcy rumors are not accurate. Investors remain caught between competing influences as they look for clues about the health of the economy and corporate America, said John Forelli, portfolio manager at Independence Investments. "The drop in unemployment claims and the chemical buyout are giving a positive tone to the market, but at the same time people remain worried about Fannie Mae and Freddie Mac," he said. The major gauges are now officially in a "bear market," which is technically defined as a drop of at least 20% off the cyclical highs - in this case, last October. Forelli said that he thinks stocks have further room to fall this summer before there is a rebound late in the fall. Friday brings quarterly earnings from General Electric, with the Dow company expected to have earned 54 cents versus 53 cents a year ago. Also on the docket Friday: the May trade balance and the July consumer sentiment index from the University of Michigan. Fannie Mae and Freddie Mac fallout: Shares of the government lenders continued to plunge on worries about a potential collapse. Former St. Louis Fed President William Poole told Bloomberg that the companies were insolvent and may need a government bailout. Bush administration discussions of what to do should the companies fail have reportedly been amplified in recent days, The Wall Street Journal reported. Fannie Mae (FNM, Fortune 500) lost 13.8% and Freddie Mac (FRE, Fortune 500) lost 22%. Lehman Brothers (LEH, Fortune 500) lost another 12.4% on ongoing concerns about its solvency after it posted a $3 billion quarterly loss last month. Wachovia (WB, Fortune 500) said it would report a quarterly loss of between $2.6 billion and $2.8 billion, prompting Moody's to put the bank's long-term debt rating on review for a downgrade. Shares fell over 8%. Elsewhere in the financial services sector, AIG (AIG, Fortune 500) and PMI Group (PMI) both slipped after Moody's downgraded the companies' insurance financial strength ratings. Moody's also downgraded PMI's debt. Meanwhile, Treasury Secretary Henry Paulson and Federal Reserve chief Ben Bernanke told Congress Thursday that legislation is needed to modernize the nation's financial system. Wal-Mart impresses, other retail sales mixed: The world's largest retailer reported stronger-than-expected June sales, thanks in part to the economic stimulus payments. As a result, Wal-Mart (WMT, Fortune 500) said second-quarter earnings will come in ahead of forecasts. Nonetheless, shares slipped modestly. (Full story). Discounters benefited most from the tax rebates, with Costco (COST, Fortune 500) also reporting better-than-expected June sales. Specialty retailer Children's Place (PLCE) also reported sales that topped forecasts. But sales at Limited Brands (LTD, Fortune 500) slipped more than expected, reflecting the still-sluggish pace of spending for mall-based retailers amid a consumer spending slowdown. The number of Americans filing new claims for unemployment fell last week, the government reported, although the number of Americans filing continuing claims rose more than expected. Other stock movers: Dow Chemical is buying specialty chemical maker Rohm & Haas for $15.3 billion plus the assumption of debt. Shares of Dow (DOW, Fortune 500) slipped over 4% Thursday, while Rohm & Haas (ROH, Fortune 500) jumped 64%. (Full story) Shares of rival chemical company DuPont (DD, Fortune 500), a Dow component, gained modestly. Dow stocks Exxon Mobil (XOM, Fortune 500) and Chevron (CVX, Fortune 500) jumped along with the price of oil. Dow stock Alcoa (AA, Fortune 500) gained 9.7% on reports that Chinese aluminum companies will cut back production. The aluminum maker also reported better-than-expected quarterly sales earlier this week. Dow stock General Motors (GM, Fortune 500) slumped 6.2%, recovering a bit after hitting a 54-year low. Fellow automaker Ford Motor (F, Fortune 500) lost 22%. General Electric (GE, Fortune 500) said it will spin off its consumer and industrial businesses, which make light bulbs and household appliances. Shares gained 1.7%. Market breadth was positive. On the New York Stock Exchange, winners beat losers by a narrow margin on volume of 1.53 billion shares. On the Nasdaq, advancers topped decliners eight to seven on volume of 2.31 billion shares. Fuel prices: U.S. light crude oil for August delivery gained $5.60 to settle at $141.65 a barrel on the New York Mercantile Exchange. The national average price for a gallon of regular unleaded gas fell to $4.104 after holding stead at a record $4.108 for three days straight, according to AAA. (Full story). Other markets: In currency trading, the dollar fell versus the euro and rose against the yen. In the bond market, Treasury prices rose, lowering the yield on the benchmark 10-year note to 3.80% from 3.81% late Wednesday. Treasury prices and yields move in opposite directions. COMEX gold for September delivery rose $13.40 to settle at $944.50 an ounce. 
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AK_Francis
Supreme |
11-Jul-2008 00:58
Yells: "Happy go lucky, cheers." |
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no tension. just relax, sleep well, but AK will stay for a while as after late dinner. may visit dicovery ch till DJ reopen at 1.30am. | ||||
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lookcc
Master |
11-Jul-2008 00:16
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dow now up 57 pts but cud close negtv cos oil now up 1.75 (137.80 from yesterday's 136.05), 2 hrs ago was up 0.60 n 1 hr ago was up 1.00. | ||||
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newbietrader
Member |
10-Jul-2008 21:12
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Thx for the 2 websites. \btw is dow futures the same as commodity futures? wat does dow futures measure and how izzit diff from the normal index djia tt we see.
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idesa168
Elite |
10-Jul-2008 19:23
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http://www.bloomberg.com/index_americas.html
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williamyeo
Senior |
10-Jul-2008 18:53
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http://money.cnn.com/data/premarket/index.html
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newbietrader
Member |
10-Jul-2008 18:49
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Hi all, May I noe what is the website to see dow futures. THx | ||||
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CWQuah
Master |
10-Jul-2008 15:27
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Pump n dump night. AKA 'All the big boys wanna get out of the mkt b4 any major news announcement - and just buy everything back after the uncertainty is gone' Day. One heck of an engulfing bear. Looks like still some time away from the true bottom.
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