Please let me know what everyone thinks:

I just spent 20-min going thru all of the previous posts to see if any new comments were added to them. Very Time consuming and unproductive.

I am Suggesting that ALL posts be added at the bottom of the page as a NEW post and if they are in comment or follow up to a previous post, just reference the posting # at the begginning of the message.

This should eliminate the need to look back at all of the postings and allow us to look back exactly to the posting # we are interested in .

Just a thought.

Thank you in advance, for any suggestions you may have on this matter

The bulls need to save 845 on the cash tomorrow. That is their best bet.

NY ROUNDUP – Wednesday, November 12, 2008

HIGHLIGHTS

US Treasury Paulson: Moves TARP away from buying assets, wants more capital infusions
EIA: US 2008 oil demand to drop by 1.1 mln bpd
FED Governor Kohn: May need more steps to soothe markets
Japan may provide IMF with 10 trillion JPY of aid – part of G20 discussion

COMMENTS
The scorecard for US markets today was bearish – the fifth down day in six. Equities down 5.2%; VIX up 5 to 65; Oil down 5.7% to $55.90, copper, gold both about the same; US 1M Tbills pay 6 bps and 2Y 1.16% while 10Y bonds survived new supply and close 3.65% – auction had lowest demand of the year but was better than its German Bund counterpart in Europe. USD loses against the JPY by 2.75%, gains against most everything else – with AUD off 2.8%; GBP off 2.7%; CAD 2.2%. Oddly EUR was almost unchanged. The pressure to further deleverage positions was driven by four factors today: 1) Overnight concerns about growth. We opened with futures offered and with most people talking about China stimulus being too little, too late. Many also pointed to continuing bad equity news, bankruptcies and a stall in spread improvements such as LIBOR. 2) US Treasury Paulson. His comments today set the tone for the equity market as further capital injections into the financial sector is taken as dilution of shares. Furthermore, removing the potential US government bid for illiquid mortgage related securities added to concerns about bank portfolios and further write-downs. 3) Continued commodity moves. Some would say that this is a barometer not a driver but weak commodities are the front line of production Demand side of the commodity equation always seems the most difficult to calculate but the EIA report today suggests something many were thinking – that the US recession will drive significant drops in commodity demand and therefore prices. This led to more selling – and kept the commodity linked currencies offered. EUR didn’t react but seems unlikely to be able to ignore the usual correlation of oil to EUR. 4) Outlooks – weak sales, more jobs cuts. As we close Intel cuts its 4Q revenue forecast; Best Buy lowered its forecast earlier, MS and AIG promise more job cuts. Bottom line – the markets got nothing bullish today except one tiny sliver of hope at the end of the day – Japan is dusting off its G7 offer to give the IMF $1 trn for a rescue fund. The bounce back risk given the extended shove lower in risk assets may be worth considering into the Asian open – as G20 meeting hopes will only get larger with more news headlines hitting the tape. Unfortunately, the G20 meeting seems to be the panacea for many problems and has even more drivers – as the French offer up a Bretton Woods 3, the US a push for stimulus, the Brazilians a move for more open trade, others for more financial regulations. The fear will be that all of these efforts may be incompatible and perhaps late. We appear to be pushing on a string. Money into a broken financial system has lost its ability to leverage any return – making the exercise of central banks and government officials that much harder to stimulate some sort of new growth into 2009.

CURRENCIES
Cross Low High
EUR/USD 1.2466 1.2613 Close: 1.2510
USD/JPY 94.48 97.72 Close: 95.56
EUR/JPY 118.10 123.22 Close: 119.55
GBP/USD 1.4895 1.5344 Close: 1.4961
EUR/GBP 0.8201 0.8412 Close: 0.8362
USD/CHF 1.1762 1.1887 Close: 1.1870
EUR/CHF 1.4710 1.4923 Close: 1.4849
AUD/USD 0.6348 0.6646 Close: 0.6390
USD/CAD 1.2051 1.2384 Close: 1.2369
NZD/USD 0.5554 0.5785 Close: 0.5616